Fixed Income Securities Security Description CUSIP

Transcription

1 HSBC EMERGING MARKETS DEBT FUND (UNAUDITED) AS OF 12/31/2014 Fixed Income Securities Security Description Principal Value CUSIP % of Portfolio Banco ABC Brasil SA 100, , B58G5X2 0.20% Banco Santander Chile, Registered 200, , FAB2 0.50% Banco Votorantim, Registered 200, , B44WB % Bank of Ceylon, Registered 200, , B843L % Bolivarian Republic of Venezuela 120,000 50, B07CTC3 0.10% Bolivarian Republic of Venezuela 815, , B2RKVC5 0.90% Bolivarian Republic of Venezuela, Registered 270, , B2RFDV3 0.30% Caixa Economica Federal 150, , W2C6 0.40% CNOOC Finance (2013) Ltd. 200, , GAC8 0.50% CNOOC Finance (2014) ULC 200, , DAC5 0.50% Comision Federal de Electricidad 200, , AD2 0.50% CorpBanca SA 200, , AAB6 0.50% Costa Rica Government International Bond, Registered 200, , B7YJDN5 0.40% Costa Rica Government International Bond, Registered 400, , B92BT % Croatia, Registered 200, , B3S2YS4 0.50% Croatia, Registered 500, , B57FG % Development Bank of Kazakhstan 200, , XAB9 0.40% Empresa Nacional de Petroleo, Registered 220, , P37110AG1 0.50% Federal Republic of Brazil 200, , BU3 0.40% Federal Republic of Brazil 100, , BB5 0.30% Federal Republic of Brazil 230, , BV1 0.60% Federal Republic of Brazil 200, , BR0 0.50% Federal Republic of Brazil 450, , BQ2 1.20% Federal Republic of Brazil 400, , BK5 1.30% Gabonese Republic 400, , AB7 0.90% Grupo Aval Ltd., Registered 200, , B8FB0M5 0.50% Kazakhstan Temir Zholy, Registered 200, , B8L6G % KazMunaiGaz Finance Sub B.V., Registered 100, , B3QFTF7 0.20% KazMunayGas National Co. JSC 200, , B906YG4 0.40% Northern Institutional Diversified Assets Portfolio, Institutional Shares 4,653,690 4,653, % Pemex Project Funding Master Trust 10,000 11, BG5 0.00% Petrobras Global Finance BV 475, , NAM1 1.10% Petrobras Global Finance BV 200, , NAA7 0.40% Petrobras International Finance Co. 50,000 48, WAP6 0.10% Petroleos de Venezuela SA, Registered 280, , P7807HAT2 0.30% Petroleos de Venezuela SA, Registered 335, , B1VYQ % Petroleos de Venezuela SA, Registered 190, , P7807HAK1 0.30% Petroleos Mexicanos 50,000 56, QBR2 0.10% Petroleos Mexicanos 820, , QAX0 2.20%

2 Petroleos Mexicanos 125, , QAZ5 0.30% Petroleos Mexicanos 30,000 30, QBE1 0.10% Petroleos Mexicanos 85,000 88, QBH4 0.20% PT Pertamina (Persero) Tbk 200, , EAE9 0.50% PT Pertamina Tbk, Registered 400, , B7K % Republic of Colombia 325, , BL8 0.90% Republic of Colombia 250, , BM6 0.70% Republic of Colombia 210, , BR5 0.60% Republic of Colombia 130, , BD6 0.40% Republic of Colombia 740, , BN4 1.90% Republic of El Salvador, Registered 225, , % Republic of Indonesia 350, , BL9 0.80% Republic of Indonesia 575, , B2NMWK0 1.60% Republic of Indonesia 200, , BQ8 0.50% Republic of Indonesia, Registered 100, , B0LY0K0 0.30% Republic of Indonesia, Registered 1,150,000 1,273, B60WLT3 3.10% Republic of Indonesia, Registered 175, , B1R98F7 0.50% Republic of Indonesia, Registered 100, , B2NMTZ4 0.30% Republic of Indonesia, Registered 845, , B7VP % Republic of Indonesia, Registered 520, , Y20721AU3 1.30% Republic of Iraq, Registered 250, , B0WLS % Republic of Lebanon, Registered 100, , B12K5Z4 0.30% Republic of Lithuania, Registered 150, , B5L3CL7 0.40% Republic of Nigeria 200, , ACD2 0.50% Republic of Panama 775, , AX2 2.10% Republic of Panama 200, , AV6 0.60% Republic of Peru 190, , AS1 0.60% Republic of Peru 110, , AP7 0.40% Republic of Peru 425, , AU6 1.30% Republic of Philippines 400, , BY2 1.10% Republic of Philippines 125, , BE6 0.40% Republic of Philippines 100, , BB2 0.30% Republic of Philippines 250, , BW6 0.70% Republic of Philippines 100, , BG1 0.30% Republic of Poland 265, , AA0 0.70% Republic of Romania 150, , RAC4 0.40% Republic of Serbia, Registered 200, , B5N7JP0 0.50% Republic of South Africa 340, , AQ7 0.80% Republic of South Africa 400, , AN4 1.10% Republic of South Africa 725, , AM6 2.00% Republic of South Africa 250, , AR5 0.70% Republic of Turkey 1,975,000 2,170, BH2 5.20% Republic of Turkey 765, , BY5 2.00% Republic of Turkey 300, , AW0 0.90% Republic of Turkey 100, , BG4 0.30% Republic of Uruguay, PIK 40,000 54, AS1 0.10%

3 Republic of Uruguay, PIK 260, , BA9 0.90% Republic of Venezuela 1,470, , P97475AN0 1.50% Republic of Venezuela 1,185, , AS3 1.30% Republic of Venezuela 100,000 45, % Republic of Venezuela, Registered 100,000 42, B0TNFL5 0.10% Republic of Venezuela, Registered 475, , B4ZW6H7 0.50% Russia Federation, Registered 200, , B65ZYL0 0.40% Russia Foreign Bond, Registered 2,198,180 2,279, % Sinopec Capital (2013) Ltd. 200, , TAA0 0.50% Sinopec Group Overseas Development (2013) Ltd. 500, , VAB3 1.20% State Grid Corp. of China 200, , AC9 0.50% Turkiye Is Bankasi AS 200, , AC5 0.50% U.S. Treasury Bills 350, , EP0 0.80% U.S. Treasury Bonds 190, , RE0 0.50% U.S. Treasury Bonds 75,000 84, RG5 0.20% U.S. Treasury Notes 550, , WN6 1.40% United Mexican States 590, , QBE7 1.60% United Mexican States 450, , QAW8 1.20% United Mexican States 40,000 52, QAS7 0.10% United Mexican States 16,000 16, QBB3 0.00% United Mexican States 690, , QBC1 1.80% United Mexican States 600, , QBA5 1.50% United Mexican States 1,152,000 1,408, QAV0 3.50% United Mexican States 200, , QBD9 0.50% 41,599, Credit Default Swap Agreements - Sell Protection Underlying Instrument Notional Amount Value ($) BARCLAYSLE , (842.93) CDS BARCLAYSLE , (5,645.04) JPMCHASELE , , JPMCHASELE , , JPMCHASELE , (9,408.40) (2,505.27) Short Contracts Currency Contract Amount (Local Currency) Contract Value ($) Value ($) Unrealized Appreciation / (Depreciation) South African Rand vs. U.S. Dollar 36, , , (193.00) 3, , (193.00) Long Contracts

4 Currency Contract Amount (Local Currency) Contract Value ($) Value ($) Unrealized Appreciation / (Depreciation) Russian Ruble vs. U.S. Dollar 26,360, , , , Russian Ruble vs. U.S. Dollar 33,288, , , (66,508.00) 1,000, , (43,374.00) 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. 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.

5 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