January 2015...Fund Managers - Equity Pg 26 Comparative Performance of Equity Schemes Pg 28 HSBC MIP - Savings Plan Pg 32 HSBC MIP - Regular Plan Pg 34 HSBC Income Fund - Investment

January 2015

Index

1

In this Issue ...

Fund Manager Commentary Pg 2

HSBC Equity Fund Pg 6

HSBC India Opportunities Fund Pg 8

HSBC Midcap Equity Fund Pg 10

HSBC Progressive Themes Fund Pg 12

HSBC Tax Saver Equity Fund Pg 14

HSBC Dividend Yield Equity Fund Pg 16

HSBC Dynamic Fund Pg 18

HSBC Emerging Markets Fund Pg 20

HSBC Brazil Fund Pg 21

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

HSBC Managed Solutions India - Growth Pg 23

HSBC Managed Solutions India - Moderate Pg 24

HSBC Managed Solutions India - Conservative Pg 25

Fund Managers - Equity Pg 26

Comparative Performance of Equity Schemes Pg 28

HSBC MIP - Savings Plan Pg 32

HSBC MIP - Regular Plan Pg 34

HSBC Income Fund - Investment Plan Pg 36

HSBC Income Fund - Short Term Plan Pg 38

HSBC Floating Rate Fund - Long Term Plan Pg 40

HSBC Cash Fund Pg 42

HSBC Gilt Fund Pg 44

HSBC Ultra Short Term Bond Fund Pg 45

HSBC Flexi Debt Fund Pg 47

Fund Managers - MIP & Debt Pg 49

Comparative Performance of MIP & Debt Schemes Pg 51

Fund Manager Commentary January 2015

2

Equity & MIPMarket UpdateEquities ushered in 2015 on a new highThe Indian equity markets made a healthy start in 2015 and scaled to new record highs during the month of January 2015. The equity market performance was driven by the interest rate cut decision by the Reserve Bank of India (RBI) as well as the evolving favourable global liquidity scenario after the announcement of the Quantitative Easing (QE) programme by the European Central Bank (ECB).The RBI commenced its monetary easing cycle by reducing the repo rate by 25 basis points (bps), slightly earlier than anticipated and also in an inter-policy move. The central bank’s decision was influenced by lower inflation readings in the recent months and also the government’s commitment on prudent fiscal management. The timing of the rate cut came in as a positive trigger for the market participants and this has led to expectations of higher quantum of interest rate reduction during the year. The domestic macro indicators also showed improvement during the month of January 2015. The inflation readings were benign and this prompted the RBI to act in an inter-policy move. The Index of Industrial Production (IIP) growth also reversed a contraction scenario and surprised positively with a growth of 3.8% for November 2014. The trade deficit for December 2014 also came lower. The announcement of QE programme the ECB acted as an additional positive external news flow for the equity markets. Indian Rupee (INR) strengthened by ~1.9% during January 2015 and was the best performing currency in Asia and also amongst Emerging Markets.

Data on Institutional FlowsThe first month of calendar year 2015 (CY15) started on a strong note for Foreign Institutional Investors (FII) flows as the segment net bought Indian equities worth ~USD 2.9 bn during the month of January 2015. The overall Domestic Institutional Investors (DII) flows remained sluggish driven by continued outflows from the insurance segment and registered net outflows to the tune of ~USD 128 mn during January 2015. The insurance segment saw another month of net outflows at ~USD 142 mn, while the mutual funds saw marginal net buying to the tune of ~USD 14 mn.Trade deficit data The trade deficit narrowed sharply to USD9.4bn from USD16.9bn in November 2014. India’s export growth fell to -3.8% YoY in December 2014 from 7.3% in November 2014 whilst, import growth fell to -4.8% YoY in December 2014 from 26.8% in November 2014. Oil imports also dropped further largely on lower global crude oil prices. The gold imports eased during the month which reaffirms that that the spike in gold imports during September – November 2014 period was seasonal (festive demand) and not the start of an uptrend.

Source: Bombay Stock Exchange (BSE)

Inflation & Industrial Growth

Inflation data:The Consumer Price Index (CPI) inflation rose to 5.0% year-on-year (YoY) in December 2014 from 4.4% in November 2014. The rise was largely on account of higher food inflation (4.9% YoY in December 2014 up from 3.4% in November 2014) as a positive base effect in the food basket normalized in December 2014. The rise was smaller than expected and accounted for much of the downward surprise. The Wholesale Price Index (WPI) inflation continued to remain subdued in December 2014. The WPI inflation came at 0.1% YoY. The WPI inflation remains close to zero and dropped for fourth consecutive month. The core WPI inflation recorded almost a 60 month low at 1.6%.

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Sensex BSE100 BSE200 BSE500 BSEMidCap

BSESmallCap

Indices Performance - Jan 2015


3

Industrial Production data:The industrial production rebounded to 3.8% YoY in November 2014 from -4.2% YoY in October 2014. The industrial production was abnormally weak in October 2014 on account of fewer working days as Diwali festival season. The pickup in industrial production in November 2014 was led by stronger growth in capital and consumer non-durable goods categories. On the supply side, manufacturing sector growth bounced back while electricity output continued to grow by double digits.

Global Economic ScenarioCY15 kicked-off with an eventful January 2015, as a slew of global economic events took centre stage. The European Central bank’s (ECB) Quantitiative easing (QE) announcement was a key positive trigger for global equity markets as the system liquidity is expected to see a boost by this action. The ECB announced its intent to buy EUR 60 bn of assets a month, starting March 2015 till September 2016. Consequently, the ECB left the door open for extending the programe if inflation trajectory disappoints even after the current asset purchase schedule. Elsewhere in Switzerland, the Swiss National Bank surprised the market by announcing that it is abandoning its minimum forex exchange rate policy of 1.2 CHF/ EUR, which was in place since 2011. The National Bank found the cost of maintaining the peg ratio unjustified especially on the back –drop of a weakened EUR versus the USD. In the closely followed Greek elections, Syriza which was campaigning against the austerity measures beat the incumbent New Democracy party. This win for an anti-austerity party is considered negative for the effective implementation of the comprehensive bail-out programme for Greece.

Going ForwardIndian equities scaled new highs in January 2015. The QE announcement by the ECB has acted as a positive trigger for the domestic markets. The subdued nature of global oil prices have also supported the positive market sentiments. However the clear driver of January 2015 performance was the surprise inter-policy rate cut decision by the RBI, which came atleast a month or two earlier than anticipated. This has resulted in market participants expecting higher quantum of rate cuts in FY16 itself. Additionally, international agencies such as the World Bank & International Monetary Fund (IMF) in their recent economic data releases estimated that India’s GDP growth is likely to improve and be marginally ahead of China’s growth estimates in the next 2-3 years’ time frame. The government’s reform measures and the monetary easing cycle could accelerate this growth recovery. The union budget towards the end of Feb will be a key event to look forward in that direction.

Source: Bloomberg, for all data except where mentioned otherwise

Source: Bloomberg ; Central Statistical Organization (CSO) India


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Review: HSBC Progressive Themes FundThe fund is currently focusing on the following themes; 1. Economic Reforms (25.4%) which includes Financial sector reform- 16% & Oil & Gas Sector deregulation sub theme- 9.4% 2 Infrastructure (58.1%) which includes Power- 14.4%, Construction– 24.3% and Logistics- 19.4%. Well diversified exposure across sectors encompassing the above themes.Review: HSBC Dynamic FundThe cash levels and sector allocation in the fund are likely to change depending on the market conditions and technical factors.Review: HSBC MIP Regular and Savings PlansOur current exposure is 14.36% in HMIP Regular and 24.52%, in HMIP Savings. Currently it is more biased towards large caps than mid or small caps.

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

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

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

DebtEconomic Events and Data

The Reserve Bank of India (RBI) maintains status quo post inter policy interest rate cutThe RBI kept key policy rates unchanged in its Sixth bi-monthly credit policy and reduced Statutory Liquidity Ratio (SLR) by 50 basis points (bps) to 21.5%.It may be noted that the RBI had initiated an inter meeting cut of 25 bps on January 15, 2015. The RBI’s move was prompted by lower Consumer Price Index (CPI) inflation in January 2015, which was below the expected trajectory. The Government’s commitment on fiscal deficit path, also helped the decision.The RBI had indicated in December 2014, when it stated that possible monetary easing early next year including outside the policy review cycle if inflation momentum and changes in inflation expectations continue, and fiscal developments are encouraging.In the post policy press conference, the RBI Governor stated that lack of any incremental data since last policy action prompted a pause in current monetary policy. However, the RBI tweaked investment guidelines for Foreign Portfolio Investors (FPI). In case of Government Securities (G-sec), it allowed reinvestment of coupons in G-sec even when the existing limits are fully utilized. This effectively opens about INR 10,000 cr limit for investment every year. Moreover corporate bond investments will be restricted to above 3 year residual maturity by FPI investors. The CPI inflation inches up owing to rise vegetable pricesThe CPI inflation rose to 5.0% year-on-year (YoY) in December 2014 from 4.4% in November 2014. The rise was largely on account of higher food inflation (4.9% YoY in December 2014 up from 3.4% in November 2014) as a positive base effect in the food basket normalized in December 2014. That said, the rise was smaller than expected and accounted for much of the downward surprise.The Wholesale Price Index (WPI) inflation continued to remain subdued in December 2014. The WPI inflation came at 0.1% YoY. The WPI inflation remains close to zero and dropped for fourth consecutive month. The core WPI inflation recorded almost a 60 month low at 1.6%Index of Industrial Production (IIP) continues to fluctuateThe industrial production rebounded to 3.8% YoY in November 2014 from -4.2% YoY in October 2014. The industrial production was abnormally weak in October 2014 on account of fewer working days as Diwali festival season. The pickup in industrial production in November 2014 was led by stronger growth in capital and consumer non-durable goods categories. On the supply side, manufacturing sector growth bounced back while electricity output continued to grow by double digits.

Sectors HSBC Equity Fund

HSBC India Opportunities

Fund

HSBCMidcap

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

Overweight Underweight = Neutral

Trade Deficit falls sharplyThe trade deficit narrowed sharply to USD9.4bn from USD16.9bn in November 2014. India’s export growth fell to -3.8% YoY in December 2014 from 7.3% in November 2014 whilst, import growth fell to -4.8% YoY in December 2014 from 26.8% in November 2014. Oil imports also dropped further largely on lower global crude oil prices. The gold imports eased during the month which reaffirms that the spike in gold imports during September – November 2014 period was seasonal (festive demand) and not the start of an uptrend.Latest Fiscal Deficit reading throws a fresh challenge for the governmentIndia’s budget deficit breached Government’s financial year 2014-15 (FY15) target as it reached INR 5.32 tn. The fiscal deficit reading is equivalent to 100.2% of the target. The revenue receipts are currently at 58.3% of the annual target, while the total expenditure has reached 68.9% of the budgeted number. With the divestment program already underway, we maintain that the government would manage its finances in order to meet its fiscal deficit target of 4.1% of Gross Domestic Product (GDP) for the current fiscal.Revision in GDP Base YearThe Ministry of Statistics has changed its estimation and reporting of India’s GDP which includes: 1) making the ‘GDP at market prices’ series as the official GDP series from the previously followed series at factor cos’; 2) updating the base of the GDP data from 2004-05 to 2011-12; and 3) widening of the manufacturing and services sector data. These changes led to significant upward revisions in the GDP growth for the previous two years, particularly in financial year 2013-14 (FY14). Post these changes, India’s GDP grew at 5.1% and 6.9% YoY in FY13 and FY14, respectively, compared to below 5% growth reported as per the old series. The revision in the base year and calculation methods for the GDP would mean some revision in the growth numbers for FY15. The domestic activity is likely to remain subdued in Q3 of FY15, mainly reflecting the shortfall in the kharif harvest relative to a year ago. Agricultural growth is likely to pick up in Q4 FY15 with the late improvement in the north-east monsoon and in rabi sowing.

Market ActivityIt was indeed a positive month for INR rates. The bond favourable data followed by inter-policy interest rate cut by the RBI ensured that the bond rally is here to stay in the coming months. The benchmark ten year yields eased across the curve; whilst the duration segment remained in demand as evidenced in the weekly bond auctions. Status quo stance on policy outcome along with an expectation of easing in future and increased FPI implied limits will prompt easing in long term G-sec yields. Next couple months are going to witness lower net supply of G-sec aiding rally for bond prices. Moreover, easing of policy rates, lower CPI readings, comfortable liquidity scenario, soft crude prices, tepid credit growth and unlikely slippage in fiscal deficit would ensure bonds to achieve lower levels.Similar sentiment were replicated in the corporate bond segment wherein credit assets continue to witness demand at very low spreads, owing to demand from Foreign Institutional Investors (FII). FII’s continued to remain major investors in this segment considering sparsely available sovereign limits. The corporates are able to raise funds at lower cost in bond markets compared to bank lending rates which is likely to keep bond issuances crowded in the near term .Extent and pace of FPI demand will continue to remain the key determinant for credit spreads (yield spread between G-sec and corporate bond). However, restriction on FPI buying less than 3 year papers would put upward pressure on short term rates (1 – 3 years). The Fixed Term Series (FTS) demand and roll over may counter the pressure to some extent.

Global Economic ScenarioThe Federal Open Market Committee (FOMC) reiterated that its 0%-0.25% Fed funds rate target remains appropriate. The FOMC added that it can be “patient” in beginning to normalize rates, though it also referenced its previous “considerable time” guidance. The tone of the economic assessment was upgraded. The “nearly balanced” risk assessment for the economic outlook was maintained. The FOMC said that the labor market “improved further” and that job market underutilization “continues to diminish”. It sees inflation rising to target of 2% as low oil price impact fades.The announcement of massive Quantitative Easing (QE) by the European Central Bank (ECB) in late January 2015 has boosted stock markets across the world, even though many market participants have read the softness in crude prices and the ECB’s announcement as signifying a weaker global economic outlook.

Going ForwardThe favorable monetary policy stance, demand supply of sovereign bonds (G-sec), pro active liquidity management by the RBI, softening crude prices, low credit off take and prospects of fiscal consolidation augur well for maintaining longer duration bias on the bond portfolios.Source: Bloomberg, for all data except where mentioned otherwise


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

Issuer Market Value(` in Lacs)

% to NetAssets

Auto Tata Motors 3,657.19 5.28%Maruti Suzuki India 3,100.25 4.48%Auto AncillariesMotherson Sumi Systems 1,804.40 2.61%Banks ICICI Bank 5,139.98 7.43%Axis Bank 4,410.75 6.37%HDFC Bank 4,201.67 6.07%Yes Bank 2,156.13 3.11%State Bank Of India 1,853.70 2.68%Bank Of Baroda 1,062.33 1.53%Punjab National Bank 1,043.08 1.51%CementACC 1,560.45 2.25%ConstructionIRB Infrastructure Developers 1,481.43 2.14%Construction ProjectLarsen & Toubro 2550.825 3.68%Consumer Non DurablesI T C 3,685.50 5.32%Ferrous MetalsJindal Steel & Power 1,015.36 1.47%Finance LIC Housing Finance 1,746.53 2.52%Indiabulls Housing Finance 883.05 1.28%Rural Electrification Corporation 832.75 1.20%Shriram Transport Finance Co. 799.65 1.16%Non-Ferrous Metals Sesa Sterlite 1,615.60 2.33%Oil Oil & Natural Gas Corporation 2,810.80 4.06%Cairn India 698.55 1.01%Pharmaceuticals Glenmark Pharmaceuticals 1,438.30 2.08%Dr. Reddy's Laboratories 1,293.30 1.87%Lupin 1,188.98 1.72%PowerPower Grid Corporation Of India 740.00 1.07%Software HCL Technologies 2,687.63 3.88%Tech Mahindra 2,151.38 3.11%Infosys 2,141.90 3.09%Wipro 1,819.65 2.63%Tata Consultancy Services 868.72 1.25%Transportation Adani Ports & Special Economic Zone 1,875.78 2.71%Total 92.90%

HSBC Equity Fund (HEF) January 2015

6


% to NetAssets

Other Equity Investments 3,150.80 4.55%CBLOs 19.71 0.03%Net Current Assets 1,736.65 2.52%Total Net Assets as on 31 January 2015 69,222.71 100.00%

Asset AllocationAuto 9.76%Auto Ancillaries 2.61%Banks 28.70%Cement 2.25%Construction 2.14%Construction Project 3.68%Consumer Non Durables 5.32%Ferrous Metals 1.47%Finance 6.16%Non-Ferrous Metals 2.33%Oil 5.07%Pharmaceuticals 5.67%Power 1.07%Software 13.96%Transportation 2.71%Other Equity Investments 4.55%Reverse Repos/CBLOs 0.03%Net Current Assets 2.52%Total Net Assets 100.00%

Dividend DeclarationRecord Date / period of

dividend declaredDividend (` per unit)

Non-InstitutionalDividend (` per unit)

InstitutionalNAV (`) per unit(cum dividend)

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

Date of Allotment 10-Dec-02Benchmark S&P BSE 200NAV (Growth) per unit(as on 30.01.15)

` 156.9610

Fund Managers Neelotpal SahaiSIP AvailableMinimumApplicationAmount

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

Exit Load@ NilStatistical Ratios

Standard Deviation 0.96%R-Squared 0.9467Beta (Slope) 1.0016Sharpe Ratio** 0.0452Total Expense Ratio as on January 31, 2015

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

Regular 2.41% Direct Plan 1.70% Excludes service tax on Investment Management fees of 0.17% of Total Net Assets. Portfolio Turnover 0.56

Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate: 7.91% (364 days Treasury bill yield on January 30, 2015).

HSBC Equity Fund (HEF) January 2015

7

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

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

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


% to NetAssets

Auto Eicher Motors 1,464.83 3.31%Tata Motors 1,462.88 3.31%Auto AncillariesSundram Fasteners 442.69 1.00%Banks ICICI Bank 2,885.60 6.52%Axis Bank 2,705.26 6.12%HDFC Bank 2,424.04 5.48%Yes Bank 1,940.51 4.39%Indusind Bank 957.22 2.16%State Bank of India 617.90 1.40%Indian Bank 464.38 1.05%Cement Shree Cement 1,316.36 2.98%Prism Cement 516.75 1.17%ChemicalsVinati Organics 695.97 1.57%Construction IRB Infrastructure Developers 875.39 1.98%Prestige Estates Project 825.30 1.87%Construction ProjectLarsen & Toubro 1,190.39 2.69%Consumer Non Durables I T C 1,382.06 3.13%Hindustan Unilever 606.16 1.37%Finance LIC Housing Finance 957.00 2.16%Shriram Transport Finance Co. 799.65 1.81%Industrial ProductsSupreme Industries 590.55 1.34%Finolex Industries 581.10 1.31%Media & EntertainmentD.B.Corp 762.60 1.72%Oil Oil & Natural Gas Corporation 702.70 1.59%PesticidesUPL 497.27 1.12%Pharmaceuticals Dr. Reddy's Laboratories 1,131.64 2.56%Aurobindo Pharma 935.81 2.12%Glenmark Pharmaceuticals 898.94 2.03%PowerCESC 914.13 2.07%Software HCL Technologies 1,791.75 4.05%Tech Mahindra 1,434.25 3.24%Infosys 1,242.30 2.81%Tata Consultancy Services 744.62 1.68%Mindtree 660.55 1.49%Textile ProductsArvind 726.88 1.64%TransportationGateway Distriparks 1,055.18 2.39%Gujarat Pipavav Port 618.60 1.40%Total 90.03%

HSBC India Opportunities Fund (HIOF) January 2015

8


% to NetAssets

Other Equity Investments 3,052.23 6.89%CBLOs 1,328.62 3.00%Net Current Assets 25.51 0.08%Total Net Assets as on 31 January 2015 44,225.53 100.00%

Asset AllocationAuto 6.62%Auto Ancillaries 1.00%Banks 27.12%Cement 4.15%Chemicals 1.57%Construction 3.85%Construction Project 2.69%Consumer Non Durables 4.50%Finance 3.97%Industrial Products 2.65%Media & Entertainment 1.72%Oil 1.59%Pesticides 1.12%Pharmaceuticals 6.71%Power 2.07%Software 13.27%Textile Products 1.64%Transportation 3.79%Other Equity Investments 6.89%Reverse Repos/CBLOs 3.00%Net Current Assets 0.08%Total Net Assets 100.00%





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

Date of Allotment 24-Feb-04Benchmark S&P BSE 500NAV (Growth) per unit(as on 30.01.15)

` 67.4970

Fund Manager Neelotpal SahaiSIP AvailableMinimumApplication Amount

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





Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 7.91% (364 days Treasury bill yield on January 30, 2015)

HSBC India Opportunities Fund (HIOF) January 2015

9


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

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


% to NetAssets

AutoVST Tillers Tractors 476.64 1.37%Auto Ancillaries Sundram Fasteners 1,063.98 3.05%Suprajit Engineering 773.49 2.22%Apollo Tyres 759.18 2.17%Balkrishna Industries 628.05 1.80%Banks DCB Bank 967.29 2.77%Yes Bank 827.95 2.37%Federal Bank 822.73 2.36%Syndicate Bank 620.90 1.78%Jammu & Kashmir Bank 548.82 1.57%Karur Vysya Bank 419.83 1.20%CementPrism Cement 1,034.39 2.96%Everest Industries 431.65 1.24%ChemicalsVinati Organics 1,183.22 3.39%Atul 663.39 1.90%ConstructionNational Buildings Construction Corp 609.99 1.75%IRB Infrastructure Developers 509.07 1.46%Consumer Non DurablesCCL Products (India) 1,347.88 3.86%FinanceIndiabulls Housing Finance 1,321.63 3.79%Motilal Oswal Financial Services 1,267.93 3.63%Cholamandalam Investment & Fin Co. 862.54 2.47%Industrial Capital GoodsBEML 899.39 2.58%Industrial ProductsFinolex Industries 623.79 1.79%Media & Entertainment HT Media 604.98 1.73%Minerals/Mining Gujarat Mineral Development Corporation 409.08 1.17%PesticidesUPL 1,256.07 3.60%PI Industries 715.23 2.05%Petroleum ProductsGulf Oil Lubricants 798.43 2.29%Hindustan Petroleum Corporation 756.64 2.17%PharmaceuticalsAurobindo Pharma 954.53 2.73%Lupin 562.78 1.61%Torrent Pharmaceuticals 538.85 1.54%PowerCESC 574.07 1.64%Kalpataru Power Transmission 357.99 1.03%Software Persistent Systems 722.23 2.07%Tech Mahindra 671.23 1.92%Textile ProductsArvind 552.43 1.58%Indian Terrain Fashions 413.40 1.18%Transportation Gujarat Pipavav Port 911.40 2.61%Gateway Distriparks 717.81 2.06%Adani Ports & Special Economic Zone 358.10 1.03%Total 87.49%

HSBC Midcap Equity Fund (HMEF) January 2015

10


% to NetAssets

Other Equity Investments 3,215.67 9.21%CBLOs 1,156.75 3.31%Net Current Assets 5.98 -0.01%Total Net Assets as on 31 January 2015 34,917.40 100.00%

Asset AllocationAuto 1.37%Auto Ancillaries 9.24%Banks 12.05%Cement 4.20%Chemicals 5.29%Construction 3.21%Consumer Non Durables 3.86%Finance 9.89%Industrial Capital Goods 2.58%Industrial Products 1.79%Media & Entertainment 1.73%Minerals/Mining 1.17%Pesticides 5.65%Petroleum Products 4.46%Pharmaceuticals 5.88%Power 2.67%Software 3.99%Textile Products 2.76%Transportation 5.70%Other Equity Investments 9.21%Reverse Repos/CBLOs 3.31%Net Current Assets -0.01%Total Net Assets 100.00%





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

Date of Allotment 19-May-05Benchmark S&P BSE MidcapNAV (Growth) per unit(as on 30.01.15)

` 39.0762

Fund Manager Dhiraj SachdevSIP AvailableMinimumApplicationAmount

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





Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 7.91% (364 days Treasury bill yield on January 30, 2015).

HSBC Midcap Equity Fund (HMEF) January 2015

11


Our exposure to midcap stocks in HSBC Midcap Equity Fund (HMEF) is 81.4800%

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

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


% to NetAssets

Auto Tata Motors -DVR 469.50 2.88%Auto Ancillaries Apollo Tyres 523.91 3.21%Banks Jammu & Kashmir Bank 616.20 3.78%Karnataka Bank 407.27 2.50%ICICI Bank 360.70 2.21%Dena Bank 279.06 1.71%CementEverest Industries 641.08 3.93%HIL 289.87 1.78%ConstructionNational Buildings Construction Corp 750.89 4.60%IRB Infrastructure Developers 673.38 4.13%Construction ProjectGammon Infrastructure Projects 243.82 1.50%Larsen & Toubro 212.57 1.30%Finance Rural Electrification Corporation 799.44 4.90%GasGujarat State Petronet 237.60 1.46%Industrial Capital GoodsBEML 785.89 4.82%Industrial Products Fag Bearings India 1,080.02 6.62%Minerals/MiningGujarat Mineral Development Corporation 327.23 2.01%Petroleum Products Hindustan Petroleum Corporation 1,032.98 6.33%Indian Oil Corporation 233.39 1.43%Power JSW Energy 786.83 4.83%CESC 511.91 3.14%Power Grid Corporation of India 407.00 2.50%Reliance Infrastructure 322.74 1.98%PTC India 320.57 1.97%TransportationGateway Distriparks 1,457.86 8.94%Gujarat Pipavav Port 1,020.69 6.26%Adani Ports & Special Economic Zone 692.33 4.25%Total 94.97%

HSBC Progressive Themes Fund (HPTF) January 2015

12


% to NetAssets

Other Equity Investments 636.26 3.91%CBLOs 325.88 2.00%Net Current Assets -139.75 -0.88%Total Net Assets as on 31 January 2015 16,307.09 100.00%

Asset AllocationAuto 2.88%Auto Ancillaries 3.21%Banks 10.20%Cement 5.71%Construction 8.73%Construction Project 2.80%Finance 4.90%Gas 1.46%Industrial Capital Goods 4.82%Industrial Products 6.62%Minerals/Mining 2.01%Petroleum Products 7.76%Power 14.42%Transportation 19.45%Other Equity Investments 3.91%Reverse Repos/CBLOs 2.00%Net Current Assets -0.88%Total Net Assets 100.00%





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

Date of Allotment 23-Feb-06Benchmark S&P BSE 200NAV (Growth) per unit(as on 30.01.15)

` 19.4712

Fund Manager Dhiraj SachdevSIP AvailableMinimumApplicationAmount

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




Regular 2.62% Direct Plan 1.92% Excludes service tax on Investment Management fees of 0.20% on Regular Plan and 0.19% on Direct Plan of Total Net Assets. Portfolio Turnover 0.13

Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate: 7.91% (364 days Treasury bill yield on January 30, 2015)

HSBC Progressive Themes Fund (HPTF) January 2015

13


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

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


% to NetAssets

Auto Maruti Suzuki India 883.86 4.20%Tata Motors 239.91 1.14%Auto Ancillaries Amara Raja Batteries 538.09 2.56%Motherson Sumi Systems 432.43 2.06%MRF 419.59 1.99%Banks ICICI Bank 1,588.88 7.55%Indusind Bank 1,009.43 4.80%Axis Bank 961.54 4.57%HDFC Bank 808.01 3.84%Jammu & Kashmir Bank 602.18 2.86%Federal Bank 423.51 2.01%Cement Shree Cement 1,030.82 4.90%The Ramco Cements 452.34 2.15%Construction ProjectLarsen & Toubro 896.19 4.26%Consumer DurablesBajaj Electricals 230.60 1.10%Consumer Non DurablesI T C 409.45 1.95%McLeod Russel India 359.84 1.71%Britannia Industries 303.92 1.45%Finance LIC Housing Finance 839.42 3.99%Sundaram Finance 447.91 2.13%Industrial Capital GoodsCrompton Greaves 439.76 2.09%Industrial ProductsOrient Refractories 402.29 1.91%Supreme Industries 401.89 1.91%Finolex Industries 337.04 1.60%OilOil & Natural Gas Corporation 414.59 1.97%Petroleum Products Reliance Industries 274.58 1.31%Pharmaceuticals Ipca Laboratories 663.03 3.15%Lupin 420.10 2.00%Dr. Reddy's Laboratories 355.66 1.69%PowerCESC 504.60 2.40%Software Infosys 865.33 4.11%Tech Mahindra 665.49 3.16%Mindtree 495.41 2.36%HCL Technologies 358.35 1.70%Textile ProductsArvind 383.79 1.82%Indian Terrain Fashions 262.57 1.25%TransportationGateway Distriparks 564.04 2.68%Total 98.33%

HSBC Tax Saver Equity Fund (HTSF) January 2015

14

Date of Allotment 05-Jan-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 30.01.15)

` 27.9203

Fund Manager Aditya KhemaniSIP AvailableMinimumApplicationAmount

` 500(Lumpsum & SIP)



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




% to NetAssets


Asset AllocationAuto 5.34%Auto Ancillaries 6.61%Banks 25.63%Cement 7.05%Construction Project 4.26%Consumer Durables 1.10%Consumer Non Durables 5.11%Finance 6.12%Industrial Capital Goods 2.09%Industrial Products 5.42%Oil 1.97%Petroleum Products 1.31%Pharmaceuticals 6.84%Power 2.40%Software 11.33%Textile Products 3.07%Transportation 2.68%Other Equity Investments 1.38%Reverse Repos/CBLOs 0.87%Net Current Assets -0.58%Total Net Assets 100.00%





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

HSBC Tax Saver Equity Fund (HTSF) January 2015

15


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

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

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


% to NetAssets

Auto Maruti Suzuki India 152.64 3.02%Hero Motocorp 91.70 1.81%Tata Motors 91.24 1.80%Auto Ancillaries MRF 123.31 2.44%Amara Raja Batteries 109.28 2.16%Banks ICICI Bank 245.64 4.85%Axis Bank 232.30 4.59%Karur Vysya Bank 197.15 3.90%Federal Bank 156.04 3.08%Bank of Baroda 146.31 2.89%Jammu & Kashmir Bank 109.99 2.17%HDFC Bank 74.55 1.47%CementShree Cement 120.67 2.38%ACC 78.80 1.56%ConstructionIRB Infrastructure Developers 107.20 2.12%Construction ProjectLarsen & Toubro 175.58 3.47%Consumer Non DurablesI T C 284.20 5.62%Hindustan Unilever 95.15 1.88%McLeod Russel India 71.77 1.42%Ferrous MetalsTata Steel 59.25 1.17%FinanceIndiabulls Housing Finance 141.29 2.79%Industrial Products Finolex Industries 72.64 1.44%Supreme Industries 67.45 1.33%Media & EntertainmentSun TV Network 85.46 1.69%Minerals/MiningNMDC 63.68 1.26%Non - Ferrous Metals Hindustan Zinc 122.68 2.42%Oil Oil & Natural Gas Corporation 219.59 4.34%Petroleum Products Bharat Petroleum Corporation 134.79 2.66%Pharmaceuticals Lupin 171.62 3.39%Power Power Grid Corporation of India 74.00 1.46%NTPC 67.23 1.33%Software Infosys 377.62 7.46%Tata Consultancy Services 173.74 3.43%Wipro 132.83 2.62%HCL Technologies 91.11 1.80%Eclerx Services 76.92 1.52%TransportationGateway Distriparks 155.28 3.07%Total 97.81%

HSBC Dividend Yield Equity Fund (HDYEF) January 2015

16


% to NetAssets


Asset AllocationAuto 6.63%Auto Ancillaries 4.60%Banks 22.95%Cement 3.94%Construction 2.12%Construction Project 3.47%Consumer Non Durables 8.92%Ferrous Metals 1.17%Finance 2.79%Industrial Products 2.77%Media & Entertainment 1.69%Minerals/Mining 1.26%Non - Ferrous Metals 2.42%Oil 4.34%Petroleum Products 2.66%Pharmaceuticals 3.39%Power 2.79%Software 16.83%Transportation 3.07%Other Equity Investments 1.47%Reverse Repos/CBLOs 1.35%Net Current Assets -0.63%Total Net Assets 100.00%

Date of Allotment 21-Mar-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 30.01.15)

` 17.1753

Fund Manager Gaurav Mehrotra & Amaresh Mishra

SIP AvailableMinimumApplicationAmount

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


Standard Deviation 0.90%R-Squared,m 0.9288Beta (Slope) 0.9275Sharpe Ratio** 0.0533Total Expense Ratio as on January 31, 2015

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

Regular 2.47% Direct Plan 1.73% Excludes service tax on Investment Management fees of 0.18% on Regular Plan and 0.17% on Direct Plan of Total Net Assets. Portfolio Turnover 0.40


HSBC Dividend Yield Equity Fund (HDYEF) January 2015

17

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

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


% to NetAssets

Auto Tata Motors 438.86 6.44%Maruti Suzuki India 109.42 1.61%Banks HDFC Bank 474.03 6.96%ICICI Bank 450.88 6.62%Axis Bank 441.08 6.48%Yes Bank 301.86 4.43%CementACC 140.44 2.06%Construction ProjectLarsen & Toubro 255.08 3.75%Consumer Non DurablesI T C 368.55 5.41%Hindustan Unilever 167.86 2.47%Ferrous MetalsJindal Steel & Power 87.26 1.28%Non-Ferrous MetalsSesa Sterlite 131.27 1.93%Oil Oil & Natural Gas Corporation 175.68 2.58%Petroleum Products Reliance Industries 201.36 2.96%Pharmaceuticals Dr. Reddy's Laboratories 339.49 4.99%PowerPower Grid Corporation of India 170.20 2.50%Software Tata Consultancy Services 297.85 4.37%HCL Technologies 268.76 3.95%Infosys 85.68 1.26%Telecom ServicesIdea Cellular 116.14 1.71%Transportation Adani Ports & Special Economic Zone 170.53 2.50%Total 76.26%

HSBC Dynamic Fund (HDF) January 2015

18


% to NetAssets

CBLOs 1,424.43 20.92%Net Current Assets 192.77 2.82%Total Net Assets as on 31 January 2015 6,809.45 100.00%

Asset AllocationAuto 8.05%Banks 24.49%Cement 2.06%Construction Project 3.75%Consumer Non Durables 7.88%Ferrous Metals 1.28%Non-Ferrous Metals 1.93%Oil 2.58%Petroleum Products 2.96%Pharmaceuticals 4.99%Power 2.50%Software 9.58%Telecom - Services 1.71%Transportation 2.50%Reverse Repos/CBLOs 20.92%Net Current Assets 2.82%Total Net Assets 100.00%

Date of Allotment 24-Sep-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 30.01.15)

` 14.1438

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


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






HSBC Dynamic Fund (HDF) January 2015

19

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

Date of Allotment 17-Mar-08Benchmark MSCI Emerging

Markets IndexNAV (Growth) per unit(as on 30.01.15)

` 11.3001

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


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



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

Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.11% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate: 7.91% (364 days Treasury bill yield on January 30, 2015)

Asset AllocationOverseas Mutual Fund 97.60%Reverse Repos/CBLOs 1.29%Net Current Assets 1.11%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual FundHSBC Global Investment Funds - Global Emerging Markets Equity (Share Class S1D) 1,063.33 97.60%

CBLOs 14.10 1.29%Net Current Assets 12.10 1.11%Total Net Assets as on 31 January 2015 1,089.53 100.00%

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

HSBC Emerging Markets Fund (HEMF) January 2015

20

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


Record Date / period of dividend declared

Dividend (` per unit)Non-Institutional

Dividend (` per unit) Institutional

NAV (`) per unit(cum dividend)

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

Dividend Declaration

Date of Allotment 06-May-11Benchmark MSCI Brazil

10/40 IndexNAV (Growth) per unit(as on 30.01.15)

` 6.6528

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


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


Standard Deviation 1.43%R-Squared 0.3580Beta (Slope) 0.6340Sharpe Ratio** -0.0270Total Expense Ratio as on January 31, 2015


Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Managementfees of 0.11% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate: 7.91% (364 days Treasury bill yield on January 30, 2015)

Asset AllocationOverseas Mutual Fund 97.26%Reverse Repos/CBLOs 2.66%Net Current Assets 0.08%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual FundHSBC Global Investment Funds - Brazil Equity (Share Class S3D) 4,155.16 97.26%

CBLOs 113.81 2.66%

Net Current Assets 3.31 0.08%

Total Net Assets as on 31 January 2015 4,272.28 100.00%

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

HSBC Brazil Fund (HBF) January 2015

21

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

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

Pacific ex JapanNAV (Growth) per unit(as on 30.01.15)

` 10.2168

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


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


Standard Deviation 0.50%R-Squared 0.5850Beta (Slope) 0.6900Sharpe Ratio** -0.0470Total Expense Ratio as on January 31, 2015


Regular 2.30% Direct Plan 1.60%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Managementfees of 0.09% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 7.91% (364 days Treasury bill yield on January 30, 2015).

Asset AllocationOverseas Mutual Fund 99.79%Reverse Repos/CBLOs 2.68%Net Current Assets -2.47%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual Fund

HSBC Global Investment Funds - Asia Pacific ex Japan Equity High Dividend (Share Class S9D) 3,579.82 99.79%

CBLOs 96.25 2.68%

Net Current Assets -88.60 -2.47%

Total Net Assets as on 31 January 2015 3,587.47 100.00%

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

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

January 2015

22

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


% to NetAssets

Mutual FundHSBC Equity Fund - Growth Direct 7,147.78 57.62%HSBC Midcap Equity Fund - Growth Direct 1,806.96 14.57%HSBC Income Fund Inv Plan Growth Direct 1,275.20 10.28%HSBC Flexi Debt Fund Growth Direct 769.72 6.21%Overseas Mutual FundHSBC MSCI WORLD UCITS ETF 1,186.09 9.56%Total 98.24%CBLOs 263.84 2.13%Net Current Assets -45.17 -0.37%Total Net Assets as on 31 January 2015 12,404.42 100.00%

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

HSBC Managed Solutions India - Growth January 2015

23

Asset Allocation Mutual Fund 88.68%Overseas Mutual Fund 9.56%Reverse Repos/CBLOs 2.13%Net Current Assets -0.37%Total Net Assets 100.00%

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

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

NAV (Growth) per unit(as on 30.01.15)

` 13.0623

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


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



Regular 2.30% Direct Plan 2.03% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.16% on the underlying scheme’s in which the fund of fund invests.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.31% Direct Plan 2.04%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.16% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later.@ Effective from March 1, 2013 for prospective investments.**Risk free rate: 7.91% (364 days Treasury bill yield on January 30, 2015)

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


% to NetAssets

Mutual FundHSBC Equity Fund - Growth Direct 8,973.58 37.75%HSBC Flexi Debt Fund Growth Direct 7,120.96 29.95%HSBC Midcap Equity Fund - Growth Direct 2,405.18 10.12%HSBC Income Fund Inv Plan Growth Direct 1,981.74 8.34%HSBC Inc Fund Short Term - Growth Direct 674.54 2.84%

Overseas Mutual FundHSBC MSCI WORLD UCITS ETF 1,685.06 7.09%Total 96.09%CBLOs 1,127.04 4.74%Net Current Assets -195.78 -0.83%Total Net Assets as on 31 January 2015 23,772.33 100.00%

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

HSBC Managed Solutions India - Moderate January 2015

24

Date of Allotment 30-Apr-2014Benchmark CRISIL Balanced

Fund Index NAV (Growth) per unit(as on 30.01.15)

` 12.4570

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


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




Regular 2.20% Direct Plan 1.95%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.13% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 7.91% (364 days Treasury bill yield on January 30, 2015)

Asset Allocation Mutual Fund 89.00%Overseas Mutual Fund 7.09%Reverse Repos/CBLOs 4.74%Net Current Assets -0.83%Total Net Assets 100.00%

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


% to NetAssets

Mutual FundHSBC Inc Fund Short Term - Growth Direct 12,711.36 41.98%HSBC Flexi Debt Fund Growth Direct 8,474.64 27.99%HSBC Equity Fund - Growth Direct 3,368.18 11.12%HDFC Income Fund Direct Plan - Growth 2,490.47 8.23%HSBC Income Fund Inv Plan Growth Direct 1,872.12 6.18%HSBC Midcap Equity Fund - Growth Direct 978.56 3.23%Total 98.73%CBLOs 374.36 1.24%Net Current Assets 6.91 0.03%Total Net Assets as on 31 January 2015 30,276.60 100.00%

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

HSBC Managed Solutions India - Conservative January 2015

25

Date of Allotment 30-Apr-2014Benchmark Composite Index

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

NAV (Growth) per unit(as on 30.01.15)

` 11.4496

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

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




Regular 1.63% Direct Plan 1.40%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.08% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate: 7.91% (364 days Treasury bill yield on January 30, 2015)

Asset Allocation Mutual Fund 98.73%Reverse Repos/CBLOs 1.24%Net Current Assets 0.03%Total Net Assets 100.00%


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

Name of Scheme Fund Manager

HSBC Equity Fund Neelotpal Sahai (from 27 May 2013)

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

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

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

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

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

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

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

HSBC Brazil Fund Anitha Rangan (from 18 October 2014)

HSBC Asia Pacific (Ex Japan) Dividend Yield Fund

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

HSBC Managed Solutions For overseas investment : Anitha Rangan (from 18 October 2014) , For Investments in Indian Market - Equity Portion : Gaurav Mehrotra (April 2014) & For Investments in Indian Market - Debt Portion : Sanjay Shah (April 2014)

Fund Manager’s ExperienceDhiraj Sachdev Senior Vice President and Fund Manager - EquitiesB.Com., ACA, Grad CWA, Diploma in Foreign Trade Management (DFTM)Experience:Over 18 years experience in Equity Research and Fund Management. l HSBC Asset Management (India) Private Ltd Senior Vice President & Fund Manager, from October 2011 to present, Senior Fund Manager from 1 December 2009 to September 2011, Head of Equity-Portfolio Management Services from October 2005 to November 2009 l ASK Raymond James Securities India Private Ltd Portfolio Manager from October 2003 to September 2005 l HDFC Bank Ltd Senior Manager Equities from November 1999 to September 2003 l DSQ Software Ltd Business Analyst from June 1999 to November 1999 l Probity Research & Services Ltd (India Infoline Ltd) Research Analyst from November 1998 to May 1999 l Ford Brothers Capital Services (P) Ltd Manager Research from July 1996 to Sept 1998 Gaurav MehrotraVice President & Assistant Fund ManagerPost Graduate Diploma in Business Management, Bachelor of EngineeringExperience: Over 9 years experience in research. l HSBC Asset Management (India) Private Ltd Vice President & Assistant Fund Manager, from April 2012 to present, Associate Vice President, Investment Management from September 2007 to March 2012 l JPMorgan Services India Private Ltd Equity Research from August 2005 to September 2007 l Tata Consultancy Services Ltd Business Analyst from June 2004 to July 2005

Fund Managers - Equity January 2015

26

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

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

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

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

Fund Managers - Equity January 2015

27

Funds Managed by Neelotpal Sahai.

Comparative Performance of Equity Schemes January 2015

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

Dec 14Jan 13 - Dec 13

Jan 12 - Dec 12

Since Inception

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

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

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

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


Jan 12 - Dec 12

Since Inception

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



28

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

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



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


Jan 12 - Dec 12

Since Inception

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



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


29

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


Jan 12 - Dec 12

Since Inception

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

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

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



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


Jan 12 - Dec 12

Since Inception

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

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

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



Funds Managed by - Anitha Rangan.



30


Fund Managed by Gaurav Mehrotra and Amaresh Mishra.


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


Jan 12 - Dec 12

Since Inception

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



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


Jan 12 - Dec 12

Since Inception

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




Fund Managed by - Aditya Khemani.


31


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


Jan 12 - Dec 12

Since Inception

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




Funds Managed by - Dhiraj Sachdev.

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


Jan 12 - Dec 12

Since Inception

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

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



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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCommercial PaperEdelweiss Financial Services 599.72 3.12% CRISIL A1+Corporate/PSU DebtCorporate Bonds / DebenturesRural Electrification Corporation 522.45 2.71% CRISIL AAAPower Finance Corporation 511.26 2.66% CRISIL AAALIC Housing Finance 506.51 2.63% CRISIL AAAPower Finance Corporation 230.16 1.20% CRISIL AAAEquityEquitiesShree Cements 343.57 1.79%ICICI Bank 332.75 1.73%Axis Bank 329.34 1.71%Larsen & Toubro 280.59 1.46%IndusInd Bank 265.41 1.38%Maruti Suzuki India 202.43 1.05%ITC 193.49 1.01%Crompton Greaves 183.86 0.96%LIC Housing Finance 181.83 0.94%Tech Mahindra 180.72 0.94%Amara Raja Batteries 177.29 0.92%Supreme Industries 169.39 0.88%McLeod Russel India 168.47 0.88% N.AHDFC Bank 166.99 0.87%The Ramco Cements 160.39 0.83%Grasim Industries 157.30 0.82%IPCA Laboratories 119.36 0.62%Lupin 118.90 0.62%CESC 117.01 0.61%Karur Vysya Bank 110.47 0.57%Arvind 101.76 0.53%Motherson Sumi Systems 98.22 0.51%Oil & Natural Gas Corporation 96.62 0.50%The Jammu & Kashmir Bank 91.47 0.48%MRF 80.07 0.42%Finolex Industries 75.54 0.39%Orient Refractories 74.68 0.39%Hindustan Dorr-Oliver 49.50 0.26%Dr. Reddy's Laboratories 45.27 0.24%Jaiprakash Associates 39.97 0.21%Government Securities8.40% GOVT OF INDIA RED 28-07-2024 2,827.27 14.69% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 2,652.43 13.78% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 1,646.02 8.55% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 1,174.10 6.10% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 754.01 3.92% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 749.01 3.89% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 611.19 3.18% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 608.76 3.16% Sovereign8.28% GOVT OF INDIA RED 21-09-2027 156.23 0.81% SovereignTotal 94.92%Cash EquivalentsCBLOs 817.73 4.25%Net Current Assets 167.72 0.83%Total Net Assets as on 31 January 2015 19,247.22 100.00%

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

32

Date of Allotment 24-Feb-04Benchmark CRISIL MIP

Blended IndexNAV (Growth) per unit(as on 30.01.15)

` 29.3291

Average Maturity of Portfolio

129.49 months

Modified Durationof Portfolio

74.98 months

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

SIP AvailableMinimum Application AmountGrowth `10,000Quarterly Dividend `10,000Monthly Dividend `25,000SIP `1,000 p.m.Exit Load@ NilTotal Expense Ratio as on January 31, 2015


Regular 2.34% Direct Plan 1.84% Excludes service tax on Investment Management fees of 0.11% on Regular Plan and 0.12% on Direct Plan of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.

Asset AllocationGovernment Securities 58.08%Equity 24.52%Corporate/ PSU Debt 9.20%Cash Equivalents 4.25%Money Market Instruments 3.12%Net Current Assets 0.83%Total Net Assets 100.00%

Rating ProfileSovereign 58.08%Equity 24.52%AAA and equivalents 12.32%Reverse Repos/ CBLOs 4.25%Net Current Assets 0.83%Total Net Assets 100.00%

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

33





HSBC MIP - Savings Plan - Monthly Dividend25-Nov-14 0.05444 0.05049 13.566026-Dec-14 0.05444 0.05049 13.679027-Jan-15 0.05444 0.05049 14.1197HSBC MIP - Savings Plan - Monthly Dividend - Direct Plan25-Jul-14 0.05845 0.05597 13.468725-Aug-14 0.05845 0.05597 13.485927-Oct-14 0.05444 0.05049 13.7913HSBC MIP - Savings Plan - Quarterly Dividend25-Jun-14 0.17534 0.16792 13.228425-Sep-14 0.17534 0.16792 13.309826-Dec-14 0.16332 0.15146 13.7829HSBC MIP - Savings Plan - Quarterly Dividend - Direct Plan25-Jun-14 0.17534 0.16792 13.747525-Sep-14 0.17534 0.16792 13.859526-Dec-14 0.16332 0.15146 14.3797


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


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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Corporate/PSU DebtCorporate Bonds / DebenturesRural Electrification Corporation 522.45 5.60% CRISIL AAAPower Finance Corporation 511.26 5.48% CRISIL AAALIC Housing Finance 506.51 5.43% CRISIL AAAPower Finance Corporation 52.31 0.56% CRISIL AAAEquityEquitiesAxis Bank 117.62 1.26%Shree Cements 113.54 1.22%ICICI Bank 105.50 1.13%Tech Mahindra 101.83 1.09%Larsen & Toubro 90.13 0.97%Maruti Suzuki India 60.80 0.65%ITC 58.96 0.63%LIC Housing Finance 57.42 0.62%Amara Raja Batteries 56.93 0.61%McLeod Russel India 56.81 0.61%Grasim Industries 50.49 0.54%Supreme Industries 44.80 0.48% N.A.Arvind 43.61 0.47%IPCA Laboratories 42.77 0.46%The Jammu & Kashmir Bank 42.69 0.46%Motherson Sumi Systems 41.67 0.45%Dr. Reddy's Laboratories 38.80 0.42%Crompton Greaves 37.91 0.41%Orient Refractories 34.77 0.37%MRF 30.03 0.32%Oil & Natural Gas Corporation 29.86 0.32%CESC 29.25 0.31%Finolex Industries 23.24 0.25%Hindustan Dorr-Oliver 14.85 0.16%Jaiprakash Associates 14.28 0.15%Government Securities8.40% GOVT OF INDIA RED 28-07-2024 1,308.92 14.02% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 1,147.48 12.29% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 817.37 8.76% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 768.69 8.24% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 609.54 6.53% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 501.96 5.38% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 348.40 3.73% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 341.25 3.66% SovereignTotal 94.04%

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

34

Date of Allotment 24-Feb-04Benchmark CRISIL MIP

Blended IndexNAV (Growth) per unit(as on 30.01.15)

` 24.4657


130.95 months


74.72 months

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

SIP AvailableMinimum Application AmountGrowth `10,000Quarterly Dividend `10,000Monthly Dividend `25,000SIP `1,000 p.m.Exit Load@ NilTotal Expense Ratio as on January 31, 2015


Regular 2.37% Direct Plan 1.82% Excludes service tax on Investment Management fees of 0.10% on Regular Plan and 0.12% on Direct Plan of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.

Asset AllocationGovernment Securities 62.61%Corporate/ PSU Debt 17.07%Equity 14.36%Cash Equivalents 4.73%Net Current Assets 1.23%Total Net Assets 100.00%

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Cash EquivalentsCBLOs 441.76 4.73%Net Current Assets 117.84 1.23%Total Net Assets as on 31 January 2015 9,334.32 100.00%

Rating ProfileSovereign 62.61%AAA and equivalents 17.07%Equity 14.36%Reverse Repos/ CBLOs 4.73%Net Current Assets 1.23%Total Net Assets 100.00%

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

35





HSBC MIP - Regular Plan - Monthly Dividend25-Nov-14 0.05081 0.04712 11.874426-Dec-14 0.05081 0.04712 11.961427-Jan-15 0.05081 0.04712 12.2671HSBC MIP - Regular Plan - Monthly Dividend - Direct Plan31-Jan-14 0.05065 0.04851 10.979128-Feb-14 0.05065 0.04851 11.0079HSBC MIP - Regular Plan - Quarterly Dividend25-Jun-14 0.17534 0.16792 11.955525-Sep-14 0.17534 0.16792 11.980926-Dec-14 0.16332 0.15146 12.3312


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

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Securitised DebtInvestments - Asset Back Security

India MBS 2002 Series I 13.75 0.13% CRISIL AAA (SO)

Corporate/PSU DebtCorporate Bonds / DebenturesExport Import Bank of India 547.04 5.28% CRISIL AAARural Electrification Corporation 522.45 5.04% CRISIL AAAPower Finance Corporation 83.70 0.81% CRISIL AAAGovernment Securities8.40% GOVT OF INDIA RED 28-07-2024 2,392.71 23.10% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 2,219.89 21.43% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 1,195.05 11.54% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 702.52 6.78% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 679.19 6.56% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 640.80 6.19% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 556.40 5.37% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 290.32 2.80% Sovereign5.59% GOVT OF INDIA RED 04-06-2016 0.39 0.00% SovereignTotal 95.03%Cash EquivalentsCBLOs 331.50 3.20%Net Current Assets 183.49 1.77%Total Net Assets as on 31 January 2015 10,359.21 100.00%

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

36

Date of Allotment 10-Dec-02Benchmark CRISIL Composite

Bond Fund IndexNAV (Growth) per unit(as on 30.01.15)

` 23.6743


146.56 months


84.03 months

Yield To Maturity* 7.76%Fund Manager Sanjay Shah


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

Exit Load@ NilTotal Expense Ratio as on January 31, 2015 Regular 1.85%Direct Plan 1.10%Excludes service tax on Investment Management fees of 0.12% of Total Net Assets.

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

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

Asset AllocationGovernment Securities 83.77%Corporate/ PSU Debt 11.13%Cash Equivalents 3.20%Net Current Assets 1.77%Securitised Debt 0.13%





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

Rating ProfileSovereign 83.77%AAA and equivalents 11.26%Reverse Repos/ CBLOs 3.20%Net Current Assets 1.77%

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

37


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

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositING Vysya Bank 4,664.79 3.76% CRISIL A1+IDBI Bank 2,487.94 2.00% CRISIL A1+Punjab National Bank 2,479.10 2.00% [ICRA]A1+Punjab National Bank 1,788.23 1.44% Fitch A1+State Bank of Travancore 1,684.76 1.36% CRISIL A1+Indian Overseas Bank 991.01 0.80% [ICRA]A1+Canara Bank 496.39 0.40% CRISIL A1+Corporation Bank 297.31 0.24% CRISIL A1+Corporation Bank 215.01 0.17% CRISIL A1+Yes Bank 97.67 0.08% [ICRA]A1+Yes Bank 24.74 0.02% CARE A1+Commercial PaperVodafone India 2,475.37 1.99% CRISIL A1+Fullerton India Credit Co. 2,359.32 1.90% [ICRA]A1+Indiabulls Housing Finance 494.63 0.40% CRISIL A1+Edelweiss Financial Services 399.81 0.32% CRISIL A1+Corporate/PSU Debt

Corporate Bonds / DebenturesPower Finance Corporation 5,085.79 4.10% CRISIL AAAShriram Transport Finance Company 5,062.03 4.08% CRISIL AANabha Power Ltd 5,043.02 4.06% [ICRA]AAAExport Import Bank of India 4,199.18 3.38% CRISIL AAARural Electrification Corporation 4,091.53 3.30% CRISIL AAAPower Finance Corporation 4,090.09 3.29% CRISIL AAAKotak Mahindra Prime 3,530.94 2.84% [ICRA]AAAHDFC 2,585.91 2.08% CRISIL AAAKotak Mahindra Prime 2,532.02 2.04% [ICRA]AAASRF 2,529.37 2.04% Fitch AAKotak Mahindra Prime 2,517.89 2.03% [ICRA]AAALIC Housing Finance 2,507.67 2.02% CRISIL AAALIC Housing Finance 2,501.33 2.01% CARE AAATata Capital Financial Services 2,498.56 2.01% CRISIL AA+Rural Electrification Corporation 2,089.81 1.68% CRISIL AAAPower Grid Corporation of India 2,057.25 1.66% CRISIL AAAHDFC 2,040.78 1.64% CRISIL AAATata Sons 2,031.54 1.64% CRISIL AAARural Electrification Corporation 2,019.72 1.63% CRISIL AAALIC Housing Finance 1,541.30 1.24% CRISIL AAAKotak Mahindra Prime 1,531.72 1.23% [ICRA]AAALIC Housing Finance 1,529.30 1.23% CRISIL AAAPower Grid Corporation of India 1,521.59 1.23% CRISIL AAARural Electrification Corporation 1,519.84 1.22% CARE AAAHDFC 1,022.53 0.82% CRISIL AAAShriram Transport Finance Company 1,021.49 0.82% CRISIL AALIC Housing Finance 1,020.83 0.82% CRISIL AAALIC Housing Finance 1,019.90 0.82% CRISIL AAALIC Housing Finance 1,016.44 0.82% CARE AAAPower Grid Corporation of India 1,015.16 0.82% CRISIL AAAPower Finance Corporation 613.63 0.49% CRISIL AAALIC Housing Finance 508.86 0.41% CRISIL AAAPower Grid Corporation of India 507.29 0.41% CRISIL AAAPower Finance Corporation 505.84 0.41% CRISIL AAAHDFC 505.05 0.41% CRISIL AAANABARD 361.61 0.29% CRISIL AAAPower Finance Corporation 300.14 0.24% CRISIL AAAShriram Transport Finance Company 276.32 0.22% CRISIL AARural Electrification Corporation 172.19 0.14% CRISIL AAALIC Housing Finance 140.18 0.11% CRISIL AAAExport Import Bank of India 120.12 0.10% CRISIL AAARural Electrification Corporation 101.67 0.08% CRISIL AAAHDFC 91.47 0.07% CRISIL AAANABARD 50.91 0.04% CRISIL AAAGovernment Securities

8.40% GOVT OF INDIA RED 28-07-2024 5,759.26 4.64% Sovereign

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

38

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


` 22.8706


30.23 months


23.49 months

Yield To Maturity* 8.37%Fund Manager Sanjay Shah &

Piyush HarlalkaSIP AvailableMinimumApplicationAmount

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

Exit Load@ NilTotal Expense Ratio as on January 31, 2015 Regular 1.25%Institutional # 0.70%Institutional Plus # 0.60%Direct Plan 0.30%Excludes service tax on Investment Management fees of 0.02% of Total Net Assets.

Annualised Expense Ratio from 1st April 2014 onwards Regular 1.25%Institutional # 0.70%Institutional Plus # 0.60%Direct Plan 0.40%Excludes service tax on Investment Management fees of 0.04% of Total Net Assets.

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

Asset AllocationCorporate/ PSU Debt 62.02%Money Market Instruments 16.88%Government Securities 9.60%Cash Equivalents 8.94%Net Current Assets 2.56%

Rating ProfileAAA and equivalents 69.73%Sovereign 9.60%AA+/ AA-/ AA andequivalents 9.17%

Reverse Repos/ CBLOs 8.94%Net Current Assets 2.56%





HSBC Income Fund - Short Term Plan - Regular Option - Monthly Dividend25-Nov-14 0.05120 0.04748 11.184026-Dec-14 0.05397 0.05005 11.177627-Jan-15 0.06286 0.05829 11.2441HSBC Income Fund - Short Term Plan - Monthly Dividend - Direct Plan25-Jul-14 0.06359 0.06090 11.143726-Dec-14 0.30468 0.28255 11.566027-Jan-15 0.07000 0.06491 11.2972HSBC Income Fund - Short Term Plan - Institutional Option - Monthly Dividend25-Sep-14 0.06564 0.06286 11.938327-Oct-14 0.06420 0.05954 11.996527-Jan-15 0.07172 0.06651 12.0951HSBC Income Fund - Short Term Plan - Institutional Plus Option - Monthly Dividend30-Dec-11 0.08478 0.07266 10.120027-Jan-12 0.05533 0.04742 10.086624-Feb-12 0.05663 0.04854 10.0881

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

39

8.35% GOVT OF INDIA RED 14-05-2022 3,615.89 2.91% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 2,546.65 2.05% SovereignTotal 88.50%Cash EquivalentsCBLOs 11,098.23 8.94%Net Current Assets 3,160.52 2.56%Total Net Assets as on 31 January 2015 1,24,166.42 100.00%


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

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositCanara Bank 893.94 14.28% CRISIL A1+Punjab National Bank 495.82 7.92% [ICRA]A1+Commercial PaperSRF 987.57 15.78% Fitch A1+Edelweiss Financial Services 893.30 14.27% CRISIL A1+SREI Equipment Finance 893.25 14.27% [ICRA]A1+India Infoline Finance 498.95 7.97% [ICRA]A1+Simplex Infrastructures 496.46 7.93% CARE A1+Total 82.42%Cash EquivalentsCBLOs 1,126.64 18.00%Net Current Assets -26.75 -0.42%Total Net Assets as on 31 January 2015 6,259.18 100.00%

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

January 2015

40

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

IndexNAV (Growth) per unit(as on 30.01.15)

` 21.4747


0.96 months


0.88 months

Yield To Maturity* 8.48%Fund Manager Kapil Punjabi &

Piyush HarlalkaSIP AvailableMinimumApplicationAmount

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

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

Total Expense Ratio as on January 31, 2015 Regular # 1.30% Institutional 0.75%Direct Plan 0.20% Excludes service tax on Investment Management fees of 0.02% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.29% Institutional 0.74%Direct Plan 0.19% Excludes service tax on Investment Management fees of 0.02% of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012

Asset AllocationMoney Market Instruments 82.42%Cash Equivalents 18.00%Net Current Assets -0.42%





HSBC Floating Rate Fund - Long Term Plan - Regular Option - Monthly Dividend25-Nov-14 0.04387 0.04068 10.060426-Dec-14 0.04292 0.03980 10.059127-Jan-15 0.04999 0.04636 10.0689HSBC Floating Rate Fund - Long Term Plan - Monthly Dividend - Direct Plan25-Nov-14 0.05016 0.04651 10.070026-Dec-14 0.04987 0.04625 10.069427-Jan-15 0.05708 0.05293 10.0793HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend25-Apr-14 0.05133 0.04916 10.535625-Aug-14 0.06294 0.06028 10.763925-Sep-14 0.17600 0.16856 10.7615

Rating ProfileAAA and equivalents 82.42%Reverse Repos/ CBLOs 18.00%Net Current Assets -0.42%

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

January 2015

41


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


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

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositOriental Bank of Commerce 12,486.24 5.26% CRISIL A1+Union Bank of India 9,947.38 4.19% CRISIL A1+The South Indian Bank 9,942.19 4.19% CARE A1+Canara Bank 4,994.35 2.10% CRISIL A1+Canara Bank 4,974.53 2.10% CRISIL A1+Indian Bank 4,964.19 2.09% Fitch A1+Canara Bank 4,072.38 1.72% CRISIL A1+Corporation Bank 2,489.35 1.05% CRISIL A1+Axis Bank 2,486.74 1.05% CRISIL A1+Axis Bank 2,486.19 1.05% CRISIL A1+Axis Bank 2,482.90 1.05% CRISIL A1+ICICI Bank 2,482.35 1.05% CARE A1+Oriental Bank of Commerce 2,482.35 1.05% CRISIL A1+Punjab & Sind Bank 2,474.69 1.04% [ICRA]A1+Commercial PaperEdelweiss Financial Services @ 17,491.78 7.37% CRISIL A1+Simplex Infrastructures 14,397.38 6.07% CARE A1+SREI Equipment Finance 13,498.03 5.69% [ICRA]A1+Edelweiss Financial Services 12,366.29 5.21% CRISIL A1+India Infoline Finance 9,995.33 4.21% [ICRA]A1+Indiabulls Housing Finance 9,979.31 4.20% CRISIL A1+Godrej Properties 7,479.32 3.15% [ICRA]A1+Aditya Birla Finance 4,970.56 2.09% [ICRA]A1+Magma Fincorp 4,969.80 2.09% CARE A1+Kalpataru Power Transmission 4,962.90 2.09% CARE A1+Reliance Infrastructure 4,936.01 2.08% Fitch A1+India Infoline Finance 4,490.54 1.89% [ICRA]A1+SREI Equipment Finance 2,476.61 1.04% [ICRA]A1+Indiabulls Housing Finance 1,978.53 0.83% CRISIL A1+Fixed DepositFixed DepositIndian Overseas Bank 30,000.00 12.64% Fixed DepositIndusInd Bank 17,500.00 7.37% Fixed DepositKarur Vysya Bank 5,000.00 2.11% Fixed DepositTreasury Bill91 DAYS TREASURY BILL RED 12-02-2015 11,471.99 4.83% SovereignTotal 103.95%Cash EquivalentsCBLOs 1,467.75 0.62%Net Current Assets -10,862.84 -4.57%

Total Net Assets as on 31 January 2015 2,37,335.09 100.00%

HSBC Cash Fund (HCF) January 2015

42

@ Primary Market Deal

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


` 1375.0542


0.84 months


0.78 months

Yield To Maturity* 8.45%Fund Manager Kapil Punjabi


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

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

Total Expense Ratio as on January 31, 2015 Regular # 1.00% Institutional # 0.35%Institutional Plus 0.14%Direct Plan 0.04%Currently there is no Service Tax levied due to nil Investment Management Fees being charged.Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.00% Institutional # 0.35%Institutional Plus 0.12%Direct Plan 0.05%Currently there is no Service Tax levied due to nil Investment Management Fees being charged.

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





HSBC Cash Fund - Institutional Option - Monthly Dividend25-Nov-14 4.91371 4.55680 1006.826026-Dec-14 5.15773 4.78310 1007.162127-Jan-15 5.34244 4.95439 1007.4166HSBC Cash Fund - Monthly Dividend - Direct Plan25-Nov-14 4.96087 4.60053 1006.835426-Dec-14 5.21916 4.84007 1007.191327-Jan-15 5.40417 5.01163 1007.4488HSBC Cash Fund - Institutional Plus Option - Monthly Dividend26-Aug-11 0.04886 0.04686 10.138329-Sep-11 0.05876 0.05636 10.150928-Oct-11 0.05244 0.05030 10.1428

Asset AllocationMoney Market Instruments 77.00%Fixed Deposit 22.12%Treasury Bill 4.83%Cash Equivalents 0.62%Net Current Assets -4.57%

Rating ProfileAAA and equivalents 77.00%Fixed Deposit 22.12%Sovereign 4.83%Reverse Repos/ CBLOs 0.62%Net Current Assets -4.57%

HSBC Cash Fund (HCF) January 2015

43

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

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


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


` 17.8912


191.35 months


96.94 months

Yield To Maturity* 7.70%Fund Manager Sanjay ShahSIP AvailableMinimum ` 10,000Application ` 1,000 p.m.(SIP)AmountExit Load@ Nil

Total Expense Ratio as on January 31, 2015 Regular 1.00% Direct Plan 0.50% Excludes service tax on Investment Management fees of 0.06% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards Regular 1.00% Direct Plan 0.50% Excludes service tax on Investment Management fees of 0.06% of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.* Based on invested Amount

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Government Securities8.24% GOVT OF INDIA RED 10-11-2033 73.71 22.69% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 60.77 18.70% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 58.74 18.08% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 41.89 12.89% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 31.20 9.60% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 28.19 8.67% SovereignTotal 90.63%Cash EquivalentsCBLOs 26.28 8.09%Net Current Assets 4.15 1.28%Total Net Assets as on 31 January 2015 324.91 100.00%





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

Asset AllocationGovernment Securities 90.63%Cash Equivalents 8.09%Net Current Assets 1.28%

Rating ProfileSovereign 90.63%Reverse Repos/ CBLOs 8.09%Net Current Assets 1.28%

HSBC Gilt Fund (HGF) January 2015

44


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


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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositCanara Bank 1,985.58 9.44% CRISIL A1+Punjab National Bank 1,983.28 9.43% [ICRA]A1+Indian Overseas Bank 1,486.52 7.07% [ICRA]A1+State Bank of Travancore 792.83 3.77% CRISIL A1+Punjab National Bank 298.04 1.42% Fitch A1+Commercial PaperSimplex Infrastructures 2,494.19 11.86% CARE A1+Edelweiss Financial Services 1,588.09 7.55% CRISIL A1+Edelweiss Financial Services 1,499.30 7.13% CRISIL A1+SRF 1,481.35 7.05% Fitch A1+Fullerton India Credit Co. 471.86 2.24% [ICRA]A1+Corporate/ PSU DebtCorporate Bonds / DebenturesHDFC 1,018.21 4.84% CRISIL AAAKotak Mahindra Prime 1,008.84 4.80% [ICRA]AAAPower Finance Corporation 515.36 2.45% CRISIL AAAShriram Transport Finance Company 511.71 2.43% CRISIL AABajaj Finance 509.55 2.42% [ICRA]AA+NABARD 509.53 2.42% CRISIL AAALIC Housing Finance 508.86 2.42% CRISIL AAATata Sons 507.89 2.42% CRISIL AAAKotak Mahindra Prime 506.40 2.41% [ICRA]AAAShriram Transport Finance Company 61.23 0.29% CRISIL AATotal 93.86%Cash EquivalentsCBLOs 3,584.71 17.05%Net Current Assets -2,300.47 -10.91%Total Net Assets as on 31 January 2015 21,022.87 100.00%

HSBC Ultra Short Term Bond Fund (HUSBF) January 2015

45

Date of Allotment 17-Oct-06Benchmark Customised

Benchmark Index**NAV (Growth) per unit(as on 30.01.15)

` 12.2185


5.79 months


4.98 months

Yield To Maturity* 8.43%Fund Manager Piyush Harlalka &

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

Sub OptionsGrowth, Daily Dividend, Reinvestment Weekly Dividend, Reinvestment, Monthly Dividend (Payout & Reinvestment)Exit Load@ NilTotal Expense Ratio as on January 31, 2015 Regular # 1.30% Institutional 1.00%Institutional Plus # 0.25%Direct Plan 0.20%Excludes service tax on Investment Management fees of 0.02% of Total Net Assets.

Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.28% Institutional 0.98%Institutional Plus # 0.22%Direct Plan 0.26%Excludes service tax on Investment Management fees of 0.04% of Total Net Assets.

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

Asset AllocationMoney Market Instruments 66.96%Corporate/ PSU Debt 26.90%Cash Equivalents 17.05%Net Current Assets -10.91%

Rating ProfileAAA and equivalents 88.72%Reverse Repos/ CBLOs 17.05%AA+/ AA-/ AA and equivalents 5.14%Net Current Assets -10.91%





HSBC Ultra Short Term Bond Fund - Institutional Option - Monthly Dividend25-Nov-14 0.05501 0.05101 10.202626-Dec-14 0.04402 0.04083 10.187427-Jan-15 0.06067 0.05626 10.2104HSBC Ultra Short Term Bond Fund - Monthly Dividend - Direct Plan25-Jun-14 0.15218 0.14575 10.1953HSBC Ultra Short Term Bond Fund - Institutional Plus Option - Monthly Dividend28-Jan-11 0.04829 0.04501 10.382125-Feb-11 0.04125 0.03845 10.374125-Mar-11 0.05214 0.04859 10.3865

HSBC Ultra Short Term Bond Fund (HUSBF) January 2015

46


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

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

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

Corporate/PSU DebtCorporate Bonds / DebenturesPower Finance Corporation Ltd. 1,203.13 2.29% CRISIL AAA

Government Securities8.15% GOVT OF INDIA RED 24-11-2026 8,710.08 16.61% Sovereign









8.28% GOVT OF INDIA RED 21-09-2027 885.28 1.69% Sovereign

Total 92.30%Cash EquivalentsCBLOs 3,528.12 6.73%Net Current Assets 504.11 0.97%Total Net Assets as on 31 January 2015 52,426.62 100.00%

HSBC Flexi Debt Fund (HFDF) January 2015

47

Date of Allotment 05-Oct-07Benchmark CRISIL Composite


` 19.2085


155.68 months


86.37 months

Yield To Maturity* 7.71%Fund Manager Sanjay Shah

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

Total Expense Ratio as on January 31, 2015 Regular # 1.85%Institutional 1.60% Direct Plan 0.85%Excludes service tax on Investment Management fees of 0.07% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.85%Institutional 1.59% Direct Plan 0.84%Excludes service tax on Investment Management fees of 0.07% of Total Net Assets.@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012





HSBC Flexi Debt Fund - Regular Option - Monthly Dividend26-Apr-13 0.05836 0.04973 10.494931-May-13 0.11214 0.10740 10.671828-Jun-13 0.03263 0.03125 10.4175HSBC Flexi Debt Fund - Institutional Option - Monthly Dividend25-Nov-14 0.14085 0.13062 10.779526-Dec-14 0.13421 0.12446 10.770327-Jan-15 0.21014 0.19488 10.8749HSBC Flexi Debt Fund - Monthly Dividend - Direct Plan25-Nov-14 0.14724 0.13655 10.917126-Dec-14 0.14094 0.13070 10.908427-Jan-15 0.21790 0.20207 11.0144HSBC Flexi Debt Fund - Regular Option - Quarterly Dividend25-Jun-14 0.17534 0.16792 11.703225-Sep-14 0.17534 0.16792 11.675526-Dec-14 0.16332 0.15146 12.0792HSBC Flexi Debt Fund - Institutional Option - Quarterly Dividend25-Jun-14 0.17534 0.16792 11.640525-Sep-14 0.17534 0.16792 11.619026-Dec-14 0.16332 0.15146 12.0271HSBC Flexi Debt Fund - Quarterly Dividend - Direct Plan25-Sep-14 0.17534 0.16792 11.796426-Dec-14 0.16332 0.15146 12.2374HSBC Flexi Debt Fund - Regular Option - Half Yearly Dividend16-Mar-12 0.35236 0.30201 11.267214-Sep-12 0.35236 0.30201 11.431515-Mar-13 0.35236 0.30201 11.6629HSBC Flexi Debt Fund - Institutional Option - Half-yearly Dividend15-Mar-13 0.35236 0.30201 10.9757HSBC Flexi Debt Fund - Half-yearly Dividend - Direct Plan25-Sep-14 0.31171 0.29853 11.2593

Asset AllocationGovernment Securities 90.01%Cash Equivalents 6.73%Corporate/ PSU Debt 2.29%Net Current Assets 0.97%

Rating ProfileSovereign 90.01%Reverse Repos/ CBLOs 6.73%AAA and equivalents 2.29%Net Current Assets 0.97%

HSBC Flexi Debt Fund (HFDF) January 2015

48


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

Name of Scheme Fund Manager

HSBC MIP - Savings & Regular Plan

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

HSBC Income Fund - Investment Plan

Sanjay Shah (from 09 January 2009)

HSBC Income Fund - Short Term Plan

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

HSBC Floating Rate Fund Long Term Plan

Kapil Punjabi & Piyush Harlalka (from 18 October 2014)

HSBC Cash Fund Kapil Punjabi (from 14 March 2014)

HSBC Gilt Fund Sanjay Shah (from 09 January 2009)

HSBC Ultra Short Term Bond Fund

Piyush Harlalka & Kapil Punjabi (from 18 October 2014)

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

Fund Managers - MIP & Debt January 2015

49

Fund Manager’s Experience

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

Fund Managers - MIP & Debt January 2015

50

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

Over 8 years of experience in Research

l HSBC Asset Management (India) Private Ltd

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

Vice President - Fixed Income from April 2012 to October 2014;

Associate Vice President - Fixed Income, from October 2010 to March 2012;

Assistant Vice President, Investment Management, PMS, from December

2008 to October 2010;

Research Analyst, from, July 2007 to November 2008.

l Batlivala & Karanai Securities Pvt. Ltd.,

Research Analyst from April 2006 to June 2007

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

Over 11 years of experience in research and Fund Management

l HSBC Asset Management (India) Private Ltd.

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

l Taurus Asset Management Company Limited

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

l Edelweiss Asset Management Limited

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

l Edelweiss Securities Limited

Manager - Investments from October 2007 to November 2009

l Trans Market Group Research (India) Private Limited

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

Comparative Performance of Debt Schemes January 2015

51

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

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


Jan 12 - Dec 12

Since Inception

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

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

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

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

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


Jan 12 - Dec 12

Since Inception

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

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



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



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


Jan 12 - Dec 12

Since Inception

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

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

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

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


Funds Managed by - Sanjay Shah.



52


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


Since Inception

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

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

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

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

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

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


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


Jan 12 - Dec 12

Since Inception

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

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

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



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

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

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


Jan 12 - Dec 12

Since Inception

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

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

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




53


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


Jan 12 - Dec 12

Since Inception

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

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

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

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



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

Last 7 Days as

on 31 Dec 2014

Last 15 Days as

on 31 Dec 2014

Last 30Days as

on 31 Dec 2014

Jan 14 - Dec 14

Jan 13 - Dec 13

Jan 12 - Dec 12

Since Inception

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

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

Crisil 91 Day T-Bill Index (Standard Benchmark)

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

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

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

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

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

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

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


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

Fund Managed by - Kapil Punjabi.

Fund Managed by - Sanjay Shah & Piyush Harlalka

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


Jan 12 - Dec 12

Since Inception

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

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

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



Statutory Details & Disclaimers

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

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

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

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

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