HSBC Global Investment

HSBC Global Investment Funds

Audited Report for the year ended 31 Murch 2007

Audited report for the year ended as at 31 March 2007

Societe d'lnvestissernent a Capital Variable (SICAV), Luxembourg

HSBC Global Investment Funds - .

.. . .....

... . 2 . .... . .

Information concerning the distribution of shares of HSBC Global Investment Funds in Switzerland or from Switzerland. HSBC Private Bank (Suisse) SA, Quai du General Guisan 2, case postale 3580 CH-1211 Geneva 3, is the legal representative of the Fund in Switzerland and the Fund's paying agent. The prospectus, simplified prospectuses, articles and annual and semi-annual reports of the Fund may be obtained free of charge upon request from the HSBC Private Bank (Suisse) S.A. A breakdown of all the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Fund's representative in Switzerland.

Information concerning the distribution of shares of HSBC Global Investment Funds in Germany or from Germany. HSBC Trinkaus & Burkhardt AG, 21-23 Konigsallee, 0-40212 Dusseldorf, is the legal representative of the Fund in Germany and the Fund's paying agent. The prospectus, simplified prospectuses, articles and annual and semi-annual reports of the Fund may be obtained free of charge upon request from the HSBC Trinkaus & Burkhardt AG. A breakdown of all the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Fund's representative in Germany.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter.

Audited report for the year ended as at 31 March 2007

I

I

~


. -

Table of Contents _. -

Board of Directors.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4

Management and Administration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

Directors' Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Auditor's Report.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Statement of Net Assets as at 31 March 2007 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16

. . . . . . . . . . . . . . . . . . . . . 40

Notes to the Financial Statements. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51

Comparative Table of Net Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84

Portfolio of Investments and Other Net Assets.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 97

Currency Conversion Table,. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 235

Dealing Day of the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 236

Statement of Operations and Changes in Net Assets., . . . . . . . . . . . . . . . .

. . .

. . .

HSBC Global Investment Funds . . . .

Board of Directors 3- Marc-Andre Bechet, Managing Director, RBC Dexia Investor Services Bank S.A., 14, Porte de France, L-4360 Esch-sur-Alzette, Grand Duchy of Luxembourg. (resigned on 19 May 2006)

Simeon Brown, Chief Operating Officer, HSBC Investments (Hong Kong) Limited, Level 22, HSBC Main Building, 1, Queen's Road Central, Hong Kong.

Sylvie Vigneaux, Head of Regulatory and Savings, HSBC Investments (France), 4, Place de la Pyramide, lmmeuble Ile de France, La Defense 9, 92800 Puteaux, France.

Didier Deleage, Chief Operating Officer, HSBC Investments (France), 4, Place de la Pyrarnide, lmmeuble He de France, La Defense 9, 92800 Puteaux, France. (since 19 May 2006)

Deshmukh-Rao Dhondee, Assistant Manager, HSBC Offshore Banking Unit, The Hong Kong and Shanghai Banking Corporation Limited Les Cascades, 5th Floor, Edith Cavell Street, Port Luis, Mauritius. (resigned on 31 May 2007)

David Dibben, Chief Operating Officer, HSBC Group Investment Businesses Limited, 8 Canada Square, London E14 5HQ, United Kingdom. (since 19 May 2006)

George Efthirniou, Global Chief Operating Officer, HSBC Group Investment Businesses Limited, 8 Canada Square, London E14 5HQ, United Kingdom.

Laurent Facque, Chief Operating Officer, HSBC Investments (France), 4, Place de la Pyramide, lmrneuble Ile de France, La DBfense 9, 92800 Puteaux, France (resigned on 19 May 2006)

Bryan Greener, Head of Product Management - Global Products, HSBC Group Investment Businesses Limited, Level 21,8 Canada Square, London E14 5HQ, United Kingdom.

Thies Clernenz, Chief Operating Officer, HSBC Investments Deutschland Gmbh Konigsallee 21/23,40212 Dusseldorf, Germany. (since 28 July 2006)

Jennifer Hau Kau Fong, Vice President, HSBC Offshore Banking Unit, The Hong Kong and Shangai Banking Corporation Limited, Les Cascades, 5th Floor, Edith Cavell Street, Port Luis, Mauritius (since 31 May 2007)

AL- HSBC Global Investment Funds

-. -~ .-

Management and Administration ._

b Registered Office 69, route d’Esch, L-1470 Luxembourg, Grand Duchy of Luxembourg (until 1 June 2006). 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg (since I June 2006).

b Management Company HSBC Investment Funds (Luxembourg) S.A., 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg.

Custodian, Administration Agent, Transfer Agent and Central Paying Agent Dexia Banque lnternationale a Luxembourg S.A., 69 route d’Esch, L-1470 Luxembourg (until 1 June 2006). RBC Dexia Investor Services Bank S A , 14, Porte de France, L- 4360 Esch-sur-Alzette, Grand Duchy of Luxembourg (RBC Dexia Investor Services Bank S.A. since I June 2006).

b

b Investment Advisers Halbis Capital Management (Hong Kong) Limited (formerly HSBC Halbis Partners (Hong Kong) Limited), HSBC Main Building, 1, Queen’s Road Central, Hong Kong.

HSBC Investments (USA) Inc., 452 Fifth Avenue, 18th Floor, New York, NY 10018, USA.

Halbis Capital Management (USA) Inc. (formerly HSBC Halbis Partners (USA) Inc.), 452 Fifth Avenue, 18th Floor, New York, NY 1001 8, USA.

Sinopia Asset Management (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom (since 21 May 2007) HSBC Investments (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom. (until 21 May 2007)

Halbis Capital Management (UK) Limited (formerly HSBC Halbis Partners (UK) Limited), 8, Canada Square, London E14 5HQ, United Kingdom.

Halbis Capital Management (France) (formerly HSBC Halbis Partners (France)), lmmeuble He de France, 4, Place de la Pyramide, La Defense 9, 92800 Puteaux, France.

HSBC Investment FCP (France) (formerly HSBC FCP2 (France)), lmmeuble He de France, 4, Place de la Pyramide, La Defense 9, 92800 Puteaux, France. (since 1 August 2006).

HSBC Bank Brazil SA - Banco Multiplo, Travessa Oliviera Belo, 1 I-B, 80020-030 Curitiba, Brazil.

HSBC Investments Deutschland GmbH, Konigsallee 21/23, D-40212 Dusseldorf, Germany.

Sinopia Asset Management, lmmeuble He de France, 4, Place de la Pyramide, La Defense 9, 92800 Puteaux, France .

b Share Distributor HSBC Investment Funds (Luxembourg) S.A., 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg.

Austria and Germanv Share Distributor HSBC Trinkaus & Burkhardt AG, Konigsallee 21/23, D-40212 Dusseldotf, Germany.

Honq Konq Remesentative and Share Distributor HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, I Queen’s Road Central, Hong Kong,

HSBC Global Investment Funds -

-~

Management and Administration (continued)

-

b Share Distributor (continued)

United Kinqdom Representative HSBC Investments (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom, Tel: (44) 207 991 8888 Fax: (44) 207 024 1999

Republic of Ireland Representative HSBC Securities Services (Ireland) Limited, HSBC House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland.

Jersey Rewesentative HSBC Funds Nominee (Jersey) Limited, HSBC House, Esplanade, St Helier, Jersey, JEI IHS Channel Islands.

Sinqapore Rewesentative and Share Distributor HSBC Investments (Singapore) Limited, 21, Collyer Quay, # I 3-02 HSBC Building, Singapore 049320, Singapore.

Swiss Representative HSBC Private Bank (Suisse) S.A., Quai du General Guisan 2, Case postale 3580, CH-I211 Geneva 3, Switzerland.

Korea Rewesentative and Share Distributor HSBC Korea Ltd, HSBC Building #25, I-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.

Share Distributor for Continental Europe HSBC Investments FCP (France) S.A., lmmeuble Ile de France, 4, Place de la Pyramide, La Defense 9,92800 Puteaux, France.

b Paying Agent in Hong Kong The Hongkong and Shanghai Banking Corporation Limited, HSBC Main Building, 1, Queen’s Road Central, Hong Kong.

b Auditor KPMG Audit S.a r.L, 31, alee Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.

b Legal Advisers

Luxembourg Elvinger, Hoss & Prussen, 2, Place Winston Churchill, B.P. 425, L-2014 Luxembourg, Grand Duchy of Luxembourg.

United Kinqdom Linklaters and Paines, Barrington House, 59-67, Gresham Street, London EC2V 7JA, United Kingdom.

A- HSBC Global Investment Funds

Directors' Report

Asia ex Japan Equity For the year ending March 2007, the fund delivered a return of 25.53% (gross of fees, share class AC) outperforming the benchmark by 160 basis points in US dollar terms. Stock selection amongst the financial and consumer sectors contributed positively, offsetting the negative impact of material stocks exposure. We continue to expect strong growth for the region given attractive valuations. In terms of positioning, we continue to favour domestic consumption plays and interest rate sensitives such as bank and property stocks. We are currently underweight in cyclicals, given expectations for a moderation in global growth, and continue to fund our overweight positions through telecom and utility picks.

Asia ex Japan Equity Smaller Companies For the year ending March 2007, the fund delivered a return of 36.70% (gross of fees, share class AC) strongly outperforming the benchmark by 1064 basis points in US dollar terms. Stock selection in the consumer sector contributed significantly, offsetting the negative impact of our telecom exposure. We continue to expect strong growth for the region given attractive valuations. In terms of positioning, we continue to favour domestic consumption plays and interest rate sensitives such as bank and property stocks. We are underweight in cyclicals, given expectations for a moderation in global growth, and continue to fund our overweight positions through telecom and utility picks.

Asia Pacific ex Japan Equity High Dividend For the year ending March 2007, the fund delivered a return of 23.93% (gross of fees, share class AD) in US dollar terms. Stock selection in the technology sector and material stocks contributed positively during the period, offsetting the poor performance of some industrial stocks. We continue to expect strong growth for the region given attractive valuations. The fund will maintain its strategy of selecting quality high yield and reasonable growth stocks.

Brazil Equity For the year ending March 2007, the fund returned 30.90% (net of fees, share class AD) in US dollar terms. A favourable outlook for the global economy as well as improving fundamentals in Brazil helped support equity markets. Inflation ended the period below the Central Bank's target at 4% and appears under control. As a result interest rates have fallen, dropping from 19.75% in September 2005 to 12.75% at the end of March 2007. These two factors have contributed to the recovery in consumption that benefits a good portion of listed companies, whilst the positive external scenario benefits exporting companies. We remain positive on Brazilian equity prospects that should continue to benefit from better fundamentals through stronger growth and lower risk perception, whilst the global economy remains stable.

BRlC Markets For the year ending March 2007, the fund generated a return of 29.2% (gross of fees, share class ZC) in US dollar terms. Over this same period, the official MSCl BRlC index rose 24.3%. whilst an equally weighted index of MSCl BRlC countries gained 24.2%. China has been the strongest performing country index, rising 43.3%, while Russia has lagged all others with a gain of 16.2%. Our country allocation, in the last year, has generally been skewed in favour of Brazil & Russia, while allocation to China has varied between overweight and neutral. Fund exposure to India has been persistently underweight during this review period.

BRlC Markets Equity Since inception, on 1 June 2006, to the end of March 2007, the fund returned 26.4% (gross of fees, share class EC) in US dollar terms. Within the ERIC markets, China and India have posted the strongest returns. Strong Chinese performance has been led by leading market-cap stocks, particularly China Mobile and China Life Insurance, whilst strong inflows into the technology sector benefited the India economy. Russia underperformed the other BRlC markets, dampened by profit taking in energy stocks such as Gazprom & Surgutneftegaz. Positive country allocation in Brazil and China in the first quarter of 2007 added to fund performance. We remain neutral on the outlook for the BRlC markets, with overweight positions in Brazil and India, and an underweight position in China.

Chinese Equity For the year ending March 2007, the fund delivered a return of 44.92% (gross of fees, share class AD) in US dollar terms, underperforming the benchmark by 152 basis points. The single most important factor for our underperformance was our structural underweight in China Mobile, which represents about 17% of the entire

A-- .- HSBC Global Investment Funds

benchmark, as the stock rose 5.7% for the first quarter 2007 while the index dropped 4.1%. Stock selection in the financial sector and in consumer stocks contributed positively during the period, offsetting the poor performance of some industrial stocks and our underweight in the telecoms sector. Our key overweight positions remain in the financial sector and in domestic consumption plays.

Emerging Europe Equity For the year ending March 2007, the fund returned 14.66% (net of fees, share class AD), slightly underperforming the market in euro terms. Our Underperformance was mainly a result of our zero weighting to Russian stocks as the fund had been structured as a European convergence fund until it changed in October 2006. After the benchmark changed to include Russian and Turkish stocks, the fund began to outperform the market thanks largely to positive stock selection in the energy sector & telecom stocks. As fundamentals in Eastern Europe remain attractive in the long term and valuation levels are not excessive, we see further upside for the equity markets in the region.

Euroland Equity For the year ending March 2007, the fund returned 14.42% (gross of fees, share class AC) in euro terms, underpetforming the MSCl EMU index by 0.47%. There was a strong underperformance in the second quarter 2006 followed by a steady improvement over the following three quarters. The poor performance was due in part to positions in technology stocks, which underperformed as the upturn in corporate technology spending cycle did not materialise. By the fourth quarter, we had started to buy companies that appear most resilient in the face of a cyclical downturn because of their superior business models and these outperformed in early 2007. Looking ahead, we are confident that attractively valued companies, that are improving profitability without jeopardizing long term prospects will eventually be rewarded by the market.

Euroland Equity Smaller Companies For the year ending March 2007, the fund posted a return of 25.29% (gross of fees, share class AC), outperforming the benchmark return of 21.01%, and is ranked 1/19 in its peer group. The market was boosted by the strength of the global economy alongside strong growth in Eastern Europe, infrastructure investments in China, and worries over the scarcity of natural resources. A strong overweight position in cyclical stocks was a key contributor to fund performance over the period, as was stock picking: we purchase stocks only after a due diligence process that involves meeting with the company management. We are highly confident on growth prospects as we believe Euroland smaller company earnings should grow by 17% to 19% in 2007 even after rising by more than 22% in 2006.

Euroland Value Creation For the year ending March 2007, the fund returned 8.73% (gross of fees, share class MIC) compared to the benchmark return of 14.66%. Although the underperformance is significant, it is worth mentioning that 80% of the underperformance came about between April and July 2006 and that, in July, the fund’s investment philosophy was significantly modified. Since that date, the fund has focused on companies that have high growth characteristics and has underperformed by less than 100 basis points. Since the change of philosophy, underperformance can be mainly blamed on the zero exposure to a number of restructuring companies that have strongly outperformed since the beginning of 2007.

Sustainability Leaders For the year ending March 2007, the fund has returned 14.19% (gross of fees, share class MID) in euro terms, outperforming the MSCl Europe Index by 0.2%. The strategy of the fund is to focus on the best SRI-ranked stocks in the Pan European universe with an emphasis on environmental friendly small-caps. Stock selection in the last six months was very beneficial to fund performance, especially in the renewable energy space. Solarworld, which develops and produces solar technologies, was one of the best contributors to returns. Finally, relative to its peer group, the fund has performed reasonably well over the period.

Europe ex UK Equity For the year ending March 2007, the fund gained 11.2% (net of fees, share class AC) in euro terms, underperforming the FT S&P Europe ex UK Index, which rose by 15.6%. Basic materials, lifted by solid demand and rising commodity prices, and restructuring in the industrials sector boosted returns. Market sentiment was also helped by an improvement in the European economy led by Germany. The fund’s underperformance came from a lack of holdings in a number of takeover candidates, such as ABN Amro,

I

HSBC Global Investment Funds ~.

t

I

Arcelor and Endessa. The outlook remains positive but, with forecasts for 2007 growth in the high single digits and market valuations on the expensive side of long term averages, equity markets may need further merger & acquisition activity for support.

Global Emerging Markets Elite Fund The Global Emerging Markets Elite Fund was launched on the 5th February 2007.

Global Emerging Markets Equity For the year ending March 2007, the fund outperformed and returned 20.22% (net of fees, share class AC). Markets sold off heavily in MaylJune 2006 but recovered well moving to new highs. We saw a further setback in FebruarylMarch 2007, although most Emerging Markets ended March in positive territory and close to their earlier peaks. Volatility is likely to be an issue in the short-term, although levels remain around historical lows. With no clear evidence of Japan's export-led recovery spreading to domestic sectors and with inflation at low levels, it is unlikely that we will see a rate increase in the near-term and fears of a significant unwinding of the carry trade appear to be overdone. Global equity valuations, particularly among Emerging Markets, remain supportive but selective markets, like India and Russia, look expensive.

Global Equity For the year ending March 2007, the fund underperformed and returned 8.63% (net of fees, share class AD). Exposure to selective stocks within Emerging Markets hurt in the MaylJune 2006 correction and our overweight position within global sectors in Japan detracted as Japan lagged. We closed this overweight in late 2006, and now remain underweight in Japan which has helped recent performance. The rate of global economic growth may slow, but the US should have a soft landing and consumer expenditure should remain supported by low unemployment and consistent job creation. We remain underweight in the US and Japan within the global sectors, and retain exposure to selective Emerging Market stocks where we see attractive riskheward opportunities. We will look to add selectively to our key stock positions where we have the greatest conviction in long-term value.

Global Equity SRI For the year ending March 2007, the fund gained 18.86% (gross of fees, share class AC) in US dollar terms, slightly outperforming the MSCl World Index, which rose by 18.6%. Positive growth, rising inflation and the high level of energy prices were the prevailing global economic conditions over the period and should remain so in the near term at least. These conditions provide a neutral background for global equity markets and in this environment the portfolio will maintain exposure to stocks with good value and momentum.

Global Equity Technology For the year ending March 2007, the fund gained 15.56% (gross of fees, share class AC) in US dollar terms, outperforming its customised benchmark, which rose by 12.92%. Positive growth, rising inflation and the high level of energy prices were the prevailing global economic conditions over the period and should remain so in the near term at least. These conditions provide a neutral background for global equity markets and in this environment the portfolio will maintain exposure to stocks with good value and momentum.

Global ex Euroland Equity For the year ending March 2007, the fund returned 2.22% (gross of fees, share class AC) in euro terms, underperforming the benchmark, which rose 3.10%. Performance was slightly behind peer group as the fund is restricted from investing in countries outside the OECD, and was therefore unable to benefit from the outpetformance of Emerging Markets. The fund suffered from its geographical allocation, notably its overweight positions in Japan and North America, but saw positive contributions from stock selection in North America and Europe. This positive stock picking effect is due to a change in the fund's investment philosophy (low number of holdings based on strong fundamental convictions, low turnover) reflecting Halbis' approach to investment management.

Hong Kong Equity For the year ending March 2007, the fund posted a return of 29.31% (gross of fees, share class PD), outperforming the benchmark, the Hang Seng Index, which posted a gain of 28.55%. The Hong Kong equity market benefited from strong liquidity inflows and the robust economic growth in Hong Kong and China. Our holdings in China-related consumer stocks, namely Nine Dragons and Peacemark, added most value as the

G HSBC Global Investment Funds 7

Directors' Report (continued) r- former continued to gain market share in the containerboard industry and the latter was re-rated on the back of increasing contribution from its watch retailing operations in China. In addition, our holdings in financial stocks in China contributed positively to performance as robust premium growth for insurers and strong loan growth for banks provided positive earnings growth momentum.

Indian Equity For the year ended 31 March, 2007, the fund returned 14.2% (gross of fees, share class AC), underperforming the benchmark by 764 basis points. Underweight positions in the energy 8 IT services sectors and an overweight position in industrials hurt performance. Significant underperformance came from significant overweight positions in construction 8 cement after government's direct attempts to curb inflation. The outlook for the economy remains robust although we expect the economy to slow with political uncertainty, high inflation, and possible further monetary tightening potential future factors. Floods of new paper are another issue to be mindful of, especially from the financial services sector, due to new capital adequacy requirements. The fund remains defensively positioned.

Japanese Equity For the year ending March 2007, the fund returned 1.01 % (net of fees, share class PD) in Japanese yen terms, outperforming its peer group average and ranking in the first quartile over the period. The positive alpha generated by Sinopia's Quant strategy mainly derived from positive stock selection. Sector allocation generated negative results, main losses stemming from our underweight position in defensive stocks such as healthcare and utilities which outperformed over the period. We remain positive on the Japanese equity market that will benefit from a sound macro economic environment and from the significant earnings growth anticipated for the remainder of 2007 and 2008.

Korean Equity For the year to the end of March 2007, the fund rose by 15.05% (gross of fees, share class AC) in US dollar terms, outperforming the MSCl Korea by 4.9%. Outperformance came from a combination of stock selection and sector allocation. In terms of sectors, an overweight in industrials and an underweight in technology contributed positively to performance. Positive stock selection in the consumer discretionary and technology sectors contributed most to outperformance at the bottom-up level. The outlook for the Korean market is positive, driven by cheap valuations, currently among the lowest in Asia, upward earnings revisions and improving consumer and corporate sentiment ahead of presidential elections in December 2007.

Pan-European Equity For the year ending March 2007, the fund gained 10.7% (net of fees, share class PD) in euro terms, underperforming the FT S&P Europe Index which rose 14.6%. The economic situation was positive with improving economic growth, low inflation and low interest rates. While the ECB did raise interest rates during the period, the levels have not subdued economic activity. Fund underperformance came largely from not owning M&A target stocks and being underweight in the strong performing utilities sector. The outlook for European equity markets remains positive, underpinned by continued growth in earnings and cash flows and reasonable market valuations. The forecast is for single digit growth for 2007, although in past years growth estimates from the start of the year have generally been exceeded.

Pan-European Equity High Dividend For the year ending March 2007, the fund returned 8.94% (net of fees, share class AC) in euro terms, underperforming the MSCl Europe index by 3.04%. The fund is strongly focused on companies with improving dividend prospects and its distinct profile means returns can deviate strongly from the market. In fact the year's entire underperformance came in the second quarter of 2006 from our relatively low exposure to defensive stocks, since these are generally characterised by low dividend yields and below average dividend growth rates. Looking ahead we believe that the strategy should prove resilient. With historically low pay-out ratios (38% of earnings), companies can boost dividend levels if necessary. We also believe that after rising strongly for over 4 years, the market will refocus on income, particularly given the high average dividend yield in Europe.

Singapore Equity For the year ending March 2007, the fund returned 52.5% (share class PD) in US dollar terms, outperforming the MSCl Singapore index, which rose 45.7%, and the peer group average. The fund's key strategy was a

i


.-

Directors' Report (continued)

large overweight in the niche luxury condominium developers and luxury hotels sectors, which heavily outperformed the index on the back of strong property sales and sharply higher prices. This was partly offset by underperformance from several holdings in quality small-caps following disappointing earning results. The fund remains overweight in luxury hotels, luxury condominium developers, cheap quality small-caps, and high yield shares - positions funded by underweighting most large-cap stocks, especially banks.

Thai Equity For the year ending March 2007, the fund returned 4.0% (net of fees, share class AD) in US dollar terms, lagging the SET total return index, which rose 5.4%, but ahead of its peer group average. The surprise change in government in April 2006 resulted in the fund's holdings in construction companies, including Sino-Thai Engineering and Italian-Thai Development, underperforming. Meanwhile, a price war in the telecoms sector hurt another of our holdings True, whilst an Aapico issued a profit warning. Fund performance benefited heavily from strong returns from Banyan Tree, an Asian hotel operator with a large Thai resort. Given the falling interest rate outlook, the fund remains overweight in banks, property, and hotels, funded by underweight positions in materials and energy.

UK Equity For the year ending March 2007, the fund gained 5.4% (net of fees, share class AC) in sterling terms, underperforming the FTSE All Share Index rise of 11 .I%. Exposure to Daily Mail 8. General Trust was negative following their downturn in cash flows, whilst under-exposure to stocks benefiting from the tremendous rise in commodity prices and in the strong performing utilities sector was negative. On the positive side, the manager correctly identified a number of companies where cash flow returns were high, including lnchcape 8 Homeserve, and management could successfully reinvest in the asset base to grow future cash flow. The outlook for UK equities remains positive underpinned by continued growth in earnings and cash flows and reasonable market valuations with single digit growth predicted for 2007.

US Equity For the year ending March 2007, the fund returned 10.20% (net of fees, share class PD) in US dollar terms, underperforming the S8P 500 Composite, which gained 11.8%. The fund benefited from a good industrial allocation based on our quantitative valuation of the market. Significant gains came from our overweight positions in the energy and materials sectors. The end of period spike in oil prices after inventories declined boosted energy stocks' performance. Successful stock picking also generated positive returns. The outlook for the US remains positive despite the slowdown in company earnings. We expect future earnings to rebound and markets to be sustained by attractive valuations. We think individual companies could offer investors some pleasant surprises.

US Index For the year ending March 2007, the fund returned 10.90% (net of fees, share class PD) in US dollar terms, compared with an increase in the S&P500 Composite of 11.8% .The ex-ante BARRA tracking error was around 0.05% over the year. The period saw the run of 17 consecutive interest rate rises in the US come to an end amid signs of slowing economic growth and moderating inflation. Declines in oil prices helped to ease inflation concerns in the US over the year. The US was supported by buoyant merger 8 acquisition activity and the Standard and Poor's index boasted positive performance on strong earnings announcements. Exxon Mobil announced the second highest quarterly earnings in US corporate history during the period.

Asia Freestyle For the year ending March 2007, the fund delivered a return of 25.62% (gross of fees, share class AC), in US dollar terms, and managed to outperform the benchmark by 199 basis points. Stock selection amongst property and consumer stocks contributed positively to performance during the period, offsetting the negative impact of our technology sector exposure. We continue to expect strong growth for the region given attractive valuations. In terms of positioning, we continue to favour domestic consumption plays and interest rate sensitives such as banks and property stocks. We are underweight in cyclicals, given expectations of a moderation in global growth, and continue to fund our overweight positions through telecom and utility stocks.

BRlC Freestyle For the year ending March 2007, the fund gained 20.93% (net of fees, share class M2C). BRlC markets have been among the best performing Emerging Markets over the past 12 months. China was up almost 50% in the

-A HSBC Global Investment Funds ~.

I

12 months to end March 2007 while Emerging Markets overall grew 21%. The Indian equity market corrected sharply in the MaylJune sell-off and more recently has sold off on the back of monetary tightening and a negative Budget. India has been our lowest exposure in the portfolio over the past 12 months though, adding to fund performance. Country allocation and bottom-up stock selection elsewhere in the portfolio added value.

Global Emerging Markets Equity Freestyle For the year ending March 2007 the fund gained 16.62% (net of fees, share class MIW). Markets sold off heavily in May/June 2006 but recovered well with markets moving to new highs. We saw a further setback in FebruarylMarch 2007 although most Emerging Markets ended March in positive territory and close to their earlier peaks. Volatility is likely to be an issue in the short-term, although levels remain around historical lows. With no clear evidence of Japan's export-led recovery spreading to domestic sectors and with inflation at low levels, it is unlikely that we will see a rate increase in the near-term and fears of a significant unwinding of the carry trade appear to be overdone. Global equity valuations, particularly among Emerging Markets, remain supportive but selective markets, like India and Russia, look expensive.

Latin American Freestyle For the year ending March 2007, the fund returned 41.47% (gross of fees, share class MID) in US dollar terms. The positive performance was a consequence of good prospects for the global economy as well as improving fundamentals in the region. The fund benefited from good stock picking across the region, in particular among the smaller markets like Peru and Colombia. We believe the region should continue to benefit from a healthy global economy and the improving economic fundamentals.

UK Freestyle For the year ending 31 March 2007, the fund gained 9.6% (net of fees, share class MID). The aim of the manager was to identify undervalued investments where either cash returns were high and the company could grow, or where returns were too low but should improve through management action. The stronger performers were in the former category. SIG enjoyed good demand growth for its insulation products, while GlaxoSmithKline successfully developed profitable new drugs, and lnchcape acquired new franchises to further grow its profitable asset base. Holdings in Daily Mail, which was effected by a prolonged downturn in the UK advertising, and EMI, which faced weak demand for its music products, were negatives. The outlook for UK equities remains positive, underpinned by continued growth in earnings and cash flows and reasonable market valuations, with high single digit growth predicted for 2007.

Brazil Bond Since its inception in June 2006, the fund has returned 14.60% (net of fees, share class AC). Performance was the result of the high level of interest rates in the Brazilian local market combined with the currency's appreciation, which has risen 9.0% since the fund's inception. The main portion of the portfolio is allocated to certificates of deposit issued by AAA/AA rated Brazilian banks and local sovereign debt, resulting in a very solid credit profile. The strong fundamentals of the Brazilian economy remain very supportive for inflation. Even though the downward path for Brazilian rates will be extended for some time, we believe their levels will remain attractive for investors.

Euro Corporate Bond For the year ending March 2007, the fund returned 4.48% (gross of fees, share class AC) against benchmark returns of 4.21%, ranking it 4th out of 58 funds in its peer group and placing it comfortably in the first quartile over the year and since inception. The ongoing recovery of the European economy and solid corporate fundamentals paired with the search for carry, lead to a further tightening of credit spreads. Our overweight in subordinated names, overweight in the 5-10 year part of the yield curve, and short-duration bias all added to performance. Going forward we expect corporate fundamentals in the Eurozone to stay benign and supportive of spreads. Although risks from inflation and the situation in the Middle East remain, our main focus will be to avoid LBO-candidates and stocks that we fear will return money to shareholders at the expense of bondholders.

Euro Credit Bond For the year to the end of March 2007, the fund returned 1.90% (net of fees, share class AC) against a 2.62% rise for the benchmark. In terms of duration, the portfolio spent most of the year with a small underweight position which proved beneficial as yields increased slightly over the period. On the credit side, the investment

HSBC Global Investment Funds .. -

Directors' Report (continued) 3- strategy was focused on issuer selection. Credit quality remains well oriented for most investment grade issuers but LBO-candidates is paramount. Recognising that most of these LBO targets carry an A credit rating we have maintained a barbell strategy of being overweight AAA/AA, underweight A, and overweight EBB. Since the beginning of 2007 we have also invested around 5% of the fund's assets in high yield issuers, which has contributed positively to performance.

Euro Investment Grade Bond For the year to the end of March 2007, the fund generated a return of 1.18% (net of fees, share class AC) compared with the benchmark return of 2.01%. Credit allocation of the fund has been neutral and is growing more defensive as credit spreads tighten driven by the structured credit bid. In late 2006 we moved to a short A / long BBB credit curve steepening position in view of likely M8A risks for single A-rated entities. BBB rated Hybrid credit and supportive first quarter fundamentals provided better tactical risk I reward. The flight to quality in February 2007 served to validate our cautious overall stance. Our duration exposure has been positive for performance. We do not expect a deep bond bear market as both the Federal Reserve and the ECB are at advanced stages of monetary tightening.

Euro Investment Grade Corporate Bond For the period until its closure on 19 March 2007, the fund returned 4.04% (gross of fees) against benchmark returns of 3.14%, placing it comfortably in the second quartile of its respective peer group. The ongoing recovery of the European economy and solid corporate fundamentals paired with the search for carry, lead to a further tightening of credit spreads. This was supported by a still contained net issuance of corporate debt. Due to our increased overweight in subordinated financial and non-financial investment grade issuers the fund fared well over the period. In addition to the overweight in subordinated names, our curve positioning (overweight in the 5-10 year part) and the short-duration bias over the period added to the fund's relative performance.

Euro High Yield Bond For the year to end March 2007, the fund returned 6.41% (net of fees, share class AC) against the benchmark return of 7.57%. The fund maintained its focus on issuer selection over the period, except at the end of June 2006 when we took advantage of the market sell-off to buy some lower rated bonds at discounted prices, and this resulted in a slightly lower yield than the benchmark most of the time. However, this focus was more than compensated for by our zero or strongly underweight positions in the worst performing bonds. Going forward, the economic outlook in Europe looks supportive for high yield bonds. Lower-rated issuance has picked up recently and we expect a slight increase of default rates from their current very low levels. In this environment we will continue with our issuer focused strategy.

Global Emerging Markets Bond For the year ending March 2007, the fund returned 11.29% (gross of fees, share class AC), outperforming the benchmark's return of 10.86%. The sector experienced some very volatile periods during the 12 month period and we managed to weather this volatility without posting any significant ( ~ 1 % ) monthly losses. In the second half of the fiscal year, the story was primarily of falling yields across local emerging markets. A rush of rate cuts combined with dollar weakness resulted in most of our second half performance attribution being generated by local positions.

Global Investment Grade Bond For the year ending March 2007, the fund returned 7.24% (gross of fees, share class AD), underperforming the benchmark's return of 8.12% but outperforming its peer group. The global economy continued its steady growth despite higher fuel and energy prices. The fund's outperformance was primarily driven by emerging market local currencies positions. Exposures to the Mexican, Brazilian and Polish local currency bonds contributed particularly strongly to returns as interest rates fell and the currencies appreciated. In addition, sector and security selection within the credits added to the overall excess performance of the strategy.

Pan-European Government Bond For the year to the end March 2007, the fund returned 1.96% (net of fees, share class ID) against the benchmark return of 1.95%. Primarily, the fund sources diversified excess returns from duration, yield curve and currency management. Last year, we implemented a new source of excess return, volatility. The fund also seeks returns from investment in EU/euro applicant countries' debt. The main drivers of performance over the period were a successful position in duration, good excess returns from our investments in Eastern European

HSBC Global Investment Funds . . - .

I

countries, and intensive relatives value arbitrages.

Sterling Investment Grade Bond For the year ending March 2007, the fund returned 0.09% (net of fees, share class PD) underperformed its benchmark. Credit markets traded in a narrow range through-out the period but ended the period 4 basis points wider. The fund retained, and benefited from, an underweight and defensive position in credit for much of the period. Buying some selected sectors in the summer sell-off also added value and these positions were reduced into the close of the year. The fund benefited from selective long positions in the first half and weathered the worst of the weakness with a neutral position; however it gave up some gains with a long position in February and March which was neatly compensated for by our underweight position in credit.

US Dollar High Yield Bond For the year ending March 2007, the fund returned 10.57% (gross of fees, share class AC), outperforming the benchmark's return of 10.42%. The sector posted strong returns as spreads tightened. Good earnings, declining defaults rates and robust liquidity were key factors. The healthy liquidity allowed the market to easily absorb an all-time high level of new issuance for the market. The fund's overweight position in the CCC quality sector was a strong positive contributor to performance as they outperformed all other quality sectors in the index. In addition, overweight positions in the wireless and cable sectors proved beneficial as the sectors outperformed the high yield market.

US Dollar Investment Grade Bond For the year ending March 2007, the fund returned 7.34% (gross of fees, share class PD), outperforming the benchmark's return of 6.42%. All spread sectors in the Lehman Aggregate index outperformed treasuries. Allocations within corporate and mortgages over the period contributed positively to fund performance as both sectors performed well. US Investment grade corporate bonds outperformed duration-adjusted treasuries by 87 basis points, whilst US fixed rate mortgage-backed securities outperformed by 76 basis points. Stock selection within high yield and emerging markets were strong positive contributors to performance.

Euro Reserve For the year ending March 2007, the fund returned 2.59% (net of fees, share class AC), against a benchmark return of 3.17%. Despite some fears over the US housing sector, the Euro economic outlook has been strong. Inflation risks were on the upside following the increase of German VAT and added pressure on energy prices. In this context, the European Central Bank continued its normalisation process and interest rates increased to 3.75% in March 2007 from 2.50% in March 2006. As the pace of rate hikes was around every 3 months, we invested in commercial paper in the 30-90 day range in order to take profit on the increases in yields and so as to avoid volatility. Going forward, the ECB should continue to raise rates slightly and yields should increase.

US Dollar Reserve For the year ending March 2007, the fund returned 5.38% (gross of fees, share class PD) compared with the benchmark's 4.91%. Performance was above benchmark for the year due to several subscriptions in the fund and as a result of keeping within our WAM target range of 40-45 days. The Federal Reserve had raised interest rates over the period and they reached 5.25% in June, where they remained whilst the Fed maintained its "Inflation Risk" stance. Going forward, we continue to ladder maturities for the fund for 2007 as we expect the economy to begin to show positive signs of picking up. We continue to invest in commercial paper in the 30-90 day range. With this, yields should either remain stable or rise slightly for 2007.

Turkish Convergence For the year ending March 2007, the fund returned -2.10% (net of fees, share class AC), underperforming the MSCl Emerging Market index. Turkey was one of the worst affected markets during the MaylJune sell-off. Nonetheless, Turkish markets started to recover in the second half of the 2006 and became one of the top performers in the first three months of 2007. Going forward, Turkish debt and equity markets still offer huge potential. Interest rates remain among the highest in emerging markets and from a fundamental perspective Turkish stocks are relatively undervalued and likely to be backed by strong M&A activity. Results of upcoming general elections will be crucial but as long as global environment stays supportive, Turkey is a candidate to be one of the best performing emerging markets in 2007.

I

Ih- HSBC Global Investment Funds

__ - .

Auditor's Report - -. -

To the Shareholders of HSBC Global Investment Funds 40, avenue Monterey L-2163 Luxembourg Grand Duchy of Luxembourg

REPORT OF THE REVISEUR D'ENTREPRISES

Following our appointment by the annual general meeting of the shareholders dated 28 July 2006, we have audited the accompanying financial statements of HSBC Global Investment Funds and each of its sub-funds, which comprise the statement of net assets and the statement of investments in securities and other net assets as at 31 March 2007 and the statement of operations and the statement of changes in net assets for the year then ended, and a summary of significant accounting policies and other explanatory notes.

Responsibility of the board of directors of the SlCA V for the financial statements The board of directors of the SlCAV is responsible for the preparation and fair presentation of these financial statements in accordance with Luxembourg legal and regulatory requirements relating to the preparation of financial statements. This responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

Responsibility of the Reviseur d'Entreprises Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing as adopted by the Institut des Reviseurs d'Entreprises. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the judgment of the Reviseur d'Entreprises, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the Reviseur d'Entreprises considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the board of directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion In our opinion, the financial statements give a true and fair view of the financial position of HSBC Global Investment Funds and each of its sub-funds as of 31 March 2007, and of the results of its operations and changes in its net assets for the year then ended in accordance with the Luxembourg legal and regulatory requirements relating to the preparation of the financial statements.

Other matter Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. However, we have no observation to make concerning such information in the context of the financial statements taken as a whole.

Luxembourg, 21 June 2007

KPMG Audit S.a r.1. Reviseurs d'Entreprises

R. Beegun

A -~ HSBC Global Investment Funds c -

I

Statement of Net Assets as at 31 March 2007 ._

E-guity Sub-Funds CONSOLIDATED ASIA EX JAPAN ASIA EX JAPAN ASIA PACIFIC EX

USD EQUITY EQUITY SMALLER JAPAN EQUITY USD COMPANIES HIGH DIVIDEND

USD USD

. ..

Portfolio at Cost 16,650,944,530 432,484,052 24,850,568 111,571,111 Unrealised Appreciation/(Depreciation) 4,796,096,499 169,759,478 11,086,904 28.425.987

~

139,997,098 Portfolio at Market Value

Cash at Bank 647,602,376 12,724,876 3,270,718 1,256,801 - -

21,447,041,029 602,243,530 35,937,472 -

Bank Overdraft Receivable from Brokers Payable to Brokers Receivable from Shareholders Payable to Shareholders Other Assets Other Liabilities

Total Net Assets

(13,255,734) 248,438,060 (272,271,084) 222,063,613 (175,056,972) 59,776,372

(151,795,792)

22,012,539,868

~

-_

244,243 (89,039)

5,788,964 2,092,311 (9,405,253) (1 82,958) 1,813,151 120,352 (876,816) (60,715)

61 2,532,695 41,088,141

The accompanying notes form an integral part of these financial statements.

(107,713) 674,lO 1 (234,694) 847,377 (224,029)

142,208,941

HSBC Global Investment Funds Ad

Statement of Net Assets as at 31 March 2007 3

852,624,152 403,062,977 215,706,303 2 800,599,760 21,545,618 498,993.902 21 6.885.368 57,376,400 22,213,405 1,520,416,838 3,275,553 63,955,899

1,069,509,520 460,439,377 237,919,708 4,321,016 598 24,821,171 562,949,80 1

30,422,369 57,153,705 22,576,549 673,929 13,535,031

3,090,505 1,212,359 4,307,632 60.273.045 100,465 10,267,267 (40,421,907) (1,335,565) (3,330,448) (586,134) (9,037,020) 25,974,763 13.334.997 5,543,705 33,064,679 159.268 2,333,075 (3,345.935) (448,559) (40,553,054) (1,306) (1,147,254) 2,361,310 924,165 845,114 1,518,969 I 28,998 896,675 (1,582,930) (450,653) (289,260) (6,370,621) (35,592) (812,614)

- -

-

(12,440,113)

-

1,086,007,695 461,684,567 305,032,045 4,3aa,195,717 25,260,799 578,984,961 - .- - -.

BRAZIL EQUITY BRlC MARKETS BRlC MARKETS CHlNESEkQUlTY EM ERG I NG -E u ROL AN D E Q u ITV EQUITY EUROPE EQUITY

USD USD USD USD EUR EUR

A - HSBC Global Investment Funds 1 -

-

..- -

Statement of Net Assets as at 31 March 2007

.-. ~.

EUROLAND EQUITY EUROLAND VALUE SUSTAINABILITY EUROPE E= SMALLER CREATION LEADERS EQUITY

COMPANIES EUR EUR EUR EUR

- .

Portfolio at Cost 86,671,760 125,335,211 25,257,387 66,037,100 18,458.479 Unrealised Appreciation/(Depreciation) 18,369,186 15,691,629 2,481,592

Portfolio at Market Value 105,040,946 141,026,840 27,738,979 84,495,579

Cash at Bank 1,392,576 9,756,684 737,766 2,638,763

Bank Overdraft Receivable from Brokers Payable to Brokers (3,312,639) (79,716) (24,747) (24,869) Receivable from Shareholders 1,274,647 22,047 14,903 314,880 Payable to Shareholders (51 0,883) (508,175) (200,836) ' Other Assets 100,532 38,427 66.195 178,991

Other Liabilities

Total Net Assets

.~ .

~

(129,715)

103,872,035 149,960,54a 20,419,950 87,272,793

. -- (113:144) (295,559) ( I 13,146)

.. ..

. . .- . - -


A- HSBC Global Investment Funds . -

. -.

Statement of Net Assets as at 31 March 2007 ._ -

GLOBAL ~ L O B A L GLOBAL EQUITY GLOBAL EQU~TY GLOBAL EQUITY GLOBALEX EMERGING EMERGING SRI TECHNOLOGY EUROLAND EQUITY

MARKETS ELITE MARKETS EQUITY USD USD USD EUR FUND USD

USD

14,413,036 235,294,706 137,423,033 18,379.517 5,919,886 37,183,306 252,3 86 45,713,214 25,954,768 2 161,903 723,551 6,761,872

43,945,178

643,693 14,658.213 10,177,864 334,513 56,900 4,771,844

155,124 2.1 45,043 3,007,342

. - 14,665,422 281,007,920 163,377,801 20,541,420 6,643,437

(363,045) (3,690,419) (973,691) (292,494) 474,198 370,848 149.528 23,245

(51 0.489) (298,733) (38.91 9) (60,894) 19,291 1,122.848 409,413 57.558 8.013 186,459

(15,875) (454,922) (1 08,921) (13,168) (1 0.2 84) (25,565) - -

48,840,267 - -

15,104,610 294,752,392 175,961,923 20,777,357 6,659,147

r A L - HSBC Global Investment Funds - .


HONG KONG -- INDIAN EQUITY JAPANESE EQUITY KOREAN EQUITY EQUITY

USD USD JPY USD

. . - .

Portfolio at Cost 152,866,172 4,004,275,906 26,815,452,490 126,830,791 53,434,929 1,340,292,828 4,911,640,950 25,246,497 Unrealised Appreciation/(Depreciation)

~. Portfolio at .. Market Value 206,301,101 5,344,568,734 31,727,093,440 152,077,288

Cash at Bank 3,914,726 80,207,003 4,800,855,867 845,861 Bank Overdraft Receivable from Brokers 60,234,478 Payable to Brokers (159,069) (68,476,405) (931,190) Receivable from Shareholders 3,573,247 69,526,224 169:655,877 2,086.865 Payable to Shareholders (395,211) (34,248,129) (51 5,588,260) (1 -287,667)

6,985,210 307,701,927 1,042,550 Other Assets 515.073 Other Liabilities .. . (192,965) (7,996,475) (41,924,401) (178,220)

153,655,487 Total Net Assets

. ..

.- 5,450,800,640 36,447,794,450

. . 213,556,902

. - ~.

I

The accompanying notes form an integral part of these financial statements


_-

Statement of Net Assets as at 31 March 2007 A .-

I 78,177,743 82,542.75 1

20,100,747

82,817,975 102,643,498

7.028.550

-~ 4,640,232

~

(5 1 9,824) 134,392

(1 53,584) (14.61 5.428) 537,598 19,421,782

~ . ..

PAN-EUROPEAN PAN-EUROPEAN SINGAPORE THAI EQUITY UK EQUITY US EQUITY

EUR DIVIDEND USD USD GBP USD EQUITY EQ U ITY HIGH EQUITY

EUR

628,226,365 96,858,005

725,084,370

9,647,332 - -~

(1,672,603) 5,268,l I1 (6,340,425) 2,413,425

208,818,548 84.827,684 5,719,644 11,942,210

214,538,192 96,769,894

2,621,555 896.271

1,950,871 (1 90,890)

1,115,458 294,227 (3 506,142) (320,667) 1,172,698 575,161

..

161,251,346 19,848,823

181.1 00.169

17,320,906

. .~

~. .

2,556,617 (5,738.175) 834,763

(781,774) (120.833) (1 03.850) (319,695) (1 44,225) (143,096)

733,618,436 82,660,478 1 12,417,143 217,572,937 97,879,771 195,931,184

-

A - HSBC Global Investment Funds

Statement of Net Assets as at 31 March 2007 ~.

.~ Freestyle Sub-Funds - US INDEX ASIA FREESTYLE BRlC FREESTYLE GLOBAL

EMERGING USD USD USD MARKETS EQUITY

FREESTYLE USD

-. .. -

Portfolio at Cost 34,090,119 216,394.935 2,001,649,056 737,404,47a Unrealised Appreciation/( Depreciation) 9,643,438 51,679,308 690,392,280 96.1 77,296

833,581,774 Portfolio at Market Value 43,733,557 268,074,243 2,692,041,336 ._ ..

Cash at Bank Bank Overdraft Receivable from Brokers Payable to Brokers Receivable from Shareholders Payable to Shareholders Other Assets Other Liabilities

Total Net Assets ~ ..

~

960,749

593,845 (521,531) 492,001

(1,479.326) 74,254

(25,088)

1,965,438

80,773

1,172,424 (1,426.142)

994,543 (538,336)

270,322,943

180,049,146

19,089,922 (28,410,043)

7,728,286 (22,309,104)

6,156,467 (97,262,029)

2,757.0a3.9ai

36,033,576

31,472,227 (22,929,179)

1,555,029 (14,660,880)

4,094,746 (23,357,330)

.~

845,7a9,963

The accompanying notes form an integral part of these financial statements

L - HSBC Global Investment Funds . -

.. -.. - - . - -- .- -

Statement of Net Assets as at 31 March 2007 - . - . ._

Bond Sub-Funds -.

LATIN AMERICAN UK FREESTYLE BRAZIL BOND EURO CORPORATE EURO CREDIT EURO FREESTY LE BOND BOND INVESTMENT

USD GBP USD EUR EUR GRADE BOND EUR

45,451,446 160,461,501 31,249,487 1 1,150,619 5,205,682 54,075,163 6,020,770 1,731,698 907,809 (1,265,135) (938,143) (3,183,823)

157,277,678

896,332 25,360 837,806 5,322,533 599,012 2,214,977

466,318 522 462,771 95.625 (749,016) (1,860,832) (1,463,800)

3,775,308 2,922 16,863 96,818 456,520 (1 13,181) (7,341) (5,037) (379,109) (607,598)

26,914 45.222 3,140 1,300,955 881,054 2,765,423 (1,766,297) (1 4,326) (2,207) (63,143) (49,788) (1 18,943)

._ 37,270,257 12,882,517 6,113,491 52,810,048 44,513,303

- .

I

40,555,651 i 2,934,876 6,969,093 59,079,111 43,ao2,458 160,61g,a82

-2- -

~ HSBC Global Investment Funds

-


~ -. EURO HIGH YIELD GLOBAL GLOBAL

BOND EMERGING INVESTMENT EUR MARKETS BOND GRADE BOND

USD USD

.- ~.

Portfolio at Cost 81,341,810 115:634,941 89,011,171

Unrealised Appreciationl(Depreciati0n) 1,552,152 5,816,682 2,031,291

Portfolio at Market Value 82,893,962 121,451,623 91,042.462

Cash at Bank 1:115,969 7,933,419 24,982,963

Bank Overdraft Receivable from Brokers 1,978,066 202,519 13,530,112 Payable to Brokers (41 5,304) (94,023) (1 5,707.983) Receivable from Shareholders 125,447 2.577,276 246,115 Payable to Shareholders (3,196,487) (1 17.598) (2,104,7 1 9)

. .. ~

~

Other Assets 1,693,745 2,053.21 3 1 ,I 74,494

Other Liabilities (98,499) (109,508) (4,344,549) ~

Total Net Assets 84,096,899 133,896,921 108,818,895


L- HSBC Global Investment Funds

-)-.merit of Net Assets as at 31 March 2007

I Reserve Sub-Funds

PAN-EUROPEAN STERLING US DOLLAR HIGH US DOLLAR EURO RESERVE GOVERNMENT INVESTMENT YIELD BOND INVESTMENT

BOND GRADE BOND USD GRADE BOND EUR GBP USD

EUR

~~ -

43,693,078 (2,032,386) (932,096) 163.893 6,550 70,423

5,584 652 94.55a.051 43,763.501

1,342,080 1,310,732 (91,816) 31 5,188 3,711,691 17,459,051 1,200 000 (363,726) (3,706,339) (25,734) (34.4 1 5,129) 1.095.722 5,000 401,295 157,144 (751,399) (38,027) (1 29,454) (3.71 1,122) 2 616.829 354,362 116,622 51 3,097 408,505 (1 23,452) (9.071) (1.324) (30,728) (255,641)

26,310,415 5,845,866 79,698,263 42,873,119

139,856,834 26,320,620 5,420,759 94,551,501

137,824,448 25,388.524

609,275 166.650 -II

~~ -

~. ~~-~ ~

140,521,794

HSBC Global Investment Funds -~ ~- - - ~ - -


Other Sub-Funds us DOLLAR- TURKISH

RESERVE CONVERGENCE USD EUR

- - -

Portfolio at Cost 19,077,026 41,020,235

Unrealised Appreciation/( Depreciation) 83,943 934,329

Portfolio at Market Value 19,160,969 41,954,564

Cash at Bank 40,336 8,854.530 Bank Overdraft Receivable from Brokers 1,672,123 Payable to Brokers (1,052,805) Receivable from Shareholders 309,768 127,021 Payable to Shareholders (315,882) ( I ,136,493) Other Assets 8,290 627,086 Other Liabilities (7,363) (67,575)

Total Net Assets 19,196.1 18 50,978,451

-

-


- - HSBC Global Investment Funds

Key Figures as at 31 March 2007

- F - - Equity Sub-Funds

CONSOLIDATED ASIA EX JAPAN ASIA EX JAPAN ASIA PACIFIC EX USD EQUITY EQUITY SMALLER JAPAN EQUITY

USD COMPANIES HIGH DIVIDEND USD USD

- __ CLASS A C (see note 3)

128.669 933 14 28

4 165233.315 273,634,852 Number of Shares Outstanding N/A Net Asset Value per Share NIA 44.36 29 12 - .-

CLASS A C H (see note 3) Number of Shares Outstanding N;A 623 072.137 NIA N/A

Net Asset Value per Share N/A 20.48 N!A NIA

CLASS A 0 (see note 3) 7,331.271.036 Number of Shares Outstanding NiA 6,320,915,936 1.167.688.235

Net Asset Value per Share -- N/A 42.19 28 36 13.45

CLASS A 0 H (see note 3) Number of Shares Outstanding NiA 39,948.433 NIA NIA

N/A 20.36 . . NiA NIA Net Asset Value per Share CLASS E C (see note 3) Number of Shares Outstanding NIA 350.557 N!A NIA Net Asset Value per Share NIA 41.63 NIA NiA

CLASS E 0 (see note 3) Number of Shares Outstanding NIA 106,137,814 N IA NIA

NiA Net Asset Value per Share N8A 41.63 NIA

Number of Shares Outstanding N ;A 2.265.295.459 N;A NiA Net Asset Value per Share NiA 43.00 N /A NIA

2.800 000.000 Number of Shares Outstanding N:A 10,000 000 NiA Net Asset Value per Share N:A 43.00 NIA 13.82

-

. . -.

-

.. ~

CLASS I C (see note 3)

CLASS I D (see note 3)

-.

CLASS J 1 C (see note 3) Number of Shares Outstanding NiA NiA N/A NiA

N/A Net Asset Value per Share N!A N!A NIA . -

CLASS M 1 C (see note 3) Number of Shares Outstanding N ‘A NIA N/A NiA

Net Asset Value per Share NiA NIA N/A N IA

Number of Shares Outstanding N IA NIA NiA NIA N:A Net Asset Value per Share NIA N!A NIA

. - CLASS M 1 D (see note 3)

. -

CLASS M 2 C (see note 3) Number of Shares Outstanding NIA NIA N/A NiA

N /A Net Asset Value per Share NIA NIA N’A

Number of Shares Outstanding N/A NiA NiA N:A NIA NiA N/A

.

CLASS M 2 0 (see note 3)

Net Asset Value per Share CLASS P C (see note 3)

Net Asset Value per Share CLASS P D (see note 3) Number of Shares Outstanding NiA NiA N/A N!A Net Asset Value per Share NIA NiA NIA NiA

CLASS W C (see note 3) Number of Shares Outstanding NIA NiA N!A N!A

NIA Net Asset.Value per Share CLASS W D (see note 3)

. - NIA .~

Number of Shares Outstanding NIA NiA N/A NiA NiA N!A NiA N:A

~. __

. . __

. - N ‘A N/A NIA - . -- . ~.

Number of Shares Outstanding N:A NIA N/A N IA NIA N/A NIA NIA -~ Net Asset Value per Share .

CLASS Y C (see note 3) Number of Shares Outstanding NIA NIA NIA NIA

N/A Net Asset Value per Share NiA NIA NiA

CLASS 2 C (see note 3) Number of Shares Outstanding NIA N!A N/A 671 124.853

NIA 46.35 NIA NIA Net Asset Value per Share CLASS 2 D (see note 3) Number of Shares Outstanding NIA 332,559.91 9 NIA 226,190 973

.- ~.

~ .~ ~. -

Net Asset Value per Share NiA 42 58 NiA 13.57

I

!

A HSBC Global Investment Funds

-

Key Figures as at 31 March 2007 .-

-~ BRAZIL EQUITY BRlC MARKETS ERIC MARKETS- CHINESE EQUITY EMERGING EUROLAND EQUITY

USD USD EQUITY USD EUROPE EQUITY EUR USD EUR

. - I 14,8n2,192.874 940.830.271 18,996.378.742 NiA 6 763.408.460 11 267,558.989

31 16 NIA 12.69 67 10 14.99 33.63 . ~. -

NIA NIA NiA N!A N :A NIA NiA N,A N/A N:A N 'A N/A .~ -

8,120,894.128 NIA 2 210,180.495 49,732,281.707 198.71 I 383 1,138.188.732 31 03 N/A 12.69 66 18 14.99 33.55 - ~ ~.

N/A NIA NiA N,'A N:A NIA NIA N!A N'A N:A N 'A N/A

~. ~ -

265,on8.333 NlA 552 440.975 719 146,759 772.791 459.103

33 58 - 30.99 NIA 12.64 66.41 14 99 ~. ~.

N/A NiA N:A N iA NiA 7.994.310

33.27 N/A NiA NiA N ;A NJA .-

N,A 125 oI1o.uoo 1.861 226,317 335.500.000 1.1 78.488.612 1- 3 . 0 8 6 6 4 7 . 0 F 31.49 N'A 12 74 68.06 15 17 33 71

4,087 457.437 N/A NiA 171.696251 203.200 000 N/A 31.49 N:A NIA 68 06 15 16 NIA

~ ~. ~

N/A NiA 14.286 661 134 N,A NiA N/A NIA NIA 12 78 N/A NiA NIA -

N !A N,A N 'A NIA NIA N/A N/A NiA NIA NIA NiA N'A

NiA NIA N,A N 'A N!A N/A NiA N,A NIA NiA N !A NiA

.- -~ -- ~ ~

N:A NiA N 'A NiA NIA N/A N!A NiA N/A N!A NiA N/A

~~ ~~~

N/A N,A NIA NIA N/A N 'A N!A NiA N 'A N/A NIA NIA

~~ -~~

NIA NIA NIA N:A NiA N/A

N!A N/A NiA N:A NiA NIA - ~.

N!A NiA N,A NiA NiA NIA N!A NiA N,A N/A NIA NIA -- ~. ~ ~ ~

N/A NiA N:A NiA NiA NIA

NiA NIA N!A NiA N!A NIA - - ~. ~ .~ .~ .~

NIA NIA NiA NiA NIA NiA N 'A NiA NIA N,A NIA NI! ~.

N/A 675 000 NIA NIA NiA NIA NJA 21 60 NiA N 'A N !A NiA ~. -~~~~~

243,820.000 21 337,489 000 N:A 204 272 000 NIA 8 798 935 32 65 21 64 NIA 68 20 NIA 35 88 ~~-

NIA NIA

N:A N/A

N'A 2.067.519 401 NIA 68 19

N/A N!A

NIA NiA

.~

HSBC Global Investment Funds ~ ~. . ~ .

-_

- Key Figures as at 31 March 2007

EUROLAND EQUITY EUROLAND VALUE SUSTAINABILITY EUROPE EX UK SMALLER CREATION LEADERS EQUITY

EUR EUR EUR COMPANIES EUR

- CLASS A C (see note 3)

22 933 498 Number of Shares Outstanding 1623219586 N/A N/A Net Asset Value per Share 48 58 N/A NIA 2 2 2 9

CLASS A C H (see note 3) Number of Shares Outstanding NIA NIA NIA N/A Net Asset Value per Share NIA N/A NIA N/A

CLASS A D (see note 3) Number of Shares Outstanding 68 660 659 NIA N /A 3 933 459 51 5 Net Asset Value per Share 40 58 N/A NIA 22 06

CLASS A D H (see note 3) Number of Shares Outstanding NIA NIA N/A N IA Net Asset Value per Share N/A N/A NIA NIA

CLASS E C (see note 3) Number of Shares Outstanding 643 359 N 'A NIA N/A Net Asset Value per Share 48 55 NIA NIA NIA

Number of Shares Outstanding NIA NIA NIA N/A Net Asset Value per Share NIA N /A N 'A NIA

- CLASS E 0 (see note 3)

-

CLASS I C (see note 3) Number of Shares Outstanding 280 100 000 NIA NIA NIA Net Asset Value per Share 40 86 N /A N 'A NIA

Number of Shares Outstanding N,A NIA NIA N/A NIA Net Asset Value per Share N,A N/A NIA

Number of Shares Outstanding N A N/A NIA NIA Net Asset Value per Share N A NIA NIA NIA

Number of Shares Outstanding N 'A 10402217103 929 134 720 NIA Net Asset Value per Share N'A 14 17 12 14 N 'A

CLASS I D (see note 3 )

- - CLASS J 1 C (see note 3)

- __ CLASS M 1 C (see note 3) I

CLASS M 1 D (see note 3) Number of Shares Outstanding NIA 182 385 316 1405605236 NIA

NIA I Net Asset Value per Share NIA 14 23 12 20

CLASS M 2 C (see note 3) Number of Shares Outstanding NIA N/A NIA NIA , Net Asset Value per Share N/A NIA N/A NIA

Number of Shares Outstanding N 'A N8A NIA NIA I Net Asset Value per Share NIA NIA N/A N/A 1 Number of Shares Outstanding N/A NIA N/A NIA ' Net Asset Value per Share NIA NiA NIA N IA

CLASS P D (see note 3) Number of Shares Outstanding NiA NIA N/A N/A Net Asset Value per Share NIA N/A N 'A N 'A

Number of Shares Outstanding N/A NIA N IA N/A

Net Asset Value per Share N 'A N/A NIA N/A

Number of Shares Outstanding NIA NIA NIA N/A

Net Asset Value per Share NIA N /A N/A N/A

Number of Shares Outstanding NIA NIA NIA N'A

Net Asset Value per Share N /A NIA NIA NIA

CLASS 2 C (see note 3) Number of Shares Outstanding 153 913 606 N /A NIA NIA Net Asset Value per Share 51 71 NIA N/A NIA

CLASS 2 0 (see note 3) Number of Shares Outstanding NIA NIA N/A N/A Net Asset Value per Share N/A NIA NIA NIA

CLASS M 2 D (see note 3) I

- CLASS P C (see note 3)

-

CLASS W C (see note 3)

CLASS W D (see note 3)

CLASS Y C (see note 3)

HSBC Global Investment Funds - .~ ~

-- .-

Key Figures as at 31 March 2007 . .

. - ~- ~

GLOBAL GLOBAL GLOBAL EQUITY GLOBAL EQUITY GLOBAL EQUITY GLOBAL EX EMERGING EMERGING USD SRI TECHNOLOGY EUROLAND EQUITY

MARKETS ELITE MARKETS EQUITY USD USD EUR FUND USD

- . .- USD r

N/A 1 747,514 895 54,984 486 463 132 998 19 792 000 560 082 i a7 N/A 16 93 26 79 15 a2 23 99 21 32 I- N/A NIA NIA N/A N/A N /A N IA NIA NIA N/A NIA NIA c

2.157 962 21.32

1.530.13~ a i 9 N/A 14 070,027 a77 1,701,225.304 10.433.a67

.- c- NIA 16 75 26.79 15.81 4.02 - .

N:A N/A NIA N/A N/A NIA N/A N/A NiA NIA N/A NIA

.-

N/A 308.157.366 NIA NiA NIA NIA N/A 16 33 NIA N/A N/A N/A

N /A 4,099.41 0 NiA N/A 9,000.000 NIA N/A 16.25 N!A N /A 3.90 N/A

~

N/A 1,026.362 595 4,459.624 N/A N/A NIA 17.07 26 a0 N IA NIA N/A N/A

. . ~-

NIA NIA NIA N/A NIA NIA NiA N 'A NiA NIA N 'A N/A

~~~~

N/A N!A NIA N:A N 'A NIA N/A N 'A NiA NIA NIA N/A -----

N/A NIA NiA NIA N/A N/A NIA NIA N/A NiA N:A N/A

~~~~

NIA NiA N/A N :A N/A N/A N 'A NiA NiA N/A

N /A N 'A NIA N/A N/A N/A NIA N/A N/A NIA N/A N/A ~~~-~

NIA N/A NIA NIA NIA N/A N/A N/A NiA NIA NIA N/A

~ ~ ~ .~ .~

NIA N/A N:A NIA N/A N/A NIA NIA N IA N:A N/A NIA --

I ~ ~ ~ ~ ~ ~ -~

NIA N/A N,A NIA NIA N/A NIA N/A ~ NIA ~- NiA N/A NIA

N IA NiA NIA 50 001 627 NIA N/A N/A N/A NIA N:A 16 51 NIA

-

- - .~ - ~ - ~ ~ p

N/A NIA NIA NIA NIA NIA N/A NiA N:A N,A NIA N/A -~ - ~ ~ ~ ~- ~ -

500 000 NIA NIA NIA NIA NIA

N/A - 10 09 N/A N/A NIA N/A

1 499.500 000 NiA N IA 760 200 502 N/A 1,621,840 274 22 72 -

10 07 N/A N/A 16 39 N/A

NIA 408,565361 4,458,643 563 NiA 16 91 28 89

NIA N/A

N/A NIA

N/A N/A

A - - - HSBC Global Investment Funds

~ -~ ~ - ~ I

Key Figures as at 31 March 2007 ~ . -

HONG KONG INDIAN EQUITY JAPANESE EQUITY KOREAN EQUITY USD JPY USD EQUITY

USD

CLASS A C (see note 3) Number of Shares Outstanding Net Asset Value per Share . ~

59,992 956 9249636476 1677125211 I950607120 9,989 22 15 30 98 79 135 24

~

NIA NIA

CLASS A C H (see note 3) Number of Shares Outstanding N /A N 'A N:A

NIA NIA NIA ~ Net Asset Value per Share .~

CLASS A D (see note 3) Number of Shares Outstanding Net Asset.Value per Share -

39,104.546 28 583 743.981 316.894.882 4.135.058 862 95.33 135 24 1.489.96 15.30

N 'A N,A NiA NIA NIA NIA N A N A

CLASS A D H (see note 3) Number of Shares Outstanding Net Asset Value per Share .- .~

CLASS E C (see note 3) Number of Shares Outstanding Net Asset Value per Share ~ --

103.68R 98 65

501 704 336 447.330 314 13,911 869 1528 ~- 132 59 1 455.26

CLASS E D (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS I C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS I D (see note 3) Number of Shares Outstanding Net Asset Value per Share . .

.

NIA 142 733 161.467.790 NIA NiA 132.59 1,455 26 NIA

NIA 1 467,143 077 134.548.718 2.784.592 233 NiA 140 0.1 10 057 59 15.46

NiA 110.255.938 N/A 140 00 N 'A NiA .

N:A N IA

CLASS J I C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS M 1 C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS M 1 D (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS M 2 C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS M 2 D (see note 3) Number of Shares Outstanding Net Asset Value per Share

NIA NIA NIA NIA NiA NIA NIA NIA -~ ~- -

NIA NIA N /A NIA N 'A NIA NIA NIA

NIA NIA NIA NiA N IA N A N 'A NiA

NiA NIA NIA NiA NIA

- - ~~

NIA N 'A N'A ~- -

N A NiA NIA N 'A N,A NIA N,A NiA ~-

~

CLASS P C (see note 3) Number of Shares Outstanding Net Asset Value per Share

NIA 11 336 102 N 'A N 'A N 'A NIA 9,976 79 NIA - -

CLASS P D (see note 3) Number of Shares Outstanding Net Asset Value per Share . .

~

1 675.108 051 NIA 7.855,741.532 N:A 94.36 NIA 1 523.27 NIA . ~ ~.

CLASS W C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS W D (see note 3) Number of Shares Outstanding Net-Asset Value per Share CLASS Y C (see note 3) Number of Shares Outstanding Net Asset Value per Share

NIA N:A NIA NIA NIA N:A NIA NIA - - -

~

N:A NIA 179 871 242 NIA NIA NiA N,A 13.849 4 1

- .~

NIA NIA N 'A NiA NIA N,A NIA NIA ~ ~

CLASS 2 C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS 2 D (see note 3) Number of Shares Outstanding Net Asset Value per Share

.. ~ .~

NIA N 'A

N;A 212,650 000 10 205 62 NIA -. - -~

NIA NiA -

463,129 969 339.437 363 161 218 686 1 106,464 962 138 08 1 503.79 15 61 98.95

A - - HSBC Global Investment Funds ~ ~. --

~

~

Key Figures as at 31 March 2007 .~

- ~. ~

PAN-EUROPEAN PAN-EUROPEAN SINGAPORE THAI EQUITY UK EQUITY US EQUITY EQUITY EQUITY HIGH EQUITY USD GBP USD

EUR DIVIDEND USD EUR

81 731 8.296 22.54

6.093.677.08 1 3 779.373.876 81 1 928.623 979 802.283 1,383,102 885 16.11 47.88 9.74 28.48

.. .~ -~ 41 44 ~ ~.

1,163.078 418 N/A NiA NiA N/A NIA N!A NiA NIA NIA N/A 26.92

. . .~ .~ -

515 063 443 40 68 16 11 44 42 9 44 27 24 25 23

2 133,133 302 375 056 895 1 229 755 524 486 783 639 19203016175

N'A N:A NIA NIA N/A 9,551 763

27 70 NIA N!A NIA NiA NIA .~

5 754 492 N!A 21 736 375 26 364 749 N/A 2 982 906 47 78 9 72 NIA 22 52 - N:A ~. .~

41 35 ~

145 710 095 N:A NIA NIA 16,451 279 681 169 NIA N ,A NiA 20 10 25 00 ~.

40 12 ~~ -

N/A N/A NiA 2,479.467 699 N/A N!A

N/A N/A NiA NiA 9.84 N/A . . ~. ~ ~- .

NiA NIA NIA NIA NIA NIA

N/A NiA N/A N:A N/A N/A - . .~ ~ .~ ~. ~.

NiA N 'A NiA NIA N/A N/A NIA NIA NiA N/A NIA N/A

~~

NIA N/A N/A NiA NiA N/A

NIA N/A N:A N:A N/A NiA .~ ~~~

N /A NiA NIA NiA N/A N/A N!A NIA N,A N:A NIA NIA

~~~~~

NiA NiA N!A NiA N:A N/A

NIA N/A N:A NIA N/A NIA . . .~ ~ ~. ~

NIA NIA N!A NIA N:A NIA N/A N:A NIA N/A N/A NIA ~. - ~ ~. .~

12,535 140 N!A NiA N/A NIA NiA 42 30 N!A NiA N/A NIA NiA

~~~~~ -

988 299 191 40 49 N:A 4449 N 'A N/A 25 68

7,981,872,555 NiA 974 185 953 N/A NIA

~~~~~

N/A NIA N!A NIA NIA NIA NiA N/A N:A N/A N/A NIA

~~ ~~ i

1 930.269.502 NiA N!A NiA NiA 276,148 459 24.94 NiA N!A N:A N/A 147 87 ~.

I N:A NIA NiA NlA N/A NIA N:A N/A NiA N!A N/A N/A

~~~~ -

2,439 901 000 NIA 116 126000 N'A N:A 1,926 000 N!A 16 78 NIA N!A 29 17 23 05

2,141.633 231 41.05

N/A 160,121 903 21 1,460.836 NIA 47.10 9.76

N/A 407.935.263 N/A 25.46

- - - p p . p - . -A .~ HSBC Global Investment Funds

-

1 Key Figures as at 31 March 2007

Freestyle Sub-Funds US INDEX ASIA FREESTYLE BRlC FREESTYLE GLOBAL

USD USD USD EMERGING MARKETS EQUITY

FREESTYLE USD .-

CLASS A C (see note 3) NIA NIA Number of Shares Outstanding 1,388,428,991 3 503.449.900

Net Asset Value per Share 10 27 1608 N/A NIA

Number of Shares Outstanding NIA 41.937.472 NIA NIA 17.91 N/A NIA

Number of Shares Outstanding 25.657.991 10,700,673.394 NIA N/A Net Asset Value per Share 10.12 15.94 NIA NIA

Number of Shares Outstanding NIA 1 186.12A.745 NIA NIA N/A 17.72 N/A NIA

~. .

CLASS A C H (see note 3)

Net Asset Value per Share N/A . .

CLASS A 0 (see note 3)

. -

CLASS A D H (see note 3)

~. Net Asset Value per Share . . .-

Net Asset Value per Share .-- N/A .. .

CLASS E C (see note 3) Number of Shares Outstanding N/A 257.91 1.516 NIA NIA

NIA .. - - 15.85 NIA

CLASS E D (see note 3) Number of Shares Outstanding NIA N/A NIA N/A Net Asset Value per Share N/A NIA NIA NIA

Number of Shares Outstanding N/A 1,037 872.960 NIA N /A N/A 16.49 NIA NIA

. -


Net Asset Value per Share . . CLASS I O (see note 3) Number of Shares Outstanding NIA 25,000.000 NIA N/A

N/A 16 49 NIA NIA Net Asset Value per Share

Net Asset Value per Share N/A . ..

Net Asset Value per Share . NIA NIA 21.33

Net Asset Value per Share NIA NIA N/A 11 79

. .

CLASS J 1 C (see note 3) Number of Shares Outstanding N/A N/A 41,244,299 499 NIA

NIA

CLASS M 1 C (see note 3) Number of Shares Outstanding N/A N/A 5 457,144.526 68,693,436 839

11.70

.~ N/A 15.34

. .~

CLASS M 1 D (see note 3) Number of Shares Outstanding NIA N/A NIA 3,346,679 966

CLASS M 2 C (see note 3) Number of Shares Outstanding NIA N/A 79 590,695.466 NIA

NIA Net Asset Value per Share N/A NIA 20.54

CLASS M 2 0 (see note 3) Number of Shares Outstanding N/A N/A 18 289850.517 NIA

NIA

.~

NIA 20.42 N/A .. . Net Asset Value per Share

-. Net Asset Value per Share.

Net Asset Value per Share

Net Asset Value per Share NIA N/A N/A N/A

. .

CLASS P C (see note 3) Number of Shares Outstanding N/A N/A N/A NtA

N/A . .-

NIA NIA N/A .. -

CLASS P D (see note 3) Number of Shares Outstanding 2,953.1 22.036 NIA NIA NIA

NIA N/A N/A 9.93 . - . .

CLASS W C (see note 3) Number of Shares Outstanding N/A NIA N/A NIA

CLASS W 0 (see note 3) Number of Shares Outstanding N/A NIA N/A N/A

N/A Net Asset Value per Share CLASS Y C (see note 3)

. .~ NIA N/A NIA . . _.

Number of Shares Outstanding NIA NIA NIA N/A NIA NIA NIA N/A Net Asset Value per Share . -

CLASS 2 C (see note 3) Number of Shares Outstanding NIA N/A NIA N/A

NIA Net Asset Value per Share NIA N/A NIA

CLASS 2 D (see note 3) Number of Shares Outstanding NIA NIA NIA N/A

N/A N/A NIA NIA Net Asset Value per Share

. -


. -~

Key Figures as at 31 March 2007 - .

Bond Sub-Funds LATIN AMERICAN UK FREESTYLE BRAZIL BOND EURO CORPORATE EURO CREDIT EURO

FREESTYLE GBP USD BOND BOND INVESTMENT USD EUR EUR GRADE BOND I- EUR

- - I N/A N/A 39,720.255 182,175.000 2,154,573,584 7,440 306.929 NIA N!A 12.02 10.39 17.31 16.91

N/A NIA NIA N/A N!A NIA NIA N/A NIA N:A N/A N!A

. . - .

N/A N/A 22.838.583 5 446 998.912 25.ao8.022 10,219.386 N/A N/A 12.02 10.12 15 34 16.18 -- .

NIA N/A N/A NIA N,A N/A NIA N/A N/A N/A N,A N/A

NIA NIA 13 067 400 NIA 5.328 157 1.478 716 N/A N/A 12 01 NIA 17 31 16 91

NIA NIA NIA N/A NIA NIA NIA N/A N/A NIA NIA N/A

N/A NIA NIA 197,556.497 163,931 320 2,007,060 619 17 24 NiA N/A N IA 10 40 17 73 - I

N/A NIA NIA N/A N/A N/A NIA NIA NIA N/A NIA NIA

N/A NIA NIA NIA N/A N/A NIA NIA N'A N/A NIA NIA - c ~

2,251,723,026 N/A NIA NIA N/A N/A NIA - - 14 24 NIA NIA N/A NIA

596 951 905 966 563 447 N/A NIA N/A N/A 14 23 13 38 N!A NIA NIA NIA

c k -

N/A N/A N ,A NIA N/A N/A N/A NIA NiA NIA NIA NIA

NIA N/A N/A NIA N/A N/A N/A N/A N:A N/A N 'A N/A

. . .. .

NIA N/A N/A NIA N/A N/A N/A NIA NIA N/A N:A NIA .- .- - . - .~

NIA N/A N/A N/A N/A N/A N/A N/A NIA NIA N/A N/A

NIA N/A NIA NIA NIA NIA N/A N/A N/A. N ,A NIA N/A

NIA N/A N/A N/A N/A N/A N/A N/A N/A N/A NIA N/A

NIA NIA N/A N/A N/A N/A N/A N/A N'A N!A NIA N/A

.-

.-

- -

I N'A N/A 500,000 000 NIA 51 997 276 N/A N/A N!A 12 12 NIA 17 74 N/A

1 NIA N/A

N/A NIA

N/A N/A

NIA 126471.149 N/A 17.21

N/A N/A

A. HSBC Global Investment Funds .- . . . . .

Key figures as at 31 March 2007 3 - -

~

~

EURO HIGH YIELD GLOBAL GLOBAL BOND EMERGING INVESTMENT

EUR MARKETS BOND GRADE BOND USD USD

CLASS A C (see note 3) Number of Shares Outstanding Net Asset Value per Share . -

3,125,423.658 325.217.945 10,133.634 21.60 20.44 13.75

CLASS A C H (see note 3) Number of Shares Outstanding N/A N/A NIA

N/A NIA N/A Net Asset Value per Share . -

CLASS A 0 (see note 3) Number of Shares Outstanding Net Asset Value per Share

49,724 483 4,789,394 235 4,519.438 829 18 81 17 33 13.60

~

CLASS A D H (see note 3) Number of Shares Outstanding Net Asset Value per Share

NIA N/A NIA NIA N/A NIA

~

CLASS E C (see note 3) Number of Shares Outstanding Net Asset Value per Share

~

10,006.482 3.597.554 20.42

. - 21.58

NIA N/A .-

CLASS E 0 (see note 3) NIA NIA NIA Number of Shares Outstanding NIA N/A N/A Net Asset Value per Share . -

~

CLASS I C (see note 3) Number of Shares Outstanding Net Asset Value per Share

449,031 784 90,000 000 5.796 283 22 21 20 57 13 75

NIA NIA

CLASS I 0 (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS J I C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS M I C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS M 1 0 (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS M 2 C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS M 2 D (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS P C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS P 0 (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS W C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS W 0 (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS Y C (see note 3) Number of Shares Outstanding Net Asset Value per Share

N/A NIA NIA NIA -

NIA NIA

NIA NIA NIA NIA -

NIA NIA

~

N/A NIA NIA N/A

~

NIA NIA

NIA NIA NIA N/A -

NIA NIA

NIA NIA NIA N/A

N 'A NIA

NIA NIA NIA N /A

~-

NIA NIA NIA NIA N/A NIA

~

NIA NIA NIA NIA N/A NIA

NIA NIA

NIA N8A NIA N/A -

21 932 577 NIA N/A N/A N/A I 8 5 0

N/A NIA N/A

NIA N/A NIA

~

CLASS 2 C (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS 2 0 (see note 3) Number of Shares Outstanding Net Asset Value per Share

245,128 775 2,024 895 235 22 24 20.91

N/A N/A

~

N/A N/A

N/A 3,152,335,322 NIA 13.67

-A- HSBC Global Investment Funds - ~

Key Figures as at 31 March 2007 -3 Reserve Sub-Funds

PAN-EUROPEAN - STERLING US DOLLAR HIGH US DOLLAR EURO RESERVE GOVERNMENT INVESTMENT YIELD BOND INVESTMENT EUR

BOND GRADE BOND US0 GRADE BOND t EUR GBP USD

t 2,582.1 14.984

16 06 I 73,47~.77a 7.014 997.527 N/A 3.184 332

. - 16.73 N/A 11.25 12.39 . .

NIA NIA N/A N!A NIA N/A N/A N/A N 'A N/A

88.916.557 N/A 7.391 465 332,468.426 Y0.351.957 13 34 NIA 11.27 10.95 15.42

! N/A N/A NIA NIA NIA NIA NIA NIA N:A N/A

2.562.397 7,299.558 1,743 052 3.051.057 NIA 16.71 5.43 1 1.23 12 38 N /A

NiA N:A NIA NiA NIA NiA NiA NJA NIA NIA -- - .

1,203,084 615 N/A NIA NIA NIA

NIA .- 1705 NIA NiA NIA

93 076 481 N/A NiA NIA N/A 15.21 N ,A NIA NIA N/A - .

N/A NIA N/A N/A NIA NIA N/A NIA N/A N /A

NIA N ,A NIA NIA NIA NIA NiA N/A NIA NIA

I NIA N/A NIA N/A N/A

NIA .~ NIA NIA N/A NIA

N/A N/A N/A N/A N/A - NIA NIA N 'A NIA N/A

N/A N:A N/A N/A N/A

N/A N:A NIA NIA N/A . -. +

I

N/A NIA N/A NIA NIA NiA N 'A N/A N/A N/A

NIA 2628 330847 N/A 3 424,861 231 NIA N/A 5 44 N/A 10 72 NIA

NIA NIA N!A 15Y.249.A93 NIA NIA NIA NiA 14 26 NIA

N/A - NIA 96 76 N/A 10 80 NIA

792 198 189 N/A 123 764 323 NIA

N/A NIA NIA N/A N/A N/A N'A - NIA NIA N/A

N/A N/A 499 500 000 345 721 000 N/A NIA NIA 11 43 12 57 NIA

- ~~

-~

N/A NIA

HSBC Global Investment Funds ~~

NIA N/A

NIA i,99a,1 12.435 NIA 1 1 .oo

N/A N/A

-

Key Figures as at 31 March 2007

Other Sub-Fun& us DOLLAR TURKISH

. .

RESERVE CONVERGENCE USD EUR

~.

CLASS A C (see note 3) Number of Shares Outstanding Net Asset Value per Share- CLASS A C H (see note 3) Number of Shares Outstanding Net Asset Value per Share CLASS A D (see note 3) Number of Shares Outstanding Net Asset Value per Share ~

CLASS A D H (see note 3)

- -

_

Number of Shares Outstanding NtA N/A N/A Net Asset Value per Share _ _ N,A

327.819913 3,246,914 480 16 41 14 67

N/A N/A NIA NIA

93 800 051 219 357 161 8 19 1 4 0 2

CLASS E C (see note 3) Number of Shares Outstanding NiA 19,165 418

Net Asset Value per Share N:A 14.66

Number of Shares Outstanding N 'A NIA

Net Asset Value per Share NIA NIA

Number of Shares Outstanding N 'A NIA

Net Asset Value per Share . NIA NIA

Number of Shares Outstanding NIA NIA

Net Asset Value per Share NIA NIA

Number of Shares Outstanding NIA N/A Net Asset Value per Share N/A NIA

CLASS E D (see note 3)


- - CLASS I D (see note 3)

CLASS J 1 C (see note 3)

CLASS M I C (see note 3) Number of Shares Outstanding NIA N/A Net Asset Value per Share N/A NIA

CLASS M 1 D (see note 3) Number of Shares Outstanding NIA NIA Net Asset Value per Share N/A NIA

Number of Shares Outstanding NIA N/A Net Assg Value per Share N/A N/A

Number of Shares Outstanding NIA N:A Net Asset Value per Share NIA N/A

Number of Shares Outstanding NIA NIA Net Asset Value per Share NIA NIA

Number of Shares Outstanding 1 523 040 266 NIA Net Asset Value per Share 8 57 N/A

Number of Shares Outstanding N/A NIA Net Asset Value per Share NIA N/A

CLASS W 0 (see note 3) Number of Shares Outstanding NIA NIA Net Asset Value per Share . NIA NIA

CLASS Y C (see note 3) Number of Shares Outstanding N/A NIA Net Asset Value per Share NIA NIA

Number of Shares Outstanding N/A NIA Net Asset Value per Share NIA NIA

Number of Shares Outstanding N/A NIA Net Asset Value per Share NIA NIA

- ~

- ~

CLASS M 2 C (see note 3)

CLASS M 2 D (see note 3)

-

CLASS P C (see note 3)

~

CLASS P D (see note 3)

- CLASS W C (see note 3)

- CLASS 2 C (see note 3)

- CLASS 2 D (see note 3)


-

Statement of Operations and Changes in Net Assets

for the year ended 31 March 2007

Equity Sub-Funds

CONSOLIDATED ASIA EX JAPAN ASIA EX JAPAN ASIA PACIFIC EX USD EQUITY EQUITY SMALLER JAPAN EQUITY

USD COMPANIES HIGH DIVIDEND USD USD

Net Assets at the Beginning of the Year 19,254,376,617 582,349,188 31,219,270 192.121,007

LNCOME Investment Income Bank Interest

492,733,684 13,285,141 603,801 8,241,363 32,119,399 477,288 37.130 36,889

Other Income 8,994 ..

Total Income 524,862,077 13,762.429 640,931 8,278,252

EXPENSES Management Fees (note 4.2) 261,272,086 7,387,077 461,846 2,159,219 Performance Fees (note 4.3) 1 16,116,938 Operating, Administrative and Servicing Fees (note 4.4) Bank Interest Paid

80,073,715

1,448.159 1,857,252 107,764

75 537,081 9,401

Total Expenses 458,910,898 9,244,329 569,685 2,705,701

Net Investment Profitl(Loss) 65,951,179 451 8,100 71,246 5,572.551 Realised Profit/(Loss) on Sale of Investments

3,160.899.71 1 79,493,365 5,043,954 8,471.846

84,011,465 5.1 15,200 14,044,397 Reaked Profit/(Loss) for the Year before Foreign Currency Movement

3,226,850,890

Profit/(Loss) on Foreign Currency (41,802,825) (2,309,680) (92,891 ) (430,466) Change in unrealised 422,695,661 appreciation!(depreciation) of investments, futures and forward exchange contracts

34,240,676 4,482.91 6 16,465,915 ~.

Change in Total Net Assets as a Result of Operations

Proceeds on Issue of Shares Payments on Redemption of Shares Dividends Paid (note 11) Currency Translation

Net Assets as at 31 March 2007 ..


3,607,743:726 115,942,461 9,505,225 30,079,846 - ~ __

13,955,244,434 303,304,455 13,883,309 60,836.451 (1 5,022,292,141 ) (387,628,529) (13,308,733) (1 38,399,634)

(55,847,304) (1,434,880) (21 0,930) (2,428,729) 273,314,536

22,012,53g,a6a 612,532,695 41,088,141 142,208,941


-


-

BRAZIL EQUITY BRIC MARKETS ERIC MARKETS CHINESE EQUITY EMERGING EUROLANDEQUITV USD USD EQUITY USD EUROPE EQUITY EUR

USD EUR

- ~.

351 , I 02,078 223,573,945 2,891,006,873 29,983,564 292.922,023

10,339,638 1,891,245

12.230.883 .~

10,496,833

2,575,283

13,072,116

5,801,434 690.038 73,266 961,265

5 874,700 1,651,303

3,003,097 1,112,001

750,764 325,857 72,960 67.210

3,826,821 1,505,068

83,430.1 18 6,198,217

759,620 25,678

8,734,842 108,554

89,628,335 785,298 8,843,396

53,575,491

1 4 ~ 764,670 790

68,340,951

336,705

89.315 9,221

. -

435,241

6,731,413

2,042,322 143,676

8,917,411 - - ~ ~

(841,233) 2.047.879 146,235 21,287,384 350,057 (74,015)

35,687,495 18,409,131 8,420,941 507,270,430 2,140,585 42,436,143 ~ ~ -- - ~ .~

42,362,128 528.557.81 4 2,490,642 34,846,262 20,457,010 8,567.176 ~~~ .~ -~

(6,372,812) 1,513,729 (430.495) (10,974,430) (497.081) ( I 81,846)

177,688,346 21,806,638 22 398,884 825.433.496 (22,495) 22,613,654 ~~~~~ ~

64,793,936 1,971,066 206,161,796 43,777,377 30,535,565 1.343.016.880 ~

~ ~ ~ ~ ~ -~ 1,245,904,544 619,019,208 314,309,822 2,832,429,870 18,019,399 463,397,946 (716,787,661) (424,685,963) (39.813.342) (2,662,810,358) (24.71 3.230) (242.1 28,944)

(373,062) (15,447,548)

-


~ - - EUROLAND EQUITY EURO~AND VALUE SUSTAINABILITY EUROPE EX UK

SMALLER CREATION LEADERS EQUITY COMPANIES EUR EUR EUR

EUR

I

Net Assets at the Beginning of the Year 88,517,699 28,902,712 9,830,322 114,656,209 ~.

INCOME 826,418 362,198 2,360,861 Investment Income 1,285,552

Bank Interest 56,074 140,480 I 1,954 27,120 Other Income

- Total Income 1,341,626 966,898 374,152 2,387,981

. -

EXPENSES Management Fees (note 4.2) 835,210 1,244.102 198,650 1,383,592 Performance Fees (note 4.3) 46,985 Operating, Administrative and Servicing Fees (note 4.4 Bank Interest daid

233.294

2,862 344,097

7,482 47.673

6,678 475,270

71 7

Total ixxpenses 1,071,366 1,595,681 299,986 1,859,579

Net Investment Profit/(Loss) 270,260 (628,783) 74,166 528,402 Realised Profitl(Loss) on Sale of Investments

14,768,541 3,816,292 566,055 17,432,038

Realised Profit/(Loss) for the Year before Foreign Currency Movement

15,038,801 3,187,509 640,221 17,960,440

- Profit/(Loss) on Foreign Currency (237,086) (6,713) (2.692) 5,258 Change in unrealised (792,058) appreciation/(depreciation) of investments, futures and forward exchange contracts 12,485,704 1.735,756 (9,209,100)




14,009,657 15,666,500 2,373,285 8,756,598

- ~ ~ ~

- 7,068,226 Proceeds on Issue of Shares 65,611,124 126,540,575

Payments on Redemption of Shares (64,266,445) (21,149,239) (281,629) (42,682,065) 16,497,972

Dividends Paid (note 11) Currency Translation

Net Assets as at 31 March 2007

(526,175)

103,872,035 149,960,548 28,419,950 87,272,793



... .. ..

Statement of Operations and Changes in Net Assets . . . .. ._

-.

GLOBAL GLOBAL GLOBAL EQUITY GLOBAL EQUITY GLOBAL EQUITY GLOBAL EX EMERGING EMERGING USD SRI TECHNOLOGY EUROLAND EQUITY

MARKETS ELITE MARKETS EQUITY USD USD EUR FUND USD

-. .. - . USD

232,800,507 164,972,157 10,848,034 7,914,102 59,070,237

28,730 5,515,164 2,809,546 247,420 142.745 799,555 9,829 361 :532 210,482 7,967 5,474 122,172

38,559 5,876,696 3,020,028 255.387 148,219 921,727

t 23,762 3.872,654 1,106,305 48,553 110,714 251,456 I 5,351 1,053,413 578,174 39,647 27,185 150,767

9 4,623 564 209 415 94,894

29.1 22 4,930,690 1,685,043 88,409 138,314 497.1 17

9,437 946,006 1.33r985 166,978 9,905 424,610

(1 50,043) 57,645,613 18,982,314 1,584,795 625,285 1,589,579

(1 40,606) 58,591,619 20,317,299 1,751,773 635,190 2,014,189

-

_-

(6,230) (704,590) (123,309) 14.280 (7,999) (298,043)

251,446 (6.21 I ,I 19) (5,342,620) 821,212 206,218 (800,419)

1 04,6 1 0 51,675,910 14,851,370 2,587,265 833,409 915,727

15,000,000 103,677,075 115,589,920 9,194,102 6,426,866 2,218,074 (92,249,344) (119,012,733) (1,852,019) (8,515,230) (1 3,363,771) (1,151 -756) (438,791) (25)

- 15,104,610 294,752,392 175,961,923 20,777,357 6,659,147 48,840,267

HSBC Global Investment Funds . . ~.

_.

Statement of Operations and Changes in Net Assets -


- HONG KONG INDIANEQUITY JAPANESE EQUITY KOREAN E~U~TY

EQUITY USD J PY USD USD

Net Assets at the Beginning of the Year 194,270.521 6,029,705,648 32,542,790,513 152,431,357

INCOME Investment Income 5,001,002 82,011.218 41 1,668,062 2,194,120 Bank Interest 281,569 4,951,450 6.227.752 54,545 Other Income

Total Income 5.282.571 86,962,668 417,895,814 2,248,665

EXPENSES Management Fees (note 4 2) 1,871,715 80,979,309 408,296 582 1,798,941 Performance Fees (note 4 3)

..

__

Operating, Administrative and Servicing Fees (note 4.4) Bank Interest Paid

699,112 21,823,618

149 554,311 117,850,880

7,848.1 74 550,543

686

533,995,636 2,350,170 Total Expenses 2.570,976 103.357.318

Net Investment Profit/(Loss) 2,711,595 (1 6,394,650) (1 16,099.822) (101,505) - ~

Realised Profit/(Loss) on Sale of Investments

41,734:161 1,340,514,597 3,952,232,651 7,534,942

Realised Profit/(Loss) for the Year before Foreign Currency Movement 44'445'756 I ,324,119,947 3,836,132,829 7,433,437

Profit/(Loss) on Foreign Currency (679,404) (9,514, i 2 q (17,045,705) (531,515) Change in unrealised 8,400,483

(743,439,580) (3,577,634,155) 6,426,402 appreciation/(depreciation) of investments. futures and forward exchange contracts

571,166,241 241,452,969 13.328,324 Change in Total Net Assets as a Result of Operations

Proceeds on Issue of Shares .. 132,121,790 2,399,094,465 35,874,405,149 153.5051230 Payments on Redemption of Shares (1 61,029,770) (3,549.1 38,405) (32,210,854,181) (1 65,577,953) Dividends Paid (note 11) (3,972,474) (27,309) (31,471)

Currency Translation

52,166,835

-. Net Assets as at 31 March 2007 213,556,902 5,450,800,640 36,447,794,450 I 53,655,487


HSBC Global Investment Funds I

.- .-. . . . . . .

Statement of Operations and Changes in Net Assets .... .. ... .

7,543,96 1 1,123,783 460.458 3,386.928 2,161 -682 1,216,112

3.628.184 266,882 160,930 809,146 531,227 615.282 354 71,272 237 28,641 18,572 19,845

11,172,499 1,461,937 621,625 4,224,715 2,711,481 1,851,239

6.1 14,291 933,655 906,842 3,064,032 2.273,267 1,900,447

80.505,611 7,689,598 8.378.856 (2,983,135) 15,086,940 11,845,044

86,619,902 8,623.253 9,285,698 80,897 17.360,207 13,745,491

(21 1,988) (44,601 ) (435,450) (56,907) (7.467) 27,530

.. -

-

(1 1,325,806) 9,820,978

73,777,349 5.247.846 23,742,683 1,699,281 6,026,934 23,593,999

479,142,427 46,771,424 -130,868384 21 0,886,261 36,815,894 184,375,481 (383,069,593) (52,663,042) (67,304,121) (254,790,966) (108,641,216) (149,884.51 2)

(4,862,107) (1,132,225) (5,083,198) (1,237,801) (1 07,481 )

(12,630,565) (3,330,806) 14,892,435 1,675,291

~. -

~

733,610,436 02,660,478 112,417,143 217,572,937 97,879,771 195,931,184 ~

- ..- 7 PAN-EUROPEAN PAN-EUROPEAN SINGAPORE THAI EQUITY UK EQUITY US EQUITY

EQUITY EQUITY HIGH EQUITY USD GBP USD EUR DIVIDEND USD

EUR

- -

568,630,360 83,304,250 26,242,522 264,861,559 164,915,960 137,953,697

17,080,298 2,317,751 1.41 3,969 6,985,913 4,918,587 3,118,875 206,492 77,841 114.498 302.834 66.161 632,811

17,286,790 2,395,592 1.528.467 7,288,747 4,984,748 3,751,686 . ..

..A HSBC Global Investment Funds


for the year ended 31 March 2007 T

Freestyle Sub-Funds ~

GLOBAL USD USD USD EMERGING

MARKETS EQUITY FREESTY LE

USD

Net Assets at the Beginning of the Year 101,754,702 374,242,604 3,377,707.464 660,549,914

US INDEX ASIA FREESTYLE BRlC FREESTYLE

... - INCOME Investment Income Bank Interest

1,222,512 7,201,625 110,762.548 21,774,999 3,185 197,736 9,959,451 1,700,988

Other Income

Total Income 1,225,697 7,399,361 120,721 999 23,475,987

EXPENSES Management Fees (note 4 2) 237,738 4,964,264 28,899,454 I 1,342,363 Performance Fees (note 4 3) 93,228,729 21,098,281

.~ -.

Operating, Administrative and Servicing Fees note 4.4) Bank I nterest Paid

175,639

2,035 1,143,928 12,006,432 4,536.945

13,157 998 29,827

Total Expenses 415,412 6,121,349 134,135,613 37,007,416

Net Investment Profitl(Loss) 810,285 1,278.012 (1 3,413,614) (13,531,429) - -


Realised Profitl(Loss) for the Year before Foreian Currencv Movement

-.

9,353,664 73,201,547 567,433,108 85,961,799

10,163,949 - ..

- 74,479,559 554,OI 9,494 72,430,370

Profit/(Loss) on Foreign Currency (8,192) (982,780) (1,946,288) (5,256,517) Chanae in unrealised (8,760,151)

1,395,606

.. appreciation/(depreciation) of investments, futures and forward exchange contracts


Proceeds on Issue of Shares 26,426,978 59,727.666 .-- 963,143,904 942,413,850 Payments on Redemption of Shares (84,956,593) (221,427,127) (2,130.469.661) (911,340,140) Dividends Paid (note 1 I) (792,232) (1,570,757) Currency Translation

~. - ~. ~ -

___ .

. . .. - . .. - Net Assets as at 31 March 2007 43,828,461 270,322,943 2,757,083,981 a45,789,963

(1 4,146.222) (5,370,932) 86,992,486

59,350,557 546,702,274 154,166.339

-. - -

. -

The accompanying notes form an integral part of these financial statements. I

~

HSBC Global Investment Funds . -

-- - - - -


Bond Sub-Funds ~. .

LATIN AMERICAN UK FREESTYLE BRAZIL-BOND -EURO CORPORATE EURO CREDIT EURO FREESTYLE GBP USD BOND BOND INVESTMENT

USD EUR EUR GRADE BOND EUR

t 14,691,270 48,600,380 90,422,134 141,727,068

t 116,134 379,257 47,465 12,112

760.099 2,524,720 2,439,609 6,394,278 101,724 12.647 95,619 25.723

. -. .. .- -. ...

6,496,002 163,599 391,369 772.746 2,620,339 2,465,332 . .- . -. .. .~

159,254 124,752 3,043 508,781 500,225 1,082,365 1,726,672 307

63.701 44,762 30,895 178,246 182,831 369,487 927 236 5,938 1,695

-.

1,950,554 170,057 39,876 687.027 684,751 1,451,852

(1,786,955) 221,312 732.870 1,933,312 1,780,581 5,044[150-

(523,944) (663,740) (2,075,314) (2,430,770) 3,962,082 1,034,541

2,175,127 1,255,853 208,926 1,269,572 (294,733) 2,613.380

.-

. -

(1491091) (83) 18,507 (194) (1.452) (844)

6,020,857 (218,31 I ) 907,809 263,473 1,214,652 (241.494)

8,046,893 1,037,459 1,135,242 I ,532,851 918,467 2,371,042

49.81 6,519 I ,398,957 6,744,315 10,284~111 11,010,40~ 121,578.376 (58,548,550) (105,056.604)

- . .

- . -~

(17,307,761) (4. I 92,ai 0) (910,464) (I ,338,231)

40,555,651 12,934,876 6,969,093 59,079,111 43,802,458 160,619,882

L- HSBC Global Investment Funds L



--

. --I

..

GLOBAL INVESTMENT BOND EMERGING INVESTMENT

GRADE BOND CORPORATE BOND* USD USD

EURO EURO HIGH YIELD GLOBAL

GRADE EUR MARKETS BOND

EUR

10,644,652 124,271,638 119,634,250 88,081,665 Net Assets at the Beginning of the Year ._

INCOME Investment Income Bank Interest Other Income

458,841 5,955,197 7,627,995 3,687,787 16.783 18,458 250,829 733,941

8,994

Total Income 475,624 5,973.655 7,878,824 4,430,722

EXPENSES Management Fees (note 4.2) 37,073 1,028,503 716,742 567.648 Performance Fees (note 4.3)

~ .-

Operating, Administrative and Servicing Fees (note 4.4 Bank Interest Aaid

19,797 306,623

8 76 357,406

1 1,082 225,833

35,769 .-

Total Expenses 56,870 1,336,002 1,085,230 829,250

Net Investment Profit/(Loss)- 418,754 4,637,653 6,793,594 3,601,472 Realised Profit/(Loss) on Sale of Investments

(486,200) 1,488.268 735,957 (1,090,041)

. .. .- ~.

2,511,431 Realised Profit/(Loss) for the Year before Foreign Currency Movement

ProfiV(Loss) on Foreign Currency (21) 13.214 (30,505) 630,155 Chanae in unrealised 403,253

(67,446) 6.1 25,921 7,529.551

~.

" appreciation/(depreciation) of investments, futures and forward exchange contracts


Proceeds on Issue of Shares Payments on Redemption of Shares Dividends Paid (note 11) Currency Translation

Net Assets as at 31 March 2007

(1,380,102) ~

4,759,033 335,786

46,116 106,683,176 (5,054,065) (151,616.948) (5,972,489)

84,096,899

2,953,535

10,452,581

79,267,271 (75,457,181)

-.

4,217,564

7,359,150

~ -

77,436,136 (62,949,781)

(1,108,275)

133,896,921 108,818,895

* The sub-fund Euro Investment Grade Corporate Bond has been liquidated as at 19 March 2007.


I ~

1 HSBC Global Investment Funds . -

.- .~

Statement of Operations and Changes in Net Assets ~ -~ -

.- - 12.748 162,680,758 29.897,940 175.572 72,848,839 83,519,875

(91,628) (141,823,746) (23,992,003) (44,842) (44,324,582) (89,389,058) (381,781) (1,223,391)

------ -~ 140,521,794 2631 0,415 5,845,866 79,698,263 ea73 ,119

~~~~

-~~ GLOBAL

INVESTMENT GRADE BOND (US

USD

453,246

DOLLAR-HEDGED)

~~~

PAN-EUROPEAN STERLING GOVERNMENT INVESTMENT

BOND GRADE BOND EUR GBP

.~ ~

117,815,022 21,583,331

Reserve Sub-Funds

US DOLLAR HIGH US DOLLAR EURO RESERVE YIELD BOND INVESTMENT EUR

USD GRADE BOND USD

47,661,285 5,172,610 46,965,872

1,634 5,419,043 1,676,990 424,105 3,546,895 1,295,428 817 37,370 30,566 1,673 89,729 53,776

2,451 5,456,413 1,707,556 425,778 3,636,624 1,349,204 -



-7- -

Other Sub-Funds . . -

TURKISH US DOLLAR RESERVE CONVERGENCE

USD EUR

. .

Net Assets at the Beginning of the Year 22,672,829 67,383,014 . . ~.

INCOME investment Income Bank Interest

962,091 5,180.41 9 75,571 501,952

Other Income

Total Income 1,037,662

EXPENSES Management Fees (note 4.2) 71,526 692,990 Performance Fees (note 4 3)

- .~

5,682,371

Operating, Administrative and Servicing Fees note 4.4) Bank r nterest Paid

29,591 179,471 1.043

~. - Total Expenses 102,160 872,461

Net Investment ProfiV(Loss) 935,502 4,809,910 ~-


8,210 (6,668,629)

. ~ ~-

943,712 (2,058,719) Realised ProfiV(Loss) for the Year before Foreign Currency Movement

Profit/(Loss) on Foreign Currency (349) (662.536)

(658.305) appreciationl(depreciati0n) of investments, futures and forward exchange contracts

(3,379,560) Change in Total Net Assets as a Result of Operations

Proceeds on Issue of Shares 36,974,471 42,529.373 Payments on Redemption of Shares (41,385,423) (55,423,466) Dividends Paid (note 1 I) (130,910) Currency Translation

Net Assets as at 31 March 2007 19,19S,l18 50,978,451

Change in unrealised (9,122)

~. .

934,241 . - .~ ~.

. - -

~. ~. . ~

.- ~ ~


A- HSBC Global Investment Funds ~~~~~

-

Notes to the Financial Statements

b 1. Basis of presentation

The Company is incorporated under the laws of the Grand Duchy of Luxembourg as an investment company (Societe d’lnvestissement a Capital Variable or “SICAV). The capital comprises various classes of shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cash and other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities of the individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fund are expressed in the currency designated in the prospectus for that particular sub-fund and the financial statements of the Company are expressed in United States dollars (USD). The financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.

The Company is an officially registered investment fund under part I of the law of 20 December 2002 and has been certified as a UCITS fund under the directive 85/61 IlCEE of the Council of Europe enabling it to be freely marketed within member states of the European Community from 1 October 1989, subject to member states enacting enabling legislation and complying with local marketing regulations.

The Company has been certified as a recognised collective investment scheme in the United Kingdom under the Financial Services and Markets Act 2000 (the “Act”).

Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission under Section 104 of the ”Securities and Futures Ordinance”.

In the prospectus and in the reports, the short names of the sub-funds are used. The complete name of each sub- fund consists of ”HSBC Global Investment Funds” plus the short name of the sub-fund.

Since I April 2006, the Company has proceeded to:

1) The opening of new sub-funds: on 1 June 2006, Brazil Bond, on 1 June 2006, BRlC Markets Equity, on 6 July 2006, Latin American Freestyle, on 05 February 2007, Global Emerging Markets Elite Fund.

2) on 1 June 2006, Pan-European Equity Smaller Companies changed its name to Euroland Equity Smaller Companies.

Change in name for the following sub-fund:

3) Investment Funds: (exchange ratio 1) - European Equity merged into Pan-European Equity class WD - Japanese Equity merged into Japanese Equity class WD - US Equity merged into US Equity class WD - UK Fixed Income merged into Sterling Investment Grade Bond class WD - US Dollar Opportunities Bond class D merged into US Dollar Investment Grade Bond class WD - US Dollar Opportunities Bond class C merged into US Dollar Investment Grade Bond class WC - International (Ex UK) Fixed Income merged into Global Investment Grade Bond class WD.

4) On 19 May 2006, Global Investment Grade Bond ( U S Dollar-Hedged) class AC merged into Global Investment Grade Bond class AC (exchange rate 1.218229913). Global Investment Grade Bond (US Dollar-Hedged) class AD merged into Global Investment Grade Bond class AD (exchange rate 1.122148803).

5)

On 3 April 2006, the following sub-funds of HSBC Institutional Client Funds merged into HSBC Global

On 19 March 2007, the sub-fund Euro Investment Grade Corporate Bond was liquidated.

b 2. Accounting Policies

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company’s financial statements.

a) Accounting convention The financial statements have been prepared under the historical cost convention modified by the revaluation of investments.

HSBC Global Investment Funds - - - ---

Notes to the Financial Statements (continued) I

b 2. Accounting Policies (continued)

b) Assets and portFolio securities valuation

The assets of each Class within each sub-fund are valued as at 11 .OO a.m. (Luxembourg time) as at 31 March 2007.

In addition, portfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued at the last available price on the principal market on which such securities are traded. Securities traded on other organised markets are valued at the last available price or yield equivalents obtained from one or more dealers in such organised markets at the time of valuation. If such prices are not representative of their fair value, all such securities and all other permitted assets will be valued at their fair value at which it is expected they may be resold as determined in good faith by or under the direction of the Directors.

The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market will be valued in accordance with market practice. Shares or units in underlying open-ended investment sub-funds shall be valued at their last available net asset value reduced by any applicable charges.

c) Income and Expenses

Interest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.

d) Foreign Exchange

The wst of investments, income and expenses in currencies other than the fund relevant reporting currency have been recorded at the rate of exchange ruling at the time of the transaction. The market value of the investments and other assets and liabilities in currencies other than the relevant reporting currency have been converted at the rates of exchange ruling at 31 March 2007.

e) Realised Profit/(Loss) on Sale of Investments

Realised profit/(loss) on sale of investments is the difference between the historical average cost of the investment and the sale proceeds.

b 3. Share capital

The Company has issued either A, E, I, J, M, P, W, Y or Z Shares to investors in one or several sub-funds as detailed below.

Within each sub-fund, the Company is entitled to create different share classes and/or sub-classes, distinguished by their distribution policy (Capital-Accumulation (C) and Distribution shares (D)), their hedging activity (H) and/or by any other criterion to be stipulated by the Directors.

All share classes are available as both Capital-Accumulation and Distribution Shares.

Shares in existence before 2 October 2000 have been designated Class A Shares and are available to all investors. On 25 November 2002, all Shares in issue in Class A of the sub-funds Pan-European Equity, Hong Kong Equity, Japanese Equity, Singaporean Equity, North American Equity, US Index, US Dollar Bond and US Dollar Reserve were renamed Class P Shares. The rights and obligations relating to such Shares remain unchanged (except that the minimum initial investment amount was increased to USD 50,000).

A-- HSBC Global Investment Funds - ~ ~ ~ - ~ ~ -- .~ ~ ~

Notes to the Financial Statements (continued) x -

b 3. Share capital (continued)

Class A

Class E

Class I

Class J

Class M

Class P

Class W

Class Y

Class Z

E Shares will be available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Share Distributor. E Shares will incur annual management fees equivalent to that of the Class A Shares plus 0.3% to 0.5% per annum of the Net Asset Value of Class E Shares, which may be payable to specific distributors in certain countries.

I Shares are available through specific distributors selected by the Share Distributor.

J Shares are available for investment by fund of fund ranges managed by the HSBC Group only.

M Shares are available to all investors.

P Shares are available for subscription in certain jurisdictions or through certain selected distributors.

W Shares are available through specific distributors that will also be members or affiliated entities of the HSBC Group as selected by the Share Distributor provided (in addition) the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law. No Operating, Administrative and Services Expenses will be charged to Class W Shares. All the fees and charges allocated to this Class will be paid directly by members or affiliated entities of the HSBC Group.

Y shares are available to all investors in certain jurisdictions or through certain specific distributors approved by the Share Distributor.

2 Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Share Distributor provided that such investors qualify as institutional investors within the meaning of article 129 of the 2002 law.

USD 5,000

EUR 1,000,000

USD 100,000

USD 5,000

USD 50,000

USD 100,000

USD 1,000

USD 1,000,000

Description Minimum Initial Minimum Investment Holding

USD 5,000 A Shares are available to all investors. USD 5,000

USD 5,000

EUR 1,000,000

USD 100,000

USD 5,000

USD 50,000

USD 100,000

USD 1,000

USD 1,000,000

The Board of Directors of the Company has authority to issue different Classes of Shares in the one or several sub- funds. Details of the characteristics of such Share Classes offered by one or several sub-funds will be determined by the Board of Directors. In case of the creation of additional Classes of Shares, this Prospectus will be updated.

The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments. All Shares of the same class have equal rights and privileges. Each Share is, upon issue, entitled to participate equally in assets of the relevant class of the sub-fund to which it relates on liquidation and in dividends and other distributions as declared for such sub-fund. The Shares will carry no preferential or pre-emptive rights and each whole Share will be entitled to one vote at all meetings of Shareholders.

The minimum initial investment amount may be reduced at the discretion of the Company.

A -~


-

Notes to the Financial Statements (continued)

I -

b 3. Share capital (continued)

Share Class Denominations:

The Share Classes issued in the different sub-funds are designated by their class name, followed by their distribution characteristics and, if applicable, their specific hedging policy. This means that for example Shares issued in Class A which are distributing income and applying a hedging policy, as defined above, would be identified as ADH whereas Class I Shares accumulating income would be identified as IC.

b 4. Charges and Expenses

1. Explanation of the Charging Structure

Investment in the Company is currently offered via nine charging structures, as represented by the A, E, I, J, M, P, W, Y and Z Classes of Shares.

The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover all investment management, investment advisory and distribution services provided in relation to the relevant class (see 2. “Management Fee” below).

In addition, the Company pays to the Management Company a fee to cover operating administrative and servicing expenses. To preserve Shareholders from fluctuations in a sub-fund’s operating, administrative and servicing expenses, the Company has agreed with the Management Company that the fee charged to cover such operating, administrative and servicing expenses is fixed at an annual rate. The excess of such expenses above such annual rate will be borne directly by the Management Company (see 4. “Operating, Administrative and Servicing Expenses” below).

2. Management Fee

The Company pays to the Management Company an annual management fee calculated as a percentage of the Net Asset Value of each sub-fund or Share Class (“Management Fee”). The Management Fee is accrued daily and payable monthly in arrears at the rates specified in the table page 72.

The maximum rate for Class E, I, J and M Shares is 3.5%.

The maximum rate for Class A, P, Y and Z Shares is as stated in the prospectus.

No Management Fee is currently charged for Class W Shares

The Management Fee covers management and distribution services provided in relation to the relevant sub-fund of the Company by the Management Company, the Investment Advisers and the Share Distributors. The Management Company is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributors and may pay part of such fee to recognised intermediaries or such other person as the Management Company may determine, at its discretion. The Management Company may instruct the Company to pay a portion of the Management Fee directly out of the assets of the Company to any of such service providers.

3. Performance Fee

For sub-funds issuing Classes J Shares, L Shares and M Shares, the Management Company is also entitled to a Performance Fee, payable annually in arrears after the end of each twelve month period.

Each Dealing Day, the Performance Fee accrual will be calculated as 20% (10% in the case of Global Equity Freestyle) of the difference between the change in the Net Asset Value per share of the relevant Class of the sub- fund since the previous Dealing Day (net of all other fees and expenses and excluding the effect of subscriptions and redemptions) and the simple daily equivalent of the percentage defined below for the relevant sub-funds (hereafter the “Percentage“) provided that on such Dealing Day the Net Asset Value per Share of the relevant Class of the sub- fund is higher than the Low Tide Mark (as defined below). On the first issue of the relevant Class of Shares in a sub- fund, the Low Tide Mark will equal the initial offer price of the relevant Class of Shares of the sub-fund. The Low Tide Mark will not be set at a level below the initial offer price of the relevant Class of Shares of the sub-fund.

1

- A - HSBC Global Investment Funds .~ ~ -

Notes to the Financial Statements (continued) ..-

b 4. Charges and Expenses (continued)

The cumulative Performance Fee accruals from the beginning of the twelve months period will be included in the calculation of the Net Asset Value per Share. In the event of any change in the Net Asset Value of the relevant Class of the sub-fund being less than the simple daily equivalent of the Percentage, the daily performance Fee accrual will be negative and will reduce the cumulative Performance Fee accrual until the accrual reaches a minimum level of zero. If the cumulative Performance Fee accrual reaches zero, the Net Asset Value per Share on the previous day will be set as the 'Low Tide Mark'. No further daily Performance Fee accruals will be made until the Net Asset Value per Share exceeds the Low Tide Mark.

At the end of the twelve months period the positive balance (if any) of the Performance Fee accrual will become payable to the Management Company and the Performance Fee accrual in the Net Asset Value per share of the relevant Class of Shares will be reset to zero and the Net Asset Value per Share on that day will be set as the Low Tide Mark. When there is a positive Performance Fee accrual during a period of significant new subscriptions into a sub-fund with the relevant Class of Shares, followed by a period of negative performance, all Shareholders will participate (in proportion with their Shareholding) in the reduction in the cumulative Performance Fee accrual, regardless of their actual contribution to the cumulative Performance Fee accrual. Also, if the Net Asset Value per Share is rising but is still below the Low Tide Mark, the Management Company will not benefit from any Performance Fee accruals on any relevant Class of Shares of the sub-fund, including Shares that are newly issued and which only experience positive performance,

The detailed Performance Fee information can be found in the Fund prospectus dated April 2007 on the pages 39- 41.

If there is a positive balance of the Performance Fee accrual, it will become payable to the Management Company on the following dates each year:

BRlC Freestyle

Euroland Value Creation

Class J IC 2 October Class M l C 31 March Class M I 0 I O April Class M2C 31 March

Class M I C 31 March Class MID I 1 July

Global Emerging Markets Equity Freestyle Class M I C 21 March Class M I D 21 March

Sustainability Leaders Class M I C 2 February Class M I D 14 December Class L no shares issued

UK Freestyle Class M I D 31 March

Latin American Freestyle Class M I C 6 July Class M I D 6 July

4. Operating, Administrative and Servicing fees

The Company pays to the Management Company a fee to cover certain Operating, Administrative and Servicing Expenses. The Management Company is responsible for discharging out of this fee, the expenses described below, inter alia, payable to the Custodian, the Administration Agent, the Registrar and the Transfer Agent.

This fee is set, for each sub-fund andlor class, at a fixed percentage of the Net Asset Value of the relevant sub-fund or class specified in the prospectus. Such fee is accrued daily and payable monthly in arrears at the rates specified in the table below.

No Operating, Administrative and Services Expenses will be charged to class W Shares. All the fees and charges allocated to such Class of Share will be paid directly by a member or an affiliated entity of HSBC Group.


-

Notes to the Financial Statements (continued) 3 b 4. Charges and Expenses (continued)

The maximum rate for class A, E, I, J, M, P, Y and 2 Shares is 1.0%. However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative and Servicing Expenses applicable to each class of Share. In the event of an increase in such expenses, the concerned Shareholders will be given at least three months prior notice of such increase. During this three months notice, such Shareholders may request the redemption of their shares, free of charge.

Operating, Administrative and Servicing Expenses cover the ongoing custody fees and safekeeping charges payable to the Custodian and its correspondent banks, fees for fund accounting and administration services (including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrar and transfer agency services payable to the Registrar and Transfer Agent.

Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; the costs of the Subsidiary (see below); the Luxembourg asset-based taxe d’abonnement, at the rate referred to under “Taxation” below; attendance fees and reasonable out-of-pocket expenses incurred by the Company’s Directors; legal, auditing fees and other expenses; ongoing registration and listing fees, including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’s prospectus, financial reports, statements and other documents made available directly or through intermediaries to its shareholders.

b 5. Transaction expenses and extraordinary expenses

The transaction expenses linked to security dealing are written off against the realised profitlloss from the sale of investments.

Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments, brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transaction fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the sub-fund to which they are attributable. Transaction fees are allocated across each sub-fund’s Share Classes.

The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.

b 6. Indian Equity

The Company wholly owns a subsidiary in Mauritius namely HSBC Global Investment Funds Mauritius Limited, 10, Frere Felix de Valois Street, Port Louis, Mauritius (“the Subsidiary”). The Subsidiary manages the Indian Equity sub- fund’s investments in India.

The Subsidiary is a company incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub- fund and the Subsidiary have been consolidated.

The Subsidiary has appointed Multi Consult Limited, 10 Frkre Felix de Valois Street, Port Louis, Mauritius, to provide administrative services to the Subsidiary in Mauritius, including maintenance of its accounts, books and records. The Subsidiary has appointed KPMG Mauritius of KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditors of the Subsidiary in Mauritius to perform the auditor’s duties required by Mauritius law.

b 7. Taxation

Belgium

The Belgian government has enacted a law which charges an annual net asset value tax on foreign investment funds registered with the Belgian Banking and Finance Commission. Until 1 January 2007, an annual tax of 0.07% has been charged on the net outstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure is not substantially documented, the tax authorities may calculate the tax on the total assets of those sub-funds.

-A HSBC Global investment Funds

.~

Notes to the Financial Statements (continued) .. .~ .

b 7. Taxation (continued)

The tax increased to 0.08% as at 1 January 2007.

The Company understands that the validity of this tax charge is being questioned on the basis that it is contrary to European law and further developments are awaited. To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out of the Operating, Administration and Servicing Expenses it receives. However, should the cost become substantial or long term the Management Company may require the sub-funds concerned to bear that tax charge for future periods.

India

On the basis that it is a Mauritian tax resident, the Subsidiary will benefit from the tax advantages available to it under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiary will file, through its Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which it invests. Capital gains resulting from the purchase and sale by the Subsidiary of stocks on the Indian stock exchanges will be exempt from tax on the basis that the Subsidiary is able to benefit from the provisions of the India-Mauritius double taxation treaty.

Interest on certain notified securities and bonds and on deposits in foreign currency with scheduled banks is exempt from income tax. The sale and purchase of stocks and securities is exempt from Indian sales tax.

The above-stated tax treatment under the India-Mauritius tax treaty will be available provided that the Subsidiary does not have a permanent establishment or its effective management and control in India. No guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the Indian Equity sub-fund in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union.

The Indian Central Board of Direct Taxes has confirmed the availability of the treaty benefits to companies holding a certificate of Mauritian tax residence. The Supreme Court of India confirmed on 7 October 2003 the validity of this position.

Luxembourg

The Company is not liable to any Luxembourg tax on profits or income nor are dividends paid by the Company liable to any Luxembourg withholding tax. The Company is, however, liable in Luxembourg to a tax of 0.05% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01 % per annum for the U S Dollar Reserve and Euro Reserve sub-funds and Classes J Share, W Share and Z Share in the relevant sub-funds. No stamp duty or other tax is payable in Luxembourg on the issue of Shares.

The Class or sub-funds may be exempted of this 0.01% tax if they comply with the requirements of the Luxembourg law of 19 December 2003.

No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.

The Company paid a tax of EUR 1,239.46 on its incorporation.

Mauritius

The Subsidiary is registered with the Mauritius Offshore Business Activities Authority as an offshore company. As a result it is subject to a reduced rate of Mauritian income tax on its income. In addition, no Mauritian capital gains tax will be payable in respect of the Subsidiary's investments in India and any dividends and redemption proceeds paid by the Subsidiary to the Indian Equity sub-fund will be exempt from Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiary by the Commissioner of Income Tax in Mauritius. On the basis that it is Mauritian tax resident, the Subsidiary will qualify for certain reliefs from Indian tax as set out in the Indian tax section below. No guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the Indian Equity sub-fund in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union.

~

HSBC Global Investment Funds -- r - - - -

Notes to the Financial Statements (continued) -

b 7. Taxation (continued)

Turkey

A new tax system took effect from 1 January 2006 which charges a 10% withholding tax on dividends received by the Company and a 15% withholding tax on all other investment returns received by the Company from investments made in Turkey. The costs of this tax will be borne by shareholders in sub-funds investing in Turkey.

Thailand

Where possible Thai stocks of the Thai Equity sub-fund are held through custody arrangements in London which enables the Company to benefit from the United Kingdom-Thailand double tax treaty and therefore gains realised by the sub-fund are currently not liable to tax in Thailand. Although the Company will seek to maintain this favorable position, no guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the sub-fund in future periods. Should the sub-fund become subject to Thai tax on its gains this will have an adverse effect on investment returns and a possible impact on the Net Asset Value.

United Kingdom

It is the intention of the Board of Directors to conduct the affairs of the Company so that it does not become resident in the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it should not be subject to United Kingdom corporation tax on its income and capital gains.

The Company has received certification as a distributing fund under Schedule 27 of the Income and Corporation Taxes Act 1988.

General

Dividends and interest received by the Company on its investments are generally subject to non-recoverable withholding taxes in the countries of origin. Investors and potential investors should note the paragraph concerning Emerging Markets in the “Risk Factors” section of the Prospectus.

8. Public and bank holidays in Hong Kong

HSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and Share Distributor in Hong Kong. There will be no dealing for the Shares of the Company in Hong Kong on a day which is a public or bank holiday in Hong Kong.

9. Forward foreign exchange contracts

b

b

As at 31 March 2007, the Company had entered into various forward foreign currency contracts for the purpose of hedging the portfolio which oblige the Company to deliver currencies at specified future dates. Open contracts are as follows:

Contracts with a settlement date of 30 March 2007 still appear because they were open at the time of the preparation and publication of the net asset value of 30 March 2007.

Sub-funds Contract In exchange Settlement Contract to Date for deliver

Unrealised Gainl(loss) by

Sub-Fund

Asia Ex Japan Equity

2211 212006 2911 212006 03101 12007 0510112007 09/01 12007 1 1 IO 1 I2007 12/01 12007 12101 12007 1510112007

USD USD USD EUR EUR USD EUR USD USD

29,767,652 440,359 559,200 260,000 640,000

6,501 371,000 22,030

305,077

3010312007 3010312007 30103l2007 3010312007 3010312007 30103l2007 3010312007 3010312007 3010312007

EUR EUR EUR USD USD EUR USD EUR EUR

22,467,000 333,000 420,000 341,354 836,800

5,000 480,779

17,000 235,000


-.


b 9. Forward foreign exchange contracts

Sub-funds

Asia Ex Japan Equity

BRlC Markets

Global Emerging Markets Elite Fund

Global Emerging Markets Equity

Global Equity

Global Equity SRI

Contract Date

16l01l2007 USD 22l01l2007 USD 2510112007 USD 2610112007 USD

29l0112007 EUR 01102l2007 USD 02102l2007 USD 0510212007 USD 0610212007 USD 0710212007 EUR 14l02l2007 EUR I610212007 USD 27/02/2007 EUR 27/02/2007 USD 28102/2007 EUR 05l03l2007 EUR 0610312007 EUR 0710312007 USD 09/03/2007 USD 13l03l2007 USD 14103l2007 USD 14l03l2007 EUR 15l03l2007 EUR 16/03/2007 USD 19/03/2007 USD 20l0312007 USD 21103l2007 USD 2310312007 USD 26/03/2007 EUR 2710312007 EUR 2710312007 USD 2810312007 USD 29/03/2007 USD 2910312007 EUR

2710312007 EUR

2610312007 USD 27/03/2007 USD

2610312007 USD 2710312007 EUR 27/03/2007 USD 2710312007 USD 2810312007 EUR 2910312007 USD

27/03/2007 USD 2710312007 JPY 2810312007 SGD

2710312007 GBP 28/03/2007 EUR 2910312007 USD 2910312007 GBP

HSBC Global investment Funds

In exchange for Settlement

492,548 30103l2007 EUR 6,506 3010312007 EUR

549,613 30l03l2007 EUR 20,704 3010312007 EUR

587,000 22,192

6,524 720,889 22,047 6,000

443,000 531,300

14,403,000 51,589

107,000 1,257,000

333,000 183,876 274,898 113,271 10,561

371,000 245,000

7,992 101,194

11,967 115,784 215,898 103,000

6,993,000 9,365,026 3,867,889

8,024 126,000

3010312007 30103l2007 3010312007 30l03l2007 3010312007 3010312007 3010312007 30l0312007 30103l2007 3010312007 30l03l2007 30103l2007 30l03l2007 3010312007 30103l2007 30l0312007 3010312007 30103l2007 30l0312007 3010312007 3010312007 30l03l2007 30l0312007 30/03/2007 3010312007 3010312007 2910612007 2910612007 2910612007 2910612007

USD EUR EUR EUR EUR USD USD EUR USD EUR USD USD USD EUR EUR EUR EUR USD USD EUR EUR EUR EUR EUR USD USD EUR EUR EUR USD

9,999,999 30l0312007 USD

134,984 30/03/2007 ZAR 11,293 02l04l2007 ZAR

2,612,575 30103l2007 ZAR 26,035 3010312007 USD 19,498 30l03l2007 SGD

2 16,066 02/04/2007 ZAR 101,841 02l0412007 USD

816 03/04/2007 EUR

64,667 3010312007 SGD 214,194,479 02/04/2007 USD

153.200 0210412007 USD

1,785 30103l2007 USD 106,863 02/04/2007 USD

966 0310412007 EUR 1,374 03l04l2007 USD

Contract to deliver

379,000 5,000

422,000 16,000

759,825 17,000 5,000

555,000 17,000 7,799

581,127 404,000

19,052,288 39,000

141,422 1,653,081

437,795 140,000 209,000 86,000 8,000

489,757 323,731

6,000 76,000

9,000 87,000

162,000 136,599

9,331,460 6,993,000 2,890,000

6,000 168,512

13,340,998

974,250 81,646

18,856,258 34,734 29,578

1,562,158 135,998

61 2

98,100 1,813,670

100,909

3,507 142,705

725 2,697

... .-

-


Sub-Fund

USD 5,743

USD 6,000

USD (941)

USD ( I 8,003)

USD (4,575)

USD 188

b 9. Forward foreign exchange contracts (continued)

~


I

Su b-funds Contract Date

In exchange Settlement for

Global Ex Euroland Equity 01/0312007 USD 2,590,000 01/06/2007 CAD

Pan-European Equity

UK Equity

US Equity

Asia Freestyle

2710312007 EUR 2810312007 EUR 29/03/2007 EUR

2710312007 GBP 2810312007 GBP 29/03/2007 GBP

09/03/2007 USD 13/03/2007 USD 2210312007 USD

22/12/2006 USD 0310112007 USD 0910112007 EUR 1010112007 EUR 11/01/2007 EUR 16/0112007 USD 17/01/2007 USD 19/01/2007 EUR 22101/2007 USD 2310112007 USD 25/0112007 USD 29101/2007 EUR 31/0112007 USD 01/02/2007 EUR 02/02/2007 USD 05/02/2007 USD 06102/2007 USD 08/02/2007 USD 09/02/2007 USD 14/0212007 EUR 15/02/2007 USD 16102/2007 USD 28/02/2007 EUR 0510312007 EUR 06/03/2007 EUR 0710312007 USD 09/03/2007 USD 1310312007 USD 15/0312007 EUR 19/03/2007 USD 2010312007 USD 22/03/2007 USD 23/03/2007 USD 27/03/2007 EUR 27lO312007 USD

12,367 30/03/2007 SGD 27,900 0210412007 SGD 40,030 03/0412007 SGD

16,211 3010312007 EUR 6,482 02104/2007 EUR 7,245 03/04/2007 EUR

28,932,508 11/06/2007 EUR 17,214 11/06/2007 EUR

804,000 11/0612007 EUR

18,131,941 528,577 382,000 255,000

9,000 370,386

7,779 1 1,000

188,662 9,107

217,501 361,000

15,565 6,000

233,550 301,345

1,888,286 53,353

228,043 415,000 235,698 444,504 203,000 550,000 685,000 281,068 466,932 297,665 335,000 209,046 219,393 20,049

574,393 15,655,000 20,965,176

3010312007 30/0312007 30/0312007 3010312007 30/03/2007 3010312007 3010312007 3010312007 30103/2007 3010312007 3010312007 3010312007 3010312007 3010312007 30/03/2007 30/03/2007 30/03/2007 30/03/2007 3010312007 30/0312007 30103/2007 30/03/2007 3010312007 3010312007 3010312007 3010312007 3010312007 3010312007 30103/2007 3010312007 3010312007 30/0312007 3010312007 3010312007 2910612007

EUR EUR USD USD USD EUR EUR USD EUR EUR EUR USD EUR USD EUR EUR EUR EUR EUR USD EUR EUR USD USD USD EUR EUR EUR USD EUR EUR EUR EUR USD EUR

Contract to deliver

3,033,149

25,000 56,567 81,000

23,875 9,543

10,668

21,973,000 13,000

600,000

13,685,000 397,000 499,465 332,158

11,701 285,000

6,000 14,314

145,000 7,000

167,000 467,285

12,000 7,832

179,000 232,000

1,456,000 41,000

175,000 544,397 179,000 338,000 268,305 723,305 900,569 214,000 355,000 226,000 442,652 157,000 165,000 15,000

431,000 20,890,032 15,655,000


Sub-Fund

EUR 31,298

EUR 89

GBP 19

USD 449,203

USD 163,004

~

HSBC Global Investment Funds ~. - -

-

Notes to the Financial Statements (continued) -4 b 9. Forward foreign exchange contracts (continued)

Sub-funds

BRlC Freestyle

Global Emerging Markets Equity Freestyle

Latin American Freestyle

Global Emerging Markets Bond

Global Investment Grade Bond

US Dollar Investment Grade Bond

Contract Date

27/03/2007 EUR 27/03/2007 SGD

29/03/2007 USD 29/03/2007 SGD

2a10312007 USD

26/03/2007 USD 27/03/2007 SGD 27/03/2007 USD 27/03/2007 USD 28/03/2007 USD 2910312007 USD 29/03/2007 HUF 29/03/2007 PLN 29/03/2007 USD 29/03/2007 ZAR

27/03/2007 EUR 28/03/2007 EUR 29/03/2007 EUR

26/02/2007 EUR 29/03/2007 SGD

14/02/2007 USD 14/02/2007 EUR 07/03/2007 GBP 08/03/2007 GBP 09/03/2007 EUR 13/03/2007 USD 14/03/2007 EUR 16/03/2007 EUR 16/03/2007 USD 20/03/2007 USD 22/03/2007 USD 27/03/2007 EUR 27/03/2007 GBP 28/03/2007 GBP 09/03/2007 USD

27/03/2007 EUR

In exchange for Settlement

18,403 3010312007 USD 136,115 30/03/2007 USD 424,916 03/04/2007 HKD 375,035 03/04/2007 EUR 332,237 03/04/2007 USD

7,939,986 19,524 57,708

664,837 83,946 26,828

72,206,066 I, 103,982

48,831 16,120,466

30/03/2007 3010312007 30/03/2007 02/04/2007 02/04/2007 03/04/2007 03/04/2007 03/04/2007 03/04/2007 04/05/2007

ZAR USD EUR ZAR SGD EUR USD USD SGD USD

1 1,198 30103/2007 USD 46,290 02/04/2007 USD 13,323 03/04/2007 USD

269,010 30/03/2007 USD 19,893 03/04/2007 USD

728,563 414,000

3,024,000 610,000 141,000

3,455,061 859,000

1,004,000

1,668,886 2,081,426

470,000 60,000 60,000

5,265,380

384,387

15/05/2007 15/05/2007 12/06/2007 12/06/2007 15/05/2007 15/06/2007 15/05/2007 15/05/2007 15/05/2007 12/06/2007 15/05/2007 15/05/2007 12/06/2007 12/06/2007 18/06/2007

EUR USD USD USD USD JPY USD USD EUR GBP EUR USD USD USD EUR

8,713 30/03/2007 USD

Contract to deliver

24,552 89,727

3,320,085

218,836 281,178

57,306,848 12,870 43,256

4,806,773 127,446 20,114

387,788

74,135 2,207,736

380,395

14,939 61,815 17,770

354,663 13,103

555,000 543,677

5,829,743 1,178,569

185,357 400,000,000

1 , I 39,214 1,339,888

290,000 854,000

1,551,000 628,397 119,120 117,920

4,000,000

1 1,625

Unrealised Gain/( loss) by

Sub-Fund

USD (345)

USD (59,666)

USD sa

USD (4,079)

USD (69,734)

USD 5

HSBC Global Investment Funds ~. ~.

I O . Futures

As at 31 March 2007, the Company had entered into the following outstanding futures contracts:

ERIC Markets Equity HSCEI - HKD China Ent

Euroland Value Creation Dow Jones Euro Stoxx 50

Global Ex Euroland Equity S&P 500 Indices Topix Index SP ASX 200 Finance Index

Japanese Equity Topix Index (Tokyo)

Pan-European Equity High Dividend Daw Jones Euro Stoxx 50

Number of

contracts

208

121

2 26 5

31 0

9

Currency Commitments Maturity Unrealised gain (loss) Date in sub-fund currency

HKD 99,840,000 27/04/2007 185,477 USD 185,477

EUR 4,956,160 15/06/2007 700 EUR 700

USD 715,450 14/06/2007 JPY 446,290,000 07/06/2007

8,830 53,767

AUD 754,250 21/06/2007 15,366 EUR 77,963

JPY 5,321 , I 50,000 07/06/2007 116,200,000 JPY 116,200,000

EUR 368,640 15/06/2007 5,850 EUR 5,850

HSBC Global Investment Funds ~.

..


b 10. Futures (continued)

US Equity S&P 500 Indices

Euro Corporate Bond Euro Bund

Euro Credit Bond Euro Bund Euro Schatz Euro BOBL

Euro investment Grade Bond Euro Bund Euro Schatz Euro BOBL

Global Investment Grade Bond Euro Bund Euribor 3 Months Long Gilt Sterling Future 3 Months Euro Yen Future Japanese Gov. Bds Future 10 Y I O Y Treasury Notes USA 2 Y Treasury Notes USA 5 Y Treasury Notes USA Treasury Bonds USA

Pan-European Government Bond Euro Bund Euro Schatz Euro BOBL Long Gilt Sterling Futures

Currency

USD

EUR

EUR EUR EUR

EUR EUR EUR

EUR EUR GBP J PY J PY USD USD USD USD

EUR EUR EUR GBP

. ...

Commitments Maturity Unrealised gain (loss) Date in sub-fund currency

14,315,000 14/06/2007 121,000 USD 121,000

(4,604,800) 07/06/2007 24,560 EUR 24,560

(345,360) 07/06/2007 430

(974,700) 07/06/2007 3,810 EUR (4,860)

3,616,900 07/06/2007 (9,100)

(1,611,680) 07/06/2007 14,420 4,546,960 07/06/2007 (1 I ,440)

(6,173,100) 07/06/2007 37,050 EUR 40.030

1,610,840 959,000 863,520

99,305,000 (268,360,000)

(2,056,750) 10,451,813 5,081,250

07/06/2007 (23,523) 18/06/2007 (533) 27/06/2007 (4,239) 15/06/2007 0 11/06/2007 849 20/06/2007 2,969 29/06/2007 11,266 29/06/2007 40,500

(1,115,625) 20/06/2007 (3,048) USD 24,241

(1,726,800) 07/06/2007 4,210

(324,900) 07/06/2007 1,390 863,040 27/06/2007 (1 9,574)

EUR (14,454)

310,020 07/06/2007 (480)

b 11. Dividends

At the Annual General Meeting held at the Company’s Registered Office, the following dividends were declared, out of the profits for the year ended 31 March 2006, for the classes of shares listed below.

Name Currency Dividend Ex-date Payment Number Total amount per share date of shares paid

Asia Pacific ex Japan Equity High Dividend A D USD 0.029243 31/03/2006 18/04/2006 13,533,871 395,771 Asia Pacific ex Japan

Euro Corporate Bond A D EUR 0.261782 31/03/2006 18/04/2006 4,818,335 1,261,353 Euro Credit Bond A D EUR 0.977134 31/03/2006 18/04/2006 14,329 14,001 Euro Credit Bond 2 D EUR 0.458083 31/03/2006 18/04/2006 94,245 43,172

Equity High Dividend I D USD 0.057609 31/03/2006 18/04/2006 1,274,002 73,394

HSBC Global Investment Funds ~ -. ~. ~~~


b 1 I . Dividends (continued)

Name

Euro High Yield Bond A D Euro Investment Grade Bond A D Euro Investment Grade Corporate Bond A D Euro Reserve A D Global Emerging Markets Bond A D Global Investment Grade Bond A D Global Investment Grade Bond (US Dollar-Hedged) A D Pan-European Government Bond A D Pan-European Government Bond I D Sterling Investment Grade Bond P D US Dollar Investment Grade Bond A D US Dollar Investment Grade Bond P D US Dollar Reserve A D US Dollar Reserve P D Indian Equity ID Indian Equity ZD Turkish Convergence AD Global Investment Grade Bond AD Global Equity ZD Chinese Equity AD Chinese Equity ZD Global Emerging Markets Equity AD Global Emerging Markets Equity ED Europe Ex UK Equity AD Hong Kong Equity ZD Hong Kong Equtity AD Hong Kong Equity PD Pan-European Equity PD Pan-European Equity AD Pan-European Equity ED Asia Ex Japan Equity Smaller Companies AD Global Equity SRI AD Asia Ex Japan Equity AD Asia Ex Japan Equity ED Singapore Equity PD Singapore Equity ZD Singapore Equity AD UK Equity ED UK Equity AD Korean Equity ZD Sterling Investment Grade Bond PD Sterling Investment Grade Bond WD

Currency Dividend Ex-date Payment per share date

EUR 1.322955 31/03/2006 18/04/2006

EUR 0.743922 31/03/2006 18/04/2006

EUR 0.248188 31/03/2006 18/04/2006 EUR 0.138249 31/03/2006 18/04/2006

USD 0.77723 31/03/2006 18/04/2006

USD 0.232852 31/03/2006 18/04/2006

USD 0.672651 31/03/2006 18/04/2006

EUR 0.15977 31/03/2006 18/04/2006

EUR 0.553959 31/03/2006 18/04/2006

GBP 0.040186 31/03/2006 18/04/2006

USD 0.1 50535 31/03/2006 18/04/2006

USD 0.512539 31/03/2006 18/04/2006 USD 0.724053 31/03/2006 18/04/2006 USD 0.396575 31/0312006 18/04/2006 USD 0.0081 I1 01/08/2006 11/08/2006 USD 0.293054 01/08/2006 11/0812006 EUR 0.536702 01/08/2006 1110812006

USD 0.145793 01/08/2006 11/08/2006 USD 0.265724 2710712006 1110812006 USD 0.31 558 27/07/2006 11/08/2006 USD 0.004917 27/07/2006 11/08/2006

USD 0.072614 27/07/2006 11l08/2006

USD EUR USD USD USD EUR EUR EUR

USD USD USD USD USD USD USD GBP GBP USD

0.059201 0.105715 0.614326 1.662342 1.755843 0.496405 0.21 61 69 0.080845

0.162267 0.003923 0.200877 0.022678 1.685429 0.653734 1.588733 0.158226 0.285355 0.036574

27/07/2006 27/07/2006 27/07/2006 27/07/2006 27/07/2006 27/07/2006 2710712006 27/07/2006

27/07/2006 27/07/2006 27/07/2006 27/07/2006 27/07/2006 27/07/2006 27/07/2006 27/07/2006 27/07/2006 27107/2006

1 1/08/2006 I 110812006 1 I /08/2006 1 1/08/2006 1 1/08/2006 1 1/08/2006 1 1 IO812006 I 1/08/2006

1 1/08/2006 11/08/2006 1 1/08/2006 1 1/08/2006 I 110812006 I 1/08/2006 1110812006 I 1/08/2006 1 1/08/2006 I 1/08/2006

GBP 0.069367 30/06/2006 14/07/2006

GBP 1.956263 3010612006 14107/2006

HSBC Global Investment Funds -.

Number of shares

12,226

2,995

572,684 35,631

4,004,930

6,852,838

6,916

75,997

297,136

3,835,067

445,471

3,671,527 11,089

1,316,931 158,048 88,813 243,916

7,601,700 1,651,305 48,938,107 744,452

15,858,210

3,850 4,977,299 36,300 46,330

2,205,868 9,545,231 367,762 548,068

1,299,896 6,484

7,133,483 84,971 597,349 75,085 48,057 21,134

4,326,041 860,482

3,165,144

136,119

~

Total amount paid

16,175

2,228

142,133 4,926

3,112,752

1,595,697

4,652

12,142

164,601

154,116

67,059

1,881,801 8,029

522,262 1,282 26,027 130,910

1,108,275 438,791

15,443,888 3,660

1,151,528

228 526,175 22,300 77,016

3,873,158 4,738,300 79,499 44,309

210,930 25

1,432,953 1,927

1,006,790 49,086 76,350 3,344

1,234,457 31,471

21 9,555

266,285

- -.- -

Notes to the Financial Statements (continued) ~

Name

US Equity PD Thai Equity ZD Thai Equity AD Brazil Equity ID Brazil Equity AD US Index AD U S Index PD Asia Freestyle AD

Dividend Payment Number Currency per share Ex-date date of shares

USD USD USD USD USD USD USD USD

0.072289 0.1271 01 0.228137 0.000444 0.069403 0.059308 0.31 1783

0.10843

2710712006 2710712006 27/07/2006 27/07/2006 2710712006 27/07/2006 27/07/2006 27/07/2006

1 110812006 11/08/2006 11/08/2006 11/08/2006 11/08/2006 11/08/2006 I 110812006 1 1/08/2006

1,486,826 270,626

22,130,567 1,130,244 5,368,065

43,954 2,532,613

14,486,373

The following dividends have been declared by circular resolutions from the Board of Directors.

Sterling Investment Grade Bond PD Sterling Investment Grade Bond WD Sterling Investment Grade Bond ZD Sterling Investment Grade Bond PI3 Sterling Investment Grade Bond WD Sterling Investment Grade Bond ZD Asia Pacific Ex Japan Equity High Dividend AD Asia Pacific Ex Japan Equity High Dividend ID

GBP

GBP

GBP

GBP

GBP

GBP

USD

USD

0.06292

1.212031

0.020072

0.061 878

1.252325

0.082681

0.1 73451

0.197927

2910912006

29/09/2006

2910912006

2911212006

2911 212006

2911 212006

0 1 IO812006

01/08/2006

1311 012006

1311 012006

1311 012006

12101 12007

12/01/2007

12/01 12007

11/08/2006

11/08/2006

2,924,445

146,810

54,347

2,860,865

154,843

43,234

12,377,450

1,424,000

Total amount paid

107,481 34,397

5,048,801 502

372,560 2,607

789,626 1,570,757

184,008

177,938

1,091

177,025

193,914

3,575

2,146,881

281,848

In total, these payments should exceed 85% of distributable income requirements and the Company has applied for certification under the Distributor Status requirements of the UK Revenue and Customs for certain share classes. This Status is always granted retrospectively. The Company has been granted this Status every time the Company intended to obtain this status. The Company intends to obtain certification from the Inland Revenue to be a “distributing fund” for certain share classes, for the year ending 31 March 2007.

The following dividends were declared out of the profits for the year ended 31 March 2007, for the classes of shares listed below. They will be approved by the next Annual General Meeting.

Name Currency Dividend Exdate Payment Number Total amount per share date of shares paid

Global Investment Grade USD 0.540506 02/04/2007 16/04/2007 4,518,782 2,442,429 Bond - Class AD Global Investment Grade USD 7.101 101 02/04/2007 1610412007 21,933 155,745 Bond - Class WD Global Investment Grade USD 0.31 3387 02/04/2007 16/04/2007 3,152,335 987,901 Bond - Class ZD US Dollar Reserve - USD 0.354383 02/04/2007 16/04/2007 93,800 33,241 Class AD US Dollar Reserve - USD 0.3461 81 0210412007 16l04l2007 1.522,652 527,113 . . Class PD US Dollar Investment USD 0.71 145 02/04/2007 16/04/2007 55, Grade Bond - Class AD US Dollar Investment USD 0.474072 02/04/2007 16/04/2007 3,423, Grade Bond - Class PD US Dollar Investment USD 0.57395 02/04/2007 16/04/2007 792, Grade Bond - Class WD US Dollar Investment USD 0.259968 02/04/2007 16/04/2007 1,998, Grade Bond - Class ZD

71

08

98

12

39,394

,622,800

454,682

51 9,445

A- HSBC Global Investment Funds ~~~ ~~

- Notes to the Financial Statements (continued)

Name

Global Emerging Markets Bond - Class AD Euro Investment Grade Bond - Class AD Euro Credit Bond - Class AD Euro Credit Bond - Class ZD Euro High Yield Bond - Class AD Pan-European Government Bond - Class AD Pan-European Government Bond - Class ID Euro Reserve - Class AD Brazil Bond - Class AD Sterling Investment Grade Bond - Class PD Sterling Investment Grade Bond - Class WD Euro Corporate Bond - Class AD Asia Pacific Ex Japan Equity High Dividend - Class AD Asia Pacific Ex Japan Equity High Dividend - Class ID Asia Pacific Ex Japan Equity High Dividend - Class ZD US Dollar High Yield Bond - Class AD

Currency

USD

EUR

EUR

EUR

EUR

EUR

EUR

EUR USD GBP

GBP

EUR

USD

USD

USD

USD

Dividend per share 0.750821

0.338822

0.364685

0.635605

0.355756

0.371681

Ex-date Payment date

02/04/2007 16/04/2007

02/04/2007 16/04/2007

02/04/2007 16/04/2007

02/04/2007 16/04/2007

02/04/2007 16/04/2007

02/04/2007 16/04/2007

1 ,132748 02/04/2007 16/04/2007

0.271455 02/04/2007 16/04/2007 0.576546 02/04/2007 16/04/2007 0.065409 02/04/2007 16/04/2007

1.461 893 02/04/2007 16/04/2007

0.344748 02/04/2007 16/04/2007

0.245153 02/04/2007 16/04/2007

0.298695 02/04/2007 16/04/2007

0.16089 02/04/2007 16/04/2007

0.1 1 3482 02/04/2007 16/04/2007

Number of shares

4,787,808

10,308

25,808

126,471

49,724

88,917

93,076

90,352 22,839

2,612,486

123,764

5,421,199

7,333,595

2,800,000

226,591

4,918

Total amount paid

3,594,786

3,493

9,412

80,386

17,690

33,049

105,432

24,526 13,167

170,880

180,930

1,868,947

1,797,853

836,346

36,456

558

b 12. Information concerning the Swiss Investors. Publication of TER (Total Expenses Ratio) and Portfolio Turnover Ratio (PTR)

Please refer to table page 83.

b 13. Equalisation received/(paid)

Equalisation is calculated for Bond and Reserve sub-funds only and is included in the profitl(loss) on investment.

Name

Brazil Bond Euro Corporate Bond Euro Credit Bond Euro Investment Grade Bond Euro High Yield Bond Global Emerging Markets Bond Global Investment Grade Bond Pan-European Government Bond Sterling Investment Grade Bond US Dollar High Yield Bond US Dollar Investment Grade Bond Euro Reserve US Dollar Reserve Turkish Convergence

Currency

USD EUR EUR EUR EUR USD USD EUR GBP USD USD EUR USD EUR

Total amount Received/(paid)

29,148 199,517

(310,263) (52,328)

(366,172) 572,779

(533,072) 270,773

(304,113) 4,893

13,601 2,517

(41,118) (467,265)

HSBC Global Investment Funds ~. ~. ~. A

~

Notes to the Financial Statements (continued) ~

Equalisation received reflects the amounts received by the sub-fund in respect of undistributed income on the shares issued during the accounting period. Equalisation paid reflects the amounts paid by the sub-fund in respect of undistributed income on shares purchased during the period.

b 14.Swaps

Euro Reserve

As at 31 March 2007, the Company entered into the following Eonia floating rate swaps:

Eligible securities HSBC France 3.76% 1012007 Societe Generale 3.69% 0412007 Societe Generale 3.68% 0412007 Bred 3.70% 0412007 Societe Generale 3.80% 0412007

Currency Net notional amount Unrealised gain (loss) in EUR EUR 1,004,269 (511) EUR 990,785 (136) EUR 990,988 (97) EUR 596,406 (32) EUR 996,924 (23)

(799)

BRlC Markets Equity

As at 31 March 2007, the Company entered into the following index swaps:

Eligible securities

MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007 MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007 MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007 MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007 MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007 MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007 MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007 MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007 MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007 MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007 MSCl DTR Net emerg. Mkt Russia 5.32% 0311 012007

Currency

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

Net notional amount

9,993,663

4,276,764

3,756,570

3,618,666

2,182,023

3,508,692

1,658,337

5,481,241

8,859,oi I

5,620,890

2,147,110

Unrealised gain (loss) in USD

913,613

390,979

343,423

330,816

199,479

320,762

151,604

501,091

809,884

306,012

39,968

4,307,631

b 15. Securities lending

HSBC Global Investment Funds has entered an exclusive stock lending agreement with HSBC Bank plc. As at 31 March 2007, the value of securities lent is as follows:

Euroland Equity Euroland Value Creation Europe Ex UK Equity Global Emerging Markets Equity Global Equity Pan-European Equity Pan-European Equity High Dividend UK Equity US Equity US Index

194,939,181 EUR 33,563,122 EUR 44,479,153 USD 13,600,000 USD 13,834,929 USD 236,543,066 EUR 7,141,835 EUR 15,088,432 GBP 14,995,417 USD 541,453 USD

A - HSBC Global Investment Funds ~ ~ ~


-

~-

b 16. Transactions with connected persons and soft commissions

The following is a summary of transactions with connected persons for the period. All such transactions were entered into in the ordinary course of business and on normal commercial terms.

All the figures are expressed in USD

HSBC Bank plc ASIA EX JAPAN EQUITY Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

ASIA EX JAPAN EQUITY SMALLER COMPANIES Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

ASIA FREESTYLE Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

BRlC FREESTYLE Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

CHINESE EQUITY Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

56,548,412 6.26%

153,471 0.27%

1,564,661

3,229 0.21 Yo

2.75%

15,100,179 2.02% 37,355 0.25%

3,569,153 2.08% 7,365

0.21%

133,411,330 4.20%

255,788 0.19%

254,637,416 5.63%

509,275 0.20%

I HSBC Global Investment Funds ~. - . .

- -


b 16. Transactions with connected persons and soft commissions (continued)

HONG KONG EQUITY Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

INDIAN EQUITY Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

KOREAN EQUITY Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

10,983,886 3.45% 21,968 0.20%

296,158,995 3.58%

508,179 0.17%

9,488,856

28,467 2.38%

0.30%

The Investment Advisers and their connected persons have entered into soft commission arrangements with brokers for the Asia ex Japan Equity, Asia ex Japan Equity Smaller Companies, Asia Freestyle, Asia Pacific ex Japan Equity High Dividend, BRlC Freestyle, Chinese Equity, Thai Equity, Hong Kong Equity, Korean Equity sub- funds under which certain goods and services used to support investment decision making are received by it or its connected persons. It or its connected persons do not make direct payment for these services but transact an agreed amount of business with the brokers on behalf of the Fund. Commission is paid from the Fund on these transactions.

The goods and services utilised for the Fund include the following:

* research and advisory services, * economic and political analysis, * portfolio analysis, including valuation and performance measurement,

market analysis, data and quotation services, * computer hardware and software incidental to the above goods and services, * clearing and custodian services and investment related publications.

A - HSBC Global Investment Funds r - -

~


b 17. Subsequent events

On 16 April 2007 the name of the following sub-funds changed:

Euro Credit Bond in Euro Core Credit Bond Euro Corporate Bond in Euro Strategic Credit Bond Euro Investment Grade Bond in Euro Core Bond Pan-European Government Bond in European Government Bond

On 21 May 2007, the name of the following sub-funds changed:

Global Investment Grade Bond in Gobal Core Plus Bond US Dollar Investment Grade Bond in US Dollar Core Plus Bond

On 21 May 2007, the following Investment Advisers have been added as Advisers to the sub-funds listed:

HSBC Investments (Singapore) Limited: Indian Equity, Singapore Equity, Thai Equity Sinopia Asset Management (UK) Limited: BRlC Markets, Global Equity SRI, US Index

On 20 April 2007, the sub-fund Sterling Investment Grade Bond merged into the sub-fund Global Investment Grade Bond.

On 25 May 2007, the sub-fund Global Equity Technology has been liquidated.

! A -- - HSBC Global Investment Funds

. - .~ .~ ~

. .

Charges and Expenses _ _ __

Operating, Administration and Servicing Expenses

Sub-fund

RESERVE SUB-FUNDS Euro Reserve US Dollar Reserve

BOND SUB-FUNDS Brazil Bond Euro Corporate Bond Euro Credit Bond Euro Investment Grade Bond Euro Investment Grade Corporate Bond Euro High Yield Bond Global Emerging Markets Bond Global Investment Grade Bond Pan-European Government Bond Sterling Investment Grade Bond US Dollar High Yield Bond US Dollar Investment Grade Bond

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity Asia Ex Japan Equity Smaller Companies Asia Pacific Ex Japan Equity High Dividend BRlC Markets BRlC Markets Equity Emerging Europe Equity Euroland Equity Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies) Euroland Value Creation Europe Ex UK Equity Global Emerging Markets Elite Fund Global Emerging Markets Equity Global Equity Global Equity SRI Global Equity Technology Global Ex Euroland Equity Pan-European Equity Pan-European Equity High Dividend Sustainability Leaders

b) Market Specific sub-funds Brazil Equity Chinese Equity Hong Kong Equity Indian Equity Japanese Equity Korean Equity Singapore Equity Thai Equity UK Equity US Equity US Index

FREESTYLE SUB-FUNDS Asia Freestyle BRlC Freestyle Global Emerging Markets Equity Freestyle Latin American Freestyle UK Freestyle

OTHER SUB-FUNDS Turkish Convergence

Class A, E, M, P Class I, J,L,Y, 2

0.15% 0.15%

0.35% 0.35% 0.35% 0.25% 0.25% 0.35% 0.35% 0.25% 0.25% 0.25% 0.35% 0.25%

0.35% 0.35% 0.35%

0.35% 0.40% 0.35% 0.35%

0.35% 0.35%

0.40% 0.35% 0.35%

0.35% 0.35%

0.35%

0.35% 0.30%

0.40% 0.40% 0.35% 0.40% 0.35%

0.40% 0.35% 0.31 % 0.35% 0.25%

0.40%

0.40%

0.40% 0.40%

0.40% 0.35%

0.10% 0.10%

0.25% 0.25%

0.15% 0.25%

0.15% 0.25% 0.25% 0.15% 0.15% 0.15% 0.25% 0.15%

0.25% 0.25% 0.25% 0.25% 0.25% 0.30% 0.25% 0.25%

0.25% 0.25%

0.25% 0.25%

0.25% 0.25% 0.25% 0.20%

0.30%

0.25%

0.30% 0.30%

0.30% 0.25%

0.30% 0.25% 0.25% 0.25% 0.15%

0.25%

0.30%

0.30% 0.30% 0.30%

0.35% 0.25%

HSBC Global Investment Funds -~ ~ ~-

Charges and Expenses (continued) 3- Management Fees Percentages

Sub-fund name


BOND SUB-FUNDS Brazil Bond Euro Corporate Bond Euro Credit Bond Euro Investment Grade Bond Euro Investment Grade Corporate Bond Euro High Yield Bond Global Emerging Markets Bond Global Investment Grade Bond Pan -European Government Bond Sterling Investment Grade Bond US Dollar High Yield Bond US Dollar Investment Grade Bond

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity Asia Ex Japan Equity Smaller Companies Asia Pacific Ex Japan Equity High Dividend BRlC Markets BRlC Markets Equity Emerging Europe Equity Euroland Equity Euroland Equity Smaller Companies (formedy Pan-European Equity Smaller Companies) Euroland Value Creation Europe Ex UK Equity Global Emerging Markets Elite Fund Global Emerging Markets Equity Global Equity Global Equity SRI Global Equity Technology Global ex Euroland Equity Pan-European Equity Fan-European Equity High Dividend Sustainability Leaders b) Market Specific Equity sub-funds Brazil Equity Chinese Equity Hong Kong Equity Indian Equity Japanese Equity Korean Equity Singapore Equity Thai Equity UK Equity US Equty US Index

FREESTYLE SUE-FUNDS Asia Freestyle BRlC Freestyle Global Emerging Markets Equity Freestyle Latin American Freestyle UK Freestyle


Base Currency

EUR US0

USD EUR EU R EUR EUR EUR USD USD EUR GBP USD USD

USD USD US0 USD USD EUR EUR EUR

EUR EUR USD USD USD USD USD EUR EUR EUR EUR

US0 USD USD USD JPY USD USD USD GBP USD USD

USD USD USD USD GBP

EUR

EUR

0.50

1-00 1 .oo 1 .00 0.75 0.75 1.20 1 .oo 0.75 0.75 0.75 1.20 0.75

1.50 1.50 1.50

1 . 5 0 1.75 1.50 1.50

1.50

1 . 5 0 1.50 1.50 1.50 1.50 1.50 1.50

1.75 1.50 1.50 1 . 5 0 1.50 1.50 1.50 1.50 1.50 1.50 0.75

1.75

1.35

Class A Dealing Currency

USD

0.50

1 .XI 1 .oo 1 .oo 0.75 0.75 1.20 1 .XI 0.75 0.75 0.75 1.20 0.75

1 . 5 0 1.50 1.50

1.50 1.75 1.50 1.50

1.50

1.50 1.50 1.50 1.50 1.50 1.50 1.50

1.75 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 0.75

1.75

1.35

SGD

1 .oo 1.00 0.75 0.75 1.20 1 .oo 0.75 0.75 0.75 1.20 0.75

1.50 1.50 1 . 5 0

1.50 1.75 1.50 1.50

1 . 5 0

1.50 1.50 1.50 1.50 1.50

1.50

1.75 1.50 1.50 1.50

1.50 1.50 1.50 1.50

0.75

1.75

1.35

GBP

0.75

1.20 1.00 0.75

0.75 1.20 0.75

1.50 1 . 5 0 1.50

1.50 1.75

1.50

1.50 1.50 1.50

1.50 1.50

1.50

1.50

1.50

1.75

OTHER

JPY 1.50

CAD 1.50

EUR

1.30 1.30 1.30 1.05 1.05 1.50 1.30 1.05 1.05 1.05 1.50 1.05

2.00 2.00 2.00

2.00 2.25 2.00 2.00

2.00

2.00 2.00 2.00 2.00 2.00 2.00 2.00

2.25 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 1.25

2.25

1.70

Class E Dealing Currency

USD

1.30

2.00

2.00

2.00

2.25 2.00

2.00 2.00

2.00

2.25

GBP

1-50 1.30 1.05

1.05 1.50 1.05

2.00 2.00 2.00

2.00 2.25

2.00 2.00 2.00

2.00 2.00

2.00

2.00

2.00

2.25

OTHER

JPY 2.00

SGD 2.25


Charges and Expenses (continued)

Management Fees Percentages (continued)

Sub-Fund name


BOND SUB-FUNDS Brazil Bond Euro Corporate Bond Euro Credit Bond Euro Investment Grade Bond Euro Investment Grade Corporate Bond Euro H'gh Yield Bond Global Emerging Markets Bond Global Investment Grade Bond Pan-European Government Bond Sterling Investment Grade Bond US Dollar High Yield Bond US Dollar Investment Grade Bond

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity Asia Ex Japan Equity Smaller Companies Asia Pacific Ex Japan Equity High Dividend BRlC Markets BRlC Markets Equity Emerging Europe Equity Euroland Equity Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies) Euroland Value Creation Europe Ex UK Equity Global Emerging Markets Elite Fund Global Emerging Markets Equity Global Equity Global Equity SRI Global Equity Technology Global Ex Euroland Equity Pan-Eumpean Equity PawEuropean Equiv High Dividend Sustainability Leaders b) Market Specific sub-funds Brazil Equity Chinese Equity Hang Kong Equity Indian Equity Japanese Equity Korean Equity Singapore Equity Thai Equity UK Equity US Equity US Index

FREESTYLE SUB-FUNDS Asia Freestyle

BRlC Freestyle Global Emerging Markets Equity Freestyle Latin American Freestyle UK Freestyle


Base Currency

EUR USD

USD EUR EUR EUR EUR EUR USD USD EUR GBP USD USD

USD USD USD USD USD EUR EUR EUR


USD USD us0 USD JPY USD USD USD GBP USD USD

USD

USD US0 US0 GBP

EUR

EUR

0.25 0.25

0.50 0.50 0.50 0.375 0.375 0.60 0.50 0.375 0.375 0.375 0.60 0.375

0.75 0.75 0.75

0.75 0.875 0.75 0.75

0.75

0.75 0.75 0.75 0.75 0.75 0.75 0.75

0.875 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.375

0.875

0.675

Class I Dealing Currencv

USD

0.25 0.25

0.50 0.50 0.50 0.375 0.375 0.60 0.50 0.375 0.375

0.60 0.375

0.75 0.75 0.75

0.75 0.875 0.75 0.75

0.75

0.75 0.75 0.75 0.75 0.75 0.75 0.75

0.875 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.375

0.875

0.675

GBP

0.375

0.60 0.50 0.375

0.375 0.60 0.375

0.75 0.75 0.75

0.75 0.875

0.75 0.75 0.75

0.75 0.75

0.75

0.75

0.75

0.875

OTHER

JPY 0.75

CAD 0.75

SGD 0.875

EUR

1.25

1.25

1 .oo 1 .oo 1.00 1 .oo

Class M Dealing Currencv US0 SGD

1.25

1.25

1 .oo 1 .oo 1 .oo 1 .oo

1.25

1.25

1 .oo 1 .oo 1 .oo 1 .oo

GBP

1.25

1.25

1 .oo 1 .oo 1-00 1.00

-A HSBC Global Investment Funds ~ -- ~.

-~ .. ...

Charges and Expenses (continued) .~

Sub-Fund name Base Currency Class P

Dealing Currency

Class Y

Dealing Currency USD

0.25

0.50

0.50

0.50

0.50

1 .oo

1.00

1 .oo

1 .oo

1 .oo

0.30

EUR

1.50

OTHER GBP

0.50

0.50

0.50

0.50

1 .oo

1 .oo

1.00

OTHER USD

1.50

GBP


EUR USD EUR 0.25

BOND SUB-FUNDS Brazil Bond Euro Corporate Bond Euro Credit Bond Euro investment Grade Bond Euro Investment Grade Corporate Bond Euro High Yield Bond Global Emerging Markets Bond Global Investment Grade Bond Pan-European Government Bond Sterling Investment Grade Bond US Dollar High Yield Bond US Dollar Investment Grade Bond

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia Ex Japan Equity Asia Ex Japan Equity Smaller Companies Asia Pacific Ex Japan Equity High Dividend BRlC Markets BRlC Markets Equity Emerging Europe Equity Euroland Equity Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies) Euroland Value Creation Europe Ex UK Equity Global Emerging Markets Elite Fund Global Emerging Markets Equity Global Equity Global Equity SRI Global Equity Technology Global Ex Euroland Equity Pan-European Equity

Pan-European Equity Hlgh Dividend Sustainability Leaders b) Market Specific sub-funds Brazil Equity Chinese Equity

Hang Kong Equity

Indian Equity Japanese Equity


EUR 0.50

EUR 0.50

EUR 0.50

SGD 0.50 EUR 0.50

USD USD USD USD US0 EUR EUR EUR

EUR EUR USD USD USD USD USD EUR EUR

EUR EUR

USD USD

USD

USD J PY

SGD 1.50

EUR 1 .OO SGD 1 .OO

SGD 1.00 EUR 1 .OO

JPY 1 .OO SGD 1.00 EUR 1 .OO

SGD 1.00 EUR 1 .OO

Korean Equity Singapore Equity

Thai Equity UK Equity

US Equity

US Index

FREESTYLE SUB-FUNDS Asia Freestyle BRlC Freestyle Global Emerging Markets Equity Freestyle Latin American Freestyle UK Freestyle

Turkish Convergence OTHER SUB-FUNDS

USD USD

USD GBP

USD

USD

SGD 1-00 EUR 1 .OO SGD 0.30 EUR 0.30

US0 USD USD USD GBP

EUR


Sub-Fund name

RESERVE SUB-FUNDS Euro Reserve US Doliar Reserve

BOND SUB-FUNDS Brazil Bond Euro Corporate Bond Euro Credit Bond Euro Investment Grade Bond Euro Investment Grade Corporate Bond Euro High Yield Bond Global Emerging Markets Bond Global Investment Grade Bond Pan-European Government Bond Sterling Investment Grade Bond US Dollar High Yield Bond US Dollar Investment Grade Bond

a) International and Regional sub-funds Asia Ex Japan Equity Asia Ex Japan Equity Smaller Companies Asia Pacific Ex Japan Equity High Dividend BRlC Markets

BRlC Markets Equity Emerging Europe Equity Euroland Equity Euroland Equity Smaller Companies (formerly: Pan-European Equity Smaller Companies) Euroland Value Creation Europe Ex UK Equity Global Emerging Makts Elite Fund Global Emerging Markets Equity Global Equity Global Equity SRI Global Equity Technology Global Ex Euroland Equity Pan-European Equity Pan-European Equity High Dividend Sustainability Leaders b) Market Specific sub-funds Brazil Equity Chinese Equity

Hong Kong Equity Indian Equity Japanese Equity Korean Equity Singapore Equity

Thai Equity UK Equity

US Equity US Index FREESTYLE SUB-FUNDS Asia Freestyle BRlC Freestyle Global Emerging Markets Equity Freestyle Latin American Freestyle UK Freestyle

Turkish Convergence

EQUITY SUB-FUNDS

OTHER SUB-FUNDS

Base Currency

EUR USD


USD USD USD USD

US0 EUR EUR EUR


USD US0

USD USD JPY USD USD

USD GBP

USD USD

USD USD USD USD GBP

EUR

EUR

0.00

0.00 0.00 0.00 0.00 0.00 0.00

0.00 0.00

0.00

0.00 1 .oo 0.00 0.00 0.00 0.00

0.00 1.25

0.00 0.00 0.00

0.00

0.00

0.00

USD

0.00

0.00

0.00 0.00

0.00 0.00

0.00 0.00

1 .oo 0.00

0.00

1.25 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

HSBC Global Investment Funds ~. ~. -. -

Class 2

Dealing Currency GBP

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

OTHER

SGD 1 .OO CAD 1.00

SGD 1.25

JPY 0.00

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued)

- -t- TER excluding the performance fees

Asia ex Japan Equity Class Class Class Class Class Class Class Class Class Class

Class Class

Class Class Class Class

Asia ex Japan Equity Smaller Companies

Asia Pacific ex Japan Equity High Dividend

Brazil Equity

ERIC Markets

BRlC Markets Equity

Chinese Equity

AC ACH AD ADH EC ED IC ID zc ZD

AC AD

AC AD ID ZD

Class AC Class AD Class EC Class IC Class ID Class ZC

Class ZC Class YC

Class AC Class AD Class EC Class IC Class J I C Class ZC

Class AC Class AD Class EC Class IC Class ID Class ZC Class ZD

1.84 % 1.85 % 1.84 % 1.85 Yo 2.31 % 2.37 Yo

1.00 % 1-01 % 0.25 % 0.25 %

1.83 % 1.84 %

1.85 % 1.84 % 1.00 % 0.25 %

2.14 Yo 2.14 % 2.62 % 1.17 % 1.17 % 0.30 %

1.23 % 1.73 %

1.83 Yo 1.84 % 2.33 % 0.99 % 0.84 % 0.25 %

1.89 % 1.89 % 2.39 % 1.05 Yo 1.05 % 0.30 Yo 0.30 %

A HSBC Global Investment Funds .~

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued) -x- Emerging Europe Equity

Class AC Class AD Class EC Class IC Class ID Class ZC

Euroland Equity Class Class Class Class Class Class

Class Class Class Class Class

Class Class

Class Class

Class Class

Class Class

Class Class Class Class Class Class

Euroland Equity Smaller Companies

Euroland Value Creation

Sustainability Leaders

Europe ex UK Equity

Global Emerging Markets Elite Fund

Global Emerging Markets Equity

Global Equity

Global Equity SRI

Global Equity Technology

AC AD EC ED IC zc

AC AD EC IC zc

M I C M I D

MIC M I D

AC AD

YC zc

AC AD EC ED IC ZD

Class AC Class AD Class IC Class ZD

Class AC Class AD Class ZC

2.15 % 2.14 % 2.33 % 1.17 % 1-18 % 0.32 %

1.85 % 1.85 % 2.35 % 2.35 % 0.99 % 0.27 %

1.85 % 1.85 % 2.30 % 1-00 % 0.25 Yo

1.60 % 1.60 %

1.54 1.55 Yo

1.85 % 1.85 %

0.25 % 1.26 %

1.89 % 1.89 % 2.40 %

1.05 % 0.30 %

2.40 Yo

1.85 % 1.84 % 1.05 % 0.25 %

1.84 % 1.85 % 0.25 %

A HSBC Global Investment Funds - - - . ~ .~

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued) -

Global Ex Euroland Equity

Hong Kong Equity

Indian Equity

Japanese Equity

Class AC Class AD Class ED

Class AC Class AD Class ZC

Class AC Class AD Class EC Class PD Class ZD

Class AC Class AD Class EC Class ED Class IC Class ID Class ZD

Class AC Class AD Class EC Class ED Class ID Class PC Class PD Class ZC Class ZD

Korean Equity Class AC Class AD Class EC Class IC Class ZD

Pan-European Equity Class Class Class Class Class Class Class

Class Class Class

Pan-European Equity High Dividend

AC AD EC ED PC PD ZD

AC AD zc

1.86 % 1.85 % 2.37 %

1.85 % 1.84 Yo 0.25 %

1.84 % 1.85 % 2.31 YQ 1.34 % 0.25 %

1.89 % 1.89 % 2.39 % 2.39 % 1.05 % 1.04 % 0.30 %

1.84 % 1.85 % 2.34 Yo 2.35 % 1.00 % 1.32 % 1.34 Yo 0.25 % 0.25 %

1.90 % 1.90 Yo 2.37 % 1.05 Yo 0.30 %

1.84 % 1.84 2.39 % 2.33 % 1.34 % 1.34 % 0.25 %

1.85 % 1.85 % 0.25 %

HSBC Global Investment Funds .~ -

-

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued)

Singapore Equity

Thai Equity

UK Equity

US Equity

Class AC Class AD Class EC Class PD Class ZD

Class AC Class AD Class EC Class IC Class ZD

Class AC Class AD Class ED Class ZC

Class AC Class ACH Class AD Class ADH Class EC Class ED Class PD Class ZC Class ZD

US Index Class AC Class AD Class PD

Asia Freestyle Class AC Class ACH Class AD Class ADH Class EC Class IC Class ID

BRlC Freestyle Class J I C Class M I C Class M2C Class M2D

Class M I C Class M I D


1.89 % 1.87 % 2.35 % 1.39 Yo 0.30 %

1.86 Yo

1.84 Yo 2.33 % 1.00 % 0.25 %

1.81 % 1.81 % 2.32 % 0.25 %

1.83 % 1.83 % 1.83 % 1.84 % 2.33 % 2.33 % 1.33 % 0.25 % 0.25 %

1.00 % 1.00 Yo 0.55 %

2.14 % 2.14 % 2.14 % 2.14 % 2.62 % 1.17 Yo

1.16 %

0.90 % 1.40 % 1.40 % 1.40 %

1.40 % 1.39 %

HSBC Global Investment Funds ~ -

~ -

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued) 3 Latin American Freestyle

UK Freestyle

Brazil Bond

Euro Corporate Bond

Euro Credit Bond

Euro Investment Grade Bond

Class MIC Class M I D

Class M I D

Class AC Class AD Class EC Class ZC

Class AC Class AD Class IC

Class AC Class AD Class EC Class IC Class ZC Class ZD

Class AC Class AD Class EC Class IC Class ZC

Euro Investment Grade Corporate Bond Class AC Class AD Class ZC


Euro High Yield Bond

Global Emerging Markets Bond

Global Investment Grade Bond


Class AC Class AD Class IC Class ZD

1.39 % 1.39 %

1.35 Yo

1.35 % 1.35 Yo

1.63 % 0.25 %

1.35 % 1.35 Yo

0.75 %

1.35 % 1.35 % 1.61 Yo

0.76 % 0.25 Yo 0.25 Yo

1.00 % 1.00 % 1.29 Yo

0.53 % 0.11 Yo

0.97 % 0.97 % 0.15 %

1.55 Yo

1.55 % 1.84 % 0.85 yo 0.25 %

1.34 % 1.34 Yo 1.61 % 0.75 % 0.25 Yo

0.99 %

0.56 % 0.15 Yo

0.98

HSBC Global Investment Funds - - -

~.

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued) -

Pan-European Government Bond Class AC Class AD Class EC Class IC Class ID

Sterling Investment Grade Bond Class EC Class PD Class ZD

US Dollar High Yield Bond

US Dollar Investment Grade Bond

Euro Reserve

US Dollar Reserve

Turkish Convergence

Class AC Class AD Class EC Class ZC

Class AC Class AD Class EC Class PD Class ZC Class ZD

Class AC Class AD

Class AC Class AD Class PD

Class AC Class AD Class EC

1.00 % 1.00 % 1.27 % 0.52 % 0.53 %

1.28 Yo

0.74 % 0.14 %

1.53 % 1.53 % 1.83 % 0.25 %

0.98 Yo 0.99 % 1.27 % 0.74 %

0.15 % 0.15 Yo

0.65 % 0.66 Yo

0.65 % 0.64 % 0.40 %

1.70 % 1.70 % 2.01 %

HSBC Global Investment Funds ------

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued) r- TER including the performance fees

BRlC Freestyle Class Class Class Class

Latin American Freestyle Class

Euroland Value Creation Class Class

Class Class

Class

Class Class

Sustainability Leaders

UK Freestyle


J IC M I C M2C M2D

M I C M I D

M I C M I D

M I C M I D

M I D

M l C M I D

3.90 Yo

5.25 Yo

4.81 % 5.14 %

5.47 Yo

6.32 %

1.60 % 1.78 Yo

1.94 Yo 1.57 %

1.35 %

4.01 O h 1.40 %

HSBC Global Investment Funds .~ p p p p ~p -

- .

Publication of PTR (Portfolio Turnover Ratio) - Information concerning the Swiss Investors -.

Asia ex Japan Equity Asia ex Japan Equity Smaller Companies Asia Pacific ex Japan Equity High Dividend Brazil Equity BRlC Markets BRlC Markets Equity* Chinese Equity Emerging Europe Equity Euroland Equity Euroland Equity Smaller Companies Euroland Value Creation Sustainability Leaders Global Equity Global Equity SRI Global Equity Technology Global ex Euroland Equity Hong Kong Equity Japanese Equity Korean Equity Pan-European Equity High Dividend Singapore Equity Thai Equity UK Equity US Index Asia Freestyle BRlC Freestyle Global Emerging Markets Equity Freestyle Latin American Freestyle* UK Freestyle Brazil Bond* Euro Corporate Bond Euro Credit Bond Euro Investment Grade Bond Euro High Yield Bond Global Emerging Markets Bond Global Investment Grade Bond Pan-European Government Bond Sterling Investment Grade Bond US Dollar High Yield Bond US Dollar Investment Grade Bond Euro Reserve US Dollar Reserve Turkish Convergence Global Emerging Markets Elite Fund * Global Emerging Markets Equity US Equity Pan-European Equity Europe ex UK Equity Indian Equity

* The PTR have been annualised

% 81.08

124.17 44.31

124.59 5.30

45.27 64.67

127.46 159.86 173.24 74.86

132.43 149.90 201.35

70.56 (4.44) 81.12 56.91

118.73 380.52

50.89 11.06 91.22 24.63

136.32 102.49 246.24 482.67 157.22 149.99 114.39 243.73 170.78 219.39 130.02 491.11 223.86 287.80

20.82 875.39 936.18

1200.20 1438.40 413.60 247.34 60.96

105.21 11 1.99 105.78

HSBC Global Investment Funds - ~ ~ - -. ~ ~ ~ .~ .~

Comparative Table of Net Assets .~

at 31 March 2005 at 31 March 2006 at 31 March 2007 -. . -

ASIA EX JAPAN EQUITY USD

~ .~ -


CLASS A C

CLASS A C H

CLASS A D

CLASS A D H

CLASS E C

CLASS E D

CLASS I C

CLASS I D

CLASS z c CLASS Z D

27.55

NIA

26.53

NIA

NIA

26.17 NIA

NIA

27.89 NIA

35.98 15.54

34.42

NIA

NIA

33.97 34.59

34.59 37.00

NIA

Total Net Assets 354,554,804 582,349,188

ASIA EX JAPAN EQUITY SMALLER COMPANIES USD

44.36

20.48 42.19

20.36

41.63 41.63

43.00 43.00 46.35

42.58

61 2,532,695 .~ ~


CLASS A C

CLASS A D

16.87 16.67

Total Net Assets 32,023.474

ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND USD

~ ~ .~

. - ~ - ~


CLASS A C 10.17 CLASS A D 10.17

CLASS I D NIA

CLASS Z D NIA

Total Net Assets 234,747,567

BRAZIL EQUITY USD

~~ ~. ~ --

~~~


CLASS A C 12.30

CLASS A D 12.30

CLASS E C NIA

CLASS I C NIA

CLASS I D NIA

CLASS z c 12.42

Total Net Assets 39,199,791

21.57 21.17

29.12

28.36

31,219,270 41,088,141 .. ~ ~

- - ~~

11.71 14.28 11.21 13.45

11.44 13.82 NIA 13.57

142,208,941 192,121,007 ~ --

23.80

23.78

23.79

23.82 23.82

24.49

351 ,I 02,078

~~

31.16

31.03

30.99 31.49

31.49

32.65

1,086,007,695


Comparative Table of Net Assets -* -. ~

at 31 March 2005 at 31 March 2006 at 31 March 2007 BRlC MARKETS USD

~

~-~


CLASS Y C

CLASS z c

Total Net Assets

BRlC MARKETS EQUITY USD

.~

~- ~ - ~


CLASS A C

CLASS A D

CLASS E C

CLASS I C

CLASS J I C

Total Net Assets

CHINESE EQUITY USD

- - ~ ~


CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

Total Net Assets

A C

A D

E C

I C

I D

z c Z D

NIA

NIA

NIA

16.75

21.60

21.64

NIA 223,573,945 461,684,567 . -

N/A

NIA

NIA

NIA

NIA

NIA

N/A

NIA

NIA

NIA

NIA NIA

33.90

33.90

33.89

NIA

NIA

NIA

NIA

47.04

46.70

46.79

47.31

47.31

47.06

47.06

1,545,556,575 2,891,006,873

305,032.045 - -

. . .~ - - .~ ~ - EMERGING EUROPE EQUITY EUR


CLASS A C

CLASS A D

CLASS E C

CLASS I C

CLASS I D

CLASS z c

Total Net Assets

N/A

NIA

NIA

NIA

NIA

NIA

13.07

13.07

NIA

13.10

N/A

13.25

NIA 29,983,564

12.69

12.69

12.64

12.74

12.78

67.10

66.18

66.41

68.06

68.06

68.20

68.19

4,388,195,717

14.99

14.99

14.99

15.17

15.16

NIA

25,260,799

L HSBC Global Investment Funds - - ~ -~ r---

-


at 31 March 2005 at 31 March 2006 at 31 March 2007

EUROLAND EQUITY EUR

- .~


CLASS A C

CLASS A D

CLASS E C

CLASS E D

CLASS I C

CLASS z c

22.07

22.02

NIA

NIA

NIA

22.80

29.99

29.92

NIA

29.81

NIA

31 -47

33.63

33.55

33.58

33.27

33.71

35.88

Total Net Assets 50,171,277 292,922.023 578,984,961

EUROLAND EQUITY SMALLER COMPANIES EUR

- . -


CLASS A C

CLASS A D

CLASS E C

CLASS IC

CLASS z c

27.27

NIA

NIA

NIA

28.1 1

39.50

39.50

NIA

NIA

41.37

48.58

48-58

48.55

48.86

51.71

Total Net Assets 60,907,458 88,517,699 103,872,035

EUROLAND VALUE CREATION EUR

-

~.


CLASS M I C 9.92 13.18 14.17

CLASS M I D NIA 13.19 14.23

5,702,275 28,902,712 149,960,548 Total Net Assets

SUSTAINABILITY LEADERS EUR

. - .~

~


CLASS M I C NIA 10.84 12.14

CLASS M I D NIA 10.85 12 20

Total Net Assets NIA 9,830,322 28,419,950

EUROPE EX UK EQUITY EUR

~.

~ ~


CLASS A C 15.22 20.05 22.29

CLASS A D 15.19 19.94 22.06

Total Net Assets 114,215,570 114,656,209 87,272,793

HSBC Global Investment Funds ~. ~. ~.

Comparative Table of Net Assets ~.

at 31 March 2006 at 31 March 2007 - .

at 31 March 2005

GLOBAL EMERGING MARKETS ELITE FUND USD


CLASS Y C

CLASS z c NIA

NIA

NIA

NIA

10.09

10.07

Total Net Assets NIA NIA 1 5 1 04,610

GLOBAL EMERGING MARKETS EQUITY USD

. . .- -

.-


CLASS A C

CLASS A D

CLASS E C

CLASS E D

CLASS IC CLASS Z D

9.45

9.41

NIA

9.31

NIA

NIA

14.08

14.01

13.65

13.65

NIA

NIA

16.93

16.75

16.33

16.25

17.07

16.91

134,372,978 232,800.507 294,752,392 Total Net Assets

GLOBAL EQUITY USD

.- ~- Net Asset Value per Share

CLASS A C

CLASS A D

CLASS I C

CLASS Z D

NIA

19.81

NIA

21.10

24.66

24.66

NIA

26.44

26.79

26.79

26.80

28.89

164,972,157 175,961,923 Total Net Assets 144,629,801

GLOBAL EQUITY SRI USD


CLASS A C

CLASS A D

CLASS w c CLASS z c

Total Net Assets

11.64

NIA

11.71

11.69

13.59

13.59

13.92

13.86

15.82

15.81

16.51

16.39

11,695,185 10,848,034 20,777,357

HSBC Global Investment Funds - .

-

Comparative Table of Net Assets

at 31 March 2005 at 31 March 2006 at 31 March 2007 ~

GLOBAL EQUITY TECHNOLOGY USD

. -


CLASS A C

CLASS A D

CLASS E D

Total Net Assets

GLOBAL EX EUROLAND EQUITY EUR

~

~


CLASS A C

CLASS A D

CLASS z c

Total Net Assets

19.48

3.26

3.20

9,044,946

17.24

NIA

17.80

93,199,546

21.17

3.55

3.46

23.99

4.02

3.90

7,914,102 6,659,147

21.17

21.17

22.21

21 -32

21.32

22.72

59,070,237 4a,840,267 .~

HONG KONG EQUITY USD


CLASS A C

CLASS A D

CLASS E C

CLASS P D

CLASS Z D

62.84

62.70

NIA

61.60

NIA

77.94

76.83

NIA

75.70

77.42

98.79

95.33

98.65

94.36

90.95

Total Net Assets

INDIAN EQUITY USD

. .


Total Net Assets

179,118,104 1 94,270,521 21 3,556,902 .~ . .

CLASS A C

CLASS A D

CLASS E C

CLASS E D

CLASS I C

CLASS I D

CLASS Z D

70.41

70.41

69.72

NIA

71.66

NIA

NIA

120.49

120.49

118.72

NIA

123.69

123.69

121.42

135.24

135.24

132.59

132.59

140.01

140.00

138.08

2,763,872,800 6,029,705,648 5,450:800,640

&- HSBC Global Investment Funds

__

Comparative Table of Net Assets ..

- ..

JAPANESE EQUITY J PY

. -.


CLASS A C

CLASS A D

CLASS E C

CLASS E D

CLASS I C

CLASS P C

CLASS P D

CLASS W D

CLASS z c CLASS Z D

at 31 March 2007 at 31 March 2006 -. at 31 March 2005

6.512.80

971.43

N IA

958.42

NIA

6.439.73

983.23

NIA

NIA

NIA

9:938.65

1,482.43

1,455.23

1,455.23

NIA

9,876.68

1,507.99

NIA

9,992.50

NIA

9,989.22

1,489.96

1,455.26

1,455.26

10,057.59

9,976.79

1,523.27

13.849.43

10,205.62

1.503.79

Total Net Assets 14,660,516,179 32,542.790,5 1 3 36,447,794,450

USD

~.

KOREAN EQUITY


CLASS A C

CLASS A D

CLASS E C

CLASS I C

CLASS Z D

NIA

NIA

NIA

NIA

NIA

13.56

13.56

NIA

13.58

13.65

15.30

15.30

15.28

15.46

15.61


EUR PAN-EUROPEAN EQUITY

~


CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

Total Net Assets

A C

A D

E C

E D

P C

P D

W D

Z D

28.82

28.70

NIA

28.32

29.13

28.74

NIA

NIA

37.61

37.15

NIA

36.69

38.20

37.08

NIA

NIA

41.44

40.68

41.35

40.12

42.30

40.49

24.94

41.05

497,242,491 568,630,360 733,618,436


Comparative Table of Net Assets ..


PAN-EUROPEAN EQUITY HIGH DIVIDEND EUR


CLASS A C

CLASS A D

CLASS z c

11.25

NIA

11.35

14.79

14.79

15.16

16.11

16.1 1

16.78

Total Net Assets

SINGAPORE EQUITY USD

-


Total Net Assets

THAI EQUITY USD

76,520,434 83,304,250 82,660,478 . -

CLASS A C

CLASS A D

CLASS E C

CLASS P D

CLASS Z D

24.08

24.08

NIA

23.98

NIA

31.55

31.02

NIA

31.02

31.26

47.88

44.42

47.78

44.49

47-10

112,417.143 20,725,989 26,242,522 . . . -. --


CLASS A C 8.58 9.36 9 74

CLASS A D 8 58 9 32 9.44

CLASS E C NIA NIA 9.72

CLASS I C NIA 9.38 9 84

CLASS Z D NIA 9.37 9.76

264,861,559 21 7,572,937 Total Net Assets 21 3,816,074

UK EQUITY GBP


CLASS

CLASS

CLASS

CLASS

Total Net Assets

A C 21.53 27.03 28.48

A D 21.48 26.14 27.24

E D NIA 19.34 20.10

z c NIA 27.25 29.17

28,272,884 164,915.960 97,879,771

A - HSBC Global Investment Funds

Comparative Table of Net Assets ~-

at 31 March 2007 -~

-. at 31 March 2005 at 31 March 2006 US EQUITY USD

- . ~.


CLASS A C

CLASS A C H

CLASS A D

CLASS A D H

CLASS E C

CLASS E D

CLASS P D

CLASS W D

CLASS z c CLASS Z D

18.99

22.89

21.26

NIA

NIA

NIA

21.50

NIA

NIA

NIA

20.56

22.93

23.01

23.62

NIA

22.91

23.37

NIA

20.69

NIA

22.54

26.92

25.23

27.70

22.52

25.00

25.68

147.87

23.05

25.46

Total Net Assets 125,053,186 137,953,697 195,931,184

US INDEX USD

- .

-


CLASS A C 8 41 9.30 10.27

CLASS A D 8.38 9.23 10.12

CLASS P D 8 42 9 27 9.93

101,754,702 43,828,461 Total Net Assets 94,645,332

ASIA FREESTYLE USD

- .. ~-

- - Net Asset Value per Share

CLASS A C

CLASS A C H

CLASS A D

CLASS A D H

CLASS E C

CLASS I C

CLASS I D

Total Net Assets

BRlC FREESTYLE USD

. . ~.


CLASS J I C

CLASS M I C

CLASS M 2 C

CLASS M 2 D

Total Net Assets

HSBC Global Investment Funds . -. - .

11.09

NIA

11.09

NIA

11.05

11.15

NIA

500,750,024

12.96

13.54

12.96

13.37

12.84

13.16

NIA

374,242:604

16.08

17.91

15.94

17.72

15.85

16.49

16.49

270,322,943

NIA

10.24

NIA

NIA

155,889,576

12.57 15.34

17.70 21.33

16.98 20.54

16.95 20.42

3,377,707.464 2,757,083,981

..&. ~

Comparative Table of Net Assets 3 GLOBAL EMERGING MARKETS EQUITY FREESTYLE USD


Total Net Assets

LATIN AMERICAN FREESTYLE USD

-

-.


CLASS M I C

CLASS M I D

CLASS M 1 C

CLASS M I D

Total Net Assets

UK FREESTYLE GBP

. -

at 31 March 2007 . -

at 31 March 2005 at 31 March 2006

NIA

NIA

10.11

10.1 1

11.70

11 -79

NIA 660,549,914 845,789,963 .~

NIA

NIA

NIA

NIA

14.24

14.23

NIA NIA 40,555.651

~ . -


CLASS M I D 10.06 12.21 13.38

Total Net Assets 5,308,976 14,691,270 12,934,876

BRAZIL BOND USD

.~


CLASS A C NIA NIA 12.02

CLASS A D NIA NIA 12.02

CLASS E C NIA NIA 12 01

CLASS z c NIA NIA 12 12

Total Net Assets NIA NIA 6,969,093

EURO CORPORATE BOND EUR

-.

~


CLASS A C NIA 10 08 10.39

CLASS A D NIA 9.82 10.12

CLASS I C NIA NIA 10 40



Comparative Table of Net Assets .. ~

EURO CREDIT BOND EUR


CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

A C

A D

E C

I C

I D

z c Z D


Total Net Assets

EURO INVESTMENT GRADE BOND EUR

~.


Total Net Assets

16.78

16.21

NIA

16.98

16.47

16.83

NIA

16.99

15.05

NIA

17.30

NIA

17.22

16.77

17.31

15.34

17.31

17.73

NIA

17.74

17.27

98,866,400 90,422,134 43,802,458

.-

CLASS A C 16.44 16.72 16 91

CLASS A D NIA 15 97 16.16

CLASS E C NIA NIA 16.91

CLASS I C 16 60 16 95 17.24

CLASS z c 16.72 17.15 NIA

125,768,237 141,727,066 160.61 9,682

EURO INVESTMENT GRADE CORPORATE BOND* EUR

~.


CLASS A C

CLASS A D

CLASS z c

Total Net Assets

EURO HIGH YIELD BOND EUR

.~ ~. ~

~-


CLASS A C

CLASS A D

CLASS E C

CLASS I C

CLASS I D

CLASS z c

Total Net Assets

NIA 10.01 10.32

NIA 9.76 10 06

NIA 10.09 10.49

NIA 10,644,652 NIA -

18.95 20.30 21.60

18.69 17.67 18.81

NIA NIA 21.58

19.22 20.73 22.21

18.16 NIA NIA

19.01 20.63 22.24

126.066.364 124,271,638 84,096,699

* The sub-fund Euro Investment Grade Corporate Bond has been liquidated as at 19 March 2007

A HSBC Global Investment Funds 1

- - -

Comparative Table of Net Assets

at 31 March 2007 -. -

at 31 March 2005 at 31 March 2006 ~.

GLOBAL EMERGING MARKETS BOND USD

. ..


CLASS A C 16.08 18.59

CLASS A D 15.13 15.76

CLASS E C N/A N/A

CLASS I C NIA 18.60

CLASS z c 16.09 18.81

Total Net Assets 45,943,698 119,634,250

GLOBAL INVESTMENT GRADE BOND USD

- . -


CLASS A C 13 79 13.29

CLASS A D 13.79 12.82

CLASS I C NIA NIA

CLASS W D NIA N/A

CLASS Z D NIA NIA

88,081,665 Total Net Assets 109,990,135

20.44

17.33

20.42

20.57

20.91

133,896,921

13.75

13.60

13.75

185.20

13.67

1 0 8 , 8 i a m

GLOBAL INVESTMENT GRADE BOND ( u s DOLLAR-HEDGED) -

USD

~.


CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

A C 15.88

A D 15.51

E C NIA

E D N/A

I C NIA

I D NIA

z c N/A

Z D N/A

15.97

14.71

N/A

NIA

NIA

N /A

N/A

N IA

~

NIA

N/A

NIA

N/A

NIA

NIA

NIA

N/A

Total Net Assets 20,535,844 453,246 N/A --

PAN-EUROPEAN GOVERNMENT BOND EUR


CLASS A C

CLASS A D

CLASS E C

CLASS I C

CLASS I D

16.17

15.74

NIA

16.32

15.65

16.49

13.15

NIA

16.72

14.92

16.73

13.34

16.71

17.05

15.21

Total Net Assets 78,232,337 117:815,022 140,521,794

- HSBC Global Investment Funds

-.

Comparative Table of Net Assets =k- __


STERLING INVESTMENT GRADE BOND GBP

- . .. - Net Asset Value per Share

CLASS A C

CLASS E C

CLASS P D

CLASS W D

CLASS Z D

NIA

NIA

NIA

NIA

NIA

5.69

N/A

5.63

N/A

NIA

NIA

5.43

5.44

96.76

NIA

NIA 21,583,331 26,310,415 Total Net Assets

US DOLLAR HIGH YIELD BOND USD

.-

- . -- . - .


CLASS A C NIA 10.31 11.25

CLASS A D NIA N/A 11.27

CLASS E C NIA NIA I 1 23

CLASS z c NIA 10.35 11.43


USD

-~


CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

Total Net Assets - ~ ~

EURORESERVE EUR

~ ~ ~


CLASS A C

CLASS A D

Total Net Assets

A C

A D

E C

P D

w c W D

z c Z D

US DOLLAR INVESTMENT GRADE BOND

~

11.46

11.01

NIA

10.87

NIA

NIA

NIA

NIA

11.68

10.32

NIA

10.08

NIA

NIA

11 -75

NIA

12.39

10.95

12.38

10.72

14.26

10.80

12.57

1 1-00

52,169,973 46,965,872 79,698,263

.

15.42

15.27

15.66

15.03

16.06

15.42

69,964,934 47,661,285 42,873,119

HSBC Global Investment Funds ~. 7 -~ ~ -~ .~ -~ -


at 31 March 2007 . -

at 31 March 2005 ai 31 March 2006 -.

U S DOLLAR RESERVE USD

- -.


CLASS

CLASS

CLASS

Total Net Assets

TURKISH CONVERGENCE EUR

~

A C

A D

P D

15.20

8.34

8.33

15.67

7.82

8.16

51,859,445 22,672,829 - -


CLASS A C 10.14 14.98

CLASS A D NIA 14.98

CLASS E C NIA NIA

CLASS Z C 10.15 NIA

Total Net Assets 7,252,084 67,383,014

16.41

8.19

8.57

19,196,118

-

14.67

14.02

14.66

NIA

50,978,451

I

HSBC Global Investment Funds a -

Portfolio of Investments and Other Net Assets

ASIA EX JAPAN EQUITY Statement of Investments as at 31 March 2007 (expressed in USD)

- .~

Description Quantity Currency Evaluation "/. net assets

- ~ .- .~ -

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

SHARES

BERMUDA ISLANDS - - ESPRIT HOLDINGS LTD

FIRST PACIFIC CO LTD

CAYMAN ISL4NDS - - NORSTAR FOUNDERS GROUP LTD OIN JIA YUAN MEDIA SERVICES CO XlNYl GLASS HOLDING CO LTD

CHINA

AIR CHINA LTD

BANK OF COMMUNICATIONS CO LTD CHINA COMMUNICATIONS CONSTR-H- CHINA CONSTRUCTION BANK CORP CHINA LIFE INSURANCE CO LTD-H- CHINA MENGNIU DAIRY CO LTO CHINA PETROLEUM 8. CHEM CORP -H- CHINA SHENHUA ENERGY CO -H- CHINA SHIPPING DEVELOPMENT -H- CHINA TELECOM CORP LTD - H- DATANG INT POWER GENERATION-H- JlANGXl COPPER CO LTD -H-

NINE DRAGONS PAPER HLDGS LTD PETROCHINA CO LTD !-H-

PlCC PROPERTY & CASUALTY -H- ZlJlN MINING GROUP -H-

HONG KONG

BANK OF EAST ASIA LTD

BElJlNG ENTERPRISES HLD

CHEUNG KONG HOLDINGS

CHINA MERCHANTS HOLDINGS CHINA MOBILE LTD

750,500

3 528.000

7,992,000

7.940 000

4 852,000

5.614 000

5 262.000

1,5Y2,000

16.024,OOO

3 064.000

735 000

6,784.000

1.565.500

1.860.000

6,788,000

4.566 000

1,197.000

2,777,000

7.712,OOO

4.260.000

3.570 000

697 400

702.000

894.000

394,000

2.314 500

HKD 8,801.790 144

HKD 2.157.964 0 35

10 959.754 1 79

-.

-

HKD 3,579409 058

HKD 2,143,832 0 35

HKD 2,390393 039

8113,634 132 -

-

HKD 3 886.489 0.63

HKO 5.406.973 0.88

HKD 1,919.030 0.31

HKD 9.165 714 1.50

HKD 8,802.234 144

HKD 2 102.097 0.34

HKD 5.738 192 0.94

HKD 3786.192 062

HKD 2.837 115 0.46

HKD 3.335.499 0 54

HKD 4323.699 071

HKD 1.44Y 016 0.24

HKD 5,792.303 095

HKD 9.148.178 1.49

HKD 2442.167 040

HKD 2,078,5a3 0.34 ~~

72,213481 11.79 ~.

HKD 4.056 053 0.66

HKD 1787,631 029

HKD 11.314 142 1.85

HKD 1 fi58.746 027

HKD 21,043,069 344

- Description Quantity Currency

~- CHINA OVERSEAS LAND AND 3,670 500 HKD INVESTMENT CHINA RESOURCES 1,334,000 HKD ENTERPRISE LTD ClTlC INTL FIN HLD 2 642.000 HKD

ClTlC PACIFIC LTD 486000 HKD

CNOOC LTD 4519.000 HKD

COSCO PACIFIC LTD 960,000 HKD

DAH SING BANKING GROUP 879200 HKD LTD GREAT EAGLE HOLDINGS LTD 1 610.604 HKD

HONGKONG & CHINA GAS

HONGKONG LAND HLDS LTD

HONGKONG+SHANGH.HOTELS

HUTCHISON WHAMP

IND & COM BOC -H-

KINGBOARD CHEMICALS HOLDINGS MASS TRANSIT RAILWAY CORP NEW WORLD DEVELOPMENT CO. LTD SHANGHAI INDUSTRIAL HOLDINGS SUN HUNG KAI PROPERTIES LTD WING HANG BANK

INDONESIA

BANK NIAGA TBK -A.

PT ASTRA INTERNATIONAL TBK PT BANK MANDlRl PERSERO TBK TELKOM INDONESIA /S-B.

UNITED TRACTORS

hlALAYSlA - COMMERCE ASSET-HOLDING BHD'FOR REG GAMUDA BHDFOR REG

GENTING BERHADjFOR REG

PHILIPPINES ~.

AYALA LAND INC.

METROPOLITAN BANK & TRUST PHLLONG DISTANCELSADR (IACT) UNIVERSAL ROBINA CORP

SINGAPORE

ALLGREEN PROPERTIES LTD

BANYAN TREE HOLDINGS LTD

CITY DEVELOPMENTS LTD

INDOFOOD AGRl RESOURCES LTD KEPPEL CORP LTD

OVERSEA-CHINESE BK CORP

SEMBCORP INDUSTRIES LTD

1,249,000

398.000

2.207.343

882 720

14,391,000

885.500

1,499,500

918000

642.000

643,000

70,000

25,457,500

1,771 000

5,509.000

4 484.000

753.500

4 045.800

3243,200

1 181,000

4,000,000

1.607.000

22.700

2.358 179

3.R30.000

6 037.000

129,000

5,292

236 000

1,868.200

904,000

- -- Evaluation

4,612,374

4 455,374

2,288 808

1 797.306

3,961 145

2.378 288

1,966.604

5.461 632

- "lo net

assets

0.75

0.73

0.37

0.29

0 65

0.39

0.32

0.89

-.

HKD 2,790.580 0.46

US0 1.854.680 0 30

HKD 3485,562 0.57

HKD 8,488,672 1.39

HKD 8.065901 132

HKD 3,722,303 0.61

HKD 3.753212 0.61

HKD 2,081.585 0.34

HKD 1,482,038 0.24

HKD 7,438.189 1.21

HKD 861.710 0.14 .-

1 io,sos,604 ia.09 -. .

IDR 2,062821 0 3 4

IDR 2 559.803 0.42

IDR 1.508089 025

IDR 4836.331 078

IDR 610,561 010

11.577 605 1 89 -

~ --

MYR 11,651,452 190

MYR 7,509,591 123

MYR 13,587,500 222

32,748,543 5.35

~~

~. .-

PHP 1.367.190 022

PHP 2.080 563 0.34

US0 1.198.560 0.20

PHP 842,657 0.14

5,488,970 0.90 ~

SGD 4,419,280 0 72

SGD 8717,260 142

SGD 1241 816 0.20

SGD 4.082 000

SGD 2 956.516 048

SGD 11.086146 181

SGD 3.039,85a 050

A . - HSBC Global Investment Funds

Portfolio of Investments and Other Net Assets 3 .~ . ~ . . . . -

Description Quantity Currency Evaluation % net Description Quantity Currency Evaluatian net assets assets

SINGAPORE AIRLINES LTD

SINGAPORE TELELBOARD LOT 1090 UTDOVERSEASBANKILOCAL

WING TAI HLDS

SOUTHKOREA

CHElL INDUSTRIAL INC

DAELIM INDUSTRIAL CO LTD

DAEWOO MOTORS SALES CORP DAlSHlN SECURITIES CO LTD

DONGEU INSURANCE GO LTD

HOTEL SHILLA

HYUNDAI DEPARTMENT STORE CO HYUNDAI ENGINEERING+CONSTR CO KOOKMIN BANK

KOREA INVESTMENT HOLDINGS CO KOREAN AIR

KTB. G CORP

LG CORP

LG PETROCHEMICAL CO LTD

MEGASTUDY CO LTD

NHN CORPORATION

ORION CORPORATION

POSCO

SAMSUNG ELECTRONICS CO LTD SAMSUNG ENGINEERING CO LTD SAMSUNG TECHWIN CO LTD

SHINHAN FINANCIAL GROUP

SHINSEGAE CO LTD

SK CORPORATION

S-OIL CORP

WOORI FINANCE HOLDINGS CO LTD WOORI INVESTMENT&SECURIT CO

233,000 SGD 2.550 226 0.42 FORMOSA CHEMICALS & 2 575.000 TWO 4,943.146 0.81

HON HA1 PRECISION IND !GDR 445 421 US0 5 968.641 0.97

494,000 SGD 6,840 076 1.12 HON HA1 PRECISION IND.CO 1,269284 TWD 8.518.524 1 39

292 197 TWO 3,356.695 0.55

2.360.750 SGD 5 105,503 0.83 F18ER co

2 101.666 SGD 4,406,619 0.72 lCITEDOIATEK lNCORPORATION

73 920

27.333

178 280

i ia,930

170,270

268 670

26.520

101 890

I 78 400

25,670

109,740

144 660

in0.800

63 250

35 649

42.04C

6 248

29,670

57,343

114,600

33 990

11 1,420

5 892

44.590

35,480

90,700

101 760

-

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

50.367.382

2,966 280

2,617.854

5 628.496

2,774 976

4 832.620

4269,663

2,227,070

5,491 270

16,005,548

1,350,717

4,287.021

9,457 075

3,412,740

1,865.764

6,252 656

6 167,016

1,547 498

12 457.988

34,318,009

7,138.640

1,295 310

6,395.731

3,382 126

4 379.683

2 443,948

2.1 93,421

2 136,375

8.22 -

0.48

0 43

0.92

0.45

0.79

0.70

0 36

0.90

2.61

0.22

0.70

1.54

0.56

0.30

1.02

1.01

0.25

2 03

5.61

117

0.21

1.04

0.55

0 72

0.40

0.36

0.35

.. -

157,295,495 25.68 ~. ~

TAIWAN

ACER INC

ASIA CEMENT CORP

ASUSTEK COMPUTER INC

AU OPTRONICS CORP

CATCHER TECHNOLOGY CO LTD CATHAY FINANCIAL HOLDING

CATHAY FIN HLDiGDR REG-S

CHAhrG HWA COMMERCIAL BANK CHINA STEEL

CHUNGHWA TELECOM CO iSADR FAR EASTERN TEXTILE LTD

FAR EASTONE TELECOM CO LTD FIRST FINANCIAL HOLDING COMP.

301,000

2 507,560

1,003,515

3,926.504

370 213

1 793.992

233,993

3,579,000

5.389 592

125.300

3,769,000

1,786,000

5.087 303

TWD 577820 0.09

TWO 2.425.793 040

TWO 2.366.306 0.39

TWD 5.614 611 0.92

TWO 2 909,896 0.48

TWD 3.725.888 0.61

US0 4.801.630 0.78

TWD 2.158 525 0.35

TWD 6 077.393 0.99

USD 2,498,482 0.41

TWD 3247,308 0.53

TWO 2.030 120 0.33

TWD 3.568 027 0.58

NAN YA PLASTICS CORP. 2.580860 TWD 4837363 0.79

SILICONWARE PRECISION 3.144.000 TWO 5.892.868 0 96 INDUSTR. TAINAN SPINNING CO LTD 3,061,000 TWO 1332,534 022

TAIWAN CEMENT CORP 3,673,712 TWD 3,098,574 0.51

943,000 TWO 1 567,931 0.26 TAIWAN FERTILIZER CO LTD

TAIWAN 481,859 USD 5,204077 0.85

SEMICONDUCT MANUFISADR TAIWAN SEMICONDUCTOR 7,073,476 TWD 14,519.618 2.36 MANUFACT. TRIPOD TECHNOLOGY CO LTD 319.723 TWD 1.314.514 0 21

UNITED MICROELECTRONICS 7,934,731 TWD 4,581.610 0 75

CORP. YANG MlNG MARINE 4,979,000 TWO 3,431 859 0.56

TRANSPORT ~.

110,569,753 1805 ~~

THAILAND

AROMATICS THAILAND 1,970800 THB 2.418 859 039 PUBLICIFOR. BANGKOK BANK PUBLIC /FOR. 1.512.800 THE 4,879.324 0.80 REG ITALIAN-THAI DEV. PUB. ;FOR. 5,432,100 THE 759,737 0.12

REG. THAI AIRWAYS INTL;FOR.REG 2,534,800 THE 3 185,347 0 52

THAI OIL PUBLIC COiFOR.REG. 1 585 700 THB 2,647.747 0.43

13,871 014 2 26

TOTAL SHARES 584.011.235 95.34

INVESTMENT COMPANIES

. -

~. ~

BERMUDA ISLANDS

MACQUARIE INTL 12,068 000 SGD 8,832,283 1.44

INFRASTRUCTURE ~~

TOTAL INVESTMENT COMPANIES 8~32,283 1.44

AN OFFICIAL STOCK EXCHANGE LISTING 592,a43,518 96 78

8,832 283 144 -. -

TOTAL TRANSFERABLE SECURITIES ADMITTED TO

TRANSFERABLESECURITIESTRADEDONANOTHERREGULATEO MARKET

SHARES

CHINA -

GLORIA MAT TECHNOLOGY 1644000 TWO 2494.928 0.41

CORP ~~

2,484,928 0.41

TOTAL SHARES 2,494,928 0.41

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHERREGULATEDMARKET 2,494,928 0.41

~~


~

Portfolio of Investments and Other Net Assets . ..

- - Description Quantity Currency Evaluatian % net

OTHERTRANSFERABLESECURITES

SHARES

HONG KONG - .~

SWIRE PAC,FIC LTD - A - 481.500

MALAY S IA - .~

ROAD BUILDERS M HLDS BHD 1.441 000

TOTAL SHARES

TOTAL OTHER TRANSFERABLE SECURITIES

TOTAL INVESTMENTS

OTHER NET ASSETS LESS LIABILITIES

TOTALNETASSETS

assets ~

HKD 5,403,606 0.88

5,403.606 0 88

~ .-

~.

MYR 1501,478 0.25

1,501,478 0.25

6,905,084 1.13

. 6,905,084 1.13

602,243,530 98.32

- .

10,284,165. 1.68

612,532,695 100.00

I L- HSBC Global Investment Funds ~ ~

~- r

-


ASIA EX JAPAN EQUITY

Economic Division of Investment

(expressed as a percentage of net assets)

-

- -

Yo

Electronics and electrical equipment Banks and financial institutions Holding companies Real estate companies News transmission Gastronomy Energy Transport Coal mines, heavy industries Construction, building materials Textile Insurance Chemicals Internet Software Mechanics, machinery Tobacco and spirits Investment companies Public services Forest products and paper industry Retail trade, department stores Food Miscellaneous Pharmaceuticals and cosmetics Automobile industry Office equipment and computers Graphic art and publishing Non-ferrous metals

Other net assets less liabilities

Total Net Assets

17.52 16.56 7.24 7.20 6.53 4.90 4.63 4.14 3.98 3.84 3.13 2.63 2.55 2.03 1.91 1.54 1.44 1.17 0.95 0.91 0.73 0.73 0.56 0.52 0.39 0.35 0.24

1.68

100.00

-.

1 HSBC Global Investment Funds ~


ASIA EX JAPAN EQUITY SMALLER COMPANIES Statement of Investments as at 31 March 2007 (expressed in USD)

Description Quantity Currency Evaluation Yo net assets

HONG KONG _- CHEUNG KONG HOLDINGS

CHINA EVERBRIGHT LTD

CHINA INSURANCE INTL HLDGS CO CHINA RESOURCES POWER HOLDINGS CHINA TRAVEL INTL INVESTM.

CHONG HlNG BANK LTD

ClTlC 1616 HOLDINGS LTD

GIORDANO INTL LTD

GREAT EAGLE HOLDINGS LTD


HKD 430,292 1.05

HKD 124893 0.30

HKD 316,542 0.77

HKD 131,839 0.32

HKD 487.620 1.19

HKD 322.380 078

HKD 88,149 0.21

HKD 135181 0.33

HKD 532.393 1.31

USD 293.580 0.71

34,000

122.000

264,000

86,000

1.044,OOO

122,000

267,000

278.000

157,000

63 000

4.501 000

3,646,000

808.500

695,000

191,500

340 500

287.000

29,000

148 800

4.704 000

114 000

128 000

371 000

780.000

183 000

1,480

17 860

1.816

15,640

12,400

7 440

14,650

-.

Description Quantity Currency Evaluation Ob net assets

.-

INVESTMENTS


SHARES

2,862.869 6.97 BERMUDA ISLANDS - .-

CHEN HSOUG HOLDINGS

ESPRIT HOLDINGS LTD

HONGGUO INTERNATIONAL HOLDINGS MIDLAND HOLDINGS LTD

PACIFIC BP.SIN SHIPPING LTD

PEACE MARK(H0LDINGS) LIMITED SHANGHAI ZENDAI PROPERTY LTD TAI CHEUNG HOLDINGS LTD

INDONESIA ._

BANK INTL INDONESIA SERIES .A- BANK NIAGA TBK -A-

UNITED TRACTORS

286.000 HKD 186.6A8 0.45

45,000 HKD 527,756 1.29

419,000 SGD 353.622 086

260.000 HKD 165.688 0.40

485.000 HKD 415,819 1.01

340000 HKD 371,991 0.91

7.450.000 HKD 276.466 067

299,000 HKD 183.654 0.45

2.481 644 6.04

-. - . -

. -.

IDR 95,122 0.23

IDR 295.435 0.72

IDR 655.128 159

1,045,685 2.54

-

ISRAEL

SARIN TECHNOLOGIES LTD SGD 281.822 069

281 822 069

MALAYSIA CAYMAN ISLANDS

COMMERCE ASSET-HOLDING BHDlFOR.REG. GAMUDA BHD/FOR.REG.

RESORTS WORLD

UCHl TECHNOLOGIES BHD

WCT ENGINEERING BHD

MYR 551.499 134

MYR 788,424 192

MYR 1.428771 348

MYR 26.524 0 0 6

MYR 254,102 062

AAC ACOUSTIC TECHNOLOGIES HLD CHINA FLAVORS AND FRAGANCES CHINA STATE CON INTL HLDGS CHINA WIRELESS TECHNOLOGIES HENGAN INTL GROUP CO LTD

LIFESTYLE INTL HLD LTD

NORSTAR FOUNDERS GROUP

240.000 HKD 227,571 0 5 5

586.000 HKD 259455 0.63

316,000 HKD 236.554 0.58

316.000 HKD 63081 0 15

62000 HKD 181 683 0.44

195000 HKD 586,396 1.44

972000 HKD 435,334 1.06

1008,000 HKD 272,164 066

648.000 HKD 378947 0.92

3,049,320 7.42

PHILIPPINES

AYALA LAND INC PHP 1,607,815 3.91 L I V QIN JIA YUAN MEDIA SERVICES CO WIN HANVERKY HOLDINGS LTD

1,607.815 3.91

SINGAPORE -


HO BEE INVESTMENT LTD

HOTEL PROPERTIES

INTER-ROLLER ENGINEERING LTD WHEELOCK PROPERT(SINGAP0RE) LTD

SGD 164,613 040

SGD 190.736 046

SGD 1.247 552 3.04

SGD 460291 112

SGD 390.941 095

2 641.185 6.43

CHINA

ANGANG STEEL COMPANY LTD -H- AWEA MECHANTRONIC CO LTD BElJlNG JINGKELONG SUPERMARKET CHINA CONSTRUCTION BANK CORP CHINA LIFE INSURANCE CO LTD-H- CHINA SOUTHERN AIRLINES - H- NINE DRAGONS PAPER HLDGS LTD WEIFU HIGH TECHNOLOGY -E-

ZHUZHOU CSR TIMES ELECTRIC LTD

406 000 HKD 704487 1.72

95,000 TWD 247.274 060

242,000 HKD 234422 0.57

380000 HKD 217360 0.53

242.000 HKD 695,216 169

964.000 HKD 440,386 1.07

318000 HKD 663.289 1.61

164.500 HKD 189,451 046

15.000 HKD 24,569 0.06

-. . .~

3,416.454 8 31

2,454.133 5.97 - ~. SOUTHKOREA

AMOREPACIFIC

CORPORATION BANK OF PUSAN

CJ HOME SHOPPING

DAEGU BANK

DAEWOO MOTORS SALES CORP DAlSHlN SECURITIES CO LTD

DAlSHlN SECURITIES CO LTD- PF

KRW 217.107 0.53

KRW 265,793 0.65

KRW 128372 0.31

KRW 284.293 0.69

KRW 391.482 0.95

KRW 173,596 0.42

KRW 205.563 0.50

HSBC Global investment Funds -. 7 -

-. . -.

Portfolio of Investments and Other Net Assets - --

__ Description Quantity Currency Evaluation % net

assets -


~ . -

Description Quantity Currency Evaluation % net assets

- - . -

DONGBU INSURANCE CO LTD

HANA TOUR SERVICE INC

HOTEL SHILLA

HYUNDAI DEPARTMENT STORE CO HYUNDAI MlPO DOCKYARD CO LTD KOREA INVESTMENT HOLDINGS CO MEGASTUDY CO LTD

MODETOUR NETWORK INC

ORION CORPORATION

SAMSUNG ENGINEERING GO LTD SAMSUNG TECHWIN CO LTO

WOONG JIN COWAY CO LTD

11,400

3,073

37,890

4,530

2,610

7 380

4,263

16.589

1,212

17.240

5,200

7.400

293,760

141,730

20,955

375,000

219.918

27 547

83.000

316.700

122.000

92.694

136,200

264.000

262,695

143,000

556,000

196,370

43.000

479 192

97,553

501 000

175.200

818.500

226 200

3.04i.aoo

77,200

75 900

KRW 323,556 0.79

KRW 237.808 0.58

KRW 602,142 1.47

KRW 380.416 0.93

KRW 481,384 1.17

KRW 388.325 0.95

KRW 747,708 1.82

KRW 703,601 1.71

KRW 300,187 0.73

KRW 1,073,910 2.61

KRW 198,164 0.48

KRW 207,668 0.51

BERMUDA ISLANDS ~. -

MACQUARIE INTL 1,533,000 SGD 1,121,966 2.73 INFRASTRUCTURE

1,121,966 2 7 3

1,121,980 2.73 TOTAL INVESTMENT COMPANIES

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

TRANSFERABLESECURITIESTRADEDONANOTHERREGULATED MARKET

SHARES

34,887,275 84.eo ~.

CHINA 7,311.055 1780

TAIWAN GLORIA MAT.TECHNOLOGY 248.000 TWD 376364 0.92 CORP

376,364 0.92

SOUTH KOREA

ASIA CEMENT CORP

AU OPTSONICS CORP

CATCHER TECHNOLOGY CO LTD CHUNG HWA PULP CORP

FAREASTERNDEPARTMENT STORES FORMOSA INTL HOTELS CORP

GEM TEK TECHNOLOGY CO LTD GOLDSUN DEVPT 8 CONSTRUCTION G-SHANK ENTERPRISE CO LTD HON HA1 PRECISION IND.CO LTD HOTA INDUSTRIAL MANUFACTURING SHlHLlN ELEC.&ENGINEERING CORP SILICONWARE PRECISION INDUSTR. SINCERE NAVIGATION CORP

TAINAN SPINNING CO LTD

TAIWAN CEMENT CORP

TAIWAN FERTILIZER CO LTD

TAIWAN SEMICONDUCTOR MANUFACT. TRIPOD TECHNOLOGY CO LTD

YANG hllNG MARINE TRANSPORT

TWD

TWO

TWD

TWD

TWO

TWO

TWD

TWO

TWO

TWO

TWO

TWD

TWO

TWO

TWD

TWD

TWO

TWD

TWO

TWO

0 69

0 49

0 40

0 40

0 36

0 75

0.50

0 40

0.59

1.51

0.48

0 64

1 20

0.50

0 55

0 40

0.17

2.38

0 98

0.84

284.181

202.663

164,708

163.814

146,596

306,461

205 752

164.676

241,207

622.096

196,815

260.978

492,375

203.399

242,041

165,627

71,456

983,630

401,081

345.323

JVM CO LTD 4.888 KRW 245.768 0.60

245.768 0.60

-

TAIWAN

INTL GAMES SYSTEM CO LTD 14,000 TWD 136,281 0.33

136,281 0.33

TOTAL SHARES 750.413 1.85

TOTAL TRANSFERABLE SECURITIES TRADED ON

~-

-

ANOTHERREGULATEDMARKET

OTHER TRANSFERABLE SECURITES

SHARES

758.413 1.85

HONG KONG

SWIRE PACIFIC LTD .A- 26,000 HKD 291 784 0.71

291,784 0.71

291.704 0.71

~. -

~

TOTAL SHARES


TOTAL INVESTMENTS

291,704 0.71 35,931,472 07.46

OTHER NET ASSETS LESS LIABILITIES 5,150,669 12.54 5,864 919 14 27

~ -~ THAILAND

TOTALNETASSETS 41,088,141 100.00

AROMATICS THAILAND PUBLICIFOR. ASIAN PROPERTY DVPT P /FOR. REG. BANGKOK EXPRESSWAY /FOR.REG. QUALITY HOUSES PUBLIC /FOR.REG THAI AIRWAYS INTL/FOR.REG

UNlVANlCH PALM OIL PUBL.CO/FOR

THB 215,032 053

THB 103,262 025

THE 149,143 036

THB 107,659 0 2 6

THE 96,404 0.23

THE 76.908 0 15

~ .~

748.408 182

33,765,309 82 17 . -

TOTAL SHARES


Portfolio of Investments and Other Net Assets .-. .

ASIA EX JAPAN EQUITY SMALLER COMPANIES


. (expressed as a percentage of net assets) ~.

Electronics and electrical equipment Gastronomy Real estate companies Mechanics, machinery Banks and financial institutions Transport Construction, building materials Textile Insurance Retail trade, department stores Investment companies Internet Software Holding companies Forest products and paper industry Coal mines, heavy industries Other services Automobile industry Chemicals Consumer goods Clock and watch-making industry Food Precious metals Graphic art and publishing Pharmaceuticals and cosmetics Other business houses News transmission Office equipment and computers Public services Agriculture and fishing


Total Net Assets

. . . -

%

13.02 10.67 8.10 7.38 5.86 5.72 4.24 3.66 3.25 3.06 2.73 2.70 2.41 2.01 1.72 1.70 I .59 1.23 1 . O l 0.91 0.73 0.69 0.66 0.63 0.48 0.46 0.33 0.32 0.19

12.54

100.00

- .. &-. HSBC Global Investment Funds

~

- . - - ..

Portfolio of Investments and Other Net Assets . -- - -

ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND Statement of investments as at 31 March 2007 (expressed in USD)

.. ... - Description Quantity Currency Evaluation % net

assets . .

INDONESIA

BANK RAKYAT INDONESIA

PT ASTRA INTERNATIONAL TBK PT BANK MANDlRl PERSERO TBK TELKOM INDONESIA :$-E-

IDR 795,178 0.57

IDR 366409 0.26

IDR 360666 0.25

IDR 689209 0.48

2.21 1 462 1.56

.- ...

I 438.000

253,500

1,317 500

639,000

243,400

201,300

843,400

151,200

12,520

547,000

1.282,OOO

1.368,OOO

35 000

1,178.950

876,750

975 000

432 000

1,415.000

5ia.000

2.510,OOO

236 000

448.650

1 197.000

a59 000

223.000

3,930,000

35.350

87,060

16.630

12.550

38 410

92.810

5.811

5,895

4.248

.. ...

Description Quantity Currency Evaluation "/o net assets

INVESTMENTS

MALAYSIA TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

SHARES

BRITISH AMERICAN TOBACCO

COMMERCE ASSET-HOLDING BHD/FOR.REG. MAXIS COMMUNICATIONS BHD

RESORTS WORLD

MYR 3,240,641 2.28

MYR 579721 0.41

MYR 2 904913 2.04

MYR 752.719 0.53

7.477.994 5 26

.~ .- BERMUDA ISLANDS

ESPRIT HOLDINGS LTD

CHINA

HKD 1,811,961 127 154,500

294 000

3 009.000

562,000

1,272 000

1,314,000

2 484,000

1 784,000

77.000

169.000

251 600

42,000

106.000

367,500

982 ooo 2,233 000

159,000

323,000

379.500

694 000

109 500

190 500

558.500

2,462 500

21 1 600

2,148.000

164.000

143,500

PHILIPPINES

GLOBAL TELECOM INC PHP 319,003 0 22

319 003 0.22 . .-

0.56

0.20

1 26

0.31

1.20

1.33

1 24

1 3 1

0.60

1.16

1.29

0 48

0.68

0.83

1 1 7

2 17

2.36

CHINA COAL ENERGY CO LTD -H- CHINA CONSTRUCTION BANK CORP CHINA SHIPPING DEVELOPMENT -H- DATANG INT.POWER GENERATION-H- JIANGSU EXPRESSWAY CO -H-

MAANSHAN IRON R STEEL CO H PETROCHINA CO LTD ;A-

ZHUZHOU CSR TIMES ELECTRIC LTD

HKD 314 139 0 2 2

HKD 1,721,145 1 2 1

HKD 857,236 0 6 0

HKD 1204,500 0 8 5

HKD 1025683 0.72

HKD 1,630,635 1 15

HKD 2,116,227 1 4 9

HKD 126,121 0 0 9

SINGAPORE


CHUAN HUP HOLDINGS LTD

COMFORTDELGRO CORPORATION LTD KEPPEL CORP. LTD

MOBILEONE LTD

PARKWAY HOLDINGS LTD

SINGAPORE AIRPORT TERMIN.SERV SINGAPORE EXCHANGE LTD

SINGAPORE FOOD

INDUSTRIES SINGAPORE PETROLEUM CO LTD SINGAPORE POST LTD

SINGAPORE PRESS HOLDINGS LTD SINGAPORE TELECiBOARD LOT 1000 SMRT CORPORATION LTD SMRT UNISTEEL TECHNOLOGY LTD

UTDOVERSEASBANKILOCAL

YELLOW PAGES (SINGAPORE) LTD

sGD 789,853

SGD 287.397

SGD 1794956

SGD 438466

SGD 1,702,371

SGD 1,896.113

SGD 1767,877

SGD 1865,691

SGD 849009

SGD 1,653,065

SGD 1837009

SGD 684,667

SGD 970.278

SGD 1175,967

SGD 1665,157

SGD 3,087 727

SGD 3.342.697

HONG KONG

ASM PACIFIC TECHNOLOGY LTD BANK OF EAST ASIA LTD

HKD 996,955

HKD 1,463.296

HKD 36.976

HKD 446262

HKD 3 341.252

HKD 458,661

HKD I 934.485

HKD 588007

HKD 106,638

HKD 2,770.481

HKD 1,940.433

HKD 1.555.338

HKD 1.856319

HKD 2,865,863

HKD 2,331.824

HKD 3,677082

HKD 1,203916

HKD 1,025.171

HKO 1766.505

0 70

1.03

0.03

0.31

2.35

0.32

1.36

0.41

0.07

1 95

1.36

1.09

1.31

2 02

1.64

2.59

0.85

0 72

1.24

CHINA AGRl INDUSTRIES HOLDINGS CHINA MERCHANTS HOLDIhGS CHINA MOBILE LTD

CHINA TRAVEL INTL INVESTM

ClTlC INTL FIN.HLD

ClTlC PACIFIC LTD


CLP HOLDINGS LTD

HANG LUNG PROPERTIES LTD

HANG SENG BANK LTD

HONG KONG EXCHANGES & CLEARING HONGKONG ELECTRIC HOLDINGS LTD HOPEVI'ELL HIGHWAY INFRASTR. HSEC HOLDINGS PLC

IND & COM BOC -H-

TELEVISION BROADCASTS LTD WING HANG BANK

SOUTH KOREA

DAEGU BANK


KOOKMIN BANK

KOREA ELECTRIC POWER CORP. KT& G CORP


POSCO

SAMSUNG ELECTRONICS CO LTD SK TELECOM CO LTD

KRW 642 568 0.45

KRW 2,470,946 1.74

KRW 1,491.997 1.05

KRW 500,941 0.35

KRW 2,511,035 1 77

KRW 2,737,732 1.93

KRW 2.439.952 1.72

KRW 3,52i,974 247

KRW 864742 0.61

30.365.463 21.35

Portfolio of Investments and Other Net Assets - - . -* .lI

~. ~.

Description

S-OIL COR2

TAIWAN - ACER INC

AU OPTRONICS CORP

CHINA STEEL

CHUNGHWA TELECOM CO LTD

DELTA ELECTRONIC INDUSTRIAL ELAN MICROELECTRONINCS CORP FAR EASTERN TEXTILE LTD

FAR EASTONE TELECOM CO LTD FORMOSA CHEMICALS 8. FIBER CO FU SHENG INDUSTRIAL CO LTD FUBON FINANCIAL HOLDING CO LTD GIANT MANUFACTURE CO LTD

HIGH TECH COMPUTER CORP

HON HA1 PRECISION IND.CO LTD MEDIA TEK INCORPORATION

MEGA FINANCIAL HOLDING COMPANY NAN YA PLASTICS CORP.

PHOENIXTEC POWER

SILICONWARE PRECISION INDUSTR. TAIWAN CEMENT CORP

TAIWAN FERTILIZER CO LTD

TAIWAN MCBILE CORP

TAIWAN SEMICONDUCTOR MANUFACT WISTRON CORP

THAILAND -

BANGKOK EXPRESSWAY /FOR REG KlATNAKlN BANK PUELIC:FOR.REG KRUNG THAI BANK :FOR REG,

THAI PLAST 8 CHEMIC PUB !FOR REG.

TOTAL SHARES


BERMUDA ISLANDS -~ -

MACQUARIE INTL INFRASTRUCTURE

HONG KONG - - PROSPERITY REAL EST. INV TRUST THE LINK RElT

Quantity Currency Evaluation Oh net assets

20,690

301.000

641,000

1.591 216

456 120

640 551

2.012 899

415 000

741 000

992 000

~10 ,200

1 528 000

1.132000

45 000

62 000

129.000

1.376 000

1 107.250

1 292 000

309,000

612.000

232,000

987.000

956 749

1 062,423

2 135 300

1 643,700

3 499,000

4 991,900

KRW 1425.177 100

16,613 064 13 09

-

TWO 577.820

TWO 916583

TWO 1,794,281

TWO 883.873

TWD 2,072,001

TWO 2364.098

TWD 357557

TWD 842.284

TWO 1,904 311

TWO 766,660

TWD 1,376,550

TWO 1,755,563

TWO 693.801

TWD 416099

TWD 1.481 924

l W D 898,514

TWO 2.075.343

TWD 1.218624

TWO 579,166

TWO 684877

TWO 365,748

TWO 1.057.757

TWD 1.963.904

TWO 1.612329

28 701.687

0 41

0.64

1.26

0 62

1.46

167

0.25

0 59

1.34

0.55

0.97

1 23

n 49

0.29

1 04

0.83

147

0.86

0 41

0.48

0.27

0 74

1.38

1 1 3 -

20.18 ~

THB 1407,896 0 9 9

THE 1348,639 0 9 5

THE 1208451 0 8 5

THE 2.493466 1 7 5

- 6,458.652 4 54

130,763,272 91 95 -

8.895.000 SGD 6.510.039 4.56

-

6.510.039 4.58 -.

1278,603 HKD 289,599 0 2 0

674.000 HKD 1,621 457 1 14

1911,056 134

~-

-

Description Quantily Currency Evaluation % net assets

THAILAND

CPN RETAIL GROWTH 2905500 THB 812731 0 5 7 PROPERTY FD

812731 0 5 7

TOTAL INVESTMENT COMPANIES 9,233,826 6.49

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 139.997.098 98 44

TOTAL INVESTMENTS 139,997,098

OTHER NET ASSETS LESS LIABILITIES -. 2,211,843 2

TOTALNETASSETS 142.208.941 100.00

HSBC Global Investment Funds r - - ~

-

of Investments and Other Net Assets __

ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND



~.

~

Yo

Banks and financial institutions Electronics and electrical equipment News transmission Transport Chemicals Investment companies Public services Coal mines, heavy industries Tobacco and spirits Holding companies Energy Graphic art and publishing Textile Insurance Office equipment and computers Real estate companies Gastronomy Mechanics, machinery Photography and optics Food Construction, building materials Other services Automobile industry Internet Software Agriculture and fishing


Total Net Assets

18.69 13.05 9.53 8.68 6.76 6.49 5.17 4.35 4.05 3.96 3.65 2.84 2.12 1.74 1.62 1.36 1.09 0.81 0.72 0.60 0.48 0.32 0.26 0.07 0.03

1.56

100.00

-


Portfolio of Investments and Other Net Assets t BRAZIL EQUITY Statement of Investments as at 31 March 2007 (expressed in USD)

- ..

Description Quantity Currency Evaluation '/o net assets

.-

INVESTMENTS


SHARES

BERMUDA ISLANDS

DUFRY SOJTH AMERICA LTDA

GP INVESTMENTS LTD !BDR

BRAZIL -

ALL AMERICA LATINA !UNIT

AMBEV CIA DE BEDIDAS 'PREF ANHANGUERA EDUCACIONAL PART BANCO BRADESCO SA 'PREF

BANCO BRADESCO /SADR

BRADESPAR SA BRASIL /PREF BRASIL DlSTR PA0 ,ADR

BRASILAGRO

CIA VALE DO RIO DOCE AlPREF CIA VALE RIO DOCE/SADR(lORDSH) COMPANY SA

C O N T N PhRTlClPACOES SA

CONTAX PARTICIPACOESPFD SHS COSAN SA INDUSTRIA E COMERCIO DATATSUL SA

DIAGNOST DAAMERICASA BRL DURATEX SA (PRIV

EMBRAER EMPR BRASIL AERONAUT EMBRAER PREF/SADR

GERDAU 'PREF

GERDAUSA:SADRPFDSHS

GUARARAPES CONFECCOES SA GVT HOLDING SA

INVESTIMENTOS ITAU !PREF

ITAU HOLDING 'PFD SHS/SADR

ITAU HOLDING SA/PREF

JBS AS

LA FONTE PARTlClPACOESlPREF LOCALIZA RENTA A CAR

LOJAS AMERICANAS SA (PRIV

LOJASRENNERSA

MARCOPOLO POMO iPREF

1 016.200

1,497.200

6.867 799

12 549,382

1,000.000

668.500

1 381.400

116400

100.000

15,900 639 400

2,164 300

2.426 400

2,807.500

9,218 334

1,053.800

2.065 000

738.300

3,415,700 2 253.500

97 500

1,143,050

170,000

100

1441,700

2.394 900

518.000

148 800

10 100,000 2 568,000

a75 700

302,000.000

2.21 2,000

9,094,900


BRL 17469,906 161 BRL 47.793.593 440

65 263.499 6 01 -

BRL 81.972.312

BRL 6834.075

BRL 11.051.618

BRL 13,715,423

US0 56.554 516

BRL 3430.422

USD 2,935000

BRL 9.762,262

ERL 19,942.963

USD 80.122 386

BRL 25,016.017

BRL 4.136.989

6RL 8829.383

BRL 19.358 563

BRL 22 821.590

6RL 16.210.026

BRL 68619,311

ERL 25,137,265

USD 4372.875

BRL 20,492.806

USD 3,046,400

ERL 4.273

BRL 17,236,092

BRL 13 292.576

US0 18,202,520

BRL 5.234.565

BRL 35,222.733

ERL 1,387494

ERL 26 538,Y56

ERL 18.838 833

BRL 28.987.735

BRL 28,099.067

7.56

0 63

1.02

1 26

9.21

0.32

0.27

0.90

1 84

7.3Y

2 30 0.38

0.81

1.78

2 10

1.49

6.32

2.31

0.40

1 89 0.28

0.00

1.59

1 22 1.68

0.48

3 24

0.13

2.44

1.73 2.67

2 59

-.

Descriptian Ouantity Currency Evaluation % net assets

OBRASCON HUARTE LAIN 1.171 400 BRL 16.685.781 1.54 BRASIL SA ODONTOPREV S.A. 354,300 BRL 7 135,072 0.66 P.ACUCAR-CBD !PREF. 373 724,500 BRL 11,014 027 1 01

PERDIGAO SA 1,684,564 BRL 22,853,594 2.10

PETROLEO BRASlLElRO 577200 BRL 13,069.849 1.20 /PREF.SHS PETROLEO BRASlLElRO 'SADR 696.167 US0 70,535,640 6.50

PROFAMA SA 1.380.400 BRL 23 052.986 2.12

SADIA SA,PREF. 6,374 982 BRL 24,330.067 2.24

SA0 CARLOS 914.400 BRL 7,630,850 0.70 EMPREENDIMENTOS SA0 MARTINHO SA 3,032 300 BRL 40.214.184 3.70

SARAIVA SA LlVRElROS ;PAW 1,735,600 BRL 21,269,606 1.96

SOUZA CRUZ 414,000 BRL 8.439 015 0.78

UNIBANCO !ADR 117,900 US0 10.464.804 0.96

UNIBANCO 65.000 BRL 579,473 0.05 (UNIT(1 UBBPN+IUBHDBNI USlMlNAS /PREF.-A- 20000 BRL 958 789 0.09

975 640,983 89.84

TOTAL SHARES 1,040,904,482 95.85


- -. . .-

.. ..

._

AN OFFICIAL STOCK EXCHANGE LISTING


SHARES

BRAZIL -

GAFISA SA !GDR 144A 50,000

SA0 CARLOS 1 650,000 EMPREENDIMENTOSiGDR

TOTAL SHARES


TOTAL INVESTMENTS


TOTALNETASSETS

I,040,904,4SZ 95.85

US0 1288,595 0.12

US0 27.316.443 2.51

28.605 038 2.63 28,605,038 2.63

28,605,038 2.63

1.069.509,520 98-48

~. -

16,488,175 . 1.52

-. 1,086,007,695 100.00

Portfolio of Investments and Other Net Assets -

BRAZIL EQUITY


~

(expressed as a percentage of net assets) .~

%

Holding companies Coal mines, heavy industries Other services Energy Transport Retail trade, department stores Food Banks and financial institutions Automobile industry Miscellaneous Agriculture and fishing Other business houses Aerospace technology Construction, building materials Pharmaceuticals and cosmetics Graphic art and publishing News transmission Tobacco and spirits Insurance Real estate companies Textile


Total Net Assets

12.33 11.49 9.91 7.69 7.56 7.29 7.26 6.47 5.03 4.72 3.00 2.73 2.71 2.30 2.12 1.96 1.59 1.41 0.66 0.25 0.00

1.52

100.00

-

HSBC Global Investment Funds ~ ~.

. .

Portfolio of Investments and Other Net Assets .-.

BRlC MARKETS Statement of investments as at 31 March 2007 (expresscd in USD)

Description Quantity Currency Evaluation

INVESTMENTS


SHARES

BRAZIL

ALL AMERICA LATINA /UNIT

AMBEV CIA DE BEBIDAS /ADR

ARACRUZ CEL -E- PREFiSADR

BANCO BRADESCO ISADR

BANCO NOSSA CAIXA SA

BRASIL DISTR.PA0 IADR

BRASIL TELECOM PARTICIPACOES BRASlL TELECOM PART./PFD ISADR BRASKEM EADR

CEMlG ISADR (1000 NV-PFD)

CIA DE CONCESSOES RODOVIAR AS CIA SIDERURG NAClSADR (REP ISH) CIA VALE DO RIO DOCE AlPREF CIA VALE RIO DOCEiSADR

CIA VALE RIO DOCEISADR(1ORDSH) CIE ENERG SA0 PAULO'PREF - B- COPEL 'SADR

COSAN SA NDUSTRIA E COMERCIO CYRELA BRAZIL REALTY SA

DIAGNOST DA AMERICA SA BRL DURATEX SA IPRIV

EDP ENERGIAS DO BRASIL SA

ELETROBRAS 'ADR (500 PFD B

) ELETROBRAS ISADR REP 500 SH ELETROPAULO -6- /PREF

EMBRAER PREF/SADR

GAFISA SA

GERDAU SA

GERDAU SA I SADR PFD SHS

GOL LINHAS AEREAS 'ADR

ITAU HOLDIYG 'PFD SHSiSADR

KLABIN SA ISADR

LOJAS AMERICANAS SA PRIV

LOJASRENNERSA

NATURA COSMETICOS SA

PERDIGAO SA

PERDIGAO 'SADR

146.300

H2 800

19 400

201,600

18.300

12,300

30 200 on0

18,300

41.500

3n 700

59 600

51,300

24.386

378.400

282 800

62,2110.000

43,2(10

23 900

74,900

15,800

33 300

20 900

75,700

94.900

a,a:w,oon 46,300

32,300

24.500

127,9011

21 800

217,000

23,300

11,600 000

51,300

53.600

549

17 500

BRL 1.746200

USD 4.499 352

USD 1,014,814

USD 8253,504

BRL 277.749

US0 361 005

BRL 608183

USD 829356

USD t i iy. ino

USD 1.922616

BRL 793,339

USD 2 i67.9:m

BRL 760.602

US0 11,836 352

USD 10,469,256

BRL 876.830

US0 519264

BRL 43Y,049

BRL 684.287

BRL 346.903

BRL 668977

BRL 301 607

USD 794,850

US0 1048.645

BRL 418968

USD 2076,555

BRL 420.428

BRL 384 847

USD 2291 968

USD 651,384

US0 7625,380

US0 625605

BRL 723611

BRL 672.274

BRL 605.530

BRL 7448

USD 473550

O h net assets

0.38

0.97

0.22

1.79

o n6

0.08

0.13

0.18

0.13

0.42

0.17

0.47

0.16

2.56

2.27

0 19

0.11

0.10

0 15

0 08

0.14

0.07

0.17

0 23

0.OY

0.45

0 09

0.08

0.511

0.14

1.65

0 14

0.16

0.15

0 13

0.00

0.10

.

Descrlpllon Quantity Currencv Evaluation '10 net

PETROBRAS GADR

PETROLEO BRASILEIRO GADR

SABESP 'SADR

SADIA /ADR

SOUZA CRUZ

TAM SA iSADR

TELE NGRT LESTE TNLP IPF SADR TELEMAR

TIM PARTICIPACOES SA (SADR

TMCPiSPGNS ADR REP 20000 PREF UNIBANCO 'ADR

USlM -A-,SADR(10000 PFD REG

USlMlNAS .PREF -A-

VIVO PARTICIPACOES SA ISADR VIVO PARTICIPACOES SA/PFD SHS VOTORANTIN CEL (SADR

WEG SA 'PREF

S )

CHINA

AGILE PROPERTY HOLDINGS LTD AIR CHINA LTD

ALUMINUM CORP OF CHINA LTD ANGANG STEEL COMPANY LTD -H- ANHUI CONCH CEMENT CO LTD BANK OF CHINA LTD-H

BANK OF COMMUNICATIONS CO LTD BEIJING CAP.INTL AIRPORT -H-

BRILLIANCE CHINA AUTOMOTIVE BY0 COMPANY LIMITED -H-

CHAODA MODERN AGRICULT.HOLD. CHINA COMMUNICATIONS CONSTR-H- CHINA CONSTRUCTION BANK CORP CHINA COSCO HOLDINGS -H-

CHINA EASTERN AIRLINES -H-

CHINA LIFE INSURANCE CO LTD-H- CHINA MENGNIU DAIRY CO LTD CHINA PETROLEUM 8 CHEM C O W -H- CHINA RESOURCES LAND

CHINA SHIPPING CONTAINER LINES CHINA SHIPPING DEVELOPMENT -H- CHINA TELECOM CORP LTD - H- DATANG INT POWER GENERATION-H- DONGFENG MOTOR -H-

FU JI FOOD 8 CATERING SERV. GOME ELECT APPLIANCES HOLDINGS

165,400

120,200

24.2011

20,000

32.300

28 900

108 300

27.600

26.600

6.600

45 22s

47 700

3.400

213.780

7.732

39,600

62,700

576 000

830.000

1,080.000

304.000

148,000

7.804.000

1,973.000

456 000

816 aoo

69.500

678.000

1,439 000

8 458.000

740.500

726,000

2,419 000

30A,OOO

s.742.000

3Y8.000

416.000

444.000

4.750.000

490,000

978.000

78,000

437.000

assets

US0 15,010.051 3.24

US0 12.17R665 264

. -

USD 836352 o i a USD 767,800 0 17

BRL 658406 0 14

USD 770,474 0.17

USD 1506,453 033

BRL 803,638 017

USD 874,608 019

USD 247038 005

USD 4,014,171 0.87

USD 2,282.445 0.49

BRL 162.994 on4

US0 767470 0 17

BRL 27.268 001

USD 712.008 0 15

BRL 489.059 0 11

110.926 306 24 03 ~ .- .

HKD 567.546

HKD 574.597

HKD 1.113901

HKD 527.498

HKD 527,442

HKD 3884,675

HKD 2,027358

HKD 452.808

HKD 199,440

HKD 342844

HKD 475443

HKD 1734,601

HKD 4,837968

HKD 726 789

HKD 218,319

HKD 6,949.284

HKD 869439

HKD 4856.825

HKD 479758

HKD 161 828

HKD 677,247

HKD 2,334.063

HKD 463997

HKD 533.134

HKD 245,038

HKD 485,947

0.12

0.12

0 24

0.1 1

0.1 1

0 84

0.44

0.10

0.04

0 07

0.10

0.38

1 05

0.16

0.05

1.50

0 19

1 .os

0 10

0.04

0.15

0.51

0.10

0.12

0.05

0.11

HSBC Global Investment Funds r

..


Description

-.

GUANGSHEN RAILWAY CO LTD -H- GUANGZHOU R t F PROP.-H- /NEW HUADIAN POWER INTL CORP - H- HUANENG POWER INTL H

HUNAN NONFERROUS METALS CORP-H JIANGSU EXPRESSWAY CO -H-

JlANGXl COPPER CO LTD -H

LI NlNG COMPANY LTD

MAANSHAN IRON 8 STEEL CO H NINE DRAGONS PAPER HLDGS LTD PETROCHINA CO LTD '-H-

PlCC PROPERTY & CASUALTY -H- PING Ah INSUR.(GRP)CO -H-

SHANGHAI ELECTRIC GROUP

GO -H- SHANGHAI FORTE LAND CO - H- SHENZHEN EXPRESSWAY H

SHlMAO PROPERTY HLD LTD

SINOFERT HOLDINGS LTD

SINOPEC SHANGHAI PETROCHEM -H- SINOTRANS LTD

TPV TECHNOLOGY LTD

TRAVELSKY TECHNOLOGY LTD -H- TSINGTAO BREWERY CO LTD H WElCHAl POWER CO LTD I-H-

WElPlAO TEXTILE COMPANY

LTD YANZHOU COAL MINING CO - H- ZHEJIANG EXPRESSWAY CO LTD -H- ZlJlN MINING GROUP -H-

ZTE CORP H

FEDERATION OF RUSSIA ~. .-

AFK SISTEMA rSGDR

AKSBEqEGATELNYBANK

SBERBANK COMSTAR ISGDR REP REG S

GAZPROM OAO/SADR

JSC SURGUTNEFTEGAZ ISADR

JSC SUqGUTNEFTEGAZ 'SADR PFD LUKOIL 'SADR

MECHEL OJSC IADR

MMC NORILSK NICKEL ISADR

MOBILE TELESYSTEMS OJSISADR NOVATEK OAO ISGDR

NOVOLIPETSK STEEL GDR

REGS RAO UNIFIED ENER SYS 'GDR

ROSTELECOM ISADR REP.6 SHS SEVERSTALCHEREPOVETS MET'SGDR

Quantity Currency Evaluation 90 net assets

. . ..

586.000

315,800

490 000

1,046,000

466,000

500.400

568 200

274 000

710,000

426,000

6,498 000

828.000

481.500

966.000

532,000

256 000

262.000

504 000

954,000

520.000

39a.000

96.000

154,000

59.000

141 500

670 000

5aa.000

1,370 000

54,800

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD -

371,935

703.152

175,567

910 182

309.486

390.602

687,829

542,762

466.083

888,556

7,708,099

474 675

2,359 842

451.188

222.61 1

160,846

518.991

278.613

496 a56

208 274

254.139

169.035

258 945

306,525

204.608

641,304

471.020

797,664

257 356

57.954.532

~.

0 08

0.15

0.04

0.20

0.07

0.08

0.15

0.12

0.10

0.19

1.66

0.10

0.51

0.10

0.05

0.03

0 11

0 06

0.1 1

0.05

0 06

0.04

0.06

0 07

0 04

0.14

0 10

0.17

0.06

12.55

-

66 050

3,378

114,400

564 330

99.950

48.110

189 700

19,000

42,280

136 500

51 gao

82,100

56,190

42 400

137,650


USD 1892,333

USD 12,110 130

USD 966680

USD 23,849,207

USD 6296850

USD 4068,213

USD 16,446 990

USD 625860

US0 8,012,060

usD 7861 035

USD 3,061 622

USD 2,380,900

USD 7726,125

USD 2229816

USD 1 a99,570

0 41

2 62

0.21

5 17

1 36

0 88

3.56

0 14

1 74

1.70

0 66

0 52

167

0 48

0 41

.. ...

Description

SIBIRTELECOM JSC

TATNEFT EGDR REP.20 SHS REG.S URALSVYAZINFORM /SADR(ZOOACT.) VIMPEL COMMUNICATIONSIS.ADR WIMM-BILL-DANN FODDS 'SADR

HONG KONG ~


CHlNAAGRl INDUSTRIES HOLDINGS CHINA EVERBRIGHT LTD


CHINA OVERSEAS LAND AND INVESTMENT CHINA RESOURCES ENTERPRISE LTD CHINA RESOURCES POWER

HOLDINGS CHINA TRAVEL INTL INVESTM.

ClTlC PACIFIC LTD

CNOOC LTD

COFCO INTL LTD

COSCO PACIFIC LTD

DENWAY MOTORS LTD

GLOBAL BIO-CHEM

TECHNOLOGY GUANGDONG INVESTMENT LTD GUANGZHOU INVESTMENT CO

LTD HOPSON DEVELOPMENT HLDGS LTD IND & COM BOC -H-

LENOVO GROUP LTD

SEMICONDUC MANUFACT.INTL CORP SHANGHAI INDUSTRIAL HOLDINGS SHENZHEN INVESTMENT LTD

XINAO GAS HOLDINGS LTD

INDIA ~

ABB LTD/DEMAT

ASHOK LEYLAND LTD/DEMAT

ASIAN PAINTS 'DEMAT

ASSOC CEMENT 'DEMAT

BAJAJ AUTO LTD IGDR REG S

BAJAJ HINDUSTHAN LTD

BANK OF BARODA XIEMAT.

BHARAT ELECTRONICS LTD IDEMAT BHARAT FORGE LTD 'DEMAT.

BHARAT PETROL !DEMAT.

CIPLA LTD IDEMAT.

DISH TV INDIA LIMITED

OR REDDY S LAB0RATORIES:ADR GAIL INDIA LTD IGDR REGS

Quantity Currency Evaluation 9t net

- --

3.288.940

45.050

40 100

63.200

15,000

106,000

3ao.000

242 000

357,939

1 706,000

1 194.500

400 000

392,000

1 166.000

376 000

5,190,000

258.000

380.000

1,672 000

702.000

824,000

1,156000

220.000

9,948.000

1.166 000

4,095 000

i7a.000

514 000

214 000

6,000

311,800

17 000

31 000

18.000

56,400

57 900

10 800

68.520

60 300

184.200

83.030

73.400

28 100

assets

USD 416,351 0.09

US0 4 349.487 0.94

US0 521.300 0.11

USD 6.081,736 1.32

USD 1.180.500 0.26

11 1,976.465 24 25

HKD 269.927

HKD 334.549

HKD 2A7.738

HKD 1506,929

HKD 15,510,683

HKD 1,501,016

HKD 1.335.944

HKD 600.939

HKD 544.602

HKD 1,390508

HKD 4,549312

HKD 193.136

HKD 941 406

HKD 729589

HKD 179661

HKD 439,695

HKD 284,019

HKD 552344

HKD 5,575,678

HKD 426729

HKD 565.93A

HKD 410,908

HKD 262,436

HKD 227,290

0.06

0.07

0 05

0.33

3.35

0.33

0 29

0.13

0.12

0 30

0.99

0.04

0.20

0 16

0.04

0.10

0 06

0.12

1.21

0 09

0.12

0.09

0 06

0 05

38.580.972 8.36

INR 489,391 0.11

INR 274.653 0.06

INR 299493 006

INR 528.757 011

US0 1,005,065 0.22

INR 247,626 0.05

INR 285,265 006

INR 365152 0.08

INR 496,467 0.11

INR A22,365 009

INR 998067 0.22

INR 421.721 0.09

US0 1,210.366 0.26

USD 1,039 192 0.23

.-

Portfolio of Investments and Other Net Assets ..

Descriptioi

-

GLAXOSNITHKLINE PHARMA 'DEMAT GRASIM IND /GDR 144A

GUJARAT AMBUJA CEMENTS 'GOR HINDUSTAN PETR :DEMAT

HOUSING DEVT FIN CORP 'ADR IClCl BK 'SADR

INDIABULLS FINANCIAL SERVICES DEMAT INDIABULLS REAL ESTATE :DEMAT. INDIAN HOTELS CO LTD 'DEMAT. INDIAN PETROCHEM ;DEMATERIALISE D INFOSYS -ECHNOL./ SADR

INFRASTRUCTURE DVPT FIN'DEMAT ITC iGDR

JAIPRAKABH ASSOCIATES LTD

JINDAL STEEL & POWER IDEMAT. KOTAK MAHINDRA BANK LTDiDEMAT. LARSEN & TOUBRO /GDR

MAHANAGAR TELE NIGAM iADR MAHINDRA&MAHINDRA!DEMAT

MARUTI UDYOG LTD 'DEMAT

NESTLE INDIA 'DEMAT

RANBAXY LABORAT.'GDR (EQ SHS) RECEIPTS R RELIANCE CAPITAL LTD /DEMAT RELIANCE COMMUNICATI0NS:DEMAl RELIANCE NATURAL RESOURCES: DEMAT SATYAM COMPUTER 'ADR

SIEMENS LTD 'DEMATERIALISED STATE EK OF INDIA :GOR (REGS) SUN PHARMACEUTICAL IND LTD 'DEMAT TATA lROh R STEEL'DEMAT

TATA MOTORS LTD 'ADR

TATA POWER CO 'DEMAT

TATA TEA LTD 1 DEMAT

ULTRA TECH CEMENT LTD :DEMAT UTI BANK LTD 'GDR REGS

VIDESH SANCHAR NlGAMlSADR WIPRO LTD 'SADR

ZEE NEWS LTD 'DEMATERALISED ZEE TELEFILMS LTD !DEMAl

TOTAL SHARES

Quantity Currency Evaluation

12,oou

23.400

322,0flU

16 100

44 600

195.660

91,000

91,000

178,300

63.200

251.400

182,400

686,900

35.200

7.300

67,600

67.500

65 300

83 800

41.100

13.700

86.200

66.290

383,200

129 800

135.400

24 000

12.000

27.800

a2 567

121 650

39 500

22,400

18,400

67.700

15,900

105.000

30 245

144,400

INR 309.007

US0 1,128,682

USD 789 515

INR 90.934

USD 2.999350

USD 7.726613

INR 849 658

INR 637.400

INR 596.696

INR 392,233

US0 12610224

INR 355692

US0 2398.961

INR 433.765

INR 399063

INR 744599

US0 2522.481

USD 434898

INR 1,507,120

INR 782.786

INR 292648

USD 668912

INR 1020.076

INR 3.730 169

INR 66.037

USD 3,100660

INR 602 991

US0 756.000

INR 674935

INR 848865

USD 2051,019

INR 467247

INR 312819

INR 329.207

USD 760,930

US0 292.878

USD 1.683150

INR 27,406

INR 828.518

% net assets

0 07

0.24

0.17

0 02

0 65

1.68

0.18

0.14

0 13

0.08

2 74

0.08

0.52

0.09

0 OY

0.16

0.55

0.09

0.33

0 17

0.06

0.14

0 22

0.82

0 01

0 68

0.13

0.16

0 15

0.18

0 44

0.10

0.07

0 07

0.16

0.06

0 36

0.01

0 18

13.93

-

- 64.308 724

383,748,999 63.12

.. .

Dcscription Quantity Currency Evaluation % net assets

INDEX TRACKER

FRANCE

LYXOR INTL ETF RUSSIA -A- 161,000 EUR 8,686499 188

8,686499 188 - ~

-. __ HONG KONG

-

ISHARE MSCl CHINA TRACKER 1 536 000 HKD 9 984 877 2 16

9,984,877 2 16

UNITED STATES -

ISHARES'MSCI BRAZIL ilNDEX 295,500 USD 14,574.060 3 16 FD

14,574 060 3 16

33.245.436 7.20 ~ . . .-.

TOTAL INDEX TRACKER

WARRANTS I EQUITY LINKED SECURITIES

CAYMAN ISLANDS - -

MSDW ASIA SECURITIES PRODUCTS 04-09 12 07 'ON TATA CONSULTANCY 0 0001 MSDW 05-22 08 08 'ON EHARAT HEAVY 0

41 500 USD 2344.742 051

34.600 USD 1.808 605 039

.

4.153.347 0 90

GREAT BRITAIN

DEUT BK 04-8 10 07 WRT;RELEN 0

HONG KONG

RIGHTS ClTlC PACIFIC 07

INDIA

73.695 USD 833,085 0.18

833.085 0.18

000 0 0 0

000 000

376000 HKD

DEUTSCHE BANK AG 04- 27 08 07 'ON HINDUSTAN LEVER LTD 0.00001 MSDW ASIA 04-10 8 07 !ON HINDUSTAN PETROLEUM 0 0001

446700 USD 2 074.284 045

42.500 US0 240514 0.05

2,314.798 0 50

NETHERLANDS ANTILLES

MERR LYN INTL flfi- 02.05.1 1:WRT HERO 0

46.700 US0 748.960 0 16

UNlTED STATES ~.

MERRILL LYNCH INTL & CO 04- 23.U3.09 ;ON OIL & NATURAL GASCORP 0

748.960 0.16

144.750 US0 2,906,474 0.63

~

2,906474 063

TOTAL WARRANTS I EQUITY LINKED SECURITIES 10,956,664 2.37

HSBC Global Investment Funds r -

Portfolio of Investments and Other Net Assets 1 b - .- -

Descriptiori Quantity Currency Evaluation Oh net Description Quantity Currerrcy Evaluation "IO nct assets assets

INVESTMENT COMPANIES WARRANTS I EQUITY LINKED SECURITIES

HONG KONG CAYMAN ISLANDS

ISHARES MSCl INDIA ETF 1.170000 USD 6552.000 142

6.552 000 1.42


TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 434.501.099 94.11

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKET

SHARES

117900 USD 4117599 089 MS ASIA - 19 12 08WRTjHOUS 144A 0

4117599 0 8 9


TOTAL OTHER TRANSFERABLE SECURITIES 22,467,919 4.67

TOTALINVESTMENTS 460,439,377 99.73

- -~

OTHER NET ASSETS LESS LIABILITIES 1,245,190 0.27 -

TOTALNETASSETS BRAZIL

TRACTEBEL !SADR 12,900 USD 559.215 0.12

559215 0.12

FEDERATION OF RUSSIA -

POLYUS GOLD 'ADR 52900 US0 2,549,780 055

VOLGATELECOM JSC 58.950 USD 361 364 0 0 8

2911 144 0 6 3



~. .~

ANOTHERREGULATEDMARKET


SHARES

BRAZIL -

SUBMARINO SA lSGDR -144A- 1U,300

. 3.470.359 0.75

USD 690,413 0.15

FEDERATION OF RUSSIA ~

TRANSNEFT OJSC Moscow 1,067

UES jPREF 1 349 500

URALSVYAZINFORM JSC 713 300

690,413 0.15 .-

US0 2.246 035 0.49

US0 1619,400 0.35

USD 46365 0.01

3,911.80U 0 85 ~. .~

INDIA

GLENMARK 28,200

PHARMACEUTICALSOEMAT HINDALCO IND :GDR 144A REG 288 100

RELIANCE 9.735

ENERGYOEMATERIALISED RELIANCE IND 'GDR144A 195.400

WIRE AND WIRELESS INDIA 33.450

LTD

TOTAL SHARES

INR 400,262 0 0 9

US0 859.585 0.19

INR 109566 0 0 2

US0 12,310,199 2.67

INR 68.495 0 0 1

.~

13.748 107 2.98

18.350.320 3.98 -.

461,684,567 100.00 ~

L- HSBC Global Investment Funds

Portfolio of Investments and Other Net Assets :E- BRlC MARKETS

Economic Division of Investment - .~ .

. .- (expressed as a percentage of net assets) -.

Energy Banks and financial institutions Holding companies News transmission Investment companies Coal mines, heavy industries Public services Internet Software Chemicals Non-ferrous metals Transport Insurance Tobacco and spirits Automobile industry Miscellaneous Real estate companies Construction, building materials Pharmaceuticals and cosmetics Electronics and electrical equipment Forest products and paper industry Food Retail trade, department stores Other services Precious metals Mechanics, machinery Aerospace technology Agriculture and fishing Office equipment and computers Textile Photography and optics Gastronomy


Total Net Assets

16.56 11.83 10.79 10.52 9.52 8.43 4.06 3.77 3.04 2.81 2.47 2.1 1 1.69 1.42 1.38 1.23 1.14 1.06 0.71 0.70 0.68 0.66 0.64 0.55 0.49 0.45 0.27 0.20 0.19 0.18 0.18

0.27

100.00

.-


~~


ERIC MARKETS EQUITY Statement of investments as at 31 March 2007 (expressed in USD)

-. .. .

Deacrlption Quantity Currency Evaluation

INVESTMENTS


SHARES

BRAflL


AMBEV CIA DE BEDIDAS lPREF ARACRUZ CELULOSE B PREF.NOM. BANCO BRADESCO SA /PREF.

BRASIL TELECOM PARTICIPPREF CIA DE CONCESSOES RODOVIARIAS CIA ENERGET.MIN.GERAISIPRIV, CIA VALE DO RIO DOCE AiPREF CIE ENERG SA0 PAULOlPREF - B- COSAN SA INDUSTRIA E COMERCIO CYRELA BRAZIL REALTY SA

ELETROB EL BRASIL lPREF B

ELETROBRASCENTRELETRB RAS EMERAER EMPR BRASIL AERONAUT GERDAU IPREF

GOL LINHAS AEREAS INTELIGENTES ITAU HOLDING SA lPREF

KLABIN RIOCELL SA jPREF

LOJAS AMERICANAS SA PR lV

LOJAS RENNER SA


PETROBRAS PETR BRASILEIRO SA PETROLEO BRASILEIRO /PREF SHS SABESP CIA SANEAMBASESTADO SADIA SNPREF

SI0 NACIONAL

SUEMARINO SA

TAM SA

TELEMAR

TEMARjPREF

TIM PARTICIPACOES SA/PREF

UNIBANCO IUNIT(1 UBBPN+l UBHDBN) USlMlNAS lPREF -A-

VALE RIO DOCE lNAM

VIVO PARTICIPACOES SA'PFD SHS

135 000

6,854,000

141 400

267.600

70,816 900

6.300

30,846,700

269,000

64.120 100

3 800

71 700

36,942,600

43,226,700

136 600

88.800

19,100

114.800

188.000

9 270.400

50 aoo 105.000

317,000

436.800

5,827,300

150,000

35 200

16.500

23 500

21.500

79 000

195 858.522

316,100

32,000

189 500

161.300

BRL 1611.326

BRL 3,732,514

BRL 737594

BRL 5,490,273

BRL 642.114

BRL 83,860

BRL 1,543,168

BRL 8390,141

BRL 903898

BRL 69.807

BRL 655.051

BRL 801,309

ERL 973285

BRL 1.523.741

BRL 1.592.022

BRL 570,401

BRL 4038,495

BRL 517117

BRL 578290

BRL 665722

BRL 1.186.207

BRL 8,020.364

BRL 9,890.696

BRL 812169

BRL 572,474

BRL 1.486 045

BRL 557.510

BRL 626 774

BRL 626,023

BRL 1103.958

BRL 646.480

BRL 2,818.022

BRL 1.534.063

BRL 7008,862

BRL 568.856

- % net

assets -

0.53

1.22

0.24

1.80

0.21

0.03

0.51

2.75

0.30

0.02

0 21

0.26

0 32

0.50

0 52

0.19

1.32

0.17

0 19

0.22

0 39

2.63

3 24

0.27

0.19

0.49

0.18

0.21

0.21

0.36

0 21

0.92

0 50

2.30

0 19

Description

. -

VOTORANTIM iPREF.

Quantity Currency Evaluation % net assets

28,200 BRL 509,869 0 1 7

73,088,500 23.97

-. ~

-. ~

_ _ ~ CHINA

AGILE PROPERTY HOLDINGS LTD AIR CHINA LTD

ALUMINUM CORP OF CHINA LTD ANGANG STEEL COMPANY LTD -H- ANHUl CONCH CEMENT CO LTD BANK OF CHINA LTD-H

BANK OF COMMUNICATIONS CO LTD BElJlNG CAPJNTL AIRPORT -H-

CHAODA MODERN AGRICULT.HOLD. CHINA COMMUNICATIONS CONSTR-H- CHINA CONSTRUCTION BANK CORP CHINA COSCO HOLDINGS -H-

CHINA LIFE INSURANCE CO LTD-H- CHINA MENGNIU DAIRY CO LTD CHINA PETROLEUM & CHEM CORP -H- CHINA RESOURCES LAND

CHINA SHIPPING DEVELOPMENT -H- CHINA TELECOM CORP LTD - H- DATANG INT POWER GENERATION-H- DONGFENG MOTOR -H-

GOME ELECT APPLIANCES HOLDINGS GUANGZHOU RBF PROP.-H- /NEW HUANENG POWER INTL H

JlANGXl COPPER CO LTD -H-

LI NlNG COMPANY LTD

MAANSHAN IRON 8. STEEL CO H NINE DRAGONS PAPER HLDGS LTD PETROCHINA CO LTD I-H-

PlCC PROPERTY 8 CASUALTY -H- PING AN INSUR.(GRP)CO -H-

SHANGHAI ELECTRIC GROUP CO -H- SHIMAO PROPERTY HLD LTD

SINOPEC SHANGHAI PETROCHEM -H- ZHEJIANG EXPRESSWAY CO LTD -H- ZlJlN MINING GROUP -H-

FEDERATION OF RUSSIA -

AFK SISTEMA ISGDR

GAZPROM OAOiSAOR

JSC SURGUTNEFTEGAZ 6ADR

LUKOIL ISADR

MMC NORILSK NICKEL /SADR

426,000

756,000

758 000

234.000

114 000

5,127.000

1.318,OOO

462,000

668 000

1,064,000

5.537 000

E85 000

1.578.000

274.000

3,880,000

298,000

400,000

3.066 000

438.000

754.000

298.000

248.000

812 000

245,000

186,000

476.000

304 000

4,312,000

608,000

320,500

964,000

195.500

634 000

530 000

1.000.000

HKD

HKO

HKD

HKD

H KD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD -

419.748

523.368

781 794

406 035

406 273

2,552,118

1,354,312

458.766

468.430

1,202,568

3,167 159

672.316

4.533,266

783,639

3,281,867

359,215

61C 132

1,506 576

41L,757

41' 025

33: ,378

552.190

706,566

296.582

368.444

312,473

634.087

5,115.009

348,553

1,570,777

450,254

387.263

330,196

424.559

582.236 - .-

0.14

0.17

0.26

0.13

0.13

0.84

0.44

0.15

0.15

0.42

1.04

0.22

1 49

0.26

1.08

0 12

0.20

0.49

0.14

0.13

0.11

0.18

0.23

0.10

0.12

0.10

0.21

1.68

0 11

0.51

0.15

0.13

0 11

0.14

0.19 -.

36 803,931 12 07 ~-

28900 USD 827.985 027

331 500 US0 14.009.555 460

26.300 USD 1,656,900 0 54

70.800 USD 6.138.360 2 02

14.700 US0 2,785 650 0.91



. . - . - Description Quantily Currency Evaluation % net

assets

MOBILE TELESYSTEMS OJWSADR NOVATEK OAO SGDR

NOVOLIPETSK STEEL GDR REGS RAO UNIFIED ENER.SYS.!GDR

VIMPEL COMMUNICATIONS/S.ADR

HONG KOhG


CHINA OVERSEAS LAND AND INVESTMENT CHINA RESOURCES ENTERPRISE LTD CHINA RESOURCES POWER HOLDINGS CHINA TRAVEL INTL INVESTM.

ClTlC PACIFIC LTD

CNOOC LTD

COSCO PACIFIC LTD

DENWAY MOTORS LTD

GUANGDONG INVESTMENT LTD GUANGZHOU INVESTMENT CO LTD HOPSON DEVELOPMENT HLDGS LTD IND 8 COM BOC -H-

LENOVO GROUP LTD

SEMIC0NDUC.MANUFACT.lNTL CORP SHANGHAI INDUSTRIAL HOLDINGS

INDIA

BAJAJ AUTO LTD OEMAT

BHARAT HEAVY EL IDEMAT

CIPLA LTD I5EMAT

OR REDDY S LABORATORIES IDEMAT. DR REDDY S LABORATORIESIADR GRASIM INDUST /DEMAT

GUJARAT AMBUJA CEMENT IDEMAT. H D F C BANK IDEMAT.

HERO HONDA MOTORS IDEMAT. HINDALCO INDUSTRIES / DEMAT. HINDUSTAN LEVER LTD !DEMAT. HOUSING DEVTiDEMAT.

IClCl BK /SADR

INDIABULLS FINANCIAL SERVICES /DEMAT. INDIABULLS REAL ESTATE IDEMAT. INDIAN HOTELS CO LTD /DEMAT. INFOSYS TECH LTD /DEMAT

INFOSYS TECHNOL./ SADR

ITC LTD /DEMAT

39.400

18,100

38.200

12,400

19,800

272.000

1.101.500

812.000

282 000

336.000

794 000

290,000

3,515.000

308,000

1 248,000

766,000

466,000

160 000

6 500.000

1.336.000

4,397 000

165.000

12,500

23,600

160 200

58.100

28,300

15 800

280,200

76.300

35.500

242.900

312,100

64,220

102 900

53.000

19.200

149,200

145,800

10,800

430,400


US0 2,269,046 0 74

USD 1,066,090 0 35

US0 1107.800 036

USD 1,705,000 056

USD 1905.354 062

33,471,740 10 97 -

HKD 1,145,124

HKD 10,014,665

HKD 1,020,364

HKD 941,841

HKD 515,091

HKD 370852

HKD 1.072.466

HKO 3.081 085

HKD 763,034

HKD 544.574

HKD 408745

HKD 114,492

HKD 401 705

HKD 3,643,135

HKD 488.945

HKD 607,670

HKD 380.898

0 38

3.29

0.33

0.31

0.17

0.12

0.35

1.01

0.25

0 18

0.13

0.04

0.13

1.19

0.16

0.20

0 12

--

25,514.686 8 36 -

INR 698,085

INR 1.234.263

INR 868.026

INR 978 188

USD 466,667

INR 763853

INR 690,252

INR 1,697330

INR 569,067

INR 725292

INR 1,449.496

INR 2,248,890

USD 4063,521

INR 494856

INR 134.484

INR 499.310

INR 6,777.632

US0 541.728

INR 1504,133

0 23

0 40

0 28

0 32

0 15

0 25

0 23

0 56

0 19

0 24

0 48

0 74

1 34

0 16

0 04

0 16

2 23

0 18

0 49

Description

KOTAK MAHINDRA BANK LTDIDEMAT.

OEMAT. MAHlNDRA8MAHINDRNDEMAT

LARSEN a TOUBRO LTD I

MARUTI UDYOG LTD IDEMAT.

OlLkNATURAL GASDEMAT

RELIANCE CAPITAL LTD /DEMAT RELIANCE COMMUNICATIONS/DEMAT RELIANCE INDUS !DEMAT

SATYAM COMPUTER rADR

SATYAM COMPUTER SERVICES /DEMAT. SIEMENS LTD /DEMATERIALISED SUN PHARMACEUTICAL IND LTD /DEMAT. TATA CONSULTANCY SERViDEMAT. TATA IRON 8 STEEL!DEMAT

TATA MOTORS LTDIDEMAT

TATA POWER CO iDEMAT.

UTI BANK LTD IDEMAT.

WlPRO LTD :DEMAT

TOTAL SHARES

INDEX TRACKER

UNITED STATES

ISHARESIMSCI BRAZIL /INDEX FD ISHARES/MSCI EMERG.MKT INDX

~

Quantiry Currency Evaluation % net assets

51 ZOO

41 000

55.100

30 900

99,000

46.300

237.400

210.800

14,600

189,700

22,200

28,800

58.000

70.300

75,100

43,500

50,000

67,100

330 580

9.880

TOTAL INDEX TRACKER

WARRANTS / EQUITY LINKED SECURITIES

HONG KONG

INR 563,957

INR 1,535,016

INR 990.958

INR 588,518

INR 1991,509

INR 712,468

INR 2,310,914

INR 6,627.545

USD 334.340

INR 2,039.179

INR 557,767

INR 699,213

INR 1,640,673

INR 722,749

INR 1259.402

INR 514563

INR 562,741

INR 875.466

0.18

0.50

0.32

0.19

0.65

0.23

0.76

2.18

0 11

0.67

0.18

0.23

0.54

0.24

0.41

0.17

0.18

0.29 -. ..

50,932.053 16.70

219,810,910 72.07 _-

USD 16304.206 534

US0 1150,328 038

-

17 454,534 5.72

17.454.534 5.72 - --

CHINA OVS LD 06-18 7.07 WRT 4 5

10,750 HKD 7,112 0.00

- - - 7,112 0.00

- 7,112 0.00

-. 237,272,556 77.79

TOTAL WARRANTS I EQUITY LINKED SECURITIES



SHARES

BRAZIL

B2W COMPANHIA GLOBAL DO VAREJO

0 00 0.00 13500 BRL

- 000 000

-

Portfolio of Investments and Other Net Assets ~

~. - . . . -

Description Quantity Currency Evaluation YO net

INDIA

RELIANCE 57,500 ENERGY/DEMATERIALISED

TOTAL SHARES


TOTAL INVESTMENTS


TOTAL NET ASSETS

assets . -

INR 647 152 0.21

~

647,152 021

647,152 0 2 1

647,152 0.21 237,919,708 78.00

67,112,337 22.00

305,032.045 100.00

. - HSBC Global Investment Funds

-


BRlC MARKETS EQUITY

Economic Division of Investment ~

(expressed as a percentage of net assets) . . -.

Energy Holding companies Banks and financial institutions Coal mines, heavy industries News transmission Investment companies Internet Software Public services Chemicals Transport Insurance Non-ferrous metals Pharmaceuticals and cosmetics Tobacco and spirits Automobile industry Real estate companies Construction, building materials Forest products and paper industry Retail trade, department stores Electronics and electrical equipment Aerospace technology Miscellaneous Food Office equipment and computers Textile Gastronomy Other services Agriculture and fishing Mechanics, machinery


12.85 9.20 8.36 7.58 7.35 5.72 4.02 2.63 2.29 2.12 2.1 1 2.02

1.71 1.52 1.11 0.99 0.79 0.71 0.53 0.50 0.50 0.47 0.27 0.20 0.16 0.16 0.15 0.13

1 .a5

22.00

Total Net Assets 100.00

-A- HSBC Global Investment Funds ~ ~

~ -

I Portfolio of Investments and Other Net Assets ._

CHINESE EQUITY Statement of investments as at 31 March 2007 (expressed in USD)

. -


INVESTMENTS


SHARES

BERMUDA ISLANDS

CHINAYURUN FOOD GROUP LTD

CAYMAN ISLANDS

AJISEN CHINA HOLDINGS LTD


CHINA - AIR CHINA LTD

ALUMINUM CORP OF CHINA LTD BANK OF CHINA LTD-H

BANK OF COMMUNICATIONS CO LTD BElJlNG CAP.INTL AIRPORT -H-

BYD COMPANY LIMITED -H-

CHINA COMMUNICATIONS CONSTR-H- CHINA CONSTRUCTION BANK

CORP CHINA EASTERN AIRLINES -H-

CHINA INTL MARINE -6-

CHINA LIFE INSURANCE CO LTD-H- CHINA MENGNIU DAIRY CO LTD CHINA PETROLEUM & CHEM CORP -H- CHINA RESOURCES LAND

CHINA SHENHUA ENERGY CO -H- CHINA SHIPPING DEVELOPMENT -H- CHINA SOUTHERN AIRLINES -

H- CHINA TELECOM CORP LTD - H- DATANG INT.POWER GENERATION-H- DONGFENG MOTOR -H-

GUANGSHEN RAILWAY CO LTD -H- GUANGZHOU R&F PROP -H- /NEW HARBIN POWER EQUIPMENT CO H HUANENG POWER INTL H

JIANGSU EXPRESSWAY CO -H-


31,852 000

2.218,OOO

9,184.000

121,324,000

30.000.000

266,000,000

104 600.000

22.010.000

7.000,OOO

18,385,000

267.000.000

ao,ooo.ooo 9,999,987

123,830,000

24,681 000

308 370.000

25 000,000

39,871,500

51 916.000

47.150.000

205,952,000

39 188,000

114,074,000

55 080,000

27,568.000

20.000,000

59.672,OOO

47,172.000

65.585.000

HKD 34685.966 079

__ 34,685.988 0.79

~ -~

HKD 2.015.151 005

HKD 27,617 703 0.63 -

29,632,854 0.68

HKD a3.990,814

HKD 30,941,695

HKD 132.409 469

HKD i o 7 4 8 1 . m

HKD 21,855,944

HKD 34,531.085

HKD 22,161 663

HKD 152 723,754

HKD 24,057 232

HKD 21.920.205

HKD 355.737 a i 0

HKD 70,587,546

HKD 260 832.310

HKD 30,135.522

HKD 96,430.004

HKD 79.189.078

HKD 21,539,604

HKD 101,201,056

HKD 37,108,434

HKD 62,184 776

HKD 34,959.355

HKD 61.382 181

HKD 22 521.864

HKD 51,923,901

HKD 36,821 539

HKD 79 393,229

1.91

0.71

3.02

2.45

0.50

0.79

0.51

3.48

0.55

0.50

8.11

1.61

5.94

0.69

2.20

1 60

0.49

2.31

0 85

1.42

0.80

1.40

0.51

1.18

0.84

181

Quantlty Currency Evaluation % net assets

Description

MAANSHAN IRON 8 STEEL GO H PETROCHINA CO LTD 1-H-

PING AN INSUR.(GRP)CO -H-

SHENZHEN EXPRESSWAY H

WElQlAO TEXTILE COMPANY LTD YANZHOU COAL MINING GO - H- ZlJlN MINING GROUP -H-

ZTE CORP H

81.102 000

274,670,000

25,339,500

21 992,000

11,805.500

30 000,000

78,750.000

6,000,000

HKD $3,239,639 1.21

HKD 325,820,773 7.42

HKD 124,169,427 2.83

HKD 13,817645 0.31

HKD 16,781,474 0.38

HKD 28,715 122 065

HKD 45851,101 104

HKD 28,177,673 0.64

2,670,614,750 60.66

-

HONG KONG

CHINA AGRl INDUSTRIES HOLDINGS CHINA EVERBRIGHT LTD

CHINA MOBILE LTD

CHINA OVERSEAS LAND AND INVESTMENT CHINA POWER INTL DEVELOP LTD CHINA RESOURCES ENTERPRISE LTD CHINA RESOURCES POWER HOLDINGS CHINA TRAVEL INTL INVESTM.


CNOOC LTD

COFCO INTL LTD

COSCO PACIFIC LTD

HOPEWELL HOLDINGS

IND & COM BOC -H-

JlAN EPAYMENT SYSTEM LTD

LENOVO GROUP LTO

SEMlCONDUC.MANUFACT.INTL CORP SHANGHAI INDUSTRIAL H 0 L D I N G S SHENZHEN INVESTMENT LTD

TlNGYl HLD CORP.(CAYMAN ISL.)

TOTAL SHARES

19.305 000

30.000.000

45,400,000

103 464,500

44.999.709

45,286,000

27 386.000

100,000 000

9.967.000

219.000,OOO

ia,ooo.ooo 28,010.000

15.600.000

460.176.000

7.800 000

56,000,000

85,000 000

15,284.000

25,444,000

8,204.000

HKD 16 995,974

HKD 30.71 1,360

HKD 412 769,637

HKD 130,014 161

HKD 21 824,119

HKD 151 248,918

HKD 41,962,977

HKD 46706860

HKD 3,297179

HKD 191,965 195

HKD 13.474 609

HKD 69,391 499

HKD 60 685,647

HKD 257,920,512

HKD 1197743

HKD 20,494,714

HKD 11 747,095

HKD 35 282,664

HKD 12,991 105

HKD 7905119

0 39

0 70

9 40

2 96

0 50

3 45

0 96

1 06

0 06

4.37

0.31

1.58

1 38

5.87

0 03

0.47

0 27

0 80

0.30

0 18

1 536.607.087 35 06

4,273,540,678 97.39 . -

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING - 4,273,540.679 97.39


SHARES

CHINA -. -

SHANGHAI ZHENHUA PORT 31,608,468 US0 47,475 919 1 08 MACH -B-

47475919 108

47,475,919 108 -

TOTAL SHARES

TOTAL TRANSFERABLE SECURITIES TRADED ON 47,475319 1.08 ANOTHER REGULATED MARKET

TOTAL INVESTMENTS 4,321 ,016,588 98.47

__

OTHER NET ASSETS LESS LIABILITIES 67,179,119 1.53


Portfolio of Investments and Other Net Assets -= Description Quantity Currency Evaluation Yo net

assets

TOTALNETASSETS 4,388,195,717 100.00

HSBC Global Investment Funds - . -~ c

. .

Portfolio of Investments and Other Net Assets - =E .-

CHINESE EQUITY


(expressed as a percentage of net assets) -- .- -.

Energy Banks and financial institutions News transmission Insurance Transport Real estate companies Coal mines: heavy industries Miscellaneous Mechanics, machinery Public services Food Non-ferrous metals Textile Electronics and electrical equipment Holding companies Other services Retail trade, department stores Office equipment and computers Agriculture and fishing Internet Software


Total Net Assets

17.73 14.82 12.35 10.94 7.15 6.73 5.10 3.45 3.34 2.99 2.94 2.52 2.18 2.10 1.50 1.06 0.63 0.47 0.39 0.08

1.53

I

100.00

I HSBC Global Investment Funds

~-

-


EMERGING EUROPE EQUITY Statement of investments as at 31 March 2007 (expresand in EUR)

- Descriptior Quantity Currency Evaluation O b net

assets ~. . . .

INVESTMENTS


SHARES

BERMUDA ISLANDS

CENTRAL EUROP.MEDIA ENT. A

CZECH REPUBLIC ~~

CEZ.CESKE ENERGETICKE ZAVODY KOMERCNI BANKA AS

TELEFONICA 0 2 CZECH REPUBLIC

FEDERATION OF RUSSIA

AFK SISTEMA 'SGDR

~-

AK SEEREGATELNY BANK SBERBANK COMSTAR SGDR REP REG.5

GAZPROM OAOiSADR

JSC SURGUTNEFTEGAZ /SADR

LUKOIL ISADR

MMC NORILSK NICKEL SADR

MOBILE TELESYSTEMS OJS/SADR NOVATEK OAO /SGDR

NOVOLIPETSK STEEL GDR REGS POLYUS GOLD OJSC

RAO UNIFIED ENER SYS :GDR

ROSNEFT OIL COMPANY OJSC 'SGDR ROSTELECOM (SADR REP 6 SHS SEVERSTALCHEREPOVETS MET/SGDR SISTEMA HALS JSC /SGDR - REG S- TATNEFT 6GDR REP.20 SHS REG S VIMPEL COMMUNIC.4TIONSiS.ADR

GREAT BRITAIN

IMPERIAL ENERGY CORPORAT'ON PLC

HUNGARY -- - MOL MAGYAR /-A-

i ,000

26.700

2 800

11,500

9,000

613

16,000

76.500

17.451

37 900

9,100

25,620

9,520

13 400

7,000

12 300

15,000

5 700

12.000

20 000

5.500

13,200

29,500

7,050

HSBC Global Investment Funds - ~ -- .- ~

US0 66614 026

-

66.614 026 - .

CZK 892.621 354

CZK 362 252 143

CZK 223501 088

- 1.478 374

USD 193363

USD 1647,998

US0 101,387

USD 2424.428

US0 824.457

USD 2,464,138

US0 1.293.176

US0 1,106,454

US0 420.493

US0 291 414

US0 253,543

USD 1.268279

US0 93.813

USD 224.794

USD 124.184

US0 181 298

USD 398.211

USD Y52,558

5.85 -

0.77

6.52

0.40

9.61

3 26

9.76

5 12

4 38

1.66

1 1 5

1 .oo 5 02

0.37

0 89

0 49

0.72

1 58

3.77

.-

_- Description Quantity Currency Evaluation Yo net

assets

OTP BANK LTD

NETHERLANDS

ZENTIVA NV

POLAND

BANK BPH S.A.

BANK ZACHODNI WBK SA WROCLAW BK POLSKA KASA OPlEKl PEKAO ERE BANK SA

DOM DEVELOPMENT SA

KGHM POLSKA MIEDZ SA

MULTIMEDIA POLSKA S.A iPLNl POLIMEX - MOSTOSTAL SA

POLISH OIL & GAS CO

POLISH TELECOM WARSZAWA

POLSKI KONCERN NAFTOWY ORLEN POWSZECHNA KASA 0SZCZED.POLSKI TVN

TURKEY

AKBANK

ANADOLU EFES BlRAClLlK VE MALT BIM BlRLESlK MAGAZALAR AS

EREGLI DEMIR CELIK

MIGROS TURKEY T.A S

SABANCI HOLDING

SELCUK ECZA DEP.TICARET SANAY TUPRAS TURKIYE PETROL RAFINEL TURKCELL ILETlSlM HIZMET

TURKIYE GARANTI BANKASI /NOM TURKIYE IS BANKASI AS C

TURKIYE VAKIFLAR BANK TAOIEM07 TURKIYE VAKIFLAR BANKASI TAO YAP1 KREDI BANKASA

TOTAL SHARES

27.700

1 800

900

6.500

8.500

1,200

6.000

10 500

15,000

164

91.500

67,200

22,000

44.600

10,000

90,000

5,600

5,300

16 000

9,000

39,950

82.000

12,000

54,159

102.000

96.799

27,112

55 400

63 000

HUF 950.810 3.77

1.552.804 6.15 .~

CZK 92.945 0 3 1

92,945 0.37 -.

PLN 230.191 0.91

PLN 461,055 1.83

PLN 582,014 2.30

PLN 146.626 0.58

PLN 271 818 1.08

PLN 263.664 1.04

PLN 51 141 0.20

PLN 9,213 0.04

PLN 99485 0.39

PLN 407945 161

PLN 275,422 1.09

PLN 557085 2.21

PLN 69,922 0.28

3,425.581 13 56

TRY 447.593 1.76

TRY 137,737 0.55

TRY 234,932 0.93

TRY 116,763 0.46

TRY 87.086 0.34

TRY 120936 0.A8

TRY 272.610 1.08

TRY 204336 0.81

TRY 206.401 0.82

TRY 350.128 1.39

TRY 350.589 1.39

TRY 45433 0.18

TRY 104.218 0.41

TRY 100 125 040

2 778,887 11.00

24,298.711 96.19

-

. -


AN OFFICIAL STOCK EXCHANGE LISTING 24,298,711 96.19

14263,988 56 47 - .

GBP 639518 2 5 3

.. - ..

639518 2.53 -

HUF 601.Y94 238

A -


- Descriptlon Quantity Currency Evaluation % net

assets - - -


SHARES

VIRGIN ISLANDS - -

CHAGALA GROUP LTO lGDR 29.000 USD 234.871 093

REG S

234871 0.93 __

TOTAL SHARES 234,871 0.93

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHERREGULATEDMARKET


SHARES


KRASNY KOTELSHIK JSC 200.000

TRANSNEFT OJSC MOSCOW 100

~ .~

234,871 ..0.83

US0 129.734 0 5 1

US0 157,855 0.63

TOTAL SHARES


TOTAL INVESTMENTS


TOTAL NET ASSETS

287,589 1.14

287.589 1.14 .~

2a7,5ag j . f 4 __ 24.821,171 98.26

439,628 1.14

25,260,799 . 100.00

~


.. _- -

Portfolio of Investments and Other Net Assets .. . - -_

EMERGING EUROPE EQUITY

Economic Division of Investment . - -

._ . - - (expressed as a percentage of net assets)

%

Banks and financial institutions Energy News transmission Holding companies Public services Non-ferrous metals Miscellaneous Coal mines, heavy industries Real estate companies Precious metals Food Transport Tobacco and spirits Mechanics, machinery Graphic art and publishing Pharmaceuticals and cosmetics Retail trade, department stores Construction, building materials


Total Net Assets

25.08 19.64 12.96 11.75 8.56 6.16 5.36 2.10 1.80 1 .oo 0.93 0.63 0.55 0.51 0.48 0.37 0.34 0.04

1.74

100.00 - -

HSBC Global Investment Funds 7-

~


EUROLAND EQUITY Statement of investments as at 31 March 2007 (expressed in EUR)

Description Quantity Currency Evaluation 7b net assets

280000 EUR 22,304,800 384

-. .~ -. .

SIEMENS AG INAM.

126.344 450 21.82 -

GREECE

COSMOTE MOBILE TELECOMMUNICAT.

. . . -


-. . . .~ 430,000 EUR 9,847,000 1.70

. -

9,847.000 1.70 ~. INVESTMENTS

IRELAND

C&C GROUP PLC

SMURFIT KAPPA PLC


SHARES

779904 EUR 8890,906 1.53

443,700 EUR a.208,450 1 42 -.

17,099.356 2 95 ~~

ITALY - ASSlCURAZlONl GENERAL1 SPA AUTOGRILL SPA

CAPlTALlA SPA

SEAT PAGINE GIALLE SPA

UNICREDITO ITALIAN0 SPA

AUSTRIA 360,000 EUR 11,498,400 1.99

848,600 EUR 12202,868 2.11

2,541.000 EUR 17,075,520 2.95

17,492,219 EUR 8 090,151 1.40

2.613.000 EUR 18 500.040 3.19

67.366.979 11.64

.~

. --

OMV AG

WIENER STAEOTISCHE VERSICHER. ZUMTOBEL AG

105.268

105 000

215.000

53 577

603,000

470 000

11 5.000

300.000

1 000,000

5a.000

320.000

440.000

297.201

260,000

260,000

314,000

304.000

11 3.000

552,728

107.000

254 000

360,000

a6.000

200,000

187.000

95.000

43,000

EUR 4973,913 0.86

EUR 5571.300 096

EUR 5.461.000 0 94

16,006,213 2.76

~-

__ BELGIUM -

UMICORE NETHERLANDS

EUR 7,156816 1.24

7 156,816 1.24

. .~ ARCELOR MITTAL N.V CLASS A HEINEKEN NV

ING GROEP NV/ CERT. OF SHS

KONINKLIJKE DSM NV

KONINKLIJKE KPN NV

KONINKLIJKE NUMICO NV

QIAGEN NV

REED ELSEVIER NV

VEDIOR NV

200,000

322,000

481.198

120 000

1754,000

305,800

630.000

1,050.000

335 000

EUR 7900,000

EUR 12,467,840

EUR 15.176985

EUR 4,048.eoo

EUR 20,539,340

EUR 11 813.054

EUR 8,045,100

EUR 13,828,500

EUR 5,607900

1 36

2 15

2.62

0 70

3 55

2 04

1 39

2 39

0 97

17 17

~

-

FINLAND -

NOKIA OY

OK0 OSUUSPANKK. KESKUSPANKKI A STOCKMANN -B-

EUR 10,269,090 I 78

EUR 6.039.500 1.04

EUR 3770.850 065 -

20,079,440 3.47 - - FRANCE

BOUYGUES

BULL ACT NOUV PROV. DE

REGROUP CIE GEN GEOPHYSIQUE ’ VERITAS NEUF CEGETEL

NRJ GROUP

PARROT SA

PEUGEOT SA

SAFRAN SA

SANOFI-AVENTIS

SUEZ

TOTAL SA

VI V E N 0 I

99.427 519 EUR 17.205,OOO 2.97

EUR 5060.000 087

EUR 9,175,020 1.58

EUR 8896,000 154

EUR 5,561,600 0.96

EUR 11,287694 195

EUR 13.585.000 2.35

EUR 4,737 200 0.82

EUR 20 246.720 3.49

EUR 12,114,400 2.09

EUR 5.942.670 1 03

EUR 16.742.131 2.89 . -

130,553,435 22 54

PORTUGAL

MOTA ENGIL SGPS SA 303,200 EUR 1794,944 031

1,794.944 0.31

~.

. - SPAIN

ALTADIS SA/REG 338,000 EUR 16,264560 282

CINTRA 640000 EVA 8921,600 154 CONC INFRAEST TRANSPORT GRIFOLS SA -A- 1 187.000 EUR 14.244.000 246

REPSOL YPF SA MADRID 326,000 EUR 8,192.380 1 41

47,622,540 8.23

-

- SWEDEN

GERMANY -. -

ALLIANZ AG :NAM

BAYER AG

COMMERZBANK AG

OEUTSCHE BOERSE AG /NAM

DEUTSCHE POST AG. BONN

FRESENIUS MEDICAL CARE AG MUENCHENER RUECKVERSICHER INAM. PUMA AG

NORDEA BANK AB 1,133,500 EUR 13,533,990 2 34

13 533,990 2 34 .-

SWITZERLAND

LONZA GROUP AG /NOM 86,000 CHF 6117,119 106 ~~

6117119 106

TOTAL SHARES 562,949,801 97 23

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING - 582,949,801 97.23

-

EUR 16,425,570 284

EUR 12,128.500 2.09

EUR 12.006000 207

EUR 14629,460 253

EUR 4.548000 0.79

EUR 20485.a50 354

EUR 12,017,500 2 0 8

EUR 11 798.770 2 04

- ~~ A . - HSBC Global Investment Funds

..

Portfolio of Investments and Other Net Assets - =- ._..

Description Quantity Currency Evalualion Yo nct assets

TOTAL INVESTMENTS 562,949,801 97 23

-

OTHER NET ASSETS LESS LIABILITIES 16,035,160 2 2

TOTAL NET ASSETS 578,984,961 100.00

A L - HSBC Global Investment Funds

~ ~.

Portfolio of Investments and Other Net Assets . -

EUROLAND EQUITY


(expressed as a percentage of net assets) ~.

Banks and financial institutions News transmission Insurance Pharmaceuticals and cosmetics Tobacco and spirits Electronics and electrical equipment Energy Chemicals Graphic art and publishing Other services Construction, building materials Non-ferrous metals Miscellaneous Holding companies Automobile industry Transport Gastronomy Public services Food Textile Coal mines, heavy industries Office equipment and computers Retail trade, department stores


.-

Yo

14.21 12.28

7.03 6.50 5.74 4.88 3.85 3.79 3.43 3.28 3.19 2.81 2.53 2.35 2.33 2.1 1 2.09 2.04 2.04 1.36 0.87 0.65

7.87

2.77


HSBC Global Investment Funds ~. -

..


EUROLAND EQUITY SMALLER COMPANIES Statement of Investments as at 31 March 2007 (expressed in EUR)

. -


.-

ElLFlNGER BERGER AG

CONERGY AG

DEMAG CRANES AG

DEUTSCHE EUROSHOP /NAMENAKTIE DIC ASSET AG

EPCOS AG. MUENCHEN

ERSOL SOLAR ENERGY AG

IWKA AG

K 8 S A G

MTU AERO ENGINES HLDS INAMEN. OSC AG

SGL CARBON AG

SOFTWARE AG

STADA ARZNEIMITTEL AG

UNITED INTERN.8CO:NAMENSAKT WINCOR NIXDORF AG

20,000

17,600

31,500

26,000

42,052

115.000

15,000

65.000

18 400

36,500

260,000

55 000

24,600

33,000

110,000

24,000

87.000

135,000

130.000

84,000

163,000

500,000

88.366

200,000

600,000

318,000

19,224

65 000

23.500

31.000

20,500

30.000

60,000

300,000

97,970

37,000

90.000

57 000

30.000

80 000

EUR 1358,800 1.31

EUR 978,736 094

EUR 1536,570 148

EUR 1518400 146

EUR 1251,888 121

EUR 1,496 150 144

EUR 826,350 080

EUR 1,524250 147

EUR 1507,880 145

EUR 1624250 156

EUR 1541 800 148

EUR 1,357,950 131

EUR 1586,454 1.53

EUR 1509750 145

EUR 1,542200 148

EUR 1677,361 162

-.

Description Quantity Currency Evaluation YO net assets

INVESTMENTS


SHARES

AUSTRIA - IMMOEAST AG

WIENERBERGER AG

90.000 EUR 997.200 0.96

20,000 EUR 917,600 0.88

1,914.800 1 84

-

24,115,503 23 22 BELGIUM -. -

C.F.E (CIE D ENTREPRISES)

DEVGEN NV ZWIJNAARDE

KINEPOLIS GROUP

TELENET GROUP HOLDING

UMICORE

GREECE 1400 EUR 1,598800 154

48000 EUR 1049760 101

16980 EUR 954785 092

63,000 EUR 1521 450 146

8400 EUR 1.122072 108

6246,867 601

-~

- .

HELLENIC EXCH H CLEAR.SETT REG HELLENIC TECHNODOMI TEV SA;REG METKA SA

EUR 1,513800 1.46

EUR 1466,100 1.41

EUR 1,783 600 1.72

4 763.500 4.59 ~

IRELAND DENMARK

FLSMIDTH 8 CO. AIS B

SYDEANK AIS

MCINERNEY HOLDINGS PLC EUR 1317.120 1.27

1,317120 1 2 1

. .

.-

15,000 DKK 753.019 072

38710 DKK 1,556 191 150

2309.210 222

-

-

ITALY

CEMENTIR CEM DEL TIRRENO SPA C I R CIE INDUSTRIAL1 RlUNlTE

ESPRINET SPA

IGD IMMOB GRANDE DISTR SPA IMMSI SPA TORINO

IMPREGIL0:POST RAGGRUPPAMENTO ITALMOBILIARE SPA jRISP /N- cv MARIELLA BURANI FASHION GR SPA TOD S SPA

VALENTINO FG

FINLAND EUR 1507,750 1.45

EUR 1511,250 1.45

EUR 1,399,717 135

EUR 820.000 0.79

EUR 1443,000 1.39

EUR 1,648 035 1.58

EUR 1,391.241 1.34

EUR 1.461.850 1.41

EUR 1,524.680 1.47

EUR 943,330 0.91

13,650,853 13.14

-

~. .

KCI KONECRANES PLC

OUTKUMPU TECHNOLOGY OYJ RAMIRENT OYJ

WARTSILA CORPORATION

YIT OYJ

66000 EUR 1658.580 1.60

54.000 EUR 1,483,920 143

30,000 EUR 1,781,100 1.70

32.000 EUR 1 470,400 1.42

55000 EUR 1.408550 1.36

7802.550 751

-

- . FRANCE

CIE GEN.GEOPHYSIQUE i VERITAS GEODIS [EX-CALBERSON) SA

GROUPE STERIA VELIZY VILLAC. HAULOTTE GROUP

ILIAD

MAISONS F3ANCE CONFORT

NEXANS PARIS

ORPEA

SOITEC. BERNIN

TELEPERFORMANCE

8,000 EUR 1,265520 122

9500 EUR 1524750 147

31.400 EUR 1498.722 144

NETHERLANDS 35000 EUR

11,000 EUR

25.745 EUR

15.61Y EUR

22,000 EUR

50000 EUR

35.000 EUR -

-

838 Y50

849.420

1.518 698

1534.254

1612,600

885 500

1.144.850

0 E l

0 82

146

148

155

0 85

110

AALBERTS INDUSTRIES

ARCADIS NV

DRAKA HOLDING NV

HAGEMEYER NV (EUR 1.2)

KONINKLIJKE BAM GROEP NV

KON VOPAK NV

ORDINA NV EUR 0.1

SBM OFFSHORE NV

SMlT INTL NV

UNIT 4 AGRESSO NV

EUR 1,515.565 1.46

EUR 1,440,000 1 39

EUR 1638.600 1.58

EUR 1,065,000 1.03

EUR 1.726231 1.65

EUR 1,5A3.640 1.49

EUR 1,588 500 1.53

EUR 1.539.000 1.48

EUR 1.440.000 1.39

EUR 1,466,400 1.41

12.673 264 12.20 -

GERMANY - -

AWD HOLDING AG HANNOVER 36.045 EUR 1.276.714 1.23


._

Portfolio of Investments and Other Net Assets _-

- . -~ .. .

Ocscription Quarrtlty Currency Evaluation YO net assets

USG PEOPLE NV 50 000 EUR 1,552,000 1.49

16,514,936 15.90 ~. ~

NORWAY

AKER YARDS ASA

PETROLEUM GEO-SERVICES

ASA

120,350 NOK 1.542253 148

85,000 NOK 1,683,628 1.63

- 3,225881 3 11

SPAIN - GRUPO CATALANA OCCIDENTE SA RENTA CORPORACION REAL ESTATE VOCENTO SA’REG

20000 EUR 644400 0.62

40.000 EUR 1.446.000 1.40

75000 EUR 1145.250 1.10

SWITZERLAND

BANK SARASIN & CIE SAiNAM

B- FISCHER GEORG AG/NAM

KOMAX HOLDING AG

PUBLIGROUPE SA INAM.

SULZER AG !NAM (CHFGO)

3,235,650 3 12 ... --

600 CHF 1,625,812 157

3000 CHF 7 608.267 155

15000 CHF 1.625813 156

3.340 CHF 913.263 088

1439 CHF 1.497.663 144

TOTAL SHARES

7.270.812 7 00

105,040,946 101.13 ~. ~

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 105,040,946 101.13

105,040,846 I 0 1 .I 3 TOTAL INVESTMENTS -.

OTHER NET ASSETS LESS LIABILITIES (1,168,911) (1.13)

TOTAL NET ASSETS 103,872.035 100.00


- -

Portfolio of investments and Other Net Assets -.

EUROLAND EQUITY SMALLER COMPANIES

Economic Division of Investment ~.



Construction, building materials Mechanics, machinery Electronics and electrical equipment Internet Software Real estate companies Other services Banks and financial institutions Transport Energy Textile Holding companies Aerospace technology News transmission Non-ferrous metals Automobile industry Healthcare, education and social services Pharmaceuticals and cosmetics Chemicals Environmental services & recycling Coal mines, heavy industries Miscellaneous Public services Gastronomy Graphic art and publishing Undefined Insurance

16.55 12.92 8.32 7.39 7.09 6.03 4.52 4.35 4.33 3.79 3.72 3.04 2.56 2.51 I .60 1.55 1.45 1.45 1.39 1.31 1-10 0.94 0.92 0.88 0.80 0.62

Other net assets less liabilities (1.13)

HSBC Global Investment Funds ~~~~~ ~

-


EUROLAND VALUE CREATION Statement of investments as at 31 March 2007 (expressed in EUR)

.~


.~ ~. ITALY -

CAPlTALlA SPA

RECORDATI IND CHIMICA/POST RAG SAIPEM SPA

692,312 EUR 4652,336 3 11

436,157 EUR 2,570,869 1.72

203,809 EUR 4459,341 297

17,691,546 7 80

~. -

-

.~ ~. .


INVESTMENTS NETHERLANDS - --

HEINEKEN NV

ING GROEP NVI CERT OF SHS

TOMTOM NV

139.889 EUR 5.416.502 361

142,544 EUR 4,495,838 300

45,829 EUR 1,395,493 093

11.307.833 7 54 -


SHARES

SPAIN AUSTRIA

BANCO BILBAO VITARGENTARIA INAM GRIFOLS SA -A-

INDITEX /REG

TELEFONICA SA

ZUMTOBEL AG 444,183 EUR 8.128.548 543

368.802 EUR 4,425624 2 95

126.614 EUR 5,821.712 3.88

368802 EUR 6048353 403

24,424,237 16.29

141,026,840 9A 04 ~~

28,956 EUR 735.482 0 4 9

735,482 049

-

BELGIUM

KBC GROUPE SA

UMICORE

45690 EUR 4,248713 2.83

29,696 EUR 3,966,792 2.65 .- TOTAL SHARES

8.215305 5.48 TOTAL TRANSFERABLE SECURITIES ADMITTED TO 141,026,840 94.04 AN OFFICIAL STOCK EXCHANGE LISTING

TOTAL INVESTMENTS - 141,026.840 94.04

FINLAND

NOKIA OY

RAMIRENT OYJ

334,057 EUR 5,688 991 3.79

25,425 EUR 1,508,482 1 01

7,198,413 4.80

-

.-

OTHER NET ASSETS LESS LIABILITIES .. 8,933,708 5.96

FRANCE - -

BOUYGUES

BUSINESS OBJECTS SA

IPSOS SA PARIS

SANOFI-AVENTIS

SCHNEIDER ELECTRIC ilSS.07

SCHNEIDER ELECTRIC SA

TOTAL SA

VEOLIA ENVIRONNEMENT

VIVENDI


90 059

58.450

94,664

81,742

1 092

18,573

92.919

69,178

153.743

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

-

5.164 884

1,586,333

2524,689

5,270,725

100.464

1.760 535

4 886.610

3377,563

4,656,875

3.44

1 06

1 68

3 51

0 07

117

3 26

2 59

3 11

19 89

-

29,826,678 --

GERMANY

ALLIANZ AG INAM.

BOSS AG.HCIGOiVORZUGSAKTIE DEUTSCHE BOERSE AG iNAM

FRESENIUS MEDICAL CARE AG MUENCHENER RUECKVERSICHER :NAM. RWE AG (NEU). ESSEN A

SAP AG

GREECE

46967 EUR 7,209,904 481

130695 EUR 5,652,559 377

45946 EUR 7815874 520

51,052 EUR 5,592,747 373

35303 EUR 4,465,830 2 9 8

112,522 EUR 8.846479 5.89

36,264 EUR 1209,404 081

40,792,797 27 19

-

__

BQ NATIONA.GRECE!NOM- S.CP. COSMOTE MOBILE TELECOMMUNICAT.

100,000 EUR 4.040000 2.70

121,934 EUR 2.792.289 1.86

-

6,832289 4.56 ~~

I


-- -

Portfolio of Investments and Other Net Assets ~~~~ -

EUROLAND VALUE CREATION

Economic Division of Investment -

~~~~

~. (expressed as a percentage of net assets) -~~~

%

Banks and financial institutions News transmission Pharmaceuticals and cosmetics Public services Insurance Textile Energy Holding companies Construction, building materials Tobacco and spirits Other services Electronics and electrical equipment Non-ferrous metals Internet Software Graphic art and publishing


Total Net Assets

17.07 12.79 8.96 6.40 7.79 7.65 6.23 5.20 4.45 3.61 2.95 2.66 2.65 1.67 1.68

5.96

100.00

-

HSBC Global Investment Funds - _ _ _ ~ --A- ~ -

~- ~ .~ -

Portfolio of Investments and Other Net Assets ~~

SUSTAINABILITY LEADERS Statement of investments as at 31 March 2007 (expressed in EUR)

Description Qusntity Currency Evaluation “h net assets

- ~ ~ -. ~ .-

INVESTMENTS


SHARES

AUSTRIA

WIENERBERGER AG

BELGIUM -.

DEXIA SA

UMICORE

FINLAND

NOKIA OY

FRANCE - - ACCOR SA

AXA

GROUPE DANONE

L‘ OREAL

MlCHELlN B INOM.

PEUGEOT SA

SAINT-GOBAIN

SANOFI-AVENTIS

SCHNEIDER ELECTRIC IiSS.07


VlNCl

VIVENDI

GERMANY - - ALLIANZ AG /NAM

HENKEL PREF

MUENCHENER RUECKVERSICHER INAM. SCHMACK BIOGAS AG

SOLARWORLD AG BONN

VERB10 VEREINIGTE BIOENERGIE

GREAT BRITAIN ~. -

BARCLAYS PLC

BP PLC

BT GROUP PLC

7.127

25.204

3.194

36,034

9 785

25.682

4.523

7 543

7,460

10.a20

7.770

9.351

339

6,509

6 559

20,159

3,898

5,717

4.624

5.348

5 528

22.000

73,850

77.892

136.190

EUR 326987 I 15

326,987 1.15 .~ ~

EUR 569,106 200

EUR 426655 150

995.761 350

EUR 613.659 2.16

613.659 2.16 -. ~ -

EUR 696,594 245

EUR 809,754 2 8 5

EUR 550766 194

EUR 610,606 2 15

EUR 615450 217

EUR 565,345 199

EUR 565,811 199

EUR 602952 212

EUR 31 188 011

EUR 616,988 217

EUR 759,401 267

EUR 610,616 2 15

7,035,471 24 76 --

EUR 590,362 2.11

EUR 629.842 2.22

EUR 584.936 2.06

EUR 338.154 1.19

EUR 319,408 1.12

EUR 168.080 059

-. - - 2,638.802 9.29 -

GBP 786.353 2.76

GBP 638686 2.25

GBP 610,449 2.15

- ~- ~.

Quantity Currency Evaluation Yo net assets

Descriplion

DIAGEO PLC

HSBC HOLDINGS PLC

IMPERIAL CHEMICAL INDUSTRIES MARKS AND SPENCER

PEARSON PLC

ROYAL BK OF SCOTLAND PLC

ROYAL DUTCH SHELL PLC-A-

SCOTTISH POWER PLC

YELL GROUP PLC

IRELAND - .-

CRH PLC

ITALY

ASM BRESCIA SPA

CAPlTALlA SPA

HERA SPA

NETHERLANDS -. - REED ELSEVIER NV

NORWAY ~

RENEWABLE ENERGY AS

STATOIL ASA

SPAIN

EERO PULEVA SA

ENAGAS

GRUPO FERROVIAL SA FER

SOL MELIA SA

SWEDEN _ - HENNES & MAURITZ AB

SKFAB B

SWITZERLAND - - HOLCIM LTD INAM.

ROCHE HOLDING AG lGENUSSSCHElN UBS AG INAMENSAKTIEN

TOTAL SHARES

40 912

41.095

75,862

53 253

49.884

20,005

21.875

55,507

51.078

19,686

107,023

92,253

170,697

45,854

20 246

18.700

29,905

32.296

10,274

35 963

13,225

28 000

8.283

4,049

13,746

GBP 613554 216

GBP 536,766 1.89

GBP 556,567 196

GEP 532,159 187

GBP 640,185 2.25

GBP 584.717 206

EUR 550,156 194

GBP 654.756 230

GBP 449.534 158

7.153882 25 17 ~-

EUR 626.999 221

626999 221 ~-

EUR 511 570 I 8 0

EUR 619,940 2.18

EUR 543,243 191

1.674.753 5 89

-. -- -

. .- ~

EUR 603.897 2.12

603,897 2.12

~

~ .- -

NOK 348,256 1.23

NOK 384.799 1.35

734055 2.58 -

EUR 525730 185

EUR 617,500 2 1 7

EUR 771.577 272

EUR 647,334 2 2 8

2562,141 902 --

SEK 569.683 2.00

SEK 429,048 1.51

998,731 3.51

~ - .-

--

CHF 618,239 z i a CHF 540.597 190

CHF 615005 2 16

1773,841 6 2 4

27,738,979 97 60

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 2 7 , 7 3 6 , 9 7 9 97.60

TOTAL INVESTMENTS 27,738,979 97.so

680.971 2.40 - - .~ OTHER NET ASSETS LESS LIABILITIES

.. -.

Portfolio of Investments and Other Net Assets -t - -

~ .. - Descripllon Quantity Currency Evaluarlon net

assets


- .

-d HSBC Global Investment Funds r

Portfolio of Investments and Other Net Assets 3 SUSTAINABILITY LEADERS



%

Construction, building materials Banks and financial institutions Public services Insurance News transmission Graphic art and publishing Energy Holding companies Gastronomy Consumer goods Pharmaceuticals and cosmetics Retail trade, department stores Food Mechanics, machinery Electronics and electrical equipment Tyres and rubber Automobile industry Chemicals Non-ferrous metals Index Options


11.77 11.16 10.53 7.02 6.46 5.95 5.54 5.20 4.73 4.37 4.02

3.79 2.70 2.28 2.17 1.99 1.96 1.50 0.59

3.87

2.40


HSBC Global Investment Funds A- . - -

Portfolio of Investments and Other Net Assets ._. -.

EUROPE EX UK EQUITY Statement of Investments as at 31 March 2007 (expressed in EUR)


LANXESS AG

PORSCHE AG NZ.A. SDV

40,278 EUR 1,544,259 1.77

725 EUR 840,862 0.96

12,185,699 13.96 ~ .. - Description Quantity Currency Evaluation % net

assets GREAT BRITAIN

JAZZTELPLC 616,073 EUR 381.965 044

381.965 044

- .

INVESTMENTS

GREECE . -

BANK OF PIRAEUS

HELLENIC TELECOM

OPAP


SHARES

45,040 EUR 1,170.139 1.34

90,250 EUR 1,833.8ai 2.10

29,723 EUR 856.022 0.98

3.860.042 4.42

-. .

BELGIUM

DEXIA SA

UCB

IRELAND

62,312

20.244

208,047

16,378

49 553

72,461

106,889

26.835

21,955

45.473

9.745

8.749

25.344

40,909

21.476

36,109

57,439

i o 918

16,420

18.205

27.528

13 907

83.305

17.819

30 503

EUR 1,407.005 1 62

EUR 884,460 1.01

2,291.465 2.63 -

BANK OF IRELAND

SMURFIT KAPPA PLC

110.280 EUR 1,761.171 2.01

36.611 EUR 677,304 0.78

2.438.475 2.79 CYPRUS ITALY

MARFIN POPULAR BANK PUBLIC CO

EUR 1.668.537 191

1668.537 1.91 ~ .~

EN1 SPA ROMA

INTESA SANPAOLO SPA

UNICREDITO ITALIAN0 SPA

81.354 EUR i.97364a 2 2 6

227,922 EUR 1,291,178 148

383 042 EUR 2,711.938 3.11 -

5.976764 6 8 5

DENMARK

NOVO NORDISK AiS B

FINLAND

DKK 1,127 772 1.29 NETHERLANDS

.~

ARCELOR MITTAL N.V. CLASS A BUHRMANN NV


1,127,772 1.29 -.

36.126 EUR 1,426.977 1.63

88,926 EUR 905,267 i o 4

36,837 EUR 1,423.013 1.63

3,755,257 4.30 - -~

NESTE OIL OYJ

NOKIA OY

EUR 1.285.405 1.48

EUR 1234.011 1.41

2,519,416 2.89 ~ .~ PORTUGAL FRANCE

BCO COMM PORTUG./NAM AXA

BNP PARIBAS

CASINO GUICHARD-PERRACH

CREDIT AGRICOLE SA.

GROUPE DANONE

LAFARGE SA

LEGRAND HOLDING ACT.PROV.OP0 NEUF CEGE-EL

SAINT-GOBAIN

SANOFI-AVENTIS

TOTAL SA

VALLOUREC


803,343 EUR 2.169.026 2.49 EUR 3 370,210 3.87

EUR 2,083.738 2 39

EUR 1,653,212 1.89

EUR 1329,176 1.52

EUR 1,186.649 136

EUR 1,021,446 1.17

EUR 627,771 0.72

EUR 1,137,270 130

EUR 1,563,882 1.79

EUR 2.328.308 2.67

EUR 3,020,717 346

EUR 2,143 203 2.46

EUR 912,459 1.05

22,378.041 25.65

~-

2,169,026 2.49

SPAIN

ACCIONA SA

ALTADIS SNREG.

BANCO BILBAO VIZARGENTARIA /NAM ENDESA SA

GAMESA CORP TECNOLOGICA SA TELEFONICA SA

14,359 EUR 2,313,235 2.65

11,550 EUR 555.786 0.64

161.340 EUR 2,952,522 3.38

28,477 EUR 1 147,054 1.31

62,021 EUR 1,648,518 1.89

130,778 EUR 2,144,759 2.46

10,761,874 12.33 - -~ SWEDEN -

BOLIDEN AB

ERICSSON TEL. -E.

38,728 SEK 637,009 0.73

m . 2 7 8 SEK 1,574.103 1.80 -.

2.211.112 2.53

GERMANY

ALLIANZ AG ,NAM

COMMERZBANK AG

CONTINENTAL AG

DEUTSCHE POSTAG. BONN

E.ON AG

HEIDELBERGER DRUCKMASCHINEN AG

EUR 2 794,650 3.21

EUR 918.059 105

EUR 1,343,972 1.54

EUR 1.894.356 2 17

EUR 1,807.559 2 07

EUR 1.041 982 1.19

SWITZERLAND --

CREDIT SUISSE GROUP /NOM.

JULIUS BAER HOLDING INAMENAKT. NOVARTIS AG EASEL INAM.

ROCHE HOLDING AG /GENUSSSCHEIN

37,027 CHF 2,000 931 2.29

20700 CHF 2,105,944 2.41

54,273 CHF 2,312.898 2.66

11.271 CHF 1504,833 1.72


Portfolio of Investments and Other Net Assets -_

_ _ Descrlptlori Quantity Currency Evaluatlon % net

assets ~

SYNGENTA AG lNAM 14,553 CHF 2036,232 2 3 3

ZURICH FINANCIAL SERVICES 3752 CHF 809296 0 9 3

/NAM ~~

10,770 134 12 34

84,495,579 96.82 ..

TOTAL SHARES


TOTAL INVESTMENTS 64.495.579 96 a2


TOTAL NET ASSETS 87.272.793 100.00


Portfolio of Investments and Other Net Assets -3 EUROPE EX UK EQUITY


(expressed as a percentage of net assets) _-

Banks and financial institutions News transmission Pharmaceuticals and cosmetics Insurance Energy Construction, building materials Public services Chemicals Mechanics, machinery Food Electronics and electrical equipment Coal mines. heavy industries Transport Real estate companies Tyres and rubber Office equipment and computers Gastronomy Automobile industry Miscellaneous Tobacco and spirits


27.00 9.51 9.35 8.01 7.20 5.61 4.43 4.10 3.65 2.99 2.61 2.36 2.17 1.89 1.54 1.04 0.98 0.96 0.78 0.64

3.18


A --


.- ~

Portfolio of Investments and Other Net Assets .~

GLOBAL EMERGING MARKETS ELITE FUND Statement of investments as at 31 March 2007 (expressed in USD)

... - Quantitv Currencv Evaluation % net Description

assets -.

19,500 HKD 95,570 063

784,345 5 19 -

-.

PING AN INSUR (GRP)CO -H-

COLOMBIA Description Quantity Currency Evaluation % net

assets BANCOLOMBIA SA I ADR

SURAMERICANA DE INVERSIONES

1,305 US0 35.992 024

8 544 COP 73.738 0 4 9

-

109.730 073 -

- -

INVESTMENTS

EGYPT __ ELSEWEDY CABLES

ORASCOM TELECOM HLD/GDR(REG.S)


SHARES

3,688 EGP 28487 0.19

521 US0 35,689 0.23

64,176 0.42 ~ BERMUDA ISLANDS FEDERATION OF RUSSIA

~ --

AKSBEREGATELNYBANK SBERBANK GAZPROM OAOISADR

LUKOIL ISADR

MOBILE TELESYSTEMS OJSlSADR NOVOLIPETSK STEEL GDR REGS RAO UNIFIED ENER.SYS.lGDR

VIMPEL C0MMUNICATIONSF.ADR

DUFRY SOUTH AMERICA LTDA 48.136 0.32 2 800

18.612

5 400

4.764

5.400

2.480

2.400

4,AOO

2.300

13,600

200

1,300

43,920

1,600

7,400

1,756

3,300

5 529

52,000

3.767

104 000

190.000

21 000

104.000

74 000

BRL -.

-

BRL

BRL

USD

USD

US0

BRL

BRL

USD

BRL

USD

BRL

BRL

BRL

BRL

USD

USD

BRL

47 USD 168495 1.12

18.294 US0 773,124 512

2.595 USD 224,987 149

1,303 USD 75,040 050

5526 USD 160.254 106

840 USD 115,500 0.76

600 US0 57.738 0 38

~

1.575 138 10.43 ~

48,136 0.32

BRAZIL -.


BANCO BRADESCO SA IPREF.


CIA VALE RIO DOCElSADR

CIA VALE RIO DOCEGADR(1 ORDSH) DURATEX SA /PRIV.

GERDAU !PREF.

GERDAU SA! SADR PFD SHS

GVT HOLDING SA

ITAU HOLDING !PFD SHSISADR

ITAU HOLDING SA IPREF.

JES AS

LOCALIZA RENTA A CAR

LOPES BRASIL-CONSULT0 DE IMOVE PETROBRAS EADR

PETROLEO BRASILEIRO iSADR

TERNA PARTICIPAES SA

222.148

110.790

195.038

168,912

91,810

48.215

78,884

41,216

162,593

7,028

45.732

153,167

48.490

76,403

159,357

334,355

63.521

1 41

0.73

1.29

1.12

0.61

0 32

0.52

0.27

1 08

0.05

0.30

1.01

0.32

0 51

1.06

2.21

0.42

HONG KONG

CHINA MOBILE LTD

CHINA OVERSEAS LAND AND INVESTMENT CHINA RESOURCES ENTERPRISE LTD CNOOC LTD

IND a COM BOG -H-

31,500 HKD 286,393 1.89

48000 HKD 60,317 0.40

16,000 HKD 53438 0.35

108000 HKD 94.668 0.63

174.000 HKD 97,524 065

592.340 3.92 -

~. ~

HUNGARY

MOL MAGYAR :-A-

OTP BANK LTD

992 HUF 112.956 075

1.509 HUF 69,071 046

182027 1.21

~~ 2,007 659 13.29 ~-

CAYMAN ISLANDS -~

AAC ACOUSTIC TECHNOLOGIES HLD

INDIA HKD 49307 0.33

- 49,307 0.33 -~

LARSEN a TOUBRO /GDR

MAHlNDRA&MAHINDRAiGDR REG.S

2,227 USD 83223 0 55

2.792 USD 50229 0 3 3

-

133,452 0.88 ~- ~

CHILE

EMPR.NAC ELJSP.ADR (30A) USD 151.320 1.00

151.320 1.00

-~ INDONESIA

BANK DANAMON INDONESIA TBK -A- BANK RAKYAT INDONESIA

PT ASTRA INTERNATIONAL TBK PT TELEKOM.INDONESIA 'SP.ADR

151 000 IDR 108301 072

148,000 IDR 81,840 0.54

58,500 IDR 84,556 056

5,170 US0 222,517 147

-

497.214 329

CHINA .-

ANGANG STEEL COMPANY LTD -H- CHINA CONSTRUCTION BANK CORP CHINA LIFE INSURANCE CO LTD-H- CHINA SHENHUA ENERGY CO -H- PETROCHINA GO LTO !-H-

HKD 180.460 1.19

HKD 108,680 0.72

HKD 60.329 0.40

HKD 251,525 1.67

HKD 87781 0.58

MALAYS I A

MALAYAN BANKING BERHADlFOR REG

54.500 MYR 201.911 1.33


.. ._ r) Portfolio of Investments and Other Net Assets

- Description Quantity Currency Evaluation % net

assets Descripllon

~ ~~

Quantity Currency Evaluation Yo net assets

43,800 MYR 150.860 1.00

26.000 MYR 75,253 0.50

- .

428 024 2.83

-. .-

MAXIS COMMUNICATIONS BHD

TELEKOM MALAYSIA BHDiFOR.REG

SAMSUNG ELECTRONICS CO LTD

790

61,000

4.000

91,000

69,000

133.000

199,000

50,000

1,068

45.000

4.000

148.000

126.000

59.000

5.700

8,000

31,966

135 400

21.100

110,900

44,672

18.148

KRW 472.790 3 14

~ -

2,448 500 16 22

TAIWAN

MEXICO ASUSTEK COMPUTER INC


CHI ME1 OPTOELECTRONIC CORP CHINA STEEL

FAR EASTERN TEXTILE LTD

FAR EASTONE TELECOM. CO LTD HON HA1 PRECISION IND IFOR

HON HA1 PRECISION IND GO LTD MEDIA TEK INCORPORATION

TAIWAN CEMENT CORP

TAIWAN SEMICONDUCTOR MANUFACT WISTRON CORP

TWO 143.839 0.95

TWD 31 440 021

TWO 188 995 125

TWD 71 965 048

TWO 149973 099

TWD 171 455 114

TWD 56,834 038

US0 14311 009

TWD 302,009 2 0 0

TWO 45,951 030

TWD 124830 083

TWD 258,638 171

TWO 89538 059

CEMEX lADR

CONTROLADORA COM.SABi(1

CORP.MOCTEZUMA SA DE CV B2 CORPORACION GEO SAB DE CV B EMPRESAS ICA SAB DE CV

FOMENT0 ECONOMIC0 MEXICANOIADR GRUPO AEROPORTUARIO -B- SADR

C+3 B)

2.154 US0 70,651 0.47

43790 MXN 122641 0.81

27.717 MXN 78,933 0.52

31,700 MXN 183,859 1.22

41,600 MXN 160.386 1.06

1,233 USD 137.874 091

4.847 USD 126,AlO 0.84

880,754 $83 - - .

PHILIPPINES

AYALA LAND INC.

POLAND

296,400 PHP 101.309 0.67

101,309 067 -

1,649,778 10.92 --

THAILAND BK POLSKA KASA OPlEKl PEKAO POWSZECHNA KASA OSZCZED POLSKI

972 PLN 88.751 059

2,534 PLN 42,207 028

130958 0.87 ~ -~

BANPU PUBLIC CO LTD'FOR REG BANPU PUBLIC CO 'NVDR

KASIKORNBANK PUBL COM LTDNVDR KlATNAKlN BANK PUBLICIFOR REG KRUNG THAI BANK 'FOR REG

KRUNG THAI BK PUBL.COINVDR

THB 32,864 0.22

THB 45.669 0.30

THE 59306 0.39

THE 111.111 0.74

THE 7.287 0.05

THB 38.302 0.25

.- .-

294.539 1.95 -

SOUTH AFRICA - .-

ABSA GROUP LTD

BIDVEST GROUP LTD

GOLD FIELDS

IMPALA PLATINUM HOLDINGS LTD MASSMART HOLDINGS LTD

MURRAY AND ROBERTS HOLDINGS SASOL LTD !REG.

STANDARD BK GROUP LTD

5.631 ZAR 109,442 072

5.717 ZAR 108343 072

3,524 ZAR 65.935 044

4.319 ZAR 134,653 089

15141 ZAR 174.856 1.16

9,099 ZAR 70.450 047

12,770 ZAR 433,986 287

10,094 ZAR 147.248 0.97

TURKEY

TOFAS TURK OTOMOBIL FABRlKASl TURKIYE GARANTI BANKASI iNOM

TRY 170,670 1.13

TRY 83.071 055

-

253 741 168

13,627,360 90.22 1,244 913 8.24

-

140

0.87

0.89

1.03

0 74

0.24

0.99

0.38

2.82

0.44

0.71

0 97

0.24

1.36

TOTAL SHARES SOUTH KOREA - -

DAEGU BANK

DAELIM INCUSTRIAL CO LTD

DAlSHlN SECURITIES CO LTD


DOOSAN HEAVY

WARRANTS I EQUITY LINKED SECURITIES 11.610 KRW 211.038

1370 KRW 131.214

5.790 KRW 135,097

5.500 KRW 156102

1,740 KRW 112.457

300 KRW 35,876

2700 KRW 148.958

290 KRW 57 955

2,300 KRW 424,189

940 KRW 66.048

2,740 KRW 107,476

1,640 KRW 147136

400 USD 36,420

490 KRW 205.744

GERMANY

DEUT BK 07- 1,869 17.1.17WRT!INFOSYS 0.000001

USD 86.668 0.57

~ .- - 86668 0.57

- INDUST.€iCONSTR. HlTE BREWERY CO LTD

GREAT BRITAIN

DE BK LN 06-23.1.09 10,820 WRT/RELIAN 0 UBS LDN 06- 1,645 2 7 07WRTiLARS&TOUB 0

-. .- HYUNDAI DIVELOPM.CO- ENG.&CONS. HYUNDAI HEAVY INDUSTRIES

HYUNDAI MlPO DOCKYARD CO LTD HYUNDAI MOTOR CO LTD

HYUNDAI MOTOR /PFD ISSUED 99 KOOKMIN BANK

KOOKMIN BANK iSADR

POSCO

US0 105248 0.70

USD 59.766 0.40

- .- 165014 1.10

.- TOTAL WARRANTS / EQUITY LINKED SECURITIES 251,682 1.67





-. -.


-~ ..


SHARES

EGYPT -

ORASCOM CONSTR INWSGDR 2.41 1

SOUTHKOREA

US0 243,993 1.62

243,993 1.62

. -

~.

INDUSTRIAL BANK OF KOREA 12 350 KRW 247.464 1.63

TAIWAN -

CAPITAL SECURITIES CORP 117,000

TOTAL SHARES

247464 1 6 3 ~

TWD 57,477 0.38

57.477 0 38

-.

. .- 548,934 3.63

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHERREGULATEDMARKET 548.934 3.63

OTHERTRANSFERABLESECURITES

SHARES

FEDERATION OF RUSSIA - .

MAGNIT JSC

TOTAL SHARES


GERMANY

1,389 us0 60,144 0.40 -. .

60.144 0 4 0

60,144 0.40 ~

DT BK AG 07- 3,209 US0 34.672 023

17,01,17WRT/SATYAM 0.000001

34,672 0.23 ~. ~

GREAT BRITAIN

UBS LON 06-17 11 07WRTIICICI 7.171 USD 142.630 094

0 .. -

142,630 0 9 4

TOTAL WARRANTS I EQUITY LINKED SECURITIES 177.302 1.17 ~. ~

TOTAL OTHER TRANSFERABLE SECURITIES 237,446 1.57

TOTAL INVESTMENTS 14,665,422 -97.09

OTHER NET ASSETS LESS LIABILITIES -. 439,188 2.91


HSBC Global Investment Funds . .~

Portfolio of Investments and Other Net Assets -E GLOBAL EMERGING MARKETS ELITE FUND

Economic Division of Investment -.

(expressed as a percentage of net assets) ~. .

Banks and financial institutions Energy Coal mines, heavy industries Electronics and electrical equipment News transmission Construction, building materials Holding companies Automobile industry Mechanics, machinery Real estate companies Public services Insurance Transport Retail trade, department stores Office equipment and computers Food Precious metals Tobacco and spirits Textile Miscellaneous Other services


Total Net Assets

20.31 9.59 8.79 8.26 7.62 7.38 7.10 4.21 3.94 2.80 2.70 2.55 2.31 2.29 1.54 1.41 1.33 1.15 1.14 0.35 0.32

2.91

100.00

.. .- HSBC Global Investment Funds

Portfolio of Investments and Other Net Assets - z- . . . -

.. - Description Quantity Currency Evaluation % net

assets GLOBAL EMERGING MARKETS EQUITY Statement of investments as at 31 March 2007 (expressed in USD)

.~


INVESTMENTS


SHARES

COLOMBIA

BANCOLOMBIA SA I ADR


25,100

166,795

3.300

71,425

9,578

956

185.609

156,494

52 286

25.240

99.487

15.331

12.100

605,500

936 000

324,835

2,120,456

3,385.000

19,427

27 119

11,726

41 936

51.825

2,925,500

2,872 500

1.118500

88.477

US0 692.258 0.23

COP 1 439,508 0.49

-. .~

2,131 766 0.72

CZECH REPUBLIC ~-

CEZ.CESKE ENERGETICKE ZAVODY

CZK 147117 0.05

147,117 0.05 - EGYPT

ELSEWEDY CABLES

ORASCOM TELECOM HLD/GDR(REG.S)

EGP 551 710 0 1 9

US0 656,093 022

1207.803 0 4 1 .-

BERMUDA ISLANDS

DUFRY SOUTH AMERICA LTDA

BRAZIL

59.800

357 500

114.600

86.267

103 637

45,595

51 200

83,307

44.100

262,400

25 360

35.200

152 944

38.424

57 925

105,466

1,062 899

134.993

1,439.961

2.015 739

3,743,000

404 000

1,980,300

1,429,363

357.000

BRL 1,028,046 0.35

1,028,046 0.35 ~

FEDERATION OF RUSSIA ~. .

AK SBEREGATELNY BANK SBERBANK GAZPROM OAO

GAZPROM OAOlSADR

LUKOIL ISADR

MOBILE TELESYSTEMS OJSISADR NOVOLIPETSK STEEL GDR REGS RAO UNIFIED ENER.SYS./GDR

VIMPEL COMMUNICATIONS/S.ADR

USD 3427,260 116

USD 1,954463 066

US0 6,613 608 2.24

US0 4533,196 154

USD 1,453,572 0 49

US0 2,885 123 0.98

USD 2,108013 072

USD 1,164383 040

- -

24139618 819 ~-



BANCO BRADESCO iSADR

CIA VALE RIO DOCEISADR

CIA VALE RIO DOCE/SADR( 1 ORDSH) DURATEX SA PRIV.

GERDAU IPREF.

GERDAU SA / SADR PFD SHS

GVT HOLDING SA

ITAU HOLDING SA IPREF.

LOCALIZA RENTA A CAR

LOPES BRASIL-CONSULT0 DE IMOVE PETROBRAS ISADR

PETROLEO BRASILEIRO lSADR

TERNA PARTICIPAES SA

BRL 4,267,030 1.45

BRL 2,351.215 0.80

US0 3531,771 120

US0 3,241,765 1.10

USD 1,687,927 0 5 7

ERL 1 028.577 0.35

BRL 1,493,543 0.51

US0 790.272 0.27

BRL 3,137,095 1.06

ERL 892.127 030

BRL 1,066.771 0.36

BRL 1,579096 0.54

USD 3,486.978 1.18

USD 5,868961 1.99

BRL 1,211,675 0.41

HONG KONG . -

CHINA MOBILE LTD

CHINA OVERSEAS LAND AND INVESTMENT CHINA RESOURCES ENTERPRISE LTD CNOOC LTD

IND & COM BOC -H-

HKD 5,505,109 1 87

HKD 1 176,184 0.40

HKD 1,084,904 0 37

HKD 1,858,683 0 63

HKD 1,897.233 0 64

11,522,123 391

~~

-

35,634,803 12.09

CAYMAN ISLANDS ~ .. AAC ACOUSTIC TECHNOLOGIES HLD KINGDOM HOTEL INV.EGDR REGS

HUNGARY

MOL MAGYAR I-A-

OTP BANK LTD

HKD 1,007,855 0.34

USD 1,187,938 0.40

2,195,793 0 74 .-

HUF 2,212,084 0 7 5

HUF 1,241 311 0.42

3,453,395 1.17 __ CHILE INDIA

RIPLEY CORP SA

CHINA

IClCl BK /SADR

LARSEN 8 TOUBRO /GDR

MAHINDRABMAHINDRPJGDR REG S

USD 463,060 0.16

USD 1,567152 0 5 3

USD 932.344 0.32

CLP 2,030,884 0 69

2,030.884 0.69

~.

~.

ANGANG STEEL COMPANY LTD -H- CHINA CONSTRUCTION BANK CORP CHINA LIFE INSURANCE CO LTD-H- CHINA SHENHUA ENERGY CO -H. PETROCHINA CO LTD I-H-

PING AN INSUR.(GRP)CO -H-

2.962556 101 ~- HKD 3497,694 119

HKD 2,140.993 073

HKD 1.160 608 0.39

HKD 4,789,393 162

HKD 1.695548 0 5 8

HKD 1,749,665 0 59

15,033 901 5 10

-

-

INDONESIA - - BANK DANAMON INDONESIA TBK -A- BANK RAKYAT INDONESIA

PT ASTRA INTERNATIONAL TBK PT TELEKOM.INDONESIA /SP.ADR

IDR 2.098 242 0.71

IDR 1,588421 0.54

IDR 1,616680 0 5 5

US0 3,808.049 1.29

1 a- I HSBC Global Investment Funds ~.

_ -


__ Descriptian Quantity Currency Evaluation % net

assets -

Description Quantity Currency Evaluation ?" net assets

431.000

1.122 200

796,100

508.450

41,714

798,113

529.344

618 200

839 135

24.479

97 182

5 997,600

19.456

47 05s

101 577

114,489

64.210

88.597

290 704

176 983

248.514

181.815

221.701

26 13Y

111 630

101.100

33 800

5 800

52 220

5 500

44 390

6 100

IDR 464.866 0 16 HYUNDAI MOTOR P F D ISSUED

99 KOOKMIN BANK

KOOKMIN BANK !SADR

POSCO

SAMSUNG ELECTRONICS CO

LTD

59.787

37,103

4.800

9 730

15 324

228.219

931.000

68,610

1 618,477

1.376.000

1.329 000

4.149.880

913,000

131.892

666,882

86,000

3,361,205

2 543,580

1.113000

110.500

156,000

779 615

2 058,600

416,200

2.126,500

839 133

333.322

KRW 2,345.127 0.80 TELKOM INDONESIA is-B-

KRW 3,328,777 1.13

USD 437,040 0.15

KRW 4.085.481 1.38

KRW 9 170,938 3.10

9,576258 3 2 5 . _

MALAYS I A ._ -

MALAYAN BANKING BERHADIFOR.REG. MAXIS COMMUNICATIONS BHD

TELEKOM MALAYSIA BHDiFOR.REG

MYR 4,157,505 1.41

MYR 2,741.998 0 93

MYR 1.471.637 0.50 46.848 564 15 88 ~ . .~

TAIWAN

8.371.140 2.84 ASUSTEK COMPUTER /GDR(REG S) ASUSTEK COMPUTER INC


CHI ME1 OPTOELECTRONIC CORP CHINA STEEL


FAR EASTONE TELECOM. GO LTD HON HA1 PRECISION IND !GDR

HON HAIFRECISION IND CO LTD MEDIA TEK INCORPORATION

TAIWAN CEMENT CORP

TAIWAN SEMICONDUCTOR MANUFACT. WISTRON CORP

US0 527186 0 1 8

TWD 2 195,315 0 7 4

TWO 539.279 0.18

TWO 3,361,366 1 1 4

TWD 1,435126 0 4 9

TWD 1,498,602 0.51

TWD 3575,468 1 2 1

TWO 1037794 035

MEXICO -

CEMEX /ADR

CONTROLADORA COM SAB'(1 c+3 B) CORP.MOCTEZUMA SA DE CV 82 CORPORACION GEO SAB DE

cv B EMPRESAS ICA SAB DE CV

FOMENT0 ECONOMIC0 MEXICANO/ADR GRUPO AEROPORTUARIO -B- SADR

USD 1,368.219 0 4 6

hlXN 2,235244 0 7 6

MXN 1,507478 0.51

MXN 3.585,527 1.22

MXN 3,235.238 1 10

US0 2,737.242 0.93

USD 2,534 507 0.86

. .-

17,203.455 5.84

USD 1.767353 0 6 0

TWD 4,475,633 1 5 2

TWD 987.949 0 3 4

TWO 2834,991 0 9 6

TWO 5,221,167 1 7 8

TWD 1,689,085 0 5 7

31 146.314 10 57

...

PHILIPPINES

AYALA LAND INC. PHP 2.049 965 0 7 0

2049 965 0 7 0

POLAND

BK POLSKA KASA OPlEKl PEKAO POWSZECHNA KASA 0SZCZED.POLSKI

THAILAND PLN 1.776.484 0.60

PLN 783764 0 2 7

-

2 560.248 0.87

BANPU PUBLIC CO LTD/FOR.REG BANPU PUBLIC CO /NVDR

KASIKORNBANK PUBL COM.LTDiNVDR KlATNAKlN BANK PUBLlClFOR REG KRUNG THAI BANK 'FOR REG

KRUNG THAI BK PUBL CO/NVDR

THE 637,108 0 2 2

THE 890.542 0 3 0

THB 1,446.416 0 4 9

THB 1,689,310 0.57

THE 143,743 0.05

THB 734.430 0 2 5

- -.

5,541 549 188

SOUTH AFRICA

ABSA GROUP LTD

BIDVEST GROUP LTD

GOLD FIELDS


MURRAY AND ROBERTS HOLDINGS SASOL LTD ;REG.

STANDARD BK GROUP LTD

ZAR 1.974 211 0.67

ZAR 2 169,693 0.74

ZAR 1201.383 0 4 1

ZAR 2,762.173 0 9 4

ZAR 3.357 195 1.14

ZAR 1 370,306 0.46

ZAR 8,445.698 2 86

ZAR 2.652 267 0.90

TURKEY -

TOFAS TURK OTOMOBIL FABRlKASl TURKIYE GARANTI BANKASI !NOM.

TRY 3,205,917 1.09

TRY 1.525.749 0 5 2

23 932.926 8.12 4 731.666 1.61

253,449,890 85.99 SOUTH KOREA TOTAL SHARES

DAEGU BANK

DAELIM INDJSTRIAL CO LTD



DOOSAN HEAVY INDUST.&CONSTR HlTE BREWERY CO LTD

HYUNDAI DEVELOPM CO- ENG.&CONS. HYUNDAl HEAVY INDUSTRIES

HYUNDAI MlPO DOCKYARD CO LTD HYUNDAI MOTOR CO LTD

WARRANTS I EQUITY LINKED SECURITIES KRW 4,029,926 1 37

KRW 2.503497 0.85

KRW 2604.646 0 8 8

KRW 2,869.430 0 97

KRW 2.184.508 0.74

KRW 693.608 0.24

KRW 2,880.962 0 98

KRW 1,099,142 0.37

KRW 8 186870 2.77

KRW 428.612 0 15

GERMANY ~.

DEUT BK 07- 35.627 17.1.17WRTlINFOSYS 0.000001

US0 1,652.063 0.56

1,652,063 0.56

GREAT BRITAIN

DB BK LN 06-23.1.09 WRT/RELIAN 0 DEUT.BK 04-8.10.07 WRT:REL.EN. 0

197.456

1

US0 1.920685 0 6 5

11 0.00 US0


. -

Portfolio of Investments and Other Net Assets -. . -

.

DescriDtion Quantity Currency Evaluation Yo net assets

UBS LDN 06- 38.175 US0 1 386.974 0.47

2 7 07WRT/LARS&TOUB 0

3.307.670 1 12


TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 258,409,623 .. 87.67


SHARES

EGYPT

ORASCOM CONSTR.IND./SGDR 46,695 US0 4725,534 1.60

4,725 534 1.60

SOUTH KOREA

INDUSTRIAL BANK OF KOREA 223,313 KRW 4,474,645 1.52

4,474,645 1.52

TAIWAN

CAPITA- SECURITIES CORP 2,610,526 TWO 1,282,431 0 44

1 282.431 0.44

TOTAL SHARES 10,482,610 3.56

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKET 10.482.610 3.56


SHARES


MAGNIT JSC

TOTAL SHARES


GERMANY

26,473 USD 1146,281 039

1.146281 0 3 9

1,146,281 0.39

~

0EUT.BK 06-03 R OSWRTICHINA 1,097,902 US0 1 237.029 0.42 ST 0.00001 DT BK AG 07- 59,572 USD 643652 0.22

17.01.17WRTiSATYAM 0.000001 DT.BK 06-2.2 11 WRT 6 US0 6.322.020 2.14

GAZPROM 0

8,202.701 2.78 .~

GREAT BRITAIN

UBS LON 06-17.11 07WRT/ICICI 139,101 US0 2,766,705 0.94 0

~ .~

2,766 705 0.94

TOTAL WARRANTS / EQUITY LINKED SECURITIES 10.969.406 3.72


TOTAL INVESTMENTS 281,007,920 95.34

OTHER NET ASSETS LESS LIABILITIES 13,744,472 .4.66

TOTAL NET ASSETS 294.752,392 IO=


- .

Portfolio of Investments and Other Net Assets . . .

GLOBAL EMERGING MARKETS EQUITY

Economic Division of Investment . .


%

Banks and financial institutions Energy Electronics and electrical equipment Coal mines, heavy industries Construction, building materials News transmission Holding companies Automobile industry Mechanics, machinery Real estate companies Insurance Transport Retail trade, department stores States, provinces and municipalities Public services Office equipment and computers Precious metals Textile Tobacco and spirits Other services Food Miscellaneous


Total Net Assets

20.63 10.19 8.35 8.13 7.45 7.46 4.12 4.01 3.88 3.26 2.44 2.31 2.25 2.14 1.70 1.49 1.35 1.21 1.17 1.04 0.39 0.37

4.66

100.00

-. ..

L- HSEC Global Investment Funds .~ ~

-

Portfolio of Investments and Other Net Assets t GLOBAL EQUITY Statement of investments as at 31 March 2007 (expressed in USD)

_- .. -. . -

Description Quantity Currency Evaluation YO net assets -

RIO TINTO PLC /REG

SHIRE PLC

VODAFONE GROUP PLC

WOOD GROUP (JOHN) PLC

26818

107.647

585 125

452,699

1 158.500

1,315,000

97,536

51 300

156,222

293.999

73 100

30 300

140,000

203 000

73 500

33.000

227,000

37.600

403

49 697

19.751

379.033

33.327

48,366

6 075

99 627

GEP 1,517 371 0.86

GBP 2,224,595 1.26

GBP 1574,198 089

GBP 2,369,925 1 36

13,463.086 7.65 -

- -

__ . - . -


- - INDONESIA -. - BANK DANAMON INDONESIA TBK -A- TELKOM INDONESIA IS-B-

INVESTMENTS IDR 830.905 0.47

IDR 1,418,326 081

2249.231 1 2 8


SHARES ISRAEL

ECI TELECOM LTD

NICE SYSTEMS LTD I SADR

US0 803,697 0.46

USD 1,737,531 0.98

2,541.228 1.44

-

BERMUDA ISLANDS

ESPRIT HOLDINGS LTD

BRAZIL

108.500 HKD 1272.477 U72

1,272477 072 -. --

ITALY ~

CAMPARI AZlPOST FRAZIONAMENTO UNICREDITO ITALIAN0 SPA

EUR 1541.583 088

EUR 2,775698 157

4317,281 245

~

-

ALL AMERICA LATINA IUNIT

CHINA

107 930 BRL 1.288,225 0.73

1,288,225 0.73

-~

.-

JAPAN . .-

CASIO COMPUTER CO.LTD

JAFCO CO LTD

MARUBENI CORP.

MAZOA MOTOR CORP

MEDICEO PALTAC HOLDINGS CO LTD MlTSUBlSHl ESTATE CO

NIPPON EXPRESS CO LTD

OMRON CORP

RESONA HOLDINGS INC

CHAODA MODERN AGRICULT.HOLD. CHINA MERCHANTS BANK I-H-

CHINA SHENHUA ENERGY CO -H-

1,564000 HKD 1096,744 062

765,500 HKD 1.543 793 o m 324,000 HKD 783,600 045

-.

3.424.137 1 9 5 -

JPY 16C0,254 091

JPY 1,676,263 0.94

JPY 850,536 048

JPY 1,123,041 064

JPY 1,400,089 0 80

JPY 1,083619 062

JPY 1.423.384 081

JPY 1,011 344 0 57

JPY 1,083,967 0.62

11 252 497 6.39

-

~

DENMARK

NOVO NORDISK AIS B 25.500 DKK 2.341.497 1 33

2,341,497 1.33 . --

FRANCE - --

AXA

GROUPE DANONE

STE GEN PARIS -A-

SUEZ

TOTAL SA


57.362 EUR

11,042 EUR

6.902 EUR

25,333 EUR

14,506 EUR

35.389 EUR

.-

2.411 800 137

1 793.003 1.02

1,186,372 0.67

1346.195 077

1017,288 058

2,622,417 1 49

10,377,075 5 90 ~-

JERSEY

MEINL EUROPEAN LAND LIMITED

EUK 1,375.785 078

1.375 785 0.78 ~

I

MEXICO

AMERICA MOVIL SA /ADR WI-L-

CONTROLADORA COM SABI(1

C+3 B)

USD 945.678 0.54

MXN 1.061.543 0.60

-. .~ --

2,007,221 1.14 .~

GERMANY I

BASF AG

DEUTSCHE BANK AG /NAM

HENKEL PREF

LINDE A.G.

MAN AG

PORSCHE AG NZ A. SDV

14 182 EUR 1.576.101 0.90

13,429 EUR 1,810.276 1.03

11 858 EUR 1,742079 0.99

18.747 EUR 2,009.430 1.14

21 193 EUR 2,448521 1.39

1,229 EUR 1,900,780 1.08 - .~

11.487,iw 6.53 ~ .-

NETHERLANDS - -

ARCELOR MITTAL N V CLASS EUR 1755,441 1.00

EUR 1.837.493 1.04

.~

3,592.934 2.04

A ROYAL PHILIPS ELECTRONICS NV

SPAIN - --

ACCIONA SA

GREAT BRITAIN

EUR 1,305.073 0.74

1,305 073 0.74

~

~.

BAE SYSTEMS PLC

BARCLAYS PLC

GLAXOSMITHKLINE PLC

KAZAKHMYS LIMITED

142.862 GBP 1,291,822 0.73

186,464 GBP 2647.613 1.51

39612 GBP 1,081 899 061

32.980 GBP 755,663 043

SWITZERLAND - .~

ABB LTD ZUERICH INAMEN. CHF 1.701.766 097


-~


Description

~.

CIE FIN RICHEMONT UNITS -A-

GIVAUDAN SA /REG

NESTLElNOH

ROCHE HOLDING AG lGENUSSSCHElN

TAIWAN . -

FAR EASTERN TEXTILE LTD /GDRS TAIWAN SEMICONDUCT.MANUF/SADR

THAILAND - -

KASIKORNBANK PUBL COM.LTD/NVDR

TURKEY

ClMSA CIMENTO SANAYI VE TICAR. TURKIYE GARANTI BANKASI /NOM.

UNITED STATES -~

ABERCROMBIE a FITCH "A'

ACCENTURE LTD /-A-

AKAMAI TEC-INOLOGIES INC

ALLERGAN INC.

ALTRIA GROUP

A T B T

BANK OF NEW YORK CO

BOEING CO

CISCO SYSTEMS INC

CIT GROUP INC

ClTlGROUP INC

CONOCOPHILLIPS

CYMER INC

ELECTRONIC ARTS

EMBARP CORP

EMERSON ELECTRIC CO.

EXXON MOBI- CORP

GENERAL MOTORS CORP.

GILEAD SCIENCES INC.

GOOGLE INC A

HONEYWELL INTERNATIONAL INC. MCDONALDS CORP.

MERRILL LYNCH & CO INC

METLIFE INC

MICROSOFT CORP

MOODY S CORP / WHEN ISSUED MORGAN STANLEY

NVlDlA CORP.

OMNICOM GROUP INC.

PEPSICO INC

SCHLUMBERGER LTD

Quantity Currency Evaluation 9t net assets . -

24 725

1.685

8,764

8 376

1

60,700

502.700

92.377

450 154

31,405

62,500

31 993

7 598

24,351

76,995

35 440

11,498

57,589

21 208

33,601

i a 707

19.802

29,646

16,272

16 544

72.852

35 221

26,660

5,052

40.579

51 a72

30,918

52 208

121.082

15 594

30.690

86,381

15.827

20,517

22,937

CHF 1.380717 078

CHF 1563.644 089

CHF 3,373675 1.92

CHF 1491.267 0.85

~- 9,511 069 541

-

USD Y 0.00

US0 655,560 0.37

~ .-

655,569 0.37 -

THE 932,657 0.53

932,657 0.53 ~~

TRY 662.571 038

TRY 2.060 537 1.17

2,723,108 1 55 ~-

US0 2,387,094

US0 2417,500

US0 1,602,849

US0 841.099

US0 2,121.946

USD 3,015.894

US0 1,437,446

USD 1.032.060

US0 1,464,387

us0 1.12847a

US0 1,727.091

US0 1,293,963

USD 812.27a

US0 1.520 543

USD 913,998

USD 709.738

USD 1,087 977

USD 2,032.a25

USD i a64.199

USD 5,554.235

US0 2.328.568

US0 2,327497

USD 2520,126

USD 3.308855

USD 3,360.026

USD 968,231

US0 2,407,017

USD 2,479,135

US0 1,619,419

US0 1.304676

USD 1,620.958

1 36

137

0 91

0 48

121

171

0 82

0 59

o a3

0.64

0 98

0 74

0 46

0 86

0 52

0 40

3 16

0 62

116

1 32

1 06

1 32

143

1 88

191

0 55

1 37

1 4 1

0 92

0.74

D 92

_-- - Description Quantity Currency Evaluation % net

assets

SYSCO CORP 37,865 USD 1,277,565 0 7 3

TEXAS INSTRUMENTS INC 28557 USD 867,847 049

-. -~

TOLL BROTHERS 56 a97 USD 1,576047 090

UNITED TECHNOLOGIES 11 107 USD 721,844 041 CORP WALT DISNEY /DISNEY SER 57,297 USD 1970444 1 12

WELLPOINT INC 21 709 USD 1,745,621 0 9 9

WELLS FARGO & CO 62.078 USD 2 834,974 161

WYETH 31,442 USD 1,568956 089 - -~

71 771,406 40 79

TOTAL SHARES 157,aaa,743 89.72


SINGAPORE -. .

CAPITACOMMERCIAL TRUST 641,000 SGD 1.153813 0.66 /REIT

1,153.813 0.66


TOTAL TRANSFERABLE SECURITIES ADMllTED TO AN OFFICIAL STOCK EXCHANGE LISTING 159,042,556 9%


-

SHARES

JAPAN

OSAKA SECURITIES 359 JPY 2.068312 118

EXCHANGE CO ~~

2.068312 1 18


TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHERREGULATEDMARKET 2,068,312 1.18


- -

SHARES

HONG KONG

SWIRE PACIFIC LTD - A - 202,000 HKD 2,266,933 1 29

2,266,933 1 29



-

-- .

TOTAL INVESTMENTS 163,377,aoi 92.85


TOTALNETASSETS -. 175,961,923 100.00

I HSBC Global Investment Funds

~


GLOBAL EQUITY


.- ~


%

Banks and financial institutions Holding companies Internet Software News transmission Pharmaceuticals and cosmetics Electronics and electrical equipment Energy Food Insurance Aerospace technology Mechanics, machinery Chemicals Miscellaneous Automobile industry Public services Tobacco and spirits Retail trade, department stores Other services Coal mines, heavy industries Transport Real estate companies Gastronomy Other business houses Biotechnology Construction, building materials Consumer goods Graphic art and publishing Non-ferrous metals Office equipment and computers Textile Investment companies Agriculture and fishing


11.19 11.12 6.41 5.91 5.42 5.21 4.66 3.68 3.25 2.79 2.53 2.53 2.35 2.34 2.26 2.09 1.96 1.92 1.88 1.54 1.40 1.32 1.21 1.16 1.12 0.99 0.92 0.86 0.83 0.72 0.66 0.62

7.15


I 1 HSBC Global Investment Funds

. ~. ~~ -

Portfolio of Investments and Other Net Assets - ._

GLOBAL EQUITY SRI Statement of investments as at 31 March 2007 (expressed in USD)

- Description Quantity Currency Evaluation % net

assets ~.

INVESTMENTS

TRANSFERABLE SECURITIES ADMlnED TO AN OFFICIAL STOCK EXCHANGE LISTING

SHARES

AUSTRALIA

BHP BILLITON LTD

QANTAS AIRWAYS LTD

RIO TINTO LIMITED

SANTOS LTD

AUSTRIA

OMV AG

BELGIUM

ETABL.FR.COLRUYT SA. HALLE KBC GROUPE SA

CANADA

BANK OF NOVA SCOTIA

BCE INC /NEW

BRO0KFI.AS.MGMT-A-/LTD VOT. CANAD.IMPER EK OF COMMERCE ENCANA CO2P

PETRO-CANADA

TALISMAN EUERGY

TELUS CORP

CAYMAN ISLANDS

SEAGATE TECHNOLOGY

DENMARK -. ~

NOVO NORDISK N S B

FINLAND .~

NOKlA OY

RAUTARUUKKI OY K

6.200

19,200

1,712

13,900

870

180

960

3.000

4.000

2 200

1,300

2,310

2 300

6.500

800

4,400

800

7,400

900

AUD 149.645 072

AUD 81,396 0.39

AUD 108,950 0.52

AUD 113,926 055

453.917 2.18

EUR 5481’1 026

54.817 0.26

-. .

EUR 41 273 0 2 0

EUR 119,042 0.57

160.315 077

-.

CAD 140.562 067

CAD 111,029 0 53

CAD 116511 0 %

CAD 113.658 0 5 5

CAD 118,736 057

CAD 90,454 044

CAD 116.135 0 5 6

CAD 41,017 0 2 0

848,102 408

-

-

USD 103.048 050

103.048 0 5 0

-- -

-.

DKK 73459 0 35

73.459 0.35

--

- .. -

EUR 168051 0.81

EUR 41.753 020

209.804 101

-

~- -

.. . ... .~


Description

FRANCE

AXA

BNP PARIBAS

BOUYGUES

CNP ASSURANCES

SAINT-GOBAIN

SANOFI-AVENTIS

SCHNEIDER ELECTRIC 11SS.07


STE AIR FRANCE

STE GEN. PARIS -A-

VIVENDI

GERMANY -

DEUTSGHE BANK AG /NAM

DEUTSCHE LUFTHANSA /NAM

E ON AG

FRESENIUS MEDICAL CARE AG HENKEL PREF

MAN AG

METRO AG

MUENCHENER RUECKVERSICHER /NAM VOLKSWAGEN AG

GREAT BRITAIN

ASTRAZENECA PLC

BARCLAYS PLC

BG GROUP PLC

BP PLC

BRITISH AIRWAYS PLC

BRITISH LAND

ET GROUP PLC

CARPHONEWAREHOUSE GROUP HBOS PLC

HSBC HOLDINGS PLC

LAND SECURITIES GROUP PLC

NATIONAL GRID PLC

NEXT PLC

PEARSON PLC

ROLLS-ROYCE GROUP PLC

ROYAL DUTCH SHELL -8-

ROYAL DUTCH SHELL PLC -A-

TESCO PLC

TRAVIS PERKINS PLC

WPP GROUP PLC :ISS.O5

YELL GROUP PLC

ITALY

ENEL

3,500

1 600

1,600

657

1,300

460

58

1,000

2 100

9A5

3.200

990

3,550

1 200

750

710

980

1,600

440

1,100

1210

10,200

3 000

6,660

10.300

3,700

21,600

7.000

7,500

2 500

3,400

2,700

2 420

6,800

11 YO0

4,350

4.870

17,600

1 600

4.000

9 300

3 700

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

147,158

165.675

122.362

98,704

126 237

39,553

7.116

126,402

94.652

162,434

129.253

1,219,546

0.71

0.79

0.59

0.48

0.61

0.19

0.03

0.61

0.46

0.78

0.62

5.87

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

133.455

95.862

162,324

109.564

104 307

11 3,224

112,142

74,223

165.960

0.64

0.46

0.78

0.53

0 50

0.54

0.54

0.36

0.80

1,071.061 5.15

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

64.995

144.830

43,363

72,822

99,252

109,793

129,107

38 294

154.458

43 544

140.059

42.038

107.288

116371

115,926

145,418

163.1 50

153,189

62 676

60,407

109,145

0.31

0 70

0.21

0.35

0 48

0.53

0.62

0 18

0.74

0.21

0 67

0.20

0.52

0.56

0.56

0.70

0 78

0.74

0.30

0 29

0.53 ~. -~

2,116,125 10.18 .-

EUR 39.496 0.19

HSBC Global Investment Funds - - r -~

- -


...

Dcscription Quantity Currency Evaluation % net assets

EN1 SPA ROMA

JAPAN

AEON CO LTO

AlSlN SElKl CO LTD

ASAHl BREWERIES

ASAHl KASEI CORP

BENESSE CORP

CANON INC

CANON MARKETING JAPAN INC DAIWA H INDUSTR CO. LTD

ElSAl CO LTD

FUJI PHOTO FILM CO LTD

FUJITSU LTD

KAWASAKI KEEN

KOMATSU LTD

MlTSUBlSHl ELECTRIC CORP

MlTSUBlSHl MATERIALS CORP

MlTSUl OSK LINES LTD

NIPPON STEEL CORP

NIPPON TEL 8. TEL

NOMURA RESEARCH INSTITUTE LTD OMRON CORP

RlCOH CO LTD

SOMPO JAPAN INSURANCE

INC SONY CORP

TDK CORP

TOKYO ELECTRIC POWER

TOKYO GAS CO LTD

TOKYU CORP

TOSHIBA CORP

TOYOTA MOTOR CORP

WEST JAPAN RAILWAY CO

YAMAHA MOTOR CO LTD

NETHERLANDS

AEGON NV

HEINEKEN NV

ING GROEP NV/ CERT OF SHS

NORWAY -

DNB NOR ASA

NORSK HYDRO AS

SPAIN

BCOPOPULARESPANOL /REG. BCOSANTANDERCENTR HlSP /REG. ENDESA SA

INDRA SISTEMAS SA

4,300

3,600

3,100

2,500

15,000

2.700

2.200

4,700

6,000

1,200

2,800

16 000

4.000

5,200

10.000

14.000

3.000

21,000

22

2,000

2,000

4,000

8,000

2.900

1 300

2.300

19,000

6,000

9,000

3 600

22

1.300

6.200

2.100

3,780

7.000

3 500

5.600

9,450

1930

4.40C

EUR 139.1oa 0.67

178 604

JPY

JPY

J PY

JPY

JPY

JPY

J PY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

J PY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

75,771

108.633

40,092

109.202

100,344

i i a 162

98,502

98.409

57,528

114.514

106,572

37,945

109,423

103 008

66 404

33.295

147.537

116,295

58.866

53.795

90,111

99 716

147.393

112732

78.647

105.9ia

46,735

60 099

230.622

101 548

36,401

0.86 -

0.36

0.52

0.19

0 53

0.48

0.57

0.47

0.47

0.28

0.55

0.51

0 18

0.53

0.50

0.32

0.16

0.72

0.56

0.28

0.26

0.43

0 48

0.71

0.54

o 38

0.51

0.22

0.29

1.12

0.49

0.18

EUR 123,023 059

EUR 108.430 0.52

EUR 158,981 0.77

390.434 1.80 -

NOK 98.456 047

NOK 115 ,a~ i 056

214.337 103 ..

EUR 114,030 0.55

EUR 167.475 0.81

EUR 103667 0.50

EUR 110.248 0.53

.-


TELEFONICA SA

SWEDEN

SANDVIK AB

SCANIA AB - B-

SKANDINAV.ENSK.BANKEN A

SKFAB B

VOLVO -6-

SWITZERLAND - -


SWISSCOM INAM.

UNITED STATES

ACE LTD

ADOBE SYSTEMS INC

AETNA INC

AIR PRODUCTS & CHEMICALS

ALCOA INC

AMERICAN EXPRESS CO

AMERICAN INTERNATIONAL GP AMERICAN STANDARD ClES INC AMGEN INC

ANHEUSER-BUSCH COS INC

AT & T

BANK OF AMERICA CORP

BAXTER INTL INC.

BEA SYSTEMS INC

BECTON DICKINSON & CO.

BMC SOFTWARE INC.

BRISTOL MYERS SQUIBB CO

CAMERON INTERNATIONAL CORP CAPITAL ONE FINANCIAL CORP CISCO SYSTEMS INC

ClTlGROUP INC

COCA-COLA CO

COUNTRYWIDE FINANCIAL CORP CUMMINS INC

DELL INC

DONNELLEY AND SONS.RR

DOW JONES + CO INC.

DU PONT (E I )DE NEMOURS.

DUKE ENERGY HOLDING

CORP EATON CORP

FPL GROUP INC

GAP INC

GENENTECH INC

GENERAL ELECTRIC CO

GENERAL MILLS INC

GENWAORTH FINANCIAL /-A-


6,100

7,000

1,100

3,200

2.000

1,450

2 100

270

2,000

2,500

2 400

470

3,700

1,500

1870

2,000

1.900

2 510

6.980

3,254

2 400

2,100

1,500

3 400

3.260

640

I ,280

7.800

3.600

3,300

2,860

870

1 600

2.300

2,600

780

3,400

1,200

580

5 800

300

7 700

2 000

910

EUR 177143 0.85

672.563 3.24

._ . _-

SEK 122029 0 5 9

SEK 65,506 041

SEK 102,424 049

SEK 40,867 0 2 0

SEK 121 000 058

471,826 227

CHF 151 331 073

CHF 97,117 047 ~-

248,448 1.20 -.

USD

u50

u50

USD

u50

u50

USD

u50

u50

USD

USD

u50

u50

USD

u50

USD

USD

u50

u50

USD

u50

USD

USD

u50

USD

u50

u50

USD

u50

USD

USD

u50

u50

u50

USD

u50

114760

103.825

104,280

34 663

124,616

84,690

125 664

106,160

106,077

125,902

273,406

166,572

127 728

23,213

114.165

106 216

90,987

40,627

96,632

199,354

185,040

98811

i26.oao

84,548

158,763

37,424

86.996

38,516

69 598

99,516

35.786

100,514

24,469

273.734

115,640

31 850

0.55

0.50

0 50

0.17

0.60

0.41

0.60

0.51

0.51

0.61

1.32

0.80

0.61

0.12

0.55

0.51

0.44

0.20

0 47

0.95

0.89

0 76

0.47

0.61

0.18

0.41

0.43

0 19

0.33

0.48

0.17

0.48

0.12

1.33

0.56

0.15

- .-

Portfolio of Investments and Other Net Assets . - ..

..

Description

GENZYME CORP

GETTY IMAGES INC

GILEAD SCIENCES INC

GOLDMAN SACHS GROUP INC

GOOGLE INC A

HEWLETT-PACKARD CO

HOME DEPOT INC

IBM CORP

IMS HEALTH

INTEL CORP

INTERNATIONAL PAPER CO

JOHNSONBJOHNSON

JOHNSON CONTROLS INC

J P MORGAN CHASE & CO

KIMBERLY CLARK CORP

KRAFT FOODS INC -A-

LIZ CLAIBORNE INC

MANPOWER INC

MATTEL INC

MCGRAW HILL COMPANIES INC MERRILL LYNCH & CO INC

MOTOROLA INC

NlKE INC -6-

NOBLE CORP

PEPSICO INC

PG&E CORP (HOLDING CO)

PINNACLE WEST CAP CORP

PITNEY BOWES INC

PPL CORP

PRAXAIR

PROCTER &GAMBLE CO

QWEST COMMUNICATIONS INTL ROCKWELL COLLINS

ROHM + HAAS CO

SCHLUMBERGER LTD

STATE STREET CORP

SUNOCO INC

T ROWE PRICE GROUP INC

TARGET CORP

TIME WARNER INC

TXU

UNITED TECHNOLOGIES CORP. UTD PARCEL SERVICE INC "6"

WALT DISNEY /DISNEY SER

WELLS FARGO & GO

XEROX CORP

XL CAPITAL LTD -A-

ZIMMER HOLDINGS INC

3M CO

TOTAL SHARES

Quantity Currency Evaluation

1,400 USD

1.100 USD

1,780 USD

730 USD

160 US0

4.500 US0

2.100 USD

2 170 US0

3600 USD

8,400 US0

930 US0

2,960 US0

1300 USD

4,210 USD

1.300 US0

1010 US0

2,270 USD

1.300 US0

4,100 US0

1,620 US0

1640 USD

2.700 US0

1,080 US0

1030 USD

2,300 USD

2,400 US0

1,800 USD

1730 US0

2.400 US0

550 US0

2,300 USD

11,000 USD

1.500 USD

1970 USD

2,100 USD

1,600 US0

1,300 USD

860 US0

2030 USD

6.900 USD

1580 US0

2040 US0

530 USD

4000 US0

4,770 US0

2.000 us0 1.500 USD

1380 US0

560 US0

84 098

53,273

135 725

151,256

73,747

180.000

77.322

205,217

106,488

160,356

33 378

178 606

123,851

204.185

89 440

31,835

96,089

95.407

113,488

101 477

133.676

47 817

113368

81.854

146,257

116568

87.516

78.61 1

98.952

34 606

145 498

98.450

100 33s

102,007

148,407

104 112

91,403

40.678

121,293

136 965

101 689

132.580

37 185

137.560

164.756

34 000

105,180

118,307

42,610 .-

9,034,722 43 49

20,385,367 98-11

4.0 net assets _.

0.40

0.26

0.65

0.73

0 35

0 87

0.37

0.99

0.51

0 77

0.16

0.86

0.60

0.98

0 43

0.15

0.46

0 46

0.55

0.49

0.64

0 23

0.55

0.39

0.70

0 56

0.42

0.38

0 48

0.17

0.70

0.47

0.48

0.49

0 71

0 50

0.44

0.20

0 58

0.66

0.49

0 64

0.18

0.66

0.79

0.16

0.51

0 57

0.21

._

Descriplion Quantity Currency Evaluation % net assets

-. .. .- ..


AUSTRALIA -.

MACOUARIE OFFICE TRUST 45,000 AUD 55051 0 2 6

55051 026

TOTAL INVESTMENT COMPANIES 55,051 0.26

TOTAL TRANSFERABLE SECURITIES ADMITTEO TO

-



SHARES

HONG KONG

SWIRE PACIFIC LTD - A - 9,000

TOTAL SHARES


TOTAL INVESTMENTS


TOTALNETASSETS

20,440.418 90.37

HKD 101.002 0 4 9

101,002 0.49

101,002 0.A9

101.002 0.49

20,541,420 ... 98.86

235,937 1.14

-. 20,777,357- -100.00


Portfolio of Investments and Other Net Assets .- - -

GLOBAL EQUITY SRI


(expressed as a percentage of net assets) . -

%

Banks and financial institutions Holding companies Energy News transmission Electronics and electrical equipment Public services Office equipment and computers Pharmaceuticals and cosmetics Insurance Automobile industry Graphic art and publishing Transport Mechanics, machinery Retail trade, department stores Consumer goods Food Chemicals Internet Software Construction, building materials Other services Aerospace technology Coal mines, heavy industries Investment companies Non-ferrous metals Tobacco and spirits Miscellaneous Biotechnology Textile Forest products and paper industry Real estate companies Healthcare, education and social services Index Options


12.74 8.35 6.83 6.68 5.05 4.68 4.67 4.63 4.28 3.89 3.34 3.02 2.98 2.91 2.21 2.17 2.1 1 2.01 1.97 1.76 1.68 1.64 1.46 1.44 1.32 1.21 1.05 I .01 0.59 0.56 0.50 0.12

1.14


- .~

Portfolio of Investments and Other Net Assets .- -

GLOBAL EQUITY TECHNOLOGY Statement of Investments as at 31 March 2007 (expressed in USD)


68.125

2.600

8.500

2 000

1,500

5,900

3.100

2 250

800

600

1000

1 400

3,000

17

8

12

3,000

1 500

2,000

2,150

4 700

1,100

1,650

18 707

350

900

2,700

17.000

17,000

25 000

GBP 183282 276

346,630 521

__ .. ~

VODAFONE GROUP PLC

HONG KONG .-

ASM PACIFIC TECHNOLOGY LTD KINGBOARD CHEMICALS HOLDINGS TELEVISION BROADCASTS LTD

- .

Description Quantity Currency Evaluation YO net assets HKD 15,338 0.23

HKD 35731 053

HKD 12.502 0.19

.

63571 0 9 5

.-

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING ITALY

~

MEDIASET SPA

TELECOM ITALIA SPA

SHARES EUR 16.232 024

EUR 16,797 0.26

33.029 050

-. ~ BELGIUM

BARCO NV

BELGACOM SA

MOBISTAR

190

1,060

190

400

4,100

600

2 000

99.300

6.950

1 058

210

540

2 890

3 000

1.200

500

180

16 300

1100

2.170

3 400

EUR 17472 026

EUR 47070 071

EUR 16063 024

80605 121

- .

JAPAN -

ALPS ELECTRIC CO

CANON INC

ELPIDA MEMORY INC

FUJI SOFT INC.

IBIDEN CO LTD

KONAMI CORP

KONICA MINOLTA HOLDINGS INC NIPPON TEL & TEL

NTT DATA CORP

NTT DOCOMO INC

RlCOH CO LTD

SHINKO ELECTRIC INDUSTRIES CO TAIYO YUDEN CO LTD

JPY 36299 055

JPY 120849 180

JPY 31.021 0.47

JPY 17869 027

JPY 51,843 078

JPY 37.419 056

JPY 39404 0.59

JPY 89,866 135

JPY 40.660 0.61

JPY 22,197 0.33

JPY 67,583 101

JPY 33.855 051

JPY 41 661 0.63

CANADA

ASTRAL MEDIA INC -A

CGI GROUP INCJSUB.VOT - A -

SHAW C0MMUNIC.-B/NON- VOT.

CAD 13.961 0.21

CAD 35,544 0.53

CAD 22495 0.34

~. . -

72.000 1.08

CAYMAN ISLANDS

SEAGATE TECHNOLOGY

SOLOMON SYSTECH (INTL) LTD

US0 46.840 0.71

HKD 15.629 0.23

62,469 0.94 -

FINLAND 630 526 9.46 - ._

NETHERLANDS NOKIA OY EUR 157831 2 3 7

157.831 237

-.

-

ASML HOLDING NV

KONINKLIJKE KPN NV

OCE NV

WOLTERS KLUWER NV

EUR 52,983 080

EUR 73.391 110

EUR 20.140 030

EUR 49418 074

195,932 2.94 ~

FRANCE -

FRANCE TELECOM SA

LAGARDERE SCA /NOM

METROPOLE TELEVISION SA M6 VIVENDI

EUR 27,653 0.42

EUR 16,178 0.24

EUR 19673 030 NEW ZEALAND -. .-

TELECOM CORP.OF NEW ZEALAND

EUR 116,731 1.75

180.235 271

~. - ~

NZD 63,120 0.95

-. ..

63120 0.95 GERMANY - - OEUTSCHE TELEKOM /NAM

INFINEON TECHNOLOGIES /NAM. SAP AG

WINCOR NIXDORF AG

NORWAY EUR 49.606 075

EUR 18,514 028

EUR 22,236 033

EUR 16776 02.5

107132 1.61 ~ . .-

SCHIBSTED

TANDBERGASA

TELENOR AS

NOK 15,412 0.23

NOK 18670 028

NOK 47,581 0.72

81,663 1.23

.-

SINGAPORE GREAT BRITAIN -- ~

BT GROUP PLC

CSR PLC

DAILY MAIL 8 GENERAL TR. -A-

SAGE GROUP PLC

CHARTERED SEMICONDUCTOR MANUF. SINGAPORE PRESS HOLDINGS LTD STATS CHIPPAC LTD

SGD 16.253 0.24

SGD 49.319 0.75

SGD 30.000 0.45

95,572 144

-. .

GBP 97,428 1.46

GBP 14.281 0.21

GEP 34,474 0.52

GBP 17165 0.26

HSBC Global Investment Funds A -~

. -. _ _


.. .. ..

Description Quantity Currency Evaluation net assets

. -

SPAIN

PROMOTORA DE INFORMACIONES SA TELEFONICA SA

SWEDEN

ENIRO AB

ERICSSON TEL. -8-

MODERN TIMES GROUP AB B- TELELOGIC

SWITZERLAND

LOGITECH INTERNATIONAL SA

UNITED STATES

ACCENTURE LTD /-A-

APPLE INC

APPLIED MATERIALS INC

A T & T

AUTODESK INC.

AUTOMATIC DATA PROCES.

AVNET INC

BMC SOFTWARE INC.

CADENCE DESIGN SYSTEMS

CISCO SYSTEMS INC

COMCAST CORPI-A-

COMPUTER SCIENCES CORP

CONVERGYS CORP

CORNING INC.

DELL INC

DIRECTV GROUP INC

EBAY INC

ECHOSTAR COMMUNICATIONS A ELECTRONIC DATA SYSTEMS

EMBARQ CORP

FISERV INC.

GANNETT CO INC

GOOGLE INC A

HEWLETT-PACKARD CO

IBM CORP

IDEARC INC

INTEL CORP

LAM RESEARCH CORP

LEXMARK INTL INC.

MCGRAW HILL COMPANIES INC MEMC ELECTRONIC MATERIALS MICRON TECHNOLOGY INC

MICROSOFT CORP

MOTOROLA INC.

NEWS CORP -A-

OMNICOM GROUP INC.

2,750

8.313

900

11,800

275

9,200

700

1,800

790

3,600

9 215

870

580

1,000

1 300

1.900

9 350

1,400

840

2,200

900

2,610

3,000

570

1.000

1,800

900

940

540

230

4,480

2,370

190

9,600

1,300

930

1,200

940

3.800

11,870

1 530

1.200

610


EUR 60,911 0.91

EUR 181 800 2.73

242,711 3.64

._

SEK 11 478 0 17

SEK 43,587 066

SEK 15.973 024

SEK 17418 026

88,456 133

- -

- --

CHF 19,459 0.29

19.459

USD

USD

USD

US0

US0

US0

USD

USD

US0

USD

USD

us0 US0

US0

US0

US0

USD

USD

US0

USD

US0

US0

USD

US0

US0

USD

US0

USD

USD

US0

USD

US0

US0

USD

USD

US0

69,624

74,063

66,600

363,301

32,321

28,298

36.320

40 612

39.786

237 770

36,204

43,940

55,792

20,547

G I 048

68.610

18,833

42,870

50.184

50,553

49.81 1

30,343

106.012

179,200

224,130

6,599

183,264

61,295

54,275

75,168

56,400

44.992

329,392

27.096

27,492

62.415

0.29 ._

1 05

1.11

1 .oo 5.45

0.49

0.42

0.55

0.61

0.60

3.56

0.54

0.66

0.84

0.31

0 92

1.03

0.28

0 64

0.75

0.76

0.75

0.46

1.59

2.69

3.36

0.10

2 74

0.92

0.82

1.13

0.85

0 68

4.94

0.41

0 41

0.94

Description Quantity Currency Evaluation % net ass&

ORACLE CORP 7500 US0 136,200 205

QUALCOMM INC 1,530 USD 64,643 097

QWEST COMMUNICATIONS 7,650 US0 68468 103 INTL SPRINT NEXTEL CORPlFON 2,107 US0 40,033 0 6 0 SER 1 TEXAS INSTRUMENTS INC 980 USD 29,782 045

TIME WARNER INC 7,420 USD 147287 221

VERIZON COMMUNICATIONS 4 140 US0 155540 2 3 4 INC VIACOM INC -E- 1,600 USD 65056 098

WALT DISNEY IDISNEY SER 3,570 USD I22772 184

WESTERN DIGITAL CORP 2,750 US0 47053 071

WESTERN UNION COMPANY 3,350 US0 74404 1 12

YAHOO INC

TOTAL SHARES


CANADA

560 USD 17550 026

3,923,948 58 92

~ u . 8 8 9 96.78

YELLOW PAGES INCOME FUND

TOTAL INVESTMENT COMPANIES

INDEX TRACKER

2,100 CAD 24.789 037

~

24,789 0.37

24.789 0.37

UNITED STATES - - ISHARESISW 3,050 US0 173,759 2.61 GL INF TECH S IND

173,759 261

TOTAL INDEX TRACKER 173,759 2.61


TOTAL INVESTMENTS 6.643.437 99.76

-

OTHER NET ASSETS LESS LIABILITIES 15,710 .. 4.24

TOTALNETASSETS ~. 6,659,147 100.00

.

Portfolio of Investments and Other Net Assets .. - ._

GLOBAL EQUITY TECHNOLOGY

Economic Division of Investment ~ ._

-.- .... (expressed as a percentage of net assets)

%

News transmission Electronics and electrical equipment Internet Software Office equipment and computers Graphic art and publishing Other services Holding companies Investment companies Miscellaneous States, provinces and municipalities Retail trade, department stores Photography and optics


Total Net Assets

32.97 17.43 15.19 14.17 8.32 3.41 3.18 2.98 0.93 0.71 0.28 0.19

0.24

100.00

-

A HSBC Global Investment Funds I ._

Portfolio of Investments and Other Net Assets \-- ._

GLOBAL EX EUROLAND EQUITY Statement of investments as at 31 March 2007 (expressed in EUR)

.. . -


. . _- NORWAY

...

ACERGY SA

DNB NOR ASA

NORSK HYDRO AS

ORKLAAS A

11.914

26.912

6 129

3 117

8.609

127,799

6,048

6 846

10.178

10.155

3 100

3 977

1,378

7.792

3.180

2 547

1,155

7.302

929

7.473

8.160

16 972

12 830

21 471

18,971

23.457

14,415

16 140

37,888

23.120

8,767

10 826

12,113

40.585

5 916

4,389

13,216

14.411

11,341

28.032

2,796

44,023

10 906

NOK 189.375 0 3 9

NOK 283.855 0 5 8

NOK 152174 0 3 1

NOK 165,343 0 3 4

..

Description Quantity Cmency Evaluation Yo net assets

790.747 1.62 INVESTMENTS

SWEDEN

ELEKTA AB

ERICSSON TEL. -8-

HENNES R MAURITZ AB

NORDEA BANK AB

SKANSKA B

SKFAB B


SHARES

SEK

SEK

SEK

SEK

SEK

SEK

115,312 0.24

353.996 0.72

260525 0.53

83,064 0 17

166,320 0.34

155.607 0.32 AUSTRALIA

BRAMBLES LTD

CANADA

31 349 AUD 258,364 0.53 1.134.824 2.32

258.364 0.53 SWITZERLAND

ALCON INC /NOM


NESTLE/NOM

NOVARTIS AG BASEL /NAM.

PHONAK HOLDING AG /NOM.

ROCHE HOLDING AG lGENUSSSCHElN SYNGENTA AG INAM.

UBS AG INAMENSAKTIEN

ZURICH FINANCIAL SERVICES /NAM

USD 307699 0.63

CHF 214,916 0.44

CHF 397.792 0.81

CHF 332,064 0.68

CHF 182,030 0.37

CHF 34C.059 0.70

CHF 161.606 0.33

CHF 326,696 0.67

CHF 200,383 0.41

CANADIAN NATIONAL RAILWAY

9894 CAD 328,873 0.67

328,873 0.87

DENMARK -

A.P. MOELLER - MAERSK A/$ B DANISCO AIS

10 DKK 79.463 0.16

1956 DKK 115,128 0 2 4

194591 0.40

GREAT BRITAIN

2 463,245 5.04 ASTRAZENECAPLC

BAE SYSTEMS PLC

BG GROUP PLC

BHP BILLITON PLC

BIFFA PLC BIRMINGHAM

BP PLC


BRITISH SKY BROADCASTING GROUP BT GROUP PLC

CABLE R WIRELESS PLC /GBP

0.25 COMPASS GROUP PLC

GALLAHER GROUP PLC

GLAXOSMITHKLINE PLC

HSBC HOLDINGS PLC

INTERNATIONAL POWER PLC

LAND SECURITIES GROUP PLC

PRUDENTIAL PLC

RIO TINTO PLC /REG

ROYAL BK OF SCOTLAND PLC

ROYAL DUTCH SHELL -B-

SCHRODERS PLC

SCOTTISH POWER PLC

SEVERNTRENTPLC

VODAFONE GROUP PLC

WPP GROUP PLC /ISS.05

0.54

0.59

0.32

0.34

0 07

1.19

0.70

0.32

0 32

0.25

0.31

0.31

0.96

0 98

0.37

0.30

0.30

0 77

1.07

0.68

0.33

0.14

0 20

0.83

0.37

6582 GBP

42.556 GBP

14,579 GBP

10,057 GBP

6.884 GBP

71.482 GBP

14,633 GBP

18,885 GBP

35.007 GBP

49,000 GBP

265,131

288,572

158 026

167 697

34,332

586,126

340.481

155 922

156,913

120.936

151,310

151 256

468.664

467.004

182.939

146,581

148418

373.893

523,074

330 384

159 690

69 089

96,938

403.109

178,900

UNITED STATES

ACCENTURE LTD I-A-

AKAMAI TECHNOLOGIES INC

ALTRIA GROUP

AMGEN INC

ARCHER-DANIELS MIDLAND co A T R T


BEST BUY CO INC

BOSTON SCIENTIFIC CORP.

CISCO SYSTEMS INC

ClTlGROUP INC ClTRlX SYSTEMS INC

COACH INC

COUNTRYWIDE FINANCIAL CORP CVSCAREMARK CORP

DEAN FOODS CO

DEERE & CO.

DOW CHEMICAL CO

EMC CORP

EXELON CORP

EXXON MOBIL CORP

FREEPORT MCMO.COPPRGOLD -B- GENERAL ELECTRIC CO


USD

US0

US0

USD

USD

USD

US0

USD

USD

USD

US0

US0

US0

USD

US0

US0

USD

USD

USD

US0

US0

USD

USD

US0

216.765

306.574

1 109,066

537 157

59:.881

557,251

900.460

528 928

115 985

722.147

89: ,165

208 015

404,301

307 480

1,039,658

205,186

357 012

456 291

147,622

587.674

1,602,669

137 022

1.173.617

1,694,581

0.44

0.63

2 27

1.10

1.21

1.14

1 .E4

1.08

0.36

1.48

1 .e2

0.43

0 83

0.63

2.13

0.42

0.73

0.93

0.30

1.20

3 29

0.28

2.41

3.48

30.283 GBP

9.079 GBP

22882 GBP

35,754 GBP

31.459 GBP

4145 GBP

14,065 GBP

8,812 GBP

17.896 GBP

13,179 GBP

8.537 GBP

5,857 GBP

4.590 GBP

199,804 GBP

15197 GBP

6,125,385 12 54 ~. -~

HSBC Global Investment Funds ..Ap.. --

Portfolio of Investments and Other Net Assets __

.-

Description Quantity Currency Evalualion % net

-. ...

GOOGLE INC A

HEWLETT-PACKARD CO

HOME DEPOT INC

IBM CORP

ITT CORP

MCDONALO'S CORP.

METLIFE INC

MICROSOFT CORP

PEPSICO INC

PFIZER INC

PROCTER & GAMBLE CO

PRUDENTIAL FINANCIAL INC

RED HAT INC

REPUBLIC SERVICES INC

ROCKWELL AUTOMATION

SPRINT NEXTEL CORPlFON SER.l TEXAS INSTRUMENTS INC

TREEHOUSE FOODS /WHEN ISSUED UNITED HEALTH GROUP INC

UNITED TECHNOLOGIES CORP. VALERO ENER CORPIWH.lSSUED VERIZON COMMUNICATIONS INC WASHINGTON MUTUAL INC

XTO ENERGY INC

3M CO

TOTAL SHARES

INDEX TRACKER

UNITED STATES

910

18,193

8,994

8 783

12.096

10.837

23 006

32,908

18.064

67,779

12 878

14,989

14.147

10.896

4.444

10659

39,195

1

6 449

7,703

14 640

15.647

7 470

29,660

3 364

US0 314,539

US0 545722

US0 248338

US0 622878

USD 545,885

US0 364,647

US0 1,092,763

USD 684812

USD 861.410

US0 1,291,537

US0 610.920

USD 1,012867

USD 245.491

US0 226.173

USD 200,188

USD 151 872

USD 893.240

US0 23

USD 255,542

US0 375.417

US0 715.148

US0 440,838

US0 227,993

US0 1,236,000

USD 191 951

28,214,701

39,510,730

asset5 -.

0.64

1.12

0.51

1.28

1.12

0 75

2 24

1.40

1.76

2 65

1 25

2.07

0.50

0.46

0 41

0.31

1 83

0 00

0.52

0.77

1 46

0.90

0 47

2.54

0.39

57 78

80.90

-

ISHARES INC/MSCI AUSTRALIA IND ISHARES lMSCl JAPAN INDEX FD

58800 US0 1.134.110 2 3 2

300,000 US0 3 300,338 6.76

_ _ 4.434.448 9 08

TOTAL INDEX TRACKER 4,434,448 9.08

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 43,445,178. 89.98

TOTAL INVESTMENTS 4 3 , 9 4 5 , 1 7 8 89.98



A - HSBC Global Investment Funds - -- .

..-

Portfolio of Investments and Other Net Assets __ ._ _ _

GLOBAL EX EUROLAND EQUITY

Economic Division of Investment - -

(expressed as a percentage of net assets) -.

Energy Investment companies Banks and financial institutions Holding companies Pharmaceuticals and cosmetics News transmission Food Retail trade, department stores Office equipment and computers Internet Software Tobacco and spirits Insurance Electronics and electrical equipment Mechanics, machinery Chemicals Public services Aerospace technology Other services Consumer goods Gastronomy Textile Non-ferrous metals States, provinces and municipalities Precious metals Healthcare, education and social services Environmental services & recycling Construction, building materials Agriculture and fishing Transport Miscellaneous


%

9.87 9.38 9.03 8.30 8.23 4.79 4.54 4.25 4.18 3.60 3.28 2.95 2.61 2.17 1.57 1.54 1.36 1.34 1.25 1.06 0.83 0.77 0.67 0.62 0.52 0.46 0.34 0.24 0.16 0.07

10.02


_ - . -- HSBC Global Investment Funds

..

Portfolio of Investments and Other Net Assets -. . .. - .-

HONG KONG EQUITY Statement of investments as at 31 March 2007 (expressed in USD)

__ Description Quantity Currency Evaluation % net

assets

1.04

9.23

2.21

1.18

1.95

0.93

0.07

1.77

3.39

1.40

I 22

0.96

8.56

4.53

1.57

1.67

0 94

1 77

2.76

3 42

1.17

1.82


CHINA NETCOM GROUP CORP HK LTD CHINA RESOURCES ENTERPRISE LTD CHINA UNICOM LTD

ClTlC INTL F N H L D


CLP HOLDINGS LTD

CNOOC LTD

HANG LUNG PROPERTIES LTD

HONG KONG EXCHANGES a CLEARING HONGKONG+SHANGH.HOTELS

HSBC HOLDINGS PLC

HUTCHISON WHAMP

IND & COM BOC -H-

KINGBOARO CHEMICALS HOLDINGS LI & FUNG LTD

MASS TRANSIT RAILWAY CORP NEW WORLD DEVELOPMENT CO. LTD SUN HUNG KAI PROPERTIES LTD WING HANG BANK

WING LUNG BANK LTD

530,000

2 165,000

1,809.000

752.000

2.890.000

2,300.000

477.000

518,000

8.250.000

1,072.000

268,000

1,303,703

1051.072

1,006,261

6,000,000

850 000

637,000

1,510,000

2,600.000

631,700

203,000

352,000

HKD

HKD

HKD

HKD

HKD

HKO

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD -

2.231.308

19,683.839

4,722,332

2,511,575

4,164,128

1,992,527

157 480

3.781.579

7,231,566

2,997,326

2,611,515

2,058,646

18,265,015

9,676 703

3,362 894

3,573,075

2,001,146

3,779,494

5,895.557

7.307.471

2.498.958

3,882.735 ~.


INVESTMENTS


SHARES

BERMUDA ISLANDS

ESPRIT HOLDINGS LTD

KERRY PROPERTIES LTD

PEACE MARK(H0LDINGS) LIMITED

740 000

578,000

2 400.000

2,160.000

106,000

648.000

1,716.000

7,664,000

16,120,000

5,484,000

8.707.000

8 300,000

2,580,000

1,188 000

6 770.000

2.984 000

3.240.000

699.934

988,000

2 971.000

2,550,000

961.000

383,000

1.426 000

1 030.000

782.000

HKD 8,678,647 4 06

HKD 2 969.622 1.39

HKD 2,625,821 1 23

-- .. .-

14 274,090 6 68

CAYMAN ISLANDS

AAC ACOUSTIC TECHNOLOGIES HLD AJISEN CHINA HOLDINGS LTD


PANVA GAS HOLDINGS LTD

OIN JIA YUAN MEDIA SERVICES CO TONGDA GROUP HOLDINGS LTD XlNYl GLASS HOLDING CO LTD

HKD 2,048 141 0 9 6

HKD 96,306 005

HKD 1,948.636 091

HKD 944,221 0 4 4

HKD 2,074,711 0.97

HKD 1196,412 056

HKD 2.701 754 127

132.762 621 62.17

201,087,860 94.16 TOTAL SHARES


11 010.181 5.16 . - HONG KONG

CHINA

THE LINK REI1 893.500 HKO 2,149,514 1.01 BANK OF CHINA LTD-H

CHINA CONSTRUCTION BANK CORP CHINA LIFE INSURANCE CO LTD-H- CHINA MENGNIU DAIRY CO LTD CHINA PETKOLEUM 8 CHEM CORP -H- CHINA RESOURCES LAND

OONGFENG MOTOR -H

HANGZHOU STEAM TURBINE - B- HARBIN POWER EQUIPMENT CO H NINE DRAGONS PAPER HLDGS LTD SHANGHAI JIN JIANG INT HOT - H- ZHUZHOU CSR TIMES ELECTRIC LTD

HKD 4,334,170 2.03

HKD 4,747,592 2.22

HKD 7.411 803 3.47

HKD 3 397.675 1.59

HKD 5,726,351 2.68

HKD 3.596.976 1.68

HKD 1,766.210 0.83

HKD 1,691,908 079

HKD 1 112.570 0.52

HKD 6,196,951 2.90

HKD 1.484.702 0.70

HKD 1,574,060 0.74

- 43,040,968 20.15

--

2,149,514 1.01

TOTAL INVESTMENT COMPANIES 2.~149.514 1.01

TOTAL TRANSFERABLE SECURITIES ADMITTEO TO AN OFFICIAL STOCK EXCHANGE LISTING


SHARES

~. 203,237,374 95.17

HKD 3,063,727 1.43

HONG KONG ~

SWIRE PACIFIC LTD - A - 273.000

3,063.727 1.43

3,063.727 1.43

3.063,727-- 1.43

206,301,101 96 60

~. .- TOTAL SHARES


TOTAL INVESTMENTS

OTHER NET ASSETS LESS LIABILITIES -. . 7,255,801 3.40 HONG KONG

BANK OF EAST ASIA LTD


CATHAY PACIFIC AIRWAYS

CHEUNG KONG HOLDINGS

TOTALNETASSETS HKD 2,227514 1.04

HKD 3,631,286 1.70

HKD 2,620,242 1.23

HKD 9,896,710 4.64

213356.902 I O O Q O

HSBC Global Investment Funds c .. .

_.

Portfolio of Investments and Other Net Assets ..

HONG KONG EQUITY


~ -

-. ~. (expressed as a percentage of net - . assets) .- . .

Yo

Banks and financial institutions Real estate companies News transmission Holding companies Energy Electronics and electrical equipment Textile Insurance Transport Forest products and paper industry Public services Gastronomy Food Mechanics, machinery Clock and watch-making industry Miscellaneous Investment companies Graphic art and publishing Other business houses Retail trade, department stores Internet Software


20.56 15.29 13.39 8.70 6.07 5.77 4.06 3.47 3.00 2.90 2.21 1.66 1.64 1.57 1.23 1-18 1.01 0.97 0.94 0.91 0.07

3.40



Portfolio of Investments and Other Net Assets -3 INDIAN EQUITY Statement of investments as at 31 March 2007 (expressed in USD)

- . - ..

Description QuantityIFace Currency Evaluation “h net Value assets

. .

INVESTMENTS


SHARES

GREAT BRITAIN ~~

CAIRN ENERGY PLC

INDIA ~

ABE LTOIDEMAT.

ADITYA BlRLA NUVO LTD/DEMATER. ALLAHABAD BANK IDEMAT.

ALOK IND LTWDEMAT

AMBIKA COTTON MILLS LTD IDEMAT AMTEK AUTO LTD IDEMAT.

ANANT RAJ INDUSTRIES IDEMAT. ANDHRA BANK I DEMAT.

APOLLO TYRES LTD / DEMAT.

ASHAPURA MINECHEM LTD /DEMAT ASSOC.CEMENT IDEMAT.

BAJAJ AUTO LTD /DEMAT


BALRAMPUR CHIN1 MILLS IDEMAT. BANK OF BARODA /DEMA1

BANK OF INDIA/DEMAT

BF UTILITIES LTD IDEMAT.

BHARAT FORGE LTD /DEMAT.

BHARAT HEAVY EL./DEMAT.

BHARTI AIRTEL LTD

BOMBAY DYEING & MANUFACTIDEMAT. C 8 C CONSTRUCTIONS LTWDEMAT. CADILA HEALTHCARE LTD IDEMAT. CAIRN INDIA -1MITED

CANARA BANK /DEMAT

CASTROL INDIA IDEMAl

CEAT LTD

CENTURION BANK LIMITED /DEMAT. CESC LTD /DEMAT.

CHENNAI PETROLEUM CORP IDEMAT. CROMPTON GREAVES LTDIDEMAT. CUMMINS INDIA LTD IDEMAT.

3,142,370

49,890

2,551,435

3,821,596

4 605,632

202,228

3,429,352

86,759

6,281.307

1,754,033

1,982.255

4.467 861

230.622

2,354 105

4 868.467

1,500 000

2,374.604

221,634

3.081.120

1,364,206

4.739 193

1,663,856

57.942

2,349.888

22,163,774

10,538 409

1,176,071

898,575

20,691,457

4.750.437

4,265,654

2.896.282

5 347.578

GBP 96,329,450 1 77

96,329,450 1 77

-- -

~. ~

INR 4,069.289

INR 62,706,184

INR 6,390.256

INR 6,029,845

INR 608.956

INR 29,144,451

INR 2222,832

INR 11,008208

INR 11 081.320

INR 9,606.918

INR 76 350.991

INR 12,879,507

INR 10.335.755

INR 7,307,687

INR 7,390,276

INR 9,190,374

INR 11,734,090

INR 22,324,474

INR 71.346.970

INR 83 491,420

INR 20,770,998

INR 226.181

INR 18.135458

INR 66,333,088

INR 47,491,528

INR 5,718,689

INR 2,244,531

INR 17,941.143

INR 41.451 948

INR 17 836,860

INR 13.171 891

INR 32.488.143

0 07

1.15

0 12

0.11

0.01

0.53

0.04

0.20

0.20

0 18

1.40

0.24

0.19

0 13

0.14

0.17

0.22

0.41

1.31

1.53

0.38

0.00

0.33

1.22

0.87

0.10

0.04

0.33

0.76

0.33

0.24

0 60

- ..

Description QuantitylFace Currencv Evaluation % net Value

-. - DHAMPUR SUGAR MILLS LTD DEMAT. DR REDDY S LABORATORIES IDEMAT. OR REDDY S LABORATORIESIADR EMCO LTD IDEMAT.

ERA CONSTRUCTION LTD /DEMAT. EVEREADY INDUSTRIES (I)/DEMAT. FINANCIAL TECHN0,INDIA /DEMAT. GAMMON INDIA LTD IDEMAT.

GANESH HOUSCORP LTDIOEMATER. GATEWAY DISTRIPARKS LTD

GODREJ INDUSTRIES LTDIDEMATER. GRASIM INDUST./DEMAT.

GUJARAT AMBUJA CEMENT IDEMAT. GUJARAT NRE COKE LTD I DEMAT GUJARAT STATE PETRONET IDEMAT. H D F C BANK /DEMAT.

HAVELL S INDIA LTD IDEMAT.

HCL INFOSYSTEMS LTD /DEMAT. HCL TECHNOLOGIES /DEMAT

HEXAWARE TECHIDEMAT.

HINDALCO IND LTD IDEMAT

HINDALCO INDUSTRIES / DEMAT. HINDUJA TMT LTD /DEMAT

HINDUSTAN CONSTR. LTD IDEMAT. HINDUSTAN LEVER

HINDUSTAN LEVER LTD IDEMAT. HINDUSTAN PETR./DEMAT

HINDUSTAN ZINC/DEMAT

HOTEL LEELA VENTURE LTD

HUTCHISON TELECOM.INTL ISADR HUTCHISON TELECOMM.INTERNAT. IEP CO LTD /DEMAT.

IClCl BK LTD /DEMAT.

IClCl BK /SADR

IDEA CELLULAR LTD

IND.DEV.BK INDIAIDEMAT.

INDIA CEMENTS LTDIDEMAT.

INDIAN OIL CORPIDEMAl

INDIAN PETROCHEM IDEMATERIALISE D INFOSYS TECH LTD IDEMAT.

INFOSYS TECHNOL./ SADR

ITC IGDR

ITC LTD IDEMAT

IVRCLINFRASTRUCTVRES AND PROJ JAlN IRRIGATION SYSTEMSIDEMAT JET AIRWAYS INDIA LTD IDEMAT.

762.544

6,450 000

4 398,800

218,000

1,430,000

8.913.429

128,591

6,008.321

1,350,000

1,267,764

1,252,561

2 490,330

2.610.378

12 000,000

36,458 000

1,250,000

310,621

13,092,076

24.000.000

1898,789

5,431,527

11,637,100

158.759

5.447 762

755

2.876 807

4 400.001

1,214 429

7,397,060

6,255 400

28 000,000

1,913,472

2,936.009

995,200

37 711.984

5.000 000

6.719 074

2.856 193

2 700,000

521 934

380.000

7,232 788

38,426.500

7,635,165

655.430

2,453,926

assets -

INR 1,293,473

INR 108,593,887

US0 72,536 212

INR 4.045852

INR 10,446,565

INR 10,536,018

INR 5,493,708

INR 41,677,548

INR 10,015,632

INR 4,804680

INR 4.689.522

INR 120.395 380

INR 6,430,471

INR 11,149 153

INR 40 111,642

INR 27,806,846

INR 3,113,206

INR 39,092,552

INR 162,069,264

INR 7281,238

INR 10.067 869

INR 34,748.031

INR 2,125,383

INR 11,249.155

INR 3506

INR 13,360.846

INR 24,851,545

INR 15 537,080

INR 9,548,553

US0 185 159,841

HKD 56,754 593

INR 17 953,795

INR 57,652,054

USD 39,300.448

INR 83,025,899

INR 8.934.941

INR 25,163.573

INR 26,175.955

INR 16,756.804

INR 24,262,525

US0 19,060,800

USD 25,260,122

INR 134.290.371

INR 50 244,108

INR 6.300.338

INR 35,678,555

0.02

1.99

1.33

0.07

0.19

0.19

0.10

0 76

0.18

0.09

0.09

2.21

0.12

0.20

0.74

0 51

0.06

0.72

2.97

0.13

0.18

0.64

0.04

0.21

0.00

0.25

0 46

0.29

0 18

3.40

1.04

0.33

1 06

0.72

1.52

0.16

0.46

0.48

0.31

0.45

0.35

0.46

2 46

0.92

0.12

0.65


.~


-. - Description Quantity/Face Currency Evaluation % net

Value assets .. . .. ..

JINDAL SOUTH WEST HLDGS lDEMAT JINDAL STEEL & POWER /DEMAT J K CEMENT LTD

JSW STEEL LTD I DEMAT

KEC INTERNATIONAL LTD /DEMAT KEC INTERNATIONAL LTDIDEMAT. KESORAM IND.LTDIDEMAT

KOTAK MAHINDRA BANK

LTD/DEMAT KULKARNI DEVEL IDEMATERIALISED LANCO INFRATECH LTD

LARSEN & TOUBRO IGDR

LARSEN a TOUBRO LTD I DEMAT. LUPIN LIMITED 'DEMAT.

MADHUCON PROJECTSIDEMAT. MAHANAGAR TELEPH.IDEMAT.

MAHINDRAAND MAHlNDRA.FIN SECS I DEMAT MAHINDRA GESCO IDEMAT.

MAHINDRA&MAHINDRNDEMAl

MAHINDRA&MAHINDRAiGDR REG.S MARUTI UDYOG LTD IDEMAT

MASTEK IDEMAT

MATRIX LABORATORIESIDEMAT MICRO INKS LTD IDEMAT

MONNET ISPATLENERGYIDEMATERIA MOSER BAER (INDIA) DEMAT

NAGARJUNA CONSTRUCTION iDEMAT NESTLE INDIA IDEMAT

NICHOLAS PIRAMAL INDIAIDEMAT NllT TECHNOLOGIES LTD/DEMAT NOIDA TOLL BRIDGEIDEMATERIAL OILBNATURAL GAWDEMAT.

ORCHID CHEMICALS PHARMA IDEMAT ORIENT BK COMMERCEDEMAT. PANACEA BIOTEC LTD

PATEL ENGINEERING LTD IDEMAT. PATNi COMPUTER SYSTEMS /ADR PATNI COMPUTERS SYSTEMS LTD rDEMAT. RADICO KHAITAN LTD IDEMAT

RANBAXY LABORATJGDR (EQ.SHS) RECEIPTS R RANBAXY LABS IDEMAT.

RAYMOND LTD IDEMAT

RELIANCE CAPITAL LTD lDEMAT RELIANCE COMMUNICATIONSlDEMAT RELIANCE INDUSTRIES LTD

RELIANCE NATURAL RESOURCES/ DEMAT.

867,025

2,434 333

637,818

8 143,741

932 831

972.057

856,798

2,275.000

276 565

675.603

409 000

881,000

2 051.599

1.102.400

441.000

3,820,996

1403.624

10 605 528

1.700.000

6,546 564

1 562.504

500,000

729,342

aa i 980

1,184.142

10 916,000

1,614.451

850.300

1441,333

16,680 138

10 550,041

200 000

955,480

2,593,538

102,523

430 700

8.188 428

3,200,000

350,000

1961.500

31 1,272

1.464 622

16 319,097

50

4.1 50,000

INR 4.480807

INR 133 075.783

INR 2,152091

INR 92 095,834

INR 470305

INR 11,477,285

INR 6.779.689

INR 25,058,633

INR 1646.230

INR 2,475,109

USD 15 284,364

INR 32,984,173

INR 28,745,138

INR 5,241,452

INR 1,491,544

INR 20 536,883

INR 18,602,387

INR 190 737,527

US0 30,583,405

INR 124,685.169

INR 11.070.010

INR 2,010,936

INR 5.536621

INR 4861,968

INR 8.171 807

INR 39,991.372

INR 34,486,562

INR 4726.391

INR 14,566 630

INR 9233.339

INR 212,227.265

INR 1177.161

INR 4.137998

INR 24.304.958

INR 803,946

USD 9349,170

INR 71,846,561

INR 9,867482

USD 2,716.000

INR 15,793,572

INR 2430.866

INR 22,537 723

INR 158,854,369

INR 1 572

INR 2,111,368

0.08

2.44

0.04

1 .E9

0.01

0.21

0.12

0.46

0.03

0 05

0.28

0.61

0.53

0.10

0 03

0.38

0.34

3.50

0.56

2.29

0.20

0.04

0.10

0.09

0.15

0.73

0.63

0.09

0.27

0.17

3 90

0.02

0 08

0.45

0.01

0.18

1.32

0.18

0.05

0.29

0.04

0.41

2.91

0.00

0.04

. -

Description QuantitylFace Currency Evaluation % net Value assets

RUCHI SOYA INDIDEMAT.

S. KUMARS NATIONWIDE LTD IDEMAT. SASKEN COMMC TECHN.LTD IDEMAT. SATYAM COMPUTER SERVICES IDEMAT SESA GOA LTD IDEMAT.

SHREE RENUKA SUGARS LTD

SIEMENS LTD IDEMATERIALISED STEEL AUTHORITY OF INDINDEMAT STERLITE INDUSTRIES LTD /DEMAT SUZLON ENERGY LTD JDEMAT.

SYNDICATE BANK LTD /DEMAT. TASC PHARMACEUTICALS LTDIDEMAT. TATA CHEMICALS LTDIDS /DEMAT. TATACONSULTANCY SERVIDEMAT. TATA IRON 8 STEEL/DEMAT.

TATA MOTORS LTD IADR

TATA MOTORS LTD/DEMAT

TATA TEA LTD I DEMAT

TORRENT PHARMACEUTICALS LTD TRlVENl ENGINEER.INDUSTR/DEMAT ULTRA TECH CEMENT LTD /DEMAT. UNION BANK OF INDIA'DEMAT.

UNITECH LTD /DEMAT.

UNITED PHOSPHORUS LTD/DEMAT. UNITED SPIRITS LIMITEDlDEMAT USHA MARTIN LTD

VIDEOCON INDUSTRIES LTD IDEMAT. VIDESH SANCHAR (DEMAT

VIDESH SANCHAR NIEAMISADR VIJAYA BANK LTDIDEMAl

WELSPUN GUJARAT STAHL IDEMAT. WELSPUN INDIA LTD IDEMAT.

WIPRO LTD IDEMAT

WYETH LTD IDEMATERIALISED

YES BANK IDEMAT.

ISLE OF MAN - --

HIRCO PLC

UNITECH CORPORATE PARKS PLC

UNITED STATES - -

TRANS INDIA ACQUISITION

CORP

TOTAL SHARES

879.366 INR 6,425.034 0.12

4,522,685 INR 7,479,472 0.14

200,000 INR 2,233,965 0.04

6,125.000 INR 65,840,639 1.21

252,560 INR 10,064243 0.18

731,000 INR 7,589233 0.14

148535 INR 3,731,889 0 0 7

36 226,154 INR 95,023.368 1.74

5,600,000 INR 60.840.287 1 12

278.000 INR 6.430.080 0.12

1o.800 ooo INR 16,049.8ia o 29

1 157,918 INR 1,369,705 0.03

2,258 115 INR 10762,329 020

4 000,000 INR 113,149.888 2.08

15,976 000 INR 164 248.048 3.01

701.100 USD 11,820.546 0.22

7.483.841 INR 125,501,521 2.30

794.500 INR 11 095,313 0.20

45 INR 204 0.00

9,663,217 INR 11.918 953 0.22

2 185.129 INR 39,095,678 0.72

4,112,808 INR 9,895.427 0.18

729,550 INR 6 557,865 0.12

6,161,013 INR 46,691,386 086

2 330.871 INR 44,757.581 0.82

4,040,000 INR 16.981 441 0.31

965,071 INR 9.a64.189 0.18

424.951 INR 3,950,155 0.07

66000 US0 1.215720 0.02

8.468000 INR 8,3C5214 0.15

4 5oo.000 INR io.aoi. i72 0.20

1,432,262 INR 2 335 731 0.04

5 916.735 INR 76,512,537 1.40

307,178 INR 3,225 102 0.06

6,617 937 INR 21,851,063 0.40

4,819 714,751 88 42

.-

~-

4,500,000 GBP 36,209,048 0.66

20,625,816 GBP 37,038,463 0.68

.-

73.247.51 1 1.34 ~. .-

480,000 US0 3.916.800 0.07

-~ 3,916,800 0.07

4,993,206,512 91.60


- .-

Portfolio of Investments and Other Net Assets -. . -.

~. .. . .-

Description Quantity/Face Currency Evaluation YO net Value assets

. . .. .


Descriptian Quantlty/Face Currency Evaluation % net Value assets


BERMUDA ISLANDS SHARES

CLSA FIN.05- 27.09.lOWRT/GAMMON 0

317000 USD 2,206,563 0.04

2 206,563 0.04 ~

INDIA

SUBEX AZURE LTD /GDR 783.699 US0 10,174,372 0.19

10,174,372 0 19

~. .~ CAYMAN ISLANDS - _ _ _ _ MSDW AS SEC 05- 19 9 OBWRT’ICIC 0

1,570,432 USD 30 800.638 0.57

-

30.800 638 0 57 -

TOTAL SHARES 10,174,372 0.18

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKET


SHARES

10,174,372 0.19 GERMANY

-

DT BKAG 07-2 1.17WRT/CARN IND 0.000001

14 000,000 US0 41.900 31Y 0 76

~. -~

41,900,319 0 76 INDIA

GREAT BRITAIN -- .-

UBS LON 07-23.02 10 WRT/PATNI 0

BROOKE BOND LIPTON INRI0 60

GLENMARK 9,057.923 PHARMACEUTICALS/DEMAT HINDUSTAN LEVER LTD 50

KESORAM TEXT.MILLS LTD I 1,014,882 DM MCDOWELL HOLDINGS LTD 463.854

RELIANCE 1.398.432 ENERGY/DEMATERIALISED RELIANCE IND IGDR144A 165,470

INR 0.00

INR 128,565,384

INR 232

INR 5,828

INR 440.554

INR 15,739.086

US0 10,424,610

0.00

2.36

0.00

0.00

0.01

0.29

0.19

2.85

2.85

-

-

339.641 US0 2,931,000 0.05

2,931,000 0.05 .~

INDIA .-

DEUTSCHE BANK AG 04- 06.08.07 /ON HCL- INFOSYSTEMS LTD 0.000001 MERRILL LYNCH INTL 04- 22 06 09 /ON AMTEK 0.000001 MERR.L.04-13.3.09 PATNI COMPUTER SYSTEMS LTD 0.00001 MSDW ASIA 04-10.8.07 /ON HINDUSTAN PETROLEUM 0.0001

2,167,525 USD 6,474.313 0.12

92.808 USD 789,846 0.01

124,923 USD 1,097.175 002 155.1 75,694

155.1 75,694 ~. .-

TOTAL SHARES

BONDS 1,164,567 USD 6,590,450 0.12

INDIA -

14.951.784 0.27 -

NETHERLANDS HINDUSTAN LEVER NCD 000 000

000 0 0 0

0.00 0.00

4530 INR ~. .~

ABN AMRO 05- 18 12 OGWRTIHCL INF 0 ABN AMRO C’5- 22.12.0EWRT/JINDAL 0

71 769 USD 214372 001

27.862 US0 144.039 000

~-

358,411 001 -.

TOTAL BONDS


AUSTRALIA NETHERLANDS ANTILLES ~. ~

MERR.LYNCH 06- 2.5.1 IWRTIGRASIM 0.00001

MACP.07-20.3 09 WRT !IDEA 12,058.928 CELL

29,200 USD 1,409,799 0.03 USD 26,378 905 0.48

~

26378,905 0.48 - 1.409.799 0 03

-. GREAT BRITAIN UNITED STATES

- -

ClTlGRP GMH-17 01 06WRT/IPC UBS LN 06-19 12.07 WRT 119,805 /JINDAL 0 UBS LN06- 1,075,151 13.12.07WRT/DR.REDDYS 0 UBS LN06-15.12 07WRT/JSW 304,000 STEEL 0

US0 6,580,661 0.12

USD 17254.023 0.32

US0 3 303,963 0.06

~. ~

27 138,847 0.50

500.000 US0 2,240,350 0 04

16,300.000 USD 35 693.740 0.66

~

37,934 090 0 70

0.00010 ClTlGRP 07-02 03.09WT/IPC

IDEA 0.000010



AN OFFICIAL STOCK EXCHANGE LISTING 5,125,701,116 94.03

~. ~

TOTAL WARRANTS I EQUITY LINKED SECURITIES 53.517.552 0.98

TOTAL OTHER TRANSFERABLE SECURITIES - 208,693,246 3.83

5,344,566,734 98.05 TOTAL INVESTMENTS -

.106,231.906 1.95 OTHER NET ASSETS LESS LIABILITIES

A- -


-

Portfolio of Investments and Other Net Assets -.

.~

Description PuantlrylFace Currency Evaluation YO net Value assets

TOTALNETASSETS ~ 5,450,800,640 100.00

I

HSBC Global Investment Funds ... ~.

_.


INDIAN EQUITY


(expressed as a percentage ..-. of net assets) . _. . -~ ~ .- . ..

%

News transmission Automobile industry Coal mines, heavy industries Internet Software Banks and financial institutions Pharmaceuticals and cosmetics Energy Construction, building materials Holding companies Chemicals Tobacco and spirits Office equipment and computers Non-ferrous metals Other services Other business houses Food Electronics and electrical equipment Mechanics, machinery Public services Miscellaneous Textile Investment companies Transport Tyres and rubber Real estate companies Gastronomy Healthcare, education and social services


10.52 10.02 9.06 8.80 7.71 7.30 7.20 6.55 6.39 3.47 2.92 2.37 2.23 2.07 1.92 1.78 1.51 1.25 1.21 1.01 0.72 0.66 0.65 0.24 0.18 0.18 0.13

1.95


... A HSBC Global Investment Funds

- - __

Portfolio of Investments and Other Net Assets ... -

JAPANESE EQUITY Statement of Investments as at 31 March 2007 (expressed in JPY)


INVESTMENTS


SHARES

JAPAN

ACOM CO LTD

AEON CO LTD

AEON CREDIT SERVICE LTD

AJINOMOTO CO INC

ALFRESA HLD CORP TOKYO

ASKS CORP

ASTELLAS PHARMA INC

BENESSE CORP

CANON INC

CENTRAL JAPAN RAILWAY CO

CIRCLE K SUNKUS CO LTD

DAIMARU INC

DAlNlPPON SCREEN MANUFACT DAITO TRUST CONSTRUCT

DAIWA SECURITIES GROUP INC DENKl KAGAKU KOGYO KK

DOWA HOLDINGS CO LTD

ElSAl CO LTD

ELPIDA MEMORY INC

FAMILYMART CO LTD

FUJI ELECTRIC HOLDINGS GO LTD FUJI TELEVISION NETWORK INC FUJIKURA LTD

HASEKO CORP

HlTACHl CONSTR MACHIN

HlTACHl HIGH-TECHNOLOGIES CORP HOKUHOKU FINANCIAL GROUP HONOA MOTOR CO LTD

HOYA CORP

IBIDEN CO LTD

INPEX HOLDINGS INC TOKYO

ISETAN CO LTD

ITOCHU CORP

ITOCHU TECHNO-SOLUTIONS

CORP JFE HOLDINGS INC

KANSAI ELECTR POWER CORP KAO CORP

KAWASAKI KISEN

700

89,400

14,500

27,000

3,600

68.000

55,600 25 800

61 300

377

8.700 54,000

43.000

35.200

151 000

105,000

41,000

19.600 27.200

12,800 143 000

1,035

85.000 322.500

23.200

13,800

183.000

87.000

94,021

30,600 186

37 900

337.000

8.200

63,300

104,300

41 000

121,000


JPY 3.507,OOO

JPY 210 090,000

JPY 28,797.000

JPY 36,612,000

JPY 27 000,000

JPY 89,692,000 JPY 282,448 000

JPY 113.004 000

JPY 388,029,000

JPY 505.180000 JPY 19,140,000

JPY 82 458.000

JPY 38,313,000

JPY 195 360.000

JPY 214,873,000

JPY 57,960 000

JPY 49,118.000 JPY 110 740,000

JPY 124 304.000

JPY 41,984,000

JPY 78.221 000

JPY 282,555 000

JPY 70,635,000

JPY 138 675.000

JPY 74 008,000

JPY 44,436.000

JPY 74,298 000

JPY 357,570,000

JPY 367.622.1 10

JPY 186,966,000

JPY 189 720.000

JPY 77384,500

JPY 393,616 000 JPY 46,330 000

JPY 441.201.000

JPY 353,577.000

JPY 141,450,000 JPY 135 278 000

. ... .. ..

YO net assets

0.01

0.58

0.08 0.10

0.07

0.25

0.77

0.31

1.06

1.39 0 05

0.23

0.1 1

0.54

0.59

0.16

0 13 0 30

0.34

0.12

0.21

0.78

0 19

0.38

0.20

0.12

0.20

0.98

1.01 0.51

0.52

0.21

1.08

0.13

121

0.97

0.39

0.37

Quantity Currencv Evaluation % net assets

KIKKOMAN CORP.

KOKUYO CO LTD

KOMATSU LTD

KONICA MINOLTA HOLDINGS INC KYOCERA CORP

MAKITA CORP

MARUBENI CORP.

MARUI CO LTD

MATSUSHITA ELECTR IND.

MElJl DAIRIES CORP

MILLEA HOLDINGS INC

MINEBEA CO LTD

MlTSUBlSHl CORP

MlTSUBlSHl ELECTRIC CORP

MlTSUBlSHl ESTATE CO

MlTSUBlSHl GAS CHEMICAL

MlTSUBlSHl UFJ FINANCIAL GROUP MlTSUBlSHl UFJ SECURIT. CO

MlTSUl & CO LTD

MlTSUl CHEMICALS INC.

MlTSUl FUDOSAN CO

MlTSUl OSK LINES LTD

MIZUHO FINANCIAL GROUP INC NIKON CORP.

NINTENDO CO.LTD

NIPPON ELECTRIC GLASS

NIPPON MINING HOLDINGS INC NIPPON STEEL CORP

NIPPON TEL & TEL

NIPPON YUSEN K K

NISSAN MOTOR CO LTD

NlTORl CO LTD

NOMURA HOLDINGS INC.

NTT DOCOMO INC

OKUMA CORP

OLYMPUS CORP

ORlX CORP

OTSUKA CORP

RlCOH CO LTD

ROUND ONE CORP SAKAI

SANWA SHUTTER CORP.

SEI HOLDINGS INC

SECOM LTD (SECURITY PATROLS) SEGA SAMMY HOLDING INC

SEVEN & I HOLDINGS CO LTD

SHIN-ETSU CHEMICAL CO

SHINKO SECURITIES CO LTD

SHOWA SHELL SEKIYU KK

SOMPO JAPAN INSURANCE

INC SONY CORP

STANLEY ELECTRIC CO LTD

SUMCO CORP

SUMITOMO CORP.

16,000

25.800 201,200

109,000

37.000

46,200

342 000

2 200

414.000

30 000

30,000

75,000

302,400 432.000

157,000 337,000

1,265

20,000

347.000

300,000

113,000

261.000

1,395

127,000

20.700

76,500

199,000

834.000

687

251,000 197 200

9,250

210 000

1.858 34,000

34,000

10,800

9.400

152.000

139

52.000

1,292

62,400

80.000

11 5.600

46 300

50 000

85.200

140,000

120.000

13,600 27,400

238.000

JPY 24,160,000

JPY 40,222,200 JPY 498,976,000

JPY 168.732.000

JPY 41 1,070,000

JPY 201,894.000

JPY 244 872.000

JPY 3 179,000

JPY 983,250,000

JPY 27.750,OOO

JPY 130,800 000

JPY 54.750.000

JPY 827.064,OOO JPY 524.448.000

JPY 607,590,000

JPY 380,810.000

JPY 1.682,450.00

JPY 26 920,000

JPY 763.400,OOO

JPY 309.000.000

JPY 390,980,000

JPY 341,388,000

JPY 1.058.805.00

JPY 31 5.595.000

JPY 708.975.000

JPY 157,972,500

JPY 202 383 000

JPY 690,552,000

JPY 428.001.000 JPY 237.195.000

JPY 249,063,600

JPY 54205000

JPY 515 550.000

JPY 405,044 000 JPY 46.852.000

JPY 137.020.000 JPY 331,560,000

JPY 106,032,000

JPY 403,560,000

JPY 33,082,000 JPY 38 168,000 JPY 57,752,400

JPY 341,328.000

JPY 220,000,000

JPY 415,004,000

JPY 332 897 000

JPY 29850000

JPY 122.943.600 JPY 205,660,000

JPY 718.800.000

JPY 32,572,000 JPY 134 260 000

JPY 504,560,000

0.07 0.11

1.37

0.46

1.13 0.55

0 67

0.01

2.71

0.08

0.36

0.15 2.27

1.44

1.67

1.04

4 63

0.07

2.09

0.85

1.07

0.94

2.91

0.87

1.95

0.43 0.56

1.89

1.17

0.65

0.68

0.15

1.41 1.11

0.13

0.38

0.91

0.29

1 1 1

0.09

0.10 0.16

0.94

0.60 114

0.91

0.08

0.34

0.56

1.97

0.09

0 37

1.38

..-A- ....

I

.. . ..

. . . .-

Portfolio of Investments and Other Net Assets t- - .-

Descriplion Ouanllty Currency Evaluation Yo net assets

SUMITOMO HEAVY INDUSTRIES SUMITOMO METAL INDUSTRIES SUMITOMO MlTSUl FINANCIAL

GR. SUMITOMO RUBBER IND

SUMITOMO TR + BANKING

SURUGA BANK LTD

TAKEDAPHARMACEUTICAL CO LTD TANABE SE,YAKU CO LTD

TAD HOLDINGS INC TOKYO

TERUMO CORP

TOKUYAMA

TOKYO ELECTRIC POWER

TOKYO ELECTRON CO LTD

TOKYO GAS CO LTD

TOSHIBA CORP

TOYOTA MOTOR CORP

UNI-CHARM CORP

USS CO LTD TOKAl

YAMADA DENKI CO LTD

YASKAWA ELECTRIC CORP

128.000

622,000

902

15400

185 000

104.000

119.400

23,000

39.200

25.400

61,000

146.900

58,817

407,000

580.000

287 197

2 800

9,190

21 370

42,000

JPY 150,272.000

JPY 378 798,000

JPY 965.140 000

JPY 13.881.400

JPY 227.365.000

JPY 159,744,000

JPY 922.962 000

JPY 36,869,000

JPY 318 696.000

JPY 116,586,000

JPY 125,660 000

JPY 592,007,000

JPY 484 652.080

JPY 267 399,000

JPY 456.460 000

JPY 2.168.337.35

JPY 20,888,000

JPY 70 671,100

JPY 234.642 600

JPY 58.464.000

0.41

1 04

2.66

0.05

0.62

0 44

2.54

0.10

0.87

0.32

0.34

1.62

1.33

0 73

1.25

5.96

0.06

0.19

0.64

0.16

TOTAL SHARES

31.727.093,440

31,727,093,440 ~ . .-

67.05

87.05

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING -. 31,727,093,440 87.05

TOTAL INVESTMENTS 31.727.093.440 .87.05

OTHER NET ASSETS LESS LIABILITIES 4.720,701,010 12 95

TOTALNETASSETS 36,447,794,450 . j O O s

L - HSBC Global Investment Funds - - I

.-

Portfolio of Investments and Other Net Assets - _. -&- .. -

JAPANESE EQUITY


__ (expressed as a percentage of net assets) ..

%

Holding companies Electronics and electrical equipment Automobile industry Other business houses Pharmaceuticals and cosmetics Transport Public services Chemicals News transmission Coal mines, heavy industries Banks and financial institutions Real estate companies Mechanics, machinery Retail trade, department stores Other services Office equipment and computers Construction, building materials Insurance Photography and optics Energy Textile Food Non-ferrous metals Internet Software Gastronomy Tyres and rubber


18.26 17.24 7.90 7.61 4.48 3.35 3.32 3.30 3.06 2.93 2.80 2.74 2.13 1.94 1.54 1.25 1.02 0.56 0.38 0.34 0.25 0.25 0.13 0.13 0.09 0.05

12.95


I . -- -


_- -

Portfolio of Investments and Other Net Assets _.

KOREAN EQUITY Statement of Investments as at 31 March 2007 (expressed in USD)

-. - . .


INVESTMENTS


SHARES

SOUTHKOREA

AMORE PACIFIC CORP (NEW)


DAEWOO SHIPELDG+MARINE ENGIN. DONG-A PHARMACEUTICAL CO LTD DONGBU INSURANCE CO LTD

DOOSAN HEAVY INDUST.LC3NSTR. DOOSAN IkFRACORE CO LTD

GS ENGINEERINGLCONSTRUCT. CORP HAN KOOK TIRE MANUFACTURING CO HANA FINANCIAL GROUP INC

HANA TOUR SERVICE INC

HOTEL SHILLA

HYUNDAI DEPARTMENT STORE CO HYUNDAI ENGINEERING+CONSTR.CO HYUNDAI FIRE a MARINE INS

co KOOKMIN BANK

KOREA ELECTRIC POWER CORP. KOREA INVESTMENT HOLDINGS CO KOREAN AIR

KT8 G CORP

LG CHEMICAL LTD


MEGASTUDY CO LTD

MODETOUR NETWORK INC

NHN CORPORATION

ORION CORPORATION

POSCO

SAMSUNG ELECTRONICS CO LTD SAMSUNG ENGINEERING CO LTD SAMSUNG HEAVY INDUSTRIES

SAMSUNG TECHWIN CO LTD

SHINHAN FINANCIAL GROUP

SHINSEGAE CO LTD

SK CORPORATION

SK TELECOM CO LTD

2,530 KRW 1,393.104

1 1 002 KRW 1.053 731

86,000 KRW 3,158,492

22.179 KRW 1,721 068

156500 KRW 4441 799

23.000 KRW 1486.499

64,310 KRW 1,640,677

31.200 KRW 2792.544

63.500 KRW 1,053,008

49.500 KRW 2,562.521

49.000 KRW 3,791,934

191 000 KRW 3,035,343

46.700 KRW 3,921.726

68210 KRW 3.676117

230.700 KRW 3,188,043

151.500 KRW 13,592,155

34.000 KRW 1357,132

89580 KRW 4.713565

94.800 KRW 3.703.386

74,500 KRW 4,870,400

43000 KRW 2,164,321

1 1 1.700 KRW 3,294.955

35.230 KRW 6.179.166

56,400 KRW 2.392.133

44.646 KRW 6,549.300

14700 KRW 3.640 881

27.000 KRW 1 1 336.895

20.180 KRW 12,077.103

97,000 KRW 6.042.305

176.000 KRW 4.695 909

40000 KRW 1.524 342

89.600 KRW 5,143.219

7.000 KRW 4,018,140

24310 KRW 2387.757

10.150 KRW 2,066.180

0 91

0.69

2.06

112

2.89

0 97

1.07

1.82

0.69

1 67

2.47

1.98

2 55

2.39

2.07

8.84

0 88

3.07

2.41

3.17

1.41

2 14

4.02

1.56

4.26

2.37

7.38

7 85

3.93

3 06

0.93

3 35

2.62

1.55

1 34

-. ..


S-OIL CORP

WOORI FINANCE HOLDINGS CO LTD WOORI INVESTMENTLSECURIT CO YUHAN CORP

TOTAL SHARES

. .

50.000 KRW 3,444,120 2.24

56 500 KRW 1,366,354 0.69

236.000 KRW 4,954.643 322

10,500 KRW 1.646.321 1.07

152,077.288 98.97

152,077,288 98.97


TOTAL INVESTMENTS 152,077,288_.. 98.97

OTHER NET ASSETS LESS LIABILITIES 1.578.199 1.03

TOTALNETASSETS 153,655,481. 100.00


-

-


KOREAN EQUITY


(expressed as a percentage of net assets) -. - -

%

Banks and financial institutions Electronics and electrical equipment Internet Software Coal mines, heavy industries Mechanics, machinery Holding companies Retail trade, department stores Insurance Construction, building materials Gastronomy Transport Energy Chemicals Tobacco and spirits Pharmaceuticals and cosmetics Food News transmission Public services Tyres and rubber


15.41 12.77 8.28

7.16 5.63 5.17 4.96 4.90 4.45 3.97 3.79 3.55 3.17 3.10 2.37 1.34 0.88 0.69

7.38

1.03


A -- HSBC Global Investment Funds

~- -

Portfolio of Investments and Other Net Assets t ~

PAN-EUROPEAN EQUITY Statement of Investments as at 31 March 2007 (expressed in EUR)

~

Evaluatian ~

% net assets

Descriwtion Quantity Currency

GREAT BRITAIN

ANGLO AMERICAN PLC

ASTRAZENECAPLC

BAE SYSTEMS PLC

BARCLAYS PLC

BP PLC

CARPHONEWAREHOUSE GROUP EM1 GROUP PLC

FKI PLC

GKN PLC

HSBC HOLDINGS PLC

JAZZTEL PLC

KAZAKHMYS LIMITED

LADBROKES PLC

NEXT PLC

PUNCH TAVERNS LTD

RESOLUTION PLC

SHIRE PLC

UNILEVER PLC

XSTRATAPLC

241,574 GEP

386887 GBP

2.484.378 GBP

1749.966 GBP

3.157.376 GBP

2,065,744 GBP

1,760,374 GBP

3,757,992 GBP

2 121,788 GBP

1,424.074 GBP

4,850,139 EUR

246.734 GBP

1 GBP

355689 GBP

197.607 GBP

1,574,666 GBP

626,381 GBP

894.253 GBP

262,650 GBP

9.528 243

15,584,281

16,846.546

18,633,567

25,889,317

8 474,600

5.861 670

6,360.358

11.835.021

18,600,678

3,007,086

4 239,491

6

11 825,364

3,612.033

14,250,867

9 707,218

19,952,047

9,982.644

1.30

2 12

2.30

2.54

3.54

1.16

0 80

0.87

1.61

2.54

0.41

0.58

0.00

1.61

0.49

1.94

1.32

2.72

1.36

~. .


INVESTMENTS


SHARES

BELGIUM - _

DEXIA SA

UCB

513,313

169 606

1 255,520

112,962

457,620

423 870

570,756

177,192

170,533

292,545

57,596

230.433

188.988

208.763

336.264

77.167

129,055

250,392

653,220

80.594

312,981

287.967

EUR 11,590,608 1.58

EUR 7,410086 1.01

19,000,694 2.59

-.

-- - CYPRUS

MARFIN POPULAR BANK PUBLIC co

EUR 10,069.270 137

-~ 10.069.270 1 37

.- 214,191,037 29.21 ~ .. ~ DENMARK GREECE

NOVO NORDISK AIS B

FINLAND

DKK 7,778,445 1.06

7,778,445 1.06

- .~

~ .-

BANK OF PIRAEUS

HELLENIC TELECOM

OPAP

148.130 EUR 3,848,417 0.52

620,143 EUR 12,601 306 1.73

250,822 EUR 7,223,674 0.98

23,673,397 3.23

~

NESTE OIL OYJ

NOKIA OY

EUR 11,870,663 1 62

EUR 7.218 506 0.98

19,089.169 2.60

~.

-

IRELAND ~

BANK OF IRELAND

SMURFIT KAPPA PLC

405,943 EUR 6.482.909 0.88

317,283 EUR 5,869,736 0.80

12.352.645 1.68

- .

.~

FRANCE

AXA

BNP PARIBAS

CASINO GUICHARD-PERRACH

CREDIT AGRICOLE SA

GROUPE DANONE

LEGRAND HOLDING ACT.PROV.OP0 SAINT-GOBAIN

SANOFI-AVENTIS

TOTAL SA

VALLOUREC

EUR 17,995936 2.44

EUR 13,758959 188

EUR 12841.135 1.75

EUR 8,551,090 1.17

EUR 7,013,465 0.96

EUR 5,707,825 0.78

EUR 13.762.106 1.88

EUR 13,462,328 1.84

EUR 17.684 124 2.41

EUR 15 147,882 2.06

125,924 850 17.17

~

-

ITALY

EN1 SPA ROMA

INTESASANPAOLOSPA

UNlCREDlTO ITALIAN0 SPA

745,559 EUR 18.087261 247

2.071 279 EUR 11.733.796 1 60

3 055,075 EUR 21,629,931 2.94

51 450,988 7.01 ~ -~

NETHERLANDS -. ~

ARCELOR MITTAL N.V. CLASS A BUHRMANN NV


170 174 EUR 6721.873 0.92

865,731 EUR 8.813.142 120

332,965 EUR 12862,438 1.75

28397,453 3 87 GERMANY

PORTUGAL -.

BCO COMM PORTUG./NAM

ALLIANZ AG lNAM

COMMERZBANK AG

DEUTSCHE POSTAG BONN

E.ON AG

HEIDELBERGER DRUCKMASCHINEN AG LANXESS AG

EUR 19.811.233 2.71

EUR 8 350,573 1.14

EUR 14,854223 2 0 2

EUR 8,175.455 1.11

EUR 10.691,431 1.46

EUR 11.040.655 1.50

72.923 570 9.94

-. .

~ --

2.909.075 EUR 7,854,503 I 07

7,854.503 1.07

~

. SPAIN

ACCIONA SA

ALTADIS SNREG.

BANCO BILBAO VIZ.ARGENTARIA lNAM ENDESA SA

108,871 EUR 17.539.118 2.39

100,279 EUR 4.825425 0.66

1.196.849 EUR 21,902.338 2.98

186,828 EUR 7.525432 1.03


Portfolio of Investments and Other Net Assets E- .. -

-. . . -

Doscription Quantity Currency Evaluation % net assets

GAMESA CORP TECNOLOGICA 435,440 EUR 11,573.995 1.58 SA TELEFONICA SA 1.017.068 EUR 16,679,915 2.27

80.046.223 10 91

- - . -

.-

SWEDEN

ERICSSON TEL. -8- 3 024,482 SEK 8,377,673 1.14 ~

8,377.673 1.14

SWITZERLAND

JULIUS BAER HOLDING 131.675 CHF 13,396,146 1.83

INAMENAKT NOVARTIS AG EASEL INAM 390439 CHF 16,638,945 2 2 6

SYNGENTA AG /NAM 99,482 CHF 13.919 362 1.90

TOTAL SHARES

43 954.453 5 99

725,084,370 98.84

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 725,084,370 . 98.84

TOTAL INVESTMENTS .725.084.370 98.84

OTHER NET ASSETS LESS LIABILITIES 8.534.066 -1.16

TOTAL NET ASSETS 733,618,436. 100.00 ~.


. -

- -

Portfolio of Investments and Other Net Assets ._

PAN-EUROPEAN EQUITY - - - .


-. (expressed as a percentage of net assets) -. .

%

Banks and financial institutions Energy Pharmaceuticals and cosmetics Insurance News transmission Food Mechanics, machinery Construction, building materials Chemicals Electronics and electrical equipment Coal mines, heavy industries Holding companies Miscellaneous Aerospace technology Public services Transport Real estate companies Gastronomy Non-ferrous metals Office equipment and computers Retail trade, department stores Graphic art and publishing Tobacco and spirits


Total Net Assets

21.50 10.04 9.61 7.09 6.53 5.43 5.13 4.27 3.40 3.23 2.86 2.54 2.41 2.30 2.14 2.02 1.75 1.47 1.30 1.20 1.16 0.80 0.66

1.16 .-

100.00

A HSBC Global Investment Funds r

- -

Portfolio of Investments and Other Net Assets .- --

PAN-EUROPEAN EQUITY HIGH DIVIDEND Statement of Investments as at 31 March 2007 (expressed in EUR)


58500 EUR 820,170 099

- . .~

. --

15 294,766 18 50

~

UNITED INTERN.&CO/NAMENSAKT

GREAT BRITAIN _. .-

ASTRAZENECAPLC

BARCLAYS PLC

BRITISH LAND

CARPHONEWAREHOUSE GROUP FIRST CHOICE HOLIDAYS

HOME RETAIL GROUP PLC

VODAFONE GROUP PLC

-. . -.


73.575 GBP 2.963690 3.59

121,149 GBP 1289.990 156

74925 GBP 1.667272 2.02

254.145 GBP 1.042616 1.26

209,396 GBP 679.837 106

280,550 GBP 1,838.409 2.22

921.583 GBP 1.859.312 2.25

11 541,126 1396 ~~

. .-

- .

INVESTMENTS


SHARES

AUSTRIA

OMV AG

ZUMTOBEL AG

GREECE

29 700

37,155

158 500

61,894

46,691

68311

19.868

75,226

17.636

41,277

19 110

22,770

24.700

67.758

38.217

10,110

12,275

48 571

14 520

10.346

87,081

44,793

23,802

58,380

20,168

BQ NATIONA GRECElNOM - S.CP. HELLENIC TELECOM

OPAP

EUR 1,403 325 1.70

EUR 943,737 114

2,347.062 2.84 ~

-.

37.425 EUR 1 511.970 1.83

63,500 EUR 1,290,320 1.56

37.638 EUR 1,083,974 1.31

3386,264 4 70

.-

. -

BERMUDA ISLANDS ~ .-

CATLIN GROUP LTD IRELAND GBP 1,159,347 1.40

1,159,347 1.40 ~. C&C GROUP PLC

ITALY

125304 EUR 1428466 1.73

1,428,466 I 73

.-

-

CZECH REPUBLIC

TELEFONICA 0 2 CZECH REPUBLIC

CZK 1,202,901 1.46

1.202,901 1.46 ASSlCURAZlONl GENERAL1 SPA BCA POPOLARE Dl MILANO

CAPlTALlA SPA

EN1 SPA ROMA

69.200 EUR 2.210248 2.67

62,133 EUR 720743 0.87

282.276 EUR 1,898,885 2.29

121,589 EUR 2,949,749 3.58

7,771,635 9.41

- .

.

FINLAND .~

KEMIRA OYJ EUR 797,015 096

797,015 0 9 6

~-

~~

FRANCE

AXA

BNP PARIBAS

NATlXlS

NEOPOST

NEUF CEGETEL

RENAULT SA

SAINT-GOBAIN

STE AIR FRANCE

SUEZ

VIVENDI

WENDEL INVESTISSEMENT

NETHERLANDS

EUR 2,153846 260

EUR 1542,750 187

EUR 1367,609 1 65

EUR 1.865.889 2 26

EUR 1,147.501 139

EUR 1,678622 2.03

EUR 1.658,111 201

EUR 834.860 1.01

EUR 2,700 156 3.26

EUR 1157,593 140

EUR 1,271,939 154

ARCELOR MITTAL N.V. CLASS A ING GROEP NV/ CERT. OF SHS

KONINKLIJKE KPN NV

SNS REAAL NV

USG PEOPLE NV

48,964 EUR 1934,078 234

70,213 EUR 2,214,518 268

121,220 EUR 1419,486 172

52,099 EUR 902,355 109

24.222 EUR 751,851 0.91

7,222,288 8 74

~

- NORWAY _ - NORSKE SKOGINDUSTRIER AS

STATOIL ASA

92,771 NOK 1.194,551 1.45

140,660 NOK 2,694,432 3.50

4,088 983 4.95

.~

- 17,378,876 21.02

~. GERMANY SPAIN

.-

BCO SANTANDER CENTR. HlSP /REG.

ALLIANZ AG INAM.

COMMERZBANK AG

DEUTSCHE BANK AG INAM.

DEUTSCHE BOERSE AG lNAM

DEUTSCHE POST AG. BONN

HEIDELBERGER ORUCKMASCHINEN AG HYPO REAL ESTATE HOLDING AG PROSIEBEN SAT lMED NORZ.

RWE AG (NEU). ESSEN A

EUR 1,884.335 2 2 8

EUR 1,619843 196

EUR 1,467827 178

EUR 1759.958 213

EUR 1,980,222 2 3 9

EUR 1,530,129 185

EUR 1,121,788 136

EUR 1,524,886 184

EUR 1585,608 192

100863 EUR 1340469 1.62

1.340.469 1 62

SWEDEN

ENlRO AB

HENNES R MAURITZ AB

NORDEA BANK AB

SKFAB B

21,461 SEK 205,244 0 2 5

34,333 SEK 1,478,938 179

100,260 SEK 1,198,957 145

56,230 SEK 861.620 104 . -

3,744,759 4.53


__

Portfolio of Investments and Other Net Assets - .


-. ..

SWITZERLAND

ZURICH FINANCIAL SERVICES 7.427 CHF 1,601,984 1.94 INAM

~

TOTAL SHARES


I .mi ,984 1.94 - -~ 80.811.941 97.76

GERMANY

DEUTSCHE BK 07- 32,881 EUR 815,120 0 9 9 17 12 17WRTIYIT

815,120 099

TOTAL WARRANTS / EQUITY LINKED SECURITIES 815,120 0.99


-

AN OFFICIAL STOCK EXCHANGE LISTING - a i , m , o m 98.75



GERMANY

DT BK 06-16.12 11 WRT 43445 EUR 1,190914 1.44 /NESTLE -~

1,190914 144


TOTAL OTHER TRANSFERABLE SECURITIES - 1-,190,914 1.44



TOTAL NET ASSETS

- (157,497) (0.19)

82.660.478 .lJO.OO

I

A HSBC Global Investment Funds -~

Portfolio of Investments and Other Net Assets - . -

PAN-EUROPEAN EQUITY HIGH DIVIDEND ~


(expressed as a percentage of net assets) . -

YO

Banks and financial institutions Insurance News transmission Energy Public services Coal mines, heavy industries Pharmaceuticals and cosmetics Transport Electronics and electrical equipment Retail trade, department stores Mechanics, machinery Gastronomy Miscellaneous Holding companies Graphic art and publishing Automobile industry Investment companies Construction, building materials Other services Tobacco and spirits Forest products and paper industry Chemicals


24.44 10.89 9.78 8.78 5.18 3.88 3.59 3.40 3.40 3.05 2.89 2.37 2.22 2.13 2.09 2.03 2.02 2.01 1.90 1.73 1.45 0.96

(0.19)


I

. - HSBC Global Investment Funds

- -

- -

Portfolio of Investments and Other Net Assets .- --

SINGAPORE EQUITY Statement of Investments as at 31 March 2007 (expressed in USD)

- .. - - Description Quantity Currency Evaluation net

assets

INVESTMENTS


SHARES

ISRAEL

SARIN TECHNOLOGIES LTD

SINGAPORE

ALLGREEN PROPERTIES LTD



HOTEL PROPERTIES

HTL INTERNHTL HLDGS LTD

INTER-ROLLER ENGINEERING LTD JARDINE CYCLE 8 CARRIAGE LTD KEPPEC C O W LTD

MEIBAN GROUP

OVERSEA-CHINESE BK CORP

SC GLOBAL DEVELOPMENTS LTD SINGAPORE AIRLINES LTD

SINGAPORE PRESS HOLDINGS LTD SINGAPORE TELECBOARD LOT 1000 STRAITS ASIA RESOURCES LTD STRAITS TRADING CO STCL

SUNNINGDALE TECH LTD

UNITED TEST & ASSEMBLY CENTER UTD OVERSEAS BANK /LOCAL

VENTURE CORPORATION LTD

WHEELOCK PROPERT(SINGAP0RE) LTD

TOTAL SHARES


BERMUDA ISLANDS

9,787.000 SGD 3,968,619 3.53

3.968 619 3.53 - .-

6 419,500

2.740 000

5.680,OOO

2 882,000

2,259.500

7,650 000

376,000

389,000

1,700.000

821,000

370,000

436 000

1.276.000

2,252.300

6,457 000

639,000

1,287.000

4,900,000

355,000

495,000

2,570,000

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGO

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

7,407 198

3,956,484

8 463.918

9,691.229

1,355,715

4,514,391

2,950.1 87

4.073 241

325,059

4 871.922

1,131.969

4.772 097

3,701.843

4,670,962

4 427.706

1,744,219

246.088

2 940.033

A,915.439

4,765 108

5,490,259

6 59

3 52

7.53

8 63

121

4 02

2 62

4 33

0 29

4.33

101

4 24

3 29

4.33

3 94

1 55

0 22

2.62

4 37

4 24

4 88

87.415 127 77.76

91,383,746 81.29

MACQUARIE NTL INFRASTRUCTURE

11 190,000 SGD 8,189,696 7 29

-~ 8 189,696 729


~- Description Quantity Currency Evaluation % net

assets ..


SINGAPORE

SC GLOBAL DEVTS 05- 1,502,000 SGD 3,070,056 2.73 10 12 lOWRT

3,070,058 2 73


TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 102L643,498 91.31


OTHER NET ASSETS LESS LIABILITIES 9,773.645 8.69

112,417,143 100.00 TOTALNETASSETS


-


SINGAPORE EQUITY


(expressed as a percentage .. - of net assets) - -

%

Real estate companies Gastronomy Banks and financial institutions Investment companies Electronics and electrical equipment Holding Companies News transmission Mechanics, machinery Transport Coal mines, heavy industries Precious metals Graphic art and publishing Automobile industry Other business houses Forest products and paper industry


17.86 17.03 8.70 7.29 7.08 4.33 4.33 4.31 4.24 3.94 3.53 3.29 2.62 1.55 1.21

8.69



- .-


THAI EQUITY Statement of investments as at 31 March 2007 (QXpreSSed in USD)

~. .. . . . ._


- .

INVESTMENTS


SHARES

SINGAPORE - - BANYAN TREE HOLDINGS LTO

THAILAND

AAPICO HITECH PCL /FOR.REG ADVANCED INFO SERV PUB. /FOR. REG AIRPORTS OF THAILAND PUB. /FOR REG. BANGKOK B.4NK PUBLIC /FOR. REG. BANPU PUBLIC CO LTD/FOR.REG. EEC WORLD PUBLIC CO /FOREIGN CENTRAL PATTANA PUBLIC CO LTD CHAROONG THAIBWIREIFOR.REG HANA MICROELECTRONICS /FOR REG HEMARAJ LAND DEVEL FOREIG REG ITALIAN-THAI DEV PUB /FOR

REG KASIKORNEANK PUB COMP /FOR REG KRUNG THAI BANK /FOR REG

LAGUNA RESORTS &HOTELS/FOR REG LALIN PROPERTY PUB/FOREIGN REG LAND AND HOUSE PUELIC/FOR REG LPN DEVELOPMENT PUB /FOR REG MURAMOTO ELECTRON (THAI) PLClFOR REG PHATRA SEC PUBLIC CO LTD

/FOR REG PTT EXPL PROD PUBLIC /FOR REG PTT PLC CO LTD /FOR.REG.

QUALITY HOUSES PUBLIC /FOR REG SlAM COMMERC.BANK PUBL./FOR REG. SINO-THAI ENGIN.& CONS/FOR.REG SRlTHAl SUPERWARE PUB./FOR.REG SUPALAI PUBLIC CO LTD/FOREIGN THAI AIRWAYS INTL/FOR.REG.

THAI CANE PAPER /FOR.REG.

9.870.000

8.1 53,100

2,822.300

1,950 000

6.378.800

1,330,000

5,700,000

4,247 900

6.304.800

8,399.900

45.651.700

51.438 800

10.300.000

22,339,000

261,000

25,146,600

32,550,000

34 392,700

320,000

2,259.400

3,350 000

3 265,000

19.967 100

5,280.000

35,776,100

10,680,000

30.464.400

7.458.900

10,161,329

..-


THAI OIL PUBLIC CO/FOR.REG

THAI PLAST.&

CHEMIC.PUB./FOR.REG. THE ERAWAN GROUP /FOR.REG. TRUE CORP. PUBLIC IFOR. REG WORKPOINT ENTERTAINM.PUB./FOR.

.. -.

6,020,000 THB 10,051,968

11,260 500 THB 5.624.648

51,201,700 THE 4,968,930

36,763,000 THE 5,718,828

3.661 500 THE 2 309.675

__ 200.286.187

~

% net assets

~

4.62

2.59

2.28

2.63

1.06

TOTAL SHARES 214,538,192 98.61

AN OFFICIAL STOCK EXCHANGE LISTING 214,538,192 98.61 TOTAL TRANSFERABLE SECURITIES ADMITTED TO

TOTALINVESTMENTS 214,538,192 98.61-

THE 3,141,638

THE 5,397,313

THE 3.228.213

THE 20,573,921

THE 7,668,362

THE 3,546.753

THE 2.861.448

THE 1,448.661

THE 6,293657

THE 1146,672

THE 7,194267

THE 19 697,525

THE 7,715,227

THE 581.078

THE 3.172497

THE 6.178.346

THE 5,742,774

THE 1,735,414

THE 1,837967

THE 8605.715

THE 19,384 123

THE 706,702

THE 10.248.079

THE 4,390,976

THB 2,789.279

THE 2.921 672

THE 9,314,348

WE 4.089491

1.44

2.48

1.48

9 46

3.52

163

1.32

0 67

2.89

0.53

3.31

9.05

3.55

0.27

1.46

2.84

2.64

0.80

0 84

3.96

8.91

0.32

4 71

2.02

1 28

1.34

4.28

1.88

92.06


SGD 14,252,005 6.55

14,252,005 6 55 TOTALNETASSETS 217,572,937 100.00 -.


-.


THAI EQUITY


(expressed as a percentage of net assets) -

Yo

_ _

Banks and financial institutions Energy Real estate companies Construction, building materials Gastronomy News transmission Electronics and electrical equipment Transport Public services Chemicals Forest products and paper industry Other services Aerospace technology Mechanics, machinery Consumer goods Graphic art and publishing Holding companies Tyres and rubber


26.77 17.49 9.36 8.17 6.82 5.1 1 4.36 4.28 3.52 2.59 1.88 1.63

1.44 1.28 1.06 0.84 0.53

I -48

1.39


2 HSBC Global Investment Funds

Portfolio of Investments and Other Net Assets -r UKEQUITY Statement of Investments as at 31 March 2007 (expressed in GBPI

Description Quantity Currency Evaluation 70 net assets

INVESTMENTS


. ....

. _-_

~. .... .-


~. .

SCOTTISH POWER PLC

SHIRE PLC

SIG PLC

SOCO INTL PLC

TRADING EMISSIONS PLC

UNILEVER PLC

UTD BUSINESS MEDIA PLC

VODAFONE GROUP PLC

XSTRATAPLC

31 GROUP PLC

185,546

168.107

162.026

43,731

600,000

144,195

177.941

1,312,447

89.399

145.020

GEP

GBP

GBP

GBP

GEP

GEP

GBP

GBP

GBP

GEP

-.

1487,151

1.770 167

2,051 249

691.387

733,164

2.185 996

1,423 528

1 799.168

2,308.729

1,646 209

% net assets

1.52

181

2.10

0.71

0.75

2 23

1.45

1.84

2.36

1.68

SHARES 94 950.401 97.01

GUERNSEY

GREAT BRITAIN

ANGLO AMERICAN PLC

ASTRAZENECA PLC

AVIVA PLC

BAE SYSTEMS PLC

BARCLAYS PLC

EEA AVIATION PLC

BG GROUP PLC

EP PLC


BT GROUP PLC

CARPHONEWAREHOUSE GROUP CENTRICA PLC

CLIPPER WINDPOWER PLC

DANA PETROLEUM PLC

DOMESTIC 8 GENERAL GROUP PLC ECONERGY INTERNATIONAL PLC EM1 GROUP PLC

EXPERIAN GROUP LTD

FIBERWEB PLC

FKI PLC

GKN PLC

GLAXOSMITHKLINE PLC

HANSON PLC

HBOS PLC

HELPHIRE GROUP LONDON

HOMESERVE

HSBC HOLDINGS PLC

ICAP PLC

INCHCAPE PLC

JOHNSON MATTHEY PLC

KAZAKHMYS LIMITED

LEGAL & GENERAL GROUP PLC MARKS AND SPENCER

NEXT PLC

PETROFAC LTD

PUNCH TAVERNS LTD

RECKITT BENCKISER PLC

RESOLUTION PLC

ROYAL DUTCH SHELL -B-

119,901

120,237

235.885

712,102

714,001

1

279 708

1,436,334

70 253

250 848

398,281

545.694

193,183

65.068

171,858

626,326

409.471

228 303

1

784.588

548 us7

104 492

227.295

426.210

501,828

80.71 1

723 468

305.498

341.141

145 942

83.133

1,139.582

175 276

71.217

223 704

67,229

36,242

353.169

i 75 a65

HSBC Global Investment Funds - . . - -.

GBP 3,213.347

GEP 3,290,887

GBP 1,767,253

GBP 3281.010

GBP 5,165.797

GBP 3

GBP 2.060.049

GEP 8,002.430

GBP 1.110700

GBP 763,989

GBP 1 110,208

GBP 2,067,416

GBP 1,358,076

GEP 646.776

GBP 2.027924

GBP 53a.640

GBP 926,428

GBP 1,337,011

GBP 2

GEP 902.276

GEP 2,077288

GBP 1454.194

GBP 1,854.727

GEP 4,472,482

GBP 2,218.080

GBP 1,437,382

GBP 6.420779

GBP 1605.392

GBP 1.944.504

GEP 2.293,479

GEP 970.578

GBP 1.788.574

GBP 1.190.124

GBP 1,608.792

GBP 990.449

GBP 834,984

GBP 954,252

GBP 2,171,739

GEP 2995.632

3 2a

3 36

1.81

3.35

5 28

0.00

2.10

8 19

1.13

0.78

1.13

2.11

1.39

0.66

2.07

0.55

0.95

1.37

0.00

0 92

2.12

1.49

1 89

4.57

2.27

1 47

6.56

1 64

1 99

2.34

0.99

1 a3

1.22

1 64

1.01

0.85

0.97

2.22

3.06

RAVEN RUSSIA PLC 996,983 GBP 1,203,857 123

1203.857 123

-. .-

_____

TOTAL SHARES 96,154,258 98.24


AN OFFICIAL STOCK EXCHANGE LISTING >j.54,258


SHARES

GREAT BRITAIN

TRADING EMISSIONS PLC -C- 552.140 GBP 615,636 0.63

615,636 0.63

.. .

~

TOTAL SHARES 615.636 0.63

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKET - 615,636 0.63


OTHER NET ASSETS LESS LIABILITIES 1,109.877 1.13

TOTALNETASSETS - .. 97,1179,771 100.00

.. _-


UKEQUITY

Economic Division of Investment .. ..

(expressed as a percentage of net assets) - -

Yo

Energy Holding companies Banks and financial institutions Insurance Pharmaceuticals and cosmetics Public services Miscellaneous Coal mines, heavy industries Aerospace technology Non-ferrous metals News transmission Graphic art and publishing Retail trade, department stores Precious metals Food Mechanics. machinery Other services Other business houses Tobacco and spirits Consumer goods Electronics and electrical equipment Gastronomy Transport


Total Net Assets

14.72 12.32 12.12 7.93 6.66 6.48 5.63 4.36 3.35 3.28 2.62 2.40 2.35 2.34 2.23 2.12 2.10 1.99 1.13 0.97 0.92 0.85 0.00

1.13

100.00

-

A HSBC Global Investment Funds -.

__ ..


USEQUITY Statement of Investments as at 31 March 2007 (expresscd in USD)

Description Quantity Currency Evaluation % n d assets

- . -. .

INVESTMENTS


SHARES

UNITED STATES

ABBOTT LABORATORIES INC

ADOBE SYSTEMS INC

ALLTEL CORP.

ALTRIA GROUP

AMERICAN INTERNATIONAL GP APPLE INC

APPLIED MATERIALS INC

A T & T

BEAR STEARNS COMPANIES

CARDINAL HEALTH INC

CHEVRON CORPORATION

CISCO SYSTEMS INC

ClTRlX SYSTEMS INC

COCA-COLA CO

COGNIZANT TECHNOLOGY SOL.CORP CONAGRA FOODS INC

COOPER INDUSTRIES LTD -A-

DEERE a co. ENSCO INTL INC

EXPRESS SCRIPTS INC - A -

EXXON MOBIL CORP

FEDEX CORP.

FISERV INC.

FOREST LABORATORIES

FPL GROUP INC

FRANKLIN RESOURCES INC.

FREEPORT MCMO.COPP&GOLD -E- GENERAL ELECTRIC CO

GILEAD SCIENCES INC.

GOOGLE INC A

GRAINGER INC WW

HALLIBURTON CO

IBM CORP

INTEL CORP

J.P. MORGAN CHASE t CO

KEYCORP

LEHMAN BROTHERS HOLD. INC LOCKHEED MARTIN CORP

LSI LOGIC CORP.

58.300

33,223

16,000

37,000

53.652

32,504

54,500

104.545

17034

25,000

56.541

151 945

45,000

64,661

15,000

30.000

40 000

10.841

29,446

26 000

106,075

15,600

19 376

39.800

15.000

23 702

24.000

160,000

49 235

4.600

23 200

53.856

40.879

88 000

96.506

45,000

38 212

22.700

45 000

US0 3,253.723

USD 1.379751

USD 999,680

US0 3.224.180

US0 3,605,414

USD 3.047.250

USD 1,008,250

US0 4,095.028

USD 2.573.497

USD 1812,750

US0 4.237.748

USD 3,863.961

US0 1,423.800

US0 3,110,841

US0 1.345.350

US0 737.700

USD 1312a00

US0 1175.923

USD 1,629.836

US0 2,126,280

USD 8.087.157

US0 1,680,120

US0 1.026.734

USD 2052.486

US0 925.500

USD 2,855 380

USD 1,568.400

US0 5.688000

USD 3754.169

USD 2,120,232

US0 1.777 584

USD 1725,546

US0 3.865927

USD 1.679.920

USD 4,680.541

USD 1,697 4110

USD 2.686.686

USD 2,226.870

US0 451 350


1 66

0.70

0.51

1 fi5

1.84

1.56

0 51

2 08

1.31

0 93

2.15

1.97

0 73

1.59

0.69

0 38

0.93

0.60

0 83

1.09

4.12

0 86

0.52

1.05

0.47

1.46

0.80

2.89

1.92

1 08

0.91

0.88

197

0.86

2.38

0.87

1.37

114

0.23

- ...

Description Quantity Currency Evaluation To net assots

MARRIOTT INTL INC -A-

MCDONALD'S CORP

MCGRAW HILL COMPANIES INC MERRILL LYNCH a co INC

METLIFE INC

MICROSOFT CORP

MORGAN STANLEY

NATIONAL OILWELL VARCO INC NEWMONT MINING CORP

NEWS CORP -A-

NlKE INC -B-

NVlDlA CORP

OMNICOM GROUP INC

PACTIV CORP

PNC FINANCIAL SERVICES GROUP PRAXAIR

PRINCIPAL FINANCIAL GROUP INC PRUDENTIAL FINANCIAL INC

PUBL SERV ENTERPRISE

Q LOGIC CORP

QUALCOMM INC

ROCKWELL COLLINS

ROHM + HAAS CO

SCHLUMBERGER LTD

SEARS HOLDINGS CORP

TARGET CORP

TIFFANY 8 CO

TIME WARNER INC

UNITED HEALTH GROUP INC

UNITED TECHNOLOGIES CORP VALEROENER CORPNVH ISSUED VERIZON COMMUNICATIONS INC WACHOVIA CORP

WALGREEN GO.

WALT DISNEY IDISNEY SER

WASTE MANAGEMENT INC.

WATERS CORPORATION

WELLPOINT INC

WYETH

30.902

50 172

24.378

39,100

35,440

173.753

45 000

22,000

35,000

85 248

17.927

35.000

14 800

38,000

25,800

24,000

28 000

24.053

25 971

36 000

48.163

27.500

22 000

35.096

11,947

43 558

35,500

117.755

44,815

39.376

44,120

71,297

51 337

60,000

73,359

34 800

36,500

26.386

78.595

US0 1,505,854

US0 2,251 218

USD 1.527038

USD 3 187.041

US0 2,244,770

USD 4.821 646

USD 3,529,350

USD 1731,620

USD 1.487150

USD 1,953,032

USD 1,881.797

US0 1,004,500

USD 1,514,336

USD 1,288,200

US0 1861,470

USD 1,510oao USD 1.676.080

US0 2.167416

USD 2.165202

USD 612.000

US0 2,034,887

USD 1,839,475

USD 1,139,160

US0 2480,234

US0 2.164796

USD 2,602,591

US0 1617,735

US0 2,337,437

USD 2 368,025

US0 2,559.046

US0 2.873977

USD 2,678,628

USD 2,836,883

USD 2 772,000

USD 2.522816

USD 1,208,256

USD 2087,070

US0 2,121,698

USD 3,921 891

0.77

115

0.78

1.63

1.15

2.45

1 .BO

0.88

0.76

1 .oo 0.96

0.51

0.77

0.66

0.95

0.77

0.86

1.11

1.11

0.31

1.04

0.94

0.58

1.27

1.10

1.33

0.83

1.19

1.21

1.31

1.47

1.37

1.45

1.41

1 29

0.62

1.07

1 08

2.00

TOTAL SHARES

181,100,169 92.43 -. 181,100,169 92.43


AN OFFICIAL STOCK EXCHANGE LISTING 181.100.169 92.43

TOTALINVESTMENTS 181.100,169 92&


TOTALNETASSETS l e s , 9 3 1 , 1 8 4 100.00

- ..


USEQUITY


(expressed as a percentage - - of net assets) ..

Holding companies Energy Pharmaceuticals and cosmetics Internet Software Office equipment and computers News transmission Electronics and electrical equipment Banks and financial institutions insurance Aerospace technology Graphic art and publishing Retail trade, department stores Miscellaneous Food Gastronomy Biotechnology Tobacco and spirits Public services Precious metals Chemicals Healthcare, education and social services Textile Transport Consumer goods Package and container industry Environmental services & recycling Mechanics, machinery


- .

%

17.06 9.45 6.73 6.68 5.50 5.00 4.02 4.70 3.85 3.39 2.74 2.74

2.08 1.97 1.92 1.92 1.65 1.58 1.56 I .35 1.21 0.96 0.86 0.83 0.66 0.62 0.60

7.57


HSBC Global Investment Funds - -

Portfolio of Investments and Other Net Assets I= . .-

USINDEX Statement of investments as at 31 March 2007 (expressed in USD)

. . . .

Description Quantity Currency Evaluation "le net assets

~ ..

INVESTMENTS


SHARES

BERMUDA ISLANDS

WEATHERFORD INTERNATiONAL LTD

UNITED STATES

ABBOTT LABORATORIES INC

ABERCROHBIE a FITCH "A"

ACE LTD

ADC TELECOMMUNICATIONS INC ADOBE SYSTEMS INC

ADVANCED MICRO DEVICES INC AES CORP

AETNA INC

AFFILIATED COMPUTER SERV

AFLAC INC

AGILENT TECHNOLOGIES

AIR PRODUCTS & CHEMICALS

ALCOA INC

ALLEGHENY ENERGY INC

ALLEGHENY TECHNOLOGIESWHEN ISS ALLERGAN INC.

ALLIED WASTE INDUSTRIES INC. ALLSTATE CORP

ALLTEL CORP

ALTERA CORP

ALTRIA GROUP

AMAZON COM INC

AMBAC FINANCIAL GROUP INC

AMEREN CORP

AMERICAN ELECTRIC POWER CO INC AMERICAN EXPRESS CO

AMERICAN INTERNATIONAL GP AMERICAN STANDARD CIES INC AMERIPRISE FINANCIAL INC/WH I AMERISOURCEBERGEN CORP

AMGEN INC

ANADARKO PETROL CORP.

ANALOG DEVICES INC

1,126 USD 51.965 012

51,965 0.12 -. .~

5,225 US0

300 USD

1,039 US0

345 US0

1995 us0 1.672 US0

2116 USD

1,785 US0

331 USD

1660 USD

1.371 USD

755 US0

2928 USD

520 US0

323 US0

517 USD

949 US0

2082 USD

1,171 US0

1 107 USD

7081 USD

1.033 US0

362 USD

718 US0

1,35A US0

4,042 US0

8,793 USD

588 USD

736 US0

671 US0

3.952 US0

1,575 USD

i.oaa USD


291 607

22,803

59.618

5 765

82,a52

21.870

46,044

77.558

19 532

77,887

46.216

55,681

9a.615

34 784

25.709

57.232

12.052

125,253

73.164

22,251

617.038

41 124

31,251

36.726

66,387

228.21 1

59o.ago

31,211

42,173

35,a7s

220.640

68.182

37.384

0.67

0.05

0 14

0 01

0.19

0 05

0.1 1

o i a 0.04

0.18

0 11

0.13

0.23

0 06

0.08

0 13

0.03

0.29

0 17

0.05

141

0 09

0.07

0.08

0.15

0 52

1.35

0.07

0.10

0.08

0 50

0.16

0 09

.. - . . .._ . .-

Description Ouantiry Currency Evaluation % net assets

-. ... ~

ANHEUSER-BUSCH COS INC

AON CORP

APACHE CORP

APARTMENT INV +MANAG A

APOLLO GROUP INC A

APPLE INC

APPLERA !APPLIED BIOSYSTEMS GR APPLIED MATERIALS INC

ARCHER-DANIELS MIDLAND

CO ARCHSTONE SMITH TRUST

ASHLAND INC

A T B T

AUTODESK INC

AUTOMATIC DATA PROCES

AUTONATION INC

AUTOZONE INC

AVALONBAY COMMUNITIES INC AVAYA INC

AVERY DENNISON CORP

AVONPRODUCTSINC

BAKER HUGHES INC

BALL CORP


BANK OF NEW YORK CO

BARD (C R ) INC

BARR PHARMACEUTICALS INC

BAUSCH 8 LOMB INC

BAXTER INTL INC

BEAT CORPORATION

BEAR STEARNS COMPANIES

BECTON DICKINSON 8 CO

BED BATH & BEYOND INC

BEMlS CO INC

BEST BUY CO INC

BIG LOTS

BIOGEN IDEC INC

BIOMET INC

BJ SERVICES CO

BLACK 8 DECKER CORP

BLOCKINC H+R

BMC SOFTWARE INC

EOEING CO

BOSTON PROPERTIES

BOSTON SCIENTIFIC CORP

BRISTOL MYERS SOUIBB CO

BROADCOM CORP -A-

BROWN-FORMAN CORP B /NON-VOT BRUNSWICK CORP

BURLINGTON NORTHERN SANTA FE CAMPBELL SOUP CO

CAPITAL ONE FINANCIAL CORP CARDINAL HEALTH INC

CARNIVAL CORP

2.568

1,017

1.140

383

463

2,904

603

4.728

2,214

760

21 1

21.078

778

1,877

624

144

250

1,348

328

1 484

i , o i a 336

15 117

2,532

331

339

159

2.178

1.822

424

a33

965

320

1,376

343

1,174

795

gag

219

979

663

2,651

402

3.995

6,832

1 603

256

287

1.217

727

1.407

1 365

1,503

USD

USD

US0

US0

USD

US0

US0

USD

USD

US0

USD

USD

US0

us0 USD

USD

USD

USD

USD

us0 USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

US0

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

us0 USD

US0

US0

USD

USD

USD

US0

USD

US0

128 811

38.727

21 a54

81.510

20,539

272,250

17 740

87.46~

81,387

40,379

13.913

825.624

28,903

91.579

13.1A1

i a 386

31 455

15,718

21 133

55.264

68,369

15 516

773,839

102,698

26 358

15.719

7.977

115,913

75.358

64 058

63,400

38,291

10 726

67.328

11 010

51,985

33.780

27 a50

17838

20,402

20 712

237 954

46.089

5~ 087

190,681

49 773

16 758

9,066

97 384

28.084

106 440

g a , m

70,476

0.29

0.09

0.19

0 05

0.05

0.62

0 04

0.20

0.19

0.09

0.03

1.87

0.07

0.21

0.03

0.04

0.07

0.04

0.05

0.13

0.16

0 04

1.77

0.23

0 06

0.04

0.02

0.26

0.17

0.15

0 14

0.09

0.02

0.15

0.03

0 12

0.08

0.06

0 04

0.05

0.05

0 54

0.11

0 13

0.44

0.11

0 04

0.02

0.22

0.06

0.24

0.23

0.16

r)r!!!!r!!!! Portfolio of Investments and Other Net Assets

- - -.


CATERPILLAR INC.

CB RICHARD ELLIS GROUP INC -A- CES CORP -6- /WHEN ISSUED

CELGENE CORP

CENTERPOINT ENERGY INC

CENTEX CORP

CENTURYTEL

CHARLES SCHWAB CORP

CHESAPEAKEENERGY

CHEVRON CORPORATION

CHICAGO MERCANTILE EX.HLDGS-A- C.H.ROEINSON WORLDWIDE INC CHUEE CORP

CIENA CORP

CIGNA CORP.

CINCINNATI FINANCIAL CORP

CINTAS

CIRCUIT CITY STORES

CISCO SYSTEMS INC

CIT GROUP INC

ClTlGROUP INC

CITIZENS COMMUNICATIONS co ClTRlX SYSTEMS INC

CLEARCHANNEL COMMUNICATIONS CLOROX CO

CMS ENERGY CORP.

COACH INC

COCA COLA ENTERPRISE

COCA-COLA CO

COGNIZANT TECHNOLOGY SOL.CORP COLGATE-PALMOLIVE CO.

COMCAST CORPI-A-

COMERICA INC

COMMERCE BANCORP

COMPASS BANCSHARES INC.

COMPUTER ASSOCIATES INTL INC COMPUTER SCIENCES CORP

COMPU’NARE CORP.

CONAGRA FOODS INC

CONOCOPHILLIPS

CONSOL ENERGY INC

CONSOLIDATED EDISON INC

CONSTELLATION BRAND -A-

CONSTELLATION ENERGY GROUP INC CONVERGYS CORP

COOPER INDUSTRIES LTD -A-

CORNING INC.

COSTCO WHOLESALE CORP

COUNTRYWIDE FINANCIAL CORP COVENTRY HEALTH CARE INC

CSX CORP.

CUMMINS INC

2,175

600

2.404

1,250

1115

437

353

3,448

1,367

7.293

110

550

1,364

242

324

526

437

479

20,406

588

16,561

1.175

588

1,664

479

697

1.248

9 64

6,789

500

1,723

10,518

529

565

377

1317

599

1152

1,762

5.568

565

834

622

630

426

616

5,299

1,550

1.886

580

1,498

172


US0

USD

US0

US0

USD

USD

USD

US0

USD

US0

USD

USD

US0

USD

USD

US0

USD

USD

US0

USD

USD

US0

USD

USD

USD

USD

US0

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

US0

USD

US0

USD

USD

USD

USD

USD

USD

USD

US0

USD

US0

USD

US0

143.963

20.478

73 322

65,875

20,182

18262

15,860

63.305

42,459

546,610

58,422

26 169

70,942

6,720

45 927

22,287

15,793

8,828

518.925

31.287

851,234

17,378

18.804

57 924

30,885

12 448

62.150

19.299

326,619

44,845

115,165

271,995

31,523

18,984

25,881

34.295

31,334

10,898

43,328

385,139

21,956

42 743

12,956

54,823

10.803

27.917

120,976

83.235

63 841

32.283

59 785

24.926

0.33

0.05

0.17

0.15

0.05

0.04

0.04

0.14

0.10

125

0.13

0.06

0.16

0.02

0.10

0.05

0.04

0.02

1.18

0.07

1 93

0.04

0.04

0 13

0.07

0.03

0.14

0.04

0.75

0.10

0.26

0.62

0.07

0.04

0.06

0.08

0.07

0.02

0 10

0.88

0.05

0.10

0.03

0.13

0.02

0.06

0.28

0.19

0.15

0.07

0 14

0.06

Description Quantity Currency

CVSKAREMARK CORP

DANAHER CORP

DARDENRESTAURANTS

DEAN FOODS CO

DEERE 8 CO

DELL INC

DEVELOPERS DIVERSIFIED REALTY DEVON ENERGY CORP (NEW)

DILLARDS INC A

DIRECTV GROUP INC

DOLLAR GENERAL CORP

DOMINION RESOURCES INC

DONNELLEY AND SONS RR

DOVER CORP

DOW CHEMICAL CO

DOW JONES + CO INC

OR HORTON INC

DTE ENERGY COMPANY

DU PONT [E I )DE NEMOURS

DUKE ENERGY HOLDING CORP DYNEGYINC A

E TRADE FINANCIAL CORP

EASTMAN CHEMICAL CO

EASTMAN KODAK CO

EATON CORP

EEAY INC

ECOLAE INC

EDISON INTERNATIONAL

EL PAS0 ENERGY CORP

ELECTRONIC ARTS

ELECTRONIC DATA SYSTEMS

EMBARQCORP

EMC CORP

EMERSON ELECTRIC CO.

ENSCO INTL INC

ENTERGY CORP

EOG RESOURCES INC

EQUIFAX INC

EQUITY RESIDENTIAL SEI

ESTEE LAUDER COS A

E W SCRIPPS CO A

EXELON CORP

EXPRESS SCRIPTS INC - A -

EXXON MOEIL CORP

FAMILY DOLLAR STORES INC

FANNIE MAE

FEDERATED DEPARTM STORES FEDERATED INVESTORS INC. E FEDEX CORP

FIDELITY NATIONAL INFORM SERV FIFTH THIRD EANCORP

FIRST DATA CORP

FIRST HORIZON NATL CORP

FIRSTENERGY CORP

5.204

750

533

377

776

7.686

870

1.503

249

2 600

1,047

1.170

752

707

3,225

113

904

620

3 138

4.218

1,000

1 374

334

930

483

3,855

580

1.121

2,172

1,042

1,726

465

6,983

2,716

500

690

817

407

956

383

264

2.286

460

19,169

50 I

3,276

1 787

255

1,050

500

1 879

2,552

369

1,121

USD

u50

u50

USD

u50

u50

u50

USD

u50

u50

u50

USD

USD

USD

USD

USD

USD

u50

u50

USD

u50

USD

u50

u50

USD

USD

u50

USD

u50

u50

USD

u50

USD

USD

u50

USD

USD

u50

USD

USD

u50

USD

u50

u50

u50

u50

USD

u50

USD

u50

USD

USD

u50

USD

Evaluation % net assets

177 769

52,950

22:99

17,436

84 173

179.776

54.593

105 285

8.195

59.462

22 123

104.262

27,644

34,473

148,479

3.868

19,960

29,872

154,954

86.342

9.470

29,101

20 985

21.337

40.055

127 369

24,778

55.512

31 820

53.444

48.121

26119

95.388

116516

27 675

72 560

58 718

14 876

45 573

18679

11 774

157,963

37.619

1,461,444

14 659

180,802

81.058

9.379

11 3,085

22.750

73 262

67,526

15,343

74 905

0.41

0.12

0.05

0 04

0.13

0.41

0 12

0.24

0.02

0.14

0.05

0.24

0.06

0.08

0.34

0 01

0.05

0.07

0.35

0.20

0.02

0.07

0.05

0.05

0.09

0.29

0.06

0.13

0.07

0 12

0.1 1

0.06

0 22

0.27

0.06

0 17

0.13

0.03

0.10

0.04

0.03

0.36

0.09

3 32

0.03

0.41

0 18

0.02

0.26

0.05

0.17

0.15

0 04

0.17

I

-~

Portfolio of Investments and Other Net Assets - - -

-- ..

Descriotion

- .. FISERV INC

FLUOR CORP (NEW)

FORD MOTOR CO

FOREST LABORATORIES

FORTUNE BRANDS

FPL GROUP INC

FRANKLIN RESOURCES INC

FREDDIE UAC

FREEPORT MCMO COPPRGOLD -B- GANNETT CO INC

GAP INC

GENERAL DYNAMICS CORP

GENERAL ELECTRIC CO

GENERAL MILLS INC

GENERAL MOTORS CORP

GENUINE PARTS GO

GENWAORTH FINANCIAL /-A-

GENZYME CORP

GILEAD SCIENCES INC


GOODRICb CORP

GOODYEAR TIRE a RUBBER

GOOGLE INC A

GRAINGER INC WW

HALLIBURTON CO

HARLEY DAVIDSON INC

HARMAN INTL INDUSTRIES INC

HARRAHS ENTERTAINMENT INC HARTFORD FIN SERV GROUP

HASBRO INC

HEINZ (H J I CO

HERCULES INC

HESS CORP

HEWLETT-PACKARD CO

HILTON HOTELS GORP

HOME DEPOT INC

HONEYWELL INTERNATIONAL INC HOSPIRA INC

HOST HOTELS & RESORTS INC

HUDSON CITY BANCORP INC

HUMANA INC

HUNTINGTON BANCSHARES INC IAChNTERACTlVE CORPlWHEN ISS. IBM CORP

ILLINOIS TOOL WORKS

IMS HEALTH

INGERSOLL-RAND COMPANY - A- INTEGRYS ENERGY GROUP INC INTEL CORP

INTERNATIONAL PAPER CO

INTERPUBLIC GROUP

INTL FLAVORS R FRAGR

INTL GAME TECHNOLOGY


Descridlon .


536

289

6,388

1090

498

1.389

579

2,365

1,249

808

1,600

1.365

34.729

1.197

1,857

620

1,392

823

1,557

1.396

354

674

735

246

3.388

806

208

620

1.089

627

1.128

332

a57

9 036

1,304

6.915

2,703

566

1,650

1,650

575

686

750

5.102

1,380

697

994

243

19,467

1,487

1.558

283

1.138

USD

US0

US0

US0

USD

US0

US0

USD

US0

us0 US0

USD

USD

US0

US0

USD

US0

USD

US0

US0

USD

USD

US0

USD

USD

US0

USD

US0

USD

US0

US0

USD

USD

USD

USD

US0

USD

US0

USD

US0

USD

USD

US0

us0 USD

USD

US0

USD

USD

USD

US0

USD

US0

28,403

25,975

50 785

56,211

39.198

85,701

69,752

141,474

81 622

45.402

27.728

104,627

1,234.615

69,330

57 363

30,225

48 720

49,438

118,721

289.251

18.281

20,894

338.776

18.849

108,552

47,030

20,126

52,291

104,283

18 064

53,039

6,564

48,772

361,440

46,918

254.610

124.176

22 991

42.983

22,490

32.936

15.085

28.193

482,496

71,153

20,617

43,070

13.572

371,625

53,368

19 148

13.352

46.203

0.06

0.06

0.12

0.13

0.09

0.20

0.16

0 32

0.19

0.10

0.06

0.24

2.81

0.16

0.13

0.07

n 11

0.1 1

0.27

0 66

0.04

0.05

0 77

0.04

0.25

0.11

0.05

0 12

0.24

0 04

0.12

0.01

0.11

0.82

0 11

0.58

0.28

0.05

0.10

0.05

0.08

0.03

0.06

110

0.16

0.05

0.10

0.03

0.85

0.12

0.04

0.03

0 11

INTUIT

ITT CORP

JABlL CIRCUIT INC

JANUS CAPITAL GROUP INC

JDS UNIPHASE CORP

JOHNSON&JOHNSON

JOHNSON CONTROLS INC

JONES APPAREL GROUP LTD

J.P MORGAN CHASE B CO

JUNIPER NETWORKS INC

KB HOME

KELLOGG CO

KEYCORP

KEYSPAN CORP

KIMBERLY CLARK CORP

KIMCO REALTY CORP

KINDER MORGAN INC

KING PHARMACEUTICALS INC

KLA TENCOR CORPORATION

KOHL'S CORP

KROGER CO

LABORATORY CORP OF AMER.HLD LEGG MASON INC

LEGGETT + PLATT INC

LEHMAN BROTHERS HOLD INC LENNAR CORP -A-

LEXMARK INTL INC

LlLLY (ELI) & GO

LIMITED BRANDS INC

LINCOLN NATIONAL CORP

LINEAR TECHNOLOGY

LIZ CLAIBORNE INC

LOCKHEED MARTIN CORP

LOEWS GORP

LOWE S COMPANIES INC

LSI LOGIC CORP

L-3 COMMUNICATIONS HLDS INC MANOR CARE INC

MARATHON OIL CORP

MARRIOTT INTL INC -A-

MARSH & MC-LENNAN COS INC MARSHALL & ILSLEY CORP

MASCO CORP

MATTEL INC

MAXIM INTEGRATED PRODUCTS MBlA INC

MC-CORMICK&CO/N VOTING

MCDONALD'S CORP

MCGRAW HILL COMPANIES INC MCKESSON CORP

MEADWESTVACO CORP

MEDCOHEALTH SOLUTIONS

MEDIMMUNE INC

1,144 US0

650 US0

611 USD

712 US0

536 US0

9,763 USD

677 US0

373 USD

11.712 USD

1.970 US0

223 US0

823 USD

1.366 US0

554 US0

1516 USD

778 US0

353 US0

870 USD

753 US0

1,131 USD

2.274 USD

358 US0

465 USD

573 US0

1,770 USD

465 USD

292 US0

3,354 USD

1.164 US0

923 USD

1.040 US0

320 US0

1193 USD

1.542 USD

5.139 US0

1,549 USD

427 US0

260 USD

1,176 USD

1.087 USD

1,756 US0

872 USD

1,260 USD

1,385 USD

1,106 USD

469 USD

432 USD

4,080 US0

1,177 USD

1,032 US0

515 US0

1.005 USD

799 US0

30 945

39.117

13.069

14,966

8,104

589.099

64,498

1 1.488

568.032

39,223

9 598

42.121

51.526

22.764

104,301

37 577

37,531

17,078

40,263

86.205

63.672

26 059

44,073

12 898

124 449

20,018

17041

179.137

30,613

62.349

32,729

13 546

11 7.033

70 577

160,028

15,536

37,405

14.087

119,787

52.970

51,802

40,609

34,310

38.337

32.892

30.846

16,615

183 070

73,727

59,990

15,723

72.189

28 540

0.07

0.09

0.03

0.03

0.02

I .34

0.15

0.03

1.30

0.09

0 02

0.10

0.12

0.05

0.24

0.09

0 09

0.04

0.09

0.20

0.15

0.06

0.10

0.03

0.28

0.05

0 04

0.41

0.07

0.14

0.07

0.03

0.27

0.16

0 37

0.04

0.09

0.03

0.27

0.12

0.12

0.09

0.08

0.09

0.08

0 07

0.04

0.42

0.17

0.14

0.04

0.16

0 07



Description Ouantity Currency Evaluation % net Description Quantity Currency Evaluation YO net

~

MEDTRONIC INC

MELLON FINANCIAL CO

MERCK 8 CO INC

MEREDITH CORP

MERRILL LYNCH & CO INC

METLIFE INC

MGlC INVESTMENT CORP

MICRON TECHNOLOGY INC

MICROSOFT CORP

MILLIPORE CORP

MOLEX INC

MOLSON COORS BREW.-6- INON-VOT MONSANTO CO

MONSTER WORLDWIDE INC

MOODY S CORP I WHEN ISSUED MORGAN STANLEY

MOTOROLA INC

M&T BANK CORPORATION

MURPHY OIL CORP

MYLAN LABORATORIES INC

NAEORS INDUSTRIES LTD

NATIONAL CITY CORP

NATIONAL OILWELL VARCO INC NATIONAL SEMICONDUCTOR CORP NCR CORP

NETWORK APPLIANCE CORP

NEW YORK TIMES -A-

NEWELL RUBBERMAID INC

NEWMONT MINING CORP

NEWS CORP -A-

NICOR INC

NlKE INC -E-

NISOURCE INC

NOBLE CORP

NORDSTROM INC

NORFOLK SOUTHERN CORP

NORTHERN TRUST CORP

NORTHROP GRUMMAN CORP

NOVELL INC

NOVELLUS SYSTEMS INC

NUCOR CORP

NVlDlA CORP

OCCIDENTAL PETROLEUM CORP OFFICE DEPOT INC

OFFICEMAX INC

OMNICOM GROUP INC

ORACLE CORP

PACCAR INC

PACTIV CORP

PALL CORP

PARKER-HANNIFIN

PATTERSON COMPANIES INC

PAYCHEX INC

PEABODY ENERGY

3,885 USD

1.417 US0

7316 USD

151 USD

2,996 US0

2,549 USD

294 USD

2.549 US0

29,110 US0

147 USD

490 US0

159 US0

1.840 US0

454 US0

731 USD

3.600 USD

8.082 US0

256 US0

590 USD

670 US0

964 USD

2,022 USD

597 US0

1.022 USD

658 US0

1,226 USD

437 US0

978 USD

1,513 USD

7.935 US0

132 USD

640 USD

934 US0

450 USD

704 US0

1357 US0

643 US0

1,176 US0

1 152 USD

338 US0

1,049 US0

1,145 USD

2.850 USD

834 USD

264 US0

570 USD

13.477 USD

854 US0

448 USD

373 USD

392 USD

420 US0

1157 US0

900 USD

190,24n

61,002

321.538

8 693

244,204

161,454

17,146

30 180

807.802

10.497

13 794

14,943

100,961

21 392

45.388

282.348

143,132

29,791

32,008

14,077

28.853

75 845

46,990

24 354

31,591

44,614

10 291

30.494

64 287

181,791

6 407

67 181

22,995

35 762

36 721

67.755

38 831

87.965

8 398

10 884

69,349

32,862

143.355

29 190

13.646

58.322

244.742

62,974

15,187

14,077

33.653

14 826

44,464

36 315

0 43

0 14

0.73

0.02

0 56

0.37

0.04

0.07

1 .a3

0.02

0.03

0.03

0.23

0.05

0.10

0.64

0 33

0.07

0.07

0.03

0.07

0.17

0.1 1

0.06

0.07

0.10

0 02

0.07

0.15

0.41

0.01

0 15

0.05

0.08

o oa 0.15

0.09

0.20

0.02

0 02

0.16

0.07

0.33

0.07

0.03

0.13

0 56

0.14

0.03

0.03

0.08

0.03

0.10

0.08

assets ~

PENNEY (J C ) CO INC

PEPS1 BOTTLING GROUP INC

PEPSICO INC

PERKINELMER INC

PFIZER INC

PG&E CORP (HOLDING CO)

PINNACLE WEST CAP CORP

PITNEY BOWES INC

PLUM CREEK TIMBER CO INC

PMC-SIERRA INC

PNC FINANCIAL SERVICES

GROUP POLO RALPH LAUREN A

PPG INDUSTRIES INC

PPL CORP

PRAXAIR

PRINCIPAL FINANCIAL GROUP INC PROCTER 8 GAMBLE CO

PROGRESS ENERGY INC

PROGRESSIVE CORP

PROLOGISISHS OF BENEF INT

PRUDENTIAL FINANCIAL INC

PUBLIC STORAGE INC

PUBL SERV ENTERPRISE

PULTE HOMES INC

Q LOGIC CORP

OUALCOMM INC

QUEST DIAGNOSTICS INC

QUESTAR CORP

QWEST COMMUNICATIONS INTL RADIOSHACK CORP

RAYTHEON COMPANY

REALOGY CORP

REGIONS FINANCIAL CORP

REYNOLDS AMERICAN INC

ROBERT HALF INTL INC

ROCKWELL AUTOMATION

ROCKWELL COLLINS

ROHM + HAAS CO

ROWAN COMPANIES INC

RYDER SYSTEM INC

SABRE HOLDINGS CORP

SAFECO CORP

SAFEWAY INC

SANDISK CORP

SANMINA-SCI CORP

SARA LEE CORP

SCHERING-PLOUGH CORP

SCHLUMBERGER LTD

SEALED AIR CORP (NEW)

SEARS HOLDINGS CORP

SEMPRA ENERGY

SHERWIN-WILLIAMS CO

SIGMA-ALDRICH CORP

SIMON PROPERTYPAIRED SHS

739

456

5 550

381

23.978

1,189

272

765

584

527

1.186

250

575

1,305

1106

878

10.665

870

2.629

851

1,585

404

841

678

550

5,616

479

300

5.267

475

1.489

786

2,447

544

512

512

565

463

317

192

41 1

339

1,534

765

1.551

2,589

5.040

3,984

498

303

914

369

416

739

USD

US0

USD USD

US0

USD

USD

US0

USD

USD

us0

USD

USD

USD

USD

US0

US0

USD

US0

USD

USD

US0

USD

U S 0

US0

USD

US0

US0

USD

US0

USD

USD

US0

USD

US0

USD

US0

US0

USD

USD

US0

USD

US0

USD

US0

US0

USD

US0

USD

USD

US0

USD

US0

US0

60 059

14,501

352.925

9 133

609,281

57.750

13 225

34 762

22.811

3 320

85 370

21.a~

40,601

53 305

69,590

52 557

674.668

44.205

57 338

54.796

142,824

37,928

70.114

17 926

9 350

237 276

23 912

27 081

47 140

12 896

78,366

23.336

87.064

34 288

19.005

30 756

37.793

23,974

10 442

9.352

13.448

22 608

56.160

32 522

5,522

A3,418

128.318

281.549

15 787

5C,904

56.147

24 229

17.322

80,699

0.14

0 03

0.81

0.02

1.39

0.13

0.03

0.08

0 05

0.01

0.20

0.05

0.09

0.12

0 16

0.12

1 54

0.10

0.13

0 13

0.33

0.09

0.16

0.04

0 02

0.54

0.05

0.06

0.1 1

0 03

0.18

0.05

0 20

0.08

0.04

0.07

0.09

0.05

0.02

0.02

0.03

0.05

0.13

0.08

0.01

0 10

0.29

0.64

0 04

0.13

0.13

0.06

0.04

0 18

assets


. -- .~

..


Descriptior Quantity Currency Evaluation net assets

- . .- .-


Description

SLM CORP

SMITH INTERNATIONAL INC

SNAP-ON INC

SOLECTRON CORP

SOUTHERN CO

SOUTHWEST AIRLINES CO

SOVEREIGN BANCORP INC

SPECTRA ENERGY CORP

SPRINT NEXTEL CORPlFON

SER.l ST JUDE MEDICAL INC

STANLEY WORKS

STAPLES INC

STARBUCKS CORP

STARWOOD HOTELS RESORTS WW STATE STREET CORP

STRYKER CORP

SUN MICROSYSTEMS

SUNOCO INC

SUNTRUST BANKS INC

SUPERVALU INC

SYMANTEC CORP

SYNOVUS FINANCIAL CORP

SYSCO CORP.

T ROWE PRICE GROUP INC

TARGET CORP

TECO ENERGY INC

TEKTRONIX INC

TELLABS INC.

TEMPLE-INLAND INC

TENET HEALTHCARE CORP

TERADYNE INC

TEREX CORP

TEXAS INSTRUMENTS INC

TEXTRON INC.

THE HERSEY CO

THERM0 FISHER SCIENTIFIC INC TIFFANY & CO

TIME WARNER INC

TJX COS INC

TORCHMARK CORP

TRANSOCEAN INC

TRAVELERS COMPANIES INC

TRIBUNE CO

TXU

TYCO INTL LTD (NEW)

TYSON FOODS INC -A-

UNION PACIFIC CORP

UNlSYS CORP

UNITED HEALTH GROUP INC

UNITED STATES STEEL

UNITED TECHNOLOGIES CORP UNUM GROUP

US BANCORP

UST INC

1,393

650

174

2.865

2.536

2,627

1.194

2,134

9,783

1,099

245

2.419

2,559

747

1.139

953

12 125

415

1,191

699

3 033

1,098

2,104

861

2.908

591

275

1,502

369

1.389

580

400

4 898

422

546

1,398

437

12,931

1,475

328

994

2.301

629

1.568

6.698

823

890

998

4,569

409

3.351

1 085

5,998

494

USD

USD

USD

US0

US0

USD

US0

US0

USD

US0

USD

USD

USD

USD

US0

US0

USD

US0

USD

US0

USD

USD

US0

USD

US0

US0

USD

USD

USD

US0

US0

US0

US0

USD

US0

USD

us0 USD

USD

USD

USD

US0

US0

US0

US0

USD

US0

USD

USD

USD

USD

USD

USD

USD

56,807

31.571

8.380

8.824

93 604

38,433

30,328

55 399

185.877

41,267

13.553

62.870

80,173

48.480

74,115

62.717

72.265

29 179

99.973

27.023

52.926

35.795

70 989

40,725

173,753

10.189

7.728

14 885

21,967

8,945

9,535

28.552

148.850

38.018

29 833

64,196

19.914

256.680

39.604

21 454

82.254

119.238

19.832

100,91fi

208 576

15.604

90 157

8.463

241.426

41,399

217.781

24.879

209.990

28.514

0 13

0.07

0.02

0 02

0.21

0.09

0.07

0.13

0.42

0 09

0.03

0 14

0.18

0.1 1

0 17

0.14

0.16

0.07

0.23

0 06

0.12

0.08

0.16

0.09

0.40

0.02

0.02

0 03

0.05

0.02

0.02

0.07

0.34

0.09

0 07

0.15

0 05

0.59

0.09

0.05

0.19

0 27

0.05

0.23

0.48

0.04

0.21

0.02

0 55

0.09

0 50

0.06

0.48

0.07

UTD PARCEL SERVICE INC "8"

VALERO ENER. CORP:WH.lSSUED VARIAN MEDICAL SYSTEMS INC VERlSlGN INC

VERIZON COMMUNICATIONS INC VF CORP

VIACOM INC -E-

VORNADO REAL.TRUST/BEN.IN VULCAN MATERIALS CO

WACHOVIA CORP

WAL- MART STORES INC

WALGREEN CO.

WALT DISNEY !DISNEY SER

WASHINGTON MUTUAL INC

WASTE MANAGEMENT INC.

WATERS CORPORATION

WATSON PHARMACEUTICALS INC. WELLPOINT INC

WELLS FARGO 8 CO

WENDY S INTERNATIONAL INC

WESTERN UNION COMPANY

WEYERHAEUSER CO

WHIRLPOOL CORP

WHOLE FOODS MARKET INC.

WILLIAMS COMPANIES INC

WINDSTREAM CORP

WRIGLEY JR CO .WM

WYETH

WYNDHAM WORLDWIDE CORP

XCEL ENERGY INC

XEROX CORP.

XlLlNX INC.

XL CAPITAL LTD -A-

XTO ENERGY INC

YAHOO INC

YUM BRANDS

ZIMMER HOLDINGS INC

ZIONS BANCORP

3M CO

TOTAL SHARES

INDEX TRACKER

UNITED STATES

ISHARES TRUSTlSBP 500 INDEX FD

TOTAL INDEX TRACKER

3 616

2.028

400

791

9,853

306

2.370

458

305

6,434

8 294

3.376

6.924

3 015

1.815

339

328

2,083

11.434

339

2 602

701

274

415

2.097

1611

727

4.559

629

1.284

3.225

1.111

661

1,236

4,129

928

818

393

2,481

US0

US0

USD

US0

US0

USD

US0

USD

US0

USD

USD

US0

USD

USD

US0

USD

US0

US0

USD

US0

US0 US0

US0

USD

USD

USD

US0

US0

USD

USD

US0

US0

US0

USD

US0

US0

US0

US0

USD

253.699

132.1 OA

18,828

19,838

370 177

25,184

96.364

53 788

35,645

355 543

387,496

155,971

238,116

122.71 1

63,017

19.384

8.715

167 494

394.930

10,553

57.790

52.316

23.150

18,368

60 687

23.553

36.982

227.494

21.386

31 959

54,825

28 364

46,349

68,685

129 403

53.546

70.127

33,326

188.779

0.58

0.30

0.04

0.05

0 84

0.06

0.22

0.12

0.08

0.81

0.88

0.36

0.54

0.28

0 14

0.04

0.02

0 38

0.90

0.02

0.13

0.12

0.05

0.04

0.14

0.05

0.08

0 52

0.05

0.07

0.13

0.06

0.11

0.16

0 30

0.12

0.16

0 08

0.43

42,813,558 97.68

4 2 , 8 6 5 , 5 2 3 97.80

6.105 US0 868,009 1.98

~- 868.009 1.98

868.009 1.98 -




~


UNITED STATES

HUGOTON ROYALTY 1 USD 25 000

TRUSTlUN BENEF

25 000

TOTAL INVESTMENT COMPANIES 25 0.00


-. ~

AN OFFICIAL STOCK EXCHANGE LISTING 43,733.557 99.78


SHARES

UNITED STATES

SEAGATE TECHNOLOGY

(ESCROW)

TOTAL SHARES


147 us0 0.00 0.00

UNITED STATES

0.00 0 00

0.00 0.00

RIGHT PARKER-HANNIFIN 07- 392 US0 0.00 000 ~ .~

000 0 0 0

TOTAL WARRANTS I EQUITY LINKED SECURITIES 0.00 0.00

TOTAL OTHER TRANSFERABLE SECURITIES .. 0 00 0.03

-

TOTAL INVESTMENTS 43,733,557 ...

OTHER NET ASSETS LESS LIABILITIES 94,904 0.22

TOTALNETASSETS - 43,828,461 100.00

A- HSBC Global Investment Funds . -

~

-

Portfolio of Investments and Other Net Assets - . -

USINDEX


(expressed as a percentage of net assets) - .

Holding companies Pharmaceuticals and cosmetics Banks and financial institutions Energy News transmission Retail trade, department stores Internet Software Office equipment and computers Insurance Public services Electronics and electrical equipment Food Aerospace technology Consumer goods Chemicals Investment companies Tobacco and spirits Graphic art and publishing Transport Gastronomy Miscellaneous Mechanics, machinery Healthcare, education and social services Other services Real estate companies Biotechnology Automobile industry Forest products and paper industry Textile Construction, building materials States, provinces and municipalities Precious metals Coal mines, heavy industries Non-ferrous metals Package and container industry Environmental services & recycling Other business houses Index Options Tyres and rubber Photography and optics


13.21 9.03

7.31 5.41 5.37 5.26 5.08 4.06 3.74 3.30 2.73 2.43 2.40 2.39 2.10 2.04 1.89

1.73 I .25 1.23 1.03 0.92 0.87 0.61 0.55 0.51 0.50 0.48 0.41 0.34 0.33 0.23 0.18 0.17 0.16 0.15 0.05 0.05

8.43

1 .a5

0.22


HSBC Global Investment Funds 7- ~ ~ ~ ~ ~

Portfolio of investments and Other Net Assets ~

ASIA FREESTYLE Statement of investments as at 31 March 2007 (expressed in USD)

- . . .-

Description OuantitylFace Currency Evaluation % net Value assets

. .

SUN HUNG KAI PROPERTIES LTD

169000 HKD 1.954.983 0.72

~. .~

35.285.358 13.05 .. -

INDIA Description GluantitylFace Currency Evaluation YO net

Value asset5 HUTCHISON TELECOMM INTERNAT

590,000 HKD 1195.900 0 4 4

- -

1,195,900 0.44 ~ .- INVESTMENTS

INDONESIA - - BANK NIAGA TBK -A-

PT ASTRA INTERNATIONAL TBK TELKOM INDONESIA IS-E-


16 094,000 IDR 1,304,397 0 48

1,416000 IDR 2046.686 076

2 729,500 IDR 2,943,971 1.09

6.294 754 2.33

- SHARES

BERMUDA ISLANDS ~-

ESPRIT HOLDINGS LTD

PEACE MARK(H0LDINGS) LIMITED TAI CHEUNG HOLDINGS LTD

ISRAEL 453.500

2.520 000

2,049 000

2,476.000

5,966,000

3,904,000

8 870,000

1 152,000

1,308,000

4,500.000

814 000

2,760 000

2 107.000

1,726,000

136,000

4 135.000

316,000

900,500

854,000

744 000

1 402 000

707 000

293,000

6,553,000

740.000

51 1.500

HKD 5318,603 196

HKD 2,757,112 102

HKD 1258.552 047

9,334267 345

~~

-~

SARIN TECHNOLOGIES LTD 2,577.000 SGD 1.044 971 0.39

1,044,971 0.39 - -

~~

MALAYSIA _ - COMMERCE ASSET-HOLDING BHDjFOR REG. GAMUDA BHDIFOR.REG.

RESORTS WORLD

CAYMAN iSLANDS -~

AAC ACOUSTIC TECHNOLOGIES HLD WIN HANVERKY HOLDINGS LTD

1.767 500 MYR 5,090,202 1 88

1.375.600 MYR 3,185 185 1.18

1,161,100 MYR 5.780304 2.14

14,055 691 5.20

- -

HKD 2,347776 087

HKD 3.488 890 1.29

__ ~.

5836.666 2 16 ~- PHILIPPINES

CHINA AYALA LAND INC 3,518,000 PHP 1.202444 0.44

1,202,444 0.44

- -.

~- AIR CHINA LTD

CHINA CONSTRUCTION BANK CORP CHINA LIFE INSURANCE CO

LTD-H- CHINA MERCHANTS BANK I-H-

CHINA PETROLEUM & CHEM CORP -H- CHINA SHIPPING DEVELOPMENT -H- CHINA TELECOM CORP LTD - H- NINE DRAGONS PAPER HLDGS LTO PETROCHINA CO LTD :-H-

ZHUZHOU CSR TIMES ELECTRIC LTD ZlJlN MINING GROUP -H-

HKD 2,702,682 1.00

HKD 5,073,631 1.87

HKD 3.309.456 1.22

SINGAPORE - -



HOTEL PROPERTIES

KEPPEL CORP. LTD

MEIBAN GROUP

OVERSEA-CHINESE BK GORP

UTDOVERSEASBANKrLOCAL

WHEELOCK PROPERT(SINGAP0RE) LTD

624,000

2,941,000

1,110,000

185.000

4,694 000

569.000

263 000

1,347.000

SGD

SGD

SGD

SGD

SGD

SOD

SGD

SGD

-

-

901 039

4,382,462

3 732.569

2,317,608

897,544

3378,521

3 641.579

2,877,579

~~

22 126 901 - _ _ _ _ _ _

0.33

1.63

1.38

0.86

0.33

1.25

1 35

1.06

HKD 2.637.860 0.98

HKD 3.806.289 1 41

HKD 1,241,619 0.46

HKD 1 356.214 0.50

HKD 4.394.808 163

HKD 2,047.427 0.76

HKD 222.760 008

HKD 2.407.547 0.89

29,200.293 10.80

~~

- .~

8.19 . -

SOUTH KOREA -~

DONGKUK STEEL MILL CO LTD

HYUNDAI

92,480 KRW 2,555.962 0.95

72,130 KRW 3,887,381 144 HONG KONG

ENGINEERING+CONSTR.CO HYUNDAI MOTOR /SGDR 144A CHEUNG KONG HOLDINGS

CHINA MOBILE LTD

CHINA OVERSEAS LAND AND INVESTMENT CHINA RESOURCES POWER HOLDINGS GREAT EAGLE HOLDINGS LTD


HUTCHISON WHAMP

IND 8 COM BOC -H-

KINGBOARD CHEMICALS HOLDINGS MASS TRANSIT RAILWAY CORP

HKD 3,999.182 148

HKD 8,187.204 3.03

HKD 1,073.142 0.40

HKD 1.140,558 0.42

HKD 4754.246 176

USD 3.294620 1.22

HKD 2817,633 1.04

HKD 3,672841 1.36

HKD 3 110.677 1.15

HKD 1.280272 047

35,350

11 8,570

36.592

85 690

16.310

32,551

9,519

24 753

US0

KRW

KRW

KRW

KRW

KRW

KRW

KRW

1,24’1.768

10 637 769

1.429.476

5,601 942

2.860.692

4.775 037

3.996.885

14.81 3,904

0.46

3 93

0.53

2.06

1.06

1.77

1.48

5.47

KOOKMIN BANK

KOREAN AIR

KT& G CORP

MEGASTUDY GO LTD

NHN CORPORATION

POSCO

SAMSUNG ELECTRONICS CO LTD SAMSUNG ENGINEERING CO LTD SAMSUNG FIREBMARINE INSUR. SAMSUNG TECHWIN CO LTD

I

22.870 KRW 1,424,613 0.53

15.120 KRW 2,531,428 0.94

36.710 KRW 1,398,965 0.52


-

Portfolio of Investments and Other Net Assets . _. - - ..

-. ..

% net assets -

0.29

0.59

0.81

0.94

- . . . .

Descrlptlon Quantitv/Face Currency Evaluation % net Description QuantitylFace Currency Evaluation Value

~. . -. ..

UBS LO 06-4.9.07 IVRCL INFR R 117,000 US0 777 465 PRY LTD UBS LDN 07-23 2 10 78,996 USD 1,583,491 WRTi0.N.G. UBS LN 06-18.12.07WRT 243,000 USD 2,200,681 UNITECH 0 UBS LN 06-21.12.07 WRT/TATA 249,637 USD 2 554,535

Value -. .

assets

KRW 2,235,808 083

KRW 969,541 036

KRW 1,267,436 047

KRW 1 562.602 0.58

-

~.

63.191 209 23.38 ~~

SHINSEGAE CO LTD

SK CORPO3ATION

S-OIL CORP

WOORI 1NVESTMENTRSECURIT.CO

3.895

9.871

18,400

74.430

2,573,680

480.300

1 669.050

265.376

1 727.178

3,626,000

110,500

224.000

1 036,000

1,186,850

134.200

1.011,ooo

735.000

4.083 095

463,150

1,624,400

762.400

1216,100

144,000

6.867 000

3.86

0 29

0.80

0.30

0.35

-.

1.74

10.434.668 TAIWAN

INDIA .-

JP MORGAN INTERNATIONAL DERIVATIVES LTD 04-30.04 07 /ON ITC LTD 0 JP MORGAN INTERNATIONAL DERIVATIVES LTD 7.4.08 /ON MAHINDRA MERRILL LYNCH 04-17.03.09 /ON IBP CO LTD 0.000001 MSDW ASIA 05- 21.02.08WT/HINDUSTAN ZINC LTD 0.000001

ASIA CEMENT CORP


AU OPTRONICS CORP


CHANG HWA COMMERCIAL BANK CHUNGHWA TELECOM CO /SADR FAR EASTERN TEXTILE LTD /GDRS FORMOSA CHEMICALS & FIBER CO HON HA1 PRECISION IND.CO LTD MEDIA TEK INCORPORATION

SILICONWARE PRECISION INDUSTR. TAIWAN FERTILIZER CO LTD

TAIWAN SEMICONDUCTOR MANUFACT TRIPOD TECHNOLOGY CO LTD

TWO 2,489 757 0.92

TWD 1.132.556 0.42

TWO 2,386,618 088

TWO 2.085 871 0.77

TWO 3,567,124 1 33

TWD 2,186 871 0.81

US0 2 203.370 0.82

USD 1,904,000 0.70

TWD 1,988,777 0.74

TWD 7,965,285 2.95

TWO 1,541,660 0.57

TWO 1.894.940 0.70

TWO 1.222.088 0.45

TWD 8 381.308 3.10

TWO 1,904,202 0.70

42 874,427 15.86

~ .~

~~

224,200 US0 783,006

119,500 US0 2,149,889

86,556 USD 812,410

73,500 USD 951.538

4,696,843

NETHERLANDS ~ .-

638,744 USD 1 907.903 0.71 ABN AMRO 05- 18 12.06WRTIHCL INF 0 -

1,907,903 0 71 ~

UNITED STATES

ClTlGR GLBL 04-20 1 10/IND 24410 USD 600,728 022 R81 .-. -

600128 0 2 2




261,207,509 96.63

THAILAND - AROMATICS THAILAND PUBLIC/FOR. BANGKOK BANK PUBLIC /FOR REG THAI AIRWAYS INTL/FOR.REG.

THE 1,993.706 0 74

THE 2.459.014 0 91

THE 1,518,612 0 56

5,971,332 2 21

237.614.213 87.90

~ -~

-.

SHARES

TOTAL SHARES

BONDS

CHINA -

GLORIA MAT.TECHNOLOGY 367,000 TWO 556.958 0.21 CORP -- .

556,958 0 2 1 ~-

SOUTH KOREA

JERSEY

JPM INTL DER.O% 06-2.3 09 IVRC

USD 927,360 034

927.360 034

927,360 034 -

JVM CO LTD

TAIWAN

21 259 KRW 1.068.900 039

1,068,900 0 39

-~

-. TOTAL BONDS


WISTRON CORP /GDR

TOTAL SHARES

15 000

15 0.00

1,625,873 0.60

1 USD ~.

~-

BERMUDA ISLANDS -~ MACOUARIE INTL INFRASTRUCTURE

SGD 5025,794 1.86

- ~ ..

5025,794 1.86

5,025,794 1.86 -.

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKET -. 1,625,873 0.60

TOTAL INVESTMENT COMPANIES

WARRANTS ! EQUITY LINKED SECURITIES

GREAT BRITAIN - -

DT.BK LN 05- 70.000 19.8.08WRT/ASS.CEM 0 JP MORG DERIV.-31.03.08 WCL 314.732

USD 1,193.888 0.44

US0 2.124.608 0.79


. . -


~

Description QuantityIFace Currency Evaluation "h net Value assets

. . ~.


SHARES

HONG KONG -. -

SWIRE PACIFIC LTD - A - 249,500

MALAYSIA

ROAD BUILDERS M HLDS EHD 703,800

TOTAL SHARES


GREAT BRITAIN

HKD 2.800,OOO 104

2,800.000 I 04

- --

-

MYR 733.338 0.27

733.338 0.27

3,533,338 1.31

~ .~

-

UBS LN06- 106.401 13.12.07WRTIDR.REDDYS 0

USD 1.707.523 063

1.707 523 0.63 ~.


TOTAL OTHER TRANSFERABLE SECURITIES 5,240,861 1.94 TOTAL INVESTMENTS 268.074.243 99.1.1


270,322,943 100 00 TOTAL NET ASSETS ~.

I

HSBC Global Investment Funds .~ - -~

Portfolio of Investments and Other Net Assets - .

ASIA FREESTYLE - . - - - . ~.



Banks and financial institutions Electronics and electrical equipment Real estate companies Holding companies News transmission Gastronomy Textile Construction, building materials Coal mines, heavy industries Energy Internet Software Transport Insurance Tobacco and spirits Chemicals Investment companies Forest products and paper industry Automobile industry Clock and watch-making industry Mechanics, machinery Retail trade, department stores Public services Office equipment and computers Precious metals Miscellaneous


%

19.81 18.21 7.65 7.48

4.91 4.41 3.81 3.32 3.00 2.83 2.56 2.16 2.06 1.93 1.86 1.63 1.22 1.02 1.01

0.42 0.42 0.39 0.35

5.88

0.83

0.83


HSBC Global Investment Funds - A. ~

- - -


BRlC FREESTYLE Statement of Investments as at 31 March 2007 (expressed in USD)

~

DeSGrlptlDn Quantity Currency Evaluation Yo net assets

INVESTMENTS


SHARES

BERMUDA ISLANDS _- ~

CHINA YURUN FOOD GROUP LTD DUFRY SOUTH AMERICA LTDA

GP INVESTMENTS LTD /BDR

BRAZIL


ANHANGUERA EDUCACIONAL PART. BANCO BRADESCO SA PREF


BRADESPAR SA BRASlL IPREF. BRASILAGRO

CIA VALE DO RIO DOCE AIPREF CIA VALE RIO DOCE’SADR

CIA VALE RIO DOCE/SADR(I ORDSH) COSAN SA INDUSTRIA E COMERCIO DIAGNOST DA AMERICA SA BRL DURATEX SA (‘PRIV

GVT HOLDING SA

ITAU HOLDING IPFD SHSISADR

JBS AS

LOJAS AMERICANAS SA :PRIV

MARCOPOLO POMO IPREF.

PERDIGAO SA

PETROBRAS SADR

PETROLEO BRASILEIRO /SADR

SADIA SNPREF.

SA0 CARLOS EMPREENDIMENTOS

CAYMAN ISLANDS

AJISEN CHINA HOLDINGS LTD

ENRIC ENERGY EQUIPMENT

CHINA

AIR CHINA LTD

13,700 000

779.200

1,201,000

4 548.420

400,000

422.688

1.978 700

1 475,200

35,500

100.000

2.817.400

895.600

1 300,000

1,362 665

2 131.700

950,000

1 367.635

5,150,000

452,100,000

4,098 400

367.500

1 663,200

9.300

6.608.300

2.140.300

282,000

15 544.000

37 372,000


HKD 14918.939 054

BRL 13.395543 049

BRL 38.338.301 139 ~. ~

- 66.652 783

BRL 54.288.790

BRL 4,420,647

BRL 8,672.169

USD 81,007,978

BRL 43,475,590

BRL 21,796,246

BRL 3,119,012

USD 86,128,272

US0 33,155,112

BRL 23,881 317

BRL 29 918.509

BRL 42.824.541

BRL 11.357.625

US0 48.058.694

BRL 17,707,147

BRL 28.202 107

BRL 12 662,175

BRL 4,985,679

US0 150,935,400

USD 942276

BRL 32 853,507

BRL 17,861,230

~-

760 254,023

2 42 -

1 97

0.16

0 31

2.94

1 58

0.79

0.11

3.20

1.20

0.87

1.09

1 55

0.41

1 74

0.64

1.02

0.46

0.18

5.47

0.03

1.19

0.65

- 27.56

HKD 256210

HKD 8513.229

0.01

0.31 . -

8,769,439 0.32 ~. .~

HKD 25 872.084 0.94

DescrlDtion

-. ..

BANK OF COMMUNICATIONS CO LTD CHINA LIFE INSURANCE CO LTD-H- CHINA MENGNIU DAIRY CO LTD CHINA NATL BLDING MATERIAL -H- CHINA RESOURCES LAND

CHINA SHENHUA ENERGY CO -H- CHINA SHIPPING DEVELOPMENT -H- DATANG INT.POWER GENERATION-H- DONGFENG MOTOR -H-


PETROCHINA CO LTD I-H-

ZHEJIANG EXPRESSWAY CO LTD -H- ZlJlN MINING GROUP -H-

FEDERATION OF RUSSIA -.

GAZPROM OAO/SADR

JSC SURGUTNEFTEGAZ /SADR

JSC SURGUTNEFTEGAZ ISADR PFD LUKOIL ISADR

MMC NORILSK NICKEL ‘SADR

MOBILE TELESYSTEMS OJSISADR RAO UNIFIED ENER SYSJGDR

TATNEFT 6GDR REP20 SHS REG S TNK-BP HOLDING

TRUBNAYA METALL.KOMP ISGDR REG

GREAT BRITAIN -~

CAIRN ENERGY PLC

HONG KONG -. - CHINA MOBILE LTD

CHINA OVERSEAS LAND AND

INVESTMENT CHINA RESOURCES ENTERPRISE LTD CHINA RESOURCES POWER HOLDINGS ClTlC 1616 HOLDINGS LTD

IND 8 COM BOG -H-

INDIA

ADITYA BIRLA NUVO LTDIDEMATER. AMTEK AUTO LTD IDEMAT


BALRAMPUR CHIN1 MILLS !DEMAT. BOMBAY DYEING & MANUFACTIDEMAT. BRITANNIA INDUSTRIES LTDIDEMAT.


.. .

32 489,000

9.700 000

5,194,000

27,000 000

28.986.000

12,515000

4 800,000

10,000,000

20.158,OOO

14.400 000

45 920,000

40,000,000

48,750.000

1,020 550

570.745

596 909

760.184

421,000

545.000

1.472 910

543,435

18.057 193

200,000

517 949

12,450,000

4,270,000

11 078.000

3.982 000

1,274,000

20,554,000

58 686

597 600

314 716

1,308.200

685 000

396 101

HKD 33.384 102 1.21

HKD 27,866.080 1 01

HKD 14,854,816 054

HKD 23,770,593 086

HKD 34,940330 1.27

HKD 30,267773 110

HKD 7.321 588 0.27

HKD 9.469336 034

HKD 10,988,663 0 4 0

HKD 17431 768 063

HKD 54,471,510 197

HKD 32,042,166 1 16

HKD 28.384.015 103

351 064,844 12 73

- -

USD 43,129566 1.56

USD 35956,935 1.30

USD 50475,020 1 83

US0 65.907.953 2.39

USD 79.779 500 2.89

US0 31.386.550 1.14

USD 202525,124 7.36

USD 52,467,562 1.90

USD 39,906,397 1.45

US0 6,700,000 0.24

- -. .

608.234.607 22.06 ~-

GBP 15.877.743 0.58

15,877,743 0.58

-.

HKD 113,193.434 411

HKD 5,365,710 0 19

HKD 36.998.974 1 34

HKD 6,104441 022

HKD 420.607 002

HKD 11,520154 0 4 2

173 603,320 6 30 ~

INR 1,442316 005

INR 5078.722 0 18

INR 1,381.768 005

INR 1963,640 007

INR 8,551301 031

INR 11 372555 041

I

-. -.


Description

-

CESC LTD DEMAT

DHAMPUR SUGAR MILLS LTD DEMAT OR REDDY S LABORATORIES /DEMAT DR REDDY S

LABORATORIESIADR DWARIKESH SUGAR IND LTD

ELECTROSTEEL CASTING LTDIDEMAT GAMMON INDIA LTD IDEMAT

GRASIM INDUST IDEMAT

H D F C BANK OEMAT

HCL INFOSYSTEMS LTD /DEMAT HCL TECHNOLOGIES /DEMAT

HINDUJA TMT LTD /DEMAT

HINDUSTAN OIL EXPLORAT IDEMAT HINDUSTAN PETR lDEMAT

HUTCHISON TELECOM INTL /SADR HUTCHISON TELECOMM INTERNAT IBP CO LTD /DEMAT

INDIA CEMENTS LTD/DEMAT

INDO RAMA SYNTHETICS LTD/DEMAT ITC IGDR

ITC LTD IDEMAT.

IVRCLINFRASTRUCTURES AND PROJ JET AIRWAYS INDIA LTD IDEMAT. JINDAL STEEL a POWER IDEMAT. J.K. CEMENT LTD

JSW STEEL LTD I DEMAT

KEI INDUSTRIES LTD /DEMAT

LARSEN 8 TOUBRO :GDR

MAHINDRA UGlNE STEEL IDEMAT. MAHINDRA&MAHlNDRAIDEMAT

MICRO INKS LTD IDEMAT

NAGARJUNA CONSTRUCTION IDEMAT. OILBNATURAL GASIDEMAT.

PATNl COMPUTER SYSTEMS IADR PATNl COMPUTERS SYSTEMS LTD /DEMAT. RAYMOND LTD IDEMAT.

RELIANCE CAPITAL LTDIGDR REGS RELIANCE COMMUNICATION /GDR RELIANCE

COMMUNICATIONS/DEMAl RELIANCE NATURAL RESOURCE 'GDR RlCO AUTO IND LTD /DEMATERIAL STEEL AUTHORITY OF INDIAIDEMAT. STERLITE INDUSTRIES LTD /DEMAT TATA IRON & STEEL/DEMAT

TATA MOTORS LTD/DEMAT

TATA POWER CO jDEMAT

Quantity Currency Evaluation "lo net assets

442,600

158.409

1251,430

485,000

820.971

538.631

754,615

424.307

250.000

964 652

3 456.000

203.100

2,226,619

566.802

33 920

12.000.000

300,000

1,399 054

1.341 457

3 813,466

1,399 000

2,170,431

170.000

243,162

2,700,000

1.842 033

2 763,578

233 000

2316.587

442.000

645 372

1.750.484

1,272,999

5,550

1,063.000

497,192

5.205

526 316

800.000

52,054

1 056,441

5,400 000

187,590

1.551 315

720.920

120.000

INR 3862.094

INR 268.703

INR 21.069 422

USD 7.997.650

INR 1,390.695

INR 4.701.290

INR 5,234.491

INR 20.513.186

INR 5,561,369

INR 2.880.422

INR 23,337.975

INR 2.718.998

INR 3.677,197

INR 3,201341

US0 1.004032

HKD 24 323,398

INR 2.814851

INR 5,239,591

INR 1557,543

US0 13.318324

INR 4.889.132

INR 14,282.778

INR 2,471 694

INR 13 292.747

INR 9,110 194

INR 20 831.159

INR 4,261,498

US0 8.707229

INR 4.948.501

INR 7,949.249

INR 4899.183

INR 6,412.995

INR 25,607 967

USD 128.205

INR 9.326.930

INR 3 882,801

US0 78710

USD 4736.844

INR 7.787.410

USD 48.410

INR 1.131 981

INR 14 164.523

INR 2,038,041

INR 15,948,952

INR 12.089.588

INR 1.419484

0.14

0 01

0.76

0.29

0 05

0.17

0.19

0 74

0.20

0.10

0 85

0.10

0.13

0 12

0.04

0.89

u.10

0.19

0.06

0 48

0.18

0.52

0.09

0.48

0 33

0.76

0 16

0.32

0.18

0 29

0.18

0.23

0.94

0.00

0.34

0.14

0 00

0.17

0.28

0.00

0.04

0.51

0 07

0.58

0 44

0.05

-. .. .


- -. -.

TRlVENl 2,470.000 INR 3,046,585 0.11 ENG1NEER.INDUSTRIDEMAT VISA STEEL LTD !DEMAT 2.945.584 INR 1 823,359 0.07

WIPRO LTD iDEMAT. 360,000 INR 4,655,357 0 17

394,454,380 14.31

2,378,911,139 86.28 TOTAL SHARES


BERMUDA ISLANDS

CLSA FIN.05- 27.09 10WRT:GAMMON 0

59,675 US0 415.384 0.02

415,384 002 -

CAYMAN ISLANDS

MSDW ASIA SEC04-20.7 07WRT ITC 0.0001 MSDW AS.SEC 05- 19.9.08WRT!ICIC 0

GERMANY

DT BK AG 07-2.1 17WRTICARN IND 0.000001 DT.BK 06-18.05.09WRTIAOITYA 6. 0

GREAT BRITAIN

DT BK LDN 05- 3 1 OEWRTjNAG CON 0 000001 DT BK 06-18 05 09 WRTIINFRAST 0 JP MORG INTL 0%06-27 1 09

NGCN 0 UBS LDN 07- 13 3 10WRT:NAGARJ 0 UBS LDN 07- 20.2.08WRTIHINDALCO 0 UBS LON 07-23 02 10 WRTPATNI 0 UBS LN 06-18 12 07WRT NNITECH 0

INDIA

37,079 US0 1.920512 007

7,517 USD 147.430 0.01

2,067,942 0.08

2 304,375 US0 6.896718 025

150,000 USD 3,689,055 0 13

10,585 773 0 38 .~

40,204 USD 148,194 0.01

343.750 US0 2308,899

320 612 USD 1,147.791

195,000 US0 717971

660 000 USD 1,990,890

257,706 US0 2,223 925

100000 US0 905.630

9,443 300

0 08

0 04

0 03

0 07

0 08

0 03

0 34

DEUTSCHE BANK AG 04- 06 08 07 'ON HCL- INFOSYSTEMS LTD 0 000001 DEUTSCHE BANK AG 04- 31 05 07 /ON MAHINDRA a MAHINDRA LTD 0 000001 DEUTSCHE BANK AG 05- 29 04 08 'ON BRITAIN INDUSTRIES LTD 0 JP MORGAN INTERNATIONAL DERIVATIVES LTD 04-30 04 07 /ON ITC LTD 0 JP MORGAN INTERNATIONAL DERIVATIVES LTD 04-30.04 07 !ON RANBAXY LABORATORIES LTD 0 MERRILL LYNCH INTL 05- 07 01.10,ON BRITANNIA INDUSTRIES LTD 0 000001 MERRILL LYNCH INTL 04-

22 06 09 ION AMTEK 0 000001 MERRILL LYNCH 04-1 7 03 09 :ON IBP CO LTD 0 000001

734.500 US0 2,193,923 0 08

235,000 US0 4,227,813 0.15

23,531 USD 675,829 0.02

2,000,000 USD 6,984.891 0.25

750,000 US0 6.044 288 0.22

5,018 USD 144.121 0.01

92.808 US0 789846 0.03

200000 USD 1,877.190 0.07

HSBC Global Investment Funds .. . A -

-_ -


.. .

Description Quantity Currency Evaluation 'In net assets

MERRILL LYNCH 05-08.01 . I O 505,727 US0 1,077,746 0 0 4 /ON MAHINDRA UGINE STEEL

co 0.000001 MERR.L.04-13.3.09 PATNI 637,500 USD 5.599.043 0.20 COMPUTER SYSTEMS LTD

0.00001 . . --. 29,614,690 1.07

NETHERLANDS

ABN AMRO 05- 928.767 US0 2,774 191 0.10

18 12 06WRTlHCL INF 0 ABN NV 07-30.6.09WRT/IDEA 3 000,000 US0 6 514,140 0.24

CELL 0

9,288,331 0 34

TOTAL WARRANTS I EQUITY LINKED SECURITIES 61,415.420 2.23

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 2,440.326.559 88.51


-

SHARES


TRANSNEFT OJSC MOSCOW 32.289 US0 67,968345 2.46

67,968,345 2.46 . -

INDIA

HINDALCO IND /GDR 144A REG 300.000 USD 895 090 0.04

MCDOWELL HOLDINGS LTD 59.036 INR 56071 0.00

RELIANCE ENERGYlGDR 144A 2,603 US0 88,796 0.00

TOTAL SHARES


GERMANY

DT.BK 06-2.2.1 1 WRT GAZPROM 0

GREAT BRITAIN

UBS LN 06-19.12.07 WRT /JlNDAL 0 UBS LN 06-8.12.07WRT /TATA MOT 0 UBS LN06- 13.12 O7WRTIDR.REDDYS 0 UBS LN06-15.12.07WRTlJSW STEEL 0

JERSEY

JP MORGAN 07-1 1 .I .I 1 WRTICAIRN 0 JPM INTL DER.06-

19.1.O9WRT!EP 0

NETHERLANDS ~ -

ABN AMRO 05- 7 12 OGWRTIJIND P 0 ABN AMROO6- 30 6 OSWRTISTERLITE 0

1,039 957 0.04

69,008,302 2.50

147 USD 154,889.490 5.62

154.889.490 5 62

50,000 US0 2,746,405 0 10

24 199 USD 403746 001

400.000 US0 6,419,200 0.24

150 000 USD 1,630.245 0.06

~ .~

11 199.596 041

1395.625 US0 4.033356 0 15

94 500 USD 900 585 0.03

-

4,933,941 0 18 ~. ~

23.079 US0 1,262.060 0.05

150.000 USD 1,626,745 0.05

.

2,888.805 0.10 .. --

HSBC Global Investment Funds -. - - ~.

.


UNITED STATES

JPM INTL 07-23 3 12WRT 837,585 USD 8794643 032

/SATYAM 0

8,794 643 0.32

TOTAL WARRANTS I EQUITY LINKED SECURITIES 182.706.475 6.63

TOTAL OTHER TRANSFERABLE SECURITIES 251.714.777 9.13

TOTAL INVESTMENTS 2,692,041,336 97.64


TOTALNETASSETS 2,757.083.981 100.00

I

..


BRlC FREESTYLE


(expressed as a percentage of net assets) -.

%

Energy Holding companies Coal mines. heavy industries Public services News transmission Banks and financial institutions Transport States, provinces and municipalities Food Non-ferrous metals Construction, building materials Other services Miscellaneous Retail trade, department stores Real estate companies Automobile industry Pharmaceuticals and cosmetics Internet Software Insurance Mechanics, machinery Agriculture and fishing Textile Tobacco and spirits Office equipment and computers Electronics and electrical equipment Chemicals Other business houses


Total Net Assets

16.67 10.64 9.22 8.28 7.04 6.86 6.63 5.61 4.31 3.62 2.64 2.64 1.58 1.51 1.46 1.37 1.05 1.04 1.01 0.99 0.97 0.72 0.66 0.44 0.27 0.24 0.17

2.36

100.00

A- .- HSBC Global Investment Funds 7

..

Portfolio of Investments and Other Net Assets _ _ -.

GLOBAL EMERGING MARKETS EQUITY . . ..... ~ .... ~.

Description Quantity Currency Evaluation assets % net

FREESTYLE Statement of investments as at 31 March 2007 (expressed in USD)

GAZPROM OAOISADR

LUKOIL lSADR

MOBILE TELESYSTEMS OJSISADR RAO UNIFIED ENER.SYS./GDR

SEVERSTALCHEREPOVETS MET/SGDR VIMPEL COMMUNICATIONSIS.ADR

467.ao7 USD 19.770038 2.34

131 510 US0 11,401.917 1 3 5

73,651 US0 4241.561 0 5 0

2a 121 USD 3,866,638 046

362.811 US0 5,006792 0 5 9

35,300 USD 3,396,919 0 4 0

~.

Doscription Quantity Currency Evaluarlon % net assets

INVESTMENTS


SHARES

HONG KONG

CHINA MOBILE LTD

IND & COM BOC -H-

1,811,500 HKD 16.469873 1.95

13,720 000 HKD 7.689.817 0 91

24.159.690 2 86

-

- ARGENTINA HUNGARY

PAMPA HOLDING SAISGDR REGS

USD 5,921 072 0 7 0

.~

5.921.072 0.70

306 046

424.800

1,358,193

247,100

489.095

250 600

131.042

34a,ooo

538 399

2.552 754

314.541

3,041.871

10 086.692

13,321 000

7 085,000

4 722.000

478 000

1,141,070

8.877

2.725 542

MOL MAGYAR /-A-

INDIA

97,311 HUF 11.080.459 1 31 ~

I I oao 459 I 31

BERMUDA ISLANDS


BRAZIL

IClCl BK !SADR BRL 7,302 909 0.86

7,302,909 0.86

.. ~

76,974 US0 3039703 0.36

3,039 703 0.36

.- ~.

- - - INDONESIA -. --

BANK DANAMON INDONESIA TBK -A- BANK RAKYAT INDONESIA

PT TELEKOM.INDONESIA

/SP.ADR TELKOM INDONESIA IS-B-




CIA VALE RIO DOCEEADR

CIA VALE RIO DOCEISADR(1 ORDSH) DURATEX SA IPRIV.

GERDAU SA! SADR PFD SHS

JBS AS

PETROBRAS ISADR

BRL 16,211,048 1 92

BRL 5.069680 0 6 0

US0 20,023,549 2 37

USD 7,838,768 0.93

USD 4,851 175 0.57

BRL 6,991,106 0 8 3

US0 9,648.110 1 1 4

ERL 8,902 473 1.05

USD 28.544 595 337

108,080.5o4 12 7a

~- .~

5164,500 IDR 3,704109 0 4 4

14.992000 IDR 8,290201 0 9 8

226,340 USD 9.741.673 I 15

7,667,000 IDR a 269.435 0.98

30,005,418 3 55

MALAYSIA -_ MALAYAN BANKING BERHADIFOR.REG. RESORTS WORLD

I 3 542.000 MYR 13,122,334 1 55

502000 MYR 2499 106 0 3 0

15,621,440 1.85 CHILE _-

CENCOSUDSA MEXICO

CLP 10.388 111 1 23

103aa , i i i 1.23 . -

I CEMEX /ADR

CONSORCIO ARA SAB DE CV

CONTROLADORA COM SABI(1 C+3 E) EMPRESAS ICA SAB DE CV

FOMENT0 ECONOMIC0 MEXICANOIADR

121 725 US0 3.992580 0 4 7

3 104,700 MXN 5,341,587 0.63

2 101,374 MXN 5885237 0 7 0

3,513914 MXN 13547701 1 6 0

78076 usD a,730458 1.03

-

37,497,563 4 43 ~~

CHINA .-

ANGANG STEEL COMPANY LTD -H- CHINA CONSTRUCTION BANK

CORP CHINA SHENHUA ENERGY CO -H- PETROCHINA CO LTD /-H-

PING AN INSUR (GRP)CO -H-

HKD 17,502,346 2.07

HKD 7 619,600 0.90

HKD 17,135,211 2 0 3

HKD 5,601,360 0.66

HKD 2,342,688 028 ~.

50.201 205 5 94

POLAND

BK POLSKA KASA OPlEKl PEKAO POWSZECHNA KASA 0SfCZED.POLSKI

81,670 PLN 7,457,106 088

214299 PLN 3569,436 0 4 2

-

11.026.542 1 30 -

COLOMBIA


COP 9,847,891 1.16

SOUTH AFRICA

9,047,891 1 16 .-

BIDVEST GROUP LTD


SASOL LTD IREG.

693,173 ZAR 13,136392 155

276,622 ZAR a.62~.194 1.02

1,005,604 ZAR 11 613,217 137

999.610 ZAR 33,971 543 4 0 2

FEDERATION OF RUSSIA ~ .~

AKSBEREGATELNYBANK SBERBANK GAZPROM OAO

USD 31.a24.045 376

US0 28.699.957 3.39


-. -.

Portfolio of Investments and Other Net Assets .. -

- Description Quantity Currency Evaluation Yo net

assets - -

~.

Description Quantity Currency Evaluation % net assets .- .. .

UBS LON 06- 142,000 US0 5.159.144 061

2.7.07WRTILARS&TOUB 0 ~

18.971.701 2.24

STANDARD BK GROUP LTD 381.178 ZAR 5.560519 0.66

72 905.865 8.62 -.

SOUTHKOREA -~

DAEGU BANK



DOOSAN HEAVY INDUST ACONSTR. HYUNDAI DEVELOPM.CO- ENG &CONS HYUNDAI hllP0 DOCKYARD CO LTD HYUNDAI MOTOR CO LTD

KOOKMIN BANK /SADR

POSCO

SAMSUNG ELECTRONICS CO LTD SAMSUNG FIRE&MARINE INSUR.





SHARES

1,106,569 KRW 20,114,137 2.38

106,261 KRW 10 177.285 1.20

352.430 KRW 8.223.196 0 97

118.840 KRW 7,680,677 0.91

201,620 KRW 11123,315 1.32

161.195 KRW 29,729,275 3.52

58,970 KRW 4,143,486 0.49

74.518 USD 6 784.864 0.80

28,250 KRW 11 861,751 1 40

33670 KRW 20.150452 2.38

31.770 KRW 5319.013 0.63

EGYPT -

ORASCOM CONSTR.IND./SGDR 174,544 US0 17,663 853 2 09

17,663.853 2.09 ~. .._ -

SOUTH KOREA

INDUSTRIAL BANK OF KOREA 973.978 KRW 19,516,132 230

19 516.132 2.30 135.307 751 16.00 -. TAIWAN TAIWAN

.-



CHINA STE!L


HON HA1 PRECISION IND lGDR

HON HA1 PRECISION IND.CO LTD TAIWAN CEMENT CORP

TAIWAN SEMICONDVCT.MANUF:SADR WISTRON CORP

CAPITAL SECURITIES CORP 5.484.220 TWD 2.694.144 0.32 3,979.000 TWO 9,382.554 1 11

683,056 TWD 5,368 861 0.63

2,473,000 TWD 4 136,099 0.61

6 766.000 TWO 7 629.452 0.90

12 483 820 TWD 10,755 853 1.27

949 841 US0 12.727.869 1.50

1 180,000 TWO 7.919.313 0.94

10,439,030 TWD 8,804,747 1.04

1.258440 USD 13591,151 162

6,425,000 TWO 9.750 556 1.15

91 066.455 10.77

.

~. . -

2,694.144 0.32

TOTAL SHARES 39,874,129 4.71


ANOTHERREGULATEDMARKET 39.874.129 4.71


SHARES


MAGNIT JSC 270,503 US0 11.712780 139

11,712,780 1.39

11,712,780 1.39 ~

THAILAND TOTAL SHARES

WARRANTS I EQUITY LINKED SECURITIES KASIKORNBANK PUBL.COM.LTD/NVDR KRUNG THAI BANK /FOR.REG.

KRUNG THAI EK PUBL.CO/NVDR

3.638525 THE 6.750537 081

10 352.500 THB 3,575,446 0.42

4,769,500 THE 1.647 244 0 19

GREAT BRITAIN .~

UBS LDN 06-17.11.07WRT!ICICI 230,741 US0 4.589 415 0.54 0

4,589,415 0.54

TOTAL WARRANTS / EQUITY LINKED SECURITIES 4,588,415 0.54 -

11,973,227 1.42 - TURKEY

TOFAS TURK OTOMOBIL FABRlKASl TURKIYE GARANTI RANKAS1 /NOM.

3,376 775 TRY 12 901,004 1.53

414.680 TRY 1,899,073 022

-

14 800,077 1.75

758,433,749 89 68

16,302,195 1.93 TOTAL OTHER TRANSFERABLE SECURITIES


12.208.189 1.44 OTHER NET ASSETS LESS LIABILITIES TOTAL SHARES


GREAT BRITAIN -~ 08 EK LN 06-23 1 09 WRTlRELlAN 0

TOTALNETASSETS . 845,789363 100.00

1420,000 US0 13,812.557 163

. A.. HSBC Global Investment Funds r

.

Portfolio of Investments and Other Net Assets -E . -

GLOBAL EMERGING MARKETS EQUITY FREESTYLE

Economic Division of Investment . -

- (expressed as a percentage of net assets) - ._

%

Banks and financial institutions Energy Coal mines, heavy industries Construction, building materials Electronics and electrical equipment News transmission Mechanics, machinery Automobile industry Holding companies Food Retail trade, department stores Office equipment and computers Insurance Other services Transport Textile Tobacco and spirits Precious metals Real estate companies Public services Gastronomy


24.70 14.10 9.63 7.72 7.07 4.98 4.43 3.57 3.27 3.14 2.93 2.26 2.07 2.06 1.92 1.27 1.03 1.02 0.63 0.46 0.30

1.44



. ..

Portfolio of Investments and Other Net Assets . -.

LATIN AMERICAN FREESTYLE Statement of Investments as at 31 March 2007 (expressed in USD)


COLOMBIA

BANCOLOMBIA SA / ADR


10.000

103.093

41.182

342,400

267,872

121.900

58.600

401.463

108.872

50,000

115,700

124,400

6,000

2,226

US0 275,800 0.68

COP 889.734 2.19 . . .. .-.

Description Ouantity Currency Evaluation % net assets

1,165.534 2 87

GREAT BRITAIN

ANTOFAGASTA PLC INVESTMENTS

GBP 412.797 102

412 797 102

- .-


SHARES

MEXICO

CONSORCIO ARA SAB DE CV

CONTROLADORA COM SAB/(l C+3 B) CORP.MOCTEZUMA SA DE CV 82 CORPORACION GEO SAB DE CV B EMPRESAS ICA SAE DE CV

GRUPO FAMSA SA DE CV -A-

GRUPO FIN.BANORTE GFNORTE -0- GRUPO MODEL0 SAB DE CV C WAL-MART DE MEXICO -V-

MXN 589.094 145

MXN 750,219 185

MXN 347,150 086

MXN 339,877 084

MXN 1,547,817 3.81

MXN 585833 144

MXN 230.501 0.57

MXN 592.773 146

MXN 529486 131

5.512.750 13 59

BAHAMAS

ULTRAPETROL BAHAMAS LTD 62 500

22 200

83 400

44.300

3.000

71,958

5 100

100,000

28.669

21 000

92,243

46,500

125 000

8.200 000

5,400

48 500

41 900

39,300

65.000

250,000

55.000

i86.000

42,000

65 000

6 000

491.962

US0 1.062,500 262

1.062.500 2 62

~. _ _-

BERMUDA ISLANDS

CREDICORP


GP INVESTMENTS LTD lBDR

OCEAN WILSON PLC

US0 1.083.360

BAL 1.433.763

BRL 1414,144

GBP 48,132

2 67

3.53

3.49

0 12

9.81

~

_.

2 12

0.68

2.73

2.89

1.53

8.43

2 30

3.68

1.26

0.15

2 41

1.40

9.83

2.68

2.35

1.13

6 08

1.27

52.92

__

~

4.73

3,979 399 PANAMA BRAZIL

COPA HOLDINGS -A-

UNITED STATES

US0 303,900 075

303,900 0 7 5

.- - -. ALL AMERICA LATINA /UNIT

AMBEV CIA DE BEBIDAS /ADA

ANHANGUERA EDUCACIONAL PART. BANCO BRADESCO ISADR

BRADESPAR SA BRASIL /PREF. CIA VALE RIO

BRL 858.872

USD 277,134

BRL 1.105.162

US0 1,173,709

BRL 618.891

USD 3.414.836

BRL 934,156

BRL 1,494,424

BRL 511.518

BRL 61.005

BRL 976.717

BRL 568.435

USD 3,981,876

BRL 1085,514

BRL 954,123

BRL 458,986

BRL 2,466,721

BRL 514,711

SOUTHERNCOPPERCORP

TOTAL SHARES

USD 159293 039

159,293 0.39

36,733,114 90.58 DOCEISADR(1 ORDSH) DURATEX SA /PRIV. TOTAL TRANSFERABLE SECURITIES ADMITTED TO



SHARES

36,733,114 -90.58 GVT HOLDING SA

LOJAS AMERICANAS SA /PRIV


ODONTOPREV S.A.

PERDIGAO SA

PETROLEO RRASILEIRO lSADR

PROFAMA SA

SADIA SAIPREF.

SA0 CARLOS EMPREENDIMENTOS 5.40 MARTINHO SA

SARAIVA SA LlVRElROS /PRIV.

COLOMBIA

ALMACENES EXIT0 /TEMP 6,575

EXIT0 .ALMACENES EXIT0 SA 55 000

COP 57,356 0.14

COP 479.787 1.18

537.143 1.32

.-

TOTAL SHARES


TOTALINVESTMENTS

537,143 1.32

537,143 1.32

.. 37,270,257 91.90 21 456.790 ~ .-

CANADA

PAN AMERICAN SILVER CORP. OTHER NET ASSETS LESS LIABILITIES 3.285.394 8.10

US0 1.918.800 ~ .~

1 918,800 4.73 TOTAL NET ASSETS 40,555,651 100.00 _.

CHILE

MASISA SA I ADR 50 SHS

RIPLEY CORP SA

USD 67.500 0.17

CLP 693.851 1.71

761,351 1.88

~. ~

- .

HSBC Global Investment Funds - . r-

. . .. . __ .- _. . -.

Portfolio of Investments and Other Net Assets .. . . . .. ... . . . .

LATIN AMERICAN FREESTYLE

Economic Division of Investment ... ...

(expressed as a percentage of net assets) - .

Coal mines, heavy industries Energy Miscellaneous Retail trade, department stores Holding companies Banks and financial institutions Transport Construction, building materials Insurance Other services News transmission Pharmaceuticals and cosmetics Food Real estate companies Tobacco and spirits Non-ferrous metals Agriculture and fishing Consumer goods Graphic art and publishing


13.16 9.83 9.56 7.95 7.59 6.81 4.86 4.67 4.60 4.18 3.68 2.83 2.35 2.29 2.14 1.41 1.40 1.32 1.27

8.10


A + HSBC Global Investment Funds


UK FREESTYLE Statement of Investments as at 31 March 2007 (expressed in GBP)

Descriptior Quantity Currency Evaluation

~-

INVESTMENTS


SHARES

GREAT BRITAIN ~ -

BAE SYSTEMS PLC

BARCLAYS PLC

EG GROUP PLC

BP PLC

CENTRICA PLC

DOMESTIC 8 GENERAL GROUP PLZ EM1 GROUP PLC

HBOS PLC

HELPHIRE GROUP LONDON

HOMESERVE

HSBC HOLDINGS PLC

ICAP PLC

INCHCAPE PLC

JOHNSON MATTHEY PLC

LEGAL 8 GENERAL GROUP PLC RESOLUTION PLC

ROYAL DUTCH SHELL -E-

ROYAL DU-CH SHELL PLC -A.

SHIRE PLC

SIG PLC

UNILEVER PLC

UTD BUSINFSS MEDIA PLC

XSTRATAPLC

31 GROUP PLC

GUERNSEY

RAVEN RUSSIA PLC

TOTAL SHARES

112.616

71.206

73 470

98,966

138.687

43 851

197 946

49,434

118.184

28,599

57.524

97.312

91 915

33.086

329,294

78,543

2

31,075

47 221

40,887

33,194

65.278

20,644

45,117

438,276

GBP

GBP

GEP

GBP

GBP

GBP

GEP

GBP

GBP

GBP

GEP

GBP

GBP

GBP

GEP

GBP

GBP

GBP

GBP

GBP

GEP

GBP

GEP

GBP

518.a70

515,175

541 107

551,381

525,430

517.442

447.853

518.741

522.373

509,320

510.526

511,375

523 916

519,946

516,827

482 984

34

530.450

497.237

517,629

503.221

522.224

533 131

51 2,150

YO net assets

4 01

3.98

4.19

4.27

4 06

4.00

3.46

4.01

4 04

3.94

3.95

3.95

4.05

4.02

4 00

3.73

0.00

4 10

3.84

4.00

3.89

4 04

4.12

3.96 -

11,849,350 91 61 - .

GEP 529,218 409 - .

529,218 4.09

12,378,568 95.70 - .


AN OFFICIAL STOCK EXCHANGE LISTING 12,378.568 95.70


Description


SHARES

GREAT BRITAIN

TRADING EMISSIONS PLC -C- 451,972 GBP 503,9A9 3.90

503,949 3.90

TOTAL SHARES 503,949 3.90

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHERREGULATEDMARKET 503,949 3.90

12,882,517 99 60 TOTAL INVESTMENTS

~ -.

52,359 0.40 - OTHER NET ASSETS LESS LIABILITIES


HSBC Global Investment Funds 7 - ..

.. - -. - --

Portfolio of Investments and Other Net Assets -. -

UK FREESTYLE

Economic Division of Investment -

~

~. (expressed as a percentage of net assets) . - -

%

Energy Banks and financial institutions Public services Holding companies Insurance Graphic art and publishing Coal mines, heavy industries Miscellaneous Other business houses Precious metals Aerospace technology Other services Food Pharmaceuticals and cosmetics


12.56 12.03 11.90 11.86 11.73 7.50 4.12 4.09 4.05 4.02 4.01 4.00 3.89 3.84

0.40


HSBC Global Investment Funds ~

- .. -


Description Face Value Currency Evaluation % net assets

ING BK BRAZIL 0%06- 590 BRL 299,894 4 3 0 10 12 07CD ~

895044 1284

095,044 12.84

asset5 TOTAL FINANCIAL INSTRUMENTS 4,260,213 61 13

TOTAL INVESTMENTS 6.113.491 07 72

BRAZILBOND Statement of investments as at 31 March 2007 (expressed in USD) -. ~

- - TOTAL CERTIFICATE OF DEPOSIT

- - Description Face Value Currency Evaluatlon %net

--

INVESTMENTS OTHER NET ASSETS LESS LIABILITIES - 855,802 12.20

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING TOTAL NET ASSETS 6,969,093 1 0 0 . ~

BONDS

BRAZIL

BRAZIL TV 03-20.06.07

BRAZIL TV 05-16.12.09

TOTAL BONDS

407 BRL 609,774 8 7 5

830 BRL 1243.504 1784

1.853 278 26 59

1.853.278 26.59

~ --

-



FINANCIAL INSTRUMENTS

COMMERCIAL PAPER

BRAZIL -.

BANCO BRADESCO 06-28.5.07 CD BCO BNP BRAZIL 06-28.5 07 CD

BCO SANTBRASIL 06-28.5.07 CD ClTlBANK BRAZIL 06-04.6.07 CD

CAYMAN ISLANDS

BCO ABN AMRO REALO6- 28.5.07 CD

GREAT BRITAIN

565 BRL 307,836 4.42

1,130 BRL 616,321 8 8 4

1,130 BRL 617,100 886

565 BRL 306 507 4.40

~- 1.847 764 26 52

-.

1,100 BRL 600.780 8.62

-. .

600,780 8.62 ~. --

HSBC 06-28 5 07 CD

PORTUGAL

1.130 BRL 616.646 885

616,646 8.85

-

-

BANCO ITAU S.A.06-18 6.07 CD

TOTAL COMMERCIAL PAPER

CERTIFICATE OF DEPOSIT

BRAZIL

550 BRL 299,979 4.30

299,979 4.30

3,365,169 48.29

~- .-

BCO INVEST BRASIL 0%- 6.12.07CD BlFB 0% 06-6.12.07 CD

594 BRL 302,452 4.34

575 BRL 292,698 4.20

HSBC Global Investment Funds - ~. ~. ~ -

-

. -


EURO CORPORATE BOND Statement of investments as at 31 March 2007 (expressed in EUR)

. -

Descriplion Face Value Currency Evaluation Yo ne1 assets

. . .

INVESTMENTS


BONDS

AUSTRALIA

TELSTRA CORP 4.75% 07. 21.3.17

AUSTRIA

TELEKOM F.3.375% 05-10 EMTN

BELGIUM

FORTIS BANK 4.625% 04-PERP

CANADA -. -

BOMBARDIER 7 25% 06- 15.11.16

CAYMAN ISLANDS - -

BCP FIN 5 543% 04-

BES FIN 6 625C 02-

MUFG CAP FIN2 4 85%(TV)06- PERP

EMTN

DENMARK

DANSK NATURGAS AIS 5.5%05-PERP DANSKE BK A/$4.878% 07- PERP. NORDIC TEL.8.25%06-1.5.16 REGS

FEDERATION OF RUSSIA -.

GAZPROM CAP.5.03% 06-14

REGS

FINLAND - --

M-REAL TV 06-13 SEN iMULTlCP NORDEA BK FIN 5 75%(TV) 02- 14 SAMPO OYJ 4 625%(TV)04-14 REG

300.000

155,000

400.000

550.000

120 000

250,000

520,000

750.000

500,000

250 000

650 000

250.000

170.000

150,000

EUR 297,328 0.50

297.328 0.50 -

EUR 150,943 0.26

~. --

150,943 0.26 .-

EUR 392.384 066

392 384 0.66 ~. .

EUR 570,900 097

-

570,900 0.97 -~

EUR 123774 0.21

EUR 272.215 046

EUR 509.070 0.86

~- 905.059 1 5 3

-

EUR 756,975 1 2 8

EUR 496085 0 8 4

EUR 273377 046

-

1,526,437 2.58 ~~

EUR 644.794 109

644,794 1 0 9

EVA 256.451 0.42

EUR 174.452 0 3 0

EUR 150,677 0.26

.. . . -


. . -. -

STORA ENS0 5.125% 04- 23.6.14

FRANCE -. -

AGF 4 625%(TV) 05-PERP

ALCATEL 6.375% 04-7 4 14 EMTN AXA SA 5.777n/(TV) 06- ... PERP

BFCM 4.375% 06-31 5.16 EMTN

EOUYGUES 4.5% 06-24.5.13

CARREFOUR 4.375% 03-1 1 EMTN CIE ST GOBAIN 4 75% 07-17 EMTN CNCEP 5 25% 03- . EMTN

CROWN EUR.6.25% 05-01.09.1 1

EUROPCAR GR.8.125% 06-14 REGS FRANCE TELECOM 7.25% 03- 13 EMTN LAFARGE 5 875%01-06.11.08

LVMH 5% 03-29 4.10 EMTN

PERNOD RICARD 4.625%06- 6 12.13 REMY COINTR.6.5% 03-7.7.70

SCHNEID ELECT.3.125%05- 11.8.10 THALES 4.375% 04-22.07.1 1 EMTN VEOLIA ENV.6 125% 03-33 EMTN VIVENDI 4.5% 06-3.10 13

150.000 EUR 152,448 0.26

~- 734.028 1.24

210,000

400,000

220,000

600,000

50,000

350 000

600.000

120.000

850.000

250,000

1.1 00 000

255,000

350 000

200.000

235 aoo 175,000

150,000

300.000

200 000

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

204,205

423,232

228.158

597,402

49.898

349,269

596 308

122.849

877,624

266,364

1,248 191

260.945

356.395

196.669

244,165

168.1 35

150.148

332 142

198 428

0 35

0.72

0.39

1.01

0.08

0.59

1.01

0 21

1.49

0.45

2.12

0.44

0.60

0.33

0 41

0.28

0 25

0.56

0.34 -.

6,870 827 11 63 ~

GERMANY

BERTELSMANN 3.625% 05-

06 10.15 EERTELSMANN 4.75% 06- 26.09.16 DEGUSSA 5.125%03-10 12.13

ESCADA 7.5% 05-1.04.12 REGS

EWE AG 4.875% 04-14.10.19

GERLING LEEEN.6.75%(TV)05- PERP HENKEL 5.375 05-2104 STEP-

UP HORNBACH BAU 6.125% 04-14 REGS HSH NORDEK4.375%(TV)O7- 14.2.08 HTI FOG 6.352%(TV) 06- , , PERP KABEL DEUTSCHLAND 10.75%

06-14 MUNICH RE FIN.6.75%03- 21.06.23 PER1 5.625% 04-15.12.11 REGS

VOLKSWAG LEAS.4.125%06- 31 5.11

GREAT BRITAIN - .- AIB UK 2 5.142%(TV) OB-PERP.

ANGLIAN WATER 4.6253'0 03-13

ANGLO AM.CAP 3.625%03- 05.06.08 BAA 4.5% 04-30.9 14 EMTN

50,000 EUR 46,242 008

130,000 EUR 129,592 0.22

1,150,000 EUR 1151,764 194

150.000 EUR 160,436 0.27

120,000 EUR 122.361 0.21

300.000 EUR 320767 0.54

300,000 EUR 293.120 0.50

100,000 EUR 103.863 0.18

310,000 EUR 307,012 0 5 2

130,000 EUR 137.498 0.23

230,000 EUR 263,787 0.45

200,000 EUR 222,202 0.38

275.000 EUR 280.503 0.47

695,000 EUR 687.945 1.16

-

4,227.092 7.15 - . .

310.000 EUR 309,795 052

260,000 EUR 262,352 0 4 4

150,000 EUR 148780 025

125000 EUR 124,321 021

I

- ~ A HSBC Global Investment Funds


- ~. .


. - .. -.


450,000 EUR 424,557 0.72

- - .

UNlCREDlTO 3.95% 06-1.2.16 210,000 EUR

295,000 EUR

250000 EUR

120,000 EUR

340,000 EUR

550,000 EUR

550000 EUR

150,000 EUR

335.000 EUR

300000 EUR

180,000 EUR

200000 EUR

450.000 EUR

I00000 EUR

255.000 EUR

125.000 EUR

300,000 EUR

500,000 EUR

150.000 EUR

600,000 EUR

202.662

302 440

246,027

12331 8

365,552

540,636

545 075

147,703

336,207

281.71 1

174.564

201.956

454 451

98.146

259.835

125 268

293,366

493,995

147.680

599,432

0 34

0.51

0.42

0.21

0.62

0.92

0.92

0.25

0 57

0.48

0 30

0.34

0 77

0.17

0.44

0.21

0.50

0.84

0.25

1.01

BARCLAYS 4 875% 04-PERP

BAT INTL FIN 5 125% 03-13 EMTN CARNIVAL PLC 4.25% 06-13 GTD COMPASS GR 6% 02-29.5.09

2.427.658 4 11

JERSEY

HSBC CAP.FDG 5.3687%03- PERP. PROSECURE FD 4.668% 06- 30.6.16 RESPARCS FD II LSH 7 5%03 PERP

1.450.000 EUR 1,486.026 2.52

200,000 EUR 193.876 0.33

550.000 EUR 580.028 0.98

.. ..

2.259.930 3.83

EMTN CORUS 7 540 04-1 10.11 SENIOR DEPFA FOG IV 5 029%(TV)07- PERP HBOS CAP.4.939%(TV)OS-PERP

IMP.TOBACC0 4.375% 06- 22.11.13 IMP.TOBA.FIN.6.25%02-06.06.07

INEOS GROUP 7 875% 06-16 REG. KINGFISHER 4 125% 05- 23.1 1.1 2 NATIONAL GRID 5% 03-2.7.18

NTH.W WAT.F 4.875%99- 18.03.09 OTE PLC 4.E25% 06-20.5.16

OTE PLC 5% 0348.13 EMTN

RENTOKIL INITIAL 5.75% 02-07

RENTOKIL 4.625 07-27.3.14

RZB FIN.5.169%(TV)06-PERP.

TESCO PLC 3 875% 06-24.03.1 1

VODAF.AIR.4.25%03-27.05,09

LUXEMBOURG

DEXIA FD 4.892%(TV)06- 250.000 EUR 247,015 0.42

150000 EUR 163,147 0.28

530.000 EUR 539,776 0.91

300000 EUR 307.289 0.52

150.000 EUR 150,022 0.25

228,846 EUR 272.785 0.46

230.000 EUR 241,983 041

1.350.000 EUR 1,412,396 2.40

205,000 EUR 202975 0.34

$00,000 EUR 571,911 0.97

4.109.299 6.96

30 11.49 FINMECCANICA 5 75%03- 12.12.18 GLENCORE FIN.5 375% 04. 3 0 9 1 1 HELLAS TELECOM TV 05-

15.10.12 HOLCIM FIN.LUX.4.375%- 23 6 10 KLOCKNER INV 10 5% 05-15 REG S KLOECKNER PENTAPL 9 375% 02-12 OLlVETTl 6.575%99-09 B SS/STEP SYNGENTA LUX 4.12$%06- 21.09.11 WIND ACQUISIT.9.75% 05- 1.12.15

~ _ _ 6.785 772 11 49

- GREECE

PUBLIC POWER 6.25% 00- 8.11.10

NETHERLANDS 200,000 EUR 211,627 0.36

~ -~ 211,627 0.36

-.

- -

ABN AMRO 4 3l%(TV) 06-PERP

ALLIANZ FIN TV 05-PERP

ALTADIS FIN.4.25% 03-2.10.08

ALTADIS FIN.5.125"h 03-2.10 13

CARLS.WAGONLIT TV 06- 1.5.15REG DEUTSCH TELEK.7 5%03- 33/STEPP. DT TEL.INTL.FIN 4% 05-19.01.15

DT.TEL.INT.F.7.125%01-11

250,000

350 000

200,000

300.000

100,000

250 000

155,000

750,000

150,000

210 000

100.000

800.000

400,000

100 000

700.000

500.000

265.000

500.000

700.000

100,000

50,000

120,000

250.000

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

236,399

331,237

199,705

303,597

106.083

316,784

147,431

813.483

151,096

199,028

99,480

814.239

400.200

102,184

748,390

489,005

282.041

497,235

759.646

100,222

46.388

122.639

254.226

0.40

0.56

0.34

0.51

0.18

0.54

0.25

1.37

0.26

0.34

0.17

1.37

0.68

0.17

1.27

0.83

0.48

0.84

1.29

0.17

0.08

0.21

0.43

GUERNSEY

ABB INT.FIN.6.5% 03-1 1 EMTN- TERM NOTES 2

250,000 EUR 271.751 046

- .

271 751 0.46 ~ .~

HONG KONG

HUTCHINSOU WHAMPOA F.5.875 90 03-8.7.13 STD CHART.3.375% 99-6 5.09 EMTN

150,000 EUR 159,938 027

120,000 EUR 122.429 021

282.367 048

STEPPD EADS FlN.4.625%03-03.03.10

EDP FINANCE 3.75% 05- 22.06.15 EUREKO 5.125% 05-29 06.49 HUNGARY

- .-

BINA-ISTRA 8% 03-15 12 22

MOL HUNG OIL 3.875%05- 05 10 05

FRESENIUS FIN.5.5% 06-16 REG.S GENERAL1 F.5.317%(TV)06- ..PERP IBERDROLA 14.875% 03-18.2.13

ING VERZEK.6.25%01-21 06.21

KAZKOMMERTS 6,875% 07. 13 2.17 KON PHILIPS 6.125%01-

550.000 EUR 604.305 102

300.000 EUR 271.654 0.46

~~

875,959 1.48 ~- ITALY - AUTOSTRADE 5% 04-9.6.14 EMTN BCO POP VERONA TV 07- 08 02 17 ENEL 5 25% 04-20 05 24 EMTN

HERA SPA 4 125% 06-16 02 16

MONT PASCHI SlENA 4 875% 06-16 TELE.ITALIA 5 375% 04-19 EMTN

500,000 EUR 511.995 086

500,000 EUR 499,516 085

135,000 EUR 140.389 0 24

160000 EUR 154181 026

400,000 EUR 397.530 067

300.000 EUR 299490 051

16.05 11 KPN NV 4.5% 04-21.7.1 1 EMTN

14.7.66 METRO FIN.4 625% 04-11 EMTN

PORTUGAL TELE.INTL 4.375%05-17 RED ELECTRICA 4.75% 03-13 EMTN REPSOL INTL 5% 03- 22.7.13EMTN

HSBC Global Investment Funds A .-

Portfolio of Investments and Other Net Assets ~- ) i i -

Descriotion Face Value Currencv Evaluation % net

SIEMENS F.5.25%(TV)06- 14.9.66 TELEFONICA 5.125%03- 14.02 13 TNT NV 5.125%01- 05.12.OBSENIOR

NORWAY -

TELENOR ASA 4 5% 06- 28 03 14

SOUTH AFRICA

CONSOL GLASS 7 625% 07- 15.4.14

SPAIN

BBVA INTL 4.952%(TV) 06- PERP. SANTANDER TV 04-..PERP.

SWEDEN

SCA FINANS ABS 375%02- 25 06 07 SCA FINANS 3 875% 06-7 03 11

SECURITAS 6 125%,01-14 03.08

SKAND ENSK BANK.TV 02-

6 6 12 TELIASONERA 4 125% 05- 11.5 15

UNITED STATES

AM.GEN.FIN.3.259b 05-16.1 05- 16 1 1 3 ATRT 4.375% 07-15.3.13

CA PREF.TRUST Ill 6% 03- PERP CITIGR.4.75”;o 04-10.2 19 INTL

COMMZBK CAP 5 012”/o(TV)06-

PERP CS GRP(US)3.625”/o(TV)O5- 14.9.20 DAIMLER CHRYS.4.25%04- 4.10.11 DEUTSCHE CAP.5.33% 03-

EMTN GECC 4 625% 06-15 9 66 REGS

GMAC 5 375% 04-6 6 11 EhlTN

GMAC 6%03-03 07 08

GOLDMAN SACHS 4% 05- 02.02.15 LEHMAN BROTH 4 25% 06- 26 UY 16 MERRILL LYNCH 4 45% 07- 31 114 MORGAN STANLEY 3 75% 06- 1 3 1 3 PEMEX FUND MASTER 6 375%

04- 16 ROCKINOOD SPEC 7 625% 04- 14 $AN PAOLO IMI 8.126%00-

PERF

assets

700,000

400 000

350,000

80.000

150 000

200.000

300 000

150,000

65.000

210 000

170,000

125 000

290,000

200.000

125,000

1.000,000

400,000

760.000

450,000

600 000

625,000

650 000

400,000

550 000

300,000

700.000

400.000

225,UOC

250.00c

zoo ooc

EUR 706.024 1.20

EUR 409,666 0.69

EUR 354070 0.60

~.

8,980,498 15 23 .~

EUR 79.565 0 13

. ...

79.565 0 13 ~~

EUR 152,044 0.26

._

152,044 0.26 ~

EUR 198.004 034

EUR 293,519 049

491.523 083 ~

Face Value Currency Evaluation % net assets

Description

.~ - ..

WACHOVIA COR 4 375% 06-18 500,000 EUR 483,684 082

EMTN

8 555,046 14 48

TOTAL BONDS 52,529,898 88 92


-



BONDS

NETHERLANDS

CARMEUSE LIME 10.75% 02-12

REGS

260 000

TOTAL BONDS


TOTAL INVESTMENTS


TOTALNETASSETS

EUR 150,404 0 2 5

EUR 63,680 0.11

EUR 213303 0.36

EUR 170.424 029

EUR 119,256 020

717,067 121

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

270.899

198,148

128,720

1,012 156

393.928

707,442

444.503

617 355

621 , I 69

637 406

403.500

527,SSY

294.375

695 975

383,374

247,244

263.750

223 729

0 46

0 34

0 22

1.70

0 67

1 20

0 75

1 04

1 05

1.08

U 68

0 89

0 50

118

0 65

0 42

0 45

0.38

- 52,529,898 88.92

EUR 28C,150 047

280.150 0.47

280,150 0.47

280,150 0.47

52,810,048. 89.39

~ --

~

6,269,063 -10.61

59,079,111 I O O f l

~


. _. _.


EURO CREDIT BOND Statement of Investments as at 31 March 2007 (expressed in EUR)

-. . ..

Description QuantityIFace Currency Evaluation % net Value assets

.. .-

FRANCE TELEC 4 75% 07- 21.02.1 7 FRANCE 3.25% 05-25 4.16 OAT

FRANCE 5.7596 01-25.10.32 BTAN FR.TELECOM 8.1 25"/.03-

300,000

430 000

600 000

100,000

1,500 000

200,000

900.000

550,000

500.000

550.000

250 000

400.000

450 000

1 000,000

430.000

600.000

250.000

1 230.000

900 000

600,000

1,050,000

250.000

1,000 000

500.000

700 000

800,000

1 000,000

500 000

800,000

EUR 298,755 068

EUR 403,512 092

EUR 735,000 168

EUR 135115 031

EUR 1,472,999 3 37

EUR 200,120 0.46

EUR 887,961 203

EUR 549,071 1.25

EUR 511 322 117

EUR 556,540 1 2 7

-

12727217 2906 -

- .


. . 28.01.33 GECINA 4.875% 04-25 1.12

IMERYS 5"/0 07-16 04 17

LA BQUE POSTALE 4"/. 06 811 13 RFF 4 375% 06-2 6 22

RHODIA TV 06-15 10 13 REGS

SCOR ASSIST 6 154%(TV)06- PERP

INVESTMENTS


BONDS

AUSTRIA - ..

ERSTE BK TV 07-19.7.17 TR.2

GERMANY ~

DEGUSSA 5.125%03-10 12.13

HENKEL 5.375 05-2104 STEP- UP HSH NORDBK4,375%(TV)O7- 14.2.08

350 000

186,750

400,000

500,000

500.000

1.500,OOO

500.000

1,550,000

600 000

700.000

200,000

850.000

600,000

1,000.000

700.000

550.000

1,000 uoo 800.000

EUR 350.000 0.80

350,000 0.80

- . . EUR 250.384 0 5 7

EUR 390.826 089

EUR 445.662 1.02

-.

1,086,872 2 48

BELGIUM

TELENET COM 9% 03- 15.12.13REGS

EUR 204.Y45 0.47

GREAT BRITAIN -. - ANGLIAN WATER 4 625% 03-13

DEPFA FOG IV 5.029"h(TV)07- PERP HSBC HLDS 5 375%02-20 12 12

IMP TOBACCO 4 375% 06- 22 11 13 OTE PLC 5% 03-5 8 13 EMTN

204.945 047 ~

CANADA EUR 1.009045 2.31

EUR 422,679 0.96

EUR 628.443 143

EUR 246,171 0.56

EUR 1,253,321 2.87

BOMBARDIER TV06-15.11.13 REGS

EUR 413,000 0.94

~

413 000 0.94 ~~

CAYMAN ISLANDS -~

BCP FINANCE TV 05-PERP

DUBAI HOLDING 4.75%07- 30.01.14 MIZUHQ FIN.4.75% 04- 15.4.14REG

EUR 470 043 107

EUR 497.782 1.14

EUR 1,509,517 345

~~

2.477342 5 6 6 -.

3,559,659 8.13

IRELAND

FIDE RETAIL FIN TVO6-11.05.09

LEASEPLAN FIN.4.5"/o 06- 08.11 16

EUR 910,398 2.08

EUR 596,306 1.36

~.

1,506,704 3.44

FEDERATION OF RUSSIA ~-

GAZPROM CAP.5 03% 06-14

REGS EUR 495.996 1 1 3

-

495,996 113 ~.

ITALY

BCO POP VERONA TV 07- 06.02.17 ClRlNT 5.75% 04-16.12.2024

EDISON 5.125% 03-10.12.10

EUR 1,048.983 2 39

EUR 234794 054

EUR 1.025.290 234

EUR 461 814 110

2 790,881 6.37

~

FINLAND -. .

SAMPO OYJ 4.625%(TV)04-14 REG

EUR 1556.998 355

-

1.556.998 3 55 .~ -

EMTN HERA SPA 4,125Y~ 06-16.02.16

FRANCE - - JAPAN BFCM 4 471%(TV) 05-PERP.

BQPOSTALE TV 06-12.12.16 EMTN CASINO GUICHARD P.4.875"/0 07-14 CIE ST.GOBAIN TV 07-11 4.12

CIE ST.GOBAIN 4.75% 07-17

EUR 577,644 1.32

EUR 700.600 1 GO

EUR 198.680 0.45

EUH 648.871 1 Y4

EUR 596.008 1.36

EUR 1.048931 2.39

EUR 681 920 1.56

EUR 549.005 125

EUR l.U00,042 2.28

EUR 775.121 177

BK TOKYO MITSUB.3.5% U5-15 EUR 678,496 1.55 ~

678,496 1.55 -- ~

JERSEY

AIG.SUN.III 4 75%" 03-1 1.09.13 EUR 816.184 1.86 EMTN CNCEP 5.6% 99-51 1.201 1 816.184 1 8 6

- CNP ASS 4 75%(TV)06-PERP

CREDIT LOGEM 4 604%(TV)06- PERP CRH 4 25% 03-25 10 14

DEXIA MUN AG 3 875x06 24 11 16

LUXEMBOURG

BANQUE DU LUXEMBOURG TV 02-PERP. FIAT FIN.6 625% 06-15.02 13

MERCK FIN.3.75% 05-07.12.12

EUR 1.140080 2.60

EUR 538.225 1.23

EUR 767,520 1 7 5


Portfolio of Investments and Other Net Assets - -

-. --- -. ~ - Description QuantitviFace Currencv Evaluation % net Descrietion QuantitvlFace Currencv Evaluation % net

SOGERIM 7%01-20 04 11

TELECOM ITA5.15%99- 09,MLTICPN

NETHERLANDS

GENERAL1 F,5,4794o(TV)07- PERP HIT FIN BV 4.875% 06-27.10 21

ING VERZ.3.5% 05-28.11.12

KAZKOMMERTS 6.875% 07- 13.2.17 KPN NV4.75% 06-17 1.17 GMTN

LEHMAN BROS 4 625% 07- 14.3.19 SOLVAY FIN.6.375% 06- 2 6.2104 URENCO FINANCE 3,375% 05-

10

SPAIN

TELEFONICA 4.674% 07- 7 2 2014

SWEDEN

STENA AB 6.125% 07-

1.2.17REG-S

UNITED STATES

CARGILL 4 375% 06-29.4.13

CL.CAP.TRUST 1 CRYL.TV- PERP CS GRP(US)3,625%(TV)05- 14 9 20 DAIMLERCHR.NA 4 375%07- 16.3.10 EUROHYPO CAP 6 445% 03- ..PERP SG CAP.TR.111 03- ...

TOTAL BONDS

Value assets Value assets . - .... ~. . --

600.000

600 000

750.000

950,000

700 000

320.000

290,000

I ,700 ooo

250.000

1,500 000

500,000

200 000

350.000

1,600,000

700,000

1,250 000

500.000

500,000

EUR 658.713 1.50 TOTAL NET ASSETS

EUR 607.581 1.39

~.

3,712.119 8.47

-. 43,802,458 100.00

EUR 756.431 1.73

EUR 923.056 2 11

EUR 671 363 1.53

EUR 312.963 0.71

EUR 286,595 0.65

EUR 1,677,195 3.83

EUR 265,269 061

EUR 1 449.203 3.31

~. -

6,342,075 14.48 ~

EUR 498,828 I 14

.~ 498,828 1.14

. -

EUR 201 997 046

~ ..

201,997 0.46 -

EUR 347,211 0.79

EUR 1775,815 406

EUR 651,592 149

EUR 1,245,769 2.84

EUR 539,260 1.23

EUR 520,343 119

5,079.990 11 EO

44,499,303 101.59

~.

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 44,499,303 101,59


OPTIONS ON FUTURES

GERMANY

PUT EURO SCHATZ 2Y 100 EUR 14000 003

FUTURE 24/05/2007 103 40 ~~

14000 003

TOTAL OPTIONS ON FUTURES 14,000 0.03


-

14,000 0.03

44,513,303 101.62 TOTAL INVESTMENTS -

ANOTHER REGULATED MARKET - -

(710.845) (1.62) OTHER NET ASSETS LESS LIABILITIES . -

A- HSBC Global Investment Funds -

Portfolio of Investments and Other Net Assets a- - ~

EURO INVESTMENT GRADE BOND Statement of investments as at 31 March 2007 (expressed in EUR)

.. .~

Doscription QuantitylFace Currency Evaluation % net Value assets

-

FRANCE 5.75% 01-25.10.32 BTAN IMERYS 5% 07-ia.04.17

LA BQUE POSTALE 4% 06- 8.11.13 RTE EDF TR. 4.125% 06-27.9.16

SCOR ASSIST.B.I54"/(TV)06- PERP. TOTAL CAPITAL 3.875% 06- 6.9.1 1 VAUBAN MOBIL 4 5%01-

VEOLlA4 375% 06-16.1.17 28 10 oa

5,390,000

150,000

650 000

1 000.000

300.000

2,000 000

4,400,000

400,000

EUR 6602,749

EUR 150.090

EUR 641,305

EUR 982.845

EUR 303567

EUR 1.968.985

EUR 4,417.099

EUR 385,854

4 11

0 09

0.40

0 61

0 19

123

2 75

0 24

.-

Yo not 3ssets

Description QuantitylFace Curroncy Evalualion Value

.. .

INVESTMENTS


BONDS 32.790.164 20 40

GERMANY

AUSTRIA BERTELSMANN 3 625% 05- 06.10 15 GERMANY 4% 06-4 07.16

GERMANY 4.5% 03-4.1.13

G E R M A N Y ~ . ~ ~ Y ~ 98-28

HSH NORDEK4,375"/o(TV)07- 14.2.08

500.000 EUR 462.420 0 2 9

6.800000 EUR 6.779600 422

10.900,OOO EUR 11 161,600 6.94

4 135,000 EUR 4,425691 2 7 6

1.000,OOO EUR 990,360 0.62

~. ~

23.819 671 14 a3

EK AUSTRIA 5 75% 01-22 2 13 EMTN BUNDESIMMOB 4 375% 03- 24 9 13 ERSTE BK TV 07-19 7 17 TR 2

REP.AUSTRIA 3 5% 05-15 9 21

5,000,000

5,000,000

500,000

7 000.000

1.000.000

100.000

900,000

900,000

700,000

1,600,000

1.000,000

500.000

150.000

2 600,000

600 000

450,000

500 000

400,000

600,000

3.400 000

900.000

1 000,000

3.000 000

EUR 5360.968

EUR 5.030500

EUR 500.000

EUR 6,467,300

3.34

3 13

0 31

4 03

10 81 17.358.768 GREAT BRITAIN

CANADA

ANGLIAN WATER 4 625% 03-13

BP CAPITAL 3.759t 06-14.1.09

CARNIVAL PLC 4.25% 06-13 GTD DEPFA FDG IV 5.029%(lV)07- PERP HBOS TRS SERV.3.5"/o 04- 12.2.09 HSBC BANK 3.875% 06-9.11.1 1

IMP.TOBACC0 4 375% 06- 22.1 1 . I 3 OTE PLC 5% 03.5 a 13 EMTN

ROYAL BK CDA 3.875%06- 31.10.11

600000 EUR 605.427 038

4,000.000 EVA 3,967,951 2 47

7ooooo EUR mn.876 043

360,000 EUR 353,871 0 2 2

4,400,000 EUR 4 351.141 2.70

2,000.000 EUR 1,973,710 1 2 3

noo.ooo EUR 787.746 0.49

610000 EUR 621.566 0 3 9

13 350,290 8.31

-

__

EUR 985,447 0.61

-- .

985,447 0 6 1 ~ .~

CAYMAN ISLANDS ~~

DUBAl HOLDING 4.757007- 30.01.14 MIZUHO FIN.4.75% 04- 15 4.14REG

EUR Y9556 0 0 6

EUR 905,711 0 5 7

-

1,005267 0 6 3 ~ .-

FINLAND

SAMPO OYJ 4.625°/~(TV)04-14 REG

EUR 904063 0.56

~.

904,063 056 ~

GREECE -

GREECE 4 3% 07-20.7.2017 6,950,000 EUR 6 947.220 4 33

6.947 220 4.33 .~

FRANCE

BFCM 4.471%(TV) 05-PERP.

BNP PARIB 3.75% 06-13.12.1 1

BQPOSTALE TV 06-1 2.12.16 EMTN CARREFOUR 4.375% 06-2.1 1.16

CASINO GUICHARD P.4.875"/. 07-14 CIE FIN.FONC.4.25% 04-29 1.14

CIE STGOBAlNTV07-11.4.12

CIE ST GOBAIN 4 75% 07-17 EMTN CNCEP 5.6% 99-5.11.201 1

CNP ASS.4.75~J"(TV)O6-PERP

CREDIT LOGEM.4.604%(TV)06- PERP CSSE REFI.HABIT.4% 02-

EUR 673.918

EUR 1.571 964

EUR 1.000.857

EUR 487,693

EUR 149010

EUR 2,606,154

EUR 599203

EUR 447,006

EUR 524466

EUR 369.669

EUR 59ag i4

EUR 3385.980

EUR 872,011

EUR 995.425

EUR 3.035400

0.42

0.98

0.62

0 30

0.09

1.62

0.37

0 2a

0.33

0.24

0.37

2 11

0.54

0 62

1.89

IRELAND -

DEPFA ACS BK 3.875%06 14 11 16 GERM POST PE 3 75%06- i a 1 io!i

1,000.000 EUR 969851 0 6 0

4.500000 EUR 4454.150 2 7 8

- - 5 .4~4001 338

ITALY -

BCO POP VERONA TV 07- 08.02.17 ClRlNT 5.75% 04-16 12.2024

EDISON 5 125"/0 03-10 12.10 EMTN HERA SPA4.125% 06-16 02.16

ITALY 4% 05-1.2 37 BTP

TERNA SPA 4 9?/, 04-2a.io.z4

400.000 EUR 399,613 0.25

3[10,000 EUR 281,753 0.18

1.100.000 EUR 1,127,819 0.70

400,000 EUR 385.451 0.24

4.000,OOO EUR 3,652 000 2.27

650000 EUR 666,604 0.42

0,513 240 4.06 - .

25.10.09 DEXIA MUN.AG 3 875%06 24.11 16 FRANCE TELEC.4.375%07- 21.02.12 FRANCE 5.25% 98-25.4.08 OAT



.. .


JAPAN .-

BK TOKYO MITSUB.3.5% 05-15

JERSEY

AIG.SUN.III 4.75% 03-11.09.13

UBS JSY 4.125%(TV) 06-25.9.18

LUXEMBOURG - ~

BANQUE DU LUXEMBOURG TV 02-PERP MERCK FIN.3 75% 05-07.12.12

NETHERLANDS

ALLIANZ FIN BV4% 06-23.11 16

GENERAL1 F.5.479%(TV)07- PERP HIT FIN BV 4.875% 06-27 10.21

ING BK NV 3.5% 05-16.09.20

ING VERZ.3.5Yo 05-28 11.12

KPN NV 4.75% 06-17.1 17 GMTN

LEHMAN EROS 4.625% 07- 14.3.19 NEDERLD GASUNIE 4 25"/06- 20.6.16 NETHERLANDS 39t 04-15.01.10

NETHERLANDS 5% 01-15.07.1 1

RABOBK NEDL 4 25% 07- 16.1.17 REPSOL INT FI 4.75%07- 16 02.17 URENCO FINANCE 3.375"/0 05- 10

NORWAY .-

STATKRAFT 4 625% 07-22.09.17

SPAIN

CAJA BARCELONA 3.75%06- 13.9.11 TELEFONICA 4.674% 07- 7.2 2014

UNITED STATES

BANK AMERICA CORP 4% 05- 15 ClTlGROUP INC 3.95% 06-13 EMTN ClTlGROUP 5% 04-2.8.2019

CS GRP FIN(US)3.125% 05-12

DAIMLERCHR.NA 4.375%07- 16.3.10 EUROHYPO CAP 6.445% 03- ..PERP HSBC FIN.3.75X 05-4.11.15

NY LIFE GLB 4.375% 07- 2017EMTN

800,000

1.325,oon

700,000

600.000

680 ooo

1 000,000

400.000

650 000

340.000

1 000,000

210000

700.000

900 000

11.600.000

12 000,000

900,000

500.000

1,100,000

400,000

4.000 no0

500.000

1 100.000

1,400,000

800,000

700,000

1.000,000

800,noo

400.000

800,000

EUR 775.424 048

775424 048

-. ~

-

EUR 1,351,805 0.84

EUR 687,547 0 4 3

2 039.352 1.27

EUR 684.048 042

EUR 652392 0.41

1,336,440 0.83

EUR 964,140 0.60

EUR 403.430 025

EUR 631 565 0.39

EUR 315,904 0.20

EUR 959.090 0.60

EUR 207,535 0.13

EUR 690,610 043

EUR 896.235 0.56

EUR 11,294.920 7.03

EUR 12454.799 7.75

EUR 894,060 0.56

EUR 491.260 0 31

EUR 1,062,749 0.66

-~ 31 266.297 19 47

.

EUR 396.707 0.25

396.707 0.25

-. ~

EUR 3330,009 2.45

EUR 498.828 031

-. ..

4.428.837 2.76 . -

EUR 1,067919 0 6 6

EUR 1362.514 086

EUR 830.304 0 5 2

EUR 658.466 041

EUR 996615 062

EUR 862.816 0.54

EUR 375,440 0 2 3

EUR 794.436 049

-~

Descriptian QuantitylFace Currency Evaluation Sh net Value assets

.~

WELLS FARGO 4 375% 06-16 1000,000 EUR 966,730 060

REG - -

7,915240 493

TOTAL BONDS 157,256,428 97.91

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING __ 157,258,428 97 91


-

OPTIONS ON FUTURES

GERMANY

PUT EURIBOR 360 13 MONATE 425 EUR 10625 001 17/09/2007 95 625 PUT EURIBOR 360 13 MONATE (850) EUR (95,625) (006)

PUT EURIBOR 360 f3 MONATE 425 EUR 106250 006 17/09/2007 95 875 -

i7/0~/2007 95 75

21.250 001

21,250 0 0 1 -

TOTAL OPTIONS ON FUTURES

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATE0 MARKET 21,250 0.01

TOTAL INVESTMENTS 157,277,670 97 92 ~


TOTALNETASSETS 160,619,882 ~ ~ ~ 1 0 0 . ~

-& HSBC Global Investment Funds

_. -_ Portfolio of Investments and Other Net Assets

-. ._

EURO HIGH YIELD BOND Statement of investments as at 31 March 2007 (expressed in EUR)

.-

Description Face Value Currency Evaluation oh net assets

-. .-

RHODIATV 06-15.10 13 REGS 3,100,000 EUR 3 170,196 3.77

VlNCl 6 25% OB-PERF 1 800,000 EUR 1,784,790 2.12

13 586.146 16.16

-

GERMANY -

ATU AUTO-TEILE TV 04-1.10.14 750,000 EUR 777,375 0.92

BAYERAG 5%(TV) 05-29 7.2015 1,750 000 EUR 1,658.729 1.97

DEGUSSA5 125%03-10 12 13 2,250,000 EUR 2.253.453 2.69

HENKEL 5.37505-2104 STEP- 1700,000 EUR 1,661,011 1.98 UP

Doscription Face Value Currency Evaluation riel assets

INVESTMENTS


BONDS

HORNBACH BAU 6 125% 04-14 REGS PER1 TV 04-15 12 09

PER1 5.625% 04-15 12 11 REGS

SGL CARBON 8 5Yu 04-1 2 12 EMTN

400,000

200 000

1,300.000

1,800.000

1,185,000

1 454,000

1,625 000

1 .ooo.ooo

325.000

300,000

1,200.000

650 000

600.000

1,000 000

3.020.000

600.000

500,000

900.000

1,750,000

1 000,000

EUR 415,451 0 4 9

EUR 204,753 0 2 4

EUR 1.326013 158

EUR 1,926,599 2.29

- -~ 10 223 384 12 16

BELGIUM

TELENET COM.Y% 03- 15.12.13REGS

2 875.950

1,650 000

i,200.000

1 360,000

100.000

1 400,000

450 000

800,000

780 000

1 100,000

210,000

1,658.000

400.000

1 550.000

1.700 000

600,000

I 850,000

300 000

EUR 3.156.154 3 75

~ -- 3156.154 3 7 5

. .-

GREAT BRITAIN

CORUS75%04-1.10.11 SENIOR ECO-BAT 10 125% 03-31.1.13 REGS INVENSYS 9 875% 04-15.3.11

LOUIS NO1 8 5% 06-1 12 14 REGS

BERMUDA SLANDS - .-

CEN.EUR0 MEDIA 8 25%05 12REG.S

EUR 1274,056 1 5 1

EUR 1,590676 189

EUR 1,777.264 2 12

EUR 1035,394 1 2 3

-

5,677.390 6 75

EUR 1,801,164 2.14

-

1,801.164 2 14

CANADA

BOMBARDIER TV 06-15.1 1 . I 3 REGS BOMBARDIER 7 25% 06- 15.1 1 . I6

EUR 1239,000 147

EUR 1.411 680 1.68

2,650680 3 1 5

GUERNSEY -

ABB INT.FIN.6.5% 03-11 EMTN- TERM NOTES 2

EUR 353277 042

353,277 0.42 - CROATIA

IRELAND AGROKOR 7% 06-23.1 1.1 1

DENMARK

EUR 102.880 0 1 2

102880 0 1 2 . -

MOP AQUISIT.10 125% 03-12 REG.

EUR 323,550 0.38

323,550 0.38

ITALY DANSK NATURGAS AIS 5 5%05-PERP FS FUNDG 8 875% 06-15.5.16

REG ISS GLOBAL A/$ 4.5% 04-14 EMTN NORDIC TE,.8 25%06-1 5 16 REGS TDC AS 6.5% 02-19 4 12

EUR 1.413021 1.69

EUR 472817 0.56

EUR 707420 0 8 4

ClRlNT 5 75% 04-16.12.2024 EUR 1,127010 1.34

1.127.010 1.34

LIBERIA EUR 852937 101

EUR 1.150589 137 ROYAL CARIBB.5.625% 07-14 REGS

EUR 650.416 0.77

650416 0.77

FEDERATION OF RUSSIA ~. .~

GAZPROM CAP.5.03% 06-14 REGS

LUXEMBOURG

EUR 208,318 0.25 CABLECOM 8 % 06-1.11.16

CODERE FIN.8.25% 05-15.06.15

FIAT FlN,6,625% 06-15 02.13

GAZ CAPITAL 7.8% 03-27.9.10

HELLAS TELECOM TV 05-

EUR 619 125 0.74

EUR 1064,430 127

EUR 3.250.878 3 8 7

EUR 659,828 0.78

EUR 512,149 0.61

EUR 976,249 1.16

EUR 1,895.059 225

EUR 1.143822 136

- 208318 0 2 5

FRANCE ~

ALCATEL 6.375% 04-7.4 14 EUR 1,754 297 2 0 9

EUR 413000 0 4 9

EUR 1.586732 189

EUR 1,921 000 2 2 8

EUR 589.200 0 7 0

EUR 2,022975 2 4 1

EUR 343956 0 4 1

15.10 12 LIGHTHOUSE INTL 8% 04-14 EMTN

CROWN EUR.6 25% 05-01.09.1 1 REGS NELL AF 8 375% 05-15 REGS

WIND ACOUISIT 9 75% 05- 1 12.15

EUROPCARTV06-15 5 13 REGS FG4 8 375% 05-30 4 15 REG S

GECINA 4 875% 04-25.1 12

KAUFMAN ET BR 8 75% UZ-09 10,121,540 12.04

~ .

REGS RAY ACQ SCA 9.375% 05-15 REG.S

HSBC Global Investment Funds - .~

.~ -


- - Description Face Value Currency Evaluatian % net

assets -


% net assets

~

0.44

0.32

3 65

0.72

0 61

0.52

1.16

1 1 6

2.00

0.61

0 66

0.34

1.76

0.47

3.37

-.

Description Face Value Currency Evaluation

NETHERLANDS ~-

CARLS WAGONLIT TV 06- 350000 EUR 371,292

250.000 EUR 272.556

3 075.000 EUR 3,074,000

600000 EUR 605,145

487,500 EUR 510,457

400000 EUR 435,000

950000 EUR 976,268

I ooo.ooo EUR 97a.009

1,550 000 EUR 1 682.076

500,000 EUR 509,954

650,000 EUR 556,254

280000 EUR 282.409

1450.000 EUR 1,480,015

386.311 EUR 395,244

2,550,000 EUR z.a30,499

BONDS 1.5.15REG COGNIS 9.5% 04-15.5 14 EMTN

FRESENIUS FIN 5%06-31.1 13 REG GENERAL1 F.5.479%(TV)07- PERP HEIDELB.FIN.7.375% 03-10

UNITED STATES ~~

HUNTSMAN LLC 04- 300.000 EUR 316875 0.38 15REGSIMULTICP

3 1 6 . ~ 5 0 3 8 .. -.

TOTAL BONDS 316,875 0.38


REGS IFCO SYSTEMS 10 375% 03-10

REG IMPRESS MET.TV 06-15.9.13 REGS KAZKOMMERTS 6.875% 07-

ANOTHER REGULATED MARKET


BONDS

GERMANY

316,875 0.38

13.2.17 LINDE FIN.7.375%(TV)06- 14.7 66 NXP B V T V 06-15.10 13 REG.S

PORTUGAL TELE.INTL 4.5% 05- 25 SIEMENS F.5.25%(TV)06- 14.9.66 UPC HLD 7.75% 05-15.1.14 REG

VICTORIA ACQ.11 TV 06- 15 05.15 VICTORIA ACQ.7.875% 04-14 REG

FLENDER HLOG 11% 03-1.8.10 REGS

675.000

1,050,000

1.300.000

1 400.000

1,600,000

EUR 745,875 0.89

- 745,875 0.89

.-

NETHERLANDS

CARMEUSE LIME 10.75% 02-12 REGS

EUR 1131 375 1.34

-.

1.131.375 134

1,877,250 2.23

14,959,178 17 79 ~. .~

NORWAY

TOTAL BONDS

TREASURY BILLS AKER KVAERN.8.375% 04- 156.11

1.600.000 EUR 1.744.480 2 07

1,744,480 2.07 ~ .~

BELGIUM SOUTH AFRICA -~

CONSOL GLASS 7 625% 07- 15.4.14 SAVCIO HLDS LTD 8% 06-13 REG.S

BELGIUM 0% 06-12.4.07 CT

FRANCE

EUR 1,298,645 1.54

1 298,645 1.54

- 200000 EUR 202,725 024

200,000 EUR 211,500 0.25

-. .~

414,225 0.49 FRANCE 0% 07-14.06.07 BTF

PORTUGAL

EUR 1,386,940 1.65

i.3aa.940 I

SWEDEY

STENA AB 6.125% 07-

1.2.17REG-S STENA 5.875% 07-1 2.19 REG.S

980000 EUR 989.784 1.18

500,000 EUR 486,274 0.58

1.476.058 1.76

. .

~

PORTUGAL 0% 06-18 5.07 TB

TOTAL TREASURY BILLS

EUR 1.592.392 1 90

1592,392 I 9 0

4,279,977 5.09

6,157,227 7 32

82,893,962 98.57

- -

~-

-~

UNITED STATES - .~

AGCO 6.875% 04-15.4.14

BCP CRYST.US 10.375% 04- 14EMTN CENTRAL EUR.DIST.EO/u 05-12

CHESAPEAKE 6.25% 06-

15.1.20”7 EB HOLDING 10% 05-15.2.15 REGS XEROX 9.75% 03-15.01.09


TOTALINVESTMENTS

300,000 EUR 314.125 0.37

312000 EUR 365820 0.43

880.000 EUR 960,712 1.15

600,000 EUR 622,125 0.74

218.400 EUR 224,254 0.27

700000 EUR 760 190 0.90

3,247,226 3 86

76,419,860 90.87

-. - -

~~

OTHER NET ASSETS LESS LIABILITIES 1,202,937 ..1.43


TOTAL BONDS

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 76,419,860 9 O z

HSBC Global Investment Funds . -

Portfolio of Investments and Other Net Assets t GLOBAL EMERGING MARKETS BOND Statement of investments as at 31 March 2007 (expressed in USD)

Description Quantity:Face Currency Evaluation % net Value assets

PETROL.EXP 5 265% 05-1 1 C1 300.934 USD 297.332 0.22 A-S VALE OVERS 6 875% 06- 550.000 USD 570.207 0.43 21.11 36 VALE OVERSEAS 6.25% 06- 1,000 000 US0 1.020.185 0.76 11.1.16

- -~

5,328,873 3.98

COLOMBIA

- .

Oescnption QuantitylFace Currency Evaluation Y. net Value assets

~.

INVESTMENTS

COLOMBIA 10 375% 03-28.1 33 500,000 USD 727.550 0.54

COLOMBIA 11.75% 04-1.3.10 2,170,000.000 COP 1,073,227 0.80

GLOB COLOMBIA 7.375% 06-18.9.37 500000 USD 544.366 0.41

COLOMBIA 8 12.5% 04-21.5.24 500,000 US0 586,029 0.44

COLUMBIA 12% 05-22 10.15 1 000.000.000 COP 538.283 0.40


BONDS

COLUMBIA 8.25% 04-22.12.14 GL

500,000 USD 571,069 0.43

-.

4,040,524 3.02 -

ARGENTINA

ARGENTINA TV 02-3 8 12 /FLAT

ARGENTINA 2x02-3 1 16 EON CS4 ARGENTIN4 5.83%05-31 12 33- 01s ARGENTIN4 8 28% 03- 31 12 33PIK IMPSA 8 75% 02-30 11 11 ST-UP

IRSA 8 5% 07-2 2 17 S 1 REG S

TRANAR 8 875% 06-15.12 16 REGS

1.600 000

398

1,046 297

500.000

300,000

250.000

700.000

300,000

600 000

1,000 000

250.000

1 000,000

1,500 000

1 600.000

2,250 000

2 000,000

400,000

1 000,000

500,000

250,000

750.000

950 000

750.000

1,250 000

USD 1.134.257 OK5

ARS 220 0.00

ARS 507753 0.38

US0 660,608 049

US0 254,250 0 1 9

US0 250.401 0 19

US0 702,650 052

3,510,139 2.62 - -

COSTA RIGA

COSTA RlCA 6 548% 04-14 REG. COSTA RlCA 9.995% 00-1.8.20

400,000 USD 410640 031

500,000 US0 661,688 0.49

1.072.328 0.80

DOMINICAN REPUBLIC . ..

CAP CANA 9.625F 06-03 11.13- S- CAP CANA 9.625%06-3.11 13 144A CERVECERIA NACIO 8% 07-14 144A CERVECERIA NACIO 8% 07- 27.3.14 REP.DOMINIC.8.625°/~ 06-27 REG.S REP.DOMINIC.9 5%05-27.9.11 REG

750.000 USD 783,281 058

300000 USD 313.675 023

I00000 USD 101,750 0 0 8

320,000 US0 327.307 024

400000 USD 464,100 0 3 5

869.4'35 USD 932,218 070

_.

2 922,531 2.18 ~

BARBADE

SAGICOR FINANCIAL 7.5% 06- 16

US0 306,264 0.23

-. .-

306,264 0.23 .. .-

BELIZE

BELIZE 4.25% 07-20.2.29 STEUP

USD 503.460 0.38

~ --

503,460 0.38 -.

EL SALVADOR

EL SALVADOR7.65%05- 15.6.35REGS

BRAZIL 1,250,000 USD 1 432.400 1 07

.-

1,432,400 1 07 - .

BRAZIL 10.25% 03-17 6 13

BRAZIL 10 5 % 04-14 7 14

BRAZIL 7 125% 06-20 01 37

BRAZIL 7 875% 05-7 3 15 GLOBAL BRAZIL 8% 35-15 1 18

BRAZIL 8 25% 04-20 1 34

BRAZIL 8 75% 05-4 2 25 GLOBAL ELECTROBRAS 7 75% 05-15 REG S ISA CAPITAL 8 8% 07-17 REGS

SUL AMERICA 8 625% 07-12 REG S VIGOR 9 25% 07-23 02 17 STUP

USD 1,246,910 0.93

USD 321,856 0.24

USD 1,102,406 0.82

US0 1708.060 1.28

US0 1.806.535 1.35

US0 2 813.819 2.09

US0 2,567,310 1 9 2

USD 445,891 0.33

US0 1,068,353 0.80

USD 522,094 0.39

USD 249,792 0.19

13,853.026 10 34

-

-

FEDERATION OF RUSSIA -. - BSPB FIN 9.501% 06-25.11.09

RUSSIA 7.5"/000-31.3.30REG/ST-

UP

300000 USD 301.992 0.23

8600,000 US0 9 766,240 729

~- 10 068,232 7.52 -

FIJI ISLANDS -

REPUBLIC FIJI 6.875%06- 13.9.11

250,000 USD 236.784 0 18

~

236,764 0 18 - _ GERMANY

ORESD.KLEINW.7.75°/,04~ 23.9.09

1,000 000 USD 1.027.101 0.77

-

1.027,lOl 0.77

CAYMAN ISLANDS - .- BOSPHORUS FIN TV 05-15.2.12 US0 757.536 057

US0 961 875 072

US0 885.019 066

USD 836,719 062

INDONESIA -. -

INDONESIA 8.5% 05- 12 10.35REGS

EOSPHORUS TV 05-12 05-A REGS CSN ISLANDS IX 10% 04-14 REGS PERU ENCHANCED TV 06-18 REG.S

500.000 USD 614,643 0.46


Portfolio of Investments and Other Net Assets ._

- . . . . -- Description Quantity/Face Currency Evaluation % net

. - .. - Description OuantitylFace Currency Evaluation % net

Value assets .~

Value assets

250.000 USD 307343 0.23

-~ - .

TURANALEM FIN.BV 8% 04-14 REGS

-.

INDONESIA a.5~~05-12.10.35 144A

1 000.000

1,000 000

1,000.000

400 000

2,500,000

I .500,oao

500,000

3 000,000

1.000.000

2 000.000

5,500,000

250.000

500,000

1,850,000

1,000,000

500,000

600,000

1 .ooo.ooo

500,000

16.700,OOO

8,000,000

1.000 000

1 500.000

1.750.000

500 000

1 000,000

600,000

US0 996,i44 0.74

921,986 0.69 ~- ~

5,338,592 3.99 -. ~

IRAQ PANAMA

AES PANAMA 6.35% 06- 21.12.16 PANAMA 8.125% 04-28.4.34

REP.PANAMA 7.125% 05-

29 1 26

IRAQ 5.8% 06-15 1 2a STEP-UP

JAMA.iCA

USD 986.300 0.74

USD 1,208,853 0 90

USD 433.047 032

. -

2,628,200 1 96 -

2 0o0.000 USD 1,308,695 0.98

I ,308,695 0.98

~.

JAMAICA a% 07-15.03.39

LUXEMBOURG

4ooooo USD 401.608 0.30

401,608 0 30 PHILIPPINES

PHILIPPINES 7 75% 06-14.1.31

PHILIPPINES 8.875% 04- 17.03.15 PHILIPPINES 9% 02-15.02.13

~

USD

USD

USD

US0

USD

US0

USD

US0

USD

USD

US0

USD

US0

US0 2,820432 2.10

US0 1,761,653 1 32

USD 576.276 0.43

5,158,361 3.85

.-

__

GAZ CAPITAL 6.212% 06- 22.1 1.1 6 GAZPROM 5.625% 05-22.7.13 REG OR-ICB 6.875% 05- 29.7.OBSENIOR RUSS.AGRIC.7.175%06- 16 5 l3REG RUSSIA INTL CARD 9.75% 04- 09 SLAVINVEST 9.875% 06- 21.12.09 TNK BP FIN.6.875% 06-18.07 11

TNK EP FIN.7.5% 06-18.07 16

TNK-BP FIN 6.625% 07-20.03.17

UBS LUX (VIMPELCOM)8% 05- lOREG

REG.S UBS(LUX)6.23%(TV) -1 1.02.15

VTB CAP.7.5% 04-12.10.11

REGS

UBS SA 8.25% 06-23.05 16

1,500,000

2,989 oga

300,000

200.000

334 651

500,000

300 000

500,000

500 000

1,000.000

1.000 000

500.000

1,000,000

1,502,454

2,988,209

303 719

211.383

348 416

508.3a2

308 471

529.376

498 102

1,043,740

1,070.979

508.688

1,071,140

1.12

2.23

0.23

0.16

0.26

0.38

0.23

0.40

0.37

0 76

0.80

0 38

0.80

POLAND

POLOGNE 4 25"/005-24.5.11

PS0511

PLN 1.009.219 0.75

1.009 219 0.75 - .~ TURKEY ~

TURKEY 0% 06-13.08.08

TURKEY 14% 06-19.01 11

TURKEY 6.875% 06-17.3 36

TURKEY 7% 05-05.06.20

TURKEY 7.25% 04-15.3.15

TURKEY 7.375% 05-05.02.25

TURKEY 9% 04-30.6.11

TURKEY 9.5% 03-15.1.14

TRY 560,928 0 4 2

TRY 1,313,391 0 9 8

US0 5259,204 393

US0 251 969 0 19

USD 5ia294 039

USD 1900,572 142

USD 1,110851 0.83

USD 581 178 0 4 3

11,496 387 a 59

__

~ .~ MEXICO

UKRAINE

UKRAINE FIN.6.58% 06-21.11 16

UKRAINE 6.875% 04-4 3.11

AMERIC MOVIL a 46% 06- 18.12 36 DURANGO 9 5% 05-12 STEPUP

HIP0 CASITA 8 5%06- 4 10 16REGS JPM(SU CAS)6.1%06-25 9 35- 06U- MEXICO 9% 06-20 6.13 BD

TELEFONOS MEX.5.5% 05- 271 15

6000.000 MXN 540.995 040

292,925 USD 299,214 022

500,000 US0 535,458 040

1,100000 MXN 374,221 0.28

2000.000 MXN 195.538 015

3,250,000 US0 3,208.068 2.40

- 5,153.494 385 ~-

USD 608.875 0 4 5

US0 1035,107 078 ~. .~

i.643,9a2 1.23 _.

UNITED STATES ~-

EDEL CAP SINEK 7 7%05 03 08 15 GECC 9 5% 05-04 08 10

SENIORDIUM-TERM NO GECC95%05-11.12 14 SENIOR MARFRIG OVER 9 625% 06-16 REGS PEMEX PROJ FOG 6 625% 05-

35 PEMEX PROJ 5 75% 05- 15.12 15

USD 510,742 038

MXN 1,571410 1 1 7

MXN 768,271 057

USD 1,044 738 0.78

USD 1546.192 1 1 5

USD 1.753.940 1 32

-

7,195293 537 -~

MONGOLIA

TRADE&DVP MONGOLIA 8.625%07-10

400,000 US0 405,500 0.30

~. .~

405.500 0.30

NETHERLANDS _ _ ~ BG FIN 9% 07-8 2 12

BULGARIA STEEL 12% 06 4 5 1 3 ING EK 10% 06-01.01 14 REG

KAZKOMMERTS INT 7 875"/~04- 14REG KAZKOMMERTS IN7 5% 06- 29 11 16 KAZKOMMERTS 8% 05-3 11 15 REGS

750,000 US0 756,944 057

900000 EUR 880,110 066

1,800.ooo ERL 812,gia 0 6 1

SO0000 US0 509331 038

Y00,OOO US0 875,215 065

5noooo USD 507 930 0.38

URUGUAY

IMCOPA 10 375% 06-27.11.09

REP.URUGUAY 8% 05-18.1 1.22

US0 517313 0.39

USD 1,138,666 0 8 5

1,655 979 1.24

~

VENEZUELA

VENEZUELA 5.375% 03-7.8.10 USD 585741 0.44


.~


- . - . - Description QuantitylFace Currency Evaluation % not

Value assets - - .

VENEZUELA 5.75% 05- 1,900.000 US0 1,785.572 1 33 26.2.16REGS VENEZUELA 7.65% 05-21.04.25 2,000,000 USD 2,112,029 1.58

VENEZUELA 8 5% 04-8 10.14 I oo0.000 USD 1,110,809 0.83

~. GLOB

5 595.051 4.18 ~.

YOUGOSLAVIA -. ~

REP SERBIA 3.75% 04-24 1,250 000 US0 1.180.936 0.88 STEP-UP -

1,180,936 0 88

TOTAL BONDS 106.288.004 79.39

TREASURY BILLS

~ -.

~. . .-

Des c r I P t i o n QuantityIFace Currency Evaluation % net Value assets

~. .. . ..

CAYMAN ISLANDS

PERU ENHANCD 0%06-31.5.18 144A

250,000

600 000

A95.000

500.000

4,831,000

100.000

400 000

17,484,000

600,000

248.925

300,000

1,424,348

US0 165.500 0.12

-

165.500 0.12

DOMINICAN REPUBLIC ~ .~

REP.DOMINIC. 9.04%05- lRREG/PIK

USD 759,321 0.57

~

759,321 0.57 - ._ - GREAT BRITAIN

JP MORGAN CHASE 0% 06- 19.03.13 JP MORGAN LN 12.5% 06- 19.3.1 3 JP MORG CHASE TV 06- 3.1.2012

US0 495,000 037

USD 500.000 037

BRL 2.195043 164

.-

3,190043 238

EGYPT

EGYPT 0% 06-1 5 07 TB S 364 6,000 000 EGP 1,046 701 0 78

1,046,701 0 78

TOTAL TREASURY EILLS 1,046,701 0 78




~

- . MEXICO -. .

VITRO SA 9.125% 07-17 144A US0 102,250 0.08

102,250 0.08

~.

-- . NETHERLANDS

ING BANK NV 13% 07-26 02.09

ING BK NV 8.04% 06- 23 8.07REGS

USD 400.649 0.30

RUB 670.475 0.50 BONDS

INDONESIA -.

INDONESIA 6.875%06- 09.3.17REGS REP INDONESIA 6.625%07- 17.2.37

1,071.124 0.80 -. .

UNITED STATES --

CITIG.G.MKT 09.002-22.1 0.07 144A SALTA HYD ROY.11.55"/o 01-15 REG

1000.000 US0 1058,364 0 7 9

i,oon,ooo USD 986,940 0 7 4

-

2.045 304 1.53 -

US0 531.789 0.40

USD 217,183 0.16

-.

748972 056 MEXICO - .

VITRO SA 8 125% 07-17 REG.S VENEZUELA

FERTINITRO FlN.8.29%98-20

144A

150000 US0 153,706 0 11

153,706 0 11

-

~. ~

USD 264,000 0.20

NETHERLANDS

ING BK 7.5% 07-7 3 08

MAJAPAHIT HLD 7 75% 06-16

REGS

264000 020 .-

400.000 US0 408.130 0.30

1.500 000 USD 1 575.937 1.18

~~

1.984 067 148

4,183,077 3.12 -

VIETNAM

VIETNAM TV -2016 ST-UP US0 1,431 024 1.07

1,431.02A 107

8,A31.074 6.30 -. TOTALBONDS

TOTAL BONDS

WARRANTS / EQUITY LINKED SECURITIES TOTAL TRANSFERABLE SECURITIES TRADED ON

ANOTHERREGULATEDMARKET A.183.077 3 . g


BONDS

COLOMBIA - -

TRANSTEL INTERMEDIA I S A 06-1 6 16 SHS REG S

000 0.00 0.00 USD

- 0.00 0.00

BAHAMAS

- TOTAL WARRANTS / EQUITY LINKED SECURITIES 0.00 0.00

TOTAL OTHER TRANSFERABLE SECURITIES 8.431.074 8.30 BANCO VOTORANTIM 9.25% 1.200.000 BRL 593840 044 05-12

~~

593.840 0 4 4 -.

BELIZE

GOV BELIZE 4 5%07-20 2 29 125000 USD 105,000 008 144A

105000 008 ~ .-


.-

Portfolio of Investments and Other Net Assets -t Description QuantitylFace Currency Evaluation 010 net GLOBAL INVESTMENT GRADE BOND

Value assets . .~


Stalement of investments as at 31 March 2007 (expressed in USD)

COMMERCIAL PAPER

GREAT BRITAIN

STANDARD BK 0% 06-03 06 07 502,687 US0 502.767 038

CP .-

502.767 0 3 8 ~. ~

SWEDEN

SWEDISH EXP 0% 07-24 1 08 1 000,000 USD 1 000 000 0 74

CP

1,000,000 0 74

TOTAL COMMERCIAL PAPER 1,502.767 1 1 2

TOTAL FINANCIAL INSTRUMENTS 1,502,767 -1.12 TOTAL INVESTMENTS 121.451.623 90.71

OTHER NET ASSETS LESS LIABILITIES 12,445,298 9 29 ~


. . - -~ Description QuantitylFace Currency Evaluaiion % net

Value assets

INVESTMENTS


BONDS

ARGENTINA -~

ARGENTINA 2%02-3.1.16 BON.CS4

BELGIUM . -

BELGIUM 5% 04-28.3.35 544 OLO

CAYMAN ISLANDS -. .~

BCO ABN AM.15.8607%05- 13.12.07 BCP FIN.5.543% 04- ...

FRANCE - AVENTIS SA 4.25% 03-15 9 10

CASINO 5 875% 02-23 11 07 EMTN FRANCE 5% 00-25.10 16 OAT

FRANCE 5 75% 01-25 10 32 BTAN FR.TELECOM 4 625% 04-12 EMTN PINAULT PRINTEMPS 5% 03- 23 1 09 REG

GERMANY - .-

BMW FIN.5% 03-6.8.18 EMTN

GERMANY 3.5% 06-14.10.11 $149 GERMANY 3.75% 06-4.1 17 S.6

GERMANY 4% 05-4 1.37

GERMANY 5.625% 98-4 1.28

KFW 2.05% 06-16.02 06 GLOBAL MUNICH RE FIN.6.75%03- 21 06.23 RWE FIN.6.125% 02-26.10.12 EMTN

GREAT BRITAIN

BBC 5.0636% 03-10.08.2033 REG. GREAT BRITAIN 4% 03-7.3.09 TSY STOCK

790.000 ARS 432,127 0.40

~~

432 127 0.40 -

510,000 EUR 756255 0.69

756.255 069 -

650,000 BRL 329,366 0 3 0

500,000 EUR 687352 0.63

1.016.718 0.93

.-

~

415000 EUR 552.804 051

550,000 EUR 740.508 0 6 8

720.000 EUR 1,028,577 095

1,695.000 EUR 2,761.387 2 54

385000 EUR 516,739 047

375,000 EUR 504928 0.46

~~

6.104943 561 ~

210.000 EUR 291,079 0.27

2,370,000 EUR 3,095,922 2.85

1,105,000 EUR 1,438.890 1.32

365000 EUR 467502 0.43

1 405.000 EUR 2.217.367 2.04

92,000,000 JPY 770,692 0.71

450,000 EUR 666,641 0.61

200000 EUR 290212 027

-.

9,238,305 8.50

498,998 GBP 968,061 089

3.321,ooo GBP 6,350,777 5 . ~ 5


~~~~ .~

Portfolio of Investments and Other Net Assets - - _ _ ~ ~ ~~

~ ~ ~. ~ .-

Descriptio1 QuantityiFace Currency Evaluation % net Value assets

- __ Description QuantitylFace Currency Evaluation % net

Value assets ~ .~ - . -

SPAIN GREAT BRITAIN 4.25% 03-36 TSY STOCK UK TSY 4% 06-7 9.16 TSY

390000 GBP 744 117 068

1,060,000 GBP 1.932.393 1 78

9,996348 920

--

- ~.

IC0 0.8"/0 06-28.09 09 157,000,000 JPY 1,329,629 1.22

1 329,629 1.22

-- .

- . - UNITED STATES ICELAND

- -

KAUPTHING 5.75% 06-1 1 144A 605.000 US0 612689 0 5 6

612.689 056 - ~. -

- - -

FEDERATED DEP.5.9% 06- 830.000 US0 829.596 0.76 01 12 16 FNMA(15Y)5% 06-1.4.22 800000 USD 788,625 0.72

FNMA(15Y)5%06- 796,305 US0 784 983 0.72 01.02.21 P.781922 FNMA(15Y)S 5 % 07-01.04.22 400,000 US0 400813 037

IRELAND -

CAIRN MEZZAN.TVO7-47 07-3A 860000 USD 843,741 0 7 7

10,000000 JPY 84,101 0 0 8

927,842 0 8 5 - - -

--

E l DEPFA ACS 1 65% 04-20.12.16 FNMA(30)5% 06-1 5.37

GECC 9.5% 05-04.08.10 SENIORDIUM-TERM NO GECC 9.5% 05-11.12.14 SENIOR KFW INT. FIN 1.75% 00-23.3.10 /REGS PEMEX FUND MASTER 6 375% 04- 16 PROCTERkGAMBLE 5.55% 07- 5.3.37 USA 4.75% 07-15 2.10 TSY

2,600,000 USD

1,450.000 MXN

1,700,000 MXN

241 .OOO.OOO JPY

420000 EUR

340,000 USD

850,000 US0 -

-

2.514.687

136 440

163 258

2 094,871

615.440

331,881

854 780

9.515.374

~.

- -

2.31

0 13

0.15

1.93

0.57

0.30

0 79

ITALY - OLlVETTl FIN.6.5% EMTN

W G )

525000 EUR 701,057 064

701 057 064 -~ JAPAN

DEV. BK JAPAN 1.05% 03-23 EMTN DEV.BK JAPAN 1.7% 02-20.9.22

JAPAN GOV.0.5% 06-10 12.14

JAPAN 1.490 02-20.3.12 N.238

JAPAN 1.70% 06-20.12.16 N284

JAPAN 2 3% 07-20.12.36 N.25

86,000,000 JPY 629,027 0 58

3,000,000 JPY 24,420 002

350.000,OOO JPY 2.852.444 2.63

i~o,ooo.ooa JPY 1.285732 1 18

255 000,000 JPY 2,177.274 2.00

193.000.000 JPY 1,625 978 1 4 9

8.594.875 7 90

--

~ -- -

8.75 - VIRGIN ISLANDS -~

C8 CAP. 6.64%(TV)07- PERP /144A

600000 USD 592,794 0.54

-.

592.794 0.54

64,354.915 59.14 - -

TOTAL BONDS

OPTIONS ON FUTURES LUXEMBOLRG

UNITED STATES BANQUE DU LUXEMBOURG TV 02-PERP.

450000 EUR 684,270 063

- - - 684.270 063 -~

1 016 0.00

- 1,016 000

TOTALOPTIONSONFUTURES 1,016 0.00

TOTAL TRANSFERAELE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

TRANSFERAELESECURITIESTRADEDONANOTHERREGULATED MARKET

65 US0 CALL 1OY TREASURY NOTES USA 20/0412007 11 1 00

~ --

_ 84,355,931 5 E

MEXICO

AMERICA MOVIL 9% 05-15 1.16

MEXICO 9.50"h 04-18.12.14 BONOS

5,000.000 MXN 479405 044

8.200000 MXN 830.652 076

- - 1310.057 120 -~

NETHERLANDS - -

KAZKOMMERTS IN7 5% 06-

29.11 16 KAZKOMMERTS 8% 05-3.1 1 15 REGS NETHERLANDS 2 75% 06- 15 04.09

BONDS 325.000 USD 316,050 0.29

225.000 USD 228,569 0.21

6,406.000 EUR 8,335,674 7.66

8.880.293 8.16 -

CANADA - CANADA4% 06-1.6.17 2,890,000 CAD 2.474 038 2.27

2.474.038 2.27

~~

UNITED STATES POLAND -. .- - .- POLAND 6.25%04-24.10.15DS 1015

2655.000 PLN 980,870 090

-- 980870 0.90

- - .-

COX COMM 7.125% 02-1.10.12 850,000 USD 917,243 0.84

FHLMC 4.14% 04- 1,339,136 US0 1,341,183 1.23 1 12.34P 1B2655 FHLMC 5.5% 06-1.8.21 399,777 US0 400754 037 P G12317 GCCFC 5.475% 07-17 2007-GG9 870.000 US0 873.870 0.80 AM GEORGIA PAC.7.7% 95-15.6.15 445,000 US0 458.332 0.42

GMAC 6 75% 04-1.12 14 260.000 USD 255,970 0.24

LBUBS 5.43424% 06-36 06-C6 720.000 US0 720.586 0.66 A4

93-23 TIME WARNER ENTMT.8.375% 3ao.000 USD 449.219 041

SOUTH KOREA ~- ClTlBANK KOREA 4.68%(TV) 03-1 3

2.700 000 USD 2.680.469 2.46

2 680.469 2.46

&-- HSBC Global Investment Funds

.~

Portfolio of Investments and Other Net Assets ~~~ ~ ~. -

-~ ~ - Description QuantityIFace Currency Evaluation % net

Value assets ~. ~ ~

USA 2 375% 04-15 1 25 TSY

INFL USA 4 5 % 06-15.02 36

USA 4 625% 07-1 1 TBO S R-

201 1 USA4 625% 07-15 2 17 S B-

2017

735 000

1 660.000

990.000

2,981 000

TOTAL BONDS

OPTIONS ON FUTURES

UNITED STATES -. -

PUT US TSY IOYR NOTE 2010412006 107.00

2010412007 106.00

65

PUT US TSY lOYR NOTE (130)

TOTALOPTIONSONFUTURES

US0 796,516 0 7 3

US0 1.566.625 145

USD 993248 0.91

US0 2,975,412 2.74

- -~ - 11 748.958 10 80

14,222,996 13.07 - .~ -

USD 6.094 0.00

USD (2,031) 0.00

-- 4,063 0.00

4.063 0.00 __ -.

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHERREGULATEDMARKET 14,227,059 13.07 OTHER TRANSFERABLE SECURITES

BONDS

CAYMAN ISLANDS

PREFERR TERM XXI TV 06- 38REG.S

GREAT BRITAIN -.

BARCLAY B 5 9267006- PERP 144A JP MORG CHASE TV 06- 3 1.2012

NETHERLANDS ~-

ING BANK NV 13% 07-26 02.09

ING BK NV 8.04% 06-

23.8.07REGS

UNITED STATES - - CITIG.G.MKT Oo/o02-22 10.07 144A IRON MOUNTAIN6,625% 03- 1.1.16 TULANE UN.TV 05-15.11 12 144A WAL-MART 5.25% 05-1 9.35

XTRA FIN CORP 5.15'/0 07-17 144A

TOTAL BONDS

950.000 USD 950,000 087

950,000 0.87 .~ -

925.000 USD 927,723 0.85

1,908000 ERL 866,931 0.80

~- 1,794654 165

275.000 US0 275,447 026

6,345.000 RUB 243317 0 2 2

518,764 0 4 8

295000 US0 261,463 0.24

610,000 US0 590,175 054

1 345,000 US0 1,379,472 1 27

950.000 USD 870,280 o a o 905,000 USD 889010 082

3,990400 367

7253,818 6.67 __ - .-

TOTAL OTHER TRANSFERABLE SECURITIES 7,253.818 6.67

-. ____-. .~ - Description Quantitylface Currency Evaluation % net

Value assets - ~- ~ --


BONDS

UNITED STATES ~

FNMA(30Y)6% 06-01.05.37

TOTAL BONDS

COMMERCIAL PAPER

2,200.000 US0 2,215.469 2.04

2.215,L69 2.04

2.215.A69 2.04

~. ~

-. .-

GUERNSEY - -- SOLITAIRE FD 0% 07-16.4.07 2 000,000 US0 1,995,023 I 83

CP ~. ~

1,995,023 1 83

UNITED STATES

SCALDIS CAPITAL 0%07-2.5 07 1,000,000 USD 995 162 0 91

CP -- 995,162 0 9 1

TOTAL COMMERCIAL PAPER 2,990,185 2.74 - -. -

TOTAL FINANCIAL INSTRUMENTS 5,205,654 4.78


17.776.433 . 16.34 .~ OTHER NET ASSETS LESS LIABILITIES

TOTALNETASSETS 108,81.8,895 10O.ClJ

-A&- - HSBC Global Investment Funds

~~ ~~~

Portfolio of Investments and Other Net Assets --L ~

PAN-EUROPEAN GOVERNMENT BOND Statement of Investments as at 31 March 2007 (expressed in EUR)

. .


- . . . . . ..

B.E.I. 6.25% 99-14 624000 GBP 961,521 0.69

1,527,731 1 09

FRANCE -

BNP PARIBAS 4% 07-22 03 10

CSSE REF1 HABIT 4% 02- 25 10 09 EDF 4 625% 03-6 11 13 EMTN

EDF 8 75% 92-22

FRANCE 4% 03-25 10 14 OAT

FRANCE 4% 04-25 4 14 OAT

FRANCE 5 5% 98-2029 OAT

FRANCE 5 75% 01-25 10 32 BTAN

~. ~ .~ . -

Description QuantitylFace Currency Evaluatian Yo net Value assets 500,000 EUR 497782 035

1.000.000 EUR 995,677 0.71

INVESTMENTS 0 25

0.66

2.62

1.54

2.28

2 67

350.000 EUR 357,465

4.150000 FRF 922.156

3,700.000 EUR 3,684,460

2,172 000 EUR 2,165.267

2 727.500 EUR 3,197,448

3,049 438 EUR 3.735 561

15,556 016


BONDS

AUSTRIA 1 1.08 -

AUSTRIA 3 9% 04-15 7 20 SENIOR AUSTRIA 4 15% 06-15 3 37

(REG) AUSTRIA 4 3% 03-15 7 14

AUSTRIA 5 5 4 99-15 1 10 599

OESTER KONTR 4 125% 07- 21 2 12

GERMANY 1 315.000

4,040 000

800 000

410,000

700,000

1,718,000

7 390.000

400 000

500 000

1044,000

116.000

9 000.000

6,000 000

2 300,000

1014,000

793,000

402,000

EUR 1,277,523 0 9 1

EUR 3953,543 281

EUR 811,920 0 5 8

EUR 425.580 0.30

EUR 700.303 050

-

7,168,869 5 10

EUROHYPO 3.25%05- 26 10.1512194 GEM.BDESLD 2.625%05- 7.10 10S22 GERMANY 3.5% 06-14.10.11 S14Y GERMANY4.25% 07-4.7.39

GERMANY 5.25% 00-4.7 2010

KFW 5.375% 04-29 1 14 EMTN

KFW 5.375% 04-7.12.07 EMTN

KFW 5.5% 01-7.12.15

KFW 5.5% 04-15.9.09

KFW 5.75% 01-07.06 32

300,000 EUR 279,630 020

3 750,000 EUR 3,568,873 2.54

4,810,000 EUR 4,709,472 3.36

540,000 EUR

1,125,000 EUR

155,000 GBP

385000 GBP

300.000 GBP

455,000 GEP

600,000 GBP -

_-

542,916

1 166.175

227 297

565.312

445 876

667,239

1.002415

0 39

0 83

0.16

0.40

0 32

0 47

0.71

9.38

-

-

BELGIUM

BELGIUM 325% 06-28 09 16 $47 BELGIUM 3 75%05-28 09 15 OL046 BELGIUM 4 25% 03-13 541 OLO

EUR 1,605,127 1 1 4

EUR 7,218,552 5 14

EUR 404.480 029

9,228 159 6 5 7

-- ~. -

~ -- 13.175.205

GREAT BRITAIN CANADA

EBRD 0% 98-2048 EMTN

GREAT BRITAIN 4.25% 03-36 TSY STOCK GREAT BRITAIN 4 75% 03- 7 9 15 TSY STOCK GREAT BRITAIN 4.75% 04- 7.12 38 TSY STOCK GREAT BRITAIN 5.75% 98-09 TSY STOCK GREAT BRITAIN 7.25% Y7-07 TSY GREAT BRITAIN 8% 96-21 TSY STOCK HBOS TSY SVCES 4.125%07- 6.2.12 MBNA EUR FDG.4.5"h 03- 23.1.09 UKTSY 4.25% 05-7 3.11

UK TSY 4.75% 05-7.3.20

ROY.EK CANADA 4 125%07- 26.1.10

8.000.000,000 ITL 514,246 0 37

273.000 GBP 390.211 0.28

660.000 GBP 954051 0.67

3268,000 GEP 5,095,301 362

365,000 GBP 542,016 0.39

385,000 GEP 572,848 0.41

160.000 GBP 310641 0.22

500.000 EUR 496,530 0.35

600000 EUR 602,295 0.43

287,000 GBP 407,054 0.29

140,000 GEP 204,270 0.15

10 089,463 7.18

- .~

.. ~

EUR 498,720 0.35

- 498,720 0.35

.~ - CYPRUS - _ CYPRUS 5 5% 02-27 2.12EMTN EUR 1,105.779 07Y

1,105.779 0 79 -- ~. -

CZECH REPUBLIC

TCHEQUE REP 4 125% 05- 18.3.20

EUR 112.980 008

112,980 0.08 ~- DENMARK

DENMARK 4% 01-15.08.08

DENMARK 6% 99-15.11.2011

DENMARK 736 95-07

DKK 1,205539 086

DKK 872012 0.62

DKK 313837 022

2,391.388 1 70 -

GREECE

GREECE 3 10% 05-20 04 10

GREECE 3 5% 04-2U 04 09

GREECE 4 3% 07-20 7 2017

GREECE 4 5Yu 05-20 9 37 (30Y)

GREECE 5 25% 02-18 5 2012

GREECE 5 90% 02-22 10 22

GREECE 6% 00.19 5 10

1585.000 EUR 1,540,937 110

3.135.000 EUR 3,098,634 2 21

4 105.000 EUR 4,103,358 2 91

375.000 EUR 369.863 0 2 6

995.000 EUR 1.045.546 074

20000 EUR 23,246 002

585.000 EUR 617,058 044

EUROPEAN UNION - - B.E.I. 5.375% 96-2021

B E.I. 8.75% 95-17

GBP 1.525.612 1.09

GBP 1481.376 1.05

3,006,968 2.14

- ~. . -

~. EUROPEAN UNION ~-

B El 4.255: 03-7 12.10 EMTN GEP 566.210 0.40


Portfolio of Investments and Other Net Assets t . -

Description QuantitylFace Currency Evaluation % net

GREECE 6.3% 99-09

HUNGARY ~

HUNGARY 4% 03-27.9 10

HUNGARY 4.5St 03-6.2.13

HUNGARY 5.625% 01-11

REP OF HUNGARY 4.375%07- 4.7.17

IRELAND

AEGON GL.lNST.4.25% 07- 23.1.12 IRELAND 3.25% 03-18.4.09

ITALY

ITALIE 070 07-31.12 08 CTZ

ITALY 0% 05-28.9.07 CTZ

ITALY 2.75% 05-15.06.10 BTP

ITALY 39h 05-15.1.10 BTP

ITALY 3.75% 05-01.08.15 BTP

ITALY 3 75% 06-01.08 21 BTP

ITALY 4% 05-1 2.37 BTP

ITALY 5% 01-1.2.12 BTP

ITALY 5.25% 98-29 BTP

ITALY 5 75% 02.1 2 33 BTP

ITALY 6% 00-01.5.31 BTP

ITALY 6.5% 97-2027 BTP

ITALY 7.25% 96-26 BTP

ITALY 9% 93-23 BTP

JERSEY

ASlF 111 3.5% 04-1 1.3.09 EMTN

LITHUANIA

LITHUANIA 4.5% 03-5 3.13

EMTN LITHUANIA 5 875% 02-10.5.12

LUXEMBOURG - -

IEB FINANCE 0% 02-1 I .10.2007

NETHERLANDS

BNG 7 375%97-06 08 07

BOUWFONDS 6% 00-10 EMTN s 33 DT BAHN FIN 5 125"/001- 28 11.13 NETHERLANDS 2.75% 06-

15.04.09 RABOEK NEDL.4.25Yo 07- 16.1.17

Value assets

500 000

300 000

750.000

3 932 000

600 000

300 000

1700,000

7 510.000

200,000

4,050,000

640.000

1,100000

1 530.000

1,210,000

I 373,000

1,652,500

374,000

1,335,000

258,750

990 000

350.000

1,357.000

1,567,000

750 000

637 000

160 000

300.000

500.000

1.01 0 000

220.000

EUR 518850 0.37

11.317.492 8 0 5

. --

-

EUR 297.580 0.21

EUR 754,811 0.54

EUR 4,128,896 2.94

EUR 592,817 0.42

.-

5,774.104 4.11 ~-

EUR 298.97a 0.21

EUR 1,673.990 1.19

1,972,968 1.40

- .

-

EUR 6,999,319 4.99

EUR 196.180 0.14

EUR 3,894 479 2.77

EUR 623,040 0 4 4

EUR 1.068.540 0.76

EUR 1.426378 1 0 2

EUR 1,104.730 0.79

EUR 1.428.057 102

EUR 1,821.551 1.30

EUR 442.592 031

EUR 1,619.756 1.15

EUR 327966 0.23

EUR 1 349.865 0.96

EUR 536.865 0.38

22.839.818 16.26

~. ~

.-

EUR 1.338131 0 9 5

1338,131 0 9 5 .~

EUR 1,586.949 1.13

EUR 805,253 0.57 ~~

2,392,202 1.70 -

. - .-


-. .

POLAND

POLAND 3 875% 04-15.01.09 EMTN POLAND 4.5% 07-18.1.22 EMTN

POLAND 5.5% 01-14.2.11

POLAND 5.5% 02-12.3.12

POLAND 5.75% 02-24.6.08 PSO608 REP.OF POLAND 4.2% 05- 15.4.20

PORTUGAL -. ~

IGCP 3.85% 05-15.04.21

PARPUBLICA 4.191% 04- 15.10.14 PORTUGAL 3.2% 05-15.4.1 1

ROUMANIA - -

ROUMANIE 10.625% 01-

27.06 08 ROUMANIE 5 75% 03-2.7 10

SLOVAKIA

SLOVAKIA 4% 06-26.3.21

SLO'NAKIA 4.5% 04-20 5.14

SLOVENIA - --

SLOVENIA 4% 07-22.3.2018

SLOVENlA5375%01-11.4.11

SPAIN - BCO SANT.CTR 4% 03-10.9.10

CAJA DE AH.GALICIA 4.375%07-19 ICO4% 07-1 2.10

SPAIN 4.2% 03-30.7.13

SPAIN 4.4% 04-31.1.15

SPAIN 5% 02-30 7.12

SWEDEN

EUR 623,565 0.44

623,565 0.44

~~

~. -

GBP 236,607 0.17

EUR 314,899 0 2 2

EUR 524628 0 3 7

EUR 985,254 0.70

EUR 218,548 0 16

- ~. -

2279.936 1 6 2 -~ -

NORDEA HYPOTEK 4.25% 07- 6.2.14 SWEDEN 3% 05-12 07.16

SWEDEN 5% 96-09 NR.1043

SWEDEN 5.25% 00-15.03.11 5.1045 SWEDEN 5.5% 02-8.10.12 TREAS.EO

UNITED STATES -~

GECC 5.125%02-04.03.09

799 000

500,000

1.678 000

308.000

1,860,000

400,000

200,000

1,500,000

950.000

900,000

200,000

952 000

420.000

3.500 000

540.000

200.000

1,300 000

1.200,000

3.a2o.000

290,000

655.000

200.000

4,000.000

7,000,000

2,350,000

2.170.000

743 000

EUR 795405 0 5 7

EUR 496,500 0 3 5

EUR 1,754 348 1 2 4

EUR 325741 0.23

PLN 488.103 0 3 5

EUR 387.160 0 2 8

~

4.247 257 3.02

EUR 191 160 0 1 4

EUR 1487.850 1 0 6

EUR 920075 065

2599,085 185

~~

. -

EUR 966244 0 6 9

EUR 208.155 0.15

1,174,399 0 84 - -

EUR 909581 0.65

EUR 426229 0 3 0

1,335,810 0 95

~ ~.

~~

EUR 3,430.954 2.44

EUR 564,399 0.40

3.995353 2.84

~. ~

~-

EUR 199.057 0 14

EUR 1294,500 0 9 2

EUR 1,196.928 0 8 5

EUR 3.851.324 2 7 4

EUR 296.264 0.21

EUR 684410 0 4 9

7522483 5 3 5

~~

EUR 200403 0.14

SEK 398,916 0 2 8

SEK 765,911 055

SEK 264,002 0.19

SEK 250.291 0.18

~. ~

1.879.523 1 34 -

EUR 755,430 0 5 4

I


. .-

Portfolio of Investments and Other Net Assets - .~

- - . . .. ~

Description Quantity/Face Currency Evaluation 01" net STERLING INVESTMENT GRADE BOND Value assets

- -

KFW INTL 5 375% 01- 800,000 GBP 1,172 698 083 7.12 11EMTN . -

1928.128 137

TOTAL BONDS 137,061,552 97 55




BONDS

-

SWEDEN

SWEDEN 8% 95-07 N.1037 6,600,000

TOTAL BONDS

OPTIONS ON FUTURES

GERMANY

CALL EURO BUND 23/04/2007 (5)

PUT EURIBOR 3 MONTHS (325) 11 5.50

17/12/2007 95.75 PUT EURIBOR 3 MONTHS 325 17/12/2007 96.00 PUT EURIBOR 3 (325) MONTHS1 7/12/2007 95.875 PUT EURlBOR 360 /3 MONATE 425 17/09/2007 95 625 PUT EURIBOR 360 13 MONATE (8481 17/09/2007 95.75 PUT EURIBOR 360 /3 MONATE 17/09/2007 95 875

425

TOTAL OPTIONS ON FUTURES

SEK 718,608 051

718.608 051

718,608 0.51

~ -~

EUR (1.250) 000

EUR (69,063) (005)

EUR 195,001 014

EUR (121 875) (009)

EUR 10,625 001

EUR (95,400) (007)

EUR 106.250 008

~~

24,288 002

24,288 0.02 - -


ANOTHERREGULATEDMARKET 742,896 0.53

TOTAL INVESTMENTS -. 137,824,448 98.08

OTHER NET ASSETS LESS LIABILITIES 2,697,346 . 1.92



Statement of investments as at 31 March 2007 (expressed in GBP)

. - Description Face Value Currency Evaluation % net

assets

INVESTMENTS


BONDS

CAYMAN ISLANDS -

AIG SUNAMER. II 5,625% 02-12 EMTN LUNAR FD 6.442% 05- 18.9.32EMTN LUNAR FDG 5.75% 04-

18.10.33S 4 STH WATER SV.5%05- 31.3.21EMTN

DENMARK

FIN.FOR DANISH IND.6%07- 6.2 12

EUROPEAN UNION ~- BE1 5.5% 00-2025

BE1 5.625% 00-32

BE1 6% 98.2028 PARALLEL BDS

FRANCE

CIE ST GOBAIN 5.625% 06-24

CREDIT AGRICOLE 5.36% 06- PERP SOC GEN. 5.4C 03-30.1.18 EMTN

GERMANY

KFW INTL FIN 6% 00-7 12 28 T16 KFW 5.5% 01-7 12 15

KREDIT WIEDER.5.625%01- 25 8 17

GREAT BRITAIN

ANGLIAN WATER SERV.5.25% 05-1 5 BAA 5.75"/0 03-27 11.13 EMTN

BARCLAYS BK 5.75% 01-26 EMTN BK SCOTLAND 6.375% 99-19 EMTN GREAT BRITAIN 4.25% 03-36 TSY STOCK GREAT BRITAIN 4.75% 04- 7.12 38 TSY STOCK

600,000

95 000

140,000

420,000

400 000

210.000

450.000

520,000

50.000

250,000

750.000

680.000

850,000

300.000

150,000

400 000

170.000

50,000

230,000

2,426,000

GBP 596512 2.26

GBP 112,175 0.43

GBP 154934 0.59

GBP 405,344 1.54

~ .-

1,268,665 4 82 - .

GBP 399.334 1.52

- 399,334 1 5 2

GBP 221,907 0 8 4

GBP 502,470 1.91

GBP 591 864 225

1316241 500

-

-

GBP 48,242 0.18

GBP 233.195 0.89

GBP 734,381 2.79

-

1,015,818 3.86 -

GBP 774085 294

GBP 858,389 326

GBP 307650 1.17

~

1,940,124 7 37

GBP 145324 0 5 5

GBP 394,352 1.50

GBP 176 344 067

GBP 53.343 020

GBP 223,376 085

GBP 2,570,104 9 77


- Description

-. ..

GREAT BRITAIN 5.75% Ytl-09

TSY STOCK GREAT BRITAIN 6% 98-28 TSY STOCK GREAT BRITAIN 8% 93-13 TSY

STOCK GREAT BRITAIN 8% 96-21 TSY STOCK GREAT BRlTlAN 5% 02-7 9.14 TSY STOCK HAMMERSON 7 25% 98-21.4.28

METRONET TV 03-15 3 32 EMTN MITCHELLS BUTL 5 965% 03- 23/81 NET RAIL INFR.4.625%05- 21.7 20 NETWORK RAIL 4.875%04- 27.1 1 . I5 NETWRK RAIL INFRA.4.75% 05

24 TESCO 5.5% 02-13.12.2019 EMTN UK TSY 4.75% 05-7.3.20

UNITED STATES

Face Value Currency Evaluation net US DOLLAR HIGH YIELD BOND

688.000 GBP

1198,000 GBP

270,000 GBP

1002.000 GBP

3,365000 GBP

100,000 GBP

315,000 GBP

133,386 GBP

110,000 GBP

310000 GBP

350,000 GBP

150.000 GBP

5,735000 GBP

694 192

1,421,307

312,120

1,321,838

3,348 848

113,140

316,040

136,921

104,603

300 926

339,771

148.438

5 685.680

assets '

- 2.64

5 40

1.19

5.02

12.74

0.43

1.20

0 52

0.40

1.14

1.29

0.56

21.62

17,806.667 67 69

ClTlGROUP 4 5% 06- 3 3.2031EMTN ClTlGROUP 5.25% 03-21.05.26

GECC 5.5% 98-7 6.21 EMTN

GECC 6.125% 02-17.5.12 EMTN

RAEOBK CAP.5.556% OCPERP REG

TOTAL BONDS

100,000 GBP 87853 033

90,000 GBP 87.285 0.33

300,000 GBP 299673 1 1 4

750,000 GBP 763,372 291

410000 GBP 403,192 1 5 3

- 1,641375 6.24

25,388,524 96.50 ~ .~


25,388,524 96.50 TOTAL INVESTMENTS ~.

OTHER NET ASSETS LESS LIABILITIES 921,891 -3.50

TOTALNETASSETS 26,310,415 100.00 -

Statement of Investments as at 31 March 2007 (expressed in USD)

-. - Description Face Value Currency Evalualion YO net

assets

INVESTMENTS


BONDS

FRANCE

CIE GEN.GEOPHYSIQUE 7 5O/.05-15

GREAT BRITAIN

NTL CABLE 9.125% 06-15.08.16

UNITED STATES ~- .-

CARRIAGE SER 7.875% 05- 15 1.15 CASE NEW HOLD 7.125% 06- 1.3.14 CHESAPEAKE EN.E.875-h 03-16

CINCINNATI BELL 8.375% 03- 141s COPANO ENERGY 8.125% 06- 1.3.16 EDUCAT MNGT F.10 25% 06-16

EXOPACK HLDG 11 25% 06- 12.14 FORD MO CR7.375%09GL.LAND FORD MOTOR 7 375% 01-1 2 11

FREEPORT MCMORAN 8 25% 07-15 GMAC 6.875% 02-28.8.12

HERTZ CORP 8.875% 07- 01.01.14 INNOPHOS 8.75% 06-15.08.14

MASSEY ENERGY 6.875% 06-

13 MIRANT NTH.AM.7.375Yb 06-13

PQ CORP 7.5% 05-15.2 13

TOTAL BONDS

25.000

25 000

25,000

50 000

150 000

250,000

20,000

15.000

50,aoo

100.000

50,000

25 000

250,000

150,000

25.000

150.000

150,000

50 000

USD 25,917 044

~

25917 0.44 -

USD 26 396 0.45

26.396 0.45

-

-

USD

USD

US0

USD

US0

USD

USD

USD

US0

USD

US0

USD

US0

USD

US0

USD

25,828

52 125

152.019

255.974

20.713

16 313

53.500

99,999

49,267

26 746

250,023

161,399

25,875

143,005

154,457

50 625

0 44

0.89

2.60

4.38

0.35

0.28

0.92

1.71

0.84

0.46

4.28

2.76

0.44

2.45

2.64

0.87 .-

1,537,868 26.31 ~ .~

1,590,181 27.20

TOTAL TRANSFERABLE SECURITIES ADMllTED TO AN OFFICIAL STOCK EXCHANGE LISTING


1,590,181 27.20 -.

BONDS

CANADA -

COMPTON PET.7.625% 05- 01.12.13 STONE CONT.7.375% 04- 15 07.14

150,000 US0 147,000 252

25000 USD 24,031 0.41

1 HSBC Global Investment Funds

-


. . - .

Description Face Value Currency Evaluation Yo net assets

. .

TEMBEC IN0 7.75% 02-15.3.12

LUXEMBOURG

NELL AF 8.575"/0 05-15 8.15 144A

UNITED STATES

AK STEEL CORP 7.75% 02- 15.6.12 ALLIED WASTE 7.375% 04- 15.4.14 AMERICAN RAILCAR 7.5%07- 1.3.14 BEVERAGES MORE INC 9.25% 07-12 BUFFALO THUND DEV 9.375% 06-14 CABLEVISION 8% 05-15.4.12 SR.B CCM MERGER 8% 05-8.1.13 144A CELL TIS HOL 9.75% 04-15 3.10

CENTENNIAL COM.IO% 05- 1.1.13 CMS ENERGY 6.875% 05- 15.1 2.1 5 GENERAL CABLE 7 125%07- 1.4.17 GEN MOTORS.7.125% 03- 15.7.13 GEORGIA PAC 7.7% 95-15.6.15

GREEKTOWN HDG 10.75%05- 13/144A IDEARC INC8%06-15 11.16 144A ISLE OF CAPRI CAS.7% 04-14 WI K2 7.375% 04-1.7.2014

LANDRY S REST.7.5°/~ 04- 15 12 14 LYONDELL CHEMICAL 8%06- 15.9.14 LYONDELL CH.8.25% 06-15.9.16

MAAX CORP 9.75% 04-15.6.12

MEDIACOM LLC 7.875% 99-11

MlLLENlUM AMER.9.25%01- 15.6.08 OMNICARE E 75% 05-15.12.13

PLY GEM INO.S"/o 04-15.2.12

REGENCY ENGY 8.375%06- 15 12.13 RURAL CELLUL.9.75% 02- 15.1.10 SOLO CUP 8.5% 04-15 2.14

SUSSER lO.E25% 06-15.12.13

UCI HOLDCO TV 06-13 144A lPlK WILLIAMS 6.375%05-1.10.10 144A YANKEE AC0.9.75% 07-17 144A

TOTAL BONDS

25.000

200 OO(1

100.000

250,000

25.000

25.000

25 000

250,000

200,000

25.000

200 000

250,000

25.000

25 000

100,000

150,000

25,000

150 000

91,000

150 000

5,000

5,000

25.000

150 OOU

25.000

150,000

100.000

25 000

50.000

150 000

106.000

25.000

50,000

25.000

US0 15.219 026

186250 3.19 ~-

-

USD 208 500 3.57

. -

208,500 3 57

USD

USD

US0

US0

US0

US0

USD

USD

USD

us0

USD

USD

USD

US0

USD

US0

US0

USD

us0

USD

US0

USD

USD

US0

us0 USD

USD

USD

USD

USD

US0

USD -.

101.843

252,916

25 688

25.438

25 500

254,577

201,000

25 125

216 500

261,483

25.250

23 373

102 996

160.500

25 750

146 500

90.886

147,186

5.251

5,371

17 000

150 384

25.968

151 688

88.121

25,438

51 750

128,769

115.673

24.813

50 625

25,313

1 74

4.33

0.44

0.44

0.44

4 35

3.44

0 43

3.70

4.47

0.43

0.40

1.76

2.75

0.44

2.51

1 5 5

2.52

0 09

0.09

0 29

2.57

0 44

2.59

1 5 1

0.44

0 89

2.20

1 98

0.42

0.87

0.43

2.978 675 50.95

3.373.425 57.71 ~-


ANOTHERREGULATEDMARKET . . 3,373.425 57.71


. .


BONDS

BAHAMAS

KERSZNER INT 6.75% 05- 01.10.15

UNITED STATES

CHAPARRAL 8.875%07-1 .?.I7 144A COMPUCOM SYST.lZ% 06-14 144A GEORGIA GULF 9.5% 06-14 - 144A- GIBRALTAR.IND.8% 06- 1 5IMUTLICP HAWKER BEECHC.8.5% 07-15 144A POKAGON 10 375%06-I5 6.14 144A RH DONNELLEY 6.875% 06-13 S A2 SWIFT ENERGY 7 625% 04- 15.7 11 TRANSDIGM 7 75%07-I5 7 14 144A TRIMAS 9.875% 02-15 6.12

TUBE CITY IMS 9 875%07-I5 144A TURNING STONE 9.125%06-14 144A US CONCRETE 8.375% 04- 4.1 14 WILLIAMS 7.5% 06-15.06.1 1 144A

TOTAL BONDS

i5o.000 USD 150,000 2.57

- 150000 257

25.000 USD

25,000 US0

25,000 USD

150,000 USD

25,000 USD

25,000 US0

10,000 USD

25,000 US0

25,000 USD

25,000 USD

25000 USD

25,000 US0

25.000 USD

25,000 US0

25 250

26.687

24,125

151.499

25 938

27.562

9,888

25,688

25.813

25,031

26,000

25 688

25.440

26,437

0.43

0.46

0.41

2.59

0.44

0.47

0 17

0.44

0.44

0.43

0.44

0.44

0.44

0.45

471,046 8.05

621,046 10.62 -~

621,046 10.62 TOTAL OTHER TRANSFERABLE SECURITIES __ .

TOTAL INVESTMENTS 5584.652 95.53

OTHER NET ASSETS LESS LIABILITIES 261,214 4.47


HSBC Global Investment Funds ~ .~ .~ ~

-


~-

US DOLLAR INVESTMENT GRADE BOND Statement of Investments as at 31 March 2007 (expressed in USD)

~. . -

Descriplian Face Value Currency Evaluatian Yo net assets

-. . . .~

INVESTMENTS


BONDS

CAYMAN ISLANDS .. ~

CWClO6-15.08 48 06-C1 A2

GREAT BRITAIN __ GRANM TV 05-19.1 1.06 2005-4 A3

ICELAND

ISLANDSBANKI HF TV 07-12 144A KAUPTHlNGTV06-1501.10 144A KAUPTHING 5.75% 06-1 1 144A

IRELAND

CAIRN MEZZAN.TV07-47 07-3A E1

NETHERLANDS

SHELL INTL FIN 5 2% 07-22 3 17

UNITED STATES

AOL TIME 7 .75 02-1.5.32

COMMERCIA MTG TV 06-20 FL12 A2 DAIMLERCHRY.4.05% 03-4.6.08

DMSl TV 06-35 2005-WF1 1Al

FED RETAIL 6 375% 07-

15.3 37SR FEDERATED DEP.5.9% 06- 01.12.16 FNMA TV 07-07-25.3.37 07-13

FA FNMA(15Y)5% 06-1.4.22

FNMA( 15Y )5%06- 01.0221P781922 FNMA(15Y)5.5% 07-01.04.22

FNMA(30Y)5% 07-01.05.37

FNMA(30Y)5"h 07-1.4.37 PI6654

FNMA(30YF 5% 07-1 4.37

FNMAl30)5C 06-1 5 3 7

FORD MOTOR CR.5.8% 12.1.09

900,000

1600,000

650,000

300 000

500.000

605 000

1.60U 000

350.000

1,486 212

725,000

718 796

1200,000

625,000

930.450

1,710,000

1 716.480

720.00C

3 820,000

1,300,000

2 500.000

60flOOO

600.000


USD 900164 1.13

900,164 113 -

US0 1600,190 2.01

- 1,600,190 2.01

USD 654,289 0.82

USD 303461 0.38

USD 506.355 064

1,464,105 1 8 4

- -

-

US0 593 562 0 74

- -

593,562 074

USD 1,590.484 2.00

1,590,484 2.00

-

~. ~

US0 397,953 0.50

USD 1,486.204 1.86

USD 714.470 0.90

USD 714132 0.90

US0 1.170.982 1 47

USD 624,695 0.78

US0 932.311 1.17

USD 1.685686 2.11

US0 1693,894 2.12

USD 721.463 0.91

US0 3,684,655 4.63

USD 1,256 328 1.58

USD 2551.171 319

US0 580313 0.73

US0 587.451 074

-


GE BUSIN.TVO6-15 11.34 06-2A A GMAC 7.179% 99-36 1999-C3 A2

HOME DEPOT TV 06-16.12 09

INTL LEASE FIN.TV06-11 7.11 Q JPMORGAN CHA.TV07-22.2.12 TR67 MSC 5.328% 06-41 2006-HQ10 A4 PROCTERgGAMBLE 5.55% 07- 5.3.37 RALl TV07-25 1 37 2007-OS1 2AB RESIDENT ACCR 6.25% 07- 25.1.37 USA TSY 4.75% 07-28.2.09-W- 09- USA TSY4.625%07-28 2 12 G- 2012 USA 4.5% 05-30.1 1 11 TBO

USA 4.75% 07-15.2.10 TSY

USA 4.875% 06-15.05.09 TSY

USA 4.875% 06-15.08.09 TBO

VERIZON PENN.5.65% 01- 15.11 11

VIRGIN ISLANDS

C8 CAP. 6 64%(lV)07- PERP./l44A

TOTAL BONDS

1,059,452

975,766

750.000

600 000

1.250 000

800,000

800 000

1 172,247

776 407

320.000

450,000

465,000

470.000

1,500.000

1 .ooo.ooo 500,000

400 000

USD 1,057.351 1.33

USD 1,011,321 127

USD 750,827 0.94

USD 604.340 0.76

USD 1,248,730 1.57

USD 797.787 1.00

USD 780896 0.98

USD 1.169.599 1.47

USD 773932 0.97

USD 320.750 0.40

USD 451 723 0.57

USD 464,201 0.58

USD 472.644 059

USD 1.507.969 1.89

USD 1,006,406 1.26

USD 506 936 064

~~

31 737.120 39.81

USD 395,196 0 5 0

-

395,196 0.50 - .~ 3a,2ao.a2* 48.03


TRANSFERABLESECURITIESTRADEDONANOTHERREGULATEO MARKET

BONDS

UNITED STATES

ABFC 3 684% 05-33 03-AHL1 A1

AT AND T TV 07-5.02.10

BEAR ST.5.537% 06-41 06-T24 A4 BOAMS 4.7789% 06-35 05-D 2A4 BURLINGTON 4.83% 05-

01.15.23 CMLTI 4.922% 05-35 05-WF2 AF2 CWHL TV 05-35 05-HYB8 2A1

CWL 5.804%06-25.07 34 06-54 A3 FHLM 5.5% 06-15 9.36 3212 BK

FHLMC 4.14% 04- 1.12.34P.182655 FHLMC 5.125% 06-13 ROO4 AL

FHLMC 5.5% 05-15.11.23 2962 CJ FHLMC 5 5% 06-1.8.21 P G12317 FHLMC 6.582% 06-1 6 3 6 P1J13130 FHLMC 8% 00-1.2.2030

FHLMC 8% 00-1.4.30 POOL COO972 FHLMC(3UY)5.5% 07-1.4.37

255,011 US0

800000 USD

750.000 USD

900000 US0

586.964 USD

168546 USD

577940 US0

570,000 USD

600000 US0

719.165 USD

646,043 US0

728.178 USD

836.742 US0

964,927 USD

222,557 US0

109376 USD

3,600,000 USD

249.990

809 496

763.433

891 549

557.663

167 335

580.232

572 850

587.766

720,265

642,692

727 741

838.787

980,893

250,207

113.135

3 562,314

0.31

1 .oo 0.95

1.12

0.70

0 21

0.73

0.72

0.74

0.90

0.81

0.91

1.05

1.23

0 29

0.14

4 48


~

Description Face Value Currency Evaluation “lo net Description Face Value Currency Evaluation % net assets assets

~.

FREDDIE MAC TV 06-23 R008- FK GCCFC 5.475% 07-17 2007-GG9 AM GENERAL ELEC.CO 5% 03- 1.2.13 GMAC MTG 5.805%06-36/06- HE3-A3 LBUBS 5.43424% 06-36 06-C6 A4 MERCK a co 5.75% 06-15.1 1.36

MSM TV 06-36 06-3AR 2A3

PROGRESS ENGY TV05- 14.1 1.08-A- SBC COMM.5.l% 04-3.11.14

.. .

1,205.533

660 000

1000,000

480 000

600,000

Y00.000

629 397

450,000

750.000

1,550 000

525.000

950,000

1,000.000

1,300,000

1 577,000

1.570.000

2.365.000

500 000

1.525 000

US0

US0

US0

US0

USD

US0

USD

US0

US0

USD

US0

USD

USD

USD

US0 USD

USD

US0 USD

1,211.275

662 936

993.604

483.750

600.488

884,734

637 537

450.150

733.596

1 550,000

620.632

957,634

977,813

1,283.750

1,488 294

1,575,152

2,360566

504 414

1.544.777

1 52

0.83

1.25

0.61

0.75

111

0.8U

0 56

0.92

1.94

0.78

1.20

1.23

1.61

1 87

1.98

2.97

0.63

1 .94

PUGET SOUND 6 274% 06- 15.03.37 RAST TV 03-25.2 34 03-Al5 1A2

RAST 6% 06-25.4 36 06-Al-lA3-

SLM TV05-15.6.18 2005-A A1

SVHE 5.Y98% 06-36 2006-WF1 A I F TULANE UN.TV 05-15.11.12 144A UNION PAC 5 082% 05-1 2 2 9

WAMU 5.303% 06-43 2006-SL1 1A XEROX CORP TV 06-18.12.09

XTRA FIN CORP 5.15% 07-17 144A

550,000

1,245.796

407.827

864,577

1 294.302

1,000,000

499.930

695.426

300,000

1,000,000

USD 564,158 071

USD 1,249,586 1 5 7

USD 411,331 0.52

US0 864.577 1.08

USD 1.292 280 162

USD 1025,630 1 2 9

USD 487736 0 6 1

USD 695,417 087

USD 301.971 038

USD 982331 123 GLOB. TARGET CRED.TV 02-1 1 2002-1 A TIME WARNER ENTMT.8.375%

15 747,973 19.76

20,346,280 25.53

- 20,346,280 25.53

- TOTAL BONDS



BONDS

93-23 TIME WARNER 5.875% 06- 15.11.16 USA TSY 4.25%04-15.8.14/E- 2014 USA 4.125% 05-15 08.10 M-2010

USA 4.5% 06-15.02.36

USA 4.625% 07-1 1 TBO S.R- 201 1 USA4.625% 07-15.2.17 S.B- 2017 USA4 75% 07-31.1.12 S.F-2012

USA 4.875% 06-31.07.115 L- 201 1

UNITED STATES

FNMA(30Y)6% 06-01.05 37 3.400 000 USD 3.425.500 4 30

3,425,500 4 30

3.425.500 4.30

3,425,500 4 30

-. 94,558,051 118.65

- -~

- TOTAL BONDS

TOTAL FINANCIAL INSTRUMENTS

TOTALINVESTMENTS

~.

32.505.450 40 79

32,505,450 40.79 -

TOTAL BONDS

OTHER NET ASSETS LESS LIABILITIES TOTAL TRANSFERABLE SECURITIES TRADED ON

ANOTHERREGULATEDYARKET 32,505,450 . 40.79 OTHER TRANSFERABLE SECURITES

(14,859,788) (18.65)


BONDS

CAYMAN ISLANDS -- ~

PREFERR.T.XXII TV 06-36 144A 600,000 USD 601.200 0.75

601 200 0.75

-

- GREAT BRITAIN

ARRMF TV 06-20.9.56 06-2A A2B BARCLAY B 5.926°/u06-..PERP 144A

3.000.0110 USD 2,994,163 3.76

1 000,000 US0 1,002,944 1.26

-. .~

3.997.107 5.02 -

UNITED STATES .~

AMCAR 4.47% 05-6 5 10 05-CF

A3 CAP.ONE AUTO 5 53%6-09 0 6 4 A2 CARAT 5 03% 06-08 2006-1 A2A

CGCMT 5 378% 06-49 2006-C5 A2 CIT DT 5.205807-49 07-CD4 A2B

COUNTRYWIDE TV 03-18 03-8 A2 FHR TV 05-15 6 35 2988 AF

GE 05-2AA3 4 88% 06-22.10 09

HOME DEPOT 5.25”/0 06- 16 12 13

1,163,311 USD 1 157.857 1.45

242.801 US0 242801 0.30

384.423 USD 383.943 0.48

950.000 US0 958.022 1.20

900,000 USD 904,493 1.13

735.058 US0 741.087 093

947.007 USD 946.015 119

1600.000 US0 1,592,499 201

950000 USD 946239 1.19

- -2 HSBC Global Investment Funds -

.-


EURO RESERVE Statement of investments as at 31 March 2007 (expressed in EUR)

-. - . -.

Descriution Face Value Currency Evaluation Yo net assets

-

EUR 2,000,300 4.67

~

5.000.000 11 67 ~- ~

.-

CR MUTUEL L.AT 0% 06- 13 4 07CD

2 000,000

GERMANY .~


BAY HYPOBK 0% 06-13.4.07 CD 1,000,000 EUR 1,000,000 2.33

1 ,000,000 2.33

6,000,000 14.00 ~. INVESTMENTS

TOTAL CERTIFICATE OF DEPOSIT



COMMERCIAL PAPER

. 6,399,942 14p3 TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

BONDS

BELGIUM - -

QUASAR SEC.O% 07-28 05 07 CP

FRANCE

EDF TV 04-7 5 07 5.64

SANOFI AVENTIS TV 05- 30.05.07

(RBG) 1 .ooo,ooo

1,000 000

1 000,000

1,000 000

1 000.000

1 .ooo,ooo 1.000 000

1 000,000

1.200.000

700,000

1 000,000

1.000 000

600,000

1.000.000

1 500.000

1,000 000

1.500.000

1,500,000

1,300 000

EUR 993.766 2.32 1 700,000 EUR 1,099,918 2.56

500,000 EUR 499,866 117

-

1,599,784 3.73

993766 2.32 ~.

CAYMAN iSLANDS

IRELAND -

ALLIED IRISH BK TV 05-27.6 07

CULLINAN FIN 0% 07-26 4.07 CP GOLDEN KEY 0% 07-14.05.07 ECP SILVER TOWER FD 0%07- 08.5.07CP

EUR 997201 2.33

EUR 995.294 2.32

EUR 995948 2.32

~.

2 988.443 6.97

1,250.000 EUR 1,249,968 292

1 249,968 2.92 ~

- NETHERLANDS ~. .-

KBC iFlMA TV 05-20 4.07 (REG)

KBC IFIMA TV 06-17.8 07

1.000.000 EUR 999,932 2 33

300000 EUR 299,983 0.70

1,299,895 3.03 .

FRANCE

ACOSS 0% 07-23.4.07 CP

ANTALiS 0% 07-13.04.07 CP

LMA 0% 07-10 4.07 CP

SCHNEIDER 0% 07-10.4.07 CP

SOFINCO 0% 07-1 1 04.07 CP

UNEOIC 0% 07-12.04.07 CP

EUR 997,450 2.33

EUR 998,566 2 3 3

EUR 998832 2 33

EUR 998.833 233

EUR 1,198312 2 7 9

EUR 699,058 1.63

5 891.251 13 74 -

SPAIN

BBVA TV 05-28.09 07

BPE FIN.TV 06-13.09 07

500.000 EUR 499.985 117

1 500.000 EUR 1,499,749 3 50 -

1,999734 467

SWEDEN - .. ..

AB SPINTAB TV 06-14.1.08 GREAT BRITAIN

1.000,OOO EUR 999865 2.33 ABBEY NAT TSY 0% 07- 10 04 07CP ALLIANCEBLEIC 0% 07-14 5 07 CP BARCLAYS 0% 07-12 4 2007 ECP BRITANNIA BLDG SOC 0%- 5 4 07CP HBOS TSY SERV 0%07- 25 05 07 CP NORTHERN ROCK 0% 07-6 6 07 CP REGENCY ASS.O% 07-20 4 07

CP

EUR 998.874 2.33

EUR 995268 2.32

EUR 599.195 1.40

EUR 999356 2.33

EUR 1.491.362 3.48

EUR 992780 2.32

EUR 1,496,634 3.49

7,573,469 17.67 ~.

999.865 2 33

7.149.246 16.68 ~- -

TOTAL BONDS

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 7.149.246 16.68


BONDS

IRELAND

UNICRED IRELO TV 06-25 1 .OS 400000 EUR 399.942 0.93

399,942 0.93

TOTAL BONDS 399,942 0.93


. -

~. IRELAND -

ANGLO IRISH BK 0% 07- EUR 1,497,821 3.49

EUR 1,299,586 3.03

~.

2.797.407 6.52 .. --

12.4.07CP DZ BK IRELAND 0% 07-2.4.07 CP FRANCE

ENP PARIBAS 0% 07-1 1 6 07 1 000,000 EUR 1,000.000 2 33

CD CEPME 0% 07-20 08 07 CD 1,000000 EUR 1,000000 234

CREDIT FONCIER 0x07-13 8.07 1 000,000 EUR 1,000 000 2 33 CD


-.


~.

Description Face Value Currency Evaluation 010 net US DOLLAR RESERVE assets

Statement of investments as at 31 March 2007 (expressed in USD) . .. -

ITALY -

BCA POP DI VERONA 07- 7.6.07CP

1,500,000 EUR 1,488 952 3.47

~. -

1,488,952 3 47

- Description Face Value Currency Evaluatlon % net

assets JERSEY

AMSTEL EURO 0% 07-6.6.07 CP 1,000,000 EUR 992,834 2.32

992,834 232

-

-

INVESTMENTS

NETHERLANDS ~- UNILEVER FIN INT 0% 30 4 07 CP


1,000,000 EUR 996.688 2 32

.~

996,688 2.32 -.

BONDS

UNITED STATES UNITED STATES

CIT GROUP INC TV 05-24 8 07 700.000 US0 700,230 365

700.230 365

TOTAL BONDS 700.230 3.65

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING -700,230 36$


BONDS

-- .. SlMBA FUND 0% 07-12.06 07

CP 1,000000 EUR 992 133 231

-

992.133 231

TOTAL COMMERCIAL PAPER


24,714.943 57.64

FRANCE

BFCM 0% 07-29.5.07 CD

BQ.SOLFEA 0% 06-20.7.07 CD

NATlXlS 0% 07-1.6.07 CD

STE GENERALE 0%07-12.6.07 CD

1 000,000 EUR 1,000.000 2 33

1,000.000 EUR 1.000,OOO 2 33

1,500 000 EUR 1,500,000 351

1,000,000 EUR 1,000.000 2 33

UNITED STATES

GOLDM SACHS TV 04-07 400,000 USD 400,029 2.08

T205(REG) -.

400,029 2.08

400,029 2.08 TOTAL BONDS

TOTAL OTHER TRANSFERABLE SECURITIES 400,029 2.08


- 4 500,000 10.50

IRELAND

DEPFA BANK 3 73% 06-11.10 07 CP

1.000,OOO EUR 999,370 2.33

-

999.370 2.33 COMMERCIAL PAPER - TOTAL CERTIFICATE OF DEPOSIT 5,499,370 12.83

TOTAL FINANCIAL INSTRUMENTS - 30,214,3'13 70.47

TOTAL INVESTMENTS . 43,763,501 102.08

AUSTRALIA

AN2 NATL.O"/o 07-27.4.07 CP

WESTPAC BANKING 09t07- 5.04.07CP

700,000 US0 697,150 3.63

700,000 USD 699.389 3.65

- .

1,396,539 7.28 -.

OTHER NET ASSETS LESS LIABILITIES (890,382) (2.04

TOTAL NET ASSETS .. 42,873,119 100.00 CANADA -.

BK NOVA SCOTIA 0% 07- 9 04 07CP CC JARD QUEBEC 0%07- 13.4.07CP

700,000 USD 698,979 3.64

500,000 US0 498,976 2.60

. . . -

1,197,955 6.24 - .

CAYMAN ISLANDS ~- K2 CORP Oo/. 06-17.05 07 CP 500000 USD 496,527 2.59

496,527 2 59 .

DENMARK - .-

DANSKE CORP 0% 07-9.4.07 DCP

700,000 US0 698,985 3.64

.

698.985 3.64 -

L -~

HSBC Global Investment Funds - . -

.~ ._

Portfolio of Investments and Other Net Assets - .~

- .-


FRANCE

1x1s 0% 07-23 4.2007 CP

GREAT BRITAIN

705,000 USD 702,537 366

702.537 366

-

BARCLAYS BK 0% 07-10 04 07 CP HARRIER FIN 0% 07-12 4 07 CP

HBOS TREASURY 0% 07- 4.04.07 CP

700.000 USD 698879 364

700,ooo USD 698.677 364

414000 USD 413,699 216

-

i . a i i 255 944

GUERNSEY -

CALYON 0% 07-1 1.6.07 DCP 400.000 US0 395774 2.06

395,774 206

. -

~. -- IRELAND

DEPFA EK PLC 0% 06-20.04.07 CP

NETHERLANDS

500,000 USD 498.488 260

. -

498488 2.60 -. .

RABOBANK NED.O% 07-1 1.5 07 CP

650000 USD 646.030 3.37

NETHERLANDS ANTILLES

STE GENERALE 09t 07-02.04.07 CP

SWEDEN

SKANDINAV ENSKO% 07- 10.4 07 CP SVENSKA HDLSBK 0%07- 02.05.07CP SWEDBANK 0% 07-1 1 4.2007 CP

UNITED STATES ~-

BANK AMERICA O"h07-24.4 07 CP CARGILL INC 0% 07-09.04.07 CP DEXIA DELAWARE 0% 07-5.2.07 CP FIVE FINANCE 0% 07-17 4.07 CP FORTIS FDG 0% 07-10 4.07 CP

GOLDMAN S A W S 0% 07- 10.5 07CP KFW INTL FIN.O0/. 07-12.4.07 CP

MERRILL LYNCH 0% 07-20.4 07 CP NESTLE CAP.O% 07-24.04.07

CP PACCAR FIN 0% 07-20 4 07 CP

PRUDENTIAL O X 07-24.4.07 CP

STANFIELD VICT.O%07-21.5.07 CP UBS FIN DEL.O% 07-24 4.07 CP

646,030 3 37 ~ -~

700,000 US0 699694 364

699,694 364 -. .~

429,000 USD 428,310 223

700,000 USD 696,6A7 363

700.000 USD 698.780 364

1,823 737 9.50

350000 USD

700.000 USD

700,noo USD

700.000 US0

495,000 USD

300,000 US0

600000 USD

470,000 USD

600000 US0

700,000 USD

700000 US0

600.000 USD

300,000 US0

348 724

698,984

696,644

698,169

494 206

298.213

598 867

468.572

597.829

697.724

697.458

595,441

298.909

1.82

3.65

3.63

3.64

2.57

I 55

3.12

2.44

3.1 1

3.63

3.63

3.10

1 56


-~ .-

WHISTLEJACKET 0% 12 4 07 505,000 USD 503449 262 DCP

7,693,189 40 07 ~. ~

TOTAL COMMERCIAL PAPER 18.060.710 94.09

TOTAL FINANCIAL INSTRUMENTS - 18,060,710 94 09

TOTALINVESTMENTS 19,160,989 . 99.82

- 35,149 0.18 OTHER NET ASSETS LESS LIABILITIES

TOTALNETASSETS 19,196,l 18 100.00

HSBC Global Investment Funds . ...

.~


TURKISH CONVERGENCE Statement of investments as at 31 March 2007 (expressed in EUR)

- - Description QuantityiFace Currency Evaluallon % net

Value assets

INVESTMENTS


SHARES

TURKEY - AKBANK

AKCANSA CIMENTO SANAYl VE TIC AKSIGORTA

ALARKO GAYRIMENKUL YATlRlM ALARKO HLD

ANADOLU EFES BlRAClLlK VE MALT ARCELIK AS

AYAN ENERJI AS

AYGAZ

BOLU CIMENTO SANAYI AS

CIMSA CIMENTO SANAYI VE TICAR. DOGAN SIRKETLER GRUBU HOLDINGS DOGAN YAYIN HOLDING

DOEUS OTOMOTIV SERVIS VE TICAR ECZAClBASl ILAC

ENKA INSMT VE SANAYI AS

FORD OTOMOTIV SANAYl AS

KOC HLD AS

MIGROS TURKEY T.A.S

SELCUK ECZA DEP.TICARET SANAY TAV HAVALIMALARI HOLDING AS TOFAS TURK OTOMOBIL FABRlKASl TUPRAS TURKIYE PETROL RAFINEL TURK DEMIR DOKUM

TURK EKONOMI BANKASI AS

TURK SlSE CAM

TURKIYE IS BANKASI AS C

TURKIYE VA4FLAR BANKASI TAO VESTEL BEYAZ ESA TICAR SANAYI VESTEL ELEYTR.SANAYI TICARET YAP1 KREDI BANKASA

YAZICILAR HOLD ANOMIN SlRKETl YAZlClLAR HOLDING ANONIM SIRKE

TOTAL SHARES

400,000

131,196

49,425

35 373

448 4aa

24611

120 492

129,874

200,000

50.000

48,561

200.000

100,000

50.00U

700,000

50,000

a i 344

ao,ooo 102 710

100 000

175.000

52,542

90.000

75,000

345

100,000

600,000

100,000

652.935

150.000

750.000

125,190

17,527

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

1,989.300

613,464

180.345

607111

a19.445

605 331

615.520

130,583

417,321

68 E52

261,194

250.825

278,394

171.631

2,497,438

500.028

540.858

349.789

774,097

332 451

I ,097 358

150,534

1,532 518

478.405

4 103

289,205

2,173,094

iaa.119

a50,wa

2 a a . m

1,191 958

598,915

92,851

3 90

1.20

0 35

1.19

1.61

119

1.21

0.26

0.82

0 13

0.51

0 49

0.55

0.34

4.89

0.98

1.06

0.69

1 52

0.65

2 15

0.30

3 01

0.94

0.01

0.57

4 26

0.37

1.67

0.57

2.34

1.17

0.18

~- 20,940 130 41 08

20,940,130 41.08 -

Description QuanUtylFace Currency Evaluation % net Value assets

- - BONDS

TURKEY

TURKEY TV 05-ia.a.10 2.000.000 TRY 1,118.575 2.19

TURKEY TV 06-02 07 oa ~ I R 6,100.000 TRY 3,308,995 6.49

TURKEY TV 07-26.02.14 2,000000 TRY 1.101.590 2.16

TURKEY 0% 05-09.05 07 700,000 TRY 371.800 0.73

(RBG) TURKEY 0% 06-05 09.07

TURKEY 0% 06-13.06.07 TRY 100 TURKEY 0% 06-16.7.0a

TURKEY O Y ~ 07-26.11.oa

TURKEY 14% 06-19.01.11

TURKEY 15% 5-10.2 10

TURKEY 16% 07-7.3.12

TURKEY 20% 04-17.10 07

TOTAL BONDS

TREASURY BILLS

1,000.000

500,000

900.000

1,300,000

600,000

200.000

8.ow,ooo 6 aoomo

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

-

500,801

261,293

383,830

520.458

2a6,092

100,213

4 056,383

3.723 612

15,733,642

15,733,642 -. -

o 9a

0.51

0 75

1 02

0.56

0 20

7.97

7 30

30.86

30.86

~

.-

TURKEY -

TURKEY 0% 06-4 4 07 TB 1000000 TRY 516202 101

516,202 101

TOTAL TREASURY BILLS 516,202 I 0 1

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 37,109,974 7295 OTHER TRANSFERABLE SECURITES

~

-

TREASURY BILLS

TURKEY - _ TURKEY 0% 06-12 12 2007 TB 10,000 000 TRY 4,764 590 9 35

4,764,590 9 35

TOTAL TREASURY BILLS 4,764,590 9 35

TOTAL OTHER TRANSFERABLE SECURITIES 4,764,590 9.3$

-

TOTAL INVESTMENTS 41,954,564- 82.30

OTHER NET ASSETS LESS LIABILITIES -. 9,023,887 17.70

TOTALNETASSETS 50,978,451 1.00.00

HSBC Global Investment Funds - . - . .. A.


The detailed list of movements in the investment portfolio can be obtained free of charge upon request at the registered office of the Company. The current prospectus, the articles of association as well as the interim report and the audited annual report are available free of charge upon request from the German payment and information office.

HSBC Global Investment Funds .~ ~

Currency Conversion Table

.. -. ._

...

To help shareholders to calculate the performance of their individual investment, in the relevant reference currency, we have produced the following table. It shows the value of one US Dollar against various currencies (as at the given dates).

AUD

CAD

H KD

J PY

GBP

SGD

CHF EUR

I

31 March 2006

USD

1.3975

1.1619

7.7599

1 17.4349

0.5737

1.6181

1.2999

0.8238

31 March 2007

USD

1.2384

1.1546

7.8146

11 7.8550

0.5095

1.5166

1.2177

0.7499

A - HSBC Global Investment Funds . . ~ ~-

-

Dealing Day of the Fund -

Dealing for Shares of the Company will take place on any Business Day (a day on which banks are open for normal banking business in Luxembourg) other than days during a period of suspension of dealing in Shares provided that, for sub-funds materially invested in markets other than North or South American markets, such Business Day is a day where stock exchanges and regulated markets in countries where the sub-fund is materially invested are open for normal trading. For sub-funds materially invested in North or South American markets, dealing for Shares of the sub-fund will take place on any Business Day (other than days during a period of suspension of dealing in Shares) except a Business Day following the day where stock exchanges and regulated markets in such countries were closed for normal trading.

Shareholders who deal through the Company’s local distributor or representative should note that there will be no dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a day which is not a business day in such jurisdiction.

The Company will determine the dealinglnon-dealing calendar according to the latest market information obtained by the Company from time to time. Shareholders can obtain the latest dealinglnon-dealing calendar of the Company from the registered office of the Company or from the Company’s local distributor or representative.


b Dealing Day of the Fund (continued)

FUND NON-DEALING DAYS FOR 2007

All HSBC Global Investment Funds sub-funds will have non-dealing days on the following days:

all Saturdays and Sundays

and

on the following dates:

01 January 06 April 09 April 01 May 17 May 28 May 15 August 01 November 25 December 26 December

(Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday)

In addition the following sub-funds will have non-dealing days on the following dates (reason in brackets):

Asia ex Japan Equity, Asia ex Japan Equity Smaller Companies, Asia Freestyle (Public holiday in Hong Kong, Korea, and Taiwan)

16 February 19 February 20 February 21 February 22 February 23 February 28 February 01 March 05 April 24 May 06 June 18 June 19 June 02 July 17 July 24 September 25 September 26 September 01 October 03 October 10 October 19 October

Taiwan Hong Kong, Taiwan, Korea Hong Kong, Taiwan Taiwan Taiwan Taiwan Taiwan Korea Hong Kong, Taiwan Hong Kong, Korea Korea Taiwan Hong Kong, Taiwan Hong Kong Korea Korea. Taiwan Korea, Taiwan Hong Kong, Korea Hong Kong Korea Taiwan Hong Kong

Asia Pacific ex Japan Equity High Dividend (Public holiday in Hong Kong, Korea, Singapore, and Taiwan)

02January 16February 19February 20February 21 February 22February 23February 28February 01 March 05 April

Singapore Taiwan Hong Kong, Korea, Singapore, Taiwan Hong Kong, Singapore, Taiwan Taiwan Taiwan Taiwan Taiwan Korea Hong Kong, Taiwan


.- .. . -

Dealing Day of the Fund (continued) -

24May 31 May O6June 18June 19June 02 July 17 July 09August 24 September 25 September 26 September 01 October 03October 10October 19October 08November 20December

Hong Kong, Korea Singapore Korea Taiwan Hong Kong, Taiwan Hong Kong Korea Singapore Korea, Taiwan Korea, Taiwan Hong Kong, Korea Hong Kong Korea Taiwan Hong Kong Singapore Singapore

Brazil Bond, Brazil Equity, Global Emerging Markets Bond (Public holiday in Brazil)

02January 26January 20February 21 February 02May 08June 10 July 10 September I 5 October 05November 16 November 21 November

Brazil Brazil Brazil Brazil Brazil Brazil Brazil Brazil Brazil Brazil Brazil Brazil

BRlC Freestyle, BRlC Markets (Public holiday in Brazil, Hong Kong, India, Russia, and in the United States*)

02 January 03 January 04 January 05 January 08 January 16 January 26 January 30 January 16 February I 9 February 20 February 21 February 23 February 08 March 19 March 27 March 05 April 02 May 09 May 24 May 29 May 08 June 12 June 19 June 02 July

Brazil, United States, Russia Russia, United States Russia Russia Russia United States Brazil, India India India Hong Kong United States, Brazil, Hong Kong Brazil Russia Russia India India Hong Kong Brazil, India Russia Hong Kong United States Brazil Russia Hong Kong Hong Kong


...

Dealing Day of the Fund (continued)

05 July I O July 20August 04 September 10 September 26 September 01 October 02October 15October 19 October 05November 09November 16 November 21 November 23Novernber

United States Brazil India United States Brazil Hong Kong Hong Kong India Brazil Hong Kong Brazil, Russia India Brazil Brazil United States

BRlC Markets Equity (Public holiday in Brazil, Hong Kong, India. Great Britain and in the United States*)

02January 03January 16 January 26January 3OJanuary 16 February 19February 20February

0 21 February 19 March 27March 05 April 02May 07May 24May 29May 08June 19June 02 July 05 July 10 July 20August 27August 04 September 10 September 26 September 01 October 02October 15October 19October 05November 09November 16Novernber 21 November 23November

Brazil, United States United States United States Brazil, India India India Hong Kong Brazil, Hong Kong, United States Brazil India India Hong Kong Brazil, India Great Britain Hong Kong United States Brazil Hong Kong Hong Kong United States Brazil India Great Britain United States Brazil Hong Kong Hong Kong India Brazil Hong Kong Brazil India Brazil Brazil United States

Chinese Equity, Hong Kong Equity (Public holiday in Hong Kong)

0 19 February Hong Kong 20February Hong Kong 05April Hong Kong 24May Hong Kong


Dealing Day of the Fund (continued) ... .. .

19June Hong Kong 02 July Hong Kong 26 September Hong Kong 01 October Hong Kong 19 October Hong Kong

Euro Corporate Bond, Euroland Equity, Euroland Value Creation (Public holiday in Germany, France and in the Netherlands)

30 April the Netherlands 0 24December Germany

31 December Germany

Euro Credit Bond, Euro Investment Grade Bond, Pan-European Equity (Public holiday in Great Britain and in France)

07May Great Britain 27August Great Britain

Emerging Europe Equity, Euro High Yield Bond, Sterling Investment Grade Bond, UK Equity, UK Freestyle (Public holiday in Great Britain)

07May Great Britain 27August Great Britain

Euroland Equity Smaller Companies (Public holiday in France, Germany, Italy and in the Netherlands)

30 April the Netherlands 24December Germany

0 31 December Germany

Europe ex UK Equity (Public holiday in France and Germany)

0 24December Germany 31 December Germany

Global Emerging Markets Elite Fund, Global Emerging Markets Equity (Public holiday in Korea, Taiwan and in the United States')

02January 0 03January

16 January 16Febnrary

0 19 February 20February 21 February 22February 23February 28February 01 March 05 April 24May 29May O6June 18June 19June 05 July 17 July 04 September 24 September 25 September

United States United States United States Taiwan Korea, Taiwan Taiwan, United States Taiwan Taiwan Taiwan Taiwan Korea Taiwan Korea United States Korea Taiwan Taiwan United States Korea United States Korea, Taiwan Korea, Taiwan


.. -

Dealing Day of the Fund (continued) -

26September Korea 03October Korea 10October Taiwan 23 November United States

Global Emerging Markets Equity Freestyle (Public holiday in Korea, Great Britain, and in the United States')

rn 02January 03January 16January

rn 19February 20February

rn 01 March 07May 24May

0 29May 0 O6June

05 July 17 July 27August 04 September 24 September 25 September 26 September 03October 23November

United States United States United States Korea United States Korea Great Britain Korea United States Korea United States Korea Great Britain United States Korea Korea Korea Korea United States

Global Equity (Public holiday in Japan, and in the United States*)

02January 03January 08January 16 January 12 February

rn 20February 21 March 30April 03May

0 04May 29May 05 July 16 July 04 September 17 September 24 September 08October 23November 24 December 31 December

United States, Japan United States, Japan Japan United States Japan United States Japan Japan Japan Japan United States United States Japan United States Japan Japan Japan Japan, United States Japan Japan

Global Equity SRI, Global ex Euroland Equity, Global Equity Technology, US Dollar Reserve, US Equity, US Index (Public holiday in the United States*)

02January United States 03January United States

rn 16January United States 20February United States 29May United States 05 July United States 04 September United States


Dealing Day of the Fund (continued) .

23 November United States

Global Investment Grade Bond (Public holiday in Germany, Italy, Japan”, France, Great Britain and in the United States*)

02January 08January 16January

0 12 February e 20February

21 March 30April 03May 04May 07May 29May 05 July 16 July 27August

0 04 September 17 September 24 September 08October 09October 13 November 23November 24December 31 December

United States Japan United States Japan United States Japan Japan Japan Japan Great Britain United States United States Japan Great Britain United States Japan Japan Japan United States’ United States* Japan, United States Germany, Japan Germany, Japan

a Exposure to Japan was below 20% for the holiday announced on 3 January - the sub-fund did not observe this date as a non-dealing day.

Indian Equity (Public holiday in India)

26 January 30 January 16 February 19 March 27 March 02 May 20 August 02 October 09 November

Japanese Equity (Public holiday in Japan)

02January 03January 08January 12February 21 March 30 April 03May

e 04May 16 July 17 September 24 September 08October 23November 24December 31 December

India India India India India India India India India

Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan


Dealing Day of the Fund (continued) - .

Korean Equity (Public holiday in Korea)

19 February 01 March 24 May 06 June 17 July 24 September 25 September 26 September 03 October

Korea Korea Korea Korea Korea Korea Korea Korea Korea

Latin American Freestyle (Public holiday in Argentina, Brazil, Chile and Mexico)

0 02January 26January 06February 20February 21 February 20March 03 April 02May 22May O5June 08June 19June 03 July I O July 16August 21 August 10 September 19 September 20 September 15October 16October 02November 05November 16November 20November 21 November 13December

Argentina, Brazil, Chile, Mexico Brazil Mexico Brazil Brazil Mexico Argentina Argentina, Brazil, Chile, Mexico Chile Chile Brazil Argentina Chile Argentina, Brazil Chile Argentina Brazil Chile Chile Brazil Argentina, Chile Chile Brazil, Mexico Brazil Mexico Brazil Mexico

Pan-European Equity High Dividend (Public holiday Germany, France and Great Britain)

07May Great Britain 27August Great Britain 24December Germany 31 December Germany

Singapore Equity (Public holiday in Singapore)

02January Singapore 19 February Singapore 20February Singapore 31 May Singapore 09August Singapore 08 November Singapore 20 December Singapore


.~

Dealing Day of the Fund (continued)

Sustainability Leaders (Public holiday in Germany, Switzerland, Great Britain and in France)

0 07May Great Britain 01 August Switzerland 27August Great Britain 24 December Germany, Switzerland 31 December Germany

Thai Equity (Public holiday in Thailand)

0

0

0

02 January 05 March 13 April 16 April 07 May 31 May 30 July 13 August 23 October 05 December 10 December 31 December

Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand

Turkish Convergence (Public holiday in Turkey)

02January 0 03January

23 April 30August 11 October 12October 29October

0 19 December 20December 21 December

Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey Turkey

US Dollar High Yield Bond, US Dollar Investment Grade Bond (Public holiday in the United States")

02 January 16 January 20 February 29 May 05 July 04 September 09 October 13 November 23 November

United States United States United States United States United States United States United States* United States* United States

+ US markets will observe different closures dates. The NYSE and Nasdaq are open on Columbus Day (08 October) and Veterans Day (12 November) and therefore equity sub-funds listing the US as a material market will not have a non- dealing day for these dates. The Bond markets will be closed to trading on these dates and Bond sub-funds listing the US as a material market will have non-dealing days on 09 October and 13 November (non-dealing day delayed by one business day in line with GIF Board policy).


- -

Dealing Day of the Fund (continued) _. -

Shareholders who deal through the Company’s local distributor or representative should note that there will be no dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a day which is not a business day in such jurisdiction.

The Company will determine the dealinghon-dealing calendar according to the latest market information obtained by the Company from time to time. Shareholders can obtain the latest dealing/nondealing calendar of the Company from the registered ofke of the Company or from the Company’s local distributor or representative.


Documents

HSBC Global Investment