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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Steele Oceanic Corporation (CE) | USOTC:SELR | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.032 | 0.00 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC
20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number | 811-04782 |
HSBC FUNDS |
(Exact name of registrant as specified in charter) |
452 Fifth Avenue, New York, NY 10018 |
(Address of principal executive offices) (Zip code) |
Citi Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, Ohio 43219 |
(Name and address of agent for service) |
Registrants telephone number, including area code: 1-800-782-8183
Date of fiscal year end: October 31
Date of reporting period: January 31, 2014
Item 1. Schedule of Investments.
HSBC GROWTH FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Value ($) | |||
Affiliated Portfolio 100.1% | |||
HSBC Growth Portfolio | 81,486,581 | ||
TOTAL INVESTMENT SECURITIES - 100.1% | 81,486,581 |
Percentages indicated are based on net assets of $81,424,243.
See notes to schedules of portfolio investments.
HSBC GROWTH PORTFOLIO
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | ||||
Common Stocks 98.6% | |||||
Aerospace & Defense 3.1% | |||||
Precision Castparts Corp. | 6,000 | 1,528,500 | |||
United Technologies Corp. | 9,950 | 1,134,499 | |||
2,662,999 | |||||
Airlines 0.8% | |||||
Delta Air Lines, Inc. | 22,350 | 684,134 | |||
Auto Components 1.2% | |||||
BorgWarner, Inc. | 19,200 | 1,031,040 | |||
Automobiles 0.1% | |||||
Tesla Motors, Inc. (a) | 500 | 90,705 | |||
Biotechnology 12.1% | |||||
Alexion Pharmaceuticals, Inc. (a) | 8,900 | 1,412,697 | |||
Amgen, Inc. | 14,850 | 1,766,408 | |||
Biogen Idec, Inc. (a) | 7,100 | 2,219,744 | |||
Celgene Corp. (a) | 16,750 | 2,544,827 | |||
Gilead Sciences, Inc. (a) | 24,350 | 1,963,828 | |||
Incyte Corp. (a) | 11,100 | 727,272 | |||
10,634,776 | |||||
Capital Markets 3.9% | |||||
BlackRock, Inc. | 5,165 | 1,551,928 | |||
Morgan Stanley | 34,600 | 1,021,046 | |||
The Charles Schwab Corp. | 32,300 | 801,686 | |||
3,374,660 | |||||
Chemicals 4.0% | |||||
Ecolab, Inc. | 9,100 | 914,914 | |||
Monsanto Co. | 23,849 | 2,541,111 | |||
3,456,025 | |||||
Communications Equipment 1.4% | |||||
Qualcomm, Inc. | 16,550 | 1,228,341 | |||
Computers & Peripherals 2.3% | |||||
Apple, Inc. | 4,005 | 2,004,903 | |||
Diversified Financial Services 2.2% | |||||
American Express Co. | 12,400 | 1,054,248 | |||
JPMorgan Chase & Co. | 15,300 | 847,008 | |||
1,901,256 | |||||
Energy Equipment & Services 1.7% | |||||
Schlumberger Ltd. | 17,200 | 1,506,204 | |||
Food & Staples Retailing 2.1% | |||||
Costco Wholesale Corp. | 7,600 | 853,936 | |||
CVS Caremark Corp. | 14,600 | 988,712 | |||
1,842,648 | |||||
Health Care Providers & Services 1.8% | |||||
Catamaran Corp. (a) | 16,100 | 782,782 | |||
McKesson Corp. | 4,600 | 802,286 | |||
1,585,068 | |||||
Health Care Technology 1.2% | |||||
Cerner Corp. (a) | 18,600 | 1,058,154 | |||
Hotels, Restaurants & Leisure 5.0% | |||||
Chipotle Mexican Grill, Inc. (a) | 1,170 | 645,793 | |||
Hilton Worldwide Holdings, Inc. (a) | 36,400 | 788,060 | |||
Starbucks Corp. | 30,700 | 2,183,384 | |||
Wynn Resorts Ltd. | 3,600 | 782,712 | |||
4,399,949 | |||||
Internet & Catalog Retail 6.6% | |||||
Amazon.com, Inc. (a) | 7,240 | 2,596,916 | |||
Priceline.com, Inc. (a) | 2,600 | 2,976,713 | |||
TripAdvisor, Inc. (a) | 2,400 | 185,256 | |||
5,758,885 | |||||
Internet Software & Services 9.4% | |||||
Baidu, Inc., ADR (a) | 6,900 | 1,079,850 | |||
eBay, Inc. (a) | 9,450 | 502,740 | |||
Facebook, Inc., Class A (a) | 28,500 | 1,783,245 | |||
Google, Inc., Class A (a) | 3,450 | 4,074,346 | |||
LinkedIn Corp., Class A (a) | 4,040 | 869,448 | |||
8,309,629 | |||||
IT Services 6.6% | |||||
Cognizant Technology Solutions Corp.,
Class A (a) |
11,200 | 1,085,504 | |||
MasterCard, Inc., Class A | 18,950 | 1,434,136 | |||
Visa, Inc., Class A | 15,300 | 3,296,078 | |||
5,815,718 | |||||
Machinery 2.7% | |||||
Danaher Corp. | 31,300 | 2,328,407 | |||
Media 5.5% | |||||
CBS Corp., Class B | 18,600 | 1,092,192 | |||
Liberty Global plc, Class A (a) | 9,400 | 751,342 | |||
Liberty Global plc, Class C (a) | 4,200 | 333,186 | |||
The Walt Disney Co. | 13,600 | 987,496 | |||
Twenty-First Century Fox, Inc., Class A | 50,750 | 1,614,865 | |||
4,779,081 | |||||
Oil, Gas & Consumable Fuels 2.2% | |||||
Noble Energy, Inc. | 15,400 | 959,882 | |||
Range Resources Corp. | 10,800 | 930,852 | |||
1,890,734 | |||||
Personal Products 1.0% | |||||
The Estee Lauder Cos., Inc., Class A | 12,450 | 855,813 | |||
Pharmaceuticals 1.2% | |||||
Zoetis, Inc. | 34,100 | 1,035,276 | |||
Real Estate Investment Trusts (REITs) 1.3% | |||||
American Tower Corp. | 14,500 | 1,172,760 | |||
Road & Rail 4.0% | |||||
Union Pacific Corp. | 20,050 | 3,493,512 | |||
Semiconductors & Semiconductor Equipment 2.1% | |||||
Applied Materials, Inc. | 45,400 | 763,628 | |||
ARM Holdings plc ADR | 23,200 | 1,068,824 | |||
1,832,452 | |||||
Software 4.6% | |||||
Salesforce.com, Inc. (a) | 40,750 | 2,466,598 | |||
ServiceNow, Inc. (a) | 9,300 | 589,899 | |||
Splunk, Inc. (a) | 5,100 | 392,853 | |||
Workday, Inc., Class A (a) | 6,475 | 579,772 | |||
4,029,122 | |||||
Specialty Retail 4.2% | |||||
Dollar General Corp. (a) | 20,100 | 1,132,032 | |||
Lowe's Cos., Inc. | 21,200 | 981,348 | |||
Ross Stores, Inc. | 12,000 | 814,920 | |||
Ulta Salon, Cosmetics & Fragrance, Inc. (a) | 8,400 | 719,964 | |||
3,648,264 | |||||
Textiles, Apparel & Luxury Goods 3.1% | |||||
Michael Kors Holdings Limited (a) | 7,800 | 623,454 | |||
NIKE, Inc., Class B | 17,400 | 1,267,590 | |||
Ralph Lauren Corp. | 5,400 | 847,206 | |||
2,738,250 |
See notes to schedules of portfolio investments.
HSBC GROWTH PORTFOLIO
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | ||||
Common Stocks, continued | |||||
Wireless Telecommunication Services 1.2% | |||||
SBA Communications Corp., Class A (a) | 11,550 | 1,071,263 | |||
TOTAL COMMON STOCKS
(COST $61,592,483) |
86,220,028 | ||||
Investment Company 0.3% | |||||
Northern Institutional Diversified Assets
Portfolio, Institutional Shares, 0.01% (b) |
263,270 | 263,270 | |||
TOTAL INVESTMENT COMPANY
(COST $263,270) |
263,270 | ||||
TOTAL
INVESTMENT SECURITIES
(COST $61,855,753) 98.9% |
86,483,298 |
Percentages indicated are based on net assets of $87,446,476. | ||
(a) | Represents non-income producing security. | |
(b) | The rate represents the annualized one-day yield that was in effect on January 31, 2014. | |
ADR | American Depositary Receipt |
See notes to schedules of portfolio investments.
HSBC OPPORTUNITY FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Value ($) | ||
Affiliated Portfolio 100.6% | ||
HSBC Opportunity Portfolio | 16,244,120 | |
TOTAL INVESTMENT SECURITIES - 100.6% | 16,244,120 |
Percentages indicated are based on net assets of $16,153,597.
See notes to schedules of portfolio investments.
HSBC OPPORTUNITY PORTFOLIO
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | ||||
Common Stocks 97.1% | |||||
Aerospace & Defense 3.1% | |||||
B/E Aerospace, Inc. (a) | 45,120 | 3,585,686 | |||
TransDigm Group, Inc. | 21,395 | 3,573,607 | |||
7,159,293 | |||||
Auto Components 2.5% | |||||
Gentex Corp. | 71,350 | 2,311,027 | |||
WABCO Holdings, Inc. (a) | 38,450 | 3,315,159 | |||
5,626,186 | |||||
Biotechnology 5.9% | |||||
ACADIA Pharmaceuticals, Inc. (a) | 107,270 | 2,499,391 | |||
Alkermes plc (a) | 92,780 | 4,516,530 | |||
Cubist Pharmaceuticals, Inc. (a) | 69,610 | 5,087,795 | |||
Intercept Pharmaceuticals, Inc. (a) | 5,258 | 1,582,027 | |||
13,685,743 | |||||
Capital Markets 1.7% | |||||
Raymond James Financial, Inc. | 74,650 | 3,800,432 | |||
Chemicals 7.1% | |||||
Cytec Industries, Inc. | 34,010 | 3,059,880 | |||
Huntsman Corp. | 147,350 | 3,229,912 | |||
PolyOne Corp. | 85,420 | 3,037,535 | |||
Rockwood Holdings, Inc. | 49,390 | 3,384,697 | |||
The Scotts Mircale-Gro Co. | 61,310 | 3,641,200 | |||
16,353,224 | |||||
Commercial Banks 2.7% | |||||
Comerica, Inc. | 57,110 | 2,615,638 | |||
First Republic Bank | 71,650 | 3,477,175 | |||
6,092,813 | |||||
Communications Equipment 1.4% | |||||
Aruba Networks, Inc. (a) | 92,610 | 1,825,343 | |||
JDS Uniphase Corp. (a) | 106,850 | 1,420,037 | |||
3,245,380 | |||||
Construction Materials 1.2% | |||||
Martin Marietta Materials, Inc. | 25,085 | 2,734,516 | |||
Containers & Packaging 2.6% | |||||
Crown Holdings, Inc. (a) | 46,830 | 1,924,713 | |||
Packaging Corp. of America | 62,720 | 4,051,712 | |||
5,976,425 | |||||
Distributors 0.9% | |||||
LKQ Corp. (a) | 74,960 | 2,029,167 | |||
Diversified Consumer Services 1.4% | |||||
Service Corp. International | 181,090 | 3,205,293 | |||
Electrical Equipment 2.7% | |||||
Generac Holdings, Inc. | 41,900 | 2,016,647 | |||
Hubbell, Inc., Class B | 35,070 | 4,093,721 | |||
6,110,368 | |||||
Electronic Equipment, Instruments & Components 0.8% | |||||
Ingram Micro, Inc. (a) | 70,350 | 1,760,157 | |||
Energy Equipment & Services 2.2% | |||||
McDermott International, Inc. (a) | 176,680 | 1,473,511 | |||
Rowan Cos. plc, Class A (a) | 112,160 | 3,518,459 | |||
4,991,970 | |||||
Health Care Equipment & Supplies 5.0% | |||||
ArthroCare Corp. (a) | 61,630 | 2,796,769 | |||
IDEXX Laboratories, Inc. (a) | 36,300 | 4,147,638 | |||
Spectranetics Corp. (a) | 31,650 | 823,533 | |||
Wright Medical Group, Inc. (a) | 122,300 | 3,719,143 | |||
11,487,083 | |||||
Health Care Providers & Services 2.9% | |||||
Community Health Systems, Inc. (a) | 106,740 | 4,420,104 | |||
MWI Veterinary Supply, Inc. (a) | 12,140 | 2,261,196 | |||
6,681,300 | |||||
Health Care Technology 1.7% | |||||
Allscripts Healthcare Solutions, Inc. (a) | 239,640 | 3,968,438 | |||
Hotels, Restaurants & Leisure 1.3% | |||||
Brinker International, Inc. | 60,680 | 2,934,485 | |||
Household Durables 5.2% | |||||
Harman International Industries, Inc. | 28,400 | 2,937,412 | |||
Jarden Corp. (a) | 67,295 | 4,067,983 | |||
NVR, Inc. (a) | 2,347 | 2,707,053 | |||
Tempur Sealy International, Inc. (a) | 42,760 | 2,107,640 | |||
11,820,088 | |||||
Insurance 1.8% | |||||
Everest Re Group Ltd. | 9,920 | 1,436,019 | |||
Genworth Financial, Inc., Class A (a) | 187,120 | 2,760,020 | |||
4,196,039 | |||||
Internet Software & Services 1.2% | |||||
Pandora Media, Inc. (a) | 76,060 | 2,743,484 | |||
IT Services 5.5% | |||||
Alliance Data Systems Corp. (a) | 12,045 | 2,886,705 | |||
FleetCor Technologies, Inc. (a) | 28,405 | 3,020,020 | |||
Total System Services, Inc. | 96,880 | 2,894,774 | |||
VeriFone Systems, Inc. (a) | 133,990 | 3,887,049 | |||
12,688,548 | |||||
Life Sciences Tools & Services 3.2% | |||||
Covance, Inc. (a) | 33,490 | 3,166,814 | |||
Mettler-Toledo International, Inc. (a) | 17,290 | 4,258,527 | |||
7,425,341 | |||||
Machinery 3.1% | |||||
Lincoln Electric Holdings, Inc. | 45,680 | 3,161,056 | |||
The Timken Co. | 71,650 | 4,036,045 | |||
7,197,101 | |||||
Media 0.8% | |||||
Nexstar Broadcasting
Group, Inc.,
Class A |
36,470 | 1,752,384 | |||
Oil, Gas & Consumable Fuels 5.4% | |||||
CONSOL Energy, Inc. | 122,770 | 4,585,460 | |||
Denbury Resources, Inc. (a) | 135,360 | 2,175,235 | |||
Tesoro Corp. | 108,680 | 5,599,193 | |||
12,359,888 | |||||
Professional Services 2.7% | |||||
IHS, Inc., Class A (a) | 29,390 | 3,333,120 | |||
Robert Half International, Inc. | 68,700 | 2,870,286 | |||
6,203,406 | |||||
Real Estate Investment Trusts (REITs) 1.2% | |||||
Starwood Property Trust, Inc. | 92,370 | 2,789,574 | |||
Real Estate Management & Development 1.7% | |||||
Jones Lang LaSalle, Inc. | 34,250 | 3,913,405 | |||
Road & Rail 2.6% | |||||
Genesee & Wyoming, Inc. (a) | 48,300 | 4,363,422 | |||
Landstar System, Inc. | 29,490 | 1,693,906 | |||
6,057,328 |
See notes to schedules of portfolio investments.
HSBC OPPORTUNITY PORTFOLIO
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | ||||
Common Stocks 97.1%, continued | |||||
Semiconductors & Semiconductor Equipment 2.2% | |||||
NXP Semiconductors NV (a) | 72,280 | 3,494,738 | |||
Skyworks Solutions, Inc. (a) | 52,690 | 1,593,873 | |||
5,088,611 | |||||
Software 4.6% | |||||
Concur Technologies, Inc. (a) | 20,400 | 2,475,336 | |||
Informatica Corp. (a) | 55,870 | 2,254,913 | |||
Qlik Technologies, Inc. (a) | 104,470 | 2,822,779 | |||
ServiceNow, Inc. (a) | 48,270 | 3,061,767 | |||
10,614,795 | |||||
Specialty Retail 5.4% | |||||
GNC Holdings, Inc., Class A | 29,390 | 1,502,123 | |||
Signet Jewelers Ltd. | 36,090 | 2,870,960 | |||
Tractor Supply Co. | 33,730 | 2,243,382 | |||
Urban Outfitters, Inc. (a) | 99,890 | 3,578,060 | |||
Williams-Sonoma, Inc. | 40,394 | 2,202,281 | |||
12,396,806 | |||||
Technology 0.2% | |||||
Infoblox, Inc. (a) | 13,660 | 479,193 | |||
Trading Companies & Distributors 3.2% | |||||
United Rentals, Inc. (a) | 45,690 | 3,698,148 | |||
WESCO International, Inc. (a) | 42,610 | 3,534,926 | |||
7,233,074 | |||||
TOTAL COMMON STOCKS
(COST $173,868,284) |
222,801,338 | ||||
Investment Company 4.8% | |||||
Northern Institutional Government
Select Portfolio, Institutional Shares, 0.01% (b) |
11,041,953 | 11,041,953 | |||
TOTAL INVESTMENT COMPANY
(COST $11,041,953) |
11,041,953 | ||||
TOTAL INVESTMENT
SECURITIES
(COST $184,910,237) 101.9% |
233,843,291 |
Percentages indicated are based on net assets of $229,503,002. | ||
(a) | Represents non-income producing security. | |
(b) | The rate represents the annualized one-day yield that was in effect on January 31, 2014. |
See notes to schedules of portfolio investments.
HSBC PRIME MONEY MARKET FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | Amortized | ||||
Amount ($) | Cost ($) | ||||
Certificates of Deposit 35.6% | |||||
Banking 35.6% | |||||
Agricultural Bank of China, N.Y., | |||||
0.53%, 3/17/14 | 30,000,000 | 30,002,554 | |||
Bank of Montreal Chicago, | |||||
0.17%, 3/14/14 | 80,000,000 | 80,000,000 | |||
Bank of Montreal Chicago, | |||||
0.17%, 4/7/14 | 80,000,000 | 80,000,000 | |||
Bank of Nova Scotia Houston, | |||||
0.17%, 3/28/14 (a) | 20,000,000 | 20,000,361 | |||
Bank of Nova Scotia Houston, | |||||
0.20%, 4/14/14 | 25,000,000 | 25,000,461 | |||
Bank of Nova Scotia Houston, | |||||
0.25%, 7/18/14 (a) | 50,000,000 | 50,000,000 | |||
Bank of Tokyo-Mitsubishi UFJ, | |||||
N.Y., 0.42%, 2/12/14 | 50,000,000 | 50,000,000 | |||
Bank of Tokyo-Mitsubishi UFJ, | |||||
N.Y., 0.84%, 3/7/14 (a) | 5,800,000 | 5,802,241 | |||
Bank of Tokyo-Mitsubishi UFJ, | |||||
N.Y., 0.23%, 7/2/14 | 80,000,000 | 80,000,000 | |||
Credit Industriel et Commercial, | |||||
N.Y., 0.15%, 2/3/14 | 40,000,000 | 40,000,000 | |||
Credit Industriel et Commercial, | |||||
N.Y., 0.22%, 2/5/14 | 55,000,000 | 55,000,000 | |||
Credit Suisse, N.Y., 0.21%, | |||||
4/4/14 | 30,000,000 | 30,001,459 | |||
Credit Suisse, N.Y., 0.25%, | |||||
4/22/14 | 60,000,000 | 60,000,643 | |||
Deutsche Bank, N.Y., 0.47%, | |||||
4/30/14 (a) | 100,000,000 | 100,000,000 | |||
DnB NOR Bank ASA, N.Y., | |||||
0.16%, 2/18/14 | 50,000,000 | 50,000,000 | |||
Industrial & Commercial Bank of | |||||
China, N.Y., 0.46%, 2/3/14 | 40,000,000 | 40,000,000 | |||
JPMorgan Chase Bank N.A., | |||||
0.28%, 7/28/14 (a) | 50,000,000 | 50,000,000 | |||
Mizuho Bank Ltd., N.Y., 0.21%, | |||||
4/15/14 | 20,000,000 | 20,000,000 | |||
Mizuho Bank Ltd., N.Y., 0.20%, | |||||
4/28/14 | 70,000,000 | 70,000,000 | |||
National Australia Bank, N.Y., | |||||
0.20%, 6/18/14 (a) | 60,000,000 | 60,000,000 | |||
Norinchukin Bank, N.Y., 0.21%, | |||||
2/25/14 | 80,000,000 | 80,000,000 | |||
Royal Bank of Canada, N.Y., | |||||
0.30%, 2/3/14 (a) | 65,000,000 | 65,000,000 | |||
Royal Bank of Canada, N.Y., | |||||
0.29%, 2/19/14 (a) | 35,000,000 | 35,000,000 | |||
Royal Bank of Canada, N.Y., | |||||
0.24%, 1/13/15 (a) | 50,000,000 | 50,000,000 | |||
Royal Bank of Canada, N.Y. , | |||||
2/4/15 (a) | 25,000,000 | 25,000,000 | |||
Royal Bank of Canada, N.Y., | |||||
0.33%, 2/4/15 (a) | 15,500,000 | 15,500,000 | |||
Shinhan Bank, N.Y., 0.35%, | |||||
3/17/14 | 30,000,000 | 30,000,000 | |||
Shinhan Bank, N.Y., 0.35%, | |||||
4/3/14 | 20,000,000 | 20,000,000 | |||
Shinhan Bank, N.Y., 0.35%, | |||||
4/23/14 | 20,000,000 | 20,000,000 | |||
Societe' Generale, N.Y., 0.28%, | |||||
10/31/14 (a) | 80,000,000 | 80,000,000 | |||
Sumitomo Mitsui Bank, N.Y., | |||||
0.10%, 2/4/14 | 50,000,000 | 50,000,000 | |||
Sumitomo Mitsui Bank, N.Y., | |||||
0.21%, 4/30/14 | 90,000,000 | 90,000,000 | |||
Svenska Handelsbanken NY, | |||||
0.22%, 3/24/14 | 30,000,000 | 30,000,206 | |||
Svenska Handelsbanken, N.Y., | |||||
0.17%, 4/14/14 | 25,000,000 | 25,000,249 | |||
Toronto Dominion Bank, N.Y., | |||||
0.21%, 6/17/14 (a) | 13,000,000 | 13,000,000 | |||
Toronto Dominion Bank, N.Y., | |||||
0.23%, 7/28/14 (a) | 20,000,000 | 20,000,000 | |||
Toronto Dominion Bank, N.Y., | |||||
0.22%, 11/18/14 (a) | 55,000,000 | 55,000,000 | |||
1,699,308,174 | |||||
TOTAL CERTIFICATES OF DEPOSIT | |||||
(COST $1,699,308,174) | 1,699,308,174 | ||||
Commercial Paper and Notes 31.6% | |||||
Banking 13.5% | |||||
Australia & New Zealand | |||||
Banking Group Ltd., 0.28%, | |||||
4/15/14 (a)(b) | 25,000,000 | 25,000,000 | |||
Australia & New Zealand | |||||
Banking Group Ltd., 0.30%, | |||||
1/16/15 (a)(b) | 25,000,000 | 25,000,000 | |||
Bank of Nova Scotia Houston, | |||||
0.19%, 3/26/14 (c) | 50,000,000 | 49,986,382 | |||
Bank of Nova Scotia Houston, | |||||
0.22%, 4/25/14 (c) | 20,000,000 | 19,990,086 | |||
Bank of Tokyo-Mitsubishi UFJ, | |||||
N.Y., 0.19%, 4/14/14 (c) | 25,000,000 | 24,990,500 | |||
Banque et Caisse d'Epargne de | |||||
I'Etat, 0.13%, 3/6/14 (c) | 25,000,000 | 24,997,021 | |||
Commonwealth Bank of | |||||
Australia, 0.24%, 5/16/14 (a) | 10,000,000 | 10,000,000 | |||
Commonwealth Bank of | |||||
Australia, 0.24%, 9/11/14 (a)(b) | 40,000,000 | 40,000,000 | |||
DnB NOR Bank ASA, N.Y., | |||||
0.17%, 4/1/14 (b)(c) | 25,000,000 | 24,993,035 | |||
Kookmin Bank, N.Y., 0.25%, | |||||
2/6/14 (b)(c) | 20,000,000 | 19,999,306 | |||
Kookmin Bank, N.Y., 0.24%, | |||||
3/3/14 (b)(c) | 10,000,000 | 9,998,000 | |||
Kookmin Bank, N.Y., 0.26%, | |||||
3/5/14 (b)(c) | 11,000,000 | 10,997,458 | |||
Korea Development Bank, N.Y., | |||||
0.30%, 5/22/14 (c) | 10,000,000 | 9,990,833 | |||
Nordea Bank AB, 0.18%, | |||||
3/26/14 (b)(c) | 65,000,000 | 64,983,254 | |||
Nordea Bank AB, 0.22%, | |||||
6/5/14 (b)(c) | 30,000,000 | 29,977,784 | |||
Nordea Bank AB, 0.21%, | |||||
6/12/14 (b)(c) | 45,000,000 | 44,965,613 | |||
Oversea-Chinese Bank Corp. | |||||
Ltd., 0.20%, 4/3/14 (c) | 20,000,000 | 19,993,222 | |||
Svenska Handelsbank, Inc., | |||||
0.25%, 2/4/14 (b)(c) | 20,000,000 | 19,999,583 | |||
Svenska Handelsbank, Inc., | |||||
0.16%, 3/27/14 (b)(c) | 15,000,000 | 14,996,400 | |||
United Overseas Bank Ltd., | |||||
0.22%, 3/10/14 (b)(c) | 25,000,000 | 24,994,347 |
See notes to schedules of portfolio investments.
HSBC PRIME MONEY MARKET FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | Amortized | ||||
Amount ($) | Cost ($) | ||||
Commercial Paper and Notes 31.6%, continued | |||||
Banking, continued | |||||
United Overseas Bank Ltd., | |||||
0.22%, 6/26/14 (b)(c) | 28,000,000 | 27,975,189 | |||
Westpac Securities NZ Ltd., | |||||
0.17%, 3/12/14 (b)(c) | 32,136,000 | 32,130,082 | |||
Westpac Securities NZ Ltd., | |||||
0.17%, 3/27/14 (b)(c) | 40,000,000 | 39,989,800 | |||
Westpac Securities NZ Ltd., | |||||
0.28%, 4/11/14 (a)(b) | 29,000,000 | 29,000,208 | |||
644,948,103 | |||||
Diversified 6.3% | |||||
Caisse Centrale Desjardins du | |||||
Quebec, 0.24%, 2/19/14 (b)(c) | 20,000,000 | 19,997,600 | |||
Caisse Centrale Desjardins du | |||||
Quebec, 0.17%, 4/9/14 (b)(c) | 20,000,000 | 19,993,858 | |||
Caisse Centrale Desjardins du | |||||
Quebec, 0.18%, 4/15/14 (b)(c) | 25,000,000 | 24,990,875 | |||
Caisse des Depots et | |||||
Consignations, 0.17%, | |||||
3/4/14 (c) | 30,000,000 | 29,995,608 | |||
Caisse des Depots et | |||||
Consignations, 0.17%, | |||||
4/16/14 (c) | 20,000,000 | 19,993,011 | |||
Caisse des Depots et | |||||
Consignations, 0.35%, | |||||
8/29/14 (b)(c) | 30,000,000 | 29,939,042 | |||
Erste Abwicklungsanstalt, | |||||
0.20%, 2/5/14 (b)(c) | 85,000,000 | 84,998,112 | |||
Erste Abwicklungsanstalt, | |||||
0.35%, 2/12/14 (b)(c) | 15,000,000 | 14,998,396 | |||
Erste Abwicklungsanstalt, | |||||
0.13%, 2/19/14 (b)(c) | 19,000,000 | 18,998,765 | |||
Erste Abwicklungsanstalt, | |||||
0.16%, 2/20/14 (b)(c) | 30,000,000 | 29,997,467 | |||
Erste Abwicklungsanstalt, | |||||
0.17%, 4/2/14 (b)(c) | 9,000,000 | 8,997,450 | |||
302,900,184 | |||||
Finance 11.8% | |||||
Antalis US Funding Corp., | |||||
0.23%, 4/16/14 (b)(c) | 19,000,000 | 18,991,017 | |||
ASB Finance Ltd., 0.18%, | |||||
3/4/14 (b)(c) | 20,000,000 | 19,996,900 | |||
ASB Finance Ltd., 0.27%, | |||||
9/2/14 (a)(b) | 25,000,000 | 25,000,000 | |||
BNZ International Funding, | |||||
0.22%, 6/13/14 (b)(c) | 30,000,000 | 29,975,800 | |||
National Australia Funding, | |||||
0.22%, 2/20/14 (b)(c) | 20,000,000 | 19,997,731 | |||
National Australia Funding, | |||||
0.14%, 3/26/14 (b)(c) | 40,000,000 | 39,991,756 | |||
Natixis US Finance Co. LLC, | |||||
0.10%, 2/3/14 (c) | 180,000,000 | 179,999,000 | |||
Nieuw Amsterdam Receivables | |||||
Corp., 0.18%, 2/3/14 (b)(c) | 20,000,000 | 19,999,806 | |||
Rabobank USA Finance Corp., | |||||
0.21%, 4/2/14 (c) | 70,000,000 | 69,975,500 | |||
Rabobank USA Finance Corp., | |||||
0.23%, 7/7/14 (c) | 45,000,000 | 44,955,150 | |||
Sheffield Receivables, 0.19%, | |||||
2/19/14 (b)(c) | 25,000,000 | 24,997,625 | |||
Toyota Motor Credit Corp., | |||||
0.24%, 2/4/14 (c) | 23,000,000 | 22,999,540 | |||
Toyota Motor Credit Corp., | |||||
0.28%, 5/9/14 (c) | 20,000,000 | 19,984,911 | |||
Toyota Motor Credit Corp., | |||||
0.26%, 8/8/14 (c) | 25,000,000 | 24,966,056 | |||
561,830,792 | |||||
TOTAL COMMERCIAL PAPER AND NOTES | |||||
(COST $1,509,679,079) | 1,509,679,079 | ||||
Corporate Obligations 6.0% | |||||
Banking 4.2% | |||||
Bank of America N.A., 0.19%, | |||||
3/10/14 | 35,000,000 | 35,000,000 | |||
JPMorgan Chase Bank N.A., | |||||
0.34%, 2/18/15 | 25,000,000 | 25,000,000 | |||
JPMorgan Chase Bank N.A., | |||||
0.36%, 12/21/14 | 20,000,000 | 20,000,000 | |||
U.S. BanCorp, 4.20%, 5/15/14, | |||||
MTN | 20,733,000 | 20,971,848 | |||
Wells Fargo Bank N.A., 0.29%, | |||||
1/10/15 | 40,000,000 | 40,000,000 | |||
Wells Fargo Bank N.A., 0.29%, | |||||
2/13/15, MTN | 60,000,000 | 60,000,000 | |||
200,971,848 | |||||
Finance 1.6% | |||||
General Electric Capital Corp., | |||||
5.50%, 6/4/14, MTN | 23,733,000 | 24,150,609 | |||
General Electric Capital Corp., | |||||
5.90%, 5/13/14 | 19,380,000 | 19,686,524 | |||
MetLife Institutional Funding, | |||||
0.61%, 1/6/15 (a)(b) | 34,400,000 | 34,521,096 | |||
78,358,229 | |||||
Household Products 0.2% | |||||
The Procter & Gamble Co., | |||||
0.70%, 8/15/14 | 7,250,000 | 7,266,617 | |||
TOTAL CORPORATE OBLIGATIONS | |||||
(COST $286,596,694) | 286,596,694 | ||||
Yankee Dollars 1.5% | |||||
Banking 1.1% | |||||
Westpac Banking Corp., 0.38%, | |||||
1/31/15 (a) | 35,000,000 | 35,000,000 | |||
Westpac Banking Corp., 0.98%, | |||||
3/31/14 (a)(b) | 15,750,000 | 15,767,873 | |||
50,767,873 | |||||
Commercial Banks 0.5% | |||||
Commonwealth Bank of | |||||
Australia, 0.97%, 3/17/14 (a)(b) | 12,500,000 | 12,511,131 | |||
Commonwealth Bank of | |||||
Australia, 2.13%, 3/17/14 (b) | 10,000,000 | 10,022,075 | |||
22,533,206 | |||||
TOTAL YANKEE DOLLARS (COST $73,301,079) | 73,301,079 |
See notes to schedules of portfolio investments.
HSBC PRIME MONEY MARKET FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | Amortized | ||||
Amount ($) | Cost ($) | ||||
Time Deposits 18.0% | |||||
Abbey National Treasury | |||||
Services, 0.09%, 2/3/14 | 100,000,000 | 100,000,000 | |||
ABN AMRO Bank NV, 0.08%, | |||||
2/3/14 | 150,000,000 | 150,000,000 | |||
Australia & New Zealand Bank, | |||||
0.04%, 2/3/14 | 150,000,000 | 150,000,000 | |||
Bank of Tokyo-Mitsubishi UFJ, | |||||
N.Y., 0.07%, 2/3/14 | 70,000,000 | 70,000,000 | |||
Credit Industriel et Commercial, | |||||
N.Y., 0.09%, 2/3/14 | 100,000,000 | 100,000,000 | |||
Credit Agricole CIB, N.Y., | |||||
0.09%, 2/3/14 | 126,000,000 | 126,000,000 | |||
Nordea Bank AB, 0.03%, | |||||
2/3/14 | 75,000,000 | 75,000,000 | |||
Sumitomo Mitsui Bank, N.Y., | |||||
0.05%, 2/3/14 | 90,000,000 | 90,000,000 | |||
TOTAL TIME DEPOSITS | |||||
(Cost $861,000,000) | 861,000,000 | ||||
U.S. Treasury Obligations 7.8% | |||||
U.S. Treasury Bills 1.1% | |||||
0.08%, 3/6/14 (d) | 50,000,000 | 49,996,311 | |||
U.S. Treasury Notes 6.7% | |||||
0.38%, 11/15/14 | 20,000,000 | 20,034,847 | |||
1.75%, 3/31/14 | 50,000,000 | 50,124,315 | |||
1.88%, 2/28/14 | 50,000,000 | 50,062,616 | |||
2.25%, 5/31/14 | 50,000,000 | 50,342,126 | |||
2.38%, 8/31/14 | 50,000,000 | 50,634,369 | |||
2.38%, 9/30/14 | 100,000,000 | 101,451,864 | |||
322,650,137 | |||||
TOTAL U.S. TREASURY OBLIGATIONS | |||||
(COST $372,646,448) | 372,646,448 | ||||
TOTAL INVESTMENT SECURITIES | |||||
(COST $4,802,531,474) 100.5% | 4,802,531,474 |
Percentages indicated are based on net assets of $4,780,669,625. |
See notes to schedules of portfolio investments.
HSBC U.S. GOVERNMENT MONEY MARKET FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | Amortized | ||||
Amount ($) | Cost ($) | ||||
U.S. Government and Government Agency Obligations 28.8% | |||||
Federal Farm Credit Bank 7.9% | |||||
0.02%, 2/10/14 (a) | 18,000,000 | 17,999,633 | |||
0.04%, 2/3/14 (b) | 90,000,000 | 89,999,801 | |||
0.10%, 3/26/14 (a) | 23,500,000 | 23,500,056 | |||
0.10%, 10/24/14 (a) | 18,000,000 | 17,999,326 | |||
0.12%, 5/26/15 (a) | 50,000,000 | 50,000,000 | |||
0.12%, 6/6/14 (a) | 30,000,000 | 29,998,956 | |||
0.16%, 6/11/14 | 15,000,000 | 14,999,344 | |||
0.17%, 2/27/15 (a) | 3,695,000 | 3,696,200 | |||
0.20%, 7/24/15 (a) | 22,150,000 | 22,172,225 | |||
2.13%, 3/5/14 | 50,000,000 | 50,094,275 | |||
320,459,816 | |||||
Federal Home Loan Bank 10.0% | |||||
0.03%, 2/7/14 (b) | 50,000,000 | 49,999,750 | |||
0.09%, 6/27/14 (a) | 15,000,000 | 14,999,398 | |||
0.10%, 9/2/14 (a) | 15,000,000 | 14,999,561 | |||
0.11%, 3/19/14 (b) | 101,000,000 | 100,986,450 | |||
0.11%, 6/5/14 (a) | 75,000,000 | 74,998,552 | |||
0.13%, 3/27/14 | 18,000,000 | 17,999,019 | |||
0.13%, 7/25/14 | 15,000,000 | 14,996,656 | |||
0.14%, 6/16/14 (a) | 30,000,000 | 30,000,604 | |||
0.16%, 3/3/14 (b) | 45,000,000 | 44,994,188 | |||
0.17%, 3/24/14 (b) | 15,000,000 | 14,996,494 | |||
0.19%, 7/22/14 | 25,000,000 | 24,998,477 | |||
403,969,149 | |||||
Federal Home Loan Mortgage Corp. 9.4% | |||||
0.09%, 3/17/14 (b) | 83,350,000 | 83,341,341 | |||
0.12%, 6/18/14 (b) | 25,000,000 | 24,988,583 | |||
0.14%, 10/16/15 (a) | 160,000,000 | 160,000,000 | |||
0.15%, 11/25/15 (a) | 75,000,000 | 75,000,000 | |||
0.21%, 2/27/15 | 40,000,000 | 40,000,000 | |||
383,329,924 | |||||
Federal National Mortgage Association 1.5% | |||||
0.09%, 2/5/14 (b) | 12,734,000 | 12,733,868 | |||
0.34%, 1/27/15 (a) | 3,065,000 | 3,071,881 | |||
0.46%, 11/21/14 (a) | 6,000,000 | 6,017,059 | |||
0.63%, 10/30/14 | 31,573,000 | 31,681,764 | |||
0.88%, 8/28/14 | 7,500,000 | 7,529,952 | |||
61,034,524 | |||||
TOTAL U.S. GOVERNMENT AND GOVERNMENT | |||||
AGENCY OBLIGATIONS | |||||
(COST $1,168,793,413) | 1,168,793,413 | ||||
U.S. Treasury Obligations 32.2% | |||||
U.S. Treasury Bills 3.7% | |||||
0.13%, 4/24/14 (b) | 150,000,000 | 149,956,438 | |||
U.S. Treasury Notes 28.5% | |||||
0.25%, 3/31/14 | 100,000,000 | 100,026,880 | |||
0.38%, 11/15/14 | 45,000,000 | 45,078,568 | |||
0.50%, 10/15/14 | 34,500,000 | 34,591,697 | |||
1.25%, 2/15/14 | 225,000,000 | 225,098,304 | |||
1.25%, 3/15/14 | 250,000,000 | 250,344,512 | |||
1.25%, 4/15/14 | 15,000,000 | 15,032,499 | |||
1.75%, 3/31/14 | 115,000,000 | 115,298,000 | |||
2.25%, 1/31/15 | 65,000,000 | 66,347,126 | |||
2.38%, 9/30/14 | 250,000,000 | 253,614,591 | |||
4.25%, 11/15/14 | 50,000,000 | 51,603,827 | |||
1,157,036,004 | |||||
TOTAL U.S. TREASURY OBLIGATIONS | |||||
(COST $1,306,992,442) | 1,306,992,442 | ||||
Repurchase Agreements 36.9% | |||||
Barclays Capital Group, | |||||
purchased on 1/31/14, | |||||
0.03%, due on 2/4/14 with | |||||
a maturity value of | |||||
$250,000,833, | |||||
collateralized by various | |||||
U.S. Government and | |||||
Government Agency | |||||
Obligations, 0.00%-8.00%, | |||||
4/15/15-12/20/62, fair | |||||
value $255,000,000 | 250,000,000 | 250,000,000 | |||
Barclays Capital Group, | |||||
purchased on 1/31/14, | |||||
0.02%, due on 2/3/14 with | |||||
a maturity value of | |||||
$200,000,333, | |||||
collateralized by various | |||||
U.S. Treasury Obligations, | |||||
2.13%-2.38%, 8/31/14- | |||||
8/15/21, fair value | |||||
$204,031,317 | 200,000,000 | 200,000,000 | |||
BNP Paribas, purchased on | |||||
1/31/14, 0.03%, due on | |||||
2/7/14 with a maturity | |||||
value of $300,001,750, | |||||
collateralized by various | |||||
U.S. Government and | |||||
Government Agency | |||||
Obligations, 2.75%-7.00%, | |||||
4/1/17-11/1/47, fair value | |||||
$306,000,001 | 300,000,000 | 300,000,000 | |||
Citigroup Global Markets, | |||||
purchased on 1/31/14, | |||||
0.02%, due on 2/3/14 with | |||||
a maturity value of | |||||
$150,000,250, | |||||
collateralized by various | |||||
U.S. Treasury Obligations, | |||||
1.25%-2.38%, 11/30/18- | |||||
1/15/27, fair value | |||||
$153,000,015 | 150,000,000 | 150,000,000 | |||
Citigroup Global Markets, | |||||
purchased on 1/31/14, | |||||
0.03%, due on 2/3/14 with | |||||
a maturity value of | |||||
$100,000,250, | |||||
collateralized by various | |||||
U.S. Government and | |||||
Government Agency | |||||
Obligations, 2.21%-5.00%, | |||||
10/1/20-9/1/43, fair value | |||||
$102,000,001 | 100,000,000 | 100,000,000 |
See notes to schedules of portfolio investments.
HSBC U.S. GOVERNMENT MONEY MARKET FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | Amortized | ||||
Amount ($) | Cost ($) | ||||
Repurchase Agreements 36.9%, continued | |||||
Deutsche Bank, purchased on | |||||
1/31/14, 0.03%, due on | |||||
2/3/14 with a maturity | |||||
value of $300,000,750, | |||||
collateralized by various | |||||
U.S. Government and | |||||
Government Agency | |||||
Obligations, 3.00%-6.00%, | |||||
6/1/26-5/20/43, fair value | |||||
$306,000,001 | 300,000,000 | 300,000,000 | |||
Societe Generale, purchased | |||||
on 1/31/14, 0.03%, due | |||||
on 2/3/14 with a maturity | |||||
value of $200,000,500, | |||||
collateralized by various | |||||
U.S. Treasury Obligations, | |||||
0.38%-8.75%, 3/15/15- | |||||
2/15/41, fair value | |||||
$204,000,099 | 200,000,000 | 200,000,000 | |||
TOTAL REPURCHASE AGREEMENTS | |||||
(COST $1,500,000,000) | 1,500,000,000 | ||||
TOTAL INVESTMENT SECURITIES | |||||
(COST $3,975,785,855) 97.9% | 3,975,785,855 |
See notes to schedules of portfolio investments.
HSBC U.S. TREASURY MONEY MARKET FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | Amortized | ||||
Amount ($) | Cost ($) | ||||
U.S. Treasury Obligations 96.0% | |||||
U.S. Treasury Bills 5.7% | |||||
0.00%, 2/13/14 (a) | 8,000,000 | 8,000,000 | |||
0.04%, 3/13/14 (a) | 50,000,000 | 49,997,778 | |||
0.06%, 4/3/14 (a) | 50,000,000 | 49,994,917 | |||
107,992,695 | |||||
U.S. Treasury Notes 90.3% | |||||
0.10%, 1/31/16 (b) | 50,000,000 | 49,994,943 | |||
0.25%, 3/31/14 | 450,000,000 | 450,124,376 | |||
0.63%, 7/15/14 | 30,000,000 | 30,061,651 | |||
1.25%, 2/15/14 | 250,000,000 | 250,113,491 | |||
1.25%, 3/15/14 | 300,000,000 | 300,405,273 | |||
1.75%, 3/31/14 | 525,000,000 | 526,375,368 | |||
2.38%, 8/31/14 | 25,000,000 | 25,317,410 | |||
2.38%, 9/30/14 | 30,000,000 | 30,439,800 | |||
2.38%, 10/31/14 | 25,000,000 | 25,415,729 | |||
4.00%, 2/15/14 | 10,000,000 | 10,014,907 | |||
4.25%, 11/15/14 | 15,000,000 | 15,480,416 | |||
1,713,743,364 | |||||
TOTAL U.S. TREASURY OBLIGATIONS | |||||
(COST $1,821,736,059) | 1,821,736,059 | ||||
TOTAL INVESTMENT SECURITIES | |||||
(COST $1,821,736,059) 96.0% | 1,821,736,059 |
See notes to schedules of portfolio investments.
HSBC AGGRESSIVE STRATEGY FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | |||
Affiliated Investment Companies 2.0% | ||||
HSBC Emerging Markets Debt Fund, | ||||
Class I Shares | 13,026 | 127,520 | ||
HSBC Prime Money Market Fund, | ||||
Class I Shares, 0.03% (a) | 230,895 | 230,895 | ||
TOTAL AFFILIATED INVESTMENT COMPANIES | ||||
(COST $363,028) | 358,415 | |||
Affiliated Portfolios 11.6% | ||||
HSBC Growth Portfolio | 1,339,791 | |||
HSBC Opportunity Portfolio | 728,137 | |||
TOTAL AFFILIATED PORTFOLIOS | 2,067,928 | |||
Unaffiliated Investment Companies 42.1% | ||||
Artisan Value Fund, Investor Shares | 68,579 | 880,561 | ||
Brookfield Global Listed Real Estate | ||||
Fund, Institutional Shares | 10,132 | 120,262 | ||
Brown Advisory Growth Equity Fund, | ||||
Institutional Shares | 48,044 | 880,164 | ||
Columbia High Yield Bond Fund, | ||||
Class Z Shares | 208,793 | 622,205 | ||
CRM Small/Mid Cap Value Fund, | ||||
Institutional Shares | 41,637 | 720,742 | ||
Delaware Emerging Markets Fund, | ||||
Institutional Shares | 64,623 | 979,688 | ||
JPMorgan Equity Income Fund, Select | ||||
Shares | 106,109 | 1,329,542 | ||
JPMorgan High Yield Fund, Select | ||||
Shares | 77,859 | 622,872 | ||
Principal Global Real Estate Securities | ||||
Fund, Institutional Shares | 14,445 | 117,294 | ||
Trilogy Emerging Markets Equity Fund, | ||||
Institutional Shares | 150,606 | 1,201,839 | ||
TOTAL UNAFFILIATED INVESTMENT COMPANIES | ||||
(COST $6,999,984) | 7,475,169 | |||
Exchange Traded Funds 44.6% | ||||
iShares MSCI EAFE Index Fund | 40,364 | 2,567,554 | ||
iShares MSCI Emerging Markets Index | ||||
Fund | 6,274 | 239,604 | ||
PowerShares Global Listed Private | ||||
Equity Portfolio ETF | 60,684 | 704,541 | ||
SPDR S&P 500 ETF Trust | 24,663 | 4,394,454 | ||
TOTAL EXCHANGE TRADED FUNDS | ||||
(COST $6,830,425) | 7,906,153 | |||
TOTAL INVESTMENT SECURITIES 100.3% | 17,807,665 |
See notes to schedules of portfolio investments.
HSBC BALANCED STRATEGY FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | |||
Affiliated Investment Companies 10.9% | ||||
HSBC Emerging Markets Debt Fund, | ||||
Class I Shares | 293,302 | 2,871,430 | ||
HSBC Emerging Markets Local Debt | ||||
Fund, Class I Shares | 173,574 | 1,425,040 | ||
HSBC Prime Money Market Fund, | ||||
Class I Shares, 0.03% (a) | 939,195 | 939,195 | ||
TOTAL AFFILIATED INVESTMENT COMPANIES | ||||
(COST $5,671,971) | 5,235,665 | |||
Affiliated Portfolios 8.4% | ||||
HSBC Growth Portfolio | 2,614,843 | |||
HSBC Opportunity Portfolio | 1,425,537 | |||
TOTAL AFFILIATED PORTFOLIOS | 4,040,380 | |||
Unaffiliated Investment Companies 46.1% | ||||
Artisan Value Fund, Investor Shares | 134,270 | 1,724,028 | ||
Brookfield Global Listed Real Estate | ||||
Fund, Institutional Shares | 83,751 | 994,119 | ||
Brown Advisory Growth Equity Fund, | ||||
Institutional Shares | 93,193 | 1,707,297 | ||
Columbia High Yield Bond Fund, | ||||
Class Z Shares | 1,079,205 | 3,216,031 | ||
CRM Small/Mid Cap Value Fund, | ||||
Institutional Shares | 80,601 | 1,395,207 | ||
Delaware Emerging Markets Fund, | ||||
Institutional Shares | 85,928 | 1,302,674 | ||
Janus Flexible Bond Fund, | ||||
Institutional Shares | 28,337 | 296,684 | ||
JPMorgan Equity Income Fund, | ||||
Select Shares | 206,510 | 2,587,565 | ||
JPMorgan High Yield Fund, Select | ||||
Shares | 402,064 | 3,216,510 | ||
Lord Abbett Core Fixed Income Fund, | ||||
Institutional Shares | 38,212 | 414,576 | ||
Metropolitan West Total Return Bond, | ||||
Institutional Shares | 27,819 | 297,109 | ||
PIMCO Commodity RealReturn | ||||
Strategy Fund, Institutional | ||||
Shares | 273,991 | 1,515,173 | ||
PIMCO Total Return Fund, | ||||
Institutional Shares | 51,146 | 553,400 | ||
Principal Global Real Estate | ||||
Securities Fund, Institutional | ||||
Shares | 123,978 | 1,006,705 | ||
T. Rowe Price New Income Fund, | ||||
Retail Shares | 43,666 | 410,898 | ||
Trilogy Emerging Markets Equity | ||||
Fund, Institutional Shares | 199,038 | 1,588,321 | ||
TOTAL UNAFFILIATED INVESTMENT COMPANIES | ||||
(COST $21,979,905) | 22,226,297 | |||
Exchange Traded Funds 34.8% | ||||
iShares iBoxx $ Investment Grade | ||||
Corporate Bond | 5,332 | 620,325 | ||
iShares MSCI EAFE Index Fund | 91,433 | 5,816,053 | ||
iShares MSCI Emerging Markets | ||||
Index Fund | 12,949 | 494,522 | ||
PowerShares Global Listed Private | ||||
Equity Portfolio ETF | 111,394 | 1,293,284 | ||
SPDR S&P 500 ETF Trust | 48,001 | 8,552,819 | ||
TOTAL EXCHANGE TRADED FUNDS | ||||
(COST $14,610,298) | 16,777,003 | |||
TOTAL INVESTMENT SECURITIES 100.2% | 48,279,345 |
See notes to schedules of portfolio investments.
HSBC MODERATE STRATEGY FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | |||
Affiliated Investment Companies 12.4% | ||||
HSBC Emerging Markets Debt Fund, | ||||
Class I Shares | 270,913 | 2,652,239 | ||
HSBC Emerging Markets Local Debt | ||||
Fund, Class I Shares | 198,651 | 1,630,928 | ||
HSBC Prime Money Market Fund, | ||||
Class I Shares, 0.03% (a) | 1,012,962 | 1,012,962 | ||
TOTAL AFFILIATED INVESTMENT COMPANIES | ||||
(COST $5,702,766) | 5,296,129 | |||
Affiliated Portfolios 5.6% | ||||
HSBC Growth Portfolio | 1,546,812 | |||
HSBC Opportunity Portfolio | 838,940 | |||
TOTAL AFFILIATED PORTFOLIOS | 2,385,752 | |||
Unaffiliated Investment Companies 55.9% | ||||
Artisan Value Fund, Investor Shares | 80,309 | 1,031,164 | ||
ASG Global Alternatives Fund - | ||||
Class Y Shares | 29,039 | 321,171 | ||
Brookfield Global Listed Real Estate | ||||
Fund, Institutional Shares | 69,905 | 829,770 | ||
Brown Advisory Growth Equity Fund, | ||||
Institutional Shares | 56,322 | 1,031,821 | ||
Columbia High Yield Bond Fund, | ||||
Class Z Shares | 964,079 | 2,872,956 | ||
CRM Small/Mid Cap Value Fund, | ||||
Institutional Shares | 48,643 | 842,016 | ||
Delaware Emerging Markets Fund, | ||||
Institutional Shares | 52,493 | 795,801 | ||
Janus Flexible Bond Fund, | ||||
Institutional Shares | 118,838 | 1,244,229 | ||
JPMorgan Equity Income Fund, | ||||
Select Shares | 122,850 | 1,539,310 | ||
JPMorgan High Yield Fund, Select | ||||
Shares | 360,543 | 2,884,344 | ||
Lord Abbett Core Fixed Income Fund, | ||||
Institutional Shares | 160,946 | 1,746,262 | ||
Metropolitan West Total Return Bond, | ||||
Institutional Shares | 114,660 | 1,224,570 | ||
PIMCO Commodity RealReturn | ||||
Strategy Fund, Institutional | ||||
Shares | 287,125 | 1,587,801 | ||
PIMCO Total Return Fund, | ||||
Institutional Shares | 214,908 | 2,325,308 | ||
Principal Global Real Estate | ||||
Securities Fund, Institutional | ||||
Shares | 104,172 | 845,880 | ||
T. Rowe Price New Income Fund, | ||||
Retail Shares | 183,441 | 1,726,178 | ||
Trilogy Emerging Markets Equity | ||||
Fund, Institutional Shares | 126,894 | 1,012,617 | ||
TOTAL UNAFFILIATED INVESTMENT COMPANIES | ||||
(COST $24,099,404) | 23,861,198 | |||
Exchange Traded Funds 26.1% | ||||
iShares iBoxx $ Investment Grade | ||||
Corporate Bond | 3,771 | 438,718 | ||
iShares MSCI EAFE Index Fund | 74,831 | 4,760,000 | ||
iShares MSCI Emerging Markets | ||||
Index Fund | 7,276 | 277,870 | ||
PowerShares Global Listed Private | ||||
Equity Portfolio ETF | 52,626 | 610,988 | ||
SPDR S&P 500 ETF Trust | 28,328 | 5,047,483 | ||
TOTAL EXCHANGE TRADED FUNDS | ||||
(COST $9,680,452) | 11,135,059 | |||
TOTAL INVESTMENT SECURITIES 100.0% | 42,678,138 |
See notes to schedules of portfolio investments.
HSBC CONSERVATIVE STRATEGY FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | |||
Affiliated Investment Companies 12.4% | ||||
HSBC Emerging Markets Debt Fund, | ||||
Class I Shares | 118,155 | 1,156,734 | ||
HSBC Emerging Markets Local Debt | ||||
Fund, Class I Shares | 105,833 | 868,891 | ||
HSBC Prime Money Market Fund, | ||||
Class I Shares, 0.03% (a) | 501,297 | 501,297 | ||
TOTAL AFFILIATED INVESTMENT COMPANIES | ||||
(COST $2,732,558) | 2,526,922 | |||
Affiliated Portfolios 3.5% | ||||
HSBC Growth Portfolio | 458,448 | |||
HSBC Opportunity Portfolio | 249,369 | |||
TOTAL AFFILIATED PORTFOLIOS | 707,817 | |||
Unaffiliated Investment Companies 65.9% | ||||
Artisan Value Fund, Investor Shares | 23,554 | 302,432 | ||
ASG Global Alternatives Fund - | ||||
Class Y Shares | 37,373 | 413,344 | ||
Brookfield Global Listed Real Estate | ||||
Fund, Institutional Shares | 32,979 | 391,466 | ||
Brown Advisory Growth Equity Fund, | ||||
Institutional Shares | 16,637 | 304,796 | ||
Columbia High Yield Bond Fund, | ||||
Class Z Shares | 421,383 | 1,255,723 | ||
CRM Small/Mid Cap Value Fund, | ||||
Institutional Shares | 14,561 | 252,049 | ||
Delaware Emerging Markets Fund, | ||||
Institutional Shares | 6,261 | 94,916 | ||
Janus Flexible Bond Fund, Institutional | ||||
Shares | 108,574 | 1,136,766 | ||
JPMorgan Equity Income Fund, Select | ||||
Shares | 36,184 | 453,389 | ||
JPMorgan High Yield Fund, Select | ||||
Shares | 157,321 | 1,258,571 | ||
Lord Abbett Core Fixed Income Fund, | ||||
Institutional Shares | 146,950 | 1,594,407 | ||
Metropolitan West Total Return Bond, | ||||
Institutional Shares | 107,383 | 1,146,853 | ||
PIMCO Commodity RealReturn | ||||
Strategy Fund, Institutional | ||||
Shares | 112,567 | 622,494 | ||
PIMCO Total Return Fund, Institutional | ||||
Shares | 197,546 | 2,137,448 | ||
Principal Global Real Estate Securities | ||||
Fund, Institutional Shares | 48,325 | 392,400 | ||
T. Rowe Price New Income Fund, | ||||
Retail Shares | 169,141 | 1,591,618 | ||
Trilogy Emerging Markets Equity Fund, | ||||
Institutional Shares | 14,436 | 115,196 | ||
TOTAL UNAFFILIATED INVESTMENT COMPANIES | ||||
(COST $13,457,065) | 13,463,868 | |||
Exchange Traded Funds 18.3% | ||||
iShares iBoxx $ Investment Grade | ||||
Corporate Bond | 2,679 | 311,675 | ||
iShares MSCI EAFE Index Fund | 30,363 | 1,931,391 | ||
SPDR S&P 500 ETF Trust | 8,369 | 1,491,188 | ||
TOTAL EXCHANGE TRADED FUNDS | ||||
(COST $3,244,208) | 3,734,254 | |||
TOTAL INVESTMENT SECURITIES 100.1% | 20,432,861 |
See notes to schedules of portfolio investments.
HSBC INCOME STRATEGY FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | |||
Affiliated Investment Companies 10.2% | ||||
HSBC Emerging Markets Debt Fund, | ||||
Class I Shares | 4,821 | 47,196 | ||
HSBC Emerging Markets Local Debt | ||||
Fund, Class I Shares | 7,184 | 58,983 | ||
HSBC Prime Money Market Fund, | ||||
Class I Shares, 0.03% (a) | 26,454 | 26,454 | ||
TOTAL AFFILIATED INVESTMENT COMPANIES | ||||
(COST $146,342) | 132,633 | |||
Unaffiliated Investment Companies 87.1% | ||||
Brookfield Global Listed Real Estate | ||||
Fund, Institutional Shares | 2,469 | 29,312 | ||
Columbia High Yield Bond Fund, | ||||
Class Z Shares | 19,043 | 56,748 | ||
Eaton Vance Floating-Rate Fund, | ||||
Institutional Shares | 5,544 | 51,005 | ||
Federated Strategic Value Dividend | ||||
Fund, Institutional Shares | 9,954 | 56,739 | ||
Janus Flexible Bond Fund, Institutional | ||||
Shares | 9,813 | 102,738 | ||
JPMorgan Equity Income Fund, Select | ||||
Shares | 4,423 | 55,415 | ||
JPMorgan High Yield Fund, Select | ||||
Shares | 7,073 | 56,583 | ||
Lord Abbett Core Fixed Income Fund, | ||||
Institutional Shares | 13,261 | 143,880 | ||
Metropolitan West Total Return Bond, | ||||
Institutional Shares | 9,627 | 102,816 | ||
PIMCO Total Return Fund, Institutional | ||||
Shares | 17,834 | 192,959 | ||
Principal Global Real Estate Securities | ||||
Fund, Institutional Shares | 3,574 | 29,022 | ||
T. Rowe Price International Growth & | ||||
Income Fund, Retail Shares | 6,962 | 104,993 | ||
T. Rowe Price New Income Fund, Retail | ||||
Shares | 15,307 | 144,036 | ||
TOTAL UNAFFILIATED INVESTMENT COMPANIES | ||||
(COST $1,136,823) | 1,126,246 | |||
Exchange Traded Fund 1.5% | ||||
iShares iBoxx $ Investment Grade | ||||
Corporate Bond | 168 | 19,545 | ||
TOTAL EXCHANGE TRADED FUND (COST $19,930) | 19,545 | |||
TOTAL INVESTMENT SECURITIES (COST $1,303,095) 98.8% | 1,278,424 |
Percentages indicated are based on net assets of $1,294,186. |
||
(a) | The rate represents the annualized one-day yield that was in effect on January 31, 2014. |
See notes to schedules of portfolio investments.
HSBC EMERGING MARKETS DEBT FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | |||||
Amount ($) | Value ($) | ||||
Corporate Obligation 0.0% | |||||
Pemex Project Funding Master Trust, | |||||
6.63%, 6/15/35 | 10,000 | 10,433 | |||
TOTAL CORPORATE OBLIGATION | |||||
(COST $10,888) | 10,433 | ||||
Yankee Dollars 97.3% | |||||
Brazil 7.5% | |||||
Banco ABC Brasil SA, 7.88%, 4/8/20 | 100,000 | 99,000 | |||
Banco do Brasil SA, Registered, | |||||
5.88%, 1/26/22 | 450,000 | 425,813 | |||
Banco Nacional de Desenvolvimento | |||||
Economico e Social, 5.75%, | |||||
9/26/23 (a) | 200,000 | 194,750 | |||
Banco Votorantim, Registered, | |||||
5.25%, 2/11/16 | 200,000 | 206,250 | |||
Caixa Economica Federal, 4.50%, | |||||
10/3/18 (a) | 150,000 | 147,000 | |||
Federal Republic of Brazil, 4.25%, | |||||
1/7/25 | 650,000 | 606,774 | |||
Federal Republic of Brazil, 8.25%, | |||||
1/20/34 | 180,000 | 225,000 | |||
Federal Republic of Brazil, 7.13%, | |||||
1/20/37 | 540,000 | 604,800 | |||
Federal Republic of Brazil, 5.63%, | |||||
1/7/41 | 100,000 | 95,000 | |||
Petrobras International Finance Co., | |||||
5.75%, 1/20/20 | 50,000 | 51,582 | |||
Vale Overseas Ltd., 6.88%, 11/21/36 | 100,000 | 101,969 | |||
Votorantim Cimentos SA, Registered, | |||||
7.25%, 4/5/41 | 200,000 | 185,000 | |||
2,942,938 | |||||
Chile 1.0% | |||||
CorpBanca SA, 3.13%, 1/15/18 | 200,000 | 191,998 | |||
Empresa Nacional de Petroleo, | |||||
Registered, 4.75%, 12/6/21 | 220,000 | 218,343 | |||
410,341 | |||||
China 2.2% | |||||
CNOOC Curtis Funding No.1 Pty | |||||
Ltd., 4.50%, 10/3/23 (a) | 200,000 | 197,700 | |||
Sinopec Capital (2013) Ltd., 3.13%, | |||||
4/24/23 (a) | 200,000 | 178,924 | |||
Sinopec Group Overseas | |||||
Development (2013) Ltd., | |||||
4.38%, 10/17/23 (a) | 500,000 | 492,563 | |||
869,187 | |||||
Colombia 5.8% | |||||
Bancolombia SA, 5.95%, 6/3/21 | 100,000 | 104,250 | |||
Grupo Aval Ltd., Registered, 4.75%, | |||||
9/26/22 | 200,000 | 185,500 | |||
Republic of Colombia, 4.38%, | |||||
7/12/21 | 740,000 | 751,100 | |||
Republic of Colombia, 2.63%, | |||||
3/15/23 , Callable 12/15/22 @ 100 | 500,000 | 435,000 | |||
Republic of Colombia, 4.00%, | |||||
2/26/24 | 200,000 | 190,500 | |||
Republic of Colombia, 8.13%, | |||||
5/21/24 | 300,000 | 379,500 | |||
Republic of Colombia, 6.13%, | |||||
1/18/41 | 250,000 | 260,625 | |||
2,306,475 | |||||
Croatia 2.7% | |||||
Croatia, Registered, 6.75%, 11/5/19 | 500,000 | 533,125 | |||
Croatia, Registered, 6.63%, 7/14/20 | 100,000 | 105,500 | |||
Croatia, Registered, 6.38%, 3/24/21 | 400,000 | 414,000 | |||
1,052,625 | |||||
Dominican Republic 0.3% | |||||
Dominican Republic, 7.50%, 5/6/21 | 100,000 | 109,125 | |||
El Salvador 0.6% | |||||
Republic of El Salvador, 7.75%, | |||||
1/24/23 (b) | 225,000 | 241,313 | |||
Gabon 0.5% | |||||
Gabonese Republic, 6.38%, | |||||
12/12/24 (a) | 200,000 | 205,500 | |||
Hungary 1.1% | |||||
Republic of Hungary, 6.38%, 3/29/21 | 130,000 | 138,450 | |||
Republic of Hungary, 5.38%, 2/21/23 | 300,000 | 293,250 | |||
431,700 | |||||
India 0.5% | |||||
Vedanta Resources plc, Registered, | |||||
7.13%, 5/31/23 | 200,000 | 178,750 | |||
Indonesia 11.7% | |||||
Majapahit Holding BV, 8.00%, 8/7/19 | 125,000 | 138,750 | |||
PT Pertamina (Persero) Tbk, 4.30%, | |||||
5/20/23 (a) | 200,000 | 169,500 | |||
PT Pertamina Tbk, Registered, | |||||
4.88%, 5/3/22 | 400,000 | 365,000 | |||
Republic of Indonesia, 6.88%, | |||||
1/17/18 | 575,000 | 640,406 | |||
Republic of Indonesia, 3.38%, | |||||
4/15/23 (a) | 350,000 | 299,250 | |||
Republic of Indonesia, 5.38%, | |||||
10/17/23 (a) | 500,000 | 497,500 | |||
Republic of Indonesia, 5.88%, | |||||
1/15/24 (a) | 200,000 | 203,750 | |||
Republic of Indonesia, Registered, | |||||
5.88%, 3/13/20 | 1,150,000 | 1,213,249 | |||
Republic of Indonesia, Registered, | |||||
3.75%, 4/25/22 | 525,000 | 473,813 | |||
Republic of Indonesia, Registered, | |||||
5.38%, 10/17/23, MTN | 200,000 | 199,000 | |||
Republic of Indonesia, Registered, | |||||
8.50%, 10/12/35 | 100,000 | 119,250 | |||
Republic of Indonesia, Registered, | |||||
6.63%, 2/17/37 | 175,000 | 173,688 | |||
Republic of Indonesia, Registered, | |||||
7.75%, 1/17/38 | 100,000 | 111,250 | |||
4,604,406 | |||||
Iraq 0.5% | |||||
Republic of Iraq, Registered, 5.80%, | |||||
1/15/28 , Callable 3/23/14 @ 100 | 250,000 | 210,000 |
See notes to schedules of portfolio investments.
HSBC EMERGING MARKETS DEBT FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | |||||
Amount ($) | Value ($) | ||||
Yankee Dollars, continued | |||||
Ireland (Republic of) 0.5% | |||||
Vnesheconombank, Registered, | |||||
5.38%, 2/13/17 | 200,000 | 210,140 | |||
Kazakhstan 1.0% | |||||
Development Bank of Kazakhstan, | |||||
4.13%, 12/10/22 (a) | 200,000 | 179,000 | |||
Kazakhstan Temir Zholy, Registered, | |||||
6.95%, 7/10/42 | 200,000 | 197,500 | |||
376,500 | |||||
Lebanon 0.3% | |||||
Republic of Lebanon, Registered, | |||||
Series 42, 8.25%, 4/12/21 | 100,000 | 111,460 | |||
Lithuania 1.0% | |||||
Republic of Lithuania, Registered, | |||||
6.13%, 3/9/21 | 150,000 | 169,095 | |||
Republic of Lithuania, Registered, | |||||
6.63%, 2/1/22 | 200,000 | 232,250 | |||
401,345 | |||||
Mexico 13.2% | |||||
Banco Santander SA, 4.13%, | |||||
11/9/22 (a) | 150,000 | 140,250 | |||
Comision Federal de Electricidad, | |||||
4.88%, 1/15/24 (a) | 200,000 | 197,500 | |||
Petroleos Mexicanos, 5.50%, | |||||
1/21/21 | 1,000,000 | 1,065,000 | |||
Petroleos Mexicanos, 4.88%, | |||||
1/18/24 (a) | 50,000 | 49,762 | |||
Petroleos Mexicanos, 6.50%, 6/2/41 | 200,000 | 204,525 | |||
Petroleos Mexicanos, 5.50%, | |||||
6/27/44 | 30,000 | 26,826 | |||
Petroleos Mexicanos, 6.38%, | |||||
1/23/45 (a) | 50,000 | 50,005 | |||
United Mexican States, 3.63%, | |||||
3/15/22 | 300,000 | 295,200 | |||
United Mexican States, 4.00%, | |||||
10/2/23 | 1,280,000 | 1,260,800 | |||
United Mexican States, Series A, | |||||
6.05%, 1/11/40 | 1,286,000 | 1,363,159 | |||
United Mexican States, 5.55%, | |||||
1/21/45 | 590,000 | 582,625 | |||
5,235,652 | |||||
Namibia 0.5% | |||||
Namibia International Bond, | |||||
Registered, 5.50%, 11/3/21 | 200,000 | 200,500 | |||
Nigeria 0.5% | |||||
Republic of Nigeria, 6.38%, 7/12/23 (a) | 200,000 | 204,040 | |||
Panama 3.4% | |||||
Republic of Panama, 5.20%, 1/30/20 | 875,000 | 950,250 | |||
Republic of Panama, 7.13%, 1/29/26 | 200,000 | 240,000 | |||
Republic of Panama, 4.30%, 4/29/53 | 200,000 | 152,000 | |||
1,342,250 | |||||
Paraguay 0.5% | |||||
Republic of Paraguay, 4.63%, | |||||
1/25/23 (c) | 200,000 | 192,500 | |||
Peru 2.3% | |||||
Banco de Credito del Peru, | |||||
Registered, 4.25%, 4/1/23 | 70,000 | 64,050 | |||
Republic of Peru, 7.13%, 3/30/19 | 100,000 | 119,250 | |||
Republic of Peru, 7.35%, 7/21/25 | 100,000 | 124,500 | |||
Republic of Peru, 8.75%, 11/21/33 | 110,000 | 154,550 | |||
Republic of Peru, 6.55%, 3/14/37 | 390,000 | 443,625 | |||
905,975 | |||||
Philippines 1.5% | |||||
Republic of Philippines, 4.00%, | |||||
1/15/21 | 250,000 | 258,125 | |||
Republic of Philippines, 4.20%, | |||||
1/21/24 | 200,000 | 202,000 | |||
Republic of Philippines, 7.75%, | |||||
1/14/31 | 100,000 | 132,000 | |||
592,125 | |||||
Poland 1.1% | |||||
Republic of Poland, 5.13%, 4/21/21 | 265,000 | 288,320 | |||
Republic of Poland, 5.00%, 3/23/22 | 130,000 | 139,100 | |||
427,420 | |||||
Republic of Serbia 0.5% | |||||
Republic of Serbia, Registered, | |||||
7.25%, 9/28/21 | 200,000 | 210,040 | |||
Romania 0.4% | |||||
Romania, 6.13%, 1/22/44 (a) | 150,000 | 146,250 | |||
Russian Federation 12.9% | |||||
Alfa Issuance Ltd., Series E, 8.00%, | |||||
3/18/15, MTN | 100,000 | 106,290 | |||
Gazprom OAO, Registered, 9.25%, | |||||
4/23/19 | 125,000 | 150,938 | |||
Gazprom OAO, Registered, 6.51%, | |||||
3/7/22 | 100,000 | 105,500 | |||
Gazprom OAO, Registered, 7.29%, | |||||
8/16/37 | 100,000 | 104,125 | |||
RSHB Capital SA, 6.30%, 5/15/17 | 475,000 | 501,719 | |||
Russia Foreign Bond, 4.88%, | |||||
9/16/23 (a) | 400,000 | 401,000 | |||
Russia Foreign Bond, Registered, | |||||
7.50%, 3/31/30 | 2,599,025 | 2,992,777 | |||
RZD Capital Ltd., Series E, 5.74%, | |||||
4/3/17 | 500,000 | 537,000 | |||
Sberbank, Registered, 5.18%, | |||||
6/28/19 | 200,000 | 207,500 | |||
5,106,849 | |||||
South Africa 4.7% | |||||
Republic of South Africa, 6.88%, | |||||
5/27/19 | 350,000 | 393,750 | |||
Republic of South Africa, 5.50%, | |||||
3/9/20 | 175,000 | 184,625 | |||
Republic of South Africa, 5.88%, | |||||
5/30/22 | 200,000 | 211,000 | |||
Republic of South Africa, 4.67%, | |||||
1/17/24 | 640,000 | 604,800 | |||
Republic of South Africa, 5.88%, | |||||
9/16/25 | 450,000 | 460,125 | |||
1,854,300 | |||||
Sri Lanka 0.5% | |||||
Bank of Ceylon, Registered, 6.88%, | |||||
5/3/17 | 200,000 | 204,500 | |||
Turkey 11.3% | |||||
Republic of Turkey, 5.63%, 3/30/21 | 1,975,000 | 1,972,530 | |||
Republic of Turkey, 5.13%, 3/25/22 | 1,175,000 | 1,122,713 |
See notes to schedules of portfolio investments.
HSBC EMERGING MARKETS DEBT FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | |||||
Amount ($) | Value ($) | ||||
Yankee Dollars, continued | |||||
Turkey, continued | |||||
Republic of Turkey, 7.38%, 2/5/25 | 540,000 | 585,225 | |||
Republic of Turkey, 6.75%, 5/30/40 | 100,000 | 98,300 | |||
Republic of Turkey, 6.00%, 1/14/41 | 325,000 | 290,063 | |||
Turkiye Is Bankasi AS, 3.88%, | |||||
11/7/17 (a) | 200,000 | 188,540 | |||
Turkiye Vakiflar Bankasi TAO, 5.00%, | |||||
10/31/18 (a) | 200,000 | 188,000 | |||
4,445,371 | |||||
Uruguay 0.9% | |||||
Republic of Uruguay, PIK, 7.88%, | |||||
1/15/33 | 260,000 | 321,425 | |||
Republic of Uruguay, PIK, 7.63%, | |||||
3/21/36 | 40,000 | 48,650 | |||
370,075 | |||||
Venezuela 5.9% | |||||
Bolivarian Republic of Venezuela, | |||||
7.65%, 4/21/25 | 90,000 | 52,200 | |||
Bolivarian Republic of Venezuela, | |||||
9.25%, 5/7/28 | 815,000 | 513,450 | |||
Bolivarian Republic of Venezuela, | |||||
Registered, 9.00%, 5/7/23 | 210,000 | 134,400 | |||
Republic of Venezuela, 7.00%, | |||||
12/1/18 | 100,000 | 68,000 | |||
Republic of Venezuela, 7.75%, | |||||
10/13/19 | 1,545,000 | 1,027,425 | |||
Republic of Venezuela, 9.25%, | |||||
9/15/27 | 500,000 | 330,000 | |||
Republic of Venezuela, Registered, | |||||
8.25%, 10/13/24 | 235,000 | 141,000 | |||
Republic of Venezuela, Registered, | |||||
7.00%, 3/31/38 | 100,000 | 55,500 | |||
2,321,975 | |||||
TOTAL YANKEE DOLLARS | |||||
(COST $39,804,503) | 38,421,627 | ||||
Shares | |||||
Investment Company 0.8% | |||||
Northern Institutional Diversified | |||||
Assets Portfolio, Institutional | |||||
Shares, 0.01% (d) | 316,837 | 316,837 | |||
TOTAL INVESTMENT COMPANY | |||||
(COST $316,837) | 316,837 | ||||
TOTAL INVESTMENT SECURITIES | |||||
(COST $40,132,228) 98.1% | 38,748,897 |
(a) | Rule 144A security or other security which is restricted as to resale to institutional investors. This security has been deemed liquid by the Investment Adviser based on procedures approved by the Board of Trustees. | |
(b) | This security has been deemed illiquid by the Investment Adviser based on procedures approved by the Board of Trustees. | |
(c) | Rule 144A security or other security which is restricted as to resale to institutional investors. This security has been deemed illiquid by the Investment Adviser based on procedures approved by the Board of Trustees. | |
(d) | The rate represents the annualized one-day yield that was in effect on January 31, 2014. | |
MTN | Medium Term Note | |
PIK | Payment-in-Kind |
The Fund invested, as a percentage of net assets at value, in the following industries, as of January 31, 2014:
Percentage of | |||
Net Assets at | |||
Industry | Value (%) | ||
Sovereign Bonds | 75.7 | ||
Oil, Gas & Consumable Fuels | 8.6 | ||
Commercial Banks | 8.3 | ||
Transportation Infrastructure | 1.9 | ||
Electric Utilities | 0.9 | ||
Metals & Mining | 0.8 | ||
Investment Company | 0.8 | ||
Capital Markets | 0.5 | ||
Trading Companies & Distributors | 0.5 | ||
Diversified Financial Services | 0.1 | ||
Total | 98.1 |
See notes to schedules of portfolio investments.
HSBC EMERGING MARKETS DEBT FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
The following tables reflect the open derivative positions held by the Fund as of January 31, 2014.
Futures Contracts
Unrealized | ||||||||||||
Expiration | Number of | Notional | Appreciation/ | |||||||||
Description | Type | Date | Contracts | Value | (Depreciation) | |||||||
10-Year U.S. Treasury Note March Future | Long | 3/21/14 | 21 | $ | 2,640,750 | $ | 1,924 | |||||
$ | 2,640,750 | $ | 1,924 |
Credit Default Swap Agreements - Sell Protection(a)
Implied Credit | Unrealized | ||||||||||||||||||
Spread at | Notional | Upfront Premiums | Appreciation/ | ||||||||||||||||
Expiration | January 31, 2014 | Amount | Fixed Rate | Value | Paid/(Received) | (Depreciation) | |||||||||||||
Underlying Instrument | Counterparty | Date | (%)(b) | ($)(c) | (%) | ($) | ($) | ($) | |||||||||||
Federative Republic of Brazil | Barclays Bank PLC | 9/20/16 | 1.49 | 550,000 | 1.00 | (3,647 | ) | (11,666 | ) | 8,019 | |||||||||
Federative Republic of Brazil | Barclays Bank PLC | 6/20/18 | 1.91 | 300,000 | 1.00 | (10,185 | ) | (8,671 | ) | (1,514 | ) | ||||||||
Federative Republic of Brazil | JPMorgan Chase Bank N.A. | 6/20/18 | 1.91 | 500,000 | 1.00 | (16,975 | ) | (9,814 | ) | (7,161 | ) | ||||||||
People's Republic of China | JPMorgan Chase Bank N.A. | 9/20/16 | 0.47 | 500,000 | 1.00 | 7,026 | (4,641 | ) | 11,667 | ||||||||||
People's Republic of China | JPMorgan Chase Bank N.A. | 9/20/16 | 0.47 | 500,000 | 1.00 | 7,026 | (3,227 | ) | 10,253 | ||||||||||
(16,755 | ) | (38,019 | ) | 21,264 |
(a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. Alternatively, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity to the seller or (ii) receive a net amount equal to the par value of the defaulted reference entity less its recovery value. | |
(b) | Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap agreements as of period end serve as an indicator of the current status of the payment/performance risk and represents the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. | |
(c) | The notional amount represents the maximum potential amount of future payments that the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement. Alternatively, the notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement. |
See notes to schedules of portfolio investments.
Forward Foreign Currency Exchange Contracts
Unrealized | ||||||||||||||
Contract | Contract | Appreciation/ | ||||||||||||
Delivery | Amount | Value | Value | (Depreciation) | ||||||||||
Short Contracts | Counterparty | Date | (Local Currency) | ($) | ($) | ($) | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 355,871 | 155,000 | 147,346 | 7,654 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 453,915 | 204,062 | 187,940 | 16,122 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 480,023 | 197,841 | 198,750 | (909 | ) | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 2,019,738 | 848,095 | 836,257 | 11,838 | ||||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 98,797 | 43,000 | 40,906 | 2,094 | ||||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 905,848 | 373,345 | 375,060 | (1,715 | ) | |||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 1,542,450 | 635,721 | 638,640 | (2,919 | ) | |||||||
2,457,064 | 2,424,899 | 32,165 | ||||||||||||
Unrealized | ||||||||||||||
Contract | Contract | Appreciation/ | ||||||||||||
Delivery | Amount | Value | Value | (Depreciation) | ||||||||||
Long Contracts | Counterparty | Date | (Local Currency) | ($) | ($) | ($) | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 355,871 | 146,672 | 147,346 | 674 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 453,915 | 187,081 | 187,940 | 859 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 480,023 | 207,000 | 198,750 | (8,250 | ) | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 2,019,738 | 832,435 | 836,257 | 3,822 | ||||||||
Brazilian Real | Barclays Bank PLC | 4/2/14 | 2,019,738 | 837,232 | 823,798 | (13,434 | ) | |||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 98,797 | 40,719 | 40,906 | 187 | ||||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 905,848 | 396,502 | 375,060 | (21,442 | ) | |||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 1,542,450 | 650,000 | 638,640 | (11,360 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 1,573,920 | 119,991 | 117,082 | (2,909 | ) | |||||||
South African Rand | Barclays Bank PLC | 6/11/14 | 23,898 | 2,143 | 2,107 | (36 | ) | |||||||
Turkish Lira | Barclays Bank PLC | 4/7/14 | 542,947 | 246,000 | 235,878 | (10,122 | ) | |||||||
Turkish Lira | Standard Chartered Bank | 4/7/14 | 340,340 | 154,000 | 147,857 | (6,143 | ) | |||||||
3,819,775 | 3,751,621 | (68,154 | ) |
HSBC EMERGING MARKETS LOCAL DEBT FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | |||||
Amount ($) | Value ($) | ||||
Foreign Bonds 61.1% | |||||
Brazil 8.6% | |||||
Nota do Tesouro Nacional, | |||||
Series F, 10.00%, 1/1/17 | 6,400,000 | 2,493,790 | |||
Colombia 1.3% | |||||
Republic of Colombia, 9.85%, | |||||
6/28/27 | 650,000,000 | 391,089 | |||
Indonesia 8.5% | |||||
Indonesia Government, Series | |||||
FR28, 10.00%, 7/15/17 | 9,100,000,000 | 784,739 | |||
Indonesia Government, Series | |||||
FR70, 8.38%, 3/15/24 | 6,830,000,000 | 544,218 | |||
Indonesia Government, Series | |||||
FR56, 8.38%, 9/15/26 | 9,605,000,000 | 728,941 | |||
Indonesia Government, Series | |||||
FR65, 6.63%, 5/15/33 | 6,890,000,000 | 417,747 | |||
2,475,645 | |||||
Malaysia 4.3% | |||||
Malaysian Government, Series | |||||
0111, 4.16%, 7/15/21 | 305,000 | 90,795 | |||
Malaysian Government, Series | |||||
0112, 3.42%, 8/15/22 | 3,850,000 | 1,078,805 | |||
Malaysian Government, Series | |||||
0412, 4.13%, 4/15/32 | 340,000 | 94,294 | |||
1,263,894 | |||||
Mexico 5.0% | |||||
Mexican Bonos Desarr, Series | |||||
M10, 8.50%, 12/13/18 (a) | 5,060,700 | 427,766 | |||
Mexican Bonos Desarr, Series | |||||
M20, 10.00%, 12/5/24 (a) | 7,246,500 | 679,940 | |||
Mexican Bonos Desarr, Series | |||||
M30, 8.50%, 11/18/38 (a) | 2,600,000 | 210,583 | |||
Mexican Bonos Desarr, Series M, | |||||
7.75%, 11/13/42 (a) | 2,000,000 | 149,539 | |||
1,467,828 | |||||
Peru 2.9% | |||||
Peru Bono Soberano, 9.91%, | |||||
5/5/15 | 515,000 | 195,875 | |||
Republic of Peru, Registered, | |||||
6.95%, 8/12/31 | 1,500,000 | 503,283 | |||
Republic of Peru, Registered, | |||||
6.90%, 8/12/37 | 400,000 | 131,086 | |||
830,244 | |||||
Poland 4.8% | |||||
Poland Government Bond, Series | |||||
1021, 5.75%, 10/25/21 | 1,040,000 | 354,646 | |||
Poland Government Bond, Series | |||||
0922, 5.75%, 9/23/22 | 660,000 | 224,833 | |||
Poland Government Bond, Series | |||||
0429, 5.75%, 4/25/29 | 2,350,000 | 803,528 | |||
1,383,007 | |||||
Russian Federation 5.6% | |||||
Russia Government Bond, Series | |||||
6206, 7.40%, 6/14/17 (a) | 6,000,000 | 170,623 | |||
Russia Government Bond, Series | |||||
6215, 7.00%, 8/16/23 (a) | 56,000,000 | 1,467,350 | |||
1,637,973 | |||||
South Africa 3.0% | |||||
Republic of South Africa, Series | |||||
R203, 8.25%, 9/15/17 | 2,477,000 | 224,640 | |||
Republic of South Africa, Series | |||||
R213, 7.00%, 2/28/31 | 1,800,000 | 130,134 | |||
Republic of South Africa, Series | |||||
R209, 6.25%, 3/31/36 | 8,000,000 | 514,525 | |||
869,299 | |||||
Thailand 10.9% | |||||
Thailand Government Bond, | |||||
4.13%, 11/18/16 | 91,500,000 | 2,873,839 | |||
Thailand Government Bond, | |||||
3.63%, 6/16/23 | 9,000,000 | 265,952 | |||
3,139,791 | |||||
Turkey 6.2% | |||||
Turkey Government Bond, Series | |||||
5Y, 6.30%, 2/14/18 (a) | 2,500,000 | 952,391 | |||
Turkey Government Bond, Series | |||||
CPI, 3.00%, 1/6/21 | 240,000 | 128,283 | |||
Turkey Government Bond, | |||||
9.50%, 1/12/22 (a) | 590,000 | 252,175 | |||
Turkey Government Bond, Series | |||||
CPI, 3.00%, 2/23/22 | 1,000,000 | 482,069 | |||
1,814,918 | |||||
TOTAL FOREIGN BONDS | |||||
(COST $21,293,621) | 17,767,478 | ||||
Yankee Dollars 6.4% | |||||
Brazil 0.5% | |||||
Petrobras Global Finance BV, | |||||
2.00%, 5/20/16 | 150,000 | 148,636 | |||
China 0.7% | |||||
CNOOC Finance (2013) Ltd., | |||||
1.13%, 5/9/16 | 200,000 | 199,623 | |||
Luxembourg 1.1% | |||||
VTB Bank OJSC (VTB Capital | |||||
SA), Registered, 6.47%, | |||||
3/4/15 | 300,000 | 314,580 | |||
Russian Federation 2.0% | |||||
Alfa Issuance Ltd., Series E, | |||||
8.00%, 3/18/15, MTN | 300,000 | 318,870 | |||
Sberbank of Russia (SB Capital | |||||
SA), 5.50%, 7/7/15 | 250,000 | 264,225 | |||
583,095 | |||||
Turkey 2.1% | |||||
Republic of Turkey, 7.00%, | |||||
9/26/16 | 565,000 | 615,171 | |||
TOTAL YANKEE DOLLARS | |||||
(COST $1,876,660) | 1,861,105 | ||||
U.S. Treasury Obligation 2.6% | |||||
U.S. Treasury Bills, 0.04%, | |||||
6/26/14 | 750,000 | 749,873 | |||
TOTAL U.S. TREASURY OBLIGATION | |||||
(COST $749,849) | 749,873 |
See notes to schedules of portfolio investments.
HSBC EMERGING MARKETS LOCAL DEBT FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | ||||
Investment Company 27.0% | |||||
Northern Institutional Diversified | |||||
Assets Portfolio, Institutional | |||||
Shares, 0.01% (b) | 7,851,888 | 7,851,888 | |||
TOTAL INVESTMENT COMPANY | |||||
(COST $7,851,888) | 7,851,888 | ||||
TOTAL INVESTMENT SECURITIES | |||||
(COST $31,772,018) 97.1% | 28,230,344 |
See notes to schedules of portfolio investments.
The Fund invested, as a percentage of net assets at value, in the following industries, as of January 31, 2014:
Percentage of | ||||
Net Assets | ||||
Industry | at Value (%) | |||
Sovereign Bonds | 63.2 | |||
Investment Company | 27.0 | |||
Commercial Banks | 3.1 | |||
U.S. Treasury Obligation | 2.6 | |||
Oil, Gas & Consumable Fuels | 1.2 | |||
Total | 97.1 |
HSBC EMERGING MARKETS LOCAL DEBT FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
The following tables reflect the open derivative positions held by the Fund as of January 31, 2014.
Interest Rate Swap Agreements
Unrealized | |||||||||||||||||||||
Pay/Receive | Fixed | Notional | Notional | Appreciation/ | |||||||||||||||||
Floating | Rate | Expiration | Amount | Amount | Value | (Depreciation) | |||||||||||||||
Rate | Floating Rate Index | (%) | Date | Counterparty | (Local) | ($) | ($) | ($) | |||||||||||||
Pay | 1-Year BRL CDI | 9.71 | 1/2/15 | Barclays Bank PLC | 5,700,000 | BRL | 2,362,401 | (28,547 | ) | (28,547 | ) | ||||||||||
Pay | 1-Year BRL CDI | 9.96 | 1/2/15 | JPMorgan Chase Bank N.A. | 5,100,000 | BRL | 2,113,727 | (20,124 | ) | (20,124 | ) | ||||||||||
Pay | 3-Month ZAR-JIBAR-SAFEX | 5.94 | 8/8/15 | JPMorgan Chase Bank N.A. | 17,000,000 | ZAR | 1,531,325 | (26,871 | ) | (26,871 | ) | ||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 4.33 | 9/8/15 | Barclays Bank PLC | 24,603,000 | MXN | 1,839,889 | (641 | ) | (641 | ) | ||||||||||
Pay | 3-Month ZAR-JIBAR-SAFEX | 6.27 | 11/12/15 | JPMorgan Chase Bank N.A. | 16,600,000 | ZAR | 1,495,293 | (24,892 | ) | (24,892 | ) | ||||||||||
Pay | 1-Year BRL CDI | 10.94 | 1/2/16 | Barclays Bank PLC | 5,700,000 | BRL | 2,362,401 | (42,076 | ) | (42,076 | ) | ||||||||||
Receive | 1-Month MXN-TIIE-Banxico | 4.38 | 1/21/16 | Barclays Bank PLC | 30,000,000 | MXN | 2,243,494 | 3,578 | 3,578 | ||||||||||||
Receive | 1-Month MXN-TIIE-Banxico | 4.34 | 1/26/16 | Barclays Bank PLC | 30,000,000 | MXN | 2,243,494 | 5,785 | 5,785 | ||||||||||||
Pay | 1-Year ZAR-JIBAR-SAFEX | 5.98 | 1/24/18 | Barclays Bank PLC | 20,000,000 | ZAR | 1,801,558 | (127,868 | ) | (127,868 | ) | ||||||||||
Pay | 3-Month MYR-KLIBOR-BNM | 3.52 | 1/25/18 | Standard Chartered Bank | 2,200,000 | MYR | 657,698 | (7,815 | ) | (7,815 | ) | ||||||||||
Pay | 3-Month MYR-KLIBOR-BNM | 3.24 | 5/3/18 | Standard Chartered Bank | 1,500,000 | MYR | 448,430 | (11,091 | ) | (11,091 | ) | ||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 5.67 | 1/17/19 | Barclays Bank PLC | 13,000,000 | MXN | 972,181 | (2,670 | ) | (2,670 | ) | ||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 5.66 | 1/22/19 | Barclays Bank PLC | 13,000,000 | MXN | 972,181 | (3,583 | ) | (3,583 | ) | ||||||||||
Pay | 1-Year BRL CDI | 10.02 | 1/4/21 | Barclays Bank PLC | 2,400,000 | BRL | 994,695 | (76,296 | ) | (76,296 | ) | ||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 6.69 | 12/23/21 | Barclays Bank PLC | 6,250,000 | MXN | 467,395 | 2,303 | 2,303 | ||||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 6.38 | 7/11/23 | Credit Suisse International | 14,000,000 | MXN | 1,046,964 | (34,635 | ) | (34,635 | ) | ||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 6.47 | 9/12/23 | JPMorgan Chase Bank N.A. | 6,000,000 | MXN | 448,699 | (13,153 | ) | (13,153 | ) | ||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 6.21 | 10/6/23 | Barclays Bank PLC | 10,000,000 | MXN | 747,831 | (36,784 | ) | (36,784 | ) | ||||||||||
(445,380 | ) | (445,380 | ) |
See notes to schedules of portfolio investments.
Forward Foreign Currency Exchange Contracts
Unrealized | ||||||||||||||
Contract | Contract | Appreciation/ | ||||||||||||
Delivery | Amount | Value | Value | (Depreciation) | ||||||||||
Short Contracts | Counterparty | Date | (Local Currency) | ($) | ($) | ($) | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 328,104 | 147,000 | 135,849 | 11,151 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 355,500 | 146,519 | 147,192 | (673 | ) | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 968,887 | 422,000 | 401,160 | 20,840 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 994,290 | 446,992 | 411,678 | 35,314 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 1,604,713 | 661,383 | 664,420 | (3,037 | ) | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 2,008,629 | 843,430 | 831,658 | 11,772 | ||||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 271,117 | 118,000 | 112,254 | 5,746 | ||||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 2,610,813 | 1,076,047 | 1,080,988 | (4,941 | ) | |||||||
Chilean Peso | Standard Chartered Bank | 2/14/14 | 326,312,040 | 598,189 | 586,729 | 11,460 | ||||||||
Chinese Yuan | JPMorgan Chase Bank N.A. | 2/20/14 | 430,290 | 70,000 | 70,982 | (982 | ) | |||||||
Chinese Yuan | Standard Chartered Bank | 2/20/14 | 3,791,712 | 622,000 | 625,496 | (3,496 | ) | |||||||
Colombian Peso | Barclays Bank PLC | 2/28/14 | 1,140,388,345 | 567,357 | 565,153 | 2,204 | ||||||||
Colombian Peso | Barclays Bank PLC | 2/28/14 | 1,195,350,000 | 613,000 | 592,390 | 20,610 | ||||||||
European Euro | Barclays Bank PLC | 3/19/14 | 45,473 | 61,589 | 61,325 | 264 | ||||||||
European Euro | Standard Chartered Bank | 3/19/14 | 437,000 | 595,865 | 589,342 | 6,523 | ||||||||
Hungarian Forint | Standard Chartered Bank | 2/6/14 | 209,457,712 | 937,590 | 905,436 | 32,154 | ||||||||
Indonesian Rupiah | Barclays Bank PLC | 2/7/14 | 752,700,000 | 65,000 | 61,603 | 3,397 | ||||||||
Indonesian Rupiah | Barclays Bank PLC | 4/15/14 | 1,446,600,000 | 120,000 | 117,008 | 2,992 | ||||||||
Indonesian Rupiah | Standard Chartered Bank | 2/7/14 | 400,160,000 | 34,304 | 32,750 | 1,554 | ||||||||
Indonesian Rupiah | Standard Chartered Bank | 10/17/14 | 1,152,860,000 | 91,497 | 89,924 | 1,573 | ||||||||
Korean Won | Barclays Bank PLC | 7/15/14 | 651,600,000 | 609,884 | 605,811 | 4,073 | ||||||||
Korean Won | JPMorgan Chase Bank N.A. | 2/6/14 | 651,600,000 | 602,998 | 608,756 | (5,758 | ) | |||||||
Malaysian Ringgit | Barclays Bank PLC | 2/10/14 | 7,447,889 | 2,276,250 | 2,225,366 | 50,884 | ||||||||
Mexican Peso | Barclays Bank PLC | 2/4/14 | 2,975,000 | 222,438 | 222,414 | 24 | ||||||||
Mexican Peso | Barclays Bank PLC | 2/5/14 | 990,000 | 74,074 | 74,008 | 66 | ||||||||
Mexican Peso | Barclays Bank PLC | 2/5/14 | 993,000 | 74,181 | 74,232 | (51 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 2/5/14 | 993,000 | 74,181 | 74,232 | (51 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 2/5/14 | 1,980,000 | 148,582 | 148,016 | 566 | ||||||||
Mexican Peso | JPMorgan Chase Bank N.A. | 4/8/14 | 9,127,735 | 692,255 | 679,002 | 13,253 | ||||||||
Peruvian Nuevo Sol | Standard Chartered Bank | 2/20/14 | 1,357,373 | 486,863 | 479,416 | 7,447 | ||||||||
Peruvian Nuevo Sol | Standard Chartered Bank | 10/7/14 | 441,000 | 150,000 | 150,862 | (862 | ) | |||||||
Peruvian Nuevo Sol | Standard Chartered Bank | 10/7/14 | 699,847 | 239,387 | 239,411 | (24 | ) | |||||||
Philippine Peso | Standard Chartered Bank | 2/25/14 | 8,118,880 | 179,304 | 179,119 | 185 | ||||||||
Polish Zloty | Barclays Bank PLC | 2/3/14 | 97,000 | 31,033 | 30,790 | 243 | ||||||||
Polish Zloty | Standard Chartered Bank | 3/4/14 | 398,905 | 130,000 | 126,397 | 3,603 | ||||||||
Russian Ruble | Standard Chartered Bank | 2/6/14 | 13,936,495 | 424,021 | 396,290 | 27,731 | ||||||||
Russian Ruble | Standard Chartered Bank | 7/14/14 | 12,945,970 | 377,918 | 356,291 | 21,627 | ||||||||
Singapore Dollar | Barclays Bank PLC | 4/10/14 | 352,471 | 278,000 | 276,152 | 1,848 | ||||||||
Singapore Dollar | Standard Chartered Bank | 4/10/14 | 390,472 | 308,000 | 305,924 | 2,076 | ||||||||
South African Rand | Standard Chartered Bank | 2/3/14 | 300,000 | 26,858 | 27,012 | (154 | ) | |||||||
Taiwan Dollar | Barclays Bank PLC | 10/16/14 | 8,872,500 | 297,186 | 295,650 | 1,536 | ||||||||
Taiwan Dollar | JPMorgan Chase Bank N.A. | 2/7/14 | 8,872,500 | 304,270 | 292,947 | 11,323 | ||||||||
Thai Baht | Standard Chartered Bank | 6/17/14 | 25,682,033 | 772,508 | 773,270 | (762 | ) | |||||||
17,017,953 | 16,724,705 | 293,248 |
Unrealized | ||||||||||||||
Contract | Contract | Appreciation/ | ||||||||||||
Delivery | Amount | Value | Value | (Depreciation) | ||||||||||
Long Contracts | Counterparty | Date | (Local Currency) | ($) | ($) | ($) | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 328,104 | 135,228 | 135,849 | 621 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 355,500 | 150,000 | 147,192 | (2,808 | ) | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 968,887 | 399,327 | 401,160 | 1,833 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 994,290 | 409,797 | 411,678 | 1,881 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 1,604,713 | 692,000 | 664,420 | (27,580 | ) | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 2,008,629 | 827,857 | 831,658 | 3,801 | ||||||||
Brazilian Real | Barclays Bank PLC | 4/2/14 | 2,008,629 | 832,627 | 819,267 | (13,360 | ) | |||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 271,117 | 111,741 | 112,254 | 513 | ||||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 2,610,813 | 1,142,788 | 1,080,988 | (61,800 | ) | |||||||
Brazilian Real | Standard Chartered Bank | 4/2/14 | 368,850 | 150,000 | 150,444 | 444 | ||||||||
Chilean Peso | Bank of America | 2/14/14 | 326,312,040 | 618,894 | 586,729 | (32,165 | ) | |||||||
Chilean Peso | Standard Chartered Bank | 5/28/14 | 326,312,040 | 592,014 | 580,296 | (11,718 | ) | |||||||
Chinese Yuan | Standard Chartered Bank | 2/20/14 | 22,077 | 3,618 | 3,642 | 24 | ||||||||
Chinese Yuan | Standard Chartered Bank | 2/20/14 | 4,199,925 | 683,192 | 692,836 | 9,644 | ||||||||
Colombian Peso | Barclays Bank PLC | 8/4/14 | 1,140,388,345 | 559,837 | 557,398 | (2,439 | ) | |||||||
Colombian Peso | Standard Chartered Bank | 2/28/14 | 2,335,738,345 | 1,228,237 | 1,157,543 | (70,694 | ) | |||||||
Hungarian Forint | Barclays Bank PLC | 2/6/14 | 19,874,700 | 90,000 | 85,914 | (4,086 | ) | |||||||
Hungarian Forint | Standard Chartered Bank | 2/6/14 | 189,583,012 | 853,094 | 819,523 | (33,571 | ) | |||||||
Hungarian Forint | Standard Chartered Bank | 7/23/14 | 98,091,000 | 420,000 | 418,747 | (1,253 | ) | |||||||
Hungarian Forint | Standard Chartered Bank | 7/23/14 | 209,457,712 | 928,591 | 894,168 | (34,423 | ) | |||||||
Indian Rupee | Barclays Bank PLC | 3/24/14 | 9,197,790 | 147,000 | 145,105 | (1,895 | ) | |||||||
Indian Rupee | Standard Chartered Bank | 3/24/14 | 532,280 | 8,338 | 8,397 | 59 | ||||||||
Indian Rupee | Standard Chartered Bank | 3/24/14 | 18,064,100 | 290,000 | 284,980 | (5,020 | ) | |||||||
Indonesian Rupiah | Standard Chartered Bank | 2/7/14 | 1,152,860,000 | 96,960 | 94,354 | (2,606 | ) | |||||||
Korean Won | Barclays Bank PLC | 2/6/14 | 651,600,000 | 615,297 | 608,756 | (6,541 | ) | |||||||
Malaysian Ringgit | Barclays Bank PLC | 7/16/14 | 7,447,889 | 2,257,141 | 2,205,006 | (52,135 | ) | |||||||
Malaysian Ringgit | JPMorgan Chase Bank N.A. | 2/10/14 | 224,588 | 70,000 | 67,105 | (2,895 | ) | |||||||
Malaysian Ringgit | Standard Chartered Bank | 2/10/14 | 493,865 | 156,000 | 147,563 | (8,437 | ) | |||||||
Malaysian Ringgit | Standard Chartered Bank | 2/10/14 | 6,729,436 | 2,105,449 | 2,010,699 | (94,750 | ) | |||||||
Malaysian Ringgit | Standard Chartered Bank | 7/16/14 | 202,337 | 61,000 | 59,903 | (1,097 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 990,000 | 73,705 | 73,645 | (60 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 993,000 | 73,813 | 73,868 | 55 | ||||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 993,000 | 73,813 | 73,868 | 55 | ||||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 1,980,000 | 147,849 | 147,290 | (559 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 2,975,000 | 221,321 | 221,307 | (14 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 30,591,615 | 2,332,211 | 2,275,677 | (56,534 | ) | |||||||
Mexican Peso | Standard Chartered Bank | 4/8/14 | 919,000 | 69,743 | 68,363 | (1,380 | ) | |||||||
Peruvian Nuevo Sol | Standard Chartered Bank | 2/20/14 | 657,526 | 233,000 | 232,235 | (765 | ) | |||||||
Peruvian Nuevo Sol | Standard Chartered Bank | 2/20/14 | 699,847 | 246,990 | 247,182 | 192 | ||||||||
Philippine Peso | Standard Chartered Bank | 2/25/14 | 8,118,880 | 188,680 | 179,119 | (9,561 | ) | |||||||
Philippine Peso | Standard Chartered Bank | 7/30/14 | 8,118,880 | 178,791 | 178,869 | 78 | ||||||||
Polish Zloty | Barclays Bank PLC | 6/5/14 | 97,000 | 30,808 | 30,553 | (255 | ) | |||||||
Polish Zloty | Standard Chartered Bank | 3/4/14 | 3,863,561 | 1,240,527 | 1,224,207 | (16,320 | ) | |||||||
Romanian Leu | Standard Chartered Bank | 3/4/14 | 1,113,572 | 338,523 | 333,514 | (5,009 | ) | |||||||
Russian Ruble | Barclays Bank PLC | 2/6/14 | 990,525 | 30,000 | 28,166 | (1,834 | ) | |||||||
Russian Ruble | Credit Suisse | 7/14/14 | 50,870,498 | 1,422,553 | 1,400,028 | (22,525 | ) | |||||||
Russian Ruble | Standard Chartered Bank | 2/6/14 | 12,945,970 | 387,697 | 368,124 | (19,573 | ) | |||||||
Singapore Dollar | Standard Chartered Bank | 4/10/14 | 743,683 | 584,974 | 582,656 | (2,318 | ) | |||||||
South African Rand | Barclays Bank PLC | 6/11/14 | 27,706,933 | 2,484,815 | 2,442,392 | (42,423 | ) | |||||||
South African Rand | JPMorgan Chase Bank N.A. | 4/15/14 | 1,633,353 | 145,000 | 145,476 | 476 | ||||||||
South African Rand | Standard Chartered Bank | 4/15/14 | 3,845,282 | 349,000 | 342,482 | (6,518 | ) | |||||||
South African Rand | Standard Chartered Bank | 6/11/14 | 300,000 | 26,309 | 26,445 | 136 | ||||||||
Taiwan Dollar | Barclays Bank PLC | 2/7/14 | 8,872,500 | 295,356 | 292,947 | (2,409 | ) | |||||||
Turkish Lira | Barclays Bank PLC | 4/7/14 | 710,496 | 320,000 | 308,668 | (11,332 | ) | |||||||
Turkish Lira | Barclays Bank PLC | 4/7/14 | 743,534 | 334,000 | 323,021 | (10,979 | ) | |||||||
Turkish Lira | Standard Chartered Bank | 4/7/14 | 1,792,603 | 802,167 | 778,778 | (23,389 | ) | |||||||
29,267,672 | 28,582,454 | (685,218 | ) |
HSBC FRONTIER MARKETS FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | ||||
Common Stocks 80.9% | |||||
Cambodia 1.0% | |||||
NagaCorp Ltd. | 1,102,000 | 1,054,438 | |||
Colombia 1.7% | |||||
Banco Davivienda SA | 139,633 | 1,482,922 | |||
Ecopetrol SA | 175,062 | 305,809 | |||
1,788,731 | |||||
Croatia 0.5% | |||||
Hrvatski Telekom dd | 18,622 | 558,428 | |||
Egypt 1.2% | |||||
Centamin plc (a) | 1,097,037 | 789,006 | |||
Global Telecom Holding GDR (a) | 136,808 | 508,980 | |||
1,297,986 | |||||
Estonia 0.4% | |||||
Tallink Group Ltd. | 388,290 | 471,600 | |||
Georgia 2.8% | |||||
Bank of Georgia Holdings plc | 84,954 | 2,997,312 | |||
Kazakhstan 1.5% | |||||
KazMunaiGas Exploration | |||||
Production GDR (b) | 108,164 | 1,564,851 | |||
Kenya 1.0% | |||||
Safaricom Ltd. | 8,668,900 | 1,104,346 | |||
Kuwait 6.3% | |||||
Kuwait Projects Co. (Holding) KSC | 1,056,875 | 2,459,869 | |||
Mabanee Co. SAKC | 457,550 | 1,911,591 | |||
Mobile Telecommunications Co. | 545,000 | 1,317,139 | |||
National Bank of Kuwait | 342,850 | 1,144,988 | |||
6,833,587 | |||||
Nigeria 10.1% | |||||
Dangote Cement plc | 1,115,592 | 1,604,456 | |||
Diamond Bank plc (a) | 35,071,177 | 1,502,839 | |||
FBN Holdings plc | 18,302,589 | 1,635,628 | |||
Guaranty Trust Bank plc | 9,932,877 | 1,681,342 | |||
Nestle Foods Nigeria plc | 217,516 | 1,509,689 | |||
Nigerian Breweries plc | 1,171,588 | 1,131,203 | |||
Zenith Bank plc | 12,855,509 | 1,855,215 | |||
10,920,372 | |||||
Oman 3.7% | |||||
Bank Muscat SAOG | 1,384,457 | 2,358,402 | |||
Renaissance Services SAOG (a) | 811,782 | 1,673,937 | |||
4,032,339 | |||||
Pakistan 11.0% | |||||
Bank Alfalah Ltd. | 4,844,000 | 1,271,200 | |||
D.G. Khan Cement Co. Ltd. | 3,084,500 | 2,803,903 | |||
Engro Corp. Ltd. (a) | 1,700,300 | 2,875,691 | |||
MCB Bank Ltd. | 291,745 | 786,482 | |||
Pakistan Petroleum Ltd. | 873,050 | 1,834,650 | |||
The Hub Power Co. Ltd. | 1,668,692 | 1,019,476 | |||
United Bank Ltd. | 998,600 | 1,265,777 | |||
11,857,179 | |||||
Peru 2.1% | |||||
Credicorp Ltd. | 17,400 | 2,295,408 | |||
Philippines 4.0% | |||||
Cebu Air, Inc. | 785,700 | 857,144 | |||
First Gen Corp. | 3,525,900 | 1,216,350 | |||
Security Bank Corp. | 484,924 | 1,210,509 | |||
SM Investments Corp. | 68,935 | 1,066,516 | |||
4,350,519 | |||||
Qatar 13.9% | |||||
Doha Bank QSC | 37,685 | 662,078 | |||
Gulf International Services QSC | 52,535 | 1,092,816 | |||
Industries Qatar QSC | 61,386 | 3,033,281 | |||
Qatar Electricity & Water Co. | 27,145 | 1,349,692 | |||
Qatar Islamic Bank | 105,524 | 2,175,108 | |||
Qatar National Bank (a) | 69,416 | 3,514,683 | |||
Qatar Telecom (QTEL) QSC | 74,796 | 3,049,795 | |||
14,877,453 | |||||
Romania 2.1% | |||||
SIF 5 Oltenia Craiova | 3,940,000 | 2,223,964 | |||
Sri Lanka 1.4% | |||||
John Keells Holdings plc | 853,718 | 1,556,159 | |||
Turkmenistan 2.0% | |||||
Dragon Oil plc | 222,455 | 2,144,334 | |||
Ukraine 0.0% | |||||
EastCoal, Inc. (a) | 36,050 | 324 | |||
EastCoal, Inc. (a) | 181,908 | 2,541 | |||
2,865 | |||||
United Arab Emirates 14.2% | |||||
Al Noor Hospitals Group plc (a) | 27,903 | 385,758 | |||
Aramex PJSC | 71,225 | 58,799 | |||
DAMAC Real Estate Development | |||||
Ltd., GDR (a) | 76,674 | 1,054,268 | |||
DP World Ltd. | 119,104 | 2,171,391 | |||
Emaar Properties PJSC | 1,747,678 | 3,804,117 | |||
First Gulf Bank PJSC | 372,730 | 2,019,119 | |||
National Bank of Abu Dhabi | 339,818 | 1,408,123 | |||
NMC Health plc | 194,584 | 1,561,029 | |||
Union National Bank PJSC | 1,493,956 | 2,792,946 | |||
15,255,550 | |||||
TOTAL COMMON STOCKS | |||||
(COST $79,236,324) | 87,187,421 | ||||
Principal | |||||
Amount ($) | |||||
Convertible Corporate Bonds 0.0% | |||||
Oman 0.0% | |||||
Bank Muscat SAOG, 4.50%, 3/20/16 | 45,141 | 12,428 | |||
Renaissance Services SAOG, 3.75%, 7/25/17 | 142,800 | 40,800 | |||
53,228 | |||||
TOTAL CONVERTIBLE CORPORATE BONDS | |||||
(COST $74,763) | 53,228 | ||||
Shares | |||||
Warrants 0.0% | |||||
Sri Lanka 0.0% | |||||
John Keells Holdings plc , 11/12/15 (a) | 1 | 1 | |||
John Keells Holdings plc , 11/11/16 (a) | 1 | | |||
1 | |||||
Ukraine 0.0% | |||||
EastCoal, Inc. , 5/31/15 (a) (c) | 360,500 | | |||
TOTAL WARRANTS | |||||
(COST $) | 1 |
See notes to schedules of portfolio investments.
HSBC FRONTIER MARKETS FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | |||||
Amount ($) | Value ($) | ||||
Participatory Notes 12.0% | |||||
Netherlands 0.0% | |||||
FTP Corp., 9/6/16, (JPMorgan | |||||
Chase) | 20,310 | 53,586 | |||
Saudi Arabia 7.8% | |||||
Etihad Etisalat Co., 9/27/16, | |||||
(Deutsche Bank AG) | 31,418 | 735,093 | |||
Samba Financial Group, 9/27/16, | |||||
(Deutsche Bank AG) | 184,683 | 2,622,185 | |||
Saudi Dairy & Foodstuff Co., | |||||
3/25/15, (Merrill Lynch | |||||
International & Co.) | 12,126 | 258,547 | |||
Saudi Dairy & Foodstuff Co., | |||||
4/30/15, (Citigroup Global Markets | |||||
Holding, Inc.) | 53,659 | 1,148,150 | |||
United Electronics Co., 2/13/15, | |||||
(Citigroup Global Markets | |||||
Holding, Inc.) | 58,325 | 1,551,619 | |||
Yanbu National Petrochemical Co., | |||||
10/14/15, (Credit Suisse AG) | 105,740 | 2,065,208 | |||
8,380,802 | |||||
Vietnam 4.2% | |||||
PetroVietnam Drilling & Well | |||||
Services JSC, 9/6/16, | |||||
(JPMorgan Chase) | 696,058 | 2,382,468 | |||
Vietnam Dairy Products JSC, | |||||
1/20/15, (Citigroup Global Markets | |||||
Holding, Inc.) | 314,599 | 2,109,386 | |||
4,491,854 | |||||
TOTAL PARTICIPATORY NOTES | |||||
(COST $11,781,896) | 12,926,242 | ||||
Shares | |||||
Investment Company 6.1% | |||||
Northern Institutional Diversified | |||||
Assets Portfolio, Institutional | |||||
Shares, 0.01% (d) | 6,534,552 | 6,534,552 | |||
TOTAL INVESTMENT COMPANY | |||||
(COST $6,534,552) | 6,534,552 | ||||
TOTAL INVESTMENT SECURITIES | |||||
(COST $97,627,535) 99.0% | 106,701,444 |
Percentages indicated are based on net assets of $107,820,724. |
||
(a) |
Represents non-income producing security. |
|
(b) |
Rule 144A security or other security which is restricted as to resale to institutional investors. This security has been deemed liquid by the Investment Adviser based on procedures approved by the Board of Trustees. |
|
(c) |
Security was valued in good faith pursuant to procedures approved by the Board of Trustees as of January 31, 2014. The total of all such securities represents less than 0.005% of net assets of the Fund. |
|
(d) |
The rate represents the annualized one-day yield that was in effect on January 31, 2014. |
|
GDR |
Global Depositary Receipt |
The Fund invested, as a percentage of net assets at value, in the following industries, as of January 31, 2014:
Percentage of | ||||
Net Assets | ||||
Industry | at Value (%) | |||
Commercial Banks | 37.1 | |||
Oil, Gas & Consumable Fuels | 7.3 | |||
Diversified Financial Services | 6.8 | |||
Investment Company | 6.1 | |||
Chemicals | 4.6 | |||
Energy Equipment & Services | 4.2 | |||
Construction Materials | 4.1 | |||
Real Estate Management & Development | 3.8 | |||
Food Products | 3.6 | |||
Diversified Telecommunication Services | 2.8 | |||
Industrial Conglomerates | 2.4 | |||
Hotels, Restaurants & Leisure | 2.2 | |||
Capital Markets | 2.1 | |||
Independent Power Producers & Energy Traders | 2.1 | |||
Health Care Providers & Services | 1.8 | |||
Marine | 1.7 | |||
Wireless Telecommunication Services | 1.7 | |||
Multi-Utilities | 1.3 | |||
Beverages | 1.0 | |||
Airlines | 0.8 | |||
Wireless Telecommunication Services | 0.7 | |||
Metals & Mining | 0.7 | |||
Air Freight & Logistics | 0.1 | |||
Electronic Equipment, Instruments & Components | 0.0 | |||
Total | 99.0 |
See notes to schedules of portfolio investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | ||||
Amount ($) | Value ($) | |||
Foreign Bonds 3.9% | ||||
Mexico 3.4% | ||||
Mexican Bonos Desarr, Series M, | ||||
6.50%, 6/10/21 (a) | 1,000,000 | 75,732 | ||
Mexican Bonos Desarr, Series | ||||
M20, 10.00%, 12/5/24 (a) | 241,984,000 | 22,705,399 | ||
Mexican Bonos Desarr, Series | ||||
M30, 10.00%, 11/20/36 (a) | 711,800 | 66,210 | ||
22,847,341 | ||||
South Africa 0.5% | ||||
Republic of South Africa, Series | ||||
R203, 8.25%, 9/15/17 | 35,115,000 | 3,184,595 | ||
TOTAL FOREIGN BONDS | ||||
(COST $27,112,354) | 26,031,936 | |||
Yankee Dollars 64.0% | ||||
Brazil 9.7% | ||||
Banco Bradesco SA, Registered, | ||||
4.10%, 3/23/15 | 9,000,000 | 9,168,750 | ||
Banco do Brasil SA, Registered, | ||||
5.88%, 1/26/22 | 200,000 | 189,250 | ||
Banco do Estado do Rio Grande | ||||
do Sul SA, Registered, | ||||
7.38%, 2/2/22 | 1,900,000 | 1,852,500 | ||
Banco Nacional de | ||||
Desenvolvimento Economico | ||||
e Social, 5.75%, 9/26/23 (b) | 2,200,000 | 2,142,250 | ||
Banco Votorantim, Registered, | ||||
5.25%, 2/11/16 | 200,000 | 206,250 | ||
Caixa Economica Federal, 4.50%, | ||||
10/3/18 (b) | 2,200,000 | 2,156,000 | ||
Caixa Economica Federal, | ||||
Registered, 2.38%, 11/6/17 | 3,750,000 | 3,468,750 | ||
Centrais Eletricas Brasileiras SA, | ||||
Registered, 6.88%, 7/30/19 | 2,160,000 | 2,305,800 | ||
Centrais Eletricas Brasileiras SA, | ||||
Registered, 5.75%, 10/27/21 | 2,775,000 | 2,622,375 | ||
Federal Republic of Brazil, 6.00%, | ||||
1/17/17 | 5,900,000 | 6,519,500 | ||
Federal Republic of Brazil, 2.63%, | ||||
1/5/23 | 14,025,000 | 11,949,299 | ||
Federal Republic of Brazil, | ||||
11.00%, 8/17/40 , Callable | ||||
8/17/15 @ 100.00 | 900,000 | 1,022,400 | ||
Petrobras International Finance | ||||
Co., 6.13%, 10/6/16 | 15,014,000 | 16,177,585 | ||
Petrobras International Finance | ||||
Co., 7.88%, 3/15/19 | 800,000 | 904,600 | ||
Petrobras International Finance | ||||
Co., 5.75%, 1/20/20 | 1,950,000 | 2,011,680 | ||
Votorantim Cimentos SA, | ||||
Registered, 7.25%, 4/5/41 | 1,600,000 | 1,480,000 | ||
64,176,989 | ||||
Canada 0.2% | ||||
Harvest Operations Corp., 2.13%, | ||||
5/14/18 (b) | 1,100,000 | 1,081,212 | ||
Chile 1.1% | ||||
Banco del Estado de Chile, | ||||
2.00%, 11/9/17 (b) | 2,600,000 | 2,580,397 | ||
Codelco, Inc., Registered, 7.50%, | ||||
1/15/19 | 1,300,000 | 1,561,856 | ||
CorpBanca SA, 3.13%, 1/15/18 | 2,400,000 | 2,303,978 | ||
Empresa Nacional de Petroleo, | ||||
Registered, 4.75%, 12/6/21 | 800,000 | 793,975 | ||
7,240,206 | ||||
China 3.3% | ||||
CNOOC Curtis Funding No.1 Pty | ||||
Ltd., 4.50%, 10/3/23 (b) | 1,425,000 | 1,408,613 | ||
CNOOC Finance (2013) Ltd., | ||||
1.13%, 5/9/16 | 1,300,000 | 1,297,547 | ||
CNPC General Capital Ltd., | ||||
1.45%, 4/16/16 (b) | 800,000 | 801,209 | ||
Sinopec Capital (2013) Ltd., | ||||
1.25%, 4/24/16 (b) | 3,300,000 | 3,289,945 | ||
Sinopec Group Overseas | ||||
Development (2012) Ltd., | ||||
Registered, 3.90%, 5/17/22 | 10,000,000 | 9,746,509 | ||
Sinopec Group Overseas | ||||
Development (2013) Ltd., | ||||
4.38%, 10/17/23 (b) | 5,400,000 | 5,319,675 | ||
21,863,498 | ||||
Colombia 9.8% | ||||
Banco Davivienda SA, | ||||
Registered, 2.95%, 1/29/18 | 5,000,000 | 4,835,000 | ||
Banco de Bogota SA, Registered, | ||||
5.00%, 1/15/17 | 2,200,000 | 2,310,000 | ||
Bancolombia SA, 6.13%, 7/26/20 | 1,200,000 | 1,236,000 | ||
Bancolombia SA, 5.95%, 6/3/21 | 1,500,000 | 1,563,750 | ||
Grupo Aval Ltd., Registered, | ||||
5.25%, 2/1/17 | 3,410,000 | 3,565,155 | ||
Grupo Aval Ltd., Registered, | ||||
4.75%, 9/26/22 | 1,150,000 | 1,066,625 | ||
Republic of Colombia, 8.25%, | ||||
12/22/14 | 1,040,000 | 1,103,700 | ||
Republic of Colombia, 7.38%, | ||||
1/27/17 | 20,955,000 | 24,150,637 | ||
Republic of Colombia, 7.38%, | ||||
3/18/19 | 14,930,000 | 17,785,362 | ||
Republic of Colombia, 4.38%, | ||||
7/12/21 | 4,760,000 | 4,831,400 | ||
Republic of Colombia, 2.63%, | ||||
3/15/23 , Callable 12/15/22 | ||||
@ 100.00 | 750,000 | 652,500 | ||
Republic of Colombia, 6.13%, | ||||
1/18/41 | 1,330,000 | 1,386,525 | ||
64,486,654 | ||||
Costa Rica 0.2% | ||||
Republic of Costa Rica, 4.25%, | ||||
1/26/23 (b) | 1,200,000 | 1,080,000 | ||
Croatia 1.0% | ||||
Croatia, Registered, 6.25%, | ||||
4/27/17 | 900,000 | 954,000 | ||
Croatia, Registered, 6.75%, | ||||
11/5/19 | 2,640,000 | 2,814,900 | ||
Croatia, Registered, 6.63%, | ||||
7/14/20 | 400,000 | 422,000 | ||
Croatia, Registered, 6.38%, | ||||
3/24/21 | 2,260,000 | 2,339,100 | ||
6,530,000 |
See notes to schedules of portfolio investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | ||||
Amount ($) | Value ($) | |||
Yankee Dollars, continued | ||||
Dominican Republic 0.1% | ||||
Dominican Republic, 7.50%, | ||||
5/6/21 | 600,000 | 654,750 | ||
Gabon 0.3% | ||||
Gabonese Republic, 6.38%, | ||||
12/12/24 (b) | 2,200,000 | 2,260,500 | ||
India 0.2% | ||||
Vedanta Resources plc, | ||||
Registered, 6.75%, 6/7/16 | 1,400,000 | 1,453,200 | ||
Indonesia 5.3% | ||||
PT Pertamina (Persero) Tbk, | ||||
4.30%, 5/20/23 (b) | 1,300,000 | 1,101,750 | ||
PT Pertamina Tbk, Registered, | ||||
4.88%, 5/3/22 | 1,300,000 | 1,186,250 | ||
Republic of Indonesia, 3.38%, | ||||
4/15/23 (b) | 1,800,000 | 1,539,000 | ||
Republic of Indonesia, 5.88%, | ||||
1/15/24 (b) | 3,700,000 | 3,769,375 | ||
Republic of Indonesia, | ||||
Registered, 7.25%, 4/20/15 | 4,784,000 | 5,077,020 | ||
Republic of Indonesia, | ||||
Registered, 7.50%, 1/15/16 | 4,323,000 | 4,766,108 | ||
Republic of Indonesia, | ||||
Registered, 5.88%, 3/13/20 | 2,990,000 | 3,154,450 | ||
Republic of Indonesia, | ||||
Registered, 4.88%, 5/5/21 | 6,960,000 | 6,864,299 | ||
Republic of Indonesia, | ||||
Registered, 3.75%, 4/25/22 | 3,825,000 | 3,452,063 | ||
Republic of Indonesia, | ||||
Registered, 5.38%, 10/17/23 | 4,500,000 | 4,471,830 | ||
35,382,145 | ||||
Iraq 0.3% | ||||
Republic of Iraq, Registered, | ||||
5.80%, 1/15/28, Callable | ||||
3/23/14 @ 100.00 | 2,675,000 | 2,247,000 | ||
Kazakhstan 2.1% | ||||
Development Bank of | ||||
Kazakhstan, 4.13%, | ||||
12/10/22 (b) | 1,750,000 | 1,566,250 | ||
KazMunaiGaz Finance Sub B.V., | ||||
Registered, 11.75%, 1/23/15 | 11,281,000 | 12,330,133 | ||
13,896,383 | ||||
Korea, Republic Of 0.5% | ||||
Export-Import Bank of Korea, | ||||
0.99%, 1/14/17 (a) | 3,600,000 | 3,616,740 | ||
Lithuania 0.2% | ||||
Republic of Lithuania, Registered, | ||||
7.38%, 2/11/20 | 870,000 | 1,038,345 | ||
Luxembourg 0.2% | ||||
VTB Bank OJSC (VTB Capital | ||||
SA), Registered, 6.47%, | ||||
3/4/15 | 1,150,000 | 1,205,890 | ||
VTB Bank OJSC (VTB Capital | ||||
SA), Registered, 6.00%, | ||||
4/12/17 | 200,000 | 212,250 | ||
1,418,140 | ||||
Mexico 4.7% | ||||
Banco Santander SA, 4.13%, | ||||
11/9/22 (b) | 1,100,000 | 1,028,500 | ||
BBVA Bancomer SA Institucion | ||||
de Banca, Registered, | ||||
6.75%, 9/30/22 | 800,000 | 857,000 | ||
Comision Federal de Electricidad, | ||||
4.88%, 1/15/24 (b) | 1,600,000 | 1,580,000 | ||
Petroleos Mexicanos, 4.88%, | ||||
3/15/15 | 2,000,000 | 2,079,999 | ||
Petroleos Mexicanos, 4.88%, | ||||
1/18/24 (b) | 250,000 | 248,811 | ||
Petroleos Mexicanos, 6.38%, | ||||
1/23/45 (b) | 500,000 | 500,047 | ||
United Mexican States, 5.63%, | ||||
1/15/17 | 5,610,000 | 6,227,100 | ||
United Mexican States, 4.00%, | ||||
10/2/23 | 6,940,000 | 6,835,900 | ||
United Mexican States, Series A, | ||||
6.05%, 1/11/40 | 8,710,000 | 9,232,600 | ||
United Mexican States, 5.55%, | ||||
1/21/45 | 2,370,000 | 2,340,375 | ||
30,930,332 | ||||
Namibia 0.5% | ||||
Namibia International Bond, | ||||
Registered, 5.50%, 11/3/21 | 3,400,000 | 3,408,500 | ||
Panama 1.0% | ||||
Republic of Panama, 5.20%, | ||||
1/30/20 | 6,140,000 | 6,668,040 | ||
Peru 2.6% | ||||
Banco de Credito del Peru, | ||||
Registered, 5.38%, 9/16/20 | 780,000 | 797,550 | ||
BBVA Banco Continental SA, | ||||
Registered, 2.25%, 7/29/16 | 5,000,000 | 4,968,750 | ||
Continental Senior Trust, | ||||
Registered, 5.75%, 1/18/17 | 3,150,000 | 3,406,536 | ||
Corp. Financiera de Desarrollo | ||||
SA, 4.75%, 2/8/22 | 200,000 | 196,500 | ||
El Fondo MIVIVIENDA SA, | ||||
Registered, 3.50%, 1/31/23 | 975,000 | 865,313 | ||
Republic of Peru, 8.38%, 5/3/16 | 4,525,000 | 5,203,750 | ||
Republic of Peru, 6.55%, 3/14/37 | 1,660,000 | 1,888,250 | ||
17,326,649 | ||||
Republic of Serbia 0.6% | ||||
Republic of Serbia, 5.88%, | ||||
12/3/18 (b) | 2,800,000 | 2,835,000 | ||
Republic of Serbia, 4.88%, | ||||
2/25/20 | 925,000 | 881,063 | ||
Republic of Serbia, Registered, | ||||
5.25%, 11/21/17 | 410,000 | 414,100 | ||
4,130,163 | ||||
Russian Federation 8.6% | ||||
AK Transneft OAO, Registered, | ||||
5.67%, 3/5/14 | 400,000 | 401,400 | ||
Alfa Bank OJSC, Registered, | ||||
7.88%, 9/25/17 | 1,200,000 | 1,332,000 | ||
Alfa Bank OJSC, Registered, | ||||
7.75%, 4/28/21 | 500,000 | 536,250 | ||
Alfa Issuance Ltd., Series E, | ||||
8.00%, 3/18/15, MTN | 450,000 | 478,305 |
See notes to schedules of portfolio investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | ||||
Amount ($) | Value ($) | |||
Yankee Dollars, continued | ||||
Russian Federation, continued | ||||
Gazprom OAO, Registered, | ||||
Series 2009/2, 10.50%, | ||||
3/25/14 | 10,000,000 | 10,118,000 | ||
Gazprom OAO, Registered, | ||||
8.13%, 7/31/14 | 3,601,000 | 3,718,033 | ||
Gazprom OAO, Registered, | ||||
Series 7, 6.21%, 11/22/16 | 4,600,000 | 5,082,080 | ||
Gazprom OAO, Registered, | ||||
9.25%, 4/23/19 | 2,050,000 | 2,475,375 | ||
Gazprom OAO, Registered, | ||||
6.00%, 1/23/21 | 1,200,000 | 1,243,500 | ||
Gazprom OAO, Registered, | ||||
6.51%, 3/7/22 | 11,100,000 | 11,710,500 | ||
Russia Foreign Bond, 4.88%, | ||||
9/16/23 (b) | 2,400,000 | 2,406,000 | ||
Russia Foreign Bond, Registered, | ||||
7.50%, 3/31/30 | 8,265,400 | 9,517,608 | ||
Russian Federation, Registered, | ||||
3.25%, 4/4/17 | 1,600,000 | 1,674,320 | ||
RZD Capital Ltd., Registered, | ||||
5.70%, 4/5/22 | 300,000 | 300,375 | ||
Sberbank of Russia (SB Capital | ||||
SA), Registered, 4.95%, | ||||
2/7/17 | 5,600,000 | 5,901,000 | ||
56,894,746 | ||||
South Africa 4.1% | ||||
Eskom Holdings SOC Ltd., | ||||
6.75%, 8/6/23 (b) | 2,450,000 | 2,465,313 | ||
Republic of South Africa, 6.88%, | ||||
5/27/19 | 6,100,000 | 6,862,500 | ||
Republic of South Africa, 5.50%, | ||||
3/9/20 | 16,070,000 | 16,953,850 | ||
Republic of South Africa, 5.88%, | ||||
9/16/25 | 1,200,000 | 1,227,000 | ||
27,508,663 | ||||
Turkey 7.1% | ||||
Akbank TAS, Registered, 5.13%, | ||||
7/22/15 | 9,080,000 | 9,238,900 | ||
Republic of Turkey, 7.25%, | ||||
3/15/15 | 18,392,000 | 19,407,238 | ||
Republic of Turkey, 7.50%, | ||||
7/14/17 | 2,860,000 | 3,174,600 | ||
Republic of Turkey, 7.50%, | ||||
11/7/19 | 540,000 | 600,480 | ||
Republic of Turkey, 5.63%, | ||||
3/30/21 | 2,638,000 | 2,634,703 | ||
Republic of Turkey, 5.13%, | ||||
3/25/22 | 660,000 | 630,630 | ||
Republic of Turkey, 6.25%, | ||||
9/26/22 | 4,800,000 | 4,914,240 | ||
Turkiye Halk Bankasi AS, 3.88%, | ||||
2/5/20 (b) | 2,500,000 | 2,162,500 | ||
Turkiye Is Bankasi AS, 3.88%, | ||||
11/7/17 (b) | 1,000,000 | 942,700 | ||
Turkiye Is Bankasi AS, 5.50%, | ||||
4/21/19 (b) | 1,450,000 | 1,395,625 | ||
Turkiye Vakiflar Bankasi TAO, | ||||
5.00%, 10/31/18 (b) | 800,000 | 752,000 | ||
Turkiye Vakiflar Bankasi TAO, | ||||
6.00%, 11/1/22 (b) | 1,400,000 | 1,176,000 | ||
47,029,616 | ||||
Uruguay 0.3% | ||||
Republica Oriental del Uruguay, | ||||
4.50%, 8/14/24 | 1,755,000 | 1,730,869 | ||
Republica Oriental del Uruguay, | ||||
6.88%, 9/28/25 | 275,000 | 313,156 | ||
2,044,025 | ||||
TOTAL YANKEE DOLLARS | ||||
(COST $436,816,449) | 424,366,496 | |||
U.S. Treasury Obligations 6.7% | ||||
U.S. Treasury Notes, 1.75%, | ||||
5/15/23 | 48,243,000 | 44,760,434 | ||
TOTAL U.S. TREASURY OBLIGATIONS | ||||
(COST $46,061,494) | 44,760,434 | |||
Shares | ||||
Investment Company 13.6% | ||||
Northern Institutional Diversified | ||||
Assets Portfolio, Institutional | ||||
Shares, 0.01% (c) | 90,586,173 | 90,586,173 | ||
TOTAL INVESTMENT COMPANY | ||||
(COST $90,586,173) | 90,586,173 | |||
TOTAL INVESTMENT SECURITIES | ||||
(COST $600,576,470) 88.2% | 585,745,039 |
|
The principal amount is disclosed in local currency and the value is disclosed in U.S. Dollars. |
|
(a) | Variable rate security. The interest rates on these securities are adjusted periodically to reflect then-current short-term interest rates. The rates presented represent the rates in effect on January 31, 2014. The maturity dates presented reflect the final maturity dates. However, some of these securities may contain put or demand features that allow the Fund to require the issuer to repurchase the security from the fund within various time periods, including daily, weekly, monthly, or semi-annually. | |
(b) | Rule 144A security or other security which is restricted as to resale to institutional investors. This security has been deemed liquid by the Investment Adviser based on procedures approved by the Board of Trustees. | |
(c) | The rate represents the annualized one-day yield that was in effect on January 31, 2014. | |
MTN | Medium Term Note |
See notes to schedules of portfolio investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
The Fund invested, as a percentage of net assets at value, in the following industries, as of January 31, 2014:
Percentage of | ||||
Net Assets | ||||
Industry | at Value (%) | |||
Sovereign Bonds | 40.0 | |||
Oil, Gas & Consumable Fuels | 14.1 | |||
Investment Company | 13.6 | |||
Commercial Banks | 10.7 | |||
U.S. Treasury Obligations | 6.7 | |||
Electric Utilities | 1.3 | |||
Capital Markets | 0.7 | |||
Diversified Financial Services | 0.5 | |||
Metals & Mining | 0.4 | |||
Trading Companies & Distributors | 0.2 | |||
Transportation Infrastructure | 0.0 | |||
Total | 88.2 |
See notes to schedules of portfolio investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
The following tables reflect the open derivative positions held by the Fund as of January 31, 2014.
Futures Contracts
Unrealized | ||||||||||||
Expiration | Number of | Notional | Appreciation/ | |||||||||
Description | Type | Date | Contracts | Value | (Depreciation) | |||||||
10-Year U.S. Treasury Note March Future | Short | 3/21/14 | 350 | $ | 44,012,500 | ($47,208 | ) | |||||
$ | 44,012,500 | ($47,208 | ) |
Interest Rate Swap Agreements
Unrealized | |||||||||||||||||||||
Pay/Receive | Fixed | Notional | Notional | Appreciation/ | |||||||||||||||||
Floating | Rate | Expiration | Amount | Amount | Value | (Depreciation) | |||||||||||||||
Rate | Floating Rate Index | (%) | Date | Counterparty | (Local) | ($) | ($) | ($) | |||||||||||||
Pay | 1-Year BRL CDI | 10.71 | 1/2/15 | Standard Charter Bank | 400,000,000 | BRL | 165,782,493 | (773,302 | ) | (773,302 | ) | ||||||||||
Pay | 1-Year BRL CDI | 9.93 | 1/2/15 | Credit Suisse International | 272,600,000 | BRL | 112,980,769 | (1,111,626 | ) | (1,111,626 | ) | ||||||||||
Pay | 1-Year BRL CDI | 9.71 | 1/2/15 | Barclays Bank PLC | 120,800,000 | BRL | 50,066,313 | (604,994 | ) | (604,994 | ) | ||||||||||
Receive | 1-Month MXN-TIIE-Banxico | 4.29 | 9/9/15 | Credit Suisse International | 194,337,000 | MXN | 14,533,129 | 3,470 | 3,470 | ||||||||||||
Receive | 1-Month MXN-TIIE-Banxico | 5.30 | 9/20/18 | Standard Charter Bank | 124,000,000 | MXN | 9,273,108 | 115,071 | 115,071 | ||||||||||||
Receive | 1-Month MXN-TIIE-Banxico | 5.30 | 9/20/18 | Barclays Bank PLC | 124,000,000 | MXN | 9,273,108 | 115,071 | 115,071 | ||||||||||||
Receive | 1-Month MXN-TIIE-Banxico | 5.31 | 9/20/18 | Barclays Bank PLC | 124,000,000 | MXN | 9,273,108 | 111,147 | 111,147 | ||||||||||||
Receive | 3-Month LIBOR BBA | 1.96 | 5/17/22 | Standard Charter Bank | 1,200,000 | USD | 1,200,000 | 46,892 | 46,892 | ||||||||||||
Receive | 3-Month LIBOR BBA | 1.77 | 8/10/22 | Barclays Bank PLC | 13,000,000 | USD | 13,000,000 | 709,329 | 709,329 | ||||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 6.50 | 9/13/23 | Standard Charter Bank | 48,000,000 | MXN | 3,589,590 | (97,680 | ) | (97,680 | ) | ||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 6.54 | 9/14/23 | Standard Charter Bank | 71,000,000 | MXN | 5,309,602 | (129,396 | ) | (129,396 | ) | ||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 6.54 | 9/14/23 | Barclays Bank PLC | 71,000,000 | MXN | 5,309,602 | (129,396 | ) | (129,396 | ) | ||||||||||
Pay | 1-Month MXN-TIIE-Banxico | 6.54 | 9/14/23 | Barclays Bank PLC | 71,000,000 | MXN | 5,309,602 | (129,396 | ) | (129,396 | ) | ||||||||||
(1,874,810 | ) | (1,874,810 | ) |
See notes to schedules of portfolio investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Credit Default Swap Agreements - Buy Protection(a)
Implied Credit | Unrealized | ||||||||||||||||||
Spread at | Notional | Upfront Premiums | Appreciation/ | ||||||||||||||||
Expiration | January 31, 2014 | Amount | Fixed Rate | Value | Paid/(Received) | (Depreciation) | |||||||||||||
Underlying Instrument | Counterparty | Date | (%)(b) | ($)(c) | (%) | ($) | ($) | ($) | |||||||||||
Emirate of Abu Dhabi | Barclays Bank PLC | 6/20/18 | 0.48 | 4,400,000 | 1.00 | (113,201 | ) | (72,021 | ) | (41,180 | ) | ||||||||
Republic of Korea | JPMorgan Chase Bank N.A. | 9/20/17 | 0.47 | 5,000,000 | 1.00 | (101,419 | ) | 12,067 | (113,486 | ) | |||||||||
Republic of Korea | JPMorgan Chase Bank N.A. | 9/20/17 | 0.42 | 100,000 | 1.00 | (2,028 | ) | 1,211 | (3,239 | ) | |||||||||
Republic of Korea | JPMorgan Chase Bank N.A. | 6/20/18 | 0.60 | 6,000,000 | 1.00 | (114,004 | ) | (77,634 | ) | (36,370 | ) | ||||||||
Republic of Korea | Credit Suisse International | 6/20/18 | 0.60 | 6,000,000 | 1.00 | (114,004 | ) | (63,927 | ) | (50,077 | ) | ||||||||
Republic of Korea | JPMorgan Chase Bank N.A. | 6/20/18 | 0.60 | 7,000,000 | 1.00 | (133,005 | ) | (59,599 | ) | (73,406 | ) | ||||||||
Republic of Korea | JPMorgan Chase Bank N.A. | 6/20/18 | 0.60 | 5,500,000 | 1.00 | (104,504 | ) | (65,689 | ) | (38,815 | ) | ||||||||
Republic of Korea | JPMorgan Chase Bank N.A. | 6/20/18 | 0.60 | 7,000,000 | 1.00 | (133,005 | ) | (45,513 | ) | (87,492 | ) | ||||||||
Republic of Korea | Barclays Bank PLC | 12/20/18 | 0.69 | 5,500,000 | 1.00 | (92,646 | ) | (97,533 | ) | 4,887 | |||||||||
Republic of Korea | JPMorgan Chase Bank N.A. | 12/20/18 | 0.69 | 10,500,000 | 1.00 | (176,870 | ) | (191,452 | ) | 14,582 | |||||||||
Republic of Korea | Barclays Bank PLC | 12/20/18 | 0.69 | 5,500,000 | 1.00 | (92,646 | ) | (97,481 | ) | 4,835 | |||||||||
Republic of Philippines | JPMorgan Chase Bank N.A. | 9/20/17 | 0.86 | 1,700,000 | 1.00 | (11,557 | ) | 38,756 | (50,313 | ) | |||||||||
Republic of South Africa | Barclays Bank PLC | 12/20/17 | 1.95 | 3,500,000 | 1.00 | 170,229 | 93,237 | 76,992 | |||||||||||
Republic of Turkey | JPMorgan Chase Bank N.A. | 12/20/17 | 2.39 | 3,500,000 | 1.00 | 170,229 | 89,748 | 80,481 | |||||||||||
Republic of Ukraine | Bank Of America | 3/20/19 | 10.93 | 2,000,000 | 5.00 | 390,926 | 184,293 | 206,633 | |||||||||||
Republic of Ukraine | Barclays Bank PLC | 3/20/19 | 10.93 | 1,500,000 | 5.00 | 293,195 | 132,520 | 160,675 | |||||||||||
Republic of Ukraine | Bank Of America | 3/20/19 | 10.93 | 4,000,000 | 5.00 | 781,852 | 360,850 | 421,002 | |||||||||||
Republic of Ukraine | Bank Of America | 3/20/19 | 10.93 | 1,600,000 | 5.00 | 312,741 | 147,219 | 165,522 | |||||||||||
Republic of Ukraine | Bank Of America | 3/20/19 | 10.93 | 9,000,000 | 5.00 | 1,759,168 | 736,153 | 1,023,015 | |||||||||||
Republic of Ukraine | Bank Of America | 3/20/19 | 10.93 | 3,500,000 | 5.00 | 684,121 | 322,041 | 362,080 | |||||||||||
State of Qatar | Barclays Bank PLC | 9/20/17 | 0.40 | 6,250,000 | 1.00 | (141,842 | ) | 74,259 | (216,101 | ) | |||||||||
3,231,730 | 1,421,505 | 1,810,225 |
See notes to schedules of portfolio investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Credit Default Swap Agreements - Sell Protection(a)
Implied Credit | Unrealized | ||||||||||||||||||
Spread at | Notional | Upfront Premiums | Appreciation/ | ||||||||||||||||
Expiration | January 31, 2014 | Amount | Fixed Rate | Value | Paid/(Received) | (Depreciation) | |||||||||||||
Underlying Instrument | Counterparty | Date | (%)(b) | ($)(c) | (%) | ($) | ($) | ($) | |||||||||||
Federative Republic of Brazil | Credit Suisse International | 6/20/18 | 1.91 | 4,500,000 | 1.00 | (152,776 | ) | (96,534 | ) | (56,242 | ) | ||||||||
Federative Republic of Brazil | Credit Suisse International | 6/20/18 | 1.91 | 14,000,000 | 1.00 | (475,304 | ) | (297,735 | ) | (177,569 | ) | ||||||||
Federative Republic of Brazil | Barclays Bank PLC | 6/20/18 | 1.91 | 2,500,000 | 1.00 | (84,945 | ) | (39,915 | ) | (45,030 | ) | ||||||||
Federative Republic of Brazil | JPMorgan Chase Bank N.A. | 6/20/18 | 1.86 | 2,500,000 | 1.00 | (84,876 | ) | (46,715 | ) | (38,161 | ) | ||||||||
Federative Republic of Brazil | Barclays Bank PLC | 3/20/19 | 2.02 | 3,000,000 | 1.00 | (147,716 | ) | (125,239 | ) | (22,477 | ) | ||||||||
Federative Republic of Brazil | JPMorgan Chase Bank N.A. | 3/20/19 | 2.02 | 10,000,000 | 1.00 | (492,388 | ) | (421,353 | ) | (71,035 | ) | ||||||||
People's Republic of China | JPMorgan Chase Bank N.A. | 6/20/18 | 0.81 | 5,500,000 | 1.00 | 47,626 | 71,224 | (23,598 | ) | ||||||||||
People's Republic of China | JPMorgan Chase Bank N.A. | 6/20/18 | 0.81 | 6,000,000 | 1.00 | 51,956 | 83,678 | (31,722 | ) | ||||||||||
People's Republic of China | Credit Suisse International | 6/20/18 | 0.81 | 6,000,000 | 1.00 | 51,956 | 37,634 | 14,322 | |||||||||||
Republic of Indonesia | Credit Suisse International | 6/20/18 | 2.11 | 3,800,000 | 1.00 | (156,791 | ) | (207,184 | ) | 50,393 | |||||||||
Republic of Indonesia | JPMorgan Chase Bank N.A. | 9/20/18 | 2.11 | 500,000 | 1.00 | (23,873 | ) | (26,156 | ) | 2,283 | |||||||||
Republic of Indonesia | Credit Suisse International | 9/20/18 | 2.21 | 1,800,000 | 1.00 | (85,943 | ) | (120,906 | ) | 34,963 | |||||||||
Republic of Peru | JPMorgan Chase Bank N.A. | 6/20/17 | 1.03 | 100,000 | 1.00 | (6 | ) | (3,224 | ) | 3,218 | |||||||||
Republic of South Africa | JPMorgan Chase Bank N.A. | 12/20/17 | 1.95 | 3,500,000 | 1.00 | (119,666 | ) | (99,897 | ) | (19,769 | ) | ||||||||
Republic of South Africa | JPMorgan Chase Bank N.A. | 9/20/18 | 2.16 | 13,000,000 | 1.00 | (648,770 | ) | (716,665 | ) | 67,895 | |||||||||
Republic of Turkey | Barclays Bank PLC | 12/20/17 | 2.39 | 3,500,000 | 1.00 | (119,666 | ) | (88,148 | ) | (31,518 | ) | ||||||||
(2,441,182 | ) | (2,097,135 | ) | (344,047 | ) |
(a) | When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. Alternatively, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity to the seller or (ii) receive a net amount equal to the par value of the defaulted reference entity less its recovery value. | |
(b) | Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap agreements as of period end serve as an indicator of the current status of the payment/performance risk and represents the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include upfront payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entitys credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement. | |
(c) | The notional amount represents the maximum potential amount of future payments that the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement. Alternatively, the notional amount represents the maximum potential amount the Fund could be required to make as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement. |
See notes to schedules of portfolio investments .
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Forward Foreign Currency Exchange Contracts
Unrealized | |||||||||||||
Contract | Contract | Appreciation/ | |||||||||||
Delivery | Amount | Value | Value | (Depreciation) | |||||||||
Short Contracts | Counterparty | Date | (Local Currency) | ($) | ($) | ($) | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 32,710,986 | 13,481,839 | 13,543,739 | (61,900 | ) | ||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 47,824,430 | 20,830,000 | 19,801,347 | 1,028,653 | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 57,180,060 | 25,705,835 | 23,674,976 | 2,030,859 | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 64,394,923 | 26,540,379 | 26,662,236 | (121,857 | ) | ||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 96,893,715 | 40,686,002 | 40,118,117 | 567,885 | |||||||
Brazilian Real | Credit Suisse | 2/4/14 | 7,339,046 | 3,192,000 | 3,038,677 | 153,323 | |||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 6,215,008 | 2,705,000 | 2,573,278 | 131,722 | |||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 118,346,351 | 48,776,471 | 49,000,421 | (223,950 | ) | ||||||
Chilean Peso | Standard Chartered Bank | 2/14/14 | 6,611,932,000 | 12,120,865 | 11,888,650 | 232,215 | |||||||
Chinese Yuan | Bank of America | 2/20/14 | 73,188,000 | 12,000,000 | 12,073,377 | (73,377 | ) | ||||||
Chinese Yuan | Standard Chartered Bank | 2/20/14 | 3,103,470 | 508,557 | 511,960 | (3,403 | ) | ||||||
Chinese Yuan | Standard Chartered Bank | 2/20/14 | 73,176,000 | 12,000,000 | 12,071,397 | (71,397 | ) | ||||||
European Euro | Barclays Bank PLC | 3/19/14 | 23,997,740 | 32,503,019 | 32,363,587 | 139,432 | |||||||
Hungarian Forint | Standard Chartered Bank | 2/6/14 | 6,892,384,514 | 31,014,645 | 29,794,159 | 1,220,486 | |||||||
Hungarian Forint | Standard Chartered Bank | 7/23/14 | 6,892,384,514 | 30,556,090 | 29,423,376 | 1,132,714 | |||||||
Mexican Peso | Barclays Bank PLC | 2/4/14 | 73,010,000 | 5,458,896 | 5,458,303 | 593 | |||||||
Mexican Peso | Barclays Bank PLC | 2/5/14 | 24,375,000 | 1,823,793 | 1,822,165 | 1,628 | |||||||
Mexican Peso | Barclays Bank PLC | 2/5/14 | 24,391,000 | 1,822,100 | 1,823,362 | (1,262 | ) | ||||||
Mexican Peso | Barclays Bank PLC | 2/5/14 | 24,391,000 | 1,822,100 | 1,823,362 | (1,262 | ) | ||||||
Mexican Peso | Barclays Bank PLC | 2/5/14 | 48,600,000 | 3,647,006 | 3,633,118 | 13,888 | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 57,600,000 | 4,368,269 | 4,284,802 | 83,467 | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 57,700,000 | 4,310,635 | 4,292,241 | 18,394 | |||||||
Mexican Peso | Standard Chartered Bank | 4/8/14 | 56,200,000 | 4,193,091 | 4,180,657 | 12,434 | |||||||
Mexican Peso | Standard Chartered Bank | 4/8/14 | 58,250,000 | 4,337,143 | 4,333,155 | 3,988 | |||||||
Polish Zloty | Bank of America | 3/4/14 | 13,505,800 | 4,400,000 | 4,279,446 | 120,554 | |||||||
Polish Zloty | Barclays Bank PLC | 2/4/14 | 87,704,720 | 28,531,139 | 27,837,783 | 693,356 | |||||||
Polish Zloty | Credit Suisse | 3/4/14 | 13,485,230 | 4,400,000 | 4,272,928 | 127,072 | |||||||
Polish Zloty | Standard Chartered Bank | 3/4/14 | 13,502,632 | 4,400,000 | 4,278,442 | 121,558 | |||||||
Polish Zloty | Standard Chartered Bank | 3/4/14 | 88,075,458 | 28,279,619 | 27,907,579 | 372,040 | |||||||
Russian Ruble | Standard Chartered Bank | 2/6/14 | 3,999,150 | 119,764 | 113,718 | 6,046 | |||||||
414,534,257 | 406,880,358 | 7,653,899 |
Unrealized | ||||||||||||||
Contract | Contract | Appreciation/ | ||||||||||||
Delivery | Amount | Value | Value | (Depreciation) | ||||||||||
Long Contracts | Counterparty | Date | (Local Currency) | ($) | ($) | ($) | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 32,710,986 | 13,860,000 | 13,543,739 | (316,261 | ) | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 47,824,430 | 19,710,848 | 19,801,347 | 90,499 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 57,180,060 | 23,566,772 | 23,674,976 | 108,204 | ||||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 64,394,923 | 27,769,000 | 26,662,236 | (1,106,764 | ) | |||||||
Brazilian Real | Barclays Bank PLC | 2/4/14 | 96,893,715 | 39,934,763 | 40,118,117 | 183,354 | ||||||||
Brazilian Real | Barclays Bank PLC | 4/2/14 | 96,893,715 | 40,164,863 | 39,520,390 | (644,473 | ) | |||||||
Brazilian Real | Credit Suisse | 2/4/14 | 7,339,046 | 3,024,789 | 3,038,677 | 13,888 | ||||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 6,215,008 | 2,561,517 | 2,573,278 | 11,761 | ||||||||
Brazilian Real | Standard Chartered Bank | 2/4/14 | 118,346,351 | 51,801,782 | 49,000,421 | (2,801,361 | ) | |||||||
Chilean Peso | Bank of America | 2/14/14 | 6,611,932,000 | 12,540,412 | 11,888,650 | (651,762 | ) | |||||||
Chilean Peso | Standard Chartered Bank | 5/28/14 | 6,611,932,000 | 11,995,740 | 11,758,309 | (237,431 | ) | |||||||
Chinese Yuan | Standard Chartered Bank | 2/20/14 | 149,467,470 | 24,313,537 | 24,656,734 | 343,197 | ||||||||
Hungarian Forint | Bank of America | 7/23/14 | 1,470,925,760 | 6,271,000 | 6,279,336 | 8,336 | ||||||||
Hungarian Forint | Barclays Bank PLC | 7/23/14 | 2,546,297,500 | 10,870,000 | 10,870,065 | 65 | ||||||||
Hungarian Forint | JPMorgan Chase Bank N.A. | 7/23/14 | 1,470,047,820 | 6,271,000 | 6,275,589 | 4,589 | ||||||||
Hungarian Forint | Standard Chartered Bank | 2/6/14 | 6,892,384,514 | 30,852,214 | 29,794,159 | (1,058,055 | ) | |||||||
Hungarian Forint | Standard Chartered Bank | 7/23/14 | 1,466,786,900 | 6,271,000 | 6,261,668 | (9,332 | ) | |||||||
Indian Rupee | Barclays Bank PLC | 3/24/14 | 401,574,260 | 6,418,000 | 6,335,243 | (82,757 | ) | |||||||
Indian Rupee | Standard Chartered Bank | 3/24/14 | 14,705,200 | 230,345 | 231,990 | 1,645 | ||||||||
Indonesian Rupiah | Barclays Bank PLC | 4/15/14 | 56,917,140,000 | 4,673,000 | 4,603,743 | (69,257 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 24,375,000 | 1,814,696 | 1,813,230 | (1,466 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 24,391,000 | 1,813,066 | 1,814,420 | 1,354 | ||||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 24,391,000 | 1,813,066 | 1,814,420 | 1,354 | ||||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 48,600,000 | 3,629,032 | 3,615,301 | (13,731 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 73,010,000 | 5,431,483 | 5,431,135 | (348 | ) | |||||||
Mexican Peso | Barclays Bank PLC | 4/8/14 | 217,403,376 | 16,574,169 | 16,172,402 | (401,767 | ) | |||||||
Mexican Peso | Standard Chartered Bank | 4/8/14 | 12,402,000 | 941,185 | 922,571 | (18,614 | ) | |||||||
Polish Zloty | Barclays Bank PLC | 6/5/14 | 87,704,720 | 28,315,594 | 27,625,079 | (690,515 | ) | |||||||
Polish Zloty | Credit Suisse | 2/4/14 | 33,577,600 | 10,924,874 | 10,657,647 | (267,227 | ) | |||||||
Polish Zloty | Standard Chartered Bank | 2/4/14 | 54,127,120 | 17,704,223 | 17,180,136 | (524,087 | ) | |||||||
Russian Ruble | Standard Chartered Bank | 2/6/14 | 3,999,150 | 121,675 | 113,718 | (7,957 | ) | |||||||
Russian Ruble | Standard Chartered Bank | 7/14/14 | 3,999,150 | 116,743 | 110,062 | (6,681 | ) | |||||||
South African Rand | Barclays Bank PLC | 4/15/14 | 83,914,445 | 7,453,000 | 7,473,887 | 20,887 | ||||||||
South African Rand | Barclays Bank PLC | 6/11/14 | 301,594,831 | 27,047,651 | 26,585,868 | (461,783 | ) | |||||||
South African Rand | Credit Suisse | 4/15/14 | 31,496,296 | 2,795,000 | 2,805,235 | 10,235 | ||||||||
Turkish Lira | Credit Suisse | 4/7/14 | 12,071,360 | 5,322,000 | 5,244,277 | (77,723 | ) | |||||||
Turkish Lira | Standard Chartered Bank | 4/7/14 | 425,008 | 190,186 | 184,640 | (5,546 | ) | |||||||
Turkish Lira | Standard Chartered Bank | 4/7/14 | 9,014,760 | 4,080,000 | 3,916,369 | (163,631 | ) | |||||||
Turkish Lira | Standard Chartered Bank | 4/7/14 | 19,757,110 | 8,900,000 | 8,583,271 | (316,729 | ) | |||||||
488,088,225 | 478,952,335 | (9,135,890 | ) |
HSBC RMB FIXED INCOME FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Principal | |||||
Amount ($) | Value ($) | ||||
Foreign Bonds 87.3% | |||||
Australia 1.2% | |||||
Australia & New Zealand Banking | |||||
Group Ltd., Series E, 2.90%, | |||||
8/14/15, MTN (a) | 1,000,000 | 166,343 | |||
Brazil 2.3% | |||||
Banco BTG Pactual SA, Series G, | |||||
4.10%, 3/26/16, MTN (a) | 2,000,000 | 326,071 | |||
China 40.4% | |||||
Baosteel Group Corp. Ltd., | |||||
Registered, 4.15%, 3/1/17 (a) | 2,000,000 | 335,079 | |||
Beijing Enterprises Water Group Ltd., | |||||
3.75%, 6/30/14 (a) | 3,000,000 | 496,950 | |||
Bestgain Real Estate Lyra Ltd., | |||||
4.50%, 12/4/18 | 2,000,000 | 329,358 | |||
Big Will Investments Ltd., Registered, | |||||
7.00%, 4/29/14 (a) | 2,000,000 | 333,019 | |||
Bitronic Ltd., 4.00%, 12/12/15 (a) | 3,000,000 | 497,546 | |||
China Guangdong Nuclear Power | |||||
Holding Co. Ltd., Registered, | |||||
3.75%, 11/1/15 (a) | 2,000,000 | 333,453 | |||
China Shanshui Cement Group Ltd., | |||||
6.50%, 7/22/14 (a) | 2,000,000 | 334,079 | |||
Greentown China Holdings, 5.63%, | |||||
5/13/16 | 1,000,000 | 165,753 | |||
Huaneng Power International, Inc., | |||||
3.85%, 2/5/16 (a) | 2,000,000 | 333,161 | |||
ICBC Luxembourg SA, 2.60%, | |||||
5/28/14 | 2,000,000 | 331,996 | |||
Industrial & Commercial Bank of | |||||
China Ltd., Registered, 3.75%, | |||||
11/19/18 | 1,000,000 | 165,464 | |||
Intime Department Store (Group) Co. | |||||
Ltd., Registered, 4.65%, | |||||
7/21/14 (a) | 2,000,000 | 331,431 | |||
Kaisa Group Holdings Ltd., 6.88%, | |||||
4/22/16 | 2,000,000 | 329,463 | |||
New World China Land Ltd., 8.50%, | |||||
4/11/15 (a) | 2,000,000 | 348,696 | |||
Right Century Ltd., 1.85%, 6/3/14 (a) | 2,000,000 | 329,864 | |||
RKI Finance 2013 Ltd., 6.00%, | |||||
12/3/16 | 2,000,000 | 331,852 | |||
The Export-Import Bank of China, | |||||
2.70%, 4/7/14 (a) | 2,000,000 | 331,297 | |||
5,658,461 | |||||
France 3.6% | |||||
Veolia Environnement SA, Series E, | |||||
4.50%, 6/28/17, MTN (a) | 3,000,000 | 509,458 | |||
Germany 1.2% | |||||
BSH Bosch und Siemens Hausgerate | |||||
GmbH, Registered, 3.80%, | |||||
7/24/17 (a) | 1,000,000 | 168,058 | |||
Hong Kong 29.1% | |||||
BECL Investment Holding Ltd., | |||||
4.75%, 2/21/14 (a) | 3,000,000 | 497,224 | |||
Dorsett Hospitality International Ltd., | |||||
Series E, 6.00%, 4/3/18, MTN (a) | 2,000,000 | 324,991 | |||
Eastern Air Overseas (Hong Kong) | |||||
Corp. Ltd., 4.00%, 8/8/14 (a) | 2,000,000 | 331,395 | |||
Gemdale International Holdings Ltd., | |||||
9.15%, 7/26/15 (a) | 2,000,000 | 349,277 | |||
Lafarge Shui On Cement Ltd., | |||||
Registered, 9.00%, 11/14/14 (a) | 2,000,000 | 344,914 | |||
Lai Fung Holdings Ltd., 6.88%, | |||||
4/25/18 | 2,000,000 | 323,492 | |||
Noble Group Ltd., Series E, 4.00%, | |||||
1/30/16 | 2,000,000 | 332,837 | |||
Rainbow Days Ltd., Registered, | |||||
3.00%, 6/30/16 (a) | 2,000,000 | 323,573 | |||
Silvery Castle Ltd., 2.75%, 7/14/14 (a) | 2,000,000 | 329,076 | |||
Singamas Container Holdings Ltd., | |||||
Registered, 4.75%, 4/14/14 (a) | 2,000,000 | 330,468 | |||
SK Global Chemical Co. Ltd., 4.13%, | |||||
9/26/16 | 2,000,000 | 335,889 | |||
Starway Assets Enterprises, Inc., | |||||
4.10%, 1/22/17 | 1,600,000 | 264,690 | |||
4,087,826 | |||||
Japan 2.4% | |||||
Mitsui & Co. Ltd., Series E, 4.25%, | |||||
3/1/17, MTN (a) | 2,000,000 | 339,703 | |||
Singapore 2.4% | |||||
Global Logistic Properties Ltd., | |||||
Registered, 3.37%, 5/11/16 (a) | 2,000,000 | 330,389 | |||
United States 4.7% | |||||
Caterpillar Financial Services Corp., | |||||
Registered, 3.35%, 11/26/14 | 2,000,000 | 333,104 | |||
Yum! Brands, Inc., Registered, | |||||
2.38%, 9/29/14 (a) | 2,000,000 | 329,655 | |||
662,759 | |||||
TOTAL FOREIGN BONDS | |||||
(COST $11,716,305) | 12,249,068 | ||||
Certificates of Deposit 10.6% | |||||
China 4.7% | |||||
China Construction Bank (Asia) Corp. | |||||
Ltd., 2.75%, 3/11/14 | 2,000,000 | 331,736 | |||
China Development Bank Corp., | |||||
2.90%, 6/25/14 (a) | 2,000,000 | 332,326 | |||
664,062 | |||||
Japan 2.4% | |||||
Sumitomo Mitsui Banking Corp., | |||||
1.10%, 4/22/14 (a) | 2,000,000 | 330,352 | |||
Singapore 3.5% | |||||
Oversea-Chinese Banking Corp. Ltd., | |||||
1.10%, 3/28/14 (a) | 3,000,000 | 496,166 | |||
TOTAL CERTIFICATES OF DEPOSIT | |||||
(COST $1,417,595) | 1,490,580 | ||||
Shares | |||||
Investment Company 0.9% | |||||
Northern Institutional Diversified | |||||
Assets Portfolio, Institutional | |||||
Shares, 0.01% (b) | 120,132 | 120,132 |
See notes to schedules of portfolio investments.
HSBC RMB FIXED INCOME FUND
Schedule of Portfolio Investments as of January 31, 2014 (Unaudited)
Shares | Value ($) | ||||
Investment Company, continued | |||||
TOTAL INVESTMENT COMPANY | |||||
(COST $120,132) | 120,132 | ||||
TOTAL INVESTMENT SECURITIES | |||||
(COST $13,254,032) 98.8% | 13,859,780 |
|
The principal amount is disclosed in local currency and the value is disclosed in U.S. Dollars. |
|
(a) | Variable rate security. The interest rates on these securities are adjusted periodically to reflect then-current short-term interest rates. The rates presented represent the rates in effect on January 31, 2014. The maturity dates presented reflect the final maturity dates. However, some of these securities may contain put or demand features that allow the Fund to require the issuer to repurchase the security from the fund within various time periods, including daily, weekly, monthly, or semi-annually. | |
(b) | The rate represents the annualized one-day yield that was in effect on January 31, 2014. | |
MTN | Medium Term Note |
The Fund invested, as a percentage of net assets at value, in the following industries, as of January 31, 2014:
Percentage of | |||
Net Assets at | |||
Industry | Value (%) | ||
Real Estate Management & Development | 21.3 | ||
Commercial Banks | 17.9 | ||
Diversified Financial Services | 10.0 | ||
Trading Companies & Distributors | 7.0 | ||
Water Utilities | 6.9 | ||
Construction Materials | 4.9 | ||
Electric Utilities | 4.8 | ||
Hotels, Restaurants & Leisure | 4.7 | ||
Machinery | 2.4 | ||
Distributors | 2.4 | ||
Metals & Mining | 2.4 | ||
Specialty Retail | 2.4 | ||
Industrial Conglomerates | 2.4 | ||
Airlines | 2.4 | ||
Chemicals | 2.4 | ||
Food Products | 2.4 | ||
Household Durables | 1.2 | ||
Investment Company | 0.9 | ||
Total | 98.8 |
See notes to schedules of portfolio investments .
Notes to Schedules of Portfolio Investments | |
(Unaudited) | January 31, 2014 |
1. Organization:
The HSBC Funds (the Trust), a Massachusetts business trust organized on April 22, 1987, and is registered under the Investment Company Act of 1940, as amended (the Act), as open-end management investment companies. As of January 31, 2014, the Trust is comprised of 15 separate operational funds, each a series of the HSBC Family of Funds, which also includes the HSBC Advisor Funds Trust and the HSBC Portfolios (the Trusts). The accompanying Schedules of Portfolio Investments (Schedules) are presented for the following funds (individually a Fund, collectively the Funds):
Fund | Short Name | ||
HSBC Growth Fund | Growth Fund | ||
HSBC Opportunity Fund | Opportunity Fund | ||
(Individually a Feeder Fund, collectively the Feeder Funds) | |||
HSBC Prime Money Market Fund | Prime Money Market Fund | ||
HSBC U.S. Government Money Market Fund | U.S. Government Money Market Fund | ||
HSBC U.S. Treasury Money Market Fund | U.S. Treasury Money Market Fund | ||
(Individually a Money Market Fund, collectively the Money Markets Funds) | |||
Aggressive Strategy Fund | Aggressive Strategy Fund | ||
Balanced Strategy Fund | Balanced Strategy Fund | ||
Moderate Strategy Fund | Moderate Strategy Fund | ||
Conservative Strategy Fund | Conservative Strategy Fund | ||
Income Strategy Fund | Income Strategy Fund | ||
(Individually a World Selection Fund, collectively the World Selection Funds) | |||
HSBC Emerging Markets Debt Fund | Emerging Markets Debt Fund | ||
HSBC Emerging Markets Local Debt Fund | Emerging Markets Local Debt Fund | ||
HSBC Frontier Markets Fund | Frontier Markets Fund | ||
HSBC Total Return Fund | Total Return Fund | ||
HSBC RMB Fixed Income Fund | RMB Fixed Income Fund | ||
(Individually a Emerging Markets Fund, collectively the Emerging Markets Funds) |
The Feeder Funds, Money Market Funds, World Selection Funds and Emerging Markets Funds are collectively referred to as the Funds.
The HSBC Growth Portfolio and the HSBC Opportunity Portfolio (individually a Portfolio, collectively the Portfolios) are a diversified series of the HSBC Portfolios (the Portfolios Trust). The Portfolios Trust is an open-end management investment company organized as a master trust fund under the laws of the State of New York on November 1, 1994. The Portfolios operate as master funds in master-feeder arrangements, in which other funds invest all or part of their investable assets in the Portfolios. The Portfolios also receive investments from funds of funds. The Declaration of Trust permits the Board of Trustees to issue an unlimited number of beneficial interests in the Portfolios.
The Feeder Funds utilize the master-feeder fund structure and seek to achieve their investment objectives by investing all of their investable assets in their respective Portfolios (as defined below):
Proportionate | ||||
Interest on | ||||
Feeder Fund | Respective Portfolio | January 31, 2014 | ||
Growth Fund | HSBC Growth Portfolio | 93.2% | ||
Opportunity Fund | HSBC Opportunity Portfolio | 7.1% |
The World Selection Funds, excluding the Income Strategy Fund, (World Selection Feeder Funds), currently invest in the Portfolios as follows:
Proportionate Ownership | Proportionate Ownership | |||
Interest in Growth Portfolio | Interest in Opportunity | |||
World Selection Feeder Fund | on January 31, 2014 | Portfolio on January 31, 2014 | ||
Aggressive Strategy Fund | 1.5% | 0.3% | ||
Balanced Strategy Fund | 3.0% | 0.6% | ||
Moderate Strategy Fund | 1.8% | 0.4% | ||
Conservative Strategy Fund | 0.5% | 0.1% |
The Portfolios Schedules are published separately and should be read in conjunction with the Schedules of the Feeder Funds and the World Selection Feeder Funds.
All of the World Selection Funds are diversified and are authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per share. Each of the World Selection Funds is a fund of funds, meaning that it seeks to achieve its investment objective by investing primarily in a combination of mutual funds managed by HSBC Global Asset Management (USA) Inc. (the Affiliated Underlying Funds), as well as mutual funds managed by other investment advisers and exchange-traded funds (Unaffiliated Underlying Funds and, together with the Affiliated Underlying Funds, the Underlying Funds). Each World Selection Fund invests according to the investment objectives and strategies described in its Prospectus.
All of the Emerging Markets Funds are non-diversified and are authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per share.
All of the Money Market Funds are diversified and are authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per share.
2. Significant Accounting Policies:
The following is a summary of the significant accounting policies followed by each Fund and each Portfolio in the preparation of their Schedule. The policies are in conformity with U.S. generally accepted accounting principles (GAAP). The preparation of Schedules requires management to make estimates and assumptions that affect the reported amounts. Actual results could differ from those estimates.
Securities Valuation:
A. Feeder Funds, Emerging Markets Funds and Portfolios
The Feeder Funds, Emerging Markets Funds and Portfolios record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3 below.
B. Money Market Funds
Investments of the Money Market Funds are valued using the amortized cost method pursuant to Rule 2a-7 under the Act, which approximates fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3 below.
C. World Selection Funds
The World Selection Funds record their investments in the Underlying Funds at the net asset value reported by those funds. The World Selection Feeder Funds record their investments in the Portfolios at fair value. The underlying securities of the Portfolios are recorded at fair value, as more fully discussed in the notes to those financial statements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value in funds or Portfolios in which the World Selection Funds are invested are described in their respective notes to financial statements. The valuation techniques employed by the World Selection Funds are further described in Note 3 below.
Investment Transactions:
A. Feeder Funds and World Selection Feeder Funds
The Feeder Funds and World Selection Feeder Funds record investments into the Portfolios on a trade date basis. Changes in holdings of the Underlying Funds for each World Selection Fund are reflected no later than one business day after trade date. However, for financial reporting purposes, changes in holdings of the Underlying Funds are accounted for on trade date.
B. Portfolios, Money Market Funds and Emerging Markets Funds
Investment transactions are accounted for no later than one business day after trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date.
Restricted and Illiquid Securities:
A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the 1933 Act) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act, or another exemption from the registration requirements of the 1933 Act. Certain restricted securities may be resold in transactions exempt from registration, normally to qualified institutional buyers, and may be deemed liquid by the Investment Adviser based on procedures established by the Board of Trustees (Trustees) of the Trust and the Portfolios Trust. Therefore, not all restricted securities are considered illiquid. At January 31, 2014, all restricted securities held were deemed liquid (except as noted below). Restricted securities held as of January 31, 2014 are identified below:
Acquisition | Total | Principal | Fair | % of | ||||||||||
HSBC Prime Money Market | Date | Cost | Amount | Value | Net Assets | |||||||||
Antalis US Funding Corp., 0.23%, 4/16/14 | 1/9/2014 | $ | 18,991,017 | $ | 19,000,000 | $ | 18,991,017 | 0.4 | % | |||||
ASB Finance Ltd., 0.18%, 3/4/14 | 12/24/2013 | 19,996,900 | 20,000,000 | 19,996,900 | 0.4 | % | ||||||||
ASB Finance Ltd., 0.27%, 9/2/14 | 8/29/2013 | 25,000,000 | 25,000,000 | 25,000,000 | 0.5 | % | ||||||||
Australia & New Zealand Banking Group Ltd., 0.28%, 4/15/14 | 4/15/2013 | 25,000,000 | 25,000,000 | 25,000,000 | 0.5 | % | ||||||||
Australia & New Zealand Banking Group Ltd., 0.30%, 1/16/15 | 4/11/2013 | 25,000,000 | 25,000,000 | 25,000,000 | 0.5 | % | ||||||||
BNZ International Funding, 0.22%, 6/13/14 | 12/11/2013 | 29,975,800 | 30,000,000 | 29,975,800 | 0.6 | % | ||||||||
Caisse Centrale Desjardins du Quebec, 0.17%, 4/9/14 | 1/13/2014 | 19,993,858 | 20,000,000 | 19,993,858 | 0.4 | % | ||||||||
Caisse Centrale Desjardins du Quebec, 0.18%, 4/15/14 | 12/13/2013 | 24,990,875 | 25,000,000 | 24,990,875 | 0.5 | % | ||||||||
Caisse Centrale Desjardins du Quebec, 0.24%, 2/19/14 | 9/10/2013 | 19,997,600 | 20,000,000 | 19,997,600 | 0.4 | % | ||||||||
Caisse des Depots et Consignations, 0.35%, 8/29/14 | 9/6/2013 | 29,939,042 | 30,000,000 | 29,939,042 | 0.6 | % | ||||||||
Commonwealth Bank of Australia, 0.24%, 9/11/14 | 9/11/2013 | 40,000,000 | 40,000,000 | 40,000,000 | 0.8 | % | ||||||||
Commonwealth Bank of Australia, 0.97%, 3/17/14 | 2/14/2013 | 12,511,131 | 12,500,000 | 12,511,131 | 0.3 | % | ||||||||
Commonwealth Bank of Australia, 2.13%, 3/17/14 | 5/21/2013 | 10,022,075 | 10,000,000 | 10,022,075 | 0.2 | % | ||||||||
DnB NOR Bank ASA, N.Y., 0.17%, 4/1/14 | 1/3/2014 | 24,993,035 | 25,000,000 | 24,993,035 | 0.5 | % | ||||||||
Erste Abwicklungsanstalt, 0.13%, 2/19/14 | 12/26/2013 | 18,998,765 | 19,000,000 | 18,998,765 | 0.4 | % | ||||||||
Erste Abwicklungsanstalt, 0.16%, 2/20/14 | 12/24/2013 | 29,997,467 | 30,000,000 | 29,997,467 | 0.6 | % | ||||||||
Erste Abwicklungsanstalt, 0.17%, 4/2/14 | 12/26/2013 | 8,997,450 | 9,000,000 | 8,997,450 | 0.2 | % | ||||||||
Erste Abwicklungsanstalt, 0.20%, 2/5/14 | 9/3/2013 | 84,998,112 | 85,000,000 | 84,998,112 | 1.8 | % | ||||||||
Erste Abwicklungsanstalt, 0.35%, 2/12/14 | 2/12/2013 | 14,998,396 | 15,000,000 | 14,998,396 | 0.3 | % | ||||||||
Kookmin Bank, N.Y., 0.25%, 2/6/14 | 11/8/2013 | 19,999,306 | 20,000,000 | 19,999,306 | 0.4 | % | ||||||||
Kookmin Bank, N.Y., 0.24%, 3/3/14 | 12/2/2013 | 9,998,000 | 10,000,000 | 9,998,000 | 0.2 | % | ||||||||
Kookmin Bank, N.Y., 0.26%, 3/5/14 | 12/5/2013 | 10,997,458 | 11,000,000 | 10,997,458 | 0.2 | % | ||||||||
MetLife Institutional Funding, 0.61%, 1/6/15 | 1/17/2014 | 34,521,096 | 34,400,000 | 34,521,096 | 0.7 | % | ||||||||
National Australia Funding, 0.14%, 3/26/14 | 12/26/2013 | 39,991,756 | 40,000,000 | 39,991,756 | 0.8 | % | ||||||||
National Australia Funding, 0.22%, 2/20/14 | 8/20/2013 | 19,997,731 | 20,000,000 | 19,997,731 | 0.4 | % | ||||||||
Nieuw Amsterdam Receivables Corp., 0.18%, 2/3/14 | 11/5/2013 | 19,999,806 | 20,000,000 | 19,999,806 | 0.4 | % | ||||||||
Nordea Bank AB, 0.18%, 3/26/14 | 12/26/2013 | 64,983,254 | 65,000,000 | 64,983,254 | 1.4 | % | ||||||||
Nordea Bank AB, 0.21%, 6/12/14 | 12/13/2013 | 44,965,613 | 45,000,000 | 44,965,613 | 0.9 | % | ||||||||
Nordea Bank AB, 0.22%, 6/5/14 | 12/5/2013 | 29,977,784 | 30,000,000 | 29,977,784 | 0.6 | % | ||||||||
Sheffield Receivables, 0.19%, 2/19/14 | 11/14/2013 | 24,997,625 | 25,000,000 | 24,997,625 | 0.5 | % | ||||||||
Svenska Handelsbank, Inc., 0.16%, 3/27/14 | 12/13/2013 | 14,996,400 | 15,000,000 | 14,996,400 | 0.3 | % | ||||||||
Svenska Handelsbank, Inc., 0.25%, 2/4/14 | 8/8/2013 | 19,999,583 | 20,000,000 | 19,999,583 | 0.4 | % | ||||||||
United Overseas Bank Ltd., 0.22%, 3/10/14 | 10/23/2013 | 24,994,347 | 25,000,000 | 24,994,347 | 0.5 | % | ||||||||
United Overseas Bank Ltd., 0.22%, 6/26/14 | 1/28/2014 | 27,975,189 | 28,000,000 | 27,975,189 | 0.6 | % | ||||||||
Westpac Banking Corp., 0.98%, 3/31/14 | 3/22/2013 | 15,767,873 | 15,750,000 | 15,767,873 | 0.3 | % | ||||||||
Westpac Securities NZ Ltd., 0.17%, 3/12/14 | 12/17/2013 | 32,130,082 | 32,136,000 | 32,130,082 | 0.7 | % | ||||||||
Westpac Securities NZ Ltd., 0.17%, 3/27/14 | 12/24/2013 | 39,989,800 | 40,000,000 | 39,989,800 | 0.8 | % | ||||||||
Westpac Securities NZ Ltd., 0.28%, 4/11/14 | 4/25/2013 | 29,000,208 | 29,000,000 | 29,000,208 | 0.6 | % |
Acquisition | Total | Principal | Fair | % of | ||||||||||
HSBC Emerging Markets Debt Fund | Date | Cost | Amount | Value | Net Assets | |||||||||
Banco Nacional de Desenvolvimento Economico e Social, 5.75%, 9/26/23 | 9/19/2013 | $ | 199,780 | $ | 200,000 | $ | 194,750 | 0.5 | % | |||||
Banco Santander SA, 4.13%, 11/9/22 | 11/6/2012 | 147,550 | 150,000 | 140,250 | 0.4 | % | ||||||||
Caixa Economica Federal, 4.50%, 10/3/18 | 9/26/2013 | 149,059 | 150,000 | 147,000 | 0.4 | % | ||||||||
CNOOC Curtis Funding No.1 Pty Ltd., 4.50%, 10/3/23 | 9/26/2013 | 200,000 | 200,000 | 197,700 | 0.5 | % | ||||||||
Comision Federal de Electricidad, 4.88%, 1/15/24 | 10/17/2013 | 198,878 | 200,000 | 197,500 | 0.5 | % | ||||||||
Development Bank of Kazakhstan, 4.13%, 12/10/22 | 11/26/2012 | 197,068 | 200,000 | 179,000 | 0.5 | % | ||||||||
Gabonese Republic, 6.38%, 12/12/24 | 12/5/2013 | 200,000 | 200,000 | 205,500 | 0.5 | % | ||||||||
Petroleos Mexicanos, 4.88%, 1/18/24 | 1/15/2014 | 49,727 | 50,000 | 49,762 | 0.1 | % | ||||||||
Petroleos Mexicanos, 6.38%, 1/23/45 | 1/15/2014 | 50,133 | 50,000 | 50,005 | 0.1 | % | ||||||||
PT Pertamina (Persero) Tbk, 4.30%, 5/20/23 | 5/13/2013 | 200,000 | 200,000 | 169,500 | 0.4 | % | ||||||||
Republic of Indonesia, 3.38%, 4/15/23 | 4/8/2013 | 346,584 | 350,000 | 299,250 | 0.8 | % | ||||||||
Republic of Indonesia, 5.38%, 10/17/23 | 7/17/2013 | 514,393 | 500,000 | 497,500 | 1.3 | % | ||||||||
Republic of Indonesia, 5.88%, 1/15/24 | 1/7/2014 | 198,886 | 200,000 | 203,750 | 0.5 | % | ||||||||
Republic of Nigeria, 6.38%, 7/12/23 | 7/2/2013 | 196,531 | 200,000 | 204,040 | 0.5 | % | ||||||||
Republic of Paraguay, 4.63%, 1/25/23 | 1/17/2013 | 200,000 | 200,000 | 192,500 | 0.5 | % | ||||||||
Romania, 6.13%, 1/22/44 | 1/14/2014 | 147,314 | 150,000 | 146,250 | 0.4 | % | ||||||||
Russia Foreign Bond, 4.88%, 9/16/23 | 9/9/2013 | 400,123 | 400,000 | 401,000 | 1.0 | % | ||||||||
Sinopec Capital (2013) Ltd., 3.13%, 4/24/23 | 4/19/2013 | 198,021 | 200,000 | 178,924 | 0.5 | % | ||||||||
Sinopec Group Overseas Development (2013) Ltd., 4.38%, 10/17/23 | 10/9/2013 | 499,478 | 500,000 | 492,563 | 1.2 | % | ||||||||
Turkiye Is Bankasi AS, 3.88%, 11/7/17 | 11/1/2012 | 198,963 | 200,000 | 188,540 | 0.5 | % | ||||||||
Turkiye Vakiflar Bankasi TAO, 5.00%, 10/31/18 | 10/24/2013 | 198,759 | 200,000 | 188,000 | 0.5 | % | ||||||||
Acquisition | Total | Principal | Fair | % of | ||||||||||
HSBC Frontier Market Fund | Date | Cost | Amount | Value | Net Assets | |||||||||
KazMunaiGas Exploration Production GDR | 9/6/2011 | $ | 1,723,320 | $ | 108,164 | $ | 1,564,851 |
1.5 |
% |
Acquisition | Total | Principal | Fair | % of | ||||||||||
HSBC Total Return Fund | Date | Cost | Amount | Value | Net Assets | |||||||||
Banco del Estado de Chile, 2.00%, 11/9/17 | 5/7/2013 | $ | 2,614,122 | $ | 2,600,000 | $ | 2,580,396 | 0.4 | % | |||||
Banco Nacional de Desenvolvimento Economico e
Social,
5.75%, 9/26/23 |
9/19/2013 | 2,197,580 | 2,200,000 | 2,142,250 | 0.3 | % | ||||||||
Banco Santander SA, 4.13%, 11/9/22 | 11/6/2012 | 1,082,037 | 1,100,000 | 1,028,500 | 0.2 | % | ||||||||
Caixa Economica Federal, 4.50%, 10/3/18 | 9/26/2013 | 2,186,200 | 2,200,000 | 2,156,000 | 0.3 | % | ||||||||
CNOOC Curtis Funding No.1 Pty Ltd., 4.50%, 10/3/23 | 9/26/2013 | 1,425,000 | 1,425,000 | 1,408,613 | 0.2 | % | ||||||||
CNPC General Capital Ltd., 1.45%, 4/16/16 | 4/9/2013 | 799,397 | 800,000 | 801,209 | 0.1 | % | ||||||||
Comision Federal de Electricidad, 4.88%, 1/15/24 | 10/17/2013 | 1,591,022 | 1,600,000 | 1,580,000 | 0.2 | % | ||||||||
Development Bank of Kazakhstan, 4.13%, 12/10/22 | 11/29/2012 | 1,743,663 | 1,750,000 | 1,566,250 | 0.2 | % | ||||||||
Eskom Holdings SOC Ltd., 6.75%, 8/6/23 | 7/30/2013 | 2,428,879 | 2,450,000 | 2,465,313 | 0.4 | % | ||||||||
Gabonese Republic, 6.38%, 12/12/24 | 12/5/2013 | 2,200,000 | 2,200,000 | 2,260,500 | 0.3 | % | ||||||||
Harvest Operations Corp., 2.13%, 5/14/18 | 5/7/2013 | 1,096,554 | 1,100,000 | 1,081,212 | 0.2 | % | ||||||||
Petroleos Mexicanos, 4.88%, 1/18/24 | 1/15/2014 | 248,635 | 250,000 | 248,811 | 0.0 | % | ||||||||
Petroleos Mexicanos, 6.38%, 1/23/45 | 1/15/2014 | 501,335 | 500,000 | 500,047 | 0.1 | % | ||||||||
PT Pertamina (Persero) Tbk, 4.30%, 5/20/23 | 5/13/2013 | 1,300,000 | 1,300,000 | 1,101,750 | 0.2 | % | ||||||||
Republic of Costa Rica, 4.25%, 1/26/23 | 11/16/2012 | 1,199,881 | 1,200,000 | 1,080,000 | 0.2 | % | ||||||||
Republic of Indonesia, 3.38%, 4/15/23 | 4/8/2013 | 1,782,432 | 1,800,000 | 1,539,000 | 0.2 | % | ||||||||
Republic of Indonesia, 5.88%, 1/15/24 | 1/7/2014 | 3,684,049 | 3,700,000 | 3,769,375 | 0.6 | % | ||||||||
Republic of Serbia, 5.88%, 12/3/18 | 11/21/2013 | 2,771,081 | 2,800,000 | 2,835,000 | 0.4 | % | ||||||||
Russia Foreign Bond, 4.88%, 9/16/23 | 9/9/2013 | 2,357,193 | 2,400,000 | 2,406,000 | 0.4 | % | ||||||||
Sinopec Capital (2013) Ltd., 1.25%, 4/24/16 | 4/18/2013 | 3,293,578 | 3,300,000 | 3,289,945 | 0.5 | % | ||||||||
Sinopec Group Overseas Development (2013) Ltd. 4.38%, 10/17/23 | 10/9/2013 | 5,363,723 | 5,400,000 | 5,319,675 | 0.8 | % | ||||||||
Turkiye Halk Bankasi AS, 3.88%, 11/7/17 | 11/1/2012 | 994,813 | 1,000,000 | 942,700 | 0.1 | % | ||||||||
Turkiye Halk Bankasi AS, 3.88%, 2/5/20 | 1/29/2013 | 2,475,955 | 2,500,000 | 2,162,500 | 0.3 | % | ||||||||
Turkiye Is Bankasi AS, 5.50%, 4/21/19 | 10/10/2013 | 1,442,614 | 1,450,000 | 1,395,625 | 0.2 | % | ||||||||
Turkiye Vakiflar Bankasi TAO, 5.00%, 10/31/18 | 10/24/2013 | 795,035 | 800,000 | 752,000 | 0.1 | % | ||||||||
Turkiye Vakiflar Bankasi TAO, 6.00%, 11/1/22 | 12/3/2012 | 1,447,992 | 1,400,000 | 1,176,000 | 0.2 | % |
Foreign Currency Translation:
The accounting records of the Funds and the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities are translated at the prevailing rate of exchange on the respective dates of such transactions. The Funds do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies.
Participation Notes and Participatory Notes:
The Frontier Markets Fund may invest in participation notes or participatory notes (P-notes). P-notes are participation interest notes that are issued by banks or broker-dealers and are designed to offer a return linked to a particular underlying equity, debt, currency or market. If the P-note was held to maturity, the issuer would pay to, or receive from, the purchaser the difference between the nominal value of the underlying instrument at the time of purchase and that instruments value at maturity. The holder of a P-note that is linked to a particular underlying security or instrument may be entitled to receive any dividends paid in connection with that underlying security or instrument, but typically does not receive voting rights as it would if it directly owned the underlying security or instrument. P-notes involve transaction costs. Investments in P-notes involve the same risks associated with a direct investment in the underlying securities, instruments or markets that they seek to replicate. In addition, there can be no assurance that there will be a trading market for a P-note or that the trading price of a P-note will equal the underlying value of the security, instrument or market that it seeks to replicate. Due to liquidity and transfer restrictions, the secondary markets on which a P-note is traded may be less liquid than the market for other securities, or may be completely illiquid, which may also affect the ability of a fund to accurately value a P-note. P-notes typically constitute general unsecured contractual obligations of the banks or broker-dealers that issue them, which subjects the Fund that holds them to counterparty risk (and this risk may be amplified if the Fund purchases P-notes from only a small number of issuers).
Repurchase Agreements:
The Money Market Funds (except the U.S. Treasury Money Market Fund) may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a primary dealer (as designated by the Federal Reserve Bank of New York) in U.S. government obligations. The U.S. Treasury Money Market Fund may temporarily invest in repurchase agreements collateralized by U.S. Treasury Obligations. The repurchase price generally equals the price paid by a Money Market Fund plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller, under a repurchase agreement, is required to maintain the collateral held pursuant to the agreement, with a fair value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Money Market Funds custodian, or another qualified custodian, or in the Federal Reserve/Treasury book-entry system. In the event of counter-party default, the Money Market Fund has the right to use the collateral to offset losses incurred. There is potential for loss to a Money Market Fund in the event the Money Market Fund is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the fair value of the underlying securities during the period while the Money Market Fund seeks to assert its rights.
Derivative Instruments:
All open derivative positions at period end are reflected on each Funds Schedule. The following is a description of the derivative instruments utilized by the Funds, including the primary underlying risk exposure related to each instrument type.
Forward Foreign Currency Exchange Contracts:
Each Emerging Market Fund may enter into forward foreign currency exchange contracts. The Emerging Market Funds may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities, to hedge the U.S. dollar value of securities denominated in a particular currency or to enhance return. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date.
The Emerging Market Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
The Emerging Market Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Emerging Markets Funds have sought to mitigate these risks by generally requiring the posting of collateral to a Fund at prearranged exposure levels to cover a Funds exposure to the counterparty.
As of January 31, 2014, the Emerging Markets Funds entered into forward foreign currency exchange contracts to gain exposure to certain markets and for hedging purposes.
Options Contracts:
The Emerging Markets Funds may purchase or write put and call options on securities, indices, foreign currencies and derivative instruments. When purchasing options, the Emerging Markets Funds pay a premium which is recorded as the cost basis in the investment which is subsequently marked to market to reflect the current value of the option. Premiums paid for purchasing options that expire are treated as realized losses. When an option is exercised or closed, premiums paid for purchasing options are offset against proceeds to determine the realized gain or loss on the transaction. When writing options, the Emerging Markets Funds receive a premium which is recorded as a liability which is subsequently marked to market to reflect the current value of the option written. Premiums received from writing options that expire are treated as realized gains. Premiums received from writing options that are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses.
The Emerging Markets Funds may purchase or write put and call options on foreign currencies for the purpose of protecting against declines in the dollar value of foreign portfolio securities and against increases in the U.S. dollar cost of foreign securities to be acquired. The Emerging Markets Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.
The Emerging Markets Funds may enter into interest rate swaption agreements for hedging purposes. A swaption is an option to enter into a pre-defined swap agreement by some specified date in the future. The writer of the swaption becomes the counterparty to the swap if the buyer exercises. The interest rate swaption agreement will specify whether the buyer of the swaption will be a fixed rate receiver or a fixed rate buyer. The Emerging Markets Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in interest rates.
The Emerging Markets Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Emerging Markets Funds have sought to mitigate these risks by generally requiring the posting of collateral to an Emerging Markets Fund at prearranged exposure levels to cover an Emerging Markets Funds exposure to the counterparty.
Futures Contracts :
Each Emerging Markets Fund may invest in futures contracts for the purpose of hedging existing portfolio securities or securities they intend to purchase against fluctuations in fair value caused by changes in prevailing market interest conditions. Upon entering into futures contracts, the Emerging Markets Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as variation margin, are made or received each day, depending on the daily fluctuations in the fair value of the underlying security. The Emerging Markets Funds recognize an unrealized gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Emerging Markets Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. Futures contracts involve, to varying degrees, elements of market risk (generally equity price risk related to stock futures, interest rate risk related to bond futures, and foreign currency risk related to currency futures) and exposure to loss in excess of the variation margin. The primary risks associated with the use of futures contracts are the imperfect correlation between the change in market value of the securities held by the Emerging Markets Funds and the prices of futures contracts, the possibility of an illiquid market, and the inability of the counterparty to meet the terms of the contract. As of January 31, 2014, the Emerging Market Debt Fund and Total Return Fund invested in futures contracts to gain exposure to certain markets and for hedging purposes.
Swap Agreements:
The Emerging Markets Funds may enter into swap contracts in accordance with their investment objectives and policies. A swap is an agreement to exchange the return generated by one instrument for the return generated by another instrument. The payment streams are calculated by reference to a specified index and agreed upon notional amount. The term specified index includes currencies, fixed interest rates, prices and total return on interest rate indices, fixed income indices, stock indices and commodity indices.
The Emerging Markets Funds will usually enter into swaps on a net basis, which means that the two return streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with a Fund receiving or paying only the net amount of the two returns. Upfront receipts and payments are recorded as deferred income (liability) or deferred expense (asset), as the case may be. These upfront receipts and payments are amortized to income or expense over the life of the swap agreement. Until a swap agreement is settled in cash, the gain or loss on the notional amount plus income on the instruments, less the interest paid by the Fund on the notional amount, is recorded as unrealized appreciation or depreciation on swap agreements and, when cash is exchanged, the gain or loss realized is recorded as realized gains or losses on swap agreements. An Emerging Market Funds obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Emerging Market Fund) and any accrued but unpaid net amounts owed to a swap counterparty will be covered by the maintenance of a segregated account consisting of cash, U.S. government securities, or other liquid securities or pledging such securities as collateral.
Interest rate swaps involve the exchange of commitments to pay and receive interest based on a notional amount and are subject to interest rate risk exposure. Interest rate swaps do not involve the delivery of securities, other underlying assets or principal. Accordingly, the risk of loss with respect to interest rate swaps is limited to the net amount of interest payments that an Emerging Market Fund is contractually obligated to make. If the other party to an interest rate swap defaults, an Emerging Market Funds risk of loss consists of the net amount of interest payments that the Emerging Market Fund is contractually entitled to receive.
Credit default swap agreements involve one party making a stream of payments (referred to as the buyer of protection) to another party (the seller of protection) in exchange for the right to receive a specified return in the event of a default or other credit event for the referenced entity, obligation or index and are subject to credit risk exposure. The maximum potential amount of future payments that an Emerging Market Fund as a seller of protection could be required to make under a credit default swap agreement would be an amount equal to the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of January 31, 2014 for which an Emerging Market Fund is the seller of protection are disclosed in the Schedules. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by an Emerging Market Fund for the same referenced entity or entities.
The Emerging Markets Funds remain subject to credit risk with respect to the amount they expect to receive from counterparties. However, the Emerging Markets Funds have sought to mitigate these risks by generally requiring the posting of collateral to an Emerging Market Fund at prearranged exposure levels to cover an Emerging Market Funds exposure to the counterparty.
The use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the Investment Adviser is incorrect in its forecasts of market values, interest rates and currency exchange rates, the investment performance of an Emerging Market Fund would be less favorable than it would have been if this investment technique were not used.
As of January 31, 2014, the Emerging Markets Local Debt Fund and the Total Return Fund entered into interest rate swap agreements to manage their exposure to interest rates and as a substitute for investing directly in securities. The Emerging Markets Debt Fund and Total Return Fund also entered into credit default swap agreements primarily to manage and/or gain exposure to credit risk.
3. Investment Valuation Summary:
The valuation techniques employed by the Funds and the Portfolios, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds and the Portfolios investments are summarized in the three broad levels listed below:
Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Funds and the Portfolios determine transfers between fair value hierarchy levels at the reporting period end. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.
Feeder Funds and World Selection Funds
The World Selection Funds record their investments in the Underlying Funds at the net asset value reported by those funds and are typically categorized as Level 1 in the fair value hierarchy. The Feeder Funds and World Selection Feeder Funds record their investments in their respective Portfolios at fair value and are typically categorized as Level 2 in the fair value hierarchy. The underlying securities of the Portfolios are recorded at fair value, as more fully discussed below.
Portfolios and Emerging Markets Funds
Exchange traded, domestic equity securities are valued at the last sales price on a national securities exchange, or in the absence of recorded sales, at the readily available closing bid price on such exchanges, or at the quoted bid price in the over-the-counter market and are typically categorized as Level 1 in the fair value hierarchy.
Exchange traded, foreign equity securities are valued in the appropriate currency at the last quoted sale price or, in the absence of recorded sales, at the readily available closing bid price on such exchange. If no sale is available because the country is on holiday the previous day's last quoted sales price would be utilized. These securities are typically categorized as Level 1. Foreign equity securities that are not exchanged traded are valued in the appropriate currency at the average of the quoted bid and asked prices in the over-the-counter market and are typically categorized as Level 2 in the fair value hierarchy.
Rights and Warrants are valued at the last sales price on a national securities exchange. If these instruments are not scheduled to trade for a certain period they are generally valued intrinsically based on the terms of the issuance and the price of the underlying security. The time value of the warrants may also be considered by the Advisor. These instruments are typically categorized as Level 1 in the fair value hierarchy.
P-notes are valued by taking the last sales price of the underlying security on its primary exchange. In the absence of a recorded sale on the underlying security the readily available closing bid price on such exchange will be used. If no sale is available because the country is on holiday the previous day's last quoted sales price would be utilized. All local prices will be converted to U.S. dollars using the foreign currency exchange rate as of the close of regular trading on the New York Stock Exchange. These instruments are typically categorized as Level 2 in the fair value hierarchy.
Shares of exchange traded and closed-end registered investment companies are valued in the same manner as other equity securities and are typically categorized as Level 1 in the fair value hierarchy. Mutual funds are valued at their net asset values, as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.
Exchange traded futures contracts are valued at their settlement price on the exchange on which they are traded and are typically categorized as Level 1 in the fair value hierarchy.
Forward foreign currency contracts are valued at the current days interpolated foreign exchange rate, as calculated using the current days spot rate, and the prevailing forward rates and converted to U.S. dollars at the exchange rate of such currencies against the U.S. dollar, as of the close of regular trading on the New York Stock Exchange, as provided by an approved pricing service, and are typically categorized as Level 2 in the fair value hierarchy. Non-exchange traded derivatives, such as swaps and options, are generally valued by using a valuation provided by an approved independent pricing service and are typically categorized as Level 2 in the fair value hierarchy.
Repurchase agreements are valued at original cost and are typically categorized as Level 2 in the fair value hierarchy.
Bonds and other fixed income securities (other than short-term obligations but including listed issues) are valued at the bid price as of the time net asset value is determined on the basis of valuations furnished by a pricing service, the use of which has been approved by the Emerging Market Funds Trustees. In making such valuations, the pricing service utilizes both dealer-supplied valuations and matrix techniques which take into account appropriate factors such as the institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics other than market data and without exclusive reliance upon quoted prices or exchanges or over-the-counter prices, since such valuations are believed to reflect more accurately the fair value of such securities and are typically categorized as Level 2 in the fair value hierarchy.
Securities or other assets for which market quotations are not readily available, or are deemed unreliable due to a significant event, are valued pursuant to procedures adopted by the Trusts Board (Procedures). Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. Examples of potentially significant events that could affect the value of an individual security and thus require pricing under the Procedures include corporate actions by the issuer, announcements by the issuer relating to its earnings or products, regulatory news, natural disasters, and litigation. Examples of potentially significant events that could affect multiple securities held by a Portfolio or Emerging Market Fund include governmental actions, natural disasters, and armed conflicts. Fair value pricing may require subjective determinations about the value of a security. While the Portfolios and Emerging Markets Funds Trusts policy is intended to result in a calculation of a Portfolios or Emerging Market Funds net asset value that fairly reflects security values as of the time of pricing, the Portfolios or Emerging Market Funds Trust cannot ensure that fair values determined would accurately reflect the price that a Portfolio or Emerging Market Fund could obtain for a security if it were to dispose of that security as of the time of pricing. The prices used by a Portfolio or Emerging Market Fund may differ from the value that would be released if the securities were sold and the differences could be material to the financial statements.
In addition, if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Emerging Markets Funds net assets are calculated, such securities may be valued using fair value pricing in accordance with procedures adopted by the Board. Management identifies possible fluctuations in foreign securities by monitoring the rise or fall in the value of a designated benchmark index. In the event of a rise or fall greater than predetermined levels, the Funds may use a systematic valuation model provided by an independent third party to value its foreign securities, rather than local market closing prices. When an Emerging Market Fund uses such a valuation model, the value assigned to the Emerging Market Funds foreign securities may not be the quoted or published prices of the investment on their primary markets or exchanges and are typically categorized as Level 2 in the fair value hierarchy. The valuation of these securities may represent a transfer between Levels 1 and 2. The number of days on which fair value prices will be used will depend on market activity and it is possible that fair value prices will be used by the Emerging Market Funds to a significant extent.
Money Market Funds
Investments of the Money Market Funds are valued using the amortized cost method pursuant to Rule 2a-7 under the Act, which approximates fair value and are typically categorized as Level 2 in the fair value hierarchy. The amortized cost method involves valuing an instrument at its cost initially and thereafter assuming a constant amortization to maturity of any discounts or premium, regardless of the impact of fluctuating interest rates on the market value of the instrument. The amortized cost method may result in periods during which value, as determined by amortized cost, is higher or lower than the price a Money Market Fund holding the instrument would receive if it sold the instrument. The fair value of securities in the Money Market Funds can be expected to vary with changes in prevailing interest rates.
Investments in other money market funds are priced at net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.
As of the beginning and end of the quarter ended January 31, 2014, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.
The following is a summary of the valuation inputs used as of January 31, 2014 in valuing the Funds and Portfolios investments based upon the three levels defined above. The breakdown of investment categorization is disclosed in the Funds and Portfolios Schedules.
Growth Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Affiliated Portfolio (a) | | 81,486,581 | | 81,486,581 | |||||||
Total Investment Securities | | 81,486,581 | | 81,486,581 | |||||||
Opportunity Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Affiliated Portfolio (a) | | 16,244,120 | | 16,244,120 | |||||||
Total Investment Securities | | 16,244,120 | | 16,244,120 | |||||||
Prime Money Market Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Certificates of Deposit | | 1,699,308,174 | | 1,699,308,174 | |||||||
Commercial Paper and Notes | | 1,509,679,079 | | 1,509,679,079 | |||||||
Corporate Obligations | | 286,596,694 | | 286,596,694 | |||||||
Yankee Dollars | | 73,301,079 | | 73,301,079 | |||||||
U.S. Treasury Obligations | | 372,646,448 | | 372,646,448 | |||||||
Time Deposits | | 861,000,000 | | 861,000,000 | |||||||
Total Investment Securities | | 4,802,531,474 | | 4,802,531,474 | |||||||
U.S. Government Money Market Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
U.S. Government and Government Agency Obligations | | 1,168,793,413 | | 1,168,793,413 | |||||||
U.S. Treasury Obligations | | 1,306,992,442 | | 1,306,992,442 | |||||||
Repurchase Agreements | | 1,500,000,000 | | 1,500,000,000 | |||||||
Total Investment Securities | | 3,975,785,855 | | 3,975,785,855 | |||||||
U.S. Treasury Money Market Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
U.S. Treasury Obligations | | 1,821,736,059 | | 1,821,736,059 | |||||||
Total Investment Securities | | 1,821,736,059 | | 1,821,736,059 | |||||||
Aggressive Strategy Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Affiliated Investment Companies | 358,415 | | | 358,415 | |||||||
Affiliated Portfolios (a) | | 2,067,928 | | 2,067,928 | |||||||
Unaffiliated Investment Companies | 7,475,169 | | | 7,475,169 | |||||||
Exchange Traded Funds | 7,906,153 | | | 7,906,153 | |||||||
Total Investment Securities | 15,739,737 | 2,067,928 | | 17,807,665 | |||||||
Balanced Strategy Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Affiliated Investment Companies | 5,235,665 | | | 5,235,665 | |||||||
Affiliated Portfolios (a) | | 4,040,380 | | 4,040,380 | |||||||
Unaffiliated Investment Companies | 22,226,297 | | | 22,226,297 | |||||||
Exchange Traded Funds | 16,777,003 | | | 16,777,003 | |||||||
Total Investment Securities | 44,238,965 | 4,040,380 | | 48,279,345 | |||||||
Moderate Strategy Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Affiliated Investment Companies | 5,296,129 | | | 5,296,129 | |||||||
Affiliated Portfolios (a) | | 2,385,752 | | 2,385,752 | |||||||
Unaffiliated Investment Companies | 23,861,198 | | | 23,861,198 | |||||||
Exchange Traded Funds | 11,135,059 | | | 11,135,059 | |||||||
Total Investment Securities | 40,292,386 | 2,385,752 | | 42,678,138 | |||||||
Conservative Strategy Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Affiliated Investment Companies | 2,526,922 | | | 2,526,922 | |||||||
Affiliated Portfolios (a) | | 707,817 | | 707,817 | |||||||
Unaffiliated Investment Companies | 13,463,868 | | | 13,463,868 | |||||||
Exchange Traded Funds | 3,734,254 | | | 3,734,254 | |||||||
Total Investment Securities | 19,725,044 | 707,817 | | 20,432,861 |
Income Strategy Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Affiliated Investment Companies | 132,633 | | | 132,633 | |||||||
Unaffiliated Investment Companies | 1,126,246 | | | 1,126,246 | |||||||
Exchange Traded Fund | 19,545 | | | 19,545 | |||||||
Total Investment Securities | 1,278,424 | | | 1,278,424 | |||||||
Emerging Markets Debt Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Yankee Dollars | | 38,421,627 | | 38,421,627 | |||||||
Corporate Obligation | | 10,433 | | 10,433 | |||||||
Unaffiliated Investment Company | 316,837 | | | 316,837 | |||||||
Total Investment Securities | 316,837 | 38,432,060 | | 38,748,897 | |||||||
Other Financial Instruments: (b) | |||||||||||
Futures Contracts | 1,924 | | | 1,924 | |||||||
Credit Default Swaps | | 21,264 | | 21,264 | |||||||
Forward Currency Contracts | | (35,989 | ) | | (35,989 | ) | |||||
Total Other Financial Instruments | 1,924 | (14,725 | ) | | (12,801 | ) | |||||
Emerging Markets Local Debt Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Foreign Bonds | | 17,767,478 | | 17,767,478 | |||||||
Yankee Dollars | | 1,861,105 | | 1,861,105 | |||||||
U.S. Treasury Obligation | | 749,873 | | 749,873 | |||||||
Unaffiliated Investment Company | 7,851,888 | | | 7,851,888 | |||||||
Total Investment Securities | 7,851,888 | 20,378,456 | | 28,230,344 | |||||||
Other Financial Instruments: (b) | |||||||||||
Interest Rate Swaps | | (445,380 | ) | | (445,380 | ) | |||||
Forward Currency Contracts | | (391,970 | ) | | (391,970 | ) | |||||
Total Other Financial Instruments | | (837,350 | ) | | (837,350 | ) | |||||
Frontier Markets Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Common Stocks | |||||||||||
Commercial Banks | 3,778,330 | 33,560,900 | | 37,339,230 | |||||||
Oil and Gas Consumable Fuels | 308,674 | 7,513,302 | | 7,821,976 | |||||||
Metals and Mining | | | | | |||||||
Real Estate Management and Development | 1,054,268 | 3,065,724 | | 4,119,992 | |||||||
Wireless Telecommunication Services | 508,980 | 1,317,139 | | 1,826,119 | |||||||
Other Common Stocks | | 36,080,104 | | 36,080,104 | |||||||
Convertible Corporate Bonds | | 53,228 | | 53,228 | |||||||
Warrants | 1 | | (c) | 1 | |||||||
Participatory Notes | | 12,926,242 | | 12,926,242 | |||||||
Unaffiliated Investment Company | 6,534,552 | | | 6,534,552 | |||||||
Total Investment Securities | 12,184,805 | 94,516,639 | | 106,701,444 | |||||||
Total Return Fund | |||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||||
Foreign Bonds | | 26,031,936 | | 26,031,936 | |||||||
Yankee Dollars | | 424,366,496 | | 424,366,496 | |||||||
U.S. Treasury Obligation | | 44,760,434 | | 44,760,434 | |||||||
Unaffiliated Investment Company | 90,586,173 | | | 90,586,173 | |||||||
Total Investment Securities | 90,586,173 | 495,158,866 | | 585,745,039 | |||||||
Other Financial Instruments: (b) | |||||||||||
Futures Contracts | (47,208 | ) | | | (47,208 | ) | |||||
Interest Rate Swaps | | (1,874,810 | ) | | (1,874,810 | ) | |||||
Credit Default Swaps | | 1,466,178 | | 1,466,178 | |||||||
Forward Currency Contracts | | (1,481,991 | ) | | (1,481,991 | ) | |||||
Total Other Financial Instruments | (47,208 | ) | (1,890,623 | ) | | (1,937,831 | ) |
RMB Fixed Income Fund | ||||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | ||||||
Foreign Bonds | | 12,249,068 | | 12,249,068 | ||||||
Certificates of Deposit | | 1,490,580 | | 1,490,580 | ||||||
Unaffiliated Investment Company | 120,132 | | | 120,132 | ||||||
Total Investment Securities | 120,132 | 13,739,648 | | 13,859,780 |
Growth Portfolio | |||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||
Common Stocks | 86,220,028 | | | 86,220,028 | |||||
Money Market | 263,270 | | | 263,270 | |||||
Total Investment Securities | 86,483,298 | | | 86,483,298 | |||||
Opportunity Portfolio | |||||||||
Investment Securities: | LEVEL 1 ($) | LEVEL 2 ($) | LEVEL 3 ($) | Total ($) | |||||
Common Stocks | 222,801,338 | | | 222,801,338 | |||||
Investment Companies | 11,041,953 | | | 11,041,953 | |||||
Total Investment Securities | 233,843,291 | | | 233,843,291 |
(a) | Investments in Affiliated Portfolios represents ownership interests in the Portfolios. Due to the Funds' master-feeder structure, the inputs used for valuing the instruments are categorized as Level 2. | |
(b) | Other financial instruments would include any derivative instruments, such as forward foreign currency contracts, futures contracts and swap agreements. | |
(c) | Security was received as part of a private placement offering. The underlying stock price is trading significantly below the strike price of the warrants and the warrants are non-transferable. Security valued at $0 in good faith pursuant to procedures approved by the Board of Trustees as of January 31, 2014. |
The only transfers between levels as of January 31, 2014 are related to the use of the systematic valuation model to value foreign securities in the Frontier Markets Fund.
4. Investment Risks:
Foreign Securities Risk: Investments in foreign securities are generally considered riskier than investments in U.S. securities. Foreign securities, including those of emerging and frontier market issuers, are subject to additional risks, including international trade, political and regulatory risks.
Emerging Markets Risk: The prices of securities in emerging markets can fluctuate more significantly than the prices of companies in more developed countries. Securities of emerging market issuers generally have more risk than securities issued by issuers in more developed markets. The less developed the country, the greater affect the risks may have in an investment, and as a result, an investment may exhibit a higher degree of volatility than either the general domestic securities market or the securities markets of developed foreign countries.
Frontier Market Countries Risk: Frontier market countries generally have smaller economies and even less developed capital markets or legal and political systems than traditional emerging market countries. As a result, the risks of investing in emerging market countries are magnified in frontier market countries. The magnification of risks are the result of: the potential for extreme price volatility and illiquidity in frontier markets; government ownership or control of parts of private sector and of certain companies; trade barriers, exchange controls, managed adjustments in relative currency values and other protectionist measures imposed or negotiated by the countries with which frontier market countries trade; and the relatively new and unsettled securities laws in many frontier market countries.
Concentration of Credit Risk : The RMB Fixed Income Fund is likely to be more volatile than the performance of other mutual funds due to its focused investment in instruments having exposure to China. Because the Fund concentrates its investments in China, the Funds performance is expected to be closely tied to social, political, and economic conditions within China and to be more volatile than the performance of more geographically diversified funds.
Derivatives Risk : The term derivatives covers a broad range of investments, including futures and currency forwards. In general, a derivative refers to any financial instrument whose value is derived, at least in part, from the price of another security or a specified index, asset or rate. The use of derivatives presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives can lead to losses because of adverse movements in the price or value of the underlying asset, index or rate, which may be magnified by certain features of the derivatives. These risks are heightened when derivatives are used to enhance a Funds return or as a substitute for a position or security, rather than solely to hedge (or offset) the risk of a position or security held by a Fund. The success of Funds derivatives strategies will also be affected by its ability to assess and predict the impact of market or economic developments on the underlying asset, index or rate and the derivative itself, without the benefit of observing the performance of the derivative under all possible market conditions. Derivatives involve the risk of mispricing or improper valuation and the risk that changes in the value of the derivative may not correlate perfectly with the underlying asset, index or rate. Certain derivative positions may be difficult to close out when a Funds portfolio manager may believe it would be appropriate to do so. Also, suitable derivative transactions may not be available in all circumstances and there can be no assurance that a Fund will engage in these transactions to reduce exposure to other risks when that would be beneficial.
Swap Risk : The use of swap agreements, which are agreements to exchange the return generated by one instrument for the return generated by another instrument (or index), and similar instruments involves risks that are different from those associated with ordinary portfolio securities transactions. For example, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. Swap agreements may also subject a Fund to the risk that the counterparty to the transaction may not meet its obligations, causing the Funds value to decrease. Swap agreements may also be considered illiquid.
5. Federal Income Tax Information:
At January 31, 2014, the cost basis of securities (which excludes investments in Affiliated Portfolios) for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/depreciation were as follows:
Net Unrealized | |||||||||||
Tax Unrealized | Tax Unrealized | Appreciation/ | |||||||||
Appreciation | Depreciation | (Depreciation) | |||||||||
Fund | Tax Cost ($) | ($) | ($) | ($) | |||||||
Prime Money Market Fund | 4,802,531,474 | - | - | - | |||||||
U.S. Government Money Market Fund | 3,975,809,753 | - | (23,898 | ) | (23,898 | ) | |||||
U.S. Treasury Money Market Fund | 1,821,736,059 | - | - | - | |||||||
Aggressive Strategy Fund | 14,222,937 | 1,762,373 | (245,573 | ) | 1,516,800 | ||||||
Balanced Strategy Fund | 42,453,532 | 3,694,191 | (1,908,758 | ) | 1,785,433 | ||||||
Moderate Strategy Fund | 39,674,053 | 2,499,551 | (1,881,219 | ) | 618,333 | ||||||
Conservative Strategy Fund | 19,656,489 | 851,729 | (783,174 | ) | 68,555 | ||||||
Income Strategy Fund | 1,308,870 | 14,818 | (45,264 | ) | (30,446 | ) | |||||
Emerging Markets Debt Fund | 40,132,021 | 293,227 | (1,676,351 | ) | (1,383,124 | ) | |||||
Emerging Markets Local Debt Fund | 32,407,788 | 33,111 | (4,210,555 | ) | (4,177,444 | ) | |||||
Frontier Markets Fund | 97,935,430 | 11,536,229 | (2,770,215 | ) | 8,766,014 | ||||||
Total Return Fund | 602,158,938 | 1,025,146 | (17,439,045 | ) | (16,413,899 | ) | |||||
RMB Fixed Income Fund | 13,254,032 | 608,213 | (2,465 | ) | 605,748 | ||||||
Growth Portfolio | 58,454,869 | 28,525,953 | (497,524 | ) | 28,028,429 | ||||||
Opportunity Portfolio | 184,759,074 | 50,899,115 | (1,814,898 | ) | 49,084,217 |
Item 2. Controls and Procedures.
(a) The registrants principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrants internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrants most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrants internal control over financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | HSBC Funds |
By (Signature and Title) | /s/ Richard A. Fabietti | |
Richard A. Fabietti, President |
Date | March 27, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title) | /s/ Richard A. Fabietti | |
Richard A. Fabietti, President |
Date | March 27, 2014 |
By (Signature and Title) | /s/ Ty Edwards | |
Ty Edwards, Treasurer |
Date | March 28, 2014 |
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