March 2015 · Fund Manager Commentary March 2015 2 Equity & MIP Market Update A weak month for the equity markets After a strong performance through most part of 2014 and also early

March 2015

Index

1

In this Issue ...

Fund Manager Commentary Pg 2

HSBC Equity Fund Pg 6

HSBC India Opportunities Fund Pg 8

HSBC Midcap Equity Fund Pg 10

HSBC Progressive Themes Fund Pg 12

HSBC Tax Saver Equity Fund Pg 14

HSBC Dividend Yield Equity Fund Pg 16

HSBC Dynamic Fund Pg 18

HSBC Emerging Markets Fund Pg 20

HSBC Brazil Fund Pg 21

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

HSBC Managed Solutions India - Growth Pg 23

HSBC Managed Solutions India - Moderate Pg 24

HSBC Managed Solutions India - Conservative Pg 25

Fund Managers - Equity Pg 26

Comparative Performance of Equity Schemes Pg 28

HSBC MIP - Savings Plan Pg 32

HSBC MIP - Regular Plan Pg 34

HSBC Income Fund - Investment Plan Pg 36

HSBC Income Fund - Short Term Plan Pg 38

HSBC Floating Rate Fund - Long Term Plan Pg 40

HSBC Cash Fund Pg 42

HSBC Gilt Fund Pg 44

HSBC Ultra Short Term Bond Fund Pg 45

HSBC Flexi Debt Fund Pg 47

Fund Managers - MIP & Debt Pg 49

Comparative Performance of MIP & Debt Schemes Pg 51

Fund Manager Commentary March 2015

2

Equity & MIPMarket UpdateA weak month for the equity marketsAfter a strong performance through most part of 2014 and also early this year, the Indian equity markets shed some of the gains during March 2015. The market indices recorded their worst monthly performance in over 2 years (i.e. since February 2013). However, not all newsflows on the domestic front were negative in nature. The government was able to pass three key reform bills during the ongoing session of the parliament viz Foreign Direct Investment (FDI) in insurance, Coal Mines Bill and Mines & Minerals regulation. However, there was disappointment on the crucial Land Acquisition Bill as the government failed to convince the opposition parties on the changes proposed in the bill and hence has been deferred. Also, in a clear positive deviation from past, the first half of the Budget session saw both houses of the parliament clocking very high productivity levels. The Reserve Bank of India (RBI) on the other hand, stuck to its monetary easing cycle by cutting the repo rate by 25 basis points (bps) in a surprise inter policy move. This is the second rate cut in the current cycle and came just after the Union Budget. Externally, the unfolding of geo-political issues in Yemen and its likely impact on crude oil price had a bearing on the equity market performance during the month.

The domestic market indices S&P BSE Sensex and Nifty were down 4.8% & 4.6% respectively during the month. Amongst the sectors, Healthcare and Telecom were the best performers while Metals, Utilities and Financials were at the other end of the spectrum with weak performances for the month.

Data on Institutional FlowsDespite the weakness seen in the equity markets, the institutional segment led by FIIs (Foreign Institutional Investors) and domestic Mutual Funds continued to be net buyers during the month. The FII segment net bought Indian equities worth ~USD 1.69 billion and their year-to-date (YTD) tally now stands at USD 6 billion. The MF segment saw net buying of ~USD 631 million and has so far net bought equities worth ~USD 1.46 billion this calendar year. The Domestic insurers on the other hand continued to witness selling and they have so far net sold equities worth USD 2.44 billion this year.

Trade deficit data Trade deficit at ~USD 6.8 billion for February 2015 (vs. USD 8.3 billion in January 2015), fell due to a sharp decline in the oil imports (~56%), which resulted in a 15.7% year-on-year (YoY) decline in the overall imports at ~USD 28.4 billion. However, non-oil, non-gold import growth accelerated, led by capital goods segment indicating a gradual recovery in the domestic demand scenario. Exports at ~USD 21.5 billion for February 2015 (vs. ~USD 23.9 billion for January 2015) also showed a decline of 15% (YoY) and the trend was broad based with the two bigger items in the basket viz engineering and gems & jewelry also reporting declines for the month.Inflation & Industrial Growth

Inflation data:The Consumer Price Index (CPI) inflation for February 2015 came slightly above consensus expectations at 5.4% (YoY, vs. 5.2% for January 2015). The marginal rise in inflation was on account of base effect and the impact of unseasonal rains which led to higher vegetable and food inflation. The core CPI inflation however decelerated to 3.9% (YoY vs. 4% in January 2015). The Wholesale Price Index (WPI) inflation continued on a deflationary path at -2.1% for February 2015 (YoY, vs. -0.4% in January 2015) and also marked the fourth consecutive month of YoY decline in inflation. This deflationary momentum has been on account of the subdued global crude oil and commodity prices. The food inflation also saw a marginal decline despite the impact of the unseasonal weather pattern.

Source: Bombay Stock Exchange (BSE)

-5.0%-4.5%-4.0%-3.5%-3.0%-2.5%-2.0%-1.5%-1.0%-0.5%0.0%

Sensex BSE100 BSE200 BSE500 BSEMidCap

BSESmallCap

Indices Performance - Mar 2015


3

Industrial Production data:The Industrial production growth decelerated during January 2015 to 2.6% (YoY) but came better than consensus expectations of around 0.7% growth. The data for December 2014 was revised upward to 3.2% from 1.7% (YoY) earlier. The moderation in growth from the previous month was due to contraction in consumer and intermediate goods, while the growth in capital goods segment helped to post a better growth than consensus estimates.

Global Economic ScenarioDuring the March 2015 FOMC (Federal Open Market Committee) meeting, the US Federal Reserve (Fed) statements were more dovish than expected. The Fed also indicated that a rate hike decision in April 2015 was unlikely and the market expectations of the first rate hike have now moved to June/September 2015. The Fed dropped the ‘patient’ forward guidance language, clearing the way for tightening of rates later this year but the pace of tightening would be slower than previously anticipated. The policymakers also significantly revised their economic forecasts as well as their interest rate expectations to be more in line with market expectations. This meeting outcome indicates that the Fed would like to avoid excess market volatility around the rate decision, thereby adopting a cautious approach to the policy normalisation process. Elsewhere in the Middle East; Saudi Arabia and its Gulf Arab allies launched military operations to counter the Houthi rebels in Yemen. The geopolitical issues in Yemen had an adverse bearing on the equity market performance given its likely impact on the global crude oil price. Going Forward

Equity markets saw some profit booking process during March 2015, given the the strong performance for most part of the past twelve months. The external newsflow on the Yemen crisis impacted the sentiments adversely but the domestic newsflows were not all negative in nature. Some of the long pending legislations such as the FDI in Insurance were passed during the budget session and the first leg of the session also clocked high productivity levels unlike in the recent past. There are high hopes from the current government, especially on the reform roadmap and the government has so far taken a measured path with a focus on long term impact rather than any immediate shake-ups or short term measures. The Union budget also walked a similar path and focused on achieving a sustainable but higher medium term growth trajectory for the economy. The government‘s intent on pushing ahead with the reform measures was on display when they promulgated ordinances and also deliberated on the crucial Land acquisition bill in the ongoing budget session. The corporate result season for March 2015 quarter will kick-off from April 2015 second week but is likely to be lacking of any positive triggers, similar to that of the previous quarter. We do not expect the picture to change dramatically in the first quarter of FY16 as well and see chances of downward revision in earnings estimates for the near term.Having said that, the bigger picture in India is still unmistakably positive. Investors should be mindful of the risks but at the same time one should not get bogged down with the many issues that are likely to come up.Looking forward, we expect India’s Gross Domestic Product (GDP) to recover from three years of below trend growth and accelerate further on the back of some structural reforms as and when initiated. The market valuations are nudging above historical averages, but the catalysts led by affirmative government action, could drive earnings growth and a re-rating later on. Investments have not picked up yet, but a gradual return of capital and an enabling environment can unleash a multi-year cycle. We stay positive on equities and urge investors to stay invested & keep investing incrementally too, and look at this asset class as an avenue for long term wealth creation. Source: Bloomberg, for all data except where mentioned otherwise

Source: Bloomberg ; Central Statistical Organization (CSO) India

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Index of Industrial Production (IIP)

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Review: HSBC Progressive Themes FundCurrently focusing on the following themes; 1. Economic Reforms (24%) which includes Financial sector reform- 13.4% & Oil & Gas Sector deregulation sub theme- 10.6% and 2. Infrastructure (62%) which includes Power- 13.2%, Construction– 28.6% and Logistics- 20.3%. Well diversified exposure across sectors encompassing the above themes.

Review: HSBC Dynamic FundThe cash levels and sector allocation in the fund are likely to change depending on the market conditions and technical factors.Review: HSBC MIP Regular and Savings PlansOur current exposure is 13.58% in HMIP Regular and 23.56%, in HMIP Savings. Currently it is more biased towards large caps than mid or small caps

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

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

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

DebtEconomic Events and Data

RBI’s First Bi-Monthly Monetary PolicyThe Reserve Bank of India (RBI) kept key policy rates unchanged in its first bi-monthly credit policy released on April 07, 2015 Domestic EconomyThe domestic activity is likely to have strengthened in the fourth quarter of the financial year 2014-15 (Q4FY15). The adverse impact of unseasonal rain and hailstorm are yet to be precisely esti-mated. The manufacturing activity has regained some momentum, whereas service sector activity has remained neutral. The RBI expects the growth outlook to improve marginally. Comfortable liquidity conditions should enable banks to transmit recent reduction in policy rates. The Gross Domestic Product (GDP) growth estimates by the Central Statistical Organisation (CSO) have already projected a robust pick up. However, lead indicators indicate a downward revision when fuller information on real activity for Q4FY15 becomes available. Moreover, the uncertainties regarding arrival and distribution pattern of monsoon and unanticipated global developments remain major risk to GDP estimates, going forward. Based on the expectation of a normal monsoon, the continuation of cyclical upturn and lack of any structural shocks, the RBI expects growth to be at 7.8% in the financial year 2015-16 (FY16).External MarketsExport performance has been progressively weakening due to lower non-oil and petroleum ex-ports. Fragile external demand and softness in commodity prices have taken a toll, similar to sev-eral emerging markets in Asia. Export of services has been a silver lining and has helped in holding Current Account Deficit (CAD) lower. Capital flows in domestic markets and Foreign Direct Invest-ment (FDI) has helped the growth of reserves to an all time peak of USD 343 billion. These re-serves and forward purchases to be delivered in next few months provide some buffer against po-tential capital outflows when monetary policy normalisation in advanced economies commences. Monetary policy focuses on disinflation of economy gradually and durably. The Consumer Price Index (CPI) inflation target remains at 6% by January 2016 and 4% at end of FY2017-18. The Central Bank expects CPI inflation to reach 4% during FY16 but would gradually end FY16 at 5.8%. The RBI would intend to spread disinflationary momentum in the economy, though it would remain vigilant on resurgence of inflationary pressures.Going forward, accommodative monetary policy stance will be maintained but policy action would be conditioned on the incoming economic data. The RBI is looking at some of the following events to trigger action:

Sectors HSBC Equity Fund

HSBC India Opportunities

Fund

HSBCMidcap

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

Overweight Underweight = Neutral

• Transmission by banks of RBI’s front loaded rates reduction in January and February 2015 into their lending rates

• Development in sectoral prices especially food, though the RBI will look through both seasonal as well as base effect

• Progress on repurposing of public spending from poorly targeted subsidies• Reduction in pipeline of stalled investments• Signs of normalisation of the US monetary policy, though India is anticipated to be better

buffered against volatilityThe CPI inflation inches up owing to food pricesRetail inflation in the form of the CPI firmed up for the third successive month in February 2015. Whereas, inflation excluding food and fuel fell successively in nine months till February 2015. A large part of disinflation has been on account of the slump in international crude oil prices feeding into domestic fuel prices. Housing inflation and rural wages have eased in this period. Wholesale Price Index (WPI) inflation continues to surprise on downside at -2.06% in February 2015. The decline remains fairly broad based, but bulk of the drop is coming from the fuel, minerals and non-food primary articles. Index of Industrial Production (IIP) surprises on upside The Industrial production growth decelerated during January 2015 to 2.6% (YoY). The data for December 2014 was revised upward to 3.2% from 1.7% (YoY) earlier. The moderation in growth from the previous month was due to contraction in consumer and intermediate goods, while the growth in capital goods segment helped to post a better growth than consensus estimates.Current Account Deficit (CAD) improved in 4QCY14CAD for the last quarter of previous calendar year (CY2014) improved to 1.6% of the GDP, from 2.0% in the previous quarter. The improvement was driven by lower oil imports as well as an increase in the services exports due to improvement in travel and software services earnings. The Balance of Payments (BoP) was in surplus on account of net Foreign Direct Investment (FDI), portfolio inflows and banking capital.

Market ActivityThe bond markets largely remained range bound during the month of March 2015 with benchmark oscillating between 7.70% and 7.80%. Positive triggers from the Union Budget, FOMC (Federal Open Market Committee) meeting and absence of primary supply resulted in Government Securities (G-sec) yield softening. However, higher than expected CPI inflation, IIP data and financial year closing led to selling bias from market participants. The corporate bond segment on the other hand continued to remain resilient with huge supply in the mid to long end segment, which was fully absorbed by end investors and FPI’s. The spreads (yield spread between G-sec and corporate bond) were supported by non-availability of sovereign limits for offshore investors as flows remained strong.Pro-active liquidity management by the RBI negated any adverse impact of seasonal tightening and advance tax outflows as the overnight rates remained well anchored around the repo rate. However, money market rates saw some hardening as issuances by the banks and corporates increased as expected to meet financial year end demand and to meet balance sheet growth.

Global Economic ScenarioThe US Federal Reserve (Fed) removed its ‘Patient’ guidance in its March 2015 FOMC meeting. This was largely as per market expectation, however surprise was in form of significant downward revision of the ‘dots’, or forecasts. The end-2015 median dot for the Federal Funds Target Rate (FFTR) was reduced to 0.625% from 1.125%, the end-2016 dot to 1.875% from 2.5% and the end-2017 dot to 3.125% from 3.625%. The Fed also reduced its growth and inflation forecast and signified that policy rate decisions will be more data dependent. The Committee also lowered its long-term forecasts for the natural rate of unemployment. These announcements resulted in stocks and bonds rallying sharply, while the US dollar sold off.

Going ForwardTransmission of the recent rate cuts is the main trigger that the RBI is looking at with priority. We expect inflation trends ease and the supply side bottlenecks to reduce due to government initiatives/policies, which will pave the way for rate reduction in second half of the year.Next couple of months might witness higher net supply of G-Sec resulting in range-bound bond prices. Moreover, accommodative policy stance, lower CPI readings, comfortable & accommodative liquidity scenario, soft crude prices, tepid credit growth may ensure bonds to achieve lower levels over couple of quarters augur well for maintaining duration bias on INR rates.Source: Bloomberg, for all data except where mentioned otherwise


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Repo Rate Movement

Repo Rate

Source: Bloomberg ; Central Statistical Organization (CSO) India

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

Issuer Market Value(` in Lacs)

% to NetAssets

Auto Tata Motors 3,576.30 5.41%Maruti Suzuki India 2,773.01 4.20%Auto AncillariesMotherson Sumi Systems 1,802.33 2.73%Banks ICICI Bank 4,495.88 6.80%Axis Bank 4,061.45 6.15%HDFC Bank 3,988.53 6.04%Yes Bank 2,039.38 3.09%State Bank Of India 1,335.25 2.02%Bank Of Baroda 817.50 1.24%CementACC 1,328.34 2.01%ConstructionIRB Infrastructure Developers 1,221.00 1.85%Construction ProjectLarsen & Toubro 2,407.51 3.64%Consumer Non DurablesI T C 3,339.96 5.05%Ferrous MetalsJindal Steel & Power 1,003.52 1.52%Finance LIC Housing Finance 1,531.60 2.32%Shriram Transport Finance Co. 1,114.35 1.69%Indiabulls Housing Finance 836.85 1.27%Rural Electrification Corporation 833.00 1.26%Housing Development Finance Corporation 657.85 1.00%Minerals/MiningCoal India 1,451.60 2.20%Non-Ferrous Metals Sesa Sterlite 1,326.50 2.01%Oil Oil & Natural Gas Corporation 2,450.80 3.71%PesticidesUPL 1,105.38 1.67%Pharmaceuticals Glenmark Pharmaceuticals 2,358.45 3.57%Dr. Reddy's Laboratories 1,395.50 2.11%Lupin 803.36 1.22%PowerPower Grid Corporation Of India 726.25 1.10%Software HCL Technologies 2,941.20 4.45%Infosys 2,218.35 3.36%Tata Consultancy Services 2,170.86 3.28%Tech Mahindra 1,889.10 2.86%Wipro 1,352.03 2.05%Transportation Adani Ports & Special Economic Zone 1,541.00 2.33%Corporate/ PSU DebtNTPC 50.88 0.08%Total 95.29%

HSBC Equity Fund (HEF) March 2015

6


% to NetAssets

Other Equity Investments 2,329.51 3.52%Reverse Repos/CBLOs 954.55 1.44%Net Current Assets -144.22 -0.25%Total Net Assets as on 31 March 2015 66,084.69 100.00%

Asset AllocationAuto 9.61%Auto Ancillaries 2.73%Banks 25.34%Cement 2.01%Construction 1.85%Construction Project 3.64%Consumer Non Durables 5.05%Ferrous Metals 1.52%Finance 7.54%Minerals/Mining 2.20%Non - Ferrous Metals 2.01%Oil 3.71%Pesticides 1.67%Pharmaceuticals 6.90%Power 1.10%Software 16.00%Transportation 2.33%Corporate/ PSU Debt 0.08%Other Equity Investments 3.52%Reverse Repos/CBLOs 1.44%Net Current Assets -0.25%Total Net Assets 100.00%

Dividend DeclarationRecord Date / period of

dividend declaredDividend (` per unit)

Non-InstitutionalDividend (` per unit)

InstitutionalNAV (`) per unit(cum dividend)

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

Date of Allotment 10-Dec-02Benchmark S&P BSE 200NAV (Growth) per unit(as on 31.03.15)

` 150.8367

Fund Managers Neelotpal SahaiSIP AvailableMinimumApplicationAmount

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

Exit Load@ NilStatistical Ratios

Standard Deviation 0.95%R-Squared 0.9481Beta (Slope) 1.0233Sharpe Ratio** 0.0315Total Expense Ratio as on March 31, 2015

Regular 2.45% Direct Plan 1.69% Excludes service tax on Investment Management fees of 0.17% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.41% Direct Plan 1.69% Excludes service tax on Investment Management fees of 0.17% of Total Net Assets. Portfolio Turnover 0.48

Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate:7.98% (364 days Treasury bill yield on March 31, 2015).

HSBC Equity Fund (HEF) March 2015

7

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

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

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


% to NetAssets

Auto Tata Motors 1,925.70 4.22%Eicher Motors 1,272.65 2.79%Banks ICICI Bank 2,681.75 5.88%Axis Bank 2,632.94 5.77%HDFC Bank 2,556.75 5.61%Yes Bank 1,835.44 4.02%Indusind Bank 974.60 2.14%Indian Bank 563.71 1.24%State Bank Of India 534.10 1.17%Cement Shree Cement 1,295.26 2.84%ChemicalsVinati Organics 1,047.80 2.30%Construction Prestige Estates Project 804.75 1.76%IRB Infrastructure Developers 793.65 1.74%Construction ProjectLarsen & Toubro 1,461.70 3.20%Consumer Non Durables I T C 1,466.33 3.21%Hindustan Unilever 611.49 1.34%Finance Shriram Transport Finance Co. 1,114.35 2.44%LIC Housing Finance 875.20 1.92%Industrial ProductsSupreme Industries 935.81 2.05%Finolex Industries 567.40 1.24%Media & EntertainmentD.B.Corp 732.50 1.61%Oil Oil & Natural Gas Corporation 612.70 1.34%PesticidesUPL 1,105.38 2.42%Pharmaceuticals Dr. Reddy's Laboratories 1,221.06 2.68%Glenmark Pharmaceuticals 1,179.23 2.59%Aurobindo Pharma 610.80 1.34%IPCA Laboratories 476.89 1.05%Software HCL Technologies 1,960.80 4.30%Tata Consultancy Services 1,787.77 3.92%Tech Mahindra 1,259.40 2.76%Infosys 1,109.18 2.43%Mindtree 651.83 1.43%Textile ProductsIndian Terrain Fashions 650.38 1.43%Arvind 654.25 1.43%TransportationGateway Distriparks 1,129.98 2.48%Gujarat Pipavav Port 726.15 1.59%Total 91.68%

HSBC India Opportunities Fund (HIOF) March 2015

8


% to NetAssets

Other Equity Investments 1,890.00 4.13%CBLOs 2,114.51 4.64%Net Current Assets -209.31 -0.45%Total Net Assets as on 31 March 2015 45,614.84 100.00%

Asset AllocationAuto 7.01%Banks 25.83%Cement 2.84%Chemicals 2.30%Construction 3.50%Construction Project 3.20%Consumer Non Durables 4.55%Finance 4.36%Industrial Products 3.29%Media & Entertainment 1.61%Oil 1.34%Pesticides 2.42%Pharmaceuticals 7.66%Software 14.84%Textile Products 2.86%Transportation 4.07%Other Equity Investments 4.13%Reverse Repos/CBLOs 4.64%Net Current Assets -0.45%Total Net Assets 100.00%

Date of Allotment 24-Feb-04Benchmark S&P BSE 500NAV (Growth) per unit(as on 31.03.15)

` 65.1082

Fund Manager Neelotpal SahaiSIP AvailableMinimumApplication Amount

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




Regular 2.54% Direct Plan 1.83% Excludes service tax on Investment Management fees of 0.13% on Regular Plan and 0.14% on Direct Plan of Total Net Assets.Portfolio Turnover 0.41

Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate:7.98% (364 days Treasury bill yield on March 31, 2015).

HSBC India Opportunities Fund (HIOF) March 2015

9


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





HSBC India Opportunities Fund - Dividend04-Feb-13 1.50000 1.50000 17.731927-Jun-14 1.50000 1.50000 23.232317-Mar-15 2.70000 2.70000 27.0820HSBC India Opportunities Fund - Dividend Direct Plan04-Feb-13 1.50000 1.50000 17.751927-Jun-14 1.50000 1.50000 23.502017-Mar-15 1.50000 1.50000 27.5575

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


% to NetAssets

AutoVST Tillers Tractors 637.65 1.78%Auto Ancillaries Sundram Fasteners 901.73 2.51%Balkrishna Industries 855.36 2.38%Apollo Tyres 698.24 1.94%Suprajit Engineering 424.60 1.18%Banks Yes Bank 1,354.15 3.77%DCB Bank 1,080.70 3.01%Federal Bank 765.89 2.13%Syndicate Bank 536.36 1.49%Jammu & Kashmir Bank 428.68 1.19%Karur Vysya Bank 410.64 1.14%CementPrism Cement 604.77 1.68%Everest Industries 423.19 1.18%ChemicalsVinati Organics 1,426.13 3.97%Atul 445.06 1.24%ConstructionNational Buildings Construction Corp 663.10 1.85%IRB Infrastructure Developers 461.54 1.29%Consumer Non DurablesCCL Products (India) 1,397.21 3.89%FinanceIndiabulls Housing Finance 1,308.28 3.64%Dewan Housing Finance Corporation 1,243.95 3.46%Motilal Oswal Financial Services 1,120.59 3.12%Cholamandalam Investment & Fin Co. 1,103.10 3.07%Industrial Capital GoodsBEML 870.74 2.42%Industrial ProductsFinolex Industries 609.09 1.70%Media & Entertainment HT Media 560.61 1.56%Minerals/Mining Gujarat Mineral Development Corporation 372.39 1.04%PesticidesUPL 1,507.73 4.20%PI Industries 865.50 2.41%Petroleum ProductsHindustan Petroleum Corporation 1,189.13 3.31%Gulf Oil Lubricants 760.92 2.12%PharmaceuticalsAurobindo Pharma 1,117.76 3.11%Lupin 712.98 1.99%Torrent Pharmaceuticals 567.71 1.58%PowerKalpataru Power Transmission 446.11 1.24%Software Persistent Systems 611.44 1.70%Tech Mahindra 589.40 1.64%Textile ProductsArvind 497.23 1.38%Indian Terrain Fashions 479.79 1.34%Transportation Gujarat Pipavav Port 1,263.50 3.52%Gateway Distriparks 768.70 2.14%Total 89.31%

HSBC Midcap Equity Fund (HMEF) March 2015

10


% to NetAssets

Other Equity Investments 3,670.58 10.24%CBLOs 448.79 1.25%Net Current Assets -288.62 -0.80%Total Net Assets as on 31 March 2015 35,912.37 100.00%

Asset AllocationAuto 1.78%Auto Ancillaries 8.01%Banks 12.73%Cement 2.86%Chemicals 5.21%Construction 3.14%Consumer Non Durables 3.89%Finance 13.29%Industrial Capital Goods 2.42%Industrial Products 1.70%Media & Entertainment 1.56%Minerals/Mining 1.04%Pesticides 6.61%Petroleum Products 5.43%Pharmaceuticals 6.68%Power 1.24%Software 3.34%Textile Products 2.72%Transportation 5.66%Other Equity Investments 10.24%Reverse Repos/CBLOs 1.25%Net Current Assets -0.80%Total Net Assets 100.00%





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

Date of Allotment 19-May-05Benchmark S&P BSE MidcapNAV (Growth) per unit(as on 31.03.15)

` 37.4445

Fund Manager Dhiraj SachdevSIP AvailableMinimumApplicationAmount

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





Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate:7.98% (364 days Treasury bill yield on March 31, 2015).

HSBC Midcap Equity Fund (HMEF) March 2015

11


Our exposure to midcap stocks in HSBC Midcap Equity Fund (HMEF) is 78.7400%

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

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


% to NetAssets

Auto Ancillaries Apollo Tyres 363.42 2.49%Banks Jammu & Kashmir Bank 384.19 2.63%Karnataka Bank 355.25 2.44%ICICI Bank 315.50 2.16%CementEverest Industries 628.51 4.31%HIL 274.88 1.89%Ahluwalia Contracts (India) 259.72 1.78%ConstructionNational Buildings Construction Corp 816.26 5.60%IRB Infrastructure Developers 610.50 4.19%KNR Constructions 169.36 1.16%Construction ProjectLarsen & Toubro 214.96 1.47%Gammon Infrastructure Projects 202.69 1.39%Finance Rural Electrification Corporation 799.68 5.48%GasGujarat State Petronet 248.10 1.70%Industrial Capital GoodsBEML 952.57 6.53%Industrial Products Fag Bearings India 1,180.03 8.09%Minerals/MiningGujarat Mineral Development Corporation 297.88 2.04%Petroleum Products Hindustan Petroleum Corporation 1,020.19 7.00%Indian Oil Corporation 247.73 1.70%Power JSW Energy 774.80 5.31%Power Grid Corporation Of India 399.44 2.74%Reliance Infrastructure 275.46 1.89%PTC India 259.60 1.78%CESC 211.35 1.45%TransportationGujarat Pipavav Port 1,198.15 8.22%Gateway Distriparks 1,129.77 7.75%Adani Ports & Special Economic Zone 625.65 4.29%Total 97.48%

HSBC Progressive Themes Fund (HPTF) March 2015

12


% to NetAssets

Other Equity Investments 246.57 1.69%CBLOs 232.98 1.60%Net Current Assets -113.67 -0.77%Total Net Assets as on 31 March 2015 14,581.50 100.00%

Asset AllocationAuto Ancillaries 2.49%Banks 7.23%Cement 7.98%Construction 10.95%Construction Project 2.86%Finance 5.48%Gas 1.70%Industrial Capital Goods 6.53%Industrial Products 8.09%Minerals/Mining 2.04%Petroleum Products 8.70%Power 13.17%Transportation 20.26%Other Equity Investments 1.69%Reverse Repos/CBLOs 1.60%Net Current Assets -0.77%Total Net Assets 100.00%





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

Date of Allotment 23-Feb-06Benchmark S&P BSE 200NAV (Growth) per unit(as on 31.03.15)

` 18.9292

Fund Manager Dhiraj SachdevSIP AvailableMinimumApplicationAmount

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


Standard Deviation 1.31%R-Squared 0.7491Beta (Slope) 1.2510Sharpe Ratio** -0.0021Total Expense Ratio as on March 31, 2015




HSBC Progressive Themes Fund (HPTF) March 2015

13


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

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


% to NetAssets

Auto Maruti Suzuki India 895.98 4.72%Tata Motors 225.58 1.19%Auto Ancillaries MRF 406.11 2.14%Amara Raja Batteries 396.00 2.09%Motherson Sumi Systems 297.96 1.57%Apollo Tyres 201.90 1.06%Banks ICICI Bank 1,257.27 6.63%HDFC Bank 981.79 5.18%Axis Bank 915.93 4.83%Indusind Bank 744.24 3.92%Federal Bank 579.12 3.05%Jammu & Kashmir Bank 375.45 1.98%Cement Shree Cement 701.27 3.70%The Ramco Cements 379.62 2.00%Construction ProjectLarsen & Toubro 751.49 3.96%Consumer Non DurablesI T C 541.23 2.85%Mcleod Russel India 418.58 2.21%Finance LIC Housing Finance 767.67 4.05%Industrial Capital GoodsCrompton Greaves 385.12 2.03%Industrial ProductsSupreme Industries 484.95 2.56%Orient Refractories 345.44 1.82%Finolex Industries 329.09 1.73%OilOil & Natural Gas Corporation 361.49 1.91%PesticidesUPL 198.97 1.05%Petroleum Products Reliance Industries 247.80 1.31%Pharmaceuticals Lupin 532.23 2.81%IPCA Laboratories 406.14 2.14%Dr. Reddy's Laboratories 383.76 2.02%PowerCESC 416.66 2.20%Software Infosys 896.21 4.72%Tata Consultancy Services 574.64 3.03%HCL Technologies 392.16 2.07%Tech Mahindra 382.86 2.02%Mindtree 286.80 1.51%Textile ProductsArvind 345.44 1.82%Indian Terrain Fashions 280.57 1.48%TransportationGateway Distriparks 468.43 2.47%Total 97.83%

HSBC Tax Saver Equity Fund (HTSF) March 2015

14

Date of Allotment 05-Jan-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 31.03.15)

` 26.7780

Fund Manager Aditya KhemaniSIP AvailableMinimumApplicationAmount

` 500(Lumpsum & SIP)



Regular 2.66% Direct Plan 1.88% Excludes service tax on Investment Management fees of 0.19% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards




% to NetAssets


Asset AllocationAuto 5.91%Auto Ancillaries 6.86%Banks 25.59%Cement 5.70%Construction Project 3.96%Consumer Non Durables 5.06%Finance 4.05%Industrial Capital Goods 2.03%Industrial Products 6.11%Oil 1.91%Pesticides 1.05%Petroleum Products 1.31%Pharmaceuticals 6.97%Power 2.20%Software 13.35%Textile Products 3.30%Transportation 2.47%Other Equity Investments 1.44%Reverse Repos/CBLOs 1.16%Net Current Assets -0.43%Total Net Assets 100.00%

HSBC Tax Saver Equity Fund (HTSF) March 2015

15


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

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





HSBC Tax Saver Equity Fund Dividend19-Feb-10 1.00000 1.00000 12.871317-Oct-14 1.50000 1.50000 22.105317-Mar-15 2.50000 2.50000 23.9029HSBC Tax Saver Equity Fund Dividend Direct17-Oct-14 1.50000 1.50000 22.408317-Mar-15 2.50000 2.50000 24.3256

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


% to NetAssets

Auto Maruti Suzuki India 154.73 3.21%Tata Motors 85.79 1.78%Hero Motocorp 84.47 1.75%Auto Ancillaries MRF 119.35 2.47%Amara Raja Batteries 105.80 2.19%Banks ICICI Bank 214.86 4.45%Axis Bank 196.07 4.06%Karur Vysya Bank 180.06 3.73%Federal Bank 145.26 3.01%Bank Of Baroda 123.85 2.57%HDFC Bank 70.77 1.47%Jammu & Kashmir Bank 68.58 1.42%CementACC 78.92 1.63%ConstructionIRB Infrastructure Developers 97.19 2.01%Construction ProjectLarsen & Toubro 177.55 3.68%Consumer Non DurablesI T C 251.27 5.21%Hindustan Unilever 89.13 1.85%Mcleod Russel India 83.48 1.73%Ferrous MetalsTata Steel 48.07 1.00%FinanceIndiabulls Housing Finance 133.90 2.77%Industrial Products Supreme Industries 81.39 1.69%Finolex Industries 70.93 1.47%Media & EntertainmentSun Tv Network 92.68 1.92%Minerals/MiningCoal India 74.39 1.54%Non - Ferrous Metals Hindustan Zinc 113.67 2.35%Oil Oil & Natural Gas Corporation 191.47 3.97%Petroleum Products Bharat Petroleum Corporation 91.62 1.90%Pharmaceuticals Lupin 217.43 4.50%Power Power Grid Corporation Of India 72.63 1.50%NTPC 68.73 1.42%Software Infosys 391.10 8.10%Tata Consultancy Services 178.78 3.70%Wipro 137.72 2.85%HCL Technologies 99.71 2.07%Eclerx Services 95.13 1.97%TransportationGateway Distriparks 166.28 3.44%Corporate/ PSU DebtNTPC 5.95 0.12%Total 96.50%

HSBC Dividend Yield Equity Fund (HDYEF) March 2015

16


% to NetAssets


Asset AllocationAuto 6.74%Auto Ancillaries 4.66%Banks 20.71%Cement 1.63%Construction 2.01%Construction Project 3.68%Consumer Non Durables 8.79%Ferrous Metals 1.00%Finance 2.77%Industrial Products 3.16%Media & Entertainment 1.92%Minerals/Mining 1.54%Non - Ferrous Metals 2.35%Oil 3.97%Petroleum Products 1.90%Pharmaceuticals 4.50%Power 2.92%Software 18.69%Transportation 3.44%Corporate/ PSU Debt 0.12%Other Equity Investments 1.45%Reverse Repos/CBLOs 2.44%Net Current Assets -0.39%Total Net Assets 100.00%

Date of Allotment 21-Mar-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 31.03.15)

` 16.7511

Fund Manager Gaurav Mehrotra & Amaresh Mishra

SIP AvailableMinimumApplicationAmount

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



Regular 2.40% Direct Plan 1.65% Excludes service tax on Investment Management fees of 0.16% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.45% Direct Plan 1.71% Excludes service tax on Investment Management fees of 0.18% on Regular Plan and 0.17% on Direct Plan of Total Net Assets. Portfolio Turnover 0.29


HSBC Dividend Yield Equity Fund (HDYEF) March 2015

17

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

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

Issuer Market Value(` In Lacs)

% To NetAssets

Auto Tata Motors 371.39 5.88%Auto AncillariesMotherson Sumi Systems 77.24 1.22%Banks HDFC Bank 383.51 6.07%Axis Bank 380.94 6.03%ICICI Bank 362.83 5.74%Yes Bank 244.73 3.87%Construction ProjectLarsen & Toubro 232.15 3.67%Consumer Non DurablesI T C 293.27 4.64%Hindustan Unilever 104.83 1.66%Ferrous MetalsJindal Steel & Power 78.40 1.24%Non-Ferrous MetalsSesa Sterlite 113.70 1.80%Oil Oil & Natural Gas Corporation 107.22 1.70%PesticidesUPL 101.69 1.61%Petroleum ProductsReliance Industries 206.50 3.27%PharmaceuticalsDr. Reddy's Laboratories 331.43 5.24%PowerPower Grid Corporation Of India 145.25 2.30%Software Tata Consultancy Services 280.93 4.45%HCL Technologies 235.30 3.72%Infosys 88.73 1.40%Telecom ServicesBharti Airtel 117.99 1.87%Transportation Adani Ports & Special Economic Zone 123.28 1.95%Total 69.33%

HSBC Dynamic Fund (HDF) March 2015

18


% to NetAssets

CBLOs 1,973.65 31.23%Net Current Assets -35.56 -0.56%Total Net Assets as on 31 March 2015 6,319.39 100.00%

Asset AllocationAuto 5.88%Auto Ancillaries 1.22%Banks 21.71%Construction Project 3.67%Consumer Non Durables 6.30%Ferrous Metals 1.24%Non - Ferrous Metals 1.80%Oil 1.70%Pesticides 1.61%Petroleum Products 3.27%Pharmaceuticals 5.24%Power 2.30%Software 9.57%Telecom - Services 1.87%Transportation 1.95%Reverse Repos/CBLOs 31.23%Net Current Assets -0.56%Total Net Assets 100.00%

Date of Allotment 24-Sep-07Benchmark S&P BSE 200NAV (Growth) per unit(as on 31.03.15)

` 13.7952

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


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






HSBC Dynamic Fund (HDF) March 2015

19

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

Date of Allotment 17-Mar-08Benchmark MSCI Emerging

Markets IndexNAV (Growth) per unit(as on 31.03.15)

` 11.4242

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


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



Regular 2.79% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.11% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.71% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.11% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate:7.98% (364 days Treasury bill yield on March 31, 2015).

Asset AllocationOverseas Mutual Fund 97.93%Reverse Repos/CBLOs 2.93%Net Current Assets -0.86%Total Net Assets 100.00%


% to NetAssets

Overseas Mutual FundHGIF - Global Emerging Markets Equity (Share Class S1D) 1,056.79 97.93%

CBLOs 31.57 2.93%Net Current Assets -9.26 -0.86%Total Net Assets as on 31 March 2015 1,079.11 100.00%

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

HSBC Emerging Markets Fund (HEMF) March 2015

20

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


Record Date / period of dividend declared

Dividend (` per unit)Non-Institutional

Dividend (` per unit) Institutional

NAV (`) per unit(cum dividend)

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

Dividend Declaration

Date of Allotment 06-May-11Benchmark MSCI Brazil

10/40 IndexNAV (Growth) per unit(as on 31.03.15)

` 6.1058

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


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




Regular 2.70% Direct Plan 2.00% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Managementfees of 0.11% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments. **Risk free rate:7.98% (364 days Treasury bill yield on March 31, 2015).



% to NetAssets

Overseas Mutual FundHGIF - Brazil Equity (Share Class S3D) 3,590.79 99.11%CBLOs 131.38 3.63%

Net Current Assets -99.10 -2.74%

Total Net Assets as on 31 March 2015 3,623.07 100.00%

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

HSBC Brazil Fund (HBF) March 2015

21

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

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

Pacific ex JapanNAV (Growth) per unit(as on 31.03.15)

` 10.5578

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


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




Regular 2.30% Direct Plan 1.60% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Managementfees of 0.09% of Total Net Assets. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate:7.98% (364 days Treasury bill yield on March 31, 2015).



% to NetAssets

Overseas Mutual Fund

HGIF - Asia Pacific ex Japan Equity High Dividend (Share Class S9D) 2,968.89 98.39%

CBLOs 71.92 2.38%

Net Current Assets -23.23 -0.77%

Total Net Assets as on 31 March 2015 3,017.58 100.00%

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

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

March 2015

22

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


% to NetAssets

Mutual FundHSBC Equity Fund - Growth Direct 6,974.45 54.99%HSBC Midcap Equity Fund - Growth Direct 2,304.80 18.17%HSBC Income Fund Inv Plan Growth Direct 1,333.70 10.52%HSBC Flexi Debt Fund Growth Direct 723.71 5.71%Overseas Mutual FundHSBC MSCI WORLD UCITS ETF 1,246.94 9.83%Total 99.22%CBLOs 117.78 0.93%Net Current Assets -18.44 -0.15%Total Net Assets as on 31 March 2015 12,682.93 100.00%

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

HSBC Managed Solutions India - Growth March 2015

23

Asset Allocation Mutual Fund 89.39%Overseas Mutual Fund 9.83%Reverse Repos/CBLOs 0.93%Net Current Assets -0.15%Total Net Assets 100.00%

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

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

NAV (Growth) per unit(as on 31.03.15)

` 12.7703

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


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



Regular 2.22% Direct Plan 1.95% (inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.16% on the underlying scheme’s in which the fund of fund invests.Annualised Expense Ratio from 1st April 2014 onwards

Regular 2.31% Direct Plan 2.04%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.16% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later.@ Effective from March 1, 2013 for prospective investments.**Risk free rate:7.98% (364 days Treasury bill yield on March 31, 2015).

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


% to NetAssets

Mutual FundHSBC Equity Fund - Growth Direct 9,044.46 37.87%HSBC Flexi Debt Fund Growth Direct 7,764.67 32.51%HSBC Midcap Equity Fund - Growth Direct 3,001.03 12.57%HSBC Income Fund Inv Plan Growth Direct 1,994.44 8.35%

Overseas Mutual FundHSBC MSCI WORLD UCITS ETF 1,797.73 7.53%Total 98.83%CBLOs 801.12 3.35%Net Current Assets -521.43 -2.18%Total Net Assets as on 31 March 2015 23,882.02 100.00%

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

HSBC Managed Solutions India - Moderate March 2015

24

Date of Allotment 30-Apr-2014Benchmark CRISIL Balanced

Fund Index NAV (Growth) per unit(as on 31.03.15)

` 12.2870

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


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




Regular 2.20% Direct Plan 1.94%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.13% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate:7.98% (364 days Treasury bill yield on March 31, 2015).

Asset Allocation Mutual Fund 91.30%Overseas Mutual Fund 7.53%Reverse Repos/CBLOs 3.35%Net Current Assets -2.18%Total Net Assets 100.00%

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


% to NetAssets

Mutual FundHSBC Income Fund Short Term - Growth Direct 12,602.75 42.48%HSBC Flexi Debt Fund Growth Direct 8,774.14 29.57%HSBC Equity Fund - Growth Direct 3,265.50 11.01%HSBC Income Fund Inv Plan Growth Direct 1,884.11 6.35%HDFC Income Fund Direct Plan - Growth 1,851.31 6.24%HSBC Midcap Equity Fund - Growth Direct 1,061.82 3.58%Total 99.23%CBLOs 473.43 1.60%Net Current Assets -242.51 -0.83%Total Net Assets as on 31 March 2015 29,670.55 100.00%

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

HSBC Managed Solutions India - Conservative March 2015

25

Date of Allotment 30-Apr-2014Benchmark Composite Index

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

NAV (Growth) per unit(as on 31.03.15)

` 11.4619

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

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




Regular 1.63% Direct Plan 1.40%(inclusive of underlying scheme’s expenses) Excludes service tax on Investment Management fees of 0.00% of Total Net Assets and of 0.08% on the underlying scheme’s in which the fund of fund invests. Statistical ratios disclosed as per daily returns of the last 3 years/since inception, whichever is later. @ Effective from March 1, 2013 for prospective investments.**Risk free rate:7.98% (364 days Treasury bill yield on March 31, 2015).

Asset Allocation Mutual Fund 99.23%Reverse Repos/CBLOs 1.60%Net Current Assets -0.83%Total Net Assets 100.00%


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

Name of Scheme Fund Manager

HSBC Equity Fund Neelotpal Sahai (from 27 May 2013)

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

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

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

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

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

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

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

HSBC Brazil Fund Anitha Rangan (from 18 October 2014)

HSBC Asia Pacific (Ex Japan) Dividend Yield Fund

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

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

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

Fund Managers - Equity March 2015

26

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

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

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

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

Fund Managers - Equity March 2015

27

Funds Managed by Neelotpal Sahai.

Comparative Performance of Equity Schemes March 2015

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

March 15April 13 - March 14

April 12 - March 13

Since Inception

HSBC Equity Fund - Growth 27.89% 16.82% 4.20% 24.66%S&P BSE 200 (Scheme Benchmark) 31.72% 16.65% 5.41% 19.74%CNX Nifty (Standard Benchmark) 26.33% 17.53% 6.93% 18.38%`10,000, if invested in HEF, would have become `12,789 `11,682 `10,420 `1,51,791

`10,000, if invested in S&P BSE 200, would have become `13,172 `11,665 `10,541 `92,353

`10,000, if invested in CNX Nifty, would have become `12,633 `11,753 `10,693 `80,211

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


April 12 - March 13

Since Inception

HSBC India Opportunities Fund - Growth 45.06% 27.93% 0.21% 18.38%S&P BSE 500 (Scheme Benchmark) 32.97% 16.44% 4.14% 15.39%CNX Nifty (Standard Benchmark) 26.33% 17.53% 6.93% 14.87%`10,000, if invested in HIOF, would have become `14,506 `12,793 `10,021 `65,147



28

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

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



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


April 12 - March 13

Since Inception

HSBC Dynamic Fund - Growth 23.22% 13.20% 1.59% 4.37%S&P BSE 200 (Scheme Benchmark) 31.72% 16.65% 5.41% 7.38%CNX Nifty (Standard Benchmark) 26.33% 17.53% 6.93% 7.49%`10,000, if invested in HDF, would have become `12,322 `11,320 `10,159 `13,796



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


29

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


April 12 - March 13

Since Inception

HSBC Brazil Fund - Growth -28.85% -11.37% -2.50% -11.87%MSCI Brazil 10/40 Index (Scheme Benchmark) -29.37% -14.46% -14.53% -17.89%

CNX Nifty (Standard Benchmark) 26.33% 17.53% 6.93% 11.50%`10,000, if invested in HBF, would have become `7,115 `8,863 `9,750 `6,104

`10,000, if invested in MSCI Brazil 10/40 Index, would have become `7,063 `8,554 `8,547 `4,630



HSBC Asia Pacific (Ex Japan) Dividend Yield Fund

Date Of Inception : 24 Feb 14

Scheme Name & Benchmarks April 14 - March 15 Since InceptionHSBC Asia Pacific (Ex Japan) Dividend Yield Fund - Growth 6.87% 5.08%

MSCI AC Asia Pacific ex Japan (Scheme Benchmark) 2.65% 5.43%

CNX Nifty (Standard Benchmark) 26.33% 33.51%`10,000, if invested in HAPDF, would have become `10,687 `10,559

`10,000, if invested in MSCI AC Asia Pacific ex Japan, would have become `10,265 `10,598

`10,000, if invested in CNX Nifty, would have become `12,633 `13,737


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


April 12 - March 13

Since Inception

HSBC Emerging Markets Fund - Growth 4.55% 3.94% 4.55% 1.91%MSCI Emerging Market Index (Scheme Benchmark) 7.64% 0.81% 1.77% 2.18%

CNX Nifty (Standard Benchmark) 26.33% 17.53% 6.93% 9.43%`10,000, if invested in HMEF, would have become `10,455 `10,394 `10,455 `11,426

`10,000, if invested in MSCI Emerging Market Index, would have become `10,764 `10,081 `10,177 `11,641



Funds Managed by - Anitha Rangan.



30


Fund Managed by Gaurav Mehrotra and Amaresh Mishra.


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


April 12 - March 13

Since Inception

HSBC Dividend Yield Equity Fund - Growth 33.35% 17.03% 4.82% 6.63%S&P BSE 200 (Scheme Benchmark) 31.72% 16.65% 5.41% 10.91%CNX Nifty (Standard Benchmark) 26.33% 17.53% 6.93% 10.66%`10,000, if invested in HUOF, would have become `13,335 `11,703 `10,482 `16,751



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


April 12 - March 13

Since Inception

HSBC Tax Saver Equity Fund - Growth 39.09% 22.52% 11.90% 12.70%S&P BSE 200 (Scheme Benchmark) 31.72% 16.65% 5.41% 9.59%CNX Nifty (Standard Benchmark) 26.33% 17.53% 6.93% 9.62%`10,000, if invested in HTSF, would have become `13,909 `12,252 `11,190 `26,786




Fund Managed by - Aditya Khemani.


31


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


April 12 - March 13

Since Inception

HSBC Progressive Themes Fund - Growth 73.87% 4.65% -10.58% 7.26%S&P BSE 200 (Scheme Benchmark) 31.72% 16.65% 5.41% 11.82%CNX Nifty (Standard Benchmark) 26.33% 17.53% 6.93% 11.85%`10,000, if invested in HPTF, would have become `17,387 `10,465 `8,942 `18,932




Funds Managed by - Dhiraj Sachdev.

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


April 12 - March 13

Since Inception

HSBC Midcap Equity Fund - Growth 66.69% 28.40% -8.82% 14.31%S&P BSE Midcap (Scheme Benchmark) 49.48% 13.86% -4.30% 12.72%CNX Nifty (Standard Benchmark) 26.33% 17.53% 6.93% 15.83%`10,000, if invested in HMEF, would have become `16,669 `12,840 `9,118 `37,456

`10,000, if invested in S&P BSE Midcap, would have become `14,948 `11,386 `9,570 `32,618



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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositIndian Bank 928.76 4.87% Fitch A1+Bank of Baroda 492.71 2.58% [ICRA]A1+Corporate/PSU DebtCorporate Bonds / DebenturesPower Grid Corporation of India 616.49 3.23% CRISIL AAARural Electrification Corporation 521.24 2.73% CRISIL AAAPower Finance Corporation 509.59 2.67% CRISIL AAALIC Housing Finance 506.78 2.66% CRISIL AAAPower Finance Corporation 500.77 2.63% CRISIL AAAPower Finance Corporation 229.18 1.20% CRISIL AAASmall Industries Development Bk of India 140.36 0.74% CARE AAAPower Finance Corporation 119.88 0.63% CRISIL AAAEquityEquitiesICICI Bank 291.05 1.53%Larsen & Toubro 283.74 1.49%Axis Bank 248.17 1.30%HDFC Bank 222.95 1.17%Maruti Suzuki India 205.20 1.08%Supreme Industries 204.40 1.07%Mcleod Russel India 195.97 1.03%IndusInd Bank 181.63 0.95%Shree Cements 176.15 0.92%Tata Consultancy Services 173.67 0.91%Amara Raja Batteries 171.64 0.90%ITC 171.07 0.90%LIC Housing Finance 166.29 0.87%Crompton Greaves 161.02 0.84%Lupin 150.63 0.79%The Ramco Cements 134.61 0.71%Tech Mahindra 125.94 0.66% N.AThe Federal Bank 124.13 0.65%IPCA Laboratories 118.90 0.62%Motherson Sumi Systems 112.12 0.59%Apollo Tyres 106.00 0.56%Karur Vysya Bank 100.89 0.53%CESC 96.62 0.51%Arvind 91.60 0.48%Oil & Natural Gas Corp 84.25 0.44%MRF 77.50 0.41%Finolex Industries 73.76 0.39%Orient Refractories 64.13 0.34%The Jammu & Kashmir Bank 57.03 0.30%Dr. Reddy's Laboratories 48.84 0.26%Hindustan Dorr-Oliver 34.99 0.18%Jaiprakash Associates 34.72 0.18%Government Securities8.60% GOVT OF INDIA RED 02-06-2028 2,174.88 11.41% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 1,980.85 10.39% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 1,965.99 10.31% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 1,304.06 6.84% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 745.36 3.91% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 483.51 2.54% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 304.21 1.60% Sovereign8.28% GOVT OF INDIA RED 21-09-2027 269.79 1.41% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 111.83 0.59% SovereignTotal 96.50%Cash EquivalentsCBLOs 389.45 2.04%Reverse Repos 35.64 0.19%Net Current Assets 246.97 1.27%Total Net Assets as on 31 March 2015 19,067.87 100.00%

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

32

Date of Allotment 24-Feb-04Benchmark CRISIL MIP

Blended IndexNAV (Growth) per unit(as on 31.03.15)

` 29.1042

Average Maturity of Portfolio

119.87 months

Modified Durationof Portfolio

69.59 months

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

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


Regular 2.34% Direct Plan 1.83% Excludes service tax on Investment Management fees of 0.13% of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.

Asset AllocationGovernment Securities 49.00%Equity 23.56%Corporate/ PSU Debt 16.49%Money Market Instruments 7.45%Cash Equivalents 2.23%Net Current Assets 1.27%Total Net Assets 100.00%

Rating ProfileSovereign 49.00%AAA and Equivalents 23.94%Equity 23.56%Reverse Repos/ Cblos 2.23%Net Current Assets 1.27%Total Net Assets 100.00%

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

33


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






HSBC MIP - Savings Plan - Monthly Dividend27-Jan-15 0.05444 0.05049 14.119725-Feb-15 0.05444 0.05049 13.988425-Mar-15 0.06533 0.06058 13.8271HSBC MIP - Savings Plan - Monthly Dividend - Direct Plan25-Aug-14 0.05845 0.05597 13.485927-Oct-14 0.05444 0.05049 13.791325-Mar-15 0.05444 0.05049 14.6599HSBC MIP - Savings Plan - Quarterly Dividend25-Sep-14 0.17534 0.16792 13.309826-Dec-14 0.16332 0.15146 13.782925-Mar-15 0.20324 0.18848 13.9286HSBC MIP - Savings Plan - Quarterly Dividend - Direct Plan25-Sep-14 0.17534 0.16792 13.859526-Dec-14 0.16332 0.15146 14.379725-Mar-15 0.21050 0.19521 14.5619

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositIndian Bank 464.38 4.97% Fitch A1+Corporate/PSU DebtCorporate Bonds / DebenturesRural Electrification Corporation 521.24 5.58% CRISIL AAAPower Finance Corporation 509.59 5.45% CRISIL AAALIC Housing Finance 506.78 5.42% CRISIL AAAPower Grid Corporation of India 410.99 4.40% CRISIL AAAPower Finance Corporation 52.09 0.56% CRISIL AAAEquityEquitiesICICI Bank 92.28 0.99%Larsen & Toubro 91.14 0.98%Axis Bank 75.63 0.81%Mcleod Russel India 66.09 0.71%HDFC Bank 64.43 0.69%Maruti Suzuki India 61.63 0.66%Shree Cements 55.59 0.59%Amara Raja Batteries 55.11 0.59%Supreme Industries 54.06 0.58%Tata Consultancy Services 53.63 0.57%LIC Housing Finance 52.51 0.56%ITC 52.13 0.56% N.A.Motherson Sumi Systems 47.57 0.51%IPCA Laboratories 42.60 0.46%Dr. Reddy's Laboratories 41.87 0.45%The Federal Bank 39.62 0.42%Arvind 39.26 0.42%Tech Mahindra 39.04 0.42%Crompton Greaves 33.20 0.36%Apollo Tyres 30.29 0.32%Orient Refractories 29.85 0.32%MRF 29.06 0.31%The Jammu & Kashmir Bank 26.61 0.28%Oil & Natural Gas Corp 26.04 0.28%CESC 24.15 0.26%Finolex Industries 22.70 0.24%Jaiprakash Associates 12.40 0.13%Hindustan Dorr-Oliver 10.50 0.11%Government Securities8.24% GOVT OF INDIA RED 10-11-2033 1,139.38 12.19% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 1,078.46 11.54% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 855.69 9.15% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 610.30 6.53% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 606.57 6.49% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 388.91 4.16% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 251.61 2.69% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 238.30 2.55% Sovereign8.28% GOVT OF INDIA RED 21-09-2027 103.76 1.11% SovereignTotal 96.37%

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

34

Date of Allotment 24-Feb-04Benchmark CRISIL MIP

Blended IndexNAV (Growth) per unit(as on 31.03.15)

` 24.3818


125.31 months


71.71 months

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

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


Regular 2.33% Direct Plan 1.79% Excludes service tax on Investment Management fees of 0.14% on Regular Plan and 0.15% on Direct Plan of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.

Asset AllocationGovernment Securities 56.41%Corporate/ PSU Debt 21.41%Equity 13.58%Money Market Instruments 4.97%Net Current Assets 2.02%Cash Equivalents 1.61%Total Net Assets 100.00%

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Cash EquivalentsCBLOs 137.75 1.47%Reverse Repos 12.61 0.13%Net Current Assets 189.94 2.02%Total Net Assets as on 31 March 2015 9,347.32 100.00%

Rating ProfileSovereign 56.41%AAA and Equivalents 26.38%Equity 13.58%Net Current Assets 2.02%Reverse Repos/ CBLOs 1.61%Total Net Assets 100.00%

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

35


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





HSBC MIP - Regular Plan - Monthly Dividend27-Jan-15 0.05081 0.04712 12.267125-Feb-15 0.05081 0.04712 12.179225-Mar-15 0.05807 0.05385 12.0521HSBC MIP - Regular Plan - Monthly Dividend - Direct Plan31-Jan-14 0.05065 0.04851 10.979128-Feb-14 0.05065 0.04851 11.0079HSBC MIP - Regular Plan - Quarterly Dividend25-Sep-14 0.17534 0.16792 11.980926-Dec-14 0.16332 0.15146 12.331225-Mar-15 0.18147 0.16829 12.4116

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Securitised DebtInvestments - Asset Back Security

India MBS 2002 Series I 12.43 0.12% CRISIL AAA (SO)

Money Market InstrumentsCertificate of DepositIndian Bank 464.38 4.43% Fitch A1+Corporate/PSU DebtCorporate Bonds / DebenturesExport Import Bank of India 545.75 5.20% CRISIL AAARural Electrification Corporation 521.24 4.97% CRISIL AAANABARD 500.86 4.78% CRISIL AAAPower Finance Corporation 83.34 0.79% CRISIL AAAGovernment Securities8.60% GOVT OF INDIA RED 02-06-2028 2,085.74 19.89% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 2,058.87 19.63% Sovereign8.24% GOVT OF INDIA RED 10-11-2033 966.90 9.22% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 834.60 7.96% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 699.09 6.67% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 504.53 4.81% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 335.48 3.20% Sovereign8.28% GOVT OF INDIA RED 21-09-2027 207.53 1.98% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 187.59 1.79% Sovereign5.59% GOVT OF INDIA RED 04-06-2016 0.39 0.00% SovereignTotal 95.44%Cash EquivalentsCBLOs 307.72 2.93%Reverse Repos 28.16 0.27%Net Current Assets 143.89 1.36%Total Net Assets as on 31 March 2015 10,488.51 100.00%

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

36

Date of Allotment 10-Dec-02Benchmark CRISIL Composite

Bond Fund IndexNAV (Growth) per unit(as on 31.03.15)

` 23.7966


135.63 months


78.19 months

Yield To Maturity* 7.91%Fund Manager Sanjay Shah


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

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

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

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

Asset AllocationGovernment Securities 75.15%Corporate/ PSU Debt 15.74%Money Market Instruments 4.43%Cash Equivalents 3.20%Net Current Assets 1.36%Securitised Debt 0.12%

Rating ProfileSovereign 75.15%AAA and Equivalents 20.29%Reverse Repos/ CBLOs 3.20%Net Current Assets 1.36%

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

37


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





HSBC Income Fund - Investment Plan - Regular Option - Quarterly Dividend25-Sep-14 0.15585 0.14926 11.048126-Dec-14 0.14517 0.13463 11.439125-Mar-15 0.17421 0.16155 11.5709HSBC Income Fund - Investment Plan - Institutional Option - Quarterly Dividend12-Jun-09 0.11387 0.10598 11.029411-Sep-09 0.11387 0.10598 10.996011-Dec-09 0.11387 0.10598 11.0973

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositING Vysya Bank 4,735.81 3.62% CRISIL A1+IDBI Bank 2,330.43 1.78% CRISIL A1+Andhra Bank 2,321.64 1.77% CARE A1+Bank of Maharashtra 2,320.13 1.77% CRISIL A1+Corporation Bank 2,319.97 1.77% CRISIL A1+Punjab & Sind Bank 2,314.83 1.77% CARE A1+Andhra Bank 1,858.49 1.42% CARE A1+Corporation Bank 217.97 0.17% CRISIL A1+Yes Bank 99.02 0.08% [ICRA]A1+Commercial PaperKotak Mahindra Investments 4,036.83 3.08% CRISIL A1+Edelweiss Financial Services 3,250.30 2.48% CRISIL A1+National Fertilizers 2,470.04 1.89% CRISIL A1+Fullerton India Credit Co. 2,397.57 1.83% [ICRA]A1+Corporate/PSU Debt

Corporate Bonds / DebenturesShriram Transport Finance Company 6,560.99 5.01% CRISIL AAPower Finance Corporation 5,076.07 3.88% CRISIL AAANabha Power 5,066.30 3.87% [ICRA]AAANABARD 5,004.07 3.82% CRISIL AAATata Capital Financial Services 4,988.57 3.81% CRISIL AA+Rural Electrification Corporation 4,079.78 3.12% CRISIL AAAPower Finance Corporation 4,076.70 3.11% CRISIL AAAKotak Mahindra Prime 3,531.14 2.70% [ICRA]AAARural Electrification Corporation 3,127.41 2.39% CRISIL AAAHDFC 2,580.26 1.97% CRISIL AAAPower Grid Corporation of India 2,568.70 1.96% CRISIL AAASRF 2,540.90 1.94% Fitch AAKotak Mahindra Prime 2,530.29 1.93% [ICRA]AAABajaj Finance 2,530.22 1.93% CRISIL AA+Kotak Mahindra Prime 2,518.42 1.92% [ICRA]AAATata Capital Financial Services 2,503.91 1.91% CRISIL AA+LIC Housing Finance 2,498.94 1.91% CARE AAATata Capital Financial Services 2,496.35 1.91% CRISIL AA+HDFC 2,035.40 1.55% CRISIL AAATata Sons 2,030.66 1.55% CRISIL AAAKotak Mahindra Prime 1,529.63 1.17% [ICRA]AAALIC Housing Finance 1,528.48 1.17% CRISIL AAALIC Housing Finance 1,020.78 0.78% CRISIL AAAShriram Transport Finance Company 1,020.23 0.78% CRISIL AAHDFC 1,018.92 0.78% CRISIL AAALIC Housing Finance 1,018.16 0.78% CRISIL AAALIC Housing Finance 1,014.81 0.78% CARE AAAPower Grid Corporation of India 1,013.12 0.77% CRISIL AAAPower Finance Corporation 1,001.55 0.77% CRISIL AAAPower Grid Corporation of India 996.31 0.76% CRISIL AAALIC Housing Finance 507.66 0.39% CRISIL AAAPower Grid Corporation of India 505.18 0.39% CRISIL AAAHDFC 503.97 0.39% CRISIL AAAPower Finance Corporation 503.25 0.38% CRISIL AAANABARD 361.20 0.28% CRISIL AAAPower Finance Corporation 299.95 0.23% CRISIL AAAShriram Transport Finance Company 276.21 0.21% CRISIL AARural Electrification Corporation 171.76 0.13% CRISIL AAALIC Housing Finance 140.24 0.11% CRISIL AAAExport Import Bank of India 120.18 0.09% CRISIL AAAPower Finance Corporation 101.93 0.08% CRISIL AAARural Electrification Corporation 101.39 0.08% CRISIL AAAHDFC 91.27 0.07% CRISIL AAARural Electrification Corporation 71.54 0.05% CRISIL AAANABARD 50.72 0.04% CRISIL AAA

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

38

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


` 23.1336


31.41 months


24.69 months

Yield To Maturity* 8.52%Fund Manager Sanjay Shah &

Piyush HarlalkaSIP AvailableMinimumApplicationAmount

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

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

Annualised Expense Ratio from 1st April 2014 onwards Regular 1.25%Institutional # 0.70%Institutional Plus # 0.60%Direct Plan 0.37%Excludes service tax on Investment Management fees of 0.04% on Regular Plan and 0.03% on Direct Plan of Total Net Assets.

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

Asset AllocationCorporate/ PSU Debt 63.65%Money Market Instruments 23.43%Government Securities 10.07%Net Current Assets 2.06%Cash Equivalents 0.79%

Rating ProfileAAA and equivalents 69.58%AA+/ AA-/ AA and equivalents 17.50%Sovereign 10.07%Reverse Repos/ CBLOs 0.79%Net Current Assets 2.06%

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

39

Government Securities8.40% GOVT OF INDIA RED 28-07-2024 4,173.00 3.19% Sovereign8.35% GOVT OF INDIA RED 14-05-2022 3,598.28 2.75% Sovereign8.27% GOVT OF INDIA RED- 09-06-2020 2,860.87 2.19% Sovereign8.12% GOVT OF INDIA RED 10-12-2020 2,535.06 1.94% SovereignTotal 97.15%Cash EquivalentsCBLOs 946.20 0.72%Reverse Repos 86.59 0.07%Net Current Assets 2,713.19 2.06%Total Net Assets as on 31 March 2015 1,30,899.73 100.00%


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





HSBC Income Fund - Short Term Plan - Regular Option - Monthly Dividend27-Jan-15 0.06286 0.05829 11.244125-Feb-15 0.05062 0.04694 11.206225-Mar-15 0.05022 0.04657 11.1906HSBC Income Fund - Short Term Plan - Monthly Dividend - Direct Plan27-Jan-15 0.07000 0.06491 11.297225-Feb-15 0.05700 0.05286 11.258125-Mar-15 0.05634 0.05225 11.2421HSBC Income Fund - Short Term Plan - Institutional Option - Monthly Dividend27-Jan-15 0.07172 0.06651 12.095125-Feb-15 0.05825 0.05402 12.053925-Mar-15 0.05778 0.05358 12.0370HSBC Income Fund - Short Term Plan - Institutional Plus Option - Monthly Dividend30-Dec-11 0.08478 0.07266 10.120027-Jan-12 0.05533 0.04742 10.086624-Feb-12 0.05663 0.04854 10.0881

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositIDBI Bank 699.13 12.66% CRISIL A1+UCO Bank 695.10 12.59% CRISIL A1+Punjab & Sind Bank 694.45 12.57% CARE A1+Andhra Bank 603.63 10.93% CARE A1+Corporation Bank 556.44 10.08% CRISIL A1+Commercial PaperSREI Equipment Finance 792.26 14.35% [ICRA]A1+Kotak Mahindra Investments 768.92 13.92% CRISIL A1+BILT Graphics Paper Products 491.07 8.89% Fitch A1+Total 95.99%Cash EquivalentsCBLOs 402.91 7.30%Reverse Repos 36.87 0.67%Net Current Assets -218.24 -3.95%Total Net Assets as on 31 March 2015 5,522.54 100.00%

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

March 2015

40

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

IndexNAV (Growth) per unit(as on 31.03.15)

` 21.7919


7.59 months


7.00 months

Yield To Maturity* 8.80%Fund Manager Kapil Punjabi &

Piyush HarlalkaSIP AvailableMinimumApplicationAmount

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

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

Total Expense Ratio as on March 31, 2015 Regular # 1.30% Institutional 0.75%Direct Plan 0.20% Excludes service tax on Investment Management fees of 0.02% of Total Net Assets. Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.28% Institutional 0.73%Direct Plan 0.18% Excludes service tax on Investment Management fees of 0.03% on Regular #, Institutional and 0.04% on Direct Plan of Total Net Assets. @ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012

Asset AllocationMoney Market Instruments 95.99%Cash Equivalents 7.96%Net Current Assets -3.95%

Rating ProfileAAA and equivalents 95.99%Reverse Repos/ CBLOs 7.96%Net Current Assets -3.95%

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

March 2015

41


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






HSBC Floating Rate Fund - Long Term Plan - Regular Option - Monthly Dividend27-Jan-15 0.04999 0.04636 10.068925-Feb-15 0.04322 0.04008 10.059625-Mar-15 0.04051 0.03757 10.0558HSBC Floating Rate Fund - Long Term Plan - Monthly Dividend - Direct Plan27-Jan-15 0.05708 0.05293 10.079325-Feb-15 0.04963 0.04602 10.069125-Mar-15 0.04664 0.04326 10.0650HSBC Floating Rate Fund - Long Term Plan - Institutional Option - Monthly Dividend25-Apr-14 0.05133 0.04916 10.535625-Aug-14 0.06294 0.06028 10.763925-Sep-14 0.17600 0.16856 10.7615

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

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositCanara Bank 7,449.74 5.37% CRISIL A1+Dena Bank 7,414.89 5.35% CRISIL A1+Canara Bank 7,405.51 5.34% CRISIL A1+Union Bank of India 4,964.12 3.58% CRISIL A1+IDBI Bank 4,948.89 3.57% CRISIL A1+Oriental Bank of Commerce 4,948.27 3.57% CRISIL A1+State Bank of Hyderabad 4,937.01 3.56% [ICRA]A1+Vijaya Bank 4,929.38 3.56% CARE A1+The South Indian Bank 2,464.39 1.78% CARE A1+IndusInd Bank 495.17 0.36% CRISIL A1+Commercial PaperMagma Fincorp 9,931.88 7.17% CARE A1+SREI Equipment Finance 9,903.21 7.14% [ICRA]A1+Edelweiss Financial Services 9,837.83 7.10% CRISIL A1+India Infoline Finance 7,912.27 5.71% [ICRA]A1+BILT Graphics Paper Products 6,874.94 4.96% Fitch A1+JM Financial Products 4,973.29 3.59% [ICRA]A1+Reliance Infrastructure 4,914.58 3.55% Fitch A1+Godrej Properties 2,482.70 1.79% [ICRA]A1+National Fertilizers 2,470.04 1.78% CRISIL A1+Tata Capital Housing Finance 2,464.80 1.78% CRISIL A1+Fixed DepositFixed DepositSyndicate Bank 5,000.00 3.61% Fixed DepositPunjab & Sind Bank 5,000.00 3.61% Fixed DepositIndian Overseas Bank 5,000.00 3.61% Fixed DepositTreasury Bill182 DAYS TREASURY BILL RED 04-06-2015 4,932.97 3.56% SovereignTotal 95.00%Cash EquivalentsCBLOs 8,677.45 6.26%Reverse Repos 794.11 0.57%Net Current Assets -2,519.14 -1.83%

Total Net Assets as on 31 March 2015 1,38,608.29 100.00%

HSBC Cash Fund (HCF) March 2015

42

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


` 1394.5179


1.64 months


1.51 months

Yield To Maturity* 8.94%Fund Manager Kapil Punjabi


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

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

Total Expense Ratio as on March 31, 2015 Regular # 1.00% Institutional # 0.35%Institutional Plus 0.06%Direct Plan 0.01%Currently there is no Service Tax levied due to nil Investment Management Fees being charged.

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

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

Asset AllocationMoney Market Instruments 80.61%Fixed Deposit 10.83%Cash Equivalents 6.83%Treasury Bill 3.56%Net Current Assets -1.83%

Rating ProfileAAA and equivalents 80.61%Fixed Deposit 10.83%Reverse Repos/ CBLOs 6.83%Sovereign 3.56%Net Current Assets -1.83%

HSBC Cash Fund (HCF) March 2015

43

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

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






HSBC Cash Fund - Institutional Option - Monthly Dividend27-Jan-15 5.34244 4.95439 1007.416625-Feb-15 4.79882 4.45026 1006.667725-Mar-15 4.63369 4.29712 1006.4402HSBC Cash Fund - Monthly Dividend - Direct Plan27-Jan-15 5.40417 5.01163 1007.448825-Feb-15 4.85660 4.50384 1006.694525-Mar-15 4.68040 4.34044 1006.4517HSBC Cash Fund - Institutional Plus Option - Monthly Dividend26-Aug-11 0.04886 0.04686 10.138329-Sep-11 0.05876 0.05636 10.150928-Oct-11 0.05244 0.05030 10.1428

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


` 17.9679


181.80 months


93.32 months

Yield To Maturity* 7.93%Fund Manager Sanjay ShahSIP AvailableMinimum ` 10,000Application ` 1,000 p.m.(SIP)AmountExit Load@ Nil

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

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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Government Securities8.24% GOVT OF INDIA RED 10-11-2033 73.17 22.02% Sovereign8.60% GOVT OF INDIA RED 02-06-2028 60.61 18.24% Sovereign8.15% GOVT OF INDIA RED 24-11-2026 56.76 17.08% Sovereign8.30% GOVT OF INDIA RED 31-12-2042 47.30 14.24% Sovereign8.40% GOVT OF INDIA RED 28-07-2024 26.08 7.85% Sovereign9.20% GOVT OF INDIA RED 30-09-2030 22.37 6.73% Sovereign8.28% GOVT OF INDIA RED 21-09-2027 10.38 3.12% SovereignTotal 89.28%Cash EquivalentsCBLOs 26.02 7.83%Reverse Repos 2.38 0.72%Net Current Assets 7.17 2.17%Total Net Assets as on 31 March 2015 332.24 100.00%





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

Asset AllocationGovernment Securities 89.28%Cash Equivalents 8.55%Net Current Assets 2.17%

Rating ProfileSovereign 89.28%Reverse Repos/ CBLOs 8.55%Net Current Assets 2.17%

HSBC Gilt Fund (HGF) March 2015

44


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


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

Issuer

MarketValue(` in

Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositCorporation Bank 1,762.07 8.91% CRISIL A1+Andhra Bank 1,718.02 8.69% CARE A1+IDBI Bank 1,631.30 8.25% CRISIL A1+UCO Bank 1,621.90 8.20% CRISIL A1+Punjab & Sind Bank 1,620.38 8.20% CARE A1+Bank of Baroda 492.71 2.49% [ICRA]A1+Andhra Bank 464.62 2.35% CARE A1+Commercial PaperSREI Equipment Finance 1,683.55 8.52% [ICRA]A1+Edelweiss Financial Services 1,674.40 8.47% CRISIL A1+Fullerton India Credit Co. 479.51 2.43% [ICRA]A1+Corporate/ PSU DebtCorporate Bonds / DebenturesHDFC 1,015.70 5.14% CRISIL AAAKotak Mahindra Prime 1,008.90 5.10% [ICRA]AAATata Capital Financial Services 997.81 5.05% CRISIL AA+Power Finance Corporation 515.16 2.61% CRISIL AAAShriram Transport Finance Company 511.50 2.59% CRISIL AABajaj Finance 508.40 2.57% [ICRA]AA+Tata Sons 507.67 2.57% CRISIL AAALIC Housing Finance 507.66 2.57% CRISIL AAAKotak Mahindra Prime 506.06 2.56% [ICRA]AAAShriram Transport Finance Company 61.16 0.31% CRISIL AATotal 97.58%Cash EquivalentsCBLOs 959.37 4.85%Reverse Repos 87.80 0.44%Net Current Assets -565.30 -2.88%Total Net Assets as on 31 March 2015 19,770.35 100.00%

HSBC Ultra Short Term Bond Fund (HUSBF) March 2015

45

Date of Allotment 17-Oct-06Benchmark Customised

Benchmark Index**NAV (Growth) per unit(as on 31.03.15)

` 12.3892


11.21 months


9.99 months

Yield To Maturity* 8.63%Fund Manager Piyush Harlalka &

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

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

Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.26% Institutional 0.97%Institutional Plus # 0.21%Direct Plan 0.25%Excludes service tax on Investment Management fees of 0.04% on Regular #, Direct and 0.05% onInstitutional Plus # of Total Net Assets.

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

Asset AllocationMoney Market Instruments 66.51%Corporate/ PSU Debt 31.07%Cash Equivalents 5.30%Net Current Assets -2.88%

Rating ProfileAAA and equivalents 87.06%AA+/ AA-/ AA and equivalents 10.52%Reverse Repos/ CBLOs 5.30%Net Current Assets -2.88%

HSBC Ultra Short Term Bond Fund (HUSBF) March 2015

46


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





HSBC Ultra Short Term Bond Fund - Institutional Option - Monthly Dividend27-Jan-15 0.06067 0.05626 10.210425-Feb-15 0.04125 0.03826 10.183625-Mar-15 0.04319 0.04006 10.1863HSBC Ultra Short Term Bond Fund - Monthly Dividend - Direct Plan25-Jun-14 0.15218 0.14575 10.1953HSBC Ultra Short Term Bond Fund - Institutional Plus Option - Monthly Dividend28-Jan-11 0.04829 0.04501 10.382125-Feb-11 0.04125 0.03845 10.374125-Mar-11 0.05214 0.04859 10.3865

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

IssuerMarketValue

(` in Lacs)

% toNet

AssetsRating

Money Market InstrumentsCertificate of DepositIndian Bank 2,786.29 4.98% Fitch A1+

Bank of Baroda 1,478.13 2.64% [ICRA]A1+

Corporate/PSU Debt

Corporate Bonds / Debentures

NABARD 2,003.43 3.58% CRISIL AAA

Power Finance Corporation 1,198.01 2.14% CRISIL AAA

Power Grid Corporation of India 498.44 0.89% CRISIL AAA



Government Securities8.15% GOVT OF INDIA RED 24-11-2026 12,384.18 22.12% Sovereign

8.24% GOVT OF INDIA RED 10-11-2033 7,338.01 13.11% Sovereign









8.27% GOVT OF INDIA RED- 09-06-2020 204.35 0.37% Sovereign

Total 98.13%Cash EquivalentsCBLOs 248.32 0.44%Reverse Repos 22.73 0.04%Net Current Assets 783.99 1.39%Total Net Assets as on 31 March 2015 55,977.12 100.00%

HSBC Flexi Debt Fund (HFDF) March 2015

47

Date of Allotment 05-Oct-07Benchmark CRISIL Composite


` 19.2952


146.46 months


82.08 months

Yield To Maturity* 7.84%Fund Manager Sanjay Shah

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

Total Expense Ratio as on March 31, 2015 Regular # 1.85%Institutional 1.60% Direct Plan 0.85%Excludes service tax on Investment Management fees of 0.07% of Total Net Assets.Annualised Expense Ratio from 1st April 2014 onwards Regular # 1.84%Institutional 1.59% Direct Plan 0.84%Excludes service tax on Investment Management fees of 0.07% on Regular Plan and 0.08% on Direct Plan of Total Net Assets.@ Effective from March 1, 2013 for prospective investments.* Based on invested Amount# Plan(s) discontinued from accepting subscriptions w.e.f. November 01, 2012

Asset AllocationGovernment Securities 82.12%Corporate/ PSU Debt 8.39%Money Market Instruments 7.62%Net Current Assets 1.39%Cash Equivalents 0.48%

Rating ProfileSovereign 82.12%AAA and equivalents 16.01%Net Current Assets 1.39%Reverse Repos/ CBLOs 0.48%

HSBC Flexi Debt Fund (HFDF) March 2015

48


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





HSBC Flexi Debt Fund - Regular Option - Monthly Dividend26-Apr-13 0.05836 0.04973 10.494931-May-13 0.11214 0.10740 10.671828-Jun-13 0.03263 0.03125 10.4175HSBC Flexi Debt Fund - Institutional Option - Monthly Dividend26-Dec-14 0.13421 0.12446 10.770327-Jan-15 0.21014 0.19488 10.874925-Feb-15 0.03739 0.03467 10.6368HSBC Flexi Debt Fund - Monthly Dividend - Direct Plan26-Dec-14 0.14094 0.13070 10.908427-Jan-15 0.21790 0.20207 11.014425-Feb-15 0.04250 0.03941 10.7726HSBC Flexi Debt Fund - Regular Option - Quarterly Dividend25-Sep-14 0.17534 0.16792 11.675526-Dec-14 0.16332 0.15146 12.079225-Mar-15 0.18147 0.16829 12.2052HSBC Flexi Debt Fund - Institutional Option - Quarterly Dividend25-Sep-14 0.17534 0.16792 11.619026-Dec-14 0.16332 0.15146 12.027125-Mar-15 0.18147 0.16829 12.1590HSBC Flexi Debt Fund - Quarterly Dividend - Direct Plan25-Sep-14 0.17534 0.16792 11.796426-Dec-14 0.16332 0.15146 12.237425-Mar-15 0.18147 0.16829 12.3982HSBC Flexi Debt Fund - Regular Option - Half Yearly Dividend14-Sep-12 0.35236 0.30201 11.431515-Mar-13 0.35236 0.30201 11.662925-Mar-15 0.37019 0.34330 12.5368HSBC Flexi Debt Fund - Institutional Option - Half-yearly Dividend15-Mar-13 0.35236 0.30201 10.9757HSBC Flexi Debt Fund - Half-yearly Dividend - Direct Plan25-Sep-14 0.31171 0.29853 11.259325-Mar-15 0.34842 0.32311 11.8530

Name of Scheme Fund Manager

HSBC MIP - Savings & Regular Plan

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

HSBC Income Fund - Investment Plan

Sanjay Shah (from 09 January 2009)

HSBC Income Fund - Short Term Plan

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

HSBC Floating Rate Fund Long Term Plan

Kapil Punjabi & Piyush Harlalka (from 18 October 2014)

HSBC Cash Fund Kapil Punjabi (from 14 March 2014)

HSBC Gilt Fund Sanjay Shah (from 09 January 2009)

HSBC Ultra Short Term Bond Fund

Piyush Harlalka & Kapil Punjabi (from 18 October 2014)

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

Fund Managers - MIP & Debt March 2015

49

Fund Manager’s Experience

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

Fund Managers - MIP & Debt March 2015

50

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

Over 8 years of experience in Research

l HSBC Asset Management (India) Private Ltd

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

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

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

Assistant Vice President, Investment Management, PMS, from December

2008 to October 2010;

Research Analyst, from, July 2007 to November 2008.

l Batlivala & Karanai Securities Pvt. Ltd.,

Research Analyst from April 2006 to June 2007

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

Over 11 years of experience in research and Fund Management

l HSBC Asset Management (India) Private Ltd.

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

l Taurus Asset Management Company Limited

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

l Edelweiss Asset Management Limited

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

l Edelweiss Securities Limited

Manager - Investments from October 2007 to November 2009

l Trans Market Group Research (India) Private Limited

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

Comparative Performance of Debt Schemes March 2015

51

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

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


April 12 - March 13

Since Inception

HSBC MIP - Regular Plan - Growth 15.60% 6.60% 10.07% 8.36%Crisil MIP Blended Index (Scheme Benchmark) 16.42% 6.42% 9.09% 7.93%Crisil 1 Year T-Bill Index (Standard Benchmark) 8.74% 5.78% 8.37% 5.74%Crisil 10 Year Gilt Index (Standard Benchmark) 14.58% -0.79% 11.31% 5.10%`10,000, if invested in HMIP - R, would have become `11,560 `10,660 `11,007 `24,387

`10,000, if invested in Crisil MIP Blended Index, would have become `11,642 `10,642 `10,909 `23,346

`10,000, if invested in Crisil 1 Year T-Bill Index, would have become `10,874 `10,578 `10,837 `18,585

`10,000, if invested in Crisil 10 Year Gilt Index, would have become `11,458 `9,921 `11,131 `17,381

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


April 12 - March 13

Since Inception

HSBC MIP - Savings Plan - Growth 18.57% 8.99% 10.74% 10.10%Crisil MIP Blended Index (Scheme Benchmark) 16.42% 6.42% 9.09% 7.93%Crisil 1 Year T-Bill Index (Standard Benchmark) 8.74% 5.78% 8.37% 5.74%Crisil 10 Year Gilt Index (Standard Benchmark) 14.58% -0.79% 11.31% 5.10%`10,000, if invested in HMIP - S, would have become `11,857 `10,899 `11,074 `29,112

`10,000, if invested in Crisil MIP Blended Index, would have become `11,642 `10,642 `10,909 `23,346



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



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


April 12 - March 13

Since Inception

HSBC Gilt Fund - Growth 16.35% 1.99% 12.37% 5.31%I-Sec Composite Bond Fund Index (Scheme Benchmark) 15.68% 3.95% 11.71% 7.27%

Crisil 10 Year Gilt Index (Standard Benchmark) 14.58% -0.79% 11.31% 5.08%

`10,000, if invested in HGF, would have become `11,635 `10,199 `11,237 `17,970

`10,000, if invested in I-Sec Composite Bond Fund Index, would have become `11,568 `10,395 `11,171 `22,146


Funds Managed by - Sanjay Shah.



52


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


Since Inception

HSBC Ultra Short Term Bond Fund - Growth 9.04% 9.04% 8.96%Customised Benchmark Index Fund (Scheme Benchmark)* 9.11% 8.60% 9.01%

Crisil 1 Year T-Bill Index (Standard Benchmark) 8.74% 5.78% 7.45%

`10,000, if invested in HUSTBF, would have become `10,904 `10,904 `21,584

`10,000, if invested in Customised Benchmark Index, would have become `10,911 `10,860 `21,676

`10,000, if invested in Crisil 1 Year T-Bill Index, would have become `10,874 `10,578 `19,042


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


April 12 - March 13

Since Inception

HSBC Flexi Debt Fund - Growth 14.56% 3.69% 11.26% 9.18%Crisil Composite Bond Fund Index (Scheme Benchmark) 14.60% 4.34% 9.27% 7.58%

Crisil 10 Year Gilt Index (Standard Benchmark) 14.58% -0.79% 11.31% 6.66%`10,000, if invested in HFDF, would have become `11,456 `10,369 `11,126 `19,314

`10,000, if invested in Crisil Composite Bond Fund Index, would have become `11,460 `10,434 `10,927 `17,294



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

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

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


April 12 - March 13

Since Inception

HSBC Income Fund - Investment Plan - Growth 14.88% 1.85% 11.19% 7.30%Crisil Composite Bond Fund Index (Scheme Benchmark) 14.60% 4.34% 9.27% 6.42%

Crisil 10 Year Gilt Index (Standard Benchmark) 14.58% -0.79% 11.31% 5.78%`10,000, if invested in HIF - IP, would have become `11,488 `10,185 `11,119 `23,801

`10,000, if invested in Crisil Composite Bond Fund Index, would have become `11,460 `10,434 `10,927 `21,505




53


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


April 12 - March 13

Since Inception

HSBC Income Fund - S T P - Growth 9.95% 7.23% 9.26% 7.05%Crisil Short Term Bond Fund Index (Scheme Benchmark) 10.33% 8.79% 9.09% 6.93%

Crisil 1 Year T-Bill Index (Standard Benchmark) 8.74% 5.78% 8.37% 5.70%

`10,000, if invested in HIF -ST, would have become `10,995 `10,723 `10,926 `23,138

`10,000, if invested in Crisil Short Term Bond Fund Index, would have become `11,033 `10,879 `10,909 `22,828



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

Last 7 Days as on 31

March 2015


March 2015


March 2015

April 14 - March 15

April 13 - March 14

Since Inception

HSBC Cash Fund - Growth 10.53% 9.39% 8.84% 8.95% 9.42% 8.98%

Crisil Liquid Fund Index (Scheme Benchmark) 13.63% 10.39% 9.58% 8.97% 9.46% 8.82%

Crisil 91 Day T-Bill Index (Standard Benchmark)

12.87% 10.21% 9.12% 8.84% 8.55% 8.40%

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

`10,020 `10,039 `10,073 `10,895 `10,942 `13,948

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

`10,026 `10,043 `10,079 `10,897 `10,946 `13,869

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

`10,025 `10,042 `10,075 `10,884 `10,855 `13,664


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

Fund Managed by - Kapil Punjabi.

Fund Managed by - Sanjay Shah & Piyush Harlalka

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


April 12 - March 13

Since Inception

HSBC FRF - LTP - Growth 8.73% 9.21% 9.17% 7.78%Crisil Liquid Fund Index (Scheme Benchmark) 8.97% 9.46% 8.22% 7.15%Crisil 1 Year T-Bill Index (Standard Benchmark) 8.74% 5.78% 8.37% 5.96%

`10,000, if invested HFRF - LTP, would have become `10,873 `10,921 `10,917 `21,761

`10,000, if invested in Crisil Liquid Fund Index, would have become `10,897 `10,946 `10,822 `20,485



Statutory Details & Disclaimers

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

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

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

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

March 2015 · Fund Manager Commentary March 2015 2 Equity & MIP Market Update A weak month for the equity markets After a strong performance through most part of 2014 and also early

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