february 2015 - hsbc bank india · the union budget 2015-16 sustained the optimism february 2015...

February 2015

Index

1

In this Issue ...

Fund Manager Commentary Pg 2

HSBC Equity Fund Pg 6

HSBC India Opportunities Fund Pg 8

HSBC Midcap Equity Fund Pg 10

HSBC Progressive Themes Fund Pg 12

HSBC Tax Saver Equity Fund Pg 14

HSBC Dividend Yield Equity Fund Pg 16

HSBC Dynamic Fund Pg 18

HSBC Emerging Markets Fund Pg 20

HSBC Brazil Fund Pg 21

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

HSBC Managed Solutions India - Growth Pg 23

HSBC Managed Solutions India - Moderate Pg 24

HSBC Managed Solutions India - Conservative Pg 25

Fund Managers - Equity Pg 26

Comparative Performance of Equity Schemes Pg 28

HSBC MIP - Savings Plan Pg 32

HSBC MIP - Regular Plan Pg 34

HSBC Income Fund - Investment Plan Pg 36

HSBC Income Fund - Short Term Plan Pg 38

HSBC Floating Rate Fund - Long Term Plan Pg 40

HSBC Cash Fund Pg 42

HSBC Gilt Fund Pg 44

HSBC Ultra Short Term Bond Fund Pg 45

HSBC Flexi Debt Fund Pg 47

Fund Managers - MIP & Debt Pg 49

Comparative Performance of MIP & Debt Schemes Pg 51

Fund Manager Commentary February 2015

2

Equity & MIPMarket UpdateThe Union budget 2015-16 sustained the optimismFebruary 2015 was an eventful month for the Indian equity markets due to the much awaited policy event i.e., the Union Budget which was the first full-fledged budget from the National Democratic Alliance (NDA) government. The Union Budget 2015-16 appeared to be a fine balancing act between fiscal prudence and investment-led growth strategy. However, the budget document was devoid of any big policy announcements as it focused on a sustainable medium term growth rather than any immediate shake-ups. The Rail budget which was presented two days prior to the Union budget also treaded a similar path to the latter with huge investment commitment over the period of four years aimed at resurrecting the infrastructure and improving commuter experience.In the sixth bi-monthly policy meeting, the Reserve Bank of India (RBI) kept the key rates unchanged but announced steps to improve liquidity by way of reducing the Statutory Liquidity Ratio (SLR). It also reiterated the RBI’s commitment to the monetary easing cycle subject to sustained favourable inflation data and fiscal consolidation measures by the government.The first round of coal block auctions saw the level of bidding to be high, as power utilities offered to work with zero coal costs (and to pay the states over and above that) and non-regulated companies offered to pay a sum almost similar to the imported coal costs.The domestic equity market indices S&P BSE Sensex & Nifty gained 0.6% & 1.1% respectively during the month of February 2015. Amongst sectors, Information Technology was the best performer while Telecom, Energy & Consumer Discretionary underperformed the market. The S&P BSE Midcap was in the positive zone at 0.7% gains during February 2015, while S&P BSE Smallcap index was down 0.6% for the month.

Data on Institutional FlowsThe Foreign Institutional Investor (FII) flows continued to be healthy at ~USD 1.43 billion for the month of February 2015 and the net inflows from the segment for the first two months of 2015 have climbed to ~USD 4.31 billion. The Domestic Institutional Investor (DII) segment turned net buyers once again, led by the MF segment. The net sales trend continued for the domestic insurers with the segment seeing net selling to the tune of ~USD 420 million during the month of February 2015.Trade deficit data Trade deficit for January 2015 showed improvement at ~USD 8.3 billion (vs. ~USD 9.4 billion for December 2014) on the back of continued decline seen in oil imports for the fourth consecutive month. The imports of non-oil, non-gold showed a slower pace of growth, while gold & silver imports rose during the month. Overall imports saw a de-growth of 11.4% during January 2015 (YoY, vs -4.8% in December 2014). Exports also showed a decline of 11.2% (YoY, vs -3.8% in December 2014), due to contraction in both oil & non-oil exports.

Source: Bombay Stock Exchange (BSE)

Inflation & Industrial Growth

Inflation data:The CPI inflation reading for January 2015 came better than expectations at 5.1% (YoY under new series vs 5% under old series). This was the first data of the new series with a revised base (base year 2012) and the comparable reading for December 2014, as per the new base calculation was 4.4%. The core CPI inflation continued to ease further at 3.9% (or 4.6% vs. 5.2% under the old series). As against an expectation of a moderate rise, the WPI inflation data showed a deflationary mode at -0.4% reading for January 2015 (YoY, vs 0.1% for December 2014). This seemed to be largely largely due to decline in fuel & core inflation, while food inflation moved up during the month. However the pick-up in food inflation was seemed to be led by normalisation of the base from the last year.

-0.6%-0.4%-0.2%0.0%0.2%0.4%0.6%0.8%1.0%1.2%

Sensex BSE100 BSE200 BSE500 BSEMidCap

BSESmallCap

Indices Performance - Feb 2015


3

Industrial Production data:The Index of Industrial Production reading for December 2014 disappointed as it showed a growth of 1.7% (YoY, vs 3.9% for November 2014). This slowdown, though it came only slightly below market expectations was largely explained by the positive base effect and a slowdown in basic goods, capital goods, and intermediate goods. However, the IIP data series is likely to get revised using a revised year as a base and hence we may see changes in the growth pattern (in-line with the revisions seen in GDP data).

Global Economic ScenarioAfter a series of back & forth talks between the Greece’s newly formed government and the creditors, an agreement was finally reached when the European finance ministers approved a four-month bailout extension. Though, this event doesn’t mean that uncertainty surrounding the bail-out plan is over but rather has been postponed and hence a comprehensive solution to the crisis is yet to be reached at this juncture. Elsewhere in China, The People’s Bank of China (PBOC) cut benchmark interest rates and pushed ahead with interest rate liberalisation by raising the deposit rate ceiling. PBOC decided to cut the one-year benchmark deposit rate and lending rate by 25bp each to 2.50% and 5.35%, respectively and also decided to take the deposit rate ceiling higher. The second rate cut since November 2014 came on the back of growing concerns over deflationary pressures and weak growth momentum.

Going ForwardThe union budget appeared to have a statement of intent from the Central Government and also reiterated that efforts are on to put the economy back on the high growth path and that too in a sustainable manner. The budget document had elements of fiscal discipline, credible revenue estimates and achievable targets from a medium term perspective. There is enough thrust on kick starting the investment capex initially to be led by the government and the Public Sector Undertakings (PSUs), rather than waiting for the private sector to start the process. There is also the stated focus on improving the ease of doing business in the country and several initiatives to this effect were announced during the budget. Though the budget lacked any big bang announcements, it was also devoid of any major populist announcements and this will provide comfort on the direction of policy actions that this government is likely to undertake. On the other hand, the December 2014 earnings season was subdued and this may lead to downward revision in consensus earnings growth outlook for financial year 2014-15 (FY15), while the medium to long term outlook is expected to remain stable on the back of the favourable macro-economic factors and the growth focus of the government.The bigger picture in India is still unmistakably positive. Investors should be mindful of risks though; however they should not get bogged down with the many issues that are likely to come up. Like all emerging markets India too will one day emerge to be a large economic power and the participation in the goal should be very rewarding for investors.In conclusion, equities look attractive given their respective valuations compared either to history or on an absolute basis on the back of the growth trajectory expected for the Indian economy in the next few years. 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 on equities and urge investors to stay invested and keep investing incrementally too, and look at this asset class as an avenue for long term wealth creation. Source: Bloomberg, for all data except where mentioned otherwise

Source: Bloomberg ; Central Statistical Organization (CSO) India


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Review: HSBC Progressive Themes FundThe fund is currently focusing on the following themes; 1. Economic Reforms (24.2%) which includes Financial sector reform- 15% & Oil & Gas Sector deregulation sub theme- 9.2% 2 Infrastructure (58.8%) which includes Power- 12.7%, Construction– 25.7% and Logistics- 20.3%. Well diversified exposure across sectors encompassing the above themes.Review: HSBC Dynamic FundThe cash levels and sector allocation in the fund are likely to change depending on the market conditions and technical factors.Review: HSBC MIP Regular and Savings PlansOur current exposure is 13.86% in HMIP Regular and 24.67%, in HMIP Savings. Currently it is more biased towards large caps than mid or small caps.

Review: HSBC Midcap Equity FundBeing overweight materials helped performance while being overweight consumer staples, energy, healthcare and underweight consumer discretionary, information technology, utilities impacted performance.

Review: HSBC India Opportunities FundBeing overweight information technology, materials and underweight consumer discretionary, energy, telecommunication helped performance while being overweight financials, industrials and underweight consumer staples, utilities impacted performance.

Review: HSBC Equity FundBeing overweight consumer discretionary, information technology and underweight healthcare, utilities, telecommunication helped performance while being overweight financials impacted performance.

DebtEconomic Events and Data

Union Budged 2015 - 16The government expects to reduce the fiscal deficit to 3.9% of GDP in financial year 2015-16 (FY16) as announced in the Union Budget. The government borrowing numbers for the next fiscal are budgeted at INR 6 trillion on gross basis and INR 4.54 trillion on net basis implying that the market borrowing would fund the 82% of fiscal deficit as against 87% in the previous year (FY15).

Key budget highlights:Nominal GDP is projected to grow at 11.5% year-on-year (YoY) - mainly due to lower GDP deflator.Real GDP growth in financial year 2015-16 (FY16) is expected to be between at 8% - 8.5%.Fiscal deficit target is a little higher; however reliance on market borrowing is low.Given the buoyant markets, divestment target looks achievable.Gross tax revenues are budgeted to grow 16% in FY16 vs 9.9% in FY15.Increase in centrally funded planned expenditure and more funds to the states.Fiscal consolidation to continue in the medium term; target deficit 3.5% in financial year 2016-17 (FY17) and 3.0% in financial year 2017-18 (FY18).Significant focus on building social security, improving rural infrastructure and skill developmentPositive intent shown by the government while acknowledging constraints, the budget stood out as a refreshing departure which portrays that the government is indeed listening to the stakeholders of the economy.Further, the Government also outlined its plan for Institution Building. New economy needs to revamp institutions like Reserve Bank of India (RBI), better Indirect taxation, Bank Holding companies etc.Government also announced Monetary Policy Committee, which will be in trusted with inflation management. Indirect taxation will be moving to Goods and Service Tax (GST), which will reduce hassles for traders/ producers. Bank Holding company will help public sector banks to garner additional capital and bring in transparency. Allocation of more taxes to states has been a pragmatic step, which will open a lot of fiscal space for states.

Sectors HSBC Equity Fund

HSBC India Opportunities

Fund

HSBCMidcap

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

Overweight Underweight = Neutral

The Consumer Price Index (CPI) inches up owing to food prices while Wholesale Price Index (WPI) remains lowThe CPI inflation reading for January 2015 came better than expectations at 5.1% (YoY under new series vs 5% under old series). This was the first data of the new series with a revised base (base year 2012) and the comparable reading for December 2014, as per the new base calculation was 4.4%. The core CPI inflation continued to ease further at 3.9% (or 4.6% vs. 5.2% under the old series). As against an expectation of a moderate rise, the WPI inflation data showed a deflationary mode at -0.4% reading for January 2015 (YoY, vs 0.1% for December 2014). This was largely due to decline in fuel and core inflation, while food inflation moved up during the month. However the pick-up in food inflation was led by normalisation of the base from the last year.Index of Industrial Production (IIP) moderates but in positive territoryThe Index of Industrial Production reading for December 2014 disappointed as it showed a growth of 1.7% (YoY, vs 3.9% for November 2014). This slowdown, though it came only slightly below market expectations was largely explained by the positive base effect and a slowdown in basic goods, capital goods, and intermediate goods. However the IIP data series is likely to get revised using a revised year as a base and hence we may see changes in the growth pattern (in-line with the revisions seen in GDP data).Trade Deficit prints contracts on lower commodity pricesTrade deficit for January 2015 showed improvement at ~USD 8.3 billion (vs. ~USD 9.4 billion for December 2014), on the back of continued decline seen in oil imports for the fourth consecutive month. The imports of non-oil, non-gold showed a slower pace of growth, while gold & silver imports rose during the month. Overall imports saw a decline in growth of 11.4% during January 2015 (YoY, vs -4.8% in December 2014). Exports also showed a decline of 11.2% (YoY, vs -3.8% in December 2014), due to contraction in both oil & non-oil exports.

Market ActivityBond markets traded range-bound post the RBI’s sixth bi-monthly policy announcement. The rise in GDP data, resulted in rise of Government Securities (G-sec) yields however, lower than expected rise in new CPI data; a key variable for monetary policy outlook led to a brief rally and ensured strong bidding at the last G-sec auction of FY15. Slow rise in crude oil prices will keep a check on the bond prices, albeit expectations of lower fiscal deficit for next fiscal and prospects of increase in Foreign Institutional Investor (FII) limits will ensure that G-sec remain well bid.The corporate bond segment remained adversely impacted post the monetary policy as the RBI disallowed FII to trade in corporate bonds maturing up to three years. It may be noted that corporate bond segment has witnessed huge inflows from offshore investors in the recent past due to non-availability of G-sec limits. Traditionally a shallower market than G-sec segment, the credit spreads (yield spread between G-sec and corporate bond) witnessed some widening as they have been trading at considerable low level in recent times. Widening spreads between the bank lending rates and bond rates would encourage more bond issuances in the near term. The widening of spreads is more a function of realignment of market positioning rather than any adverse impact on the outlook of credits. Hence, as the issuer shift their supply pattern towards the medium – longer (5 -10 years) we expect demand to emerge from conventional end investors; viz insurers, retirement trusts, etc at higher spreads over the sovereign segment.

Global Economic ScenarioIn its February 2015 meeting, the Federal Open Market Committee (FOMC) repeated that its 0%-0.25% Federal Reserve (Fed) funds rate target remains appropriate. The FOMC said it can be “patient” in beginning to normalize rates. It removed references to “considerable time” . The Fed upgraded its assessment of economic activity, saying output is expanding at a “solid pace,” versus its description in December 2014 that growth was “moderate”. The “nearly balanced” risk assessment for the economic outlook was maintained. It sees inflation rising to target of 2% “over the medium term as the labor market improves further and the transitory effects of lower energy prices and other factors dissipates”. Yellen said that “the Fed would change its forward guidance before any potential rate hikes in the future, primarily by removing its “patient” language. However it will only raise rates when “reasonably confident” on inflation”.

Going ForwardGoing ahead, we expect the markets would look up to the RBI outlook on the budget. Although the headline fiscal deficit being marginally higher, the government to its credit has tried to draw a balanced line of ‘quality fiscal consolidation’ and impetus to public investments (supply side). As markets await the RBI’s stance on the budget, we underline that the basic tenets of lower and stable inflation amidst favourable demand and supply for bonds augur well for maintaining duration bias on INR rates.Source: Bloomberg, for all data except where mentioned otherwise


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

Issuer Market Value(` in Lacs)

% to NetAssets

Auto Tata Motors 3,856.78 5.51%Maruti Suzuki India 2,715.64 3.88%Auto AncillariesMotherson Sumi Systems 1,582.35 2.26%Banks ICICI Bank 4,932.64 7.05%Axis Bank 4,441.35 6.35%HDFC Bank 4,177.68 5.97%Yes Bank 2,154.88 3.08%State Bank of India 1,508.25 2.16%Bank of Baroda 926.00 1.32%Punjab National Bank 827.75 1.18%CementACC 1,678.10 2.40%ConstructionIRB Infrastructure Developers 1,283.75 1.84%Construction ProjectLarsen & Toubro 2,652.15 3.79%Consumer Non DurablesI T C 3,613.50 5.17%Ferrous MetalsJindal Steel & Power 1,252.80 1.79%Finance LIC Housing Finance 1,676.50 2.40%Indiabulls Housing Finance 934.73 1.34%Shriram Transport Finance Co. 914.55 1.31%Rural Electrification Corporation 826.38 1.18%Minerals/MiningCoal India 1,181.85 1.69%Non-Ferrous Metals Sesa Sterlite 1,740.80 2.49%Oil Oil & Natural Gas Corporation 2,599.60 3.72%Cairn India 764.40 1.09%Pharmaceuticals Glenmark Pharmaceuticals 1,579.80 2.26%Dr. Reddy's Laboratories 1,339.62 1.92%Lupin 1,310.21 1.87%PowerPower Grid Corporation Of India 784.25 1.12%Software HCL Technologies 3,031.05 4.33%Infosys 2,296.45 3.28%Tech Mahindra 2,147.48 3.07%Tata Consultancy Services 1,872.68 2.68%Wipro 1,417.28 2.03%Transportation Adani Ports & Special Economic Zone 1,653.75 2.36%Total 93.89%

HSBC Equity Fund (HEF) February 2015

6


% to NetAssets

Other Equity Investments 3,352.27 4.78%CBLOs 1,365.34 1.95%Net Current Assets -444.42 -0.62%Total Net Assets as on 28 February 2015 69,948.16 100.00%

Asset AllocationAuto 9.39%Auto Ancillaries 2.26%Banks 27.11%Cement 2.40%Construction 1.84%Construction Project 3.79%Consumer Non Durables 5.17%Ferrous Metals 1.79%Finance 6.23%Minerals/ Mining 1.69%Non-Ferrous Metals 2.49%Oil 4.81%Pharmaceuticals 6.05%Power 1.12%Software 15.39%Transportation 2.36%Other Equity Investments 4.78%Reverse Repos/CBLOs 1.95%Net Current Assets -0.62%Total Net Assets 100.00%

Dividend DeclarationRecord Date / period of

dividend declaredDividend (` per unit)

Non-InstitutionalDividend (` per unit)

InstitutionalNAV (`) per unit(cum dividend)

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

Date of Allotment 10-Dec-02Benchmark S&P BSE 200NAV (Growth) per unit(as on 27.02.15)

` 158.3272

Fund Managers Neelotpal SahaiSIP AvailableMinimumApplicationAmount

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

Exit Load@ NilStatistical Ratios

Standard Deviation 0.96%R-Squared 0.9482Beta (Slope) 1.0151Sharpe Ratio** 0.0427Total Expense Ratio as on February 28, 2015

Regular 2.38% Direct Plan 1.68% Excludes service tax on Investment Management fees of 0.17% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.41% Direct Plan 1.70% Excludes service tax on Investment Management fees of 0.17% of Total Net Assets. Portfolio Turnover 0.54

Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate:8.04% (364 days Treasury bill yield on February 27, 2015).

HSBC Equity Fund (HEF) February 2015

7

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

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

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


% to NetAssets

Auto Tata Motors 2,076.73 4.49%Eicher Motors 1,463.00 3.16%Banks Axis Bank 2,879.22 6.23%ICICI Bank 2,769.20 5.99%HDFC Bank 2,517.32 5.45%Yes Bank 1,939.39 4.20%Indusind Bank 1,008.21 2.18%State Bank of India 603.30 1.31%Indian Bank 599.14 1.30%Cement Shree Cement 1,263.43 2.73%ChemicalsVinati Organics 810.64 1.75%Construction Prestige Estates Project 853.05 1.85%IRB Infrastructure Developers 834.44 1.81%Construction ProjectLarsen & Toubro 1,414.48 3.06%Consumer Non Durables I T C 1,535.74 3.32%Hindustan Unilever 637.07 1.38%Finance Shriram Transport Finance Co. 1,036.49 2.24%LIC Housing Finance 958.00 2.07%Industrial ProductsSupreme Industries 660.40 1.43%Finolex Industries 578.00 1.25%Media & EntertainmentD.B.Corp 785.10 1.70%Oil Oil & Natural Gas Corporation 649.90 1.41%PesticidesUPL 831.60 1.80%Pharmaceuticals Dr. Reddy's Laboratories 1,172.17 2.54%Glenmark Pharmaceuticals 987.38 2.14%Aurobindo Pharma 541.73 1.17%PowerCESC 742.50 1.61%Software HCL Technologies 2,020.70 4.37%Tata Consultancy Services 1,872.68 4.05%Tech Mahindra 1,431.65 3.10%Infosys 1,148.23 2.48%Mindtree 723.70 1.57%Textile ProductsArvind 766.38 1.66%Indian Terrain Fashions 682.44 1.48%TransportationGateway Distriparks 1,139.05 2.46%Gujarat Pipavav Port 651.15 1.41%Total 92.15%

HSBC India Opportunities Fund (HIOF) February 2015

8


% to NetAssets

Other Equity Investments 2,527.97 5.47%CBLOs 2,148.32 4.65%Net Current Assets -1,035.14 -2.27%Total Net Assets as on 28 February 2015 46,224.71 100.00%

Asset AllocationAuto 7.65%Banks 26.66%Cement 2.73%Chemicals 1.75%Construction 3.66%Construction Project 3.06%Consumer Non Durables 4.70%Finance 4.31%Industrial Products 2.68%Media & Entertainment 1.70%Oil 1.41%Pesticides 1.80%Pharmaceuticals 5.85%Power 1.61%Software 15.57%Textile Products 3.14%Transportation 3.87%Other Equity Investments 5.47%Reverse Repos/CBLOs 4.65%Net Current Assets -2.27%Total Net Assets 100.00%





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

Date of Allotment 24-Feb-04Benchmark S&P BSE 500NAV (Growth) per unit(as on 27.02.15)

` 67.4387

Fund Manager Neelotpal SahaiSIP AvailableMinimumApplication Amount

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




Regular 2.53% Direct Plan 1.83% Excludes service tax on Investment Management fees of 0.15% on Regular Plan and 0.16% on Direct Plan of Total Net Assets.Portfolio Turnover 0.45

Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate:8.04% (364 days Treasury bill yield on February 27, 2015)

HSBC India Opportunities Fund (HIOF) February 2015

9


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

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


% to NetAssets

AutoVST Tillers Tractors 759.77 2.10%Auto Ancillaries Sundram Fasteners 947.72 2.62%Balkrishna Industries 789.93 2.19%Apollo Tyres 726.25 2.01%Suprajit Engineering 433.10 1.20%Banks Yes Bank 1,430.84 3.96%DCB Bank 1,110.41 3.07%Federal Bank 827.66 2.29%Syndicate Bank 631.50 1.75%Jammu & Kashmir Bank 512.11 1.42%Karur Vysya Bank 443.64 1.23%CementPrism Cement 673.26 1.86%Everest Industries 416.17 1.15%ChemicalsVinati Organics 1,353.84 3.75%Atul 505.66 1.40%ConstructionNational Buildings Construction Corp 601.22 1.66%IRB Infrastructure Developers 485.26 1.34%Consumer Non DurablesCCL Products (India) 1,313.20 3.63%FinanceIndiabulls Housing Finance 1,461.29 4.04%Motilal Oswal Financial Services 1,175.37 3.25%Cholamandalam Investment & Fin Co. 1,067.15 2.95%Dewan Housing Finance Corporation 775.03 2.14%Industrial Capital GoodsBEML 774.70 2.14%Industrial ProductsFinolex Industries 620.47 1.72%Media & Entertainment HT Media 600.25 1.66%Minerals/Mining Gujarat Mineral Development Corporation 388.00 1.07%PesticidesUPL 1,417.88 3.92%PI Industries 868.50 2.40%Petroleum ProductsHindustan Petroleum Corporation 974.26 2.70%Gulf Oil Lubricants 689.55 1.91%PharmaceuticalsAurobindo Pharma 883.01 2.44%Lupin 620.17 1.72%Torrent Pharmaceuticals 526.46 1.46%PowerKalpataru Power Transmission 479.75 1.33%Software Persistent Systems 776.41 2.15%Tech Mahindra 670.01 1.85%Textile ProductsArvind 582.45 1.61%Indian Terrain Fashions 459.10 1.27%Transportation Gujarat Pipavav Port 1,133.00 3.14%Gateway Distriparks 774.87 2.14%Total 87.64%

HSBC Midcap Equity Fund (HMEF) February 2015

10


% to NetAssets

Other Equity Investments 3,599.96 9.96%CBLOs 2,419.61 6.70%Net Current Assets -1,565.42 -4.30%Total Net Assets as on 28 February 2015 36,133.34 100.00%

Asset AllocationAuto 2.10%Auto Ancillaries 8.02%Banks 13.72%Cement 3.01%Chemicals 5.15%Construction 3.00%Consumer Non Durables 3.63%Finance 12.38%Industrial Capital Goods 2.14%Industrial Products 1.72%Media & Entertainment 1.66%Minerals/Mining 1.07%Pesticides 6.32%Petroleum Products 4.61%Pharmaceuticals 5.62%Power 1.33%Software 4.00%Textile Products 2.88%Transportation 5.28%Other Equity Investments 9.96%Reverse Repos/CBLOs 6.70%Net Current Assets -4.30%Total Net Assets 100.00%





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

Date of Allotment 19-May-05Benchmark S&P BSE MidcapNAV (Growth) per unit(as on 27.02.15)

` 38.1022

Fund Manager Dhiraj SachdevSIP AvailableMinimumApplicationAmount

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





Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate:8.04% (364 days Treasury bill yield on February 27, 2015).

HSBC Midcap Equity Fund (HMEF) February 2015

11


Our exposure to midcap stocks in HSBC Midcap Equity Fund (HMEF) is 78.7000%

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

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


% to NetAssets

Auto Tata Motors -DVR 482.07 3.07%Auto Ancillaries Apollo Tyres 378.00 2.40%Banks Jammu & Kashmir Bank 458.97 2.92%Karnataka Bank 380.05 2.42%ICICI Bank 346.15 2.20%Dena Bank 271.95 1.73%CementEverest Industries 618.09 3.93%HIL 293.58 1.87%Ahluwalia Contracts (India) 248.74 1.58%ConstructionNational Buildings Construction Corp 740.10 4.71%IRB Infrastructure Developers 641.88 4.08%Construction ProjectGammon Infrastructure Projects 244.57 1.56%Larsen & Toubro 221.01 1.41%Finance Rural Electrification Corporation 793.32 5.05%GasGujarat State Petronet 234.60 1.49%Industrial Capital GoodsBEML 847.50 5.39%Industrial Products FAG Bearings India 1,129.41 7.18%Minerals/MiningGujarat Mineral Development Corporation 310.37 1.97%Petroleum Products Hindustan Petroleum Corporation 974.26 6.20%Indian Oil Corporation 223.31 1.42%Power JSW Energy 745.55 4.74%Power Grid Corporation of India 431.34 2.74%Reliance Infrastructure 301.91 1.92%PTC India 279.01 1.77%CESC 207.90 1.32%TransportationGateway Distriparks 1,408.07 8.96%Gujarat Pipavav Port 1,074.40 6.83%Adani Ports & Special Economic Zone 671.42 4.27%Total 95.13%

HSBC Progressive Themes Fund (HPTF) February 2015

12


% to NetAssets

Other Equity Investments 464.79 2.96%CBLOs 417.65 2.66%Net Current Assets -116.91 -0.75%Total Net Assets as on 28 February 2015 15,723.05 100.00%

Asset AllocationAuto 3.07%Auto Ancillaries 2.40%Banks 9.27%Cement 7.38%Construction 8.79%Construction Project 2.97%Finance 5.05%Gas 1.49%Industrial Capital Goods 5.39%Industrial Products 7.18%Minerals/Mining 1.97%Petroleum Products 7.62%Power 12.49%Transportation 20.06%Other Equity Investments 2.96%Reverse Repos/CBLOs 2.66%Net Current Assets -0.75%Total Net Assets 100.00%





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

Date of Allotment 23-Feb-06Benchmark S&P BSE 200NAV (Growth) per unit(as on 27.02.15)

` 18.9960

Fund Manager Dhiraj SachdevSIP AvailableMinimumApplicationAmount

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




Regular 2.62% Direct Plan 1.92% Excludes service tax on Investment Management fees of 0.20% on Regular Plan and 0.19% on Direct Plan of Total Net Assets. Portfolio Turnover 0.11

Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate: 8.04% (364 days Treasury bill yield on February 27, 2015)

HSBC Progressive Themes Fund (HPTF) February 2015

13


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

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


% to NetAssets

Auto Maruti Suzuki India 877.44 4.22%Tata Motors 243.27 1.17%Auto Ancillaries MRF 431.78 2.08%Amara Raja Batteries 417.94 2.01%Motherson Sumi Systems 306.80 1.48%Banks ICICI Bank 1,379.41 6.64%Axis Bank 1,001.60 4.82%HDFC Bank 803.40 3.87%Indusind Bank 769.90 3.70%Jammu & Kashmir Bank 448.52 2.16%Federal Bank 426.05 2.05%Cement Shree Cement 684.04 3.29%The Ramco Cements 416.63 2.00%Construction ProjectLarsen & Toubro 772.66 3.72%Consumer Non DurablesI T C 401.45 1.93%McLeod Russel India 393.58 1.89%Britannia Industries 337.13 1.62%Ferrous MetalsJindal Steel & Power 213.37 1.03%Finance LIC Housing Finance 840.30 4.04%Sundaram Finance 328.80 1.58%Industrial Capital GoodsCrompton Greaves 410.29 1.97%Industrial ProductsSupreme Industries 449.43 2.16%Orient Refractories 390.36 1.88%Finolex Industries 335.24 1.61%OilOil & Natural Gas Corporation 383.44 1.84%Petroleum Products Reliance Industries 259.55 1.25%Pharmaceuticals Ipca Laboratories 682.30 3.28%Lupin 462.94 2.23%Dr. Reddy's Laboratories 368.40 1.77%PowerCESC 409.86 1.97%Software Infosys 927.77 4.46%Tech Mahindra 664.29 3.20%HCL Technologies 404.14 1.94%Tata Consultancy Services 401.29 1.93%Mindtree 398.04 1.92%Textile ProductsArvind 404.65 1.95%Indian Terrain Fashions 294.40 1.42%TransportationGateway Distriparks 608.87 2.93%Total 95.01%

HSBC Tax Saver Equity Fund (HTSF) February 2015

14

Date of Allotment 05-Jan-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 27.02.15)

` 27.8330

Fund Manager Aditya KhemaniSIP AvailableMinimumApplicationAmount

` 500(Lumpsum & SIP)



Regular 2.57% Direct Plan 1.87% Excludes service tax on Investment Management fees of 0.19% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards


Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate:8.04% (364 days Treasury bill yield on February 27, 2015)


% to NetAssets

Other Equity Investments 103.94 0.50%CBLOs 291.18 1.40%Net Current Assets 638.63 3.09%Total Net Assets as on 28 February 2015 20,783.06 100.00%

Asset AllocationAuto 5.39%Auto Ancillaries 5.57%Banks 23.24%Cement 5.29%Construction Project 3.72%Consumer Non Durables 5.44%Ferrous Metals 1.03%Finance 5.62%Industrial Capital Goods 1.97%Industrial Products 5.65%Oil 1.84%Petroleum Products 1.25%Pharmaceuticals 7.28%Power 1.97%Software 13.45%Textile Products 3.37%Transportation 2.93%Other Equity Investments 0.50%Reverse Repos/CBLOs 1.40%Net Current Assets 3.09%Total Net Assets 100.00%





HSBC Tax Saver Equity Fund Dividend19-Feb-10 1.00000 1.00000 12.871317-Oct-14 1.50000 1.50000 22.1053HSBC Tax Saver Equity Fund Dividend Direct17-Oct-14 1.50000 1.50000 22.4083

HSBC Tax Saver Equity Fund (HTSF) February 2015

15


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

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

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


% to NetAssets

Auto Maruti Suzuki India 151.53 2.99%Tata Motors 92.52 1.83%Hero Motocorp 85.91 1.70%Auto Ancillaries MRF 126.90 2.51%Amara Raja Batteries 111.66 2.21%Banks ICICI Bank 235.73 4.66%Axis Bank 214.41 4.24%Karur Vysya Bank 194.53 3.84%Federal Bank 156.97 3.10%Bank of Baroda 140.29 2.77%Jammu & Kashmir Bank 81.93 1.62%HDFC Bank 74.13 1.46%CementShree Cement 86.86 1.72%ACC 84.74 1.67%ConstructionIRB Infrastructure Developers 102.19 2.02%Construction ProjectLarsen & Toubro 182.56 3.61%Consumer Non DurablesI T C 278.64 5.50%Hindustan Unilever 92.86 1.83%McLeod Russel India 78.49 1.55%Ferrous MetalsTata Steel 53.91 1.06%FinanceIndiabulls Housing Finance 149.56 2.95%Industrial Products Supreme Industries 75.42 1.49%Finolex Industries 72.25 1.43%Media & EntertainmentSun TV Network 85.90 1.70%Minerals/MiningCoal India 80.76 1.60%Non - Ferrous Metals Hindustan Zinc 123.48 2.44%Oil Oil & Natural Gas Corporation 203.09 4.01%Petroleum Products Bharat Petroleum Corporation 84.32 1.67%Pharmaceuticals Lupin 189.12 3.74%Power Power Grid Corporation of India 78.43 1.55%NTPC 72.96 1.44%Software Infosys 404.86 8.00%Tata Consultancy Services 187.27 3.70%Wipro 144.36 2.85%HCL Technologies 102.75 2.03%Eclerx Services 79.60 1.57%TransportationGateway Distriparks 167.62 3.31%Total 97.37%

HSBC Dividend Yield Equity Fund (HDYEF) February 2015

16


% to NetAssets

Other Equity Investments 72.82 1.43%CBLOs 87.46 1.73%Net Current Assets -26.17 -0.53%Total Net Assets as on 28 February 2015 5,062.62 100.00%

Asset AllocationAuto 6.52%Auto Ancillaries 4.72%Banks 21.69%Cement 3.39%Construction 2.02%Construction Project 3.61%Consumer Non Durables 8.88%Ferrous Metals 1.06%Finance 2.95%Industrial Products 2.92%Media & Entertainment 1.70%Minerals/Mining 1.60%Non - Ferrous Metals 2.44%Oil 4.01%Petroleum Products 1.67%Pharmaceuticals 3.74%Power 2.99%Software 18.15%Transportation 3.31%Other Equity Investments 1.43%Reverse Repos/CBLOs 1.73%Net Current Assets -0.53%Total Net Assets 100.00%

Date of Allotment 21-Mar-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 27.02.15)

` 17.3536

Fund Manager Gaurav Mehrotra & Amaresh Mishra

SIP AvailableMinimumApplicationAmount

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



Regular 2.35% Direct Plan 1.65% Excludes service tax on Investment Management fees of 0.16% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.46% Direct Plan 1.72% Excludes service tax on Investment Management fees of 0.17% on Regular Plan and 0.17% on Direct Plan of Total Net Assets. Portfolio Turnover 0.29


HSBC Dividend Yield Equity Fund (HDYEF) February 2015

17

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

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


% to NetAssets

Auto Tata Motors 400.51 5.97%Maruti Suzuki India 72.42 1.08%Banks Axis Bank 416.57 6.21%HDFC Bank 401.70 5.99%ICICI Bank 398.07 5.93%Yes Bank 258.59 3.86%CementACC 92.30 1.38%Construction ProjectLarsen & Toubro 238.69 3.56%Consumer Non DurablesI T C 325.22 4.85%Hindustan Unilever 109.21 1.63%Ferrous MetalsJindal Steel & Power 97.88 1.46%Non-Ferrous MetalsSesa Sterlite 130.56 1.95%Oil Oil & Natural Gas Corporation 113.73 1.70%Petroleum Products Reliance Industries 216.29 3.22%Pharmaceuticals Dr. Reddy's Laboratories 318.16 4.74%PowerPower Grid Corporation of India 156.85 2.34%Software Tata Consultancy Services 294.28 4.39%HCL Technologies 242.48 3.62%Infosys 91.86 1.37%Telecom ServicesIdea Cellular 99.39 1.48%Transportation Adani Ports & Special Economic Zone 132.30 1.97%Total 68.70%

HSBC Dynamic Fund (HDF) February 2015

18


% to NetAssets

CBLOs 1,676.39 24.99%Net Current Assets 423.91 6.31%Total Net Assets as on 28 February 2015 6,707.34 100.00%

Asset AllocationAuto 7.05%Banks 21.99%Cement 1.38%Construction Project 3.56%Consumer Non Durables 6.48%Ferrous Metals 1.46%Non-Ferrous Metals 1.95%Oil 1.70%Petroleum Products 3.22%Pharmaceuticals 4.74%Power 2.34%Software 9.38%Telecom - Services 1.48%Transportation 1.97%Reverse Repos/CBLOs 24.99%Net Current Assets 6.31%Total Net Assets 100.00%

Date of Allotment 24-Sep-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 27.02.15)

` 14.1934

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


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






HSBC Dynamic Fund (HDF) February 2015

19

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

Date of Allotment 17-Mar-08Benchmark MSCI Emerging

Markets IndexNAV (Growth) per unit(as on 27.02.15)

` 11.5746

Fund Manager Anitha Rangan (Dedicated fund manager for overseas investments)


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


Standard Deviation 0.74%R-Squared 0.5030Beta (Slope) 0.9440Sharpe Ratio** -0.0150Total Expense Ratio as on February 28, 2015

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

Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.11% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate:8.04% (364 days Treasury bill yield on February 27, 2015)

Asset AllocationOverseas Mutual Fund 98.62%Reverse Repos/CBLOs 2.40%Net Current Assets -1.02%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual FundHSBC Global Investment Funds - Global Emerging Markets Equity (Share Class S1D) 1,091.32 98.62%

CBLOs 26.51 2.40%Net Current Assets -11.21 -1.02%Total Net Assets as on 28 February 2015 1,106.61 100.00%

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

HSBC Emerging Markets Fund (HEMF) February 2015

20

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


Record Date / period of dividend declared

Dividend (` per unit)Non-Institutional

Dividend (` per unit) Institutional

NAV (`) per unit(cum dividend)

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

Dividend Declaration

Date of Allotment 06-May-11Benchmark MSCI Brazil

10/40 IndexNAV (Growth) per unit(as on 27.02.15)

` 6.8231

Fund Manager Anitha Rangan (Dedicated fund manager for overseas investments)


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




Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Managementfees of 0.11% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate:8.04% (364 days Treasury bill yield on February 27, 2015)

Asset AllocationOverseas Mutual Fund 98.15%Reverse Repos/CBLOs 1.82%Net Current Assets 0.03%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual FundHSBC Global Investment Funds - Brazil Equity (Share Class S3D) 4,183.54 98.15%

CBLOs 77.48 1.82%

Net Current Assets 1.46 0.03%

Total Net Assets as on 28 February 2015 4,262.48 100.00%

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

HSBC Brazil Fund (HBF) February 2015

21

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

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

Pacific ex JapanNAV (Growth) per unit(as on 27.02.15)

` 10.5940

Fund Manager Anitha Rangan (for overseas investments), Sanjay Shah (for investments in Indian Market)


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




Regular 2.30% Direct Plan 1.60%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Managementfees of 0.09% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate:8.04% (364 days Treasury bill yield on February 27, 2015).

Asset AllocationOverseas Mutual Fund 101.65%Reverse Repos/CBLOs 0.92%Net Current Assets -2.57%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual Fund

HSBC Global Investment Funds - Asia Pacific ex Japan Equity High Dividend (Share Class S9D) 3,363.54 101.65%

CBLOs 30.55 0.92%

Net Current Assets -85.01 -2.57%

Total Net Assets as on 28 February 2015 3,309.08 100.00%

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

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

February 2015

22

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


% to NetAssets

Mutual FundHSBC Equity Fund - Growth Direct 6,984.50 54.26%HSBC Midcap Equity Fund - Growth Direct 2,268.78 17.62%HSBC Income Fund Inv Plan Growth Direct 1,329.50 10.33%HSBC Flexi Debt Fund Growth Direct 621.97 4.83%Overseas Mutual FundHSBC MSCI WORLD UCITS ETF 1,224.79 9.51%Total 96.55%CBLOs 401.23 3.12%Net Current Assets 41.77 0.33%Total Net Assets as on 28 February 2015 12,872.54 100.00%

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

HSBC Managed Solutions India - Growth February 2015

23

Asset Allocation Mutual Fund 87.04%Overseas Mutual Fund 9.51%Reverse Repos/CBLOs 3.12%Net Current Assets 0.33%Total Net Assets 100.00%

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

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

NAV (Growth) per unit(as on 27.02.15)

` 13.1547

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


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



Regular 2.29% Direct Plan 2.02% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.16% on the underlying scheme’s in which the fund of fund invests.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.31% Direct Plan 2.04%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.16% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later.@ Effective from March 1, 2013 for prospective investments.**Risk free rate:8.04% (364 days Treasury bill yield on February 27, 2015)

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


% to NetAssets

Mutual FundHSBC Equity Fund - Growth Direct 9,382.62 37.81%HSBC Flexi Debt Fund Growth Direct 8,096.28 32.63%HSBC Midcap Equity Fund - Growth Direct 3,051.23 12.30%HSBC Income Fund Inv Plan Growth Direct 1,988.16 8.01%

Overseas Mutual FundHSBC MSCI WORLD UCITS ETF 1,802.12 7.26%Total 98.01%CBLOs 674.15 2.72%Net Current Assets -179.91 -0.73%Total Net Assets as on 28 February 2015 24,814.65 100.00%

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

HSBC Managed Solutions India - Moderate February 2015

24

Date of Allotment 30-Apr-2014Benchmark CRISIL Balanced

Fund Index NAV (Growth) per unit(as on 27.02.15)

` 12.5322

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


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




Regular 2.20% Direct Plan 1.95%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.13% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate:8.04% (364 days Treasury bill yield on February 27, 2015)

Asset Allocation Mutual Fund 90.75%Overseas Mutual Fund 7.26%Reverse Repos/CBLOs 2.72%Net Current Assets -0.73%Total Net Assets 100.00%

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


% to NetAssets

Mutual FundHSBC Inc Fund Short Term - Growth Direct 12,894.67 42.29%HSBC Flexi Debt Fund Growth Direct 8,803.95 28.88%HSBC Equity Fund - Growth Direct 3,399.62 11.15%HDFC Income Fund Direct Plan - Growth 2,198.53 7.21%HSBC Income Fund Inv Plan Growth Direct 1,878.18 6.16%HSBC Midcap Equity Fund - Growth Direct 1,054.49 3.46%Total 99.15%CBLOs 472.19 1.55%Net Current Assets -213.40 -0.70%Total Net Assets as on 28 February 2015 30,488.24 100.00%

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

HSBC Managed Solutions India - Conservative February 2015

25

Date of Allotment 30-Apr-2014Benchmark Composite Index

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

NAV (Growth) per unit(as on 27.02.15)

` 11.4843

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

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




Regular 1.63% Direct Plan 1.40%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.08% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate:8.04% (364 days Treasury bill yield on February 27, 2015)

Asset Allocation Mutual Fund 99.15%Reverse Repos/CBLOs 1.55%Net Current Assets -0.70%Total Net Assets 100.00%


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

Name of Scheme Fund Manager

HSBC Equity Fund Neelotpal Sahai (from 27 May 2013)

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

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

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

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

HSBC Dividend Yield Equity Fund Gaurav Mehrotra and Amaresh Mishra (from 02 July 2012)

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

HSBC Emerging Markets Fund Anitha Rangan (from 18 October 2014)

HSBC Brazil Fund Anitha Rangan (from 18 October 2014)

HSBC Asia Pacific (Ex Japan) Dividend Yield Fund

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

HSBC Managed Solutions 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)

Fund Manager’s ExperienceDhiraj Sachdev Senior 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. l HSBC Asset Management (India) Private Ltd Senior Vice President & Fund Manager, from October 2011 to present, Senior Fund Manager from 1 December 2009 to September 2011, Head of Equity-Portfolio Management Services from October 2005 to November 2009 l ASK Raymond James Securities India Private Ltd Portfolio Manager from October 2003 to September 2005 l HDFC Bank Ltd Senior Manager Equities from November 1999 to September 2003 l DSQ Software Ltd Business Analyst from June 1999 to November 1999 l Probity Research & Services Ltd (India Infoline Ltd) Research Analyst from November 1998 to May 1999 l Ford Brothers Capital Services (P) Ltd Manager Research from July 1996 to Sept 1998 Gaurav MehrotraVice President & Assistant Fund ManagerPost Graduate Diploma in Business Management, Bachelor of EngineeringExperience: Over 9 years experience in research. l HSBC Asset Management (India) Private Ltd Vice President & Assistant Fund Manager, from April 2012 to present, Associate Vice President, Investment Management from September 2007 to March 2012 l JPMorgan Services India Private Ltd Equity Research from August 2005 to September 2007 l Tata Consultancy Services Ltd Business Analyst from June 2004 to July 2005

Fund Managers - Equity February 2015

26

Neelotpal Sahai Senior Fund Manager - EquitiesB.Tech, PGDM (IIM Kolkata) Experience:Over 21 years of experience in Research and Fund Management. l HSBC Asset Management (India) Private Ltd Senior Fund Manager – Equities from April 2013 onwards. l IDFC Asset Management Company Ltd. Director from February 2006 to April 2013 l Motilal Oswal Securities Ltd Senior Research Analyst from March 2005 to January 2006 l Infosys Ltd Senior Project Manager from June 1999 to March 2005 l Vickers Ballas Securities Ltd Analyst from September 1998 to June 1999 l SBC Warburg Analyst from May 1997 to May 1998 l UTI Securities Ltd Equity Analyst from June 1995 to May 1997

Aditya KhemaniVice President & Fund Manager - EquitiesB.Com. (Hons.), Post Graduate Diploma in Business ManagementExperience: Over 9 years experience in research. l HSBC Asset Management (India) Private Ltd Vice President & Fund Manager (Equity), from April 2012 to present, Assistant Fund Manager, Equities from February 2009 to March 2012; Associate Vice President - Investment Management from October 2007 to February 2009. l SBI Funds Management India Private Ltd Senior Manager - Equity Research from March 2007 to September 2007 l Prudential ICICI Asset Management Company India Private Ltd Assistant Manager - Equity Research from December 2005 to February 2007 l Morgan Stanley Advantage Services India Private Ltd Research Associate from May 2005 to November 2005

Amaresh Mishra Vice President & Assistant Fund ManagerPost Graduate Diploma in Business Manager Management Bachelor of Engineering (Chemical) Experience: Over 9 years of experience in Equities & Sales l HSBC Asset Management (India) Private Ltd Vice President & Assistant Fund Manager, from April 2012 to present, Associate Vice President, Investment Management from April 2008 to March 2012, Associate Vice President, Equities from October 2007 to March 2008; Associate Vice President, Sales and Distribution from March 2005 to September 2007 l Centre for Science and Environment Trainee Researcher from July 2001 to July 2002

Anitha Rangan Associate Vice President - Investment ManagementPGDBM (SPJIMR, Mumbai); CA; M.ComExperience: Over 8 years of experience in areas of research and risk l HSBC Asset Management (India) Private Ltd Associate Vice President - Investment Management, from February 2013 onwards l CRISIL Limited Senior Manager - Customised Industry Research, from December 2010 to May 2012 l Nomura Structured Financial Services Vice President - Credit Research , from December 2008 to November 2010 l Lehman Brothers Structured Financial Services Analyst Credit Research, from June 2006 to November 2008 l Ambattur Clothing Limited Executive - October 2002 to March 2004

Fund Managers - Equity February 2015

27

Funds Managed by Neelotpal Sahai.

Comparative Performance of Equity Schemes February 2015

HSBC Equity Fund Date of Inception : 10 Dec 02Scheme Name & Benchmarks Jan 14 -

Dec 14Jan 13 - Dec 13

Jan 12 - Dec 12

Since Inception

HSBC Equity Fund - Growth 34.81% 2.45% 23.28% 25.03%S&P BSE 200 (Scheme Benchmark) 35.39% 3.45% 30.89% 19.87%CNX Nifty (Standard Benchmark) 31.44% 5.93% 27.43% 18.54%`10,000, if invested in HEF, would have become `13,481 `10,245 `12,328 `1,49,009

`10,000, if invested in S&P BSE 200, would have become `13,539 `10,345 `13,089 `89,489

`10,000, if invested in CNX Nifty, would have become `13,144 `10,593 `12,743 `78,230

HSBC India Opportunities Fund Date of Inception : 24 Feb 04Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC India Opportunities Fund - Growth 54.68% 7.15% 25.07% 18.55%S&P BSE 500 (Scheme Benchmark) 36.77% 2.32% 31.12% 15.44%CNX Nifty (Standard Benchmark) 31.44% 5.93% 27.43% 14.97%`10,000, if invested in HIOF, would have become `15,468 `10,715 `12,507 `63,489



28

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

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



HSBC Dynamic Fund Date of Inception : 24 Sep 07Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Dynamic Fund - Growth 27.18% -1.92% 22.28% 4.07%S&P BSE 200 (Scheme Benchmark) 35.39% 3.45% 30.89% 7.18%CNX Nifty (Standard Benchmark) 31.44% 5.93% 27.43% 7.39%`10,000, if invested in HDF, would have become `12,718 `9,808 `12,228 `13,364



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


29

HSBC Brazil Fund Date Of Inception : 06 May 11Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Brazil Fund - Growth -17.24% -10.57% 6.58% -8.20%MSCI Brazil 10/40 Index (Scheme Benchmark) -15.48% -17.24% -2.15% -15.34%

CNX Nifty (Standard Benchmark) 31.44% 5.93% 27.43% 11.56%`10,000, if invested in HBF, would have become `8,276 `8,943 `10,658 `7,311

`10,000, if invested in MSCI Brazil 10/40 Index, would have become `8,452 `8,276 `9,785 `5,437



HSBC Emerging Markets Fund Date of Inception : 17 Mar 08Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Emerging Markets Fund - Growth 1.53% 1.35% 22.04% 2.08%MSCI Emerging Market Index (Scheme Benchmark) 2.55% 0.92% 13.92% 1.59%

CNX Nifty (Standard Benchmark) 31.44% 5.93% 27.43% 9.38%`10,000, if invested in HMEF, would have become `10,153 `10,135 `12,204 `11,502

`10,000, if invested in MSCI Emerging Market Index, would have become `10,255 `10,092 `11,392 `11,129



Funds Managed by - Anitha Rangan.



30


Fund Managed by Gaurav Mehrotra and Amaresh Mishra.


HSBC Dividend Yield Equity Fund Date of Inception : 21 Mar 07Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Dividend Yield Equity Fund - Growth 41.17% -2.05% 31.77% 6.50%S&P BSE 200 (Scheme Benchmark) 35.39% 3.45% 30.89% 10.83%CNX Nifty (Standard Benchmark) 31.44% 5.93% 27.43% 10.66%`10,000, if invested in HDYEF, would have become `14,117 `9,795 `13,177 `16,330



HSBC Tax Saver Equity Fund Date of Inception : 05 Jan 07Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Tax Saver Equity Fund - Growth 52.10% 2.14% 38.94% 12.91%S&P BSE 200 (Scheme Benchmark) 35.39% 3.45% 30.89% 9.47%CNX Nifty (Standard Benchmark) 31.44% 5.93% 27.43% 9.59%`10,000, if invested in HTSF, would have become `15,210 `10,214 `13,894 `26,404




Fund Managed by - Aditya Khemani.


31


HSBC Progressive Themes Fund Date of Inception : 23 Feb 06Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Progressive Themes Fund - Growth 84.83% -20.30% 48.48% 7.14%S&P BSE 200 (Scheme Benchmark) 35.39% 3.45% 30.89% 11.77%CNX Nifty (Standard Benchmark) 31.44% 5.93% 27.43% 11.89%`10,000, if invested in HPTF, would have become `18,483 `7,970 `14,848 `18,425




Funds Managed by - Dhiraj Sachdev.

HSBC Midcap Equity Fund Date of Inception : 19 May 05Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Midcap Equity Fund - Growth 83.70% -4.44% 47.65% 14.42%S&P BSE Midcap (Scheme Benchmark) 53.96% -6.84% 38.72% 12.83%CNX Nifty (Standard Benchmark) 31.44% 5.93% 27.43% 15.97%`10,000, if invested in HMEF, would have become `18,370 `9,556 `14,765 `36,592

`10,000, if invested in S&P BSE Midcap, would have become `15,396 `9,316 `13,872 `31,955



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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Corporate/PSU DebtCorporate Bonds / DebenturesRural Electrification Corporation 520.58 2.74% CRISIL AAAPower Finance Corporation 510.61 2.69% CRISIL AAALIC Housing Finance 505.07 2.66% CRISIL AAAPower Finance Corporation 229.21 1.21% CRISIL AAAEquityEquitiesAxis Bank 343.06 1.81%Shree Cements 329.76 1.74%ICICI Bank 319.32 1.68%Larsen & Toubro 291.74 1.54%IndusInd Bank 279.55 1.47%Maruti Suzuki India 200.96 1.06%ITC 189.71 1.00%Supreme Industries 189.42 1.00%McLeod Russel India 184.26 0.97%LIC Housing Finance 182.02 0.96%Amara Raja Batteries 181.15 0.95%Tech Mahindra 180.39 0.95%Crompton Greaves 171.54 0.90% N.AHDFC Bank 166.04 0.87%Grasim Industries 152.01 0.80%The Ramco Cements 147.73 0.78%Lupin 131.02 0.69%IPCA Laboratories 122.83 0.65%Karur Vysya Bank 109.00 0.57%Arvind 107.29 0.56%Motherson Sumi Systems 98.44 0.52%CESC 95.04 0.50%Oil & Natural Gas Corporation 89.36 0.47%MRF 82.40 0.43%Finolex Industries 75.14 0.40%Orient Refractories 72.47 0.38%The Jammu & Kashmir Bank 68.13 0.36%Dr. Reddy's Laboratories 46.89 0.25%Hindustan Dorr-Oliver 42.19 0.22%Jaiprakash Associates 35.49 0.19%Government Securities8.60% GOVT OF INDIA RED 02-06-2028 2,647.98 13.94% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 2,266.59 11.93% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 1,571.73 8.27% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 1,443.45 7.60% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 746.39 3.93% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 619.03 3.26% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 608.40 3.20% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 607.62 3.20% Sovereign8.28% GOVT OF INDIA RED 21-09-2027 155.96 0.82% SovereignTotal 90.12%Cash EquivalentsCBLOs 1,700.00 8.95%Net Current Assets 177.78 0.93%Total Net Assets as on 28 February 2015 18,994.73 100.00%

HSBC MIP - Savings Plan (HMIP-S) February 2015

32

Date of Allotment 24-Feb-04Benchmark CRISIL MIP

Blended IndexNAV (Growth) per unit(as on 27.02.15)

` 29.3163

Average Maturity of Portfolio

125.70 months

Modified Durationof Portfolio

72.57 months

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

SIP AvailableMinimum Application AmountGrowth `10,000Quarterly Dividend `10,000Monthly Dividend `25,000SIP `1,000 p.m.Exit Load@ NilTotal Expense Ratio as on February 28, 2015


Regular 2.32% Direct Plan 1.83% Excludes service tax on Investment Management fees of 0.12% on Regular Plan and 0.12% on Direct Plan of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.

Asset AllocationGovernment Securities 56.15%Equity 24.67%Corporate/ PSU Debt 9.30%Cash Equivalents 8.95%Net Current Assets 0.93%Total Net Assets 100.00%

Rating ProfileSovereign 56.15%Equity 24.67%AAA and equivalents 9.30%Reverse Repos/ CBLOs 8.95%Net Current Assets 0.93%Total Net Assets 100.00%

HSBC MIP - Savings Plan (HMIP-S) February 2015

33





HSBC MIP - Savings Plan - Monthly Dividend26-Dec-14 0.05444 0.05049 13.679027-Jan-15 0.05444 0.05049 14.119725-Feb-15 0.05444 0.05049 13.9884HSBC MIP - Savings Plan - Monthly Dividend - Direct Plan25-Jul-14 0.05845 0.05597 13.468725-Aug-14 0.05845 0.05597 13.485927-Oct-14 0.05444 0.05049 13.7913HSBC MIP - Savings Plan - Quarterly Dividend25-Jun-14 0.17534 0.16792 13.228425-Sep-14 0.17534 0.16792 13.309826-Dec-14 0.16332 0.15146 13.7829HSBC MIP - Savings Plan - Quarterly Dividend - Direct Plan25-Jun-14 0.17534 0.16792 13.747525-Sep-14 0.17534 0.16792 13.859526-Dec-14 0.16332 0.15146 14.3797


This Product is suitable for investors who are seeking* :l Regular Income over medium terml Investment in fixed income (debt and money market instruments) as well as equity and equity related securitiesl Medium risk (Yellow)*Investors should consult their financial advisers if in doubt about whether the product is suitable for them.


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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Corporate/PSU DebtCorporate Bonds / DebenturesRural Electrification Corporation 520.58 5.45% CRISIL AAAPower Finance Corporation 510.61 5.35% CRISIL AAALIC Housing Finance 505.07 5.29% CRISIL AAAPower Finance Corporation 52.09 0.55% CRISIL AAAEquityEquitiesAxis Bank 122.52 1.28%Shree Cements 108.97 1.14%Tech Mahindra 101.65 1.06%ICICI Bank 101.25 1.06%Larsen & Toubro 93.71 0.98%McLeod Russel India 62.14 0.65%Maruti Suzuki India 60.36 0.63%Amara Raja Batteries 58.17 0.61%ITC 57.81 0.61%LIC Housing Finance 57.48 0.60%Supreme Industries 50.10 0.52%Grasim Industries 48.79 0.51% N.A.Arvind 45.98 0.48%IPCA Laboratories 44.01 0.46%Motherson Sumi Systems 41.76 0.44%Dr. Reddy's Laboratories 40.19 0.42%Crompton Greaves 35.37 0.37%Orient Refractories 33.74 0.35%The Jammu & Kashmir Bank 31.79 0.33%MRF 30.90 0.32%Oil & Natural Gas Corporation 27.62 0.29%CESC 23.76 0.25%Finolex Industries 23.12 0.24%Jaiprakash Associates 12.68 0.13%Hindustan Dorr-Oliver 12.66 0.13%Government Securities8.40% GOVT OF INDIA RED 28-07-2024 1,201.19 12.58% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 1,145.55 12.00% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 893.62 9.36% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 742.50 7.78% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 607.41 6.36% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 501.02 5.25% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 339.69 3.56% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 309.51 3.24% SovereignTotal 90.63%

HSBC MIP - Regular Plan (HMIP-R) February 2015

34

Date of Allotment 24-Feb-04Benchmark CRISIL MIP

Blended IndexNAV (Growth) per unit(as on 27.02.15)

` 24.4811


123.21 months


70.58 months

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

SIP AvailableMinimum Application AmountGrowth `10,000Quarterly Dividend `10,000Monthly Dividend `25,000SIP `1,000 p.m.Exit Load@ NilTotal Expense Ratio as on February 28, 2015


Regular 2.33% Direct Plan 1.80% Excludes service tax on Investment Management fees of 0.13% on Regular Plan and 0.15% on Direct Plan of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.

Asset AllocationGovernment Securities 60.13%Corporate/ PSU Debt 16.64%Equity 13.86%Cash Equivalents 8.22%Net Current Assets 1.15%Total Net Assets 100.00%

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Cash EquivalentsCBLOs 784.41 8.22%Net Current Assets 107.37 1.15%Total Net Assets as on 28 February 2015 9,547.16 100.00%

Rating ProfileSovereign 60.13%AAA and equivalents 16.64%Equity 13.86%Reverse Repos/ CBLOs 8.22%Net Current Assets 1.15%Total Net Assets 100.00%

HSBC MIP - Regular Plan (HMIP-R) February 2015

35





HSBC MIP - Regular Plan - Monthly Dividend26-Dec-14 0.05081 0.04712 11.961427-Jan-15 0.05081 0.04712 12.267125-Feb-15 0.05081 0.04712 12.1792HSBC MIP - Regular Plan - Monthly Dividend - Direct Plan31-Jan-14 0.05065 0.04851 10.979128-Feb-14 0.05065 0.04851 11.0079HSBC MIP - Regular Plan - Quarterly Dividend25-Jun-14 0.17534 0.16792 11.955525-Sep-14 0.17534 0.16792 11.980926-Dec-14 0.16332 0.15146 12.3312


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

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Securitised DebtInvestments - Asset Back Security

India MBS 2002 Series I 13.07 0.12% CRISIL AAA (SO)

Corporate/PSU DebtCorporate Bonds / DebenturesExport Import Bank of India 546.71 5.20% CRISIL AAARural Electrification Corporation 520.58 4.95% CRISIL AAAPower Finance Corporation 83.35 0.79% CRISIL AAAGovernment Securities8.40% GOVT OF INDIA RED 28-07-2024 2,261.37 21.52% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 2,216.16 21.09% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 1,043.65 9.93% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 804.26 7.65% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 700.07 6.66% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 639.60 6.09% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 506.48 4.82% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 288.99 2.75% Sovereign5.59% GOVT OF INDIA RED 04-06-2016 0.39 0.00% SovereignTotal 91.57%Cash EquivalentsCBLOs 685.21 6.52%Net Current Assets 197.32 1.91%Total Net Assets as on 28 February 2015 10,507.20 100.00%

HSBC Income Fund - Investment Plan (HIF-IP) February 2015

36

Date of Allotment 10-Dec-02Benchmark CRISIL Composite

Bond Fund IndexNAV (Growth) per unit(as on 27.02.15)

` 23.7374


139.00 months


80.01 months

Yield To Maturity* 7.75%Fund Manager Sanjay Shah


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

Exit Load@ NilTotal Expense Ratio as on February 28, 2015 Regular 1.85%Direct Plan 1.10%Excludes service tax on Investment Management fees of 0.12% of Total Net Assets.

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

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

Asset AllocationGovernment Securities 80.51%Corporate/ PSU Debt 10.94%Cash Equivalents 6.52%Net Current Assets 1.91%Securitised Debt 0.12%





HSBC Income Fund - Investment Plan - Regular Option - Quarterly Dividend25-Jun-14 0.15585 0.14926 11.059025-Sep-14 0.15585 0.14926 11.048126-Dec-14 0.14517 0.13463 11.4391HSBC Income Fund - Investment Plan - Institutional Option - Quarterly Dividend12-Jun-09 0.11387 0.10598 11.029411-Sep-09 0.11387 0.10598 10.996011-Dec-09 0.11387 0.10598 11.0973

Rating ProfileSovereign 80.51%AAA and equivalents 11.06%Reverse Repos/ CBLOs 6.52%Net Current Assets 1.91%

HSBC Income Fund - Investment Plan (HIF-IP) February 2015

37


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

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositING Vysya Bank 4,688.53 3.25% CRISIL A1+Canara Bank 2,997.38 2.08% CRISIL A1+Canara Bank 2,495.10 1.73% CRISIL A1+Punjab National Bank 2,494.54 1.73% [ICRA]A1+IDBI Bank 2,307.10 1.60% CRISIL A1+ICICI Bank 1,894.99 1.31% [ICRA]A1+Punjab National Bank 1,799.61 1.25% Fitch A1+Bank of India 1,745.41 1.21% CRISIL A1+State Bank of Travancore 1,695.43 1.17% CRISIL A1+Indian Overseas Bank 997.30 0.69% [ICRA]A1+Corporation Bank 299.19 0.21% CRISIL A1+Corporation Bank 216.32 0.15% CRISIL A1+Yes Bank 98.27 0.07% [ICRA]A1+Yes Bank 24.90 0.02% CARE A1+Commercial PaperVodafone India 2,491.04 1.72% CRISIL A1+Fullerton India Credit Co. 2,374.10 1.64% [ICRA]A1+Indiabulls Housing Finance 497.83 0.34% CRISIL A1+Corporate/PSU Debt

Corporate Bonds / DebenturesShriram Transport Finance Company 6,552.17 4.54% CRISIL AAPower Finance Corporation 5,085.03 3.52% CRISIL AAANabha Power 5,041.97 3.49% [ICRA]AAANABARD 5,000.00 3.46% CRISIL AAATata Capital Financial Services 4,981.54 3.45% CRISIL AA+Export Import Bank of India 4,189.11 2.90% CRISIL AAARural Electrification Corporation 4,085.98 2.83% CRISIL AAAPower Finance Corporation 4,084.86 2.83% CRISIL AAAKotak Mahindra Prime 3,523.53 2.44% [ICRA]AAARural Electrification Corporation 3,123.47 2.16% CRISIL AAAHDFC 2,581.54 1.79% CRISIL AAASRF 2,529.11 1.75% Fitch AAKotak Mahindra Prime 2,526.18 1.75% [ICRA]AAAKotak Mahindra Prime 2,512.84 1.74% [ICRA]AAALIC Housing Finance 2,495.49 1.73% CARE AAATata Capital Financial Services 2,493.43 1.73% CRISIL AA+Power Grid Corporation of India 2,051.53 1.42% CRISIL AAAHDFC 2,034.19 1.41% CRISIL AAATata Sons 2,028.77 1.40% CRISIL AAALIC Housing Finance 1,535.91 1.06% CRISIL AAAKotak Mahindra Prime 1,526.73 1.06% [ICRA]AAALIC Housing Finance 1,525.20 1.06% CRISIL AAAHDFC 1,019.12 0.71% CRISIL AAAShriram Transport Finance Company 1,018.78 0.71% CRISIL AALIC Housing Finance 1,018.38 0.71% CRISIL AAALIC Housing Finance 1,017.19 0.70% CRISIL AAAPower Grid Corporation of India 1,014.86 0.70% CRISIL AAAPower Grid Corporation of India 1,014.78 0.70% CRISIL AAALIC Housing Finance 1,013.24 0.70% CARE AAAPower Grid Corporation of India 998.26 0.69% CRISIL AAALIC Housing Finance 507.30 0.35% CRISIL AAAPower Grid Corporation of India 506.00 0.35% CRISIL AAAPower Finance Corporation 504.73 0.35% CRISIL AAAHDFC 504.22 0.35% CRISIL AAANABARD 360.88 0.25% CRISIL AAAPower Finance Corporation 299.92 0.21% CRISIL AAAShriram Transport Finance Company 275.69 0.19% CRISIL AARural Electrification Corporation 171.69 0.12% CRISIL AAALIC Housing Finance 139.96 0.10% CRISIL AAAExport Import Bank of India 120.02 0.08% CRISIL AAAPower Finance Corporation 101.93 0.07% CRISIL AAARural Electrification Corporation 101.37 0.07% CRISIL AAAHDFC 91.24 0.06% CRISIL AAARural Electrification Corporation 71.67 0.05% CRISIL AAANABARD 50.72 0.04% CRISIL AAA

HSBC Income Fund - Short Term Plan (HIF-STP) February 2015

38

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


` 22.9575


28.65 months


22.41 months

Yield To Maturity* 8.35%Fund Manager Sanjay Shah &

Piyush HarlalkaSIP AvailableMinimumApplicationAmount

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

Exit Load@ NilTotal Expense Ratio as on February 28, 2015 Regular 1.25%Institutional # 0.70%Institutional Plus # 0.60%Direct Plan 0.30%Excludes service tax on Investment Management fees of 0.02% of Total Net Assets.

Annualised Expense Ratio from 1st April 2014 onwards Regular 1.25%Institutional # 0.70%Institutional Plus # 0.60%Direct Plan 0.39%Excludes service tax on Investment Management fees of 0.04% of Total Net Assets.

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

Asset AllocationCorporate/ PSU Debt 57.78%Money Market Instruments 20.17%Government Securities 10.19%Cash Equivalents 9.83%Net Current Assets 2.03%

Rating ProfileAAA and equivalents 65.58%AA+/ AA-/ AA and equivalents 12.37%

Sovereign 10.19%Reverse Repos/ CBLOs 9.83%Net Current Assets 2.03%





HSBC Income Fund - Short Term Plan - Regular Option - Monthly Dividend26-Dec-14 0.05397 0.05005 11.177627-Jan-15 0.06286 0.05829 11.244125-Feb-15 0.05062 0.04694 11.2062HSBC Income Fund - Short Term Plan - Monthly Dividend - Direct Plan26-Dec-14 0.30468 0.28255 11.566027-Jan-15 0.07000 0.06491 11.297225-Feb-15 0.05700 0.05286 11.2581HSBC Income Fund - Short Term Plan - Institutional Option - Monthly Dividend27-Oct-14 0.06420 0.05954 11.996527-Jan-15 0.07172 0.06651 12.095125-Feb-15 0.05825 0.05402 12.0539HSBC Income Fund - Short Term Plan - Institutional Plus Option - Monthly Dividend30-Dec-11 0.08478 0.07266 10.120027-Jan-12 0.05533 0.04742 10.086624-Feb-12 0.05663 0.04854 10.0881

HSBC Income Fund - Short Term Plan (HIF-STP) February 2015

39

Government Securities8.35% GOVT OF INDIA RED 14-05-2022 4,632.79 3.21% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 4,178.04 2.89% Sovereign8.27% GOVT OF INDIA RED- 09-06-2020 3,368.67 2.33% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 2,535.01 1.76% SovereignTotal 88.14%Cash EquivalentsCBLOs 14,190.03 9.83%Net Current Assets 2,971.42 2.03%Total Net Assets as on 28 February 2015 1,44,423.48 100.00%


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

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositBank of India 748.03 10.78% CRISIL A1+IDBI Bank 692.13 9.97% CRISIL A1+ICICI Bank 598.42 8.62% [ICRA]A1+Punjab National Bank 498.91 7.19% [ICRA]A1+Commercial PaperSRF 994.01 14.32% Fitch A1+Edelweiss Financial Services 899.35 12.96% CRISIL A1+SREI Equipment Finance 899.16 12.96% [ICRA]A1+Total 76.80%Cash EquivalentsCBLOs 1,631.76 23.52%Net Current Assets -22.58 -0.32%Total Net Assets as on 28 February 2015 6,939.19 100.00%

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

February 2015

40

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

IndexNAV (Growth) per unit(as on 27.02.15)

` 21.6073


1.46 months


1.35 months

Yield To Maturity* 8.13%Fund Manager Kapil Punjabi &

Piyush HarlalkaSIP AvailableMinimumApplicationAmount

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

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

Total Expense Ratio as on February 28, 2015 Regular # 1.30% Institutional 0.75%Direct Plan 0.20% Excludes service tax on Investment Management fees of 0.02% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.28% Institutional 0.73%Direct Plan 0.18% Excludes service tax on Investment Management fees of 0.03% of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012

Asset AllocationMoney Market Instruments 76.80%Cash Equivalents 23.52%Net Current Assets -0.32%





HSBC Floating Rate Fund - Long Term Plan - Regular Option - Monthly Dividend26-Dec-14 0.04292 0.03980 10.059127-Jan-15 0.04999 0.04636 10.068925-Feb-15 0.04322 0.04008 10.0596HSBC Floating Rate Fund - Long Term Plan - Monthly Dividend - Direct Plan26-Dec-14 0.04987 0.04625 10.069427-Jan-15 0.05708 0.05293 10.079325-Feb-15 0.04963 0.04602 10.0691HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend25-Apr-14 0.05133 0.04916 10.535625-Aug-14 0.06294 0.06028 10.763925-Sep-14 0.17600 0.16856 10.7615

Rating ProfileAAA and equivalents 76.80%Reverse Repos/ CBLOs 23.52%Net Current Assets -0.32%

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

February 2015

41


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


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

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositOriental Bank of Commerce 9,995.62 4.53% CRISIL A1+Punjab & Sind Bank 9,862.09 4.46% [ICRA]A1+IDBI Bank 9,860.15 4.46% CRISIL A1+Indian Bank 4,995.52 2.26% Fitch A1+Punjab National Bank 4,989.07 2.26% [ICRA]A1+Punjab National Bank 3,999.12 1.81% Fitch A1+Canara Bank 2,498.36 1.13% CRISIL A1+Axis Bank 2,498.34 1.13% CRISIL A1+ICICI Bank 2,497.79 1.13% CARE A1+Oriental Bank of Commerce 2,493.43 1.13% CRISIL A1+Punjab & Sind Bank 2,490.10 1.13% [ICRA]A1+Commercial PaperSREI Equipment Finance 13,587.25 6.15% [ICRA]A1+Edelweiss Financial Services 12,443.54 5.63% CRISIL A1+India Infoline Finance 9,972.13 4.51% [ICRA]A1+Indiabulls Housing Finance 9,958.87 4.51% CRISIL A1+Magma Fincorp 9,853.68 4.46% CARE A1+Kalpataru Power Transmission 4,995.36 2.26% CARE A1+India Infoline Finance 4,979.09 2.25% [ICRA]A1+Gruh Finance 4,974.92 2.25% CRISIL A1+Reliance Infrastructure 4,971.14 2.25% Fitch A1+JM Financial Products 4,931.88 2.23% [ICRA]A1+SREI Equipment Finance 2,492.98 1.13% [ICRA]A1+Godrej Properties 2,462.84 1.12% [ICRA]A1+Indiabulls Housing Finance 1,991.32 0.90% CRISIL A1+Fixed DepositFixed DepositIndian Overseas Bank 30,000.00 13.58% Fixed DepositIndusInd Bank 17,500.00 7.92% Fixed DepositKarur Vysya Bank 5,000.00 2.26% Fixed DepositTreasury Bill364 DAYS TREASURY BILL RED 05-03-2015 9,991.25 4.52% Sovereign364 DAYS TREASURY BILL RED 19-03-2015 2,490.19 1.13% SovereignTotal 94.49%Cash EquivalentsCBLOs 14,756.34 6.68%Net Current Assets -2,652.00 -1.17%

Total Net Assets as on 28 February 2015 2,20,880.37 100.00%

HSBC Cash Fund (HCF) February 2015

42

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


` 1383.8240


0.64 months


0.60 months

Yield To Maturity* 8.39%Fund Manager Kapil Punjabi


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

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

Total Expense Ratio as on February 28, 2015 Regular # 1.00% Institutional # 0.35%Institutional Plus 0.15%Direct Plan 0.05%Currently there is no Service Tax levied due to nil Investment Management Fees being charged.Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.00% Institutional # 0.35%Institutional Plus 0.12%Direct Plan 0.05%Currently there is no Service Tax levied due to nil Investment Management Fees being charged.

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





HSBC Cash Fund - Institutional Option - Monthly Dividend26-Dec-14 5.15773 4.78310 1007.162127-Jan-15 5.34244 4.95439 1007.416625-Feb-15 4.79882 4.45026 1006.6677HSBC Cash Fund - Monthly Dividend - Direct Plan26-Dec-14 5.21916 4.84007 1007.191327-Jan-15 5.40417 5.01163 1007.448825-Feb-15 4.85660 4.50384 1006.6945HSBC Cash Fund - Institutional Plus Option - Monthly Dividend26-Aug-11 0.04886 0.04686 10.138329-Sep-11 0.05876 0.05636 10.150928-Oct-11 0.05244 0.05030 10.1428

Asset AllocationMoney Market Instruments 65.08%Fixed Deposit 23.76%Cash Equivalents 6.68%Treasury Bill 5.65%Net Current Assets -1.17%

Rating ProfileAAA and equivalents 65.08%Fixed Deposit 23.76%Reverse Repos/ CBLOs 6.68%Sovereign 5.65%Net Current Assets -1.17%

HSBC Cash Fund (HCF) February 2015

43

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

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

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


HSBC Cash Fund 01 Feb 2015 to 01 Feb 2015***

02 Feb 2015 to 28 Feb 2015***

Average for the Month

Normal (erstwhile insti - plus) 0.14 0.15 0.15Direct 0.04 0.05 0.05

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


` 17.9555


190.82 months


96.67 months

Yield To Maturity* 7.68%Fund Manager Sanjay ShahSIP AvailableMinimum ` 10,000Application ` 1,000 p.m.(SIP)AmountExit Load@ Nil

Total Expense Ratio as on February 28, 2015 Regular 1.00% Direct Plan 0.50% Excludes service tax on Investment Management fees of 0.06% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards Regular 1.00% Direct Plan 0.50% Excludes service tax on Investment Management fees of 0.06% of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.* Based on invested Amount

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Government Securities8.24% GOVT OF INDIA RED 10-11-2033 73.59 21.95% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 60.67 18.09% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 58.63 17.48% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 41.78 12.46% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 41.54 12.39% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 22.51 6.71% SovereignTotal 89.08%Cash EquivalentsCBLOs 23.13 6.90%Net Current Assets 13.49 4.02%Total Net Assets as on 28 February 2015 335.34 100.00%





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

Asset AllocationGovernment Securities 89.08%Cash Equivalents 6.90%Net Current Assets 4.02%

Rating ProfileSovereign 89.08%Reverse Repos/ CBLOs 6.90%Net Current Assets 4.02%

HSBC Gilt Fund (HGF) February 2015

44


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


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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositCanara Bank 1,998.25 8.25% CRISIL A1+Punjab National Bank 1,995.63 8.24% [ICRA]A1+IDBI Bank 1,614.97 6.66% CRISIL A1+Indian Overseas Bank 1,495.95 6.17% [ICRA]A1+State Bank of Travancore 797.85 3.29% CRISIL A1+Punjab National Bank 299.93 1.24% Fitch A1+Commercial PaperEdelweiss Financial Services 1,598.85 6.60% CRISIL A1+SRF 1,491.02 6.15% Fitch A1+Fullerton India Credit Co. 474.82 1.96% [ICRA]A1+Corporate/ PSU DebtCorporate Bonds / DebenturesHDFC 1,015.41 4.19% CRISIL AAAKotak Mahindra Prime 1,006.72 4.15% [ICRA]AAATata Capital Financial Services 996.79 4.11% CRISIL AA+Power Finance Corporation 515.05 2.13% CRISIL AAAShriram Transport Finance Company 510.54 2.11% CRISIL AANABARD 509.60 2.10% CRISIL AAABajaj Finance 508.19 2.10% [ICRA]AA+LIC Housing Finance 507.30 2.09% CRISIL AAATata Sons 507.19 2.09% CRISIL AAAKotak Mahindra Prime 505.24 2.08% [ICRA]AAAShriram Transport Finance Company 61.07 0.25% CRISIL AATotal 75.96%Cash EquivalentsCBLOs 5,705.88 23.55%Net Current Assets 116.64 0.49%Total Net Assets as on 28 February 2015 24,232.89 100.00%

HSBC Ultra Short Term Bond Fund (HUSBF) February 2015

45

Date of Allotment 17-Oct-06Benchmark Customised

Benchmark Index**NAV (Growth) per unit(as on 27.02.15)

` 12.2859


6.71 months


5.82 months

Yield To Maturity* 8.21%Fund Manager Piyush Harlalka &

Kapil PunjabiSIP AvailableMinimum ` 10,000Application ` 1,000 p.m.(SIP)Amount

Sub OptionsGrowth, Daily Dividend, Reinvestment Weekly Dividend, Reinvestment, Monthly Dividend (Payout & Reinvestment)Exit Load@ NilTotal Expense Ratio as on February 28, 2015 Regular # 1.30% Institutional 1.00%Institutional Plus # 0.25%Direct Plan 0.20%Excludes service tax on Investment Management fees of 0.02% of Total Net Assets.

Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.27% Institutional 0.97%Institutional Plus # 0.21%Direct Plan 0.25%Excludes service tax on Investment Management fees of 0.04% on Regular # and 0.05% onInstitutional Plus # of Total Net Assets.

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

Asset AllocationMoney Market Instruments 48.56%Corporate/ PSU Debt 27.40%Cash Equivalents 23.55%Net Current Assets 0.49%

Rating ProfileAAA and equivalents 67.39%Reverse Repos/ CBLOs 23.55%AA+/ AA-/ AA and equivalents 8.57%Net Current Assets 0.49%





HSBC Ultra Short Term Bond Fund - Institutional Option - Monthly Dividend26-Dec-14 0.04402 0.04083 10.187427-Jan-15 0.06067 0.05626 10.210425-Feb-15 0.04125 0.03826 10.1836HSBC Ultra Short Term Bond Fund - Monthly Dividend - Direct Plan25-Jun-14 0.15218 0.14575 10.1953HSBC Ultra Short Term Bond Fund - Institutional Plus Option - Monthly Dividend28-Jan-11 0.04829 0.04501 10.382125-Feb-11 0.04125 0.03845 10.374125-Mar-11 0.05214 0.04859 10.3865

HSBC Ultra Short Term Bond Fund (HUSBF) February 2015

46


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

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

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

Corporate/PSU DebtCorporate Bonds / DebenturesPower Finance Corporation 1,198.12 2.14% CRISIL AAA

Government Securities8.15% GOVT OF INDIA RED 24-11-2026 13,344.15 23.87% Sovereign

8.60% GOVT OF INDIA RED 02-06-2028 8,382.88 15.00% Sovereign








8.28% GOVT OF INDIA RED 21-09-2027 883.75 1.58% Sovereign

8.27% GOVT OF INDIA RED- 09-06-2020 714.57 1.28% Sovereign

Total 92.13%Cash EquivalentsCBLOs 3,419.07 6.12%Net Current Assets 970.17 1.75%Total Net Assets as on 28 February 2015 55,893.62 100.00%

HSBC Flexi Debt Fund (HFDF) February 2015

47

Date of Allotment 05-Oct-07Benchmark CRISIL Composite


` 19.2634


152.81 months


85.19 months

Yield To Maturity* 7.70%Fund Manager Sanjay Shah

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

Total Expense Ratio as on February 28, 2015 Regular # 1.85%Institutional 1.60% Direct Plan 0.85%Excludes service tax on Investment Management fees of 0.07% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.84%Institutional 1.59% Direct Plan 0.84%Excludes service tax on Investment Management fees of 0.07% on Regular Plan and 0.08% on Direct Plan of Total Net Assets.@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012





HSBC Flexi Debt Fund - Regular Option - Monthly Dividend26-Apr-13 0.05836 0.04973 10.494931-May-13 0.11214 0.10740 10.671828-Jun-13 0.03263 0.03125 10.4175HSBC Flexi Debt Fund - Institutional Option - Monthly Dividend26-Dec-14 0.13421 0.12446 10.770327-Jan-15 0.21014 0.19488 10.874925-Feb-15 0.03739 0.03467 10.6368HSBC Flexi Debt Fund - Monthly Dividend - Direct Plan26-Dec-14 0.14094 0.13070 10.908427-Jan-15 0.21790 0.20207 11.014425-Feb-15 0.04250 0.03941 10.7726HSBC Flexi Debt Fund - Regular Option - Quarterly Dividend25-Jun-14 0.17534 0.16792 11.703225-Sep-14 0.17534 0.16792 11.675526-Dec-14 0.16332 0.15146 12.0792HSBC Flexi Debt Fund - Institutional Option - Quarterly Dividend25-Jun-14 0.17534 0.16792 11.640525-Sep-14 0.17534 0.16792 11.619026-Dec-14 0.16332 0.15146 12.0271HSBC Flexi Debt Fund - Quarterly Dividend - Direct Plan25-Sep-14 0.17534 0.16792 11.796426-Dec-14 0.16332 0.15146 12.2374HSBC Flexi Debt Fund - Regular Option - Half Yearly Dividend16-Mar-12 0.35236 0.30201 11.267214-Sep-12 0.35236 0.30201 11.431515-Mar-13 0.35236 0.30201 11.6629HSBC Flexi Debt Fund - Institutional Option - Half-yearly Dividend15-Mar-13 0.35236 0.30201 10.9757HSBC Flexi Debt Fund - Half-yearly Dividend - Direct Plan25-Sep-14 0.31171 0.29853 11.2593

Asset AllocationGovernment Securities 89.99%Cash Equivalents 6.12%Corporate/ PSU Debt 2.14%Net Current Assets 1.75%

Rating ProfileSovereign 89.99%Reverse Repos/ CBLOs 6.12%AAA and equivalents 2.14%Net Current Assets 1.75%

HSBC Flexi Debt Fund (HFDF) February 2015

48


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

Name of Scheme Fund Manager

HSBC MIP - Savings & Regular Plan

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

HSBC Income Fund - Investment Plan

Sanjay Shah (from 09 January 2009)

HSBC Income Fund - Short Term Plan

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

HSBC Floating Rate Fund Long Term Plan

Kapil Punjabi & Piyush Harlalka (from 18 October 2014)

HSBC Cash Fund Kapil Punjabi (from 14 March 2014)

HSBC Gilt Fund Sanjay Shah (from 09 January 2009)

HSBC Ultra Short Term Bond Fund

Piyush Harlalka & Kapil Punjabi (from 18 October 2014)

HSBC Flexi Debt Fund Sanjay Shah (from 09 January 2009)

Fund Managers - MIP & Debt February 2015

49

Fund Manager’s Experience

Sanjay Shah Senior Vice President Head - Fixed IncomeB. Com, A.C.A., Post Graduate Diploma in ManagementExperience:Over 15 years of experience in research and risk l HSBC Asset Management (India) Private Ltd Senior Vice President & Fund Manager, Fixed Income since October 2011 to present, Vice President & Fund Manager, Fixed Income since December 2008 to September 2011. l FIL Fund Management Private Ltd Credit Analyst from September 2008 to December 2008 l Lehman Brothers Structured Financial Services Private Ltd Vice President, Convertible Products from September 2006 to Sep tember 2008 l Rabo India Finance Private Ltd Senior Manager – Credit Risk from July 2004 to September 2006 l ICICI Bank Ltd Manager, Credit Risk from January 2003 to June 2004 l SBI Funds Management Private Ltd Chief Manager, Debt Funds from June 1999 to January 2003

Fund Managers - MIP & Debt February 2015

50

Piyush Harlalka Vice President & Fund Manager - Fixed Income M.B.A, (Finance), C.A., C.S. Experience:

Over 8 years of experience in Research

l HSBC Asset Management (India) Private Ltd

Vice President & Fund Manager - Fixed Income from October 2014 to present

Vice 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.

l Batlivala & Karanai Securities Pvt. Ltd.,

Research Analyst from April 2006 to June 2007

Kapil Punjabi Vice President & Fund Manager - Fixed Income B.M.S, M.M.S (Mumbai University) Experience:

Over 11 years of experience in research and Fund Management

l HSBC Asset Management (India) Private Ltd.

Vice President & Fund Manager - Fixed Income from March 04, 2014 onwards.

l Taurus Asset Management Company Limited

Fund Manager Fixed Income from June 07, 2012 to February 27, 2014.

l Edelweiss Asset Management Limited

Fund Manager Fixed Income from December 05, 2009 to June 06, 2012.

l Edelweiss Securities Limited

Manager - Investments from October 2007 to November 2009

l Trans Market Group Research (India) Private Limited

Research Analyst and Proprietary Trader from May 2006 to October 2007.

Comparative Performance of Debt Schemes February 2015

51

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

HSBC MIP - Regular Plan Date of Inception : 24 Feb 04Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC MIP - Regular Plan - Growth 17.31% 3.83% 13.16% 8.35%Crisil MIP Blended Index (Scheme Benchmark) 16.88% 4.13% 12.08% 7.84%Crisil 1 Year T-Bill Index (Standard Benchmark) 8.48% 5.83% 8.03% 5.66%Crisil 10 Year Gilt Index (Standard Benchmark) 14.34% -1.06% 9.41% 4.97%`10,000, if invested in HMIP - R, would have become `11,731 `10,383 `11,316 `23,899

`10,000, if invested in Crisil MIP Blended Index, would have become `11,688 `10,413 `11,208 `22,704

`10,000, if invested in Crisil 1 Year T-Bill Index, would have become `10,848 `10,583 `10,803 `18,181

`10,000, if invested in Crisil 10 Year Gilt Index, would have become `11,434 `9,894 `10,941 `16,929

HSBC MIP - Savings Plan Date of Inception : 24 Feb 04Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC MIP - Savings Plan - Growth 21.71% 3.76% 17.70% 10.13%Crisil MIP Blended Index (Scheme Benchmark) 16.88% 4.13% 12.08% 7.84%Crisil 1 Year T-Bill Index (Standard Benchmark) 8.48% 5.83% 8.03% 5.66%Crisil 10 Year Gilt Index (Standard Benchmark) 14.34% -1.06% 9.41% 4.97%`10,000, if invested in HMIP - S, would have become `12,171 `10,376 `11,770 `28,516

`10,000, if invested in Crisil MIP Blended Index, would have become `11,688 `10,413 `11,208 `22,704



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



HSBC Gilt Fund Date of Inception : 05 Dec 03Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Gilt Fund - Growth 14.92% 2.98% 10.06% 5.18%I-Sec Composite Bond Index (Scheme Benchmark) 15.20% 3.75% 11.06% 7.16%

Crisil 10 Year Gilt Index (Standard Benchmark) 14.34% -1.06% 9.41% 4.94%

`10,000, if invested in HGF, would have become `11,492 `10,298 `11,006 `17,502

`10,000, if invested in I-Sec Composite Bond Fund Index, would have become `11,520 `10,375 `11,106 `21,509


Funds Managed by - Sanjay Shah.



52


Funds Managed by - Piyush Harlalka & Kapil Punjabi.HSBC Ultra Short Term Bond Fund$ Date of Inception : 17 Oct 06Scheme Name & Benchmarks Jan 14 -


Since Inception

HSBC Ultra Short Term Bond Fund - Growth 9.18% 8.83% 8.95%

Customised Benchmark Index Fund(Scheme Benchmark)* 9.33% 8.96% 9.00%

Crisil 1 Year T-Bill Index (Standard Benchmark) 8.48% 5.83% 7.25%

`10,000, if invested in HUSTBF, would have become `10,918 `10,883 `12,131

`10,000, if invested in Customised Benchmark Index, would have become `10,933 `10,896 `12,143

`10,000, if invested in Crisil 1 Year T-Bill Index, would have become `10,848 `10,583 `11,707


HSBC Flexi Debt Fund Date of Inception: 05 Oct 07Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Flexi Debt Fund - Growth 13.88% 4.28% 10.07% 9.13%Crisil Composite Bond Fund Index (Scheme Benchmark) 14.34% 3.59% 9.34% 7.44%

Crisil 10 Year Gilt Index (Standard Benchmark) 14.34% -1.06% 9.41% 6.50%`10,000, if invested in HFDF, would have become `11,388 `10,428 `11,007 `18,832

`10,000, if invested in Crisil Composite Bond Fund Index, would have become `11,434 `10,359 `10,934 `16,816



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

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

HSBC Income Fund - Investment Plan Date of Inception : 10 Dec 02Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Income Fund - Investment Plan - Growth 13.88% 2.68% 9.73% 7.23%Crisil Composite Bond Fund Index (Scheme Benchmark) 14.34% 3.59% 9.34% 6.30%

Crisil 10 Year Gilt Index (Standard Benchmark) 14.34% -1.06% 9.41% 5.67%`10,000, if invested in HIF - IP, would have become `11,388 `10,268 `10,973 `23,215

`10,000, if invested in Crisil Composite Bond Fund Index, would have become `11,434 `10,359 `10,934 `20,911




53


HSBC Income Fund - S T P Date of Inception : 10 Dec 02Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC Income Fund - S T P - Growth 9.88% 7.00% 9.13% 7.00%Crisil Short Term Bond Fund Index (Scheme Benchmark) 10.45% 8.25% 9.10% 6.87%

Crisil 1 Year T-Bill Index (Standard Benchmark) 8.48% 5.83% 8.03% 5.63%

`10,000, if invested in HIF -ST, would have become `10,988 `10,700 `10,913 `22,621

`10,000, if invested in Crisil Short Term Bond Fund Index, would have become `11,045 `10,825 `10,910 `22,296



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

Last 7 Days as

on 31 Dec 2014

Last 15 Days as

on 31 Dec 2014

Last 30Days as

on 31 Dec 2014

Jan 14 - Dec 14

Jan 13 - Dec 13

Jan 12 - Dec 12

Since Inception

HSBC Cash Fund - Growth 8.41% 8.37% 8.38% 9.08% 9.30% 8.98% 8.99%

Crisil Liquid Fund Index (Scheme Benchmark) 8.92% 8.30% 8.12% 9.21% 9.04% 8.50% 8.80%

Crisil 91 Day T-Bill Index (Standard Benchmark)

9.15% 8.19% 7.97% 9.07% 8.27% 8.59% 8.38%

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

`10,016 `10,034 `10,069 `10,908 `10,930 `10,898 `13,660

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

`10,017 `10,034 `10,067 `10,921 `10,904 `10,850 `13,577

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

`10,018 `10,034 `10,066 `10,907 `10,827 `10,859 `13,388


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

Fund Managed by - Kapil Punjabi.

Fund Managed by - Sanjay Shah & Piyush Harlalka

HSBC FRF - LTP - Regular Plan Date of Inception : 16 Nov 04Scheme Name & Benchmarks Jan 14 -


Jan 12 - Dec 12

Since Inception

HSBC FRF - LTP - Growth 8.75% 9.03% 9.64% 7.75%Crisil Liquid Fund Index (Scheme Benchmark) 9.21% 9.04% 8.50% 7.11%Crisil 1 Year T-Bill Index (Standard Benchmark) 8.48% 5.83% 8.03% 5.88%

`10,000, if invested HFRF - LTP, would have become `10,875 `10,903 `10,964 `21,301

`10,000, if invested in Crisil Liquid Fund Index, would have become `10,921 `10,904 `10,850 `20,054



Statutory Details & Disclaimers

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

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

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

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

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