HSBC EMERGING MARKETS DEBT FUND AS OF 2/28/2014. Fixed Income Securities Security Description Principal Value Cusip %

Transcription

1 HSBC EMERGING MARKETS DEBT FUND AS OF 2/28/2014 Fixed Income Securities Security Description Principal Value Cusip % Alfa Issuance Ltd. 100, , B686SC9 0.3% Banco ABC Brasil SA 100, , B58G5X2 0.3% Banco de Credito del Peru, Registered 70,000 66, B9M0KS8 0.2% Banco do Brasil SA, Registered 450, , B40BKV1 1.1% Banco Nacional de Desenvolvimento Economico e Social 200, , AM9 0.5% Banco Votorantim, Registered 200, , B44WB06 0.5% Bancolombia SA 100, , LAG7 0.3% Bank of Ceylon, Registered 200, , B843L74 0.5% Bolivarian Republic of Venezuela 815, , B2RKVC5 1.4% Bolivarian Republic of Venezuela 120,000 77, B07CTC3 0.2% Bolivarian Republic of Venezuela, Registered 270, , B2RFDV3 0.5% Caixa Economica Federal 150, , W2C6 0.4% CNOOC Curtis Funding No.1 Pty Ltd. 200, , HAA9 0.5% Comision Federal de Electricidad 200, , AD2 0.5% CorpBanca SA 200, , AAB6 0.5% Croatia, Registered 500, , B57FG71 1.4% Croatia, Registered 400, , B3S2YS4 1.1% Development Bank of Kazakhstan 200, , XAB9 0.4% Dominican Republic 100, , B3RBT43 0.3% Empresa Nacional de Petroleo, Registered 220, , P37110AG1 0.5% Federal Republic of Brazil 100,000 98, BR0 0.2% Federal Republic of Brazil 200, , BB5 0.6% Federal Republic of Brazil 450, , BV1 1.1% Federal Republic of Brazil 540, , BK5 1.6% Gabonese Republic 400, , AB7 1.0% Gazprom OAO, Registered 100, , B23YHL2 0.3% Gazprom OAO, Registered 100, , B1TK % Gazprom OAO, Registered 125, , B835K85 0.3% Grupo Aval Ltd., Registered 200, , B8FB0M5 0.5% Kazakhstan Temir Zholy, Registered 200, , B8L6G37 0.5% Majapahit Holding BV 125, , B3WZMW9 0.4% Namibia International Bond, Registered 200, , B71SXN5 0.5% Pemex Project Funding Master Trust 10,000 10, BG5 0.0% Petrobras International Finance Co. 50,000 52, WAP6 0.1% Petroleos de Venezuela SA, Registered 120,000 96, P7807HAK1 0.2% Petroleos Mexicanos 50,000 51, LAX9 0.1% Petroleos Mexicanos 50,000 53, LAY7 0.1% Petroleos Mexicanos 1,000,000 1,090, QAX0 2.8% Petroleos Mexicanos 200, , QAZ5 0.5% Petroleos Mexicanos 30,000 28, QBE1 0.1%

2 PT Pertamina (Persero) Tbk 200, , EAE9 0.5% PT Pertamina Tbk, Registered 400, , B7K % Republic of Colombia 250, , BM6 0.7% Republic of Colombia 300, , BD6 1.0% Republic of Colombia 740, , BN4 1.8% Republic of Colombia 200, , BQ7 0.5% Republic of Colombia 500, , B % Republic of El Salvador 225, , % Republic of Hungary 300, , AH9 0.7% Republic of Hungary 130, , AE6 0.4% Republic of Indonesia 350, , BL9 0.8% Republic of Indonesia 575, , B2NMWK0 1.7% Republic of Indonesia 200, , BQ8 0.5% Republic of Indonesia 500, , BP0 1.3% Republic of Indonesia, Registered 100, , B0LY0K0 0.3% Republic of Indonesia, Registered 525, , B7VP % Republic of Indonesia, Registered 1,150,000 1,265, B60WLT3 3.2% Republic of Indonesia, Registered 200, , Y20721BH1 0.5% Republic of Indonesia, Registered 100, , B2NMTZ4 0.3% Republic of Indonesia, Registered 175, , B1R98F7 0.5% Republic of Iraq, Registered 250, , B0WLS73 0.5% Republic of Lebanon, Registered 100, , B12K5Z4 0.3% Republic of Lithuania, Registered 150, , B5L3CL7 0.4% Republic of Nigeria 200, , ACD2 0.5% Republic of Panama 875, , AX2 2.4% Republic of Panama 200, , BB9 0.4% Republic of Panama 200, , AV6 0.6% Republic of Peru 390, , AU6 1.1% Republic of Peru 100, , AW2 0.3% Republic of Peru 100, , AS1 0.3% Republic of Peru 110, , AP7 0.4% Republic of Philippines 100, , BB2 0.3% Republic of Philippines 200, , BY2 0.5% Republic of Philippines 250, , BK2 0.7% Republic of Poland 265, , AA0 0.7% Republic of Romania 150, , RAC4 0.4% Republic of Serbia, Registered 200, , B5N7JP0 0.6% Republic of South Africa 175, , AN4 0.5% Republic of South Africa 350, , AM6 1.0% Republic of South Africa 640, , AQ7 1.6% Republic of South Africa 200, , AL8 0.5% Republic of South Africa 450, , AR5 1.2% Republic of Turkey 1,975,000 2,055, BH2 5.1% Republic of Turkey 540, , AW0 1.5% Republic of Turkey 100, , BG4 0.3% Republic of Turkey 325, , BJ8 0.8%

3 Republic of Turkey 1,175,000 1,172, BY5 2.9% Republic of Uruguay, PIK 260, , BA9 0.8% Republic of Uruguay, PIK 40,000 49, AS1 0.1% Republic of Venezuela 800, , AS3 1.4% Republic of Venezuela 100,000 71, % Republic of Venezuela 1,695,000 1,211, P97475AN0 3.1% Republic of Venezuela, Registered 100,000 59, B29QHQ7 0.1% Republic of Venezuela, Registered 235, , B4ZW6H7 0.4% RSHB Capital SA 475, , B1XFLV6 1.3% Russia Foreign Bond 400, , ADG5 1.0% Russia Foreign Bond, Registered 2,599,025 3,014, % Russian Federation, Registered 200, , BCRXGH4 0.5% Russian Federation, Registered 200, , B5N4JH3 0.5% RZD Capital Ltd. 500, , B578YF4 1.3% Sberbank of Russia 200, , JAE4 0.5% Sberbank, Registered 200, , B8321Q1 0.5% Sinopec Capital (2013) Ltd. 200, , TAA0 0.5% Sinopec Group Overseas Development (2013) Ltd. 500, , VAB3 1.2% Turkiye Is Bankasi AS 200, , AC5 0.5% Turkiye Vakiflar Bankasi TAO 200, , WAB9 0.5% U.S. Treasury Note 25,000 25, B66 0.1% U.S. Treasury Note 570, , WE6 1.4% United Mexican States 550, , QBC1 1.4% United Mexican States 1,286,000 1,439, QAV0 3.5% United Mexican States 590, , QBE7 1.5% United Mexican States 300, , QBA5 0.8% Vale Overseas Ltd. 80,000 85, TAH6 0.2% Vedanta Resources plc, Registered 200, , G9328DAJ9 0.5% Vnesheconombank, Registered 200, , B5SLJ46 0.5% Votorantim Cimentos SA, Registered 200, , P98088AA8 0.5% 39,889, Futures Security Description Notional Amount Value 10-Year U.S. Treasury Note June Future , Credit Default Swap Agreements - Sell Protection Security Description Notional Amount Value Federative Republic of Brazil 550, , Federative Republic of Brazil 300, (5,820.72) Federative Republic of Brazil 500, (9,701.20) People's Republic of China 500, , People's Republic of China 500, , (1,891.76) (1,891.76) 6, , (1,344.02) 9, ,649.68

4 25, Short Contracts Security Description Contract Amount Value Brazilian Real 2,019, , , , Long Contracts Security Description Contract Amount Value Brazilian Real 2,019, , Brazilian Real 2,019, , Mexican Peso 1,573, , South African Rand 23, , Turkish Lira 340, , Turkish Lira 542, , (2,626.09) 16, (1,643.21) (1,708.03) (3,047.64) 7, Portfolio holdings subject to change daily without notice and may not represent current or past portfolio composition. The holdings represented above include those directly held by the Fund and exclude cash, cash equivalents and certain other assets and liabilities. Unlike the fund's regulatory filings, the portfolio data and its presentation in this document are not required to conform to Generally Accepted Accounting Principles (GAAP) and Securities and Exchange Commission (SEC) presentation requirements. Therefore, the information may differ from the fund's holdings disclosed in its annual/semi-annual report and Form N-Q due to the exclusions noted above. For information related to the Fund's cash equivalents and other items mentioned above, please refer to the most recent Form N-Q or the annual/semiannual report, which are available on the SEC's website at HSBC Global Asset Management (USA), Inc. serves as investment adviser. Foreside Distributors, LLC, member of FINRA is the distributor and is not affiliated with the adviser. Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price especially for longer term issues and in environments of rising interest rates. Investments in the fund are subject to possible loss due to the financial failure of underlying securities and their inability to meet their client obligations. High yield, lower rated securities involve greater price volatility and present greater risk than higher rated fixed income securities. At times, due to market conditions, the fund may be unable to sell certain of its portfolio securities without substantial drop in price. Prices of fixed income securities are generally inversely correlated to interest rates. Investments in the fund are subject to possible loss due to the financial failure of underlying securities and their inability to meet their debt obligations. These risks may increase the funds share price volatility. Prices of securities in emerging markets can fluctuate more significantly than the prices of companies in more developed countries. Securities of greater emerging market issuers generally have more risk than securities issued by issuers in more developed markets. The less developed the country, the affect the risks may have in an investment, and as a result, an investment may exhibit a higher degree of volatility than either the general domestic securities market or the securities markets of developed foreign countries. Derivatives may be riskier than other types of investments and could result in losses that significantly exceed the Fund's original investment.

5 The portfolio data is for information only. It does not constitute a recommendation or an offer for a particular security or fund, nor should it be taken as a solicitation or a recommendation to buy or sell securities or other investments. An investor should consider the fund's investment objectives, risks and charges and expenses carefully before investing or sending money. This and other important information about the investment company can be found in the fund's prospectus. To obtain a prospectus, please call or visit Please read the prospectus carefully before investing. NOT A BANK DEPOSIT OR OBLIGATION OF THE BANK OR ANY OF ITS AFFILIATES NOT FDIC INSURED NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY NOT GUARANTEED BY THE BANK OR ANY OF ITS AFFILIATES MAY LOSE VALUE