Content · 3 Government Of India Security 2012 SOVEREIGN 800,000.00 827.20 6.81 4 Government Of India Security 2011 SOVEREIGN 500,000.00 671.75 5.53 5 Government Of India Security

Content

Half-Yearly Portfolio (unaudited) as on 31 March 2003 2 Half-Yearly Portfolio (unaudited) as on 30 September 2003 3 Half-Yearly Portfolio (unaudited) as on 31 March 2004 12 Half-Yearly Portfolio (unaudited) as on 30 September 2004 16 Half-Yearly Portfolio (unaudited) as on 31 March 2005 20 Half-Yearly Portfolio (unaudited) as on 30 September 2005 24 Half-Yearly Portfolio (unaudited) as on 31 March 2006 28 Half-Yearly Portfolio (unaudited) as on 30 September 2006 33 Half-Yearly Portfolio (unaudited) as on 31 March 2007 38 Half-Yearly Portfolio (unaudited) as on 30 September 2007 47

HSBC INSTITUTIONAL INCOME FUND SHORT TERM PLAN – Half Yearly Portfolio Statement as on March 31, 2003

Sr. Name of the Instrument Rating Quantity Mkt. Value % toNo. ( Rs in Lakhs) NAV

Debt Instruments(a) Privately Placed / Unlisted **1 IDBI AA+ 772.00 773.21 21.412 L & T Finance CAREAA 5.00 501.52 13.893 PFSL Telco Series A2 MAAA 5.00 495.26 13.714 PFSL Citibank Series A2 AAA (SO) 5.00 494.81 13.705 Mahindra & Mahindra Financial Services P1+ 1.00 100.00 2.77

Total 2,364.80 65.48Others -

1 Reverse Repos 607.10 16.812 Fixed Deposits 600.00 16.613 Others - Net Receivable / (Payable) 39.74 1.10

Total 1,246.84 34.52GRAND TOTAL (NET ASSETS) 3,611.64 100.00

** indicates thinly traded / non traded / unlisted and illiquid Securities as defined in SEBI Regulations and Guidelines.

Notes :

(1) The provision made for Non Performing Assets as of March 31, 2003 is Rs. Nil and its percentage to Net Asset Value is Nil

(2) Net Asset Value as at March 31, 2003 is Rs. 10.1869 per unit.The Fund was launched on November 14, 2002 and accordinglythe comparative Net Asset Value as at September 30, 2002 is not available.

(3) During the period , there was no exposure in derivative products

(4) The Average Maturity period of the Portfolio has been 10.39 months

HSBC EQUITY FUND – Half Yearly Portfolio Statement as on March 31, 2003

Sr. Name of the Instrument Industry Quantity Mkt. Value % toNo. ( Rs in Lakhs) NAV

Equity & Equity Related -(a) Listed / Awaiting listing on Stock Exchanges1 State Bank Of India Banks 152700 412.29 8.932 HPCL Oil & Gas Refining &Marketing 116000 341.97 7.413 MTNL Integrated Telecommunication Services 276500 265.30 5.754 Dr Reddys Laboratories Pharmaceuticals 27000 247.40 5.365 Digital Globalsoft IT Consulting & Services 39120 235.64 5.116 Moser Baer (India) Computer Storage & Peripherals 100000 228.60 4.957 Ranbaxy Laboratories Pharmaceuticals 36000 224.50 4.868 HCL Technologies IT Consulting & Services 138800 209.66 4.549 BHEL Heavy Electrical Equipment 92750 206.97 4.4910 Infosys Technologies IT Consulting & Services 4425 179.34 3.8911 Bank of Baroda Banks 205366 176.10 3.8212 Indian Petrochemicals Commodity Chemicals 210100 176.06 3.8213 Grasim Industries Industrial Conglomerates 51150 169.00 3.6614 Mphasis BFL IT Consulting & Services 25976 168.01 3.6415 Tata Power Company Electric Utilities 104500 118.24 2.5616 NALCO Aluminium 154000 109.11 2.3617 Associated Cement Company Construction Materials 62000 85.87 1.8618 Polaris Software Laboratory IT Consulting & Services 70000 85.12 1.8419 TISCO Steel 54700 73.13 1.5820 Divi’s Laboratories Pharmaceuticals 33300 72.98 1.5821 Reliance Industries Commodity Chemicals 25500 70.92 1.5422 ONGC Oil & Gas Exploration & Production 18781 66.77 1.4523 UTI Bank Banks 168168 66.09 1.4324 BSES Electric Utilities 28800 62.05 1.3425 Oriental Bank Of Commerce Banks 93129 59.70 1.2926 Hindalco Industries Aluminium 8000 42.77 0.9327 ABB Heavy Electrical Equipment 14300 40.93 0.8928 Ballarpur Industries Paper Products 103821 37.43 0.8129 India Cements Construction Materials 179810 23.38 0.5130 I-Flex Solutions IT Consulting & Services 2335 20.99 0.4531 ITC Tobacco 1420 8.92 0.1932 CIPLA Pharmaceuticals 1200 8.57 0.19

Total 4,293.79 93.05Others -

1 Net Recievables / (Payables) 320.78 6.95Total 320.78 6.95

GRAND TOTAL (NET ASSETS) 4,614.57 100.00Notes :(1) The provision made for Non Performing Assets as of March 31, 2003 is Rs. Nil and its percentage to Net Asset Value is Nil.(2) Aggregate value of illiquid equity shares of the fund amounts to Rs. Nil and their percentage to Net Asset Value is Nil.(3) Net Asset Value as at March 31, 2003 is Rs. 10.09 per unit.The Fund was launched on November 14, 2002 and accordingly the

comparative Net Asset Value as at September 30, 2002 is not available.(4) During the period , there was no exposure in derivative products.(5) Total market value of Investments in American Depository Receipts / Global Depository Receipts as at March 31, 2003 is Rs Nil.(6) The portfolio turnover ratio for the scheme is 4.235 times

HSBC CASH FUND – Half Yearly Portfolio Statement as on March 31, 2003.


Debt Instruments

(a) Privately Placed / Unlisted **1 ABN Securities P1+ 11.00 1,100.00 5.302 Kotak Mahindra Primus P1+ 1,000.00 1,000.00 4.823 GE Capital Services AAA 10.00 1,000.00 4.824 Rabo India Finance P1+ 10.00 1,000.00 4.825 Rabo India Finance P1+ 10.00 1,000.00 4.826 GE Capital Services AAA 10.00 999.11 4.827 L & T Finance PR1+ 7.00 700.00 3.378 GE Capital Services AAA 5.00 500.00 2.419 Cholamandalam Investment Finance P1+ 500.00 500.00 2.4110 GE Capital Services AAA 5.00 500.00 2.4111 Kotak Mahindra Finance P1+ 500.00 500.00 2.4112 Kotak Mahindra Primus P1+ 500.00 500.00 2.4113 L & T Finance PR1+ 5.00 500.00 2.4114 Associates India Finance P1+ 500.00 500.00 2.4115 Whirlpool Home Appliances P1+ 5.00 500.00 2.4116 Mahindra & Mahindra Financial P1+ 5.00 499.90 2.4117 Mahindra & Mahindra Financial P1+ 4.00 400.00 1.9318 L & T Finance PR1+ 4.00 400.00 1.9319 Ford Credit Kotak Mahindra P1+ 300.00 300.00 1.4520 IL&FS PR1+ 30,000.00 300.00 1.4521 Rabo India Finance P1+ 1.00 100.00 0.48

Total 12,799.01 61.69Money Market Instruments

1 ILFS P1+ 300.00 1,464.03 7.062 ICICI Securities P1+ 200.00 990.36 4.773 IDBI P1+ 200.00 989.98 4.774 ICICI Securities P1+ 200.00 989.46 4.775 Treasury Bill SOVEREIGN 500,000.00 499.26 2.416 ICICI Securities P1+ 35.00 173.44 0.84

Total 5,106.53 24.61Others -

1 Fixed Deposits 1,000.00 4.822 Reverse Repos 1,537.65 7.413 Others - Net Receivable / (Payable) 304.76 1.47

Total 2,842.41 13.70

GRAND TOTAL (NET ASSETS) 20,747.96 100.00

** indicates thinly traded / non traded / unlisted and illiquid Securities as defined in SEBI Regulations and Guidelines.Notes :(1) The provision made for Non Performing Assets as of March 31, 2003 is Rs. Nil and its percentage to Net Asset Value is Nil.(2) Net Asset Value as at March 31, 2003 was Rs 10.1866 per unit. The Fund was launched on November 14, 2002 and accord-

ingly the comparative Net Asset Value as at September 30, 2002 is not available.(3) During the period , there was no exposure in derivative products.(4) The Average Maturity period of the Portfolio is 2.85 months

HSBC INCOME FUND SHORT TERM PLAN – Half Yearly Portfolio Statement as on March 31, 2003


Debt Instruments -(a) Listed / Awaiting listing on Stock Exchanges1 LIC Housing Finance ** AAA 5.00 514.89 6.18

Total 514.89 6.18(b) Privately Placed / Unlisted **1 Kotak Mahindra Finance AAA 5.00 506.41 6.072 IDBI AA+ 500.00 502.70 6.033 L & T Finance C AREAA 5.00 501.52 6.024 Tata Sons AAA 5.00 500.87 6.015 Rabo India Finance P1+ 5.00 500.00 6.006 Mahindra & Mahindra Finance P1+ 5.00 500.00 6.007 NHPC AA+ 5.00 499.39 5.998 PFSL Telco Series A2 MAAA 5.00 495.26 5.949 Reliance Industries AAA 50.00 488.76 5.8610 IL&FS P1+ 40,000.00 400.00 4.8011 Ford Credit Kotak Mahindra P1+ 350.00 350.00 4.2012 Rabo India Finance P1+ 3.00 300.00 3.6013 L & T Finance PR1+ 3.00 300.00 3.6014 IL&FS PR1+ 10,000.00 100.00 1.2015 L & T Finance PR1+ 1.00 100.00 1.20

Total 6,044.90 72.51Others -

1 Fixed Deposits 1,000.00 12.002 Reverse Repos 74.48 0.893 Others - Net Receivable / (Payable) 702.02 8.42


** indicates thinly traded / non traded / unlisted and illiquid Securities as defined in SEBI Regulations and Guidelines.Notes :(1) The provision made for Non Performing Assets as of March 31, 2003 is Rs Nil and its percentage to Net Asset Value is Nil.(2) Net Asset Value as at March 31, 2003 is: Growth Plan Rs 10.1713 per unit and Dividend Plan Rs. 10.0956 per unit.The Fund was

launched on November 14, 2002 and accordingly the comparative Net Asset Value as at September 30, 2002 is not available.(3) Dividend of Rs. 0.0750 per unit was declared during the period.(4) During the period , there was no exposure in derivative products.(5) The Average Maturity period of the Portfolio is 14.77 months

HSBC INSTITUTIONAL INCOME FUND INVESTMENT PLAN – Half Yearly Portfolio Statement as on March 31, 2003


Debt Instruments -(a) Listed / Awaiting listing on Stock Exchanges1 NTPC ** AAA 200.00 1,051.94 8.672 Government Of India Security 2009 SOVEREIGN 750,000.00 969.00 7.983 Government Of India Security 2012 SOVEREIGN 800,000.00 827.20 6.814 Government Of India Security 2011 SOVEREIGN 500,000.00 671.75 5.535 Government Of India Security 2007 SOVEREIGN 500,000.00 610.00 5.036 Government Of India Security 2017 SOVEREIGN 500,000.00 574.75 4.747 INDAL** AAA 5.00 546.96 4.518 Government Of India Security 2017 SOVEREIGN 500,000.00 545.75 4.509 Government Of India Security 2012 SOVEREIGN 500,000.00 543.75 4.4810 Government Of India Security 2013 SOVEREIGN 500,000.00 543.25 4.4811 IDFC** AAA 50.00 525.25 4.3312 PFC** AAA 500.00 516.15 4.2513 LIC Housing Finance ** AAA 5.00 514.89 4.2414 EXIM** AAA 5.00 497.18 4.1015 EXIM AAA 5.00 489.86 4.0416 Government Of India Security 2010 SOVEREIGN 450,000.00 486.00 4.0017 PFC** AAA 500.00 123.53 1.02

Total 10,037 82.69(b) Privately Placed / Unlisted **1 LRT-II PTC (Gujarat Ambuja) AA+(SO) 5.00 491.21 4.052 Reliance Industries AAA 50.00 488.76 4.033 Indo Gulf Corporation AAA 100.00 487.01 4.014 Reliance Industries AAA 25.00 239.04 1.97

Total 1,706.01 14.05Others -

1 Others - Net Receivable / (Payable) 395.03 3.25Total 395.03 3.25

GRAND TOTAL (NET ASSETS) 12,138.25 100.00

** indicates thinly traded / non traded / unlisted and illiquid Securities as defined in SEBI Regulations and Guidelines.Notes :

(1) The provision made for Non Performing Assets as of March 31, 2003 is Rs Nil and its percentage to Net Asset Value is Nil.(2) Net Asset Value as at March 31, 2003 is Rs 10.2675 per unit.The Fund was launched on November 14, 2002 and accordingly

the comparative Net Asset Value as at September 30, 2002 is not available.(3) During the period , there was no exposure in derivative products.(4) The Average Maturity period of the Portfolio is 77.47 months

Investors may obtain Offer Documents and Key Information Memorandums along with application forms from the office of HSBC Mutual Fund, 52/60 Mahatma Gandhi Road, Fort, Mumbai 400 001. Tel: 022-2273 4343. Statutory Details: HSBC Mutual Fund has beenset up as a trust by HSBC Securities and Capital Markets (India) Private Limited (liability restricted to the corpus of Rs.1 Lakh). The Trustees of HSBC Mutual Fund have appointed HSBC Asset Management (India) Private Limited as the Investment Manager.Risk Factors: All investments in mutual funds and securities are subject to market risks and the NAV of the Scheme(s) may go up or down depending on the factors and forces affecting the securities markets. There can be no assurance that the objectives of theScheme(s) will be achieved. Past performance of the Sponsor, AMC, Mutual Fund does not indicate the future performance of the Scheme(s) of the Mutual Fund. HSBC Equity Fund, HSBC Income Fund, HSBC Cash Fund and HSBC Institutional Income Fund are thenames of the Schemes and do not in any manner indicate the quality of the Schemes or their future prospects or returns.Scheme Classification: HSBC Equity Fund (open ended growth scheme) aims to generate long-term capital growth from an actively managed portfolio of equity and equity related securities. HSBC Income Fund and HSBC Institutional Income Fund (open endedincome schemes) aim to provide a reasonable income whilst maintaining a prudent policy of capital conservation. HSBC Cash Fund (open ended liquid scheme) aims to provide reasonable returns, commensurate with low risk while providing a high level ofliquidity, through a portfolio of money market and debt securities. Terms of issue: Units of the Scheme(s) are being offered at NAV based prices, subject to the prevailing loads. The AMC calculates and publishes NAVs and offers for sale and redemption, units ofthe Scheme(s) on all Business Days, at the Applicable NAV.Load Structure: HSBC Equity Fund - Entry load - for investments below Rs.25 lakhs - 2%, for investments of Rs.25 lakhs and above but below Rs.3 crores - 1%, for investments of Rs.3 crores and above - Nil. HSBC Income Fund - Investment Plan - Exit load - forinvestments of Rs.10 lacs and below if redeemed within 180 days from the date of investment -0.50%, for investments above Rs.10 lacs but below Rs.50 lacs if redeemed within 90 days from the date of investment - 0.25%, for investments of Rs.50 lakhs and above- Nil. There are no entry or exit loads in the other Schemes offered. The Mutual Fund reserves the right to modify/ alter the load structure prospectively. Please read the Offer Documents for details and risk factors before investing.

HSBC INCOME FUND INVESTMENT PLAN – Half Yearly Portfolio Statement as on March 31, 2003Sr. Name of the Instrument Rating Quantity Mkt. Value % toNo. ( Rs in Lakhs) NAV

Debt Instruments -(a) Listed / Awaiting listing on Stock Exchanges

Government Of India Security 2012 SOVEREIGN 2,000,000.00 2,175.00 8.47Government Of India Security 2008 SOVEREIGN 1,500,000.00 1,881.00 7.33Government Of India Security 2011 SOVEREIGN 1,500,000.00 1,804.05 7.03Government Of India Security 2010 SOVEREIGN 1,550,000.00 1,674.00 6.52Government Of India Security 2011 SOVEREIGN 1,000,000.00 1,343.50 5.23IRFC** AAA 100.00 1,083.98 4.22NTPC** AAA 200.00 1,051.94 4.10Government Of India Security 2009 SOVEREIGN 750,000.00 969.00 3.77Government Of India Security 2017 SOVEREIGN 500,000.00 574.75 2.24Government Of India Security 2014 SOVEREIGN 500,000.00 544.55 2.12Government Of India Security 2015 SOVEREIGN 500,000.00 542.33 2.11IPCL** AA 50.00 540.96 2.11IRFC AAA 50.00 523.36 2.04IRFC** AAA 50.00 518.61 2.02PFC** AAA 500.00 516.15 2.01LIC Housing Finance ** AAA 5.00 514.89 2.01IDFC** AAA 5.00 504.97 1.97Indian Aluminium** AAA 5.00 499.28 1.95EXIM AAA 5.00 490.68 1.91PFC** AAA 1,000.00 247.07 0.96Government Of India Security 2012 SOVEREIGN 200,000.00 206.80 0.81

Total 18,206.87 70.93(b) Privately Placed / Unlisted **

Hindalco Industries AAA 10.00 1,001.05 3.90Indo Gulf Corporation AAA 200.00 974.02 3.79Reliance Industries AAA 75.00 717.11 2.79Tata Sons AAA 5.00 500.87 1.95HDFC AAA 50.00 499.96 1.95LRT-II March 2003 PTC (Gujarat Ambuja) AA+(SO) 5.00 491.21 1.91HDFC AAA 50.00 490.48 1.91Reliance Industries AAA 50.00 488.76 1.90INDIA MBS 2002 Series1-D (LICHFL) AAA 5.00 379.46 1.48IDBI AA+ 228.00 228.36 0.89

Total 5,771.26 22.48Others -

1 Reverse Repos 331.61 1.292 Others - Net Receivable / (Payable) 1,359.28 5.30


** indicates thinly traded / non traded / unlisted and illiquid Securities as defined in SEBI Regulations and Guidelines.Notes :

(1) The provision made for Non Performing Assets as of March 31, 2003 is Rs Nil and its percentage to Net Asset Value is Nil.(2) Net Asset Value as at March 31, 2003 is Rs 10.2551 per unit. The Fund was launched on November 14, 2002 and accordingly

the comparative Net Asset Value as at September 30, 2002 is not available.(3) During the period , there was no exposure in derivative products.(4) The Average Maturity period of the Portfolio is 76.54 Month

HSBC MUTUAL FUND

Issued by HSBC Asset Management (India) Private LimitedLowe hsbc mf 498

HSBC Mutual Fund

September 2003

7

* Past performance may or may not be sustained in the future

1. As per SEBI requirements for performance reporting,the ‘since inception’ returns are calculated on Rs 10invested at inception. Calculations are based on GrowthPlan NAVs.

2. Inception date of the Scheme : 10 December 2002.

Performance*Absolute Returns (%) 1

Asset Allocation

An Open Ended Growth Scheme

HSBC Equity Fund

Investment Objective: To generate longterm-term capital growth from an actively managedportfolio of equity and equity related securities.

HEFBSE 200

1 Month 3 Months 6 Months Since Inception2

Date of Allotment 10-Dec-02NAV Calculation DailyBenchmark BSE 200

Assets Under Management 396.34 Crores(as on 30.09.03)NAV per unit (as on 30.09.03) 18.21

Sr. Name of the Instrument Quantity Market Value % to NetNo. (Rs. in Lacs) Assets

Equity & Equity relateda) Listed / Awaiting listing on

Stock ExchangesAUTOMOBILE MANUFACTURERSTata Motors Limited 354,108 1088.71 2.75Mahindra and Mahindra Limited 379,100 898.85 2.27Maruti Udyog Limited 338,800 787.88 1.99ALUMINIUMHindalco Industries Limited 106,700 981.69 2.48BANKSState Bank of India Limited 435,600 1964.34 4.96BROADCASTING & CABLE TVZee Telefilms Limited 1,180,890 1457.81 3.68COMMODITY CHEMICALSReliance Industries Limited 482,695 2142.20 5.40Jubilant Organosys Limited 85,000 359.00 0.91Finolex Industries Limited 238,784 131.57 0.33COMPUTER HARDWAREHCL Infosystems Limited 583,063 1783.59 4.50COMPUTER STORAGE & PERIPHERALSMoser Baer India Limited 312,219 1206.26 3.04CONSTRUCTION & ENGINEERINGLarsen and Toubro Limited 418,391 1351.82 3.41CONSTRUCTION MATERIALSThe Associated Cement Companies Limited 354,000 720.04 1.82Gujarat Ambuja Cements Limited 300,000 689.25 1.74India Cements Limited 797,514 244.44 0.62CONSUMER FINANCELIC Housing Finance Limited 533,958 726.98 1.83DIVERSIFIED FINANCIAL SERVICESIndustrial Development Bank of India 2,695,085 1102.29 2.78ELECTRICAL COMPONENTS & EQUIPMENTSSterlite Industries (India) Limited 27,500 168.38 0.42HEAVY ELECTRICAL EQUIPMENTBharat Heavy Electricals Limited 201,952 814.78 2.06ABB Limited 64,818 308.18 0.78INDUSTRIAL MACHINERYBharat Forge Limited 140,000 676.69 1.71INDUSTRIAL CONGLOMERATESGrasim Industries Limited 228,770 1524.29 3.85Century Textile and Industries Limited 990,000 1073.16 2.71INTEGRATED TELECOMMUNICATION SERVICESBharti Tele Ventures Limited 743,400 590.63 1.49Mahanagar Telephone Nigam Limited 290,400 348.48 0.88IT CONSULTING & SERVICESMphasis BFL Limited 451,500 2145.98 5.41Hughes Software Systems Limited 351,574 1401.55 3.54HCL Technologies Limited 638,185 1101.19 2.78Satyam Computer Services Limited 155,000 394.55 1.00Infosys Technologies Limited 4,259 192.85 0.49MOTORCYCLE MANUFACTURERSBajaj Auto Limited 170,000 1343.60 3.39Hero Honda Motors Limited 216,978 669.70 1.69OIL & GAS EXPLORATION & PRODUCTIONOil and Natural Gas Corporation Limited 84,956 519.25 1.31OIL & GAS REFINING & MARKETINGHindustan Petroleum Corporation Limited 400,730 1451.24 3.66Indian Oil Corporation Limited 1 0.00 *PHARMACEUTICALSDr. Reddy’s Laboratories Limited 147,260 1557.86 3.93Lupin Limited 302,200 1454.04 3.67Matrix Laboratories Limited 103,533 851.77 2.15Aurobindo Pharma Limited 61,500 384.34 0.97Cadila Healthcare Limited 115,345 375.22 0.95STEELJindal Steel and Power Limited 48,161 383.96 0.97Total 37368.40 94.28OthersReverse Repos 1721.44 4.34Net Receivable / (Payable) 544.56 1.37Net Assets as on 30 September 2003 39634.40 100.00

* Indicates percentage to Net Asset Value for that security is less than 0.01%.

Half Yearly Portfolio Statement for the period ended September 30, 2003

HSBC Mutual Fund

September 2003

8

Asset Allocation

Rating Profile

AAA - 33%

Reverse Repos - 4%

Sovereign - 42%

HSBC Income Fund - Investment Plan

Investment Objective: To provide reasonableincome whilst maintaining a prudent policy ofcapital conservation.


1. As per SEBI requirements for performance reporting the ‘sinceinception’ returns are calculated on Rs 10 invested atinception. Calculations are based on Growth Plan NAVs.

2. Inception date of the Scheme: 10 December 2002.


An Open Ended Income Scheme

AA+/AA - 10%

Average Maturity of Portfolio 78.07 monthsModified Duration of Portfolio 55.33 months

GovernmentSecurities - 43%

Securitised Debt - 2%

HIF-IPCrisil CompositeBond Fund Index

Net Current Assets - 11%

Debt Instruments - 40%

Net Receivable /(Payable) - 11%

1 Month 3 Months 6 Months Since Inception 2

Reverse Repos - 4%

Sr. Name of the Instrument Quantity Market Value % to Net RatingNo. (Rs. in Lacs) Assets

1 Debt Instrumentsa) Listed / Awaiting listing on

Stock Exchangesai) Traded1 Power Finance Corporation Limited 10 1158.93 2.03 AAA2 Power Finance Corporation Limited @ 1,000 1013.18 1.78 AAA3 Industrial Development Bank of India @ 1,000 1005.96 1.76 LAA4 Housing and Urban

Development Corporation Limited @ 70 718.20 1.26 CARE AAA(SO)5 Power Grid Corporation of India Limited 40 578.56 1.01 AAA6 Power Finance Corporation Limited 500 576.98 1.01 AAA7 National Thermal Power

Corporation Limited @ 100 543.83 0.95 AAA8 Export Import Bank of India @ 5 513.17 0.90 AAA9 Export Import Bank of India @ 10 512.46 0.90 AAA10 Housing and Urban

Development Corporation Limited @ 50 502.18 0.88 CARE AAA(SO)Total 7123.45 12.48

aii) Non Traded / Thinly Traded**1 Export Import Bank of India @ 10 1007.45 1.77 AAA2 Industrial Development Bank of India @ 650 744.43 1.30 LAA3 Bank of Baroda 500 568.19 1.00 AA+4 Indian Petrochemicals Corporation Limited 50 560.42 0.98 AA5 Industrial Development Bank of India @ 500 558.32 0.98 LAA6 UTI Bank Limited @ 100 550.89 0.97 LAA7 Power Finance Corporation Limited 500 534.63 0.94 AAA8 Infrastructure Development

Finance Company Limited @ 5 526.48 0.92 AAA9 Indian Aluminum Company Limited @ 5 521.00 0.91 AAA10 Housing Development and

Finance Corporation Limited 50 509.60 0.89 AAA11 Industrial Development Bank of India @ 500 506.89 0.89 LAA12 Industrial Development Bank of India @ 500 502.76 0.88 AA+

Total 7091.06 12.42b) Privately Placed / Unlisted**1 Reliance Industries Limited 250 2556.92 4.48 AAA2 Housing Development and

Finance Corporation Limited 150 1515.49 2.66 AAA3 Reliance Industries Limited 10 1377.42 2.41 AAA4 Indian Railway Finance Corporation Limited 100 1023.70 1.79 AAA5 Reliance Industries Limited 50 528.79 0.93 AAA6 Tata Sons Limited 5 513.19 0.90 AAA7 Grasim Industries Limited 10 510.94 0.90 LAAA8 Indian Railway Finance Corporation Limited 50 510.83 0.90 AAA

Total 8537.27 14.962 Securitised Debt2a) Traded - -

Total - -2b) Non Traded / Thinly Traded**1 NTPC Loan Securitised Trust Series XII 5 541.61 0.95 AAA(SO)2 GACL Loan Receivable Trust II 5 471.45 0.83 AA+(SO)3 PFSL LIC Housing Finance 5 292.09 0.51 AAA(SO)

Total 1305.15 2.293 Money Market Instruments3a) Treasury Bills1 91 Days Treasury Bill - 07-Nov-2003 84,500 84.08 0.15 Sovereign

Total 84.08 0.154 Government Securities1 7.40% Government of India Security 2012 4,000,000 4624.00 8.10 Sovereign2 7.55% Government of India Security 2010 3,250,000 3719.63 6.52 Sovereign3 7.37% Government of India Security 2014 2,750,000 3220.25 5.64 Sovereign4 8.07% Government of India Security 2017 2,250,000 2796.75 4.90 Sovereign5 6.17% Government of India Security 2023 2,500,000 2605.00 4.56 Sovereign6 6.20% UTI Special Bond 2010 1,500,000 1588.05 2.78 Sovereign7 11.99% Government of India Security 2009 1,000,000 1341.20 2.35 Sovereign8 7.46% Government of India Security 2017 1,000,000 1190.70 2.09 Sovereign9 6.35 % Government of India Security 2020 1,000,000 1076.00 1.89 Sovereign10 6.05% Government of India Security 2019 750,000 787.88 1.38 Sovereign11 10.71% Government of India Security 2016 500,000 732.50 1.28 Sovereign12 7.49% Government of India Security 2017 500,000 594.70 1.04 Sovereign

Total 24276.65 42.545 Reverse Repos 2136.05 3.746 Net Receivable / (Payable) 6518.16 11.42

Net Asset as on 30 September 2003 57071.88 100.00


Date of Allotment 10-Dec-02NAV Calculation DailyBenchmark Crisil Composite

Bond Fund IndexAssets Under Management 570.72 Crores(as on 30.09.03)NAV per unit (as on 30.09.03) 11.045

** Securities are classified as thinly traded / non traded on the date of valuation in accordance with SEBI Regulations and Guidelines.@ indicates securities not listed but permitted to trade on NSE WDM.

HSBC Mutual Fund

September 2003

9


HSBC Institutional Income Fund - Investment Plan



Asset Allocation

Rating Profile

Reverse Repos - 6%


AA+/AA - 11%


1. As per SEBI requirements for performance reporting, the‘since inception’ returns are calculated on Rs 10 invested atinception. Calculations are based on Growth Plan NAVs.



AAA - 32%

HIIF-IPCrisil CompositeBond Fund Index

Reverse Repos - 6%


Money MarketInstruments - 2%

Securtized Debt - 2%


Net Receivables /(Payables) - 6%

Sovereign - 45%




Stock Exchangesai) Traded1 Power Finance Corporation Limited 1,000 1153.97 4.41 AAA2 National Thermal Power

Corporation Limited @ 200 1087.67 4.16 AAA3 Housing and Urban Development

Corporation Limited @ 100 1026.00 3.92 CARE AAA(SO)3 Industrial Development Bank of India @ 1,000 1005.96 3.84 LAA4 Power Finance Corporation Limited @ 500 506.59 1.94 AAA5 Housing and Urban Development

Corporation Limited @ 50 502.18 1.92 CARE AAA(SO)Total 5282.36 20.18

aii) Non Traded / Thinly Traded**1 Industrial Development Bank of India @ 500 572.64 2.19 LAA2 UTI Bank Limited @ 100 550.89 2.10 LAA3 Infrastructure Development Finance

Company Limited @ 50 542.75 2.07 AAA4 Power Finance Corporation Limited 500 534.63 2.04 AAA5 Infrastructure Development Finance

Company Limited @ 5 526.48 2.01 AAA6 Export Import Bank of India @ 5 511.94 1.96 AAA7 Industrial Development Bank of India @ 300 304.14 1.16 LAA8 Indian Aluminum Company Limited 2 222.68 0.85 AAA

Total 3766.15 14.39b) Privately Placed / Unlisted**1 Reliance Industries Limited 5 688.71 2.63 AAA2 Housing Development and Finance

Corporation Limited 50 505.16 1.93 AAA3 Indian Railway Finance









Corporation Limited 5 50.48 0.19 AAATotal 1665.75 6.36

2 Securitised Debt2a) Traded

Total - -2b) Non Traded / Thinly traded**1 GACL Loan Receivable Trust II 5 471.45 1.80 AA+(SO)

Total 471.45 1.803 Money Market Instruments3a) Treasury Bills1 91 Days Treasury Bill 07-Nov-2003 340,000 338.33 1.29 Sovereign2 91 Days Treasury Bill 31-Oct-2003 130,000 129.51 0.49 Sovereign

Total 467.84 1.794 Government Securities1 7.40% Government of India Security 2012 2,000,000 2312.00 8.83 Sovereign2 8.07% Government of India Security 2017 1,750,000 2175.25 8.31 Sovereign3 7.55% Government of India Security 2010 1,500,000 1716.75 6.56 Sovereign4 6.35% Government of India Security 2020 1,000,000 1076.00 4.11 Sovereign5 6.17% Government of India Security 2023 1,000,000 1042.00 3.98 Sovereign6 7.37% Government of India Security 2014 750,000 878.25 3.36 Sovereign7 11.99% Government of India Security 2009 500,000 670.60 2.56 Sovereign8 7.46% Government of India Security 2017 500,000 595.35 2.27 Sovereign9 6.20% UTI Special Bond 2010 500,000 529.35 2.02 Sovereign10 6.05% Government of India Security 2019 250,000 262.63 1.00 Sovereign


Net Assets as on 30 September 2003 26171.30 100.00


** Securities are classified as thinly traded / non traded on the date of valuationin accordance with SEBI Regulations and Guidelines.@ indicates securities not listed but permitted to trade on NSE WDM.

Date of Allotment 4-Dec-02NAV Calculation DailyBenchmark Crisil Composite

Bond Fund IndexAssets Under Management 261.71 Crores(as on 30.09.03)NAV per unit (as on 30.09.03) 11.1245

HSBC Mutual Fund

September 2003

Asset Allocation

Rating Profile

10


Securitized Debt - 10%


Sovereign - 5%

AAA - 74%


HSBC Income Fund

Date of Allotment 10-Dec-02NAV Calculation DailyBenchmark Crisil Short term Bond

Fund Index



- Short Term Plan


AA+/AA - 15%





HIF-STPCrisil Short termBond Fund Index


MIBOR LinkedInstruments - 11%






Stock Exchangesai) Traded1 Power Finance Corporation Limited @ 500 506.59 2.74 AAA

Total 506.59 2.74aii) Non Traded / Thinly Traded**1 Industrial Development Bank of India @ 1,050 1202.53 6.51 LAA2 Housing Development and

Finance Corporation Limited 100 1016.58 5.50 AAA3 Rural Electrification Corporation Limited 50 536.67 2.90 AAA4 Rural Electrification Corporation Limited @ 5,000 521.06 2.82 AAA

Total 3276.84 17.73b) Privately Placed / Unlisted**1 Cholamandalam Investment and

Finance Company Limited 500 513.53 2.78 MAAA2 Tata Sons Limited 5 513.19 2.78 AAA3 Reliance Industries Limited 50 511.38 2.77 AAA4 Kotak Mahindra Bank Limited 5 504.71 2.73 AAA5 Kotak Mahindra Primus Limited 500 503.51 2.72 P1+6 Kotak Mahindra Primus Limited 500 503.24 2.72 MAA+7 Mahindra and Mahindra

Financial Services Limited 5 502.50 2.72 P1+8 Larsen and Toubro Finance Limited 5 502.22 2.72 CARE AA9 GE Capital Services India 5 500.01 2.71 AAA

Total 4554.29 24.642 MIBOR Linked Instruments2a) Traded

Total - -2b) Non Traded / Thinly Traded**1 Finolex Cables Limited 5 500.00 2.71 P1+2 Infrastructure Leasing and

Financial Services Limited 50,000 500.00 2.71 PR1+3 Mahindra and Mahindra

Financial Services Limited 5 500.00 2.71 AA4 Sterlite Industries (India) Limited 5 500.00 2.71 P1+

Total 2000.00 10.823 Securitised Debt3a) Traded

Total - -3b) Non Traded / Thinly Traded**1 NTPC Loan Securitised Trust Series XII 5 541.61 2.93 AAA(SO)2 UBL Trust Series 2 ALFL PTC 5 490.52 2.65 AAA(SO)3 PFSL TELCO Series A2 5 489.56 2.65 MAAA4 Senior Series A1 PTC Apr 03

(TELCO-BHPC) 5 279.66 1.51 A1+(SO)Total 1801.35 9.75

4 Money Market Instruments4a) Commercial Papers1 Infrastructure Leasing and

Financial Services Limited 250 1237.96 6.70 P1+2 Cholamandalam Investment and

Finance Company Limited 80 393.91 2.13 P1+Total 1631.87 8.83

4b) Certificate of Deposit1 UTI Bank Limited 850 841.08 4.55 A1+2 Kotak Mahindra Bank Limited 500 476.77 2.58 P1+

Total 1317.85 7.135 Government Securities1 6.20% UTI Special Bond 2010 500,000 529.35 2.86 Sovereign2 7.55% Government of India

Security 2010 300,000 343.35 1.86 SovereignTotal 872.70 4.72

6 Others6a) Fixed Deposit 1500.00 8.12

Total 1500.00 8.127 Net Receivable / (Payable) 1018.56 5.51




Others - 8%

HSBC Mutual Fund

September 2003

11

Asset Allocation

Rating Profile


Others - 4%

AAA - 73%

HSBC Institutional Income Fund


- Short Term Plan


1. As per SEBI requirements for performance reporting, the ‘sinceinception’ returns are calculated on Rs 10 invested atinception. Calculations are based on Growth Plan NAVs.




Unrated - 2%

HIIF-STPCrisil Short termBond Fund Index

Securitized Debt - 15%


AA+/AA - 18%

Sovereign - 6%

MIBOR LinkedInstruments - 13%




1 Debt Instrumentsa) Listed / Awaiting listing

on Stock Exchangesai) Traded - -1 Indian Railway Finance

Corporation Limited @ 50 549.20 1.89 AAATotal 549.20 1.89

aii) Non Traded / Thinly Traded**1 Industrial Development Bank of India 1,200 1216.54 4.18 LAA2 Rural Electrification

Corporation Limited @ 10,000 1042.12 3.58 AAA3 Industrial Development

Bank of India @ 800 916.22 3.15 LAA4 Housing Development and

Finance Corporation Limited 50 549.41 1.89 AAA5 Bank of India @ 500 522.62 1.80 UNRATED6 Export Import Bank of India @ 5 511.94 1.76 AAA7 Export Import Bank of India @ 5 503.72 1.73 AAA8 Industrial Development

Bank of India @ 500 502.76 1.73 AA+9 Indian Aluminum Company Limited 3 334.02 1.15 AAA

Total 6099.36 20.95b) Privately Placed / Unlisted**1 GE Capital Services India 15 1500.27 5.15 AAA2 Tata Industries Limited 10 1010.76 3.47 AA3 Citicorp Maruti Finance Limited 10 1000.00 3.43 P1+4 Reliance Industries Limited 50 528.79 1.82 AAA5 Cholamandalam Investment

and Finance Company Limited 500 513.40 1.76 MAAA6 Reliance Industries Limited 50 511.38 1.76 AAA7 Indian Railway Finance


Corporation Limited 50 508.68 1.75 AAA9 Mahindra and Mahindra

Financial Services Limited 5 503.59 1.73 AA10 Kotak Mahindra Primus Limited 500 503.51 1.73 P1+11 Kotak Mahindra Primus Limited 500 503.24 1.73 MAA+12 Mahindra and Mahindra

Financial Services Limited 5 502.50 1.73 P1+13 Larsen and Toubro

Finance Limited 5 502.22 1.73 CARE AA14 GE Capital Services India 5 500.95 1.72 AAA15 GE Capital Services India 5 500.84 1.72 P1+16 Larsen and Toubro

Finance Limited 5 500.00 1.72 PR1+Total 10098.82 34.69

2 MIBOR Linked Instruments2a) Traded

Total - -2b) Non Traded / Thinly Traded**1 Sterlite Industries (India) Limited 10 1000.00 3.43 P1+2 Blue Star Limited 500,000 500.00 1.72 PR1+3 Infrastructure Leasing and

Financial Services Limited 50,000 500.00 1.72 PR1+4 Citicorp Finance India Limited 5 500.00 1.72 P1+5 Finolex Cables Limited 5 500.00 1.72 P1+6 Finolex Cables Limited 5 500.00 1.72 P1+7 Blue Star Limited 3 300.00 1.03 PR1+


Total - -3b) Non Traded / Thinly Traded**1 Fleet Trust August - I Series A3 CFIL 15 1464.77 5.03 AAA(SO)2 UBL Trust Series 2 ALFL PTC 10 981.04 3.37 AAA(SO)3 NTPC Loan Securitised Trust

Series XII 5 541.61 1.86 AAA(SO)4 GECSI Loan Series I Class D (IRFC) 5 528.10 1.81 AAA(SO)6 PFSL TELCO Series A2 5 489.56 1.68 MAAA5 PFSL Citi Debt Series A2 5 428.30 1.47 AAA(SO)

Total 4433.38 15.23




Investment Objective: To provide a reasonableincome whilst maintaining a prudent policy ofcapital conservation.

HSBC Mutual Fund

September 2003

HSBC Institutional Income Fund


- Short Term Plan

4 Money Market Instruments4a) Certificate of Deposit1 UTI Bank Limited 500 476.99 1.64 A1+2 Kotak Mahindra Bank Limited 500 476.77 1.64 P1+3 UTI Bank Limited 100 98.95 0.34 A1+

Total 1052.71 3.625 Government Securities1 7.55% Government of India

Security 2010 950,000 1087.28 3.73 Sovereign2 6.20% UTI Special Bond 2010 500,000 529.35 1.82 Sovereign

Total 1616.63 5.556 Others6a) Fixed Deposit 1100.00 3.78



Sr. Issuer Quantity Market Value % to Net RatingNo. (Rs. in Lacs) Assets




Date of Allotment 04-Dec-02NAV Calculation DailyBenchmark Crisil Short term Bond

Fund IndexAssets Under Management 291.12 Crores(as on 30.09.03)NAV per unit (as on 30.09.03) 10.5938

An Open Ended Liquid Scheme Investment Objective: To provide reasonablereturns, commensurate with low risk, whileproviding a high level of liquidity, through aportfolio of money market and debt securities.

HSBC Cash Fund


1 Debt Instrumentsa) Listed / Awaiting listing

on Stock Exchangesai) Traded - -aii) Non Traded / Thinly Traded**1 Housing Development and

Finance Corporation Limited 100 1011.32 1.30 AAA2 Industrial Development

Bank of India @ 1,000 1007.02 1.30 AA+3 Industrial Development

Bank of India @ 1,000 1006.50 1.30 AA+4 Industrial Development

Bank of India @ 1,000 1005.52 1.29 AA+Total 4030.36 5.19

b) Privately Placed / Unlisted**1 GE Capital Services India 50 5000.00 6.44 AAA2 Kotak Mahindra Investments Limited 20 2000.00 2.57 A1+3 Punjab Tractors Limited 15 1500.00 1.93 P1+4 GE Countrywide Consumer Financial

Services Limited 15 1500.00 1.93 P1+5 Punjab Tractors Limited 15 1500.00 1.93 UNRATED6 Associates India Financial Services 1,000 1001.39 1.29 A1+7 Rabo India Finance Private Limited 10 1000.12 1.29 P1+8 Larsen and Toubro Finance Limited 10 1000.00 1.29 PR1+9 Kotak Mahindra Primus Limited 1,000 1000.00 1.29 P1+10 Larsen and Toubro Finance Limited 10 1000.00 1.29 PR1+11 Larsen and Toubro Finance Limited 10 1000.00 1.29 PR1+12 Larsen and Toubro Finance Limited 10 1000.00 1.29 PR1+13 Cyrus Investments Limited 500 503.90 0.65 AAA14 Kotak Mahindra Primus Limited 500 501.09 0.64 P1+15 GE Capital Services India 5 500.01 0.64 AAA16 Ford Credit Kotak Mahindra Limited 500 500.00 0.64 P1+17 Ford Credit Kotak Mahindra Limited 500 500.00 0.64 P1+18 Mahindra and Mahindra Financial

Services Limited 5 500.00 0.64 P1+19 Larsen and Toubro Finance Limited 3 300.00 0.39 PR1+

Total 21806.51 28.07


MIBOR LinkedInstruments -14%


Net Receivables /(Payables) - 1%

Others - 16%

Money MarketIntruments - 26%

Reverse Repos - 9%

Securitised Debt - 1%

Asset Allocation


The Scheme declares daily dividends for the Regular Option, and daily & weekly dividends for the Institutional Option. Details for the same can be obtained from ISC’s.

12

HSBC Mutual Fund

September 2003

13

Rating Profile




Unrated - 9%

AAA - 72%

Performance*Annualised Returns (%) 1

An Open Ended Liquid Scheme

HSBC Cash Fund

HCFCrisil LiquidFund Index

Reverse Repos - 9%


AA+/AA - 8%


Sovereign - 1%

The Scheme declares daily dividends for the Regular Option, and daily & weekly dividends for the Institutional Option. Details for the same can be obtained from ISC’s.


2 MIBOR Linked Instruments2a) Traded

Total - -2b) Non Traded / Thinly Traded**1 Mahindra and Mahindra Financial

Services Limited 15 1500.00 1.93 AA2 Sterlite Industries (India) Limited 13 1300.00 1.67 P1+3 Ashok Leyland Finance Limited 10 1000.00 1.29 AA-4 Finolex Cables Limited 10 1000.00 1.29 P1+5 Industrial Development Bank of India 1,000 1000.00 1.29 AA+6 Larsen and Toubro Finance Limited 10 1000.00 1.29 PR1+7 Mahindra and Mahindra

Financial Services Limited 10 1000.00 1.29 P1+8 Associates India Financial Services 500 500.00 0.64 P1+9 Associates India Financial Services 500 500.00 0.64 AAA10 Citicorp Finance India Limited 500 500.00 0.64 AAA11 Infrastructure Leasing and

Financial Services Limited 50,000 500.00 0.64 PR1+12 Larsen and Toubro Finance Limited 5 500.00 0.64 PR1+13 Blue Star Limited 400,000 400.00 0.51 PR1+


Total - -3b) Non Traded / Thinly Traded**1 Fleet Trust September - I

Series A1 CFIL 4 361.35 0.47 P1+(SO)2 Indian Retail ABS Trust - Series II 5 352.79 0.45 AAA(SO)

Total 714.13 0.924 Money Market Instruments4a) Treasury Bills1 91 Days Treasury Bill 31-Oct-2003 370,000 368.62 0.47 Sovereign2 91 Days Treasury Bill 15-Nov-2003 247,800 246.31 0.32 Sovereign

Total 614.93 0.794b) Commercial Papers1 Moser Baer (India) Limited 600 2943.97 3.79 P1+2 Moser Baer (India) Limited 300 1476.13 1.90 P1+3 Infrastructure Leasing and

Financial Services Limited 250 1237.96 1.59 P1+4 Industrial Development Bank of India 200 996.91 1.28 PR1+5 Citicorp Finance India Limited 200 991.32 1.28 P1+6 HCL Infosystems Limited 200 990.68 1.28 A1+7 Industrial Development Bank of India 200 987.60 1.27 PR1+8 Industrial Development Bank of India 200 964.10 1.24 P1+9 Cholamandalam Investment and

Finance Company Limited 120 590.78 0.76 P1+10 NRB Bearings Limited 100 497.50 0.64 P1+

Total 11676.94 15.034c) Certificate of Deposit1 UTI Bank Limited 1,500 1437.05 1.85 A1+2 ICICI Bank Limited 1,000 994.83 1.28 P1+3 UTI Bank Limited 1,000 991.57 1.28 A1+4 ICICI Bank Limited 1,000 976.78 1.26 P1+5 UTI Bank Limited 1,000 954.40 1.23 A1+6 UTI Bank Limited 1,000 951.72 1.22 A1+7 UTI Bank Limited 500 478.70 0.62 A1+8 Kotak Mahindra Bank Limited 500 477.50 0.61 P1+9 UTI Bank Limited 500 476.99 0.61 A1+10 UTI Bank Limited 500 476.25 0.61 A1+11 UTI Bank Limited 50 49.48 0.06 A1+

Total 8265.25 10.64Total Money Market Instruments 20557.11 26.46

5 Others5a) Fixed Deposit 12085.00 15.55




Date of Allotment 04-Dec-02NAV Calculation DailyBenchmark Crisil Liquid Fund Index



HSBC Mutual Fund

September 2003

Details of Portfolio Turnover Ratio and Average Maturity

Scheme Name Portfolio turnover during Average Maturity (Years)the half year endedSeptember 30 2003

HSBC Equity Fund 12.70

HSBC Income Fund - Investment Plan 6.51

HSBC Income Fund - Short Term Plan 1.31

HSBC Cash Fund 0.29

HSBC Institutional Income Fund - Investment Plan 6.84

HSBC Institutional Income Fund - Short Term Plan 1.60

14

NAV per unit as on NAV per unit as onScheme / Plan September 30, 2003 on March 31, 2003 /

Date of first NAV *

HSBC Equity Fund - Dividend Plan # 16.7200 10.0900HSBC Equity Fund - Growth Plan 18.2100 10.0900

HSBC Income Fund - Short Term Plan - Regular Option - Dividend 10.1113 10.0956HSBC Income Fund - Short Term Plan - Regular Option - Growth 10.5641 10.1714HSBC Income Fund - Short Term Plan - Institutional Option - Dividend (15 Sep 2003) 10.5164 10.5226HSBC Income Fund - Short Term Plan - Institutional Option - Growth (15 Sep 2003) 10.5649 10.5226

HSBC Income Fund - Investment Plan - Regular Option - Dividend 10.4025 10.2551HSBC Income Fund - Investment Plan - Regular Option - Growth 11.0448 10.2551HSBC Income Fund - Investment Plan - Institutional Plan - Dividend Option (15 Sep 2003) 11.0490 10.9146HSBC Income Fund - Investment Plan - Institutional Plan - Growth Option (15 Sep 2003) 11.0461 10.9146

HSBC Cash Fund - Regular Plan - Dividend Option 10.1884 10.1866HSBC Cash Fund - Regular Plan - Growth Option 10.4577 10.1866

HSBC Cash Fund - Institutional Plan - Daily Dividend Option (15 Sep 2003) 10.4364 10.4364HSBC Cash Fund - Institutional Plan - Weekly Dividend Option (15 Sep 2003) 10.4420 10.4364HSBC Cash Fund - Institutional Plan - Monthly Dividend Option (14 Sep 2003) 10.4405 10.4349HSBC Cash Fund - Institutional Plan - Growth Option (14 Sep 2003) 10.4577 10.4349

HSBC Institutional Income Fund - Investment Plan - Dividend Option (19 May 2003) 10.4556 10.6012HSBC Institutional Income Fund - Investment Plan - Growth Option 11.1245 10.2675

HSBC Institutional Income Fund - Short Term Plan - Dividend Option (4 April 2003) 10.1777 10.2069HSBC Institutional Income Fund - Short Term Plan - Growth Option 10.5938 10.1869

Scheme / Plan NAV at the beginning and at the end of the half year ended September 30, 2003

* Dates of first Nav of options commenced during the period are indicated in brackets in the table above# NAV per unit as above is inclusive of dividend of Rs 2 declared for record date September 30, 2003

Scheme Plan / NAV

HSBC Mutual Fund - All Schemes

Notes:

1. The provision made for Non Performing Assets as of September 30 ,2003 is Rs. NIL and its percentage to Net Asset Value is NIL.

2. As on September 30,2003 there has been no exposure in any of the schemes in derivative products.

3. Total investments in foreign securities / ADR’s / GDR’s at the end of the period is NIL.

4. Past performance may or may not be sustained in future.

5. Average maturity of all the debt oriented schemes is expressed as the weighted average maturity of the portfolio in the fund in terms of numberof years.

6. The portfolio turnover for HSBC Equity Fund is the sum of purchases,sales, redemptions to the average net assets during the half year endedSeptember 30, 2003.

7. Total value of Illiquid equity shares and its percentage to Net Asset Value is NIL.

HSBC Mutual Fund

September 2003

Dividend Declaration

HSBC Mutual Fund - All Schemes

Scheme Name / Plan Record Date / period Dividend Dividend NAV perof dividend declared (Rs. per unit) Rate Unit as on

Record date

HSBC Equity Fund - Dividend Plan

6-Jun-03 1.00 10.00% 12.090030-Sep-03 2.00 20.00% 16.7200

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

4-Apr-03 0.05 0.50% 10.124430-Apr-03 0.0443 0.44% 10.127730-May-03 0.0443 0.44% 10.153027-Jun-03 0.0443 0.44% 10.139025-Jul-03 0.0532 0.53% 10.1405

29-Aug-03 0.0443 0.44% 10.154626-Sep-03 0.0443 0.44% 10.1482

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

26-Sep-03 0.0443 0.44% 10.5523

HSBC Income Fund - Investment Plan - Regular Option - Dividend

4-Apr-03 0.195 1.95% 10.365527-Jun-03 0.1773 1.77% 10.438326-Sep-03 0.1773 1.77% 10.5412

HSBC Cash Fund - Regular Option - Daily Dividend

For April 03* 0.0403 0.40% NAFor May 03* 0.0378 0.38% NA

For June 03* 0.0389 0.39% NAFor July 03* 0.0395 0.40% NA

For August 03* 0.0387 0.39% NAFor September 03* 0.0369 0.37% NA

HSBC Cash Fund - Institutional Plan - Daily Dividend Option

For September 03* 0.0191 0.19% NA

HSBC Cash Fund - Institutional Plan - Weekly Dividend Option

19-Sep-03 0.0051 0.05% 10.442226-Sep-03 0.0088 0.09% 10.4464

HSBC Cash Fund - Institutional Plan - Monthly Dividend Option

26-Sep-03 0.0153 0.15% 10.4521

HSBC Institutional Income Fund - Investment Plan - Dividend Option

13-Jun-03 0.3546 3.55% 10.701812-Sep-03 0.2216 2.22% 10.5818

HSBC Institutional Income Fund - Short Term Plan - Dividend Option

30-Apr-03 0.0443 0.44% 10.277414-May-03 0.0266 0.27% 10.254430-May-03 0.0266 0.27% 10.272713-Jun-03 0.0266 0.27% 10.267227-Jun-03 0.0266 0.27% 10.252911-Jul-03 0.0266 0.27% 10.246125-Jul-03 0.0266 0.27% 10.2489

14-Aug-03 0.0355 0.36% 10.249129-Aug-03 0.0532 0.53% 10.256812-Sep-03 0.0443 0.44% 10.209326-Sep-03 0.0266 0.27% 10.1913

Dividend declaration under the Dividend Plans of the schemes of HSBC Mutual Fund

* Represents cummulative amounts of dividends declared during the month.

15

Issued by HSBC Asset Management (India) Private Limited

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Sl. Particulars HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBCNo. Equity Fund India Opportunities Income Fund— Income Fund— Cash Fund Gilt Fund Gilt Fund Institutional Income MIP MIP Floating Rate Fund— Floating Rate Fund—

(HEF) Fund Investment Plan Short Term Plan (HCF) Short Term Plan Long Term Plan Fund Investment Plan Regular Plan Saving Plan Long Term Plan Short Term Plan(HIOF) (HIF-IP) (HIF-ST) (HGF-ST) (HGF-LT) (HIIF-IP) (HMIP-R) (HMIP-S) (HFRF-LT) (HFRF-ST)

1.1 Unit Capital at the beginning of the half year period 643.22 361.49 157.08 125.40 3,243.22 1.16 3.72 9.67 295.82 224.30 0.00 0.00(September 30, 04) (Rs. in crores)

1.2 Unit Capital at the end of the period (March 31, 2005) (Rs. in crores) 645.42 368.86 63.51 50.93 2,172.25 0.92 N.A. ~ N.A. ! 167.61 139.29 639.65 877.13

2 Reserves & Surplus (Rs. in crores) 929.36 83.20 6.22 3.00 76.63 0.02 N.A. ~ N.A. ! 4.98 5.39 8.59 4.10

3.1 Total Net Assets at the beginning of the half year period (Rs. in crores) 1,401.44 403.98 169.96 132.07 3,319.48 1.17 3.80 10.43 299.36 227.88 0.00 0.003.2 Total Net Assets at the end of the period (Rs. in crores) 1,574.78 452.06 69.72 53.93 2,248.88 0.94 N.A. ~ N.A. ! 172.59 144.68 648.23 881.23

4.1 NAV at the beginning of the half year period (Rs.)Growth Option 30.4242 11.1753 N.A. N.A. N.A. 10.1121 10.2942 11.3090 10.2214 10.2905 N.A. N.A.Dividend Option 19.9967 11.1753 N.A. N.A. N.A. 10.0220 10.0942 10.2280 N.A. N.A. N.A. N.A.Regular Option— Dividend N.A. N.A. 10.1934 10.1066 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Regular Option— Growth N.A. N.A. 11.1379 10.9854 10.9341 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option— Dividend N.A. N.A. — ^ 10.5761 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option— Growth N.A. N.A. 11.2354 11.0353 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Regular Option Daily Dividend N.A. N.A. N.A. N.A. 10.1888 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Daily Dividend N.A. N.A. N.A. N.A. 10.4401 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Weekly Dividend N.A. N.A. N.A. N.A. 10.4480 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Monthly Dividend N.A. N.A. N.A. N.A. 10.4457 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Growth N.A. N.A. N.A. N.A. 10.9393 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option— Growth N.A. N.A. N.A. N.A. 10.1509 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option— Daily Dividend N.A. N.A. N.A. N.A. 10.0000 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option— Weekly Dividend N.A. N.A. N.A. N.A. 10.0076 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option— Monthly Dividend N.A. N.A. N.A. N.A. 10.0077 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0911 10.1297 N.A. N.A.Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0512 10.0503 N.A. N.A.

4.2 NAV at the end of the period (Rs.)Growth Option 36.1834 13.0066 N.A. N.A. N.A. 10.2888 N.A. ~ N.A. ! 10.5146 10.6669 N.A. N.A.Dividend Option 22.0131 12.0561 N.A. N.A. N.A. 10.1563 N.A. ~ N.A. ! N.A. N.A. N.A. N.A.Regular Option— Dividend N.A. N.A. 10.2739 10.1455 N.A. N.A. N.A. N.A. N.A. N.A. 10.0299 $ 10.0128 $Regular Option— Growth N.A. N.A. 11.3575 11.2366 11.1980 N.A. N.A. N.A. N.A. N.A. 10.2111 $ 10.2020 $Institutional Option— Dividend N.A. N.A. — 10.6842 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option— Growth N.A. N.A. 11.4964 11.3059 N.A. N.A. N.A. N.A. N.A. N.A. 10.2188 $ 10.2097 $Regular Option Daily Dividend N.A. N.A. N.A. N.A. 10.1930 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Daily Dividend N.A. N.A. N.A. N.A. 10.4401 N.A. N.A. N.A. N.A. N.A. N.A. 10.0132 $Institutional Option Weekly Dividend N.A. N.A. N.A. N.A. 10.4596 N.A. N.A. N.A. N.A. N.A. 10.0263 $ 10.0232 $Institutional Option Monthly Dividend N.A. N.A. N.A. N.A. 10.4631 N.A. N.A. N.A. N.A. N.A. 10.0247 $ 10.0339 $Institutional Option Growth N.A. N.A. N.A. N.A. 11.2086 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option— Growth N.A. N.A. N.A. N.A. 10.4111 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option— Daily Dividend N.A. N.A. N.A. N.A. 10.0056 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option— Weekly Dividend N.A. N.A. N.A. N.A. 10.0160 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option— Monthly Dividend N.A. N.A. N.A. N.A. 10.0185 N.A. N.A. N.A. N.A. N.A. N.A. N.A.Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.1487 10.1754 N.A. N.A.Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0972 10.1766 N.A. N.A.

4.3 Dividend paid per unit during the half-year (Individual/HUF) (Rs.)Dividend Option — — — — — —Regular Option— Dividend 1.5000 1.0000 0.1061 0.1571 — 0.0354 — — — — 0.1587 —Institutional Option— Dividend — — — — — — — — — — — —Regular Option Daily Dividend — — — — 0.2111 — — — — — — 0.1656Institutional Option Daily Dividend — — — — 0.2242 — — — — — — 0.1721Institutional Option Weekly Dividend — — — — — — — — — — — —Institutional Option Monthly Dividend — — — — — — — — — — — —Institutional Plus Option— Daily Dividend — — — — — — — — — — — —Institutional Plus Option— Weekly Dividend — — — — — — — — — — — —Institutional Plus Option— Monthly Dividend — — — — — — — — — — — —Monthly Dividend — — — — — — — — 0.2034 0.2830 — —Quarterly Dividend — — — — — — — — 0.2123 0.2123 — —

4.4 Dividend paid per unit during the half-year (Others) (Rs.)Dividend Option — — — — — —Regular Option— Dividend 1.5000 1.0000 0.0992 0.1680 — 0.0331 — — — — 0.1484 —Institutional Option— Dividend — — — 0.1241 — — — — — — — —Regular Option Daily Dividend — — — — 0.1974 — — — — — — 0.1548Institutional Option Daily Dividend — — — — 0.2097 — — — — — — 0.1609Institutional Option Weekly Dividend — — — — 0.2007 — — — — — 0.1576 0.1528Institutional Option Monthly Dividend — — — — 0.1962 — — — — — 0.1590 0.1441Institutional Plus Option— Daily Dividend — — — — 0.2050 — — — — — — —Institutional Plus Option— Weekly Dividend — — — — 0.2026 — — — — — — —Institutional Plus Option— Monthly Dividend — — — — 0.2010 — — — — — — —Monthly Dividend — — — — — — — — 0.1902 0.2646 — —Quarterly Dividend — — — — — — — — 0.1985 0.1985 — —

Income5.1 Dividend (Rs. in crores) 7.58 2.23 — — — — — — 0.14 0.16 — —5.2 Interest (Rs. in crores) 0.39 0.36 4.25 3.72 86.38 0.03 0.07 0.07 7.58 5.60 9.83 21.315.3 Profit / (Loss) on sale / redemption of investments 139.34 35.03 (2.04) (1.15) 0.71 (0.00) @ (0.05) (0.07) 1.87 2.05 0.08 0.48

(other than inter scheme transfer / sale) [Rs. in crores]5.4 Profit / (Loss) on inter-scheme transfer/sale of investment (Rs. in crores) — — (0.28) (0.64) 0.18 (0.00) @ — — (0.52) (0.14) — 0.00 @5.5 Other Income (Rs. in crores) 1.13 0.16 0.00 @ 0.00 @ (0.00) @ — 0.00 @ 0.00 @ 0.00 @ (0.00) (0.01) @ 0.015.6 Total Income (5.1 to 5.5 ) [Rs. in crores] 148.45 37.79 1.94 1.93 87.26 0.02 0.02 0.01 9.07 7.67 9.90 21.79

Expenses6.1 Management Fees (Rs. in crores) 7.60 2.41 0.86 0.40 4.75 0.00 @ 0.01 0.02 1.39 1.16 0.50 1.116.2 Trustee Fees (Rs. in crores) 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.01 0.00 @ — 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @6.3 Total Recurring Expenses (including 6.1 and 6.2) [Rs. In crores] 14.95 5.19 1.04 0.49 7.77 0.01 0.01 0.02 2.28 1.78 1.15 2.296.4 Percentage of Management Fees to daily average net assets (Regular Option) [%] # 0.99% 1.05% 1.39% 0.87% 0.38% 0.46% 0.54% 1.55% 1.19% 1.28% 0.37% 0.37%

Percentage of Management Fees to daily average net assets N.A. N.A. 1.37% 0.79% 0.36% N.A. N.A. N.A. N.A. N.A. 0.28% 0.26%(Institutional Option) [%] #Percentage of Management Fees to daily average net assets N.A. N.A. N.A. N.A. 0.25% N.A. N.A. N.A. N.A. N.A. N.A. N.A.(Institutional Plus Option) [%] #

6.5 Total Recurring expenses as a percentage of daily average net assets 1.94% 2.27% 1.81% 1.15% 0.69% 1.00% 1.16% 1.13% 1.96% 1.95% 0.84% 0.75%(Regular Option) [%] #

Total Recurring expenses as a percentage of daily average net assets N.A. N.A. 1.10% 0.81% 0.58% N.A. N.A. N.A. N.A. N.A. 0.65% 0.55% (Insitutional Option) [%] #

Total Recurring expenses as a percentage of daily average net assets N.A. N.A. N.A. N.A. 0.39% N.A. N.A. N.A. N.A. N.A. N.A. N.A.(Insitutional Plus Option) [%] #

7.1 Returns during the half year (absolute returns) * 18.93% 16.39% 1.97% 2.29% 4.90% 1.75% N.A. ~ N.A. ! 2.87% 3.66% N.A. N.A.7.2 Compounded Annualised yield

(I) Last 1 year 32.01% 35.20% 0.80% 4.10% 4.67% 1.84% N.A. ~ N.A. ! 4.26% 5.65% N.A. N.A.(ii) Last 3 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. ~ N.A. ! N.A. N.A. N.A. N.A.(iii) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. ~ N.A. ! N.A. N.A. N.A. N.A.(iv) Since launch of the scheme 74.63% 27.03% 5.67% 5.18% 4.99% 2.18% N.A. ~ N.A. ! 4.67% 6.05% 2.11% ** 5.56% **

7.3 Compounded Annualised yield for Benchmark Index(I) Last 6 months 18.32% 20.11% 2.04% 2.22% 4.49% 2.35% N.A. ~ N.A. ! 3.92% 3.92% N.A. N.A.(ii) Last 1 year 18.27% 21.89% 0.18% 3.03% 4.17% 3.38% N.A. ~ N.A. ! 2.37% 2.37% N.A. N.A.(iii) Last 3 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. ~ N.A. ! N.A. N.A. N.A. N.A.(iv) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. ~ N.A. ! N.A. N.A. N.A. N.A.(v) Since launch of the scheme 42.22% 19.21% 4.55% 4.33% 4.34% 3.91% N.A. ~ N.A. ! 2.82% 2.82% 1.75% ** 4.80% **Date of Allotment 10-Dec-02 24-Feb-04 10-Dec-02 10-Dec-02 4-Dec-02 5-Dec-03 5-Dec-03 4-Dec-02 24-Feb-04 24-Feb-04 16-Nov-04 16-Nov-04

7.4 Benchmark Index BSE 200 BSE 500 Crisil Composite Crisil Short Term Crisil Liquid I-Sec-Si-Bex I-Sec-Li-Bex Crisil Composite Crisil MIP Crisil MIP Crisil Liquid Crisil LiquidBond Fund Index Bond Fund Index Fund Index Bond Fund Index Blended Index Blended Index Fund Index Fund Index

8 Provision for Doubtful Income/ Debts (Rs. in crores) — — — — — — — — — — — —

9 Payment to associate / group companies (Rs. in crores) — — — — — — — — — — — —{Refer to Notes to account— note 2}

10 Investment made in associate / group companies (Rs. in crores) — — — — — — — — — — — —{Refer to Notes to account— note 3}

* Considering Movement of NAV during the half-year and after adjustment of dividend, etc. Returns for all Funds indicate absolute returns except for HSBC Cash Fund which has been annualised.** Returns since launch of Scheme/Plan represents absolute return for the Plans which are in existence for less than 1 year. Returns during the half year are calculated based on NAV as at beginning of the period and return since inception are calculated taking inception NAV as Rs. 10 per unit for all schemes@ Indicates less than 0.01# Indicates annualised for the period$ Indicates schemes / plans launched during the current half year and hence opening Unit Capital, Net Assets and NAV per unit for the period are not available.^ Indicates has been redeemed during the current half year~ HSBC Gilt Fund— Long Term Plan was wound up with effect from Jan 31, 2005 in accordance with the SEBI (Mutual Fund) Regulations, 1996! HSBC Institutional Income Fund— Investment Plan was wound up with effect from Dec 30, 2004 in accordance with the SEBI (Mutual Fund) Regulations, 1996

Schemes performance may not be strictly comparable with the performance of the index due to the inherent difference in the construction of the portfolio.The calculation of returns shall assume that all payouts during the period have been reinvested in the units of the scheme at the then prevailing NAV.

Notes to the accounts1. There is no change in accounting policies employed during the reporting period as compared to the polices in the immediately preceding reporting period.2. Details of amounts paid to associates in terms of Regulation 25 (8)

HSBC MUTUAL FUNDUnaudited Half-Yearly Financial Results for the period ended 31 March, 2005. As per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.

Name of the Payee HEF HCF HIF-IP HIF-ST HIIF-IP HGF-LT HGF-ST HMIP-R HMIP-S HIOF HFRF-LT HFRF-ST TOTALHSBC Securities and Capital Markets (India) Pvt. Ltd.Brokerage 12.71 1.03 1.37 5.93 21.04The Hongkong & Shanghai Banking Corporation Ltd.Brokerage on Distribution - HSBC Ltd 256.19 61.05 11.56 8.77 0.04 0.03 35.76 19.08 120.53 6.40 14.95 534.38Collection / Bank Charges 1.58 0.50 0.49 0.27 0.00 @ 0.05 2.57 2.46 0.25 0.02 0.06 8.25

Settlement Charges # 9.14

3. Details of investment in Fixed Deposits with associates in terms of Regulations 25 (8)

Hongkong and Shanghai Banking Corporation (Rs. in crores)

Particulars HEF HCF HIF-IP HIF-ST HIIF-IP HGF-LT HGF-ST HMIP-R HMIP-S HIOF HFRF-LT HFRF-ST TOTAL

The Hongkong & Shanghai Banking Corporation Ltd. - 153.00 - - - - - - - - 60.00 213.00

The AMC is availing the services of the sponsor / associates to act as collection / distribution agents and for investment broking. HSBC, an associate of the sponsor, is on the panel of the bankers with whom HSBC Mutual Fund places money on Fixed Depositsand enters into reverse repo / government securities transactions from time to time at competitive rates.HSBC Mutual Fund also enters into transactions in reverse repo, government securities and treasury bills at market rates with HSBC Primary Dealership (India) Private Limited, a subsidiary of the sponsor.The Schemes of HSBC Mutual Fund subcsribed to the public issue of Jet Airways India Limited during the half year ended March 31, 2005. The Fund was allotted 63623 shares @ Rs. 1100 per share. HSBC Securities and Capital Markets (India) Pvt. Ltd., the Sponsorwas the book running lead manager in these issues. However these were subscribed through merchant bankers/brokers other than the Sponsor.


@ : Indicates less than 0.01# : Charges paid by all the schemes of HSBC Mutual Fund towards settlement of Government Securities transactions through the constituent SGL account.

(Rs. in lakhs)



Bharti Televentures Ltd. HIF-ST HMIP-R 960.90 —HFRF-ST HMIP-S 735.92 —

HEF 6,502.20 —HIOF 2,405.83 —

Canara Bank HCF HEF 6,415.48 2,962.03HIOF 1,759.20 848.69HMIP-R 1,154.83 1,057.32HMIP-S 669.67 528.66

Electro Steel Castings Ltd. HIIF-IP HCF 10,500.67 2,500.00

HCL Technologies Ltd. HIF-ST HMIP-R 558.66 97.37HIIF-ST HMIP-S 775.95 111.97HIF-IP HEF 7,884.99 5,066.56

HIOF 2,414.45 1,029.41

HCL Infosystems Limited HIF-ST 994.14 —(Subsidiary of HCL Technologies Limited) HCF 1,976.35 —

HMIP-R 9.04 —HMIP-S 5.52 —HEF 4,792.94 8,013.07HIOF 3,096.88 2,914.97

HDFC Bank Ltd. HIF-ST HIF-ST 100.00 —HCF 11,463.76 —HIIF-ST 2,000.00 —HMIP-R 4,500.00 —HMIP-S 3,500.00 —HFRF-ST 2,500.00 —

Hero Honda Motors Limited HIIF-IP HMIP-R 423.16 100.51HMIP-R HMIP-S 654.27 124.17HMIP-S HEF 2,952.54 —HFRF-LT HIOF 1,102.16 —HFRF-ST

Hindalco Industries Limited HIF-IP HIF-IP 1,056.34 520.34HIIF-IP HMIP-R 886.81 105.25HFRF-LT HMIP-S 334.84 105.26HCF HEF 4,181.36 2,526.32

HIOF 1,228.50 984.62HFRF-LT 527.98 520.34HIF-ST 528.14 —

Hindustan Lever Limited HCF HMIP-R 113.52 —HFRF-ST HMIP-S 152.44 —

HEF 279.22 —

Hindustan Lever Chemicals HIOF 206.64 —(Subsidiary of HindustanLever Limited)

Indian Aluminium Company Ltd. HFRF-LT HMIP-R 547.49 —HIF-IP — 499.99HIF-ST 521.76 521.18

Indian Rayon & Industries Ltd. HFRF-LT HEF 806.94 1,446.06HIOF 1,146.01 2,208.60

Company Name Schemes Investment made Aggregate cost of Outstanding as atinvested by schemes of acquisition during March 31, 2005in by the HSBC Mutual the period ended (At Market/FairCompany Fund in the March 31, 2005 Value)

Company/Subsidiary (Rs. in Lakhs) (Rs. in Lakhs)

Indo Gulf Fertilisers Limited HGF-LT HIOF 191.76 193.40

Industrial Development HIF-ST HIF-IP 6,962.43 —Bank of India HCF HIF-ST 6,225.62 515.96

HIF-IP HCF 35,225.94 3,519.80HFRF-ST HIIF-ST 3,826.04 —

HIIF-IP 2,956.22 —HMIP-R 3,905.89 515.96HMIP-S 2,555.63 1,510.83HEF 5,266.83 423.85HIOF 756.82 109.96HFRF-LT 5,090.11 4,600.62HFRF-ST 7,078.06 2,540.44

IDBI Capital Markets HCF 1,500.00 —(Subsidiary of IndustrialDevelopment Bank of India)

Infrastructure Leasing HCF HIF-ST 5,835.11 —& Financial Services Ltd. HCF 91,393.77 —

HIIF-ST 3,500.00 —HIIF-IP 494.32 —HFRF-ST 8,000.00 —HFRF-LT 3,357.75 2,377.29

Infrastucture Development HFRF-LT HCF 2,443.96 —Finance Co. Ltd. HFRF-ST 1,499.53 —

HFRF-LT 2,138.12 —

ITC Limited HCF HMIP-R 444.02 —HFRF-ST HMIP-S 533.34 —

HEF 11,306.68 1,716.55HIOF 438.40 —

Jet Airways (India) Pvt. Ltd. HFRF-LT HEF 539.47 594.18HFRF-ST HIOF 160.38 —

Raymonds Limited HGF-LT HCF 33,500.00 —HIIF-IP HFRF-ST 9,500.00 —

HFRF-LT 1,000.00 —

Sterlite Industries HFRF-ST HCF 24,281.65 —HEF 1,102.01 2,662.48HIOF 1,016.41 1,290.95HFRF-ST 2,000.00 —HFRF-LT 2,000.00 —

Hindustan Zinc Limited HIOF 78.87 —(Subsidiary of Sterlite Industries)

The Great Eastern Shipping Co Ltd. HIIF-ST HIOF 958.92 771.73HEF 2,104.77 1,692.90

Tata Iron and Steel Co. Ltd. HCF HEF 8,670.98 3,609.45HIOF 2,106.94 1,122.94HMIP-R 485.35 109.89HMIP-S 507.36 142.77

4. Details of investments made in companies which have invested more than 5% of the NAV of a scheme in terms of Regulation 25 (11).





HEF—HSBC Equity Fund

HIOF—HSBC India Opportunities Fund

HIF—IP—HSBC Income Fund — Investment Plan

HIF—ST—HSBC Income Fund — Short Term Plan

HCF—HSBC Cash Fund

HGF—LT — HSBC Gilt Fund — Long Term Plan

HGF—ST — HSBC Gilt Fund — Short Term Plan

HMIP—R — HSBC MIP — Regular Plan

HMIP—S — HSBC MIP — Saving Plan

HFRF—ST — HSBC Floating Rate Fund — Short Term Plan

HFRF—LT — HSBC Floating Rate Fund — Long Term Plan

HIIF—IP — HSBC Institutional Income Fund — Investment Plan

HIIF—ST — HSBC Institutional Income Fund — Short Term Plan

The above investments comprise equity shares, debentrures / bonds, commercial paper, fixed deposits and other debt instruments.

These investments have been made on account of their high credit quality and competitive yield for the investment in fixedincome/ money market insturments and in case of equity shares because of attractive valuations of these companies.

HSBC MUTUAL FUND HALF–YEARLY PORTFOLIO DISCLOSURES

** Securities are classified as thinly traded/non traded on the date of valuation in accordance with SEBI Regulations andGuidelines.


5. Details of investors holding units in the scheme over 25% of the NAV as on March 31, 2005 is Nil6. No bonus was declared during the reporting period.7. There are no deferred revenue expenditure in any of the schemes of HSBC Mutual Fund8. During the reporting period, HSBC Cash Fund borrowed Rs 59,25,00,000 for 1 day from HSBC to meet redemptions/ switch-outs.

Interest on this borrowing was borne by HSBC Asset Management (India) Private Limited. The borrowing represents 1.98% of thenet assets of the Scheme.

9. Details of Schemes which have outstanding Derivative (OIS) position as on March 31, 2005:

Scheme Notional value (Rs. in Crores)

HSBC Cash Fund 100

The above results have been compiled for all schemes/plans which existed during the half year ended 31 March, 2005. During the period there have been no investment in foreign securities.

The above unaudited financial results have been approved by the Directors of HSBC Asset Management (India) Private Limited and Board of Trustees of HSBC Mutual Fund.

Mumbai For and on behalf of the Board of Directors of For and on behalf of the Board of TrusteesDate: 29 April, 2005 HSBC Asset Management (India) Private Limited HSBC Mutual Fund

For scheme specific risk factors, please refer to the note after the Niall S. K. Booker Sanjay Prakash N.P. Gidwani Dilip J. Thakkarhalf yearly portfolio disclosures. Chairman Chief Exeutive Officer Trustee Trustee

HSBC MUTUAL FUND – HSBC MIP SavingsHalf–Yearly Portfolio Statement for the period ended March 31, 2005

Sr. Name of the Instrument Quantity Market Value % age to RatingNo. (Rs. in Lakhs) NAV

HSBC MUTUAL FUND – HSBC MIP RegularHalf–Yearly Portfolio Statement for the period ended March 31, 2005


HSBC MUTUAL FUND – HSBC EQUITY FUNDHalf–Yearly Portfolio Statement for the period ended March 31, 2005

Sr. Name of the Instrument Quantity Market Value % age toNo. (Rs. in Lakhs) NAV

1 Equity & Equity Related Instrumentsa) Listed / Awaiting listing on Stock Exchanges

BANKS1 Punjab National Bank Limited 75,802 298.17 2.062 State Bank of India 43,700 286.15 1.983 ICICI Bank Limited 57,298 225.07 1.564 Bank of Baroda 26,500 57.70 0.40

AUTO1 Mahindra and Mahindra Limited 55,104 273.81 1.892 Maruti Udyog Limited 38,089 160.47 1.113 Hero Honda Motors Limited 22,658 124.17 0.864 Bajaj Auto Limited 403 4.36 0.03

PETROLEUM PRODUCTS1 Kochi Refineries Limited 130,335 203.00 1.402 Bharat Petroleum Corporation Limited 34,342 121.40 0.843 Indian Oil Corporation Limited 25,476 111.58 0.774 IBP Company Limited 20,119 106.87 0.74

CEMENT1 The Associated Cement Companies Limited 130,807 471.62 3.26

FERROUS METALS1 Tata Iron and Steel Company Limited 35,600 142.77 0.992 Jindal Vijayanagar Steel Limited 30,000 108.75 0.75

SOFTWARE1 HCL Technologies Limited 30,059 111.97 0.772 Satyam Computer Services Limited 23,000 94.08 0.65

NON-FERROUS METALS1 Hindalco Industries Limited 8,125 105.26 0.73

Total 3,007.21 20.792 Debt Instrumentsa) Listed / Awaiting listing on Stock Exchanges

ai) TradedTotal — —

aii) Non–Traded / Thinly Traded**1 Citi Financial Consumer Finance India Limited 100 983.27 6.80 AAA2 Canara Bank Limited 100 528.66 3.65 AAA3 UltraTech Cement Limited 5 517.34 3.58 AA+4 Industrial Development Bank of India Limited 500 515.96 3.57 AA+5 Industrial Development Bank of India Limited 500 501.83 3.47 LAA+6 Industrial Development Bank of India Limited 50 493.03 3.41 LAA+7 Mahavir Spinning Mills Limited 5 381.10 2.63 AA-8 Indian Railway Finance Corporation Limited 5 49.98 0.35 AAA

Total 3971.17 27.45b) Privately Placed / Unlisted**1 ABN Amro Bank 5 545.64 3.77 AAA

Total 545.64 3.773 Securitised Debt (Unlisted)a) Non–Traded**1 Indian Retail ABS Trust Series X (ICICI Bank ) PTC 20 1,235.63 8.54 AAA(SO)2 NTPC Loan Securitised Trust Series XII PTC 10 711.91 4.92 AAA(SO)3 Indian Retail ABS Trust -Series XIV (ICICI Bank) PTC 5 288.68 2.00 AAA(SO)4 Indian Retail ABS Trust Series IV (ICICI Bank) PTC 5 111.75 0.77 MAAA(SO)

Total 2347.98 16.234 Money Market Instrumentsa) Commercial Papers1 Indian Hotels Company Limited 300 1,483.63 10.25 A1+2 Simplex Concrete Piles India Limited 160 793.83 5.49 PR1+

Total 2277.47 15.74b) Certificate of Deposit1 Kotak Mahindra Bank Limited 1,000 994.20 6.87 P1+2 The Jammu And Kashmir Bank Limited 500 497.63 3.44 P1+

Total 1491.83 10.31Total 3769.30 26.05

5 Reverse Repos 78.14 0.546 Net Receivable / (Payable) 748.48 5.17

Net Assets as on 31 March 2005 14,467.91 100.00


BANKS1 Punjab National Bank Limited 90,769 357.04 2.072 State Bank of India 36,000 235.73 1.373 ICICI Bank Limited 22,552 88.58 0.514 Bank of Baroda 20,744 45.17 0.26

AUTO1 Mahindra and Mahindra Limited 38,000 188.82 1.092 Maruti Udyog Limited 31,856 134.21 0.783 Hero Honda Motors Limited 18,342 100.51 0.584 Bajaj Auto Limited 332 3.59 0.02

PETROLEUM PRODUCTS1 Kochi Refineries Limited 101,115 157.49 0.912 Bharat Petroleum Corporation Limited 26,617 94.09 0.553 Indian Oil Corporation Limited 20,060 87.86 0.514 IBP Company Limited 15,642 83.09 0.48

CEMENT1 The Associated Cement Companies Limited 69,444 250.38 1.45

FERROUS METALS1 Tata Iron and Steel Company Limited 27,400 109.89 0.642 Jindal Vijayanagar Steel Limited 15,000 54.38 0.32

SOFTWARE1 HCL Technologies Limited 26,140 97.37 0.562 Satyam Computer Services Limited 12,000 49.09 0.28

NON–FERROUS METALS1 Hindalco Industries Limited 8,124 105.25 0.61

Total 2242.54 12.992 Debt Instrumentsa) Listed / Awaiting listing on Stock Exchanges


aii) Non–Traded / Thinly Traded**1 Canara Bank Limited 200 1,057.32 6.13 AAA2 Reliance Industries Limited 100 1,018.26 5.90 AAA3 CitiFinancial Consumer Finance India Limited 100 996.83 5.78 AAA4 The Associated Cement Companies Limited 50 546.12 3.16 AA5 Industrial Development Bank of India Limited 500 515.96 2.99 AA+6 CitiFinancial Consumer Finance India Limited 500 499.59 2.89 AAA7 Mahavir Spinning Mills Limited 5 381.10 2.21 AA-8 Indian Railway Finance Corporation Limited 5 50.66 0.29 AAA9 Indian Railway Finance Corporation Limited 5 50.60 0.29 AAA

10 Indian Railway Finance Corporation Limited 5 50.42 0.29 AAA11 Indian Railway Finance Corporation Limited 5 50.18 0.29 AAA12 Indian Railway Finance Corporation Limited 5 49.75 0.29 AAA

Total 5266.79 30.52b) Privately Placed / Unlisted**1 GE Capital Services India 10 1,007.42 5.84 AAA2 ABN Amro Bank 5 545.64 3.16 AAA3 Rural Electrification Corporation Limited 5,000 503.57 2.92 AAA4 Tata Sons Limited 5 502.36 2.91 AAA

Total 2558.98 14.833 Securitised Debt (Unlisted)a) Non–Traded**1 Indian Retail ABS Trust Series X (ICICI Bank) PTC 15 926.72 5.37 AAA(SO)2 Fleet Trust August - I (CFIL) PTC 10 716.45 4.15 AAA(SO)3 Indian Retail ABS Trust -Series XIV (ICICI Bank) PTC 10 577.36 3.35 AAA(SO)4 GACL Loan Receivable Trust II PTC 5 486.99 2.82 AA+(SO)5 TVSFSL Trust Sep 2004 Series.A2 (TVS Finance) PTC 5 347.74 2.01 AAA(FSO)6 Indian Retail ABS Trust Series IV (ICICI Bank) PTC 10 223.50 1.29 MAAA(SO)

Total 3278.77 19.004 Money Market Instrumentsa) Commercial Papers1 Indian Hotels Company Limited 200 989.09 5.73 A1+2 Citicorp Finance India Limited 180 890.36 5.16 P1+

Total 1879.45 10.89b) Certificate of Deposit1 Kotak Mahindra Bank Limited 1,000 994.20 5.76 P1+

Total 994.20 5.76Total 2873.65 16.65




AUTO1 Mahindra and Mahindra Limited 1,870,000 9,292.03 5.902 Maruti Udyog Limited 1,838,500 7,745.60 4.923 Bajaj Auto Limited 39,931 432.09 0.274 Tata Motors Limited 37,264 154.16 0.10

AUTO ANCILLARIES1 Apollo Tyres Limited 1,347,924 3,875.28 2.462 Amtek Auto Limited 2,320,206 3,762.21 2.39

BANKS1 State Bank of India 1,597,000 10,457.16 6.642 Bank of Baroda 1,460,000 3,179.15 2.023 Punjab National Bank Limited 801,491 3,152.66 2.004 Canara Bank Limited 1,481,013 2,962.03 1.885 Oriental Bank of Commerce 717,972 2,226.07 1.416 ICICI Bank Limited 504,343 1,981.06 1.267 Indian Overseas Bank 1,980,000 1,507.77 0.968 Vijaya Bank Limited 1,200,000 769.80 0.499 Industrial Development Bank of India Limited 465,000 423.85 0.27

10 IDBI Bank Limited 255,589 161.66 0.10CEMENT

1 The Associated Cement Companies Limited 2,277,100 8,210.08 5.212 Grasim Industries Limited 582,782 7,077.60 4.493 Gujarat Ambuja Cements Limited 810,000 3,244.05 2.064 UltraTech Cement Limited 892,500 3,166.14 2.015 Century Textiles and Industries Limited 702,090 1,567.42 1.006 India Cements Limited 1,291,394 863.30 0.55

CHEMICALS1 Indian Petrochemicals Corporation Limited 725,757 1,175.73 0.75

CONSUMER NON–DURABLES1 Balrampur Chini Mills Limited 2,652,210 1,837.98 1.172 ITC Limited. 127,905 1,716.55 1.09

FERROUS METALS1 Jindal Vijayanagar Steel Limited 1,382,561 5,011.78 3.182 Tata Iron and Steel Company Limited 900,000 3,609.45 2.293 Jindal Steel and Power Limited 145,072 1,511.07 0.96

FINANCE & INVESTMENTS1 Jindal South West Holdings Limited** 333,403 1,333.61 0.85

HARDWARE1 HCL Infosystems Limited 994,116 8,013.07 5.09

INDUSTRIAL PRODUCTS1 Bharat Forge Limited 161,943 2,228.82 1.422 Bharat Forge Limited (Warrant Issue) 3,425 9.04 0.01

MEDIA & ENTERTAINMENT1 Zee Telefilms Limited 1,901,499 2,641.18 1.68

NON–FERROUS METALS1 Sterlite Industries (India) Limited 373,079 2,662.48 1.692 Hindalco Industries Limited 195,000 2,526.32 1.60

PETROLEUM PRODUCTS1 Hindustan Petroleum Corporation Limited 2,208,068 6,720.25 4.272 Indian Oil Corporation Limited 664,624 2,911.05 1.853 Bharat Petroleum Corporation Limited 476,077 1,682.93 1.074 Kochi Refineries Limited 990,725 1,543.05 0.985 IBP Company Limited 201,597 1,070.88 0.686 Chennai Petroleum Corporation Limited 276,735 638.43 0.417 Reliance Industries Limited 30,000 163.81 0.10

PHARMACEUTICALS1 Lupin Limited 375,203 2,052.74 1.302 Wockhardt Limited 221,730 815.97 0.52

SOFTWARE1 Patni Computer Systems Limited 1,489,622 5,566.72 3.532 HCL Technologies Limited 1,360,149 5,066.56 3.223 Mphasis BFL Limited 1,700,000 3,794.40 2.414 Satyam Computer Services Limited 885,500 3,622.14 2.305 Hinduja TMT Limited 469,307 1,435.14 0.916 Mastek Limited 380,000 1,383.96 0.887 NIIT Technologies Limited 617,789 781.50 0.50

Tata Motors Limited HMIP-R HMIP-R 488.58 —HCF HMIP-S 553.03 —HFRF-LT HEF 7,940.61 154.16

HIOF 1,874.07 —

Tata Sons Limited HCF HMIP-R 507.61 502.36

The Tata Power Co Ltd. HCF HEF 413.08 —HMIP-R 167.30 —HMIP-S 185.20 —

Tata Chemicals Limited HIF-ST HEF 530.30 —HIOF 932.92 1,077.03HMIP-R 47.11 —HMIP-S 47.11 —

UTI Bank Limited HIF-ST HIF-IP 533.94 —HIF-ST 842.66 —HCF 45,605.92 10,203.45HIIF-ST 473.31 —HIIF-IP 533.94 —HMIP-R 2,528.23 —HMIP-S 1,500.00 —HFRF-ST 5,432.06 502.12

Vijaya Bank HIIF-IP HEF 1,085.86 769.80HIOF 198.00 128.30

Wipro Limited HCF HMIP-R 354.80 —HMIP-S 374.82 —HEF 1,771.49 —HIOF 133.53 —


The exposure to derivatives is not in excess of 10% of the net assets of the Scheme.



Sr. Name of the Instrument Quantity Market Value % age to RatingNo. (Rs. in Lakhs) Assets


8 NIIT Limited 414,000 748.72 0.48TEXTILE PRODUCTS

1 Indian Rayon and Industries Limited 359,492 1,446.06 0.92TRANSPORTATION

1 Great Eastern Shipping Company Limited 1,100,000 1,692.90 1.082 Jet Airways (India) Limited 49,043 594.18 0.383 Gateway Distriparks Limited 411,134 461.70 0.29

Total 154,681.36 98.222 Reverse Repos 1,482.52 0.943 Net Receivable / (Payable) 1314.57 0.83



** Securities are classified as thinly traded / non-traded on the date of valuation in accordance with SEBI Regulations and Guidelines.

HSBC MUTUAL FUND – HSBC INDIA OPPORTUNITIES FUNDHalf–Yearly Portfolio Statement for the period ended March 31, 2005



AUTO1 Mahindra and Mahindra Limited 622,196 3,091.69 6.842 Maruti Udyog Limited 182,944 770.74 1.703 TVS Motor Company Limited 227,748 154.75 0.34

AUTO ANCILLARIES1 Amtek Auto Limited 557,895 904.63 2.002 Apollo Tyres Limited 83,801 240.93 0.53

BANKS1 State Bank of India 240,000 1,571.52 3.482 Kotak Mahindra Bank Limited 291,203 988.49 2.193 Punjab National Bank Limited 237,066 932.50 2.064 Oriental Bank of Commerce 297,912 923.68 2.045 Canara Bank Limited 424,343 848.69 1.886 Federal Bank Limited 292,424 453.26 1.007 Bank of Baroda 181,765 395.79 0.888 Karnataka Bank Limited 261,000 184.66 0.419 Vijaya Bank Limited 200,000 128.30 0.28

10 Industrial Development Bank of India Limited 120,637 109.96 0.2411 Karur Vysya Bank Limited 15,884 65.15 0.14

CEMENT1 The Associated Cement Companies Limited 562,000 2,026.29 4.482 Grasim Industries Limited 87,787 1,066.13 2.363 Gujarat Ambuja Cements Limited 200,000 801.00 1.774 India Cements Limited 615,924 411.75 0.915 Birla Corporation Limited 45,425 82.56 0.18

CHEMICALS1 Indian Petrochemicals Corporation Limited 392,116 635.23 1.412 Bombay Dyeing and Manufacturing Company Limited 38,100 130.09 0.29

CONSTRUCTION1 Mahindra Gesco Developers Limited 525,557 645.38 1.43

CONSUMER NON DURABLES1 Dwarikesh Sugar Industries Limited 66,880 100.92 0.222 Titan Industries Limited 23,532 54.52 0.12

FERROUS METALS1 Tata Iron and Steel Company Limited 280,000 1,122.94 2.482 Maharashtra Seamless Limited 176,018 563.79 1.253 Jindal Vijayanagar Steel Limited 122,222 443.05 0.98

FERTILISERS1 Tata Chemicals Limited 710,441 1,077.03 2.382 Indo Gulf Fertilisers Limited 174,467 193.40 0.43

FINANCE & INVESTMENTS1 Jindal South West Holdings Limited** 4,560 18.24 0.04

HARDWARE1 HCL Infosystems Limited 361,636 2,914.97 6.45

HOTELS1 Hotel Leelaventure Limited 50,000 76.10 0.17

INDUSTRIAL CAPITAL GOODS1 Crompton Greaves Limited 153,640 664.80 1.472 KEC International Limited 73,896 137.26 0.30

INDUSTRIAL PRODUCTS1 Bharat Forge Limited (Warrant Issue) 193 0.51 *

MEDIA & ENTERTAINMENT1 UTV Software Communications Limited 107,661 157.94 0.35

NON–FERROUS METALS1 Sterlite Industries (India) Limited 180,894 1,290.95 2.862 Hindalco Industries Limited 76,000 984.62 2.18

PETROLEUM PRODUCTS1 Hindustan Petroleum Corporation Limited 730,000 2,221.76 4.912 Indian Oil Corporation Limited 177,348 776.78 1.723 Bharat Petroleum Corporation Limited 131,578 465.13 1.034 IBP Company Limited 57,448 305.16 0.685 Kochi Refineries Limited 70,312 109.51 0.24

POWER1 CESC Limited 778,580 1,489.81 3.30

PHARMACEUTICALS1 Ind Swift Laboratories Limited 314,245 620.79 1.37

SOFTWARE1 Patni Computer Systems Limited 517,769 1,934.90 4.282 Hughes Software Systems Limited 226,690 1,066.12 2.363 Mastek Limited 287,671 1,047.70 2.324 HCL Technologies Limited 276,352 1,029.41 2.285 Mphasis BFL Limited 239,375 534.29 1.186 I-Gate Global Solutions Limited 136,810 328.28 0.737 Satyam Computer Services Limited 63,211 258.56 0.578 NIIT Technologies Limited 199,758 252.69 0.569 Datamatics Technologies Limited 105,330 102.38 0.23

10 Zensar Technologies Limited 39,880 80.60 0.18TEXTILE PRODUCTS

1 Indian Rayon and Industries Limited 549,061 2,208.60 4.892 The Arvind Mills Limited 568,500 649.80 1.443 Welspun India Limited 526,254 648.61 1.434 Alok Industries Limited 190,603 115.89 0.26

TEXTILES - COTTON1 Vardhman Spg and Gen Mills Limited 77,201 206.98 0.46

TRANSPORTATION1 Great Eastern Shipping Company Limited 501,452 771.73 1.71

Total 44,589.67 98.632 Reverse Repos 552.78 1.223 Net Receivable / (Payable) 63.85 0.14


* Indicates percentage to Net Asset Value for that security is less than 0.01%.** Securities are classified as thinly traded / non-traded on the date of valuation in accordance with SEBI Regulationsand Guidelines.

HSBC MUTUAL FUND – HSBC CASH FUNDHalf–Yearly Portfolio Statement for the period ended March 31, 2005


1 Debt Instrumentsa) Listed / Awaiting listing on Stock Exchangesai) Traded

Total — —aii) Non–Traded / Thinly Traded**

1 Housing Development and Finance Corporation Limited 250 2,497.51 1.11 AAA2 Industrial Development Bank of India Limited 500 515.96 0.23 AA+3 Industrial Development Bank of India Limited 500 502.51 0.22 AA+

Total 3,515.99 1.56b) Privately Placed / Unlisted**1 Rabo India Finance Private Limited 700 7,000.00 3.11 P1+2 Bajaj Hindusthan Limited 30 3,000.00 1.33 IND F1+3 Rural Electrification Corporation Limited 25,000 2,517.85 1.12 AAA4 Electro Steel Castings Limited 25 2,500.00 1.11 P1+5 Bombay Dyeing & Manufacturing Company Limited 2,500,000 2,500.00 1.11 A1+6 Chambal Fertilizers and Chemicals Limited 20 2,000.00 0.89 P1+7 Kotak Mahindra Primus Limited 200 1,997.91 0.89 P1+8 GE Capital Services India 10 1,000.16 0.44 P1+9 Manaksia Limited 10 1,000.00 0.44 PR1+

10 Kotak Securities Limited 10 1,000.00 0.44 IND F1+11 Hindustan Construction Company Limited 1,000 1,000.00 0.44 PR1+12 Birla Global Finance Limited 1,000,000 1,000.00 0.44 A1+13 Canbank Factors Limited 50 500.00 0.22 P1+14 Canbank Factors Limited 50 500.00 0.22 P1+15 Birla Global Finance Limited 500,000 500.00 0.22 A1+

Total 28,015.92 12.462 MIBOR Linked / Floating Rate Instruments

a) Listed / Awaiting listing on Stock Exchangesai) Traded1 Housing Development and Finance Corporation Limited 150 1,500.00 0.67 AAA

Total 1,500.00 0.67aii) Non–Traded / Thinly Traded**

1 Citi Financial Consumer Finance India Limited 500 4,998.08 2.22 AAA2 Housing Development and Finance Corporation Limited 400 4,006.86 1.78 AAA3 Industrial Development Bank of India Limited 250 2,501.33 1.11 AA+4 Kotak Mahindra Primus Limited 250 2,500.43 1.11 MAA+5 Citi Financial Consumer Finance India Limited 250 2,500.00 1.11 AAA6 Mahindra and Mahindra Financial Services Limited 25 2,500.00 1.11 AA+7 Mahindra and Mahindra Financial Services Limited 250 2,500.00 1.11 P1+8 Mahindra and Mahindra Financial Services Limited 250 2,496.98 1.11 AA+9 Housing Development and Finance Corporation Limited 200 2,008.81 0.89 LAAA

10 Mahindra and Mahindra Financial Services Limited 2,000,000 2,005.80 0.89 AA

11 Kotak Mahindra Primus Limited 200 2,003.96 0.89 MAA12 Mahindra and Mahindra Financial Services Limited 200 2,000.00 0.89 AA+13 Mahindra and Mahindra Financial Services Limited 20 2,000.00 0.89 AA+14 Citicorp Finance India Limited 100 1,002.50 0.45 AAA15 Citicorp Maruti Finance Limited 10 1,000.00 0.44 AAA16 Citicorp Maruti Finance Limited 10 1,000.00 0.44 AAA17 Kotak Mahindra Primus Limited 1,000 1,000.00 0.44 MAA+18 UTI Bank Limited 50 502.12 0.22 AA+19 Citi Financial Consumer Finance India Limited 500 500.00 0.22 AAA20 Citicorp Finance India Limited 500 500.00 0.22 AAA

Total 39,526.88 17.58b) Privately Placed / Unlisted**1 Housing And Urban Development Corporation Limited 750 7,495.89 3.33 PR1+2 Kotak Mahindra Investments Limited 350 3,500.00 1.56 A1+3 GE Capital Services India 25 2,503.57 1.11 AAA4 Rabo India Finance Private Limited 250 2,500.00 1.11 AAA5 Housing And Urban Development Corporation Limited 250 2,500.00 1.11 IND F1+6 Rabo India Finance Private Limited 200 2,000.00 0.89 P1+7 ICICI Bank Limited 150 1,500.00 0.67 AAA8 Sundaram Finance Limited 100 1,000.00 0.44 A1+9 Sundaram Finance Limited 100 1,000.00 0.44 P1+

Total 23,999.46 10.673 Securitised Debt (Unlisted)a) Non–Traded**1 Retail Trust Feb 2005 (HDFC Bank) PTC 100 9,721.81 4.32 AAA(SO)2 Retail Trust Feb 2005 (HDFC Bank) PTC 70 7,410.67 3.30 AAA(SO)3 Retail Residential Trust (ICICI Bank) PTC 35 3,254.44 1.45 AAA(SO)4 Mortgage Securitisation Trust-(ICICI Bank) PTC 35 3,200.52 1.42 AAA(SO)5 Retail Trust Dec 2004 (HDFC Bank) PTC 30 3,024.16 1.34 AAA(SO)6 Indian Retail ABS Trust S-XVI (ICICI Bank) PTC 50 2,236.60 0.99 P1+(SO)7 Indian Retail ABS Trust S-XVIII (ICICI Bank) PTC 30 2,218.32 0.99 AAA(SO)8 Loan Trust Series I (Ranbaxy Holdings) PTC 15 1,504.76 0.67 PR1+(SO)9 TVSFSL Trust Sep 2004 Series . (TVS Finance) PTC 25 1,499.24 0.67 AAA(FSO)

10 Indian Retail ABS Trust S-XXIV (ICICI Bank) PTC 20 1,480.07 0.66 MAAA(SO)11 Asset Securitisation Trust Dec 2004 IV (Chola) PTC 10 941.71 0.42 AAA(SO)12 PFSL TELCO Series A2 PTC 10 305.63 0.14 MAAA13 Indian Retail ABS Trust - Series VIII (ICICI Bank) PTC 15 252.85 0.11 MAAA(SO)14 Indian Retail ABS Trust-Series XIV (ICICI Bank) PTC 20 226.05 0.10 P1+(SO)15 UBL Trust Series 2 (ALFL) PTC 10 175.54 0.08 AAA(SO)16 Retail 2003 Series I (HDFC Bank) PTC 10 174.66 0.08 AAA(SO)

Total 37,627.03 16.734 Money Market Instrumentsa) Commercial Papers1 Standard Chartered Investment And Loans (India) Limited 1,100 5,360.13 2.38 P1+2 GE Capital Services India 1,000 4,906.90 2.18 P1+3 Reliance Energy Limited 1,000 4,738.26 2.11 IND F1+4 Reliance Energy Limited 700 3,315.73 1.47 IND F1+5 Ballarpur Industries Limited 600 2,833.62 1.26 IND F1+6 Standard Chartered Investment And Loans (India) Limited 500 2,483.68 1.10 P1+7 Standard Chartered Investment And Loans (India) Limited 500 2,481.49 1.10 P1+8 Citicorp Finance India Limited 320 1,582.86 0.70 P1+9 Cholamandalam Investment and Finance Company Limited 300 1,491.27 0.66 P1+

10 Exide Industries Limited 300 1,484.51 0.66 A1+11 Kotak Mahindra Primus Limited 300 1,454.77 0.65 P1+12 Hindustan Sanitaryware and Industries Limited 200 996.88 0.44 A1+13 Apollo Tyres Limited 200 996.13 0.44 P1+14 IDBI Home Finance 200 995.33 0.44 A1+15 ICICI Securities Limited 200 989.81 0.44 P1+16 Lakshmi General Finance Limited 200 986.61 0.44 P1+17 Lakshmi General Finance Limited 200 986.46 0.44 P1+18 Bajaj Auto Finance Limited 200 985.89 0.44 P1+19 Hindustan Construction Company Limited 200 974.90 0.43 PR1+20 Housing Development and Finance Corporation Limited 200 961.83 0.43 P1+21 Simplex Concrete Piles India Limited 160 793.83 0.35 PR1+22 Jagran Prakashan Limited 100 493.71 0.22 P1+

Total 42,294.63 18.81b) Certificate of Deposit1 ICICI Bank Limited 5,500 5,399.35 2.40 P1+2 Allahabad Bank 5,000 4,934.44 2.19 P1+3 UTI Bank Limited 5,000 4,887.67 2.17 A1+4 ING Vysya Bank Limited 5,000 4,871.39 2.17 P1+5 Kotak Mahindra Bank Limited 3,000 2,998.15 1.33 P1+6 Kotak Mahindra Bank Limited 2,500 2,453.75 1.09 P1+7 UTI Bank Limited 2,500 2,444.81 1.09 A1+8 ICICI Bank Limited 2,500 2,436.64 1.08 A1+9 Allahabad Bank 2,500 2,435.17 1.08 P1+

10 UTI Bank Limited 2,500 2,368.85 1.05 A1+11 Kotak Mahindra Bank Limited 2,000 1,943.48 0.86 P1+12 ICICI Bank Limited 1,500 1,443.96 0.64 P1+13 UCO Bank Limited 1,500 1,413.93 0.63 P1+14 UCO Bank Limited 1,500 1,412.72 0.63 P1+15 Kotak Mahindra Bank Limited 1,000 991.76 0.44 P1+16 ICICI Bank Limited 1,000 962.18 0.43 A1+17 The Jammu And Kashmir Bank Limited 200 199.05 0.09 P1+

Total 43,597.31 19.39Total Money Market Instruments 85,891.94 38.19

5 Othersa) Fixed Deposit 2,500.00 1.11

Total 2,500.00 1.116 Reverse Repo 52.23 0.027 Net Receivable / (Payable) 2,258.35 1.00


** Securities are classified as thinly traded / non-traded on the date of valuation in accordance with SEBI Regulations andGuidelines. Notional Amount of Interest Rate Swaps Outstanding is Rs100 Crs

HSBC MUTUAL FUND – HSBC INCOME FUND INVESTMENT PLANHalf–Yearly Portfolio Statement for the period ended March 31, 2005


1 Debt Instrumentsa) Listed / Awaiting listing on Stock Exchanges


aii) Non–Traded / Thinly Traded**1 Indian Petrochemicals Corporation Limited 50 529.56 7.60 AA2 Hindalco Industries Limited 5 520.34 7.46 AAA3 UltraTech Cement Limited 5 514.36 7.38 AA+4 Indian Aluminium Company Limited 5 499.99 7.17 AAA5 Mahavir Spinning Mills Limited 5 381.10 5.47 AA-

Total 2,445.35 35.07b) Privately Placed /Unlisted**

Total — —2 Securitised Debt (Unlisted)a) Non–Traded**1 GECSI Loan Series I Class D (IRFC) PTC 5 506.46 7.26 AAA(SO)2 GACL Loan Receivable Trust II PTC 5 486.99 6.98 AA+(SO)3 NTPC Loan Securitised Trust Series XII PTC 5 355.96 5.11 AAA(SO)4 PFSL LIC Housing Finance PTC 5 150.17 2.15 AAA(SO)

Total 1,499.58 21.513 Government Securities (Listed)1 9.39% Government of India Security 2011 500,000 571.65 8.20 Sovereign2 7.55% Government of India Security 2010 500,000 525.25 7.53 Sovereign3 5.59% Government of India Security 2016 400 0.35 0.01 Sovereign



** Securities are classified as thinly traded / non-traded on the date of valuation in accordance with SEBI Regulationsand Guidelines.

HSBC MUTUAL FUND – HSBC INCOME FUND SHORT TERM PLANHalf–Yearly Portfolio Statement for the period ended March 31, 2005




aii) Non–Traded / Thinly Traded**1 Indian Aluminium Company Limited 5 521.18 9.66 AAA2 Industrial Development Bank of India Limited 500 515.96 9.57 AA+3 Citi Financial Consumer Finance India Limited 5 494.80 9.17 AAA

Total 1,531.94 28.41b) Privately Placed / Unlisted**1 ABN Amro Bank 5 545.64 10.12 AAA

Total 545.64 10.12


2 Securitised Debt (Unlisted)a) Non–Traded**1 Fleet Trust August - I (CFIL) PTC 5 358.22 6.64 AAA(SO)2 PFSL Senior Chola Nov 2003 PTC 5 313.32 5.81 MAAA(SO)3 PFSL Citi Dec 2002 PTC 5 248.41 4.61 AAA(SO)4 UBL Trust Series 2 (ALFL) PTC 5 87.77 1.63 AAA(SO)

Total 1,007.72 18.693 Money Market Instrumentsa) Commercial Papers1 Reliance Energy Limited 100 473.68 8.78 IND F1+

Total 473.68 8.78b) Certificate of Deposit1 Kotak Mahindra Bank Limited 500 485.87 9.01 P1+2 Federal Bank Limited 500 473.12 8.77 P1+3 UCO Bank Limited 500 471.31 8.74 P1+4 The Jammu And Kashmir Bank Limited 300 298.58 5.54 P1+







1 Hindalco Industries Limited 5 520.34 0.80 AAATotal 520.34 0.80

b) Privately Placed / Unlisted**1 Rabo India Finance Private Limited 50 500.00 0.77 P1+

Total 500.00 0.772 MIBOR Linked / Floating Rate Instruments

a) Listed / Awaiting listing on Stock Exchangesai) Traded


1 Housing Development and Finance Corporation Limited 350 3,515.41 5.42 LAAA2 Industrial Development Bank of India Limited 250 2,601.37 4.01 AA+3 Mahindra and Mahindra Financial Services Limited 250 2,500.00 3.86 AA+4 Industrial Development Bank of India Limited 200 1,999.25 3.08 AA+5 LIC Housing Finance Limited 150 1,502.25 2.32 AAA6 Housing Development and Finance Corporation Limited 100 1,007.09 1.55 AAA7 Citicorp Finance India Limited 100 1,004.96 1.55 AAA8 Export Import Bank of India 100 1,001.05 1.54 AAA9 Housing Development and Finance Corporation Limited 100 1,000.00 1.54 AAA

Total 16,131.38 24.89b) Privately Placed / Unlisted**1 Finolex Industries Limited 150 1,381.01 2.13 AA+2 ICICI Bank Limited 200 2,000.00 3.09 AAA

Total 3,381.01 5.223 Securitised Debt (Unlisted)

a) Non–Traded**1 Retail Trust Mar 2005 (HDFC Bank) PTC 50 5,157.99 7.96 AAA(SO)2 MART 2005 Series V (Standard Chartered Bank) PTC 40 4,091.27 6.31 MAAA3 BHPC Auto Securitisation Trust (Telco) PTC 20 2,083.87 3.21 MAAA(SO)4 Indian Retail ABS Trust Series XIII (ICICI Bank) PTC 20 1,986.29 3.06 AAA(SO)5 Indian Retail ABS Trust -Series XI (ICICI Bank) PTC 15 1,034.32 1.60 AAA(SO)6 Indian Retail ABS Fleet Trust Apr 2004 10 863.93 1.33 AAA(Ind)(SO)

Series VII (ICICI Bank) PTC7 Fleet Trust Jan 2004 - (CFIL) PTC 10 781.73 1.21 AAA(SO)8 Asset Securitisation Trust Dec 2004 IV (Chola) PTC 10 689.74 1.06 AAA(SO)

Total 16,689.13 25.754 Money Market Instruments

a) Commercial Papers1 GE Capital Services India 700 3,453.40 5.33 P1+2 Rabo India Finance Private Limited 500 2,449.04 3.78 P1+3 Infrastructure Leasing and Financial Services Limited 500 2,377.29 3.67 IND F1+4 Hindustan Construction Company Limited 300 1,469.61 2.27 PR1+5 Housing Development and Finance Corporation Limited 200 961.83 1.48 P1+6 Simplex Concrete Piles India Limited 80 396.92 0.61 PR1+

Total 11,108.09 17.14b) Certificate of Deposit1 The Jammu And Kashmir Bank Limited 2,500 2,470.47 3.81 P1+2 ING Vysya Bank Limited 2,500 2,373.02 3.66 P1+3 ICICI Bank Limited 2,000 1,925.67 2.97 P1+4 Federal Bank Limited 2,000 1,892.48 2.92 P1+5 Kotak Mahindra Bank Limited 1,000 962.62 1.48 P1+6 The Jammu And Kashmir Bank Limited 1,000 947.82 1.46 P1+7 UCO Bank Limited 1,000 941.81 1.45 P1+8 The Jammu And Kashmir Bank Limited 500 497.63 0.77 P1+9 UCO Bank Limited 500 471.31 0.73 P1+


5 Othersa) Fixed Deposit 2,000.00 3.09

Total 2,000.00 3.096 Reverse Repo 1,048.38 1.627 Net Receivable / (Payable) 962.17 1.48


HSBC MUTUAL FUND — HSBC FLOATING RATE FUND - LONG TERM PLANHalf Yearly Portfolio Statement for the period ended March 31, 2005



HSBC MUTUAL FUND – HSBC FLOATING RATE FUND - SHORT TERM PLANHalf–Yearly Portfolio Statement for the period ended March 31, 2005




aii) Non–Traded / Thinly Traded**Total — —

b) Privately Placed / Unlisted**1 Canbank Factors Limited 150 1,500.00 1.70 P1+2 Kotak Mahindra Investments Limited 150 1,500.00 1.70 A1+

Total 3,000.00 3.402 MIBOR Linked / Floating Rate Instrumentsa) Listed / Awaiting listing on Stock Exchanges


aii) Non–Traded / Thinly Traded**1 Export Import Bank of India 450 4,504.72 5.11 AAA2 Housing Development and Finance Corporation Limited 250 2,511.01 2.85 LAAA3 Housing Development and Finance Corporation Limited 250 2,500.00 2.84 AAA4 Mahindra and Mahindra Financial Services Limited 250 2,500.00 2.84 AA+5 Housing Development and Finance Corporation Limited 200 2,003.43 2.27 AAA6 Sundaram Finance Limited 200 2,000.00 2.27 AAA7 Sundaram Finance Limited 200 2,000.00 2.27 MAAA8 Industrial Development Bank of India Limited 150 1,540.27 1.75 LAA+9 Industrial Development Bank of India Limited 100 1,000.17 1.13 AA+

10 Mahindra and Mahindra Financial Services Limited 50 504.28 0.57 AA+11 Housing Development and Finance Corporation Limited 50 503.55 0.57 AAA12 UTI Bank Limited 50 502.12 0.57 AA+13 Citicorp Finance India Limited 50 500.00 0.57 AAA14 Export Import Bank of India 50 499.26 0.57 AAA

Total 23,068.81 26.18b) Privately Placed / Unlisted**1 Housing And Urban Development Corporation Limited 200 2,000.00 2.27 IND F1+2 Deccan Chronicle Holdings Limited 250 2,500.00 2.84 AA3 Ford Credit Kotak Mahindra Limited 3,000 3,003.89 3.41 P1+4 ICICI Bank Limited 150 1,500.00 1.70 AAA5 Indian Oiltanking Limited 10 500.00 0.57 IND F1+6 Kotak Mahindra Investments Limited 100 1,000.00 1.13 A1+7 Lakshmi General Finance Limited 15 1,500.00 1.70 P1+


Investors may obtain Offer Documents and Key Information Memorandums along with application forms from the office of HSBC Mutual Fund, 52/60 Mahatma Gandhi Road, Fort, Mumbai 400 001. Tel: 022-2273 4343. Statutory Details: HSBC Mutual Fund has been set up as a trust by HSBC Securities and Capital Markets (India) Private Limited (liability restricted to the corpusof Rs.1 Lakh). The Sponsor / associates of the Sponsor/ Asset Management Company (AMC) are not responsible or liable for any loss or shortfall resulting from the operation of the Schemes. The Trustees of HSBC Mutual Fund have appointed HSBC Asset Management (India) Private Limited as the Investment Manager. Risk Factors: All investments in mutual funds and securities aresubject to market risks and the Net Asset Value (NAV) of the Scheme(s) may go up or down depending on the factors and forces affecting the securities markets. There can be no assurance that the objectives of the Scheme(s) will be achieved. Past performance of the Sponsor, AMC, Mutual Fund or any associates of the Sponsor/AMC does not indicate the future performance of theScheme(s) of the Mutual Fund. HSBC Equity Fund (HEF), HSBC Income Fund (HIF), HSBC Gilt Fund (HGF), HSBC Cash Fund (HCF), HSBC MIP (HMIP), HSBC India Opportunities Fund (HIOF) and HSBC Floating Rate Fund (HFRF) are the names of the Schemes and do not in any manner indicate the quality of the Schemes or their future prospects or returns. Scheme Classification: HEF(an open-ended growth scheme) aims to generate long-term capital growth from an actively managed portfolio of equity and equity related securities. HIOF (an open-ended growth scheme) seeks to provide long term capital growth through investments across all market capitalisations, including large, mid and small cap stocks and also retains the flexibility to invest up to 50% ofthe portfolio in debt and money market instruments. HIF (an open-ended income scheme) aims to provide a reasonable income whilst maintaining a prudent policy of capital conservation. HGF (an open-ended gilt scheme) aims to generate reasonable returns through investments in Government Securities of various maturities. HCF (an open-ended liquid scheme) aims to provide reasonablereturns, commensurate with low risk while providing a high level of liquidity, through a portfolio of money market and debt securities. HMIP (an open-ended fund, monthly income is not assured and is subject to availability of distributable surplus) seeks to generate reasonable returns through investments in debt and money market instruments with a secondary objective to seek capitalappreciation through investments in equity and equity related instruments. HFRF (an open-ended income scheme) 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. Termsof Issue: Units of the Scheme(s) are being offered at NAV based prices, subject to the prevailing loads. The AMC calculates and publishes NAVs and offers for sale and redemption, units of the Scheme(s) on all Business Days, at the Applicable NAV. Load Structure: HEF, HIOF - Entry Load - For investments below Rs Five crores - 2.25%. For investments of Rs Five crores and above -nil. No Entry Load shall be applicable in case of investments into HEF / HIOF by way of Systematic Investment Plan (SIP) and / or Systematic Transfer Plan (STP) (specified by way of fixed amount in case of HIF, HCF, HMIP, HGF and HFRF or by way of capital appreciation in the Growth Sub-Options under the Regular, Institutional and Institutional Plus Options of HCF and inthe Growth Sub-Option under the Regular and Institutional Options of HFRF- Short Term Plan as described in the Offer Document where each such investment or amount of capital appreciation by way of SIP/STP is of Rs. 25 Lakhs or below. However an Exit Load of 2.25% shall be applicable on the fixed amount or capital appreciation of Rs. 25 Lakhs or below by way of SIP / STP,if such amount is redeemed / switched out of the Scheme within two years from the date of the relevant investment / transfer. In case of investments of more than Rs. 25 Lakhs by way of SIP/STP, an Entry Load of 2.25% will be charged on each such investment. However such load shall not be charged to investors opting to automatically shift the capital appreciation in the valueof their investments in the Growth Sub-Option under the Regular, Institutional and Institutional Plus Options of HCF and in the Growth Sub-Option under the Regular and Institutional Options of HFRF- Short Term Plan on the first, tenth and the twentieth day of every month to HEF / HIOF. However an Exit Load of 2.25% shall be applicable on amount of capital appreciationof more than Rs. 25 Lakhs by way of SIP / STP, if such amount is redeemed / switched out of the Scheme within two years from the date of the relevant investment / transfer. No load shall be applicable in case of Switch in / Switch out, from / to HEF, HIOF. HMIP - Entry Load - nil. Exit Load- For Investments below Rs 10 Lakhs - 0.50% if redeemed within 180 days from date of investment.For investments of Rs 10 Lakhs and above - nil. In case of HIF-Investment Plan- Entry Load- nil. Exit Load- For investments below Rs 10 Lakhs in Regular Option- 0.5% if redeemed within 180 days from the date of investment, otherwise nil. For investments of Rs. 10 Lakhs and above in Regular Option- nil. No Load will be charged in case of Institutional Option of HIF. No Entry Loadshall be applicable in case of investments in HFRF. Exit Load of 0.50% shall be charged in case of each investment below Rs 10 Lakhs, if redeemed before completion of six months from the date of investment in HFRF-Long Term Plan- Regular Option. HIF-Institutional Option and HFRF: No Exit Load shall be applicable in case of STP and Systematic Encashment Plan (SEP) as describedin the Offer Document. Load in case of dividend reinvestments: Where investors opt for reinvestment of dividend earned from the Weekly Dividend Sub-Option under Institutional and Institutional Plus Options of HCF and under the Weekly Dividend Sub-Option under the Institutional Option of HFRF- Short Term Plan, into HEF / HIOF, an Exit Load of 2.25% shall be applicableon the amount of dividend reinvested, if such amount is redeemed / switched out of HEF / HIOF within two years from the date of the reinvestment. No Entry Load will be charged for the amount of dividend reinvestment transferred in to the HEF / HIOF. Load in case of investments by Fund-of-Funds (FOF) Scheme: No load (entry/exit) will be charged by the Schemes of HSBC MutualFund on the investments made by Fund-of- Funds Schemes launched by mutual funds. The entry / Exit Load set forth above is subject to change at the discretion of the AMC and such changes shall be implemented prospectively. Please read the Offer Documents for details and risk factors before investing.

Details of Portfolio Turnover Ratio and Average MaturityScheme/ Plan Name Portfolio turnover during Average

the half year ended MaturityMarch 31, 2005 (Months)

HSBC Equity Fund 0.56 NAHSBC Income Fund - Investment Plan NA 25.65HSBC Income Fund - Short Term Plan NA 11.03HSBC Cash Fund NA 3.16HSBC Floating Rate Fund - Long Term Plan NA 4.83HSBC Floating Rate Fund - Short Term Plan NA 3.60HSBC Gilt Fund Short Term Plan NA 0.12HSBC India Opportunities Fund 0.55 NAHSBC MIP - Regular Plan 0.22 11.24*HSBC MIP - Savings Plan 0.35 12.18*

* Indicates average maturity for the Debt portion of the portfolio

Dividend declaration under the Dividend Options of the Schemes of HSBC Mutual Fund ( for the half year ended 31st March, 2005)Scheme/ Plan Record Date/ Dividend Dividend Dividend Dividend/ Option Name period of dividend (Rs. Per unit ) Rate (Rs. Per unit) Rate (Non-

declared (Corporate) (Corporate) (Non-Corporate) Corporate)

HSBC Income Fund - Investment 17-Dec-04 0.03308000 0.33% 0.03538000 0.35%Plan - Regular Option - Dividend 18-Mar-05 0.06616000 0.66% 0.07075000 0.71%

HSBC Income Fund - Short Term 29-Oct-04 0.02481000 0.25% 0.02653000 0.27%Plan - Regular Option - Dividend 25-Nov-04 0.02481000 0.25% 0.02653000 0.27%

31-Dec-04 0.02481000 0.25% 0.02653000 0.27%28-Jan-05 0.02481000 0.25% 0.02653000 0.27%25-Feb-05 0.02481000 0.25% 0.02653000 0.27%24-Mar-05 0.03308000 0.33% 0.03538000 0.35%

HSBC Income Fund - Short Term 29-Oct-04 0.01654000 0.17%Plan - Institutional Option - Dividend 25-Nov-04 0.01654000 0.17%

31-Dec-04 0.01654000 0.17%28-Jan-05 0.01654000 0.17%25-Feb-05 0.02481000 0.25%24-Mar-05 0.03308000 0.33%

HSBC Equity Fund - Dividend 15-Oct-04 1.50000000 15.00%

HSBC India Opportunities Fund - Dividend 18-Mar-05 1.00000000 10.00%

HSBC Cash Fund - Regular For October 04* 0.03267935 0.33% 0.03494565 0.35%Option - Daily Dividend For November 04* 0.03271468 0.33% 0.03498340 0.35%

For December 04* 0.03380559 0.34% 0.03615000 0.36%For January 05* 0.03416574 0.34% 0.03653511 0.37%For February 05* 0.03051297 0.31% 0.03262904 0.33%

For March 05* 0.03348876 0.33% 0.03581119 0.36%

HSBC Cash Fund - Institutional For October 04* 0.03324110 0.33% 0.03554633 0.36%Option - Daily Dividend For November 04* 0.03477186 0.35% 0.03718330 0.37%

For December 04* 0.03579752 0.36% 0.03828004 0.38%For January 05* 0.03603753 0.36% 0.03853671 0.39%For February 05* 0.03293959 0.33% 0.03522391 0.35%

For March 05* 0.03686852 0.37% 0.03942537 0.39%

HSBC Cash Fund - Institutional For October 04* 0.03206974 0.32%Plus Option - Daily Dividend For November 04* 0.03134674 0.31%

For December 04* 0.03599184 0.36%For January 05* 0.03593844 0.36%For February 05* 0.03284117 0.33%

For March 05* 0.03680085 0.37%

HSBC Cash Fund - Institutional For October 04* 0.03582532 0.36%Option - Weekly Dividend For November 04* 0.02947902 0.29%


For March 05* 0.02668370 0.27%

HSBC Cash Fund - Institutional For October 04* 0.03655609 0.37%Plus Option - Weekly Dividend For November 04* 0.03149819 0.31%


For March 05* 0.02952503 0.30%

HSBC Cash Fund - Institutional 29-Oct-04 0.03537695 0.35%Option - Monthly Dividend 25-Nov-04 0.03158833 0.32%

31-Dec-04 0.03963127 0.40%28-Jan-05 0.03262425 0.33%25-Feb-05 0.02497193 0.25%24-Mar-05 0.03198844 0.32%

HSBC Cash Fund - Institutional Plus 29-Oct-04 0.03680423 0.37%Option - Monthly Dividend 25-Nov-04 0.03118022 0.31%

31-Dec-04 0.03954460 0.40%28-Jan-05 0.02878349 0.29%25-Feb-05 0.03286643 0.33%24-Mar-05 0.03185895 0.32%

HSBC Gilt Fund - Short Term 28-Jan-05 0.03308000 0.33% 0.03538000 0.35%Plan - Dividend

HSBC MIP - Regular 29-Oct-04 0.02481000 0.25% 0.02653000 0.27%Plan - Monthly Dividend 25-Nov-04 0.02481000 0.25% 0.02653000 0.27%

31-Dec-04 0.02481000 0.25% 0.02653000 0.27%28-Jan-05 0.02481000 0.25% 0.02653000 0.27%25-Feb-05 0.04962000 0.50% 0.05307000 0.53%24-Mar-05 0.04135000 0.41% 0.04422000 0.44%

HSBC MIP - Regular 17-Dec-04 0.09925000 0.99% 0.10613000 1.06%Plan - Quarterly Dividend 18-Mar-05 0.09925000 0.99% 0.10613000 1.06%

HSBC MIP - Savings 29-Oct-04 0.04135000 0.41% 0.04422000 0.44%Plan - Monthly Dividend 25-Nov-04 0.04135000 0.41% 0.04422000 0.44%

31-Dec-04 0.04135000 0.41% 0.04422000 0.44%28-Jan-05 0.04135000 0.41% 0.04422000 0.44%25-Feb-05 0.05789000 0.58% 0.06191000 0.62%24-Mar-05 0.04135000 0.41% 0.04422000 0.44%

HSBC MIP - Savings 17-Dec-04 0.07444000 0.74% 0.07960000 0.80%Plan - Quarterly Dividend 18-Mar-05 0.12406000 1.24% 0.13266000 1.33%

HSBC Floating Rate Fund - Long Term 25-Nov-04 0.02191712 0.22% 0.02343706 0.23%Plan - Regular Option - Monthly Dividend 31-Dec-04 0.04377696 0.44% 0.04681286 0.47%

28-Jan-05 0.02481000 0.25% 0.02653000 0.27%25-Feb-05 0.02481000 0.25% 0.02653000 0.27%24-Mar-05 0.03308000 0.33% 0.03538000 0.35%

HSBC Floating Rate Fund - For November 04* 0.01171500 0.12%Long Term Plan - Institutional For December 04* 0.04544672 0.45%Option - Weekly Dividend For January 05* 0.03405242 0.34%

For February 05* 0.03426355 0.34%For March 05* 0.03216088 0.32%

HSBC Floating Rate Fund - 25-Nov-04 0.02257877 0.23%Long Term Plan - Institutional 31-Dec-04 0.04548157 0.45%Option - Monthly Dividend 28-Jan-05 0.02481000 0.25%

25-Feb-05 0.03308000 0.33%24-Mar-05 0.03308000 0.33%

HSBC Floating Rate Fund - For November 04* 0.01780527 0.18% 0.01904008 0.19%Short Term Plan - Regular Option - For December 04* 0.03588025 0.36% 0.03836856 0.38%Daily Dividend For January 05* 0.03504997 0.35% 0.03748066 0.37%

For February 05* 0.03103079 0.31% 0.03318281 0.33%For March 05* 0.03506596 0.35% 0.03749780 0.37%

HSBC Floating Rate Fund - For November 04* 0.01845512 0.18% 0.01973498 0.20%Short Term Plan - Institutional For December 04* 0.03728408 0.37% 0.03986974 0.40%Option - Daily Dividend For January 05* 0.03643831 0.36% 0.03896530 0.39%

For February 05* 0.03227979 0.32% 0.03451841 0.35%For March 05* 0.03646188 0.36% 0.03899054 0.39%

HSBC Floating Rate Fund - For November 04* 0.01256128 0.13%Short Term Plan - Institutional For December 04* 0.04330667 0.43%Option - Weekly Dividend For January 05* 0.03248035 0.32%

For February 05* 0.03277435 0.33%For March 05* 0.03165225 0.32%

HSBC Floating Rate Fund - 25-Nov-04 0.02018029 0.20%Short Term Plan - Institutional 31-Dec-04 0.04119451 0.41%Option - Monthly Dividend 28-Jan-05 0.02481000 0.25%

25-Feb-05 0.02481000 0.25%24-Mar-05 0.03308000 0.33%

Scheme/ Plan Record Date/ Dividend Dividend Dividend Dividend/ Option Name period of dividend (Rs. Per unit ) Rate (Rs. Per unit) Rate (Non-

declared (Corporate) (Corporate) (Non-Corporate) Corporate)

4. Past performance may or may not be sustained in future.5. Average maturity of all the debt oriented schemes is expressed as the weighted average maturity of the portfolio in the fund

in terms of number of months.6. The portfolio turnover for HSBC Equity Fund, HSBC India Opportunities Fund, HSBC MIP Regular (Equity Portion) and HSBC MIP

Savings (Equity Portion) is the lower of purchases & sales to the average net assets during the half year ended March 31, 2005.7. Please refer to the unaudited half yearly financial results for the period ended 31st March, 2005 for details of NAV at the

beginning and end of the half year period.

Notes:1. The provision made for Non-Performing Assets as of March 31,2005 is Rs. NIL and its percentage to Net Asset Value is NIL.2 . Details of Schemes which have outstanding Derivative (OIS) position as on March 31, 2005:

The exposure to derivatives is not in excess of 10% of the net assets of the Scheme.


Notes:* This represents cummulative amounts of dividends declared during the month.Details of dividends declared by the Fund are given above. Investors who have not encashed/claimed their dividendor redemption proceeds are requested to get in touch with the nearest Investor Service Centre for the same. Alldividends are on the Face Value of Rs.10 per unit and are net of dividend distribution tax as relevant. After thepayment of dividend, the NAV falls to the extent of payout.


HSBC Cash Fund 100

HSBC MUTUAL FUND – HSBC Gilt Fund Short Term PlanHalf–Yearly Portfolio Statement for the period ended March 31, 2005



Net Assets as on 31 March 2005 94.04 100.00


8 Rabo India Finance Private Limited 100 1,005.67 1.14 AAA9 Sundaram Finance Limited 100 1,000.00 1.13 P1+

Total 14,009.56 15.903 Securitised Debt (Unlisted)a) Non–Traded**1 Retail Trust Feb 2005 (HDFC Bank) PTC 50 5,183.69 5.88 AAA(SO)2 Retail Trust Feb 2005 (HDFC Bank) PTC 50 5,096.53 5.78 AAA(SO)3 Griha Trust (ICICI Bank) PTC 35 3,348.84 3.80 AAA(SO)4 UMT Trust (Tranche 2) (Usha Martin) PTC 25 2,409.21 2.73 A1+(S0)5 Retail Trust Dec 2004 (HDFC Bank) PTC 20 2,016.11 2.29 AAA(SO)6 Indian Retail ABS Trust S-XXIV (ICICI Bank) PTC 10 740.04 0.84 MAAA(SO)

Total 18,794.41 21.334 Money Market Instrumentsa) Commercial Papers1 GE Countrywide Consumer Financial Services Limited 500 2,431.09 2.76 P1+2 CitiFinancial Consumer Finance India Limited 400 1,966.64 2.23 P1+3 Cholamandalam Investment and Finance Company Limited 400 1,933.00 2.19 P1+

Total 6,330.73 7.18b) Certificate of Deposit1 The Jammu And Kashmir Bank Limited 4,000 3,791.34 4.30 P1+2 The Jammu And Kashmir Bank Limited 3,500 3,483.43 3.95 P1+3 UCO Bank Limited 2,500 2,466.43 2.80 P1+4 Kotak Mahindra Bank Limited 2,500 2,443.06 2.77 P1+5 ING Vysya Bank Limited 2,500 2,373.02 2.69 P1+6 ICICI Bank Limited 2,000 1,950.33 2.21 P1+7 ICICI Bank Limited 1,500 1,443.43 1.64 A1+8 Yes Bank Limited 1,000 996.30 1.13 A1+9 Kotak Mahindra Bank Limited 1,000 994.50 1.13 P1+

10 Federal Bank Limited 1,000 946.24 1.07 P1+11 ICICI Bank Limited 500 481.56 0.55 P1+12 Kotak Mahindra Bank Limited 500 481.31 0.55 P1+


5 Reverse Repo 166.87 0.196 Net Receivable / (Payable) 901.71 1.02




File Name: File Name: File Name: File Name: File Name: Portfolio & Finacials10_20.pg6.5 Job No.:Job No.:Job No.:Job No.:Job No.: 216705 Size: Size: Size: Size: Size: 50 x 32.9 cm Page: 1


HSBC Investments

* Considering Movement of NAV during the half–year and after adjustment of dividend,etc. Returns for all Funds indicate absolute returns except for HSBC Cash Fund which has been annualised.** Returns since launch of Scheme/Plan represents absolute return for the Plans which are in existence for less than 1 year. Returns during the half–year are calculated based on NAV as at beginning of the period and return since inception are calculated taking inception NAV as Rs. 10 per unit for all schemes.@ Indicates less than 0.01# Indicates annualised for the period$ Indicates schemes / plans launched during the current half–year and hence opening Unit Capital, Net Assets and NAV Per unit for the period are not available.! Indicates there are no investors in the Option~ w.e.f. from 3rd June, 2005 Non–corporate investors have been allowed to invest in the institutional Option’s. Accordingly the Dividend rate is the rate declared subsequent to first non–corporate investment in the Sub Option.

Schemes performance may not be strictly comparable with the performance of the index due to the inherent difference in the construction of the portfolio.

Notes to the accounts1. There is no change in accounting policies employed during the reporting period as compared to the polices in the immediately preceding reporting period.2. Details of amounts paid to associates in terms of Regulation 25 (8)

HSBC MUTUAL FUNDHSBC MUTUAL FUNDHSBC MUTUAL FUNDHSBC MUTUAL FUNDHSBC MUTUAL FUNDUnaudited Half – Yearly Financial Results for the period ended 30 September 2005. Unaudited Half – Yearly Financial Results for the period ended 30 September 2005. Unaudited Half – Yearly Financial Results for the period ended 30 September 2005. Unaudited Half – Yearly Financial Results for the period ended 30 September 2005. Unaudited Half – Yearly Financial Results for the period ended 30 September 2005. As per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.As per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.As per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.As per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.As per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.

Name of the Payee HEF HCF HIF–IP HIF–ST HGF–ST HMIP–R HMIP–S HMEF HIOF HFRF–LT HFRF–ST TOTALHSBC Securities and Capital Markets (India) Pvt. Ltd.Brokerage 18.92 0.60 0.69 1.52 6.55 28.28The Hongkong & Shanghai Banking Corporation Ltd.Brokerage on Distribution – HSBC Ltd 148.86 48.68 5.43 4.20 0.0 @ 10.52 5.48 262.99 75.56 10.71 31.91 604.34Collection / Bank Charges 0.68 0.36 0.49 0.04 0.00 @ 2.34 2.33 0.13 0.46 0.09 0.02 6.94


3. Details of investment in Fixed Deposits with associates in terms of Regulations 25 (8)

Particulars HEF HCF HIF–IP HIF–ST HGF–ST HMIP–R HMIP–S HMEF HIOF HFRF–LT HFRF–ST TOTALThe Hongkong & Shanghai Banking Corporation Ltd. – 50.00 – – – – – – – 35.00 – 85.00

The AMC is availing the services of the sponsor / associates to act as collection / distribution agents and for investment broking. HSBC, an associate of the sponsor, is one of the banks whom HSBC Mutual Fund places money onFixed Deposits and enters into government securtities and treasury bills transactions from time to time at competitive rates.

HSBC Mutual Fund also enters into transactions in government securities, treasury bills and reverse repo at market rates with HSBC Primary Dealership (India) Private Limited, a subsidiary of the sponsor.

Notes@ . Indicates less than 0.01# : Charges paid by all the schemes of HSBC Mutual Fund towards settlement of Government Securities transactions through the constituent SGL account.

(Rs. in lakhs)

Sl. Particulars HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBCNo. Equity Fund India Opportunities Midcap Equity Income Fund – Income Fund – Short Cash Fund Gilt Fund MIP MIP Floating Rate Fund – Floating Rate Fund –

(HEF) Fund Fund Investment Plan Term Plan (HCF) Short Term Plan Regular Plan Savings Plan Long Term Plan Short Term Plan(HIOF) (HMEF) (HIF–IP) (HIF–ST) (HGF–ST) (HMIP–R) (HMIP–S) (HFRF–LT) (HFRF–ST)

1.1 Unit Capital at the beginning of the half–year period (March 31, 05) 645.42 368.86 N.A. 63.51 50.93 2,172.25 0.92 167.61 139.29 639.65 877.13(Rs. in crores)

1.2 Unit Capital at the end of the period (September 30, 2005) (Rs. in crores) 414.80 247.22 283.78 40.58 251.36 2,650.49 0.48 86.22 91.79 1,015.01 1,043.92

2 Reserves & Surplus (Rs. in crores) 853.51 163.43 114.35 4.73 24.64 109.76 0.02 5.58 10.02 26.19 12.53

3.1 Total Net Assets at the beginning of the half–year period (Rs. in crores) 1,574.78 452.06 N.A. 69.72 53.93 2,248.88 0.94 172.59 144.68 648.23 881.233.2 Total Net Assets at the end of the period (Rs. in crores) 1,268.31 410.65 398.13 45.31 276.01 2,760.25 0.50 91.80 101.81 1,041.20 1,056.45

4.1 NAV at the beginning of the half–year period (Rs.)Growth Option 36.1834 13.0066 N.A. N.A. N.A. N.A. 10.2888 10.5146 10.6669 N.A. N.A.Dividend Option 22.0131 12.0561 N.A. N.A. N.A. N.A. 10.1563 N.A. N.A. N.A. N.A.Regular Option – Dividend N.A. N.A. N.A. 10.2739 10.1455 N.A. N.A. N.A. N.A. 10.0299 10.0128Regular Option – Growth N.A. N.A. N.A. 11.3575 11.2366 11.1980 N.A. N.A. N.A. 10.2111 10.2020Institutional Option – Dividend N.A. N.A. N.A. – ! 10.6842 N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option – Growth N.A. N.A. N.A. 11.4964 11.3059 N.A. N.A. N.A. N.A. 10.2188 10.2097Regular Option Daily Dividend N.A. N.A. N.A. N.A. N.A. 10.1930 N.A. N.A. N.A. N.A. N.A.Institutional Option Daily Dividend N.A. N.A. N.A. N.A. N.A. 10.4401 N.A. N.A. N.A. N.A. 10.0132Institutional Option Weekly Dividend N.A. N.A. N.A. N.A. N.A. 10.4596 N.A. N.A. N.A. 10.0263 10.0232Institutional Option Monthly Dividend N.A. N.A. N.A. N.A. N.A. 10.4631 N.A. N.A. N.A. 10.0247 10.0339Institutional Option Growth N.A. N.A. N.A. N.A. N.A. 11.2086 N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Growth N.A. N.A. N.A. N.A. N.A. 10.4111 N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Daily Dividend N.A. N.A. N.A. N.A. N.A. 10.0056 N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Weekly Dividend N.A. N.A. N.A. N.A. N.A. 10.0160 N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Monthly Dividend N.A. N.A. N.A. N.A. N.A. 10.0185 N.A. N.A. N.A. N.A. N.A.Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.1487 10.1754 N.A. N.A.Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0972 10.1766 N.A. N.A.

4.2 NAV at the end of the period (Rs.)Growth Option 47.1614 17.6042 14.0294 $ N.A. N.A. N.A. 10.4776 11.1044 11.5896 N.A. N.A.Dividend Option 26.6882 16.3118 14.0294 $ N.A. N.A. N.A. 10.3427 N.A. N.A. N.A. N.A.Regular Option – Dividend N.A. N.A. N.A. 10.2835 10.2950 N.A. N.A. N.A. N.A. 10.0935 10.0128Regular Option – Growth N.A. N.A. N.A. 11.6467 11.5593 11.4866 N.A. N.A. N.A. 10.4926 10.4713Regular Option – Weekly Dividend N.A. N.A. N.A. N.A. N.A. 10.0158 $ N.A. N.A. N.A. N.A. 10.0132 $Institutional Option – Dividend N.A. N.A. N.A. – ! 10.7747 N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option – Growth N.A. N.A. N.A. 11.8271 11.6484 N.A. N.A. N.A. N.A. 10.5110 10.4896Regular Option Daily Dividend N.A. N.A. N.A. N.A. N.A. 10.1930 N.A. N.A. N.A. N.A. N.A.Institutional Option Daily Dividend N.A. N.A. N.A. N.A. N.A. 10.4401 N.A. N.A. N.A. N.A. 10.0132Institutional Option Weekly Dividend N.A. N.A. N.A. N.A. N.A. 10.4600 N.A. N.A. N.A. 10.0265 10.0233Institutional Option Monthly Dividend N.A. N.A. N.A. N.A. N.A. 10.4634 N.A. N.A. N.A. 10.0888 10.0183Institutional Option Growth N.A. N.A. N.A. N.A. N.A. 11.5033 N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Growth N.A. N.A. N.A. N.A. N.A. 10.6955 N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Daily Dividend N.A. N.A. N.A. N.A. N.A. 10.0056 N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Weekly Dividend N.A. N.A. N.A. N.A. N.A. 10.0164 N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Monthly Dividend N.A. N.A. N.A. N.A. N.A. 10.0189 N.A. N.A. N.A. N.A. N.A.Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4283 10.7082 N.A. N.A.Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.3381 10.5956 N.A. N.A.

4.3 Dividend paid per unit during the half–year (Individual/HUF) (Rs.)Dividend Option 1.5000 – – – – – – – – – –Regular Option – Dividend – – – 0.2193 0.1228 – – – – 0.1842 –Institutional Option – Dividend – – – – – – – – – – –Regular Option Daily Dividend – – – – – 0.2276 – – – – 0.2288Regular Option Weekly Dividend – – – – – 0.1871 – – – – 0.1937Institutional Option Daily Dividend – – – – – 0.2376 – – – – 0.2377Institutional Option Weekly Dividend – – – – – 0.1547 ~ – – – 0.1686 ~ 0.1633 ~Institutional Option Monthly Dividend – – – – – 0.1550 ~ – – – – 0.1382 ~Institutional Plus Option – Daily Dividend – – – – – 0.1968 ~ – – – – –Institutional Plus Option – Weekly Dividend – – – – – 0.1539 ~ – – – – –Institutional Plus Option – Monthly Dividend – – – – – 0.1542 ~ – – – – –Monthly Dividend – – – – – – – 0.2456 0.2894 – –Quarterly Dividend – – – – – – – 0.2806 0.3947 – –

4.4 Dividend paid per unit during the half–year (Others) (Rs.)Dividend Option 1.5000 – – – – – – – – – –Regular Option – Dividend – – – 0.2042 0.1143 – – – – 0.1715 –Institutional Option – Dividend – – – – 0.1879 – – – – – –Regular Option Daily Dividend – – – – – 0.2119 – – – – 0.2130Regular Option Weekly Dividend – – – – – 0.1742 – – – – 0.1804Institutional Option Daily Dividend – – – – – 0.2213 – – – – 0.2213Institutional Option Weekly Dividend – – – – – 0.2213 – – – 0.2390 0.2213Institutional Option Monthly Dividend – – – – – 0.2218 – – – 0.1797 0.2349Institutional Plus Option – Daily Dividend – – – – – 0.2203 – – – – –Institutional Plus Option – Weekly Dividend – – – – – 0.2201 – – – – –Institutional Plus Option – Monthly Dividend Option – – – – – 0.2206 – – – – –Monthly Dividend – – – – – – – 0.2287 0.2695 – –Quarterly Dividend – – – – – – – 0.2614 0.3675 – –

Income5.1 Dividend (Rs. in crores) 18.94 5.39 4.21 – – – – 0.30 0.42 – –5.2 Interest (Rs. in crores) 0.40 0.17 0.96 1.75 4.42 77.27 0.02 3.72 2.84 29.08 31.985.3 Profit / (Loss) on sale / redemption of investments 277.10 94.36 37.19 0.10 0.01 1.46 0.00 @ 2.54 4.32 0.75 0.80

(other than inter scheme transfer / sale)[Rs. in crores]5.4 Profit / (Loss) on inter–scheme transfer/sale of investment (Rs. in crores) – – – (0.14) (0.02) – – (1.91) (0.58) 0.01 0.025.5 Other Income (Rs. in crores) – – – 0.01 0.01 0.00 @ – – – – 0.00 @5.6 Total Income (5.1 to 5.5 ) [Rs. in crores] 296.44 99.91 42.35 1.71 4.43 78.73 0.02 4.66 7.00 29.84 32.81

Expenses6.1 Management Fees (Rs. in crores) 6.73 2.15 1.58 0.20 0.37 3.59 0.00 @ 0.73 0.65 1.54 1.676.2 Trustee Fees (Rs. in crores) – – – – – – – – – – –6.3 Total Recurring Expenses (including 6.1 and 6.2) [Rs. in crores] 13.60 4.67 3.25 0.48 0.70 6.78 0.00 @ 1.28 1.12 3.40 3.416.4 Percentage of Management Fees to daily average net assets (Regular Option) [%] # 0.97% 1.06% 1.08% 0.75% 0.54% 0.35% 0.37% 1.11% 1.13% 0.38% 0.38%

Percentage of Management Fees to daily average net assets N.A. N.A. N.A. 0.55% 0.43% 0.34% N.A. N.A. N.A. 0.30% 0.27%(Institutional Option) [%] #Percentage of Management Fees to daily average net assets N.A. N.A. N.A. N.A. N.A. 0.22% N.A. N.A. N.A. N.A. N.A.(Institutional Plus Option) [%] #

6.5 Total Recurring expenses as a percentage of daily average net assets 1.97% 2.30% 2.22% 1.75% 1.10% 0.70% 1.00% 1.96% 1.95% 0.85% 0.75%(Regular Option) [%] #Total Recurring expenses as a percentage of daily average net assets N.A. N.A. N.A. 1.11% 0.79% 0.60% N.A. N.A. N.A. 0.65% 0.55%(Institutional Option) [%] #Total Recurring expenses as a percentage of daily average net assets N.A. N.A. N.A. N.A. N.A. 0.40% N.A. N.A. N.A. N.A. N.A.(Institutional Plus Option) [%] #

7.1 Returns during the half–year (absolute returns) * 30.34% 35.35% N.A. 2.55% 2.87% 5.14% 1.84% 5.61% 8.65% 2.76% 5.26%7.2 Compounded Annualised yield

(I) Last 1 year 55.01% 57.53% N.A. 4.57% 5.22% 5.05% 3.61% 8.64% 12.62% N.A. N.A.(ii) Last 3 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(iii) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(iv) Since launch of the scheme 73.73% 42.40% 40.29% ** 5.58% 5.30% 5.06% 2.59% 6.77% 9.66% 4.76% 5.41%

7.3 Compounded Annualised yield for Benchmark Index(I) Last 6 months 26.56% 28.78% N.A. 2.73% 2.66% 4.68% 2.45% 6.30% 6.30% 2.33% 4.68%(ii) Last 1 year 49.75% 54.68% N.A. 4.83% 4.94% 4.61% 4.85% 10.46% 10.46% N.A. N.A.(iii) Last 3 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(iv) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(v) Since launch of the scheme 45.24% 32.15% 29.24% ** 4.73% 4.52% 4.41% 4.20% 5.90% 5.90% 4.13% 4.75%Date of Allotment 10–Dec–02 24–Feb–04 19–May–05 10–Dec–02 10–Dec–02 4–Dec–02 5–Dec–03 24–Feb–04 24–Feb–04 16–Nov–04 16–Nov–04

7.4 Benchmark Index BSE 200 BSE 500 BSE Midcap Crisil Composite Crisil Short Term Crisil Liquid I–Sec–SI–Bex Crisil MIP Crisil MIP Crisil Liquid Fund Crisil Liquid Fund Bond Fund Index Bond Fund Index Fund Index Blended Index Blended Index Index Index

8 Provision for Doubtful Income/ Debts (Rs. in crores) – – – – – – – – – – –

9 Payment to associate / group companies (Rs. in crores) – – – – – – – – – – –{Refer to Notes to account – note 2}

10 Investment made in associate / group companies (Rs. in crores) – – – – – – – – – – –{Refer to Notes to account – note 3}

(Rs. in crores)



HSBC Investments

Company Name Schemes Investment made Aggregate cost of Outstanding as atinvested by schemes of acquisition during September 30, 2005in by the HSBC Mutual the period ended (At Market/FairCompany Fund in the September 30, 2005 Value)







HEF – HSBC Equity FundHIOF – HSBC India Opportunities FundHIF – HSBC Income FundHCF – HSBC Cash FundHGF – HSBC Gilt FundHMIP – HSBC MIPHFRF – HSBC Floating Rate FundHIIF – HSBC Institutional Income FundHMEF – HSBC Midcap Equity Fund

The above investments comprise equity shares, debentures / bonds, commercial paper, fixed deposits and other debt instruments.These investments have been made on account of their high credit quality and competitive yield for the investment in fixedincome/ money market instruments and in case of equity shares because of attractive valuations of these companies.

HSBC MUTUAL FUND HALHSBC MUTUAL FUND HALHSBC MUTUAL FUND HALHSBC MUTUAL FUND HALHSBC MUTUAL FUND HALFFFFF––––– YEARLY PORTFOLIO DISCLOSURESYEARLY PORTFOLIO DISCLOSURESYEARLY PORTFOLIO DISCLOSURESYEARLY PORTFOLIO DISCLOSURESYEARLY PORTFOLIO DISCLOSURES


5. Details of investors holding units in the scheme over 25% of the NAV as on 30 September 2005 is Nil.6. No bonus was declared during the reporting period.7. Deferred Revenue Expenditure

Deferred Revenue Expenditure (DRE) includes all expenses incurred in relation to the initial issue of units of the relevant scheme. Such DRE iswritten off equally over a period of five years.

8. During the reporting period, no borrowing was carried out by HSBC Mutual Fund9. Details of Schemes which have outstanding Derivative (OIS) position as on September 30, 2005:

The above results have been compiled for all schemes plans which existed during the half–year ended 30 September 2005. During the period there have been no investment in foreign securities.

The above unaudited financial results have been approved by the Directors of HSBC Asset Management (India) Private Limited and Board of Trustees of HSBC Mutual Fund.

Mumbai For and on behalf of the Board of Directors of For and on behalf of the Board of Trustees ofHSBC Asset Management (India) Private Limited HSBC Mutual Fund

Niall S. K. Booker Sanjay Prakash N.P. Gidwani Mehli MistriChairman Chief Executive Officer Trustee Trustee

HSBC MUTUAL FUND – HSBC Monthly Income Plan SavingsHalf Yearly Portfolio Statement for the period ended September 30, 2005


HSBC MUTUAL FUND – HSBC Monthly Income Plan RegularHalf Yearly Portfolio Statement for the period ended September 30, 2005


HSBC MUTUAL FUND – HSBC EQUITY FUNDHalf Yearly Portfolio Statement for the period ended September 30, 2005



AUTO1 Mahindra & Mahindra Limited 22,080 83.35 0.82

BANKS1 Punjab National Bank Limited 29,160 131.39 1.29

CEMENT1 Grasim Industries Limited 3,600 47.58 0.47

FERROUS METALS1 Tata Steel Limited 37,600 159.24 1.56

HARDWARE1 HCL Infosystems Limited 30,000 71.97 0.71

INDUSTRIAL PRODUCTS1 Jain Irrigation Systems Limited 84,000 143.39 1.41

MEDIA & ENTERTAINMENT1 Zee Telefilms Limited 25,000 43.20 0.42

NON – FERROUS METALS1 Hindalco Industries Limited 74,252 109.15 1.07

OIL1 Oil & Natural Gas Corporation Limited 24,104 255.74 2.51

PETROLEUM PRODUCTS1 Reliance Industries Limited 49,000 388.84 3.822 Kochi Refineries Limited 130,335 230.17 2.263 IBP Company Limited 27,619 137.17 1.354 Hindustan Petroleum Corporation Limited 30,000 94.32 0.93

SOFTWARE1 HCL Technologies Limited 28,300 128.84 1.27


ai) Traded1 Rural Electrification Corporation Limited 50 499.76 4.91 AAA

Total 499.76 4.91aii) Non Traded / Thinly Traded**

1 Associated Cements Company Limited 50 538.71 5.29 LAA+2 Canara Bank Limited 100 524.22 5.15 AAA3 Ultratech Cement Limited 5 515.27 5.06 AA+4 Mahindra & Mahindra Financial Services Limited 50 501.86 4.93 AA+5 Housing Development Finance Corporation Limited 50 499.82 4.91 AAA6 Industrial Development Bank of India Limited 50 497.82 4.89 AA+7 Citi Financial Consumer Finance India Limited 50 495.45 4.87 AAA8 Mahavir Spinning Mills Limited 2 152.59 1.50 AA–9 Indian Railway Finance Corporation Limited 5 50.42 0.50 AAA

Total 3776.17 37.09b) Privately Placed / Unlisted**

Total – –3 Securitised Debt (Unlisted)a) Traded

Total – –Total – –

b) Non Traded / Thinly traded**1 Indian Retail ABS Trust Series X–A3 (ICICI Bank) PTC 20 978.19 9.61 AAA(SO)2 NTPC Loan Securitization Trust Series– XII (ICICI Bank) PTC 10 593.97 5.83 AAA(SO)3 Indian Retail ABS Trust Series XIV–A3 (ICICI Bank) PTC 5 230.98 2.27 AAA(SO)

Total 1803.13 17.714 Government Securities1 12.00% Government of India Security 2008 500,000 566.75 5.57 Sovereign2 7.55% Government of India Security 2010 250,000 258.75 2.54 Sovereign


Net Assets as on 30 September 2005 10,181.07 100.00


AUTO1 Mahindra & Mahindra Limited 14,914 56.30 0.61

BANKS1 Punjab National Bank Limited 28,432 128.11 1.40

CEMENT1 Grasim Industries Limited 2,400 31.72 0.35

FERROUS METALS1 Tata Steel Limited 25,088 106.25 1.16

HARDWARE1 HCL Infosystems Limited 15,000 35.99 0.39

INDUSTRIAL PRODUCTS1 Jain Irrigation Systems Limited 62,000 105.83 1.15

MEDIA & ENTERTAINMENT1 Zee Telefilms Limited 15,000 25.92 0.28

NON – FERROUS METALS1 Hindalco Industries Limited 57,509 84.54 0.92


PETROLEUM PRODUCTS1 Kochi Refineries Limited 101,115 178.57 1.952 Reliance Industries Limited 17,500 138.87 1.513 IBP Company Limited 15,642 77.69 0.854 Hindustan Petroleum Corporation Limited 15,000 47.16 0.51

SOFTWARE1 HCL Technologies Limited 21,000 95.60 1.04


ai) TradedTotal – –

aii) Non Traded / Thinly Traded**1 Canara Bank Limited 100 524.22 5.71 AAA2 Mahindra & Mahindra Financial Services Limited 50 501.86 5.47 AA+3 Housing Development Finance Corporation Limited 50 499.82 5.44 AAA4 Power Finance Corporation Limited 50 499.00 5.44 AAA5 Infrastructure Development Finance Company Limited 5 486.24 5.30 AAA6 Ultratech Cement Limited 50 480.58 5.24 AA+7 Indian Railway Finance Corporation Limited 5 50.51 0.55 AAA8 Indian Railway Finance Corporation Limited 5 50.29 0.55 AAA9 Indian Railway Finance Corporation Limited 5 49.97 0.54 AAA


Total – –3 Securitised Debt (Unlisted)a) Traded

Total – –b) Non Traded / Thinly traded**1 GACL Loan Receivable Trust II (Citi Bank) PTC 10 925.51 10.08 AAA(SO)2 Indian Retail ABS Trust Series X A3 (ICICI Bank) PTC 15 733.64 7.99 AAA(SO)3 Fleet Trust August I 2003 – Series A3(CFIL)PTC 7 446.33 4.86 AAA(SO)4 TVSFSL Trust Sept2004 Series A2 (TVS Finance) PTC 5 237.92 2.59 AAA(FSO)5 Indian Retail ABS Trust Series XIV–A3 (ICICI Bank) PTC 5 230.98 2.52 AAA(SO)

Total 2574.37 28.044 Government Securities1 12.00% Government of India Security 2008 500,000 566.75 6.17 Sovereign2 10.25% Government of India Security 2021 250,000 313.75 3.42 Sovereign3 7.55% Government of India Security 2010 250,000 258.75 2.82 Sovereign




AUTO1 Mahindra & Mahindra Limited 1,860,539 7,023.53 5.542 Maruti Udyog Limited 532,000 2,978.14 2.35

AUTO ANCILLARIES1 Amtek Auto Limited 1,987,257 5,380.50 4.242 Apollo Tyres Limited 256,423 751.06 0.59

BANKS1 State Bank of India 910,466 8,541.99 6.732 Punjab National Bank Limited 637,830 2,874.06 2.273 Bank of India 2,305,709 2,833.72 2.234 Canara Bank Limited 1,063,755 2,466.85 1.945 Oriental Bank of Commerce 289,904 793.47 0.636 Allahabad Bank Limited 733,800 674.73 0.537 Bank of Baroda 185,457 461.79 0.368 Centurion Bank Limited 1,663,300 331.00 0.269 Indian Overseas Bank 31,949 29.87 0.02

CEMENT1 Grasim Industries Limited 180,000 2,378.79 1.882 Associated Cements Company Limited 467,000 2,274.99 1.79

CONSUMER NON DURABLE1 Balrampur Chini Mills Limited 790,469 699.17 0.552 Bata India Limited 24,206 34.75 0.033 Dwarikesh Sugar Industries Limited 1,886 3.97 0.00 *

FERROUS METALS1 Jindal Steel & Power Limited 524,500 7,591.61 5.992 Tata Steel Limited 1,123,000 4,755.91 3.753 Jindal Vijayanagar Steel Limited 1,280,000 3,712.00 2.934 Mahindra Ugine Steel Company Limited 1,105,000 1,281.80 1.015 Steel Authority of India Limited 369,916 240.82 0.196 Usha Martin Limited 61,000 116.45 0.09

FINANCE1 Infrastructure Development Finance Company Limited 1,823,869 1,294.04 1.022 Jindal South West Holdings Limited 356,815 710.24 0.563 Birla Global Finance Limited 100,000 196.50 0.15

HARDWARE1 HCL Infosystems Limited 4,384,713 10,518.93 8.29

INDUSTRIAL CAPITAL GOODS1 Bharat Heavy Electricals Limited 4,960 60.72 0.05

INDUSTRIAL PRODUCTS1 Jain Irrigation Systems Limited 1,451,613 2,477.90 1.952 Bharat Forge Limited (Warrant) 3,425 8.89 0.01 #

LOTTERIES1 Videocon Industries Limited 286,173 1,276.76 1.01

MEDIA & ENTERTAINMENT1 Zee Telefilms Limited 901,879 1,558.45 1.23

NON – FERROUS METALS1 Sterlite Industries (India) Limited 326,414 2,834.09 2.232 Hindalco Industries Limited 720,000 1,058.40 0.83

OIL1 Oil & Natural Gas Corporation Limited 228,683 2,426.33 1.912 Hindustan Oil Exploration Limited 154,236 242.15 0.19

PETROLEUM PRODUCTS1 Hindustan Petroleum Corporation Limited 1,974,000 6,206.26 4.892 Reliance Industries Limited 506,000 4,015.36 3.173 Kochi Refineries Limited 1,817,843 3,210.31 2.534 IBP Company Limited 525,564 2,610.21 2.06

PHARMACEUTICALS1 Lupin Limited 200,615 1,516.95 1.202 Aurobindo Pharma Limited 296,297 1,051.85 0.833 TASC Pharmaceuticals Limited 99,040 253.20 0.204 Ind–Swift Laboratories Limited 22,500 40.29 0.03

POWER1 CESC Limited 5,226 11.88 0.01

SOFTWARE1 Patni Computer Systems Limited 1,444,701 6,522.10 5.142 HCL Technologies Limited 1,413,034 6,432.84 5.07

** Securities are classified as thinly traded / non traded on the date of valuation in accordance with SEBI Regulations andGuidelines.

The exposure in derivatives is not in excess of 10% of the net assets of the schemes.

Bharti Televentures Limited HIF HMIP 1,696.83 —HFRF HEF 6,500.36 —

HIOF 2,405.83 —HCF 2,359.97 —

Bank of Baroda HCF HEF 3,911.24 461.79HIOF 586.02 —HMIP 227.86 —

Canara Bank HCF HEF 7,586.44 2,466.85HFRF HIOF 1,803.21 558.88

HMIP 1,824.50 1,048.43HIF 527.62 524.22

Electro Steel Castings Limited HCF HCF 10,000.67 1,000.00

Essar Steel Limited HCF HEF 1,248.97 —HIOF 333.13 —

Exide Industries Limited HFRF HCF 7,874.46 —HFRF 1,460.61 —

Finolex Industries Limited HCF HMEF 1,138.87 1,130.28HIF HFRF 1,372.67 1,393.82HMIP

Grasim Industries Limited HFRF HEF 3,209.03 2,378.79HIOF 102.49 —HIF 990.45 496.53HMIP 616.59 79.29

Gujrat Ambuja Cement HCF HIOF 398.76 —India Limited

HCL Technologies Limited HIF HMIP 1,461.98 224.44HFRF HEF 6,279.76 6,432.84

HIOF 2,723.17 848.13

HCL Infosystems Limited HIF — —(Subsidiary of HCL HCF 3,454.64 2,470.53Technologies Limited) HMIP 188.30 107.96

HEF 3,825.52 10,518.93HIOF 3,492.19 3,356.19HFRF 1,479.64 —

Hero Honda Motors Limited HFRF HMIP 1,152.38 —HCF HEF 1,872.24 —

HIOF 1,102.16 —

Hindalco Industries Limited HIF HIF 2,589.37 503.29HFRF HMIP 1,386.76 193.69HCF HEF 3,068.91 1,058.40

HIOF 1,472.03 562.28HFRF 1,046.65 —

Hindustan Lever Limited HCF HMIP 668.41 —HFRF HEF 624.51 —

HIOF 634.77 507.22

Hindustan Lever Chemicals HIOF 178.37 —(Subsidiary of HindustanLever Limited)Hindustan Sanitaryware HIF HCF 2,960.36 —& Industries Limited HMEF 1,027.01 1,071.03

Indian Aluminium Company Limited HFRF HMIP 547.49 —HIF 535.04 —

Indian Rayon & Industries Limited HFRF HEF 806.94 731.57HIOF 1,146.08 1,844.29

Indo Gulf Fertilisers Limited HIF HMEF 708.44 1,153.74

Industrial Development HIF HIF 1,471.77 —Bank of India HFRF HCF 26,950.27 7,440.97

HIIF 2,941.17 —HMIP 7,107.96 497.82HEF 5,806.15 —HIOF 1,254.72 498.96HFRF 32,653.30 9,587.57

Infrastructure Leasing & HCF HCF 65,771.89 4,422.09Financial Services Limited HFRF 18,661.03 982.15

HMIP 1,949.25 —

Infrastructure Development HFRF HCF 2,443.96 —Finance Company Limited HIF HIF 969.35 —

HFRF 8,021.75 3,398.62HMIP 968.82 486.24HEF 1,343.41 1,294.04HIOF 307.99 51.33

Infosys Technologies Limited HCF HIOF 2,375.44 1,759.58HMIP 1,449.72 —HEF 1,095.28 —

ITC Limited HCF HMIP 977.65 —HFRF HEF 10,613.11 —HIF HIOF 438.72 —

Jet Airways (India) Limited HFRF HEF 5,426.52 2,479.01HCF HIOF 2,757.56 1,451.52

L & T Finance Limited HCF HCF 31,054.46 2,976.11HFRF 17,306.52 1,454.18HIF 470.74 483.96

Maruti Udyog Limted HFRF HEF 9,032.45 2,978.14HIOF 2,417.01 136.03HMIP 693.79 —

Mastek Dc Offshore Development HCF HEF 707.82 1,640.40Company Private Limited HIOF 435.07 1,049.36

HMEF 803.43 984.30

Patni Computer Systems Limited HCF HEF 3,284.24 6,522.10HIF HIOF 1,449.79 2,381.84

HMIP 288.94 —

Reliance Industries Limited HCF HMIP 3,743.20 527.71HFRF HEF 17,530.70 4,015.36

HIF 1,016.06 1,014.68HIOF 7,421.69 1,444.26

State Bank of India HMEF HIOF 2,389.32 930.69HCF HEF 9,856.75 8,541.99

HMIP 1,045.75 —

Sterlite Industries Limited HFRF HCF 28,281.65 —HEF 1,102.03 2,834.09HIOF 1,087.36 1,116.45

HFRF 4,000.00 —

Hindustan Zinc Limited HIOF 78.87 —(Subsidiary of SterliteIndustries Limited)

Syndicate Bank HFRF HEF 322.44 —HIOF 96.31 —

Tata Steel Limited HCF HEF 11,865.27 4,755.91HIOF 2,771.61 707.25HMIP 1,316.64 265.48

Tata Motors Limited HFRF HMIP 1,107.90 —HEF 7,369.84 —HIOF 2,396.23 —HIF 461.75 —HCF 2,856.82 4.96HFRF 7,133.50 6,284.26

Tata Sons Limited HCF HMIP 507.61 —HCF 502.20 500.52

The Tata Power Company Limited HCF HEF 484.70 —HMIP 352.50 —

Tata Chemicals Limited HIF HEF 530.30 —HFRF HIOF 932.92 537.32

HMIP 94.22 —

Tata Consultancy Services Limited HIF HEF 3,567.22 —HIOF 1,085.43 —HMIP 1,804.31 —

The Bombay Dyeing and HIF HCF 4,000.00 —Manufacturing Company Limited HEF 275.14 —

HFRF 3,000.00 —HIOF 1,763.13 767.90HMEF 993.88 —

UCO Bank HIF HCF 25,808.56 4,848.10HFRF HFRF 19,243.37 5,337.51

HIF 1,898.58 961.82

Vijaya Bank HIIF HEF 1,085.88 —HIOF 198.00 —

Wipro Limited HCF HMIP 729.62 —HEF 1,771.48 —HIOF 133.79 —

(Rs. in lakhs)Name of the Scheme Deferred Revenue Expenditure Balance of Deferred Revenue

Written off during “the half year" Expenditure as on September 30, 2005

HSBC Midcap Equity Fund 13.48 175.81

Scheme Notional value (Rs. in Crores)HSBC Cash Fund 75

HSBC Floating Rate Fund – Short Term Plan 25



HSBC Investments

Sr. Name of the Instrument Quantity Market Value % age to RatingNo. (Rs. in Lakhs) Assets


* indicates percentage to Net Asset Value for that security is less than 0.01%.# Delisted, awaiting conversion

HSBC MUTUAL FUND – HSBC INDIA OPPORTUNITIES FUNDHalf Yearly Portfolio Statement for the period ended September 30, 2005



AUTO1 Mahindra & Mahindra Limited 423,692 1,599.44 3.892 Maruti Udyog Limited 24,300 136.03 0.33

AUTO ANCILLARIES1 Asahi India Glass Limited 243,554 187.41 0.46

BANKS1 State Bank of India 99,200 930.69 2.272 Punjab National Bank Limited 141,075 635.68 1.553 Bank of India 495,163 608.56 1.484 Corporation Bank 133,824 568.62 1.385 Canara Bank Limited 241,000 558.88 1.366 Industrial Development Bank of India Limited 405,000 498.96 1.227 Allahabad Bank Limited 459,919 422.90 1.038 Andhra Bank Limited 290,659 301.85 0.74

CEMENT1 Ultratech Cement Limited 125,083 582.89 1.422 Associated Cements Company Limited 108,790 529.97 1.29

CHEMICALS1 Bombay Dyeing & Manufacturing Company Limited 200,000 767.90 1.872 Gujarat Alkalies & Chemicals Limited 515,167 749.83 1.83

CONSTRUCTION1 Mahindra Gesco Corporation Limited 193,400 533.20 1.30

CONSUMER NON DURABLE1 Titan Industries Limited 140,000 685.09 1.672 Hindustan Lever Limited 280,000 507.22 1.24

FERROUS METALS1 Jindal Vijayanagar Steel Limited 330,000 957.00 2.332 Tata Steel Limited 167,000 707.25 1.723 Jindal Stainless Limited 420,000 612.99 1.49

FERTILISERS1 Tata Chemicals Limited 280,000 537.32 1.31

FINANCE1 Infrastructure Development Finance Company Limited 72,346 51.33 0.122 Jindal South West Holdings Limited 22,441 44.67 0.11

HARDWARE1 HCL Infosystems Limited 1,398,994 3,356.19 8.17

INDUSTRIAL CAPITAL GOODS1 Engineers India Limited 280,466 1,518.72 3.702 Bharat Heavy Electricals Limited 27,506 336.71 0.823 Crompton Greaves Limited 48,886 324.16 0.794 Emco Limited 32,077 129.30 0.31

INDUSTRIAL PRODUCTS1 Jain Irrigation Systems Limited 403,945 689.53 1.682 Bharat Forge Limited (Warrant) 193 0.50 0.00 *#

LOTTERIES1 Videocon Industries Limited 66,551 296.92 0.72

MEDIA & ENTERTAINMENT1 New Delhi Television Limited 160,000 335.92 0.82

NON – FERROUS METALS1 Sterlite Industries (India) Limited 128,586 1,116.45 2.722 Hindalco Industries Limited 382,500 562.28 1.37

OIL1 Oil & Natural Gas Corporation Limited 140,000 1,485.40 3.62

PETROLEUM PRODUCTS1 Reliance Industries Limited 182,000 1,444.26 3.522 Hindustan Petroleum Corporation Limited 330,729 1,039.81 2.53

SOFTWARE1 Patni Computer Systems Limited 527,598 2,381.84 5.802 Infosys Technologies Limited 69,955 1,759.58 4.283 Hinduja TMT Limited 408,972 1,616.67 3.944 NIIT Technologies Limited 811,221 1,409.50 3.435 Mastek Limited 208,000 1,049.36 2.566 HCL Technologies Limited 186,300 848.13 2.07

TEXTILE PRODUCTS1 Indian Rayon & Industries Limited 299,374 1,844.29 4.492 Arvind Mills Limited 499,000 663.17 1.61

TEXTILES – COTTON1 Ambica Cotton Mills Limited 275,000 796.81 1.942 Mahavir Spinning Mills Limited 92,641 275.93 0.67

TRANSPORTATION1 Jet Airways India Limited 130,000 1,451.52 3.53

Total 40,448.62 98.502 Reverse Repos 683.69 1.663 Net Receivable / (Payable) –67.22 –0.16


* indicates percentage to Net Asset Value for that security is less than 0.01%.# Delisted, awaiting conversion

HSBC MUTUAL FUND – HSBC CASH FUNDHalf Yearly Portfolio Statement for the period ended September 30, 2005



Total – –aii) Non Traded / Thinly Traded**

1 Housing Development Finance Corporation Limited 150 1,498.02 0.54 AAATotal 1,498.02 0.54

b) Privately Placed / Unlisted**1 Cholamandalam Investment & Finance Company Limited 250 2,500.00 0.91 P1+2 Cholamandalam Investment & Finance Company Limited 250 2,500.00 0.91 P1+3 GE Countrywide Consumer Financial Services Limited 25 2,500.00 0.91 AAA4 Ranbaxy Laboratories Limited 25 2,500.00 0.91 P1+5 United Phosphorus Limited 25 2,500.00 0.91 Unrated6 United Phosphorus Limited 25 2,500.00 0.91 Unrated7 Kotak Securities Limited 20 2,000.00 0.72 A1+8 SREI Infrastructure Finance Limited 2,000 2,000.00 0.72 PR1+9 Lafarge India Pvt Limited 15 1,524.60 0.55 AA

10 Kotak Mahindra Investment Limited 150 1,501.25 0.54 A1+11 Manaksia Limited 15 1,500.00 0.54 PR1+12 Aarti Industries Limited 10 1,000.00 0.36 P1+13 Electrosteel Castings Limited 10 1,000.00 0.36 P1+14 Hindustan Construction Company Limited 1,000 1,000.00 0.36 PR1+15 Tata Sons Limited 5 500.52 0.18 AAA16 Manaksia Limited 5 500.00 0.18 PR1+17 Redington (India) Limited 5 500.00 0.18 P1+18 Redington (India) Limited 5 500.00 0.18 P1+19 Redington (India) Limited 5 500.00 0.18 P1+




1 Citi Financial Consumer Finance India Limited 500 4,998.50 1.81 AAA2 Housing Development Finance Corporation Limited 400 4,005.55 1.45 AAA3 Industrial Development Bank of India Limited 350 3,509.20 1.27 AA+4 Citicorp Finance(India) Limited 350 3,500.00 1.27 AAA5 Citicorp Finance(India) Limited 2,500 2,508.88 0.91 AAA6 Kotak Mahindra Primus Limited 250 2,500.22 0.91 MAA+7 Citi Financial Consumer Finance India Limited 250 2,500.00 0.91 AAA8 Citicorp Finance(India) Limited 250 2,500.00 0.91 AAA9 Housing Development Finance Corporation Limited 250 2,500.00 0.91 AAA

10 Mahindra & Mahindra Financial Services Limited 250 2,500.00 0.91 P1+11 Mahindra & Mahindra Financial Services Limited 250 2,497.52 0.90 AA+12 Mahindra & Mahindra Financial Services Limited 2,000,000 2,004.21 0.73 AA+13 Kotak Mahindra Primus Limited 200 2,002.82 0.73 MAA+14 Mahindra & Mahindra Financial Services Limited 200 2,000.00 0.72 AA+15 Industrial Development Bank of India Limited 150 1,544.75 0.56 LAA+16 Cholamandalam Investment & Finance Company Limited 150 1,500.00 0.54 MAA+17 Housing Development Finance Corporation Limited 150 1,500.00 0.54 AAA18 Sundaram Finance Limited 100 1,001.48 0.36 MAAA19 Indian Railway Finance Corporation Limited 100 1,001.08 0.36 AAA20 Citicorp Maruti Finance Limited 10 1,000.00 0.36 AAA21 Kotak Mahindra Primus Limited 1,000 1,000.00 0.36 MAA+22 Citicorp Finance(India) Limited 50 507.39 0.18 AAA23 Mahindra & Mahindra Financial Services Limited 5 500.96 0.18 AA+

Total 49,082.57 17.78b) Privately Placed / Unlisted**1 Kotak Mahindra Primus Limited 300 3,000.00 1.09 P1+

** Securities are classified as thinly traded / non traded on the date of valuation in accordance with SEBI Regulations andGuidelines.

HSBC MUTUAL FUND – HSBC INCOME FUND INVESTMENT PLANHalf Yearly Portfolio Statement for the period ended September 30, 2005




1 Power Finance Corporation Limited 50 499.00 11.01 AAA2 Housing Development Finance Corporation Limited 50 498.67 11.01 AAA3 Grasim Industries Limited 10 496.53 10.96 LAAA4 Mahavir Spinning Mills Limited 5 381.48 8.42 AA–

Total 1,875.68 41.40b) Privately Placed / Unlisted**

Total – –2 Securitised Debt (Unlisted)


aii) Non Traded / Thinly Traded**1 India MBS 2002 Series I– ID(LICHFL) PTC 5 132.18 2.92 AAA(SO)

Total 132.18 2.923 Government Securities1 12.00% Government of India Security 2008 500,000 566.75 12.51 Sovereign2 7.55% Government of India Security 2010 500,000 517.50 11.42 Sovereign3 10.25% Government of India Security 2021 250,000 313.75 6.92 Sovereign4 5.59% Government of India Security 2016 400 0.35 0.01 Sovereign



** Securities are classified as thinly traded / non traded on the date of valuation in accordance with SEBI Regulationsand Guidelines.

HSBC MUTUAL FUND – HSBC INCOME FUND SHORT TERM PLANHalf Yearly Portfolio Statement for the period ended September 30, 2005



ai) Traded1 Rural Electrification Corporation Limited 100 999.52 3.62 AAA


1 Citi Financial Consumer Finance India Limited 200 2,002.97 7.26 AAA2 Reliance Industries Limited 100 1,014.68 3.68 AAA3 LIC Housing Finance Limited 100 996.95 3.61 AAA4 Mahavir Spinning Mills Limited 8 610.36 2.21 AA–5 Indian Petrochemicals Corporation Limited 50 526.75 1.91 AAA6 Canara Bank Limited 100 524.22 1.90 AAA7 Exim Bank 5 515.38 1.87 AAA8 Indian Railway Finance Corporation Limited 50 515.28 1.87 AAA9 Hindalco Industries Limited 50,000 503.29 1.82 AAA

10 Mahindra & Mahindra Financial Services Limited 50 501.86 1.82 AA+11 Citicorp Finance(India) Limited 50 500.11 1.81 AAA12 Exim Bank 50 499.62 1.81 AAA13 Power Finance Corporation Limited 50 499.00 1.81 AAA14 Citi Financial Consumer Finance India Limited 50 495.45 1.80 AAA15 Ultratech Cement Limited 50 480.58 1.74 AA+

Total 10,186.50 36.91b) Privately Placed / Unlisted**1 Shriram Transport Finance Company Limited 10 1,000.16 3.62 IND F1+2 Kotak Mahindra Investment Limited 50 500.42 1.81 A1+3 Dewan Housing Finance Corporation Limited 50 500.00 1.81 P1+4 Essel Propack Limited 5 500.00 1.81 Unrated

** Securities are classified as thinly traded / non traded on the date of valuation in accordance with SEBI Regulations and Guidelines.


1 Debt Instrumentsa) Listed / Awaiting listing on Stock Exchangesai) Traded1 Infrastructure Development Finance Company Limited 100 882.73 0.85 AAA


Total – –b) Privately Placed / Unlisted**1 Canbank Factors Limited 250 2,500.00 2.40 P1+2 Ford Credit Kotak Mahindra 800 800.00 0.77 P1+


a) Listed / Awaiting listing on Stock Exchangesai) Traded1 UTI Bank Limited 300 3,011.25 2.89 LAA+

Total 3,011.25 2.89aii) Non Traded / Thinly Traded**

1 ICICI Bank Limited 400 4,029.82 3.87 AAA2 Indian Railway Finance Corporation Limited 350 3,503.76 3.37 AAA3 Housing Development Finance Corporation Limited 300 3,039.67 2.92 LAAA4 Industrial Development Bank of India Limited 250 2,617.16 2.51 AA+5 Infrastructure Development Finance Company Limited 250 2,515.89 2.42 AAA6 Industrial Development Bank of India Limited 250 2,505.22 2.41 AA+7 Mahindra & Mahindra Financial Services Limited 250 2,500.00 2.40 AA+8 Finolex Industries Limited 150 1,393.82 1.34 AA+9 Citicorp Finance(India) Limited 100 1,014.78 0.97 AAA

10 Exim Bank 100 1,001.46 0.96 AAA11 Housing Development Finance Corporation Limited 100 1,000.00 0.96 AAA12 LIC Housing Finance Limited 5 509.28 0.49 AAA13 Housing Development Finance Corporation Limited 50 503.67 0.48 AAA

Total 26,134.54 25.10b) Privately Placed / Unlisted**1 L&T Finance Limited 15 1,500.00 1.44 AA2 Rabo India Finance Pvt Limited 100 1,005.46 0.97 AAA3 Deccan Chronicle Holdings Limited 100 1,000.00 0.96 PR1+4 Mahindra & Mahindra Financial Services Limited 100 1,000.00 0.96 AA+


a) TradedTotal – –

b) Non Traded / Thinly Traded**1 UBL Trust Series 16 (SCILL) PTC 50 5,012.58 4.81 AA(SO)2 Mumbai Auto Sec. Trust 2005 Series V – A1 (SCB) PTC 40 2,704.51 2.60 AAA(SO)3 Fleet Trust June 2005 Series A2 (CFIL) PTC 25 2,577.97 2.48 AAA(SO)4 BHPC Auto Securitisation Trust May 05 II Series – III 25 2,526.56 2.43 AAA(SO)

(Tata Motors) PTC5 BHPC Auto Securitisation Trust May 05 II Series – A1 25 2,226.87 2.14 AAA(SO)

(Tata Motors) PTC6 Indian Infrast. Eq . Recbls. Trust Series A1 (SREI) PTC 25 2,078.71 2.00 AAA(Ind)(SO)7 Indian Retail ABS Trust –Series – XIII – A3 (ICICI Bank) PTC 20 1,986.29 1.91 AAA(SO)8 BHPC Auto Securitisation Trust Series – A2 (Tata Motors) PTC 20 1,530.83 1.47 MAAA(SO)9 IGHCC2 Loan Trust Series I (GE Capital) PTC 15 1,500.00 1.44 AA+(SO)

10 Indian Retail ABS Trust Series – XXXIII – A1 (ICICI Bank) PTC 15 957.37 0.92 AAA(SO)11 Indian Retail ABS Trust Series – XXXVII – A1 (ICICI Bank) PTC 10 940.02 0.90 AAA(SO)12 Fleet Trust Apr04 Series VII – A7 (CFIL) PTC 10 633.70 0.61 AAA (Ind)(SO)13 Fleet Trust Jan 04 Series A5 (CFIL) PTC 10 516.80 0.50 AAA(SO)14 Asset Securitisation Trust Dec 2004 Series IV – A2 (Chola) PTC 10 410.91 0.39 AAA(SO)15 Indian Retail ABS Trust–Series XI – A2 (ICICI Bank) PTC 15 172.03 0.17 AAA(SO)16 Indian Retail ABS Trust Series IV (ICICI Bank) PTC 15 90.81 0.09 MAAA(SO)


a) Commercial Papers1 Kotak Mahindra Primus Limited 500 2,455.28 2.36 P1+2 Gammon India Limited 200 998.62 0.96 P1+3 GE Countrywide Consumer Financial Services Limited 200 996.13 0.96 P1+4 L&T Finance Limited 200 970.22 0.93 PR1+5 IDBI Home Finance Limited 200 947.16 0.91 A1+6 Housing Development Finance Corporation Limited 100 498.03 0.48 A1+7 Infrastructure Leasing & Financial Services Limited 100 492.22 0.47 PR1+8 Infrastructure Leasing & Financial Services Limited 100 489.93 0.47 IND F1+9 L&T Finance Limited 100 483.96 0.46 PR1+

Total 8,331.54 8.00b) Certificate of Deposit1 State Bank of Patiala 5,000 4,740.09 4.55 A1+2 UTI Bank Limited 2,500 2,499.23 2.40 A1+3 Kotak Mahindra Bank Limited 2,500 2,484.44 2.39 P1+4 ING Vysya Bank Limited 2,500 2,369.00 2.28 P1+5 Kotak Mahindra Bank Limited 2,500 2,367.52 2.27 P1+6 State Bank of Travancore 2,500 2,367.29 2.27 P1+7 Federal Bank Limited 2,500 2,366.89 2.27 P1+8 The Jammu & Kashmir Bank Limited 2,000 1,955.86 1.88 P1+9 ICICI Bank Limited 1,500 1,485.86 1.43 A1+

10 Kotak Mahindra Bank Limited 1,000 990.77 0.95 P1+11 UCO Bank Limited 1,000 974.30 0.94 P1+12 UTI Bank Limited 1,000 960.91 0.92 A1+13 Allahabad Bank Limited 1,000 948.28 0.91 P1+14 ICICI Bank Limited 500 495.77 0.48 P1+15 UCO Bank Limited 500 483.38 0.46 P1+


5 Reverse Repos 403.75 0.396 Net Receivable / (Payable) 4,195.53 4.03


HSBC MUTUAL FUND — HSBC FLOATING RATE FUND – LONG TERM PLANHalf Yearly Portfolio Statement for the period ended September 30, 2005


3 Mphasis BFL Limited 797,394 1,995.08 1.574 Mastek Limited 325,153 1,640.40 1.295 Hinduja TMT Limited 258,608 1,022.28 0.816 NIIT Technologies Limited 363,000 630.71 0.507 Polaris Software Lab Limited 48,781 66.63 0.058 Sasken Communication Technologies Limited 14,003 56.84 0.04

TEXTILE PRODUCTS1 S. Kumars Nationwide Limited 3,751,632 1,922.71 1.522 Indian Rayon & Industries Limited 118,752 731.57 0.58

TRANSPORTATION1 Jet Airways India Limited 222,024 2,479.01 1.95

Total 125,310.82 98.802 Reverse Repos 2,190.54 1.733 Net Receivable / (Payable) –670.42 –0.53


2 GE Capital Services India 25 2,501.75 0.91 AAA3 Housing Urban Development Corporation 250 2,501.35 0.91 IND F1+4 Indian Oil Corporation Limited 250 2,500.00 0.91 LAAA5 Cholamandalam Investment & Finance Company Limited 200 2,000.00 0.72 LAA6 Dewan Housing Finance Corporation Limited 150 1,500.40 0.54 AA7 GE Countrywide Consumer Financial Services Limited 15 1,500.00 0.54 AAA8 GE Capital Services India 10 1,011.92 0.37 AAA9 Dewan Housing Finance Corporation Limited 100 1,000.00 0.36 AA+

10 Hero Honda Finlease Limited 10 1,000.00 0.36 P1+11 Sundaram Finance Limited 100 1,000.00 0.36 P1+12 Rabo India Finance Pvt Limited 50 500.00 0.18 AAA


a) TradedTotal – –

b) Non Traded / Thinly Traded**1 Indian Retail ABS Trust Series 44 – A1 (ICICI Bank) PTC 90 8,890.02 3.22 AAA(SO)2 Retail Trust Feb 2005 Series A4 (HDFC Bank) PTC 100 6,273.41 2.27 LAAA(SO)3 Indian Retail ABS Trust Series – XXXIII – A1 (ICICI Bank) PTC 75 4,786.86 1.73 AAA(SO)4 Fleet Trust June 2005 Series A1(CFIL) PTC 40 3,674.37 1.33 AAA(SO)5 SAI Trust Series A (ICICI Brokerage services) PTC 250 2,498.87 0.91 P1+(SO)6 Retail Trust Dec 2004 Series A3 (HDFC Bank) PTC 30 2,424.93 0.88 AAA(SO)7 Asset Securitisation Trust Dec 04 IV Series A5 (Chola) PTC 10 660.37 0.24 AAA(SO)8 Indian Retail ABS Trust Series–XVIII A4 (ICICI Bank) PTC 30 650.93 0.24 AAA(SO)9 TVSFSL Trust Sept 2004 Series A1 (TVS Finance) PTC 25 613.55 0.22 AAA(FSO)

10 Indian Retail ABS Trust Series – XXIV – A1 (ICICI Bank) PTC 20 438.43 0.16 MAAA(SO)11 UBL Trust Series 2 (ALFL) PTC 15 104.13 0.04 AAA(SO)12 PFSL Citi Dec 2002 Series A2 PTC 5 88.37 0.03 AAA(SO)13 HDFC Bank Retail Series I PTC 10 68.33 0.02 AAA(SO)14 PFSL TELCO Series A2 PTC 10 4.96 0.00 MAAA(SO)


a) Commercial Papers1 Reliance Energy Limited 1,100 5,369.42 1.95 IND F1+2 Housing Development Finance Corporation Limited 1,000 4,971.23 1.80 A1+3 Power Finance Corporation Limited 1,000 4,882.55 1.77 P1+4 Housing Development Finance Corporation Limited 900 4,482.29 1.62 A1+5 L&T Finance Limited 600 2,976.11 1.08 PR1+6 Ballarpur Industries Limited 600 2,922.64 1.06 IND F1+7 Standard Chartered Investments & Loans Limited 600 2,916.61 1.06 P1+8 Rabo India Finance Pvt Limited 500 2,477.45 0.90 P1+9 Power Finance Corporation Limited 500 2,477.25 0.90 P1+

10 HCL Infosystems Limited 500 2,470.53 0.90 A1+11 Infrastructure Leasing & Financial Services Limited 500 2,462.37 0.89 IND F1+12 United Phosphorus Limited 500 2,435.90 0.88 PR1+13 Cholamandalam Investment & Finance Company Limited 400 1,990.56 0.72 P1+14 Simplex Concrete Piles (India) Limited 400 1,981.41 0.72 PR1+15 Infrastructure Leasing & Financial Services Limited 400 1,959.72 0.71 IND F1+16 Kotak Mahindra Primus Limited 300 1,497.88 0.54 P1+17 GE Countrywide Consumer Financial Services Limited 300 1,494.20 0.54 P1+18 IDBI Home Finance Limited 200 995.40 0.36 A1+19 Rabo India Finance Pvt Limited 200 994.14 0.36 P1+20 Jagran Prakashan Limited 200 992.93 0.36 P1+21 Jindal Steel & Power Limited 200 992.34 0.36 A1+22 Exim Bank 200 990.17 0.36 P1+23 United Phosphorus Limited 200 989.33 0.36 PR1+24 Jindal Steel & Power Limited 200 988.30 0.36 A1+25 Hindustan Construction Company Limited 200 987.65 0.36 PR1+

Total 57,698.38 20.90b) Certificate of Deposit1 Allahabad Bank Limited 5,000 4,887.05 1.77 P1+2 HDFC Bank Limited 5,000 4,739.63 1.72 PR1+3 Federal Bank Limited 5,000 4,733.78 1.71 P1+4 HDFC Bank Limited 4,000 3,898.57 1.41 PR1+5 The Jammu & Kashmir Bank Limited 3,500 3,357.19 1.22 P1+6 Federal Bank Limited 3,500 3,332.07 1.21 P1+7 ICICI Bank Limited 3,000 2,911.92 1.05 A1+8 UCO Bank Limited 3,000 2,899.81 1.05 P1+9 Kotak Mahindra Bank Limited 2,500 2,500.00 0.91 P1+

10 Kotak Mahindra Bank Limited 2,500 2,500.00 0.91 P1+11 The Jammu & Kashmir Bank Limited 2,500 2,488.72 0.90 P1+12 ICICI Bank Limited 2,500 2,485.09 0.90 P1+13 Allahabad Bank Limited 2,500 2,436.00 0.88 P1+14 Industrial Development Bank of India Limited 2,500 2,387.02 0.86 P1+15 ING Vysya Bank Limited 2,500 2,369.00 0.86 P1+16 State Bank of Patiala 2,500 2,361.68 0.86 A1+17 Punjab National Bank Limited 2,500 2,359.29 0.85 A1+18 The Jammu & Kashmir Bank Limited 1,500 1,443.99 0.52 P1+19 UTI Bank Limited 1,500 1,441.75 0.52 A1+20 ICICI Bank Limited 1,000 991.54 0.36 P1+21 ICICI Bank Limited 1,000 990.55 0.36 A1+22 UCO Bank Limited 1,000 975.18 0.35 P1+23 UCO Bank Limited 1,000 973.11 0.35 P1+24 State Bank of Travancore 1,000 946.92 0.34 P1+25 State Bank of Indore 1,000 943.45 0.34 P1+26 ICICI Bank Limited 500 499.18 0.18 A1+27 UTI Bank Limited 500 480.22 0.17 A1+

Total 62,332.70 22.58c) Bill ReDiscounted1 HDFC Bank Limited 150 7,426.14 2.69 Unrated


5 Reverse Repos 14,947.02 5.426 Net Receivable / (Payable) 2,821.03 1.02


5 Redington (India) Limited 5 500.00 1.81 UnratedTotal 3,000.58 10.87

2 MIBOR Linked / Floating Rate Instrumentsa) Listed / Awaiting listing on Stock Exchangesai) Traded1 UTI Bank Limited 50 501.88 1.82 LAA+


1 Housing Development Finance Corporation Limited 50 506.61 1.84 LAAATotal 506.61 1.84

b) Privately Placed / Unlisted**Total – –

3 Securitised Debt (Unlisted)a) Traded

Total – –b) Non Traded / Thinly Traded**1 Indian Retail ABS Trust Series – XXXVII – A1 (ICICI Bank) PTC 15 1,410.03 5.11 AAA(SO)2 IGHCC2 Loan Trust Series I (GE Capital) PTC 10 1,000.00 3.62 AA+(SO)3 Indian Retail ABS Trust Series 44 – A1 (ICICI Bank) PTC 10 987.78 3.58 AAA(SO)4 GECSI Loan Series I Class D (IRFC) PTC 5 513.18 1.86 AAA(SO)5 Fleet Trust August I 2003 – Series A3(CFIL)PTC 8 510.09 1.85 AAA(SO)6 NTPC Loan Securitization Trust Series XII (ICICI Bank)PTC 5 296.99 1.08 AAA(SO)7 Indian Retail ABS Trust Series XIV–A3 (ICICI Bank) PTC 5 230.98 0.84 AAA(SO)


a) Commercial Papers1 L&T Finance Limited 100 483.96 1.75 PR1+

Total 483.96 1.75b) Certificate of Deposit1 The Jammu & Kashmir Bank Limited 1,500 1,438.80 5.21 P1+2 UCO Bank Limited 1,000 961.82 3.48 P1+3 UTI Bank Limited 1,000 961.22 3.48 A1+


5 Government Securities1 12.00% Government of India Security 2008 500,000 566.75 2.05 Sovereign2 6.96% Government of India Security Oil Comp Bonds 2009 500,000 503.90 1.83 Sovereign

Total 1070.65 3.886 Reverse Repos 1,899.73 6.887 Net Receivable / (Payable) 640.46 2.32


** Securities are classified as thinly traded / non traded on the date of valuation in accordance with SEBI Regulationsand Guidelines.



HSBC Investments

Investors may obtain Offer Documents and Key Information Memorandums along with application forms from the office of HSBC Mutual Fund, 52/60 Mahatma Gandhi Road, Fort, Mumbai 400 001. Tel: 022–2273 4343. Statutory Details: HSBC Mutual Fund has been set up as a trust by HSBC Securities and Capital Markets (India) Private Limited (liability restricted to the corpusof Rs.1 Lakh). The Sponsor / associates of the Sponsor/ Asset Management Company (AMC) are not responsible or liable for any loss or shortfall resulting from the operation of the Schemes. The Trustees of HSBC Mutual Fund have appointed HSBC Asset Management (India) Private Limited as the Investment Manager. Risk Factors: All investments in mutual funds and securities aresubject to market risks and the Net Asset Value (NAV) of the Scheme(s) may go up or down depending on the factors and forces affecting the securities markets. There can be no assurance that the objectives of the Scheme(s) will be achieved. Past performance of the Sponsor, AMC, Mutual Fund or any associates of the Sponsor/AMC does not indicate the future performance of theScheme(s) of the Mutual Fund. HSBC Equity Fund (HEF), HSBC Income Fund (HIF), HSBC Gilt Fund (HGF), HSBC Cash Fund (HCF), HSBC MIP (HMIP), HSBC India Opportunities Fund (HIOF), HSBC Floating Rate Fund (HFRF) and HSBC Midcap Equity Fund (HMEF) are the names of the Schemes and do not in any manner indicate the quality of the Schemes or their future prospects orreturns. Scheme Classification: HEF (an open–ended growth scheme) aims to generate long–term capital growth from an actively managed portfolio of equity and equity related securities. HIOF is an open–ended equity scheme seeking long–term capital growth through investments across all market capitalisations, including small, mid and large cap stocks. It aims to be predominantlyinvested in equity & equity related securities but could move a portion of its assets to fixed income securities if the fund becomes negative on equity markets. HMEF (an open–ended growth scheme) 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 ofits assets towards fixed income securities if the fund manager becomes cautious or negative on the Indian equity markets. HIF (an open–ended income scheme) aims to provide a reasonable income whilst maintaining a prudent policy of capital conservation. HGF (an open–ended gilt scheme) aims to generate reasonable returns through investments in Government Securities of variousmaturities. HCF (an open–ended liquid scheme) 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. HMIP (an open–ended fund, monthly income is not assured and is subject to availability of distributable surplus) seeks to generate reasonable returns through investmentsin debt and money market instruments with a secondary objective to seek capital appreciation through investments in equity and equity related instruments. HFRF (an open–ended income scheme) 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. TheScheme may also invest in fixed rate money market and debt instruments. Terms of Issue: Units of the Scheme(s) are being offered at NAV based prices, subject to the prevailing loads. The AMC calculates and publishes NAVs and offers for sale and redemption, units of the Scheme(s) on all Business Days, at the Applicable NAV. Load Structure: HEF, HIOF and HMEF – Entry Load– For investments below Rs Five crores – 2.25%. For investments of Rs Five crores and above – Nil. Exit Load – Nil. HMIP – Entry Load – Nil. Exit Load – For Investments below Rs 10 Lakhs – 0.50% if redeemed within 180 days from date of investment. For investments of Rs 10 Lakhs and above – Nil. In case of HIF–Investment Plan– Entry Load– Nil. Exit Load– For investments belowRs 10 Lakhs in Regular Option – 0.5% if redeemed within 180 days from the date of investment, otherwise nil. For investments of Rs. 10 Lakhs and above in Regular Option– Nil. No Load will be charged in case of Institutional Option of HIF. No Entry Load shall be applicable in case of investments in HFRF. Exit Load of 0.50% shall be charged in case of each investment below Rs10 Lakhs, if redeemed before completion of six months from the date of investment in HFRF–Long Term Plan– Regular Option. HIF – Investment Plan and HFRF. For load in case of SIP/STP/dividend re–investments and in case of investments by Fund–of–Funds scheme, contact the nearest Investor Service Centre. The entry / exit loads set forth above are subject to change atthe discretion of the AMC and such changes shall be implemented prospectively. Mutual fund investments are subject to market risks. Please read the offer document carefully before investing.

HSBC Income Fund – Investment 17–Jun–05 0.13155000 1.32% 0.12251000 1.23%Plan – Regular Option – Dividend 16–Sep–05 0.08770000 0.88% 0.08167000 0.82%

HSBC Income Fund – Short Term 29–Apr–05 0.02631000 0.26% 0.02450000 0.25%Plan – Regular Option – Dividend 27–May–05 0.00877000 0.09% 0.00817000 0.08%

24–Jun–05 0.01754000 0.18% 0.01633000 0.16%29–Jul–05 0.03508000 0.35% 0.03267000 0.33%

26–Aug–05 0.03508000 0.35% 0.03267000 0.33%

HSBC Income Fund – Short Term 29–Apr–05 – – 0.03267000 0.33%Plan – Institutional Option – Dividend 27–May–05 – – 0.03267000 0.33%

24–Jun–05 – – 0.04084000 0.41%29–Jul–05 – – 0.04084000 0.41%

26–Aug–05 – – 0.04084000 0.41%

HSBC Equity Fund–Dividend 15–Apr–05 1.50000000 15.00% 1.50000000 15.00%

HSBC Cash Fund – Regular Option – For April 05 * 0.03581125 0.36% 0.03335006 0.33%Daily Dividend For May 05 * 0.03983381 0.40% 0.03709612 0.37%

For June 05 * 0.03726223 0.37% 0.03470129 0.35%For July 05 * 0.03886742 0.39% 0.03619614 0.36%

For August 05 * 0.03852775 0.39% 0.03587982 0.36%For September 05 * 0.03725774 0.37% 0.03469708 0.35%

HSBC Cash Fund – Regular For April 05 * 0.00489541 0.05% 0.00455896 0.05%Option – Weekly Dividend For May 05 * 0.03927420 0.39% 0.03657499 0.37%

For June 05 * 0.03389366 0.34% 0.03156422 0.32%For July 05 * 0.04335320 0.43% 0.04037365 0.40%


HSBC Cash Fund – Institutional For April 05 * 0.03739631 0.37% 0.03482617 0.35%Option – Daily Dividend For May 05 * 0.04160640 0.42% 0.03874688 0.39%

For June 05 * 0.03891845 ~ 0.39% 0.03624368 0.36%For July 05 * 0.04057763 ~ 0.41% 0.03778882 0.38%

For August 05 * 0.04022960 ~ 0.40% 0.03746476 0.37%For September 05 * 0.03891166 ~ 0.39% 0.03623736 0.36%

HSBC Cash Fund – Institutional For April 05 * – – 0.03467545 0.35%Plus Option – Daily Dividend For May 05 * 0.03891941 0.39% 0.03857900 0.39%

For June 05 * 0.03874126 ~ 0.39% 0.03607867 0.36%For July 05 * 0.04037970 ~ 0.40% 0.03760448 0.38%


HSBC Cash Fund – Institutional For April 05 * – – 0.04319739 0.43%Option – Weekly Dividend For May 05 * – – 0.03400839 0.34%

For June 05 * 0.03621985 ~ 0.36% 0.03373055 0.34%For July 05 * 0.04595664 ~ 0.46% 0.04279816 0.43%


HSBC Cash Fund – Institutional For April 05 * – – 0.04297446 0.43%Plus Option – Weekly Dividend For May 05 * – – 0.03382266 0.34%

For June 05 * 0.03601485 ~ 0.36% 0.03353964 0.34%For July 05 * 0.04568899 ~ 0.46% 0.04254890 0.43%


HSBC Cash Fund – Institutional 29–Apr–05 – – 0.04337037 0.43%Option – Monthly Dividend 27–May–05 – – 0.03405837 0.34%

24–Jun–05 0.03627640 ~ 0.36% 0.03378321 0.34%29–Jul–05 0.04604713 ~ 0.46% 0.04288243 0.43%

26–Aug–05 0.03650638 ~ 0.37% 0.03399739 0.34%24–Sep–05 0.03616573 ~ 0.36% 0.03368015 0.34%

HSBC Cash Fund – Institutional 29–Apr–05 – – 0.04313121 0.43%Plus Option – Monthly Dividend 27–May–05 – – 0.03386990 0.34%

24–Jun–05 0.03608270 ~ 0.36% 0.03360283 0.34%29–Jul–05 0.04580419 ~ 0.46% 0.04265618 0.43%

26–Aug–05 0.03630695 ~ 0.36% 0.03381167 0.34%24–Sep–05 0.03599027 ~ 0.36% 0.03351675 0.34%

HSBC MIP – Regular Plan – 29–Apr–05 0.03508000 0.35% 0.03267000 0.33%Monthly Dividend 27–May–05 0.04385000 0.44% 0.04084000 0.41%

24–Jun–05 0.05262000 0.53% 0.04900000 0.49%29–Jul–05 0.05262000 0.53% 0.04900000 0.49%

26–Aug–05 0.06139000 0.61% 0.05717000 0.57%

HSBC MIP – Regular Plan – 17–Jun–05 0.10524000 1.05% 0.09801000 0.98%Quarterly Dividend 16–Sep–05 0.17540000 1.75% 0.16335000 1.63%

HSBC MIP – Savings Plan – 29–Apr–05 0.03508000 0.35% 0.03267000 0.33%Monthly Dividend 27–May–05 0.05262000 0.53% 0.04900000 0.49%

24–Jun–05 0.07016000 0.70% 0.06534000 0.65%29–Jul–05 0.06139000 0.61% 0.05717000 0.57%

26–Aug–05 0.07016000 0.70% 0.06534000 0.65%

HSBC MIP – Savings Plan – 17–Jun–05 0.13155000 1.32% 0.12251000 1.23%Quarterly Dividend 16–Sep–05 0.26310000 2.63% 0.24502000 2.45%

HSBC Floating Rate Fund – 29–Apr–05 0.03508000 0.35% 0.03267000 0.33%Long Term Plan – Regular Option – 27–May–05 0.04385000 0.44% 0.04084000 0.41%Monthly Dividend 24–Jun–05 0.03508000 0.35% 0.03267000 0.33%

29–Jul–05 0.03508000 0.35% 0.03267000 0.33%26–Aug–05 0.03508000 0.35% 0.03267000 0.33%

HSBC Floating Rate Fund – For April 05 * – – 0.04453780 0.45%Long Term Plan – Institutional For May 05 * – – 0.03743612 0.37%Option – Weekly Dividend For June 05 * 0.03819505 ~ 0.38% 0.03557000 0.36%

For July 05 * 0.04683508 ~ 0.47% 0.04361622 0.44%For August 05 * 0.03906352 ~ 0.39% 0.03637878 0.36%

For September 05 * 0.04451545 ~ 0.45% 0.04145599 0.41%

HSBC Floating Rate Fund – 29–Apr–05 – – 0.03267000 0.33%Long Term Plan – Institutional 27–May–05 – – 0.04084000 0.41%Option –Monthly Dividend 24–Jun–05 – – 0.03267000 0.33%

29–Jul–05 – – 0.04084000 0.41%26–Aug–05 – – 0.03267000 0.33%

HSBC Floating Rate Fund – For April 05 * 0.03617153 0.36% 0.03368555 0.34%Short Term Plan – Regular For May 05 * 0.04068188 0.41% 0.03788591 0.38%Option – Daily Dividend For June 05 * 0.03678978 0.37% 0.03426129 0.34%

For July 05 * 0.03866852 0.39% 0.03601091 0.36%For August 05 * 0.03970056 0.40% 0.03697205 0.37%

For September 05 * 0.03676044 0.37% 0.03423395 0.34%

HSBC Floating Rate Fund – For April 05 * 0.00541580 0.05% 0.00504359 0.05%Short Term Plan – Regular For May 05 * 0.03909126 0.39% 0.03640462 0.36%Option – Weekly Dividend For June 05 * 0.03436007 0.34% 0.03199859 0.32%

For July 05 * 0.04447620 0.44% 0.04141946 0.41%For August 05 * 0.03589184 0.36% 0.03342508 0.33%

For September 05 * 0.03446610 0.34% 0.03209735 0.32%

HSBC Floating Rate Fund – For April 05 * 0.03761125 0.38% 0.03502629 0.35%Short Term Plan – Institutional For May 05 * 0.04220042 0.42% 0.03930009 0.39%Option – Daily Dividend For June 05 * 0.03822984 ~ 0.38% 0.03560237 0.36%


For September 05 * 0.03830497 ~ 0.38% 0.03567236 0.36%

HSBC Floating Rate Fund – For April 05 * – – 0.04325158 0.43%Short Term Plan – Institutional For May 05 * 0.00929321 0.09% 0.03464786 0.35%Option – Weekly Dividend For June 05 * 0.03552521 ~ 0.36% 0.03308365 0.33%


For September 05 * 0.03564701 ~ 0.36% 0.03319707 0.33%

HSBC Floating Rate Fund – 29–Apr–05 – – 0.03267000 0.33%Short Term Plan – Institutional 27–May–05 – – 0.04084000 0.41%Option – Monthly Dividend 24–Jun–05 – – 0.03267000 0.33%

29–Jul–05 0.04385000 ~ 0.44% 0.04084000 0.41%26–Aug–05 0.03508000 ~ 0.35% 0.03267000 0.33%24–Sep–05 0.05927928 ~ 0.59% 0.05520516 0.55%

Dividend declaration under the Dividend Options of the schemes of HSBC Mutual Fund(for the half–year ended 30th September, 2005)

Scheme/ Plan / Record Date/ Dividend Dividend Dividend DividendOption Name period of dividend (Rs. Per unit ) Rate (Non- (Rs. Per unit) Rate

declared (Non-Corporate) Corporate) (Corporate) (Corporate)

3. Total investments in foreign securities / ADR's / GDR's at the end of the period is NIL.4. Past performance may or may not be sustained in future.5. Average maturity of all the debt oriented schemes is expressed as the weighted average maturity of the portfolio in the fund

in terms of number of months.6. The portfolio turnover for HSBC Equity Fund, HSBC India Opportunities Fund, HSBC Midcap Equity Fund, HSBC MIP Regular (Equity

Portion) and HSBC MIP Savings (Equity Portion) is the lower of purchases & sales to the average net assets during thehalf– year ended September 30, 2005.

Notes:1. The provision made for Non Performing Assets as of September 30,2005 is Rs. NIL and its percentage to Net Asset Value is NIL.2. Details of Schemes which have outstanding Derivative (OIS) position as on September 30, 2005:

Notes:

* This represents cummulative amounts of dividends declared during the month.

~ W.E.F. 3 Jun 2005 Non–corporate investors have been allowed to invest in the Institutional Options. Accordingly theDividend rate is the rate declared subsequent to first non–corporate investment in the Sub Option


HSBC Cash Fund 75

HSBC Floating Rate- Short Term Fund 25

HSBC MUTUAL FUND – HSBC Gilt Fund Short Term PlanHalf Yearly Portfolio Statement for the period ended September 30, 2005




HSBC MUTUAL FUND – HSBC FLOATING RATE FUND – SHORT TERM PLANHalf Yearly Portfolio Statement for the period ended September 30, 2005



HSBC MUTUAL FUND – HSBC MIDCAP EQUITY FUNDHalf Yearly Portfolio Statement for the period ended September 30, 2005



AUTO ANCILLARIES1 Apollo Tyres Limited 355,070 1,040.00 2.61

BANKS1 Karur Vysya Bank Limited 188,127 1,074.77 2.702 Karnataka Bank Limited 832,000 953.06 2.393 Bank of Maharashtra 2,250,000 824.63 2.074 Federal Bank Limited 182,184 342.78 0.86

CEMENT1 Shree Cements Limited 185,000 852.39 2.14

CHEMICALS1 Finolex Industries Limited 1,450,000 1,130.28 2.842 Aarti Industries Limited 535,772 788.12 1.98

Details of Portfolio Turnover Ratio and Average MaturityScheme/ Plan Name Portfolio turnover during Average

the half–year ended MaturitySeptember 30, 2005 (Months)

HSBC Equity Fund 0.53 NAHSBC Income Fund – Investment Plan NA 41.87HSBC Income Fund – Short Term Plan NA 13.72HSBC Cash Fund NA 3.55HSBC Floating Rate Fund – Long Term Plan NA 4.07HSBC Floating Rate Fund – Short Term Plan NA 3.36HSBC Gilt Fund Short Term Plan NA 0.11HSBC India Opportunities Fund 0.97 NAHSBC Midcap Equity Fund 0.55 NAHSBC MIP – Regular Plan 0.22 29.30*HSBC MIP – Savings Plan 0.40 17.89 *

CONSTRUCTION1 Hindustan Construction Company Limited 75,000 802.58 2.022 Mahindra Gesco Corporation Limited 223,200 615.36 1.55

CONSUMER DURABLES1 Blue Star Limited 18,075 72.32 0.18

CONSUMER NON DURABLES1 EID Parry Limited 717,403 1,339.39 3.362 Hindustan Sanitaryware & Industries Limited 466,783 1,071.03 2.693 Dwarikesh Sugar Industries Limited 488,386 1,028.05 2.584 Balrampur Chini Mills Limited 700,000 619.15 1.565 Marico Industries Limited 147,342 426.63 1.076 Ruchi Soya Industries Limited 32,529 93.63 0.24

FERROUS METALS1 Welspun Gujarat Stahl Rohren Limited 1,414,500 1,229.20 3.092 Maharashtra Seamless Limited 200,000 924.50 2.323 Jindal Stainless Limited 575,000 839.21 2.114 Mahindra Ugine Steel Company Limited 273,226 316.94 0.80

FERTILISERS1 Indo Gulf Fertilisers Limited 575,000 1,153.74 2.90

HARDWARE1 Spanco Telesystems & Solutions Limited 109,464 212.03 0.53

HOTELS1 Hotel Leelaventure Limited 665,000 1,733.32 4.35

INDUSTRIAL CAPITAL GOODS1 Havell’S India Limited 475,000 1,661.31 4.172 KEC International Limited 600,000 1,482.30 3.723 Bharati Shipyard Limited 270,000 944.33 2.374 Emco Limited 203,641 820.88 2.06

INDUSTRIAL PRODUCTS1 BOC India Limited 1,025,000 1,824.50 4.582 Sintex Industries Limited 144,203 965.51 2.433 Jain Irrigation Systems Limited 400,000 682.80 1.72

MEDIA & ENTERTAINMENT1 New Delhi Television Limited 647,150 1,358.69 3.412 Television Eighteen India Limited 180,000 731.43 1.84

PAPER1 Tamil Nadu Newsprint & Papers Limited 823,505 739.10 1.86

PHARMACEUTICALS1 Indoco Remedies Limited 209,415 730.23 1.832 Alembic Limited 250,000 672.00 1.693 IPCA Laboratories Limited 125,077 556.91 1.40

POWER1 CESC Limited 32,660 74.25 0.19

SOFTWARE1 NIIT Technologies Limited 927,612 1,611.73 4.052 Mastek Limited 195,105 984.30 2.473 Nucleus Software Exports Limited 250,000 703.25 1.774 KPIT Cummins Infosys Limited 176,464 486.42 1.22

TEXTILES – COTTON1 Mahavir Spinning Mills Limited 413,772 1,232.42 3.10




Scheme / Plan NAV at the beginning and at the end of the half–year ended September 30, 2005

Scheme / Plan /Option Name NAV per unit as NAV per unit ason September 30, on March 31,

2005/Date of 2005/Date ofFirst NAV * First NAV *

HSBC Equity Fund – Dividend 26.6882 22.0131HSBC Equity Fund – Growth 47.1614 36.1834HSBC Income Fund – Short Term Plan – Regular Option – Dividend 10.2950 10.1455HSBC Income Fund – Short Term Plan – Regular Option – Growth 11.5593 11.2366HSBC Income Fund – Short Term Plan – Institutional Option – Dividend 10.7747 10.6842HSBC Income Fund – Short Term Plan – Institutional Option – Growth 11.6484 11.3059HSBC Income Fund – Investment Plan – Regular Option – Dividend 10.2835 10.2739HSBC Income Fund – Investment Plan – Regular Option – Growth 11.6467 11.3575HSBC Income Fund – Investment Plan – Institutional Option – Growth 11.8271 11.4964HSBC Cash Fund – Regular Option– Dividend 10.1930 10.1930HSBC Cash Fund – Regular Option – Growth 11.4866 11.1980HSBC Cash Fund – Institutional Option – Growth 11.5033 11.2086HSBC Cash Fund – Institutional Option – Daily Dividend 10.4401 10.4401HSBC Cash Fund – Institutional Option – Weekly Dividend 10.4600 10.4596HSBC Cash Fund – Institutional Option – Monthly Dividend 10.4634 10.4631HSBC Cash Fund – Institutional Plus Option – Growth 10.6955 10.4111HSBC Cash Fund – Institutional Plus Option – Daily Dividend 10.0056 10.0056HSBC Cash Fund – Institutional Plus Option – Weekly Dividend 10.0164 10.0160HSBC Cash Fund – Institutional Plus Option – Monthly Dividend 10.0189 10.0185HSBC Cash Fund – Regular Option – Weekly Dividend (04–Apr–05)* 10.0158 –HSBC Gilt Fund – Short Term Plan – Dividend Option 10.3427 10.1563HSBC Gilt Fund – Short Term Plan – Growth Option 10.4776 10.2888HSBC India Opportunities Fund–Dividend 16.3118 12.0561HSBC India Opportunities Fund–Growth 17.6042 13.0066HSBC Floating Rate Fund – Long Term Plan – Regular Option – Dividend 10.0935 10.0299HSBC Floating Rate Fund – Long Term Plan – Regular Option – Growth 10.4926 10.2111HSBC Floating Rate Fund – Long Term Plan – Institutional Option – Growth 10.5110 10.2188HSBC Floating Rate Fund – Long Term Plan – Institutional Option – Weekly Dividend 10.0265 10.0263HSBC Floating Rate Fund – Long Term Plan – Institutional Option – Monthly Dividend 10.0888 10.0247HSBC Floating Rate Fund – Short Term Plan – Regular Option – Dividend 10.0128 10.0128HSBC Floating Rate Fund – Short Term Plan – Regular Option – Growth 10.4713 10.2020HSBC Floating Rate Fund – Short Term Plan – Institutional Option – Growth 10.4896 10.2097HSBC Floating Rate Fund – Short Term Plan – Institutional Option – Daily Dividend 10.0132 10.0132HSBC Floating Rate Fund – Short Term Plan – Institutional Option – Weekly Dividend 10.0233 10.0232HSBC Floating Rate Fund – Short Term Plan – Institutional Option – Monthly Dividend 10.0183 10.0339HSBC Floating Rate Fund – Short Term Plan – Regular Option – Weekly Dividend (04–Apr–05)* 10.0132 –HSBC MIP – Regular Plan–Monthly Dividend 10.4283 10.1487HSBC MIP – Regular Plan–Growth 11.1044 10.5146HSBC MIP – Regular Plan–Quarterly Dividend 10.3381 10.0972HSBC MIP – Savings Plan–Monthly Dividend 10.7082 10.1754HSBC MIP – Savings Plan–Growth 11.5896 10.6669HSBC MIP – Savings Plan–Quarterly Dividend 10.5956 10.1766HSBC Midcap Equity Fund–Dividend (23–May–05)* 14.0294 –HSBC Midcap Equity Fund–Growth (23–May–05)* 14.0294 –

* Dates of first Nav of options commenced during the period are indicated in brackets in the table above




aii) Non Traded / Thinly Traded**1 Housing Development Finance Corporation Limited 150 1,498.02 1.42 AAA2 Citi Financial Consumer Finance India Limited 100 999.24 0.95 AAA

Total 2,497.25 2.36b) Privately Placed / Unlisted**1 Canbank Factors Limited 250 2,500.00 2.37 P1+2 Shriram Transport Finance Company Limited 15 1,500.25 1.42 IND F1+3 Birla Global Finance Limited 1,500,000 1,500.00 1.42 A1+4 Dewan Housing Finance Corporation Limited 150 1,500.00 1.42 P1+5 Kotak Mahindra Investment Limited 100 1,000.83 0.95 A1+6 Triveni Engineering & Industries Limited 10 1,000.00 0.95 A1+7 Birla Global Finance Limited 500,000 500.00 0.47 A1+8 Birla Global Finance Limited 500,000 500.00 0.47 A1+9 Essel Propack Limited 5 500.00 0.47 Unrated

10 Essel Propack Limited 5 500.00 0.47 Unrated11 Redington (India) Limited 5 500.00 0.47 P1+12 Redington (India) Limited 5 500.00 0.47 Unrated

Total 12,001.08 11.362 MIBOR Linked / Floating Rate Instrumentsa) Listed / Awaiting listing on Stock Exchanges

ai) Traded1 UTI Bank Limited 100 1,003.75 0.95 LAA+


1 Industrial Development Bank of India Limited 350 3,510.79 3.32 AA+2 Housing Development Finance Corporation Limited 250 2,501.03 2.37 AAA3 Housing Development Finance Corporation Limited 250 2,500.00 2.37 AAA4 Mahindra & Mahindra Financial Services Limited 250 2,500.00 2.37 AA+5 Housing Development Finance Corporation Limited 200 2,002.77 1.90 AAA6 Sundaram Finance Limited 200 2,000.00 1.89 MAAA7 Sundaram Finance Limited 200 2,000.00 1.89 MAAA8 Housing Development Finance Corporation Limited 150 1,519.83 1.44 LAAA9 ICICI Bank Limited 100 1,007.46 0.95 AAA

10 Housing Development Finance Corporation Limited 100 1,007.34 0.95 AAA11 Mahindra & Mahindra Financial Services Limited 10 1,004.83 0.95 AA+12 Cholamandalam Investment & Finance Company Limited 100 1,000.00 0.95 MAA+13 Citicorp Finance(India) Limited 50 507.39 0.48 AAA14 Mahindra & Mahindra Financial Services Limited 50 503.34 0.48 AA+15 Indian Railway Finance Corporation Limited 50 500.54 0.47 AAA

Total 24,065.32 22.78b) Privately Placed / Unlisted**1 Ford Credit Kotak Mahindra 3,000 3,001.03 2.84 P1+2 Cholamandalam Investment & Finance Company Limited 300 3,000.00 2.84 LAA3 Deccan Chronicle Holdings Limited 250 2,500.00 2.37 AA4 Housing Urban Development Corporation 250 2,500.00 2.37 PR1+5 Dewan Housing Finance Corporation Limited 150 1,500.00 1.42 INDAA6 Mahindra & Mahindra Financial Services Limited 150 1,500.00 1.42 AA+7 Sundaram Finance Limited 15 1,500.00 1.42 P1+8 Rabo India Finance Pvt Limited 100 1,004.31 0.95 AAA9 Rabo India Finance Pvt Limited 100 1,002.89 0.95 AAA

10 GE Countrywide Consumer Financial Services Limited 10 1,000.00 0.95 AAA11 Sundaram Finance Limited 100 1,000.00 0.95 P1+12 Housing Urban Development Corporation 50 500.80 0.47 IND F1+

Total 20,009.04 18.943 Securitised Debt (Unlisted)a) Traded

Total – –b) Non Traded / Thinly Traded**1 Retail Trust Feb 2005 Series A6 (HDFC Bank) PTC 50 3,858.94 3.65 AAA(SO)2 HMT Trust (Tranch II) (ABN Amro Bank) PTC 25 2,499.56 2.37 A1+(SO)3 SAI Trust Series A (ICICI Brokerage services) PTC 250 2,498.87 2.37 P1+(SO)4 UMT Trust (Tranche 2) (Usha Martin) PTC 25 2,484.10 2.35 A1+(SO)5 Fleet Trust June 2005 Series A1(CFIL) PTC 25 2,296.48 2.17 AAA(SO)6 Retail Trust Dec 2004 Series A3 (HDFC Bank) PTC 20 1,616.62 1.53 AAA(SO)7 Indian Retail ABS Trust Series – XXXIII – A1 (ICICI Bank) PTC 10 638.25 0.60 AAA(SO)8 Indian Retail ABS Trust Series – XXIV – A1 (ICICI Bank) PTC 10 219.22 0.21 MAAA(SO)9 PFSL Nov 2003 Series A2 (Chola) PTC 5 139.19 0.13 MAAA(SO)

Total 16,251.22 15.384 Money Market Instrumentsa) Commercial Papers1 GE Countrywide Consumer Financial Services Limited 500 2,475.24 2.34 P1+2 Citicorp Finance(India) Limited 500 2,471.62 2.34 P1+3 Hindustan Construction Company Limited 300 1,470.93 1.39 PR1+4 Gammon India Limited 200 998.42 0.95 P1+

Total 7,416.21 7.02b) Certificate of Deposit1 HDFC Bank Limited 5,000 4,873.19 4.61 PR1+2 UCO Bank Limited 3,000 2,918.02 2.76 P1+3 ICICI Bank Limited 2,000 1,996.78 1.89 A1+4 The Jammu & Kashmir Bank Limited 1,500 1,467.59 1.39 P1+5 Federal Bank Limited 1,500 1,428.03 1.35 P1+6 The Jammu & Kashmir Bank Limited 1,500 1,427.09 1.35 P1+7 Allahabad Bank Limited 1,500 1,422.42 1.35 P1+8 The Jammu & Kashmir Bank Limited 1,000 995.49 0.94 P1+9 UCO Bank Limited 1,000 961.82 0.91 P1+

10 Industrial Development Bank of India Limited 1,000 954.40 0.90 P1+11 Kotak Mahindra Bank Limited 500 495.39 0.47 P1+12 UTI Bank Limited 500 480.61 0.45 A1+


5 Reverse Repos 1,485.96 1.416 Net Receivable / (Payable) 1,494.48 1.41


HSBC Investments


HSBC MUTUAL FUND

Unaudited Half - Yearly Financial Results for the period ended 31 March 2006 as per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.

Sl. Particulars HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBCNo. Equity Fund India Midcap Advantage Income Fund- Income Fund- Cash Gilt Fund - MIP MIP Floating Rate Floating Rate Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed

(HEF) Opportunities Equity India Investment Short Term Fund Short Term Regular Savings Fund - Long Fund - Short Term Term Term Term Term Term Term Term TermFund Fund Fund Plan Plan (HCF) Plan Plan Plan Term Plan Term Plan Series-I Series-II Series-III Series-IV Series-V Series-VI Series-VII Series-VIII Series-13

(HIOF) (HMEF) (HAIF) (HIF-IP) (HIF-ST) (HGF-ST) (HMIP-R) (HMIP-S) (HFRF-LT) (HFRF-ST) (HFTSI) (HFTSII) (HFTSIII) (HFTSIV) (HFTSV) (HFTSVI) (HFTSVII) (HFTSVIII) (HFTS13)

1.1 Unit Capital at the beginning of the half 414.80 247.22 283.78 N.A. 40.58 251.36 2,650.49 0.48 86.22 91.79 1,015.01 1,043.92 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.year period (September 30, 2005) (Rs. in crores)

1.2 Unit Capital at the end of the period 362.40 233.21 282.60 1,541.92 29.18 78.70 1,862.91 0.46 58.23 76.90 349.98 407.48 148.28 142.36 201.73 305.82 200.06 278.02 464.11 326.64 220.97(March 31, 2006) (Rs. in crores)

2 Reserves & Surplus (Rs. In crores) 898.15 224.43 219.79 199.35 3.64 9.98 50.13 0.03 4.79 10.87 18.60 4.86 0.64 0.51 0.29 1.30 0.92 (0.23) 0.48 0.67 0.14

3.1 Total Net Assets at the beginning of the half year period 1,268.31 410.65 398.13 N.A. 45.31 276.01 2,760.25 0.50 91.80 101.81 1,041.20 1,056.45 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(Rs. in crores)

3.2 Total Net Assets at the end of the period 1,260.56 457.64 502.40 1,741.27 32.82 88.68 1,913.04 0.49 63.02 87.78 368.57 412.33 148.92 142.87 202.02 307.12 200.98 277.79 464.59 327.31 221.11(Rs. in crores)

4.1 NAV at the beginning of the half year period (Rs.)Growth Option 47.1614 17.6042 14.0294 N.A. N.A. N.A. N.A. 10.4776 11.1044 11.5896 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Dividend Option 26.6882 16.3118 14.0294 N.A. N.A. N.A. N.A. 10.3427 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Regular Option - Dividend N.A. N.A. N.A. N.A. 10.2835 10.2950 N.A. N.A. N.A. N.A. 10.0935 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Regular Option - Growth N.A. N.A. N.A. N.A. 11.6467 11.5593 11.4866 N.A. N.A. N.A. 10.4926 10.4713 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Regular Option - Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0158 N.A. N.A. N.A. N.A. 10.0132 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option - Dividend N.A. N.A. N.A. N.A. – ! 10.7747 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option - Growth N.A. N.A. N.A. N.A. 11.8271 11.6484 N.A. N.A. N.A. N.A. 10.5110 10.4896 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Regular Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.1930 N.A. N.A. N.A. N.A. 10.0128 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4401 N.A. N.A. N.A. N.A. 10.0132 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4600 N.A. N.A. N.A. 10.0265 10.0233 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4634 N.A. N.A. N.A. 10.0888 10.0183 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Growth N.A. N.A. N.A. N.A. N.A. N.A. 11.5033 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option - Growth N.A. N.A. N.A. N.A. N.A. N.A. 10.6955 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option - Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0056 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option - Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0164 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option - Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0189 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4283 10.7082 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.3381 10.5956 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

4.2 NAV at the end of the period (Rs.)Growth Option 60.9125 23.0533 18.6376 11.2929 $ N.A. N.A. N.A. 10.6756 11.4821 12.2006 N.A. N.A. 10.0431 $ 10.0355 $ 10.0533 $ 10.0424 $ 10.0459 $ 9.9918 $ 10.0764 $ 10.0205 $ N.A.Dividend Option 29.0720 18.7112 17.3714 11.2929 $ N.A. N.A. N.A. 10.5378 N.A. N.A. N.A. N.A. 10.0431 $ 10.0355 $ 10.0044 $ 10.0424 $ 10.0459 $ 9.9918 $ 10.0041 $ 10.0205 $ N.A.Regular Option - Dividend N.A. N.A. N.A. N.A. 10.2696 10.3856 N.A. N.A. N.A. N.A. 10.0578 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0062 $Regular Option - Growth N.A. N.A. N.A. N.A. 11.8011 11.7985 11.7970 N.A. N.A. N.A. 10.7502 10.7486 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0062 $Regular Option - Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0075 N.A. N.A. N.A. N.A. 10.0062 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option - Dividend N.A. N.A. N.A. N.A. — ! 10.7396 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. – !Institutional Option - Growth N.A. N.A. N.A. N.A. 12.0435 11.9121 N.A. N.A. N.A. N.A. 10.7797 10.7777 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0062 $Regular Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.1930 N.A. N.A. N.A. N.A. 10.0128 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4401 N.A. N.A. N.A. N.A. 10.0132 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4530 N.A. N.A. N.A. 10.0198 10.0165 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

Institutional Option Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4564 N.A. N.A. N.A. 10.0884 10.0114 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Growth N.A. N.A. N.A. N.A. N.A. N.A. 11.8200 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option - Growth N.A. N.A. N.A. N.A. N.A. N.A. 11.0065 N.A. N.A. N.A. N.A. 10.2301 $ N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option - Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0056 N.A. N.A. N.A. N.A. 10.0171 $ N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option - Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0096 N.A. N.A. N.A. N.A. N.A. $! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option - Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0120 N.A. N.A. N.A. N.A. N.A. $! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4332 10.7428 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4465 10.8067 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

4.3 Dividend paid per unit during the half-year(Individual/HUF) (Rs.)Dividend Option 4.5000 2.0000 1.0000 — — — — — — — — — — — 0.0446 — — — 0.0634 — —

Regular Option - Dividend — — — — 0.1316 0.1052 — — — — 0.2456 — — — — — — — — — —Institutional Option - Dividend — — — — — 0.1973 — — — — — — — — — — — — — — —Regular Option Daily Dividend — — — — — — 0.2384 — — — — 0.2293 — — — — — — — — —Regular Option Weekly Dividend — — — — — — 0.2413 — — — — 0.2354 — — — — — — — — —Institutional Option Daily Dividend — — — — — — 0.2486 — — — — 0.2380 — — — — — — — — —Institutional Option Weekly Dividend — — — — — — 0.2551 — — — 0.2183 0.2440 — — — — — — — — —Institutional Option Monthly Dividend — — — — — — 0.2556 — — — 0.2236 0.2444 — — — — — — — — —Institutional Plus Option - Daily Dividend — — — — — — 0.2516 — — — — 0.1616 — — — — — — — — —Institutional Plus Option - Weekly Dividend — — — — — — 0.2576 — — — — — — — — — — — — — —Institutional Plus Option - Monthly Dividend — — — — — — 0.2583 — — — — 0.1225 — — — — — — — — —Monthly Dividend — — — — — — — — 0.2982 0.4473 — — — — — — — — — — —Quarterly Dividend — — — — — — — — 0.2105 0.2982 — — — — — — — — — — —

4.4 Dividend paid per unit during the half-year (Others) (Rs.)Dividend Option 4.5000 2.0000 1.0000 — — — — — — — — — — — 0.0415 — — — 0.0590 — —Regular Option - Dividend — — — — 0.1225 0.0980 — — — — 0.2287 — — — — — — — — — —Institutional Option - Dividend — — — — — 0.2246 — — — — — — — — — — — — — — —Regular Option Daily Dividend — — — — — — 0.2220 — — — — 0.2135 — — — — — — — — —Regular Option Weekly Dividend — — — — — — 0.2247 — — — — 0.2192 — — — — — — — — —Institutional Option Daily Dividend — — — — — — 0.2315 — — — — 0.2216 — — — — — — — — —Institutional Option Weekly Dividend — — — — — — 0.2375 — — — 0.2033 0.2273 — — — — — — — — —Institutional Option Monthly Dividend — — — — — — 0.2381 — — — 0.2083 0.2276 — — — — — — — — —Institutional Plus Option - Daily Dividend — — — — — — 0.2343 — — — — 0.1505 — — — — — — — — —Institutional Plus Option - Weekly Dividend — — — — — — 0.2399 — — — — — — — — — — — — — —

Institutional Plus Option - Monthly Dividend Option — — — — — — 0.2405 — — — — 0.1141 — — — — — — — — —Monthly Dividend — — — — — — — — 0.2777 0.4165 — — — — — — — — — — —Quarterly Dividend — — — — — — — — 0.1960 0.2777 — — — — — — — — — — —

Income

5.1 Dividend (Rs. In crores) 5.41 1.69 0.76 1.12 — — — — 0.02 0.04 — — — — — — — — — — —5.2 Interest (Rs. In crores) 0.86 0.48 0.49 6.50 1.37 4.75 75.45 0.01 2.28 2.51 21.29 27.89 3.52 2.93 1.13 1.35 3.22 2.63 3.60 0.68 0.145.3 Profit / (Loss) on sale / redemption of 263.08 64.15 41.43 17.88 (0.41) (0.30) (0.50) (0.00) @ 1.16 2.86 (0.75) (0.41) (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @

investments (other than inter schemetransfer / sale)[Rs. In crores]

5.4 Profit / (Loss) on inter-scheme — — — — (0.01) (0.05) (0.02) — (0.03) (0.34) 0.05 0.04 — — — — — — — — —transfer/sale of investment (Rs. in crores)

5.5 Other Income (Rs. in crores) (0.11) (0.00) @ — — — — 0.02 — — — 0.04 — — — — — — — — — —5.6 Total Income (5.1 to 5.5 ) [Rs. in crores] 269.23 66.32 42.67 25.50 0.95 4.40 74.95 0.01 3.44 5.06 20.63 27.52 3.52 2.93 1.13 1.35 3.22 2.63 3.60 0.68 0.14

Expenses

6.1 Management Fees (Rs. in crores) 4.19 2.32 1.99 2.83 0.14 0.29 2.39 0.00 @ 0.42 0.48 1.06 1.31 0.05 0.03 0.01 0.04 0.02 0.02 0.03 0.00 @ 0.00 @6.2 Trustee Fees (Rs. in crores) — — — — — — — — — — — — — — — — — — — — —6.3 Total Recurring Expenses 12.40 5.01 4.71 4.90 0.33 0.59 5.07 0.00 @ 0.77 0.90 2.30 2.67 0.12 0.07 0.02 0.04 0.07 0.09 0.07 0.01 0.00 @

(including 6.1 and 6.2) [Rs. In crores]6.4 Percentage of Management Fees to daily average net assets 0.67% 1.06% 0.97% 1.01% ^ 0.72% 0.54% 0.35% 0.33% 1.07% 1.05% 0.39% 0.38% 0.11% ^ 0.07% ^ 0.06% ^ 0.27% ^ 0.05% ^ 0.05% ^ 0.07% ^ 0.04% ^ 0.02% ^

(Regular Option) [%] #Percentage of Management Fees to daily average net assets N.A. N.A. N.A. N.A. 0.21% 0.36% 0.35% N.A. N.A. N.A. 0.30% 0.26% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(Institutional Option) [%] #Percentage of Management Fees to daily average net assets N.A. N.A. N.A. N.A. N.A. N.A. 0.12% N.A. N.A. N.A. N.A. 0.17% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(Institutional Plus Option) [%] #

6.5 Total Recurring expenses as a percentage of daily average 1.99% 2.28% 2.28% 2.22% ^^ 1.75% 1.10% 0.69% 1.00% 1.95% 1.95% 0.85% 0.74% 0.25% ^^ 0.19% ^^ 0.16% ^^ 0.32% ^^ 0.20% ^^ 0.30% ^^ 0.15% ^^ 0.15% ^^ 0.16% ^^net assets (Regular Option) [%] #Total Recurring expenses as a percentage of daily average N.A. N.A. N.A. N.A. 0.77% 0.73% 0.59% N.A. N.A. N.A. 0.65% 0.55% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.net assets (Institutional Option) [%] #Total Recurring expenses as a percentage of daily average N.A. N.A. N.A. N.A. N.A. N.A. 0.30% N.A. N.A. N.A. N.A. 0.40% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.net assets (Institutional Plus Option) [%] #

7.1 Returns during the half year (absolute returns) * 29.16% 30.95% 32.85% N.A. 1.33% 2.07% 5.42% 1.89% 3.40% 5.27% 2.46% 5.31% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

7.2 Compounded Annualised yield(i) Last 1 year 68.34% 77.24% N.A. N.A. 3.91% 5.00% 5.35% 3.76% 9.20% 14.38% 5.28% 5.36% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(ii) Last 3 years 81.98% N.A. N.A. N.A. N.A. 5.07% 5.01% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(iii) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(iv) Since launch of the scheme 72.70% 48.88% 86.38%** 12.93% ** 5.14% 5.13% 5.12% 2.86% 6.81% 9.94% 5.30% 5.41% 0.43% ** 0.36% ** 0.55% ** 0.42% ** 0.46% ** -0.08% ** 0.76% ** 0.21% ** 0.00% **

7.3 Compounded Annualised yield for Benchmark Index(i) Last 6 months (absolute returns) * 28.65% 28.25% 27.45% N.A. 0.58% 1.14% 4.92% 2.58% 4.72% 4.72% 2.45% 4.92% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(ii) Last 1 year 62.82% 65.17% N.A. N.A. 3.33% 3.81% 4.84% 5.01% 11.02% 11.02% 4.82% 4.84% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

(iii) Last 3 years 57.79% N.A. N.A. N.A. 4.06% 4.21% 4.45% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(iv) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(v) Since launch of the scheme 48.16% 39.25% 64.72%** 10.41% ** 4.19% 4.18% 4.49% 4.40% 6.67% 6.67% 4.83% 4.83% 1.66% ** 1.18% ** 0.42% ** 0.04% ** 0.74% ** 0.58% ** 0.54% ** 0.15% ** 0.00% **Date of Allotment 10-Dec-02 24-Feb-04 19-May-05 23-Feb-06 10-Dec-02 10-Dec-02 4-Dec-02 5-Dec-03 24-Feb-04 24-Feb-04 16-Nov-04 16-Nov-04 5-Dec-05 10-Jan-06 8-Mar-06 29-Mar-06 6-Feb-06 20-Feb-06 24-Feb-06 23-Mar-06 31-Mar-06

7.4 Benchmark Index BSE 200 BSE 500 BSE BSE 200 Crisil Crisil Crisil I-Sec- Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil CrisilMidcap Composite Short Term Liquid SI-Bex MIP MIP Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid

Bond Fund Bond Fund Fund Blended Blended Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund FundIndex Index Index Index Index Index Index Index Index Index Index Index Index Index Index Index

8 Provision for Doubtful Income/ Debts (Rs. in crores) — — — — — — — — — — —

9 Payment to associate / group companies(Rs. in crores) {Refer to Notes to account - note 2} — — — — — — — — — — —

10 Investment made in associate / group companies(Rs. in crores) {Refer to Notes to account - note 3} — — — — — — — — — — —

* Considering Movement of NAV during the half-year and after adjustment of dividend,etc. returns for all Funds indicate absolute returns except for HSBC Cash Fund and HSBC Floating Rate Fund Short Term Plan which has been annualised.** Returns since launch of Scheme/Plan represents abosolute return for the Plans which are in existence for less than 1 year. Returns during the half year are calculated based on NAV as at beginning of the period and return since inception are calculated taking inception NAV as Rs. 10 per unit for all schemes@ Indicates less than 0.01# Indicates annualised for the period$ Indicates schemes / plans launched during the current half year and hence opening Unit Capital, Net Assets and NAV Per unit for the period are not available.! Indicates there are no investors in the Option^ Weighted Average net assets are calculated from the date of Inflows^^ Weighted Average net assets are calculated from the date of Allotment.

Schemes’ performance may not be strictly comparable with the performance of the index due to the inherent difference in the construction of the portfolio

HSBC Investments


Notes to the accounts

1. There is no change in accounting policies employed during the reporting period as compared to the polices in the immediately preceding reporting period.

2. Details of amounts paid to associates in terms of Regulation 25 (8)

(Rs. in lakhs)

Name of the Payee HEF HCF HIF-IP HIF-ST HGF-ST HMIP-R HMIP-S HMEF HIOF HFRF-LT HFRF-ST HAIF HFTS-I HFTS-II HFTS-III HFTS-IV HFTS-V HFTS-VI HFTS-VII HFTS-VIII HFTS-13 TOTAL

HSBC Securities and Capital Markets (India) Pvt. Ltd.

Brokerage 17.71 0.29 0.78 0.47 5.06 14.22 38.53

The Hongkong & Shanghai Banking Corporation Ltd.

Brokerage on Distribution - HSBC Ltd 255.68 52.42 4.81 4.37 0.00 @ 8.20 5.72 153.25 162.36 10.99 39.44 1,371.14 1.24 1.21 0.04 2,070.88

Collection / Bank Charges 0.84 0.42 0.73 0.02 2.66 2.65 0.58 0.46 0.06 0.03 0.07 8.52


Notes@ . Indicates less than 0.01# : Charges paid by all the schemes of HSBC Mutual Fund towards settlment of Government Securities transactions through the constituent SGL account.

3. Details of investment in Fixed Deposits with associates in terms of Regulation 25 (8)

There is no investment in Fixed Deposits with associates in terms of regulation 25 (8) during the reporting period.

The AMC is availing the services of the sponsor / associates to act as collection / distribution agents and for investment broking. HSBC, an associate of the sponsor, is on the panel of the bankers with whom HSBC Mutual Fund places money on Fixed Deposits and enters into reverse repo transactions from time to time at competitive rates.

HSBC Mutual fund also enters into transactions in government securities and treasury bills at market rates with HSBC Primary Dealership (India) Private Limited, a subsidiary of the sponsor


Disclosure under Regulation 25(11) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended. Investments made by the schemes of HSBC Mutual Fund in Companies or their subsidiaries that have invested more than 5% of the net assets of any scheme.

Company Name Schemes Investment Aggregate cost Outstandinginvested made by of acquisition as atin by the schemes of during the March 31, 2006Company HSBC Mutual period ended (At Market /

Fund in the March 31, 2006 Fair Value)company/subsidiary (Rupees in Lakhs) (Rupees in Lakhs)

Bharti Televentures Limited HCF HMIP 907.66 —HFRF HEF 6,129.85 2,315.53HGF HIOF 1,202.95 —HIF HAIF 3,325.80 3,797.30HMIP

Finolex Industries Limited HIF HMEF 1,138.87 —HFRF — 1,406.57

Grasim Industries Limited HFRF HEF 4,513.00 2,974.01HFTSIV HIOF 388.92 —

HIF 990.45 —HMIP 1,034.07 181.50HAIF 4,232.38 4,531.20

Gujarat Ambuja Cement India Limited HCF HIOF 328.68 —HEF 32.75 —

HCL Technologies Limited HIF HMIP 262.37 163.22HEF 3,630.39 7,033.52HIOF 856.20 1,501.39

Hero Honda Motors Limited HFRF HMIP 757.03 —HFTSIII HEF 683.77 –HFTSVII HIOF 990.79 —

Hindalco Industries Limited HIF HIF 2,589.37 —HFRF HMIP 2,034.80 261.19HFTSI HEF 3,495.58 2,238.81HFTSIII HIOF 722.09 988.75

HFRF 1,046.65 —HAIF 679.72 731.55

Hindustan Lever Limited HCF HMIP 732.30 272.25HFRF HEF 624.51 —HFTSI HIOF 634.77 —HFTSIII HAIF 4,145.64 4,624.00HFTSIVHFTSVIIHFTSVIII

Hindustan Lever Chemicals HIOF 28.27 —(Subsidiary of Hindustan Lever Limited)Infrastucture DevelopmentFinance Company Limited HFRF HCF 4,891.22 2,448.98

HIF HIF 969.35 —HFRF 10,525.50 2,503.33HMIP 968.82 —HEF 1,343.41 —HIOF 307.99 —





Infosys Technologies Limited HCF HIOF 2,934.27 1,550.33

HMIP 1,642.90 —

HEF 2,115.85 —

HAIF 4,928.05 3,303.45

ITC Limited HCF HMIP 701.90 —

HFRF HEF 6,509.81 —

HIF HIOF 438.72 —

HFTSI HAIF 2,807.85 3,477.57

HFTSIII

HFTSVIII

HFTS13

Jet Airways (India) Limited HFRF HEF 5,426.52 -

HCF HIOF 3,125.57 -

Maruti Udyog Limted HFRF HEF 10,132.83 1,243.69

HIOF 2,417.01 -

HMIP 874.94 -

Patni Computer Systems Limited HIF HEF 3,616.17 2,914.47

HIOF 1,456.62 1,466.04

HMIP 407.14 114.53

Radha Madhav Investments Limited HFTSVII HIF 982.63 -

HCF 1,473.94 -

HFRF 491.90 -

Reliance Industries Limited HCF HMIP 4,097.18 -

HFRF HEF 22,257.85 2,896.09

HIF 1,016.06 996.30

HIOF 9,262.88 2,000.03

HAIF 8,430.22 9,183.76

State Bank of India HMEF HIOF 3,245.24 912.33

HEF 12,669.07 -

HMIP 1,781.64 38.30

HAIF 5,065.39 4,745.65

SBI Cards & Payment HFTSVII 4,903.75 4,942.68Services Private Limited(Subsidiary of State Bank of India)

Sterlite Industries Limited HFRF HCF 26,300.00 —HEF 32.06 5,042.34HIOF 572.30 2,163.99HFRF 4,000.00 —

Tata Steel Limited HCF HEF 6,197.63 2,825.45HIOF 1,231.00 —HMIP 970.80 166.28

Tata Motors Limited HFRF HMIP 1,019.15 167.92HEF 12,081.35 4,053.13HIOF 2,884.43 698.89HIF 461.75 –HCF 5,145.60 2,291.60HFRF 7,133.50 2,441.53HAIF 4,945.05 3,923.05

The Tata Power Company Limited HCF HMIP 352.50 –HEF 484.70 —

Tata Consultancy Services Limited HIF HEF 3,567.22 —HIOF 1,085.43 —HMIP 1,948.01 164.73

UCO Bank HIF HCF 32,189.01 2,478.06HFRF 23,160.87 —HIF 1,898.58 —HFTSVII 2,455.21 2,471.72HAIF 998.31 —HMIP 495.69 497.38

Videsh Sanchar Nigam Limited HFTSIII HAIF 3,123.65 2,113.65HFTSVII

Wipro Limited HCF HAIF 2,493.48 2,602.61HFTSVIIHFTSVIII

The above investments comprise equity shares, debentrures / bonds, commercial paper, fixed deposits and other debt instruments.

These investments have been made on account of their high credit quality and competitive yield for the investment in fixed income/ moneymarket insturments and in case of equity shares because of attractive valuations of these companies.

HEF - HSBC Equity Fund HIOF - HSBC India Opportunities FundHIF - HSBC Income Fund HCF - HSBC Cash FundHGF - HSBC Gilt Fund HMIP - HSBC MIPHFRF - HSBC Floating Rate Fund HIIF - HSBC Institutional Income FundHMEF - HSBC Midcap Equity Fund HAIF-HSBC Advantage India FundHFTSI - HSBC Fixed Term Series I HFTSIII - HSBC Fixed Term Series IIIHFTSIV - HSBC Fixed Term Series IV HFTSVII - HSBC Fixed Term Series VIIHFTSVIII - HSBC Fixed Term Series VIII HFTS13 - HSBC Fixed Term Series 13

5. Details of investors holding units in the scheme over 25% of the NAV as on 31 March 2006 is Nil6. No bonus was declared during the reporting period.7. Deferred Revenue ExpenditureDeferred Revenue Expenditure (DRE) includes all expenses incurred in relation to the initial issue of units of the relevant scheme. Such DRE is written off equally over the scheme period.

(Rs. In lakhs)

Name of the Scheme Deferred Revenue Expenditure Written off during the half year Balance of Deferred Revenue Expenditure as on March 31, 2006


HSBC Advantage India Fund 41.65 2,012.75

8. During the reporting period, borrowing details are as under:HSBC Floating Rate Fund Long Term Plan borrowed Rs 500,000,000 for 3 days from Standard Chartered Bank to meet redemptions. The Interest amount of Rs 345,205 was borne by HSBC Asset Management (India) Private Limited. The borrowing is below 10% of the Net Assets of thefund as on the date of borrowing.HSBC Cash Fund borrowed Rs 500,000,000 for 2 days from Standard Chartered Bank to meet redemptions. The Interest amount of Rs 246,575 was borne by HSBC Asset Management (India) Private Limited. The borrowing is below 10% of the Net Assets of the fund as on the date of borrowing.HSBC Floating Rate Fund Long Term Plan borrowed Rs 500,000,000 for 3 days from Standard Chartered Bank to meet redemptions. The Interest amount of Rs 380,137 was borne by HSBC Asset Management (India) Private Limited. The borrowing is below 10% of the Net Assets ofthe fund as on the date of borrowing.

9. Details of Schemes which have outstanding Derivative (OIS) position as on March 31, 2006: NIL

The above results have been compiled for all schemes plans which existed during the half year ended March 31, 2006

During the period there have been no investments in foreign securities

The above unaudited financial results have been approved by the Directors of HSBC Asset Management (India) Private Limited and Board ofTrustees of HSBC Mutual Fund.

For and on behlaf of the Board of Directors of For and on behalf of the Board of Trustees ofMumbai : HSBC Asset Management (India) Private Limited HSBC Mutual Fund

Sanjay Prakash N. P. Gidwani Dilip J. ThakkarDirector & Chief Executive Officer Trustee Trustee

HSBC MUTUAL FUND – HSBC CASH FUNDHalf Yearly Portfolio Statement for the period ended March 31, 2006

Sr. Name of the Instrument Quantity Market Value % age to RatingNo. (Rs in Lacs) Net Assets



aii) Non Traded / Thinly Traded**1 Standrad Chartered Loans & Investments 250 2,487.60 1.30 AAA

Total 2,487.60 1.30b) Privately Placed / Unlisted**1 Canbank Factors Limited. 100 1,000.00 0.52 P1+



1 Indian Oil Corporation Limited. 250 2,500.00 1.31 LAAATotal 2,500.00 1.31

aii) Non Traded / Thinly Traded**1 Housing Development Finance Corporation Limited 600 6,004.75 3.14 AAA2 Industrial Development Bank of India 500 5,009.25 2.62 AA+3 Cholamandalam Investment & Finance Co. Limited 500 5,000.00 2.61 LAA4 Citi Financial Consumer Finance India Limited 500 4,998.92 2.61 AAA5 Citicorp Finance India Limited 350 3,500.00 1.83 AAA6 Kotak Mahindra Prime Limited 300 3,000.00 1.57 P1+7 Kotak Mahindra Prime Limited 300 3,000.00 1.57 LAA8 Citicorp Finance India Limited 2,500 2,503.73 1.31 AAA9 Housing Development Finance Corporation Limited 250 2,500.49 1.31 AAA

10 Kotak Mahindra Prime Limited 250 2,500.01 1.31 MAA+11 Cholamandalam Investment & Finance Co. Limited 250 2,500.00 1.31 MAA+12 Citi Financial Consumer Finance India Limited 250 2,500.00 1.31 AAA13 Citicorp Finance India Limited 250 2,500.00 1.31 AAA14 Dewan Housing Finance Corporation Limited 250 2,500.00 1.31 IND AA15 Housing Development Finance Corporation Limited 250 2,500.00 1.31 AAA16 Housing Urban Development Corporation 250 2,500.00 1.31 PR1+17 Mahindra & Mahindra Financial Services Limited 250 2,500.00 1.31 AA+18 Mahindra & Mahindra Financial Services Limited 250 2,500.00 1.31 AA+19 Mahindra & Mahindra Financial Services Limited 250 2,498.06 1.31 AA+20 Mahindra & Mahindra Financial Services Limited 200 2,000.00 1.05 AA+21 Industrial Development Bank of India 150 1,538.26 0.80 LAA+22 Mahindra & Mahindra Financial Services Limited 15 1,500.28 0.78 AA+23 Dewan Housing Finance Corporation Limited 150 1,500.16 0.78 IND AA24 Mahindra & Mahindra Financial Services Limited 1,000,000 1,001.32 0.52 AA+

HSBC MUTUAL FUND – HALF YEARLY PORTFOLIO DISCLOSURES

25 Indian Railway Finance Corporation Limited 100 1,000.96 0.52 AAA26 Exim Bank 100 1,000.80 0.52 AAA27 Citicorp Maruti Finance Limited 10 1,000.00 0.52 AAA28 Deccan Chronicle Holdings Limited 100 1,000.00 0.52 PR1+29 Sundaram Finance Limited 100 1,000.00 0.52 MAAA30 Citicorp Finance India Limited 50 504.91 0.26 AAA31 Mahindra & Mahindra Financial Services Limited 50 500.00 0.26 AA+

Total 74,061.91 38.71b) Privately Placed / Unlisted**1 Rabo India Finance Private Limited 200 2,005.47 1.05 AAA2 GE Countrywide Consumer Financial Services Limited 15 1,500.00 0.78 AAA3 L&T Finance Limited 15 1,500.00 0.78 AA+4 GE Capital Services India 10 1,006.13 0.53 AAA5 Hero Honda Finlease Limited 10 1,000.00 0.52 P1+


a) TradedTotal — —

b) Non Traded / Thinly Traded**1 Indian Retail ABS Trust Series 44 A1 (ICICI Bank) PTC 90 6,176.83 3.23 AAA(SO)2 Retail Trust February 2005 Series A4 (HDFC Bank) PTC 100 2,911.48 1.52 LAAA(SO)3 Corporate Loan Securitisation III Trust 2005 Series A (KMBL) PTC 25 2,506.58 1.31 P1+(SO)4 SAI Trust Series A (ICICI Brokerage Services) PTC 250 2,500.12 1.31 P1+(SO)5 Indian Retail ABS Trust Series XXXIII A1 (ICICI Bank) PTC 75 2,276.50 1.19 AAA(SO)6 Retail Trust February 2005 Series A6 (HDFC Bank) PTC 50 2,135.07 1.12 LAAA(FSO)7 Fleet Trust June 2005 Series A1 (CFIL) PTC 25 1,523.24 0.80 AAA(SO)8 BHPC Auto Securitisation Trust May 2005 III Series A1 (Tata Motors) PTC 25 1,498.90 0.78 AAA(SO)9 Retail Trust December 2004 Series A3 (HDFC Bank) PTC 30 1,327.27 0.69 AAA(SO)

10 BHPC Auto Securitisation Trust June 2004 Series A2 (Tata Motors) PTC 20 792.70 0.41 MAAA(SO)11 Indian Retail ABS Trust Series XXXVII A1 (ICICI Bank) PTC 10 607.58 0.32 AAA(SO)12 Asset Securitisation Trust December 2004 IV Series A5 (Chola) PTC 10 378.28 0.20 AAA(SO)13 TVS Finance 2W Recbls. Securitisation Trust September 2004 Series A1 PTC 25 137.18 0.07 AAA(IND)(SO)14 PFSL Citi December 2002 Series A2 PTC 5 22.71 0.01 AAA(SO)15 HDFC Bank Retail 2003 Series I PTC 10 10.29 0.01 AAA(SO)16 UBL Trust Series 2 (ALFL) PTC 15 9.52 0.00 AAA(SO)


a) Commercial Papers1 L&T Finance Limited 700 3,494.44 1.83 PR1+2 GE Capital Services India 700 3,396.78 1.78 P1+



3 Infrastructure Development Finance Company Limited 500 2,448.98 1.28 P1+4 Bajaj Auto Finance Limited 400 1,959.31 1.02 P1+5 GE Countrywide Consumer Financial Services Limited 400 1,876.09 0.98 P1+6 Jindal Steel & Power Limited 200 979.47 0.51 A1+7 Redington (India) Limited 200 970.20 0.51 P1+8 Cholamandalam Investment & Finance Co. Limited 26 128.48 0.07 P1+

Total 15,253.75 7.97b) Certificate of Deposit1 Allahabad Bank Limited 5,000 4,937.26 2.58 P1+2 ICICI Bank Limited 5,000 4,900.21 2.56 A1+3 Federal Bank Limited 5,000 4,873.51 2.55 P1+4 HDFC Bank Limited 5,000 4,860.39 2.54 PR1+5 Indian Bank 4,300 4,216.96 2.20 IND F1+6 Federal Bank Limited 3,500 3,415.70 1.79 P1+7 Kotak Mahindra Bank Limited 2,500 2,500.00 1.31 P1+8 Kotak Mahindra Bank Limited 2,500 2,500.00 1.31 P1+9 Industrial Development Bank of India 2,500 2,456.26 1.28 P1+

10 Federal Bank Limited 2,500 2,448.39 1.28 P1+11 State Bank of Patiala 2,500 2,439.81 1.28 A1+12 ING Vysya Bank Limited 2,500 2,438.71 1.27 P1+13 State Bank of Patiala 2,500 2,432.39 1.27 A1+14 Jammu & Kashmir Bank Limited 2,000 1,974.87 1.03 P1+15 UCO Bank Limited 1,500 1,491.78 0.78 P1+16 Kotak Mahindra Bank Limited 1,000 998.02 0.52 P1+17 UCO Bank Limited 1,000 986.28 0.52 P1+18 State Bank of Mysore 1,000 980.89 0.51 A1+19 State Bank of Travancore 1,000 974.84 0.51 P1+20 State Bank of Bikaner And Jaipur 1,000 958.86 0.50 P1+21 ABN Amro Bank 1,000 957.68 0.50 A1+22 Jammu & Kashmir Bank Limited 500 495.26 0.26 P1+23 UTI Bank Limited 500 494.34 0.26 A1+24 Allahabad Bank Limited 500 492.16 0.26 P1+25 Kotak Mahindra Bank Limited 500 486.08 0.25 P1+26 State Bank of Saurashtra 500 460.93 0.24 A1+


5 Fixed Deposit 4,500.00 2.356 Reverse Repos 434.05 0.237 Net Receivable / (Payable) 3,069.58 1.60





HSBC Investments


HSBC MUTUAL FUND – HSBC Floating Rate Fund - Short Term PlanHalf Yearly Portfolio Statement for the period ended March 31, 2006




aii) Non Traded / Thinly Traded**Total — —

b) Privately Placed / Unlisted**1 Shriram Transport Finance Co. Limited. 15 1,495.39 3.63 IND F1+



Total — —aii) Non Traded / Thinly Traded**

1 Industrial Development Bank of India 450 4,509.76 10.94 AA+2 Housing Development Finance Corporation Limited. 350 3,533.52 8.57 LAAA3 Infrastructure Development Finance Company Limited 250 2,503.33 6.07 AAA4 Sundaram Finance Limited 200 2,000.00 4.85 MAAA5 ICICI Bank Limited. 150 1,506.66 3.65 AAA6 Mahindra & Mahindra Financial Services Limited 150 1,500.00 3.64 AA+7 Mahindra & Mahindra Financial Services Limited 1,000,000 1,001.90 2.43 AA+8 UTI Bank Limited. 100 1,000.47 2.43 LAA+9 Mahindra & Mahindra Financial Services Limited 10 1,000.23 2.43 AA+

10 Sundaram Finance Limited 100 1,000.00 2.43 MAAA11 Indian Railway Finance Corporation Limited 100 999.54 2.42 AAA12 Citicorp Finance India Limited. 50 504.91 1.22 AAA13 Mahindra & Mahindra Financial Services Limited 50 502.39 1.22 AA+

Total 21,562.69 52.29b) Privately Placed / Unlisted**1 Rabo India Finance Private Limited 100 1,002.96 2.43 AAA2 GE Countrywide Consumer Financial Services Limited 10 1,000.00 2.43 AAA



b) Non Traded / Thinly Traded**1 SAI Trust Series A (ICICI Brokerage Services) PTC 250 2,500.12 6.06 P1+(SO)2 Fleet Trust June 2005 Series A1 (CFIL) PTC 25 1,523.24 3.69 AAA(SO)3 Retail Trust December 2004 Series A3 (HDFC Bank) PTC 20 884.84 2.15 AAA(SO)4 Indian Retail ABS Trust Series XXXIII A1 (ICICI Bank) PTC 10 303.53 0.74 AAA(SO)5 PFSL Chola November 2003 Series A2 PTC 5 22.32 0.05 MAAA(SO)


a) Commercial Papers1 GE Countrywide Consumer Financial Services Limited. 200 952.71 2.31 P1+

Total 952.71 2.31b) Certificate of Deposit1 Kotak Mahindra Bank Limited. 2,500 2,437.21 5.91 P1+2 Federal Bank Limited. 1,500 1,469.75 3.56 P1+3 Jammu & Kashmir Bank Limited. 1,500 1,468.69 3.56 P1+4 Allahabad Bank Limited. 1,500 1,464.69 3.55 P1+5 Industrial Development Bank of India 1,000 982.34 2.38 P1+6 Yes Bank Limited. 1,000 969.05 2.35 A1+








b) Privately Placed / Unlisted**Total — —

2 MIBOR Linked / Floating Rate Instrumentsa) Listed / Awaiting listing on Stock Exchanges


aii) Non Traded / Thinly Traded**1 ICICI Bank Limited. 350 3,523.31 9.56 AAA2 Power Finance Corporation Limited. 300 2,976.74 8.08 AAA3 Industrial Development Bank of India 250 2,599.44 7.05 AA+4 UTI Bank Limited. 250 2,501.18 6.79 LAA+5 Indian Railway Finance Corporation Limited 200 2,001.92 5.43 AAA6 Finolex Industries Limited. 150 1,406.57 3.82 AA7 Housing Development Finance Corporation Limited. 100 1,012.07 2.75 LAAA8 Citicorp Finance India Limited. 100 1,009.81 2.74 AAA9 Mahindra & Mahindra Financial Services Limited 100 1,000.00 2.71 AA+


Total — —3 Securitised Debt (Unlisted)


b) Non Traded / Thinly Traded**1 BHPC Auto Securitisation Trust May 2005 II Series A3 (Tata Motors) PTC 25 2,441.53 6.62 AAA(SO)2 Fleet Trust June 2005 Series A2 (CFIL) PTC 25 2,367.30 6.42 AAA(SO)3 Indian Retail ABS Trust Series XIII A3 (ICICI Bank) PTC 20 1,986.29 5.39 AAA(SO)4 IGHCC2 Loan Trust Series I (GE Capital) PTC 15 1,500.00 4.07 AA+(SO)5 Indian Infrast. Eqpt. Recbls. Trust May 2005 Series A1 (SREI) PTC 25 1,496.15 4.06AAA (IND)(SO)6 Mumbai Auto Recbls. Trust 2005 Series V Class A1 (SCB) PTC 40 1,317.32 3.57 AAA(SO)7 Indian Retail ABS Trust Series XXXIII A1 (ICICI Bank) PTC 15 455.30 1.24 AAA(SO)8 Fleet Trust April 2004 VII Series A7 (CFIL) PTC 10 424.00 1.15AAA (IND)(SO)9 Fleet Trust August - I 2003 Series A3 (CFIL) PTC 8 409.65 1.11 AAA(SO)

10 Fleet Trust January 2004 Series A5 (CFIL) PTC 10 298.61 0.81 AAA(SO)11 Asset Securitisation Trust December 2004 IV Series A2 (Chola) PTC 10 141.13 0.38 AAA(SO)12 Indian Retail ABS Trust Series IV (ICICI Bank) PTC 15 2.20 0.01 MAAA(SO)


a) Commercial PapersTotal — —

b) Certificate of Deposit1 State Bank of Patiala 2,500 2,439.81 6.62 A1+

Total 2,439.81 6.625 Reverse Repos 416.33 1.136 Net Receivable / (Payable) 3,130.54 8.49



HSBC MUTUAL FUND – HSBC Floating Rate Fund - Long Term PlanHalf Yearly Portfolio Statement for the period ended March 31, 2006


HSBC MUTUAL FUND – HSBC Equity FundHalf Yearly Portfolio Statement for the period ended March 31, 2006



AUTO1 Mahindra & Mahindra Limited 1,150,000 7,211.08 5.722 Tata Motors Limited 434,955 4,053.13 3.222 Maruti Udyog Limited 142,250 1,243.69 0.99

AUTO ANCILLARIES1 Amtek Auto Limited 2,133,894 6,750.57 5.36

BANKS1 Punjab National Bank Limited 681,500 3,205.78 2.542 Bank Of India 2,115,809 2,825.66 2.243 ICICI Bank Limited 476,757 2,808.34 2.234 Oriental Bank of Commerce 1,008,332 2,366.56 1.885 Centurion Bank of Punjab 6,856,803 1,834.19 1.466 Canara Bank Limited 648,841 1,734.68 1.387 Syndicate Bank Limited 333,000 299.20 0.24

CEMENT1 Associated Cement Companies Limited. 445,424 3,484.11 2.762 Grasim Industries Limited. 144,198 2,974.01 2.36

CHEMICALS1 Indian Petrochemicals Corporation Limited. 330,000 865.76 0.692 Bombay Dyeing & Manufacturing Co. Limited. 25,445 151.65 0.12

CONSTRUCTION1 Jaiprakash Associates Limited. 82,812 388.51 0.31

CONSUMER NON DURABLES1 Bajaj Hindusthan Limited. 200,000 1,008.90 0.802 Triveni Enginerring & Industries Limited. 577,600 727.49 0.583 Balrampur Chini Mills Limited. 366,026 687.21 0.55

FERROUS METALS1 Jindal Steel & Power Limited. 340,000 6,445.72 5.112 Jindal Vijayanagar Steel Limited. 1,179,330 3,571.60 2.833 Tata Steel Limited. 526,644 2,825.45 2.244 Usha Martin Limited. 1,170,000 2,179.13 1.735 Mahindra Ugine Steel Co. Limited. 200,000 270.10 0.21

FINANCE1 Jindal South West Holdings Limited. 632,866 1,199.91 0.952 Indiabulls Financial Services Limited. 305,638 780.91 0.623 Reliance Capital Venture Limited. 364,128 90.49 0.07

GAS1 Reliance Natural Resources Limited. 364,128 121.62 0.10

HARDWARE1 HCL Infosystems Limited. 816,980 1,495.07 1.19

INDUSTRIAL CAPITAL GOODS1 Bharat Heavy Electricals Limited. 175,980 3,945.38 3.132 Larsen & Toubro Limited. 149,970 3,648.32 2.893 Siemens Limited. 16,500 936.34 0.744 ABG Shipyard Limited. 115,141 435.12 0.355 AIA Engineering Limited. 17,475 107.57 0.09

INDUSTRIAL PRODUCTS1 Jain Irrigation Systems Limited. 1,190,820 2,996.70 2.382 Bharat Forge Limited. 17,125 76.27 0.06

INTEGRATED TELECOMMUNICATION1 Bharti Tele-Ventures Limited. 561,000 2,315.53 1.84

LOTTERIES1 Videocon Industries Limited. 240,694 1,018.14 0.81

NON - FERROUS METALS1 Sterlite Industries (India) Limited. 287,969 5,042.34 4.002 Hindalco Industries Limited. 1,011,000 1,847.10 1.473 Hindalco Industries Limited.(Partly Paid) 399,500 391.71 0.31

PETROLEUM PRODUCTS1 IBP Co. Limited. 643,335 3,642.56 2.892 Reliance Industries Limited. 364,128 2,896.09 2.303 Kochi Refineries Limited. 1,660,191 2,881.26 2.294 Hindustan Petroleum Corporation Limited. 489,359 1,565.21 1.24

PHARMACEUTICALS1 Lupin Limited. 200,060 2,028.51 1.612 Orchid Chemicals & Pharmaceuticals Limited. 389,221 1,445.37 1.153 Marksans Pharma Limited. 323,074 738.71 0.59

POWER1 Reliance Energy Venture Limited. 364,128 158.03 0.13

SOFTWARE1 HCL Technologies Limited. 1,075,133 7,033.52 5.582 Mphasis BFL Limited. 1,619,788 3,376.45 2.683 Patni Computer Systems Limited. 636,208 2,914.47 2.314 Mastek Limited. 691,834 2,508.94 1.995 Satyam Computer Services Limited. 172,000 1,459.42 1.166 Hinduja TMT Limited. 165,698 834.79 0.667 NIIT Technologies Limited. 343,010 783.95 0.62

TELECOM - SERVICES1 Reliance Communication Venture Limited. 803,267 2,479.69 1.97

TEXTILE PRODUCTS1 S. Kumars Nationwide Limited. 2,376,805 1,226.43 0.972 Aditya Birla Nuvo Limited. 82,744 618.93 0.49




HSBC MUTUAL FUND – HSBC Equity FundHalf Yearly Portfolio Statement for the period ended March 31, 2006


HSBC MUTUAL FUND – HSBC India Opportunities FundHalf Yearly Portfolio Statement for the period ended March 31, 2006



AUTO1 Mahindra & Mahindra Limited 429,343 2,692.20 5.882 Tata Motors Limited. 75,000 698.89 1.53

AUTO ANCILLARIES1 Amtek Auto Limited. 181,065 572.80 1.25

BANKS1 Punjab National Bank Limited. 288,000 1,354.75 2.962 State Bank of India 94,200 912.33 1.993 Canara Bank Limited. 100,000 267.35 0.58

CEMENT1 Century Textile & Industries Limited. 389,320 1,731.31 3.782 India Cements Limited. 920,000 1,520.76 3.32

CHEMICALS1 Bombay Dyeing & Manufacturing Co. Limited. 325,864 1,942.15 4.242 Gujarat Alkalies & Chemicals Limited. 310,000 473.99 1.04

CONSTRUCTION1 Mahindra Gesco Corporation Limited. 65,000 299.68 0.65

CONSUMER DURABLE1 Voltas Limited. 12,100 122.39 0.27

CONSUMER NON DURABLES1 Tata Tea Limited. 33,480 290.24 0.632 Gitanjali Gems Limited. 71,476 122.55 0.27

FERTILISERS1 Tata Chemicals Limited. 240,000 632.76 1.38

FINANCE1 Birla Global Finance Limited. 156,358 352.59 0.772 Mahindra & Mahindra Financial Services Limited 58,669 142.07 0.31

GAS1 Reliance Natural Resources Limited. 113,116 37.78 0.08

HARDWARE1 HCL Infosystems Limited. 209,387 383.18 0.84

HOTELS1 Royal Orchid Hotels Limited. 32,708 67.23 0.15

INDUSTRIAL CAPITAL GOODS1 Engineers India Limited. 181,313 1,557.21 3.402 ABG Shipyard Limited. 305,790 1,155.58 2.533 ABB Limited 21,372 625.78 1.374 Crompton Greaves Limited. 58,886 618.27 1.355 Emco Limited. 59,839 470.72 1.03

INDUSTRIAL PRODUCTS1 Jain Irrigation Systems Limited. 440,000 1,107.26 2.42

MEDIA & ENTERTAINMENT1 TV Today Network Limited. 100,000 105.55 0.23

NON - FERROUS METALS1 Sterlite Industries (India) Limited. 123,586 2,163.99 4.732 Hindalco Industries Limited. 495,000 904.37 1.983 Hindalco Industries Limited.(Partly Paid) 86,062 84.38 0.18

OIL1 Oil & Natural Gas Corporation Limited. 138,120 1,811.24 3.96

PETROLEUM PRODUCTS1 Reliance Industries Limited. 251,466 2,000.03 4.372 Hindustan Petroleum Corporation Limited. 155,277 496.65 1.09

PHARMACEUTICALS1 Indoco Remedies Limited. 294,460 1,092.45 2.39

POWER1 Reliance Energy Venture Limited. 113,116 49.09 0.11

SOFTWARE1 Hinduja TMT Limited. 466,833 2,351.90 5.142 Infosys Technologies Limited. 52,000 1,550.33 3.393 HCL Technologies Limited. 229,500 1,501.39 3.28


AUTO1 Tata Motors Limited. 420,996 3,923.05 2.252 Bajaj Auto Limited. 130,200 3,575.62 2.05

AUTO ANCILLARIES1 Amtek Auto Limited. 462,128 1,461.94 0.84

BANKS1 ICICI Bank Limited. 897,001 5,283.78 3.032 Punjab National Bank Limited. 1,037,500 4,880.40 2.803 State Bank of India 490,000 4,745.65 2.73

CEMENT1 Associated Cement Companies Limited. 711,000 5,561.44 3.192 Grasim Industries Limited. 219,700 4,531.20 2.603 Birla Corporation Limited. 500,000 1,580.25 0.91

CONSTRUCTION1 Jaiprakash Associates Limited. 1,033,869 4,850.40 2.792 B.L.Kashyap & Sons Limited. 400,000 4,660.40 2.683 Gammon India Limited. 425,000 2,302.44 1.324 Morarjee Realties Limited. 335,374 2,201.90 1.26

CONSUMER NON DURABLES1 Hindustan Lever Limited. 1,700,000 4,624.00 2.662 Mc Dowell 425,315 3,497.79 2.013 I T C Limited. 1,782,000 3,477.57 2.004 Balrampur Chini Mills Limited. 1,813,938 3,405.67 1.965 Gitanjali Gems Limited. 255,754 438.49 0.256 Mcleod Russel India Limited 19,500 27.06 0.02

FERROUS METALS1 Steel Authority of India Limited. 3,250,000 2,702.38 1.552 SAW Pipes Limited. 247,279 1,072.70 0.623 Visa Steel Limited. 1,413,187 748.99 0.43

FERTILISERS1 United Phosphorus Limited. 324,778 852.06 0.49

FINANCE1 Reliance Capital Limited 528,000 2,740.85 1.572 Housing Development Finance Corporation Limited. 140,225 1,874.53 1.083 Bajaj Auto Finance Limited. 119,387 639.02 0.37

INDUSTRIAL CAPITAL GOODS1 Larsen & Toubro Limited. 213,500 5,193.81 2.982 Bharati Shipyard Limited. 629,695 2,421.18 1.393 Crompton Greaves Limited. 70,000 734.97 0.424 Siemens Limited. 10,000 567.48 0.33

INDUSTRIAL PRODUCTS1 Gujarat Fluorochemicals Limited. 363,871 1,741.67 1.002 Graphite India Limited. 241,345 713.17 0.41

INTEGRATED TELECOMMUNICATION1 Bharti Tele-Ventures Limited. 920,000 3,797.30 2.182 Videsh Sanchar Nigam Limited. 450,000 2,113.65 1.21

MEDIA & ENTERTAINMENT1 Deccan Chronicle Holdings Limited. 776,108 3,547.59 2.042 Television Eighteen India Limited. 258,210 1,676.43 0.963 Zee Telefilms Limited. 391,328 935.27 0.544 New Delhi Television 300,000 773.25 0.44

NON - FERROUS METALS1 National Aluminium Company Limited. 333,024 977.92 0.561 Hindalco Industries Limited. 400,411 731.55 0.42

OIL1 Oil & Natural Gas Corporation Limited. 201,000 2,635.81 1.51

PETROLEUM PRODUCTS1 Reliance Industries Limited. 1,154,682 9,183.76 5.27

PHARMACEUTICALS1 Pfizer Limited. 182,605 2,106.62 1.211 Wockhardt Limited. 591,941 2,996.11 1.721 Matrix Laboratories Limited. 1,000,000 2,817.50 1.621 Dr. Reddy’s Laboratories Limited. 129,000 1,833.61 1.05

POWER1 NTPC Limited. 1,746,000 2,341.39 1.341 Reliance Energy Venture Limited. 69,682 30.24 0.02

RETAILING1 Shopper’S Stop Limited 179,345 981.20 0.56

SOFTWARE1 I-Flex Solutions Limited 69,000 915.63 0.532 Wipro Limited. 465,000 2,602.61 1.493 Prithvi Information Solutions Limited. 477,570 1,773.46 1.024 Infosys Technologies Limited. 110,802 3,303.45 1.905 Satyam Computer Services Limited. 622,000 5,277.67 3.03


TEXTILE PRODUCTS1 Alok Industries Limited. 3,705,272 2,730.79 1.57



b) Certificate of Deposit1 ICICI Bank Limited. 5,000 4,900.73 2.81 A1+2 Jammu & Kashmir Bank Limited. 1,500 1,481.15 0.85 P1+

Total 6,381.88 3.673 Reverse Repos 21,831.13 12.544 Net Receivable / (Payable) -87.81 -0.05



HSBC MUTUAL FUND – HSBC Advantage India FundHalf Yearly Portfolio Statement for the period ended March 31, 2006



BANKS1 Karur Vysya Bank Limited 120,000 592.68 1.182 Bank of Maharashtra 1,862,523 567.14 1.133 Karnataka Bank Limited 411,551 411.96 0.82

CEMENT1 Shree Cements Limited 175,307 1,561.20 3.11

CHEMICALS1 Aarti Industries Limited 1,326,218 1,064.95 2.12

CONSTRUCTION1 Hindustan Construction Co. Limited 719,222 1,243.89 2.482 Mahindra Gesco Corporation Limited 60,000 276.63 0.55

CONSUMER DURABLES1 Blue Star Limited 45,142 318.27 0.63

HSBC MUTUAL FUND – HSBC Midcap Equity FundHalf Yearly Portfolio Statement for the period ended March 31, 2006


4 NIIT Technologies Limited. 647,308 1,479.42 3.235 Patni Computer Systems Limited. 320,027 1,466.04 3.206 Mastek Limited. 342,532 1,242.19 2.717 Prithvi Information Solutions Limited. 141,981 527.25 1.158 Educomp Solutions Limited. 136,994 525.58 1.15


TEXTILE PRODUCTS1 Aditya Birla Nuvo Limited. 292,671 2,189.18 4.782 Celebrity Fashoins Limited. 297,684 595.52 1.30

TEXTILES - COTTON1 Ambika Cotton Mills Limited. 267,196 614.15 1.342 Mahavir Spinning Mills Limited. 83,380 293.71 0.64

TRANSPORTATION1 Container Corporation of India Limited. 72,722 1,051.16 2.30




HSBC MUTUAL FUND – HSBC India Opportunities FundHalf Yearly Portfolio Statement for the period ended March 31, 2006


HSBC Investments



AUTO1 Tata Motors Limited. 6,600 61.50 0.98

BANKS1 ICICI Bank Limited. 9,600 56.55 0.902 Punjab National Bank Limited. 10,000 47.04 0.753 State Bank of India 1,125 10.90 0.17

CEMENT1 Grasim Industries Limited. 2,800 57.75 0.922 India Cements Limited. 28,000 46.28 0.73

CONSUMER NON DURABLES1 Hindustan Lever Limited. 34,000 92.48 1.47

FERROUS METALS1 Tata Steel Limited. 12,402 66.54 1.06

INDUSTRIAL CAPITAL GOODS1 Larsen & Toubro Limited. 2,211 53.79 0.85

INDUSTRIAL PRODUCTS1 Bharat Forge Limited. 4,444 19.79 0.31

NON - FERROUS METALS1 Hindalco Industries Limited. 42,000 76.73 1.222 Hindalco Industries Limited.(Partly Paid) 12,939 12.69 0.20

OIL1 Oil & Natural Gas Corporation Limited. 3,092 40.55 0.64

PHARMACEUTICALS1 Sun Pharmaceutical Industries Limited. 6,750 58.02 0.92

SOFTWARE1 Tata Consultancy Services Limited. 3,200 61.30 0.972 HCL Technologies Limited. 9,000 58.88 0.933 Patni Computer Systems Limited. 10,000 45.81 0.73

TELECOM - SERVICES1 Reliance Communication Venture Limited. 12,000 37.04 0.59

Total 903.63 14.342 Debt Instruments



1 Kotak Mahindra Investment Limited. 50 500.08 7.94 A1+2 Mahindra & Mahindra Financial Services Limited 50 482.49 7.66 AA+


Total — —3 MIBOR Linked / Floating Rate Instruments



1 Industrial Development Bank of India 50 500.78 7.95 AA+2 Indian Railway Finance Corporation Limited 50 499.78 7.93 AAA3 UTI Bank Limited. 20 200.09 3.18 LAA+




b) Non Traded / Thinly traded**1 GACL Loan Receivable Trust II (Citibank) PTC 10 937.22 14.87 AAA(SO)2 GECSI Loan Series I Class D (IRFC) PTC 5 497.22 7.89 AAA(SO)3 Indian Retail ABS Trust Series X A3 (ICICI Bank) PTC 15 405.27 6.43 AAA(SO)4 Fleet Trust August - I 2003 Series A3 (CFIL) PTC 7 358.44 5.69 AAA(SO)5 Indian Retail ABS Trust Series XIV A3 (ICICI Bank) PTC 5 197.63 3.14 AAA(SO)6 Fleet Trust June 2005 Series A1 (CFIL) PTC 3 182.79 2.90 AAA(SO)7 TVS Finance 2W Recbls. Securitisation Trust September 2004 Series A2 PTC 5 172.51 2.74AAA (IND)(SO)




HSBC MUTUAL FUND – HSBC MIP RegularHalf Yearly Portfolio Statement for the period ended March 31, 2006




aii) Non Traded / Thinly Traded**1 Citi Financial Consumer Finance India Limited. 50 489.33 14.91 AAA





1 UTI Bank Limited. 30 300.14 9.14 LAA+Total 300.14 9.14

b) Privately Placed / Unlisted**1 Rabo India Finance Private Limited 20 200.77 6.12 AAA

Total 200.77 6.123 Securitised Debt (Unlisted)


aii) Non Traded / Thinly Traded**1 Fleet Trust June 2005 Series A1 (CFIL) PTC 2 121.86 3.71 AAA(SO)2 India MBS 2002 Series I-D (LICHFL) PTC 5 111.51 3.40 AAA(SO)

Total 233.37 7.114 Government Securities1 5.59% Govt. Stock 2016 400 0.34 0.01 Sovereign

Total 0.34 0.015 Money Market Instruments


b) Certificate of Deposit1 State Bank Of Indore 500 476.66 14.52 P1+




HSBC MUTUAL FUND – HSBC INCOME FUND – INVESTMENT PLANHalf Yearly Portfolio Statement for the period ended March 31, 2006




aii) Non Traded / Thinly Traded**1 Reliance Industries Limited. 100 996.30 11.23 AAA2 Kotak Mahindra Investment Limited. 50 500.08 5.64 A1+

Total 1,496.38 16.87b) Privately Placed / Unlisted**1 Shriram Transport Finance Co. Limited. 10 996.93 11.24 IND F1+



HSBC MUTUAL FUND – HSBC INCOME FUND – SHORT TERM PLANHalf Yearly Portfolio Statement for the period ended March 31, 2006


HSBC MUTUAL FUND – HSBC Midcap Equity FundHalf Yearly Portfolio Statement for the period ended March 31, 2006


CONSUMER NON DURABLES1 Hindustan Sanitaryware & Industries Limited. 1,441,235 2,138.07 4.262 E.I.D. Parry (India) Limited. 425,000 1,216.56 2.423 Dwarikesh Sugar Ind. Limited. 444,527 1,142.43 2.274 Balrampur Chini Mills Limited. 500,000 938.75 1.875 Marico Industries Limited. 147,342 800.21 1.596 Gitanjali Gems Limited. 66,491 114.00 0.23

FERROUS METALS1 Maharashtra Seamless Limited. 173,383 1,174.24 2.342 Welspun Guj Stahl Rohren Limited. 1,100,000 954.80 1.90

FERTILISERS1 Indo Gulf Fertilisers Limited. 502,275 1,117.06 2.22

FINANCE1 Mahindra & Mahindra Financial Services Limited 54,497 131.96 0.26

GAS1 Gujarat State Petronet Limited. 250,000 91.88 0.18

HOTELS1 Hotel Leelaventure Limited. 560,000 1,941.24 3.862 Royal Orchid Hotels Limited. 367,014 754.40 1.50

INDUSTRIAL CAPITAL GOODS1 Havell’s India Limited. 454,595 2,480.27 4.942 KEC International Limited. 400,000 1,734.20 3.453 Emco Limited. 206,339 1,623.17 3.23

INDUSTRIAL PRODUCTS1 BOC India Limited. 1,293,564 2,206.17 4.392 Sintex Industries Limited. 725,000 1,635.60 3.263 Jain Irrigation Systems Limited. 300,000 754.95 1.50

MEDIA & ENTERTAINMENT1 New Delhi Television 514,000 1,324.84 2.642 Television Eighteen India Limited. 150,000 973.88 1.943 PVR Limited. 276,016 850.41 1.694 Deccan Chronicle Holdings Limited. 175,000 799.93 1.595 Inox Leisure 5,427 11.49 0.02

PAPER1 Tamil Nadu Newsprint & Papers Limited. 732,090 853.98 1.70

PHARMACEUTICALS1 Alembic Limited. 350,000 1,236.55 2.462 Indoco Remedies Limited. 220,609 818.46 1.633 RPG Life Sciences Limited. 180,679 347.27 0.694 Ipca Laboratories Limited. 90,000 315.72 0.63

SOFTWARE1 NIIT Technologies Limited. 700,000 1,599.85 3.182 Mastek Limited. 320,000 1,160.48 2.313 Educomp Solutions Limited. 289,299 1,109.90 2.214 Nucleus Software Exports Limited. 273,189 997.28 1.995 KPIT Cummins Infosystem Limited. 176,464 693.50 1.386 Prithvi Information Solutions Limited. 140,744 522.65 1.04

TEXTILE PRODUCTS1 Alok Industries Limited. 1,250,000 921.25 1.832 Celebrity Fashoins Limited. 419,682 839.57 1.673 Gokaldas Exports Limited. 75,000 588.11 1.17

TEXTILES - COTTON1 Mahavir Spinning Mills Limited. 400,000 1,409.00 2.80




HSBC MUTUAL FUND – HSBC MIP SavingsHalf Yearly Portfolio Statement for the period ended March 31, 2006



AUTO1 Tata Motors Limited. 11,420 106.42 1.21

b) Non Traded / Thinly Traded**1 IGHCC2 Loan Trust Series I (GE Capital) PTC 10 1,000.00 11.28 AA+(SO)2 Indian Retail ABS Trust Series XXXVII A1 (ICICI Bank) PTC 15 911.37 10.28 AAA(SO)3 Indian Retail ABS Trust Series 44 A1 (ICICI Bank) PTC 10 686.31 7.74 AAA(SO)4 NTPC Loan Securitisation Trust Series XII (ICICI Bank) PTC 5 233.94 2.64 AAA(SO)5 Indian Retail ABS Trust Series XIV A3 (ICICI Bank) PTC 5 197.63 2.23 AAA(SO)


a) Commercial Papers1 Hindustan Construction Co. Limited. 200 985.35 11.11 PR1+2 GE Countrywide Consumer Financial Services Limited. 100 469.02 5.29 P1+

Total 1,454.38 16.40b) Certificate of Deposit1 Jammu & Kashmir Bank Limited. 1,000 987.43 11.13 P1+

Total 987.43 11.13Total Money Market Instruments 2,441.81 27.53





Net Assets as on 31 March 2006 48.63 100.00


HSBC MUTUAL FUND – HSBC Gilt Fund Short Term PlanHalf Yearly Portfolio Statement for the period ended March 31, 2006


HSBC MUTUAL FUND – HSBC Fixed Term Series - IHalf Yearly Portfolio Statement for the period ended March 31, 2006




aii) Non Traded / Thinly Traded**1 Mahindra & Mahindra Financial Services Limited 190 1,864.81 12.52 AA+(SO)2 Canara Bank Limited. 300 1,520.98 10.21 AAA3 Citi Financial Consumer Finance India Limited. 150 1,468.00 9.86 AAA4 Kotak Mahindra Prime Limited 100 980.88 6.59 LAA5 Citi Financial Consumer Finance India Limited. 100 975.30 6.55 AAA6 Power Grid Corporation Of India Limited. 40 502.42 3.37 AAA7 Housing Development Finance Corporation Limited. 50 500.71 3.36 AAA8 Exim Bank 5 499.63 3.35 AAA9 Exim Bank 50 488.29 3.28 AAA

Total 8,801.01 59.10b) Privately Placed / Unlisted**1 Rabo India Finance Private Limited 280 2,755.77 18.50 AAA2 GE Countrywide Consumer Financial Services Limited. 28 2,755.75 18.50 AAA


a) Commercial Papers1 Cholamandalam Investment & Finance Co. Limited. 14 69.18 0.46 P1+

Total 69.18 0.46b) Certificate of Deposit

Total — —3 Reverse Repos 14.63 0.104 Net Receivable / (Payable) 495.78 3.33



HSBC MUTUAL FUND – HSBC Fixed Term Series - IIHalf Yearly Portfolio Statement for the period ended March 31, 2006




aii) Non Traded / Thinly Traded**1 Mahindra & Mahindra Financial Services Limited 200 2,008.02 14.06 AA+2 Sundaram Finance Limited 200 2,007.72 14.05 LAA+3 Cholamandalam Investment & Finance Co. Limited. 120 1,204.67 8.43 LAA4 Kotak Mahindra Prime Limited 100 1,004.04 7.03 LAA

Total 6,224.45 43.57b) Privately Placed / Unlisted**1 GE Capital Services India 28 2,810.37 19.67 AAA2 GE Countrywide Consumer Financial Services Limited 27 2,713.88 19.00 AAA3 Rabo India Finance Private Limited 250 2,507.70 17.55 AAA

Total 8,031.95 56.222 Reverse Repos 34.81 0.243 Net Receivable / (Payable) -4.62 -0.03



HSBC MUTUAL FUND – HSBC INCOME FUND – SHORT TERM PLANHalf Yearly Portfolio Statement for the period ended March 31, 2006




aii) Non Traded / Thinly Traded**1 Kotak Mahindra Prime Limited 250 2,500.00 12.37 P1+

Total 2,500.00 12.37b) Privately Placed / Unlisted**1 Kotak Securities Limited 15 1,500.00 7.42 A1+2 GE Countrywide Consumer Financial Services Limited. 10 1,000.00 4.95 AAA


a) Commercial Papers1 GE Countrywide Consumer Financial Services Limited. 600 2,894.08 14.33 P1+2 GE Capital Services India 300 1,455.76 7.21 P1+3 SREI Infrastructure Finance Limited 300 1,445.24 7.15 PR1+

Total 5,795.08 28.68b) Certificate of Deposit1 ICICI Bank Limited. 4,000 3,856.45 19.09 A1+2 Allahabad Bank Limited. 2,500 2,414.26 11.95 P1+3 Kotak Mahindra Bank Limited. 2,000 1,941.07 9.61 P1+4 Yes Bank Limited. 1,000 964.69 4.78 A1+





HSBC MUTUAL FUND – HSBC Fixed Term Series - IIIHalf Yearly Portfolio Statement for the period ended March 31, 2006





b) Privately Placed / Unlisted**1 GE Capital Services India 60 6,025.71 19.62 AAA2 GE Countrywide Consumer Financial Services Limited. 45 4,519.28 14.72 AAA3 Citicorp Maruti Finance Limited. 200 2,008.30 6.54 AAA4 Citicorp Maruti Finance Limited. 200 2,007.19 6.54 AAA

HSBC MUTUAL FUND – HSBC Fixed Term Series - IVHalf Yearly Portfolio Statement for the period ended March 31, 2006


HSBC MUTUAL FUND – HSBC MIP SavingsHalf Yearly Portfolio Statement for the period ended March 31, 2006


BANKS1 ICICI Bank Limited. 22,400 131.95 1.502 Punjab National Bank Limited. 17,703 83.27 0.953 State Bank of India 2,830 27.41 0.31

CEMENT1 Grasim Industries Limited. 6,000 123.75 1.412 India Cements Limited. 62,500 103.31 1.18

CONSUMER NON DURABLES1 Hindustan Lever Limited. 66,093 179.77 2.05

FERROUS METALS1 Tata Steel Limited. 18,592 99.75 1.14

FINANCE1 Birla Global Finance Limited. 2,948 6.65 0.08

INDUSTRIAL CAPITAL GOODS1 Larsen & Toubro Limited. 5,778 140.56 1.60

INDUSTRIAL PRODUCTS1 Bharat Forge Limited. 8,456 37.66 0.43

NON - FERROUS METALS1 Hindalco Industries Limited. 85,050 155.39 1.772 Hindalco Industries Limited.(Partly Paid) 16,707 16.38 0.19

OIL1 Oil & Natural Gas Corporation Limited. 5,844 76.64 0.87

PETROLEUM PRODUCTS1 Indian Oil Corporation Limited. 11,775 68.81 0.782 Bharat Petroleum Corporation Limited. 15,150 64.43 0.73

PHARMACEUTICALS1 Sun Pharmaceutical Industries Limited. 14,375 123.56 1.41

SOFTWARE1 HCL Technologies Limited. 15,949 104.34 1.192 Tata Consultancy Services Limited. 5,400 103.44 1.183 Patni Computer Systems Limited. 15,000 68.72 0.78

TELECOM - SERVICES1 Reliance Communication Venture Limited. 30,954 95.55 1.09




1 Kotak Mahindra Investment Limited. 50 500.08 5.70 A1+2 UltraTech Cemco Limited. 5 499.94 5.70 AA+





1 Housing Development Finance Corporation Limited. 50 506.04 5.76 LAAA2 Industrial Development Bank of India 50 500.78 5.71 AA+3 UTI Bank Limited. 50 500.24 5.70 LAA+4 Indian Railway Finance Corporation Limited 50 499.78 5.69 AAA5 Rabo India Finance Private Limited 30 301.15 3.43 AAA



a) TradedTotal — —Total — —

b) Non Traded / Thinly traded**1 Fleet Trust June 2005 Series A1 (CFIL) PTC 10 609.30 6.94 AAA(SO)2 Indian Retail ABS Trust Series X A3 (ICICI Bank) PTC 20 540.36 6.16 AAA(SO)3 NTPC Loan Securitisation Trust Series XII (ICICI Bank) PTC 10 467.88 5.33 AAA(SO)4 Indian Retail ABS Trust Series XIV A3 (ICICI Bank) PTC 5 197.63 2.25 AAA(SO)



b) Certificate of Deposit1 UCO Bank Limited. 500 497.38 5.67 P1+




HSBC Investments





b) Privately Placed / Unlisted**1 Canbank Factors Limited. 300 3,000.00 9.17 P1+2 GE Capital Services India 25 2,500.00 7.64 AAA3 GE Countrywide Consumer Financial Services Limited. 25 2,500.00 7.64 AAA4 Hindustan National Glass & Industries Limited 10 1,000.00 3.06 PR1+


a) Commercial Papers1 GE Capital Transportation Financial Services Limited. 1,000 4,903.18 14.98 P1+2 DSP Merrill Lynch Capital Limited. 500 2,451.33 7.49 P1+3 Cholamandalam Investment & Finance Co. Limited. 60 296.48 0.91 P1+

Total 7,650.99 23.38b) Certificate of Deposit1 ICICI Bank Limited. 6,000 5,884.50 17.98 A1+2 State Bank of Mysore 4,000 3,923.55 11.99 A1+3 Jammu & Kashmir Bank Limited. 3,000 2,943.29 8.99 P1+4 Jammu & Kashmir Bank Limited. 2,000 1,961.26 5.99 P1+5 Indian Bank 700 686.52 2.10 IND F1+6 ING Vysya Bank Limited. 500 491.92 1.50 P1+





HSBC MUTUAL FUND – HSBC Fixed Term Series - VIIIHalf Yearly Portfolio Statement for the period ended March 31, 2006




aii) Non Traded / Thinly Traded**1 Associated Cement Companies Limited. 50 515.23 2.33 LAA+

Total 515.23 2.33b) Privately Placed / Unlisted**1 GE Capital Services India 25 2,500.00 11.31 AAA2 GE Countrywide Consumer Financial Services Limited. 25 2,500.00 11.31 AAA



b) Certificate of Deposit1 ICICI Bank Limited. 5,500 5,061.11 22.89 A1+2 State Bank of Saurashtra 4,500 4,148.38 18.76 A1+

Total 9,209.48 41.653 Reverse Repos 4,807.85 21.744 Net Receivable / (Payable) 2,578.05 11.66



HSBC MUTUAL FUND – HSBC Fixed Term Series - 13Half Yearly Portfolio Statement for the period ended March 31, 2006


Scheme / Plan NAV at the beginning and at the end of the half year ended March 31, 2006

Scheme / Plan /Option Name NAV per unit as NAV per unit ason March 31, on September2006/Date of 30, 2005

First NAV *

HSBC Equity Fund - Dividend 29.0720 26.6882HSBC Equity Fund - Growth 60.9125 47.1614HSBC Income Fund - Short Term Plan - Regular Option - Dividend 10.3856 10.2950HSBC Income Fund - Short Term Plan - Regular Option - Growth 11.7985 11.5593HSBC Income Fund - Short Term Plan - Institutional Option - Dividend 10.7396 10.7747HSBC Income Fund - Short Term Plan - Institutional Option - Growth 11.9121 11.6484HSBC Income Fund - Investment Plan - Regular Option - Dividend 10.2696 10.2835HSBC Income Fund - Investment Plan - Regular Option - Growth 11.8011 11.6467HSBC Income Fund - Investment Plan - Institutional Option - Growth 12.0435 11.8271HSBC Cash Fund - Regular Option- Dividend 10.1930 10.1930HSBC Cash Fund - Regular Option - Growth 11.7970 11.4866HSBC Cash Fund - Institutional Option - Growth 11.8200 11.5033HSBC Cash Fund - Institutional Option - Daily Dividend 10.4401 10.4401HSBC Cash Fund - Institutional Option - Weekly Dividend 10.4530 10.4600HSBC Cash Fund - Institutional Option - Monthly Dividend 10.4564 10.4634HSBC Cash Fund - Institutional Plus Option - Growth 11.0065 10.6955HSBC Cash Fund - Institutional Plus Option - Daily Dividend 10.0056 10.0056HSBC Cash Fund - Institutional Plus Option - Weekly Dividend 10.0096 10.0164HSBC Cash Fund - Institutional Plus Option - Monthly Dividend 10.0120 10.0189HSBC Cash Fund - Regular Option - Weekly Dividend 10.0075 10.0158HSBC Gilt Fund - Short Term Plan - Dividend Option 10.5378 10.3427HSBC Gilt Fund - Short Term Plan - Growth Option 10.6756 10.4776HSBC India Opportunities Fund-Dividend 18.7112 16.3118HSBC India Opportunities Fund-Growth 23.0533 17.6042HSBC Advantage India Fund-Dividend(24-Feb-06)* 11.2929 NAHSBC Advantage India Fund-Growth(24-Feb-06)* 11.2929 NAHSBC Floating Rate Fund - Long Term Plan - Regular Option - Dividend 10.0578 10.0935HSBC Floating Rate Fund - Long Term Plan - Regular Option - Growth 10.7502 10.4926HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Growth 10.7797 10.5110HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Weekly Dividend 10.0198 10.0265HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend 10.0884 10.0888HSBC Floating Rate Fund - Short Term Plan - Regular Option - Dividend 10.0128 10.0128HSBC Floating Rate Fund - Short Term Plan - Regular Option - Growth 10.7486 10.4713HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Growth 10.7777 10.4896HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Daily Dividend 10.0132 10.0132HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Weekly Dividend 10.0165 10.0233HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Monthly Dividend 10.0114 10.0183HSBC Floating Rate Fund - Short Term Plan - Institutional Plus Option - Growth(11-Nov-05)* 10.2031 NAHSBC Floating Rate Fund - Short Term Plan - Institutional Plus Option - Daily Dividend(11-Nov-05)* 10.0171 NAHSBC Floating Rate Fund - Short Term Plan - Regular Option - Weekly Dividend 10.0062 10.0132HSBC MIP - Regular Plan-Monthly Dividend 10.4332 10.4283HSBC MIP - Regular Plan-Growth 11.4821 11.1044HSBC MIP - Regular Plan-Quarterly Dividend 10.4465 10.3381HSBC MIP - Savings Plan-Monthly Dividend 10.7428 10.7082HSBC MIP - Savings Plan-Growth 12.2006 11.5896HSBC MIP - Savings Plan-Quarterly Dividend 10.8067 10.5956HSBC Midcap Equity Fund-Dividend 17.3714 14.0294HSBC Midcap Equity Fund-Growth 18.6376 14.0294HSBC Fixed Term Series - I -Dividend(06-Dec-05)* 10.0431 NAHSBC Fixed Term Series - I -Growth(06-Dec-05)* 10.0431 NAHSBC Fixed Term Series - II -Dividend(12-Jan-06)* 10.0355 NAHSBC Fixed Term Series - II -Growth(12-Jan-06)* 10.0355 NAHSBC Fixed Term Series - III -Dividend(09-Mar-06)* 10.0044 NAHSBC Fixed Term Series - III -Growth(09-Mar-06)* 10.0553 NAHSBC Fixed Term Series - IV -Dividend(30-Mar-06)* 10.0424 NAHSBC Fixed Term Series - IV -Growth(30-Mar-06)* 10.0424 NAHSBC Fixed Term Series - V -Dividend(07-Feb-06)* 10.0459 NAHSBC Fixed Term Series - V -Growth(07-Feb-06)* 10.0459 NAHSBC Fixed Term Series - VI -Dividend(21-Feb-06)* 9.9918 NAHSBC Fixed Term Series - VI -Growth(21-Feb-06)* 9.9918 NAHSBC Fixed Term Series - VII -Dividend(27-Feb-06)* 10.0041 NAHSBC Fixed Term Series - VII -Growth(27-Feb-06)* 10.0764 NAHSBC Fixed Term Series - VIII -Dividend(24-Mar-06)* 10.0205 NAHSBC Fixed Term Series - VIII -Growth(24-Mar-06)* 10.0205 NAHSBC Fixed Term Series - 13 -Regular Option - Dividend(31-Mar-06)* 10.0062 NAHSBC Fixed Term Series - 13 -Regular Option - Growth(31-Mar-06)* 10.0062 NAHSBC Fixed Term Series - 13 -Institutional Option - Growth(31-Mar-06)* 10.0062 NA

* Dates of first NAV of options commenced during the period are indicated in brackets in the table above


Scheme/Plan Name Portfolio turnover Averageduring the half year Maturity

ended March 31, 2006 (Months)

HSBC Equity Fund 0.59 NAHSBC Income Fund - Investment Plan NA 6.81HSBC Income Fund - Short Term Plan NA 4.19HSBC Cash Fund NA 2.55HSBC Floating Rate Fund - Long Term Plan NA 3.28HSBC Floating Rate Fund - Short Term Plan NA 3.73HSBC Gilt Fund Short Term Plan NA 0.07HSBC India Opportunities Fund 0.64 NAHSBC Midcap Equity Fund 0.32 NAHSBC Fixed Term Series - I NA 13.80HSBC Fixed Term Series - II NA 17.56HSBC Fixed Term Series - III NA 4.60HSBC Fixed Term Series - IV NA 9.05HSBC Fixed Term Series - V NA 17.04HSBC Fixed Term Series - VI NA 17.78HSBC Fixed Term Series - VII NA 1.88HSBC Fixed Term Series - VIII NA 1.45HSBC Fixed Term Series - 13 NA 7.31HSBC Advantage India Fund 0.09 NAHSBC MIP - Regular Plan 0.22 7.77 *HSBC MIP - Savings Plan 0.35 4.78 *


Dividend declaration under the Dividend Options of the schemes of HSBC Mutual Fund(for the half year ended 31st March, 2006)

Scheme / Plan /Option Name Record Date/ Dividend Dividend Dividend Dividendperiod of (Rs. Per Rate (Non- (Rs. Per unit) Ratedividend unit) (Non- Corporate) (Corporate) (Corporate)declared Corporate)

HSBC Income Fund - Investment 16-Dec-05 0.07893000 0.79% 0.07351000 0.74%Plan - Regular Option - Dividend 17-Mar-06 0.05262000 0.53% 0.04900000 0.49%HSBC Income Fund - Short Term Plan 1-Oct-05 0.03508000 0.35% 0.03267000 0.33%- Regular Option - Dividend 28-Oct-05 0.03508000 0.35% 0.03267000 0.33%

25-Nov-05 0.03508000 0.35% 0.03267000 0.33%HSBC Income Fund - Short Term Plan - 1-Oct-05 — 0.00% 0.04084000 0.41%Institutional Option - Dividend 28-Oct-05 0.03947000 0.39% 0.03675000 0.37%

25-Nov-05 0.04385000 0.44% 0.04084000 0.41%30-Dec-05 0.02631000 0.26% 0.02450000 0.25%27-Jan-06 0.02631000 0.26% 0.02450000 0.25%24-Feb-06 0.03508000 0.35% 0.03267000 0.33%29-Mar-06 0.02631000 0.26% 0.02450000 0.25%

HSBC Equity Fund-Dividend 14-Oct-05 2.50000000 25.00% 2.50000000 25.00%24-Mar-06 2.00000000 20.00% 2.00000000 20.00%



aii) Non Traded / Thinly Traded**1 Mahindra & Mahindra Financial Services Limited 290 2,912.86 14.49 AA+2 Sundaram Finance Limited 290 2,912.86 14.49 LAA+3 Citi Financial Consumer Finance India Limited. 250 2,509.62 12.49 AAA4 Cholamandalam Investment & Finance Co. Limited. 190 1,908.64 9.50 LAA5 Kotak Mahindra Prime Limited 190 1,908.98 9.50 LAA

Total 12,152.97 60.47b) Privately Placed / Unlisted**1 GE Countrywide Consumer Financial Services Limited. 38 3,822.21 19.02 AAA2 GE Capital Services India 20 2,009.75 10.00 AAA3 GE Capital Services India 19 1,909.88 9.50 AAA




HSBC MUTUAL FUND – HSBC Fixed Term Series - VHalf Yearly Portfolio Statement for the period ended March 31, 2006


HSBC MUTUAL FUND – HSBC Fixed Term Series - VIHalf Yearly Portfolio Statement for the period ended March 31, 2006




aii) Non Traded / Thinly Traded**1 Citi Financial Consumer Finance India Limited 510 5,094.03 18.34 AAA2 Mahindra & Mahindra Financial Services Limited 270 2,699.01 9.72 AA+3 Kotak Mahindra Prime Limited 250 2,499.04 9.00 LAA

Total 10,292.09 37.05b) Privately Placed / Unlisted**1 Rabo India Finance Private Limited 500 4,997.18 17.99 AAA2 Citicorp Finance India Limited 500 4,993.28 17.97 AAA3 GE Capital Services India 36 3,595.20 12.94 AAA4 GE Countrywide Consumer Financial Services Limited 26 2,598.39 9.35 AAA5 GE Countrywide Consumer Financial Services Limited 10 1,001.06 3.60 AAA






aii) Non Traded / Thinly Traded**1 Kotak Mahindra Investment Limited. 150 1,500.23 3.23 A1+2 Kotak Mahindra Prime Limited 200 2,000.00 4.30 P1+

Total 3,500.23 7.53b) Privately Placed / Unlisted**1 Kotak Securities Limited 20 2,000.00 4.30 A1+2 SREI Infrastructure Finance Limited 2,000 2,000.00 4.30 PR1+


a) Commercial Papers1 SBI Cards & Payment Services Limited. 1,000 4,942.68 10.64 P1+2 BHW Birla Home Finance Limited. 500 2,471.17 5.32 P1+3 DSP Merrill Lynch Capital Limited. 400 1,977.36 4.26 P1+4 Cholamandalam Investment & Finance Co. Limited. 400 1,976.54 4.25 P1+5 Reliance Telecom Private Limited. 300 1,483.65 3.19 A1+

Total 12,851.40 27.66b) Certificate of Deposit1 ICICI Bank Limited. 7,000 6,919.56 14.89 A1+2 ABN Amro Bank 6,500 6,425.90 13.83 A1+3 Jammu & Kashmir Bank Limited. 5,000 4,942.32 10.64 P1+4 Karur Vysya Bank Limited. 2,500 2,464.02 5.30 IND F1+5 UCO Bank Limited. 1,500 1,481.88 3.19 P1+6 Jammu & Kashmir Bank Limited. 1,000 990.51 2.13 P1+7 UCO Bank Limited. 1,000 989.84 2.13 P1+8 Industrial Development Bank of India 1,000 987.30 2.13 P1+9 Jammu & Kashmir Bank Limited. 500 493.72 1.06 P1+





HSBC MUTUAL FUND – HSBC Fixed Term Series - VIIHalf Yearly Portfolio Statement for the period ended March 31, 2006


HSBC MUTUAL FUND – HSBC Fixed Term Series - IVHalf Yearly Portfolio Statement for the period ended March 31, 2006


5 GE Countrywide Consumer Financial Services Limited. 15 1,506.43 4.91 AAATotal 16,066.91 52.32

2 Money Market Instrumentsa) Commercial Papers1 Standard Chartered Investments and Loans (India) Limited. 800 3,696.59 12.04 P1+

Total 3,696.59 12.04b) Certificate of Deposit1 ICICI Bank Limited. 3,800 3,504.30 11.41 A1+2 State Bank of Patiala 2,500 2,312.75 7.53 P1+





Dividend declaration under the Dividend Options of the schemes of HSBC Mutual Fund(for the half year ended 31st March, 2006)

Scheme / Plan /Option Name Record Date/ Dividend Dividend Dividend Dividendperiod of (Rs. Per Rate (Non- (Rs. Per unit) Ratedividend unit) (Non- Corporate) (Corporate) (Corporate)declared Corporate)

HSBC India Opportunities Fund - Dividend 11-Nov-05 2.00000000 20.00% 2.00000000 20.00%HSBC Midcap Equity Fund - Dividend 9-Dec-05 1.00000000 10.00% 1.00000000 10.00%HSBC Fixed Term Series - III 29-Mar-06 0.04461419 0.45% 0.04154797 0.42%HSBC Fixed Term Series - VII 29-Mar-06 0.06337547 0.63% 0.05901983 0.59%HSBC Cash Fund - Regular Option - For October 05 * 0.03847741 0.38% 0.03583294 0.36%Daily Dividend For November 05 * 0.03811576 0.38% 0.03549617 0.35%

For December 05 * 0.03787227 0.38% 0.03526937 0.35%For January 06 * 0.04241057 0.42% 0.03949581 0.39%For February 06 * 0.03830290 0.38% 0.03567040 0.36%

For March 06 * 0.04318627 0.43% 0.04021820 0.40%HSBC Cash Fund - Regular Option - For October 05 * 0.04260619 0.43% 0.03967796 0.40%Weekly Dividend For November 05 * 0.03495616 0.35% 0.03255372 0.33%


For March 06 * 0.04457082 0.45% 0.04150757 0.42%HSBC Cash Fund - Institutional Option - For October 05 * 0.04013806 0.40% 0.03737945 0.37%Daily Dividend For November 05 * 0.03978004 0.40% 0.03704606 0.37%


For March 06 * 0.04497575 0.45% 0.04188468 0.42%HSBC Cash Fund - Institutional Plus Option - For October 05 * 0.04007860 0.40% 0.03732411 0.37%Daily Dividend For November 05 * 0.03994396 0.40% 0.03719870 0.37%


For March 06 * 0.04608579 0.46% 0.04291844 0.43%HSBC Cash Fund - Institutional Option - For October 05 * 0.04555079 0.46% 0.04242019 0.42%Weekly Dividend For November 05 * 0.03718419 0.37% 0.03462861 0.35%


For March 06 * 0.04745843 0.47% 0.04419673 0.44%HSBC Cash Fund - Institutional Plus Option - For October 05 * 0.04539318 0.45% 0.04227342 0.42%Weekly Dividend For November 05 * 0.03727713 0.37% 0.03471516 0.35%


For March 06 * 0.04860765 0.49% 0.04526697 0.45%HSBC Cash Fund - Institutional Option - 28-Oct-05 0.04567708 0.46% 0.04253781 0.43%Monthly Dividend 25-Nov-05 0.03725285 0.37% 0.03469255 0.35%

30-Dec-05 0.04626425 0.46% 0.04308462 0.43%27-Jan-06 0.03850785 0.39% 0.03586130 0.36%24-Feb-06 0.04036230 0.40% 0.03758830 0.38%29-Mar-06 0.04756716 0.48% 0.04429799 0.44%

HSBC Cash Fund - Institutional Plus Option - 28-Oct-05 0.04549933 0.45% 0.04237228 0.42%Monthly Dividend 25-Nov-05 0.03735898 0.37% 0.03479139 0.35%

30-Dec-05 0.04641961 0.46% 0.04322931 0.43%27-Jan-06 0.03885078 0.39% 0.03618066 0.36%24-Feb-06 0.04135784 0.41% 0.03851541 0.39%29-Mar-06 0.04876844 0.49% 0.04541671 0.45%

HSBC MIP - Regular Plan - Monthly Dividend 1-Oct-05 0.07016000 0.70% 0.06534000 0.65%28-Oct-05 0.04385000 0.44% 0.04084000 0.41%25-Nov-05 0.05262000 0.53% 0.04900000 0.49%30-Dec-05 0.05262000 0.53% 0.04900000 0.49%27-Jan-06 0.03508000 0.35% 0.03267000 0.33%24-Feb-06 0.03508000 0.35% 0.03267000 0.33%29-Mar-06 0.00877000 0.09% 0.00817000 0.08%

HSBC MIP - Regular Plan - Quaterly Dividend 16-Dec-05 0.10524000 1.05% 0.09801000 0.98%17-Mar-06 0.10524000 1.05% 0.09801000 0.98%

HSBC MIP - Savings Plan - Monthly Dividend 1-Oct-05 0.10524000 1.05% 0.09801000 0.98%28-Oct-05 0.05262000 0.53% 0.04900000 0.49%25-Nov-05 0.07016000 0.70% 0.06534000 0.65%30-Dec-05 0.07016000 0.70% 0.06534000 0.65%27-Jan-06 0.04385000 0.44% 0.04084000 0.41%24-Feb-06 0.05262000 0.53% 0.04900000 0.49%29-Mar-06 0.05262000 0.53% 0.04900000 0.49%

HSBC MIP - Savings Plan - Quaterly Dividend 16-Dec-05 0.15786000 1.58% 0.14701000 1.47%17-Mar-06 0.14032000 1.40% 0.13068000 1.31%

HSBC Floating Rate Fund - Long Term Plan - 1-Oct-05 0.03508000 0.35% 0.03267000 0.33%Regular Option - Monthly Dividend 28-Oct-05 0.03508000 0.35% 0.03267000 0.33%


HSBC Floating Rate Fund - Long Term Plan - For October 05 * 0.03522479 0.35% 0.03280387 0.33%Institutional Option - Weekly Dividend For November 05 * 0.03541673 0.35% 0.03298262 0.33%


For March 06 * 0.03108824 0.31% 0.02895162 0.29%HSBC Floating Rate Fund - Long Term Plan - 1-Oct-05 0.03508000 0.35% 0.03267000 0.33%Institutional Option -Montly Dividend 28-Oct-05 0.03070000 0.31% 0.02859000 0.29%


HSBC Floating Rate Fund - Short Term Plan - For October 05 * 0.03826873 0.38% 0.03563864 0.36%Regular Option - Daily Dividend For November 05 * 0.03798711 0.38% 0.03537632 0.35%


For March 06 * 0.03886078 0.39% 0.03618995 0.36%HSBC Floating Rate Fund - Short Term Plan - For October 05 * 0.04314274 0.43% 0.04017765 0.40%Regular Option - Weekly Dividend For November 05 * 0.03550403 0.36% 0.03306392 0.33%


For March 06 * 0.04143849 0.41% 0.03859053 0.39%HSBC Floating Rate Fund - Short Term Plan - For October 05 * 0.03977326 0.40% 0.03703975 0.37%Institutional Option - Daily Dividend For November 05 * 0.03942352 0.39% 0.03671402 0.37%


For March 06 * 0.04030771 0.40% 0.03753749 0.38%HSBC Floating Rate Fund - Short Term Plan - For October 05 * 0.04475946 0.45% 0.04168324 0.42%Institutional Option - Weekly Dividend For November 05 * 0.03685474 0.37% 0.03432180 0.34%


For March 06 * 0.04280147 0.43% 0.03985982 0.40%HSBC Floating Rate Fund - Short Term Plan - 28-Oct-05 0.04490243 0.45% 0.04181639 0.42%Institutional Option - Monthly Dividend 25-Nov-05 0.03687615 0.37% 0.03434174 0.34%

30-Dec-05 0.04582491 0.46% 0.04267547 0.43%27-Jan-06 0.03680173 0.37% 0.03427244 0.34%24-Feb-06 0.03715176 0.37% 0.03459841 0.35%29-Mar-06 0.04287363 0.43% 0.03992703 0.40%

HSBC Floating Rate Fund - Short Term Plan - For November 05 * 0.01301441 0.13% 0.01211997 0.12%Institutional Option - Weekly Dividend For December 05 * 0.03663023 0.37% 0.03411274 0.34%

For January 06 * 0.03930453 0.39% 0.03660322 0.37%For February 06 * 0.03405530 0.34% 0.03171475 0.32%

For March 06 * 0.03858120 0.39% 0.03592962 0.36%HSBC Floating Rate Fund - Short Term Plan - 25-Nov-05 0.00507473 0.05% 0.00472596 0.05%Institutional Plus Option - Monthly Dividend 30-Dec-05 0.04259843 0.43% 0.03967075 0.40%

27-Jan-06 0.03825901 0.38% 0.03562957 0.36%24-Feb-06 0.03660188 0.37% 0.03408632 0.34%

Notes : * This represents cummulative amounts of dividends declared during the month.Notes:

1. The provision made for Non Performing Assets as of March 31,2006 is NIL and its percentage to Net Asset Value is NIL.

2. Details of Schemes which have outstanding Derivative (OIS) position is NIL


4. Past performance may or may not be sustained in future.

5. Average maturity of all the debt oriented schemes is expressed as the weighted average maturity of the portfolio in the fund in termsof number of months.

6. The portfolio turnover for HSBC Equity Fund, HSBC India Opportunities Fund, HSBC Midcap Equity Fund, HSBC Advantage India Fund, HSBCMIP Regular (Equity Portion) and HSBC MIP Savings (Equity Portion) is the lower of purchases & sales to the average net assets during thehalf year ended March 31, 2006.

Investors may obtain Offer Documents and Key Information Memorandums along with application forms from the office of HSBC Mutual Fund, 52/60 Mahatma Gandhi Road, Fort, Mumbai 400 001. Tel: 022-2273 4343. Statutory Details: HSBC Mutual Fund has been set up as a trust by HSBC Securities and Capital Markets (India) Private Limited (liability restricted to the corpus of Rs 1 lakh). The Sponsor / associatesof the Sponsor/ Asset Management Company (AMC) are not responsible or liable for any loss or shortfall resulting from the operation of the Schemes. The Trustees of HSBC Mutual Fund have appointed HSBC Asset Management (India) Private Limited as the Investment Manager. Risk Factors: All investments in mutual funds and securities are subject to market risks and the Net Asset Value (NAV) of the Scheme(s) maygo up or down depending on the factors and forces affecting the securities markets. There can be no assurance that the objectives of the Scheme(s) will be achieved. Past performance of the Sponsor, AMC, Mutual Fund or any associates of the Sponsor/AMC does not indicate the future performance of the Scheme(s) of the Mutual Fund. HSBC Equity Fund (HEF), HSBC India Opportunities Fund (HIF), HSBC Midcap EquityFund (HMEF), HSBC Advantage India Fund (HAIF), HSBC Income Fund (HIF), HSBC Gilt Fund (HGF), HSBC Cash Fund (HCF), HSBC MIP (HMIP), HSBC Floating Rate Fund (HFRF) and HSBC Fixed Term Series (HFTS) are the names of the Schemes and do not in any manner indicate the quality of the Schemes or their future prospects or returns. Scheme Classification: HEF (an open-ended growth scheme) aims to generatelong-term capital growth from an actively managed portfolio of equity and equity related securities. HIOF is an open-ended equity scheme seeking 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 but could move a portion of its assets to fixed income securities if the fund managerbecomes negative on equity markets. HMEF (an open-ended growth scheme) 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 cautious or negative on the Indian equity markets. HAIF (an open-ended equity scheme)seeks to generate long term capital growth from an actively managed portfolio of equity and equity related securities by investing primarily in areas that play an important role in India’s economic development. The sectors and areas will change with changes in the economy. HIF (an open-ended income scheme) aims to provide reasonable income whilst maintaining a prudent policy of capital conservation. HGF (an open-endedgilt scheme) aims to generate reasonable returns through investments in Government Securities of various maturities. HCF (an open-ended liquid scheme) 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. HMIP (an open-ended fund, monthly income is not assured and is subject to availability of distributable surplus)seeks to generate reasonable returns through investments in debt and money market instruments with a secondary objective to seek capital appreciation through investments in equity and equity related instruments. HFRF (an open-ended income scheme) seeks to generate a reasonable return with commensurate risk through investments in floating rate debt instruments and fixed rate debt instruments swapped for floatingrate returns. The Scheme may also invest in fixed rate money market and debt instruments. HFTS (close-ended Income Scheme) seeks to generate reasonable returns by investing in a portfolio of fixed income instruments normally maturing in line with the time profile of the respective Plan(s). Terms of Issue: Units of the Scheme(s) are being offered at NAV based prices, subject to the prevailing loads. The AMC calculatesand publishes NAVs and offers for sale, redemption and switch outs, units of the Scheme(s) on all Business Days, at the Applicable NAV for all Schemes. However HFTS will not be open for ongoing subscriptions / switch ins. Load Structure: HEF, HIOF, HMEF & HAIF - Entry Load - For investments below Rs 5 crores – 2.25%. For investments of Rs 5 crores and above – Nil. No exit load for HEF, HIOF & HMEF.HAIF – Exit Load - For investments below Rs 5 crores – 1%, if redeemed before completion of 6 months from date of allotment, otherwise Nil. HMIP – Entry Load – Nil. Exit Load- For Investments below Rs 10 Lakhs - 0.5% if redeemed within 6 months from date of investment. For STP/SEP – Nil. In case of HIF - Investment Plan & HFRF - Long Term Plan - Entry Load - nil. Exit Load - For investments below Rs 10 Lakhsin Regular Option – 0.5% if redeemed within 6 months from the date of investment. For STP/SEP – Nil. For HFTS load, please contact the nearest investor service centre. No load in case of HCF, HGF, HIF-ST & HFRF-ST. For load in case of SIP/STP/dividend re-investments & in case of investments by Fund-of-Funds scheme, contact the nearest ISC. There are no loads other than those mentioned above. Theentry / exit loads set forth above are subject to change at the discretion of the AMC and such changes shall be implemented prospectively. Please read the Offer Documents for details and risk factors before investing.

HSBC Investments


HSBC Mutual FundUnaudited Half – Yearly Financial Results for the period ended 30 September 2006 as per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.

Sl. Particulars HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBCNo. Equity India Midcap Advantage Income Fund - Income Fund - Cash Gilt Fund MIP MIP Floating Rate Floating Rate Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed

Fund Opportunities Equity India Investment Short Term Fund Short Term Regular Savings Fund - Long Fund - Short Term Term Term Term Term Term Term Term Term Term Term TermFund Fund Fund Plan Plan Plan Plan Plan Term Plan Term Plan Series I Series II Series III Series IV Series V Series VI Series VII Series VIII Series 13 Series IX Series 14 Series 15

(HEF) (HIOF) (HMEF) (HAIF) (HIF-IP) (HIF-ST) (HCF) (HGF-ST) (HMIP-R) (HMIP-S) (HFRF-LT) (HFRF-ST) (HFTSI) (HFTSII) (HFTSIII) (HFTSIV) (HFTSV) (HFTSVI) (HFTSVII) (HFTSVIII) (HFTS13) (HFTSIX) (HFTS14) (HFTS15)

1.1 Unit Capital at the beginning of thehalf year period (March 31, 2006) (Rs. in crores) 362.40 233.21 282.60 1,541.92 29.18 78.70 1,862.91 0.46 58.23 76.90 349.98 407.48 148.28 142.36 201.73 305.82 200.06 278.02 464.11 326.64 220.97 N.A. $ N.A. $ N.A. $

1.2 Unit Capital at the end of theperiod (September 30, 2006) (Rs. in crores) 281.32 251.55 228.15 1,296.18 26.53 173.40 3,040.04 0.72 52.56 66.17 82.58 370.01 143.05 142.36 N.A. £ 304.09 200.06 278.02 N.A. £ N.A. £ 220.17 350.18 212.78 316.45

2 Reserves & Surplus (Rs. In crores) 745.94 235.65 126.41 160.32 4.06 10.12 109.13 0.06 5.31 10.24 3.00 6.81 6.92 6.89 N.A. £ 14.70 9.72 12.58 N.A. £ N.A. £ 9.57 7.18 1.60 0.32

3.1 Total Net Assets at the beginning ofthe half year period (Rs. in crores) 1,260.56 457.64 502.40 1,741.27 32.82 88.68 1,913.04 0.49 63.02 87.78 368.57 412.33 148.92 142.87 202.02 307.12 200.98 277.79 464.59 327.31 221.11 N.A. $ N.A.$ N.A.$

3.2 Total Net Assets at the end ofthe period (Rs. in crores) 1,027.26 487.20 354.56 1,456.50 30.58 183.52 3,149.17 0.78 57.87 76.41 85.58 376.83 149.97 149.25 N.A. £ 318.79 209.77 290.60 N.A. £ N.A. £ 229.73 357.36 214.38 316.77

4.1 NAV at the beginning of the half year period (Rs.)Growth Option 60.9125 23.0533 18.6376 11.2929 N.A. N.A. N.A. 10.6756 11.4821 12.2006 N.A. N.A. 10.0431 10.0355 10.0533 10.0424 10.0459 9.9918 10.0764 10.0205 N.A. N.A. N.A. N.A.Dividend Option 29.0720 18.7112 17.3714 11.2929 N.A. N.A. N.A. 10.5378 N.A. N.A. N.A. N.A. 10.0431 10.0355 10.0044 10.0424 10.0459 9.9918 10.0041 10.0205 N.A. N.A. N.A. N.A.Regular Option – Dividend N.A. N.A. N.A. N.A. 10.2696 10.3856 N.A. N.A. N.A. N.A. 10.0578 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0062 N.A. N.A. N.A.Regular Option – Growth N.A. N.A. N.A. N.A. 11.8011 11.7985 11.7970 N.A. N.A. N.A. 10.7502 10.7486 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0062 N.A. N.A. N.A.Regular Option – Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0075 N.A. N.A. N.A. N.A. 10.0062 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option – Dividend N.A. N.A. N.A. N.A. – ! 10.7396 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. – ! N.A. N.A. N.A.Institutional Option – Growth N.A. N.A. N.A. N.A. 12.0435 11.9121 N.A. N.A. N.A. N.A. 10.7797 10.7777 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0062 N.A. N.A. N.A.Regular Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.1930 N.A. N.A. N.A. N.A. 10.0128 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4401 N.A. N.A. N.A. N.A. 10.0132 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4530 N.A. N.A. N.A. 10.0198 10.0165 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4564 N.A. N.A. N.A. 10.0884 10.0114 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Growth N.A. N.A. N.A. N.A. N.A. N.A. 11.8200 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Growth N.A. N.A. N.A. N.A. N.A. N.A. 11.0065 N.A. N.A. N.A. N.A. 10.2031 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0056 N.A. N.A. N.A. N.A. 10.0171 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0096 N.A. N.A. N.A. N.A. N.A. ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0120 N.A. N.A. N.A. N.A. N.A. ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4332 10.7428 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4465 10.8067 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

4.2 NAV at the end of the period (Rs.) ~Growth Option 63.0142 24.4703 17.0015 11.2375 N.A. N.A. N.A. 10.8744 11.9462 12.6892 N.A. N.A. 10.4814 10.4817 N.A. £ 10.4812 10.4836 10.4500 N.A. £ N.A. £ N.A. 10.2030 $ 10.0730 $ N.A.Dividend Option 30.0795 17.7933 14.8643 11.2375 N.A. N.A. N.A. 10.7341 N.A. N.A. N.A. N.A. 10.4814 10.4817 N.A. £ 10.4812 10.4836 10.4500 N.A. £ N.A. £ N.A. 10.2030 $ 10.0730 $ N.A.Regular Option – Dividend N.A. N.A. N.A. N.A. 10.3710 10.6824 N.A. N.A. N.A. N.A. 10.0586 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4152 N.A. N.A. 10.0075 $Regular Option – Growth N.A. N.A. N.A. N.A. 12.1726 12.2155 12.1625 N.A. N.A. N.A. 11.0697 11.0780 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4152 N.A. N.A. 10.0075 $Regular Option – Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0163 N.A. N.A. N.A. N.A. 10.0143 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option – Dividend N.A. N.A. N.A. N.A. – ! 10.0667 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. – ! N.A. N.A. 10.0077 $Institutional Option – Growth N.A. N.A. N.A. N.A. 12.4879 12.3577 N.A. N.A. N.A. N.A. 11.1107 11.1190 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4381 N.A. N.A. 10.0077 $Regular Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.1930 N.A. N.A. N.A. N.A. 10.0000 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4401 N.A. N.A. N.A. N.A. 10.0132 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.4627 N.A. N.A. N.A. 10.1979 10.0354 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.5180 N.A. N.A. N.A. 10.1123 10.0779 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option Growth N.A. N.A. N.A. N.A. N.A. N.A. 12.1923 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Growth N.A. N.A. N.A. N.A. N.A. N.A. 11.3707 N.A. N.A. N.A. N.A. 10.5341 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0056 N.A. N.A. N.A. N.A. 10.0262 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0192 N.A. N.A. N.A. N.A. N.A. ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Plus Option – Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.0733 N.A. N.A. N.A. N.A. N.A. ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.5582 10.8018 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.5963 10.9025 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

4.3 Dividend paid per unit during the half–year(Individual/HUF) (Rs.)Dividend Option – 2.0000 1.0000 – – – – – – – – – – – 0.3122 – – – 0.0976 0.1850 – – – –Regular Option – Dividend – – – – 0.1929 0.1052 – – – – 0.3095 – – – – – – – – – – – – –Institutional Option – Dividend – – – – – 0.1754 – – – – – – – – – – – – – – – – – –Regular Option Daily Dividend – – – – – – 0.2728 – – – – 0.2763 – – – – – – – – – – – –Regular Option Weekly Dividend – – – – – – 0.2711 – – – – 0.2687 – – – – – – – – – – – –Institutional Option Daily Dividend – – – – – – 0.2840 – – – – 0.2739 – – – – – – – – – – – –Institutional Option Weekly Dividend – – – – – – 0.2875 – – – 0.1119 0.2658 – – – – – – – – – – – –Institutional Option Monthly Dividend – – – – – – 0.2882 – – – 0.3120 0.2714 – – – – – – – – – – – –Institutional Plus Option – Daily Dividend – – – – – – 0.2857 – – – – 0.2728 – – – – – – – – – – – –Institutional Plus Option – Weekly Dividend – – – – – – 0.2890 – – – – – – – – – – – – – – – – –Institutional Plus Option – Monthly Dividend – – – – – – 0.2897 – – – – – – – – – – – – – – – – –Monthly Dividend – – – – – – – – 0.3157 0.3859 – – – – – – – – – – – – – –Quarterly Dividend – – – – – – – – 0.2368 0.2894 – – – – – – – – – – – – – –

4.4 Dividend paid per unit during the half-year (Others) (Rs.)Dividend Option – 2.0000 1.0000 – – – – – – – – – – – 0.2908 – – – 0.0909 0.1723 – – – –Regular Option – Dividend – – – – 0.1797 0.0980 – – – – 0.2882 – – – – – – – – – – – – –Institutional Option – Dividend – – – – – 0.1634 – – – – – – – – – – – – – – – – – –Regular Option Daily Dividend – – – – – – 0.2541 – – – – 0.2573 – – – – – – – – – – – –Regular Option Weekly Dividend – – – – – – 0.2525 – – – – 0.2502 – – – – – – – – – – – –Institutional Option Daily Dividend – – – – – – 0.2645 – – – – 0.2551 – – – – – – – – – – – –Institutional Option Weekly Dividend – – – – – – 0.2678 – – – 0.1042 0.2476 – – – – – – – – – – – –Institutional Option Monthly Dividend – – – – – – 0.2684 – – – 0.2906 0.2527 – – – – – – – – – – – –Institutional Plus Option – Daily Dividend – – – – – – 0.2660 – – – – 0.2540 – – – – – – – – – – – –Institutional Plus Option – Weekly Dividend – – – – – – 0.2691 – – – – – – – – – – – – – – – – –Institutional Plus Option – Monthly Dividend Option – – – – – – 0.2698 – – – – – – – – – – – – – – – – –Monthly Dividend – – – – – – – – 0.2940 0.3594 – – – – – – – – – – – – – –Quarterly Dividend – – – – – – – – 0.2205 0.2695 – – – – – – – – – – – – – –

Income5.1 Dividend (Rs. In crores) 9.01 4.41 3.57 11.24 – – – – 0.10 0.19 – – – – – – – – – – – – – –5.2 Interest (Rs. In crores) 0.88 0.60 0.57 2.46 0.97 2.25 140.68 0.02 1.96 2.20 6.67 16.07 5.26 5.06 7.27 13.22 7.36 11.29 5.16 6.39 9.58 7.47 1.59 0.345.3 Profit / (Loss) on sale / redemption of investments

(other than inter scheme transfer/sale)[Rs. In crores] 223.91 64.67 46.83 (43.53) 0.11 (0.08) 0.57 (0.00) @ 1.68 2.47 0.55 0.08 (0.05) (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.05) (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @5.4 Profit / (Loss) on inter-scheme transfer/

sale of investment (Rs. in crores) – – – 0.00 @ (0.05) (0.08) (0.01) – (0.41) 0.03 (0.41) (0.03) – – – – – – (0.00) @ – – – – (0.00) @5.5 Other Income (Rs. in crores) – 0.00 @ – – – 0.01 0.03 – 0.00 @ 0.00 @ – – – – – – – – – – – – – –5.6 Total Income (5.1 to 5.5 ) [Rs. in crores] 233.80 69.68 50.97 (29.83) 1.02 2.11 141.27 0.02 3.33 4.89 6.81 16.12 5.21 5.06 7.27 13.22 7.36 11.29 5.11 6.39 9.58 7.47 1.59 0.34

Expenses6.1 Management Fees (Rs. in crores) 5.46 2.31 2.17 7.76 0.12 0.13 3.31 0.00 @ 0.42 0.54 0.33 0.74 0.15 0.11 0.05 0.42 0.05 0.08 0.06 0.08 0.23 0.29 0.02 0.016.2 Trustee Fees (Rs. in crores) – – – – – – – – – – – – – – – – – – – – – – – –6.3 Total Recurring Expenses

(including 6.1 and 6.2) [Rs. In crores] 10.84 4.99 4.67 16.90 0.26 0.27 7.57 0.00 @ 0.66 0.84 0.73 1.50 0.19 0.15 0.14 0.50 0.21 0.43 0.12 0.14 0.29 0.34 0.03 0.016.4 Percentage of Management Fees to

daily average net assets (Regular Option) [%] # 1.02% 1.06% 1.06% 1.00% 0.85% 0.53% 0.35% 0.43% 1.25% 1.25% 0.39% 0.38% 0.20% 0.15% 0.06%^^^ 0.27% 0.05% 0.06% 0.09%^^^ 0.10%^^^ 0.54% 0.32%^^ 0.11%^^ 0.37%^Percentage of Management Fees todaily average net assets (Institutional Option) [%] # N.A. N.A. N.A. N.A. 0.23% 0.32% 0.35% N.A. N.A. N.A. 0.29% 0.26% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.09% N.A. N.A. 0.08%^Percentage of Management Fees to dailyaverage net assets (Institutional Plus Option) [%] # N.A. N.A. N.A. N.A. N.A. N.A. 0.12% N.A. N.A. N.A. N.A. 0.18% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

6.5 Total Recurring expenses as a percentage ofdaily average net assets (Regular Option) [%] # 2.03% 2.28% 2.28% 2.18% 1.75% 1.10% 0.70% 1.00% 1.95% 1.95% 0.85% 0.75% 0.25% 0.20% 0.16%^^^ 0.32% 0.20% 0.30% 0.17%^^^ 0.19%^^^ 0.59% 0.37%^ 0.16%^ 0.58%^Total Recurring expenses as a percentage ofdaily average net assets (Insitutional Option) [%] # N.A. N.A. N.A. N.A. 0.70% 0.69% 0.60% N.A. N.A. N.A. 0.66% 0.55% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.14% N.A. N.A. 0.21%^Total Recurring expenses as a percentage of dailyaverage net assets (Insitutional Plus Option) [%] # N.A. N.A. N.A. N.A. N.A. N.A. 0.30% N.A. N.A. N.A. N.A. 0.40% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

7.1 Returns during the half year (absolute returns) * 5.53% 8.71% –7.29% 0.82% 3.18% 3.57% 3.13% 1.88% 4.35% 4.45% 3.01% 6.14% 4.40% 4.49% N.A.£ 4.39% 4.40% 4.63% N.A.£ N.A.£ N.A. N.A. N.A. N.A.7.2 Compounded Annualised yield

(i) Last 1 year 34.00% 39.18% 20.65% N.A. 4.50% 5.69% 5.90% 3.80% 7.71% 9.60% 5.51% 5.81% N.A. N.A. N.A.£ N.A. N.A. N.A. N.A.£ N.A.£ N.A. N.A. N.A. N.A.(ii) Last 3 years 51.73% N.A. N.A. N.A. 3.43% 4.98% 5.16% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.£ N.A. N.A. N.A. N.A.£ N.A.£ N.A. N.A. N.A. N.A.(iii) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.£ N.A. N.A. N.A. N.A.£ N.A.£ N.A. N.A. N.A. N.A.(iv) Since launch of the scheme ** 62.21% 41.13% 47.55% 21.57% 5.30% 5.40% 5.28% 3.02% 7.09% 9.60% 5.50% 5.63% 5.93% 6.77% N.A.£ 9.77% 7.61% 7.54% N.A.£ N.A.£ 8.50% 8.30%$ 7.88%$ 31.48%$

7.3 Compounded Annualised yield for Benchmark Index(i) Last 6 months 7.21% 6.43% –0.94% 7.21% 2.71% 3.62% 3.07% 3.47% 3.71% 3.71% 3.07% 3.07% 3.07% 3.07% N.A.£ 3.07% 3.07% 3.07% N.A.£ N.A.£ 3.07% N.A. N.A. N.A.(ii) Last 1 year 36.17% 34.43% 22.19% N.A. 3.31% 4.77% 5.58% 6.18% 8.32% 8.32% 5.58% 5.58% N.A. N.A. N.A.£ N.A. N.A. N.A. N.A.£ N.A.£ N.A. N.A. N.A. N.A.(iii) Last 3 years 38.10% N.A. N.A. N.A. 2.84% 4.25% 4.70% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.£ N.A. N.A. N.A. N.A.£ N.A.£ N.A. N.A. N.A. N.A.(iv) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.£ N.A. N.A. N.A. N.A.£ N.A.£ N.A. N.A. N.A. N.A.(v) Since launch of the scheme 42.85% 33.12% 40.19% 16.88% 4.36% 4.59% 4.71% 4.89% 6.83% 6.83% 5.20% 5.20% 4.74% 4.25% N.A.£ 3.07% 3.80% 3.64% N.A.£ N.A.£ 3.03% 1.42%$ 0.48%$ 0.02%$Date of Allotment 10–Dec–02 24–Feb–04 19–May–05 23–Feb–06 10–Dec–02 10–Dec–02 4–Dec–02 5–Dec–03 24–Feb–04 24–Feb–04 16–Nov–04 16–Nov–04 5–Dec–05 10–Jan–06 8–Mar–06 29–Mar–06 6–Feb–06 20–Feb–06 24–Feb–06 23–Mar–06 31–Mar–06 29–Jun–06 29–Aug–06 28–Sep–06

7.4 Benchmark Index BSE 200 BSE 500 BSE Midcap BSE 200 Crisil Crisil Crisil I–Sec Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil CrisilComposite Short Term Liquid Fund –SI–Bex MIP MIP Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid LiquidBond Fund Bond Fund Index Blended Blended Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund

Index Index Index Index Index Index Index Index Index Index Index Index Index Index Index Index Index Index

8 Provision for Doubtful Income/ Debts (Rs. in crores) – – – – – – – – – – – – – – – – – – – – – – – –9 Payment to associate / group companies

(Rs. in crores){Refer to Notes to account - note 2} – – – – – – – – – – – – – – – – – – – – – – – –

10 Investment made in associate / group companies(Rs. in crores){Refer to Notes to account - note 3} – – – – – – – – – – – – – – – – – – – – – – – –

Note:~ NAV per unit was considered as of 29 September, 2006.*Considering Movement of NAV during the half–year and after adjustment of dividend,etc. Returns for all Funds indicate absolute returns except for HSBC Cash Fund which has been annualised.**Returns since launch of Scheme/Plan represents abosolute return for the Plans which are in existence for less than 1 year.Returns during the half year are calculated based on NAV as at beginning of the period and return since inception are calculated taking inception NAV as Rs. 10 per unit for all schemes.@Indicates less than 0.01.#Indicates annualised for the period.$Indicates schemes / plans launched during the current half year and hence opening Unit Capital, Net Assets and NAV Per unit for the period are not available.£Indicates schemes / plans Matured/Wound up during the current half year and hence closing Unit Capital, Net Assets and NAV Per unit for the period are not available.!Indicates there are no investors in the Option.^Weighted Average net assets are calculated from the date of Inflows.^^Weighted Average net assets are calculated from the date of Allotment.^^^In case of Schemes wound up/matured during the period Weighted Average net assets are calculated upto the date of wounding up/maturity.Schemes performance may not be strictly comparable with the performance of the index due to the inherent difference in the construction of the portfolio.

Size : 329 mm x 500 mm

HSBC Investments


Company Name Schemes Investment Aggregate cost Outstandinginvested made by of acquisition as atin by the schemes of during the September 30,Company HSBC Mutual period ended 2006

Fund in the September 30, (At Market /company/ 2006 Fair Value)subsidiary (Rupees in Lakhs) (Rupees in Lakhs)

Bank of India Limited HFRF HEF 5,816.85 2,081.66HAIF 2,281.92 2,689.20HMEF 320.91 -HIOF 1,563.03 1,053.00

Bharti Airtel Limited HIF HMIP 134.25 149.97HEF 5,177.76 3,800.93HIOF 520.78 -HAIF 5,398.42 4,809.81

Finolex Industries Limited HIF HMEF 1,138.87 -HMIP HCF 469.79 473.13

HMIP 939.58 946.26Grasim Industries Limited HFTSIV HEF 2,860.94 4,113.04

HIF 990.45 -HMIP 842.81 185.57HAIF 6,107.63 6,074.13HIOF 607.32 719.54

Gujrat Ambuja Cement India Limited HCF HIOF 328.68 -HEF 32.75 -

HCL Technologies Limited HIF HMIP 262.37 -HFTSI HEF 3,630.39 1,173.76

HIOF 1,130.21 339.29HAIF 1,738.67 -

HDFC Bank Limited HCF HAIF 4,823.80 3,997.51HCF 76,136.13 17,834.38HEF 2,694.91 2,413.34HFRF 2,397.30 237.62HIOF 324.04 -HMIP 199.08 105.93HFTS15 3,019.98 3,022.32

Hero Honda Motors Limited HFRF HMIP 557.14 -HFTSIII HEF 1,461.48 1,456.81HFTSVII HIOF 773.67 -HFTSIX HAIF 1,466.10 1,469.21

Hindalco Industries Limited HIF HIF 2,589.37 -HFRF HMIP 1,180.38 -HFTSI HEF 2,018.65 -HFTSIII HIOF 704.13 -

HFRF 1,046.65 -HAIF 1,249.36 -

Hindustan Lever Limited HCF HMIP 698.85 -HFTSI HEF 3,229.46 -HFTSIII HIOF 1,608.49 -HFTSIV HAIF 4,145.64 -HFTSVIIHFTSVIII



2. Details of amounts paid to associates in terms of Regulation 25 (8).(Rupees in Lakhs)

Name of the Payee HEF HCF HIF-IP HIF-ST HGF-ST HMIP-R HMIP-S HMEF HIOF HFRF-LT HFRF-ST HAIF HFTSI HFTSII HFTSIII HFTSIV HFTSV HFTSVI HFTSVII HFTSVIII HFTS13 TOTAL


Brokerage 6.95 - - - - 0.21 0.41 3.46 8.27 - - 16.43 - - - - - - - - - 35.74


Brokerage on Distribution - HSBC Ltd 162.18 75.66 4.07 3.66 0.02 7.79 8.94 124.96 178.23 8.25 27.08 355.85 - - 0.97 - 8.47 21.24 0.54 0.04 - 987.96

Collection / Bank Charges 0.39 0.02 0.34 - - 1.01 1.01 0.04 0.05 0.05 0.01 0.35 - - - - - - - - - 3.27

Settlement Charges # 8.93 8.93

Notes

# : Charges paid by all the schemes of HSBC Mutual Fund towards settlement of Government Securities transactions through the constituent SGL account.

3. Details of investment in Fixed Deposits with associates in terms of Regulations 25 (8).(Rupees in Crores)

Particulars HEF HCF HIF-IP HIF-ST HGF-ST HMIP-R HMIP-S HMEF HIOF HFRF-LT HFRF-ST HAIF HFTSI HFTSII HFTSIII HFTSIV HFTSV HFTSVI HFTSVII HFTSVIII HFTS13 TOTAL

The Hongkong & Shanghai Banking Corporation Ltd. - 247.00 - - - - - - - - - - - - - - - - - - - 247.00

The AMC is availing the services of the sponsor / associates to act as collection / distribution agents and for investment broking. HSBC, an associate of the sponsor, is on the panel of the bankers with whom HSBC Mutual Fund places money on Fixed Deposits and enters into reverse repo transactions from time to time at competitive rates.HSBC Mutual fund also enters into transactions in government securities and treasury bills at market rates with HSBC Primary Dealership (India) Private Limited, a subsidiary of the sponsor


Disclosure under Regulation 25(11) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended Investments made by the schemes of HSBC Mutual Fund in Companies or their subsidiaries that have invested more than 5% of the net assets of any scheme

ICICI Bank Limited HCF HCF 147,099.80 52,570.76HFTS13 5,519.00 5,763.85HFRF 22,870.71 2,932.15HMIP 2,298.35 914.04HAIF 10,796.67 -HEF 2,712.44 -HFTSIII 3,833.74 -HFTSIV 3,494.25 3,657.57HFTSIX 2,311.61 2,360.64HFTSVII 6,864.91 -HFTSVIII 5,871.97 -HIF 6,266.10 2,444.48HIOF 2,513.04 -HFTS15 7,757.99 7,761.09

ICICI Brokerage Services Limited HCF 2,501.35 -(Subsidiary company of ICICI Bank Limited) HFRF 2,501.35 -ICICI Securities Limited HCF 2,500.00 -(Subsidiary company of ICICI Bank Limited) HFTS15 2,500.00 -ICICI Home Finance Limited HIF 924.61 925.24(Subsidiary company of ICICI Bank Limited) HFTS15 4,622.03 2,313.09Infosys Technologies Limited HCF HIOF 3,240.82 2,345.36

HMIP 1,892.36 224.49HEF 8,372.69 6,954.68HAIF 10,184.78 9,155.77

ITC Limited HCF HMIP 570.70 125.58HFRF HEF 6,109.81 4,113.45HIF HIOF 2,435.84 844.65HFTSI HAIF 4,376.98 -HFTSIIIHFTSVIIIHFTS13

Jet Airways (India) Limited HCF HEF 5,426.52 -HIOF 3,125.57 -

J M Financial Products Private Limited HCF HIF 1,000.00 -HCF 2,500.00 -HFRF 1,500.00 -

Mahindra and Mahindra Limited HIF HEF 482.23 4,284.63HIOF 551.68 2,366.22HAIF 3,863.47 4,023.47

Maruti Udyog Limted HFRF HEF 4,817.12 3,768.19HIOF 1,835.91 -HMIP 237.91 -HAIF 3,939.34 4,682.07





Patni Computer Systems Limited HIF HEF 3,616.17 -HIOF 1,456.62 -HMIP 407.14 -

Radha Madhav Investments Limited HFTSVII HIF 982.63 -HCF HCF 1,473.94 -HIF HFRF 491.90 -

Reliance Industries Limited HCF HMIP 1,848.39 257.73HEF 14,200.12 5,272.88HIF 1,016.06 -HIOF 4,426.85 2,910.63HAIF 8,430.22 7,382.03HCF 1,001.54 -

Reliance Petroleum Limited HCF HAIF 415.76 -HEF 212.39 -HIOF 77.87 -HMIP 34.55 -

Sintex Industries Limited HFTSIX HMEF 159.26 1,271.39Tata Consultancy Services Limited HIF HEF 4,524.45 4,067.76

HMIP 425.88 161.74HAIF 2,184.82 2,443.72

Tata Steel Limited HCF HEF 3,194.29 1,928.34HIOF 730.90 -HMIP 970.80 -

Videsh Sanchar Nigam Limited HFTSIII HAIF 3,123.65 -HFTSVII

Wipro Limited HCF HAIF 4,909.86 -HFTSVIIHFTSVIIIHIF

The above investments comprise equity shares, debentrures / bonds, commercial paper, fixed deposits and other debt instruments.These investments have been made on account of their high credit quality and competitive yield for the investment in fixed income/money market insturments and in case of equity shares because of attractive valuations of these companies.

HEF - HSBC Equity Fund HIOF - HSBC India Opportunities Fund

HIF - HSBC Income Fund HCF - HSBC Cash Fund

HGF - HSBC Gilt Fund HMIP - HSBC MIP

HFRF - HSBC Floating Rate Fund HAIF- HSBC Advantage India Fund

HMEF - HSBC Midcap Equity Fund HFTSIII - HSBC Fixed Term Series III

HFTSI - HSBC Fixed Term Series I HFTSVII - HSBC Fixed Term Series VII

HFTSIV - HSBC Fixed Term Series IV HFTSIX - HSBC Fixed Term Series IX

HFTSVIII - HSBC Fixed Term Series VIII HFTS15 - HSBC Fixed Term Series 15

HFTS13 - HSBC Fixed Term Series 13

5. Details of investors holding units in the scheme over 25% of the NAV as on 30 September 2006 is Nil.

6. No bonus was declared during the reporting period.

7. Deferred Revenue Expenditure.

Deferred Revenue Expenditure (DRE) includes all expenses incurred in relation to the initial issue of units of the relevant scheme.Such DRE is written off equally over the scheme period.

(Rs. In lakhs)

Name of the Scheme Deffered Revenue Balance of DefferedExpenditure Written off Revenue Expenditure as on

during the half year September 30, 2006


HSBC Advantage India Fund 206.12 1,812.38

8. Borrowings made during the half year by HSBC Mutual Fund.

Name of the scheme and category Nature of Source Purpose Date of Amount Date of repayment Period of Rate of Amount Collateralinstruments/ (Institutions/ borrowing Borrowed of borrowing borrowing borrowing borrowed used

mode of banks/ others) (specify the period as % of (if any)borrowings of borrowing) net assets

HSBC Cash Fund Bank Borrowing HSBC Bank Funding for September September 1 day 8.25% 1.59% NORedemptions 28, 2006 500,000,000.00 29, 2006

9. Details of Schemes which have outstanding Derivative (OIS) position as on September 30, 2006: NIL.The above results have been compiled for all schemes plans which existed during the half year ended September 30, 2006. During the period there have been no investments in foreign securities.The above unaudited financial results have been approved by the Directors of HSBC Asset Management (India) Private Limited and Board of Trustees of HSBC Mutual Fund.

For and on behlaf of the Board of Directors of For and on behalf of the Board of Trustees ofMumbai : HSBC Asset Management (India) Private Limited HSBC Mutual Fund

Vithal Palekar N.P. Gidwani Dilip J. ThakkarDirector Trustee Trustee

HSBC MUTUAL FUND - HSBC Floating Rate Fund - Long Term PlanHalf Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 Citi Financial Consumer Finance India Limited 20 200.83 2.35 AAA





1 Industrial Development Bank of India Limited 200 2,065.30 24.13 AA+2 Power Finance Corporation Limited 130 1,291.06 15.09 AAA3 Mahindra And Mahindra Financial Services Limited 100 1,000.00 11.68 AA+




b) Non Traded / Thinly Traded**1 BHPC Auto Securitisation Trust

May 2005 II Series A3 (Tata Motors) PTC 15 1,397.61 16.33 AAA(SO)2 Fleet Trust June 2005 Series A2 (CFIL) PTC 25 2,167.58 25.33 AAA(SO)3 IGHCC2 Loan Trust Series I (GE Capital) PTC 2 200.00 2.34 AA+(SO)



b) Certificate of DepositTotal — —Total Money Market Instruments — —




HSBC MUTUAL FUND - HSBC India Opportunities FundHalf Yearly Portfolio Statement as of September 30, 2006

Sr. Name of the Instrument Quantity Market Value % age to RatingNo. (Rs in Lacs) NAV

1 Equity & Equity Related InstrumentsListed / Awaiting listing on Stock ExchangesAUTO

1 Mahindra And Mahindra Limited 347,922 2,366.22 4.862 Tata Motors Limited 109,200 940.98 1.93

AUTO ANCILLARIES1 Motor Industries Company Limited 58,965 1,939.65 3.98

BANKS1 Bank Of India 650,000 1,053.00 2.162 Oriental Bank Of Commerce 311,334 844.49 1.733 Punjab National Bank 153,518 807.97 1.664 Union Bank Of India 528,096 720.59 1.48

CEMENT1 India Cements Limited 1,100,000 2,437.05 5.002 Ultratech Cement Limited 108,000 964.17 1.983 Grasim Industries Limited 28,500 719.54 1.484 Century Textlies And Industries Limited 108,000 551.99 1.13

CHEMICALS1 Bombay Dyeing And Manufacturing Company Limited 198,000 1,494.21 3.07

CONSTRUCTION1 Jaiprakash Associates Limited 420,923 2,001.49 4.112 Mahindra Gesco Corporation Limited 135,000 1,089.05 2.24

CONSUMER NON DURABLE1 ITC Limited 450,000 844.65 1.73

INDUSTRIAL CAPITAL GOODS1 Bharat Heavy Electricals Limited 74,999 1,799.08 3.692 Crompton Greaves Limited 500,000 1,232.00 2.533 Engineers India Limited 202,906 1,033.50 2.124 ABG Shipyard Limited 315,913 874.45 1.79

INDUSTRIAL PRODUCTS1 Jain Irrigation Systems Limited 368,104 1,015.78 2.08

NON - FERROUS METALS1 Hindustan Zinc Limited 108,000 641.09 1.32

OIL1 Oil And Natural Gas Corporation Limited 180,000 2,105.73 4.32

PETROLEUM PRODUCTS1 Reliance Industries Limited 248,400 2,910.63 5.97

PHARMACEUTICALS1 Glenmark Pharmaceuticals Limited 270,000 848.88 1.742 Indoco Remedies Limited 193,460 608.24 1.253 Torrent Pharmaceuticals Limited 254,083 459.51 0.94

SOFTWARE1 Infosys Technologies Limited 126,800 2,345.36 4.812 Hinduja TMT Limited 365,000 1,998.92 4.103 Satyam Computer Services Limited 236,755 1,937.60 3.984 Mphasis BFL Limited 929,000 1,721.90 3.535 Mastek Limited 249,406 874.17 1.796 I-Flex Solutions Limited 48,762 700.73 1.447 HCL Technologies Limited 61,666 339.29 0.70

TEXTILE PRODUCTS1 Aditya Birla Nuvo Limited 297,000 2,581.23 5.30


a) Commercial Papers1 Shriram Transport Finance Company Limited 300 1,498.60 3.08 IND F1+2 Larsen And Toubro Finance Limited 100 497.27 1.02 PR1+

Total 1,995.86 4.10b) Certificate of Deposit

Total — —Total Money Market Instruments 1,995.86 4.10

3 Reverse Repos 1,151.47 2.364 Net Receivable / (Payable) 769.67 1.58


HSBC MUTUAL FUND - HSBC India Opportunities FundHalf Yearly Portfolio Statement as of September 30, 2006


HSBC MUTUAL FUND – HALF YEARLY PORTFOLIO DISCLOSURES

HSBC Investments


HSBC MUTUAL FUND - HSBC Midcap Equity FundHalf Yearly Portfolio Statement as of September 30, 2006


1 Equity & Equity Related InstrumentsListed / Awaiting listing on Stock ExchangesAIRLINES

1 Spicejet Limited 1,129,700 495.94 1.40AUTO ANCILLARIES

1 Motor Industries Company Limited 33,625 1,106.09 3.122 Ceat Limited 762,991 922.46 2.603 Asahi India Glass Limited 302,061 347.37 0.98

BANKS1 The Jammu And Kashmir Bank Limited 208,000 934.13 2.632 Andhra Bank 948,853 905.21 2.55

CEMENT1 India Cements Limited 405,000 897.28 2.532 Shree Cements Limited 72,000 723.71 2.04

CHEMICALS1 GHCL Limited 405,000 691.34 1.95

CONSTRUCTION1 Hindustan Construction Company Limited 610,608 649.38 1.832 Mahindra Gesco Corporation Limited 74,000 596.96 1.68

CONSUMER DURABLES1 Voltas Limited 1,177,930 1,220.92 3.44

CONSUMER NON DURABLES1 Hindustan Sanitaryware And Industries Limited 876,339 908.76 2.562 Radico Khaitan Limited 580,805 867.72 2.453 Marico Industries Limited 90,000 469.53 1.32

ENGINEERING1 Elecon Engineering Company Limited 56,973 603.54 1.70

FERROUS METALS1 Maharashtra Seamless Limited 270,000 1,022.36 2.882 Usha Martin Limited 630,000 987.84 2.79

GAS1 Gujarat State Petronet Limited 3,123,442 1,205.65 3.40

HOTELS1 Royal Orchid Hotels Limited 757,178 1,352.70 3.822 Hotel Leelaventure Limited 1,845,000 1,235.23 3.48

INDUSTRIAL CAPITAL GOODS1 Havells India Limited 324,000 989.98 2.792 Thermax India Limited 315,000 988.31 2.793 Emco Limited 162,650 932.15 2.634 Kalpataru Power Transmission Limited 88,556 712.61 2.015 KEC International Limited 225,000 589.39 1.66

INDUSTRIAL PRODUCTS1 Sintex Industries Limited 693,800 1,271.39 3.592 BOC India Limited 500,000 907.50 2.563 Everest Kanto Cylinder Limited 120,000 576.78 1.634 Binani Industries Limited 78,843 215.99 0.61

MEDIA & ENTERTAINMENT1 PVR Limited 398,434 1,018.20 2.872 Deccan Chronicle Holdings Limited 125,052 595.75 1.683 Television Eighteen India Limited 90,000 542.12 1.53

PHARMACEUTICALS1 Opto Circuits (India) Limited 204,377 922.05 2.602 Alembic Limited 1,215,000 846.25 2.393 Indoco Remedies Limited 218,799 687.90 1.944 Glenmark Pharmaceuticals Limited 119,451 375.55 1.06

SOFTWARE1 Nucleus Software Exports Limited 268,820 1,205.52 3.402 Mastek Limited 240,000 841.20 2.373 Hinduja TMT Limited 91,797 502.73 1.424 Educomp Solutions Limited 31,147 234.43 0.66

TEXTILES - COTTON1 Vardhman Textiles Limited 238,586 646.81 1.82



HSBC MUTUAL FUND - HSBC Advantage India FundHalf Yearly Portfolio Statement as of September 30, 2006



1 Tata Motors Limited 588,319 5,069.54 3.482 Maruti Udyog Limited 477,129 4,682.07 3.213 Mahindra And Mahindra Limited 591,600 4,023.47 2.764 Bajaj Auto Limited 120,000 3,595.68 2.475 Hero Honda Motors Limited 189,600 1,469.21 1.01

AUTO ANCILLARIES1 Amtek Auto Limited 763,698 2,520.97 1.73

BANKS1 Punjab National Bank 1,071,000 5,636.67 3.872 Bank Of Baroda 1,400,000 4,038.30 2.773 HDFC Bank Limited 432,000 3,997.51 2.744 Bank Of India 1,660,000 2,689.20 1.855 State Bank Of India 155,508 1,599.63 1.10

CEMENT1 Grasim Industries Limited 240,588 6,074.13 4.172 ACC Limited 558,000 5,543.45 3.81

CONSTRUCTION1 Jaiprakash Associates Limited 1,110,000 5,278.05 3.622 B L Kashyap And Sons Limited 297,000 3,053.90 2.103 Nagarjuna Construction Company Limited 1,255,220 1,995.80 1.37

HSBC MUTUAL FUND - HSBC MIP Savings PlanHalf Yearly Portfolio Statement as of September 30, 2006


1 Equity & Equity Related InstrumentsListed / Awaiting listing on Stock ExchangesBANKS

1 HDFC Bank Limited 9,048 83.73 1.10CEMENT

1 Grasim Industries Limited 4,950 124.97 1.64CONSTRUCTION

1 Jaiprakash Associates Limited 19,900 94.62 1.24CONSUMER NON DURABLE

1 ITC Limited 44,588 83.69 1.10FINANCE

1 Housing Development Finance Corporation Limited 7,501 115.00 1.51INDUSTRIAL CAPITAL GOODS

1 Bharat Heavy Electricals Limited 4,500 107.95 1.41OIL

1 Oil And Natural Gas Corporation Limited 10,614 124.17 1.63PETROLEUM PRODUCTS

1 Reliance Industries Limited 14,575 170.78 2.24PHARMACEUTICALS

1 Sun Pharmaceutical Industries Limited 12,150 113.16 1.48SOFTWARE

1 Infosys Technologies Limited 8,550 158.15 2.072 Tata Consultancy Services Limited 12,175 124.43 1.633 Satyam Computer Services Limited 13,500 110.48 1.454 HOV Services Limited 7,986 14.08 0.18

TELECOM - SERVICES1 Bharti Airtel Limited 22,800 106.99 1.402 Reliance Communication Limited 21,000 72.79 0.95




1 Sundaram Finance Limited 30 302.41 3.96 AA+Total 302.41 3.96

b) Privately Placed / Unlisted**Total — —



aii) Non Traded / Thinly Traded**1 Housing Development Finance Corporation Limited 50 505.46 6.62 LAAA2 UTI Bank Limited 50 500.22 6.55 LAA+3 Indian Railway Finance Corporation Limited 50 499.80 6.54 AAA4 Power Finance Corporation Limited 50 496.55 6.50 AAA5 Finolex Industries Limited 50 473.13 6.19 AA6 Infrastructure Development Finance Company Limited 30 300.34 3.93 AAA




b) Non Traded / Thinly traded**1 IGHCC2 Loan Trust Series I (GE Capital) PTC 8 800.00 10.47 AA+(SO)2 NTPC Loan Securitisation Trust Series XII (ICICI Bank) PTC 15 539.28 7.06 AAA(SO)3 Fleet Trust April 2004 VII Series A7 (CFIL) PTC 5 125.02 1.64 AAA

(IND)(SO)Total 1464.29 19.16

5 Government Securities1 7.44% Oil Company GOI Bonds 2012 600,000 583.20 7.63 Sovereign


a) Commercial Papers1 SBI Cards And Payment Services Limited 100 497.34 6.51 P1+2 Larsen And Toubro Finance Limited 50 248.63 3.25 PR1+


Total — —Total Money Market Instruments 745.98 9.76




HSBC MUTUAL FUND - HSBC Equity FundHalf Yearly Portfolio Statement as of September 30, 2006



1 Mahindra And Mahindra Limited 630,000 4,284.63 4.172 Maruti Udyog Limited 384,000 3,768.19 3.673 Tata Motors Limited 399,000 3,438.18 3.354 Hero Honda Motors Limited 188,000 1,456.81 1.42


BANKS1 Punjab National Bank 757,322 3,985.79 3.882 HDFC Bank Limited 260,803 2,413.34 2.353 Bank Of India 1,284,975 2,081.66 2.034 State Bank Of India 175,500 1,805.28 1.765 Centurion Bank Of Punjab Limited 3,600,000 878.40 0.86

CEMENT1 Grasim Industries Limited 162,912 4,113.04 4.002 ACC Limited 408,000 4,053.28 3.95

CHEMICALS1 Indian Petrochemicals Corporation Limited 630,000 1,937.25 1.89

CONSTRUCTION1 Jaiprakash Associates Limited 708,519 3,369.01 3.282 Mahindra Gesco Corporation Limited 145,000 1,169.72 1.14

CONSUMER NON DURABLE1 ITC Limited 2,191,500 4,113.45 4.002 Asian Paints Limited 220,022 1,487.57 1.45

FERROUS METALS1 Tata Steel Limited 360,000 1,928.34 1.88

FINANCE1 Housing Development Finance Corporation Limited 224,078 3,435.45 3.34

INDUSTRIAL CAPITAL GOODS1 Bharat Heavy Electricals Limited 180,000 4,317.84 4.202 Larsen And Toubro Limited 240,000 3,053.88 2.973 Siemens Limited 108,000 1,159.43 1.13


MINERALS/MINING1 Gujarat Mineral Development Corporation Limited 332,020 1,159.58 1.13

NON - FERROUS METALS1 Hindustan Zinc Limited 190,000 1,127.84 1.10

OIL1 Oil And Natural Gas Corporation Limited 376,000 4,398.64 4.28


SOFTWARE1 Infosys Technologies Limited 376,000 6,954.68 6.772 Satyam Computer Services Limited 540,000 4,419.36 4.303 Tata Consultancy Services Limited 398,000 4,067.76 3.964 Mastek Limited 471,121 1,651.28 1.615 HCL Technologies Limited 213,334 1,173.76 1.14

TELECOM - SERVICE1 Bharti Airtel Limited 810,000 3,800.93 3.702 Reliance Communication Limited 940,000 3,258.04 3.17


a) Commercial Papers1 Larsen And Toubro Finance Limited 200 994.53 0.97 PR1+





4 Mahindra Gesco Corporation Limited 145,000 1,169.72 0.80CONSUMER NON DURABLE

1 Mc Dowell And Company Limited 180,000 1,115.55 0.77FINANCE

1 Housing Development Finance Corporation Limited 270,000 4,139.51 2.842 Reliance Capital Limited 395,000 2,254.07 1.55

INDUSTRIAL CAPITAL GOODS1 Bharat Heavy Electricals Limited 256,000 6,140.93 4.222 Larsen And Toubro Limited 336,000 4,275.43 2.943 Siemens Limited 362,642 3,893.14 2.674 Crompton Greaves Limited 1,224,637 3,017.51 2.075 Kalpataru Power Transmission Limited 284,444 2,288.92 1.576 Thermax India Limited 640,000 2,008.00 1.387 Bharati Shipyard Limited 309,772 1,034.64 0.71

MEDIA & ENTERTAINMENT1 Television Eighteen India Limited 305,981 1,843.08 1.272 Deccan Chronicle Holdings Limited 379,104 1,806.05 1.243 PVR Limited 644,388 1,646.73 1.13

PESTICIDE1 United Phosphorus Limited 1,217,847 2,974.59 2.04


PHARMACEUTICALS1 Matrix Laboratories Limited 992,400 2,626.39 1.80

SOFTWARE1 Infosys Technologies Limited 495,000 9,155.77 6.292 Satyam Computer Services Limited 814,960 6,669.63 4.583 I-Flex Solutions Limited 174,138 2,502.45 1.724 Tata Consultancy Services Limited 239,100 2,443.72 1.685 Hinduja TMT Limited 308,629 1,690.21 1.16

TELECOM - SERVICE1 Bharti Airtel Limited 1,025,000 4,809.81 3.302 Reliance Communication Limited 900,000 3,119.40 2.14


a) Commercial Papers1 Shriram Transport Finance Company Limited 200 999.07 0.69 IND F1+





HSBC MUTUAL FUND - HSBC Advantage India FundHalf Yearly Portfolio Statement as of September 30, 2006


HSBC MUTUAL FUND - HSBC MIP Regular PlanHalf Yearly Portfolio Statement as of September 30, 2006


1 Equity & Equity Related InstrumentsListed / Awaiting listing on Stock ExchangesBANKS

1 HDFC Bank Limited 2,400 22.21 0.38CEMENT

1 Grasim Industries Limited 2,400 60.59 1.05CONSTRUCTION

1 Jaiprakash Associates Limited 10,700 50.88 0.88CONSUMER NON DURABLE

1 ITC Limited 22,318 41.89 0.72FINANCE

1 Housing Development Finance Corporation Limited 1,350 20.70 0.36INDUSTRIAL CAPITAL GOODS

1 Bharat Heavy Electricals Limited 2,474 59.35 1.03OIL

1 Oil And Natural Gas Corporation Limited 3,600 42.11 0.73PETROLEUM PRODUCTS

1 Reliance Industries Limited 7,420 86.94 1.50PHARMACEUTICALS

1 Sun Pharmaceutical Industries Limited 6,140 57.18 0.99SOFTWARE

1 Infosys Technologies Limited 3,587 66.35 1.152 Tata Consultancy Services Limited 3,650 37.30 0.643 Satyam Computer Services Limited 2,760 22.59 0.394 HOV Services Limited 5,531 9.75 0.17

TELECOM - SERVICES1 Bharti Airtel Limited 9,160 42.98 0.74

2 Reliance Communication Limited 6,450 22.36 0.39Total 643.18 11.12



aii) Non Traded / Thinly Traded**1 Sundaram Finance Limited 50 504.01 8.71 AA+





1 Industrial Development Bank of India Limited 50 516.34 8.92 AA+2 Infrastructure Development Finance Company Limited 50 500.56 8.65 AAA3 Indian Railway Finance Corporation Limited 50 499.80 8.64 AAA4 Power Finance Corporation Limited 50 496.55 8.58 AAA5 Finolex Industries Limited 50 473.13 8.18 AA



b) Non Traded / Thinly traded**1 IGHCC2 Loan Trust Series I (GE Capital) PTC 7 700.00 12.10 AA+(SO)2 Indian Retail ABS Trust Series 56 A1X (ICICI Bank) PTC 5 374.77 6.48 AAA(SO)3 TVS Finance 2W Recbls.

Securitisation Trust September 2004 Series A2 PTC 5 78.42 1.36 AAA(IND)(SO)

Total 1153.19 19.935 Government Securities1 7.44% Oil Company GOI Bonds 2012 200,000 194.40 3.36 Sovereign


a) Commercial Papers1 SBI Cards And Payment Services Limited 70 348.14 6.02 P1+2 Larsen And Toubro Finance Limited 70 348.09 6.02 PR1+






HSBC MUTUAL FUND - HSBC MIP Regular PlanHalf Yearly Portfolio Statement as of September 30, 2006


HSBC MUTUAL FUND - HSBC INCOME FUND - SHORT TERM PLANHalf Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 Citi Financial Consumer Finance India Limited 100 1,004.17 5.47 AAA2 Housing Development Finance Corporation Limited 100 1,001.09 5.46 AAA3 Sundaram Finance Limited 50 504.01 2.75 AA+4 Mahindra And Mahindra Financial Services Limited 50 488.10 2.66 AA+

Total 2,997.38 16.33b) Privately Placed / Unlisted**1 Sundaram Finance Limited 100 999.77 5.45 AA+




Total — —b) Privately Placed / Unlisted**



b) Non Traded / Thinly Traded**1 Corporate Loan Securitisation Series XIII

Trust 2006 (Kotak Mahindra Bank) PTC 8 809.80 4.41 P1+(SO)2 Indian Retail ABS Trust 67 Series A2 (ICICI Bank) PTC 5 500.16 2.73 LAAA(SO)3 IGHCC2 Loan Trust Series I (GE Capital) PTC 5 500.00 2.72 AA+(SO)4 GECSI Loan Series I Class D (IRFC) PTC 5 499.76 2.72 AAA(SO)5 Indian Corporate Loan Securitisation

Trust Series – IX(Yes Bank) PTC 3 303.90 1.66 AA(SO)6 Fleet Trust April 2004 VII Series A7 (CFIL) PTC 5 125.02 0.68 AAA

(IND)(SO)Total 2,738.64 14.92

4 Money Market Instrumentsa) Commercial Papers1 Jindal Steel And Power Limited 200 967.09 5.27 A1+2 Larsen And Toubro Finance Limited 200 964.19 5.25 PR1+3 ICICI Home Finance Company Limited 200 925.24 5.04 A1+4 GE Countrywide Consumer Financial Services Limited 100 492.93 2.69 P1+5 GE Countrywide Consumer Financial Services Limited 70 330.03 1.80 P1+

Total 3,679.48 20.05b) Certificate of Deposit1 ICICI Bank Limited 2,100 1,944.32 10.59 A1+2 ING Vysya Bank Limited 1,500 1,430.45 7.79 P1+3 ABN Amro Bank 1,000 968.12 5.28 A1+4 Karur Vysya Bank Limited 500 479.53 2.61 IND F1+5 UCO Bank 500 476.07 2.59 P1+6 Kotak Mahindra Bank Limited 500 475.92 2.59 P1+





HSBC MUTUAL FUND - HSBC Gilt Fund Short Term PlanHalf Yearly Portfolio Statement as of September 30, 2006




HSBC MUTUAL FUND - HSBC INCOME FUND - INVESTMENT PLANHalf Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 Citi Financial Consumer Finance India Limited 30 301.25 9.85 AAA2 Mahindra And Mahindra Financial Services Limited 25 248.66 8.13 AA+(SO)3 Sundaram Finance Limited 20 201.61 6.59 AA+





1 Power Finance Corporation Limited 20 198.62 6.49 AAATotal 198.62 6.49

HSBC Investments


HSBC MUTUAL FUND - HSBC FIXED TERM SERIES IHalf Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 Canara Bank Limited 300 1,519.85 10.13 AAA2 Citi Financial Consumer Finance India Limited 150 1,487.07 9.92 AAA3 Mahindra And Mahindra Financial Services Limited 140 1,392.49 9.29 AA+(SO)4 Kotak Mahindra Prime Limited 100 993.25 6.62 LAA5 Citi Financial Consumer Finance India Limited 100 991.41 6.61 AAA6 Power Grid Corporation of India Limited 40 503.83 3.36 AAA7 Housing Development Finance Corporation Limited 50 502.87 3.35 AAA8 Exim Bank 5 502.19 3.35 AAA9 Exim Bank 50 494.54 3.30 AAA

Total 8,387.50 55.93b) Privately Placed / Unlisted**1 GE Countrywide Consumer Financial Services Limited 28 2,786.01 18.58 AAA2 Rabo India Finance Private Limited 280 2,785.81 18.58 AAA




Total — —3 Money Market Instruments


b) Certificate of Deposit1 Kotak Mahindra Bank Limited 400 380.74 2.54 P1+2 Karur Vysya Bank Limited 100 95.91 0.64 IND F1+





HSBC MUTUAL FUND - HSBC FIXED TERM SERIES IIHalf Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 Mahindra And Mahindra Financial Services Limited 200 2,100.04 14.07 AA+2 Sundaram Finance Limited 200 2,099.24 14.07 LAA+3 Cholamandalam Investment And Finance Company Limited 120 1,260.72 8.45 LAA4 Kotak Mahindra Prime Limited 100 1,051.09 7.04 LAA

Total 6,511.08 43.63b) Privately Placed / Unlisted**1 GE Capital Services Limited 28 2,938.67 19.69 AAA2 GE Countrywide Consumer Financial Services Limited 27 2,837.64 19.01 AAA3 Rabo India Finance Private Limited 250 2,620.99 17.56 AAA






b) Certificate of DepositTotal — —Total Money Market Instruments — —

4 Reverse Repos 19.31 0.135 Net Receivable / (Payable) (3.00) (0.02)



HSBC MUTUAL FUND - HSBC FIXED TERM SERIES IVHalf Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 Kotak Mahindra Prime Limited 250 2,505.83 7.86 P1+

Total 2,505.83 7.86b) Privately Placed / Unlisted**1 GE Capital Services Limited 60 6,306.09 19.78 AAA2 GE Countrywide Consumer Financial Services Limited 45 4,729.57 14.84 AAA3 Sundaram Finance Limited 250 2,626.25 8.24 P1+4 Citicorp Maruti Finance Limited 200 2,102.65 6.60 AAA5 Citicorp Maruti Finance Limited 200 2,100.76 6.59 AAA6 GE Countrywide Consumer Financial Services Limited 15 1,576.52 4.95 AAA





a) Commercial Papers1 Standard Chartered Investments And Loans Limited 800 3,858.94 12.11 P1+

Total 3,858.94 12.11b) Certificate of Deposit1 ICICI Bank Limited 3,800 3,657.57 11.47 A1+2 State Bank of Patiala 2,500 2,412.95 7.57 P1+





HSBC MUTUAL FUND - HSBC FIXED TERM SERIES VHalf Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 Sundaram Finance Limited 290 3,042.94 14.51 LAA+2 Mahindra And Mahindra Financial Services Limited 290 3,042.41 14.50 AA+3 Citi Financial Consumer Finance India Limited 250 2,620.90 12.49 AAA4 Cholamandalam Investment And Finance Company Limited 190 1,994.68 9.51 LAA5 Kotak Mahindra Prime Limited 190 1,990.75 9.49 LAA

Total 12,691.68 60.50

HSBC MUTUAL FUND - HSBC FIXED TERM SERIES VIHalf Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 Citi Financial Consumer Finance India Limited 510 5,335.53 18.36 AAA2 Citicorp Finance India Limited 500 5,232.12 18.00 AAA3 Mahindra And Mahindra Financial Services Limited 270 2,829.66 9.74 AA+4 Kotak Mahindra Prime Limited 250 2,621.19 9.02 LAA

Total 16,018.51 55.12b) Privately Placed / Unlisted**1 Rabo India Finance Private Limited 500 5,238.78 18.03 AAA2 GE Capital Services Limited 36 3,759.88 12.94 AAA3 GE Countrywide Consumer Financial Services Limited 26 2,722.65 9.37 AAA4 GE Countrywide Consumer Financial Services Limited 10 1,050.69 3.62 AAA






b) Certificate of DepositKarur Vysya Bank Limited 200 191.81 0.66 IND F1+Total 191.81 0.66Total Money Market Instruments 191.81 0.66




HSBC MUTUAL FUND - HSBC FIXED TERM SERIES 13Half Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 ACC Limited 50 511.97 2.23 LAA+

Total 511.97 2.23b) Privately Placed / Unlisted**1 GE Capital Services Limited 25 2,508.07 10.92 AAA2 GE Countrywide Consumer Financial Services Limited 25 2,508.07 10.92 AAA3 Sundaram Finance Limited 200 2,001.32 8.71 P1+4 Sundaram Finance Limited 100 1,000.66 4.36 P1+





a) Commercial Papers1 Redington (India) Limited 400 1,925.38 8.38 P1+2 Infrastructure Leasing And Financial Services Limited 300 1,440.75 6.27 PR1+

Total 3,366.13 14.65b) Certificate of Deposit1 ICICI Bank Limited 6,000 5,763.85 25.09 A1+2 State Bank of Saurashtra 4,500 4,327.12 18.84 A1+3 Federal Bank Limited 500 480.46 2.09 P1+4 Karur Vysya Bank Limited 100 95.91 0.42 IND F1+





HSBC MUTUAL FUND - HSBC FIXED TERM SERIES IXHalf Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 Sundaram Finance Limited 300 3,000.14 8.40 P1+

Total 3,000.14 8.40b) Privately Placed / Unlisted**1 GE Capital Services Limited 40 4,085.27 11.43 AAA2 GE Countrywide Consumer Financial Services Limited 40 4,084.41 11.43 AAA






aii) Non Traded / Thinly Traded**1 Indian Corporate Loan Securitisation

Trust Series VI (Yes Bank) PTC 50 5,039.33 14.10 A1+(SO)Total 5,039.33 14.10

4 Money Market Instrumentsa) Commercial Papers1 DSP Merrill Lynch Capital Limited 1,000 4,712.28 13.19 P1+2 Standard Chartered Investments And Loans Limited 600 2,834.56 7.93 P1+3 GE Countrywide Consumer Financial Services Limited 110 518.61 1.45 P1+

Total 8,065.45 22.57b) Certificate of Deposit1 Federal Bank Limited 6,500 6,132.12 17.16 P1+2 Kotak Mahindra Bank Limited 3,000 2,833.35 7.93 P1+3 ICICI Bank Limited 2,500 2,360.64 6.61 A1+4 Karur Vysya Bank Limited 50 47.95 0.13 IND F1+









aii) Non Traded / Thinly Traded**1 Mahindra And Mahindra Financial Services Limited 150 1,512.04 7.05 AA+2 Kotak Mahindra Prime Limited 100 999.94 4.66 P1+

Total 2,511.98 11.72






b) Privately Placed / Unlisted**1 GE Capital Services Limited 30 3,002.16 9.48 AAA2 GE Money Financial Services Limited 30 3,000.59 9.47 AAA3 Shriram Transport Finance Company Limited 100,000 1,000.60 3.16 IND AA-4 Shriram Transport Finance Company Limited 100,000 1,000.20 3.16 IND F1+5 Shriram Transport Finance Company Limited 50,000 504.00 1.59 AA-6 Shriram Transport Finance Company Limited 50,000 500.07 1.58 IND F1+






aii) Non Traded / Thinly Traded**1 Indian Retail ABS Trust 67 Series A2 (ICICI Bank) PTC 60 6,001.93 18.95 LAAA(SO)2 Retail Trust September 2006 Series A2 (HDFC Bank) PTC 30 3,022.32 9.54 A1+(SO)3 Indian Corporate Loan Securitisation

Trust Series – IX(Yes Bank) PTC 5 506.50 1.60 AA(SO)Total 9,530.75 30.09

4 Money Market Instrumentsa) Commercial Papers1 ICICI Home Finance Company Limited 500 2,313.09 7.30 A1+

Total 2,313.09 7.30b) Certificate of Deposit1 ICICI Bank Limited 1,900 1,759.16 5.55 A1+2 Karur Vysya Bank Limited 50 47.95 0.15 IND F1+



Net Assets as on 30 September 2006] 31,677.31 100.00


HSBC MUTUAL FUND - HSBC Floating Rate Fund - Short Term PlanHalf Yearly Portfolio Statement as of September 30, 2006





Total 495.69 1.32b) Privately Placed / Unlisted**1 Housing And Urban Development Corporation Limited 100 1,000.16 2.65 PR1+2 Shriram Transport Finance Company Limited 100 1,000.00 2.65 Unrated




1 Industrial Development Bank of India Limited 450 4,506.49 11.96 AA+2 Housing Development Finance Corporation Limited 350 3,530.30 9.37 LAAA3 Sundaram Finance Limited 200 2,000.00 5.31 MAAA4 Infrastructure Development Finance Company Limited 170 1,701.90 4.52 AAA5 Citicorp Finance India Limited 150 1,507.21 4.00 AAA6 ICICI Bank Limited 150 1,505.86 4.00 AAA7 UTI Bank Limited 150 1,500.65 3.98 LAA+8 Citicorp Finance India Limited 150 1,500.00 3.98 AAA9 Mahindra And Mahindra Financial Services Limited 150 1,500.00 3.98 AA+

10 Mahindra And Mahindra Financial Services Limited 1,000,000 1,000.75 2.66 AA+11 Sundaram Finance Limited 100 1,000.00 2.65 MAAA12 Indian Railway Finance Corporation Limited 100 999.59 2.65 AAA13 Mahindra And Mahindra Financial Services Limited 50 501.44 1.33 AA+14 Power Finance Corporation Limited 50 496.56 1.32 AAA

Total 23,250.77 61.70b) Privately Placed / Unlisted**1 Rabo India Finance Private Limited 100 1,001.60 2.66 AAA2 GE Countrywide Consumer Financial Services Limited 10 1,000.00 2.65 AAA



b) Non Traded / Thinly Traded**1 HEL Trust Series II (Hustchison Essar) Note 1 PTC 10 974.00 2.58 A1+2 GACL Loan Receivable Trust II (Citibank) PTC 10 898.36 2.38 AAA(SO)3 Fleet Trust June 2005 Series A1 (CFIL) PTC 25 860.03 2.28 AAA(SO)4 Indian Retail ABS Trust Series 56 A1X (ICICI Bank) PTC 5 374.77 0.99 AAA(SO)5 Retail Trust December 2004 Series A3 (HDFC Bank) PTC 20 237.62 0.63 AAA(SO)6 Indian Retail ABS Trust Series XXXIII A1 (ICICI Bank) PTC 10 83.55 0.22 AAA(SO)7 PFSL Chola November 2003 Series A2 PTC 5 0.71 0.00 MAAA(SO)


a) Commercial Papers1 Shriram Transport Finance Company Limited 200 967.31 2.57 IND F1+2 Larsen And Toubro Finance Limited 100 497.27 1.32 PR1+3 GE Countrywide Consumer Financial Services Limited 40 197.17 0.52 P1+

Total 1,661.75 4.41b) Certificate of Deposit1 Standard Chartered Bank 1,500 1,485.47 3.94 P1+2 State Bank Of India 1,000 992.36 2.63 P1+3 ABN Amro Bank 1,000 968.12 2.57 A1+4 ICICI Bank Limited 1,000 967.98 2.57 A1+





3 Securitised Debt (Unlisted)ai) Traded


1 IGHCC2 Loan Trust Series I (GE Capital) PTC 3 300.00 9.81 AA+(SO)2 Indian Corporate Loan Securitisation

Trust Series – IX(Yes Bank) PTC 2 202.60 6.62 AA(SO)3 India MBS 2002 Series I-D (LICHFL) PTC 5 98.91 3.23 AAA(SO)

Total 601.51 19.674 Government Securities1 7.44% Oil Company GOI Bonds 2012 200,000 194.40 6.36 Sovereign2 5.59% CGL 2016 400 0.34 0.01 Sovereign


a) Commercial Papers1 SBI Cards And Payment Services Limited 70 348.14 11.38 P1+2 GE Countrywide Consumer Financial Services Limited 60 295.76 9.67 P1+

Total 643.90 21.05b) Certificate of Deposit1 State Bank of Indore 350 345.12 11.28 P1+





HSBC MUTUAL FUND - HSBC INCOME FUND - INVESTMENT PLANHalf Yearly Portfolio Statement as of September 30, 2006


b) Privately Placed / Unlisted**1 GE Countrywide Consumer Financial Services Limited 38 3,997.06 19.05 AAA2 GE Capital Services Limited 20 2,101.86 10.02 AAA3 GE Capital Services Limited 19 1,997.40 9.52 AAA










HSBC MUTUAL FUND - HSBC FIXED TERM SERIES VHalf Yearly Portfolio Statement as of September 30, 2006


b) Privately Placed / Unlisted**1 Shriram Transport Finance Company Limited 100,000 1,007.99 4.70 AA-






aii) Non Traded / Thinly Traded**1 Corporate Loan Securitisation Series XIII Trust 2006

(Kotak Mahindra Bank) PTC 42 4,251.43 19.83 P1+(SO)2 Indian Corporate Loan Securitisation

Trust Series – IX(Yes Bank) PTC 15 1,519.51 7.09 AA(SO)Total 5,770.94 26.92

4 Money Market Instrumentsa) Commercial Papers1 GE Capital Transportation Financial Services Limited 900 4,191.39 19.55 P1+2 SBI Cards And Payment Services Limited 700 3,259.97 15.21 P1+3 Larsen And Toubro Finance Limited 500 2,329.06 10.86 PR1+4 Shriram Transport Finance Company Limited 500 2,327.18 10.86 IND F1+


Total — —Total Money Market Instruments 12,107.59 56.48






HSBC Investments


HSBC MUTUAL FUND - HSBC CASH FUNDHalf Yearly Portfolio Statement as of September 30, 2006




aii) Non Traded / Thinly Traded**1 Ultratech Cement Limited 5 502.41 0.16 AA+2 Mahindra And Mahindra Financial Services Limited 25 248.66 0.08 AA+(SO)

Total 751.06 0.24b) Privately Placed / Unlisted**1 Shriram Transport Finance Company Limited 250 2,500.00 0.79 Unrated2 Shriram Transport Finance Company Limited 150 1,500.00 0.48 Unrated3 Essel Propack Limited 10 1,000.00 0.32 Unrated4 Essel Propack Limited 10 1,000.00 0.32 Unrated5 Housing And Urban Development Corporation Limited 100 1,000.00 0.32 PR1+6 Manaksia Limited 10 1,000.00 0.32 PR1+7 Shriram Transport Finance Company Limited 100 1,000.00 0.32 Unrated8 Essel Propack Limited 5 500.00 0.16 Unrated




1 Industrial Development Bank of India Limited 600 6,007.19 1.91 AA+2 Housing Development Finance Corporation Limited 550 5,499.45 1.75 AAA3 Cholamandalam Investment And Finance Company Limited 500 5,000.00 1.59 LAA4 Citi Financial Consumer Finance India Limited 500 4,999.35 1.59 AAA5 ICICI Bank Limited 350 3,520.50 1.12 AAA6 Citicorp Finance India Limited 350 3,500.00 1.11 AAA7 Indian Railway Finance Corporation Limited 300 3,002.54 0.95 AAA8 Kotak Mahindra Prime Limited 300 3,000.00 0.95 LAA9 Sundaram Finance Limited 250 2,502.23 0.79 AA+

10 Cholamandalam Investment And Finance Company Limited 250 2,500.00 0.79 MAA+11 Citi Financial Consumer Finance India Limited 250 2,500.00 0.79 AAA12 Citicorp Finance India Limited 250 2,500.00 0.79 AAA13 Mahindra And Mahindra Financial Services Limited 250 2,500.00 0.79 AA+14 Mahindra And Mahindra Financial Services Limited 250 2,500.00 0.79 AA+15 Mahindra And Mahindra Financial Services Limited 250 2,498.61 0.79 AA+16 UTI Bank Limited 250 2,497.32 0.79 LAA+17 Mahindra And Mahindra Financial Services Limited 200 2,000.00 0.64 AA+18 Industrial Development Bank of India Limited 150 1,531.74 0.49 LAA+19 Citicorp Finance India Limited 150 1,500.00 0.48 AAA20 Housing Development Finance Corporation Limited 100 1,010.91 0.32 LAAA21 Mahindra And Mahindra Financial Services Limited 1,000,000 1,000.52 0.32 AA+22 Exim Bank 100 1,000.14 0.32 AAA23 Citicorp Maruti Finance Limited 10 1,000.00 0.32 AAA24 Sundaram Finance Limited 100 1,000.00 0.32 MAAA25 Citicorp Finance India Limited 50 502.40 0.16 AAA26 Mahindra And Mahindra Financial Services Limited 50 500.00 0.16 AA+27 Finolex Industries Limited 50 473.13 0.15 AA

Total 66,046.03 20.97b) Privately Placed / Unlisted**1 Rabo India Finance Private Limited 250 2,504.22 0.80 AAA2 GE Capital Services Limited 25 2,500.00 0.79 AAA3 GE Countrywide Consumer Financial Services Limited 15 1,500.00 0.48 AAA4 Larsen And Toubro Finance Limited 15 1,500.00 0.48 AA+



b) Non Traded / Thinly Traded**1 HEL Trust Series II (Hustchison Essar) Note 1 PTC 65 6,330.97 2.01 A1+2 Indian Retail ABS Trust Series 44 A1 (ICICI Bank) PTC 100 4,405.17 1.40 AAA(SO)3 Indian Retail ABS Trust 59 A1Y (ICICI Bank) PTC 50 4,250.00 1.35 AAA(SO)4 Indian Retail ABS Trust Series 56 A1X (ICICI Bank) PTC 20 1,499.07 0.48 AAA(SO)5 Fleet Trust June 2005 Series A1 (CFIL) PTC 40 1,376.05 0.44 AAA(SO)6 Indian Retail ABS Trust Series XIII A3 (ICICI Bank) PTC 20 1,144.06 0.36 AAA(SO)7 BHPC Auto Securitisation Trust May 2005 II Series A3

(Tata Motors) PTC 10 931.74 0.30 AAA(SO)8 Indian Retail ABS Trust Series XXXVII A1 (ICICI Bank) PTC 25 815.99 0.26 AAA(SO)9 Indian Retail ABS Trust Series XXXIII A1 (ICICI Bank) PTC 90 751.95 0.24 AAA(SO)

10 BHPC Auto Securitisation Trust May 2005 III Series A1(Tata Motors) PTC 25 716.92 0.23 AAA(SO)

11 Indian Infrast. Eqpt. Recbls. Trust May 2005 Series A1 (SREI) PTC 25 674.38 0.21 AAA(IND)(SO)

12 Retail Trust February 2005 Series A6 (HDFC Bank) PTC 50 639.02 0.20 AAA(SO)13 Mumbai Auto Recbls. Trust 2005 Series V Class A1 (SCB) PTC 40 534.20 0.17 AAA(SO)14 Indian Retail ABS Trust Series XIV A3 (ICICI Bank) PTC 15 381.53 0.12 AAA(SO)15 Retail Trust December 2004 Series A3 (HDFC Bank) PTC 30 356.43 0.11 AAA(SO)16 Fleet Trust August - I 2003 Series A3 (CFIL) PTC 15 314.43 0.10 AAA(SO)17 BHPC Auto Securitisation Trust June 2004 Series A2

(Tata Motors) PTC 20 144.22 0.05 MAAA(SO)18 Asset Securitisation Trust December 2004 IV Series A5

(Chola) PTC 10 119.83 0.04 AAA(SO)19 Fleet Trust January 2004 Series A5 (CFIL) PTC 10 97.40 0.03 AAA(SO)


a) Commercial Papers1 Power Finance Corporation Limited 1,500 7,405.80 2.35 P1+2 GE Capital Services Limited 1,500 7,385.92 2.35 P1+3 Rabo India Finance Private Limited 1,000 4,740.68 1.51 P1+4 SBI Cards And Payment Services Limited 600 2,970.73 0.94 P1+5 Bajaj Auto Finance Limited 600 2,908.48 0.92 P1+6 Sundaram Finance Limited 600 2,900.88 0.92 P1+7 GRHU Finance Limited 500 2,484.89 0.79 P1+8 DSP Merrill Lynch Capital Limited 500 2,480.31 0.79 P1+9 Kotak Securities Limited 500 2,477.71 0.79 A1+

10 ABN AMRO Securities Private Limited 500 2,428.51 0.77 A1+11 Jindal Steel And Power Limited 400 1,985.36 0.63 A1+12 Apollo Tyres Limited 400 1,985.11 0.63 P1+13 Jindal Steel And Power Limited 400 1,969.74 0.63 A1+14 Sundaram Finance Limited 400 1,937.32 0.62 A1+15 Sundaram Finance Limited 400 1,896.07 0.60 A1+16 Shriram Transport Finance Company Limited 300 1,450.96 0.46 IND F1+17 Infrastructure Leasing And Financial Services Limited 300 1,450.37 0.46 IND F1+18 Larsen And Toubro Finance Limited 300 1,446.29 0.46 PR1+19 GE Countrywide Consumer Financial Services Limited 300 1,412.22 0.45 P1+20 Micro Inks Limited 200 992.85 0.32 PR1+21 Standard Chartered Investments And Loans Limited 200 990.53 0.31 P1+22 Redington (India) Limited 200 963.50 0.31 P1+23 SBI Cards And Payment Services Limited 160 795.75 0.25 P1+24 GE Countrywide Consumer Financial Services Limited 100 487.49 0.15 P1+25 Larsen And Toubro Finance Limited 80 397.81 0.13 PR1+

Total 58,345.27 18.53b) Certificate of Deposit1 ICICI Bank Limited 12,000 11,583.10 3.68 P1+2 ICICI Bank Limited 7,500 7,259.54 2.31 A1+3 Industrial Development Bank of India Limited 7,500 7,255.21 2.30 P1+4 UTI Bank Limited 5,000 4,736.03 1.50 A1+5 HDFC Bank Limited 4,500 4,350.55 1.38 P1+6 UCO Bank 4,500 4,284.59 1.36 P1+7 Kotak Mahindra Bank Limited 4,100 3,902.58 1.24 P1+8 Standard Chartered Bank 3,500 3,466.09 1.10 P1+9 ING Vysya Bank Limited 3,500 3,337.72 1.06 P1+

10 Kotak Mahindra Bank Limited 2,500 2,500.00 0.79 P1+11 Yes Bank Limited 2,500 2,500.00 0.79 A1+12 Yes Bank Limited 2,500 2,500.00 0.79 P1+13 Punjab National Bank 2,500 2,469.70 0.78 A1+14 State Bank of Bikaner and Jaipur 2,500 2,469.49 0.78 P1+15 Standard Chartered Bank 2,500 2,418.26 0.77 P1+16 State Bank of Saurashtra 2,500 2,416.97 0.77 A1+17 Allahabad Bank 2,500 2,414.69 0.77 P1+18 Indian Bank 2,500 2,404.55 0.76 IND F1+19 State Bank Of India 1,500 1,488.53 0.47 P1+20 ICICI Bank Limited 1,500 1,474.55 0.47 A1+21 ICICI Bank Limited 500 485.30 0.15 A1+22 Karur Vysya Bank Limited 300 287.72 0.09 IND F1+23 State Bank of Indore 150 147.91 0.05 P1+

Total 76,153.08 24.18c) Bill Rediscounted1 HDFC Bank Limited 1 7,488.38 2.38 Unrated


5 Fixed Deposit 65,000.00 20.64

6 Reverse Repos 1,356.83 0.437 Net Receivable / (Payable) (3,210.92) (1.02)



HSBC MUTUAL FUND - HSBC CASH FUNDHalf Yearly Portfolio Statement as of September 30, 2006


Scheme / Plan NAV at the beginning and at the end of the half year ended September 30, 2006

Scheme / Plan /Option Name NAV per unit as on NAV per unit as onSeptember 29, 2006/ March 31, 2006/Date of Last NAV ** Date of First NAV*

HSBC Equity Fund - Dividend 30.0795 29.0720HSBC Equity Fund - Growth 63.0142 60.9125HSBC Income Fund - Short Term Plan - Regular Option - Dividend 10.6824 10.3856HSBC Income Fund - Short Term Plan - Regular Option - Growth 12.2155 11.7985HSBC Income Fund - Short Term Plan - Institutional Option - Dividend 10.0667 10.7396HSBC Income Fund - Short Term Plan - Institutional Option - Growth 12.3577 11.9121HSBC Income Fund - Investment Plan - Regular Option - Dividend 10.3710 10.2696HSBC Income Fund - Investment Plan - Regular Option - Growth 12.1726 11.8011HSBC Income Fund - Investment Plan - Institutional Option - Growth 12.4879 12.0435HSBC Cash Fund - Regular Option- Dividend 10.1930 10.1930HSBC Cash Fund - Regular Option - Growth 12.1625 11.7970HSBC Cash Fund - Institutional Option - Growth 12.1923 11.8200HSBC Cash Fund - Institutional Option - Daily Dividend 10.4401 10.4401HSBC Cash Fund - Institutional Option - Weekly Dividend 10.4627 10.4530HSBC Cash Fund - Institutional Option - Monthly Dividend 10.5180 10.4564HSBC Cash Fund - Institutional Plus Option - Growth 11.3707 11.0065HSBC Cash Fund - Institutional Plus Option - Daily Dividend 10.0056 10.0056HSBC Cash Fund - Institutional Plus Option - Weekly Dividend 10.0192 10.0096HSBC Cash Fund - Institutional Plus Option - Monthly Dividend 10.0733 10.0120HSBC Cash Fund - Regular Option - Weekly Dividend 10.0163 10.0075HSBC Gilt Fund - Short Term Plan - Dividend Option 10.7341 10.5378HSBC Gilt Fund - Short Term Plan - Growth Option 10.8744 10.6756HSBC India Opportunities Fund-Dividend 17.7933 18.7112HSBC India Opportunities Fund-Growth 24.4703 23.0533HSBC Advantage India Fund-Dividend 11.2375 11.2929HSBC Advantage India Fund-Growth 11.2375 11.2929HSBC Floating Rate Fund - Long Term Plan - Regular Option - Dividend 10.0586 10.0578HSBC Floating Rate Fund - Long Term Plan - Regular Option - Growth 11.0697 10.7502HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Growth 11.1107 10.7797HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Weekly Dividend 10.1979 10.0198HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend 10.1123 10.0884HSBC Floating Rate Fund - Short Term Plan - Regular Option - Dividend 10.0000 10.0128HSBC Floating Rate Fund - Short Term Plan - Regular Option - Growth 11.0780 10.7486HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Growth 11.1190 10.7777HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Daily Dividend 10.0132 10.0132HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Weekly Dividend 10.0354 10.0165HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Monthly Dividend 10.0779 10.0114HSBC Floating Rate Fund - Short Term Plan - Institutional Plus Option - Growth 10.5341 10.2031HSBC Floating Rate Fund - Short Term Plan - Institutional Plus Option - Daily Dividend 10.0262 10.0171HSBC Floating Rate Fund - Short Term Plan - Regular Option - Weekly Dividend 10.0143 10.0062HSBC MIP - Regular Plan-Monthly Dividend 10.5582 10.4332HSBC MIP - Regular Plan-Growth 11.9462 11.4821HSBC MIP - Regular Plan-Quarterly Dividend 10.5963 10.4465HSBC MIP - Savings Plan-Monthly Dividend 10.8018 10.7428HSBC MIP - Savings Plan-Growth 12.6892 12.2006HSBC MIP - Savings Plan-Quarterly Dividend 10.9025 10.8067HSBC Midcap Equity Fund-Dividend 14.8643 17.3714HSBC Midcap Equity Fund-Growth 17.0015 18.6376HSBC Fixed Term Series I -Dividend 10.4814 10.0431HSBC Fixed Term Series I -Growth 10.4814 10.0431HSBC Fixed Term Series II -Dividend 10.4817 10.0355HSBC Fixed Term Series II -Growth 10.4817 10.0355HSBC Fixed Term Series III -Dividend (07 September 2006)** 10.0018 10.0044HSBC Fixed Term Series III -Growth (07 September 2006)** 10.4106 10.0553HSBC Fixed Term Series IV -Dividend 10.4812 10.0424HSBC Fixed Term Series IV -Growth 10.4812 10.0424HSBC Fixed Term Series V -Dividend 10.4836 10.0459HSBC Fixed Term Series V -Growth 10.4836 10.0459HSBC Fixed Term Series VI -Dividend 10.4500 9.9918HSBC Fixed Term Series VI -Growth 10.4500 9.9918HSBC Fixed Term Series VII -Dividend (23 May 2006)** 10.0007 10.0041HSBC Fixed Term Series VII -Growth (23 May 2006)** 10.1850 10.0764HSBC Fixed Term Series VIII -Dividend (22 June 2006)** 10.0011 10.0205HSBC Fixed Term Series VIII -Growth (22 June 2006)** 10.2120 10.0205HSBC Fixed Term Series 13 -Regular Option - Dividend 10.4152 10.0062HSBC Fixed Term Series 13 -Regular Option - Growth 10.4152 10.0062HSBC Fixed Term Series 13 -Institutional Option - Growth 10.4381 10.0062HSBC Fixed Term Series 14 -Dividend (30 August 2006)* 10.0730 10.0039HSBC Fixed Term Series 14 -Growth (30 August 2006)* 10.0730 10.0039HSBC Fixed Term Series IX -Dividend (30 June 2006)* 10.2030 10.0049HSBC Fixed Term Series IX -Growth (30 June 2006)* 10.2030 10.0049HSBC Fixed Term Series 15 -Regular Option - Dividend (29 September 2006)* 10.0075 10.0075HSBC Fixed Term Series 15 -Regular Option - Growth (29 September 2006)* 10.0075 10.0075HSBC Fixed Term Series 15 -Institutional Option - Dividend (29 September 2006)* 10.0077 10.0077HSBC Fixed Term Series 15 -Institutional Option - Growth (29 September 2006)* 10.0077 10.0077

* Dates of first Nav of options commenced during the period are indicated in brackets in the table above** Dates of last Nav of options wound up/matured during the period are indicated in brackets in the table above


Scheme/Plan Name Portfolio turnover during Average Maturitythe half year ended (Months)September 30, 2006

HSBC Advantage India Fund 0.67 0.07*HSBC Cash Fund NA 3.00HSBC Equity Fund 0.68 0.20*HSBC Fixed Term Series I NA 7.96HSBC Fixed Term Series II NA 11.52HSBC Fixed Term Series IV NA 4.99HSBC Fixed Term Series V NA 11.10HSBC Fixed Term Series VI NA 11.85HSBC Fixed Term Series IX NA 9.07HSBC Fixed Term Series 13 NA 6.20HSBC Fixed Term Series 14 NA 11.43HSBC Fixed Term Series 15 NA 10.74HSBC Floating Rate Fund - Long Term Plan NA 3.16HSBC Floating Rate Fund - Short Term Plan NA 3.82HSBC Gilt Fund - Short Term Plan NA 0.14HSBC Income Fund - Investment Plan NA 15.07HSBC Income Fund - Short Term Plan NA 12.78HSBC India Opportunities Fund 0.70 0.17*HSBC Midcap Equity Fund 0.57 NAHSBC MIP - Regular Plan 0.21 8.45*HSBC MIP - Savings Plan 0.25 11.01*


Dividend declaration under the Dividend Options of the schemes of HSBC Mutual Fund (for the halfyear ended 30th September, 2006)

Scheme / Plan /Option Name Record Date / Dividend (Rs. Dividend Dividend Dividendperiod of dividend Per unit) (Non- Rate (Non- (Rs. Per unit) Rate

declared Corporate) Corporate) (Corporate)(Corporate)

HSBC Income Fund - Investment Plan -Regular Option - Dividend 16-Jun-06 0.06139000 0.61% 0.05717000 0.57%

15-Sep-06 0.13155000 1.32% 0.12251000 1.23%HSBC Income Fund - Short Term Plan -Regular Option - Dividend 28-Apr-06 0.00877000 0.09% 0.00817000 0.08%

28-Jul-06 0.00877000 0.09% 0.00817000 0.08%25-Aug-06 0.04385000 0.44% 0.04084000 0.41%29-Sep-06 0.04385000 0.44% 0.04084000 0.41%

HSBC Income Fund - Short Term Plan -Institutional Option - Dividend 28-Apr-06 0.04385000 0.44% 0.04084000 0.41%

26-May-06 0.04385000 0.44% 0.04084000 0.41%30-Jun-06 0.04385000 0.44% 0.04084000 0.41%29-Sep-06 0.04385000 0.44% 0.04084000 0.41%

HSBC India Opportunities Fund - Dividend 19-May-06 2.00000000 20.00% 2.00000000 20.00%

Investors may obtain Offer Documents and Key Information Memorandums along with application forms from the office of HSBC Mutual Fund, 314 D.N. Road, Fort, Mumbai 400 001. Tel: 022-6666 8819. Statutory Details: HSBC Mutual Fund has been set up as a trustby HSBC Securities and Capital Markets (India) Private Limited (liability restricted to the corpus of Rs 1 lakh). The Sponsor / associates of the Sponsor/ Asset Management Company (AMC) are not responsible or liable for any loss or shortfall resulting from the operation ofthe Schemes. The Trustees of HSBC Mutual Fund have appointed HSBC Asset Management (India) Private Limited as the Investment Manager. Risk Factors: All investments in mutual funds and securities are subject to market risks and the Net Asset Value (NAV) of theScheme(s) may go up or down depending on the factors and forces affecting the securities markets. There can be no assurance that the objectives of the Scheme(s) will be achieved. Past performance of the Sponsor, AMC, Mutual Fund or any associates of the Sponsor/AMCdoes not indicate the future performance of the Scheme(s) of the Mutual Fund. HSBC Equity Fund (HEF), HSBC India Opportunities Fund (HIOF), HSBC Midcap Equity Fund (HMEF), HSBC Advantage India Fund (HAIF), HSBC Income Fund (HIF), HSBC Gilt Fund (HGF), HSBC CashFund (HCF), HSBC Liquid Plus Fund (HLPF), HSBC MIP (HMIP), HSBC Floating Rate Fund (HFRF) and HSBC Fixed Term Series (HFTS) are the names of the Schemes and do not in any manner indicate the quality of the Schemes or their future prospects or returns. SchemeClassification: HEF (an open-ended diversified equity Scheme) aims to generate long term capital growth from an actively managed portfolio of equity and equity related securities. HIOF (an open-ended equity Scheme) seeks long term capital growth through investmentsacross all market capitalisations, including small, mid and large cap stocks. It aims to be predominantly invested in equity & equity related securities but could move a portion of its assets towards fixed income securities if the fund manager becomes negative on equity markets.HMEF (an open-ended equity Scheme) 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 fundmanager becomes negative on the Indian equity markets. HAIF (an open-ended equity Scheme) seeks to generate long term capital growth from an actively managed portfolio of equity and equity related securities by investing primarily in areas that play an important role in, and/or benefit from India’s progress, reform process and economic development. HIF (an open-ended income scheme) aims to provide reasonable income whilst maintaining a prudent policy of capital conservation. HGF (an open-ended gilt scheme) aims to generate reasonable returnsthrough investments in Government Securities of various maturities. HCF (an open-ended liquid scheme) 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. HLPF (anopen-ended debt Scheme) seeks to provide liquidity and reasonable returns by investing primarily in a mix of short term debt and money market instruments. HMIP (an open-ended Fund with Regular & Savings Plans. Monthly income is not assured and is subject to availabilityof distributable surplus.) seeks to generate reasonable returns through investments in debt and money market instruments with a secondary objective to seek capital appreciation through investments in equity and equity related instruments. HFRF (an open-ended incomescheme) 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. HFTS(a close-ended Income Scheme) seeks to generate reasonable returns by investing in a portfolio of fixed income instruments normally maturing in line with the time profile of the respective Plan(s). Terms of Issue: Units of the Scheme(s) are being offered at NAV based prices,subject to the prevailing loads. The AMC calculates and publishes NAVs and offers for sale, redemption and switch outs, units of the Scheme(s) on all Business Days, at the Applicable NAV for all Schemes. However HFTS will not be open for ongoing subscriptions/switch ins.Load Structure (includes SIP/STP): HEF, HIOF, HMEF & HAIF – Entry – 2.25% for investments/switch ins* < Rs 5 crores, otherwise Nil. Exit – 0.5% for < Rs 5 crores, if redeemed/switched out* within 6 months from date of investment, otherwise Nil. For SIP- Nil. However, 0.5% if SIP discontinued before 6 months from the date of the first investment/transfer. HMIP – Entry – Nil. Exit - 0.5% for Investments < Rs 10 lakhs, if redeemed/switched out* within 6 months from date of investment. For STP/ SEP – Nil. In case ofHIF-IP & HFRF-LTP - Entry - Nil. Exit - 0.5% for < Rs 10 lakhs in Regular Option, if redeemed/switched out* within 6 months from the date of investment. For STP/SEP – Nil. HLPF – Entry – Nil. Exit – 0.05% - if redeemed within 7 days from date of investment, otherwiseNil. For STP/ SEP – Nil *No load in case of switches between equity Schemes of HSBC Mutual Fund. For HFTS load, please contact the nearest Investor Service Centre. No load in case of HCF, HGF, HLPF, HIF-ST & HFRF-ST. Load in case of dividend reinvestments: Entry- 2.25% in case of Weekly Dividend sub-option under Institutional & Institutional Plus Option of HCF & HFRF-STP. Exit – Nil. No load in case of investments by Fund-of-Funds, FIIs & their sub-accounts. The entry / exit load set forth above is subject to change at the discretionof the AMC and such changes shall be implemented prospectively. Please read the Offer Document for details and risk factors before investing.

Dividend declaration under the Dividend Options of the schemes of HSBC Mutual Fund (for the halfyear ended 30th September, 2006)


declared Corporate) Corporate) (Corporate)(Corporate)

HSBC Midcap Equity Fund - Dividend 19-May-06 1.00000000 10.00% 1.00000000 10.00%HSBC Fixed Term Series III$ 6-Sep-06 0.31221223 3.12% 0.29075466 2.91%HSBC Fixed Term Series VII$ 22-May-06 0.09755950 0.98% 0.09085448 0.91%HSBC Fixed Term Series VIII$ 21-Jun-06 0.18497148 1.85% 0.17225885 1.72%HSBC Cash Fund - Regular Option -Daily Dividend For April 06 * 0.04088194 0.41% 0.03807219 0.38%

For May 06 * 0.04817075 0.48% 0.04486007 0.45%For June 06 * 0.04397330 0.44% 0.04095110 0.41%For July 06 * 0.04652106 0.47% 0.04332376 0.43%


HSBC Cash Fund - Regular Option -Weekly Dividend For April 06 * 0.04323611 0.43% 0.04026460 0.40%



HSBC Cash Fund - Institutional Option -Daily Dividend For April 06 * 0.04256960 0.43% 0.03964392 0.40%



HSBC Cash Fund - Institutional Plus Option -Daily Dividend For April 06 * 0.04343072 0.43% 0.04044583 0.40%



HSBC Cash Fund - Institutional Option -Weekly Dividend For April 06 * 0.04578073 0.46% 0.04263434 0.43%



HSBC Cash Fund - Institutional Plus Option -Weekly Dividend For April 06 * 0.04661256 0.47% 0.04340898 0.43%



HSBC Cash Fund - Institutional Option -Monthly Dividend 28-Apr-06 0.04588375 0.46% 0.04273027 0.43%

26-May-06 0.04271902 0.43% 0.03978305 0.40%30-Jun-06 0.05361012 0.54% 0.04992562 0.50%28-Jul-06 0.04390709 0.44% 0.04088946 0.41%

25-Aug-06 0.04491372 0.45% 0.04182691 0.42%29-Sep-06 0.05720309 0.57% 0.05327166 0.53%

HSBC Cash Fund - Institutional Plus Option -Monthly Dividend 28-Apr-06 0.04679295 0.47% 0.04357699 0.44%

26-May-06 0.04327115 0.43% 0.04029723 0.40%30-Jun-06 0.05410531 0.54% 0.05038678 0.50%28-Jul-06 0.04391052 0.44% 0.04089266 0.41%

25-Aug-06 0.04469398 0.45% 0.04162228 0.42%29-Sep-06 0.05697358 0.57% 0.05305793 0.53%

HSBC MIP - Regular Plan - Monthly Dividend 28-Apr-06 0.05262000 0.53% 0.04900000 0.49%26-May-06 0.05262000 0.53% 0.04900000 0.49%30-Jun-06 0.04385000 0.44% 0.04084000 0.41%28-Jul-06 0.04385000 0.44% 0.04084000 0.41%

25-Aug-06 0.06139000 0.61% 0.05717000 0.57%29-Sep-06 0.06139000 0.61% 0.05717000 0.57%

HSBC MIP - Regular Plan - Quaterly Dividend 16-Jun-06 0.06139000 0.61% 0.05717000 0.57%15-Sep-06 0.17540000 1.75% 0.16335000 1.63%

HSBC MIP - Savings Plan - Monthly Dividend 28-Apr-06 0.07016000 0.70% 0.06534000 0.65%26-May-06 0.07016000 0.70% 0.06534000 0.65%30-Jun-06 0.05262000 0.53% 0.04900000 0.49%28-Jul-06 0.05262000 0.53% 0.04900000 0.49%

25-Aug-06 0.07016000 0.70% 0.06534000 0.65%29-Sep-06 0.07016000 0.70% 0.06534000 0.65%

HSBC MIP - Savings Plan - Quaterly Dividend 16-Jun-06 0.07016000 0.70% 0.06534000 0.65%15-Sep-06 0.21925000 2.19% 0.20418000 2.04%

HSBC Floating Rate Fund - Long Term Plan -Regular Option - Monthly Dividend 28-Apr-06 0.03508000 0.35% 0.03267000 0.33%

30-Jun-06 0.04385000 0.44% 0.04084000 0.41%28-Jul-06 0.13646130 1.36% 0.12708265 1.27%

25-Aug-06 0.04270993 0.43% 0.03977458 0.40%29-Sep-06 0.05139224 0.51% 0.04786018 0.48%

HSBC Floating Rate Fund - Long Term Plan -Institutional Option - Weekly Dividend For April 06 * 0.04335552 0.43% 0.04037580 0.40%

For May 06 * 0.04017877 0.40% 0.03741738 0.37%For June 06 * 0.02836241 0.28% 0.02641314 0.26%

HSBC Floating Rate Fund - Long Term Plan -Institutional Option -Montly Dividend 28-Apr-06 0.03508000 0.35% 0.03267000 0.33%

30-Jun-06 0.04385000 0.44% 0.04084000 0.41%28-Jul-06 0.12330629 1.23% 0.11483175 1.15%

25-Aug-06 0.04560403 0.46% 0.04246978 0.42%29-Sep-06 0.06419645 0.64% 0.05978438 0.60%

HSBC Floating Rate Fund - Short Term Plan -Regular Option - Daily Dividend For April 06 * 0.03851935 0.39% 0.03587199 0.36%



HSBC Floating Rate Fund - Short Term Plan -Regular Option - Weekly Dividend For April 06 * 0.04113130 0.41% 0.03830445 0.38%



HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Daily Dividend For April 06 * 0.03985644 0.40% 0.03711719 0.37%



HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Weekly Dividend For April 06 * 0.04277586 0.43% 0.03983598 0.40%



HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Monthly Dividend 28-Apr-06 0.04284741 0.43% 0.03990261 0.40%

26-May-06 0.04056488 0.41% 0.03777695 0.38%30-Jun-06 0.04463933 0.45% 0.04157138 0.42%28-Jul-06 0.04490243 0.45% 0.04181639 0.42%

25-Aug-06 0.04332383 0.43% 0.04034629 0.40%29-Sep-06 0.05507564 0.55% 0.05129043 0.51%

HSBC Floating Rate Fund - Short Term Plan -Institutional Plus Option - Daily Dividend For April 06 * 0.03681620 0.37% 0.03428587 0.34%



Notes:* This represents cummulative amounts of dividends declared during the month.$ This represents the schemes/plans which are wound up/matured during the half yearNotes:1. The provision made for Non Performing Assets as of September 30,2006 is Rs. NIL and its percentage to Net Asset Value is NIL.2. Details of Schemes which have outstanding Derivative (OIS) position is NIL3. Total investments in foreign securities / ADR’s / GDR’s at the end of the period is NIL.4. Past performance may or may not be sustained in future.5. Average maturity of all the debt oriented schemes is expressed as the weighted average maturity of the portfolio in the fund in

terms of number of months.6. The portfolio turnover for HSBC Equity Fund, HSBC India Opportunities Fund (Equity Portion), HSBC Midcap Equity Fund, HSBC

India Advantage Fund (Equity Portion), HSBC MIP Regular (Equity Portion) and HSBC MIP Savings (Equity Portion) is the lowerof purchases & sales to the average net assets during the half year ended September 30, 2006.

HSBC Investments


HSBC Mutual FundUnaudited Half – Yearly Financial Results for the period ended 31 March 2007 as per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.

Sl. Particulars HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC

No. Equity India Midcap Advantage Tax Saver Unique Income Fund Income Cash Liquid Gilt Fund MIP MIP Floating Rate Floating Rate Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed

Fund Opportunities Equity India Equity Opportunities -Investment Fund -Short Fund Plus Short Regular Savings Fund - Long Fund - Short Term Term Term Term Term Term Term Term Term Term Term Term Term Term Term Term

Fund Fund Fund Fund Fund Plan Term Plan Fund Term Plan Plan Plan Term Plan Term Plan Series I Series II Series IV Series V Series VI Series 13 Series IX Series 14 Series 15 Series 21 Series 22 Series 23 Series 24 Series 25 Series 26 Series 27

(HEF) (HIOF) (HMEF) (HAIF) (HTSF) (HUOF) (HIF-IP) (HIF-ST) (HCF) (HLPF) (HGF-ST) (HMIP-R) (HMIP-S) (HFRF-LT) (HFRF-ST) (HFTS I) (HFTS II) (HFTS IV) (HFTS V) (HFTS VI) (HFTS 13) (HFTS IX) (HFTS 14) (HFTS 15) (HFTS 21) (HFTS 22) (HFTS 23) (HFTS 24) (HFTS 25) (HFTS 26) (HFTS 27)

1.1 Unit Capital at thebeginning of the halfyear period(September 30, 2006)(Rs. in crores) 281.32 251.55 228.15 1,296.18 N.A. $ N.A. $ 26.53 173.40 3,040.04 N.A. $ 0.72 52.56 66.17 82.58 370.01 143.05 142.36 304.09 200.06 278.02 220.17 350.18 212.78 316.45 N.A. $ N.A. $ N.A. $ N.A. $ N.A. $ N.A. $ N.A. $

1.2 Unit Capital at the endof the period (March 31,2007) (Rs. in crores) 260.59 350.13 192.64 986.55 190.62 637.16 22.04 17.90 1,750.82 1,240.74 0.93 43.04 54.84 58.14 235.67 141.86 142.36 303.32 200.06 278.02 219.94 347.43 213.03 317.14 174.29 254.30 148.32 490.93 318.14 104.29 95.84

2 Reserves & Surplus(Rs. In crores) 676.36 298.95 100.51 171.22 (11.24) 13.08 3.89 2.19 129.93 10.44 0.11 4.40 9.40 2.38 4.47 12.03 10.91 25.57 15.28 20.76 18.54 20.24 7.48 8.45 1.32 1.41 1.05 2.58 0.98 0.27 0.14

3.1 Total Net Assets at thebeginning of the halfyear period(Rs. in crores) 1,027.26 487.20 354.56 1,456.50 N.A. $ N.A. $ 30.58 183.52 3,149.17 N.A. $ 0.78 57.87 76.41 85.58 376.83 149.97 149.25 318.79 209.77 290.60 229.73 357.36 214.38 316.77 N.A. $ N.A. $ N.A. $ N.A. $ N.A. $ N.A. $ N.A. $

3.2 Total Net Assetsat the end of theperiod (Rs. in crores) 936.95 649.08 293.14 1,157.77 179.38 650.24 25.94 20.09 1,880.75 1,251.18 1.03 47.44 64.24 60.52 240.14 153.89 153.27 328.89 215.33 298.78 238.48 367.67 220.51 325.59 175.62 255.71 149.37 493.50 319.13 104.56 95.98

4.1 NAV at the beginningof the half yearperiod (Rs.) $$Growth Option 63.0142 24.4703 17.0015 11.2375 N.A.$ N.A.$ N.A. N.A. N.A. N.A. 10.8744 11.9462 12.6892 N.A. N.A. 10.4814 10.4817 10.4812 10.4836 10.4500 N.A. 10.2030 10.0730 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Dividend Option 30.0795 17.7933 14.8643 11.2375 N.A.$ N.A.$ N.A. N.A. N.A. N.A. 10.7341 N.A. N.A. N.A. N.A. 10.4814 10.4817 10.4812 10.4836 10.4500 N.A. 10.2030 10.0730 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Regular Option -Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.3710 10.6824 N.A. N.A. N.A. N.A. N.A. 10.0586 N.A. N.A. N.A. N.A. N.A. N.A. 10.4152 N.A. N.A. 10.0075 N.A.$ N.A. $ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$Regular Option -Growth N.A. N.A. N.A. N.A. N.A. N.A. 12.1726 12.2155 12.1625 N.A. $ N.A. N.A. N.A. 11.0697 11.0780 N.A. N.A. N.A. N.A N.A. 10.4152 N.A. N.A. 10.0075 N.A. $ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$Regular Option -Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0163 N.A. $ N.A. N.A. N.A. N.A. 10.0143 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option -Dividend N.A. N.A. N.A. N.A. N.A. N.A. - ! 10.0667 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. - ! N.A. N.A. 10.0077 N.A. $ N.A.$ N.A.$ N.A.$! N.A.$ N.A.$ N.A.$Institutional Option -Growth N.A. N.A. N.A. N.A. N.A. N.A. 12.4879 12.3577 12.1923 N.A. $ N.A. N.A. N.A. 11.1107 11.1190 N.A. N.A. N.A. N.A. N.A. 10.4381 N.A. N.A. 10.0077 N.A. $ N.A. $ N.A. $ N.A.$! N.A.$ N.A.$ N.A.$Regular OptionDaily Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.1930 N.A. $ N.A. N.A. N.A. N.A. 10.0000 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional OptionDaily Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4401 N.A. $ N.A. N.A. N.A. N.A. 10.0132 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional OptionWeekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4627 N.A. $ N.A. N.A. N.A. 10.1979 10.0354 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional OptionMonthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.5180 N.A. $ N.A. N.A. N.A. 10.1123 10.0779 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional PlusOption - Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 11.3707 N.A. $ N.A. N.A. N.A. N.A. 10.5341 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional PlusOption -Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0056 N.A. $ N.A. N.A. N.A. N.A. 10.0262 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional PlusOption - WeeklyDividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0192 N.A. $ N.A. N.A. N.A. N.A. - ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional PlusOption - MonthlyDividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0733 N.A. $ N.A. N.A. N.A. N.A. - ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.5582 10.8018 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.5963 10.9025 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

4.2 NAV at the end ofthe period (Rs.) ##Growth Option 67.8588 26.7425 18.1774 11.7374 9.4098$ 10.2051 N.A. N.A. N.A. N.A. 11.1945 12.2651 13.1146 N.A. N.A. 10.8456 10.7635 10.8740 10.7608 10.7438 N.A. 10.5804 10.4319 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Dividend Option 28.1204 16.2421 13.8256 11.7374 9.4098$ 10.2051 N.A. N.A. N.A. N.A. 10.8049 N.A. N.A. N.A. N.A. 10.8456 10.7635 10.8740 10.7608 10.7438 N.A. 10.5804 10.0307 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Regular Option -Dividend N.A. N.A. N.A. N.A. N.A. N.A. 10.2980 10.3381 N.A. N.A. N.A. N.A. N.A. 10.0902 N.A. N.A. N.A. N.A. N.A. N.A. 10.8050 N.A. N.A. 10.0297 10.0222$ 10.0296$ 10.0260$ 10.0497$ 10.0274$ 10.0225$ 10.0120Regular Option -Growth N.A. N.A. N.A. N.A. N.A. N.A. 12.3337 12.3912 12.6096 10.3595$ N.A. N.A. N.A. 11.4580 11.4764 N.A. N.A. N.A. N.A. N.A. 10.8050 N.A. N.A. 10.2789 10.0670$ 10.0479$ 10.0706$ 10.0497$ 10.0274$ 10.0225$ 10.0120$Regular Option -Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. - ! 10.0233 10.0460$ N.A. N.A. N.A. N.A. 10.0218 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional Option -Dividend N.A. N.A. N.A. N.A. N.A. N.A. - ! 9.9754 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. - ! N.A. N.A. 10.0313 10.0234$ - $! 10.0278$- $! 10.0284$ 10.0229$ - $!Institutional Option -Growth N.A. N.A. N.A. N.A. N.A. N.A. 12.7068 - ! 12.6492 10.3666$ N.A. N.A. N.A. 11.5143 11.5327 N.A. N.A. N.A. N.A. N.A. 10.8530 N.A. N.A. 10.2997 10.0780$ 10.0543$ 10.0744$ - $! 10.0284$ 10.0229$ 10.0122$Regular Option DailyDividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.1930 10.0122$ N.A. N.A. N.A. N.A. 10.0000 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional OptionDaily Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4401 10.0125$ N.A. N.A. N.A. N.A. 10.0159 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional OptionWeekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. - ! 10.4701 10.0469$ N.A. N.A. N.A. 10.5684 10.0471 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional OptionMonthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.5391 10.1046$ N.A. N.A. N.A. 10.1210 10.1042 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional PlusOption - Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 11.8104 10.3713$ N.A. N.A. N.A. N.A. - ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional PlusOption - DailyDividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0056 10.0126$ N.A. N.A. N.A. N.A. 10.0262 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional PlusOption - WeeklyDividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0264 10.0474$ N.A. N.A. N.A. N.A. - ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Institutional PlusOption - MonthlyDividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0931 10.1050$ N.A. N.A. N.A. N.A. - ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4375 10.7014 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4277 10.7465 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

4.3 Dividend paid per unitduring the half-year(Individual/HUF) (Rs.)Dividend Option 4.0000 3.0000 2.0000 - - - - - - - 0.2773 - - - - - - 0.7282 - - - - 0.3475 - - - - - - - -Regular Option -Dividend - - - - - - 0.1842 0.3903 - - - - - 0.3034 - - - - - - - - - 0.2165 0.0392 0.0160 0.0390 - - - -Institutional Option -Dividend - - - - - - - 0.1790 - - - - - - - - - - - - - - - 0.2331 0.0478 - 0.0407 - - - -Regular OptionDaily Dividend - - - - - - - - 0.3263 0.3027 - - - - 0.3141 - - - - - - - - - - - - - - -Regular OptionWeekly Dividend - - - - - 0.0311 0.3169 0.2866 - - - - 0.3105 - - - - - - - - - - - - - - - -Institutional OptionDaily Dividend - - - - - - - - 0.3407 0.2826 - - - - 0.3227 - - - - - - - - - - - - - - - -Institutional OptionWeekly Dividend - - - - - - - - 0.3374 0.2921 - - - - 0.3173 - - - - - - - - - - - - - - - -Institutional OptionMonthly Dividend - - - - - - - - 0.2627 0.2071 - - - 0.3212 0.3152 - - - - - - - - - - - - - - - -Institutional PlusOption - Daily Dividend - - - - - - - - 0.3366 0.2619 - - - - 0.3285 - - - - - - - - - - - - - - - -Institutional PlusOption - WeeklyDividend - - - - - - - - 0.3319 0.0745 - - - - - - - - - - - - - - - - - - - - -Institutional PlusOption - MonthlyDividend - - - - - - - - 0.2393 - - - - - - - - - - - - - - - - - - - - - -Monthly Dividend - - - - - - - - - - - 0.3333 0.3859 - - - - - - - - - - - - - - - - - -Quarterly Dividend - - - - - - - - - - - 0.3947 0.4560 - - - - - - - - - - - - - - - - - -

4.4 Dividend paid per unitduring the half-year(Others) (Rs.)Dividend Option 4.0000 3.0000 2.0000 - - - - - - - - - - - - - - 0.6781 - - - - 0.3236 - - - - - - - -Regular Option -Dividend - - - - - - 0.1715 0.3634 - - - - - 0.2825 - - - - - - - - - 0.2016 - 0.0149 0.0363 - - - -Institutional OptionDividend - - - - - - - 0.1667 - - - - - - - - - - - - - - - 0.2171 - - 0.0379 - - - -Regular OptionDaily Dividend - - - - - - - - 0.3039 0.2819 - - - - 0.2925 - - - - - - - - - - - - - - - -Regular OptionWeekly Dividend - - - - - - - 0.0833 0.2951 0.2669 - - - - 0.2891 - - - - - - - - - - - - - - - -Institutional OptionDaily Dividend - - - - - - - - 0.3173 0.2872 - - - - 0.3006 - - - - - - - - - - - - - - - -Institutional OptionWeekly Dividend - - - - - - - 0.1053 0.3142 0.2720 - - - - 0.2955 - - - - - - - - - - - - - - - -Institutional OptionMonthly Dividend - - - - - - - - 0.0560 - - - - 0.2992 0.2936 - - - - - - - - - - - - - - - -Institutional PlusOption - Daily Dividend - - - - - - - - 0.3134 0.2909 - - - - 0.3059 - - - - - - - - - - - - - - - -Institutional PlusOption - WeeklyDividend - - - - - - - - 0.3091 0.2755 - - - - - - - - - - - - - - - - - - - - -Institutional PlusOption - MonthlyDividend Option - - - - - - - - 0.3111 0.2369 - - - - - - - - - - - - - - - - - - - - -Monthly Dividend - - - - - - - - - - 0.3104 0.3594 - - - - - - - - - - - - - - - - - -Quarterly Dividend - - - - - - - - - - - 0.3675 0.4247 - - - - - - - - - - - - - - - - - -

HSBC Investments


Income5.1 Dividend (Rs. In crores) 5.01 2.49 0.85 4.61 0.62 0.49 - - - - - 0.03 0.08 - - - - - - - - - - - - - - - - - -5.2 Interest (Rs. In crores) 2.77 1.65 0.51 2.30 1.92 2.72 1.19 5.25 105.81 71.36 0.05 1.76 2.35 3.03 13.25 5.29 5.20 13.21 7.53 11.48 9.55 14.35 8.65 13.11 4.06 4.77 1.36 2.43 0.96 0.27 0.155.3 Profit / (Loss) on sale /

redemption ofinvestments (otherthan inter schemetransfer / sale)[Rs. In crores] 150.75 51.99 72.25 222.39 (0.22) 4.06 0.05 0.01 (0.02) 0.14 (0.00)@ 1.22 2.95 (0.00)@ (0.01) (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00)@ (0.00)@ (0.00) @ 0.00 @ 0.00 @ 0.00@ (0.00) @ (0.00) @ (0.00)@ (0.00)@ (0.00)@ (0.00)@

5.4 Profit / (Loss) on inter-scheme transfer/sale ofinvestment(Rs. in crores) - - - - - - (0.01) (0.47) 0.04 0.00 @ - 0.08 (0.01) 0.09 0.09 - - (0.00)@ - (0.00) @ - (0.00) @ - - (0.00) @ (0.00) @ - - 0.00 @ (0.00) @ 0.00 @

5.5 Other Income(Rs. in crores) - - - - 0.09 - - - (0.02) 0.02 - - - - - - - - - - - - - - - - - - - - -

5.6 Total Income(5.1 to 5.5 )[Rs. in crores] 158.53 56.13 73.60 229.30 2.41 7.27 1.23 4.79 105.80 71.51 0.05 3.09 5.37 3.12 13.33 5.29 5.20 13.20 7.53 11.48 9.55 14.35 8.65 13.11 4.06 4.77 1.36 2.43 0.96 0.27 0.15

Expenses

6.1 Management Fees(Rs. in crores) 5.18 2.92 1.79 6.64 0.33 0.57 0.11 0.24 2.82 1.71 0.00@ 0.19 0.26 0.12 0.49 0.15 0.11 0.43 0.05 0.08 0.23 0.57 0.12 0.31 0.19 0.14 0.04 0.04 0.02 0.00 0.00

6.2 Trustee Fees(Rs. in crores) 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ - 0.00 @ 0.00 @ 0.01 0.00 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ 0.00 @ - - -

6.3 Total RecurringExpenses (including 6.1and 6.2) [Rs. In crores] 10.34 6.22 3.882 2.67 1.05 1.09 0.23 0.48 5.14 3.55 0.01 0.52 0.73 0.29 1.06 0.19 0.15 0.52 0.21 0.44 0.30 0.67 0.17 0.30 0.19 0.18 0.05 0.06 0.02 0.00 0.00

6.4 Percentage ofManagement Fees todaily average net assets(Regular Option) [%] # 1.02% 1.04% 1.07% 0.97% 0.67%^ 0.98%^ 0.72% 0.50% 0.35% 0.23%^ 0.43% 0.70% 0.69% 0.37% 0.34% 0.20% 0.15% 0.27% 0.05% 0.06% 0.20% 0.32% 0.11% 0.25% 0.56%^ 0.52%^ 0.50%^ 0.20%^ 0.46%^ 0.08%^ 0.44%^Percentage ofManagement Fees todaily average net assets (Institutional Option)[%] # N.A. N.A. N.A. N.A. N.A. N.A. 0.23% 0.32% 0.31% 0.23%^ N.A. N.A. N.A. 0.16% 0.18% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.09% 0.23%^ 0.20%^ 0.07%^ N.A.^ 0.08%^ 0.02%^ 0.0005%^Percentage ofManagement Fees todaily average netassets (InstitutionalPlus Option) [%] # N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.12% 0.23%^ N.A. N.A. N.A. N.A. 0.18% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

6.5 Total Recurring expensesas a percentage of dailyaverage net assets(Regular Option) [%] # 2.05% 2.22% 2.32% 3.33%~ 1.90%^ 1.54%~~^ 1.55% 1.03% 0.66% 0.65%^^ 1.00% 1.95% 1.95% 0.81% 0.71% 0.25% 0.20% 0.32% 0.20% 0.30% 0.25% 0.37% 0.16% 0.30% 0.64%^^ 0.64%^^ 0.66%^^ 0.25%^^ 0.80%^^ 0.39%^^ 0.50%^^Total Recurring expensesas a percentage of dailyaverage net assets(Insitutional Option) [%] # N.A. N.A. N.A. N.A. N.A. N.A. 0.70% 0.64% 0.52% 0.50%^^ N.A. N.A. N.A. 0.56% 0.47% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.15% 0.31%^^ 0.29%^^ 0.19%^^ N.A.^^ 0.29%^^ 0.14%^^ 0.05%^^Total Recurring expensesas a percentage of dailyaverage net assets(Insitutional PlusOption) [%] # N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.29% 0.40%^^ N.A. N.A. N.A. N.A. 0.40% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.

7.1 Returns during the halfyear (absolute returns) * 7.69% 9.29% 6.92% 4.45% N.A. N.A. 1.32% 1.44% 7.37% N.A. 2.94% 2.67% 3.35% 3.51% 7.21% 3.47% 2.69% 3.75% 2.64% 2.81% 3.74% 3.70% 3.56% 2.71% N.A. N.A. N.A. N.A. N.A. N.A. N.A.

7.2 CompoundedAnnualised yield(i) Last 1 year 11.40% 16.00% -2.47% 3.94% N.A. N.A. 4.51% 5.02% 6.91% N.A. 4.86% 6.82% 7.49% 6.58% 6.79% 7.99% 7.25% 8.28% 7.12% 7.53% 8.05% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(ii) Last 3 years 35.32% 40.65% N.A. N.A. N.A. N.A. 3.06% 4.71% 5.64% N.A. 3.48% 6.75% 9.12% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(iii) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(iv) Since launch of thescheme ** 56.03% 37.40% 37.82% 15.74% -5.90%** 2.05% 4.99% 5.11% 5.54% 3.60% 3.46% 6.82% 9.15% 5.85% 5.99% 6.37% 6.24% 8.72% 6.63% 6.71% 8.07%** 5.80%** 4.32%** 2.79%** 0.67%** 0.48%** 0.71%** 0.50%** 0.27%** 0.23%** 0.12%**

7.3 CompoundedAnnualised yield for BenchmarkIndex(i) Last 6 months 4.10% 4.55% 4.58% 4.10% N.A. N.A. 0.95% 2.03% 6.50% N.A. 2.39% 1.90% 1.90% 3.24% 6.50% 3.24% 3.24% 3.24% 3.24% 3.24% 3.24% 3.24% 3.24% 3.24% N.A. 2.03% N.A. N.A. N.A. N.A. 3.24%(ii) Last 1 year 10.20% 9.71% 0.66% 10.20% N.A. N.A. 3.72% 5.68% 6.39% N.A. 5.95% 5.49% 5.49% 6.37% 6.39% 6.37% 6.37% 6.37% 6.37% 6.37% 6.37% N.A. N.A. N.A. N.A. 5.68% N.A. N.A. N.A. N.A. 6.37%(iii) Last 3 years 28.54% 30.26% N.A. N.A. N.A. N.A. 2.39% 4.18% 5.13% N.A. 4.82% 6.30% 6.30% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(iv) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A N.A. N.A. N.A. N.A. N.A N.A N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A.(v) Since launch ofthe scheme 38.35% 28.96% 31.19% 19.60% -6.42%** 1.12% 3.98% 4.53% 4.93% 2.93% 4.89% 6.34% 6.34% 5.49% 5.48% 6.13% 6.23% 6.39% 6.24% 6.31% 6.39%** 4.71%** 3.73%** 3.26%** 0.81%** 0.57%** 0.65%** 0.26%** 0.21%** 0.14%** 0.04%**Date of Allotment 10-Dec-02 24-Feb-04 19-May-05 23-Feb-06 5-Jan-07 21-Mar-07 19-Dec-02 10-Dec-02 4-Dec-02 17-Oct-06 5-Dec-03 24-Feb-04 24-Feb-04 16-Nov-04 16-Nov-04 5-Dec-05 10-Jan-06 29-Mar-06 6-Feb-06 20-Feb-06 31-Mar-06 29-Jun-06 29-Aug-06 28-Sep-06 2-Jan-07 23-Jan-07 2-Mar-07 16-Mar-07 23-Mar-07 26-Mar-07 29-Mar-07

7.4 Benchmark Index BSE BSE BSE BSE BSE BSE Crisil Crisil Short Crisil Crisil I-Sec-SI-Bex Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil200 500 Midcap 200 200 200 Composite Term Liquid Liquid MIP MIP Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Liquid Short Short Liquid Short Liquid Liquid Liquid

Bond Bond Fund Fund Blended Blended Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Fund Term Term Fund Term Fund Fund FundFund Index Fund Index Index Index Index Index Index Index Index Index Index Index Index Index Index Index Index Bond Bond Index Bond Index Index Index

Fund Fund FundIndex Index Index

8 Provision for DoubtfulIncome/ Debts(Rs. in crores) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

9 Payment to associate /group companies(Rs. in crores) {Refer toNotes to account -note 2} - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

10 Investment made inassociate / groupcompanies (Rs. in crores){Refer to Notes toaccount - note 3} - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Notes :*Considering Movement of NAV during the half-year and after adjustment of dividend,etc. Returns for all Funds indicate absolute returns except for HSBC Cash Fund which has been annualised.**Returns since launch of Scheme/Plan represents abosolute return for the Plans which are in existence for less than 1 year. Returns during the half year are calculated based on NAV as at beginning of the period and return since inception are calculated taking inception NAV as Rs. 10 per unit for all schemes$$ NAV per unit was considered as of 29th September 2006## NAV per unit was considered as of 30th March 2007@Indicates less than 0.01#Indicates annualised for the period$Indicates schemes / plans launched during the current half year and hence opening Unit Capital, Net Assets and NAV Per unit for the period are not available.!Indicates there are no investors in the Option^Weighted Average net assets are calculated from the date of Inflows^^Weighted Average net assets are calculated from the date of AllotmentSchemes performance may not be strictly comparable with the performance of the index due to the inherent difference in the construction of the portfolio~Total Recurring expenses as a percentage of daily average net assets includes 1.39% towards Initial Issue expenses w/off during the period~~Total Recurring expenses as a percentage of daily average net assets includes 0.44% towards Initial Issue expenses w/off during the period

HSBC Mutual FundUnaudited Half – Yearly Financial Results for the period ended 31 March 2007 as per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.

Sl. Particulars HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC

No. Equity India Midcap Advantage Tax Saver Unique Income Fund Income Cash Liquid Gilt Fund MIP MIP Floating Rate Floating Rate Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed

Fund Opportunities Equity India Equity Opportunities -Investment Fund -Short Fund Plus Short Regular Savings Fund - Long Fund - Short Term Term Term Term Term Term Term Term Term Term Term Term Term Term Term Term

Fund Fund Fund Fund Fund Plan Term Plan Fund Term Plan Plan Plan Term Plan Term Plan Series I Series II Series IV Series V Series VI Series 13 Series IX Series 14 Series 15 Series 21 Series 22 Series 23 Series 24 Series 25 Series 26 Series 27

(HEF) (HIOF) (HMEF) (HAIF) (HTSF) (HUOF) (HIF-IP) (HIF-ST) (HCF) (HLPF) (HGF-ST) (HMIP-R) (HMIP-S) (HFRF-LT) (HFRF-ST) (HFTS I) (HFTS II) (HFTS IV) (HFTS V) (HFTS VI) (HFTS 13) (HFTS IX) (HFTS 14) (HFTS 15) (HFTS 21) (HFTS 22) (HFTS 23) (HFTS 24) (HFTS 25) (HFTS 26) (HFTS 27)



2. Details of amounts paid to associates in terms of Regulation 25 (8).(Rupees in Lakhs)

Name of the Payee HEF HCF HIF-IP HIF-ST HGF-ST HMIP-R HMIP-S HMEF HIOF HFRF-LT HFRF-ST HAIF HFTSI HFTSII HFTSIV HFTSV HFTSVI HFTSVII HFTS13 HFTSIX HFTS14 HFTS15 HFTS21 HFTS22 HFTS23 HFTS24 HFTS25 HFTS26 HFTS27 HLPF HTSF HUOF TOTAL


Brokerage 15.02 0.11 0.48 5.65 7.03 10.20 1.08 4.42 43.97


Brokerage on Distribution - HSBC Ltd 100.44 55.00 2.92 2.43 0.00 @ 4.69 4.62 87.02 238.20 4.88 23.96 132.23 8.95 24.46 0.00 @ 4.87 16.75 711.42

Collection / Bank Charges 0.51 0.30 0.08 0.04 0.01 3.03 3.37 1.00 0.39 0.02 0.00 0.01 0.00@ 8.76

Clearing Member Charges paid to HSS (Derivatives) 3.68 0.01 0.03 0.42 2.52 4.90 0.22 0.60 12.38

Settlement Charges # 4.87#

Notes@. Indicates less than 0.01# : Charges paid by all the schemes of HSBC Mutual Fund towards settlment of Government Securities transactions through the constituent SGL account.

3. Details of investment in Fixed Deposits with associates in terms of Regulations 25 (8)(Rupees in Crores)

Particulars HEF HCF HIF-IP HIF-ST HGF-ST HMIP-R HMIP-S HMEF HIOF HFRF-LT HFRF-ST HAIF HFTSI HFTSII HFTSIV HFTSV HFTSVI HFTSVII HFTS13 HFTSIX HFTS14 HFTS15 HFTS21 HFTS22 HFTS23 HFTS24 HFTS25 HFTS26 HFTS27 HLPF HTSF HUOF TOTAL

The Hongkong & Shanghai Banking Corporation Ltd. 28.00 5.00 - - - 0.32 0.48 8.80 20.80 - - 36.00 - - - - - - - - - - - - - - - - - 23.00 7.20 13.60 143.20

The AMC is availing the services of the sponsor / associates to act as collection / distribution agents and for investment broking. HSBC, an associate of the sponsor, is on the panel of the bankers with whom HSBC Mutual Fund places money on Fixed Deposits and enters into reverse repo transactions from time to time at competitive rates.

HSBC Investments


HSBC MUTUAL FUND

Disclosure under Regulation 25(11) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended Investments made by the schemes of HSBC Mutual Fund in Companies or their subsidiaries that have invested more than 5% of the net assets of any scheme

Company Name Schemes Investment Aggregate cost Outstandinginvested made by of acquisition as atin by the schemes of during the March 31,Company HSBC Mutual period ended 2007

Fund in the March 31, (At Market /company/ 2007 Fair Value)subsidiary (Rupees in Lakhs) (Rupees in Lakhs)

Akruti Nirman Limited HCF HMEF 32.62 -HLPF HMIP 11.65 -

HTSF 19.08 -Bank of Baroda HIF HAIF 3,599.09 -

HEF 315.88 -HIOF 113.26 -

Bank of India Limited HFRF HEF 7,029.03 1,461.67HAIF 3,446.54 1,750.83HMEF 320.91 -HIOF 1,813.53 755.10HMIP 42.77 -HTSF 389.82 335.60HUOF 565.34 671.20

DSP Merrill Lynch Capital Limited HCF HAIF 2,486.93 -HCF 30,916.68 8,538.90HFTS14 228.84 24.51HFTSI 100.00 -HFTSIX 4,617.78 4,765.41HFTSVII 1,961.55 -HFTSVIII 2,446.05 -HFRF 4,403.22 1,399.92HIF 1,901.38 -HMIP 1,400.00 -HFTS15 5,072.05 5,003.82HLPF 33,968.26 3,595.59HFTS21 1,598.04 799.02HFTS22 5,499.43 5,436.33

Finolex Industries Limited HMIP HMEF 174.48 -HCF 1,422.54 1,432.13HMIP 939.58 -

Grasim Industries Limited HFTSIV HEF 3,800.37 2,170.84HIF 990.45 -HMIP 909.11 -HAIF 6,107.63 1,854.02HIOF 943.73 753.44HTSF 903.38 319.31HUOF 913.95 913.03

Gujrat Ambuja Cement India Limited HCF HAIF 2,670.25 -HCL Technologies Limited HIF HMIP 153.81 -

HFTSI HEF 3,062.74 -HIOF 978.72 -HAIF 1,738.67 -

HDFC Bank Limited HCF HAIF 4,823.80 -HLPF HCF 86,989.94 -

HEF 2,694.91 1,848.22HFRF 2,397.30 -HIOF 324.04 -HMIP 199.08 -HFTS15 3,019.98 2,991.98HLPF 5,978.94 -HFTS25 2,497.63 -HFTS22 499.24 -

Hero Honda Motors Limited HFRF HMIP 333.72 -HFTSIII HEF 1,461.48 -HFTSVII HIOF 773.67 -HFTSIX HAIF 1,466.10 -

Hindalco Industries Limited HIF HIF 1,004.85 -HFRF HMIP 812.88 -HFTSI HEF 3,474.73 -HFTSIII HIOF 704.13 -HLPF HFRF 518.67 -

HAIF 1,249.36 -Hindustan Lever Limited HCF HMIP 804.85 -

HFTSI HEF 3,229.46 -HFTSIII HIOF 1,608.49 -HFTSIV HAIF 4,145.64 -HFTSVII

HFTSVIII

HFTS14

HFTS21

HFTS22

HFTS25

Hindustan Zinc Limited HFTSIX HEF 1,140.22 -HFTS13 HIOF 647.61 -HFTS15

HFTS21

HFTS25

HFTS27

H T Media Ltd HMIP HIOF 1,951.24 1,924.56HTSF 318.17 311.73

ICICI Bank Limited HCF HCF 210,998.64 21,506.83HFTS13 5,519.00 -HFRF 25,711.62 3,325.41HMIP 5,734.69 2,956.87HAIF 10,796.67 -HEF 11,676.39 1,493.36HFTSIII 3,833.74 -HFTSIV 3,494.25 -HFTSIX 2,311.61 2,454.25HFTSVII 6,864.91 -HFTSVIII 5,871.97 -HIF 8,431.55 -HIOF 3,863.12 1,228.82HFTS15 7,757.99 7,770.34HLPF 72,019.44 10,528.79HFTS21 3,382.78 3,406.97HTSF 471.51 435.21HFTS23 3,996.06 4,020.60HFTS24 90.61 91.02HFTS25 10,517.87 10,540.01HFTS27 2,805.18 1,807.73

ICICI Brokerage Services Limited HCF 2,501.35 -(Subsidiary company of ICICI Bank Limited) HFRF 2,501.35 -ICICI Securities Limited HLPF 15,501.05 959.38(Subsidiary company of ICICI Bank Limited) HFTS15 2,643.33 143.87

HCF 1,403.03 1,294.82HIF 935.15 -

ICICI Home Finance Limited HIF 924.61 -(Subsidiary company of ICICI Bank Limited) HFTS15 4,622.03 2,406.91Infosys Technologies Limited HCF HIOF 2,010.71 2,361.82

HMIP 497.10 112.40HEF 8,942.80 4,486.41HAIF 11,208.95 4,273.40HMEF 61.47 -HTSF 709.69 322.98

Infrastructure Development Finance HFTS22 HCF 4,720.19 300.27Company Limited HFRF 494.93 -

HIP 494.93 -HMIP 1,101.38 -HLPF 7,126.11 2,202.00HFTS22 3,000.00 2,959.62

Indian Petrochemicals Corporation Ltd HFTS15 HEF 1,903.08 -HMIP 160.36 -

Info Edge (India) Pvt Ltd HFTS21 HIOF 73.88 -HFTS26 HMEF 26.38 -

HMIP 19.79 -ITC Limited HCF HMIP 188.26 -

HFRF HEF 4,824.34 -HIF HIOF 2,009.31 -HFTSI HAIF 4,376.98 -HFTSIII HTSF 95.17 -HFTSVIII HUOF 475.85 -HFTS13

HFTS14

HFTS15

J M Financial Products Private Limited HCF HIF 1,000.00 -HCF 2,500.00 -HFRF 4,500.00 -HLPF 18,000.00 -

Maharashtra Seamless Ltd HIF HMEF 8.67 511.15Mahindra and Mahindra Limited HIF HIOF 551.68 1,755.90

HAIF 3,863.47 1,062.55HEF 482.23 2,098.07HTSF 991.04 361.86

Maruti Udyog Limted HFRF HEF 5,108.91 1,844.61HLPF HIOF 1,511.70 -HFTS21 HMIP 93.01 -HFTS23 HAIF 5,558.77 1,441.94

HTSF 531.11 275.34Mindtree Consulting Ltd HFTS26 HIOF 16.18 -

HMEF 14.08 -HMIP 10.90 -HTSF 14.34 -

Radha Madhav Investments Limited HFTSVII HIF 982.63 -HCF HCF 1,473.94 -HIF HFRF 491.90 -





Reliance Industries Limited HCF HMIP 1,948.38 180.47HEF 14,864.50 6,417.11HIF 1,016.06 -HIOF 4,925.31 3,726.94HAIF 8,430.22 -HCF 1,001.54 -HTSF 930.86 959.21HUOF 2,716.02 2,813.50

Reliance Petroleum Limited HCF HAIF 415.76 -HEF 212.39 -HIOF 77.87 -HMIP 34.55 -

Reliance Energy Limited HFTS15 HEF 2,355.19 -HUOF 1,921.60 1,976.80

Sintex Industries Limited HFTSIX HMEF 223.03 691.39State Bank of India HAIF 6,580.29 -

HCF 11,576.93 -HEF 2,743.46 1,547.31HFRF 968.36 -HIOF 721.56 -HMIP 85.08 -

State Bank of Hyderabad HIF HFRF 2,332.31 -(Subsidary Of State Bank Of India)

State Bank of Bikaner and Jaipur HCF 5,775.27 2,463.64(Subsidary Of State Bank Of India) HLPF 9,592.56 -State Bank of Indore HCF 7,888.65 1,391.55(Subsidary Of State Bank Of India) HIF 7,558.40 -

HMIP 1,870.51 -HFRF 483.43 -HLPF 10,301.04 844.88HFTS I 48.49 49.70HFTSIV 1,685.55 1,689.76HFTS13 1,981.34 1,987.96

State Bank of Mysore HCF 31,321.86 5,773.03(Subsidary Of State Bank Of India) HFTSVIII 3,916.09 -

HAIF 1,370.94 1,372.43HEF 1,370.94 1,372.43HIOF 913.96 914.95HLPF 23,603.13 7,151.92HUOF 6,797.16 6,817.40HFTS27 868.26 -

State Bank of Patiala HCF 21,498.37 4,110.14(Subsidary Of State Bank Of India) HFTSIII 147.42 -

HFTSIV 2,322.25 -HFRF 4,942.80 955.85HFTS IX 58.41 -HFTS VI 53.62 -HFTS 15 158.27 -HFTS 14 44.44 -HLPF 6,132.42 -HUOF 6,894.17 6,913.68HFTS26 2,049.79 -

State Bank of Saurashtra HCF 7,572.85 4,805.64(Subsidary Of State Bank Of India) HFTS13 4,145.45 -

HLPF 4,900.92 -HFTS25 2,496.66 -

State Bank of Travancore HCF 11,759.89 7,990.74(Subsidary Of State Bank Of India) HLPF 14,168.85 -

HUOF 4,910.27 4,920.95HFTS27 1,004.02 -

Tech Mahindra Ltd HIF HAIF 1,396.26 -HEF 1,120.53 -HIOF 549.65 -HMIP 17.61 -

Videsh Sanchar Nigam Limited HFTSIII HAIF 5,135.52 1,721.17HFTSVII HIOF 2,871.06 2,715.53HFTS21 HTSF 873.37 422.42

HUOF 1,485.46 1,611.28Voltas Limited HFTS26 HAIF 1,038.25 -

HIOF 3.03 -HMEF 1,138.23 339.00HUOF 279.70 -

Wipro Limited HCF HAIF 4,909.86 -HFTSVII HEF 1,002.40 -HFTSVIII HTSF 800.80 363.61HFTS14

HFTS23

HFTS27

HIF

The above investments comprise equity shares, debentrures / bonds, commercial paper, fixed deposits and other debt instruments.These investments have been made on account of their high credit quality and competitive yield for the investment in fixed income/money market insturments and in case of equity shares because of attractive valuations of these companies.

5. Details of investors holding units in the scheme over 25% of the NAV as on 31 March 2007

Name of Scheme No. of holders % Holding

HSBC Gilt Fund Short Term Plan 1 39.77

6. No bonus was declared during the reporting period.7. Deferred Revenue ExpenditureDeferred Revenue Expenditure (DRE) includes all expenses incurred in relation to the initial issue of units of the relevant scheme.

(Rs. In lakhs)

Name of the Scheme Deferred Revenue Balance of DeferredExpenditure Written off Revenue Expenditure as on

during the half year March 31, 2007


HSBC Advantage India Fund 946.24 866.14

HSBC Unique Opportunities Fund 25.58 2,523.18

8. During the reporting period, no borrowing was carried out by HSBC Mutual Fund

9. Details of Schemes which have outstanding Derivative (OIS) position as on March 31, 2007

Name of the Scheme Notional Value (In Lakhs) % to Net Assets

HSBC Equity Fund 448.25 0.48%

HSBC MIP Regular Plan 65.18 1.37%

HSBC MIP Saving Plan 143.35 2.23%

HSBC Unique Opportunities Fund 438.24 0.67%

HSBC Cash Fund 10,000.00 5.32%

The above results have been compiled for all schemes plans which existed during the half year ended March 31, 2007During the period there have been no investments in foreign securitiesThe above unaudited financial results have been approved by the Directors of HSBC Asset Management (India) Private Limited andBoard of Trustees of HSBC Mutual Fund.

Mumbai :For and on behlaf of the Board of Directors of For and on behalf of the Board of Trustees ofHSBC Asset Management (India) Private Limited HSBC Mutual Fund

Sanjay Prakash N.P. Gidwani Dilip J. ThakkarDirector & Chief Executive Officer Trustee Trustee

HSBC MUTUAL FUND - HALF YEARLY PORTFOLIO DISCLOSURES


ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Mahindra & Mahindra Financial Services Limited 50 499.14 0.27 AA+(SO)2 Ultratech Cement Limited 5 498.98 0.27 AA+


Total- -2 MIBOR Linked / Floating Rate Instruments


Total - -aii) Non Traded / Thinly Traded**

1 Industrial Development Bank Of India Limited 850 8,505.38 4.52 AA+2 Citi Financial Consumer Finance India Limited 500 4,999.76 2.66 AAA3 Indian Railway Finance Corporation Limited 400 4,001.86 2.13 AAA4 ICICI Bank Limited 350 3,517.71 1.87 AAA5 Housing Development Finance Corporation Limited 300 3,025.25 1.61 LAAA6 UTI Bank Limited 300 2,997.75 1.59 LAA+7 Sundaram Finance Limited* 250 2,501.54 1.33 AA+8 Cholamandalam DBS Finance Limited 250 2,500.00 1.33 MAA+9 Cholamandalam DBS Finance Limited 250 2,500.00 1.33 LAA

10 Citicorp Finance India Limited* 250 2,500.00 1.33 AAA11 DSP Merrill Lynch Capital Limited* 250 2,500.00 1.33 AAA(SO)12 Mahindra & Mahindra Financial Services Limited 250 2,500.00 1.33 AA+13 Mahindra & Mahindra Financial Services Limited 250 2,499.15 1.33 AA+14 Industrial Development Bank Of India Limited 200 2,051.14 1.09 AA+15 Mahindra & Mahindra Financial Services Limited 200 2,000.00 1.06 AA+16 Sundaram Finance Limited 200 2,000.00 1.06 MAAA

HSBC MUTUAL FUND - HSBC CASH FUNDHalf Yearly Portfolio Statement as of March 31, 2007




17 Industrial Development Bank Of India Limited 150 1,525.25 0.81 LAA+18 Citicorp Finance India Limited 150 1,500.00 0.80 AAA19 Finolex Industries Limited 150 1,432.13 0.76 AA20 Mahindra & Mahindra Financial Services Limited 50 500.00 0.27 AA+21 Infrastructure Development Finance Company Limited 30 300.27 0.16 AAA

Total 55,857.21 29.70b) Privately Placed / Unlisted**1 GE Money Financial Services Limited 15 1,500.00 0.80 AAA2 L & T Finance Limited 15 1,500.00 0.80 AA+


a) TradedTotal - -

b) Non Traded / Thinly Traded**1 UBLTrust Series 22 (DSP Merrill Lynch Capital) PTC 60 5,999.68 3.19 A+2 Indian Retail ABS Trust 59 A1Y (ICICI Bank) PTC 50 3,000.00 1.60 AAA(SO)3 Indian Retail ABS Trust Series 44 A1 (ICICI Bank) PTC 100 2,083.00 1.11 AAA(SO)4 TAS Trust -Series II A2 (Tata Tea) PTC 13 1,339.35 0.71 A1+(SO)5 BHPC Auto Securitisation Trust May 2005 II Series A3 (Tata Motors) PTC 10 876.99 0.47 AAA(SO)6 Fleet Trust June 2005 Series A1 (CFIL) PTC 40 455.96 0.24 AAA(SO)7 Mumbai Auto Recbls. Trust 2005 Series V Class A1 (SCB) PTC 40 101.28 0.05 AAA(SO)8 BHPC Auto Securitisation Trust May 2005 III Series A1 (Tata Motors) PTC 25 68.30 0.04 AAA(SO)9 Fleet Trust August - I 2003 Series A3 (CFIL) PTC 15 47.10 0.03 AAA(SO)

10 Fleet Trust January 2004 Series A5 (CFIL) PTC 10 40.35 0.02 AAA(SO)Total 14,012.00 7.45

4 Money Market Instrumentsa) Commercial Papers1 Bajaj Auto Finance Limited 800 3,843.81 2.04 P1+2 Kotak Securities Limited 500 2,363.85 1.26 A1+3 Rabo India Finance Limited 480 2,363.42 1.26 P1+4 Sundaram Finance Limited 400 1,969.74 1.05 A1+

5 Shriram Transport Finance Company Limited 370 1,756.86 0.93 IND F1+6 ICICI Securities Limited 270 1,294.82 0.69 P1+7 L & T Finance Limited 200 936.17 0.50 PR1+8 Jindal Steel & Power Limited 100 480.55 0.26 A1+9 GE Money Housing Finance Limited 70 333.89 0.18 P1+

10 GE Money Financial Services Limited 10 49.03 0.03 P1+11 DSP Merrill Lynch Capital Limited 8 39.22 0.02 P1+

Total 15,431.36 8.20b) Certificate of Deposit1 ICICI Bank Limited 6,500 5,901.07 3.14 A1+2 ICICI Bank Limited 6,000 5,457.75 2.90 A1+3 Industrial Development Bank Of India Limited 5,500 5,262.17 2.80 A1+




HEF - HSBC Equity Fund

HIOF - HSBC India Opportunities Fund

HIF - HSBC Income Fund

HCF - HSBC Cash Fund

HMIP - HSBC MIP

HFRF - HSBC Floating Rate Fund

HMEF - HSBC Midcap Equity Fund

HAIF - HSBC Advantage India Fund

HFTSI - HSBC Fixed Term Series I

HFTSIII - HSBC Fixed Term Series III

HFTSIV - HSBC Fixed Term Series IV

HFTSVII - HSBC Fixed Term Series VII

HFTSVIII - HSBC Fixed Term Series VIII

HFTSIX - HSBC Fixed Term Series IX





HLPF - HSBC Liquid Plus Fund

HTSF - HSBC Tax Saver Equity Fund







HUOF - HSBC Unique Opportunities Fund

HSBC Investments



1 Spicejet Limited 3,081,508 1,380.52 1.19AUTO

1 Maruti Udyog Limited 175,803 1,441.94 1.252 Tata Motors Limited 181,452 1,321.33 1.143 Mahindra & Mahindra Limited 136,154 1,062.55 0.92

AUTO ANCILLARIES1 Motor Industries Company Limited 90,000 2,937.06 2.542 Amtek Auto Limited 778,698 2,866.39 2.48

BANKS1 Punjab National Bank 686,521 3,255.48 2.812 Bank Of India 1,043,403 1,750.83 1.51

CEMENT1 Grasim Industries Limited 88,586 1,854.02 1.60

CONSTRUCTION1 Jaiprakash Associates Limited 867,963 4,680.06 4.042 Punj Lloyd Limited 2,156,685 3,503.53 3.033 B.L.Kashyap And Sons Limited 212,197 2,446.53 2.114 Nagarjuna Construction Company Limited 1,350,442 2,170.16 1.875 Hindustan Construction Company Limited 1,237,726 1,107.76 0.96

DIVERSIFY - MEDIUM / SMALL1 BF Utilities Limited 115,000 2,678.35 2.31

INDUSTRIAL CAPITAL GOODS1 Bharat Heavy Electricals Limited 279,000 6,309.17 5.452 Larsen & Toubro Limited 347,632 5,631.99 4.863 Thermax India Limited 1,183,977 4,531.67 3.914 Kalpataru Power Transmission Limited 364,250 3,965.41 3.435 Crompton Greaves Limited 1,799,999 3,591.90 3.106 Siemens Limited 316,884 3,456.25 2.99

INDUSTRIAL PRODUCTS1 Kirloskar Brothers Limited 347,000 1,266.72 1.09

MEDIA & ENTERTAINMENT1 Sun TV Limited 135,500 2,052.01 1.772 PVR Limited 661,853 1,132.10 0.98

PESTICIDE1 United Phosphorus Limited 1,070,000 3,473.76 3.00

POWER1 PTC India Limited 1,840,003 1,095.72 0.95

RETAILING1 Pantaloon Retail (India) Limited 777,150 3,052.26 2.64

SOFTWARE1 Infosys Technologies Limited 211,696 4,273.40 3.692 Tata Consultancy Services Limited 250,000 3,084.63 2.663 Satyam Computer Services Limited 560,000 2,633.96 2.28

Infotech Enterprises Limited 401,071 1,451.07 1.25TELECOM - SERVICE

1 Bharti Airtel Limited 500,466 3,823.06 3.302 Reliance Communication Venture Limited 575,000 2,420.18 2.093 Videsh Sanchar Nigam Limited 427,833 1,721.17 1.49

TEXTILE PRODUCTS1 S. Kumars Nationwide Limited 2,550,000 1,837.28 1.59


a) Commercial Papers1 State Bank Of Mysore 1,500 1,372.43 1.19 A1+


Total - -Total Money Market Instruments 1,372.43 1.19

3 MUTUAL FUNDS1 HSBC Cash Fund - Institutional Plus Growth Option 84,705,563 10,004.07 8.644 Fixed Deposits** 2,800.00 2.425 Reverse Repos 5,146.99 4.456 Net Receivable / (Payable) 1,192.83 1.03

Net Assets as on March 31, 2007 115,776.51 100.00

** Fixed deposits are placed as Margin Deposit for Futures and Options

HSBC MUTUAL FUND – HSBC INDIA OPPORTUNITIES FUNDHalf Yearly Portfolio Statement as of March 31, 2007



1 Mahindra & Mahindra Limited 225,000 1,755.90 2.712 Ashok Leyland Limited 2,970,000 1,140.48 1.763 Escorts Limited 720,000 832.32 1.28

AUTO ANCILLARIES1 Motor Industries Company Limited 61,200 1,997.20 3.08

BANKS1 ICICI Bank Limited 144,000 1,228.82 1.892 Punjab National Bank 225,000 1,066.95 1.643 Bank Of India 450,000 755.10 1.16

CEMENT1 India Cements Limited 810,000 1,311.80 2.022 Century Textiles & Industries Limited 234,000 1,276.59 1.973 Ultratech Cement Limited 110,869 856.02 1.324 Grasim Industries Limited 36,000 753.44 1.16

CHEMICALS1 Bombay Dyeing & Manufacturing Company Limited 118,000 638.56 0.98

CONSTRUCTION1 Punj Lloyd Limited 1,215,000 1,973.77 3.042 Jaiprakash Associates Limited 274,326 1,479.17 2.28

CONSUMER NON DURABLE1 Nestle India Limited 108,000 1,009.26 1.55

DIVERSIFY -MED/SMALL1 BF Utilities Limited 36,000 838.44 1.29

FERROUS METALS1 Steel Authority Of India Limited 603,000 689.23 1.06

INDUSTRIAL CAPITAL GOODS1 Bharat Heavy Electricals Limited 81,000 1,831.69 2.822 Crompton Greaves Limited 667,800 1,332.59 2.053 Engineers India Limited 171,000 771.64 1.19


MEDIA & ENTERTAINMENT1 Sun TV Limited 130,500 1,976.29 3.042 HT Media Limited 1,080,000 1,924.56 2.97

NON - FERROUS METALS1 Sterlite Industries (India) Limited 180,000 844.56 1.30


PESTICIDE1 United Phosphorus Limited 360,000 1,168.74 1.80


PHARMACEUTICALS1 Glenmark Pharmaceuticals Limited 270,000 1,650.38 2.542 Torrent Pharmaceuticals Limited 348,289 681.95 1.05

RETAILING1 Pantaloon Retail (India) Limited 270,000 1,060.43 1.63

SOFTWARE1 Mphasis BFL Limited 900,000 2,544.75 3.922 Infosys Technologies Limited 117,000 2,361.82 3.643 Infotech Enterprises Limited 360,000 1,302.48 2.014 Satyam Computer Services Limited 270,000 1,269.95 1.965 Mastek Limited 312,406 965.80 1.496 Hinduja TMT Limited 153,000 890.46 1.377 HTMT Global Solution Limited 153,000 890.46 1.37

TELECOM - SERVICE1 Videsh Sanchar Nigam Limited 675,000 2,715.53 4.182 Reliance Communication Venture Limited 270,000 1,136.43 1.75

TELECOMMUNICATIONS EQUIPMENTAND ACCESSORIES

1 Sterlite Optical Technologies Limited 212,862 387.41 0.60TEXTILE PRODUCTS

1 Aditya Birla Nuvo Limited 207,000 2,216.76 3.42Total 55,341.27 85.26

2 Money Market Instrumentsa) Commercial Papers1 State Bank Of Mysore 1,000 914.95 1.41 A1+

Total 914.95 1.41

HSBC MUTUAL FUND – HSBC ADVANTAGE INDIA FUNDHalf Yearly Portfolio Statement as of March 31, 2007


4 UTI Bank Limited 5,000 4,919.53 2.62 A1+5 State Bank Of Mysore 5,000 4,903.82 2.61 A1+6 Punjab National Bank 5,000 4,894.41 2.60 A1+7 State Bank Of Saurashtra 5,000 4,805.64 2.56 A1+8 State Bank Of Travancore 5,000 4,571.24 2.43 P1+9 Union Bank Of India 5,000 4,570.31 2.43 A1+

10 State Bank Of Patiala 4,300 4,110.14 2.19 A1+11 Kotak Mahindra Bank Limited 4,100 4,051.96 2.15 P1+12 Allahabad Bank 4,000 3,685.68 1.96 PR1+13 State Bank Of Travancore 3,500 3,419.50 1.82 P1+14 Industrial Development Bank Of India Limited 2,750 2,501.10 1.33 A1+15 Yes Bank Limited 2,500 2,500.00 1.33 P1+16 Yes Bank Limited* 2,500 2,500.00 1.33 A1+17 State Bank Of Bikaner And Jaipur 2,500 2,463.64 1.31 P1+18 ABN Amro Bank Limited 2,500 2,399.29 1.28 A1+19 ABN Amro Bank Limited 2,350 2,238.49 1.19 A1+20 ICICI Bank Limited 1,700 1,547.30 0.82 A1+21 Kotak Mahindra Bank Limited 1,500 1,500.00 0.80 P1+22 Yes Bank Limited 1,500 1,500.00 0.80 A1+23 Kotak Mahindra Bank Limited 1,500 1,440.19 0.77 P1+24 State Bank Of Indore 1,400 1,391.55 0.74 P1+25 State Bank Of Mysore 950 869.21 0.46 A1+26 Karur Vysya Bank Limited 805 801.42 0.43 IND F1+27 UCO Bank 400 363.70 0.19 A1+28 The Jammu And Kashmir Bank Limited 350 334.04 0.18 P1+

Total 84,903.15 45.14c) Bill Rediscounted


5 Fixed Deposit 13,000.00 6.916 Reverse Repos 306.21 0.167 Net Receivable / (Payable) 567.06 0.30


Notional amount of Interest Rate Swap Outstanidng is Rs. 100 crs.* Denotes securities underlying for IRS and the Notional amount of Interest Swap Outstanding is Rs. 100 Crs.** Securities are classified as thinly traded / non traded on the date of valuation in accordance with SEBI Regulations andGuidelines.


ai) TradedTotal - -

aii) Non Traded / Thinly Traded**Total - -

b) Privately Placed / Unlisted**Total - -


ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Industrial Development Bank Of India Limited 200 2,001.44 8.33 AA+2 Mahindra & Mahindra Financial Services Limited 200 2,000.00 8.33 AA+3 Housing Development Finance Corporation Limited 150 1,511.62 6.29 LAAA4 ICICI Bank Limited 150 1,505.06 6.27 AAA5 Citicorp Finance India Limited 150 1,500.00 6.25 AAA6 Citicorp Finance India Limited 100 1,000.00 4.16 AAA7 Citicorp Finance India Limited 100 1,000.00 4.16 AAA8 Indian Railway Finance Corporation Limited 100 999.65 4.16 AAA9 Mahindra & Mahindra Financial Services Limited 50 500.50 2.08 AA+

10 Industrial Development Bank Of India Limited 10 102.56 0.43 AA+Total 12,120.82 50.47

b) Privately Placed / Unlisted**1 GE Money Financial Services Limited 10 1,000.00 4.16 AAA


a) TradedTotal - -

b) Non Traded / Thinly Traded**1 UBLTrust Series 22 (DSP Merrill Lynch Capital) PTC 10 999.95 4.16 A+2 GACL Loan Receivable Trust II (Citibank) PTC 10 932.65 3.88 AAA(SO)3 Fleet Trust June 2005 Series A1 (CFIL) PTC 25 284.97 1.19 AAA(SO)


a) Commercial Papers1 GE Money Housing Finance Limited 500 2,384.89 9.93 P1+2 Rabo India Finance Limited 80 393.90 1.64 P1+

Total 2,778.80 11.57b) Certificate of Deposit1 ABM Amro Bank Limited 2,500 2,386.08 9.94 A1+2 ICICI Bank Limited 1,500 1,365.26 5.69 A1+3 Allahabad Bank 1,000 915.04 3.81 PR1+4 Canara Bank 700 638.08 2.66 P1+5 State Bank Of Patiala 300 286.75 1.19 A1+6 UCO Bank 50 45.46 0.19 A1+





HSBC MUTUAL FUND – HSBC FLOATING RATE FUND - SHORT TERM PLANHalf Yearly Portfolio Statement as of March 31, 2007

Sr. Name of the Instrument Quantity Market Value % age to RatingNo. (Rs in Lacs) Net Assests


ai) TradedTotal - -



Total - -2 MIBOR Linked / Floating Rate Instruments



1 Power Finance Corporation Limited 100 1,000.44 16.53 AAA2 Industrial Development Bank Of India Limited 40 410.22 6.78 AA+3 Citicorp Finance India Limited 30 300.00 4.96 AAA


Total - -3 Securitised Debt (Unlisted)

a) TradedTotal - -

b) Non Traded / Thinly Traded**1 Fleet Trust June 2005 Series A2 (CFIL) PTC 6 464.75 7.68 AAA(SO)2 UBLTrust Series 22 (DSP Merrill Lynch Capital) PTC 4 399.98 6.61 A+


a) Commercial PapersTotal - -

b) Certificate of Deposit1 Kotak Mahindra Bank Limited 1,000 1,000.00 16.52 P1+2 State Bank Of Patiala 700 669.09 11.06 A1+3 Canara Bank 700 638.08 10.54 P1+4 ABM Amro Bank Limited 500 477.22 7.89 A1+5 ICICI Bank Limited 500 455.09 7.52 A1+





HSBC MUTUAL FUND – HSBC FLOATING RATE FUND - LONG TERM PLANHalf Yearly Portfolio Statement as of March 31, 2007


b) Certificate of DepositTotal - -Total Money Market Instruments 914.95 1.41

3 MUTUAL FUNDS1 HSBC Cash Fund - Institutional Plus Growth Option 42,352,781 5,002.03 7.714 Fixed Deposits** 1,600.00 2.475 Reverse Repos 723.69 1.116 Net Receivable / (Payable) 1,325.57 2.04






1 Mahindra & Mahindra Limited 268,846 2,098.07 2.242 Maruti Udyog Limited 224,897 1,844.61 1.973 Tata Motors Limited 213,435 1,554.23 1.66


BANKS1 Punjab National Bank 625,839 2,967.73 3.172 HDFC Bank Limited 193,703 1,848.22 1.973 State Bank Of India 155,595 1,547.31 1.654 ICICI Bank Limited 175,000 1,493.36 1.595 Bank Of India 871,076 1,461.67 1.56

CEMENT1 Grasim Industries Limited 103,724 2,170.84 2.32

CONSTRUCTION1 Jaiprakash Associates Limited 453,095 2,443.09 2.612 Nagarjuna Construction Company Limited 344,919 554.28 0.59

DIVERSIFY - MEDIUM / SMALL1 BF Utilities Limited 36,900 859.40 0.92

FERROUS METALS1 Steel Authority Of India Limited 2,181,000 2,492.88 2.662 JSW Steel Limited 229,600 1,131.93 1.21

FINANCE1 Housing Development Finance Corporation Limited 95,176 1,446.48 1.54

INDUSTRIAL CAPITAL GOODS1 Bharat Heavy Electricals Limited 188,000 4,251.34 4.542 Larsen & Toubro Limited 215,131 3,485.34 3.723 Siemens Limited 239,116 2,608.04 2.78


MEDIA & ENTERTAINMENT1 Sun TV Limited 192,000 2,907.65 3.10

MINERALS/MINING1 Gujarat Mineral Development Corporation Limited 270,000 1,292.63 1.38

NON - FERROUS METALS1 Sterlite Industries (India) Limited 387,000 1,815.80 1.94


PESTICIDE1 United Phosphorus Limited 765,000 2,483.57 2.65

PETROLEUM PRODUCTS1 Reliance Industries Limited 468,300 6,417.11 6.852 Bharat Petroleum Corporation Limited 357,499 1,082.33 1.16

SOFTWARE1 Infosys Technologies Limited 222,248 4,486.41 4.792 Tata Consultancy Services Limited 280,000 3,454.78 3.693 Satyam Computer Services Limited 640,000 3,010.24 3.214 Mastek Limited 440,480 1,361.74 1.45

TELECOM - SERVICE1 Bharti Airtel Limited 440,103 3,361.95 3.592 Reliance Communication Venture Limited 575,575 2,422.60 2.59


a) Commercial Papers1 State Bank Of Mysore 1,500 1,372.43 1.46 A1+



3 MUTUAL FUNDS1 HSBC Cash Fund - Institutional Plus Growth Option 76,235,007 9,003.66 9.614 Fixed Deposits** 2,000.00 2.135 Reverse Repos 5,020.88 5.366 Net Receivable / (Payable) -1,871.53 -2.00


** Fixed deposits are placed as Margin Deposit for Futures and OptionsTotal outstanding exposure in derivatives as on March 31,2007 is Rs.448.25(Notional value in lakhs).

HSBC MUTUAL FUND – HSBC EQUITY FUNDHalf Yearly Portfolio Statement as of March 31, 2007


HSBC MUTUAL FUND – HSBC INDIA OPPORTUNITIES FUNDHalf Yearly Portfolio Statement as of March 31, 2007



1 Spicejet Limited 1,554,000 696.19 2.37AUTO

1 Escorts Limited 398,315 460.45 1.57AUTO ANCILLARIES

1 Motor Industries Company Limited 25,506 832.36 2.842 Amtek India Limited 561,956 778.31 2.663 Asahi India Glass Limited 550,000 655.88 2.244 Ceat Limited 256,341 276.46 0.94

BANKS1 The Jammu And Kashmir Bank Limited 144,387 928.62 3.172 Indian Overseas Bank Limited 600,000 616.50 2.10

CEMENT1 Century Textiles & Industries Limited 152,000 829.24 2.832 India Cements Limited 270,000 437.27 1.494 Shree Cements Limited 32,254 297.56 1.023 Orient Paper Products Limited 66,683 283.37 0.97

COMPRESSOR/PUMPS1 Kirloskar Pneumatic Company Limited 180,388 668.97 2.28

CONSTRUCTION1 Punj Lloyd Limited 439,305 713.65 2.432 Hindustan Construction Company Limited 765,090 684.76 2.343 Jaiprakash Associates Limited 77,581 418.32 1.43

CONSUMER DURABLES1 Voltas Limited 400,000 339.00 1.16

CONSUMER NON DURABLES1 Radico Khaitan Limited 567,000 752.98 2.57

ENGINEERING1 Elecon Engineering Company Limited 176,457 692.95 2.36

HSBC MUTUAL FUND – HSBC MIDCAP EQUITY FUNDHalf Yearly Portfolio Statement as of March 31, 2007


HSBC Investments


HSBC MUTUAL FUND – HSBC MIDCAP EQUITY FUNDHalf Yearly Portfolio Statement as of March 31, 2007


EXPLOSVIES1 Gulf Oil Corporation Limited 50,000 457.55 1.56

FERROUS METALS1 Usha Martin Limited 464,000 892.04 3.042 Maharashtra Seamless Limited 100,000 511.15 1.743 Kalyani Steels Limited 138,930 488.34 1.674 Om Metals Infraprojects Limited 616,928 248.31 0.85

HOTELS1 Royal Orchid Hotels Limited 557,651 1,155.17 3.942 Viceroy Hotels Limited 691,018 517.23 1.76

INDUSTRIAL CAPITAL GOODS1 Thermax India Limited 256,730 982.63 3.352 Kalpataru Power Transmission Limited 86,300 939.50 3.203 Emco Limited 113,618 932.63 3.18

INDUSTRIAL PRODUCTS1 Sintex Industries Limited 329,000 691.39 2.362 Cummins India Limited 227,800 603.21 2.063 Greaves Cotton Limited 125,000 394.81 1.35

MEDIA & ENTERTAINMENT1 PVR Limited 360,000 615.78 2.102 Deccan Chronicle Holdings Limited 315,000 488.41 1.67

PHARMACEUTICALS1 Opto Circuits (India) Limited 230,500 685.39 2.342 Indoco Remedies Limited 145,000 417.02 1.423 Elder Pharmaceutical Limited 100,000 414.55 1.41

RETAILING1 Pantaloon Retail (India) Limited 161,139 632.87 2.16

SOFTWARE1 Nucleus Software Exports Limited 97,778 935.64 3.192 Infotech Enterprises Limited 252,840 914.78 3.123 Mastek Limited 200,000 618.30 2.114 NIIT Technologies Limited 132,000 579.74 1.98

Total 25,783.10 87.952 MUTUL FUNDS1 HSBC Cash Fund - Institutional Plus Growth Option 12,536,423 1,480.60 5.053 Fixed Deposits** 560.00 1.914 Reverse Repos 9.01 0.035 Net Receivable / (Payable) 1,481.54 5.05




1 Escorts Limited 16,434 19.00 0.40BANKS

1 The Jammu And Kashmir Bank Limited 4,838 31.12 0.662 ICICI Bank Limited 850 7.25 0.15

CONSTRUCTION1 Jaiprakash Associates Limited 4,100 22.11 0.47



INDUSTRIAL PRODUCTS1 Cummins India Limited 5,600 14.83 0.31

OIL1 Oil & Natural Gas Corporation Limited 100 0.88 0.02

PETROLEUM PRODUCTS1 Reliance Industries Limited 3,840 52.62 1.11

PHARMACEUTICALS1 Sun Pharmaceutical Industries Limited 3,500 36.98 0.78

POWER1 GVK Power & Infrastructure Limited 5,800 19.90 0.42


SOFTWARE1 Infosys Technologies Limited 1,767 35.67 0.752 Satyam Computer Services Limited 7,020 33.02 0.703 Tata Consultancy Services Limited 2,110 26.03 0.55

TELECOM - SERVICES1 Reliance Communication Venture Limited 3,250 13.68 0.292 Idea Cellular Limited 12,364 11.70 0.253 Bharti Airtel Limited 250 1.91 0.04

TEXTILE PRODUCTS1 Aditya Birla Nuvo Limited 2,206 23.62 0.50




1 Citi Financial Consumer Finance India Limited 60 580.341 2.23 AAA2 Sundaram Finance Limited 45 437.56 9.22 AA+3 National Bank For Agricultural And Rural Development Limited 37 358.79 7.56 AAA4 Housing Development Finance Corporation Limited 30 284.68 6.00 AAA

Total 1,66 1.363 5.02b) Privately Placed / Unlisted**




1 Power Finance Corporation Limited 50 500.221 0.54 AAATotal 500.22 10.14

4 Securitised Debt (Unlisted)a) Traded

Total - -b) Non Traded / Thinly traded**1 Indian Retail ABS Trust 63 Series A2 (ICICI Bank) PTC 76 16.89 13.00 LAAA2 Indian Retail ABS Trust Series 56 A1X (ICICI Bank) PTC 11 502.80 10.60 AAA(SO)3 Indian Corporate Loan Securitisation Trust Series – IX(Yes Bank) PTC 3 300.05 6.32 AA(SO)4 TAS Trust -Series II A2 (Tata Tea) PTC 1 103.03 2.17 A1+(SO)5 GECSI Loan Series I Class D (IRFC) PTC 1 98.97 2.09 AAA(SO)6 SCB Long Bond Receivables Trust 2006 Series A2

(Standard Chartered Investments and Loans(India)) PTC 1 89.24 1.88 AAA(SO)Total 1,710.98 36.06

5 Government Securities1 7.37% GOI Bonds 2014 150,000 144.753.05 Sovereign



b) Certificate of DepositTotal - -Total Money Market Instruments - -

7 Fixed Deposits*** 32.00 0.678 Reverse Repos 9.69 0.209 Net Receivable / (Payable) 237.2 45.00


** Securities are classified as thinly traded / non traded on the date of valuation in accordance with SEBI Regulations and Guidelines.*** Fixed deposits are placed as Margin Deposit for Futures and OptionsTotal outstanding exposure in derivatives as on March 31,2007 is Rs. 65.18 (Notional value In Lakhs).

HSBC MUTUAL FUND – HSBC MIP REGULAR PLANHalf Yearly Portfolio Statement as of March 31, 2007


HSBC MUTUAL FUND – HSBC GILT FUND SHORT TERM PLANHalf Yearly Portfolio Statement as of March 31, 2007



Net Assets as on March 31, 2007 103.46 100.00


ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Housing Development Finance Corporation Limited 35 341.06 13.15 AAA2 Citi Financial Consumer Finance India Limited 35 338.53 13.05 AAA3 National Bank For Agricultural And Rural Development Limited 27 261.82 10.09 AAA4 Sundaram Finance Limited 20 194.47 7.50 AA+






ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 SCB Long Bond Receivables Trust 2006 Series A2

(Standard Chartered Investments and Loans(India)) PTC 4 356.95 13.76 AAA(SO)2 GECSI Loan Series I Class D (IRFC) PTC 3 296.92 11.45 AAA(SO)3 India MBS 2002Series I-D (LICHFL) PTC 5 88.60 3.42 AAA(SO)

Total 742.47 28.634 Government Securities1 7.37% GOI Bonds 2014 600,000 579.00 22.32 Sovereign2 5.59% GOI Bonds 2016 400 0.34 0.01 Sovereign







HSBC MUTUAL FUND – HSBC INCOME FUND – INVESTMENT PLANHalf Yearly Portfolio Statement as of March 31, 2007



ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Citi Financial Consumer Finance India Limited 85 822.14 40.92 AAA2 Sundaram Finance Limited 60 579.14 28.82 AA+3 Sundaram Finance Limited 50 486.18 24.20 AA+





Total - -b) Privately Placed / Unlisted**


a) TradedTotal - -

b) Non Traded / Thinly Traded**Total - -

4 Money Market Instrumentsa) Commercial Papers

Total - -b) Certificate of Deposit

Total - -Total Money Market Instruments - -




HSBC MUTUAL FUND – HSBC INCOME FUND – SHORT TERM PLANHalf Yearly Portfolio Statement as of March 31, 2007


HSBC MUTUAL FUND – HSBC Fixed Term Series IHalf Yearly Portfolio Statement as of March 31, 2007



ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Canara Bank 300 1,501.23 9.76 AAA2 Citi Financial Consumer Finance India Limited 150 1,488.69 9.67 AAA3 Mahindra & Mahindra Financial Services Limited 140 1,397.60 9.08 AA+(SO)4 Citi Financial Consumer Finance India Limited 100 998.98 6.49 AAA5 Kotak Mahindra Prime Limited 100 995.43 6.47 LAA6 Housing Development Finance Corporation Limited 50 500.39 3.25 AAA7 Exim Bank Limited 5 500.24 3.25 AAA8 Power Grid Corporation Of India Limited 40 499.09 3.24 AAA9 Exim Bank Limited 50 495.10 3.22 AAA

Total 8,376.76 54.43

b) Privately Placed / Unlisted**1 Rabo India Finance Limited 280 2,795.19 18.16 AAA2 GE Money Financial Services Limited 28 2,795.23 18.16 AAA




Total - -3 Money Market Instruments


b) Certificate of Deposit1 Kotak Mahindra Bank Limited 900 890.12 5.78 P1+2 State Bank Of Indore Limited 50 49.70 0.32 P1+3 Karur Vysya Bank Limited 10 9.96 0.06 IND F1+





HSBC MUTUAL FUND – HSBC Fixed Term Series IIHalf Yearly Portfolio Statement as of March 31, 2007



ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 GE Capital Services Limited 28 3,016.98 19.68 AAA2 Mahindra & Mahindra Financial Services Limited 200 2,158.15 14.08 AA+3 Sundaram Finance Limited 200 2,156.82 14.07 LAA+4 Cholamandalam DBS Finance Limited 120 1,295.79 8.45 LAA5 Kotak Mahindra Prime Limited 100 1,080.53 7.05 LAA

Total 9,708.27 63.34b) Privately Placed / Unlisted**1 GE Money Financial Services Limited 27 2,930.27 19.12 AAA2 Rabo India Finance Limited 250 2,686.84 17.53 AAA











1 Escorts Limited 49,975 57.77 0.90BANKS

1 The Jammu And Kashmir Bank Limited 10,703 68.84 1.072 ICICI Bank Limited 2,300 19.63 0.31

CONSTRUCTION1 Jaiprakash Associates Limited 8,720 47.02 0.73



INDUSTRIAL PRODUCTS1 Cummins India Limited 16,600 43.96 0.68

OIL1 Oil & Natural Gas Corporation Limited 37 0.33 0.01

PETROLEUM PRODUCTS1 Reliance Industries Limited 9,330 127.85 1.99


POWER1 GVK Power & Infrastructure Limited 17,000 58.34 0.91

• RETAILING1 Pantaloon Retail (India) Limited 16,891 66.34 1.03

SOFTWARE1 Satyam Computer Services Limited 18,485 86.94 1.352 Infosys Technologies Limited 3,801 76.73 1.193 Tata Consultancy Services Limited 4,140 51.08 0.80

TELECOM - SERVICES1 Reliance Communication Venture Limited 7,700 32.41 0.502 Idea Celluar Limited 18,426 17.43 0.273 Bharti Airtel Limited 350 2.67 0.04

TEXTILE PRODUCTS1 Aditya Birla Nuvo Limited 1,434 15.36 0.24

Total 1,013.49 15.782 Debt Instruments


Totalaii) Non Traded / Thinly Traded**

1 Citi Financial Consumer Finance India Limited 95 918.87 14.30 AAA2 Housing Development Finance Corporation Limited 65 633.40 9.86 AAA3 Sundaram Finance Limited 40 386.09 6.01 AA+4 Sundaram Finance Limited 35 340.32 5.30 AA+5 National Bank For Agricultural And Rural Development Limited 29 281.21 4.38 AAA6 Housing Development Finance Corporation Limited 20 189.79 2.95 AAA






1 Fleet Trust April 2004 VII Series

A7 (CFIL) PTC 5 50.95 0.79AAA (IND)(SO)


a) TradedTotal - -

b) Non Traded / Thinly traded**1 Indian Retail ABS Trust 63 Series A2 (ICICI Bank) PTC 8 705.02 10.98 LAAA2 NTPC Loan Securitisation Trust Series XII (ICICI Bank) PTC 15 368.35 5.73 AAA(SO)3 Indian Retail ABS Trust 67 Series A2 (ICICI Bank) PTC 3 297.03 4.62 LAAA4 Indian Retail ABS Trust Series 56 A1X (ICICI Bank) PTC 4 182.84 2.85 AAA(SO)5 Indian Retail ABS Trust Series XIV A3 (ICICI Bank)PTC 15 156.86 2.44 AAA(SO)6 Indian Retail ABS Trust 70 Series A1X (ICICI Bank) PTC 1 100.20 1.56 LAAA7 GECSI Loan Series I Class D (IRFC) PTC 1 98.97 1.54 AAA(SO)

Total 1,909.28 29.725 Government Securities1 7.37% GOI Bonds 2014 250,000 241.25 3.76 Sovereign




7 Fixed Deposits*** 48.00 0.758 Reverse Repos 28.88 0.459 Net Receivable / (Payable) 382.04 5.95


** Securities are classified as thinly traded / non traded on the date of valuation in accordance with SEBI Regulations and Guidelines.*** Fixed deposits are placed as Margin Deposit for Futures and OptionsTotal outstanding exposure in derivatives as on March 31,2007 is Rs. 143.35 (Notional value In Lakhs).

HSBC MUTUAL FUND – HSBC MIP SAVINGS PLANHalf Yearly Portfolio Statement as of March 31, 2007



ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 GE Capital Services Limited 60 6,544.41 19.90 AAA2 Sundaram Finance Limited 250 2,729.41 8.30 P1+3 Kotak Mahindra Prime Limited 250 2,500.10 7.60 P1+4 Citicorp Maruti Finance Limited 200 2,183.00 6.64 AAA5 Citicorp Maruti Finance Limited 200 2,180.96 6.63 AAA

Total 16,137.89 49.07

HSBC MUTUAL FUND – HSBC Fixed Term Series IVHalf Yearly Portfolio Statement as of March 31, 2007


HSBC Investments



ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 GE Capital Services Limited 25 2,501.01 10.49 AAA2 GE Money Financial Services Limited 25 2,501.01 10.49 AAA3 ACC Limited 50 501.50 2.10 LAA+

Total 5,503.52 23.08b) Privately Placed / Unlisted**1 Sundaram Finance Limited 200 2,000.05 8.39 P1+2 Sundaram Finance Limited 100 1,000.02 4.19 P1+





a) Commercial Papers1 IL & FS Limited 300 1,499.35 6.29 PR1+2 Rabo India Finance Limited 100 492.38 2.06 P1+

Total 1,991.73 8.35b) Certificate of Deposit1 UCO Bank 4,500 4,447.58 18.65 P1+2 ING Vysya Bank Limited 4,000 3,959.75 16.60 P1+3 Indian Bank 2,500 2,495.93 10.47 IND F1+4 State Bank Of Indore 2,000 1,987.96 8.34 P1+5 Karur Vysya Bank Limited 100 99.56 0.42 IND F1+





HSBC MUTUAL FUND – HSBC FIXED TERM SERIES 13Half Yearly Portfolio Statement as of March 31, 2007


HSBC MUTUAL FUND – HSBC FIXED TERM SERIES IVHalf Yearly Portfolio Statement as of March 31, 2007


b) Privately Placed / Unlisted**1 GE Money Financial Services Limited 45 4,908.31 14.92 AAA2 GE Money Financial Services Limited 15 1,636.10 4.97 AAA




1 Kotak Mahindra Prime Limited 300 3,000.00 9.12 LAA2 Citi Financial Consumer Finance India Limited 250 2,500.00 7.60 AAA3 Citicorp Maruti Finance Limited 10 1,000.00 3.04 AAA

Total 6,500.00 19.76b) Privately Placed / Unlisted**1 Rabo India Finance Limited 100 1,000.25 3.04 AAA

Total 1,000.25 3.04Total 7,500.25 22.81


Total - -b) Certificate of Deposit1 State Bank Of Indore 1,700 1,689.76 5.14 P1+2 UCO Bank 500 494.18 1.50 P1+





HSBC MUTUAL FUND – HSBC FIXED TERM SERIES VIHalf Yearly Portfolio Statement as of March 31, 2007



ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Citi Financial Consumer Finance India Limited 510 5,490.87 18.38 AAA2 Citicorp Finance India Limited 500 5,384.46 18.02 AAA3 GE Capital Services Limited 36 3,866.09 12.94 AAA4 Mahindra & Mahindra Financial Services Limited 270 2,914.53 9.75 AA+5 Kotak Mahindra Prime Limited 250 2,698.01 9.03 LAA

Total 20,353.95 68.12b) Privately Placed / Unlisted**1 Rabo India Finance Limited 500 5,398.13 18.07 AAA2 GE Money Financial Services Limited 26 2,799.71 9.37 AAA3 GE Money Financial Services Limited 10 1,091.60 3.65 AAA











ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Mahindra & Mahindra Financial Services Limited 290 3,120.89 14.49 AA+2 Sundaram Finance Limited 290 3,120.89 14.49 LAA+3 Citi Financial Consumer Finance India Limited 250 2,683.15 12.46 AAA4 GE Capital Services Limited 20 2,158.68 10.02 AAA5 GE Capital Services Limited 19 2,052.16 9.53 AAA6 Kotak Mahindra Prime Limited 190 2,047.18 9.51 LAA7 Cholamandalam DBS Finance Limited 190 2,046.32 9.50 LAA

Total 17,229.27 80.01b) Privately Placed / Unlisted**1 GE Money Financial Services Limited 38 4,128.86 19.17 AAA










HSBC MUTUAL FUND – HSBC FIXED TERM SERIES VHalf Yearly Portfolio Statement as of March 31, 2007



ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 GE Capital Services Limited 40 4,235.24 11.52 AAA2 Sundaram Finance Limited 300 2,990.27 8.13 P1+

Total 7,225.51 19.65b) Privately Placed / Unlisted**1 GE Money Financial Services Limited 40 4,234.95 11.52 AAA





ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Indian Corporate Loan Securitisation Trust Series VI (Yes Bank) PTC 50 5,023.43 13.66 A1+(SO)


a) Commercial Papers1 DSP Merrill Lynch Capital Limited 972 4,765.41 12.96 P1+2 Standard Chartered Investments And Loans Limited 600 2,946.95 8.02 P1+3 GE Money Financial Services Limited 110 539.31 1.47 P1+

Total 8,251.66 22.44b) Certificate of Deposit1 Federal Bank Limited 6,500 6,378.30 17.35 P1+2 Kotak Mahindra Bank Limited 3,000 2,945.71 8.01 P1+3 ICICI Bank Limited 2,500 2,454.25 6.68 A1+

HSBC MUTUAL FUND – HSBC FIXED TERM SERIES IXHalf Yearly Portfolio Statement as of March 31, 2007


HSBC MUTUAL FUND – HSBC FIXED TERM SERIES IXHalf Yearly Portfolio Statement as of March 31, 2007


4 Karur Vysya Bank Limited 40 39.82 0.11 IND F1+Total 11,818.08 32.14Total Money Market Instruments 20,069.75 54.59







ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Mahindra & Mahindra Financial Services Limited 150 1,551.34 7.04 AA+2 Kotak Mahindra Prime Limited 100 989.16 4.49 P1+

Total 2,540.50 11.52b) Privately Placed / Unlisted**1 Shriram Transport Finance Company Limited 100,000 1,036.62 4.70 AA-





ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Corporate Loan Securitisation Series XIII Trust 2006 (Kotak Mahindra Bank) PTC 42 4,218.16 19.13 P1+(SO)2 Indian Corporate Loan Securitisation Trust Series – IX(Yes Bank) PTC 15 1,500.27 6.80 AA(SO)


a) Commercial Papers1 GE Capital Transportation Financial Services Limited 900 4,358.54 19.77 P1+2 SBI Cards & Payment Services Limited 700 3,389.97 15.37 P1+3 L & T Finance Limited 500 2,421.93 10.98 PR1+4 Shriram Transport Finance Company Limited 500 2,420.78 10.98 IND F1+5 DSP Merrill Lynch Capital Limited 5 24.51 0.11 P1+

Total 12,615.73 57.21b) Certificate of Deposit1 Karur Vysya Bank Limited 60 59.73 0.27 IND F1+

Total 59.73 0.27Total Money Market Instruments 12,675.46 57.48







ai) TradedTotal - -


b) Privately Placed / Unlisted**1 DSP Merrill Lynch Capital Limited 500 4,930.28 15.14 P1+(SO)2 SREI Infrastructure Finance Limited 400 3,944.15 12.11 PR1+3 GE Capital Services Limited 30 3,082.14 9.47 AAA4 GE Money Financial Services Limited 30 2,959.56 9.09 AAA5 Shriram Transport Finance Company Limited 100,000 987.18 3.03 IND F1+6 Shriram Transport Finance Company Limited 100,000 984.35 3.02 IND AA-7 Shriram Transport Finance Company Limited 50,000 518.31 1.59 AA-8 Shriram Transport Finance Company Limited 50,000 493.37 1.52 IND F1+





ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Indian Retail ABS Trust 67 Series A2 (ICICI Bank) PTC 60 5,940.68 18.25 LAAA2 Retail Trust September 2006 Series A2 (HDFC Bank) PTC 30 2,991.98 9.19 A1+(SO)3 Indian Corporate Loan Securitisation Trust Series – IX(Yes Bank) PTC 5 500.09 1.54 AA(SO)


a) Commercial Papers1 ICICI Home Finance Limited 500 2,406.91 7.39 A1+2 ICICI Securities Limited 30 143.87 0.44 P1+3 DSP Merrill Lynch Capital Limited 15 73.54 0.23 P1+

Total 2,624.32 8.06b) Certificate of Deposit1 ICICI Bank Limited 1,900 1,829.66 5.62 A1+2 Karur Vysya Bank Limited 100 99.56 0.31 IND F1+








ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Citicorp Maruti Finance Limited 39 382.10 2.18 AAA2 Mahindra & Mahindra Financial Services Limited 20 192.58 1.10 AA+

Total 574.68 3.27b) Privately Placed / Unlisted**1 GE Money Financial Services Limited 34 3,420.92 19.48 AAA2 GE Capital Services Limited 340 3,420.02 19.47 AAA3 Rabo India Finance Limited 338 3,327.36 18.95 AAA





ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Indian Retail ABS Trust 70 Series A1X (ICICI Bank) PTC 34 3,406.97 19.40 LAAA2 Indian Corporate Loan Securitisation Trust - Series XX (YES BANK) PTC 25 2,494.86 14.21 AA+(SO)3 UBL Trust Series 28 (DSP Merrill Lynch) PTC 8 799.02 4.55 A1+(SO)




5 Reverse Repos 3.03 0.026 Net Receivable / (Payable)114.86 0.65






ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 DSP Merrill Lynch Capital Limited 430 4,242.37 16.59 AAA(SO)2 Citi Financial Consumer Finance India Limited 400 3,948.78 15.44 AAA3 IL & FS Limited 300,000 2,959.70 11.57 LAAA4 Infrastructure Development Finance Company Limited 300 2,959.62 11.57 LAAA5 Citi Financial Consumer Finance India Limited 250 2,467.99 9.65 AAA6 Citicorp Maruti Finance Limited 150 1,480.73 5.79 AAA7 BHW Home Finance Limited 50 501.39 1.96 LAA+8 Mahindra & Mahindra Financial Services Limited 30 288.88 1.13 AA+9 Citicorp Maruti Finance Limited 11 107.77 0.42 AAA

Total 18,957.22 74.14b) Privately Placed / Unlisted**1 Shriram Transport Finance Company Limited 300 2,957.69 11.57 AAA(SO)2 Rabo India Finance Limited 2 19.69 0.08 AAA





ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 KJS Loan Trust Series I (GE Capital Services India) PTC 20 2,016.79 7.89 AA(SO)2 UBL Trust Series 27 (DSP Merrill Lynch) PTC 12 1,193.96 4.67 A1+(SO)










ai) Traded1 Citicorp Finance India Limited 150 1,497.44 10.02 AAA


Total - -b) Privately Placed / Unlisted**1 Citi Financial Consumer Finance India Limited 230 2,298.42 15.39 AAA2 Citicorp Maruti Finance Limited 230 2,296.34 15.37 AAA3 GE Money Financial Services Limited 20 1,995.56 13.36 AAA4 Kotak Mahindra Prime Limited 100 997.65 6.68 LAA





ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Indian Corporate Loan Securitisation Trust –Series XXIV (Yes Bank) PTC 15 1,511.97 10.12 AA+(SO)2 Indian Retail ABS Trust 75 (ICICI Bank) PTC 5 599.53 4.01 AAA(SO)3 Indian Retail ABS Trust 76 (ICICI Bank) PTC 5 599.53 4.01 AAA(SO)



b) Certificate of Deposit1 ICICI Bank Limited 3,100 2,821.54 18.89 A1+2 Canara Bank 225 205.10 1.37 P1+





HSBC Investments



ai) TradedTotal - -




ai) TradedTotal - -




ai) TradedTotal - -




ai) TradedTotal - -





a) Commercial Papers1 GE Money Housing Finance Limited 430 2,051.01 19.62 P1+2 GE Money Financial Services Limited 430 2,044.97 19.56 P1+3 Shriram Transport Finance Company Limited 430 2,041.76 19.53 IND F1+

Total 6,137.74 58.70b) Certificate of Deposit1 ABN Amro Bank Limited 2,150 2,047.98 19.59 A1+2 Standard Chartered Bank Limited 2,150 2,045.43 19.56 P1+3 The Jammu And Kashmir Bank Limited 200 190.88 1.83 P1+








1 Spicejet Limited 941,663 421.87 0.65AUTO

1 Bajaj Auto Limited 64,000 1,553.66 2.392 Escorts Limited 864,000 998.78 1.54

AUTO ANCILLARIES1 Amtek India Limited 759,631 1,052.09 1.622 Ceat Limited 396,782 427.93 0.66

BANKS1 IDBI Bank Limited 2,293,000 1,779.37 2.742 Dena Bank 2,506,850 878.65 1.353 Bank Of India 400,000 671.20 1.034 Yes Bank Limited 177,336 248.27 0.38

CEMENT1 Century Textiles & Industries Limited 407,000 2,220.39 3.412 India Cements Limited 1,050,000 1,700.48 2.623 Grasim Industries Limited 43,625 913.03 1.40

CHEMICALS1 Bombay Dyeing & Manufacturing Company Limited 183,225 991.52 1.52

CONSTRUCTION1 Punj Lloyd Limited 1,007,940 1,637.40 2.522 IVRCL Infrastructures & Projects Limited 478,500 1,399.61 2.153 Hindustan Construction Company Limited 745,001 666.78 1.034 Jaiprakash Associates Limited 112,805 608.24 0.945 Mahindra Gesco Corporation Limited 26,296 149.58 0.23

CONSUMER NON DURABLE1 Nestle India Limited 145,059 1,355.58 2.082 Balrampur Chini Mills Limited 1,950,000 1,283.10 1.97


EXPLOSIVES1 Gulf Oil Corporation Limited 50,000 457.55 0.70

FERROUS METALS1 Kalyani Steels Limited 241,518 848.94 1.31




ai) TradedTotal - -


b) Privately Placed / Unlisted**1 Citicorp Finance India Limited 950 9,506.03 19.26 AAA2 L & T Finance Limited 72 7,238.72 14.67 AA+3 Sundaram Finance Limited 720 7,236.64 14.66 AA+4 Bhw Home Finance Limited 700 7,035.70 14.26 LAA+5 Citi Financial Consumer Finance India Limited 500 5,004.67 10.14 AAA6 Citicorp Maruti Finance Limited 500 5,002.76 10.14 AAA7 Kotak Mahindra Prime Limited 450 4,523.19 9.17 AA8 Mahindra & Mahindra Financial Services Limited 350 3,517.85 7.13 AA+





ai) TradedTotal - -



Total - -b) Certificate of Deposit1 ICICI Bank Limited 100 91.02 0.18 A1+








ai) TradedTotal - -


b) Privately Placed / Unlisted**1 Kotak Mahindra Prime Limited 100 998.78 3.13 P1+





ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Corporate Loan Securitisation Series XXIX Trust 2006 (Kotak Mahindra Prime) PTC 29 2,911.21 9.12 AA(SO)2 Indian Retail ABS TrustSeries A5 (ICICI Bank) PTC 15 1,501.94 4.71 AAA(SO)3 Indian Retail ABS Trust 80 Series A5 (ICICI Bank) PTC 15 1,501.94 4.71 AAA(SO)4 Indian Retail ABS Trust 81 Series A5 (ICICI Bank) PTC 15 1,501.94 4.71 AAA(SO)5 Indian Retail ABS Trust 82 Series A5 (ICICI Bank) PTC 15 1,501.94 4.71 AAA(SO)6 Corporate Loan Securitisation Trust –Series XXV (Yes Bank) PTC 10 892.74 2.80 AA-


a) Commercial Papers1 L & T Finance Limited 1,100 4,971.92 15.58 PR1+2 Standard Chartered Investments And Loans Limited 1,000 4,522.26 14.17 P1+

Total 9,494.18 29.75b) Certificate of Deposit1 ICICI Bank Limited 5,000 4,532.24 14.20 A1+2 Yes Bank Limited 4,000 3,621.28 11.35 A1+3 UCO Bank 3,750 3,409.72 10.68 A1+









a) Commercial Papers1 GE Capital Transportation Financial Services Limited 300 1,354.93 14.12 A1+

Total 1,354.93 14.12b) Certificate of Deposit1 TML Financial Services Limited 400 1,810.47 18.86 P1+2 Centurion Bank Of Punjab Limited 2,000 1,809.13 18.85 IND F1+3 ICICI Bank Limited 2,000 1,807.73 18.83 A1+4 UCO Bank 1,100 1,000.19 10.42 A1+5 Industrial Development Bank Of India Limited 750 682.12 7.11 A1+




** Securities are classified as thinly traded / non traded on the date of valuation in accordance with SEBI Regulations and Guidelines.s




1 Spicejet Limited 561,343 251.48 1.40AUTO

1 Mahindra & Mahindra Limited 46,369 361.86 2.022 Escorts Limited 276,283 319.38 1.783 Ashok Leyland Limited 765,000 293.76 1.644 Maruti Udyog Limited 33,570 275.34 1.535 Tata Motors Limited 35,623 259.41 1.45

BANKS1 ICICI Bank Limited 51,000 435.21 2.432 Bank Of India Limited 200,000 335.60 1.873 Punjab National Bank 68,032 322.61 1.80

CEMENT1 Century Textiles & Industries Limited 107,000 583.74 3.252 Grasim Industries Limited 15,257 319.31 1.78

CONSTRUCTION1 Punj Lloyd Limited 330,000 536.09 2.992 Mahindra Gesco Corporation Limited 3,725 21.19 0.12

CONSUMER NON DURABLE1 Nestle India Limited 31,500 294.37 1.642 Radico Khaitan Limited 116,536 154.76 0.86


FERROUS METALS1 Steel Authority Of India Limited 450,000 514.35 2.872 JSW Steel Limited 72,500 357.43 1.993 Om Metals Infraprojects Limited 503,000 202.46 1.13

HOTELS1 Royal Orchid Hotels Limited 230,495 477.47 2.662 Viceroy Hotels Limited 268,518 200.99 1.12

INDUSTRIAL CAPITAL GOODS1 Bharat Heavy Electricals Limited 31,700 716.85 4.002 Thermax India Limited 126,882 485.64 2.71

MEDIA & ENTERTAINMENT1 Sun TV Limited 30,500 461.89 2.572 HT Media Limited 174,932 311.73 1.74

NON - FERROUS METALS1 Sterlite Industries (India) Limited 33,000 154.84 0.86


PETROLEUM PRODUCTS1 Reliance Industries Limited 70,000 959.21 5.352 Indian Oil Corporation Limited 90,000 359.69 2.013 Bharat Petroleum Corporation Limited 74,027 224.12 1.25



SOFTWARE1 Satyam Computer Services Limited 95,000 446.83 2.492 Wipro Limited 65,000 363.61 2.033 Infosys Technologies Limited 16,000 322.98 1.80

TELECOM - SERVICE1 Videsh Sanchar Nigam Limited 105,000 422.42 2.352 Reliance Communication Venture Limited 72,000 303.05 1.69

TELECOMMUNICATIONS EQUIPMENTS1 Sterlite Optical Technologies Limited 81,339 148.04 0.83




3 MUTUAL FUNDS1 HSBC Cash Fund - Institutional Plus Growth Option 12,705,834 1,500.61 8.374 Fixed Deposits**400.00 2.235 Reverse Repos 2,334.17 13.016 Net Receivable / (Payable) -310.61 -1.73



HSBC MUTUAL FUND – HSBC TAX SAVER EQUITY FUNDHalf Yearly Portfolio Statement as of March 31, 2007


HSBC MUTUAL FUND – HSBC UNIQUE OPPORTUNITIES FUNDHalf Yearly Portfolio Statement as of March 31, 2007


HSBC MUTUAL FUND – HSBC UNIQUE OPPORTUNITIES FUNDHalf Yearly Portfolio Statement as of March 31, 2007


FINANCE1 India Infoline Limited 109,136 365.61 0.562 Bajaj Auto Finance Limited 65,113 276.76 0.43

MINERAL/ MINING1 Sesa Goa Limited 70,000 1,192.42 1.83

NON - FERROUS METALS1 Binani Industries Limited 413,204 917.73 1.41


PETROLEUM PRODUCTS1 Reliance Industries Limited 205,320 2,813.50 4.332 Indian Oil Corporation Limited 294,869 1,178.44 1.81

PHARMACEUTICALS1 Opto Circuits (India) Limited 225,000 669.04 1.032 Lupin Limited 92,272 559.35 0.86

POWER1 Reliance Energy Limited 400,000 1,976.80 3.04


SOFTWARE1 Mphasis BFL Limited 613,943 1,735.92 2.672 Mastek Limited 153,000 473.00 0.733 Hinduja TMT Limited 60,750 353.57 0.544 HTMT Global Solution Limited 60,750 353.57 0.54

TELECOMMUNICATIONS EQUIPMENTS1 Sterlite Optical Technologies Limited 222,596 405.12 0.62

TELECOM - SERVICE1 Videsh Sanchar Nigam Limited 400,516 1,611.28 2.48

TEXTILE PRODUCTS1 S. Kumars Nationwide Limited 1,010,000 727.71 1.122 Gokaldas Exports Limited 297,698 688.13 1.06


a) Commercial Papers1 State Bank Of Patiala 7,200 6,913.68 10.63 A1+2 State Bank Of Mysore 7,500 6,817.40 10.48 A1+3 State Bank Of Travancore 5,000 4,920.95 7.57 P1+4 Industrial Development Bank Of India Limited 1,500 1,364.24 2.10 A1+



3 MUTUAL FUNDS1 HSBC Cash Fund - Institutional Plus Growth Option 38,117,503 4,501.83 6.924 Fixed Deposits **1,360.00 2.095 Reverse Repos 218.89 0.346 Net Receivable / (Payable) -2,630.23 -4.05


** Fixed deposits are placed as Margin Deposit for Futures and OptionsTotal outstanding exposure in derivatives as on March 31,2007 is Rs. 438.24 (Notional value In Lakhs).

HSBC MUTUAL FUND – HSBC LIQUID PLUS FUNDHalf Yearly Portfolio Statement as of March 31, 2007



ai) TradedTotal - -

aii) Non Traded / Thinly Traded**1 Citi Financial Consumer Finance India Limited 50 496.23 0.40 AAA2 Citi Financial Consumer Finance India Limited 15 145.08 0.12 AAA3 National Bank For Agricultural And Rural Development Limited 7 67.88 0.05 AAA

Total 709.19 0.57b) Privately Placed / Unlisted**1 L & T Finance Limited 30 3,000.00 2.40 Unrated2 Emaar MGF Land And Private Limited 25 2,500.00 2.00 Unrated




1 Citicorp Finance India Limited 250 2,500.69 2.00 AAA2 Cholamandalam DBS Finance Limited 250 2,500.00 2.00 LAA3 Citicorp Maruti Finance Limited 250 2,500.00 2.00 AAA4 GE Capital Services Limited 25 2,500.00 2.00 AAA5 Infrastructure Development Finance Company Limited 220 2,202.00 1.76 AAA6 Power Finance Corporation Limited 150 1,500.66 1.20 AAA7 UTI Bank Limited 150 1,500.60 1.20 LAA+8 Citicorp Finance India Limited 120 1,200.00 0.96 AAA9 Housing Development Finance Corporation Limited 50 504.88 0.40 LAAA

10 Mahindra & Mahindra Financial Services Limited 50 500.00 0.40 AA+Total 17,408.83 13.91

b) Privately Placed / Unlisted**1 Rabo India Finance Limited 250 2,501.06 2.00 AAA2 Hero Honda Finlease Limited 10 1,000.00 0.80 P1+3 Hero Honda Finlease Limited 10 1,000.00 0.80 P1+


a) TradedTotal - -

b) Non Traded / Thinly Traded**1 UBLTrust Series 22 (DSP Merrill Lynch Capital) PTC 26 2,599.86 2.08 A+2 IGHCC2 Loan Trust Series I (GE Capital) PTC 25 2,500.00 2.00 AA+(SO)3 Fleet Trust June 2005 Series A2 (CFIL) PTC 19 1,471.72 1.18 AAA(SO)4 BHPC Auto Securitisation Trust May 2005 II Series A3 (Tata Motors) PTC 15 1,315.48 1.05 AAA(SO)5 TAS Trust -Series II A2 (Tata Tea) PTC 11 1,133.29 0.91 A1+(SO)6 Corporate Loan Securitisation Series XXIX Trust 2006 (Kotak Mahindra Prime) PTC 11 1,104.25 0.88 AA(SO)7 Corporate Loan Securitisation Series XIII Trust 2006 (Kotak Mahindra Bank) PTC 8 803.46 0.64 P1+(SO)8 UBL Trust Series 27 (DSP Merrill Lynch) PTC 8 795.98 0.64 A1+(SO)9 Indian Retail ABS Trust Series 56 A1X (ICICI Bank) PTC 15 685.63 0.55 AAA(SO)

10 Indian Retail ABS Trust Series XXXVII A1 (ICICI Bank) PTC 25 260.79 0.21 AAA(SO)11 Indian Corporate Loan Securitisation Trust Series – IX(Yes Bank) PTC 2 200.04 0.16 AA(SO)12 UBL Trust Series 28 (DSP Merrill Lynch) PTC 2 199.75 0.16 A1+(SO)13 Indian Retail ABS Trust 67 Series A2 (ICICI Bank) PTC 2 198.02 0.16 LAAA14 Fleet Trust April 2004 VII Series A7 (CFIL) PTC 5 50.95 0.04AAA(IND)(SO)


a) Commercial Papers1 GE Money Financial Services Limited 570 2,710.78 2.17 P1+2 Kotak Securities Limited 500 2,363.85 1.89 A1+3 Rabo India Finance Limited 340 1,674.09 1.34 P1+4 GE Money Financial Services Limited 300 1,468.05 1.17 P1+5 Jindal Steel & Power Limited 300 1,441.65 1.15 A1+6 L & T Finance Limited 300 1,403.77 1.12 PR1+7 Bajaj Auto Finance Limited 200 960.95 0.77 P1+8 ICICI Securities Limited 200 959.38 0.77 P1+9 GE Money Financial Services Limited 60 294.17 0.24 P1+

Total 13,276.69 10.61b) Certificate of Deposit1 State Bank Of Mysore 5,000 4,833.70 3.86 A1+2 Federal Bank Limited 5,000 4,647.45 3.71 P1+3 Allahabad Bank 5,000 4,547.66 3.63 PR1+4 ICICI Bank Limited 4,000 3,638.50 2.91 A1+5 Kotak Mahindra Bank Limited 3,500 3,360.54 2.69 P1+6 ICICI Bank Limited 3,500 3,177.50 2.54 A1+7 UTI Bank Limited 2,500 2,414.20 1.93 P1+8 ABN Amro Bank Limited 2,500 2,401.83 1.92 A1+

HSBC Investments


HSBC MUTUAL FUND – HSBC LIQUID PLUS FUNDHalf Yearly Portfolio Statement as of March 31, 2007


9 Kotak Mahindra Bank Limited 2,500 2,303.19 1.84 P1+10 State Bank Of Mysore 2,500 2,272.47 1.82 A1+11 ICICI Bank Limited 2,100 2,022.25 1.62 A1+12 UCO Bank 2,200 2,000.37 1.60 A1+13 ABN Amro Bank Limited 2,000 1,908.93 1.53 A1+14 The Jammu And Kashmir Bank Limited 1,950 1,861.10 1.49 P1+15 Standard Chartered Bank Limited 1,850 1,760.02 1.41 P1+16 ABN Amro Bank Limited 1,500 1,439.58 1.15 A1+17 Allahabad Bank 1,500 1,372.50 1.10 PR1+18 Yes Bank Limited 1,000 1,000.00 0.80 A1+19 ING Vysya Bank Limited 1,000 989.94 0.79 P1+20 Allahabad Bank 1,000 921.42 0.74 PR1+21 State Bank Of Indore 850 844.88 0.68 P1+22 Canara Bank 875 797.60 0.64 P1+23 ICICI Bank Limited 600 546.11 0.44 A1+24 ABN Amro Bank Limited 500 476.27 0.38 A1+25 State Bank Of Mysore 50 45.75 0.04 A1+

Total 51,583.74 41.23c) Bill Rediscounted


5 Fixed Deposit 10,450.00 8.356 Reverse Repos 122.22 0.107 Net Receivable / (Payable) 8,246.81 6.59




Scheme/Plan Name Portfolio turnover during Average Maturitythe half year ended (Months)March31, 2007

HSBC Advantage India Fund 1.40 0.99*HSBC Cash Fund N.A 4.16HSBC Equity Fund 1.15 1.02*HSBC Fixed Term Series - I N.A 2.10HSBC Fixed Term Series - II N.A 5.43HSBC Fixed Term Series - IV N.A 0.22HSBC Fixed Term Series - V N.A 5.01HSBC Fixed Term Series - VI N.A 5.76HSBC Fixed Term Series - IX N.A 3.01HSBC Fixed Term Series - 13 N.A 1.10HSBC Fixed Term Series - 14 N.A 5.41HSBC Fixed Term Series - 15 N.A 6.28HSBC Fixed Term Series - 21 N.A 11.71HSBC Fixed Term Series - 22 N.A 15.03HSBC Fixed Term Series - 23 N.A 12.70HSBC Fixed Term Series - 24 N.A 20.75HSBC Fixed Term Series - 25 N.A 12.21HSBC Fixed Term Series - 26 N.A 5.69HSBC Fixed Term Series - 27 N.A 10.40HSBC Floating Rate Fund - Long Term Plan N.A 4.98HSBC Floating Rate Fund - Short Term Plan N.A 4.32HSBC Gilt Fund - Short Term Plan N.A 0.09HSBC Income Fund - Investment Plan N.A 36.13HSBC Income Fund - Short Term Plan N.A 27.13HSBC India Opportunities Fund 0.93 1.03*HSBC Midcap Equity Fund 1.33 0.32*HSBC Liquid Plus Fund N.A 5.26HSBC Tax Saver Fund 1.45 0.26*HSBC Unique Opportunities Fund 0.88 4.81*HSBC MIP - Regular Plan 0.35 23.29*HSBC MIP - Savings Plan 0.56 22.80*


Dividend declaration under the Dividend Options of the schemes of HSBC Mutual Fund (for the halfyear ended 31 March, 2007)


declared Corporate) Corporate) (Corporate) (Corporate)

HSBC Income Fund - Investment Plan -Regular Option - Dividend 15-Dec-06 0.12278000 1.23% 0.11434000 1.14%HSBC Income Fund - Investment Plan -Regular Option - Dividend 16-Mar-07 0.06139000 0.61% 0.05717000 0.57%HSBC Income Fund - Short Term Plan -Regular Option - Dividend 27-Oct-06 0.04385000 0.44% 0.04084000 0.41%HSBC Income Fund - Short Term Plan -Regular Option - Dividend 24-Nov-06 0.30519623 3.05% 0.28422084 2.84%HSBC Income Fund - Short Term Plan -Regular Option - Dividend 29-Dec-06 0.01911717 0.19% 0.01780329 0.18%HSBC Income Fund - Short Term Plan -Regular Option - Dividend 25-Jan-07 0.02210265 0.22% 0.02058359 0.21%HSBC Income Fund - Short Term Plan -Institutional Option - Dividend 27-Oct-06 0.04385000 0.44% 0.04084000 0.41%HSBC Income Fund - Short Term Plan -Institutional Option - Dividend 24-Nov-06 0.06706651 0.67% 0.06245720 0.62%HSBC Income Fund - Short Term Plan -Institutional Option - Dividend 29-Dec-06 0.02855623 0.29% 0.02659363 0.27%HSBC Income Fund - Short Term Plan -Institutional Option - Dividend 25-Jan-07 0.03955268 0.40% 0.03683432 0.37%HSBC Income Fund - Short Term Plan -Institutional Option - Weekly Dividend $ For November 06 * - 0.00% 0.02671017 0.27%HSBC Income Fund - Short Term Plan -Institutional Option - Weekly Dividend $ For December 06 * - 0.00% 0.03267127 0.33%HSBC Income Fund - Short Term Plan -Institutional Option - Weekly Dividend $ For January 07 * - 0.00% 0.03098448 0.31%HSBC Income Fund - Short Term Plan -Institutional Option - Weekly Dividend $ For February 07 * - 0.00% 0.01493215 0.15%HSBC Income Fund - Short Term Plan -Regular Option - Weekly Dividend $ For November 06 * - 0.00% 0.01052535 0.11%HSBC Income Fund - Short Term Plan -Regular Option - Weekly Dividend $ For December 06 * 0.00870307 0.09% 0.03079976 0.31%HSBC Income Fund - Short Term Plan -Regular Option - Weekly Dividend $ For January 07 * 0.02234781 0.22% 0.02776635 0.28%HSBC Income Fund - Short Term Plan -Regular Option - Weekly Dividend $ For February 07 * - 0.00% 0.01420603 0.14%HSBC Equity Fund - Dividend 6-Oct-06 2.00000000 20.00% 2.00000000 20.00%HSBC Equity Fund - Dividend 16-Mar-07 2.00000000 20.00% 2.00000000 20.00%HSBC India Opportunities Fund - Dividend 6-Oct-06 1.50000000 15.00% 1.50000000 15.00%HSBC India Opportunities Fund - Dividend 16-Mar-07 1.50000000 15.00% 1.50000000 15.00%HSBC Midcap Equity Fund - Dividend 6-Oct-06 1.00000000 10.00% 1.00000000 10.00%HSBC Midcap Equity Fund - Dividend 16-Mar-07 1.00000000 10.00% 1.00000000 10.00%HSBC Fixed Term Series - IV 30-Mar-07 0.72818850 7.28% 0.67814190 6.78%HSBC Fixed Term Series -14 - Regular Dividend 15-Dec-06 0.19776364 1.98% 0.18417184 1.84%HSBC Fixed Term Series -14 - Regular Dividend 16-Mar-07 0.14970638 1.50% 0.13941743 1.39%HSBC Fixed Term Series - 15 - Regular Dividend 15-Dec-06 0.11743039 1.17% 0.10935969 1.09%HSBC Fixed Term Series - 15 - Regular Dividend 16-Mar-07 0.09909666 0.99% 0.09228599 0.92%HSBC Fixed Term Series - 15 - Institutional Dividend 15-Dec-06 0.12506029 1.25% 0.11646521 1.16%HSBC Fixed Term Series - 15 - Institutional Dividend 16-Mar-07 0.10802984 1.08% 0.10060522 1.01%HSBC Fixed Term Series - 23 - Regular Dividend 16-Mar-07 0.03900741 0.39% 0.03632653 0.36%HSBC Fixed Term Series - 23 - Regular DividendHSBC Fixed Term Series - 23 - Institutional Dividend 16-Mar-07 0.04070827 0.41% 0.03791049 0.38%HSBC Fixed Term Series - 21 - Regular Dividend 16-Mar-07 0.03923763 0.39% - 0.00%HSBC Fixed Term Series - 21 - Institutional Dividend 16-Mar-07 0.04775670 0.48% - 0.00%HSBC Fixed Term Series - 22 - Regular Dividend 16-Mar-07 0.01600926 0.16% 0.01490898 0.15%HSBC Cash Fund - Regular Option -Daily Dividend For October 06 * 0.05141056 0.51% 0.04787722 0.48%HSBC Cash Fund - Regular Option -Daily Dividend For November 06 * 0.04919029 0.49% 0.04580952 0.46%HSBC Cash Fund - Regular Option -Daily Dividend For December 06 * 0.05014581 0.50% 0.04669939 0.47%HSBC Cash Fund - Regular Option -Daily Dividend For January 07 * 0.05920710 0.59% 0.05513796 0.55%HSBC Cash Fund - Regular Option -Daily Dividend For February 07 * 0.04920654 0.49% 0.04582470 0.46%HSBC Cash Fund - Regular Option -Daily Dividend For March 07 * 0.06715354 0.67% 0.06253824 0.63%HSBC Cash Fund - Regular Option -Weekly Dividend For October 06 * 0.04415028 0.44% 0.04111593 0.41%HSBC Cash Fund - Regular Option -Weekly Dividend For November 06 * 0.04500532 0.45% 0.04191221 0.42%HSBC Cash Fund - Regular Option -Weekly Dividend For December 06 * 0.05867153 0.59% 0.05463916 0.55%HSBC Cash Fund - Regular Option -Weekly Dividend For January 07 * 0.04788368 0.48% 0.04459275 0.45%HSBC Cash Fund - Regular Option -Weekly Dividend For February 07 * 0.05023126 0.50% 0.04677899 0.47%HSBC Cash Fund - Regular Option -Weekly Dividend For March 07 * 0.07092449 0.71% 0.06605002 0.66%HSBC Cash Fund - Institutional Option -Daily Dividend For October 06 * 0.05344915 0.53% 0.04977572 0.50%HSBC Cash Fund - Institutional Option -Daily Dividend For November 06 * 0.05148674 0.51% 0.04794820 0.48%HSBC Cash Fund - Institutional Option -Daily Dividend For December 06 * 0.05245292 0.52% 0.04884796 0.49%HSBC Cash Fund - Institutional Option -Daily Dividend For January 07 * 0.06188435 0.62% 0.05763119 0.58%HSBC Cash Fund - Institutional Option -Daily Dividend For February 07 * 0.05145313 0.51% 0.04791690 0.48%HSBC Cash Fund - Institutional Option -Daily Dividend For March 07 * 0.06994816 0.70% 0.06514075 0.65%HSBC Cash Fund - Institutional Option -Weekly Dividend For October 06 * 0.04682279 0.47% 0.04360479 0.44%HSBC Cash Fund - Institutional Option -Weekly Dividend For November 06 * 0.04799562 0.48% 0.04469700 0.45%HSBC Cash Fund - Institutional Option -Weekly Dividend For December 06 * 0.06279369 0.63% 0.05847802 0.58%HSBC Cash Fund - Institutional Option -Weekly Dividend For January 07 * 0.05084736 0.51% 0.04735274 0.47%HSBC Cash Fund - Institutional Option - Weekly Dividend For February 07 * 0.05355291 0.54% 0.04987234 0.50%HSBC Cash Fund - Institutional Option -Weekly Dividend For March 07 * 0.07541575 0.75% 0.07023260 0.70%HSBC Cash Fund - Institutional Option -Monthly Dividend 27-Oct-06 0.04693586 0.47% 0.04371007 0.44%HSBC Cash Fund - Institutional Option -Monthly Dividend 24-Nov-06 0.04809860 0.48% 0.04479290 0.45%HSBC Cash Fund - Institutional Option -Monthly Dividend 29-Dec-06 0.06299724 0.63% 0.05866759 0.59%HSBC Cash Fund - Institutional Option -Monthly Dividend 25-Jan-07 0.05096994 0.51% 0.04746690 0.47%HSBC Cash Fund - Institutional Option -Monthly Dividend 23-Feb-07 0.05369006 0.54% 0.05000007 0.50%HSBC Cash Fund - Institutional Option -Monthly Dividend 30-Mar-07 - 0.00% 0.07048901 0.70%HSBC Cash Fund -Institutional Plus Option - Daily Dividend For October 06 * 0.05377372 0.54% 0.05007798 0.50%HSBC Cash Fund -Institutional Plus Option - Daily Dividend For November 06 * 0.05081078 0.51% 0.04731868 0.47%HSBC Cash Fund -Institutional Plus Option - Daily Dividend For December 06 * 0.05166439 0.52% 0.04811360 0.48%

HSBC Cash Fund -Institutional Plus Option - Daily Dividend For January 07 * 0.06089589 0.61% 0.05671065 0.57%HSBC Cash Fund -Institutional Plus Option - Daily Dividend For February 07 * 0.05065834 0.51% 0.04717670 0.47%HSBC Cash Fund -Institutional Plus Option - Daily Dividend For March 07 * 0.06876857 0.69% 0.06404229 0.64%HSBC Cash Fund -Institutional Plus Option - Weekly Dividend For October 06 * 0.04714279 0.47% 0.04390278 0.44%HSBC Cash Fund -Institutional Plus Option - Weekly Dividend For November 06 * 0.04736393 0.47% 0.04410872 0.44%HSBC Cash Fund -Institutional Plus Option - Weekly Dividend For December 06 * 0.06138642 0.61% 0.05716748 0.57%HSBC Cash Fund -Institutional Plus Option - Weekly Dividend For January 07 * 0.05044779 0.50% 0.04698063 0.47%HSBC Cash Fund -Institutional Plus Option - Weekly Dividend For February 07 * 0.05253658 0.53% 0.04892586 0.49%HSBC Cash Fund -Institutional Plus Option - Weekly Dividend For March 07 * 0.07304753 0.73% 0.06802714 0.68%HSBC Cash Fund -Institutional Plus Option - Monthly Dividend 27-Oct-06 - 0.00% 0.04401376 0.44%HSBC Cash Fund -Institutional Plus Option - Monthly Dividend 24-Nov-06 - 0.00% 0.04421736 0.44%HSBC Cash Fund -Institutional Plus Option - Monthly Dividend 29-Dec-06 0.06200963 0.62% 0.05774786 0.58%HSBC Cash Fund -Institutional Plus Option - Monthly Dividend 25-Jan-07 0.05010563 0.50% 0.04666200 0.47%HSBC Cash Fund -Institutional Plus Option - Monthly Dividend 23-Feb-07 0.05281153 0.53% 0.04918193 0.49%HSBC Cash Fund -Institutional Plus Option - Monthly Dividend 30-Mar-07 0.07437737 0.74% 0.06926560 0.69%HSBC MIP - Regular Plan - Monthly Dividend 27-Oct-06 0.06139000 0.61% 0.05717000 0.57%HSBC MIP - Regular Plan - Monthly Dividend 24-Nov-06 0.06139000 0.61% 0.05717000 0.57%HSBC MIP - Regular Plan - Monthly Dividend 29-Dec-06 0.06139000 0.61% 0.05717000 0.57%HSBC MIP - Regular Plan - Monthly Dividend 25-Jan-07 0.06139000 0.61% 0.05717000 0.57%HSBC MIP - Regular Plan - Monthly Dividend 23-Feb-07 0.04385000 0.44% 0.04084000 0.41%HSBC MIP - Regular Plan - Monthly Dividend 30-Mar-07 0.04385000 0.44% 0.04084000 0.41%HSBC MIP - Regular Plan - Quaterly Dividend 15-Dec-06 0.21925000 2.19% 0.20418000 2.04%HSBC MIP - Regular Plan - Quaterly Dividend 16-Mar-07 0.17540000 1.75% 0.16335000 1.63%HSBC MIP - Savings Plan - Monthly Dividend 27-Oct-06 0.07016000 0.70% 0.06534000 0.65%HSBC MIP - Savings Plan - Monthly Dividend 24-Nov-06 0.07016000 0.70% 0.06534000 0.65%HSBC MIP - Savings Plan - Monthly Dividend 29-Dec-06 0.07016000 0.70% 0.06534000 0.65%HSBC MIP - Savings Plan - Monthly Dividend 25-Jan-07 0.07016000 0.70% 0.06534000 0.65%HSBC MIP - Savings Plan - Monthly Dividend 23-Feb-07 0.05262000 0.53% 0.04900000 0.49%HSBC MIP - Savings Plan - Monthly Dividend 30-Mar-07 0.05262000 0.53% 0.04900000 0.49%HSBC MIP - Savings Plan - Quaterly Dividend 15-Dec-06 0.26310000 2.63% 0.24502000 2.45%HSBC MIP - Savings Plan - Quaterly Dividend 16-Mar-07 0.19294000 1.93% 0.17968000 1.80%HSBC Floating Rate Fund - Long Term Plan-Regular Option - Monthly Dividend 27-Oct-06 0.03885113 0.39% 0.03618099 0.36%HSBC Floating Rate Fund - Long Term Plan-Regular Option - Monthly Dividend 24-Nov-06 0.04042973 0.40% 0.03765109 0.38%HSBC Floating Rate Fund - Long Term Plan-Regular Option - Monthly Dividend 29-Dec-06 0.05340934 0.53% 0.04973865 0.50%HSBC Floating Rate Fund - Long Term Plan-Regular Option - Monthly Dividend 25-Jan-07 0.04538725 0.45% 0.04226789 0.42%HSBC Floating Rate Fund - Long Term Plan-Regular Option - Monthly Dividend 23-Feb-07 0.04619331 0.46% 0.04301856 0.43%HSBC Floating Rate Fund - Long Term Plan-Regular Option - Monthly Dividend 30-Mar-07 0.07912253 0.79% 0.07368463 0.74%HSBC Floating Rate Fund - Long Term Plan -Institutional Option -Montly Dividend 27-Oct-06 0.03797413 0.38% 0.03536426 0.35%HSBC Floating Rate Fund - Long Term Plan -Institutional Option -Montly Dividend 24-Nov-06 0.04955054 0.50% 0.04614505 0.46%HSBC Floating Rate Fund - Long Term Plan -Institutional Option -Montly Dividend 29-Dec-06 0.05893444 0.59% 0.05488402 0.55%HSBC Floating Rate Fund - Long Term Plan -Institutional Option -Montly Dividend 25-Jan-07 0.04662394 0.47% 0.04341959 0.43%HSBC Floating Rate Fund - Long Term Plan -Institutional Option -Montly Dividend 23-Feb-07 0.05014685 0.50% 0.04670038 0.47%HSBC Floating Rate Fund - Long Term Plan -Institutional Option -Montly Dividend 30-Mar-07 0.07799761 0.78% 0.07263703 0.73%HSBC Gilt Fund - Short Term Plan-Dividend 27-Oct-06 0.04060513 0.41% - 0.00%HSBC Gilt Fund - Short Term Plan-Dividend 24-Nov-06 0.07866695 0.79% - 0.00%HSBC Gilt Fund - Short Term Plan-Dividend 29-Dec-06 0.05196704 0.52% - 0.00%HSBC Gilt Fund - Short Term Plan-Dividend 23-Feb-07 0.03983319 0.40% - 0.00%HSBC Gilt Fund - Short Term Plan-Dividend 30-Mar-07 0.06622532 0.66% - 0.00%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Daily Dividend For October 06 * 0.04884890 0.49% 0.04549172 0.45%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Daily Dividend For November 06 * 0.04667283 0.47% 0.04346519 0.43%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Daily Dividend For December 06 * 0.04664817 0.47% 0.04344214 0.43%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Daily Dividend For January 07 * 0.05715652 0.57% 0.05322829 0.53%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Daily Dividend For February 07 * 0.04796593 0.48% 0.04466933 0.45%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Daily Dividend For March 07 * 0.06676583 0.67% 0.06217719 0.62%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Weekly Dividend For October 06 * 0.04279764 0.43% 0.03985626 0.40%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Weekly Dividend For November 06 * 0.04362882 0.44% 0.04063031 0.41%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Weekly Dividend For December 06 * 0.05595137 0.56% 0.05210599 0.52%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Weekly Dividend For January 07 * 0.04682531 0.47% 0.04360713 0.44%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Weekly Dividend For February 07 * 0.04992810 0.50% 0.04649667 0.46%HSBC Floating Rate Fund - Short Term Plan -Regular Option - Weekly Dividend For March 07 * 0.07132079 0.71% 0.06641909 0.66%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Daily Dividend For October 06 * 0.05046107 0.50% 0.04699301 0.47%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Daily Dividend For November 06 * 0.04848731 0.48% 0.04515491 0.45%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Daily Dividend For December 06 * 0.04846804 0.48% 0.04513695 0.45%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Daily Dividend For January 07 * 0.05870842 0.59% 0.05467354 0.55%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Daily Dividend For February 07 * 0.04838636 0.48% 0.04506087 0.45%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Daily Dividend For March 07 * 0.06823361 0.68% 0.06354408 0.64%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Weekly Dividend For October 06 * 0.04727034 0.47% 0.04402156 0.44%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Weekly Dividend For November 06 * 0.04772261 0.48% 0.04444276 0.44%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Weekly Dividend For December 06 * 0.04700499 0.47% 0.04377444 0.44%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Weekly Dividend For January 07 * 0.04984374 0.50% 0.04641811 0.46%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Weekly Dividend For February 07 * 0.05350732 0.54% 0.04982989 0.50%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Weekly Dividend For March 07 * 0.07198078 0.72% 0.06703372 0.67%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Monthly Dividend 27-Oct-06 0.04235913 0.42% 0.03944789 0.39%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Monthly Dividend 24-Nov-06 0.04621793 0.46% 0.04304149 0.43%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Monthly Dividend 29-Dec-06 0.05695932 0.57% 0.05304464 0.53%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Monthly Dividend 25-Jan-07 0.04700207 0.47% 0.04377173 0.44%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Monthly Dividend 23-Feb-07 0.05127603 0.51% 0.04775195 0.48%HSBC Floating Rate Fund - Short Term Plan -Institutional Option - Monthly Dividend 30-Mar-07 0.07141745 0.71% 0.06650911 0.67%HSBC Floating Rate Fund - Short Term Plan -Institutional Plus Option - Daily Dividend For October 06 * 0.05168594 0.52% 0.04813371 0.48%HSBC Floating Rate Fund - Short Term Plan -Institutional Plus Option - Daily Dividend For November 06 * 0.04895595 0.49% 0.04559134 0.46%HSBC Floating Rate Fund - Short Term Plan -Institutional Plus Option - Daily Dividend For December 06 * 0.04886673 0.49% 0.04550825 0.46%




HSBC Equity Fund - Dividend 28.1204 30.0795HSBC Equity Fund - Growth 67.8588 63.0142HSBC Income Fund - Short Term Plan - Regular Option - Dividend 10.3381 10.6824HSBC Income Fund - Short Term Plan - Regular Option - Growth 12.3912 12.2155HSBC Income Fund - Short Term Plan - Institutional Option - Dividend 9.9754 10.0667HSBC Income Fund - Short Term Plan - Institutional Option - Growth (29 March 2007)* 12.5568 12.3577HSBC Income Fund - Short Term Plan - Institutional Option - Weekly Dividend (14 February 2007) * 9.9908 10.0020HSBC Income Fund - Short Term Plan - Regular Option - Weekly Dividend (21 March 2007)* 9.9324 10.0058HSBC Income Fund - Investment Plan - Regular Option - Dividend 10.2980 10.3710HSBC Income Fund - Investment Plan - Regular Option - Growth 12.3337 12.1726HSBC Income Fund - Investment Plan - Institutional Option - Growth 12.7068 12.4879HSBC Cash Fund - Regular Option- Dividend 10.1930 10.1930HSBC Cash Fund - Regular Option - Growth 12.6096 12.1625HSBC Cash Fund - Institutional Option - Growth 12.6492 12.1923HSBC Cash Fund - Institutional Option - Daily Dividend 10.4401 10.4401HSBC Cash Fund - Institutional Option - Weekly Dividend 10.4701 10.4627HSBC Cash Fund - Institutional Option - Monthly Dividend 10.5391 10.5180HSBC Cash Fund - Institutional Plus Option - Growth 11.8104 11.3707HSBC Cash Fund - Institutional Plus Option - Daily Dividend 10.0056 10.0056HSBC Cash Fund - Institutional Plus Option - Weekly Dividend 10.0264 10.0192HSBC Cash Fund - Institutional Plus Option - Monthly Dividend 10.0931 10.0733HSBC Cash Fund - Regular Option - Weekly Dividend 10.0233 10.0163HSBC Gilt Fund - Short Term Plan - Dividend Option 10.8049 10.7341HSBC Gilt Fund - Short Term Plan - Growth Option 11.1945 10.8744HSBC India Opportunities Fund-Dividend 16.2421 17.7933HSBC India Opportunities Fund-Growth 26.7425 24.4703HSBC Advantage India Fund-Dividend 11.7374 11.2375HSBC Advantage India Fund-Growth 11.7374 11.2375HSBC Floating Rate Fund - Long Term Plan - Regular Option - Dividend 10.0902 10.0586HSBC Floating Rate Fund - Long Term Plan - Regular Option - Growth 11.4580 11.0697HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Growth 11.5143 11.1107HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Weekly Dividend 10.5684 10.1979HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend 10.1210 10.1123HSBC Floating Rate Fund - Short Term Plan - Regular Option - Dividend 10.0000 10.0000HSBC Floating Rate Fund - Short Term Plan - Regular Option - Growth 11.4764 11.0780HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Growth 11.5327 11.1190HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Daily Dividend 10.0159 10.0132HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Weekly Dividend 10.0471 10.0354HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Monthly Dividend 10.1042 10.0779HSBC Floating Rate Fund - Short Term Plan - Institutional Plus Option - Growth (18 January 2007)* 10.7591 10.5341HSBC Floating Rate Fund - Short Term Plan - Institutional Plus Option - Daily Dividend 10.0262 10.0262HSBC Floating Rate Fund - Short Term Plan - Regular Option - Weekly Dividend 10.0218 10.0143HSBC MIP - Regular Plan-Monthly Dividend 10.4375 10.5582HSBC MIP - Regular Plan-Growth 12.2651 11.9462HSBC MIP - Regular Plan-Quarterly Dividend 10.4277 10.5963HSBC MIP - Savings Plan-Monthly Dividend 10.7014 10.8018HSBC MIP - Savings Plan-Growth 13.1146 12.6892HSBC MIP - Savings Plan-Quarterly Dividend 10.7465 10.9025HSBC Midcap Equity Fund-Dividend 13.8256 14.8643HSBC Midcap Equity Fund-Growth 18.1774 17.0015HSBC Fixed Term Series -I -Dividend 10.8456 10.4814HSBC Fixed Term Series -I -Growth 10.8456 10.4814HSBC Fixed Term Series -II -Dividend 10.7635 10.4817HSBC Fixed Term Series -II -Growth 10.7635 10.4817HSBC Fixed Term Series -IV -Dividend 10.8740 10.4812HSBC Fixed Term Series -IV -Growth 10.8740 10.4812HSBC Fixed Term Series -V -Dividend 10.7608 10.4836HSBC Fixed Term Series -V -Growth 10.7608 10.4836HSBC Fixed Term Series -VI -Dividend 10.7438 10.4500HSBC Fixed Term Series -VI -Growth 10.7438 10.4500HSBC Fixed Term Series - 13 -Regular Option - Dividend 10.8050 10.4152HSBC Fixed Term Series - 13 -Regular Option - Growth 10.8050 10.4152HSBC Fixed Term Series - 13 -Institutional Option - Growth 10.8530 10.4381HSBC Fixed Term Series - 14 -Dividend 10.0307 10.0730HSBC Fixed Term Series - 14 -Growth 10.4319 10.0730HSBC Fixed Term Series -IX -Dividend 10.5804 10.2030HSBC Fixed Term Series -IX -Growth 10.5804 10.2030HSBC Fixed Term Series - 15 -Regular Option - Dividend 10.0297 10.0075HSBC Fixed Term Series - 15 -Regular Option - Growth 10.2789 10.0075HSBCFixedTermSeries-15-InstitutionalOption-Growth 10.2997 10.0077HSBCLiquidPlusFund-RegularOption-Dividend(18October2006)** 10.0122 10.0012HSBCLiquidPlusFund-RegularOption-Growth(18October2006)** 10.3595 10.0120HSBCLiquidPlusFund-InstitutionalOption-Growth(18October2006)** 10.3666 10.0121HSBCLiquidPlusFund-InstitutionalOption-DailyDividend(18October2006)** 10.0125 10.0012HSBCLiquidPlusFund-InstitutionalOption-WeeklyDividend(18October2006)** 10.0469 10.0121HSBCLiquidPlusFund-InstitutionalOption-MonthlyDividend(07November2006)** 10.1046 10.0020HSBCLiquidPlusFund-InstitutionalPlusOption-Growth(18October2006)** 10.3713 10.0121HSBCLiquidPlusFund-InstitutionalPlusOption-DailyDividend(18October2006)** 10.0126 10.0012HSBCLiquidPlusFund-InstitutionalPlusOption-WeeklyDividend(18October2006)** 10.0474 10.0121HSBCLiquidPlusFund-InstitutionalPlusOption-MonthlyDividend(18October2006)** 10.1050 10.0121HSBCLiquidPlusFund-RegularOption-WeeklyDividend(18October2006)** 10.0460 10.0120HSBCFixedTermSeries-21-RegularOption-Dividend(03January2007)** 10.0222 10.0224HSBCFixedTermSeries-21-RegularOption-Growth(03January2007)** 10.0670 10.0224HSBCFixedTermSeries-21-InstitutionalOption-Dividend(03January2007)** 10.0234 10.0227HSBCFixedTermSeries-21-InstitutionalOption-Growth(03January2007)** 10.0780 10.0227HSBCTaxSaverEquityFund-Growth(17January2007)** 9.4098 10.1559HSBCTaxSaverEquityFund-Dividend(17January2007)** 9.4098 10.1559HSBCFixedTermSeries-22-RegularOption-Dividend(24January2007)** 10.0296 10.0203HSBCFixedTermSeries-22-RegularOption-Growth(24January2007)** 10.0479 10.0203HSBCFixedTermSeries-22-InstitutionalOption-Growth(24January2007)** 10.0543 10.0205HSBCFixedTermSeries-23-RegularOption-Dividend(05March2007)** 10.0260 10.0181HSBCFixedTermSeries-23-RegularOption-Growth(05March2007)** 10.0706 10.0181HSBCFixedTermSeries-23-InstitutionalOption-Dividend(05March2007)** 10.0278 10.0186HSBCFixedTermSeries-23-InstitutionalOption-Growth(05March2007)** 10.0744 10.0186HSBCFixedTermSeries-24-RegularOption-Dividend(19March2007)** 10.0497 10.0342HSBCFixedTermSeries-24-RegularOption-Growth(19March2007)** 10.0497 10.0342HSBCFixedTermSeries-24-InstitutionalOption-Dividend(19March2007)**/(21March2007)* 10.0235 10.0342HSBCFixedTermSeries-24-InstitutionalOption-Growth(19March2007)**/(21March2007)* 10.0235 10.0342HSBCFixedTermSeries-25-RegularOption-Dividend(24March2007)** 10.0274 10.0089HSBCFixedTermSeries-25-RegularOption-Growth(24March2007)** 10.0274 10.0089HSBCFixedTermSeries-25-InstitutionalOption-Dividend(24March2007)** 10.0284 10.0090HSBCFixedTermSeries-25-InstitutionalOption-Growth(24March2007)** 10.0284 10.0090HSBCFixedTermSeries-26-RegularOption-Dividend(27March2007)** 10.0225 10.0176HSBCFixedTermSeries-26-RegularOption-Growth(27March2007)** 10.0225 10.0176HSBCFixedTermSeries-26-InstitutionalOption-Dividend(27March2007)** 10.0229 10.0181HSBCFixedTermSeries-26-InstitutionalOption-Growth(27March2007)** 10.0229 10.0181HSBCUniqueOpportunitiesFund-Growth(28March2007)** 10.2051 10.1622HSBCUniqueOpportunitiesFund-Dividend(28March2007)** 10.2051 10.1622HSBCFixedTermSeries-27-RegularOption-Dividend(30March2007)** 10.0120 10.0120HSBCFixedTermSeries-27-RegularOption-Growth(30March2007)** 10.0120 10.0120HSBCFixedTermSeries-27-InstitutionalOption-Growth(30March2007)** 10.0122 10.0122

* Dates of last NAV of options closed/ matured during the period are indicated in brackets in the table above.** Dates of first NAV of options commenced during the period are indicated in brackets in the table above

Scheme / Plan NAV at the beginning and at the end of the half year ended March 31, 2007

Scheme / Plan /Option Name NAV per unit as on NAV per unit as onMarch 30, 2007/ September 29, 2006

Date of last NAV*

Investors may obtain Offer Documents and Key Information Memorandums along with application forms from the office of HSBCMutual Fund, 314 D. N. Road, Fort, Mumbai 400 001. Tel: 022-6666 8819.Statutory Details: HSBC Mutual Fund has been set up as a trust by HSBC Securities and Capital Markets (India) Private Limited(liability restricted to the corpus of Rs 1 lakh). The Sponsor / associates of the Sponsor/ Asset Management Company (AMC) are notresponsible or liable for any loss or shortfall resulting from the operation of the Schemes. The Trustees of HSBC Mutual Fund haveappointed HSBC Asset Management (India) Private Limited as the Investment Manager.Risk Factors: All investments in mutual funds and securities are subject to market risks and the Net Asset Value (NAV) of theScheme(s) may go up or down depending on the factors and forces affecting the securities markets. There can be no assurance thatthe objectives of the Scheme(s) will be achieved. Past performance of the Sponsor, AMC, Mutual Fund or any associates of theSponsor/AMC does not indicate the future performance of the Scheme(s) of the Mutual Fund. HSBC Equity Fund (HEF), HSBC IndiaOpportunities Fund (HIOF), HSBC Midcap Equity Fund (HMEF), HSBC Advantage India Fund (HAIF), HSBC Tax Saver Equity Fund(HTSF), HSBC Unique Opportunities Fund (HUOF), HSBC Income Fund (HIF), HSBC Gilt Fund (HGF), HSBC Cash Fund (HCF), HSBCLiquid Plus Fund (HLPF), HSBC MIP (HMIP), HSBC Floating Rate Fund (HFRF) & HSBC Fixed Term Series (HFTS) are the names of theSchemes and do not in any manner indicate the quality of the Schemes or their future prospects or returns.Scheme Classification: HEF (an open-ended diversified equity Scheme) aims to generate long term capital growth from anactively managed portfolio of equity and equity related securities. HIOF (an open-ended flexi-cap equity Scheme) seeks long termcapital growth through investments across all market capitalisations, including small, mid and large cap stocks. It aims to be predomi-nantly invested in equity & equity related securities. However it could move a significant portion of its assets towards fixed incomesecurities if the fund manager becomes negative on equity markets. HMEF (an open-ended diversified equity Scheme) seeks to gener-ate 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 Indianequity markets. HAIF (an open-ended flexi-theme equity Scheme) seeks to generate long term capital growth from an actively managedportfolio 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. HTSF (an open ended Equity Linked Savings Scheme)seeks to provide long term capital appreciation by investing in a diversified portfolio of equity & equity related instruments of compa-nies across various sectors and industries, with no capitalisation bias. The Fund may also invest in fixed income securities. HUOF (a 3year close ended equity scheme with automatic conversion into open ended equity scheme at the end of 3 years from the date ofallotment of units) seeks to provide long-term capital growth from a diversified portfolio of equity and equity related instruments. Thefocus would be to invest in stocks of companies facing “out-of-ordinary” conditions. HIF (an open-ended income Scheme) aims toprovide reasonable income through a diversified portfolio of fixed income securities. The AMC’s view of interest rate trends and thenature of the Plans will be reflected in the type and maturities of securities in which the Short Term and Investment Plans areinvested. HGF (an open-ended gilt scheme) aims to generate reasonable returns through investments in Government Securities of

HSBC Floating Rate Fund - Short Term Plan -Institutional Plus Option - Daily Dividend For January 07 * 0.05969163 0.60% 0.05558921 0.56%HSBC Floating Rate Fund - Short Term Plan -Institutional Plus Option - Daily Dividend For February 07 * 0.05011563 0.50% 0.04667134 0.47%HSBC Floating Rate Fund - Short Term Plan -Institutional Plus Option - Daily Dividend For March 07 * 0.06918176 0.69% 0.06442708 0.64%HSBCLiquid Plus - Regular Option -Daily Dividend For October 06 * 0.03204559 0.32% 0.02984319 0.30%HSBCLiquid Plus - Regular Option -Daily Dividend For November 06 * 0.05118956 0.51% 0.04767145 0.48%HSBCLiquid Plus - Regular Option -Daily Dividend For December 06 * 0.05205989 0.52% 0.04848194 0.48%HSBCLiquid Plus - Regular Option -Daily Dividend For January 07 * 0.05735355 0.57% 0.05341180 0.53%HSBCLiquid Plus - Regular Option -Daily Dividend For February 07 * 0.04566926 0.46% 0.04253053 0.43%HSBCLiquid Plus - Regular Option -Daily Dividend For March 07 * 0.06439889 0.64% 0.05997295 0.60%HSBCLiquid Plus - Regular Option -Weekly Dividend For October 06 * 0.02431046 0.24% 0.02263966 0.23%HSBCLiquid Plus - Regular Option -Weekly Dividend For November 06 * 0.04759062 0.48% 0.04431982 0.44%HSBCLiquid Plus - Regular Option - Weekly Dividend For December 06 * 0.06216289 0.62% 0.05789059 0.58%HSBCLiquid Plus - Regular Option -Weekly Dividend For January 07 * 0.04762811 0.48% 0.04435476 0.44%HSBCLiquid Plus - Regular Option -Weekly Dividend For February 07 * 0.04739208 0.47% 0.04413495 0.44%HSBCLiquid Plus - Regular Option -Weekly Dividend For March 07 * 0.05756518 0.58% 0.05360887 0.54%HSBC Liquid Plus - Institutional Option -Daily Dividend For October 06 * 0.00678798 0.07% 0.03035772 0.30%HSBC Liquid Plus - Institutional Option -Daily Dividend For November 06 * 0.05226297 0.52% 0.04867109 0.49%HSBC Liquid Plus - Institutional Option -Daily Dividend For December 06 * 0.05311233 0.53% 0.04946206 0.49%




Notes:1. The provision made for Non Performing Assets as ofMarch 31,2007 is Rs. NIL and its percentage to Net Asset Value is NIL.2. Details of Schemes which have outstanding Derivative (OIS) position is as follows :

Sr No. Name of the Scheme Security Qty. Notional Value (InLakhs Rs.)

1 HSBC Equity Fund Grasim Futures mat 26Apr07 13,125 274.96ONGC Futures mat 26Apr07 20,025 173.30

2 HSBC MIP Regular Fund Bharti Airtel Futures mat 26Apr07 4,000 30.13ONGC Futures mat 26Apr07 4,050 35.05

3 HSBC MIP Savings Fund Bharti Airtel Futures mat 26Apr07 10,500 79.09ONGC Futures mat 26Apr07 7,425 64.26

4 HSBC Unique Opportunities Fund Grasim Futures mat 26Apr07 4,375 91.65ONGC Futures mat 26Apr07 40,050 346.59

3. Total investments in foreign securities / ADR’s / GDR’s at the end of the period is NIL.4. Past performance may or may not be sustained in future.5. Average maturity of all the debt oriented schemes is expressed as the weighted average maturity of the portfolio in the fund in

terms of number of months.6. The portfolio turnover for HSBC Equity Fund (Equity Portion), HSBC India Opportunities Fund (Equity Portion), HSBC Midcap

Equity Fund (Equity Portion),HSBC Advantage India Fund (Equity Portion), HSBC Tax Saver Equity Fund (Equity Portion), HSBCUnique Opportunities Fund (Equity Portion), HSBC MIP Regular (Equity Portion) and HSBC MIP Savings (Equity Portion) is thelower of purchases & sales to the average net assets during the half year ended March 31, 2007.

HSBC Liquid Plus - Institutional Option -Daily Dividend For January 07 * 0.05847485 0.58% 0.05445604 0.54%HSBC Liquid Plus - Institutional Option -Daily Dividend For February 07 * 0.04657597 0.47% 0.04337491 0.43%HSBC Liquid Plus - Institutional Option -Daily Dividend For March 07 * 0.06538755 0.65% 0.06089364 0.61%HSBC Liquid Plus - Institutional Option -Weekly Dividend For October 06 * 0.02470511 0.25% 0.02300718 0.23%HSBC Liquid Plus - Institutional Option -Weekly Dividend For November 06 * 0.04864212 0.49% 0.04529906 0.45%HSBC Liquid Plus - Institutional Option - Weekly Dividend For December 06 * 0.06337075 0.63% 0.05901544 0.59%HSBC Liquid Plus - Institutional Option -Weekly Dividend For January 07 * 0.04851332 0.49% 0.04517911 0.45%HSBC Liquid Plus - Institutional Option -Weekly Dividend For February 07 * 0.04832715 0.48% 0.04500575 0.45%HSBC Liquid Plus - Institutional Option -Weekly Dividend For March 07 * 0.05851559 0.59% 0.05449395 0.54%HSBC Liquid Plus - Institutional Option -Monthly Dividend 24-Nov-06 0.02707301 0.27% - 0.00%HSBC Liquid Plus - Institutional Option -Monthly Dividend 29-Dec-06 0.06012984 0.60% 0.05599727 0.56%HSBC Liquid Plus - Institutional Option -Monthly Dividend 25-Jan -07 0.04621250 0.46% - 0.00%HSBC Liquid Plus - Institutional Option -Monthly Dividend 23-Feb-07 0.04867403 0.49% - 0.00%HSBC Liquid Plus - Institutional Option -Monthly Dividend 30-Mar-07 0.02500223 0.25% - 0.00%HSBC Liquid Plus - Institutional Plus Option -Daily Dividend For October 06 * 0.00213111 0.02% 0.03072524 0.31%HSBC Liquid Plus - Institutional Plus Option -Daily Dividend For November 06 * 0.05293370 0.53% 0.04929571 0.49%HSBC Liquid Plus - Institutional Plus Option -Daily Dividend For December 06 * 0.03416745 0.34% 0.05010385 0.50%HSBC Liquid Plus - Institutional Plus Option -Daily Dividend For January 07 * 0.05922052 0.59% 0.05515046 0.55%

HSBC Liquid Plus - Institutional Plus Option -Daily Dividend For February 07 * 0.04717561 0.47% 0.04393333 0.44%HSBC Liquid Plus - Institutional Plus Option -Daily Dividend For March 07 * 0.06622740 0.66% 0.06167578 0.62%HSBC Liquid Plus - Institutional Plus Option -Weekly Dividend For October 06 * - 0.00% 0.02322771 0.23%HSBC Liquid Plus - Institutional Plus Option -Weekly Dividend For November 06 * - 0.00% 0.04595546 0.46%HSBC Liquid Plus - Institutional Plus Option -Weekly Dividend For December 06 * - 0.00% 0.05980615 0.60%HSBC Liquid Plus - Institutional Plus Option -Weekly Dividend For January 07 * - 0.00% 0.04576329 0.46%HSBC Liquid Plus - Institutional Plus Option -Weekly Dividend For February 07 * 0.04895821 0.49% 0.04559342 0.46%HSBC Liquid Plus - Institutional Plus Option -Weekly Dividend For March 07 * 0.02552451 0.26% 0.05514267 0.55%HSBC Liquid Plus - Institutional Plus Option -Monthly Dividend 27-Oct-06 - 0.00% 0.02205162 0.22%HSBC Liquid Plus - Institutional Plus Option -Monthly Dividend 24-Nov-06 - 0.00% 0.04366220 0.44%HSBC Liquid Plus - Institutional Plus Option -Monthly Dividend 29-Dec-06 - 0.00% 0.05850758 0.59%HSBC Liquid Plus - Institutional Plus Option -Monthly Dividend 25-Jan-07 - 0.00% 0.04328069 0.43%HSBC Liquid Plus - Institutional Plus Option -Monthly Dividend 23-Feb-07 - 0.00% 0.04573313 0.46%HSBC Liquid Plus - Institutional Plus Option -Monthly Dividend 30-Mar-07 - 0.00% 0.02362295 0.24%

Notes:* This represents cummulative amounts of dividends declared during the month.$ This represents the schemes/plans which are closed/matured during the half year







various maturities. HCF (an open-ended liquid scheme) aims to provide reasonable returns, commensurate with low risk while providinga high level of liquidity, through a portfolio of money market and debt securities. HLPF (an open-ended debt Scheme) seeks to provideliquidity and reasonable returns by investing primarily in a mix of short term debt and money market instruments. HMIP (an open-endedFund with Regular & Savings Plans. Monthly income is not assured and is subject to availability of distributable surplus.) seeks togenerate reasonable returns through investments in Debt and Money Market Instruments. The secondary objective of the scheme isto invest in equity and equity related instruments to seek capital appreciation. HFRF (an open-ended income scheme) seeks to generatea reasonable return with commensurate risk through investments in floating rate debt instruments and fixed rate debt instrumentsswapped for floating rate returns. The Scheme may also invest in fixed rate money market and debt instruments. HFTS (a close-endedIncome Scheme) seeks to generate reasonable returns by investing in a portfolio of fixed income instruments normally maturing in linewith the time profile of the respective Plan(s).Terms of Issue: Units of the Scheme(s) are being offered at NAV based prices, subject to prevailing loads. The AMC calculates andpublishes NAVs and offers for sale, redemption and switch outs, units of the Scheme(s) on all Business Days, at the Applicable NAV.HFTS - Units of the Scheme are being offered at Rs. 10 per unit for cash at par plus applicable load at the time of the NFO. The AMCwill calculate and publish the first NAV of the Scheme not later than 30 days from the closure of the NFO. However HUOF & HFTSwill not be open for ongoing subscriptions / switch ins. HUOF would be available for sale on an ongoing basis (after a period of 3 yearsfrom the date of allotment). Conversion of HUOF to an open-ended scheme will be done only after the balance unamortized amount hasbeen fully recovered from the Scheme. Units can be redeemed / switched out on every Business Day at NAV based prices, subject toprevailing exit load.Load Structure (includes SIP/STP): HEF, HIOF, HMEF, HAIF – Entry – 2.25% for investments/switch ins* < Rs 5 crores,otherwise Nil. Exit – 0.5% for < Rs 5 crores, if redeemed/switched out* within 6 months from date of investment, otherwise Nil.HTSF: Entry - 2.25% for investments / switch ins* < Rs 1 crore, otherwise Nil. Exit – Nil. HUOF: During close ended period - Exit- Nil. However the investor will have to bear the proportionate unamortized initial issue expenses for exiting during the close endedperiod. SIP/SEP/STP in HUOF available after conversion to an open-ended scheme. HMIP – Entry – Nil. Exit - 0.5% for Investments <Rs 10 lakhs, if redeemed/switched out* within 6 months from date of investment. For STP/SEP – Nil. In case of HIF-IP & HFRF-LTP- Entry - Nil. Exit - 0.5% for < Rs 10 lakhs in Regular Option, if redeemed/switched out* within 6 months from the date ofinvestment. For STP/SEP – Nil. *No load in case of switches between equity Schemes of HSBC Mutual Fund. No load in case of HCF,HGF, HLPF, HIF-ST & HFRF-ST. HFTS – Consult the nearest investor service centre for details. Load in case of dividend reinvest-ments: Entry - 2.25% in case of Weekly Dividend sub-option under Institutional & Institutional Plus Option of HCF & HFRF-STP. Exit– Nil. No load in case of investments by Fund-of-Funds, FIIs & their sub-accounts. The entry / exit load set forth above is subject tochange at the discretion of the AMC and such changes shall be implemented prospectively. Read the Offer Document care-fully before investing.

HSBC Investments



HSBC Mutual FundUnaudited Half - Yearly Financial Results for the period ended 30 September 2007. As per provisions of Regulation 59 of the SEBI (Mutual Funds) Regulations, 1996.

HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC HSBC Equity India Midcap Advan- Tax Dyna- Unique Income Income Cash Liquid Gilt MIP MIP Floating Floating Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Equity India Midcap Advan- Tax Dyna- Unique Income Income Cash Liquid Gilt MIP MIP Floating Floating Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fixed Fund Oppor- Equity tage Saver mic Oppor- Fund - Fund - Fund Plus Fund Regular Savings Rate Rate Term Term Term Term Term Term Term Term Term Term Term Term Term Term Term Fund Oppor- Equity tage Saver mic Oppor- Fund - Fund - Fund Plus Fund Regular Savings Rate Rate Term Term Term Term Term Term Term Term Term Term Term Term Term Term Term Sl.Sl. ParticularsParticulars tunities Fund India Equity Fund tunities Invest- Short Fund Short Plan Plan Fund - Fund - Series Series Series Series Series Series Series Series Series Series Series Series Series Series Series tunities Fund India Equity Fund tunities Invest- Short Fund Short Plan Plan Fund - Fund - Series Series Series Series Series Series Series Series Series Series Series Series Series Series Series No.No. Fund Fund Fund Fund ment Term Term Long Short 15 21 22 23 24 25 27 28 29 30 31 32 33 34 35 Fund Fund Fund Fund ment Term Term Long Short 15 21 22 23 24 25 27 28 29 30 31 32 33 34 35 Plan Plan Plan Term Term Plan Plan Plan Term Term Plan Plan Plan Plan (HEF) (HIOF) (HMEF) (HAIF) (HTSF) (HDF) (HUOF) (HIF-IP) (HIF-ST) (HCF) (HLPF) (HGF-ST) (HMIP-R) (HMIP-S) (HFRF-LT) (HFRF-ST) (HFTS 15) (HFTS 21) (HFTS 22) (HFTS 23) (HFTS 24) (HFTS 25) (HFTS 27) (HFTS 28) (HFTS 29) (HFTS 30) (HFTS 31) (HFTS 32) (HFTS 33) (HFTS 34) (HFTS 35) (HEF) (HIOF) (HMEF) (HAIF) (HTSF) (HDF) (HUOF) (HIF-IP) (HIF-ST) (HCF) (HLPF) (HGF-ST) (HMIP-R) (HMIP-S) (HFRF-LT) (HFRF-ST) (HFTS 15) (HFTS 21) (HFTS 22) (HFTS 23) (HFTS 24) (HFTS 25) (HFTS 27) (HFTS 28) (HFTS 29) (HFTS 30) (HFTS 31) (HFTS 32) (HFTS 33) (HFTS 34) (HFTS 35)

1.1 Unit Capital at the beginning of the half year period (March 31, 2007) (Rs. in crores) 260.59 350.13 192.64 986.55 190.62 N.A. $ 637.16 22.04 17.90 1,750.82 1,240.74 0.93 43.04 54.84 58.14 235.67 317.14 174.29 254.30 148.32 490.93 318.14 95.84 N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ 1.2 Unit Capital at the end of the period (September 30, 2007) (Rs. in crores) 224.11 300.86 153.91 605.06 201.18 466.85 553.65 21.48 12.99 1,673.77 6,110.76 0.65 38.19 57.43 117.77 232.53 318.41 174.08 254.13 148.50 490.93 314.76 95.59 243.63 338.13 102.57 281.24 118.46 276.30 153.68 407.28 2 Reserves & Surplus (Rs. In crores) 824.75 412.55 162.06 315.69 39.90 19.15 148.47 4.51 2.44 154.72 95.72 0.08 7.18 16.12 11.48 5.74 22.91 11.15 16.41 9.00 33.60 19.21 5.53 8.86 13.05 5.38 5.58 2.65 2.44 0.14 2.16 3.1 Total Net Assets at the beginning of the half year period (March 31, 2007) (Rs. in crores) 936.95 649.08 293.14 1,157.77 179.38 N.A. $ 650.24 25.94 20.09 1,880.75 1,251.18 1.03 47.44 64.24 60.52 240.14 325.59 175.62 255.71 149.37 493.50 319.13 95.98 N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ 3.2 Total Net Assets at the end of the period (September 30, 2007) (Rs. in crores) 1,048.87 713.41 315.97 920.74 241.09 486.00 702.12 25.99 15.42 1,828.49 6,206.47 0.72 45.37 73.54 129.24 238.28 341.32 185.23 270.54 157.49 524.52 333.96 101.13 252.49 351.18 107.96 286.82 121.11 278.74 153.82 409.44 4.1 NAV at the beginning of the half year period (Rs.)++ Growth Option 67.8588 26.7425 18.1774 11.7374 9.4098 N.A. $ 10.2051 N.A. N.A. N.A. N.A. 11.1945 12.2651 13.1146 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Dividend Option 28.1204 16.2421 13.8256 11.7374 9.4098 N.A. $ 10.2051 N.A. N.A. N.A. N.A. 10.8049 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Regular Option - Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.2980 10.3381 N.A. N.A. N.A. N.A. N.A. 10.0902 N.A. 10.0297 10.0222 10.0296 10.0260 10.0497 10.0274 10.0120 N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ Regular Option - Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. 12.3337 12.3912 12.6096 10.3595 N.A. N.A. N.A. 11.4580 11.4764 10.2789 10.0670 10.0479 10.0706 10.0497 10.0274 10.0120 N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ Regular Option - Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. - ! 10.0233 10.0460 N.A. N.A. N.A. N.A. 10.0218 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Option - Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. - ! 9.9754 N.A. N.A. N.A. N.A. N.A. 11.5143 N.A. 10.0313 10.0234 - ! 10.0278 - ! 10.0284 - ! N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ Institutional Option - Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. 12.7068 - ! N.A. N.A. N.A. N.A. N.A. N.A. 11.5327 10.2997 10.0780 10.0543 10.0744 - ! 10.0284 10.0122 N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ N.A.$ Regular Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.1930 10.0122 N.A. N.A. N.A. N.A. 10.0000 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4401 10.0125 N.A. N.A. N.A. N.A. 10.0159 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Option Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. - ! 10.4701 10.0469 N.A. N.A. N.A. 10.5684 10.0471 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Option Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.5391 10.1046 N.A. N.A. N.A. 10.1210 10.1042 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Option Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 12.6492 10.3666 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Plus Option - Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 11.8104 10.3713 N.A. N.A. N.A. N.A. - ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Plus Option - Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0056 10.0126 N.A. N.A. N.A. N.A. 10.0262 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Plus Option - Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0264 10.0474 N.A. N.A. N.A. N.A. - ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Plus Option - Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0931 10.1050 N.A. N.A. N.A. N.A. - ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4375 10.7014 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4277 10.7465 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4.2 NAV at the end of the period (Rs.)~ Growth Option 88.9539 34.0010 24.5041 15.9721 11.9847 10.4100 12.6839 N.A. N.A. N.A. N.A. 11.3725 13.4149 14.7745 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Dividend Option 36.8640 20.6477 18.6386 14.6663 11.9847 10.4100 12.6839 N.A. N.A. N.A. N.A. 10.7674 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Regular Option - Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.5117 10.8818 N.A. N.A. N.A. N.A. N.A. 10.0618 N.A. 10.0360 10.0418 10.0461 10.0999 10.6788 10.1054 10.0693 10.0732 10.3757 10.5200 10.1922 10.2128 10.0811 10.0044 10.0480 Regular Option - Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. 12.9186 13.0428 13.0795 10.7818 N.A. N.A. N.A. 11.9754 11.9392 10.7775 10.6272 10.6229 10.6364 10.6788 10.5969 10.5583 10.4087 10.3757 10.5200 10.1922 10.2128 10.0811 10.0044 10.0480 Regular Option - Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.1041 10.0078 10.0425 N.A. N.A. N.A. N.A. 10.0056 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Option - Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. - ! 10.0801 N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0416 10.0436 - ! 10.1015 - ! 10.1071 - ! 10.0787 10.3813 10.5200 10.1947 10.2221 10.0836 10.0045 10.0480 Institutional Option - Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. 13.3625 10.1848 N.A. N.A. N.A. N.A. N.A. 12.0489 12.0128 10.8207 10.6625 10.6482 10.6652 - ! 10.6216 10.5822 10.4236 10.3813 10.5200 - ! 10.2221 10.0836 10.0045 10.0480 Regular Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.1930 10.0122 N.A. N.A. N.A. N.A. 10.0000 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Option Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4401 10.0125 N.A. N.A. N.A. N.A. 10.0132 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Option Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.1185 10.4537 10.0434 N.A. N.A. N.A. 11.0600 10.0456 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Option Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.4571 10.1407 N.A. N.A. N.A. 10.0715 10.0632 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Option Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 13.1305 10.7972 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Plus Option - Growth N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 12.2672 10.8076 N.A. N.A. N.A. N.A. 10.1889 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Plus Option - Daily Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0056 10.0126 N.A. N.A. N.A. N.A. 10.0262 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Plus Option - Weekly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0320 10.0441 N.A. N.A. N.A. N.A. - ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Institutional Plus Option - Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.0125 10.1391 N.A. N.A. N.A. N.A. - ! N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Monthly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.9951 11.5529 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. Quarterly Dividend N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 10.9717 11.5625 N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 4.3 Dividend paid per unit during the half-year (Individual/HUF) (Rs.) Dividend Option - - - 1.0000 - - - - - - - 0.1490 - - - - - - - - - - - - - - - - - - - Regular Option - Dividend - - - - - - - 0.2365 - - - - - - - - 0.4144 0.4635 0.4795 0.4213 - 0.4230 0.4212 0.2907 - - - - - - - Institutional Option - Dividend - - - - - - - - 0.4469 - - - - - - - 0.4286 0.4831 - 0.4426 - - - - - - - - - - - Regular Option Daily Dividend - - - - - - - - - 0.2874 0.3470 - - - - 0.3044 - - - - - - - - - - - - - - - Regular Option Weekly Dividend - - - - - - - - 0.1246 0.2823 0.3512 - - - - 0.3052 - - - - - - - - - - - - - - - Institutional Option Daily Dividend - - - - - - - - - 0.3005 0.3290 - - - - 0.3167 - - - - - - - - - - - - - - - Institutional Option Weekly Dividend - - - - - - - - 0.1397 0.3009 0.3577 - - - - 0.3075 - - - - - - - - - - - - - - - Institutional Option Monthly Dividend - - - - - - - - - 0.3018 0.3568 - - - 0.4166 0.2883 - - - - - - - - - - - - - - - Institutional Plus Option - Daily Dividend - - - - - - - - - 0.2927 0.3580 - - - - 0.3169 - - - - - - - - - - - - - - - Institutional Plus Option - Weekly Dividend - - - - - - - - - 0.2770 0.2834 - - - - - - - - - - - - - - - - - - - - Institutional Plus Option - Monthly Dividend - - - - - - - - - 0.2937 - - - - - - - - - - - - - - - - - - - - - Monthly Dividend - - - - - - - - - - - - 0.3679 0.4292 0.3884 - - - - - - - - - - - - - - - - Quarterly Dividend - - - - - - - - - - - - 0.3679 0.4555 - - - - - - - - - - - - - - - - - 4.4 Dividend paid per unit during the half-year (Others) (Rs.) Dividend Option - - - 1.0000 - - - - - - - - - - - - - - - - - - - - - - - - - - - Regular Option - Dividend - - - - - - - 0.2201 - - - - - - - 0.3857 - 0.4463 0.3923 - 0.3937 0.3920 0.2706 - - - - - - - Institutional Option - Dividend - - - - - - - - 0.1973 - - - - - - - 0.3989 - - 0.4120 - 0.4119 - 0.2779 - - - - - - - Regular Option Daily Dividend - - - - - - - - - 0.2874 0.3230 - - - - 0.3044 - - - - - - - - - - - - - - - Regular Option Weekly Dividend - - - - - - - - 0.1160 0.2823 0.3268 - - - - 0.3052 - - - - - - - - - - - - - - - Institutional Option Daily Dividend - - - - - - - - - 0.3005 0.3535 - - - - 0.3167 - - - - - - - - - - - - - - - Institutional Option Weekly Dividend - - - - - - - - - 0.3009 0.3330 - - - - 0.3075 - - - - - - - - - - - - - - - Institutional Option Monthly Dividend - - - - - - - - - 0.3018 0.3321 - - - 0.3877 0.2883 - - - - - - - - - - - - - - - Institutional Plus Option - Daily Dividend - - - - - - - - - 0.2927 0.3351 - - - - 0.3169 - - - - - - - - - - - - - - - Institutional Plus Option - Weekly Dividend - - - - - - - - - 0.2770 0.3372 - - - - - - - - - - - - - - - - - - - - Institutional Plus Option - Monthly Dividend Option - - - - - - - - - 0.2937 0.3397 - - - - - - - - - - - - - - - - - - - - Monthly Dividend - - - - - - - - - - - 0.3424 0.3995 0.3615 - - - - - - - - - - - - - - - - Quarterly Dividend - - - - - - - - - - - 0.3424 0.4239 - - - - - - - - - - - - - - - - - Income Income 5.1 Dividend (Rs. In crores) 3.75 2.25 1.68 2.81 0.76 0.11 2.92 - - - - - 0.02 0.04 - - - - - - - - - - - - - - - - - 5.2 Interest (Rs. In crores) 3.05 1.54 0.38 2.11 0.61 1.86 1.85 0.86 0.83 89.62 203.91 0.02 1.36 1.84 3.54 11.04 12.67 7.90 11.99 7.62 26.18 17.22 5.23 9.96 12.91 3.32 5.77 2.69 2.23 0.14 1.90 5.3 Profi t / (Loss) on sale / redemption of investments (other than inter scheme transfer / sale)[Rs. In crores] 117.52 79.11 35.25 134.29 5.44 4.64 57.99 (0.04) (0.08) 1.68 6.09 (0.00) @ 1.56 2.63 0.08 0.09 (0.00) @ (0.00) @ (0.00) @ 0.22 (0.00) @ 0.02 0.07 (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @ (0.00) @ 5.4 Profi t / (Loss) on inter-scheme transfer/sale of investment (Rs. in crores) - - - - - - - 0.02 (0.39) 0.02 0.15 - (0.14) 0.07 0.05 0.05 - - - - - - - 0.03 - 0.02 - - - (0.00) @ (0.00) @ 5.5 Other Income (Rs. in crores) 0.00 @ - - - - - - - - 0.03 0.00 @ - - - - - - - - - - - - - - - - - - - - 5.6 Total Income (5.1 to 5.5 ) [Rs. in crores] 124.32 82.91 37.32 139.22 6.80 6.61 62.76 0.84 0.36 91.35 210.15 0.02 2.78 4.58 3.68 11.18 12.66 7.90 11.99 7.83 26.18 17.25 5.30 9.99 12.91 3.34 5.77 2.68 2.23 0.14 1.90 Expenses Expenses 6.1 Management Fees (Rs. in crores) 5.04 3.59 1.63 5.00 1.05 0.38 3.27 0.08 0.04 3.10 5.97 0.00@ 0.24 0.36 0.12 0.31 0.22 0.33 0.33 0.33 0.50 0.60 0.17 0.33 0.09 0.16 0.09 0.02 0.05 0.00 0.02 6.2 Trustee Fees (Rs. in crores) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 6.3 Total Recurring Expenses (including 6.1 and 6.2) [Rs. In crores] 10.11 7.56 3.51 13.56 2.46 0.53 11.10 0.17 0.09 5.31 10.67 0.00 @ 0.44 0.64 0.26 0.72 0.31 0.39 0.43 0.41 0.64 0.70 0.19 0.38 0.24 0.40 0.19 0.09 0.07 0.00 0.05 6.4 Percentage of Management Fees to daily average net assets (Regular Option) [%] # 1.03% 1.03% 1.08% 1.02% 1.01% 1.02%^^ 0.96% 0.70% 0.49% 0.32% 0.24% 0.43% 1.07% 1.08% 0.37% 0.32% 0.50% 0.70% 0.55% 0.66% 0.20% 0.71% 0.64% 0.62%^^ 0.07%^^ 0.44%^^ 0.13%^ 0.08%^^ 0.22%^^ 0.05%^ 0.11%^^ Percentage of Management Fees to daily average net assets (Institutional Option) [%] # N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.23% 0.31% 0.27% 0.23% N.A. N.A. N.A. 0.25% 0.16% 0.09% 0.23% 0.20% 0.19% N.A. 0.26% 0.21% 0.23%^^ 0.07%^^ 0.44%^^ 0.13%^ 0.07%^^ 0.20%^^ 0.05%^ 0.11%^^ Percentage of Management Fees to daily average net assets (Institutional Plus Option) [%] # N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.25% 0.24% N.A. N.A. N.A. N.A. 0.17% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 6.5 Total Recurring expenses as a percentage of daily average net assets (Regular Option) [%] # 2.05% 2.18% 2.32% 2.76%$$ 2.37% 5.79%^ 3.26%$$$ 1.50% 1.00% 0.65% 0.65% 1.00% 1.95% 1.95% 0.80% 0.70% 0.55% 0.75% 0.63% 0.77% 0.25% 0.78% 0.71% 0.69%^ 0.32%^ 1.22%^ 0.35%^ 0.57%^ 0.69%^ 0.30%^ 0.26%^ Total Recurring expenses as a percentage of daily average net assets (Insitutional Option) [%] # N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.70% 0.60% 0.50% 0.50% N.A. N.A. N.A. 0.54% 0.45% 0.15% 0.30% 0.28% 0.30% N.A. 0.33% 0.26% 0.29%^ 0.17%^ 1.22%^ 0.25%^ 0.18%^ 0.33%^ 0.15%^ 0.26%^ Total Recurring expenses as a percentage of daily average net assets (Insitutional Plus Option) [%] # N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 0.40% 0.40% N.A. N.A. N.A. N.A. 0.40% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 7.1 Returns during the half year (absolute returns) * 31.98% 28.26% 36.98% 37.12% 28.39% N.A. 25.09% 4.78% 5.28% 7.43% 4.12% 1.65% 9.47% 12.80% 4.58% 8.05% 4.88% 5.59% 5.75% 5.64% 6.29% 5.71% 5.46% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. 7.2 Compounded Annualised yield (I) Last 1 year 42.28% 39.96% 45.22% 43.22% N.A. N.A. N.A. 6.14% 6.79% 7.52% N.A. 4.60% 12.36% 16.54% 8.20% 7.75% 7.69% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. (ii) Last 3 years 43.67% 45.49% N.A. N.A. N.A. N.A. N.A. 5.07% 5.90% 6.15% N.A. 4.00% 9.51% 12.84% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. (iii) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. (iv) Since launch of the scheme ** 57.63% 40.56% 46.16% 34.13% 19.85% 4.10% 26.84% 5.48% 5.69% 5.74% 7.82% 3.43% 8.52% 11.47% 6.43% 6.36% 7.78% 6.27% 6.23% 6.36% 6.79% 5.97% 5.58% 4.09% 3.76% 5.20% 1.92% 2.13% 0.81% 0.04% 0.48% 7.3 Compounded Annualised yield for Benchmark Index (I) Last 6 months 37.28% 37.90% 39.54% 37.28% 37.28% N.A. 37.28% 4.41% 4.93% 7.98% 4.00% 4.39% 8.34% 8.34% 4.00% 7.98% 4.00% 4.93% 4.93% 4.00% 4.93% 4.00% 4.00% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. (ii) Last 1 year 42.74% 44.04% 46.20% 42.74% N.A. N.A. N.A. 5.41% 7.07% 7.34% N.A. 7.13% 10.34% 10.34% 7.34% 7.34% 7.34% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. (iii) Last 3 years 43.47% 44.82% N.A. N.A. N.A. N.A. N.A. 4.51% 5.59% 5.83% N.A. 6.01% 9.83% 9.83% N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. (iv) Last 5 years N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. N.A. (v) Since launch of the scheme 42.63% 35.80% 41.92% 37.21% 27.38% 2.32% 37.64% 4.50% 5.10% 5.25% 7.01% 5.47% 7.79% 7.79% 5.94% 5.94% 7.34% 5.77% 5.52% 4.63% 5.20% 4.18% 4.00% 2.24% 2.28% 2.72% 1.23% 1.17% 0.47% 0.02% 0.30% Date of Allotment 10-Dec-02 24-Feb-04 19-May-05 23-Feb-06 5-Jan-07 24-Sep-07 21-Mar-07 19-Dec-02 10-Dec-02 4-Dec-02 17-Oct-06 5-Dec-03 24-Feb-04 24-Feb-04 16-Nov-04 16-Nov-04 28-Sep-06 2-Jan-07 23-Jan-07 2-Mar-07 16-Mar-07 23-Mar-07 29-Mar-07 22-May-07 21-May-07 11-Jun-07 4-Jul-07 6-Jul-07 4-Sep-07 27-Sep-07 14-Sep-07 7.4 Benchmark Index BSE 200 BSE 500 BSE BSE 200 BSE 200 BSE 200 BSE 200 Crisil Crisil Crisil Crisil I-Sec- Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Crisil Midcap Com- Short Liquid Liquid SI-Bex MIP MIP Liquid Liquid Liquid Short Short Liquid Short Liquid Liquid Liquid Liquid Short Liquid Liquid Liquid Liquid Liquid posite Term Fund Fund Blended Blended Fund Fund Fund Term Term Fund Term Fund Fund Fund Fund Term Fund Fund Fund Fund Fund Bond Bond Index Index Index Index Index Index Index Bond Bond Index Bond Index Index Index Index Bond Index Index Index Index Index Fund Fund Fund Fund Fund Fund Index Index Index Index Index Index 8 Provision for Doubtful Income/ Debts (Rs. in crores) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 9 Payment to associate / group companies (Rs. in crores) {Refer to Notes to account - note 2} - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 10 Investment made in associate / group companies (Rs. in crores) {Refer to Notes to account - note 3} - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

Note: ~ NAV per unit was considered as of 28 September, 07.(except for HFRF- ST & HCF) ++ NAV per unit was considered as of 30 March, 07. * Considering Movement of NAV during the half-year and after adjustment of dividend,etc. Returns for all Funds indicate absolute returns except for HSBC Cash Fund and HSBC

Floating Short which has been annualised. ** Returns since launch of Scheme/Plan represents abosolute return for the Plans which are in existence for less than 1 year. Returns during the half year are calculated based on NAV

as at beginning of the period and return since inception are calculated taking inception NAV as Rs. 10 per unit for all schemes. Calculation are based on Growth NAV’s.@ Indicates less than 0.01 # Indicates annualised for the period

$ Indicates schemes / plans launched during the current half year and hence opening Unit Capital, Net Assets and NAV Per unit for the period are not available. ! Indicates there are no investors in the Option ^^ Weighted Average net assets are calculated from the date of Infl ows ^ Weighted Average net assets are calculated from the date of Allotment Schemes performance may not be strictly comparable with the performance of the index due to the inherent difference in the construction of the portfolio $$ Total Recurring expenses as a percentage of daily average net assets includes 0.72% towards Initial Issue expenses w/off during the period $$$ Total Recurring expenses as a percentage of daily average net assets includes 1.17% towards Initial Issue expenses w/off during the period


Company Name Schemes Investment Aggregate cost Outstanding Company Name Schemes Investment Aggregate cost Outstanding invested made by of acquisition as at invested made by of acquisition as at in by the schemes of during the September 30, in by the schemes of during the September 30, Company HSBC Mutual period ended 2007 Company HSBC Mutual period ended 2007 Fund in the September 30, (At Market / Fund in the September 30, (At Market / company/ 2007 Fair Value) company/ 2007 Fair Value) subsidiary (Rupees in Lakhs) (Rupees in Lakhs) subsidiary (Rupees in Lakhs) (Rupees in Lakhs)


Akruti Nirman Limited HCFAkruti Nirman Limited HCF HMEF 32.62 - HLPFHLPF HMIP 11.65 - HTSF 19.08 -Axis Bank Ltd HCFAxis Bank Ltd HCF HAIF 5,080.82 1,916.92 HCF 53,648.82 2,997.96 HEF 4,911.26 3,155.57 HFTS14 97.03 - HFTSV 145.54 - HFTSVI 194.05 - HFRF 2,784.88 - HIF 2,430.65 - HIOF 1,800.00 500.00 HFTS15 145.54 - HLPF 75,375.12 18,852.77 HUOF 842.81 - HTSF 442.07 550.51 HFTS33 2,279.50 2,297.49 HDF 2,500.00 2,500.00Bank of Baroda HIFBank of Baroda HIF HAIF 3,599.09 - HCFHCF HEF 315.88 - HFRFHFRF HIOF 113.26 -Bank of India HCFBank of India HCF HEF 3,141.01 - HAIF 4,646.80 - HMEF 320.91 - HIOF 1,215.44 - HMIP 167.30 73.38 HTSF 483.78 95.53 HUOF 1,107.31 - HDF 194.45 202.32Cairn India Limited HLPFCairn India Limited HLPF HUOF 640.39 - HEF 359.71 - HDF 1,403.94 181.23Dena Bank HCFDena Bank HCF HUOF 1,107.95 977.30DLF Limited HCFDLF Limited HCF HEF 871.86 - HLPFHLPFDSP Merrill Lynch Capital Limited HCFDSP Merrill Lynch Capital Limited HCF HAIF 2,486.93 - HCF 40,916.68 8,499.10 HFTS14 228.84 - HFTSI 100.00 - HFTSIX 4,617.78 - HFTSVII 1,961.55 - HFTSVIII 2,446.05 - HFRF 6,903.22 1,399.79 HIF 1,901.38 - HMIP 1,400.00 - HFTS15 5,072.05 4,998.87 HLPF 116,998.21 3,595.34 HFTS21 1,598.04 799.02 HFTS22 5,499.43 5,499.41 HFTS32 2,276.98 2,329.14Global Trade Finance Limited HFRFGlobal Trade Finance Limited HFRF HCF 22,000.00 - HFRF 6,700.00 - HLPF 115,000.00 -Grasim Industries Limited HFTSIVGrasim Industries Limited HFTSIV HEF 3,609.38 3,821.29 HMIP 529.38 79.00 HAIF 6,759.11 2,808.84 HIOF 1,522.16 1,895.97 HTSF 1,092.06 518.51 HUOF 1,213.13 - HDF 1,561.26 1,674.77Gujarat Ambuja Cement HCFGujarat Ambuja Cement HCF HAIF 2,670.25 -India LimitedIndia LimitedHCL Technologies Limited HIFHCL Technologies Limited HIF HMIP 25.73 - HFTSIHFTSI HEF 2,186.42 - HIOF 670.07 - HAIF 1,738.67 -HDFC Bank Limited HCFHDFC Bank Limited HCF HAIF 4,823.80 - HLPFHLPF HCF 106,443.51 5,000.00 HEF 3,696.96 3,045.32 HFRF 4,397.30 - HIOF 324.04 - HMIP 265.23 - HFTS15 3,019.98 3,010.06 HLPF 27,398.90 - HFTS25 2,497.63 - HFTS22 499.24 - HFTS31 2,701.00 2,701.00 HUOF 600.00 600.00Hero Honda Motors Limited HFTSIXHero Honda Motors Limited HFTSIX HMIP 258.77 - HEF 1,461.48 - HIOF 773.67 - HAIF 1,466.10 -Hero Honda Finlease LimitedHero Honda Finlease Limited HCF 6,000.00 1,000.00 (Subsidiary company of(Subsidiary company of HLPF 4,000.00 1,000.00Hero Honda Motors Limited)Hero Honda Motors Limited)Hindalco Industries Limited HFTSIHindalco Industries Limited HFTSI HMIP 687.95 - HFTS33HFTS33 HEF 4,821.38 - HLPFHLPF HIOF 460.60 - HFTS29HFTS29 HAIF 1,249.36 - HFTS31HFTS31 HTSF 339.50 -Hindustan Unilever LimitedHindustan Unilever Limited HLPFHLPF HMIP 402.41 - HFTSIHFTSI HEF 2,604.95 - HFTSIVHFTSIV HIOF 973.72 - HFTS14HFTS14 HAIF 4,145.64 - HFTS21HFTS21 HFTS22HFTS22 HFTS25 HFTS25Hindustan Zinc LimitedHindustan Zinc Limited HFTSIXHFTSIX HEF 1,140.22 - HFTS13HFTS13 HIOF 647.61 - HFTS15HFTS15 HFTS21HFTS21 HFTS25HFTS25 HFTS27HFTS27 HFTS29HFTS29 HFTS31HFTS31 HFTS32HFTS32


Notes to the accountsNotes to the accounts1. There is no change in accounting policies employed during the reporting period as compared to the polices in the immediately preceding reporting period.2. Details of amounts paid to associates in terms of Regulation 25 (8).

(Rupees in Lakhs)Name of the Payee Name of the Payee HEFHEF HCFHCF HIF-IPHIF-IP HIF-STHIF-ST HGF-STHGF-ST HMIP-R HMIP-SHMIP-R HMIP-S HMEF HIOFHMEF HIOF HFRF-LT HFRF-ST HAIFHFRF-LT HFRF-ST HAIF HTSF HLPFHTSF HLPF HUOF HDF HFTS 15HUOF HDF HFTS 15 HFTS 21 HFTS 22 HFTS 23 HFTS 24 HFTS 25HFTS 21 HFTS 22 HFTS 23 HFTS 24 HFTS 25 HFTS 26 HFTS 27 HFTS 28 HFTS 29 HFTS 30 HFTS 31HFTS 26 HFTS 27 HFTS 28 HFTS 29 HFTS 30 HFTS 31 HFTS 32 HFTS 33 HFTS 34 HFTS 35 TOTALHFTS 32 HFTS 33 HFTS 34 HFTS 35 TOTALHSBC Securities and Capital Markets (India) Pvt. Ltd.HSBC Securities and Capital Markets (India) Pvt. Ltd.Brokerage 5.37 - - - - 0.07 0.10 2.76 9.11 - - 11.54 2.59 - 11.83 3.05 - - - - - - - - - - - - - - - 46.4246.42The Hongkong & Shanghai Banking Corporation Ltd.The Hongkong & Shanghai Banking Corporation Ltd.Brokerage on Distribution - HSBC Ltd 78.15 30.40 2.26 1.09 - 3.17 3.34 42.10 153.71 2.73 10.09 75.12 2.53 25.97 41.41 - - - - - - 0.46 - - 0.60 5.76 0.05 1.47 - - - 480.40480.40Collection / Bank Charges 1.78 0.40 0.62 0.04 - 2.03 2.07 0.73 0.70 - - 0.99 0.02 0.02 - - - - - - - - - - - - - - - - - 9.41 9.41Clearing Member Charges paid to HSS (Derivatives) 7.45 - - - - 0.02 0.05 0.65 6.66 - - 8.00 0.82 - 4.97 - - - - - - - - - - - - - - - - 28.6328.63Settlement Charges # 6.01#

During the period, in HMEF, 4 lakh shares of Voltas Ltd. (Associate) were sold for Rs. 377.75 lakhs.

Notes Notes # : Charges paid by all the schemes of HSBC Mutual Fund towards settlement of Government Securities transactions through the constituent SGL account.3. Details of investment in Fixed Deposits with associates in terms of Regulations 25 (8).

(Rupees in Crores)

Particulars Particulars HEFHEF HCFHCF HIF-IPHIF-IP HIF-STHIF-ST HGF-STHGF-ST HMIP-R HMIP-SHMIP-R HMIP-S HMEF HIOFHMEF HIOF HFRF-LT HFRF-ST HAIFHFRF-LT HFRF-ST HAIF HTSF HLPFHTSF HLPF HUOF HDF HFTS 15HUOF HDF HFTS 15 HFTS 21 HFTS 22 HFTS 23 HFTS 24 HFTS 25HFTS 21 HFTS 22 HFTS 23 HFTS 24 HFTS 25 HFTS 26 HFTS 27 HFTS 28 HFTS 29 HFTS 30 HFTS 31HFTS 26 HFTS 27 HFTS 28 HFTS 29 HFTS 30 HFTS 31 HFTS 32 HFTS 33 HFTS 34 HFTS 35 TOTALHFTS 32 HFTS 33 HFTS 34 HFTS 35 TOTALThe Hongkong & Shanghai Banking Corporation Ltd. - - - - - 0.50 0.50 - - - - - 6.40 140.00 12.00 - - - - - - - - - - - - - - - - - 159.40159.40

The AMC is availing the services of the sponsor / associates to act as collection / distribution agents and for investment broking. HSBC, an associate of the sponsor, is on the panel of the bankers with whom HSBC Mutual Fund places money on Fixed Deposits and enters into reverse repo transactions from time to time at competitive rates. HSBC Mutual fund also enters into transactions in government securities and treasury bills at market rates with HSBC Primary Dealership (India) Private Limited, a subsidiary of the sponsor. HSBC Mutual fund also enters into transactions in government securities and treasury bills at market rates with HSBC Primary Dealership (India) Private Limited, a subsidiary of the sponsor.4. Details of investments made in companies which have invested more than 5% of the NAV of a scheme in terms of Regulation 25 (11).

H T Media Ltd HMIPH T Media Ltd HMIP HIOF 1,951.24 1,276.10 HTSF 333.89 327.10 HAIF 879.79 807.00ICICI Bank Limited HCFICICI Bank Limited HCF HCF 201,712.30 7,957.17 HFTS13 5,519.00 - HFRF 12,847.73 2,907.20 HMIP 6,290.41 1,929.42 HAIF 13,110.20 2,677.25 HEF 14,703.79 2,772.86 HFTSIII 3,833.74 - HFTSIV 3,494.25 - HFTSIX 4,781.67 - HFTSVII 6,864.91 - HFTSVIII 5,871.97 - HIF 5,607.67 153.38 HIOF 4,058.52 - HFTS15 7,757.99 3,419.23 HLPF 200,579.25 55,003.30 HFTS21 3,382.78 3,613.90 HTSF 651.12 - HFTS23 6,948.89 1,678.56 HFTS24 90.61 57.52 HFTS25 10,517.87 6,066.46 HFTS27 2,805.18 1,903.59 HFTS28 4,521.99 4,696.28 HFTS29 6,660.04 6,915.74 HUOF 598.10 - HFTS31 2,474.32 - HFTS35 3,301.30 2,855.02 HFTS36 2,207.49ICICI Securities LimitedICICI Securities Limited HLPF 29,917.77 11,995.80(Subsidiary company of ICICI Bank Limited)(Subsidiary company of ICICI Bank Limited) HFTS15 2,643.33 149.50 HCF 1,403.03 1,345.48 HIF 935.15 - HFTS29 1,473.30 1,493.32 HDF 5,000.00 5,000.00ICICI Home Finance LimitedICICI Home Finance Limited HIF 924.61 -(Subsidiary company of ICICI Bank Limited)(Subsidiary company of ICICI Bank Limited) HFTS15 4,622.03 - HLPF 9,155.44 9,162.10Indian Petrochemicals Corporation Ltd HFTS15Indian Petrochemicals Corporation Ltd HFTS15 HEF 1,903.08 - HMIP 160.36 -IDBI Bank Limited HCFIDBI Bank Limited HCF HCF 39,439.19 9,683.94 HFRF 918.72 305.53 HIF 1,081.72 191.46 HMIP 619.72 101.84 HLPF 51,307.80 11,229.85 HUOF 3,105.93 - HFTS26 2,051.76 - HFTS27 998.76 - HFTS28 4,520.83 - HFTS21 93.05 93.93 HFTS33 130.70 131.50IDBI Home Finance LimitedIDBI Home Finance Limited HCF 1,948.68 999.15(Subsidiary company of IDBI Bank Limited) HLPF(Subsidiary company of IDBI Bank Limited) HLPF 1,935.03 - HFTS31 980.73 - Info Edge (India) Pvt Limited HFTS21Info Edge (India) Pvt Limited HFTS21 HIOF 73.88 - HFTS26HFTS26 HMEF 26.38 - HMIP 180.03 - HTSF 142.73 -Infosys Technologies Limited HCFInfosys Technologies Limited HCF HIOF 2,768.60 1,192.43 HMIP 523.19 - HEF 11,813.70 2,793.55 HAIF 14,447.39 1,981.77 HMEF 61.47 - HTSF 988.43 - HUOF 1,722.38 454.26 HDF 1,031.03 1,035.41Infrastructure Development HFTS22Infrastructure Development HFTS22 HCF 7,166.49 300.21Finance Company LimitedFinance Company Limited HFRF 494.93 - HIF 494.93 - HMIP 1,101.38 - HLPF 27,126.11 12,201.54 HFTS22 3,000.00 3,003.89 HFTS14 2,491.16 -ITC Limited HCFITC Limited HCF HMIP 188.26 - HFRFHFRF HEF 4,824.34 - HIFHIF HIOF 2,009.31 - HFTSIHFTSI HAIF 4,376.98 - HFTS13HFTS13 HTSF 95.17 - HFTS14HFTS14 HUOF 475.85 - HFTS15HFTS15 HLPFHLPFKotak Mahindra Bank Limited HCFKotak Mahindra Bank Limited HCF HAIF 1,685.34 2,489.94 HCF 6,452.81 - HFTS14 201.92 - HFTS15 24.74 - HFTS25 2,254.28 2,348.86 HFTS28 5,886.38 1,926.53 HFTS29 4,075.33 4,224.18 HFTSI 1,667.80 - HFTSIX 59.38 - HFRF 1,000.00 - HIF 2,048.28 - HIOF 1,241.88 1,410.97 HLPF 39,763.07 13,851.75 HMIP 1,364.22 1,283.99 HFTS30 1,523.12 1,611.85 HFTS32 5,291.80 5,387.29 HFTS33 2,296.60 18.76 HDF 861.86 922.20 Kotak Mahindra Investment LimitedKotak Mahindra Investment Limited HCF 1,600.00 - (Subsidary of Kotak Mahindra Bank Limited)(Subsidary of Kotak Mahindra Bank Limited) HFRF 500.00 - HLPF 5,500.00 - HFTS33 7,000.00 3,507.83 HFTS36 3,000.00 -

Kotak Mahindra Prime LimitedKotak Mahindra Prime Limited HCF 13,016.00 -(Subsidary of Kotak Mahindra Bank Limited)(Subsidary of Kotak Mahindra Bank Limited) HFTS13 500.00 - HFTS23 1,000.00 1,005.81 HFTS24 4,500.00 4,813.47 HFTS25 9,096.91 9,359.34 HFTS26 2,000.00 - HFTS27 1,904.02 1,969.89 HFTS28 7,505.18 5,085.59 HFTS29 4,500.00 4,500.70 HFTSIV 3,000.00 - HFRF 7,797.44 - HIF 1,000.00 - HLPF 42,698.49 8,788.93 HMIP 68.49 69.33 HFTS30 1,009.22 1,001.48 HFTS33 23.26 3,523.34Kotak Securities LimitedKotak Securities Limited HCF 2,303.95 2,464.40(Subsidary of Kotak Mahindra Bank Limited)(Subsidary of Kotak Mahindra Bank Limited) HFTS29 5,000.00 5,002.43 HIF 299.11 - HLPF 17,150.93 2,464.40 HFTS32 2,276.42 2,328.56 HFTS33 5,500.00 5,510.73Larsen & Toubro Limited HFRFLarsen & Toubro Limited HFRF HAIF 3,678.89 4,506.76 HEF 1,612.92 4,751.05 HIOF 1,376.19 1,516.29 HTSF 617.19 673.91 HMIP 54.44 64.58L&T Finance LimitedL&T Finance Limited HCF 26,435.86 - (Subsidary of Larsen & Toubro Limited) (Subsidary of Larsen & Toubro Limited) HEF 993.97 - HFTS14 2,313.15 - HFRF 7,165.01 979.46 HIF 1,053.70 95.26 HIOF 496.98 - HMIP 1,193.77 - HLPF 78,510.89 7,248.18 HFTS24 7,200.00 7,699.68 HFTS25 4,957.72 3,786.39 HFTS29 4,749.79 4,927.98 HFTS31 5,000.00 5,000.00 HFTS33 23.74 23.81Maharashtra Seamless Limited HIFMaharashtra Seamless Limited HIF HMEF 134.05 615.05Mahindra and Mahindra Limited HIFMahindra and Mahindra Limited HIF HAIF 5,049.03 - HEF 1,942.52 752.00 HTSF 991.04 - HUOF 1,791.51 - HIOF 468.03 -Mahindra & Mahindra Mahindra & Mahindra HAIF 1,660.99 -Financial Services LimitedFinancial Services Limited(Subsidary of Mahindra and Mahindra Limited)(Subsidary of Mahindra and Mahindra Limited) HCF 51,649.36 500.00 HFTS14 1,500.00 - HFTSI 2,399.34 - HFTSII 2,000.00 - HFTSV 2,900.00 - HFTSVI 2,700.00 - HFRF 12,103.00 1,100.00 HIF 1,233.58 - HIOF 117.34 - HMEF 108.99 - HMIP 1,773.88 984.52 HLPF 102,817.79 5,532.24 HFTS21 389.24 197.37 HFTS24 3,500.00 3,741.95 HFTS22 4,291.84 296.05 HUOF 721.44 - Maruti Udyog Limted HLPFMaruti Udyog Limted HLPF HEF 6,555.51 2,151.15 HFTS21HFTS21 HAIF 5,691.18 - HFTS23HFTS23 HTSF 577.88 - HUOF 682.23 -Mindtree Consulting Ltd HFTS26Mindtree Consulting Ltd HFTS26 HIOF 16.18 - HMEF 14.08 - HMIP 10.90 - HTSF 14.34 -PTC India HFRFPTC India HFRF HAIF 1,167.48 1,281.70 Radha Madhav Investments Limited HIF Radha Madhav Investments Limited HIF HIF 982.63 - HCF 1,473.94 - HFRF 491.90 -Reliance Energy Limited HFTS15Reliance Energy Limited HFTS15 HEF 2,355.19 - HIOF 931.78 - HUOF 1,921.60 - HMIP 18.36 - HLPF 4,983.87 -Reliance Industries Limited HCFReliance Industries Limited HCF HMIP 457.69 121.80 HFTS15HFTS15 HEF 2,728.45 7,974.23 HIOF 965.73 4,963.79 HAIF 1,768.35 - HCF 500.70 - HTSF 1,162.86 1,447.77 HUOF 2,716.02 - HDF 2,016.53 2,183.15Reliance Petroleum Limited HCFReliance Petroleum Limited HCF HAIF 415.76 -(Subsidary of Reliance Industries Limited) HLPF(Subsidary of Reliance Industries Limited) HLPF HEF 1,818.11 1,073.80 HFTS31HFTS31 HIOF 77.87 - HFTS33HFTS33 HMIP 34.55 - HTSF 112.80 - HUOF 270.73 - HDF 1,464.61 -Sintex Industries Limited HFTSIXSintex Industries Limited HFTSIX HMEF 223.03 1,069.55 HAIF 1,563.36 1,685.49 HIOF 1,531.81 1,750.39 HTSF 739.69 840.47 HUOF 1,402.08 1,883.33 HDF 1,120.98 1,113.87Spicejet Limited HCF Spicejet Limited HCF HAIF 1,852.29 1,423.98 HMEF 781.53 293.00 HTSF 324.70 - HUOF 1,008.27 1,054.80


5. Details of investors holding units in the scheme over 25% of the NAV as on 30 September 2007

Name of Scheme No. of holders % HoldingName of Scheme No. of holders % HoldingHSBC Gilt Fund Short Term Plan 1.00 27.82

6. No bonus was declared during the reporting period.7. Deferred Revenue ExpenditureDeferred Revenue Expenditure (DRE) includes all expenses incurred in relation to the initial issue of units of the relevant scheme. Such DRE is written off equally over the scheme period. (Rs. In lakhs)

Name of the Scheme Revenue Deffered Revenue Expenditure Written off Expenditure as on during the half year September 30, 2007

HSBC Midcap Equity Fund 18.97 100.14 HSBC Advantage India Fund 352.92 513.22 HSBC Unique Opportunities Fund 398.29 1,843.15 HSBC Fixed Term Series 30 18.78 164.97 HSBC Fixed Term Series 32 5.46 18.02 HSBC Fixed Term Series 33 1.61 20.40 HSBC Fixed Term Series 35 1.68 34.97




9. Details of Schemes which have outstanding Derivative position as on September 30, 2007

Name of the Scheme Net Long Position % to Net Net Short Position % to NetName of the Scheme Net Long Position % to Net Net Short Position % to Net (Notional Value in lakhs) Asstes (Notional Value in lakhs) Asstes (Notional Value in lakhs) Asstes (Notional Value in lakhs) AsstesEquity SchemesEquity Schemes HSBC Advantage India Fund 1,580.43 1.72% 1,709.52 1.86%HSBC Dynamic Fund 3,599.38 7.41% - - HSBC Equity Fund 1,212.66 1.16% 1,709.52 1.63%HSBC India Opportunities Fund 596.37 0.84% 1,709.52 2.40%HSBC Unique Opportunities Fund 1,153.84 1.64% 1,020.56 1.45%Debt Schemes Net Value % to Net Asstes Debt Schemes Net Value % to Net Asstes HSBC Liquid Plus Fund 5,000.00 0.81% - -

8. Borrowings made during the half year by HSBC Mutual Fund.

Name of the scheme and category Nature of Source Purpose Date of Amount Date of repayment Period of Rate of Amount Collateral Name of the scheme and category Nature of Source Purpose Date of Amount Date of repayment Period of Rate of Amount Collateral instruments/ (Institutions/ borrowing Borrowed of borrowing borrowing borrowing borrowed used instruments/ (Institutions/ borrowing Borrowed of borrowing borrowing borrowing borrowed used mode of banks/ others) (specify the period as % of (if any) mode of banks/ others) (specify the period as % of (if any) borrowings of borrowing) net assets borrowings of borrowing) net assets

HSBC Advantage India Fund Bank Borrowing HSBC Bank Ltd Funding for June 25, 2007 79,524,453.97 June 26, 2007 1 day 10.00% 0.83% NO Redemptions

State Bank of Hyderabad HIFState Bank of Hyderabad HIF HFRF 2,332.31 -(Subsidary of State Bank of India)(Subsidary of State Bank of India) HLPF 16,070.85 14,316.74State Bank of India HCFState Bank of India HCF HAIF 10,266.52 4,086.29 HCF 11,576.93 - HEF 5,504.17 5,187.64 HIF 253.73 254.58 HFRF 968.36 - HIOF 3,128.77 2,802.02 HMIP 591.44 435.55 HTSF 1,197.21 1,284.26 HDF 2,339.75 2,600.63 HUOF 1,616.41 2,276.64 HLPF 31,249.84 2,368.73State Bank of Bikaner and JaipurState Bank of Bikaner and Jaipur HCF 5,775.27 -(Subsidary of State Bank of India)(Subsidary of State Bank of India) HLPF 9,592.56 -State Bank of IndoreState Bank of Indore HCF 9,878.26 -(Subsidary of State Bank of India) (Subsidary of State Bank of India) HIF 7,558.40 - HMIP 1,870.51 - HFRF 962.01 482.45 HLPF 12,465.75 482.45 HFTS I 48.49 - HFTSIV 1,685.55 - HFTS13 1,981.34 -State Bank of MysoreState Bank of Mysore HCF 55,517.76 -(Subsidary of State Bank of India) (Subsidary of State Bank of India) HFTSVIII 3,916.09 - HAIF 1,370.94 - HEF 1,370.94 - HIOF 913.96 - HLPF 90,767.20 35,730.51 HUOF 6,797.16 - HFTS27 868.26 - HFTS31 2,700.00 2,700.00 HFRF 3,823.86 3,846.39State Bank of PatialaState Bank of Patiala HCF 31,027.09 6,971.68(Subsidary of State Bank of India) (Subsidary of State Bank of India) HFTSIII 147.42 - HFTSIV 2,322.25 - HFRF 5,903.78 - HFTS IX 58.41 - HFTS VI 53.62 - HFTS 15 158.27 - HFTS 14 44.44 - HLPF 67,587.94 25,059.27 HUOF 6,894.17 - HFTS26 2,049.79 -State Bank of SaurashtraState Bank of Saurashtra HCF 9,394.22 1,909.12(Subsidary of State Bank of India) (Subsidary of State Bank of India) HFTS13 4,145.45 - HFRF 2,299.30 - HLPF 19,470.70 9,862.35 HFTS25 2,496.66 -State Bank of TravancoreState Bank of Travancore HCF 20,971.00 1,442.16(Subsidary of State Bank of India)(Subsidary of State Bank of India) HLPF 15,724.56 966.03 HUOF 4,910.27 -

HFTS27 1,004.02 - HFRF 4,638.22 961.44 HFTSIX 3,481.64 - HFTS31 2,987.28 -Sterlite Industries LimitedSterlite Industries Limited HLPFHLPF HEF 1,785.98 1,497.30 HIOF 809.67 943.30 HMIP 120.07 - HLPF 5,500.00 - HTSF 529.69 -Sundaram Finance LimitedSundaram Finance Limited HFRFHFRF HCF 16,374.46 4,500.85 HFTSIX 3,000.00 - HFRF 3,370.90 - HIF 1,720.12 - HMIP 1,485.43 432.44 HLPF 2,521.13 2,034.31 HFTS24 7,200.00 7,696.97 HFTS25 4,000.00 4,030.16 HFTS34 1,929.27 1,930.80 HFTS30 1,531.80 1,590.92 HFTSII - - HFTSV - -Syndicate Bank HCFSyndicate Bank HCF HEF 1,026.83 -Tata Power Co Ltd HCFTata Power Co Ltd HCF HDF 713.33 734.70Tech Mahindra Ltd HIFTech Mahindra Ltd HIF HAIF 1,396.26 - (Subsidary of Mahindra and(Subsidary of Mahindra and HEF 1,120.53 -Mahindra Limited)Mahindra Limited) HIOF 549.65 - HMIP 17.61 -UCO Bank HCFUCO Bank HCF HCF 17,476.74 2,540.31 HFRFHFRF HFTSIV 491.88 - HFRF 1,355.88 382.76 HIF 1,121.39 191.33 HLPF 30,871.07 9,740.41 HFTS13 4,442.19 - HFTS25 4,364.23 - HFTS27 998.51 143.55 HFTS29 2,497.67 -Ultratech Cement Limited HFTS29Ultratech Cement Limited HFTS29 HCF 502.66 - HIOF 1,127.11 - HMIP 502.54 -Union Bank of India HCFUnion Bank of India HCF HAIF 13.75 - HCF 24,230.29 3,441.43 HEF 313.35 - HFRF 2,001.42 1,808.33 HIOF 1,612.64 1,102.61 HLPF 67,929.04 33,780.48 HFTS34 2,380.50 2,287.73Videsh Sanchar Nigam Limited HFTS21Videsh Sanchar Nigam Limited HFTS21 HAIF 3,740.54 1,979.30 HFTS29HFTS29 HIOF 2,986.70 1,619.20 HTSF 873.37 410.92 HUOF 1,657.60 1,628.04Voltas Limited HFTS26Voltas Limited HFTS26 HAIF 1,038.25 -

HIOF 3.03 - HMEF 1,138.23 - HUOF 279.70 - Wipro Limited HCFWipro Limited HCF HAIF 4,909.86 - HFTS14HFTS14 HEF 1,002.40 - HFTS23HFTS23 HTSF 913.50 - HFTS27HFTS27 HFTS31HFTS31 HFTS32HFTS32 HFTS33HFTS33 HFRFHFRFYes Bank Limited HCFYes Bank Limited HCF HCF 2,500.00 2,500.00 HFTS14 1,506.17 - HFTS15 505.82 503.07 HFTS21 2,515.93 2,525.85 HFTS23 1,502.53 1,523.92 HFTS25 10,532.05 7,310.21 HFTS27 2,524.54 2,644.28 HFTS28 901.97 942.45 HFRF 753.94 571.86 HIF 1,492.37 190.62 HLPF 29,082.37 11,665.24 HMIP 1,105.96 220.73 HUOF 404.84 -

The above investments comprise equity shares, debentrures / bonds, commercial paper, fi xed deposits and other debt instruments. These investments have been made on account of their high credit quality and competitive yield for the investment in fi xed income/ money market insturments and in case of equity shares because of attractive valuations of these companies.

HEF - HSBC Equity Fund HIOF - HSBC India Opportunities Fund

HIF - HSBC Income Fund HCF - HSBC Cash Fund

HMIP - HSBC Monthly Income Plan HFRF - HSBC Floating Rate Fund

HMEF - HSBC Midcap Equity Fund HAIF - HSBC Advantage India Fund

HFTSI - HSBC Fixed Term Series I HFTSIII - HSBC Fixed Term Series III

HFTSIV - HSBC Fixed Term Series IV HFTSVII - HSBC Fixed Term Series VII

HFTSVIII - HSBC Fixed Term Series VIII HFTSIX - HSBC Fixed Term Series IX

HFTS13 - HSBC Fixed Term Series 13 HFTS14 - HSBC Fixed Term Series 14


HLPF - HSBC Liquid Plus Fund HTSF - HSBC Tax Saver Equity Fund




HUOF - HSBC Unique Opportunities Fund HFTS28 - HSBC Fixed Term Series 28




HFTS35 - HSBC Fixed Term Series 35 HDF - HSBC Dynamic Fund

The above results have been compiled for all schemes plans which existed during the half year ended September 30, 2007During the period there have been no investment in foreign securitiesThe above unaudited fi nancial results have been approved by the Directors of HSBC Asset Management (India) Private Limited and Board of Trustees of HSBC Mutual Fund.

Mumbai :

For and on behlaf of the Board of Directors of For and on behalf of the Board of Trustees of HSBC Asset Management (India) Private Limited HSBC Mutual Fund

Sanjay Prakash N.P. Gidwani Dilip J. Thakkar Director & Chief Executive Offi cer Trustee Trustee

HSBC MUTUAL FUND - HALF YEARLY PORTFOLIO DISCLOSURES FOR THE PERIOD ENDED 30 SEPTEMBER, 2007HSBC MUTUAL FUND - HALF YEARLY PORTFOLIO DISCLOSURES FOR THE PERIOD ENDED 30 SEPTEMBER, 2007HSBC GILT FUND SHORT TERM PLANHSBC GILT FUND SHORT TERM PLAN

Half Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Rating Sr. Name of the Instrument Quantity Market Value % age to Rating No. (Rs in Lacs) NAV No. (Rs in Lacs) NAV 11 Reverse Repos 68.22 94.62 22 Net Receivable / (Payable) 3.88 5.38 Net Assets as on September 30, 2007 72.10 100.00 Net Assets as on September 30, 2007 72.10 100.00

HSBC EQUITY FUNDHSBC EQUITY FUNDHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Rating Sr. Name of the Instrument Quantity Market Value % age to Rating No. (Rs in Lacs) NAV No. (Rs in Lacs) NAV 1 Equity & Equity Related Instruments 1 Equity & Equity Related Instruments Listed / Awaiting listing on Stock Exchanges Listed / Awaiting listing on Stock Exchanges AUTO AUTO 1 Maruti Udyog Limited 215,384 2,151.15 2.05 2 Mahindra & Mahindra Limited 100,000 752.00 0.72 BANKS BANKS 1 State Bank Of India 266,600 5,187.64 4.95 2 ICICI Bank Limited 261,000 2,772.86 2.64 3 HDFC Bank Limited 177,300 2,545.32 2.43 4 Punjab National Bank 450,247 2,442.82 2.33 5 Axis Bank Limited 295,000 2,255.57 2.15 6 Central Bank Of India 975,000 1,450.31 1.38 CEMENT CEMENT 1 Grasim Industries Limited 108,836 3,821.29 3.64 2 ACC Limited 137,000 1,640.03 1.56 CONSTRUCTION CONSTRUCTION 1 Jaiprakash Associates Limited 437,000 4,785.59 4.56 2 Punj Lloyd Limited 1,020,000 3,158.94 3.01 DIVERSIFIED DIVERSIFIED 1 Larsen & Toubro Limited 169,200 4,751.05 4.53 FERROUS METALS FERROUS METALS 1 Welspun Gujarat Stahl Rohren Limited 574,777 1,701.63 1.62 2 Steel Authority Of India Limited 765,000 1,584.70 1.51 3 Jindal Steel & Power Limited 30,000 1,555.74 1.48 FINANCE FINANCE 1 Housing Development Finance Corporation Limited 150,000 3,791.85 3.62 INDUSTRIAL CAPITAL GOODS INDUSTRIAL CAPITAL GOODS 1 Bharat Heavy Electricals Limited 233,000 4,746.09 4.52 2 Siemens Limited 113,087 1,527.98 1.46 3 Crompton Greaves Limited 292,047 977.34 0.93 INDUSTRIAL PRODUCTS INDUSTRIAL PRODUCTS 1 Jain Irrigation Systems Limited 345,000 1,883.01 1.80 MEDIA & ENTERTAINMENT MEDIA & ENTERTAINMENT 1 Zee Entertainment Enterprises Limited 580,000 1,982.73 1.89 2 Wire And Wireless India Limited 1,152,726 519.88 0.50 3 Television Eighteen India Limited 17,800 161.20 0.15 MINERALS/MINING MINERALS/MINING 1 Gujarat Mineral Development Corporation Limited 202,500 2,209.98 2.11 2 Sesa Goa Limited 18,251 460.70 0.44 NON - FERROUS METALS NON - FERROUS METALS 1 Sterlite Industries (India) Limited 200,000 1,497.30 1.43 OIL OIL 1 Oil & Natural Gas Corporation Limited 422,000 4,043.18 3.85 2 Aban Offshore Limited 34,417 1,206.14 1.15 PESTICIDES PESTICIDES 1 United Phosphorus Limited 300,000 1,191.90 1.14 PETROLEUM PRODUCTS PETROLEUM PRODUCTS 1 Reliance Industries Limited 347,000 7,974.23 7.60 2 Reliance Petroleum Limited 700,000 1,073.80 1.02 PHARMACEUTICALS PHARMACEUTICALS 1 Dr Reddy’s Laboratories Limited 298,000 1,937.15 1.85 2 Cipla Limited 963,000 1,755.55 1.67 POWER POWER 1 Power Grid Corporation Of India Limited^^ 248,181 129.05 0.12

HSBC EQUITY FUNDHSBC EQUITY FUNDHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Rating Sr. Name of the Instrument Quantity Market Value % age to Rating No. (Rs in Lacs) NAV No. (Rs in Lacs) NAV

SOFTWARE SOFTWARE 1 Infosys Technologies Limited 147,592 2,793.55 2.66 2 Tata Consultancy Services Limited 153,500 1,627.33 1.55 3 Satyam Computer Services Limited 300,000 1,338.45 1.28 4 Mastek Limited 261,606 790.05 0.75 TELECOM - SERVICES TELECOM - SERVICES 1 Bharti Airtel Limited 449,000 4,220.15 4.02 2 Reliance Communications Limited 565,000 3,315.14 3.16 3 Idea Cellular Limited 1,600,000 2,004.80 1.91 Total 97,715.15 93.16 Total 97,715.15 93.16 22 Fixed Deposits*** 2,200.00 2.10 33 Reverse Repos 5,353.85 5.10 44 Net Receivable / (Payable) -382.45 -0.36 Net Assets as on September 30, 2007 104,886.55 100.00 Net Assets as on September 30, 2007 104,886.55 100.00 *** Fixed deposits are placed as Margin Deposit for Futures and Options. For detailed description, please refer to “Fixed

Deposits” Table at the end of the disclosure. ^^ indicates thinly traded/ non traded and illiquid securities as defi ned in SEBI Regulations and Guidelines.

HSBC INDIA OPPORTUNITIES FUNDHSBC INDIA OPPORTUNITIES FUNDHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Rating Sr. Name of the Instrument Quantity Market Value % age to Rating No. (Rs in Lacs) NAV No. (Rs in Lacs) NAV 1 Equity & Equity Related Instruments 1 Equity & Equity Related Instruments Listed / Awaiting listing on Stock Exchanges Listed / Awaiting listing on Stock Exchanges AUTO ANCILLARIES AUTO ANCILLARIES 1 Motor Industries Company Limited 45,000 1,912.57 2.68 BANKS BANKS 1 State Bank Of India 144,000 2,802.02 3.93 2 Punjab National Bank 280,000 1,519.14 2.13 3 Kotak Mahindra Bank Limited 153,000 1,410.97 1.98 4 Ing Vysya Bank Limited 486,000 1,275.26 1.79 5 Union Bank Of India 675,000 1,102.61 1.55 CEMENT CEMENT 1 Grasim Industries Limited 54,000 1,895.97 2.66 2 ACC Limited 153,000 1,831.56 2.57 3 Century Textiles And Industries Limited 171,000 1,441.62 2.02 CHEMICALS CHEMICALS 1 Meghmani Organics Limited 5,400,000 1,350.00 1.89 CONSTRUCTION CONSTRUCTION 1 Jaiprakash Associates Limited 234,000 2,562.53 3.59 2 Punj Lloyd Limited 720,000 2,229.84 3.13 CONSUMER NON DURABLE CONSUMER NON DURABLE 1 Advanta India Limited 262,076 2,799.23 3.92 DIVERSIFIED DIVERSIFIED 1 Larsen & Toubro Limited 54,000 1,516.29 2.13 FERROUS METALS FERROUS METALS 1 Tata Steel Limited 99,000 842.00 1.18 FINANCE FINANCE 1 Shriram Transport Finance Company Limited 754,518 1,483.38 2.08 2 India Infoline Limited 96,196 806.41 1.13 INDUSTRIAL CAPITAL GOODS INDUSTRIAL CAPITAL GOODS 1 Bharat Heavy Electricals Limited 126,000 2,566.56 3.60 2 Thermax Limited 183,136 1,372.60 1.92 3 Praj Industries Limited 396,000 940.30 1.32

INDUSTRIAL PRODUCTS INDUSTRIAL PRODUCTS 1 Sintex Industries Limited 504,000 1,750.39 2.45 2 Jain Irrigation Systems Limited 248,968 1,358.87 1.90 MEDIA & ENTERTAINMENT MEDIA & ENTERTAINMENT 1 HT Media Limited 592,984 1,276.10 1.79 2 Global Broadcast News Limited 121,500 1,171.99 1.64 3 Television Eighteen India Limited 126,000 1,141.06 1.60 4 Pritish Nandy Communications Limited 396,000 318.78 0.45 MINERALS/ MINING MINERALS/ MINING 1 Sesa Goa Limited 14,372 362.79 0.51 NON - FERROUS METALS NON - FERROUS METALS 1 Sterlite Industries (India) Limited 126,000 943.30 1.32 OIL OIL 1 Aban Offshore Limited 63,000 2,207.84 3.09 PESTICIDES PESTICIDES 1 United Phosphorus Limited 223,303 887.18 1.24 PETROLEUM PRODUCTS PETROLEUM PRODUCTS 1 Reliance Industries Limited 216,000 4,963.79 6.96 2 Essar Oil Limited 900,000 525.15 0.74 PHARMACEUTICALS PHARMACEUTICALS 1 Glenmark Pharmaceuticals Limited 423,000 1,786.96 2.50 2 Cipla Limited 630,000 1,148.49 1.61 3 Torrent Pharmaceuticals Limited 257,535 488.29 0.68 POWER POWER 1 GVK Power & Infrastructure Limited 71,100 467.23 0.65 2 Power Grid Corporation Of India Limited^^ 177,525 92.31 0.13 RETAILING RETAILING 1 Pantaloon Retail (India) Limited 126,000 680.40 0.95 SOFTWARE SOFTWARE 1 Mphasis BFL Limited 675,000 1,930.16 2.71 2 Patni Computer Systems Limited 306,000 1,439.27 2.02 3 Infosys Technologies Limited 63,000 1,192.43 1.67 TELECOM - SERVICES TELECOM - SERVICES 1 Reliance Communications Limited 306,000 1,795.46 2.52 2 Videsh Sanchar Nigam Limited 369,808 1,619.20 2.27 TELECOM EQUIPMENT & ACCESSORIES TELECOM EQUIPMENT & ACCESSORIES 1 Sterlite Optical Technologies Limited 396,000 939.71 1.32 TEXTILE PRODUCTS TEXTILE PRODUCTS 1 Aditya Birla Nuvo Limited 126,000 1,920.74 2.69 TRADING TRADING 1 3M India Limited 41,400 750.87 1.05 TRANSPORTATION TRANSPORTATION 1 The Great Eastern Shipping Company Limited 450,000 1,514.03 2.12 Total 68,333.66 95.78 Total 68,333.66 95.78 2 2 Fixed Deposits*** 1,300.00 1.82 3 3 Reverse Repos 2,170.68 3.04 4 4 Net Receivable / (Payable) -463.46 -0.65 Net Assets as on September 30, 2007 71,340.88 100.00 Net Assets as on September 30, 2007 71,340.88 100.00

*** Fixed deposits are placed as Margin Deposit for Futures and Options. For detailed description, please refer to “Fixed Deposits” Table at the end of the disclosure.

^^ indicates thinly traded/ non traded and illiquid securities as defi ned in SEBI Regulations and Guidelines.

HSBC INDIA OPPORTUNITIES FUNDHSBC INDIA OPPORTUNITIES FUNDHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Rating Sr. Name of the Instrument Quantity Market Value % age to Rating No. (Rs in Lacs) NAV No. (Rs in Lacs) NAV


HSBC ADVANTAGE INDIA FUNDHSBC ADVANTAGE INDIA FUNDHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Rating Sr. Name of the Instrument Quantity Market Value % age to Rating No. (Rs in Lacs) NAV No. (Rs in Lacs) NAV 1 1 Equity & Equity Related Instruments Equity & Equity Related Instruments Listed / Awaiting listing on Stock Exchanges Listed / Awaiting listing on Stock Exchanges AIRLINES AIRLINES 1 Spicejet Limited 2,430,000 1,423.98 1.55 AUTO ANCILLARIES AUTO ANCILLARIES 1 Motor Industries Company Limited 45,000 1,912.57 2.08 BANKS BANKS 1 State Bank Of India 210,000 4,086.29 4.44 2 Punjab National Bank 550,312 2,985.72 3.24 3 ICICI Bank Limited 252,000 2,677.25 2.91 4 Kotak Mahindra Bank Limited 270,000 2,489.94 2.70 5 Central Bank Of India 900,000 1,338.75 1.45 6 Axis Bank Limited 133,000 1,016.92 1.10 CEMENT CEMENT 1 Grasim Industries Limited 80,000 2,808.84 3.05 2 Century Textiles And Industries Limited 117,000 986.37 1.07 CONSTRUCTION CONSTRUCTION 1 Jaiprakash Associates Limited 432,000 4,730.83 5.14 2 Punj Lloyd Limited 1,020,000 3,158.94 3.43 3 B.L.Kashyap And Sons Limited 100,000 2,404.35 2.61 CONSUMER NON DURABLE CONSUMER NON DURABLE 1 United Spirits Limited 64,000 1,123.23 1.22 2 Advanta India Limited 88,353 943.70 1.02 DIVERSIFIED DIVERSIFIED 1 Larsen & Toubro Limited 160,500 4,506.76 4.89 FERROUS METALS FERROUS METALS 1 Welspun Gujarat Stahl Rohren Limited 632,275 1,871.85 2.03 2 Jindal Steel & Power Limited 33,500 1,737.24 1.89 INDUSTRIAL CAPITAL GOODS INDUSTRIAL CAPITAL GOODS 1 Bharat Heavy Electricals Limited 234,000 4,766.46 5.18 2 Thermax Limited 558,008 4,182.27 4.54 3 Siemens Limited 133,358 1,801.87 1.96 4 Crompton Greaves Limited 452,047 1,512.78 1.64 5 Praj Industries Limited 550,000 1,305.98 1.42 INDUSTRIAL PRODUCTS INDUSTRIAL PRODUCTS 1 Kirloskar Brothers Limited 451,169 2,306.38 2.50 2 Sintex Industries Limited 485,312 1,685.49 1.83 MEDIA & ENTERTAINMENT MEDIA & ENTERTAINMENT 1 Television Eighteen India Limited 149,193 1,351.09 1.47 2 PVR Limited 549,217 1,133.58 1.23 3 HT Media Limited 375,000 807.00 0.88 OIL OIL 1 Aban Offshore Limited 38,050 1,333.46 1.45 PHARMACEUTICALS PHARMACEUTICALS 1 Cadila Healthcare Limited 255,000 792.92 0.86 2 Dishman Pharmaceuticals And Chemicals Limited 266,741 777.42 0.84 POWER POWER 1 Kalpataru Power Transmission Limited 149,000 2,396.37 2.60 2 PTC India Limited 1,400,000 1,281.70 1.39 3 Power Grid Corporation Of India Limited^^ 227,162 118.12 0.13 RETAILING RETAILING 1 Pantaloon Retail (India) Limited 240,000 1,296.00 1.41 SOFTWARE SOFTWARE 1 Infosys Technologies Limited 104,703 1,981.77 2.15 2 Patni Computer Systems Limited 360,000 1,693.26 1.84 3 Mphasis BFL Limited 375,000 1,072.31 1.16 4 Satyam Computer Services Limited 200,000 892.30 0.97 5 Infotech Enterprises Limited 77,038 206.04 0.22 TELECOM - SERVICES TELECOM - SERVICES 1 Reliance Communications Limited 600,000 3,520.50 3.82 2 Bharti Airtel Limited 363,000 3,411.84 3.71 3 Videsh Sanchar Nigam Limited 452,050 1,979.30 2.15 TEXTILE PRODUCTS TEXTILE PRODUCTS 1 S. Kumars Nationwide Limited 1,100,000 1,249.05 1.36 Total 87,058.77 94.55 Total 87,058.77 94.55 22 Fixed Deposits*** 1,700.00 1.85 33 Reverse Repos 3,264.31 3.55 44 Net Receivable / (Payable) 51.06 0.06 Net Assets as on September 30, 2007 92,074.14 100.00 Net Assets as on September 30, 2007 92,074.14 100.00



HSBC MIDCAP EQUITY FUNDHSBC MIDCAP EQUITY FUNDHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) NAV Rating No. (Rs in Lacs) NAV Rating 1 Equity & Equity Related Instruments 1 Equity & Equity Related Instruments Listed / Awaiting listing on Stock Exchanges Listed / Awaiting listing on Stock Exchanges AIRLINES AIRLINES 1 Spicejet Limited 500,000 293.00 0.93 AUTO ANCILLARIES AUTO ANCILLARIES 1 Motor Industries Company Limited 12,600 535.52 1.69 2 Asahi India Glass Limited 434,000 464.38 1.47 3 Amtek India Limited 289,900 461.96 1.46 BANKS BANKS 1 The Jammu And Kashmir Bank Limited 110,000 860.86 2.72 2 Indian Overseas Bank Limited 532,000 767.94 2.43 CEMENT CEMENT 1 India Cements Limited 248,000 723.54 2.29 2 Century Textiles And Industries Limited 77,000 649.15 2.05 3 Orient Paper And Industries Limited 100,000 540.85 1.71 4 Orient Paper And Industries Limited Partly Paid 30,000 81.13 0.26 COMPRESSOR/DRILLING COMPRESSOR/DRILLING 1 Kirloskar Pneumatic Company Limited 160,225 729.02 2.31 CONSTRUCTION CONSTRUCTION 1 Punj Lloyd Limited 290,000 898.13 2.84 2 Jaiprakash Associates Limited 60,000 657.06 2.08 3 Housing Development & Infrastructure Limited 50,000 313.88 0.99 CONSUMER DURABLES CONSUMER DURABLES 1 Fedders Lloyds Corporation Limited 200,000 311.20 0.98 CONSUMER NON DURABLES CONSUMER NON DURABLES 1 Radico Khaitan Limited 354,126 663.28 2.10 2 Advanta India Limited 55,399 591.72 1.87 EXPLOSIVES EXPLOSIVES 1 Gulf Oil Corporation Limited 38,460 572.17 1.81 FERROUS METALS FERROUS METALS 1 Kalyani Steels Limited 154,569 664.03 2.10 2 Usha Martin Limited 1,107,491 656.74 2.08 3 Maharashtra Seamless Limited 100,000 615.05 1.95 4 PSL Limited 144,514 567.07 1.79 5 Welspun Gujarat Stahl Rohren Limited 153,303 453.85 1.44 6 Ratnamani Metals And Tubes Limited 35,739 374.01 1.18 HOTELS HOTELS 1 Viceroy Hotels Limited 675,951 601.60 1.90 2 Royal Orchid Hotels Limited 257,299 388.01 1.23 INDUSTRIAL CAPITAL GOODS INDUSTRIAL CAPITAL GOODS 1 Elecon Engineering Company Limited 171,000 1,176.74 3.72 2 Thermax Limited 137,522 1,030.73 3.26 3 Emco Limited 70,275 785.22 2.49 4 Crompton Greaves Limited 144,000 481.90 1.53 5 ABG Shipyard Limited 70,317 454.53 1.44 6 Nitin Fire Protection Industries Limited 88,233 364.93 1.15 INDUSTRIAL PRODUCTS INDUSTRIAL PRODUCTS 1 Sintex Industries Limited 307,960 1,069.55 3.38 2 Cummins India Limited 124,000 539.09 1.71 3 Jain Irrigation Systems Limited 93,737 511.62 1.62 4 KSB Pumps Limited 69,544 340.70 1.08 MEDIA & ENTERTAINMENT MEDIA & ENTERTAINMENT 1 Balaji Telefi lms Limited 219,957 576.40 1.82 2 Television Eighteen India Limited 48,010 434.78 1.38 3 PVR Limited 177,102 365.54 1.16 MINERALS/ MINING MINERALS/ MINING 1 Gujarat NRE Coke Limited 594,000 517.37 1.64 OIL OIL 1 Aban Offshore Limited 22,029 772.01 2.44 PHARMACEUTICALS PHARMACEUTICALS 1 Opto Circuits (India) Limited 170,000 961.69 3.04 2 Elder Pharmaceuticals Limited 100,000 434.35 1.37 3 Indoco Remedies Limited 145,000 429.06 1.36 POWER POWER 1 Kalpataru Power Transmission Limited 41,884 673.62 2.13 2 Kirloskar Electric Company Limited 119,966 324.75 1.03 3 Power Grid Corporation Of India Limited^^ 78,252 40.69 0.13 RETAILING RETAILING 1 Pantaloon Retail (India) Limited 100,000 540.00 1.71 2 Vishal Retail Limited 45,502 318.10 1.01 SOFTWARE SOFTWARE 1 Patni Computer Systems Limited 117,000 550.31 1.74 2 Logix Microsystems Limited 137,700 495.65 1.57 3 Nucleus Software Exports Limited 92,180 291.98 0.92 TELECOM EQUIPMENT & ACCESSORIES TELECOM EQUIPMENT & ACCESSORIES 1 MIC Electronics Limited 159,077 851.22 2.69 2 Astra Microwave Products Limited 200,010 294.31 0.93 Total 30,061.95 95.14 Total 30,061.95 95.14 22 Reverse Repos 1,208.72 3.83 33 Net Receivable / (Payable) 326.22 1.03 Net Assets as on September 30, 2007 31,596.90 100.00 Net Assets as on September 30, 2007 31,596.90 100.00


HSBC UNIQUE OPPORTUNITIES FUNDHSBC UNIQUE OPPORTUNITIES FUND Half Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) NAV Rating No. (Rs in Lacs) NAV Rating 1 Equity & Equity Related Instruments 1 Equity & Equity Related Instruments Listed / Awaiting listing on Stock Exchanges Listed / Awaiting listing on Stock Exchanges AIRLINES AIRLINES 1 Spicejet Limited 1,800,000 1,054.80 1.50 AUTO AUTO 1 Escorts Limited 1,100,000 1,307.35 1.86 AUTO ANCILLARIES AUTO ANCILLARIES Amtek India Limited 746,876 1,190.15 1.70 Asahi India Glass Limited 667,898 714.65 1.02 BANKS BANKS 1 State Bank Of India 117,000 2,276.64 3.24 2 Oriental Bank Of Commerce 446,654 1,080.68 1.54 3 Indian Bank 662,742 1,059.72 1.51 4 Allahabad Bank 964,466 1,041.62 1.48 5 Dena Bank 1,450,000 977.30 1.39 CEMENT CEMENT 1 Century Textiles And Industries Limited 279,000 2,352.11 3.35 2 India Cements Limited 600,000 1,750.50 2.49 CHEMICALS CHEMICALS 1 Bombay Dyeing & Manufacturing Company Limited 180,000 1,217.61 1.73 COMPRESSOR/DRILLING COMPRESSOR/DRILLING 1 Kirloskar Pneumatic Company Limited 140,131 637.60 0.91 CONSTRUCTION CONSTRUCTION 1 Jaiprakash Associates Limited 233,000 2,551.58 3.63 2 Punj Lloyd Limited 666,000 2,062.60 2.94 3 Gammon India Limited 187,536 866.60 1.23 4 Housing Development & Infrastructure Limited 42,500 266.79 0.38 CONSUMER NON DURABLES CONSUMER NON DURABLES 1 Advanta India Limited 67,800 724.17 1.03 EXPLOSIVES EXPLOSIVES 1 Gulf Oil Corporation Limited 45,000 669.47 0.95 FERROUS METALS FERROUS METALS 1 Kalyani Steels Limited 325,278 1,397.39 1.99 2 PSL Limited 303,572 1,191.22 1.70 3 Welspun Gujarat Stahl Rohren Limited 313,723 928.78 1.32 FINANCE FINANCE 1 Bajaj Auto Finance Limited 317,961 1,158.81 1.65 HOTELS HOTELS 1 Royal Orchid Hotels Limited 211,454 318.87 0.45 INDUSTRIAL PRODUCTS INDUSTRIAL PRODUCTS 1 Sintex Industries Limited 542,277 1,883.33 2.68 2 Max India Limited 515,937 1,255.02 1.79 3 Asian Electronics Limited 17,804 157.44 0.22 MEDIA & ENTERTAINMENT MEDIA & ENTERTAINMENT 1 Television Eighteen India Limited 159,893 1,447.99 2.06 2 Wire And Wireless India Limited 1,624,227 732.53 1.04 3 PVR Limited 59,519 122.85 0.17 MINERALS/MINING MINERALS/MINING 1 Sesa Goa Limited 79,126 1,997.34 2.84 NON - FERROUS METALS NON - FERROUS METALS 1 Binani Industries Limited 732,079 1,655.23 2.36 OIL OIL 1 Aban Offshore Limited 39,500 1,384.28 1.97 PHARMACEUTICALS PHARMACEUTICALS 1 Opto Circuits (India) Limited 315,000 1,781.96 2.54 2 Cipla Limited 630,000 1,148.49 1.64 3 Lupin Limited 171,716 1,009.95 1.44 4 Indoco Remedies Limited 302,413 894.84 1.27 5 Torrent Pharmaceuticals Limited 343,775 651.80 0.93 6 IPCA Laboratories Limited 70,000 462.14 0.66 POWER POWER 1 GVK Power & Infrastructure Limited 192,509 1,265.07 1.80 2 Kalpataru Power Transmission Limited 64,565 1,038.40 1.48 3 Power Grid Corporation Of India Limited^^ 170,181 88.49 0.13 RETAILING RETAILING 1 Pantaloon Retail (India) Limited 254,000 1,371.60 1.95 2 Vishal Retail Limited 140,000 978.74 1.39 SOFTWARE SOFTWARE 1 Mphasis BFL Limited 423,000 1,209.57 1.72 2 Patni Computer Systems Limited 250,273 1,177.16 1.68 3 Mastek Limited 299,000 902.98 1.29 4 Infosys Technologies Limited 24,000 454.26 0.65 TELECOM - SERVICES TELECOM - SERVICES 1 Videsh Sanchar Nigam Limited 371,825 1,628.04 2.32 2 Reliance Communications Limited 255,000 1,496.21 2.13 TELECOM EQUIPMENT & ACCESSORIES TELECOM EQUIPMENT & ACCESSORIES 1 Sterlite Optical Technologies Limited 342,000 811.57 1.16 2 MIC Electronics Limited 51,218 274.07 0.39 TEXTILE PRODUCTS TEXTILE PRODUCTS 1 S. Kumars Nationwide Limited 1,080,000 1,226.34 1.75 2 Bombay Rayon Fashions Limited 157,838 377.63 0.54 TRADING TRADING 1 3M India Limited 41,400 750.87 1.07 TRANSPORTATION TRANSPORTATION 1 The Great Eastern Shipping Company Limited 204,000 686.36 0.98 Total 61,119.54 87.05 Total 61,119.54 87.05 22 Fixed Deposits*** 1,360.00 1.94 33 Reverse Repos 4,680.45 6.67 44 Net Receivable / (Payable) 3051.79 4.35 Net Assets as on September 30, 2007 70,211.79 100.00 Net Assets as on September 30, 2007 70,211.79 100.00



HSBC TAX SAVER EQUITY FUND HSBC TAX SAVER EQUITY FUND Half Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) NAV Rating No. (Rs in Lacs) NAV Rating 1 Equity & Equity Related Instruments 1 Equity & Equity Related Instruments Listed / Awaiting listing on Stock Exchanges Listed / Awaiting listing on Stock Exchanges BANKS BANKS 1 State Bank Of India 66,000 1,284.26 5.33 2 Punjab National Bank 215,626 1,169.88 4.85 3 Axis Bank Limited 72,000 550.51 2.28 4 Indian Bank 254,820 407.46 1.69 5 Oriental Bank Of Commerce 106,071 256.64 1.06 6 Andhra Bank Limited 242,000 253.86 1.05 7 ING Vysya Bank Limited 86,000 225.66 0.94 8 Bank Of India 34,500 95.53 0.40 CEMENT CEMENT 1 Century Textiles And Industries Limited 67,500 569.06 2.36 2 Grasim Industries Limited 14,768 518.51 2.15 CONSTRUCTION CONSTRUCTION 1 Jaiprakash Associates Limited 95,758 1,048.65 4.35 2 Punj Lloyd Limited 213,000 659.66 2.74 CONSUMER NON DURABLES CONSUMER NON DURABLES 1 Advanta India Limited 39,466 421.54 1.75 2 Radico Khaitan Limited 125,000 234.13 0.97 DIVERSIFIED DIVERSIFIED 1 Larsen & Toubro Limited 24,000 673.91 2.80 FERROUS METALS FERROUS METALS 1 Welspun Gujarat Stahl Rohren Limited 181,857 538.39 2.23 2 PSL Limited 120,000 470.88 1.95 3 Om Metals Infraprojects Limited 298,021 146.48 0.61 HOTELS HOTELS 1 Royal Orchid Hotels Limited 226,114 340.98 1.41 2 Viceroy Hotels Limited 362,301 322.45 1.34 INDUSTRIAL CAPITAL GOODS INDUSTRIAL CAPITAL GOODS 1 Bharat Heavy Electricals Limited 46,000 937.00 3.89 2 Thermax Limited 87,730 657.54 2.73 3 Crompton Greaves Limited 116,000 388.19 1.61 4 TRF Limited 20,405 228.77 0.95 INDUSTRIAL PRODUCTS INDUSTRIAL PRODUCTS 1 Sintex Industries Limited 242,000 840.47 3.49 2 Caprihans India Limited 410,219 423.35 1.76 MEDIA & ENTERTAINMENT MEDIA & ENTERTAINMENT 1 HT Media Limited 152,000 327.10 1.36 2 Television Eighteen India Limited 30,131 272.87 1.13 3 Balaji Telefi lms Limited 100,000 262.05 1.09 4 Pritish Nandy Communications Limited 111,270 89.57 0.37 MINERALS/MINING MINERALS/MINING 1 Gujarat NRE Coke Limited 459,000 399.79 1.66 PETROLEUM PRODUCTS PETROLEUM PRODUCTS 1 Reliance Industries Limited 63,000 1,447.77 6.01 PHARMACEUTICALS PHARMACEUTICALS 1 Torrent Pharmaceuticals Limited 189,565 359.42 1.49 2 Dishman Pharmaceuticals And Chemicals Limited 114,663 334.19 1.39 3 Divi’s Laboratories Limited 26,000 317.23 1.32 4 Cadila Healthcare Limited 100,000 310.95 1.29 POWER POWER 1 GVK Power & Infrastructure Limited 100,001 657.16 2.73 2 Gujarat Industries Power Company Limited 307,325 265.84 1.10 3 Power Grid Corporation Of India Limited^^ 56,726 29.50 0.12

SOFTWARE SOFTWARE 1 Logix Microsystems Limited 103,800 373.63 1.55 2 Patni Computer Systems Limited 72,000 338.65 1.40 3 Mphasis BFL Limited 83,900 239.91 1.00 4 Infotech Enterprises Limited 6,111 16.34 0.07 TELECOM - SERVICES TELECOM - SERVICES 1 Bharti Airtel Limited 60,000 563.94 2.34 2 Reliance Communications Limited 95,000 557.41 2.31 3 Videsh Sanchar Nigam Limited 93,849 410.92 1.70 TELECOM EQUIPMENT & ACCESSORIES TELECOM EQUIPMENT & ACCESSORIES 1 MIC Electronics Limited 104,436 558.84 2.32 Total 21,796.79 90.41 Total 21,796.79 90.41 22 Reverse Repos 1,577.46 6.54 33 Net Receivable / (Payable) 734.43 3.05 Net Assets as on September 30, 2007 24,108.68 100.00 Net Assets as on September 30, 2007 24,108.68 100.00

^indicates thinly traded/ non traded and illiquid securities as defi ned in SEBI Regulations and Guidelines.

HSBC TAX SAVER EQUITY FUND HSBC TAX SAVER EQUITY FUND Half Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) NAV Rating No. (Rs in Lacs) NAV Rating

HSBC DYNAMIC FUNDHSBC DYNAMIC FUNDHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) NAV Rating No. (Rs in Lacs) NAV Rating 1 Equity & Equity Related Instruments 1 Equity & Equity Related Instruments Listed / Awaiting listing on Stock Exchanges Listed / Awaiting listing on Stock Exchanges BANKS BANKS 1 State Bank Of India 133,650 2,600.63 5.35 2 Kotak Mahindra Bank Limited 100,000 922.20 1.90 3 Bank Of India 73,067 202.32 0.42 CEMENT CEMENT 1 Grasim Industries Limited 47,700 1,674.77 3.45 COMPRESSOR/DRILLING COMPRESSOR/DRILLING 1 Kirloskar Pneumatic Company Limited 60,123 273.56 0.56 CONSTRUCTION CONSTRUCTION 1 Jaiprakash Associates Limited 149,291 1,634.89 3.36 2 Gammon India Limited 184,192 851.15 1.75 3 Housing Development & Infrastructure Limited 42,500 266.79 0.55 CONSUMER NON DURABLES CONSUMER NON DURABLES 1 Colgate Palmolive India Limited 80,000 321.20 0.66 FERROUS METALS FERROUS METALS 1 Welspun Gujarat Stahl Rohren Limited 372,910 1,104.00 2.27 2 Steel Authority Of India Limited 425,000 880.39 1.81 FINANCE FINANCE 1 India Infoline Limited 75,956 636.74 1.31 INDUSTRIAL PRODUCTS INDUSTRIAL PRODUCTS 1 Sintex Industries Limited 320,722 1,113.87 2.29 2 Kirloskar Brothers Limited 167,283 855.15 1.76 MEDIA & ENTERTAINMENT MEDIA & ENTERTAINMENT 1 Television Eighteen India Limited 85,074 770.43 1.59 2 Global Broadcast News Limited 44,520 429.44 0.88 MINERALS/ MINING MINERALS/ MINING 1 Gujarat NRE Coke Limited 1,209,000 1,053.04 2.17 2 Sesa Goa Limited 18,251 460.70 0.95 NON - FERROUS METALS NON - FERROUS METALS 1 Binani Industries Limited 63,273 143.06 0.29 OIL OIL 1 Cairn India Limited 100,070 181.23 0.37 PETROLEUM PRODUCTS PETROLEUM PRODUCTS 1 Reliance Industries Limited 95,000 2,183.15 4.49 PHARMACEUTICALS PHARMACEUTICALS 1 IPCA Laboratories Limited 100,000 660.20 1.36 2 Cadila Healthcare Limited 200,000 621.90 1.28 3 Lupin Limited 75,000 441.11 0.91 4 Dishman Pharmaceuticals And Chemicals Limited 150,000 437.18 0.90 POWER POWER 1 GVK Power & Infrastructure Limited 164,674 1,082.16 2.23 2 Tata Power Limited 86,000 734.70 1.51 3 Power Grid Corporation Of India Limited^^ 113,960 59.26 0.12 SOFTWARE SOFTWARE 1 Infosys Technologies Limited 54,704 1,035.41 2.13 2 Patni Computer Systems Limited 90,954 427.80 0.88 TELECOM EQUIPMENT & ACCESSORIES TELECOM EQUIPMENT & ACCESSORIES 1 MIC Electronics Limited 166,971 893.46 1.84 TEXTILE PRODUCTS TEXTILE PRODUCTS 1 Aditya Birla Nuvo Limited 75,000 1,143.30 2.35 2 S. Kumars Nationwide Limited 400,000 454.20 0.93 TRANSPORTATION TRANSPORTATION 1 The Great Eastern Shipping Company Limited 81,095 272.84 0.56 Total 26,822.22 55.19 Total 26,822.22 55.19 2 Debt Instruments 2 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** ICICI Securities Limited 1,000 5,000.00 10.29 P1+ Total 5,000.00 10.29 Total 5,000.00 10.29 33 Fixed Deposits*** 2,700.00 5.56 44 Reverse Repos 15,966.87 32.85 55 Net Receivable / (Payable) -1889.12 -3.89 Net Assets as on September 30, 2007 Net Assets as on September 30, 2007 48,599.97 100.00 48,599.97 100.00 *** Fixed deposits are placed as Margin Deposit for Futures and Options. For detailed description, please refer to “Fixed

Deposits” Table at the end of the disclosure.^^ indicates thinly traded/ non traded and illiquid securities as defi ned in SEBI Regulations and Guidelines.

HSBC MIP REGULAR PLAN HSBC MIP REGULAR PLANHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) NAV Rating No. (Rs in Lacs) NAV Rating 1 Equity & Equity Related Instruments 1 Equity & Equity Related Instruments Listed / Awaiting listing on Stock Exchanges Listed / Awaiting listing on Stock Exchanges BANKS BANKS 1 State Bank Of India 2,500 48.65 1.07 2 Punjab National Bank 6,000 32.55 0.72 3 The Jammu And Kashmir Bank Limited 3,707 29.01 0.64 4 Bank Of India 7,500 20.77 0.46 5 Yes Bank Limited 7,000 14.49 0.32 6 ICICI Bank Limited 1,200 12.75 0.28 7 Andhra Bank Limited 9,500 9.97 0.22 CEMENT CEMENT 1 Grasim Industries Limited 500 17.56 0.39 2 Shree Cements Limited 1,000 15.23 0.34 CONSTRUCTION CONSTRUCTION 1 Jaiprakash Associates Limited 3,882 42.51 0.94 2 Punj Lloyd Limited 5,500 17.03 0.38 DIVERSIFIED DIVERSIFIED 1 Larsen & Toubro Limited 800 22.46 0.50 FERROUS METALS FERROUS METALS 1 Welspun Gujarat Stahl Rohren Limited 8,669 25.66 0.57 INDUSTRIAL CAPITAL GOODS INDUSTRIAL CAPITAL GOODS 1 Bharat Heavy Electricals Limited 1,213 24.71 0.54 INDUSTRIAL PRODUCTS INDUSTRIAL PRODUCTS 1 Atlas Copco (India) Limited 1,750 16.34 0.36 PETROLEUM PRODUCTS PETROLEUM PRODUCTS 1 Reliance Industries Limited 1,400 32.17 0.71 PHARMACEUTICALS PHARMACEUTICALS 1 Glenmark Pharmaceuticals Limited 7,000 29.57 0.65 2 Divi’s Laboratories Limited 1,800 21.96 0.48 POWER POWER 1 GVK Power & Infrastructure Limited 4,300 28.26 0.62 2 Power Grid Corporation Of India Limited^^ 10,889 5.66 0.12 SOFTWARE SOFTWARE 1 Logix Microsystems Limited 12,900 46.43 1.02 2 Patni Computer Systems Limited 3,500 16.46 0.36 3 Everonn Systems India Limited 2,000 13.24 0.29 TELECOM EQUIPMENT & ACCESSORIES TELECOM EQUIPMENT & ACCESSORIES 1 MIC Electronics Limited 4,645 24.86 0.55 TEXTILE PRODUCTS TEXTILE PRODUCTS 1 Aditya Birla Nuvo Limited 1,500 22.87 0.50 TELECOM - SERVICES TELECOM - SERVICES 1 Bharti Airtel Limited 2,000 18.80 0.41 2 Reliance Communications Limited 3,700 21.71 0.48 Total 631.68 13.92 Total 631.68 13.92 2 Debt Instruments 2 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 National Bank For Agricultural And Rural Development Limited 42 417.66 9.21 AAA 2 Citi Financial Consumer Finance India Limited 33 326.53 7.20 AAA 3 Power Finance Corporation Limited 31 312.91 6.90 AAA 4 Mahindra & Mahindra Financial Services Limited 30 295.36 6.51 AA+ 5 Sundaram Finance Limited 5 38.80 0.86 LAA+ Total 1391.26 30.67 Total 1391.26 30.67


HSBC MIP REGULAR PLAN HSBC MIP REGULAR PLANHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) NAV Rating No. (Rs in Lacs) NAV Rating b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Kotak Mahindra Prime Limited 9 69.33 1.53 LAA 2 GE Capital Services Limited 1 7.75 0.17 AAA Total 77.08 1.70 Total 77.08 1.70 3 MIBOR Linked / Floating Rate Instruments 3 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 4 Securitised Debt (Unlisted) 4 Securitised Debt (Unlisted) a) Traded a) Traded Total - - Total - - b) Non Traded / Thinly traded** b) Non Traded / Thinly traded** 1 Corporate Loan Securitisation Trust Series 30 Trust 2008 - A2 (Kotak Mahindra Bank) PTC 4 466.91 10.29 PR1+(SO) 2 Indian Retail ABS Trust 63 Series A2 (ICICI Bank) PTC 5 374.03 8.24 LAAA(SO) 3 Indian Retail ABS Trust Series 56 A1X (ICICI Bank) PTC 11 232.23 5.12 AAA(SO) 4 GECSI Loan Series I Class D (IRFC) PTC 1 100.86 2.22 AAA(SO) 5 SCB Long Bond Receivables Trust 2006 Series A2 (Standard Chartered Investments and Loans(India)) PTC 1 95.17 2.10 AAA(SO) 6 Indian Corporate Loan Securitisation Trust -Series XXVIII (A2) (Yes Bank) PTC 5 34.63 0.76 P1+(SO) Total 1303.83 28.74 Total 1303.83 28.74 5 Government Securities 5 Government Securities 1 7.49% GOI Bonds 2017 250,000 242.78 5.35 Sovereign 2 7.99% GOI Bonds 2017 200,000 201.14 4.43 Sovereign Total 443.92 9.79 Total 443.92 9.79 6 Money Market Instruments 6 Money Market Instruments a) Commercial Papers a) Commercial Papers Total - - Total - - b) Certifi cate of Deposit b) Certifi cate of Deposit Total - - Total - - Total Money Market Instruments - - Total Money Market Instruments - - 7 7 Fixed Deposits*** 50.00 1.10 88 Reverse Repos 554.60 12.23 99 Net Receivable / (Payable) 84.16 1.86 Net Assets as on September 30, 2007 4,536.53 100.00 Net Assets as on September 30, 2007 4,536.53 100.00

** Securities are classifi ed as thinly traded / non traded on the date of valuation in accordance with SEBI Regulations and Guidelines.



HSBC MIP SAVINGS PLANHSBC MIP SAVINGS PLANYearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) NAV Rating No. (Rs in Lacs) NAV Rating 1 Equity & Equity Related Instruments 1 Equity & Equity Related Instruments Listed / Awaiting listing on Stock Exchanges Listed / Awaiting listing on Stock Exchanges BANKS BANKS 1 State Bank Of India 6,800 132.32 1.80 2 ICICI Bank Limited 10,000 106.24 1.44 3 Punjab National Bank 15,000 81.38 1.11 4 The Jammu And Kashmir Bank Limited 9,703 75.94 1.03 5 Andhra Bank Limited 51,000 53.50 0.73 6 Bank Of India 19,000 52.61 0.72 7 Yes Bank Limited 16,000 33.11 0.45 CEMENT CEMENT 1 Shree Cements Limited 4,500 68.54 0.93 2 Grasim Industries Limited 1,750 61.44 0.84 CONSTRUCTION CONSTRUCTION 1 Jaiprakash Associates Limited 8,969 98.22 1.34 2 Punj Lloyd Limited 15,000 46.46 0.63 DIVERSIFIED DIVERSIFIED 1 Larsen & Toubro Limited 1,500 42.12 0.57 FERROUS METALS FERROUS METALS 1 Welspun Gujarat Stahl Rohren Limited 18,730 55.45 0.75 INDUSTRIAL CAPITAL GOODS INDUSTRIAL CAPITAL GOODS 1 Bharat Heavy Electricals Limited 3,400 69.26 0.94 INDUSTRIAL PRODUCTS INDUSTRIAL PRODUCTS 1 Atlas Copco (India) Limited 3,950 36.88 0.50 2 Cummins India Limited 7,105 30.89 0.42 PETROLEUM PRODUCTS PETROLEUM PRODUCTS 1 Reliance Industries Limited 3,900 89.62 1.22 PHARMACEUTICALS PHARMACEUTICALS 1 Glenmark Pharmaceuticals Limited 16,000 67.59 0.92 2 Divi’s Laboratories Limited 3,900 47.58 0.65 3 Indoco Remedies Limited 12,762 37.76 0.51 POWER POWER 1 GVK Power & Infrastructure Limited 11,500 75.57 1.03 2 Power Grid Corporation Of India Limited^^ 18,486 9.61 0.13 SOFTWARE SOFTWARE 1 Logix Microsystems Limited 20,600 74.15 1.01 2 Patni Computer Systems Limited 6,500 30.57 0.42 3 Everonn Systems India Limited 4,000 26.48 0.36 TELECOM EQUIPMENT & ACCESSORIES TELECOM EQUIPMENT & ACCESSORIES 1 MIC Electronics Limited 10,000 53.51 0.73 TEXTILE PRODUCTS TEXTILE PRODUCTS 1 Aditya Birla Nuvo Limited 2,860 43.60 0.59 TELECOM - SERVICES TELECOM - SERVICES 1 Reliance Communications Limited 10,200 59.85 0.81 2 Bharti Airtel Limited 5,400 50.75 0.69 Total 1711.01 23.27 Total 1711.01 23.27 2 Debt Instruments 2 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Mahindra & Mahindra Financial Services Limited 70 689.17 9.37 AA+ 2 Citi Financial Consumer Finance India Limited 50 494.74 6.73 AAA 3 Power Finance Corporation Limited 40 403.75 5.49 AAA 4 Sundaram Finance Limited 40 393.63 5.35 AA+ 5 National Bank For Agricultural And Rural Development Limited 36 357.99 4.87 AAA 6 State Bank Of India 25 254.58 3.46 AAA Total 2593.87 35.27 Total 2593.87 35.27 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** Total - - Total - - 3 MIBOR Linked / Floating Rate Instruments 3 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 IDBI Bank Limited 10 101.84 1.38 AA+ Total 101.84 1.38 Total 101.84 1.38 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Fleet Trust April 2004 VII Series A7 (CFIL) PTC 5 20.50 0.28 AAA (IND)(SO) Total 20.50 0.28 Total 20.50 0.28 4 Securitised Debt (Unlisted) 4 Securitised Debt (Unlisted) a) Traded a) Traded Total - - Total - - b) Non Traded / Thinly traded** b) Non Traded / Thinly traded** 1 Corporate Loan Securitisation Trust Series 30 Trust 2008 - A2 (Kotak Mahindra Bank) PTC 7 817.09 11.11 PR1+(SO) 2 Indian Retail ABS Trust 63 Series A2 (ICICI Bank) PTC 10 748.06 10.17 LAAA(SO) 3 NTPC Loan Securitisation Trust Series XII (ICICI Bank) PTC 15 212.70 2.89 AAA(SO) 4 Indian Corporate Loan Securitisation Trust -Series XXVIII (A2) (Yes Bank) PTC 20 138.51 1.88 P1+(SO) 5 Indian Retail ABS Trust 70 Series A1X (ICICI Bank) PTC 1 106.29 1.45 LAAA(SO) 6 GECSI Loan Series I Class D (IRFC) PTC 1 100.86 1.37 AAA(SO) 7 Indian Retail ABS Trust Series 56 A1X (ICICI Bank) PTC 4 84.45 1.15 AAA(SO) 8 Indian Retail ABS Trust Series XIV A3 (ICICI Bank) PTC 15 52.68 0.72 AAA(SO) Total 2260.63 30.74 Total 2260.63 30.74 5 Government Securities 5 Government Securities 1 7.99% GOI Bonds 2017 200,000 201.14 2.73 Sovereign Total 201.14 2.73 Total 201.14 2.73 6 Money Market Instruments 6 Money Market Instruments a) Commercial Papers a) Commercial Papers Total - - Total - - b) Certifi cate of Deposit b) Certifi cate of Deposit Total - - Total - - Total Money Market Instruments - - Total Money Market Instruments - - 77 Fixed Deposits*** 50.00 0.68 88 Reverse Repos 64.13 0.87 99 Net Receivable / (Payable) 351.29 4.78 Net Assets as on September 30, 2007 7,354.42 100.00 Net Assets as on September 30, 2007 7,354.42 100.00




HSBC INCOME FUND - INVESTMENT PLANHSBC INCOME FUND - INVESTMENT PLANHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Citi Financial Consumer Finance India Limited 35 346.32 13.33 AAA 2 Power Finance Corporation Limited 29 292.72 11.26 AAA 3 State Bank Of India 25 254.58 9.80 AAA 4 National Bank For Agricultural And Rural Development Limited 10 99.44 3.83 AAA Total 993.07 38.21 Total 993.07 38.21 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** Total - - Total - - 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 SCB Long Bond Receivables Trust 2006 Series IV A2 (Standard Chartered Investments and Loans(India)) PTC 4 380.70 14.65 AAA(SO) 2 India MBS 2002 Series I-D (LICHFL) PTC 5 84.82 3.26 AAA(SO) Total 465.52 17.91 Total 465.52 17.91 4 Government Securities 4 Government Securities 1 7.99% GOI Bonds 2017 600,000 603.42 23.22 Sovereign 2 7.49% GOI Bond 2017 250,000 242.78 9.34 Sovereign 3 5.59% GOI Bonds 2016 400 0.34 0.01 Sovereign Total 846.54 32.58 Total 846.54 32.58 5 Money Market Instruments 5 Money Market Instruments a) Commercial Papers a) Commercial Papers Total - - Total - - b) Certifi cate of Deposit b) Certifi cate of Deposit Total - - Total - - Total Money Market Instruments - - Total Money Market Instruments - - 66 Reverse Repos 58.31 2.24 77 Net Receivable / (Payable) 235.28 9.05 Net Assets as on September 30, 2007 2,598.72 100.00 Net Assets as on September 30, 2007 2,598.72 100.00


HSBC INCOME FUND - SHORT TERM PLANHSBC INCOME FUND - SHORT TERM PLANHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 National Bank For Agricultural And Rural Development Limited 20 201.79 13.08 AAA Total 201.79 13.08 Total 201.79 13.08 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** Total - - Total - - 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) a) Traded a) Traded Total - - Total - - b) Non Traded / Thinly Traded** b) Non Traded / Thinly Traded** Total - - Total - - 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 Standard Chartered Investments And Loans (India) Limited 40 190.29 12.34 P1+ 2 L&T Finance Limited 20 95.26 6.18 PR1+ Total 285.55 18.51 Total 285.55 18.51 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 IDBI Bank Limited 200 191.46 12.41 A1+ 2 UCO Bank 200 191.33 12.40 A1+ 3 Yes Bank Limited 200 190.62 12.36 A1+ 4 ICICI Bank Limited 160 153.38 9.94 A1+ Total 726.79 47.12 Total 726.79 47.12 Total Money Market Instruments 1,012.34 65.63 Total Money Market Instruments 1,012.34 65.63 55 Reverse Repos 317.96 20.61 66 Net Receivable / (Payable) 10.37 0.67 Net Assets as on September 30, 2007 1,542.46 100.00 Net Assets as on September 30, 2007 1,542.46 100.00


HSBC FLOATING RATE FUND - LONG TERM PLANHSBC FLOATING RATE FUND - LONG TERM PLANHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating

1 D1 Debt Instruments ebt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 GE Capital Services Limited 13 1,472.06 11.39 AAA Total 1,472.06 11.39 Total 1,472.06 11.39 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** Total - - Total - - 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) a) Traded a) Traded Total - - Total - - b) Non Traded / Thinly Traded** b) Non Traded / Thinly Traded** 1 UBLTrust Series 22 (DLF) PTC 4 399.94 3.09 IND A+(SO) Total 399.94 3.09 Total 399.94 3.09 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 L&T Finance Limited 200 979.46 7.58 PR1+ 2 Standard Chartered Investments And Loans (India) Limited 160 761.57 5.89 P1+ Total 1,741.03 13.47 Total 1,741.03 13.47 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 Centurion Bank Of Punjab Limited 1,000 979.09 7.58 INDF1+ 2 Canara Bank 1,000 963.62 7.46 P1+ 3 State Bank Of Mysore 1,000 961.59 7.44 A1+ 4 ICICI Bank Limited 725 695.01 5.38 A1+ 5 Union Bank Of India 600 576.72 4.46 A1+ 6 Yes Bank Limited 600 571.86 4.42 A1+ 7 State Bank Of Indore 500 482.45 3.73 P1+ 8 Allahabad Bank 500 480.83 3.72 PR1+ 9 UCO Bank 400 382.76 2.96 A1+ 10 State Bank Of Travancore 300 288.43 2.23 P1+ 11 Deutsche Bank 200 193.49 1.50 P1+ Total 6,575.85 50.88 Total 6,575.85 50.88 Total Money Market Instruments 8,316.88 64.35 Total Money Market Instruments 8,316.88 64.35 55 Reverse Repos 2,966.29 22.95 66 Net Receivable / (Payable) -230.69 -1.78 Net Assets as on September 30, Net Assets as on September 30, 2007 12,924.48 100.002007 12,924.48 100.00


HSBC FIXED TERM SERIES 15 HSBC FIXED TERM SERIES 15 Half Yearly Portfolio Statement as of September 30, 2007


1 D 1 Debt Instruments ebt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 DSP Merrill Lynch Capital Limited 500 4,998.87 14.65 P1+(SO) 2 SREI Infrastructure Finance Limited 400 3,999.10 11.72 PR1+ 3 GE Capital Services Limited 30 3,244.18 9.50 AAA 4 GE Money Financial Services Limited 30 2,999.19 8.79 AAA 5 Shriram Transport Finance Company Limited 100,000 997.63 2.92 INDAA- 6 Shriram Transport Finance Company Limited 50,000 547.39 1.60 INDAA- Total 16,786.35 49.18 Total 16,786.35 49.18 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Indian Retail ABS Trust 67 Series A2 (ICICI Bank) PTC 60 3,419.23 10.02 LAAA(SO) 2 Retail Trust September 2006 Series A2 (HDFC Bank) PTC 30 3,010.06 8.82 A1+(SO) 3 Indian Corporate Loan Securitisation Trust Series – IX (Yes Bank) PTC 5 503.07 1.47 AA(SO) Total 6,932.36 20.31 Total 6,932.36 20.31 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 Jindal Steel & Power Limited 40 199.87 0.59 A1+ 2 ICICI Securities Primary Dealership Limited 30 149.50 0.44 P1+ Total 349.37 1.02 Total 349.37 1.02 b) Certifi cate of Deposit b) Certifi cate of Deposit Total - - Total - - Total Money Market Instruments 349.37 1.02 Total Money Market Instruments 349.37 1.02 55 Reverse Repos 9,274.24 27.17 66 Net Receivable / (Payable) 789.95 2.31 Net Assets as on September 30, Net Assets as on September 30, 2007 34,132.27 100.00 2007 34,132.27 100.00


HSBC FIXED TERM SERIES 21 HSBC FIXED TERM SERIES 21 Half Yearly Portfolio Statement as of September 30, 2007


1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 GE Capital Services Limited 340 3,620.63 19.55 AAA 2 Citicop Maruti Finance Limited 39 388.31 2.10 AAA 3 Mahindra & Mahindra Financial Services Limited 20 197.37 1.07 AA+ Total 4,206.31 22.71 Total 4,206.31 22.71 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 GE Money Financial Services Limited 34 3,626.56 19.58 AAA 2 Rabo India Finance Limited 338 3,380.64 18.25 AAA Total 7,007.20 37.83 Total 7,007.20 37.83 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 UBL Trust Series 28 (Unitech Limited) PTC 8 799.02 4.31 IND A+(SO) Total 799.02 4.31 Total 799.02 4.31 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Indian Retail ABS Trust 70 Series A1X (ICICI Bank) PTC 34 3,613.90 19.51 LAAA(SO) 2 Indian Corporate Loan Securitisation Trust - Series XX (YES BANK) PTC 25 2,525.85 13.64 AA+(SO) Total 6,139.74 33.15 Total 6,139.74 33.15 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers Total - - Total - - b) Certifi cate of Deposit b) Certifi cate of Deposit IDBI Bank Limited 100 93.93 0.51 P1+ Total 93.93 0.51 Total 93.93 0.51 Total Money Market Instruments 93.93 0.51 Total Money Market Instruments 93.93 0.51 55 Reverse Repos 38.95 0.21 66 Net Receivable / (Payable) 237.90 1.28 Net Assets as on September 30, 2007 18,523.04 100.00 Net Assets as on September 30, 2007 18,523.04 100.00


HSBC FIXED TERM SERIES 22HSBC FIXED TERM SERIES 22 Half Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age toSr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating

1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 DSP Merrill Lynch Capital Limited 430 4,305.44 15.91 AAA(SO) 2 Citi Financial Consumer Finance India Limited 400 4,006.95 14.81 AAA 3 IL & FS Limited 300,000 3,003.94 11.10 LAAA 4 Infrastructure Development Finance Company Limited 300 3,003.89 11.10 LAAA 5 Citi Financial Consumer Finance India Limited 250 2,504.34 9.26 AAA 6 Citicop Maruti Finance Limited 150 1,503.16 5.56 AAA 7 BHW Home Finance Limited 50 532.36 1.97 LAA+ 8 Mahindra & Mahindra Financial Services Limited 30 296.05 1.09 AA+ 9 Citicop Maruti Finance Limited 11 109.52 0.40 AAA Total 19,265.66 71.21 Total 19,265.66 71.21 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Shriram Transport Finance Company Limited 300 3,004.70 11.11 AAA(SO) 2 Rabo India Finance Limited 2 20.00 0.07 AAA Total 3,024.70 11.18 Total 3,024.70 11.18 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 UBL Trust Series 27 (Unitech Limited) PTC 12 1,193.96 4.41 IND A+(SO) Total 1,193.96 4.41 Total 1,193.96 4.41 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 KJS Loan Trust Series I (Jindal Stainless) PTC 20 2,142.96 7.92 AA(SO) Total 2,142.96 7.92 Total 2,142.96 7.92 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers Total - - Total - - b) Certifi cate of Deposit b) Certifi cate of Deposit Total - - Total - - Total Money Market Instruments - - Total Money Market Instruments - - 55 Reverse Repos 57.13 0.21 66 Net Receivable / (Payable) 1,369.58 5.06 Net Assets as on September 30, 2007 27,053.99 100.00 Net Assets as on September 30, 2007 27,053.99 100.00



HSBC FIXED TERM SERIES 23HSBC FIXED TERM SERIES 23Half Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Citi Financial Consumer Finance India Limited 230 2,317.12 14.71 AAA 2 Citicop Maruti Finance Limited 230 2,314.62 14.70 AAA 3 Citicorp Finance India Limited 150 1,511.38 9.60 AAA 4 Kotak Mahindra Prime Limited 100 1,005.81 6.39 LAA Total 7,148.93 45.39 Total 7,148.93 45.39 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Shriram Transport Finance Company Limited 250,000 2,510.86 15.94 INDF1+ 2 GE Money Financial Services Limited 20 2,012.83 12.78 AAA Total 4,523.68 28.72 Total 4,523.68 28.72 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total Total aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Indian Corporate Loan Securitisation Trust –Series XXIV (BHW Home) PTC 15 1,523.92 9.68 AA+(SO) 2 Indian Retail ABS Trust 75 (ICICI Bank) PTC 5 604.62 3.84 AAA(SO) 3 Indian Retail ABS Trust 76 (ICICI Bank) PTC 5 604.62 3.84 AAA(SO) Total 2,733.15 17.35 Total 2,733.15 17.35 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers Total - - Total - - b) Certifi cate of Deposit b) Certifi cate of Deposit 1 ICICI Bank Limited 500 469.33 2.98 P1+ 2 Canara Bank 225 215.81 1.37 P1+ Total 685.13 4.35 Total 685.13 4.35 Total Money Market Instruments 685.13 4.35 Total Money Market Instruments 685.13 4.35 55 Reverse Repos 38.11 0.24 66 Net Receivable / (Payable) 620.44 3.94 Net Assets as on September 30, 2007 15,749.45 100.00 Net Assets as on September 30, 2007 15,749.45 100.00



Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Citicorp Finance Limited 950 9,621.26 18.34 AAA 2 Sundaram Finance Limited 720 7,696.97 14.67 AA+ 3 BHW Home Finance Limited 700 7,483.91 14.27 LAA+ 4 Citicop Maruti Finance Limited 500 5,062.59 9.65 AAA 5 Citi Financial Consumer Finance India Limited 500 5,058.78 9.64 AAA 6 Kotak Mahindra Prime Limited 450 4,813.47 9.18 AA 7 Mahindra & Mahindra Financial Services Limited 350 3,741.95 7.13 AA+ 8 National Bank For Agricultural And Rural Development Limited 12 119.33 0.23 AAA Total 43,598.26 83.12 Total 43,598.26 83.12 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 L&T Finance Limited 72 7,699.68 14.68 AA+ Total 7,699.68 14.68 Total 7,699.68 14.68 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Money Market Instruments 3 Money Market Instruments a) Commercial Papers a) Commercial Papers Total - - Total - - b) Certifi cate of Deposit b) Certifi cate of Deposit ICICI Bank Limited 60 57.52 0.11 A1+ Total 57.52 0.11 Total 57.52 0.11 Total Money Market Instruments 57.52 0.11 Total Money Market Instruments 57.52 0.11 44 Reverse Repos 7.26 0.01 55 Net Receivable / (Payable) 1,089.73 2.08 Net Assets as on September 30, 2007 52,452.45 100.00 Net Assets as on September 30, 2007 52,452.45 100.00



Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Sundaram Finance Limited 400 4,030.16 12.07 A1+ Total 4,030.16 12.07 Total 4,030.16 12.07 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Kotak Mahindra Prime Limited 500 5,038.27 15.09 P1+ 2 Kotak Mahindra Prime Limited 100 1,005.47 3.01 P1+ Total 6,043.74 18.10 Total 6,043.74 18.10 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total Total aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Indian Corporate Loan Securitisation Trust XXIX (BHW Finance) Series A1 PTC 42 3,986.74 11.94 A1+(SO) 2 Corporate Loan Securitisation Series XXIX Trust 2006 (Shriram Transport Finance) PTC 31 3,315.60 9.93 AA(SO) 3 Indian Corporate Loan Securitisation Trust -Series XXVIII - A1 (Yes Bank) PTC 25 2,373.94 7.11 P1+(SO) 4 Indian Retail ABS Trust 79 Series A5 (ICICI Bank) PTC 15 1,516.61 4.54 AAA(SO) 5 Indian Retail ABS Trust 80 Series A5 (ICICI Bank) PTC 15 1,516.61 4.54 AAA(SO) 6 Indian Retail ABS Trust 81 Series A5 (ICICI Bank) PTC 15 1,516.61 4.54 AAA(SO) 7 Indian Retail ABS Trust 82 Series A5 (ICICI Bank) PTC 15 1,516.61 4.54 AAA(SO) 8 Corporate Loan Securitisation Trust –Series XXV (Yes Bank) PTC 10 949.54 2.84 FAAA Total 16,692.27 49.98 Total 16,692.27 49.98 3 Money Market Instruments 3 Money Market Instruments a) Commercial Papers a) Commercial Papers L&T Finance Limited 795 3,786.39 11.34 PR1+ Total 3,786.39 11.34 Total 3,786.39 11.34 b) Certifi cate of Deposit b) Certifi cate of Deposit Kotak Mahindra Bank Limited 2,500 2,348.86 7.03 P1+ Total 2,348.86 7.03 Total 2,348.86 7.03 Total Money Market Instruments 6,135.25 18.37 Total Money Market Instruments 6,135.25 18.37 44 Reverse Repos 76.83 0.23 55 Net Receivable / (Payable) 417.93 1.25 Net Assets as on September 30, 2007 33,396.18 100.00 Net Assets as on September 30, 2007 33,396.18 100.00



Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Kotak Mahindra Prime Limited 100 1,007.29 9.96 P1+ Total 1,007.29 9.96 Total 1,007.29 9.96 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 ULS TRUST Sr I A2 (Unitech Limited) PTC 14 1,411.73 13.96 INDF1+(SO) Total 1,411.73 13.96 Total 1,411.73 13.96

3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total Total aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Indian Corporate Loan Securitisation Trust - Series XXX A1 (IFFCO) PTC 20 1,884.91 18.64 P1+(SO) 2 Corporate Loan Securitisation Series XXIX Trust 2006 (Shriram Transport Finance) PTC 9 962.59 9.52 AA(SO) 3 Indian Corporate Loan Securitisation Trust XXIX (BHW Finance) Series A1 PTC 8 759.38 7.51 A1+(SO) Total 3,606.88 35.67 Total 3,606.88 35.67 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 GE Capital Transportation Financial Services Limited 300 1,426.42 14.11 A1+ Total 1,426.42 14.11 Total 1,426.42 14.11 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 ICICI Bank Limited 2,000 1,903.59 18.82 A1+ 2 Tata Motor Finance Limited 100 476.52 4.71 P1+ 3 UCO Bank 150 143.55 1.42 A1+ Total 2,523.66 24.96 Total 2,523.66 24.96 Total Money Market Instruments 3,950.09 39.06 Total Money Market Instruments 3,950.09 39.06 55 Reverse Repos 75.08 0.74 66 Net Receivable / (Payable) 61.61 0.61 Net Assets as on September 30, 2007 10,112.68 100.00 Net Assets as on September 30, 2007 10,112.68 100.00





Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Kotak Mahindra Prime Limited 250 2,518.55 9.98 LAA Total 2,518.55 9.98 Total 2,518.55 9.98 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Shriram Transport Finance Company Limited 250,000 2,592.17 10.27 INDF1+ Total 2,592.17 10.27 Total 2,592.17 10.27 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total Total aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 GTL Loan Trust Series A1 (Electrosteel) PTC 50 4,712.26 18.66 A1+(SO) 2 KST Loan Trust Series A1 (Shriram Transport Finance) PTC 25 2,637.47 10.45 AA(SO) 3 KSI Loan Trust Series I (GE Capital Services India) PTC 25 2,594.45 10.28 A1+(SO) 4 Corporate Loan Securitisation Series 8 A2 Trust08 (Kotak Mahindra Bank)PTC 18 1,926.53 7.63 P1+(SO) 5 Indian Corporate Loan Securitisation Trust - Series XXX A1 (IFFCO) PTC 10 942.45 3.73 P1+(SO) Total 12,813.17 50.75 Total 12,813.17 50.75 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 Kotak Mahindra Prime Limited 550 2,567.04 10.17 P1+ Total 2,567.04 10.17 Total 2,567.04 10.17 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 ICICI Bank Limited 5,000 4,696.28 18.60 A1+ Total 4,696.28 18.60 Total 4,696.28 18.60 Total Money Market Instruments 7,263.32 28.77 Total Money Market Instruments 7,263.32 28.77 55 Reverse Repos 11.22 0.04 66 Net Receivable / (Payable) 50.13 0.20 Net Assets as on September 30, 2007 25,248.57 100.00 Net Assets as on September 30, 2007 25,248.57 100.00



Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Kotak Securities Limited 50 5,002.43 14.24 A1+ 2 SREI Infrastructure Finance Limited 2,500 2,515.35 7.16 PR1+ 3 Kotak Mahindra Prime Limited 250 2,500.00 7.12 P1+ 4 Kotak Mahindra Prime Limited 200 2,000.70 5.70 P1+ 5 ICICI Securities Limited 15 1,493.32 4.25 P1+ Total 13,511.80 38.48 Total 13,511.80 38.48 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Money Market Instruments 3 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 L&T Finance Limited 1,000 4,927.98 14.03 PR1+ Total 4,927.98 14.03 Total 4,927.98 14.03 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 ICICI Bank Limited 7,000 6,915.74 19.69 A1+ 2 Federal Bank Limited 5,000 4,899.13 13.95 P1+ 3 Kotak Mahindra Bank Limited 4,350 4,224.18 12.03 P1+ Total 16,039.05 45.67 Total 16,039.05 45.67 Total Money Market Instruments 20,967.03 59.70 Total Money Market Instruments 20,967.03 59.70 44 Reverse Repos 100.04 0.28 55 Net Receivable / (Payable) 539.12 1.54 Net Assets as on September 30, 2007 35,118.00 100.00 Net Assets as on September 30, 2007 35,118.00 100.00



Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Citi Financial Consumer Finance India Limited 280 2,180.89 20.20 AAA 2 Sundaram Finance Limited 205 1,590.92 14.74 LAA+ Total 3,771.81 34.94 Total 3,771.81 34.94 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 GE Capital Services Limited 250 1,937.77 17.95 AAA 2 GE Money Financial Services Limited 250 1,937.77 17.95 AAA 3 Kotak Mahindra Prime Limited 130 1,001.48 9.28 LAA 4 GE Money Financial Services Limited 25 193.78 1.79 AAA 5 GE Capital Services Limited 24 186.03 1.72 AAA Total 5,256.83 48.69 Total 5,256.83 48.69 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Corporate Loan Securitisation Series15 Trust2008 A2 (Kotak Mahindra Bank) PTC 15 1,611.85 14.93 AA+(SO) Total 1,611.85 14.93 Total 1,611.85 14.93

4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers Total - - Total - - b) Certifi cate of Deposit b) Certifi cate of Deposit Total - - Total - - Total Money Market Instruments - - Total Money Market Instruments - - 55 Reverse Repos 1.57 0.01 66 Net Receivable / (Payable) 153.49 1.42 Net Assets as on September 30, 2007 10,795.54 100.00 Net Assets as on September 30, 2007 10,795.54 100.00





Sr. Name of the Instrument Quantity Market Value % age toSr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 L&T Finance Limited 50 5,000.00 17.43 PR1+(SO) 2 SREI Infrastructure Finance Limited 4,000 4,000.00 13.95 PR1+ 3 Birla Global Finance Limited 2,500,000 2,500.00 8.72 A1+ 4 Dewan Housing Finance Corporation Limited 250 2,500.00 8.72 P1+ 5 Ballarpur Industries Limited 150 1,500.00 5.23 UNRATED Total 15,500.00 54.04 Total 15,500.00 54.04 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 Adlabs Films Limited 327 1,633.60 5.70 A1+ Total 1,633.60 5.70 Total 1,633.60 5.70 b) Certifi cate of Deposit b) Certifi cate of Deposit ABN Amro Bank 2,500 2,494.55 8.70 A1+ Total 2,494.55 8.70 Total 2,494.55 8.70 Total Money Market Instruments 4,128.14 14.39 Total Money Market Instruments 4,128.14 14.39 55 Fixed Deposits*** 5,401.00 18.83 66 Reverse Repos 3,225.43 11.25 77 Net Receivable / (Payable) 427.24 1.49 Net Assets as on September 30, 2007 28,681.81 100.00 Net Assets as on September 30, 2007 28,681.81 100.00


*** For detailed description, please refer to “Fixed Deposits” Table at the end of the disclosure.


Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** Total - - Total - - 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Corporate Loan Securitisation Trust Series 30 Trust 2008 - A2 (Kotak Mahindra Bank) PTC 20 2,334.53 19.28 PR1+(SO) 2 Corporate Loan Securitisation Series 29 Tr2008 A2 (PFC) PTC 25 2,330.64 19.24 A1+(SO) Total 4,665.17 38.52 Total 4,665.17 38.52 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 DSP Merrill Lynch Capital Limited 500 2,329.14 19.23 P1+ 2 Kotak Securities Limited 500 2,328.56 19.23 A1+ 3 SBI Cards & Payment Services Limited 440 2,048.68 16.92 P1+ Total 6,706.39 55.37 Total 6,706.39 55.37 b) Certifi cate of Deposit b) Certifi cate of Deposit Kotak Mahindra Bank Limited 770 722.12 5.96 P1+ Total 722.12 5.96 Total 722.12 5.96 Total Money Market Instruments 7,428.51 61.34 Total Money Market Instruments 7,428.51 61.34 55 Reverse Repos 2.88 0.02 66 Net Receivable / (Payable) 14.79 0.12 Net Assets as on September 30, 2007 12,111.35 100.00 Net Assets as on September 30, 2007 12,111.35 100.00



Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Kotak Mahindra Prime Limited 350 3,500.00 12.56 P1+ 2 Kotak Securities Limited 25 2,507.30 9.00 A1+ 3 Kotak Mahindra Investment Limited 250 2,507.03 8.99 A1+ 4 GE Money Financial Services Limited 200 2,009.63 7.21 AAA 5 Kotak Securities Limited 15 1,502.40 5.39 A1+ 6 Kotak Securities Limited 15 1,501.02 5.38 A1+ 7 Kotak Mahindra Investment Limited 100 1,000.80 3.59 A1+ Total 14,528.19 52.12 Total 14,528.19 52.12 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 BHW Home Finance Limited 150 1,500.00 5.38 LAA+ Total 1,500.00 5.38 Total 1,500.00 5.38 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 Reliance Capital Limited 1,100 5,037.64 18.07 A1+ 2 GE Capital Transportation Financial Services Limited 900 4,127.86 14.81 A1+ 3 L&T Finance Limited 5 23.81 0.09 PR1+ 4 Kotak Mahindra Prime Limited 5 23.34 0.08 P1+ Total 9,212.65 33.05 Total 9,212.65 33.05 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 Axis Bank Limited 2,500 2,297.49 8.24 P1+ 2 IDBI Bank Limited 140 131.50 0.47 P1+ 3 Kotak Mahindra Bank Limited 20 18.76 0.07 P1+ Total 2,447.75 8.78 Total 2,447.75 8.78 Total Money Market Instruments 11,660.40 41.83 Total Money Market Instruments 11,660.40 41.83 55 Reverse Repos 65.80 0.24 66 Net Receivable / (Payable) 119.79 0.43 Net Assets as on September 30, 2007 27,874.18 100.00 Net Assets as on September 30, 2007 27,874.18 100.00




Sr. Name of the Instrument Quantity Market Value % age to Rating Sr. Name of the Instrument Quantity Market Value % age to Rating No. (Rs in Lacs) Net Assets No. (Rs in Lacs) Net Assets 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Shriram Transport Finance Company Limited 150,000 1,500.00 9.75 UNRATED Total 1,500.00 9.75 Total 1,500.00 9.75 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 Sundaram Finance Limited 400 1,930.80 12.55 P1+ 2 Standard Chartered Investments And Loans (India) Limited 400 1,920.39 12.48 P1+ Total 3,851.19 25.04 Total 3,851.19 25.04 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 The Jammu & Kashmir Bank Limited 3,000 2,883.37 18.75 P1+ 2 Indian Bank 3,000 2,882.44 18.74 INDF1+ 3 Union Bank Of India 2,400 2,287.73 14.87 A1+ 4 Centurion Bank Of Punjab Limited 2,000 1,910.04 12.42 INDF1+ Total 9,963.59 64.77 Total 9,963.59 64.77 Total Money Market Instruments 13,814.78 89.81 Total Money Market Instruments 13,814.78 89.81 55 Reverse Repos 65.41 0.43 66 Net Receivable / (Payable) 1.75 0.01 Net Assets as on September 30, 2007 15,381.95 100.00 Net Assets as on September 30, 2007 15,381.95 100.00



Sr. Name of the Instrument Quantity Market Value % age to Rating Sr. Name of the Instrument Quantity Market Value % age to Rating No. (Rs in Lacs) Net Assets No. (Rs in Lacs) Net Assets 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 GE Capital Services Limited 680 6,805.88 16.62 AAA 2 GE Money Financial Services Limited 680 6,805.88 16.62 AAA 3 Reliance Capital Limited 65 6,505.18 15.89 A1+ 4 Cholamandalam DBS Finance Limited 350 3,509.20 8.57 LAA 5 Shriram Transport Finance Company Limited 340,000 3,423.06 8.36 INDF1+ 6 Shriram Transport Finance Company Limited 340 3,381.89 8.26 INDAA Total 30,431.10 74.32 Total 30,431.10 74.32 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total - - Total - - 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 Unitech Limited 560 2,508.39 6.13 INDF1+ Total 2,508.39 6.13 Total 2,508.39 6.13 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 ICICI Bank Limited 3,100 2,855.02 6.97 A1+ Total 2,855.02 6.97 Total 2,855.02 6.97 Total Money Market Instruments 5,363.41 13.10 Total Money Market Instruments 5,363.41 13.10 5 Reverse Repos 25.28 0.06 6 Net Receivable / (Payable) 5,124.21 12.52 Net Assets as on September 30, 2007 40,944.00 100.00 Net Assets as on September 30, 2007 40,944.00 100.00


HSBC CASH FUND HSBC CASH FUND Half Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** Total 0.00 0.00 Total 0.00 0.00 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Emaar MGF Land Limited 50 5,000.00 2.73 UNRATED Total 5,000.00 2.73 Total 5,000.00 2.73 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 IDBI Bank Limited 550 5,500.00 3.01 AA+ 2 Indian Railway Finance Corporation Limited 500 5,001.28 2.74 AAA 3 ICICI Bank Limited 350 3,512.24 1.92 AAA 4 Housing Development Finance Corporation Limited 300 3,022.59 1.65 LAAA 5 Axis Bank Limited 300 2,997.96 1.64 LAA+ 6 Sundaram Finance Limited 250 2,500.85 1.37 AA+ 7 Cholamandalam DBS Finance Limited 250 2,500.00 1.37 MAA+ 8 Citicorp Finance Limited 250 2,500.00 1.37 AAA 9 DSP Merrill Lynch Capital Limited 250 2,500.00 1.37 AAA(FSO) 10 IDBI Bank Limited 210 2,138.71 1.17 AA+ 11 Sundaram Finance Limited 200 2,000.00 1.09 MAAA 12 IDBI Bank Limited 150 1,518.72 0.83 LAA+ 13 Finolex Industries Limited 150 1,444.95 0.79 AA 14 Mahindra & Mahindra Financial Services Limited 50 500.00 0.27 AA+ 15 Infrastructure Development Finance Company Limited 30 300.21 0.16 AAA Total 37,937.52 20.75 Total 37,937.52 20.75 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Hero Honda Finlease Limited 10 1,000.00 0.55 P1+ Total 1,000.00 0.55 Total 1,000.00 0.55 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) a) Traded a) Traded Total - - Total - - b) Non Traded / Thinly Traded** b) Non Traded / Thinly Traded** 1 UBLTrust Series 22 (DLF) PTC 60 5,999.10 3.28 IND A+(SO) 2 Indian Retail ABS Trust 59 A1Y (ICICI Bank) PTC 50 1,800.00 0.98 AAA(SO) 3 BHPC Auto Securitisation Trust May 2005 II Series A3 (Tata Motors) PTC 10 272.78 0.15 AAA(SO) 4 TAS Trust -Series II A2 (Tata Tea) PTC 13 62.45 0.03 A1+(SO) Total 8,134.33 4.45 Total 8,134.33 4.45 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 Tata Motor Finance Limited 1,000 4,909.74 2.69 P1+ 2 SBI Cards & Payment Services Limited 1,000 4,886.62 2.67 P1+ 3 Kotak Securities Limited 500 2,464.40 1.35 A1+ 4 Redington (India) Limited 400 1,996.48 1.09 P1+ 5 ICICI Securities Primary Dealership Limited 270 1,345.48 0.74 P1+ 6 Jindal Steel & Power Limited 240 1,199.23 0.66 A1+ 7 IDBI Home Finance Limited 200 999.15 0.55 A1+ 8 Standard Chartered Investments And Loans (India) Limited 180 859.28 0.47 P1+ 9 Adlabs Films Limited 73 364.69 0.20 A1+ Total 19,025.06 10.40 Total 19,025.06 10.40 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 Punjab National Bank 10,000 9,864.16 5.39 A1+ 2 Allahabad Bank 5,000 4,850.91 2.65 PR1+ 3 Federal Bank Limited 5,000 4,612.79 2.52 P1+ 4 State Bank Of Patiala 5,000 4,611.60 2.52 A1+ 5 Federal Bank Limited 5,000 4,608.32 2.52 P1+ 6 Allahabad Bank 4,000 3,863.99 2.11 PR1+ 7 Yes Bank Limited 2,500 2,500.00 1.37 A1+ 8 Union Bank Of India 2,500 2,384.93 1.30 P1+ 9 State Bank Of Patiala 2,500 2,360.08 1.29 A1+ 10 Federal Bank Limited 2,500 2,352.00 1.29 P1+ 11 State Bank Of Saurashtra 2,000 1,909.12 1.04 A1+ 12 UCO Bank 1,650 1,578.50 0.86 A1+ 13 ICICI Bank Limited 1,500 1,442.39 0.79 A1+ 14 State Bank Of Travancore 1,500 1,442.16 0.79 P1+ 15 UCO Bank 1,000 961.81 0.53 P1+ 16 Union Bank Of India 1,000 961.20 0.53 A1+ 17 ICICI Bank Limited 1,000 958.08 0.52 A1+ 18 IDBI Bank Limited 550 526.51 0.29 A1+ 19 ICICI Bank Limited 255 244.45 0.13 A1+ 20 Union Bank Of India 100 95.30 0.05 A1+ Total 52,128.30 28.51 Total 52,128.30 28.51

c) Bill Rediscounted c) Bill Rediscounted Total 0.00 0.00 Total 0.00 0.00 Total Money Market Instruments 71,153.36 38.91 Total Money Market Instruments 71,153.36 38.91 5 5 Fixed Deposit*** 30,000.00 16.41 66 Reverse Repos 36,433.22 19.93 77 Net Receivable / (Payable) -6,809.12 -3.72 Net Assets as on September 30, 2007 182,849.32 100.00 Net Assets as on September 30, 2007 182,849.32 100.00



HSBC CASH FUND HSBC CASH FUND Half Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Rating Sr. Name of the Instrument Quantity Market Value % age to Rating No. (Rs in Lacs) Net Assets No. (Rs in Lacs) Net Assets

HSBC FLOATING RATE FUND - SHORT TERM PLANHSBC FLOATING RATE FUND - SHORT TERM PLAN Half Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Rating Sr. Name of the Instrument Quantity Market Value % age to Rating No. (Rs in Lacs) Net Assets No. (Rs in Lacs) Net Assets 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 GE Capital Services Limited 23 2,604.41 10.93 AAA Total 2,604.41 10.93 Total 2,604.41 10.93 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** Total 0.00 0.00 Total 0.00 0.00 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Citicorp Finance Limited 100 1,000.00 4.20 AAA 2 Citicorp Finance Limited 100 1,000.00 4.20 AAA 3 Mahindra & Mahindra Financial Services Limited 110 1,100.00 4.62 AA+ 4 Housing Development Finance Corporation Limited 100 1,007.53 4.23 LAAA 5 IDBI Bank Limited 30 305.53 1.28 AA+ Total 4,413.06 18.52 Total 4,413.06 18.52 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** Total 0.00 0.00 Total 0.00 0.00 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) a) Traded a) Traded Total - - Total - - b) Non Traded / Thinly Traded** b) Non Traded / Thinly Traded** 1 UBLTrust Series 22 (DLF) PTC 10 999.85 4.20 IND A+(SO) Total 999.85 4.20 Total 999.85 4.20 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 Tata Motors Limited 500 2,405.44 10.10 P1+ Total 2,405.44 10.10 Total 2,405.44 10.10 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 State Bank Of Mysore 3,000 2,884.80 12.11 A1+ 2 Centurion Bank Of Punjab Limited 1,500 1,468.63 6.16 INDF1+ 3 Canara Bank 1,400 1,348.00 5.66 P1+ 4 ICICI Bank Limited 1,300 1,246.23 5.23 A1+ 5 Union Bank Of India 1,275 1,231.60 5.17 A1+ 6 ICICI Bank Limited 1,000 965.96 4.05 A1+ 7 State Bank Of Travancore 700 673.01 2.82 P1+ 8 Allahabad Bank 500 480.83 2.02 PR1+ 9 Indian Bank 500 480.56 2.02 INDF1+ Total 10,779.62 45.24 Total 10,779.62 45.24 Total Money Market Instruments 13,185.06 55.34 Total Money Market Instruments 13,185.06 55.34 55 Reverse Repos 2,405.70 10.10 66 Net Receivable / (Payable) 219.45 0.92 Net Assets as on September 30, 2007 23,827.53 100.00 Net Assets as on September 30, 2007 23,827.53 100.00


HSBC LIQUID PLUS FUNDHSBC LIQUID PLUS FUNDHalf Yearly Portfolio Statement as of September 30, 2007

Sr. Name of the Instrument Quantity Market Value % age to Sr. Name of the Instrument Quantity Market Value % age to No. (Rs in Lacs) Net Assets Rating No. (Rs in Lacs) Net Assets Rating 1 Debt Instruments 1 Debt Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 Citicorp Finance Limited 900 8,959.65 1.44 AAA 2 National Bank For Agricultural And Rural Development Limited 230 2,320.61 0.37 AAA 3 Housing Development Finance Corporation Limited 250 2,223.29 0.36 AAA 4 Mahindra & Mahindra Financial Services Limited 150 1,632.55 0.26 AA+ 5 Housing Development Finance Corporation Limited 100 995.02 0.16 AAA 6 Citi Financial Consumer Finance India Limited 32 316.64 0.05 AAA 7 Sundaram Finance Limited 10 98.41 0.02 AA+ Total 16,546.17 2.67 Total 16,546.17 2.67 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 ICICI Securities Limited 2,200 11,000.00 1.77 P1+ 2 Infrastructure Development Finance Company Limited 1,000 10,000.00 1.61 P1+ 3 Rabo India Finance Limited 750 7,500.00 1.21 P1+ 4 Emaar MGF Land Limited 50 5,000.00 0.81 UNRATED 5 Emaar MGF Land Limited 50 5,000.00 0.81 UNRATED 6 Emaar MGF Land Limited 50 5,000.00 0.81 UNRATED 7 Emaar MGF Land Limited 50 5,000.00 0.81 UNRATED 8 Emaar MGF Land Limited 50 5,000.00 0.81 PR1+ 9 GE Money Financial Services Limited 26 2,951.05 0.48 AAA 10 Kotak Mahindra Prime Limited 250 2,500.00 0.40 P1+ 11 Kotak Mahindra Prime Limited 200 2,000.00 0.32 P1+ 12 Shriram Transport Finance Company Limited 100,000 1,094.77 0.18 INDAA- 13 GE Money Financial Services Limited 100 1,000.81 0.16 AAA 14 Shriram Transport Finance Company Limited 100,000 1,000.00 0.16 UNRATED 15 J M Financial Products Private Limited 3 300.00 0.05 P1+ 16 Kotak Mahindra Prime Limited 20 201.46 0.03 P1+ Total 64,548.09 10.40 Total 64,548.09 10.40 2 MIBOR Linked / Floating Rate Instruments 2 MIBOR Linked / Floating Rate Instruments a) Listed / Awaiting listing on Stock Exchanges a) Listed / Awaiting listing on Stock Exchanges ai) Traded ai) Traded Total - - Total - - aii) Non Traded / Thinly Traded** aii) Non Traded / Thinly Traded** 1 IDBI Bank Limited 750 7,500.00 1.21 AA+ 2 Citicorp Finance Limited 500 5,000.00 0.81 AAA 3 Power Finance Corporation Limited 300 3,001.12 0.48 AAA 4 Citicorp Finance Limited 300 3,000.38 0.48 AAA 5 Citicorp Maruti Finance Limited 250 2,500.00 0.40 AAA 6 Mahindra & Mahindra Financial Services Limited 250 2,499.69 0.40 AA+ 7 Infrastructure Development Finance Company Limited 220 2,201.54 0.35 AAA 8 ICICI Bank Limited 150 1,504.26 0.24 AAA 9 Axis Bank Limited 150 1,500.54 0.24 LAA+ 10 Citicorp Finance Limited 150 1,500.00 0.24 AAA 11 Mahindra & Mahindra Financial Services Limited 140 1,400.00 0.23 AA+ 12 Housing Development Finance Corporation Limited 100 1,007.53 0.16 LAAA Total 32,615.07 5.26 Total 32,615.07 5.26 b) Privately Placed / Unlisted** b) Privately Placed / Unlisted** 1 Tata Sons Limited 1,500 15,002.33 2.42 AAA 2 GE Money Financial Services Limited 25 2,500.00 0.40 AAA 3 L&T Finance Limited 15 1,500.00 0.24 AA+ 4 Hero Honda Finlease Limited 10 1,000.00 0.16 P1+ Total 20,002.33 3.22 Total 20,002.33 3.22 3 Securitised Debt (Unlisted) 3 Securitised Debt (Unlisted) a) Traded a) Traded Total - - Total - - b) Non Traded / Thinly Traded** b) Non Traded / Thinly Traded** 1 ABS Trust 85 Series A1A 2008 (ICICI Bank) PTC 151 7,242.60 1.17 P1+(SO) 2 KUL Loan Trust Series A1(Option B) (GE Capital Services) PTC 50 5,010.76 0.81 INDF1+(SO) 3 Corporate Loan Securitisation Series 35 Trust 2008 (Kotak Mahindra Bank) Option II PTC 40 4,087.47 0.66 INDF1+(SO) 4 ULS TRUST Series I A2 (Unitech Limited) PTC 36 3,630.18 0.58 INDF1+(SO) 5 UBLTrust Series 22 (DLF) PTC 26 2,599.61 0.42 IND A+(SO) 6 IGHCC2 Loan Trust Series I (GE Capital) PTC 25 2,500.00 0.40 AA+(SO) 7 Indian Corporate Loan Securitisation Trust Series – IX(Yes Bank) PTC 20 2,012.29 0.32 AA(SO) 8 Fleet Trust June 2005 Series A2 (CFIL) PTC 25 1,431.04 0.23 AAA(SO) 9 Corporate Loan Securitisation Series 29 Trust 2008 A2 (PFC) PTC 15 1,398.38 0.23 A1+(SO) 10 Corporate Loan Securitisation Trust Series 30 Trust 2008 - A2 (Kotak Mahindra Bank) PTC 9 1,050.54 0.17 PR1+(SO) 11 Indian Corporate Loan Securitisation Trust -Series XXXV (A1) (TML Financial Services) PTC 10 912.11 0.15 AA+(SO) 12 UBL Trust Series 27 (Unitech Limited) PTC 8 795.98 0.13 IND A+(SO) 13 Corporate Loan Securitisation Series 15 Trust 2008 A1(Kotak Mahindra Bank) PTC 5 547.05 0.09 AA+(SO) 14 Corporate Loan Securitisation Series 8 A2 Trust08 (Kotak Mahindra Bank)PTC 4 428.12 0.07 P1+(SO) 15 BHPC Auto Securitisation Trust May 2005 II Series A3 (Tata Motors) PTC 15 409.17 0.07 AAA(SO) 16 GTL Loan Trust Series A2 (Electrosteel) PTC 6 393.34 0.06 A1+(SO)

17 Corporate Loan Securitisation Series 30 Trust 2008 A1 (Kotak Mahindra Bank) PTC 4 375.51 0.06 PR1+(SO) 18 Indian Corporate Loan Security Trust Series XXIX (BHW Financial) Series A2 PTC 50 354.75 0.06 A1+(SO) 19 Indian Retail ABS Trust Series 56 A1X (ICICI Bank) PTC 15 316.68 0.05 AAA(SO) 20 Corporate Loan Securitisation Series 29 Trust 2008 A1 (PFC) PTC 4 305.27 0.05 A1+(SO) 21 GECSI Loan Series I Class D (IRFC) PTC 3 302.58 0.05 AAA(SO) 22 Indian Retail ABS Trust 67 Series A2 (ICICI Bank) PTC 5 284.94 0.05 LAAA(SO) 23 Indian Corporate Loan Sec Trust - Sr XXX A2 (IFFCO) PTC 30 229.60 0.04 P1+(SO) 24 UBL Trust Series 28 (Unitech Limited) PTC 2 199.75 0.03 IND A+(SO) 25 Corporate Loan Securitisation Series 8 A1 Trust 08 (Kotak Mahindra Bank) PTC 2 171.91 0.03 P1+(SO) 26 Indian Corporate Loan Securistisation Trust (A2) -Series XXXV (Yes Bank) PTC 10 106.54 0.02 AA+(SO) 27 TAS Trust -Series II A2 (Tata Tea) PTC 12 57.64 0.01 A1+(SO) 28 Fleet Trust April 2004 VII Series A7 (CFIL) PTC 5 20.50 0.00 AAA (IND)(SO) Total 37,174.32 5.99 Total 37,174.32 5.99 4 Money Market Instruments 4 Money Market Instruments a) Commercial Papers a) Commercial Papers 1 Tata Motors Limited 2,000 9,609.56 1.55 P1+ 2 ICICI Home Finance Company Limited 2,000 9,162.10 1.48 A1+ 3 Tata Motor Finance Limited 1,000 4,909.74 0.79 P1+ 4 GE Money Financial Services Limited 1,000 4,887.71 0.79 P1+ 5 GE Capital Transportation Financial Services Limited 800 3,893.94 0.63 UNRATED 6 L&T Finance Limited 600 2,945.58 0.47 PR1+ 7 GE Money Financial Services Limited 600 2,933.17 0.47 P1+ 8 Kotak Securities Limited 500 2,464.40 0.40 A1+ 9 GE Capital Transportation Financial Services Limited 500 2,448.69 0.39 A1+ 10 GE Capital Transportation Financial Services Limited 500 2,448.22 0.39 A1+ 11 Sundaram Finance Limited 400 1,935.90 0.31 P1+ 12 L&T Finance Limited 300 1,469.04 0.24 PR1+ 13 Tata Motor Finance Limited 300 1,429.57 0.23 P1+ 14 L&T Finance Limited 280 1,333.57 0.21 PR1+ 15 ICICI Securities Primary Dealership Limited 200 995.80 0.16 P1+ 16 Jindal Steel & Power Limited 120 599.62 0.10 A1+ 17 Standard Chartered Investments And Loans (India) Limited 20 95.20 0.02 P1+ Total 53,561.79 8.63 Total 53,561.79 8.63 b) Certifi cate of Deposit b) Certifi cate of Deposit 1 Deutsche Bank 24,800 23,967.32 3.86 P1+ 2 Punjab National Bank 20,000 19,710.90 3.18 A1+ 3 State Bank Of Patiala 15,000 14,393.67 2.32 P1+ 4 ICICI Bank Limited 12,500 12,035.64 1.94 A1+ 5 The Jammu & Kashmir Bank Limited 12,000 11,533.49 1.86 P1+ 6 State Bank Of Saurashtra 10,000 9,862.35 1.59 A1+ 7 Punjab National Bank 10,000 9,640.49 1.55 INDF1+ 8 State Bank Of Hyderabad 10,000 9,492.86 1.53 A1+ 9 Union Bank Of India 10,000 9,343.61 1.51 P1+ 10 Citibank N.A. 10,000 9,333.21 1.50 P1+ 11 Punjab National Bank 10,000 9,205.05 1.48 INDF1+ 12 State Bank Of Patiala 9,000 8,305.22 1.34 A1+ 13 ING Vysya Bank Limited 7,500 7,319.83 1.18 P1+ 14 UCO Bank 7,500 7,240.39 1.17 P1+ 15 ICICI Bank Limited 7,500 7,226.35 1.16 A1+ 16 ICICI Bank Limited 7,600 6,996.94 1.13 A1+ 17 Indian Bank 7,000 6,725.70 1.08 INDF1+ 18 ICICI Bank Limited 6,900 6,354.51 1.02 A1+ 19 State Bank Of Mysore 6,000 5,730.51 0.92 A1+ 20 Canara Bank 5,875 5,665.77 0.91 P1+ 21 ICICI Bank Limited 5,500 5,318.36 0.86 A1+ 22 ABN Amro Bank 5,000 4,939.05 0.80 A1+ 23 State Bank Of Hyderabad 5,000 4,823.88 0.78 A1+ 24 Allahabad Bank 5,000 4,803.62 0.77 PR1+ 25 Karur Vysya Bank Limited 4,500 4,437.80 0.72 INDF1+ 26 Punjab National Bank 3,500 3,338.77 0.54 A1+ 27 Yes Bank Limited 3,200 3,049.94 0.49 A1+ 28 Kotak Mahindra Bank Limited 3,210 3,017.36 0.49 P1+ 29 UCO Bank 2,600 2,500.02 0.40 A1+ 30 ICICI Bank Limited 2,500 2,428.63 0.39 A1+ 31 ICICI Bank Limited 2,500 2,418.94 0.39 A1+ 32 Kotak Mahindra Bank Limited 2,500 2,414.83 0.39 P1+ 33 Union Bank Of India 2,500 2,394.32 0.39 P1+ 34 State Bank Of India 2,500 2,368.73 0.38 P1+ 35 State Bank Of Patiala 2,500 2,360.38 0.38 A1+ 36 Axis Bank Limited 2,500 2,352.23 0.38 P1+ 37 IDBI Bank Limited 2,500 2,298.02 0.37 A1+ 38 Union Bank Of India 2,125 2,042.56 0.33 A1+ 39 ICICI Bank Limited 2,000 1,934.53 0.31 A1+ 40 Kotak Mahindra Bank Limited 1,650 1,602.28 0.26 P1+ 41 Allahabad Bank 1,500 1,442.45 0.23 PR1+ 42 State Bank Of Travancore 1,000 966.03 0.16 P1+ 43 Allahabad Bank 1,000 966.00 0.16 PR1+ 44 ICICI Bank Limited 1,000 940.93 0.15 P1+ 45 IDBI Bank Limited 750 717.96 0.12 A1+ 46 IDBI Bank Limited 760 713.87 0.12 P1+ 47 State Bank Of Indore 500 482.45 0.08 P1+ Total 267,157.72 43.05 Total 267,157.72 43.05 c) Bill Rediscounted c) Bill Rediscounted Total - - Total - - Total Money Market Instruments 320,719.52 51.68 Total Money Market Instruments 320,719.52 51.68 55 Fixed Deposit*** 112,500.00 18.13 66 Reverse Repos 146.86 0.02 77 Net Receivable / (Payable) 16,394.87 2.64 Net Assets as on September 30, 2007 620,647.22 100.00 Net Assets as on September 30, 2007 620,647.22 100.00



HSBC LIQUID PLUS FUNDHSBC LIQUID PLUS FUNDHalf Yearly Portfolio Statement as of September 30, 2007


Scheme / Plan NAV at the beginning and at the end of the half year ended September 30, 2007Scheme / Plan NAV at the beginning and at the end of the half year ended September 30, 2007

Scheme / Plan /Option Name NAV per unit as on NAV per unit as onScheme / Plan /Option Name NAV per unit as on NAV per unit as on September 30, 2007 / March 30, 2007 / September 30, 2007 / March 30, 2007 / Date of Last NAV * Date of First NAV * Date of Last NAV * Date of First NAV *HSBC Equity Fund - Dividend ^ 36.8640 28.1204HSBC Equity Fund - Growth ^ 88.9539 67.8588HSBC Income Fund - Short Term Plan - Regular Option - Dividend ^ 10.8818 10.3381HSBC Income Fund - Short Term Plan - Regular Option - Growth ^ 13.0428 12.3912HSBC Income Fund - Short Term Plan - Institutional Option - Dividend ^ 10.0801 9.9754HSBC Income Fund - Short Term Plan - Institutional Option - Growth (15 May 2007)*^ 10.1848 10.0015HSBC Income Fund - Short Term Plan - Institutional Option - Weekly Dividend (03 July 2007) *^ 10.1184 10.0025HSBC Income Fund - Short Term Plan - Regular Option - Weekly Dividend (09 July 2007)*^ 10.1041 10.0131HSBC Income Fund - Investment Plan - Regular Option - Dividend ^ 10.5117 10.2980HSBC Income Fund - Investment Plan - Regular Option - Growth ^ 12.9186 12.3337HSBC Income Fund - Investment Plan - Institutional Option - Growth ^ 13.3625 12.7068HSBC Cash Fund - Regular Option- Daily Dividend 10.1930 10.1930HSBC Cash Fund - Regular Option - Growth 13.0795 12.6096HSBC Cash Fund - Institutional Option - Growth 13.1305 12.6492HSBC Cash Fund - Institutional Option - Daily Dividend 10.4401 10.4401HSBC Cash Fund - Institutional Option - Weekly Dividend 10.4537 10.4701HSBC Cash Fund - Institutional Option - Monthly Dividend 10.4571 10.5391HSBC Cash Fund - Institutional Plus Option - Growth 12.2672 11.8104HSBC Cash Fund - Institutional Plus Option - Daily Dividend 10.0056 10.0056HSBC Cash Fund - Institutional Plus Option - Weekly Dividend 10.0320 10.0264HSBC Cash Fund - Institutional Plus Option - Monthly Dividend 10.0125 10.0931HSBC Cash Fund - Regular Option - Weekly Dividend 10.0078 10.0233HSBC Gilt Fund - Short Term Plan - Dividend Option ^ 10.7674 10.8049HSBC Gilt Fund - Short Term Plan - Growth Option ^ 11.3725 11.1945HSBC India Opportunities Fund-Dividend ^ 20.6477 16.2421HSBC India Opportunities Fund-Growth ^ 34.0010 26.7425HSBC Advantage India Fund-Dividend ^ 14.6663 11.7374HSBC Advantage India Fund-Growth ^ 15.9721 11.7374HSBC Floating Rate Fund - Long Term Plan - Regular Option - Dividend ^ 10.0618 10.0902HSBC Floating Rate Fund - Long Term Plan - Regular Option - Growth ^ 11.9754 11.4580HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Growth ^ 12.0489 11.5143HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Weekly Dividend ^ 11.0600 10.5684HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend ^ 10.0715 10.1210HSBC Floating Rate Fund - Short Term Plan - Regular Option - Daily Dividend 10.0000 10.0000HSBC Floating Rate Fund - Short Term Plan - Regular Option - Growth 11.9392 11.4764HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Growth 12.0128 11.5327HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Daily Dividend 10.0132 10.0159HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Weekly Dividend 10.0456 10.0471HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Monthly Dividend 10.0632 10.1042HSBC Floating Rate Fund - Short Term Plan - Institutional Plus Option - Growth (03 April 2007)* 10.1889 10.0026HSBC Floating Rate Fund - Short Term Plan - Institutional Plus Option - Daily Dividend 10.0262 10.0262HSBC Floating Rate Fund - Short Term Plan - Regular Option - Weekly Dividend 10.0056 10.0218HSBC MIP - Regular Plan-Monthly Dividend ^ 10.9951 10.4375HSBC MIP - Regular Plan-Growth ^ 13.4149 12.2651HSBC MIP - Regular Plan-Quarterly Dividend ^ 10.9717 10.4277HSBC MIP - Savings Plan-Monthly Dividend ^ 11.5529 10.7014HSBC MIP - Savings Plan-Growth ^ 14.7745 13.1146HSBC MIP - Savings Plan-Quarterly Dividend ^ 11.5625 10.7465HSBC Midcap Equity Fund-Dividend ^ 18.6386 13.8256HSBC Midcap Equity Fund-Growth ^ 24.5041 18.1774HSBC Fixed Term Series - 15 -Regular Option - Dividend ^ 10.0360 10.0297HSBC Fixed Term Series - 15 -Regular Option - Growth ^ 10.7775 10.2789


HSBC Fixed Term Series - 15 -Institutional Option - Dividend ^ 10.0416 10.0313HSBC Fixed Term Series - 15 -Institutional Option - Growth ^ 10.8207 10.2997HSBC Liquid Plus Fund - Regular Option- Daily Dividend ^ 10.0122 10.0122HSBC Liquid Plus Fund - Regular Option - Growth ^ 10.7818 10.3595HSBC Liquid Plus Fund - Institutional Option - Growth ^ 10.7972 10.3666HSBC Liquid Plus Fund - Institutional Option - Daily Dividend ^ 10.0125 10.0125HSBC Liquid Plus Fund - Institutional Option - Weekly Dividend ^ 10.0434 10.0469HSBC Liquid Plus Fund - Institutional Option - Monthly Dividend ^ 10.1407 10.1046HSBC Liquid Plus Fund - Institutional Plus Option - Growth ^ 10.8076 10.3713HSBC Liquid Plus Fund - Institutional Plus Option - Daily Dividend ^ 10.0126 10.0126HSBC Liquid Plus Fund - Institutional Plus Option - Weekly Dividend ^ 10.0441 10.0474HSBC Liquid Plus Fund - Institutional Plus Option - Monthly Dividend ^ 10.1391 10.1050HSBC Liquid Plus Fund - Regular Option - Weekly Dividend ^ 10.0425 10.0460HSBC Fixed Term Series - 21 -Regular Option - Dividend ^ 10.0418 10.0222HSBC Fixed Term Series - 21 -Regular Option - Growth ^ 10.6272 10.0670HSBC Fixed Term Series - 21 -Institutional Option - Dividend ^ 10.0436 10.0234HSBC Fixed Term Series - 21 -Institutional Option - Growth ^ 10.6625 10.0780HSBC Tax Saver Equity Fund - Growth ^ 11.9847 9.4098HSBC Tax Saver Equity Fund - Dividend ^ 11.9847 9.4098HSBC Fixed Term Series - 22 -Regular Option - Dividend ^ 10.0461 10.0296HSBC Fixed Term Series - 22 -Regular Option - Growth ^ 10.6229 10.0479HSBC Fixed Term Series - 22 -Institutional Option - Growth ^ 10.6482 10.0543HSBC Fixed Term Series - 23 -Regular Option - Dividend ^ 10.0999 10.0260HSBC Fixed Term Series - 23 -Regular Option - Growth ^ 10.6364 10.0706HSBC Fixed Term Series - 23 -Institutional Option - Dividend ^ 10.1015 10.0278HSBC Fixed Term Series - 23 -Institutional Option - Growth ^ 10.6652 10.0744HSBC Fixed Term Series - 24 -Regular Option - Dividend ^ 10.6788 10.0497HSBC Fixed Term Series - 24 -Regular Option - Growth ^ 10.6788 10.0497HSBC Fixed Term Series - 25 -Regular Option - Dividend ^ 10.1054 10.0274HSBC Fixed Term Series - 25 -Regular Option - Growth ^ 10.5969 10.0274HSBC Fixed Term Series - 25 -Institutional Option - Dividend ^ 10.1071 10.0284HSBC Fixed Term Series - 25 -Institutional Option - Growth ^ 10.6216 10.0284HSBC Unique Opportunities Fund -Growth ^ 12.6839 10.2051HSBC Unique Opportunities Fund -Dividend ^ 12.6839 10.2051HSBC Fixed Term Series - 27 -Regular Option - Dividend ^ 10.0693 10.0120HSBC Fixed Term Series - 27 -Regular Option - Growth ^ 10.5583 10.0120HSBC Fixed Term Series - 27 -Institutional Option - Growth ^ 10.5822 10.0122HSBC Fixed Term Series - 28 -Regular Option - Dividend (23 May 2007)*^ 10.0732 10.0180 HSBC Fixed Term Series - 28 -Regular Option - Growth (23 May 2007)*^ 10.4087 10.0180 HSBC Fixed Term Series - 28 -Institutional Option - Dividend (23 May 2007)*^ 10.0787 10.0183 HSBC Fixed Term Series - 28 -Institutional Option - Growth (23 May 2007)*^ 10.4236 10.0183 HSBC Fixed Term Series - 29 -Regular Option - Dividend (22 May 2007)*^ 10.3757 10.0210 HSBC Fixed Term Series - 29 -Regular Option - Growth (22 May 2007)*^ 10.3757 10.0210 HSBC Fixed Term Series - 29 -Institutional Option - Dividend (22 May 2007)*^ 10.3813 10.0211 HSBC Fixed Term Series - 29 -Institutional Option - Growth (22 May 2007)*^ 10.3813 10.0211 HSBC Fixed Term Series - 30 -Regular Option - Dividend (18 June 2007)*^ 10.5200 10.0317 HSBC Fixed Term Series - 30 -Regular Option - Growth (18 June 2007)*^ 10.5200 10.0317 HSBC Fixed Term Series - 30 -Institutional Option - Dividend (18 June 2007)*^ 10.5200 10.0317 HSBC Fixed Term Series - 30 -Institutional Option - Growth (18 June 2007)*^ 10.5200 10.0317 HSBC Fixed Term Series - 32 -Regular Option - Dividend (9 July 2007)*^ 10.2128 10.0082 HSBC Fixed Term Series - 32 -Regular Option - Growth (9 July 2007)*^ 10.2128 10.0082 HSBC Fixed Term Series - 32 -Institutional Option - Dividend (9 July 2007)*^ 10.2221 10.0087 HSBC Fixed Term Series - 32 -Institutional Option - Growth (9 July 2007)*^ 10.2221 10.0087 HSBC Fixed Term Series - 33 -Regular Option - Dividend (5 September 2007)*^ 10.0811 10.0140 HSBC Fixed Term Series - 33 -Regular Option - Growth (5 September 2007)*^ 10.0811 10.0140 HSBC Fixed Term Series - 33 -Institutional Option - Dividend (5 September 2007)*^ 10.0836 10.0142 HSBC Fixed Term Series - 33 -Institutional Option - Growth (5 September 2007)*^ 10.0836 10.0142 HSBC Fixed Term Series - 34 -Regular Option - Dividend (28 September 2007)*^ 10.0044 10.0044 HSBC Fixed Term Series - 34 -Regular Option - Growth (28 September 2007)*^ 10.0044 10.0044 HSBC Fixed Term Series - 34 -Institutional Option - Dividend (28 September 2007)*^ 10.0045 10.0045 HSBC Fixed Term Series - 34 -Institutional Option - Growth (28 September 2007)*^ 10.0045 10.0045 HSBC Fixed Term Series - 31 -Regular Option - Dividend (5 July 2007)*^ 10.1922 10.0044 HSBC Fixed Term Series - 31 -Regular Option - Growth (5 July 2007)*^ 10.1922 10.0044 HSBC Fixed Term Series - 31 -Institutional Option - Dividend (5 July 2007)*^ 10.1947 10.0044 HSBC Fixed Term Series - 35 -Regular Option - Dividend (17 September 2007)*^ 10.0480 10.0065 HSBC Fixed Term Series - 35 -Regular Option - Growth (17 September 2007)*^ 10.0480 10.0065 HSBC Fixed Term Series - 35 -Institutional Option - Dividend (17 September 2007)*^ 10.0480 10.0065 HSBC Fixed Term Series - 35 -Institutional Option - Growth (17 September 2007)*^ 10.0480 10.0065 HSBC Dynamic Fund -Growth (28 September 2007)*^ 10.4100 10.4100 HSBC Dynamic Fund -Dividend (28 September 2007)*^ 10.4100 10.4100

* Dates of fi rst Nav of options commenced during the period are indicated in brackets in the table above^ NAVs declared as on 28 September, 2007

Details of Portfolio Turnover Ratio and Average MaturityDetails of Portfolio Turnover Ratio and Average Maturity

Scheme/Plan Name Portfolio turnover during AverageScheme/Plan Name Portfolio turnover during Average the half year ended Maturity the half year ended Maturity September 30, 2007 (Months) September 30, 2007 (Months)HSBC Advantage India Fund 0.57 N.AHSBC Cash Fund N.A 2.65HSBC Equity Fund 0.68 N.AHSBC Fixed Term Series - 15 N.A 0.52HSBC Fixed Term Series - 21 N.A 6.04HSBC Fixed Term Series - 22 N.A 9.44HSBC Fixed Term Series - 23 N.A 7.23HSBC Fixed Term Series - 24 N.A 14.73HSBC Fixed Term Series - 25 N.A 7.14HSBC Fixed Term Series - 27 N.A 5.79HSBC Fixed Term Series - 28 N.A 8.61HSBC Fixed Term Series - 29 N.A 2.22HSBC Fixed Term Series - 30 N.A 32.90HSBC Fixed Term Series - 31 N.A 0.16HSBC Fixed Term Series - 32 N.A 9.23HSBC Fixed Term Series - 33 N.A 9.97HSBC Fixed Term Series - 34 N.A 6.00HSBC Fixed Term Series - 35 N.A 12.08HSBC Floating Rate Fund - Long Term Plan N.A 3.13HSBC Floating Rate Fund - Short Term Plan N.A 3.35HSBC Gilt Fund - Short Term Plan N.A 0.06HSBC Income Fund - Investment Plan N.A 72.43HSBC Income Fund - Short Term Plan N.A 6.75HSBC India Opportunities Fund 0.80 N.AHSBC Midcap Equity Fund 0.57 N.AHSBC Liquid Plus Fund N.A 4.54HSBC Tax Saver Fund 0.99 N.AHSBC Unique Opportunities Fund 0.95 N.AHSBC Dynamic Fund 0.09 0.29 *HSBC MIP - Regular Plan 0.26 27.15 *HSBC MIP - Savings Plan 0.39 25.38 *


Scheme / Plan NAV at the beginning and at the end of the half year ended September 30, 2007Scheme / Plan NAV at the beginning and at the end of the half year ended September 30, 2007

Scheme / Plan /Option Name NAV per unit as on NAV per unit as onScheme / Plan /Option Name NAV per unit as on NAV per unit as on Septemebr 30, 2007 / March 30, 2007 / Septemebr 30, 2007 / March 30, 2007 / Date of Last NAV * Date of First NAV * Date of Last NAV * Date of First NAV *

Dividend declaration under the Dividend Options of the schemes of HSBC Mutual Fund Dividend declaration under the Dividend Options of the schemes of HSBC Mutual Fund (for the half year ended 30th September, 2007)(for the half year ended 30th September, 2007)

Scheme / Plan /Option Name Record Date / Dividend Dividend Dividend DividendScheme / Plan /Option Name Record Date / Dividend Dividend Dividend Dividend period of dividend (Rs. Per unit) Rate(Non- (Rs. Per unit) Rate period of dividend (Rs. Per unit) Rate(Non- (Rs. Per unit) Rate declared (Non- Corporate) Corporate) (Corporate) (Corporate) declared (Non- Corporate) Corporate) (Corporate) (Corporate)HSBC Income Fund - Investment Plan - Regular Option - Dividend 15-Jun-07 0.12263000 1.23% 0.11414000 1.14% 14-Sep-07 0.11387000 1.14% 0.10598000 1.06%HSBC Income Fund - Short Term Plan - Institutional Option - Dividend 27-Apr-07 0.04021645 0.40% 0.03743038 0.37% 25-May-07 0.07353574 0.74% 0.06844142 0.68% 29-Jun-07 0.09824384 0.98% 0.09143782 0.91% 27-Jul-07 0.11136525 1.11% - 0.00% 31-Aug-07 0.05339539 0.53% - 0.00% 28-Sep-07 0.07017586 0.70% - 0.00%HSBC Income Fund - Short Term Plan - Institutional Option - Weekly Dividend For July 07 * 0.04296704 0.43% - 0.00% For August 07 * 0.03610135 0.36% - 0.00% For September 07 * 0.06059324 0.61% - 0.00%HSBC Income Fund - Short Term Plan - Regular Option - Weekly Dividend For July 07 * 0.03415093 0.34% 0.03178507 0.32% For August 07 * 0.03267036 0.33% 0.03040708 0.30% For September 07 * 0.05781449 0.58% 0.05380928 0.54%HSBC Advantage India Fund - Dividend 11-May-07 1.00000000 10.00% 1.00000000 10.00%HSBC Fixed Term Series - I - Dividend $ 1-Jun-07 0.85181579 8.52% 0.79280466 7.93%HSBC Fixed Term Series - II - Dividend $ 9-Sep-07 0.12876000 1.29% - 0.00%HSBC Fixed Term Series - V - Dividend $ 5-Sep-07 0.10073000 1.01% - 0.00%HSBC Fixed Term Series - VI - Dividend $ 19-Sep-07 0.16127400 1.61% - 0.00%Fixed Term Series - IX - Dividend $ 2-Jul-07 0.68583603 6.86% 0.63832346 6.38%HSBC Fixed Term Series - 13 - Regular Dividend $ 3-Apr-07 0.71249174 7.12% - 0.00%HSBC Fixed Term Series -14 - Regular Dividend $ 15-Jun-07 0.18684897 1.87% 0.17390466 1.74% 29-Aug-07 0.14970387 1.50% 0.13933285 1.39%Fixed Term Series - 15 - Regular Dividend 15-Jun-07 0.21463876 2.15% 0.19976926 2.00% 14-Sep-07 0.19971927 2.00% 0.18588334 1.86%Fixed Term Series - 15 - Institutional Dividend 15-Jun-07 0.22356577 2.24% 0.20807783 2.08% 14-Sep-07 0.20505639 2.05% 0.19085073 1.91%HSBC Fixed Term Series - 23 - Regular Dividend 15-Jun-07 0.22093425 2.21% 0.20574998 2.06% 14-Sep-07 0.20040261 2.00% 0.18651935 1.87%Fixed Term Series - 23 - Institutional Dividend 15-Jun-07 0.23145890 2.31% 0.21555130 2.16% 14-Sep-07 0.21109895 2.11% 0.19647468 1.96%

Fixed Term Series - 21 - Regular Dividend 15-Jun-07 0.23555189 2.36% - 0.00% 14-Sep-07 0.22794542 2.28% - 0.00%HSBC Fixed Term Series - 21 - Institutional Dividend 15-Jun-07 0.24546504 2.45% - 0.00% 14-Sep-07 0.23766084 2.38% - 0.00%HSBC Fixed Term Series - 22 - Regular Dividend 15-Jun-07 0.23817181 2.38% 0.22167201 2.22% 14-Sep-07 0.24137510 2.41% 0.22465339 2.25%HSBC Fixed Term Series - 25 - Regular Dividend 15-Jun-07 0.20815741 2.08% 0.19373692 1.94% 14-Sep-07 0.21488981 2.15% 0.20000292 2.00%HSBC Fixed Term Series - 25 - Institutional Dividend 15-Jun-07 - 0.00% 0.20244105 2.02% 14-Sep-07 - 0.00% 0.20943955 2.09%HSBC Fixed Term Series - 26 - Regular Dividend $ 15-Jun-07 0.21424910 2.14% 0.19940660 1.99% For September 07 * 0.24824872 2.48% 0.23105083 2.31%HSBC Fixed Term Series - 26 - Institutional Dividend $ 15-Jun-07 0.21927945 2.19% 0.20408846 2.04% For September 07 * 0.25408622 2.54% 0.23648393 2.36%HSBC Fixed Term Series - 27 - Regular Dividend 15-Jun-07 0.20376106 2.04% 0.18964513 1.90% 14-Sep-07 0.21742337 2.17% 0.20236097 2.02%HSBC Fixed Term Series - 28 - Regular Dividend 15-Jun-07 0.06999425 0.70% 0.06514527 0.65% 14-Sep-07 0.22070062 2.21% 0.20541117 2.05%HSBC Fixed Term Series - 28 - Institutional Dividend 15-Jun-07 - 0.00% 0.06739016 0.67% 14-Sep-07 - 0.00% 0.21046585 2.10%HSBC Cash Fund - Regular Option - Daily Dividend For April 07 * 0.05604088 0.56% 0.05604088 0.56% For May 07 * 0.05323806 0.53% 0.05323806 0.53% For June 07 * 0.03856406 0.39% 0.03856406 0.39% For July 07 * 0.04319876 0.43% 0.04319876 0.43% For August 07 * 0.04817124 0.48% 0.04817124 0.48% For September 07 * 0.04822954 0.48% 0.04822954 0.48%HSBC Cash Fund - Regular Option - Weekly Dividend For April 07 * 0.05289194 0.53% 0.05289194 0.53% For May 07 * 0.04784756 0.48% 0.04784756 0.48% For June 07 * 0.04761365 0.48% 0.04761365 0.48% For July 07 * 0.03765492 0.38% 0.03765492 0.38% For August 07 * 0.05206762 0.52% 0.05206762 0.52% For September 07 * 0.04420911 0.44% 0.04420911 0.44%HSBC Cash Fund - Institutional Option - Daily Dividend For April 07 * 0.05839984 0.58% 0.05839984 0.58% For May 07 * 0.05556259 0.56% 0.05556259 0.56% For June 07 * 0.04046604 0.40% 0.04046604 0.40% For July 07 * 0.04531321 0.45% 0.04531321 0.45% For August 07 * 0.05037258 0.50% 0.05037258 0.50% For September 07 * 0.05039990 0.50% 0.05039990 0.50%HSBC Cash Fund - Institutional Option - Weekly Dividend For April 07 * 0.05614892 0.56% 0.05614892 0.56% For May 07 * 0.05091377 0.51% 0.05091377 0.51% For June 07 * 0.05090567 0.51% 0.05090567 0.51% For July 07 * 0.04026744 0.40% 0.04026744 0.40% For August 07 * 0.05555621 0.56% 0.05555621 0.56% For September 07 * 0.04711397 0.47% 0.04711397 0.47%HSBC Cash Fund - Institutional Option - Monthly Dividend 27-Apr-07 0.05636726 0.56% 0.05636726 0.56% 25-May-07 0.05103969 0.51% 0.05103969 0.51% 29-Jun-07 0.05104840 0.51% 0.05104840 0.51% 27-Jul-07 0.04035780 0.40% 0.04035780 0.40% 31-Aug-07 0.05572550 0.56% 0.05572550 0.56% 28-Sep-07 0.04723112 0.47% 0.04723112 0.47%HSBC Cash Fund - Institutional Plus Option - Daily Dividend For April 07 * 0.05722672 0.57% 0.05722672 0.57% For May 07 * 0.05457106 0.55% 0.05457106 0.55% For June 07 * 0.04001775 0.40% 0.04001775 0.40% For July 07 * 0.04355553 0.44% 0.04355553 0.44% For August 07 * 0.04838199 0.48% 0.04838199 0.48% For September 07 * 0.04894159 0.49% 0.04894159 0.49%HSBC Cash Fund - Institutional Plus Option - Weekly Dividend For April 07 * 0.05041748 0.50% 0.05041748 0.50% For May 07 * 0.05545149 0.55% 0.05545149 0.55% For June 07 * 0.05008757 0.50% 0.05008757 0.50% For July 07 * 0.03876192 0.39% 0.03876192 0.39% For August 07 * 0.04340926 0.43% 0.04340926 0.43% For September 07 * 0.03890179 0.39% 0.03890179 0.39%HSBC Cash Fund - Institutional Plus Option - Monthly Dividend 27-Apr-07 0.05515963 0.55% 0.05515963 0.55% 25-May-07 0.05007737 0.50% 0.05007737 0.50% 29-Jun-07 0.05037891 0.50% 0.05037891 0.50% 27-Jul-07 0.03876661 0.39% 0.03876661 0.39% 31-Aug-07 0.05344837 0.53% 0.05344837 0.53% 28-Sep-07 0.04582311 0.46% 0.04582311 0.46%HSBC MIP - Regular Plan - Monthly Dividend 27-Apr-07 0.06132000 0.61% 0.05707000 0.57% 25-May-07 0.06132000 0.61% 0.05707000 0.57% 29-Jun-07 0.06132000 0.61% 0.05707000 0.57% 27-Jul-07 0.06132000 0.61% 0.05707000 0.57% 31-Aug-07 0.06132000 0.61% 0.05707000 0.57% 28-Sep-07 0.06132000 0.61% 0.05707000 0.57%HSBC MIP - Regular Plan - Quaterly Dividend 15-Jun-07 0.19271000 1.93% 0.17936000 1.79% 14-Sep-07 0.17519000 1.75% 0.16305000 1.63%HSBC MIP - Savings Plan - Monthly Dividend 27-Apr-07 0.07008000 0.70% 0.06522000 0.65% 25-May-07 0.07008000 0.70% 0.06522000 0.65% 29-Jun-07 0.07883000 0.79% 0.07337000 0.73% 27-Jul-07 0.07008000 0.70% 0.06522000 0.65% 31-Aug-07 0.07008000 0.70% 0.06522000 0.65% 28-Sep-07 0.07008000 0.70% 0.06522000 0.65%HSBC MIP - Savings Plan - Quaterly Dividend 15-Jun-07 0.23650000 2.37% 0.22012000 2.20% 14-Sep-07 0.21899000 2.19% 0.20382000 2.04%HSBC Floating Rate Fund - Long Term Plan - Regular Option - Monthly Dividend 27-Apr-07 0.06401306 0.64% 0.05957844 0.60% 25-May-07 0.05532371 0.55% 0.05149106 0.51% 29-Jun-07 0.07378347 0.74% 0.06867198 0.69% 27-Jul-07 0.07480258 0.75% 0.06962049 0.70% 31-Aug-07 0.06627873 0.66% 0.06168715 0.62% 28-Sep-07 0.05417398 0.54% 0.05042098 0.50%HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend 27-Apr-07 0.06494147 0.65% 0.06044253 0.60% 25-May-07 0.05757893 0.58% 0.05359005 0.54% 29-Jun-07 0.08568358 0.86% 0.07974769 0.80% 27-Jul-07 0.02075252 0.21% 0.01931485 0.19% 31-Aug-07 0.13682085 1.37% 0.12734233 1.27% 28-Sep-07 0.05078709 0.51% 0.04726872 0.47%HSBC Gilt Fund - Short Term Plan - Dividend 27-Apr-07 0.04624558 0.46% - 0.00% 25-May-07 0.03645282 0.36% - 0.00% 29-Jun-07 0.00510769 0.05% - 0.00% 31-Aug-07 0.02755927 0.28% - 0.00% 28-Sep-07 0.03364414 0.34% - 0.00%HSBC Floating Rate Fund - Short Term Plan - Regular Option - Daily Dividend For April 07 * 0.05726410 0.57% 0.05726410 0.57% For May 07 * 0.05335804 0.53% 0.05335804 0.53% For June 07 * 0.04511822 0.45% 0.04511822 0.45% For July 07 * 0.04938522 0.49% 0.04938522 0.49% For August 07 * 0.04942076 0.49% 0.04942076 0.49% For September 07 * 0.04986047 0.50% 0.04986047 0.50%HSBC Floating Rate Fund - Short Term Plan - Regular Option - Weekly Dividend For April 07 * 0.05560108 0.56% 0.05560108 0.56% For May 07 * 0.04897341 0.49% 0.04897341 0.49% For June 07 * 0.05516207 0.55% 0.05516207 0.55% For July 07 * 0.04343978 0.43% 0.04343978 0.43% For August 07 * 0.05554937 0.56% 0.05554937 0.56% For September 07 * 0.04651021 0.47% 0.04651021 0.47%HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Daily Dividend For April 07 * 0.06102658 0.61% 0.06102658 0.61% For May 07 * 0.05508112 0.55% 0.05508112 0.55% For June 07 * 0.04672389 0.47% 0.04672389 0.47% For July 07 * 0.05115634 0.51% 0.05115634 0.51% For August 07 * 0.05113862 0.51% 0.05113862 0.51% For September 07 * 0.05152570 0.52% 0.05152570 0.52%HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Weekly Dividend For April 07 * 0.05817308 0.58% 0.05817308 0.58% For May 07 * 0.04825771 0.48% 0.04825771 0.48% For June 07 * 0.05729813 0.57% 0.05729813 0.57% For July 07 * 0.04654850 0.47% 0.04654850 0.47% For August 07 * 0.05575802 0.56% 0.05575802 0.56% For September 07 * 0.04151074 0.42% 0.04151074 0.42%HSBC Floating Rate Fund - Short Term Plan - Institutional Option - Monthly Dividend 27-Apr-07 0.05505595 0.55% 0.05505595 0.55% 25-May-07 0.05180322 0.52% 0.05180322 0.52% 29-Jun-07 0.06104865 0.61% 0.06104865 0.61% 27-Jul-07 0.03175871 0.32% 0.03175871 0.32% 31-Aug-07 0.05537938 0.55% 0.05537938 0.55% 28-Sep-07 0.03328461 0.33% 0.03328461 0.33%

HSBC Floating Rate Fund - Short Term Plan - Institutional Plus Option - Daily Dividend For April 07 * 0.05933591 0.59% 0.05933591 0.59% For May 07 * 0.05548354 0.55% 0.05548354 0.55% For June 07 * 0.04709537 0.47% 0.04709537 0.47% For July 07 * 0.05156440 0.52% 0.05156440 0.52% For August 07 * 0.05153317 0.52% 0.05153317 0.52% For September 07 * 0.05191316 0.52% 0.05191316 0.52%HSBC Liquid Plus - Regular Option - Daily Dividend For April 07 * 0.06467176 0.65% 0.06020015 0.60% For May 07 * 0.06441883 0.64% 0.05995608 0.60% For June 07 * 0.05056794 0.51% 0.04706478 0.47% For July 07 * 0.06020949 0.60% 0.05603834 0.56% For August 07 * 0.05477634 0.55% 0.05098158 0.51% For September 07 * 0.05235943 0.52% 0.04873215 0.49%HSBC Liquid Plus - Regular Option - Weekly Dividend For April 07 * 0.06178562 0.62% 0.05750531 0.58% For May 07 * 0.05879655 0.59% 0.05472332 0.55% For June 07 * 0.06287595 0.63% 0.05852010 0.59% For July 07 * 0.05377837 0.54% 0.05005277 0.50% For August 07 * 0.06146419 0.61% 0.05720616 0.57% For September 07 * 0.05246409 0.52% 0.04882955 0.49%HSBC Liquid Plus - Institutional Option - Daily Dividend For April 07 * 0.06575159 0.66% 0.06120528 0.61% For May 07 * 0.06552199 0.66% 0.06098284 0.61% For June 07 * 0.05163179 0.52% 0.04805490 0.48% For July 07 * 0.06136950 0.61% 0.05711802 0.57% For August 07 * 0.05588784 0.56% 0.05201610 0.52% For September 07 * 0.05336771 0.53% 0.04967053 0.50%HSBC Liquid Plus - Institutional Option - Weekly Dividend For April 07 * 0.06281999 0.63% 0.05846803 0.58% For May 07 * 0.05981579 0.60% 0.05567194 0.56% For June 07 * 0.06413517 0.64% 0.05969209 0.60% For July 07 * 0.05477592 0.55% 0.05098121 0.51% For August 07 * 0.06272093 0.63% 0.05837583 0.58% For September 07 * 0.05348122 0.53% 0.04977621 0.50%HSBC Liquid Plus - Institutional Option - Monthly Dividend 27-Apr-07 0.06329013 0.63% 0.05890559 0.59% 25-May-07 0.06024428 0.60% 0.05607075 0.56% 29-Jun-07 0.06336785 0.63% 0.05897792 0.59% 27-Jul-07 0.05252900 0.53% 0.04888996 0.49% 31-Aug-07 0.06444599 0.64% 0.05998137 0.60% 28-Sep-07 0.05293377 0.53% 0.04926668 0.49%HSBC Liquid Plus - Institutional Plus Option - Daily Dividend For April 07 * 0.06656712 0.67% 0.06196443 0.62% For May 07 * 0.06627213 0.66% 0.06168102 0.62% For June 07 * 0.05232711 0.52% 0.04870207 0.49% For July 07 * 0.06182258 0.62% 0.05753969 0.58% For August 07 * 0.05633512 0.56% 0.05243241 0.52% For September 07 * 0.05471055 0.55% 0.05273996 0.53%HSBC Liquid Plus - Institutional Plus Option - Weekly Dividend For April 07 * - 0.00% 0.05922895 0.59% For May 07 * 0.04519909 0.45% 0.05628245 0.56% For June 07 * 0.06496988 0.65% 0.06046896 0.60% For July 07 * 0.05524192 0.55% 0.05141493 0.51% For August 07 * 0.06316736 0.63% 0.05879134 0.59% For September 07 * 0.05482148 0.55% 0.05102361 0.51%HSBC Liquid Plus-Institutional Plus-Monthly Dividend 27-Apr-07 - 0.00% 0.05965031 0.60% 25-May-07 - 0.00% 0.05668876 0.57% 29-Jun-07 - 0.00% 0.06094669 0.61% 27-Jul-07 - 0.00% 0.05179424 0.52% 31-Aug-07 - 0.00% 0.05923053 0.59% 28-Sep-07 - 0.00% 0.05138876 0.51%

Notes: * This represents cumulative amounts of dividends declared during the month.$ This represents the schemes/plans which are closed/matured during the half year


Scheme / Plan /Option Name Record Date / Dividend Dividend Dividend DividendScheme / Plan /Option Name Record Date / Dividend Dividend Dividend Dividend period of dividend (Rs. Per unit) Rate(Non- (Rs. Per unit) Rate period of dividend (Rs. Per unit) Rate(Non- (Rs. Per unit) Rate declared (Non- Corporate) Corporate) (Corporate) (Corporate) declared (Non- Corporate) Corporate) (Corporate) (Corporate)


Scheme / Plan /Option Name Record Date / Dividend Dividend Dividend DividendScheme / Plan /Option Name Record Date / Dividend Dividend Dividend Dividend period of dividend (Rs. Per unit) Rate(Non- (Rs. Per unit) Rate period of dividend (Rs. Per unit) Rate(Non- (Rs. Per unit) Rate declared (Non- Corporate) Corporate) (Corporate) (Corporate) declared (Non- Corporate) Corporate) (Corporate) (Corporate)

Notes:1. The provision made for Non Performing Assets as of September 30,2007 is Rs. NIL and its percentage to Net Asset

Value is NIL.2. Details of Schemes which have outstanding Derivative (OIS) position is as follows :

Name of the Scheme Net Long Position Net Short PositionName of the Scheme Net Long Position Net Short Position (Notional Value (Notional Value (Notional Value (Notional Value in lakhs) % to Net Assets in lakhs) % to Net Assets in lakhs) % to Net Assets in lakhs) % to Net AssetsEquity SchemesEquity SchemesHSBC Advantage India Fund 1,580.43 1.72% 1,709.52 1.86%HSBC Dynamic Fund 3,599.38 7.41% - - HSBC Equity Fund 1,212.66 1.16% 1,709.52 1.63%HSBC India Opportunities Fund 596.37 0.84% 1,709.52 2.40%HSBC Unique Opportunities Fund 1,153.84 1.64% 1,020.56 1.45%Debt Schemes Net Value % to Net AssetsDebt Schemes Net Value % to Net AssetsHSBC Liquid Plus Fund 5,000.00 0.81% - -

3. Total investments in foreign securities / ADR’s / GDR’s at the end of the period is NIL.4. Past performance may or may not be sustained in future.5. Average maturity of all the debt oriented schemes is expressed as the weighted average maturity of the portfolio in the

fund in terms of number of months.6. The portfolio turnover for HSBC Equity Fund (Equity Portion), HSBC India Opportunities Fund (Equity Portion), HSBC

Midcap Equity Fund (Equity Portion), HSBC Advantage India Fund (Equity Portion), HSBC Tax Saver Equity Fund (Equity Portion), HSBC Unique Opportunities Fund (Equity Portion), HSBC Dynamic Fund (Equity Portion), HSBC MIP Regular (Equity Portion) and HSBC MIP Savings (Equity Portion) is the lower of purchases & sales to the average net assets

Fixed Deposit Details as at September 30,2007 Fixed Deposit Details as at September 30,2007

Sr. DESCRIPTION CURRENT VALUE %tage of Sr. DESCRIPTION CURRENT VALUE %tage of No. (Rs in lacs) NET ASSETS No. (Rs in lacs) NET ASSETS HSBC Dynamic Fund HSBC Dynamic Fund 1 Bank of Nova Scotia 100.00 0.21 2 Bank of Nova Scotia 100.00 0.21 3 Axis Bank Ltd. 2,500.00 5.14 Total 2,700.00 5.56 Total 2,700.00 5.56 Fixed Term Series -31 Fixed Term Series -31 1 State Bank of Mysore 2,700.00 9.41 2 HDFC Bank Ltd. 2,701.00 9.42 Total 5,401.00 18.83 Total 5,401.00 18.83 HSBC Unique Opportunities Fund HSBC Unique Opportunities Fund 1 HSBC Ltd. 600.00 0.85 2 Bank of Nova Scotia 160.00 0.23 3 HDFC Bank Ltd. 600.00 0.85 Total 1,360.00 1.94 Total 1,360.00 1.94 HSBC Liquid Plus Fund HSBC Liquid Plus Fund 1 Yes Bank Ltd 5,000.00 0.81 2 Punjab National Bank 20,000.00 3.22 3 ING Vysya Bank 12,500.00 2.01 4 Union Bank of India 20,000.00 3.22 5 Development Bank of Singapore 10,000.00 1.61 6 Axis Bank Ltd. 5,000.00 0.81 7 Axis Bank Ltd. 5,000.00 0.81 8 Axis Bank Ltd. 5,000.00 0.81 9 State Bank of Mysore 30,000.00 4.83 Total 112,500.00 18.13 Total 112,500.00 18.13 HSBC Advantage India Fund HSBC Advantage India Fund 1 Bank of Nova Scotia 800.00 0.87 2 Axis Bank Ltd. 900.00 0.98 Total 1,700.00 1.85 Total 1,700.00 1.85 HSBC MIP-Savings HSBC MIP-Savings 1 Bank of Nova Scotia 50.00 0.68 Total 50.00 0.68 Total 50.00 0.68 HSBC MIP-Regular HSBC MIP-Regular 1 Bank of Nova Scotia 50.00 1.10 Total 50.00 1.10 Total 50.00 1.10 HSBC India Opportunities Fund HSBC India Opportunities Fund 1 Bank of Nova Scotia 800.00 1.12 2 Axis Bank Ltd. 500.00 0.70 Total 1,300.00 1.82 Total 1,300.00 1.82 HSBC Cash Fund HSBC Cash Fund 1 Punjab National Bank 10,000.00 5.47 2 ING Vysya Bank 15,000.00 8.20 3 HDFC Bank Ltd. 5,000.00 2.73 Total 30,000.00 16.41 Total 30,000.00 16.41 HSBC Equity Fund HSBC Equity Fund 1 Bank of Nova Scotia 800.00 0.76 2 Axis Bank Ltd. 900.00 0.86 3 HDFC Bank Ltd. 500.00 0.48 Total 2,200.00 2.10 Total 2,200.00 2.10

Investors may obtain Offer Documents and Key Information Memorandums along with application forms from the offi ce of HSBC Mutual Fund, 314 D. N. Road, Fort, Mumbai 400 001. Tel: 022-6666 8819. Statutory Details: Statutory Details: HSBC Mutual Fund has been set up as a trust by HSBC Securities and Capital Markets (India) Private Limited (liability restricted to the corpus of Rs 1 lakh). The Sponsor/associates of the Sponsor/Asset Management Company (AMC) are not responsible or liable for any loss or shortfall resulting from the operation of the Schemes. The Trustees of HSBC Mutual Fund have appointed HSBC Asset Management (India) Private Limited as the Investment Manager. Risk Factors:Risk Factors: All investments in mutual funds and securities are subject to market risks and the Net Asset Value (NAV) of the Scheme(s) may go up or down depending on the factors and forces affecting the securities markets. There can be no assurance that the objectives of the Scheme(s) will be achieved. Past performance of the Sponsor, AMC, Mutual Fund or any associates of the Sponsor/AMC does not indicate the future performance of the Scheme(s) of the Mutual Fund. HSBC Income Fund (HIF), HSBC Gilt Fund (HGF), HSBC Cash Fund (HCF), HSBC Liquid Plus Fund (HLPF), HSBC MIP (HMIP), HSBC Floating Rate Fund (HFRF), HSBC Flexi Debt Fund (HFDF), HSBC Fixed Term Series (HFTS), HSBC Equity Fund (HEF), HSBC India Opportunities Fund (HIOF), HSBC Midcap Equity Fund (HMEF), HSBC Advantage India Fund (HAIF), HSBC Tax Saver Equity Fund (HTSF), HSBC Unique Opportunities Fund (HUOF) & HSBC Dynamic Fund (HDF) are the names of the Schemes and do not in any manner indicate the quality of the Schemes or their future prospects or returns. Scheme Classifi cation: HIFScheme Classifi cation: HIF (an open-ended income scheme) aims to provide reasonable income whilst maintaining a prudent policy of capital conservation. HGFHGF (an open-ended gilt scheme) aims to generate reasonable returns through investments in Government Securities of various maturities. HCFHCF (an open-ended liquid scheme) 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. HLPFHLPF (an open-ended debt Scheme) seeks to provide liquidity and reasonable returns by investing primarily in a mix of short term debt and money market instruments. HMIPHMIP (an open-ended Fund with Regular & Savings Plans; monthly income is not assured and is subject to availability of distributable surplus) seeks to generate reasonable returns through investments in debt and money market instruments with a secondary objective to seek capital appreciation through investments in equity and equity related instruments. HFRFHFRF (an open-ended income scheme) seeks to generate a reasonable return with commensurate risk through investments in fl oating rate debt instruments and fi xed rate debt instruments swapped for fl oating rate returns. The Scheme may also invest in fi xed rate money market and debt instruments. HFDFHFDF (an open ended Debt Scheme) seeks to deliver returns in the form of interest income and capital gains, along with high liquidity, commensurate with the current view on the markets and the interest rate cycle, through active investment in debt and money market instruments. HFTSHFTS (a close-ended Income Scheme) seeks to generate reasonable returns by investing in a portfolio of fi xed income instruments normally maturing in line with the time profi le of the respective Plan(s). HEFHEF (an open-ended diversifi ed equity Scheme) aims to generate long term capital growth from an actively managed portfolio of equity and equity related securities. HIOFHIOF (an open-ended fl exi-cap equity Scheme) 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 signifi cant portion of its assets towards fi xed income securities if the fund manager becomes negative on equity markets. HMEFHMEF (an open-ended diversifi ed equity Scheme) 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 fi xed income securities if the fund manager becomes negative on the Indian equity markets. HAIFHAIF (an open-ended fl exi-theme equity Scheme) 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 benefi t from India’s progress, reform process and economic development. HTSFHTSF (an open ended Equity Linked Savings Scheme) seeks to provide long term capital appreciation by investing in a diversifi ed portfolio of equity & equity related instruments of companies across various sectors and industries, with no capitalisation bias. The Fund may also invest in fi xed income securities. HUOFHUOF (a 3 year close ended equity scheme with automatic conversion into an open ended equity scheme at the end of 3 years from the date of allotment of units) seeks to provide long-term capital growth from a diversifi ed portfolio of equity and equity related instruments. The focus would be to invest in stocks of companies facing “out-of-ordinary” conditions and HDFHDF (an open-ended Scheme) seeks to provide long term capital appreciation by allocating funds in equity and equity related instruments. It also has the fl exibility to move, entirely if required, into debt & money market instruments in times when the view on equity markets seems negative. Terms of Issue:Terms of Issue: Units of the Scheme(s) are being offered at NAV based prices, subject to the prevailing loads. The AMC calculates and publishes NAVs and offers for sale, redemption and switch outs, units of the Scheme(s) on all Business Days, at the Applicable NAV for all Schemes. HUOF & HFTSHUOF & HFTS will not be open for ongoing subscriptions/switch ins. HUOFHUOF would be available for sale on an ongoing basis (after a period of 3 years from the date of allotment). Conversion of HUOF to an open-ended scheme will be done only after the balance unamortized amount has been fully recovered from the Scheme. Units can be redeemed/switched out on every Business Day at NAV based prices, subject to prevailing exit loads Load Structure (includes SIP/STP): Load Structure (includes SIP/STP): HEF - Entry – 2.25% for investments/switch ins* < Rs 5 crores, otherwise Nil. Exit – 1% for < Rs 5 crores, if redeemed/switched out* within 1 year from date of investment and 0.25% for > Rs 5 crores, if redeemed/switched out* within 6 months from date of investment. HIOF, HMEF, HAIF – Entry – 2.25% for investments/switch ins* < Rs 5 crores, otherwise Nil. Exit – 1% for < Rs 5 crores, if redeemed/switched out* within 1 year from date of investment, otherwise Nil. HTSF - Entry - 2.25% for investments/switch ins* < Rs 1 crore, otherwise Nil. Exit – Nil. HUOF - During close ended period - Exit - Nil. However the investor will have to bear the proportionate unamortized initial issue expenses for exiting during the close ended period. SIP/SEP/STP in HUOF available after conversion to an open-ended scheme. HMIP – Entry – Nil. Exit - 0.5% for Investments < Rs 10 lakhs, if redeemed/switched out within 6 months from date of investment. For SEP – Nil. In case of HIF-IP & HFRF-LTP - Entry - Nil. Exit - 0.5% for < Rs 10 lakhs in Regular Option, if redeemed/switched out within 6 months from the date of investment. For SEP – Nil. In case of HDF - Entry - 2.50% for investments/switch in* below Rs 5 crores, otherwise Nil. Exit - 1% for investment below Rs. 5 crores, if redeemed/switched out* within 1 year from the date of allotment/investment, otherwise Nil. HLPF – Entry Nil. Exit – 0.1% if redeemed/switched out within 7 days from the date of investment. *No load in case of switches between equity Schemes of HSBC Mutual Fund. No load in case of HCF, HGF, HIF-ST, HFDF & HFRF-ST. HFTS – Consult the nearest investor service centre for details. No load in case of investments by Fund-of-Funds, FIIs & their sub-accounts (except HFDF & HDF). The entry/exit load set forth above is subject to change at the discretion of the AMC and such changes shall be implemented prospectively. Mutual Fund investments are subject to market risks. Read the Offer Document carefully before investing.Mutual Fund investments are subject to market risks. Read the Offer Document carefully before investing.
