Abridged Schemewise Annual Reports 201 - HSBC

Abridged SchemewiseAnnual Reports 2014 - 2015

► INDEX HSBC Equity Fund 1 HSBC India Opportunities Fund 29 HSBC Midcap Equity Fund 57 HSBC Progressive Themes Fund 85 HSBC Tax Saver Equity Fund 113 HSBC Dynamic Fund 141 HSBC Dividend Yield Fund 169 HSBC Emerging Markets Fund 197 HSBC Asia Pacific (Ex Japan) Dividend Yield Fund 225 HSBC Brazil Fund 253 HSBC Managed Solutions 281 HSBC Global Consumer Opportunities Fund 311 HSBC MIP 337 HSBC Income Fund 373 HSBC Floating Rate Fund 413 HSBC Ultra Short Term Bond Fund 443 HSBC Cash Fund 474 HSBC Gilt Fund 504 HSBC Flexi Debt Fund 532 HSBC Capital Protection Oriented Fund 562 HSBC Fixed Term Series 598

6 HSBC Equity Fund

HSBC Equity FundAn Open-ended Diversifi ed Equity Scheme

Abridged Annual Report 2014 - 2015

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HSBC Equity Fund 6

Dear Investor,

Warm greetings from HSBC Global Asset Management, India.

It gives me immense pleasure to write to you again. And as always, let me start by expressing my gratitude to you for your continued faith in the company.

2014-15 was another very successful year for us.

HSBC Global Asset Management, India was adjudged the Best Pension Fund Manager of the year at the Asia Asset Management Awards held in Hong Kong

This came on the back of another major achievement - we were designated as the Best Money Market Fund Provider for Asia by Treasury Management International, one of the leading publications for treasurers

Also, in March this year, HSBC Global Asset Management, India was awarded one of the largest provident fund mandates in India for a record third term

I am sure you are equally pleased to see our efforts being recognised at various forums. These awards are a strong testament to the path we have chosen.

This was also the year in which we introduced HSBC Managed Solutions, a fi rst of its kind active asset allocation based solution in India.

As you know, I have been and continue to be of the fi rm view that asset allocation offers the best opportunity to balance risk and reward. While diversifi cation does not eliminate the risk of experiencing investment losses, combining different asset classes optimally can produce a more appealing risk and return trade-off. It is this belief that led us to introduce such a capability in India.

I am very happy to share that the launch of HSBC Managed Solutions in April 2014 is HSBC Global Asset Management, India’s biggest launch since 2007 (Source: HSBC Global Asset Management, India). I would encourage you to fi nd out more about HSBC Managed Solutions while planning your investments if you have not already done so.

Market Outlook

As we come to the end of the fi rst half of the calendar year 2015, we look at a stock market that has been fl at to mildly positive. The long term reforms as proposed in the annual Budget were not immediately perceived by the market as constructive. Many bills that are crucial for reform implementation, such as, the Goods and Services Tax and Land Acquisition are yet to be passed.

The RBI has reduced benchmark rates to indicate an accommodative monetary policy. However, the aggressive tone of the policies has not sent positive vibes for the bond markets as well. The uncertainty regarding the monsoon has also created some unease. Corporate earnings have been muted both for the fi nancial year ending in March 2015, as well as the fi rst quarter of the current fi nancial year ending June 2015. Forward estimates, though unadjusted for now in most analysts’ spreadsheets, are likely to be revised downward. Also, from a historical perspective, the equity market is slightly expensive compared to its fi fteen year average. With earnings likely to be downgraded further, it points to further volatility in the near term.

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6 HSBC Equity Fund

Investors should keep in mind that the economy, in our view, would likely recover only by the end of FY2016 and more importantly in a meaningful way in FY2017. The reforms push, driven by signifi cant government capex is likely to start showing up in revenues in construction oriented sectors. The resultant fi llip to the economy may then lead to greater demand and hopefully into the economic revival that we are expecting in the next year. That said, the fi rst signs of recovery, whether in the level of orders received by capital goods companies or the uptick in heavy commercial vehicle volumes, give us the confi dence that the economy is slowly but surely on the path of recovery.

In closing please accept, once again, my sincere thanks for choosing us as your partner. And I look forward to a long and mutually benefi cial relationship.

Yours sincerely,

Puneet Chaddha

Chief Executive Offi cer

HSBC Asset Management (India) Private Limited

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HSBC Equity Fund 6

SPONSORHSBC Securities and Capital Markets (India) Private LimitedRegd. Offi ce: 52/60, Mahatma Gandhi Road, Fort, Mumbai - 400 001.

TRUSTEEBoard of TrusteesOffi ce: 16, Veer Nariman Road, Fort, Mumbai 400 001.

ASSET MANAGEMENT COMPANYHSBC Asset Management (India) Private LimitedCorp. & Regd. Offi ce: 16, Veer Nariman Road, Fort, Mumbai 400 001.

CUSTODIANStandard Chartered Bank (SCB)Corp. & Regd. Offi ce: Crescenzo, Securities Services, 3rd Floor, C - 38/39, G - Block,Bandra Kurla Complex, Bandra East, Mumbai - 400051.

AUDITORS TO THE SCHEMEPrice WaterhouseChartered Accountants252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai - 400 028.

LEGAL ADVISORSBharucha & PartnersBharucha & Partners, Hague Building, Sprott Road, Ballard Estate, Mumbai - 400 001.

REGISTRAR & TRANSFER AGENTSComputer Age Management Services (P) Ltd. (CAMS)No. 4, Nehru Nagar West, Kalapatti Main Road, Civil Aerodrome Post, Coimbatore - 641 014.

BOARD OF TRUSTEESMr. N. P. Gidwani - Chairman

Mr. Nasser MunjeeMr. Manu TandonMr. Mehli MistriMr. Dilip J. ThakkarMr. Glenn Berry

BOARD OF DIRECTORSMs. Kishori J. Udeshi - Chairperson

Mr. S. P. MustafaMr. Dinesh MittalMr. Puneet Chaddha - Chief Executive Offi cer

Mr. Ravi Menon

Note - Ms. Naina Lal Kidwai resigned from the Board of Directors with effect from March 17, 2015 and Mr. Ravi Menon was appointed as a Director with effect from April 24, 2015.

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6 HSBC Equity Fund

Trustees’ ReportFor the year ended March 31, 2015

The Trustees present the thirteenth report and the audited abridged fi nancial statements of the Schemes of HSBC Mutual Fund (the “Fund”), for the year ended March 31, 2015.

1. SCHEME PERFORMANCE, FUTURE OUTLOOK AND OPERATIONS OF THE SCHEMES

a) Operations and Performance of the Schemes

HSBC Equity Fund (HEF) – an open-ended diversifi ed Equity SchemeHEF seeks to generate long-term capital growth from an actively managed portfolio of equity and equity related securities.

The net assets of HEF amounted to Rs. 660.85 crores as at March 31, 2015 as against Rs. 453.11 crores as at March 31, 2014. Around 98.81% of the net assets were invested in equities, 1.44% of the net assets were invested in reverse repos / CBLO and (- 0.25%) were in the net current assets as at March 31, 2015.

HEF remained invested in a diversifi ed portfolio across large capitalization stocks. The relative underweight in Healthcare resulted in underperformance against scheme benchmark for the period 2014-15.

Date of Inception : 10 December 2002 Absolute (%) Compounded Annualized (%)

Scheme Name & Benchmarks April ‘14 - March ‘15

April ‘13 - March ‘14


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

Rs. 10,000, if invested in HEF, would have become 12,789 11,682 10,420 151,791

Rs. 10,000, if invested in S&P BSE 200, would have become

13,172 11,665 10,541 92,353

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

Past performance may or may not be sustained in future. Returns data as on March 31, 2015. Data for the period April to March has been considered in all cases, except for Since Inception. ‘Since Inception’ returns are calculated on Rs. 10 invested at inception. Standard benchmark is prescribed by SEBI for long term equity schemes and is used for comparison purposes. Returns on Rs. 10,000 are point-to-point returns for the specifi c time period, invested at the start of the period. The returns provided above have been rounded off and hence there may be a minor difference between point-to-point returns vis-à-vis returns indicated above. Calculations are based on Growth NAVs.

b) Market Overview & Outlook(as furnished by HSBC Asset Management (India) Pvt. Ltd.)

EQUITY OUTLOOKEquity markets saw the best year after FY10 and delivered impressive returns for the fi scal, with benchmark indices recording all-time highs during the year. BSE Sensex gained 24.9% while the broader market indices fared even better with CNX Midcap gaining 51% during the year. The surge in equity markets was driven by the decisive majority for the BJP led NDA coalition and the expectations of a reform focused governance from them. Fall in global oil and commodity prices had a positive impact on infl ation, current account, and other key macro indicators with India being a net importer of crude oil. We also saw the start of the rate easing cycle by the RBI on the back of data points.

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Trustees’ ReportFor the year ended March 31, 2015 (Contd...)

Indices Returns (April 1, 2014 to March 31, 2015) 1 Year (%)

BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg

Our view on the key aspects related to equity markets are presented below;

Macro: India remains one of the fastest growing economies in the world. We have witnessed improvement in all macro parameters. The bottom of GDP growth, Industrial growth, and capital formation and the peaks of current account defi cit, fi scal defi cit, infl ation, and interest rates are behind us. Key near to medium term risk to our call is the fall-out of the ‘known-unknown’ from Greece crisis, Monsoons, Parliamentary log jam and US Fed rate hike.

Infl ation: One of the major successes of the last year has been containment of the infl ation. Consumer Price Index (CPI) is lower by over 500bps from last year and has been source of many positive policy decisions. Wholesale price Index (WPI) has been in defl ation for the last 7 consecutive months. It is largely due to lower crude and commodity prices but also due to weak demand and lack of pricing power.

Interest rates: Interest rates have come down by 75 bps (Policy rate) as compared to peak of last year. Further cuts in the policy rates will depend upon data.

Valuations: Market index BSE Sensex is trading at 16.1x on FY16e and 13.7x on FY17e earnings*. With a rebound in GDP, corporate earnings are bound to recover and revert to mean profi tability.. However, the pace of the corporate earnings recovery may only be gradual and we expect FY16 to be a transitional year on this front. Further, reform initiatives by the government and continuation of the monetary easing cycle by the RBI could help to accelerate the process of revival in domestic growth.

* Data as on 25 June 2015; Source: Bloomberg

DEBT OUTLOOKFixed Income in Financial Year 2015 was a story of slow buildup on lower infl ation path. In the month of May, the new government came in, strong willed government, astute RBI and lower oil prices combined forces over next nine months to bring down infl ation.

CPI continued to ease out to provide comfort for series of rate cuts. Government on its part played role in bringing down food component of infl ation due to lower increase in rural wages, minimum support price and crackdown on hoarding and restrictive trade practices. Early decision to abandon Agricultural Produce Marketing Committee also helped to keep food prices in check.

Oil prices continued to move down as the demand supply equation became skewed towards excess supply in Mid-2014. Further, the pressure from oil producing gulf countries to maintain their market share put substantial pressure on oil prices. The shale gas producers, who are higher cost producers shut down partially their new capital expenditures which provided stability to the prices at about half of the level where the year began.

RBI continued to intervene in the Forex market to build up reserves and control appreciation of INR. The currency maintained stability through couple of emerging market volatility elements in 2014, where Russian Rouble as well as Turkish Lira was under pressure. Moreover, the foreign exchange fl ows which were attracted due to lower volatile currency helped build up the forex reserves to about USD 325 bn which will help RBI defend INR level in case of volatility.

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6 HSBC Equity Fund


Stability in the currency, forex fl ows and prospects of growth under the new governing regime coupled with lower CPI helped build a case for rate cut. Market pre-empeted most of the rate cuts by RBI and thus on actual instance reactions remained muted. Spreads for corporate bonds substantially narrowed given the FPI limits were available only in corporate bonds and not in G-sec in the later part of the year. This lead to excess demand form FPI in quasi sovereign names in the markets.

For most part expectation of Federal Reserve creating a prospect for art hike and pressure due to Greece default remained present with different intensity. That created additional volatility in the markets due to on off scenarios. Federal Reserve removed the word “patience” from its guidance which brought the rate hike within prospect of couple of quarters. Though market ignored the same for long time in FY 2015, the prospect of these instances will haunt the market in next fi nancial year.

Prospects of the rate hike in US may create volatility in fi xed income market though the yield differential route and withdrawal of funds from emerging markets by global funds route. Greece exit from Euro or possible default may affect the markets again through risk off measures in market leading to withdrawal from emerging market.

In the coming year apart from the global factors, following domestic factors will play a key role in fi xed income markets:

� Liquidity: Liquidity will drive short end rates and eventually drive decisions leading to market interventions and CRR cuts.

� Infl ation: Infl ation numbers will determine future course of action for RBI and remains a critical variable for policy. We expect infl ation to ease in second quarter of FY 15-16.

� Growth: GDP growth numbers as well as industrial activity will also determine the decision on policy.

� Fiscal defi cit: Fiscal defi cit and government spending will determine the government borrowing and crowding out in interest rate curve. We expect prudence in government spending and prospect of spending on infrastructure to pick up which will crowd in private investment as well.

� Current Account Defi cit: Current Account Defi cit determines how the pressure on currency works and effective management of forex reserves.

� Currency levels: Level of INR will determine how the central bank reacts to the situation on the global crisis etc.

2. BRIEF BACKGROUND OF SPONSORS, BOARD OF TRUSTEES AND ASSET MANAGEMENT COMPANY

a) Sponsor HSBC Mutual Fund is sponsored by HSBC Securities and Capital Markets (India) Private Limited (HSCI).

The Sponsor is the Settler of the Mutual Fund Trust. The Sponsor has entrusted a sum of Rs. 1,00,000 (Rupees One Lakh only) to the Trustee as the initial contribution towards the corpus of the Mutual Fund.

HSCI offers integrated investment banking services, securities and corporate fi nance & advisory. HSCI is a member of The Bombay Stock Exchange Limited and National Stock Exchange (capital and derivative market segments). HSCI holds 100% of the paid up equity share capital of HSBC Asset Management (India) Private Limited.

b) HSBC Mutual Fund HSBC Mutual Fund (“the Mutual Fund” or “the Fund”) has been constituted as a Trust in accordance with

the provisions of the Indian Trusts Act, 1882 (2 of 1882) vide a Trust Deed dated February 7, 2002 with HSBC Securities and Capital Markets (India) Private Limited, as the Sponsor and the Board of Individual Trustees. The Trustee has entered into an Investment Management Agreement dated February 7, 2002 with HSBC Asset Management (India) Private Limited (AMC) to function as the Investment Manager for all the schemes of the Fund. The Fund was registered with SEBI vide registration number MF/046/02/5 dated May 27, 2002.

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The Trust has been formed for the purpose of pooling of capital from the public for collective investment in securities / any other property for the purpose of providing facilities for participation by persons as benefi ciaries in such properties / investments and in the profi ts / income arising therefrom.

c) Board of Trustees (the Trustees) The Board of Trustees is the exclusive owner of the Trust Fund and holds the same in trust for the benefi t

of the unit holders. The Trustees have been discharging their duties and carrying out the responsibilities as provided in the SEBI (Mutual Funds) Regulations, 1996 and the Trust Deed. The Trustees seek to ensure that the Fund and the schemes fl oated there under are managed by the AMC in accordance with the Trust Deed, the said Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.

d) Asset Management Company (the AMC) HSBC Asset Management (India) Private Limited (the Investment Manager or the AMC) is a private limited

company incorporated under the Companies Act, 1956 on December 12, 2001 having its Registered Offi ce at 16, V. N. Road, Fort, Mumbai 400 001. HSBC Asset Management (India) Private Limited has been appointed as the Asset Management Company of the HSBC Mutual Fund by the Trustee vide Investment Management Agreement (IMA) dated February 7, 2002 and executed between the Trustees and the AMC. SEBI approved the AMC to act as the Investment Manager of the Fund vide its letter No. MFD/BC/163/2002 dated May 27, 2002. The paid-up equity share capital of the AMC is Rs. 61.59 crores. HSBC Securities and Capital Markets (India) Private Limited holds 100% of the paid up equity share capital of the AMC.

3. INVESTMENT OBJECTIVE OF THE SCHEMESThe investment objective of the respective schemes has been provided above under the heading “Scheme Performance, Future Outlook and Operation of the Scheme” (Refer Section 1).

4. SIGNIFICANT ACCOUNTING POLICIESThe accounting policies are in accordance with Securities Exchange Board of India (Mutual Funds) Regulations 1996.

5. UNCLAIMED DIVIDENDS & REDEMPTIONSSummary of number of investors & corresponding amount Scheme-wise as on March 31, 2015:

SchemeUnclaimed Dividends Unclaimed Redemptions

Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Equity Fund 7,123,056.75 1627 5,819,118.03 211

6. INVESTOR SERVICESThe number of offi cial points of acceptance of transactions is 197 locations. In addition to the offi ces of the Registrar & Transfer agents, the AMC has Investor Service Centres in 8 locations at its own offi ces - namely Mumbai, New Delhi, Kolkata, Chennai, Bengaluru, Ahmedabad, Hyderabad and Pune. With a view to enhance customer convenience, the AMC has extended the facility of priority based servicing to key distributors through the enhancement of the Interactive Voice Reponses. Call Centre number has now been converted to a single Toll Free number which can be dialed from anywhere in India. The call Centre service is being managed by the Registrar and Transfer Agents. The AMC continues to retain the outsourced back offi ce services with HSBC Electronic Data Processing India Private Limited.

On the distribution front, the number of empanelled distributors was 463 as on March 31, 2015. During the year, the AMC initiated tie-ups for online distribution of the Mutual Fund’s schemes with several channel partners taking the total number of such tie-ups to 42.

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7. DETAILS OF INVESTOR GRIEVANCE REDRESSALThe details of the redressal of investor complaints received against HSBC Mutual Fund during April 2014- March 2015 are as follows:

Total Number of Folios: 1,88,184*

Com-plaintCode

Type of complaint#

(a) No. ofcomplaintspendingat the

beginningof theyear

(b) No. of com-plaints

receivedduring

theyear#

Action on (a) and (b)

Resolved Non Actiona-

ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months

I A Non receipt of Dividend on Units

0 13 8 4 0 0 0 1 0 0 0

I B Interest on delayed payment of Dividend

0 0 0 0 0 0 0 0 0 0 0

I C Non receipt of Redemption Proceeds

6 33 24 14 0 0 0 1 0 0 0

I D Interest on delayed payment of Redemption

0 0 0 0 0 0 0 0 0 0 0

II A Non receipt of Statement of Account/Unit Certifi cate

0 2 2 0 0 0 0 0 0 0 0

II B Discrepancy in Statement of Account

0 1 1 0 0 0 0 0 0 0 0

II C Data corrections in Investor details**

0 79 78 0 0 0 0 1 0 0 0

II D Non receipt of Annual Report/Abridged Summary

0 0 0 0 0 0 0 0 0 0 0

III A Wrong switch between Schemes

0 0 0 0 0 0 0 0 0 0 0

III B Unauthorized switch between Schemes

0 0 0 0 0 0 0 0 0 0 0

III C Deviation from Scheme attributes

0 1 1 0 0 0 0 0 0 0 0

III D Wrong or excess charges/load

0 0 0 0 0 0 0 0 0 0 0

III E Non updation of changes viz. address, PAN, bank details, nomination, etc

1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios

# including against its authorized persons / distributors / employees etc.

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8. STATUTORY DETAILSa) The Sponsors are not responsible or liable for any loss resulting from the operation of the Schemes of

the Fund beyond initial contribution of Rs. 1 lakh for setting up the Fund.

b) The price and redemption value of the units, and income from them, can go up as well as down with fl uctuations in the market value of its underlying investments.

c) Full Annual Report shall be disclosed on the website at www.assetmanagement.hsbc.com/in and shall be available for inspection at the Head Offi ce of the mutual fund. Present and prospective unit holder can obtain copy of the Trust Deed, the full Annual Report of the Scheme(s), the Annual Report of HSBC Asset Management (India) Private Limited and the text of the relevant Scheme(s) at a price.

9. ACKNOWLEDGEMENTSThe Trustees wish to thank the Unit holders of the Schemes for their support throughout the year and also thank the Government of India, the Securities and Exchange Board of India (SEBI), the Reserve Bank of India (RBI) and the Association of Mutual Funds in India (AMFI) for the guidance provided by them. The Trustees also appreciate the service provided by the Registrar and Transfer Agent, Fund Accountant, Custodian, Bankers, Distributors and Brokers. The guidance and services provided by the Auditors and advocates and the ebullience, sincerity and dedication of the employees of HSBC Asset Management (India) Private Limited is also appreciated.

The Trustees look forward to the continued support of everyone.

For and on behalf of the Board of Trustees of HSBC Mutual Fund

Sd/-

Dilip J. Thakkar

Trustee

MumbaiJuly 16, 2015.

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6 HSBC Equity Fund

To the Board of Trustees of

HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Equity Fund, (the

“Scheme”), which comprise the Balance Sheet as at March 31, 2015, the related Revenue Account and the Cash Flow Statement for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.

Trustee’s and Management’s Responsibility for the Financial Statements2. The Board of Trustees of HSBC Mutual Fund (the “Trustee”) and the Management of HSBC Asset

Management (India) Private Limited (the “Management”) are responsible for the preparation of these fi nancial statements that give a true and fair view of the fi nancial position, fi nancial performance and cash fl ows of the Scheme in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (the “Regulations”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the fi nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility3. Our responsibility is to express an opinion on these fi nancial statements based on our audit. We conducted

our audit in accordance with the Standards on Auditing and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances. Our procedures included confi rmation of securities owned and unit capital balances as at March 31, 2015 by correspondence with the custodian/others and registrar and transfer agent, respectively. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Trustee and the Management, as well as evaluating the overall presentation of the fi nancial statements.

5. We believe that the audit evidence we have obtained is suffi cient and appropriate to provide a basis for our audit opinion.

Opinion6. In our opinion, and to the best of our information and according to the explanations given to us, the

accompanying fi nancial statements give the information required by the Regulations in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2015;

(b) in the case of the Revenue Account, of the net surplus for the year ended on that date; and

(c) in the case of the Cash Flow Statement, of the cash fl ows for the year ended on that date.

Report on Other Legal and Regulatory Requirement7. As required by section 55(4) of the Regulations, we report that:

(a) We have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit; and

Independent Auditors’ Report

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HSBC Equity Fund 6

Independent Auditors’ Report (Contd...)

(b) In our opinion, the Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this report have been prepared in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Regulations.

8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme.

For PRICE WATERHOUSEFirm Registration Number: 301112EChartered Accountants

Sd/-

Vivek PrasadPartnerMembership Number: 104941

Place : MumbaiDate : July 16, 2015.

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Rs. in Lakhs

HSBC EQUITY FUNDAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 9,718.26 9,855.252 Reserves & Surplus2.1 Unit Premium Reserves (11,663.88) (15,203.70)2.2 Unrealised Appreciation Reserve 19,234.00 11,231.682.3 Other Reserves 48,780.52 39,394.993 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 766.34 1,109.59

TOTAL 66,835.24 46,387.81

ASSETS 0.00 0.001 Investments1.1 Listed Securities:1.1.1 Equity Shares 65,223.48 44,318.291.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 50.88 –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – –1.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –

Total Investments 65,274.36 44,318.29

2 Deposits 2.88 1.003 Other Current Assets3.1 Cash & Bank Balance 38.48 19.123.2 CBLO / Reverse Repo Lending 954.55 1,137.613.3 Others 564.97 911.794 Deferred Revenue Expenditure – –

(to the extent not written off)

TOTAL 66,835.24 46,387.81

Notes to Accounts - Annexure I

Abridged Balance Sheet as at March 31, 2015

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HSBC Equity Fund 6

Abridged Revenue Account for the year ended March 31, 2015

Rs. in Lakhs

HSBC EQUITY FUNDCurrent

Year ended March 31, 2015

Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend 844.53 861.981.2 Interest 87.70 134.181.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of

investments7,371.19 5,902.11

1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income 1.91 26.89

(A) 8,305.33 6,925.16

2 EXPENSES2.1 Management fees 847.10 706.632.2 Service tax on Management fees 104.68 87.342.3 Transfer agents fees and expenses 89.97 68.132.4 Custodian fees 7.24 7.062.5 Trusteeship fees 2.05 1.922.6 Commission to Agents 288.79 288.142.7 Marketing & Distribution expenses 113.42 52.022.8 Audit fees 4.45 6.662.9 Investor Education Expenses 12.37 9.502.10 Other operating expenses 20.70 27.832.11 Less: Expenses to be Reimbursed by the Investment Manager – –

(B) 1,490.77 1,255.23

3 NET REALISED GAINS / (LOSSES) FORTHE YEAR (A - B = C) 6,814.56 5,669.93

4 Change in Unrealised Depreciation invalue of investments and derivatives (D) – –

5 NET GAINS / (LOSSES) FOR THE YEAR [E = (C + D)] 6,814.56 5,669.93

6 Change in unrealised appreciation inthe value of investments and derivatives (F) 8,002.32 1,709.88

7 NET SURPLUS / (DEFICIT) FOR THE YEAR (E + F = G) 14,816.88 7,379.81

7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 8,002.32 1,709.887.3 Add / (Less): Equalisation 4,375.82 (15,032.74)7.4 Transfer from Reserve Fund 39,395.00 48,757.80

8 Total 50,585.37 39,394.99

9 Dividend Appropriation9.1 Income Distributed during the year 1,804.85 –

9.2 Tax on income distributed during the year – –

10 Retained Surplus / (Defi cit) carried forward toBalance Sheet 48,780.52 39,394.99


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6 HSBC Equity Fund

Key Statistics for the year ended March 31, 2015

HSBC EQUITY FUND Current


Previous Year ended

March 31, 2014

1. NAV per unit (Rs.) :

Open

Regular Plan Growth Option 117.5732 100.1318

Regular Plan Dividend Option 26.7521 22.7836

Direct Plan - Growth Option 118.7803 100.4499

Direct Plan - Dividend Option 27.0305 22.8591

High





Low





End





2. Closing Assets Under Management (Rs. in Lakhs)

End 66,085 45,278

Average (AAuM)1 61,851 47,510

3. Gross income as % of AAuM2 13.43% 14.58%

4. Expense Ratio:

a. Total Expense as % of AAuM (including service tax on Management fees) (planwise)

Regular Plan 2.58% 2.65%

Regular Plan Dividend Option 2.58% 2.65%

Direct Plan 1.86% 1.95%

Direct Plan - Dividend Option 1.86% 1.95%

b. Management Fee as % of AAuM (planwise)





15

HSBC Equity Fund 6

HSBC EQUITY FUND Current


Previous Year ended

March 31, 2014

5. Net Income as a percentage of AAuM3 11.02% 11.93%

6. Portfolio turnover ratio4 0.48 0.91

7. Total Dividend per unit distributed during the year (planwise)

Retail

Regular Plan Dividend Option 2.50 –

Direct Plan - Dividend Option 2.50 –

Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark

S&P BSE200 31.7200 16.6967

b. Since Inception

Scheme



Benchmark

S&P BSE200 19.7400 18.7170

1. AAuM = Average daily net assets.

2. Gross income = amount against (A) in the Revenue Account i.e. Income.

3. Net income = amount against (C) in the Revenue Account i.e. Net Realised Gains / (Losses) for the year.

4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.

Key Statistics for the year ended March 31, 2015 (Contd...)

16

6 HSBC Equity Fund

Notes to Accounts - Annexure ITo the Abridged Balance Sheet and Revenue Account for the Year ended March 31, 2015

HSBC EQUITY FUND

1 Investments:

1.1. It is confi rmed that investments of the Schemes are registered in the name of the Trustees for the benefi t of the Scheme’s unitholders.

1.2. Open Positions of derivatives as of years ended March 31, 2015 and March 31, 2014 is NIL.

1.3. Investments in Associates and Group Companies:(Rupees)

Issuer Instrument Type

Amount Aggregate Investments

by all schemes


by all schemes

2015 2014

Shriram Transport Finance Company Ltd.

Corporate Bonds / Debentures

– 1,607,345,350 – 555,832,950

Equities 109,901,590 215,829,290 – –

Bharti Airtel Ltd. Equities – 12,741,680 20,120,275 76,306,283

Steel Authority of India Ltd.

Commercial Paper

– – – 1,243,550,000

Shriram Equipment Finance Co Ltd.

Commercial Paper

– – – 492,702,500

1.4. Open positions of Securities Borrowed and / or Lent by the Scheme as of the years ended March 31, 2015 and March 31, 2014 are NIL.

1.5. NPAs as at years ended March 31, 2015 and March 31, 2014 are NIL.

1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial years March 31, 2015 and March 31, 2014 and percentage to net assets are as under :

Company Name Amount (Rs.) Percentage to Net Assets

Amount (Rs.) Percentage to Net Assets

2015 2014

Equity Shares

– Appreciation 2,070,137,793 31.33 1,146,109,304 25.31

– Depreciation 151,825,247 2.30 22,941,434 0.51

Non Convertible Debentures and Bonds Listed / Awaiting Listing

– Appreciation 5,087,705 0.08 – –

– Depreciation – 0.00 – –

1.7. The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-2015 (excluding accretion of discount) is Rs. 3,518,821,198 and Rs. 2,960,565,771 respectively being 56.89% and 47.87% of the average daily net assets.

The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013-14 (excluding accretion of discount) is Rs. 4,334,871,643 and Rs. 5,995,132,778 respectively being 91.24% and 126.19% of the average daily net assets.

1.8. Non-Traded securities in the portfolio of the Scheme as of the years ended March 31, 2015 and March 31, 2014 are NIL.

17

HSBC Equity Fund 6

2 Disclosure Under Regulation 25(8) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended

During the year 2014-15, The Hongkong and Shanghai Banking Corporation Limited, an associate entity of HSBC Asset Management (India) Private Limited was paid collection / bank charges amounting to Rs. Nil and clearing member charges on derivative transactions amounting to Rs. Nil.

During the year 2013-14, The Hongkong and Shanghai Banking Corporation Limited, an associate entity of HSBC Asset Management (India) Private Limited was paid collection / bank charges amounting to Rs. 19, 200 and clearing member charges on derivative transactions amounting to Rs. Nil.

Commission paid to Sponsor / AMC and its associates / related parties / group companies

Name of Sponsor / AMC and its associates / related parties / group companies

Nature of Association / Nature of

Relation

Period Covered

Business Given [Rs. In Crores]

% of Total Business received by the Fund

Commission paid [Rs.]

% of Total commission paid by the

Fund

The Hongkong and Shanghai Banking Corporation Limited

Associate 2014-2015 19.22 8.02 4,456,257 16.75

HSBC Inves tD i rec t Securities (India) Limited

Associate 2014-2015 – – – –



Relation

Period Covered


% of Total Business

received by the Fund



Fund


Associate 2013-2014 2.26 5.83 4,129,159 10.61

HSBC InvestDirect Securities (India) Limited

Associate 2013-2014 – – 48,214 0.12

Brokerage paid to Sponsor / AMC and its associates / related parties / group companies



relation

Period Covered

Value of Transactions

[Rs. In Crores]

% of total value of

transactions of the fund

Brokerage paid [Rs.]

% of total brokerage

paid by the fund

HSBC Securities and Capital Market (India) Private Limited

Sponsor 2014-2015 23.62 3.64 283,236 3.68



relation

Period Covered


[Rs. In Crores]

% of total value of



% of total brokerage paid by the

fund


Sponsor 2013-2014 28.73 2.78 344,690 2.80

Notes to Accounts - Annexure I (Contd...)To the Abridged Balance Sheet and Revenue Account for the Year ended March 31, 2015

18

6 HSBC Equity Fund

The brokerage paid was at rates similar to those offered to other brokers / distributors

Further, The Hongkong and Shanghai Banking Corporation Limited, an associate of the Sponsor, is on the panel of bankers with whom HSBC Mutual Fund places money on fi xed deposits and enters into reverse repo transactions from time to time at competitive rates.

3 None of the Investors held more than 25% of the total net assets of the Scheme at the years ended March 31, 2015 and March 31, 2014.

4 Unit Capital movement during the years ended March 31, 2015 and March 31, 2014:

Description 2014-2015

Opening Units Subscription Redemption Closing Units Face Value per unit (Rupees)

Regular Plan Growth Option

20,594,385.613 1,571,513.394 5,580,554.555 16,585,344.452 10

Regular Plan Dividend Option

77,351,789.447 7,219,550.779 17,275,158.499 67,296,181.727 10

Direct Plan - Growth Option

226,295.680 14,381,524.674 1,806,755.353 12,801,065.001 10

Direct Plan - Dividend Option

379,982.738 184,519.023 64,514.523 499,987.238 10

Description 2013-2014



30,349,642.128 2,660,563.229 12,415,819.744 20,594,385.613 10

Regu la r P l an Dividend Option

101,946,741.042 1,309,815.487 25,904,767.082 77,351,789.447 10


70,466.051 225,127.027 69,297.398 226,295.680 10

Direct P lan - Dividend Option

194,070.056 206,484.161 20,571.479 379,982.738 10

5 Previous year fi gures have been re-grouped / re-arranged where necessary.

6 No contingent liabilities for the years ended March 31, 2015 and March 31, 2014.

7 Expenses other than Management Fees are Inclusive of Service Tax where applicable.

8 Other income of Rs. 191,719 (2014: Rs. 2,689,085) represents Exit load (net of service tax) credited to the scheme.

9 The Annual Accounts of the Schemes prepared in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 has been approved by the Board of Directors of HSBC Asset Management (India) Private Limited and The Board of Trustees of HSBC Mutual Fund at their meetings held on July 15, 2015 and July 16, 2015 respectively. The audit report attached herewith refers to the said Annual Accounts. The aforesaid abridged accounts are an extract of the Annual Accounts and are prepared in accordance with SEBI Circular No. IMD/Cir8/132968/2008 dated July 24, 2008.


19

HSBC Equity Fund 6

INTRODUCTIONThe purpose of this document is to state the voting policy and procedures of HSBC Asset Management (India) Private Limited (“AMIN”), in connection with various company proposals on behalf of all the schemes of HSBC Mutual Fund (“the Fund”).

The power to vote on proposals presented to shareholders through the proxy solicitation process is considered by AMIN to be important, recognizing that certain material proposals, if implemented, may have a substantial impact on the market valuation of portfolio stocks. Further, we believe that high standards of corporate governance help companies to deliver sustainable returns to the shareholders.

PROXY VOTING POLICIESA. Corporate governance matters including changes in the state of incorporation, merger and

other corporate restructuring and anti takeover provisions For all such material proposals, a careful review is undertaken by AMIN’s Investment team wherein the

fund manager may be of the opinion that the proposal is not likely to enhance the economic value or cause indeterminate and unnecessary expense to shareholders. Based on the review, AMIN exercises a vote either in favour or against the management’s recommendation.

B. Changes to the capital structure, including preferred stock issuances Such proposals relate to the approval of change in the capital structure of the company i.e. approval of

increase or decrease in the authorized share capital of the company. Shareholders are the principal providers of the capital which companies need to grow and fl ourish. Companies should focus on the interests of existing shareholders as they contemplate changes to their capital structure. Existing shareholders should have a pre-emptive right to participate in signifi cant capital increases. AMIN will generally support the proposals where it believes that such proposal will enhance the rights of the common shareholders or will oppose such proposals where it believes that such proposal will adversely affect the rights of the common shareholders.

C. Stock option plans and other management compensation plans Proposals relating to the stock option plans, performance share plans or other compensation plans are

evaluated on case by case basis but AMIN generally votes against such proposals if the plan provides unreasonable or excessive compensation or the management of the company can materially alter the plan without shareholders’ approval.

D. Social and corporate responsibility issues In case of proposals addressing social and corporate responsibility issues or other similar issues, AMIN

will generally vote in a manner which is most likely to protect and promote the economic value of the underlying securities held under the schemes of the fund. Such issues are evaluated on case by case basis.

E. Board of Directors AMIN generally supports the management’s recommendation with respect to appointment of directors

of the company that strengthens the independence of the board of directors. The Board should provide clear leadership and oversight of companies. AMIN favours the separation of the roles of Chairman and Chief Executive and believes that the company complies with the requirements of Clause 49 of the Listing Agreement on corporate governance with respect to composition of Board. Discharge of directors is considered as a routine matter unless there are signifi cant concerns about the conduct of an individual director or the protection of shareholder interests. Boards should establish committees to consider remuneration and audit issues.

F. Other matters i) Confl ict of interest including investments in Group companies In the event, a proposal giving rise to a material confl ict of interest such as investments in group

companies of AMIN or matters pertaining to the investments in the companies that have subscribed to the schemes of HSBC Mutual Fund or any other similar matters, the fund manager will consult AMIN Chief Executive Offi cer (“CEO”) and Local Compliance Offi cer (“LCO”) and, if deemed necessary by the AMIN CEO or LCO, an advise of the Chairman of the Board of Trustees will be obtained with respect to voting.

Voting Policy and Procedures

20

6 HSBC Equity Fund

ii) Board remuneration Executive remuneration should be determined by a remuneration committee comprising a majority

of non-executive directors, the Chairman of committee being an independent director. Remuneration should be set at the level required to reward and motivate company management. Companies should avoid excessive payments to departing directors.

iii) Shareholders Rights Shareholders need suffi cient information to exercise their votes. This should be provided in a timely

manner. AMIN may vote against resolutions where insuffi cient information has been provided to allow an informed vote. Resolutions for shareholder approval should not ‘bundle’ together separate matters.

iv) Audit and accounts AMIN will generally support the re-election of external or statutory auditors unless there are concerns

about their independence or commitment to protecting shareholder interests. Approval of the annual accounts is normally a routine matter, unless concerns have been raised about the accounts presented. It is sometimes an opportunity to express broader concerns about the company’s governance or information available to shareholders.

v) Voting in banking stocks AMIN will not exercise voting rights in the stocks of the banking companies in India in accordance

with the RBI approval letter dated May 23, 2008. However, in case of any changes / amendments to the RBI regulations applicable for foreign banks, the voting policy shall be reviewed and notifi ed to the Board of Directors and Board of Trustees.

vi) Non-contentious matters AMIN generally supports the management’s recommendation for general non-contentious matters

such as resolutions relating to the administrative arrangements of a company unless these would be detrimental to the rights of minority shareholders.

DECISION MAKING PROCESSAMIN will generally exercise a vote in accordance with the fund manager’s or sector analyst’s recommendations. The recommendation will be based on the principles set out in the voting policy as above. However, based on the evaluation of certain proposals and on the relevant circumstances, a member of the AMIN’s Investment department i.e. a fund manager or the sector analyst, may attend the meeting in person to cast the votes.

Subject to these guidelines, AMIN may generally vote in favour of the company proposals although this does not preclude AMIN from voting against management on specifi c occasions wherein the fund manager may be of the opinion that the proposal is not likely to enhance the economic value or cause indeterminate and unnecessary expense to shareholders. Further, AMIN may abstain from voting in case of certain proposals where suffi cient information is not provided by the management or other similar reasons.

AUTHORISATIONAny decision of the Fund Manager to vote on any proposal shall require approval from the Head of Equities and any decision of the Head of Equities to vote on any proposal shall require approval from the Chief Investment Offi cer. In the absence of the Chief Investment Offi cer, the approval shall be accorded by the Chief Executive Offi cer.

ADMINISTRATION AND RECORD KEEPINGSubject to the above policy, voting with respect to all the proposals will be evaluated by AMIN’s Investment department who will electronically cast the vote on the custody web interface (currently proxy edge) or cast the vote in person on AMIN’s behalf i.e. For / Against / Abstain, based on their review along with a rationale for casting the votes and the same would be intimated to the AMIN’s Operations department in writing.

Record of actual exercise of votes in the meeting i.e. For / Against / Abstain on the management’s proposals along with the fund manager’s recommendation, whether attended or not, will be maintained by the AMIN’s Operations department. The details of the votes in the prescribed format will be disclosed periodically in accordance with the requirements of SEBI (Mutual Fund) Regulations and guidelines issued from time to time.

21

HSBC Equity Fund 6

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27

HSBC Equity Fund 6

Statutory Details & DisclaimersAll returns have been sourced from Mutual Funds India 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 verifi ed 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 specifi c investment objectives, fi nancial situation and the particular needs of any specifi c person who may receive this document. Investors should seek fi nancial 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.

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 HSBC Mutual 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, without 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 INDIA OPPORTUNITIES FUND 7

HSBC India Opportunities FundAn open-ended Flexi-cap Equity Scheme


1


Dear Investor,











Market Outlook



2

7 HSBC INDIA OPPORTUNITIES FUND



Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC India Opportunities Fund (HIOF) – an open-ended fl exi-cap Equity SchemeHIOF seeks to generate 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 and equity related securities. However, it could move a signifi cant portion of its assets towards fi xed income securities if the fund manager becomes negative on equity markets.

The net assets of HIOF amounted to Rs. 456.15 crores as at March 31, 2015 as compared to Rs. 177.60 crores as at March 31, 2014. Around 95.81% of the net assets were invested in equities, 4.64 % of the net assets were invested in reverse repos / CBLO and (-0.45%) were in the net current assets as at March 31, 2015.

HIOF outperformed its benchmark on a 1-year, 2-year basis and since its inception. Stock selections in sectors like Industrials, Materials, Financials, Technology, Energy, and Consumer Discretionary contributed to the outperformance during this period.

Date of Inception : 24 February 2004 Absolute (%) Compounded Annualized (%)




Since Inception

HSBC India Opportunities Fund – Growth 45.06 27.93 0.21 18.38



Rs. 10,000, if invested in HIOF, would have become 14,506 12,793 10,021 65,147


13,297 11,644 10,414 49,033




EQUITY OUTLOOKEquity markets saw the best year after FY10 and delivered impressive returns for the fi scal, with benchmark indices recording all-time highs during the year. BSE Sensex gained 24.9% while the broader market indices fared even better with CNX Midcap gaining 51% during the year. The surge in equity markets was driven by the decisive majority for the BJP led NDA coalition and the expectations of a reform focused governance from them. Fall in global oil and commodity prices had a positive impact on infl ation, current account, and

5



other key macro indicators with India being a net importer of crude oil. We also saw the start of the rate easing cycle by the RBI on the back of data points.


BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg






* Data as on 25 Jun 2015; Source: Bloomberg





6



















7











Scheme

Unclaimed Dividends Unclaimed Redemptions

Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC India Opportunities Fund 2,044,087.48 635 2,482,354.38 75



8





Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios


9









Sd/-

Dilip J. Thakkar

Trustee



10



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC India Opportunities

Fund (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.


Management (India) Private Limited (the “Management”) are responsible for the preparation of these fi nancial statements that give a true and fair view of the fi nancial position and fi nancial performance of the Scheme in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (the “Regulations”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the fi nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.


our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances. Our procedures included confi rmation of securities owned and unit capital balances as at March 31, 2015 by correspondence with the custodian / others and registrar and transfer agent, respectively. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Trustee and the Management, as well as evaluating the overall presentation of the fi nancial statements.




(a) in the case of the Balance Sheet, of the state of affairs of the Scheme as at March 31, 2015; and

(b) in the case of the Revenue Account, of the net surplus for the year ended on that date.




11


(b) In our opinion, the Balance Sheet and Revenue Account dealt with by this report have been prepared in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Regulations.

8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet and Revenue Account dealt with by this Report are in agreement with the books of account of the Scheme.


Sd/-




12


Rs. in Lakhs

HSBC INDIA OPPORTUNITIES FUNDAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 12,609.64 7,242.772 Reserves & Surplus2.1 Unit Premium Reserves (8,959.02) (9,926.70)2.2 Unrealised Appreciation Reserve 11,891.23 5,036.632.3 Other Reserves 30,454.98 15,403.483 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 686.05 563.99

TOTAL 46,682.88 18,320.17

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares 43,709.64 17,491.411.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds – –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – –1.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –


2 Deposits 2.38 –3 Other Current Assets3.1 Cash & Bank Balance 510.81 12.793.2 CBLO / Reverse Repo Lending 2,114.51 548.513.3 Others 345.54 267.464 Deferred Revenue Expenditure – –


TOTAL 46,682.88 18,320.17



13



Rs. in Lakhs

HSBC INDIA OPPORTUNITIES FUNDCurrent


Previous Year ended

March 31, 2014


investments3,260.25 2,100.49


(A) 3,648.37 2,452.872 EXPENSES2.1 Management fees 329.59 290.362.2 Service tax on Management fees 40.73 35.892.3 Transfer agents fees and expenses 46.54 26.112.4 Custodian fees 3.64 2.712.5 Trusteeship fees 1.12 0.742.6 Commission to Agents 456.25 125.512.7 Marketing & Distribution expenses – 8.432.8 Audit fees 3.07 2.612.9 Investor Education Expenses 6.35 3.642.10 Other operating expenses 11.67 10.262.11 Less: Expenses to be Reimbursed by the Investment Manager (53.15) –

(B) 845.81 506.263 NET REALISED GAINS / (LOSSES) FOR

THE YEAR (A - B = C) 2,802.56 1,946.61





7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 6,854.60 2,493.227.3 Add / (Less): Equalisation 15,409.03 (7,571.15)7.4 Transfer from Reserve Fund 15,403.47 21,028.02

8 Total 33,615.06 15,403.48

9 Dividend Appropriation9.1 Income Distributed during the year 3,160.08 –9.2 Tax on income distributed during the year – –



14



HSBC INDIA OPPORTUNITIES FUND Current


Previous Year ended

March 31, 2014

1. NAV per unit (Rs.):

Open





High





Low





End






End 45,615 17,756

Average (AAuM)1 31,733 18,217


4. Expense Ratio:











15



HSBC INDIA OPPORTUNITIES FUND Current


Previous Year ended

March 31, 2014




Retail



Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark

S&P BSE500 32.9700 16.4870

b. Since Inception

Scheme



Benchmark

S&P BSE500 15.3900 13.7607

1. AAuM = Average daily net assets.2. Gross income = amount against (A) in the Revenue Account i.e. Income.3. Net income = amount against (C) in the Revenue Account i.e. Net Realised Gains / (Losses) for the year.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AUM for the year.

16



HSBC INDIA OPPORTUNITIES FUND1 Investments:






by all schemes


by all schemes

2015 2014



– 1,607,345,350 – 555,832,950

Equities 105,927,700 215,829,290 – –



Commercial Paper

– – – 1,243,550,000


Commercial Paper

– – – 492,702,500

1.4. Open position of Securities Borrowed and / or Lent by the Scheme as of fi nancial years ended 2015 and 2014 are NIL.

1.5. The NPAs as on March 31, 2015 and March 31, 2014 are NIL.

1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial Years March 31, 2015 and March 31, 2014 are as under :

Security Category Amount (Rs.) Percentage to Net Assets


2015 2014

Equity Shares

– Appreciation 1,238,248,708 27.15 506,221,525 28.51

– Depreciation 49,125,417 1.08 2,558,061 0.14

1.7. The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-15 (excluding accretion of discount) is Rs. 2,895,842,985 and Rs. 1,285,504,625 respectively being 91.26% and 40.51% of the average daily net assets.

The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013-14 (excluding accretion of discount) is Rs.1,530,778,108 and Rs. 2,319,712,274 respectively being 84.03% and 127.34% of the average daily net assets.

1.8. Non-Traded securities in the portfolio as on March 31, 2015 and March 31, 2014 are Nil.

17



Details of amounts paid to associates in terms of Regulation 25 (8) are as follows :




Relation

Period Covered


% of Total Business




Fund


Associate of the Investment

Manager

2014-2015 168.02 46.55 9,807,628 24.59

HSBC InvestDirect Secur it ies ( India) Limited


Manager

2014-2015 – – – –



Relation

Period Covered


% of Total Business




Fund


Associate of the

Investment Manager

2013-2014

5.80 26.77 5,566,261 48.11

HSBC InvestDirect Secur i t ies ( Ind ia ) Limited


Manager

2013-2014

– – 15,679 0.14




relation

Period Covered


[Rs. In Crores]

% of total value of




fund


Sponsor 2014-2015 17.34 4.15 207,745 4.15



relation

Period Covered


[Rs. In Crores]

% of total value of




fund


Sponsor 2013-2014 11.46 3.02 137,287 3.06

The brokerage paid was at rates similar to those offered to other brokers / distributors.


18



3 None of the Investors held more than 25% of the total net assets of the scheme at the years ended March 31, 2015 and March 31, 2014.


Description

2014-2015



14,850,667.943 37,714,885.044 13,787,642.773 38,777,910.214 10


57,375,331.605 51,110,664.977 21,844,915.483 86,641,081.099 10


125,444.589 514,390.860 389,350.496 250,484.953 10


76,278.072 646,812.682 296,142.763 426,947.991 10

Description

2013-2014



28,672,213.039 3,888,068.582 17,709,613.678 14,850,667.943 10


76,009,239.085 2,217,961.655 20,851,869.135 57,375,331.605 10


21,869.368 110,598.896 7,023.675 125,444.589 10


8,011.816 80,894.093 12,627.837 76,278.072 10

5 Previous years fi gures have been re-grouped / re-arranged where appropriate.



8 Other income of Rs. 156,738 (2014: Rs. 1,898,871) represents Exit load (net of service tax) credited to the scheme and AMC Recoverable on account of missed transactions.



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27






HSBC Midcap Equity FundAn open-ended Diversifi ed Equity Scheme


HSBC MIDCAP EQUITY FUND

1


Dear Investor,











Market Outlook



2




Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Midcap Equity Fund (HMEF) – an open-ended diversifi ed Equity Scheme*HMEF seeks to generate long term capital growth from an actively managed portfolio of equity and equity related securities primarily being midcap stocks. However, it could move a portion of its assets towards fi xed income securities if the fund manager becomes negative on the Indian equity markets.

The net assets of HMEF amounted to Rs. 359.12 crores as at March 31, 2015 as compared to Rs. 82.03 crores as at March 31, 2014. Around 99.55 % of the net assets were invested in equities, 1.25% of the net assets were invested in reverse repos / CBLO and (-0.80 %) were in the net current assets as at March 31, 2015.

HMEF has done well in terms of outperformance v/s benchmark due to stock selection across various sectors for the period 2014-15. The focus on reasonable growth oriented companies available at attractive valuations (PB/ROE) paid off. HMEF continues to be overweight in Auto Ancillary, Agro Chemicals, Capital Goods, Financials, Industrials and underweight in FMCG sector.

Date of Inception : 19 May 2005 Absolute (%) Compounded Annualized (%)




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


Rs. 10,000, if invested in HMEF, would have become 16,669 12,840 9,118 37,456

Rs. 10,000, if invested in S&P BSE Midcap, would have become

14,948 11,386 9,570 32,618



*HSBC Small Cap Fund merged with HMEF with effect from April 26, 2014 and consequently ceases to exist.



5




BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg











Stability in the currency, forex fl ows and prospects of growth under the new governing regime coupled with lower CPI helped build a case for rate cut. Market pre-empeted most of the rate cuts by RBI and thus on

6



actual instance reactions remained muted. Spreads for corporate bonds substantially narrowed given the FPI limits were available only in corporate bonds and not in G-sec in the later part of the year. This lead to excess demand form FPI in quasi sovereign names in the markets.
















7











Scheme


Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Midcap Equity Fund 710,187.33 386 2,742,036.18 93



8





Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios


9










Sd/-

Dilip J. Thakkar

Trustee


10



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Midcap Equity















11





9. In our opinion, the methods used to value non-traded securities as at March 31, 2015, as determined by HSBC Asset Management (India) Private Limited under procedures approved by the Board of Trustees of HSBC Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities and Exchange Board of India, are fair and reasonable.


Sd/-



12


Rs. in Lakhs

HSBC MIDCAP EQUITY FUNDAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 11,796.72 4,957.912 Reserves & Surplus2.1 Unit Premium Reserves 2,971.69 (2,252.20)2.2 Unrealised Appreciation Reserve 8,939.14 1,362.052.3 Other Reserves 12,412.08 4,174.383 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 172.88 106.80

TOTAL 36,292.51 8,348.94

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares 35,739.51 8,086.131.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds – –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares 12.69 –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – –1.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –


2 Deposits 3.59 –3 Other Current Assets3.1 Cash & Bank Balance 9.87 58.123.2 CBLO / Reverse Repo Lending 411.16 173.873.3 Others 115.69 30.824 Deferred Revenue Expenditure – –


TOTAL 36,292.51 8,348.94



13



Rs. in Lakhs

HSBC MIDCAP EQUITY FUNDCurrent


Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend 269.44 177.411.2 Interest 59.37 5.891.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale /

redemption of investments2,243.78 (1,534.62)


(A) 2,577.60 (1,349.96)

2 EXPENSES2.1 Management fees 324.50 127.592.2 Service tax on Management fees 40.10 15.772.3 Transfer agents fees and expenses 35.88 10.762.4 Custodian fees 2.93 1.202.5 Trusteeship fees 0.75 0.302.6 Commission to Agents 262.27 49.902.7 Marketing & Distribution expenses – 1.182.8 Audit fees 2.39 1.212.9 Investor Education Expenses 4.82 1.492.10 Other operating expenses 3.90 12.382.11 Less: Expenses to be Reimbursed by the Investment Manager (40.36) (5.23)

(B) 637.18 216.55

3 NET REALISED GAINS / (LOSSES) FORTHE YEAR (A - B = C) 1,940.42 (1,566.51)

4 Change in Unrealised Depreciation invalue of investments and derivatives (D) – 2,291.92

5 NET GAINS / (LOSSES) FOR THE YEAR [E = (C + D)] 1,940.42 725.41



7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –

7.2 Less: Balance transfer to Unrealised Appreciation Reserve 7,577.10 1,362.05

7.3 Add / (Less): Equalisation 6,297.26 (1,193.26)7.4 Transfer from Reserve Fund 4,174.39 4,642.23

8 Total 12,412.07 4,174.39

9 Dividend Appropriation9.1 Income Distributed during the year – –9.2 Tax on income distributed during the year – –

10 Retained Surplus / (Defi cit) carried forward to Balance sheet 12,412.07 4,174.39


14



HSBC MIDCAP EQUITY FUND Current


Previous Year ended

March 31, 2014


Open

Growth Option 22.3943 16.9866

Dividend Option 11.9724 9.0813



High





Low





End






End 35,912 8,242

Average (AAuM)1 24,106 7,435

3. Gross income as % of AAuM2 10.69% -18.16%

4. Expense Ratio:







5. Net Income as a percentage of AAuM3 8.05% -21.07%

15



HSBC MIDCAP EQUITY FUND Current


Previous Year ended

March 31, 2014



Retail

Dividend Option – –

Direct Plan - Dividend Option – –

Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark

S&P BSEMID CAP 49.4800 13.8967

b. Since Inception

Scheme



Benchmark

S&P BSEMID CAP 12.7200 9.1895

1. AAuM = Average daily net assets.2. Gross income = amount against (A) in the Revenue account i.e. Income.3. Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the year.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.

16



HSBC MIDCAP EQUITY FUND1 Investments:

1.1. It is confi rmed that investments of the Scheme are registered in the name of the Trustees for the benefi t of the Scheme’s unitholders.

1.2. Open Positions of derivatives as of years ended March 31, 2015 and March 31, 2014 are NIL

1.3. Investments in Associates and Group Companies as of years ended March 31, 2015 are NIL.



1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial years March 31, 2015 and March 31, 2014 are as under :

Security Category Amount (Rupees)

Percentage to Net Assets

Amount (Rupees)


2015 2014

Equity Shares

– Appreciation 1,056,873,943 29.43 238,178,364 28.90

– Depreciation 162,959,718 4.54 101,973,744 12.37

1.7. The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014 - 2015 (excluding accretion of discount) is Rs. 2,600,224,132 and Rs. 815,704,614 respectively being 107.87% and 33.84% of the average daily net assets.

The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013 - 2014 (excluding accretion of discount) is Rs. 474,013,676 and Rs. 696,560,504 respectively being 63.75% and 93.69% of the average daily net assets.

1.8. Non-Traded securities: Aggregate fair value of non-traded (including private placement) investments as determined by

HSBC Asset Management (India) Private Limited under the procedures approved by the Board of Trustees as at March 31, 2015 are as follows:

March 31, 2015

Name of Scheme Company Name Fair Value (Rupees) % to Net Assets

HMEF Nirvikara Paper Mills Limited 1,269,109 0.04%

Non-Traded securities in the portfolio as on March 31, 2014 is Nil.






Relation

Period Covered


% of Total Business




Fund



Manager

2014-2015 138.44 44.02 4,908,544 20.63



Manager

2014-2015 – – – –

17




Relation

Period Covered





Fund



Manager

2013-2014 1.74 26.77 923,486 21.14



Manager

2013-2014 – – 4,031 0.09


Name of Sponsor /AMC and its associates / related parties / group companies

Nature of Association /Nature of

relation

Period Covered


[Rs. In Crores]

% of total value of




paid by the fund


Sponsor 2014-2015 4.20 1.32 50,380 1.33



relation

Period Covered


[Rs. In Crores]

% of total value of



(on accrual basis)


paid by the fund


Sponsor 2013-2014 1.55 1.32 18,595 1.33





Description

2014-2015

Opening Units Subscription Transferred on account of merger

Redemption Closing Units Face Value

per unit (Rupees)

Growth Option

22,042,571.486 54,569,563.557 4,268,352.607 27,160,600.289 53,719,887.361 10

Dividend Option

27,426,201.574 31,283,357.558 3,544,019.851 15,528,102.938 46,725,476.045 10

Notes to Accounts - Annexure I (Contd...)To the Abridged Balance Sheet and Revenue Account for the year ended March 31, 2015

18


Description

2014-2015

Opening Units Subscription Transferred on account of merger

Redemption Closing Units Face Value

per unit (Rupees)


85,136.205 20,071,240.508 36,973.808 2,796,317.127 17,397,033.394 10


25,235.144 980,490.612 19,595.316 900,524.756 124,796.316 10

Description

2013-2014


Growth Option 29,433,413.197 2,499,255.878 9,890,097.589 22,042,571.486 10

Dividend Option 35,498,219.471 725,397.190 8,797,415.087 27,426,201.574 10


30,411.628 147,858.915 93,134.338 85,136.205 10


8,570.423 31,592.214 14,927.493 25,235.144 10

5 Previous year’s fi gures have been re-grouped / re-arranged where appropriate.



8 Other Income of Rs. 501,122 (2014: Rs. 135,909) represents Exit load (net of service tax) credited to the Scheme and Printing & Stationery balance of previous year written back.

9 Merger of HSBC Small Cap Fund (HSCF) with HSBC Midcap Equity Fund (HMEF)

Pursuant to SEBI approval vide its letter dated February 6, 2014 , HSBC Small Cap Fund (HSCF) was merged with HSBC Mid Cap Equity Fund (HMEF) as at the close of April 25, 2014, by virtue of which net assets of HSCF as at close of April 25, 2014 aggregating to Rs. 449.40 Lacs for Dividend Option, Rs 1,012.41 Lacs for Growth Option, Rs. 2.51 Lacs for Direct Plan Dividend Option and Rs. 8.86 Lacs for Direct Plan Growth Option, less tax deducted at source, if any, were merged with the Dividend Option, Growth Option, Direct Plan Dividend Option and Direct Plan Growth Option of HMEF respectively.

Accordingly, Unit holders of the respective Options of HSCF were allotted units based on net asset value per unit of respective Options of HMEF as on April 25, 2014.



19


















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late

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tiviti

es.

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ppoi

ntm

ent,

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ent a

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emov

al o

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r fix

ing

thei

r Rem

uner

atio

n.

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ock

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ion

plan

s an

d ot

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anag

emen

t com

pens

atio

n m

atte

rs.

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stru

ctur

ing

of S

hare

cap

ital (

incl

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g st

ock

split

s, c

onso

lidat

ion,

redu

ctio

n, e

tc o

f sha

re c

apita

l).

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hang

es in

cap

ital s

truc

ture

incl

udin

g in

crea

ses

and

decr

ease

s of

Equ

ity &

pre

ferr

ed s

tock

/ w

arra

nt is

suan

ces.

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orpo

rate

rest

ruct

urin

g m

atte

rs (i

nclu

ding

mer

gers

, acq

uisit

ions

, tak

eove

rs, s

ell-o

ffs.

tran

sfer

of c

ontr

ol, c

hang

es in

sta

te o

f inc

orpo

ratio

n).

10

Oth

er R

esol

utio

ns.

Not

e

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deta

iled

ratio

nale

sup

port

ing

the

votin

g de

cisio

n al

ong

with

Aud

itors

cer

tific

atio

n ha

s be

en s

ubm

itted

to

the

Trus

tees

and

has

also

bee

n di

sclo

sed

on o

ur w

ebsit

e as

par

t of

A

nnua

l Rep

ort.

27






HSBC Progressive Themes Fund

HSBC Progressive Themes FundAn open-ended Flexi-theme Equity Scheme


1


Dear Investor,











Market Outlook



2




Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4





HSBC Progressive Themes Fund (HPTF) – an open-ended fl exi-theme Equity SchemeHPTF seeks to generate long term capital growth from an actively managed portfolio of equity and equity related securities by investing primarily in sectors, areas and themes that play an important role in, and / or benefi t from, India’s progress, reform process and economic development.

The net assets of HPTF amounted to Rs. 145.82 crores as at March 31, 2015 as compared to Rs. 110.41 crores as at March 31, 2014. Around 99.17% of the net assets were invested in equities, 1.60% of the net assets were invested in reverse repos / CBLO and (-0.77%) were in the net current assets as at March 31, 2015.

HPTF is a theme based scheme. The focus being on Infrastructure considerably out-performed its benchmark during the year 2014-15.





Since Inception

HSBC Progressive Themes Fund – Growth 73.87 4.65 -10.58 7.26



Rs. 10,000, if invested in HPTF, would have become 17,387 10,465 8,942 18,932


13,172 11,665 10,541 27,660






5



BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg













6



















7











Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Progressive Themes Fund 652,307.03 331 5,679,432.36 393




8




Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios



9









Sd/-

Dilip J. Thakkar

Trustee



10



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Progressive

Themes Fund, (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.


Management (India) Private Limited (the “Management”) are responsible for the preparation of these fi nancial statements that give a true and fair view of the fi nancial position, fi nancial performance of the Scheme in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (the “Regulations”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the fi nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.


our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement










11



(b) In our opinion, the Balance Sheet, Revenue Account dealt with by this report has been prepared in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Regulations.

8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet, Revenue Account dealt with by this Report are in agreement with the books of account of the Scheme.


Sd/-



12


Rs. in Lakhs

HSBC PROGRESSIVE THEMES FUNDAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 8,284.61 10,894.482 Reserves & Surplus2.1 Unit Premium Reserves (12,094.55) (14,443.44)2.2 Unrealised Appreciation Reserve 5,354.84 –2.3 Other Reserves 13,029.12 14,584.773 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits – –4.2 Other Current Liabilities & Provisions 188.54 195.42

TOTAL 14,762.56 11,231.23

ASSETS –1 Investments1.1 Listed Securities:1.1.1 Equity Shares 14,462.19 11,030.421.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds – –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – –1.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –

Total Investments 14,462.19 11,030.422 Deposits 0.32 –3 Other Current Assets3.1 Cash & Bank Balance 4.63 4.413.2 CBLO / Reverse Repo Lending 232.98 102.813.3 Others 62.44 93.594 Deferred Revenue Expenditure – –


TOTAL 14,762.56 11,231.23



13



Rs. in Lakhs

HSBC PROGRESSIVE THEMES FUNDCurrent


Previous Year ended

March 31, 2014


investments1,927.68 (2,398.98)


(A) 2,171.71 (2,042.30)

2 EXPENSES2.1 Management fees 246.09 172.982.2 Service tax on Management fees 30.41 21.382.3 Transfer agents fees and expenses 21.68 15.032.4 Custodian fees 1.70 1.872.5 Trusteeship fees 0.48 0.422.6 Commission to Agents 84.10 59.472.7 Marketing & Distribution expenses 16.47 20.452.8 Audit fees 0.98 1.622.9 Investor Education Expenses 2.89 2.092.10 Other operating expenses 4.57 6.902.11 Less: Expenses to be Reimbursed by the Investment

Manager– –

(B) 409.37 302.21

3 NET REALISED GAINS / (LOSSES) FORTHE YEAR (A - B = C) 1,762.34 (2,344.51)

4 Change in Unrealised Depreciation invalue of investments and derivatives (D) 426.26 2,810.02


6 Change in unrealised appreciation inthe value of investments and derivatives (F) (5,354.84) –

7 NET SURPLUS / (DEFICIT) FOR THE YEAR (E + F = G) (3,166.24) 465.50

7.1 Add: Balance transfer from Unrealised Appreciation Reserve 5,354.84 –7.2 Less: Balance transfer to Unrealised Appreciation Reserve – –7.3 Add / (Less): Equalisation (3,744.23) (3,140.73)

7.4 Transfer from Reserve Fund 14,584.75 17,259.99

8 Total 13,029.12 14,584.76


10 Retained Surplus / (Defi cit) carried forwardto Balance Sheet 13,029.12 14,584.76


14



HSBC PROGRESSIVE THEMES FUND Current


Previous Year ended

March 31, 2014


Open





High





Low





End






End 14,582 11,036

Average (AAuM)1 14,443 10,469

3. Gross income as % of AAuM2 15.04% -19.51%

4. Expense Ratio:







5. Net Income as a percentage of AAuM3 12.20% -22.39%


15



HSBC PROGRESSIVE THEMES FUND Current


Previous Year ended

March 31, 2014


Retail



Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark

S&P BSE200 31.7200 16.6967

b. Since Inception

Scheme


Direct Plan - Growth Option 21.3725 (9.5483)

Benchmark

S&P BSE200 11.8200 9.5592


16


Notes to Accounts - Annexure ITo the Abridged Balance Sheet and Revenue Account for the year ended March 31, 2015

HSBC PROGRESSIVE THEMES FUND1 Investments:



1.3. Investments in Associates and Group Companies as of years ended March 31, 2015 is NIL.



1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial years and percentage to net assets are as under :

Company Name Amount (Rupees)


Amount (Rupees)


2015 2014

Equity Shares

– Appreciation 694,242,425 47.61 211,874,667 19.20

– Depreciation 158,758,383 10.89 254,500,462 23.06

1.7. The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-2015 (excluding accretion of discount) is Rs. 152,990,696 and Rs. 580,691,388 respectively being 10.59% and 40.21% of the average daily net assets.

The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013-2014 (excluding accretion of discount) is Rs. 247,066,449 and Rs. 484,724,745 respectively being 23.60% and 46.30% of the average daily net assets.

1.8. Non-Traded securities in the portfolio as on March 31, 2015 and March 31, 2014 is Nil

2 Disclosure Under Regulation 25(8) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 as amended.


Commission paid to Sponsor / AMC and its associates/related parties / group companies

Name of Sponsor /AMC and its associate / related parties / group companies


Relation

Period Covered


% of Total Business




Fund


Associate 2014-2015 0.01 0.13 835,614 10.83


Associate 2014-2015 – – – –

17


Name of Sponsor / AMC and its associate / related parties / group companies


Relation

Period Covered


% of Total Business




Fund


Associate 2013-2014 0.09 4.63 586,358 10.71


Associate 2013-2014 – – 10,687 0.20




relation

Period Covered


[Rs. In Crores]

% of total value of

transaction of the fund



fund


Sponsor 2014-2015 1.25 1.70 14,960 1.71



relation

Period Covered


[Rs. In Crores]

% of total value of




fund


Sponsor 2013-2014 1.72 2.35 20,643 2.40


Further, The Hong Kong and Shanghai Banking Corporation Limited, an associate of the Sponsor, is on the panel of bankers with whom HSBC Mutual Fund places money on fi xed deposits and enters into reverse repo transactions from time to time at competitive rates.


4 Unit Capital movement during the years ended March 31, 2015 and March 31, 2014 :

Description

2014 - 2015


Growth Option 57,469,139.289 2,759,708.164 16,822,364.568 43,406,482.885 10

Dividend Option 51,231,421.043 2,639,985.600 14,705,318.171 39,166,088.472 10


224,888.441 279,110.767 275,497.840 228,501.368 10


19,387.612 644,555.975 618,884.015 45,059.572 10


18


Description

2013 - 2014

Opening Units Subscription Redemption Closing Units Face Value

per unit (Rupees)

Growth Option 74,154,312.625 363,981.803 17,049,155.139 57,469,139.289 10

Dividend Option 62,923,931.960 505,585.706 12,198,096.623 51,231,421.043 10


13,105.277 255,828.419 44,045.255 224,888.441 10


12,268.093 12,122.647 5,003.128 19,387.612 10




8 Other Income of Rs. 13,440 (2014: Rs. 84,445) represents Exit load (net of service tax) credited to the Scheme.



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27







HSBC TAX SAVER EQUITY FUND

HSBC Tax Saver Equity FundAn open-ended Equity Linked Savings Scheme


1


Dear Investor,











Market Outlook



2




Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Tax Saver Equity Fund (HTSF) - an open ended Equity linked Savings Scheme

HTSF seeks to provide long term capital appreciation by investing in a diversifi ed portfolio of equity & equity related instruments of companies across various sectors and industries, with no capitalization bias. The Fund may also invest in fi xed income securities.

The net assets of HTSF amounted to Rs. 189.70 crores as at March 31, 2015 compared to Rs 180.73 crores as at March 31, 2014. Around 99.27 % of the net assets were invested in equities, 1.16% of the net assets were invested in reverse repos / CBLO and (-0.43%) were in the net current assets as at March 31, 2015.

HTSF outperformed its benchmark during most of the time frames due to reasonable stock selection and the approach of creating a stable and quality portfolio. Going forward, the portfolio would be managed in a similar fashion of bottom up stock picking approach following our valuation - profi tability framework of price to book / ROE balanced by adequate risk management.

Date of Inception : 5 January 2007 Absolute (%) Compounded Annualized (%)




Since Inception

HSBC Tax Saver Equity Fund – Growth 39.09 22.52 11.90 12.70



Rs. 10,000, if invested in HTSF, would have become 13,909 12,252 11,190 26,786


13,172 11,665 10,541 21,269





5




BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg











6



















7












Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Tax Saver Equity Fund 61,364.17 76 2,913,304.05 171



8





Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios


9










Sd/-

Dilip J. Thakkar

Trustee


10



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Tax Saver Equity















11






Sd/-



12


Rs. in Lakhs

HSBC TAX SAVER EQUITY FUNDAs at

March 31, 2015As at

March 31, 2014


TOTAL 19,325.20 18,417.48

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares 18,828.54 17,972.081.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds – –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – –1.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –




TOTAL 19,325.20 18,417.48



13



Rs. in Lakhs

HSBC TAX SAVER EQUITY FUNDCurrent


Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend 228.90 234.981.2 Interest 14.10 14.851.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments 5,478.26 2,019.551.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – 0.00

(A) 5,721.26 2,269.38

2 EXPENSES2.1 Management fees 310.08 266.212.2 Service tax on Management fees 38.32 32.902.3 Transfer agents fees and expenses 28.99 24.592.4 Custodian fees 2.91 2.542.5 Trusteeship fees 0.79 0.692.6 Commission to Agents 150.11 157.932.7 Marketing & Distribution expenses 0.65 –2.8 Audit fees 1.28 2.662.9 Investor Education Expenses 3.92 3.402.10 Other operating expenses 6.10 10.552.11 Less: Expenses to be Reimbursed by the Investment Manager – (26.00)

(B) 543.15 475.48

3 NET REALISED GAINS / (LOSSES)FOR THE YEAR (A - B = C) 5,178.11 1,793.90





7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 1,104.51 1,801.787.3 Add / (Less): Equalisation (1,637.26) (1,343.22)7.4 Transfer from Reserve Fund 6,308.08 5,857.41

8 Total 9,848.93 6,308.08

9 Dividend Appropriation9.1 Income Distributed during the year 1,182.43 –

9.2 Tax on income distributed during the year – –



14



HSBC TAX SAVER EQUITY FUND Current


Previous Year ended

March 31, 2014


Open





High





Low





End






End 18,970 18,073

Average (AAuM)1 19,617 17,021


4. Expense Ratio:

a. Total Expense as % of AAuM (Inclusive of Service Tax on Management Fees) (planwise)











15


HSBC TAX SAVER EQUITY FUND Current


Previous Year ended

March 31, 2014



Retail



Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark

S&P BSE200 31.7200 16.6967

b. Since Inception

Scheme



Benchmark

S&P BSE200 9.5900 6.8183

1. AAuM = Average daily net assets.2. Gross income = amount against (A) in the Revenue Account i.e. Income.3. Net income = amount against (C) in the Revenue Account i.e. Net Realised Gains / (Losses) for the year.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.


16




1 Investments:



1.3. Investments in Associates and Group Companies are as under :

(Rupees)



by all schemes


by all schemes

2015 2014



– 1,607,345,350 – 555,832,950

Equities – 215,829,290



Commercial Paper

– – – 1,243,550,000


Commercial Paper

– – – 492,702,500

1.4. Open position of Securities Borrowed and / or Lent by the Scheme as of the years ended 31 March, 2015 is NIL.


1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial year and their percentages to net assets are as under:



2015 2014

Equity Shares

– Appreciation 630,457,909 33.23 478,762,105 26.49

– Depreciation 62,007,223 3.27 20,762,515 1.15

1.7. The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-15 (excluding accretion of discount) is Rs. 913,780,521 and Rs. 1,486,412,318 respectively being 46.58% and 75.77% of the average daily net assets.

The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013-14 (excluding accretion of discount) is Rs. 1,351,963,079 and Rs. 1,726,612,915 respectively being 79.43% and 101.44% of the average daily net assets.

1.8. Non-Traded securities in the portfolio of the scheme as of the Years ended March 31, 2015 and March 31, 2014 are NIL

17





Name of Sponsor/AMC and its associates / related parties / group companies


Relation

Period Covered


% of Total Business




Fund


Associate 2014-2015

0.65 9.06 366,421 2.66


Associate 2014-2015

– – – –



Relation

Period Covered


% of Total Business




Fund


Associate 2013-2014 0.50 5.60 307,232 2.37


Associate 2013-2014 – – 26,654 0.21




relation

Period Covered


[Rs. In Crores]

% of total value of


Brokerage paid [Rs. ]


fund


Sponsor 2014-2015 2.45 1.02 29,392 1.03



relation

Period Covered


[Rs. In Crores]

% of total value of


Brokerage paid [Rs. ]


fund


Sponsor 2013-2014 2.65 0.86 31,844 0.86




18




Description

2014-2015

Opening Units Subscription Redemption Closing UnitsFace Value

per unit (Rupees)

Growth Option

61,044,412.634 1,603,072.445 14,173,581.927 48,473,903.152 10

Dividend Option

34,916,628.096 691,059.881 7,105,904.529 28,501,783.448 10


268,115.150 99,949.834 – 368,064.984 10


80,916.869 45,263.162 – 126,180.031 10

Description

2013-2014


per unit (Rupees)

Growth Option

76,390,937.051 2,940,014.266 18,286,538.683 61,044,412.634 10

Dividend Option

44,168,772.227 1,282,537.730 10,534,681.861 34,916,628.096 10


113,998.957 154,116.193 – 268,115.150 10


37,948.627 42,968.242 – 80,916.869 10




8 Other income of NIL (2014: Rs. 143 represents Recovery from CAMS towards error in redemption processing).



19


















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ltera

tion

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m o

f Ass

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ny c

onta

inin

g M

ain,

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y an

d O

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he c

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ny.

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e, c

onsid

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dopt

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nce

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t as

at

year

end

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fit a

nd L

oss

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the

yea

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ded

on t

hat

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the

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orts

of

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ctor

s an

d th

e A

udito

rs th

ereo

n.

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ecla

ratio

n of

div

iden

d on

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inar

y (E

quity

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res

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/ or P

refe

renc

e sh

ares

.

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ppoi

ntm

ent,

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ppoi

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ent a

nd R

emov

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ctor

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dditi

onal

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ctor

s an

d pr

omot

er re

late

d ac

tiviti

es.

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ppoi

ntm

ent,

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ppoi

ntm

ent a

nd R

emov

al o

f Aud

itors

and

thei

r fix

ing

thei

r Rem

uner

atio

n.

6 St

ock

Opt

ion

plan

s an

d ot

her m

anag

emen

t com

pens

atio

n m

atte

rs.

7 Re

stru

ctur

ing

of S

hare

cap

ital (

incl

udin

g st

ock

split

s, c

onso

lidat

ion,

redu

ctio

n, e

tc o

f sha

re c

apita

l).

8 C

hang

es in

cap

ital s

truc

ture

incl

udin

g in

crea

ses

and

decr

ease

s of

Equ

ity &

pre

ferr

ed s

tock

/ w

arra

nt is

suan

ces.

9 C

orpo

rate

rest

ruct

urin

g m

atte

rs (i

nclu

ding

mer

gers

, acq

uisit

ions

, tak

eove

rs, s

ell-o

ffs.

tran

sfer

of c

ontr

ol, c

hang

es in

sta

te o

f inc

orpo

ratio

n).

10

Oth

er R

esol

utio

ns.

Not

e

The

deta

iled

ratio

nale

sup

port

ing

the

votin

g de

cisio

n al

ong

with

Aud

itors

cer

tific

atio

n ha

s be

en s

ubm

itted

to

the

Trus

tees

and

has

also

bee

n di

sclo

sed

on o

ur w

ebsit

e as

par

t of

A

nnua

l Rep

ort.

27






HSBC DYNAMIC FUND 8

HSBC Dynamic FundAn open-ended Scheme


1

HSBC DYNAMIC FUND 8

Dear Investor,











Market Outlook



2

8 HSBC DYNAMIC FUND



Yours sincerely,

Puneet Chaddha



3

HSBC DYNAMIC FUND 8












Mr. Ravi Menon


4

8 HSBC DYNAMIC FUND





HSBC Dynamic Fund (HDF) - an open-ended SchemeHDF seeks to provide long term capital appreciation by allocating funds in equity and equity related instruments. It also has the fl exibility to move, entirely if required, into debt instruments in times that the view on equity markets seems negative.

The net assets of HDF amounted to Rs. 63.19 crores as at March 31, 2015 compared to Rs. 76.12 crores as at March 31, 2014. Around 69.33% of the net assets were invested in equities, 31.23% of the net assets were invested in reverse repos / CBLO and (-0.56%) were in net current assets as at March 31, 2015.

HDF has underperformed its benchmark over the period 2014-15 due to high cash balance. The scheme allocates capital across equity and debt securities dynamically. In a year when equity market was rising, thus becoming more expensive and debt market being cheap, the dynamic allocation to cash kept on rising through the year. An average cash balance of approx. 31% through the year was the main reason of underperformance.

Date of Inception : 24 September 2007 Absolute (%) Compounded Annualized (%)




Since Inception

HSBC Dynamic Fund - Growth 23.22 13.20 1.59 4.37



Rs. 10,000, if invested in HDF, would have become 12,322 11,320 10,159 13,796


13,172 11,665 10,541 17,086




EQUITY OUTLOOKEquity markets saw the best year after FY10 and delivered impressive returns for the fi scal, with benchmark indices recording all-time highs during the year. BSE Sensex gained 24.9% while the broader market indices fared even better with CNX Midcap gaining 51% during the year. The surge in equity markets was driven by the decisive majority for the BJP led NDA coalition and the expectations of a reform focused governance

5

HSBC DYNAMIC FUND 8


from them. Fall in global oil and commodity prices had a positive impact on infl ation, current account, and other key macro indicators with India being a net importer of crude oil. We also saw the start of the rate easing cycle by the RBI on the back of data points.


BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg











6

8 HSBC DYNAMIC FUND


















7

HSBC DYNAMIC FUND 8











Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Dynamic Fund – – 2,545,103.96 97



8

8 HSBC DYNAMIC FUND




Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios


9

HSBC DYNAMIC FUND 8









Sd/-

Dilip J. Thakkar

Trustee


10

8 HSBC DYNAMIC FUND


HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Dynamic Fund

(the “Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.





4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances. Our procedures included confi rmation of securities owned and unit capital balances as at March 31, 2015 by correspondence with the custodian /others and registrar and transfer agent, respectively. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Trustee and the Management, as well as evaluating the overall presentation of the fi nancial statements.









11

HSBC DYNAMIC FUND 8


(b) In our opinion, the Balance Sheet and Revenue Account, dealt with by this report have been prepared in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Regulations.



Sd/-



12

8 HSBC DYNAMIC FUND

Rs. in Lakhs

HSBC DYNAMIC FUNDAs at

March 31, 2015As at

March 31, 2014


TOTAL 6,385.07 7,730.31

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares 4,381.30 6,100.211.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds – –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – –1.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –

Total Investments 4,381.30 6,100.212 Deposits 2.81 –3 Other Current Assets3.1 Cash & Bank Balance 4.72 2.623.2 CBLO / Reverse Repo Lending 1,973.65 1,599.413.3 Others 22.59 28.074 Deferred Revenue Expenditure – –


TOTAL 6,385.07 7,730.31



13

HSBC DYNAMIC FUND 8


Rs. in Lakhs

HSBC DYNAMIC FUNDCurrent


Previous Year ended

March 31, 2014


investments1,902.23 981.45


(A) 2,139.87 1,292.56

2 EXPENSES2.1 Management fees 112.69 166.192.2 Service tax on Management fees 13.93 20.542.3 Transfer agents fees and expenses 10.00 14.292.4 Custodian fees 0.58 1.472.5 Trusteeship fees 0.23 0.412.6 Commission to Agents 49.62 80.722.7 Marketing & Distribution expenses 6.93 –2.8 Audit fees 0.43 1.122.9 Investor Education Expenses 1.36 2.032.10 Other operating expenses 2.08 5.632.11 Less: Expenses to be Reimbursed by the Investment

Manager– –

(B) 197.85 292.40




6 Change in unrealised appreciation inthe value of investments and derivatives (F) (479.39) 142.28


7.1 Add: Balance transfer from Unrealised Appreciation Reserve 479.39 –7.2 Less: Balance transfer to Unrealised Appreciation Reserve – 142.287.3 Add / (Less): Equalisation (1,725.56) (3,858.74)


8 Total 4,681.06 4,464.60


10 Retained Surplus / (Defi cit) carried forward to Balance Sheet 4,681.06 4,464.60


14

8 HSBC DYNAMIC FUND


HSBC DYNAMIC FUND Current


Previous Year ended

March 31, 2014


Open





High





Low





End






End 6,319 7,606

Average (AAuM)1 6,816 10,151


4. Expense Ratio:

a. Total Expense as % of AAuM (Inclusive of Service Tax on Management Fees) (planwise)










15

HSBC DYNAMIC FUND 8

HSBC DYNAMIC FUND Current


Previous Year ended

March 31, 2014




Retail

Regular Plan Dividend Option – –


Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark

S&PBSE200 31.7200 16.6967

b. Since Inception

Scheme



Benchmark

S&PBSE200 7.3800 4.0420



16

8 HSBC DYNAMIC FUND


HSBC DYNAMIC FUND

1 Investments:


1.2. Open Positions of derivatives amount as of years ended March 31, 2015 and March 31, 2014 is NIL.

1.3. Investments in Associates and Group Companies :(Rupees)



by all schemes


by all schemes

2015 2014



– 1,607,345,350 – 555,832,950

Equities – 215,829,290 – –

Bharti Airtel Ltd. Equities 12,741,680 12,741,680 33,484,367 76,306,283


Commercial Paper

– – – 1,243,550,000


Commercial Paper

– – – 492,702,500

1.4. Open position of Securities Borrowed and / or Lent by the Scheme as of the years ended March 31, 2015 and March 31, 2014 is NIL.


1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial Year and percentage to net assets:



2015 2014

Equity Shares

– Appreciation 112,551,289 17.81 153,932,096 20.24

– Depreciation 9,828,555 1.56 3,270,760 0.43

1.7. The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014 - 2015 (excluding accretion of discount) is Rs. 384,045,452 and Rs. 698,221,029 respectively being 56.34% and 102.43% of the average daily net assets.

The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013 - 2014 (excluding accretion of discount) is Rs. 847,412,218 and Rs. 1,617,613,014 respectively being 83.48% and 159.35% of the average daily net assets.

1.8. Non-Traded securities in the portfolio of the scheme as of the Years ended March 31, 2015 and March 31, 2014 are NIL.

17

HSBC DYNAMIC FUND 8






Relation

Period Covered


% of Total Business




Fund


Associate of Investment Manager

2014-2015 2.38 61.44 1,791,466 39.06



2014-2015 – – – –



Relation

Period Covered


% of Total Business




Fund



2013-2014 1.84 16.64 4,344,043 51.90



2013-2014 – – 4,527 0.05




relation

Period Covered


[Rs. In Crores]

% of total value of




fund


Sponsor 2014-2015 9.17 8.47 109,942 8.47



relation

Period Covered


[Rs. In Crores]

% of total value of




fund


Sponsor 2013-2014 35.33 14.33 424,370 14.35



18

8 HSBC DYNAMIC FUND




Description

2014-2015



39,091,052.981 1,155,359.730 15,505,212.396 24,741,200.315 10


28,980,637.319 962,372.699 9,024,476.149 20,918,533.869 10


85,429.725 32,268.401 21,627.714 96,070.412 10


4,285.323 93.940 1,984.911 2,394.352 10

Description

2013-2014



79,606,995.946 8,055,856.308 48,571,799.273 39,091,052.981 10


56,212,092.195 533,306.963 27,764,761.839 28,980,637.319 10


6,205.078 86,323.250 7,098.603 85,429.725 10


2,270.830 2,789.356 774.863 4,285.323 10




8 Other income of Rs. 296,562 (2014: Rs. 2,397,119) represents Exit load (net of service tax) credited to the scheme and Compensation for trade error.



19

HSBC DYNAMIC FUND 8

















20

8 HSBC DYNAMIC FUND
















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27

HSBC DYNAMIC FUND 8





HSBC Dividend Yield Equity Fund(Formerly HSBC Unique Opportunities Fund)An open-ended Equity Scheme


HSBC DIVIDEND YIELD EQUITY FUND 9

1


Dear Investor,











Market Outlook



2

9 HSBC DIVIDEND YIELD EQUITY FUND



Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Dividend Yield Equity Fund (HDYF) - an open ended Scheme*HDYF aims to provide long-term growth from a diversifi ed portfolio of equities and equity related instruments.

The net assets of HDYF amounted to Rs. 48.27 crores as at March 31, 2015 compared to Rs. 46.12 crores as at March 31, 2014. Around 97.95 % of the net assets were invested in equities, 2.44% of the net assets were invested in reverse repos / CBLO and (-0.39%) were in net current assets as at March 31, 2015.

During the period 2014-2015, HDYF was overweight on consumer discretionary and materials (domestic cyclicals) which helped the fund to outperform its benchmark.

Date of Inception : 21 March 2007 Absolute (%) Compounded Annualized (%)




Since Inception

HSBC Dividend Yield Equity Fund – Growth 33.35 17.03 4.82 6.63



Rs. 10,000, if invested in HUOF, would have become 13,335 11,703 10,482 16,751


13,172 11,665 10,541 22,981


Past performance may or may not be sustained in future. Returns data as on March 31, 2015. Data for the period April to March has been considered in all cases, except for Since Inception. ‘Since Inception’ returns are calculated on Rs. 10 invested at inception. Standard benchmark is prescribed by SEBI for long term equity schemes and is used for comparision purposes. Returns on Rs. 10,000 are point-to-point returns for the specifi c time period, invested at the start of the period. The returns provided above have been rounded off and hence there may be a minor difference between point-to-point returns vis-à-vis returns indicated above. Calculations are based on Growth NAVs.

*HSBC Unique Opportunities Fund had undergone a change in its investment objective, investment strategy etc. and re-named as HSBC Dividend Yield Equity Fund. The changes being in the nature of fundamental attribute changes, the investors have been notifi ed of the same giving then an option to redeem from the Fund. The change was effective from July 18, 2014.



5





BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg











6



















7












Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Dividend Yield Equity Fund – – 2,616,350.22 95



8





Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios


9









Sd/-

Dilip J. Thakkar

Trustee



10




HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Dividend Yield

Equity Fund (Formerly HSBC Unique Opportunities Fund), (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.


Management (India) Private Limited (the “Management”) are responsible for the preparation of these fi nancial statements that give a true and fair view of the fi nancial position, fi nancial performance and of the Scheme in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (the “Regulations”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the fi nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.











11



(b) In our opinion, the Balance Sheet and Revenue Account dealt with by this report has been prepared in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Regulations.

8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet, Revenue Account dealt with by this Report are in agreement with the books of account of the Scheme.


Sd/-



12


Rs. in Lakhs

HSBC DIVIDEND YIELD EQUITY FUND(Formerly HSBC Unique Opportunities Fund)

As at March 31, 2015



TOTAL 4,876.22 4,661.28

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares 4,722.64 4,564.741.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 5.95 –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – –1.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –




TOTAL 4,876.22 4,661.28



13



Rs. in Lakhs


Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014




(A) 1,190.09 369.732 EXPENSES2.1 Management fees 72.60 79.272.2 Service tax on Management fees 8.97 9.802.3 Transfer agents fees and expenses 7.28 6.682.4 Custodian fees 0.83 0.702.5 Trusteeship fees 0.16 0.192.6 Commission to Agents 34.75 33.42.7 Marketing & Distribution expenses 0.35 0.172.8 Audit fees 0.33 0.682.9 Investor Education Expenses 0.97 0.932.10 Other operating expenses 1.58 3.132.11 Less: Expenses to be Reimbursed by the Investment Manager – –

(B) 127.82 134.95

3 NET REALISED GAINS / (LOSSES) FORTHE YEAR (A - B = C) 1,062.27 234.78



6 Change in unrealised appreciation inthe value of investments and derivatives (F) 319.26 510.67

7 NET SURPLUS / (DEFICIT) FOR THE YEAR (E + F = G) 1,381.53 745.45

7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 319.26 510.677.3 Add / (Less): Equalisation (946.83) (1,168.80)7.4 Transfer from Reserve Fund 3,949.48 4,883.48

8 Total 4,064.92 3,949.47




14




Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014


Open





High





Low





End






End 4,827 4,609

Average (AAuM)1 4,866 4,643


4. Expense Ratio:

a. Total Expense as % of AAuM (including service tax onManagement fees) (planwise)










15



Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014




Retail



Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark

S&P BSE200 31.7200 16.6967

b. Since Inception

Scheme



Benchmark

S&P BSE200 10.9100 8.2099



16



HSBC DIVIDEND YIELD EQUITY FUND (FORMERLY HSBC UNIQUE OPPORTUNITIES FUND)

1 Investments:

1.1 It is confi rmed that Investments of the Schemes are registered in the name of the Trustees for the benefi ts of the Scheme’s Unitholders.

1.2. Open Positions of derivatives as of years ended March 31, 2015 and March 31, 2014 are NIL.

1.3. Investments in Associates and Group Companies as of years ended March 31, 2015 and March 31, 2014 is NIL

1.4. Open position of Securities Borrowed and / or Lent by the Scheme as of the years ended 31 March, 2015 and March 31, 2014 are NIL.


1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial Year and their percentages to net assets are as under:



2015 2014

Equity Shares

– Appreciation 162,168,496 33.60 134,340,015 29.13

– Depreciation 2,322,494 0.48 5,824,968 1.26

Non Convertible Debentures and Bonds Listed/Awaiting Listing

– Appreciation 595,261 0.12 – –

– Depreciation – – – –

1.7. The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-2015 (excluding accretion of discount) is Rs. 142,069,394 and Rs. 267,567,281 respectively being 29.20% and 54.99% of the average daily net assets.


1.8. Non-Traded securities in the portfolio as on March 31, 2015 and March 31, 2014 are Nil


During the year 2014-15, The Hongkong and Shanghai Banking Corporation Limited, an associate entity of HSBC Asset Management (India) Private Limited was paid clearing member charges on derivative transactions amounting to Rs. Nil.

During the year 2013-14, The Hongkong and Shanghai Banking Corporation Limited, an associate entity of HSBC Asset Management (India) Private Limited was paid clearing member charges on derivative transactions amounting to Rs. Nil.

17


Details of amounts paid to associates in terms of Regulation 25 (8) are as follows:




Relation

Period Covered





Fund



2014 - 2015 0.55 35.58 334,773.30 10.47



2014 - 2015 – – – –



Relation

Period Covered





Fund



2013 - 2014 0.04 5.49 368,858 11.85



2013 - 2014 – – 4,198 0.13




relation

Period Covered


[Rs. In Crores]

% of total value of




fund


Sponsor 2014 - 2015 0.74 1.80 8,830 1.80



relation

Period Covered


[Rs. In Crores]

% of total value of




paid by the fund


Sponsor 2013 - 2014 1.39 2.21 16,754 2.22




18



4 Unit Capital movement during the year ended March 31, 2015 and March 31, 2014:

Description

2014 - 2015



20,677,081.880 221,322.646 4,735,429.509 16,162,975.017 10


15,976,599.298 345,203.084 3,685,932.339 12,635,870.043 10


4,221.690 7,821.419 3,592.959 8,450.150 10


2,989.443 1,812.335 – 4,801.778 10

Description

2013 - 2014



27,842,762.493 110,672.073 7,276,352.686 20,677,081.880 10


20,418,156.050 8,501.969 4,450,058.721 15,976,599.298 10


797.516 4,561.300 1,137.126 4,221.690 10


997.530 3,984.230 1,992.317 2,989.443 10




8 Other income of Rs. 632 (2014: Rs. 3,691) represents Exit load (net of service tax) credited to the scheme.

9 Change in Fundamental Attribute - HSBC Dividend Yield Equity Fund (Formerly HSBC Unique Opportunities Fund) (HDYEF)

During the year, the Scheme has changed its asset allocation and investment objective with effect from July 18, 2014 in accordance with regulation 18(15A) of SEBI Regulations. Accordingly, the name of the Scheme was changed from HSBC Unique Opportunities Fund to HSBC Dividend Yield Equity Fund. The Change in Fundamental Attribute of the Scheme was approved by the Board of Directors of the AMC and Board of Trustees of the Fund. The change was effected in line with the relevant provisions of SEBI (Mutual Funds) Regulations, 1996.



19


















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er re

late

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tiviti

es.

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ppoi

ntm

ent,

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emov

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f Aud

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r fix

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thei

r Rem

uner

atio

n.

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ock

Opt

ion

plan

s an

d ot

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anag

emen

t com

pens

atio

n m

atte

rs.

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stru

ctur

ing

of S

hare

cap

ital (

incl

udin

g st

ock

split

s, c

onso

lidat

ion,

redu

ctio

n, e

tc o

f sha

re c

apita

l).

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hang

es in

cap

ital s

truc

ture

incl

udin

g in

crea

ses

and

decr

ease

s of

Equ

ity &

pre

ferr

ed s

tock

/ w

arra

nt is

suan

ces.

9 C

orpo

rate

rest

ruct

urin

g m

atte

rs (i

nclu

ding

mer

gers

, acq

uisit

ions

, tak

eove

rs, s

ell-o

ffs.

tran

sfer

of c

ontr

ol, c

hang

es in

sta

te o

f inc

orpo

ratio

n).

10

Oth

er R

esol

utio

ns.

Not

e

The

deta

iled

ratio

nale

sup

port

ing

the

votin

g de

cisio

n al

ong

with

Aud

itors

cer

tific

atio

n ha

s be

en s

ubm

itted

to

the

Trus

tees

and

has

also

bee

n di

sclo

sed

on o

ur w

ebsit

e as

par

t of

A

nnua

l Rep

ort.

27






HSBC EMERGING MARKETS FUND

HSBC Emerging Markets FundAn open-ended Scheme


1


Dear Investor,











Market Outlook



2




Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Emerging Markets Fund (HEMF) - an open-ended SchemeHEMF seeks 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 debt and money market instruments.

The net assets of HEMF amounted to Rs. 10.79 crores as at March 31, 2015 compared to Rs. 14.47 crores as at March 31, 2014. Around 97.93% of the net assets were invested in HSBC GEM Equity Fund (overseas mutual fund), 2.93% of the net assets were invested in reverse repos / CBLO and (-0.86%) was in the net current assets as at March 31, 2015.

Despite of INR deprecation, the underlying fund under-performed its benchmark due to combination of allocation and stock selection.

Date of Inception : 17 March 2008 Simple Annualized (%) Compounded Annualized

(%)




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


Rs. 10,000, if invested in HMEF, would have become 10,455 10,394 10,455 11,426

Rs. 10,000, if invested in MSCI Emerging Market Index, would have become

10,764 10,081 10,177 11,641

Rs. 10,000, if invested in CNX Nifty, would have become

12,633 11,753 10,693 18,866




5




BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg












6



















7












Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Emerging Markets Fund 8,834.68 17 830,452.12 27



8





Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:* active folios# including against its authorized persons / distributors / employees etc.

9










Sd/-

Dilip J. Thakkar

Trustee


10



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Emerging Markets















11





Sd/-




12


Rs. in Lakhs

HSBC EMERGING MARKETS FUNDAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 956.67 1,332.582 Reserves & Surplus2.1 Unit Premium Reserves (466.42) (453.70)2.2 Unrealised Appreciation Reserve 127.60 111.202.3 Other Reserves 461.27 456.883 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits – –4.2 Other Current Liabilities & Provisions 17.77 61.88

TOTAL 1,096.89 1,508.84

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds – –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – –1.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities 1,056.79 1,411.91




TOTAL 1,096.89 1,508.84



13



Rs. in Lakhs

HSBC EMERGING MARKETS FUNDCurrent


Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend 26.56 51.911.2 Interest 1.85 4.791.3 Realised Gain / (Loss) on Foreign Exchange Transactions (1.09) 33.281.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of

investments57.81 128.70


(A) 85.17 219.03

2 EXPENSES2.1 Management fees 11.55 16.342.2 Service tax on Management fees 1.43 2.022.3 Transfer agents fees and expenses 1.13 1.812.4 Custodian fees 1.70 1.972.5 Trusteeship fees 0.04 0.072.6 Commission to Agents 7.08 10.732.7 Marketing & Distribution expenses 0.04 0.022.8 Audit fees 0.20 0.212.9 Investor Education Expenses 0.25 0.362.10 Other operating expenses 0.69 1.822.11 Less: Expenses to be Reimbursed by the Investment Manager – (0.11)

(B) 24.11 35.25

3 NET REALISED GAINS / (LOSSES) FORTHE YEAR (A - B = C) 61.06 183.78

4 Change in Unrealised Depreciation invalue of investments*** (D) 0.40 (0.40)

5 NET GAINS / (LOSSES) FOR THE YEAR [E = (C + D)] 61.46 183.37

6 Change in unrealised appreciation inthe value of investments and derivatives (F) 16.40 (54.66)

7 NET SURPLUS / (DEFICIT)FOR THE YEAR (E + F = G) 77.86 128.71

7.1 Add: Balance transfer from Unrealised Appreciation Reserve – 54.667.2 Less: Balance transfer to Unrealised Appreciation Reserve 16.40 –7.3 Add / (Less): Equalisation (40.23) (57.64)

7.4 Transfer from Reserve Fund 456.85 331.13

8 Total 478.08 456.86

9 Dividend Appropriation9.1 Income Distributed during the year 13.06 –9.2 Tax on income distributed during the year 3.75 –

10 Retained Surplus / (Defi cit) carried forward toBalance Sheet 461.27 456.86


14



HSBC EMERGING MARKETS FUND Current


Previous Year ended

March 31, 2014


Open





High





Low





End






End 1,079 1,447



4. Expense Ratio:

a. Total Expense as % of AAuM (including service tax on Management fees) (planwise5)









Retail



15


HSBC EMERGING MARKETS FUND Current


Previous Year ended

March 31, 2014

Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark

MSCI Emerging Markets Index 7.6400 0.8137

b. Since Inception

Scheme



Benchnmark

MSCI Emerging Markets Index 2.1800 1.2101

1. AAuM = Average daily net assets.2. Gross income = amount against (A) in the Revenue account i.e. Income.3. Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the year.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.5. The Total management fees and other expenses charged by the underlying fund along with the management

fee and recurring expenses charged by the domestic Mutual Fund is as follows:

Scheme TER charged by underlying Fund***

TER of the domestic Fund***

Total TER*** Maximum TER Cap as per circular***

2014-15 2013-14 2014-15 2013-14 2014-15 2013-14 2014-15 2013-14

HSBC Emerging Markets Fund 0.85% 0.85% 1.83% 1.84% 2.68% 2.69% 2.70% 2.70%

*** The TER excludes service Tax on Management fees.


16




1 Investments:



1.3. Investments in Associates and Group Companies as of year ended March 31, 2015 is NIL.



1.6. Aggregate Unrealised Gain / Loss as at the end of the fi nancial years end and their percentages to net assets are as under:



Amount (Rupees)


2015 2014

Foreign Securities

– Appreciation 12,760,413 11.82 11,120,491 7.69


Foreign Currency denominated Assets and Liabilities

– Appreciation – – – –

– Depreciation – – 40,470 0.03

1.7. The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-2015 (excluding accretion of discount) is Rs. 2,657,297 and 45,589,542 respectively being 2.14% and 36.70% of the average daily net assets.

The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013-2014 (excluding accretion of discount) is Rs. 80,153,528 and 132,495,844 respectively being 44.50% and 73.56% of the average daily net assets.

1.8. Non -Traded securities in the portfolios as at March 31, 2015 and March 31, 2014 are NIL.





Relation

Period Covered


% of Total Business




Fund


Associate 2014-2015 0.14 27.74 145,453.11 21.93


Associate 2014-2015 – – – –

17




Relation

Period Covered


% of Total Business




Fund


Associate 2013-2014 1.74 26.77 923,486 21.14


Associate 2013-2014 – – 4,031 0.09





Description

2014-2015



8,527,601.590 224,546.887 2,521,884.427 6,230,264.050 10


4,429,953.934 94,067.061 1,581,141.560 2,942,879.435 10


362,603.162 32,825.832 5,285.090 390,143.904 10


5,611.314 98.692 2,335.414 3,374.592 10

Description

2013-2014



11,313,428.246 7,389,196.572 10,175,023.228 8,527,601.590 10


6,876,751.497 67,877.241 2,514,674.804 4,429,953.934 10


58,219.214 331,350.058 26,966.110 362,603.162 10


1,802.309 8,828.999 5,019.994 5,611.314 10


18






8 Other income of Rs. 4,338 (2014: 35,287) represents Exit load (net of service tax) credited to the scheme.


19


















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27






HSBC ASIA PACIFIC (EX JAPAN) DIVIDEND YIELD FUND

HSBC Asia Pacifi c (Ex Japan) Dividend Yield FundAn open ended Fund of Funds Scheme


1


Dear Investor,











Market Outlook



2




Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Asia Pacifi c (Ex Japan) Dividend Yield Fund (HAPDF) – an open ended Fund of Funds SchemeHAPDF seeks to provide long term capital appreciation by investing predominantly in units of HSBC Global Investment Funds (HGIF) Asia Pacifi c 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.

The net assets of HADPF amounted to Rs. 30.18 crores as on March 31, 2015 as compared to 56.26 crores as at March 31, 2014. Around 98.39 % of the net assets were invested in HSBC Global Investment Funds (HGIF) Asia Pacifi c Ex Japan Equity High Dividend Fund (overseas mutual fund), 2.38% of the net assets were invested in reverse repos / CBLO and (-0.77%) were in the net current assets as at March 31, 2015.

HAPDF outperformed its scheme benchmark during the period 2014-15 mainly on account of depreciation of the INR vis-à-vis the USD and stock selection.



Since Inception

HSBC Asia Pacifi c (Ex Japan) Dividend Yield Fund – Growth 6.87 5.08

MSCI AC Asia Pacifi c ex Japan (Scheme Benchmark) 2.65 5.43

CNX Nifty (Standard Benchmark) 26.33 33.51

Rs. 10,000, if invested in HAPDF, would have become 10,687 10,559

Rs. 10,000, if invested in MSCI AC Asia Pacifi c ex Japan, would have become

10,265 10,598

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



EQUITY OUTLOOKEquity markets saw the best year after FY10 and delivered impressive returns for the fi scal, with benchmark indices recording all-time highs during the year. BSE Sensex gained 24.9% while the broader market indices

5



fared even better with CNX Midcap gaining 51% during the year. The surge in equity markets was driven by the decisive majority for the BJP led NDA coalition and the expectations of a reform focused governance from them. Fall in global oil and commodity prices had a positive impact on infl ation, current account, and other key macro indicators with India being a net importer of crude oil. We also saw the start of the rate easing cycle by the RBI on the back of data points.


BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg










6



















the provisions of the Indian Trusts Act, 1882 (2 of 1882) vide a Trust Deed dated February 7, 2002 with

7



HSBC Securities and Capital Markets (India) Private Limited, as the Sponsor and the Board of Individual Trustees. The Trustee has entered into an Investment Management Agreement dated February 7, 2002 with HSBC Asset Management (India) Private Limited (AMC) to function as the Investment Manager for all the schemes of the Fund. The Fund was registered with SEBI vide registration number MF/046/02/5 dated May 27, 2002.








5. UNCLAIMED DIVIDENDS & REDEMPTIONSNil.



8





Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios


9









Sd/-

Dilip J. Thakkar

Trustee



10



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Asia Pacifi c

(Ex Japan) Dividend Yield Fund (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.














11






Sd/-



12



Rs. in Lakhs

HSBC ASIA PACIFIC (EX JAPAN)DIVIDEND YIELD FUND



LIABILITIES1 Unit Capital 2,833.06 5,725.862 Reserves & Surplus2.1 Unit Premium Reserves (71.42) 0.002.2 Unrealised Appreciation Reserve 133.31 –2.3 Other Reserves 96.23 (99.89)3 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 51.77 15.53

TOTAL 3,042.95 5,641.50





TOTAL 3,042.95 5,641.50


13



Rs. in Lakhs


Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend 104.21 –1.2 Interest 6.34 11.251.3 Realised Gain / (Loss) on Foreign Exchange Transactions (7.08) 8.701.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of

investments103.75 (0.04)

1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income

(A) 207.22 19.91

2 EXPENSES2.1 Management fees 32.65 3.832.2 Service tax on Management fees 4.04 0.472.3 Transfer agents fees and expenses 4.61 1.502.4 Custodian fees 2.63 0.372.5 Trusteeship fees 0.16 –2.6 Commission to Agents 37.04 4.022.7 Marketing & Distribution expenses 0.15 0.062.8 Audit fees 0.20 0.832.9 Investor Education Expenses 0.95 0.112.10 Other operating expenses 1.47 1.112.11 Less: Expenses to be Reimbursed by the Investment Manager (1.85) (2.76)

(B) 82.05 9.55

3 NET REALISED GAINS / (LOSSES)FOR THE YEAR (A - B = C) 125.17 10.37

4 Change in Unrealised Depreciation invalue of investments*** (D) 111.12 (111.12)

5 NET GAINS / (LOSSES) FOR THE YEAR [E = (C + D)] 236.29 (100.75)

6 Change in unrealised appreciation inthe value of investments and derivatives (F) 133.31 –

7 NET SURPLUS / (DEFICIT) FOR THE YEAR (E + F = G) 369.60 (100.75)

7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 133.31 –7.3 Add / (Less): Equalisation (40.16) 0.86

7.4 Transfer from Reserve Fund (99.90) –

8 Total 96.23 (99.90)

9 Dividend Appropriation9.1 Income Distributed during the year – –9.2 Tax on income distributed during the year – –10 Retained Surplus / (Defi cit) carried forward to

Balance Sheet 96.23 (99.90)


14




Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014


Open

Regular Plan Growth Option 9.8254 N.A.

Regular Plan Dividend Option 9.8254 N.A.

Direct Plan - Growth Option 9.8322 N.A.

Direct Plan - Dividend Option 9.8322 N.A.

High





Low





End






End 3,018 5,626



4. Expense Ratio:








15



Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014

6. Portfolio turnover ratio4 0.02 –


Retail



Corporate



8. Returns (%):

a. Last One Year

Scheme

Regular Plan Growth Option 7.4541 N.A.


Benchmark

MSCI AC Asia Pacifi c ex Japan 2.6500 N.A.

b. Since Inception

Scheme

Regular Plan Growth Option 5.0777 (1.7460)


Benchnmark

MSCI AC Asia Pacifi c ex Japan 5.4332 2.5746

1. AAuM = Average daily net assets.2. Gross income = amount against (A) in the Revenue Account i.e. Income.3. Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the year.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.5. The Total management fees and other expenses charged by the underlying fund along with the management





2014-15 2013-14 2014-15 2013-14 2014-15 2013-14 2014-15 2013-14

HSBC Asia Pacifi c (Ex Japan) Dividend Yield Fund

0.65% 0.65% 1.65% 1.64% 2.30% 2.29% 2.70% 2.70%



16


Notes to Accounts - Annexure ITo the Abridged Balance Sheet and Revenue Account for the period ended March 31, 2015

HSBC ASIA PACIFIC (EX JAPAN) DIVIDEND YIELD FUND1 Investments:









Amount (Rupees)


2015 2014

Foreign Securities

– Appreciation 13,331,133 4.42 – –

– Depreciation – – 11,112,136 1.98

1.7. The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial period 2014-2015 (excluding accretion of discount) is Rs. 10,425,305 and 296,412,233 respectively being 2.20% and 62.64% of the average daily net assets.

The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial period 2013-2014 (excluding accretion of discount) is Rs. 559,174,226 and Nil respectively being 1007.94% and 0.00% of the average daily net assets.



Commission paid to Sponsor/AMC and its associates / related parties / group companies



Relation

Period Covered


% of Total Business




Fund


Associate 2014-2015 0.72 26.79 3,196,955.85 92.05


Associate 2014-2015 – – – –

17




Relation

Period Covered


% of Total Business




Fund


Associate 2013-2014 54.62 93.94 – –


Associate 2013-2014 – – – –


Further, The Hong kong and Shanghai Banking Corporation Limited, an associate of the Sponsor, is on the panel of bankers with whom HSBC Mutual Fund places money on fi xed deposits and enters into reverse repo transactions from time to time at competitive rates.



Description

2014-2015


per unit (Rupees)


48,767,466.740 1,090,336.836 24,448,839.288 25,408,964.288 10


7,368,233.150 77,232.671 4,632,807.904 2,812,657.917 10


1,117,412.408 – 1,020,000.000 97,412.408 10


5,500.000 7,096.101 1,000.000 11,596.101 10

Description

2013-2014


per unit (Rupees)


49,434,979.211 182,487.621 850,000.092 48,767,466.740 10


7,286,076.401 112,156.749 30,000.000 7,368,233.150 10


1,095,969.256 21,443.152 – 1,117,412.408 10


– 25,500.000 20,000.000 5,500.000 10

Notes to Accounts - Annexure I (Contd...)To the Abridged Balance Sheet and Revenue Account for the period ended March 31, 2015

18


5 Previous year’s fi gures have been re-grouped / re-arranged where appropriate



8 Other income credited to the scheme is Nil.



19


















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ain,

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t as

at

year

end

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fit a

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oss

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the

yea

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ded

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orts

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e A

udito

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n.

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iden

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inar

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quity

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res

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/ or P

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e sh

ares

.

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ppoi

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ent,

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dditi

onal

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ctor

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d pr

omot

er re

late

d ac

tiviti

es.

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ppoi

ntm

ent,

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ent a

nd R

emov

al o

f Aud

itors

and

thei

r fix

ing

thei

r Rem

uner

atio

n.

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ock

Opt

ion

plan

s an

d ot

her m

anag

emen

t com

pens

atio

n m

atte

rs.

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stru

ctur

ing

of S

hare

cap

ital (

incl

udin

g st

ock

split

s, c

onso

lidat

ion,

redu

ctio

n, e

tc o

f sha

re c

apita

l).

8 C

hang

es in

cap

ital s

truc

ture

incl

udin

g in

crea

ses

and

decr

ease

s of

Equ

ity &

pre

ferr

ed s

tock

/ w

arra

nt is

suan

ces.

9 C

orpo

rate

rest

ruct

urin

g m

atte

rs (i

nclu

ding

mer

gers

, acq

uisit

ions

, tak

eove

rs, s

ell-o

ffs.

tran

sfer

of c

ontr

ol, c

hang

es in

sta

te o

f inc

orpo

ratio

n).

10

Oth

er R

esol

utio

ns.

Not

e

The

deta

iled

ratio

nale

sup

port

ing

the

votin

g de

cisio

n al

ong

with

Aud

itors

cer

tific

atio

n ha

s be

en s

ubm

itted

to

the

Trus

tees

and

has

also

bee

n di

sclo

sed

on o

ur w

ebsit

e as

par

t of

A

nnua

l Rep

ort.

27






HSBC BRAZIL FUND#

HSBC Brazil FundAn Open ended Fund of Funds Scheme


1

HSBC BRAZIL FUND#

Dear Investor,











Market Outlook



2

HSBC BRAZIL FUND#



Yours sincerely,

Puneet Chaddha



3

HSBC BRAZIL FUND#












Mr. Ravi Menon


4

HSBC BRAZIL FUND#





HSBC Brazil Fund (HBF) - an open ended Fund of Funds SchemeHBF seeks to provide long term capital appreciation by investing predominantly in units / shares of HSBC Global Investments 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 signifi cant 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.

The net assets of HBF amounted to Rs. 36.23 crores as at March 31, 2015 compared to Rs. 94.05 crores as at March 31, 2014. Around 99.11 % of the net assets were invested in HSBC Brazil Equity Fund (overseas mutual fund), 3.63% of the net assets were invested in reverse repos / CBLO and (-2.74%) were in the net current assets as at March 31, 2015.

HBF outperformed its scheme benchmark during the period 2014-15 mainly on account of depreciation of the INR vis-à-vis the USD.

Date of Inception : 6 May 2011 Simple Annualized (%) Compounded Annualized

(%)




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


Rs. 10,000, if invested in HBF, would have become 7,115 8,863 9,750 6,104

Rs. 10,000, if invested in MSCI Brazil 10/40 Index, would have become

7,063 8,554 8,547 4,630

Rs. 10,000, if invested in CNX Nifty, would have become

12,633 11,753 10,693 15,300



EQUITY OUTLOOKEquity markets saw the best year after FY10 and delivered impressive returns for the fi scal, with benchmark indices recording all-time highs during the year. BSE Sensex gained 24.9% while the broader market indices fared even better with CNX Midcap gaining 51% during the year. The surge in equity markets was driven

5

HSBC BRAZIL FUND#


by the decisive majority for the BJP led NDA coalition and the expectations of a reform focused governance from them. Fall in global oil and commodity prices had a positive impact on infl ation, current account, and other key macro indicators with India being a net importer of crude oil. We also saw the start of the rate easing cycle by the RBI on the back of data points.


BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg










RBI continued to intervene in the Forex market to build up reserves and control appreciation of INR. The currency maintained stability through couple of emerging market volatility elements in 2014, where Russian Rouble as well as Turkish Lira was under pressure. Moreover, the foreign exchange fl ows which were attracted

6

HSBC BRAZIL FUND#


due to lower volatile currency helped build up the forex reserves to about USD 325 bn which will help RBI defend INR level in case of volatility.
















the provisions of the Indian Trusts Act, 1882 (2 of 1882) vide a Trust Deed dated February 7, 2002 with HSBC Securities and Capital Markets (India) Private Limited, as the Sponsor and the Board of Individual Trustees. The Trustee has entered into an Investment Management Agreement dated February 7, 2002 with HSBC Asset Management (India) Private Limited (AMC) to function as the Investment Manager for

7

HSBC BRAZIL FUND#


all the schemes of the Fund. The Fund was registered with SEBI vide registration number MF/046/02/5 dated May 27, 2002.









Scheme


Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Brazil Fund – – 510,299.25 3


8

HSBC BRAZIL FUND#





Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0


9

HSBC BRAZIL FUND#









Sd/-

Dilip J. Thakkar

Trustee


10

HSBC BRAZIL FUND#


HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Brazil Fund (the

“Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.




our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement.






(b) in the case of the Revenue Account, of the net defi cit for the year ended on that date.




11

HSBC BRAZIL FUND#


(b) In our opinion, the Balance Sheet and Revenue Account, where applicable, dealt with by this report have been prepared in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Regulations.

8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet and Revenue Account, where applicable, dealt with by this Report are in agreement with the books of account of the Scheme.


Sd/-



12

HSBC BRAZIL FUND#


Rs. in Lakhs

HSBC BRAZIL FUNDAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 5,945.14 10,877.202 Reserves & Surplus2.1 Unit Premium Reserves (27.59) (29.59)2.2 Unrealised Appreciation Reserve – –2.3 Other Reserves (2,286.97) (1,446.19)3 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 108.41 222.61

TOTAL 3,738.99 9,624.03


Total Investments 3,590.79 9,315.812 Deposits 0.25 –3 Other Current Assets3.1 Cash & Bank Balance 11.37 1.503.2 CBLO / Reverse Repo Lending 131.38 104.583.3 Others 5.20 202.144 Deferred Revenue Expenditure – –


TOTAL 3,738.99 9,624.03


13

HSBC BRAZIL FUND#


Rs. in Lakhs

HSBC BRAZIL FUNDCurrent


Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend 178.64 362.121.2 Interest 9.64 19.271.3 Realised Gain / (Loss) on Foreign Exchange Transactions (7.83) 11.951.4 Realised Gains / (Losses) on Interscheme sale of investments – -1.5 Realised Gains / (Losses) on External sale / redemption of

investments(600.68) (597.64)

1.6 Realised Gains / (Losses) on Derivative Transactions – -1.7 Other Income 0.29 2.41

(A) (419.94) (201.89)

2 EXPENSES2.1 Management fees 62.86 129.262.2 Service tax on Management fees 7.77 15.982.3 Transfer agents fees and expenses 5.20 10.342.4 Custodian fees 2.31 2.692.5 Trusteeship fees 0.23 0.532.6 Commission to Agents 47.77 90.922.7 Marketing & Distribution expenses 0.36 –2.8 Audit fees 0.24 1.382.9 Investor Education Expenses 1.33 2.652.10 Other operating expenses 2.20 6.142.11 Less: Expenses to be Reimbursed by the Investment Manager – –

(B) 130.27 259.88

3 NET REALISED GAINS / (LOSSES) FORTHE YEAR (A - B = C) (550.21) (461.78)

4 Change in Unrealised Depreciation in valueof investments*** (D) (895.35) (1,093.82)

5 NET GAINS / (LOSSES) FOR THE YEAR [E = (C + D)] (1,445.56) (1,555.60)

6 Change in unrealised appreciation in thevalue of investments and derivatives (F) – –

7 NET SURPLUS / (DEFICIT) FOR THE YEAR (E + F = G) (1,445.56) (1,555.60)

7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve – –7.3 Add / (Less): Equalisation 604.76 548.187.4 Transfer from Reserve Fund (1,446.17) (438.76)

8 Total (2,286.97) (1,446.17)


10 Retained Surplus / (Defi cit) carried forward toBalance Sheet (2,286.97) (1,446.17)


*** Includes Unrealised Depreciation in the value of Foreign Currency Transactions.

14

HSBC BRAZIL FUND#




Previous Year ended

March 31, 2014


Open





High





Low





End






End 3,623 9,401

Average (AAuM)1 6,642 13,231

3. Gross income as % of AAuM2 -6.32% -1.53%

4. Expense Ratio:

a. Total Expense as % of AAuM (including service tax on Management Fees) (planwise5)






5. Net Income as a percentage of AAuM3 -8.28% -3.49%


7. Total Dividend per unit distributed during the period (planwise)

Retail



15

HSBC BRAZIL FUND#



Previous Year ended

March 31, 2014

Corporate



8. Returns (%):

a. Last One Year

Scheme

Regular Plan Growth Option (29.3555) (11.3981)

Direct Plan - Growth Option (28.8536) (10.8002)

Benchmark

MSCI Brazil 10/40 Index (29.3700) (14.4967)

b. Since Inception

Scheme

Regular Plan Growth Option (11.8708) (4.8977)

Direct Plan - Growth Option (19.2502) (10.5773)

Benchmark

MSCI Brazil 10/40 Index (17.8887) (13.3777)

1 AAuM = Average daily net assets.

2 Gross income = amount against (A) in the Revenue account i.e. Income.

3 Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the year.

4 Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.

5. The Total management fees and other expenses charged by the underlying fund along with the management fee and recurring expenses charged by the domestic Mutual Fund is as follows:




2014-15 2013-14 2014-15 2013-14 2014-15 2013-14 2014-15 2013-14

HSBC Brazil Fund 0.85% 0.85% 1.85% 1.84% 2.70% 2.69% 2.70% 2.70%



16

HSBC BRAZIL FUND#


HSBC BRAZIL FUND1 Investments:

1.1 It is confi rmed that investments of the Schemes are registered in the name of the Trustees for the benefi t of the Scheme’s unitholders.

1.2 Open Positions of derivatives as of years ended March 31, 2015 and March 31, 2014 are NIL.

1.3 Investments in Associates and Group Companies as of years ended March 31, 2015 is NIL.

1.4 Open positions of Securities Borrowed and / or Lent by the Scheme as of the years ended March 31, 2015 and March 31, 2014 are NIL.

1.5 NPAs as at years ended March 31, 2015 and March 31, 2014 are NIL.

1.6 Aggregate Unrealised Gain / Loss as at the end of the Financial years end and their percentages to net assets are as under:

Security Category Amount (Rs.) Percentage to Net Assets (%)

Amount (Rs.) Percentage to Net Assets (%)

2015 2014

Foreign Securities


– Depreciation 226,868,427 62.62 137,247,817 14.60

Foreign Currency denominated Assets and Liabilities


– Depreciation – – 85,680.00 0.01

1.7 The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-2015 (excluding accretion of discount) is Rs. 17,870,400 and Rs. 440,684,127 respectively being 2.69% and 66.35% of the average daily net assets.


1.8. Non-Traded securities in the portfolio as on March 31, 2015 and March 31, 2014 are Nil


Details of amounts paid to associates in terms of Regulation 25 (8) are as follows:




Relation

Period Covered


% of Total Business




Fund


Associate 2014-2015 0.36 9.40 3,034,791.49 66.42


Associate 2014-2015 – – – –

17

HSBC BRAZIL FUND#



Relation

Period Covered


% of Total Business




Fund


Associate 2013-2014 2.29 21.52 6,539,913 74.51


Associate 2013-2014 – – 213,963 2.44





Description

2014-2015

Opening Units Subscription Redemption Closing Units Face Value per unit (Rs.)


73,318,595.921 2,609,221.991 32,616,094.869 43,311,723.043 10


35,062,061.098 188,587.699 19,687,782.954 15,562,865.843 10


355,667.229 367,282.038 169,700.380 553,248.887 10


35,704.569 29,151.976 41,251.251 23,605.294 10

Description

2013-2014

Opening Units Subscription Redemption Closing Units Face Value per unit (Rs.)


117,282,062.611 8,621,990.218 52,585,456.908 73,318,595.921 10


72,060,624.981 476,739.659 37,475,303.542 35,062,061.098 10


127,498.072 263,450.629 35,281.472 355,667.229 10


1,901.307 33,803.262 – 35,704.569 10


18

HSBC BRAZIL FUND#





8 Other income of Rs. 29,102 (2014: Rs. 240,751) represents Exit load (net of service tax) credited to the scheme.


19

HSBC BRAZIL FUND#

















20

HSBC BRAZIL FUND#
















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HSBC BRAZIL FUND#

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27

HSBC BRAZIL FUND#





HSBC MANAGED SOLUTIONS INDIA

HSBC Managed SolutionsAn open ended Fund of Funds Scheme


1

HSBC MANAGED SOLUTIONS

Dear Investor,











Market Outlook



2




Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Managed Solution (HMS) – an open ended Fund of Funds SchemeHMS seeks to provide long term total return primarily by seeking capital appreciation through an active asset allocation with diversifi cation commensurate with the risk profi le 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. The scheme has three plans namely, HMS – Growth Plan, HMS – Moderate Plan and HMS – Conservative Plan.

The scheme was launched on April 09, 2014. The performance of HMS – Growth Plan is benchmarked against Composite Index constituting 80% of BSE 200 Index and 20% of CRISIL Composite Bond Index while the performance of HMS – Moderate Plan is benchmarked against CRICIL Balanced Fund Index. The performance of HMS – Conservative Plan is benchmarked against Composite Index constituting of 90% into CRISIL Composite Bond Index and 10% of BSE 200 Index. The performance data has not been provided since the scheme had not completed 1 year period as on March 31, 2015.




BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg




5


















6


















7




6. INVESTOR SERVICESThe number of offi cial points of acceptance of transactions is 197 locations. In addition to the offi ces of the Registrar & Transfer agents, the AMC has Investor Service Centres in 8 locations at its own offi ces - namely Mumbai, New Delhi, Kolkata, Chennai, Bengaluru, Ahmedabad, Hyderabad and Pune. With a view to enhance customer convenience, the AMC has extended the facility of priority based servicing to key distributors through the enhancement of the Interactive Voice Reponses. Call Centre number has now been converted to a single Toll Free number which can be dialed from anywhere in India. The call centre service is being managed by the Registrar and Transfer Agents. The AMC continues to retain the outsourced back offi ce services with HSBC Electronic Data Processing India Private Limited.




Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0

8



Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0









Sd/-

Dilip J. Thakkar

Trustee


9




HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Managed Solutions

(the “Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account for the period April 09, 2014 to March 31, 2015, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.










(b) in the case of the Revenue Account, of the net surplus for the period April 09, 2014 to March 31, 2015.



10






Sd/-



11


Rs. in Lakhs

MANAGED SOLUTIONS

INDIA –GROWTH#

MANAGED SOLUTIONS

INDIA –MODERATE#

MANAGED SOLUTIONS

INDIA –CONSERVATIVE#


LIABILITIES1 Unit Capital 9,931.35 19,605.37 25,893.942 Reserves & Surplus2.1 Unit Premium Reserves 910.60 1,769.77 (226.98)2.2 Unrealised Appreciation Reserve 1,686.36 2,561.94 3,335.792.3 Other Reserves 154.62 152.00 676.653 Loans & Borrowings – – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – – –4.2 Other Current Liabilities & Provisions 53.63 362.61 238.07

TOTAL 12,736.56 24,451.69 29,917.47ASSETS

1 Investments1.1 Listed Securities:1.1.1 Equity Shares – – –1.1.2 Preference Shares – – –1.1.3 Equity Linked Debentures – – –1.1.4 Other Debentures & Bonds – – –1.1.5 Securitised Debt securities – – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – – –1.2.2 Preference Shares – – –1.2.3 Equity Linked Debentures – – –1.2.4 Other Debentures & Bonds – – –1.2.5 Securitised Debt securities – – –1.3 Unlisted Securities1.3.1 Equity Shares – – –1.3.2 Preference Shares – – –1.3.3 Equity Linked Debentures – – –1.3.4 Other Debentures & Bonds – – –1.3.5 Securitised Debt securities – – –1.4 Government Securities – – –1.5 Treasury Bills – – –1.6 Commercial Paper – – –1.7 Certifi cate of Deposits – – –1.8 Bill Rediscounting – – –1.9 Units of Domestic Mutual Fund 11,336.66 21,804.60 29,439.631.10 Foreign Securities 1,246.94 1,797.73 –

Total Investments 12,583.60 23,602.33 29,439.632 Deposits 0.27 0.71 1.013 Other Current Assets3.1 Cash & Bank Balance 2.10 2.80 0.073.2 CBLO / Reverse Repo Lending 117.78 801.12 473.433.3 Others 32.81 44.73 3.334 Deferred Revenue Expenditure – – –

(to the extent not written off)TOTAL 12,736.56 24,451.69 29,917.47

Notes to Accounts - Annexure I# Scheme launched during the current fi nancial period.


12


Rs. in Lakhs

MANAGED SOLUTIONS

INDIA –GROWTH#

MANAGED SOLUTIONS

INDIA –MODERATE#

MANAGED SOLUTIONS


Current period ended March 31, 2015

1 INCOME1.1 Dividend 12.93 16.18 –1.2 Interest 28.46 52.52 91.361.3 Realised Gain / (Loss) on Foreign Exchange Transactions (0.58) 2.36 –1.4 Realised Gains / (Losses) on Interscheme sale of investments – – –1.5 Realised Gains / (Losses) on External sale / redemption of investments 150.54 176.85 851.831.6 Realised Gains / (Losses) on Derivative Transactions – – –1.7 Other Income – – –

(A) 191.35 247.91 943.19

2 EXPENSES2.1 Management fees – – 12.462.2 Service tax on Management fees – – 1.542.3 Transfer agents fees and expenses 8.03 13.84 25.572.4 Custodian fees 2.53 2.70 1.682.5 Trusteeship fees 0.26 0.45 0.792.6 Commission to Agents 104.96 168.91 171.602.7 Marketing & Distribution expenses 0.39 0.65 1.272.8 Audit fees 0.85 1.61 2.002.9 Investor Education Expenses 1.79 3.07 5.602.10 Other operating expenses 3.37 5.61 9.102.11 Less: Expenses to be Reimbursed by the Investment

Manager(61.65) (70.11) (6.19)

(B) 60.53 126.73 225.42

3 NET REALISED GAINS / (LOSSES)FOR THE PERIOD (A - B = C) 130.82 121.18 717.77

4 Change in Unrealised Depreciation invalue of investments*** (D) – – –

5 NET GAINS / (LOSSES) FOR THE PERIOD [E = (C+D)] 130.82 121.18 717.77

6 Change in unrealised appreciation inthe value of investments and derivatives (F) 1,686.36 2,561.94 3,335.79

7 NET SURPLUS / (DEFICIT) FOR THE PERIOD (E + F = G) 1,817.18 2,683.12 4,053.56

7.1 Add: Balance transfer from Unrealised Appreciation Reserve – – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 1,686.36 2,561.94 3,335.797.3 Add / (Less): Equalisation 23.80 30.82 (41.12)7.4 Transfer from Reserve Fund – – –

8 Total 154.62 152.00 676.65

9 Dividend Appropriation9.1 Income Distributed during the year – – –9.2 Tax on income distributed during the year – – –

10 Retained Surplus / (Defi cit) carried forward to Balance sheet 154.62 152.00 676.65

Notes to Accounts - Annexure I# Scheme launched during the current fi nancial period..

Abridged Revenue Account for the period ended March 31, 2015

13


Key Statistics for the period ended March 31, 2015

MANAGED SOLUTIONS

INDIA –GROWTH#

MANAGED SOLUTIONS

INDIA –MODERATE#

MANAGED SOLUTIONS




Open

Regular Plan Growth Option N.A. N.A. N.A.

Regular Plan Dividend Option N.A. N.A. N.A.

Direct Plan - Growth Option N.A. N.A. N.A.

Direct Plan - Dividend Option N.A. N.A. N.A.

High

Regular Plan Growth Option 13.3614 12.6638 11.5267

Regular Plan Dividend Option 13.3614 12.6638 11.5267

Direct Plan - Growth Option 13.3919 12.6906 11.5511

Direct Plan - Dividend Option 13.3919 12.4545 –

Low





End






End 12,683 23,882 29,671

Average (AAuM)1 9,743 16,698 30,391

3. Gross income as % of AAuM2 * 2.13% 1.61% 3.37%

4. Expense Ratio:

a. Total Expense as % of AAuM (including service tax on Management fees (planwise5)*

Regular Plan 0.68% 0.82% 0.81%

Direct Plan 0.41% 0.56% 0.54%

b. Management Fee as % of AAuM (planwise) *

Regular Plan 0.00% 0.00% 0.04%

Direct Plan 0.00% 0.00% 0.04%

5. Net Income as a percentage of AAuM3 * 1.46% 0.79% 2.57%

6. Portfolio turnover ratio4 0.19 0.22 0.60


Retail

Regular Plan Dividend Option – – –

Direct Plan - Dividend Option – – –

14


Key Statistics for the period ended March 31, 2015 (Contd...)

MANAGED SOLUTIONS

INDIA –GROWTH#

MANAGED SOLUTIONS

INDIA –MODERATE#

MANAGED SOLUTIONS



Corporate

Regular Plan Dividend Option – – –

Direct Plan - Dividend Option – – –

8. Returns (%):

a. Last One YearScheme

Regular Plan Growth Option N.A. N.A. N.A.

Direct Plan - Growth Option N.A. N.A. N.A.

Benchmark

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

N.A. N.A. N.A.

CRICIL Balanced Fund Index. N.A. N.A. N.A.

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

N.A. N.A. N.A.

b. Since InceptionScheme



Benchnmark

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

27.9700 N.A. N.A.

CRICIL Balanced Fund Index. N.A. 22.1800 N.A.

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

N.A. N.A. 15.2700

1. AAuM = Average daily net assets.2. Gross income = amount against (A) in the Revenue account i.e. Income.3. Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the period.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the period.5. The Total management fees and other expenses charged by the underlying fund along with the management fee and

recurring expenses charged by the domestic Mutual Fund is as follows:




2014-15 2013-14 2014-15 2013-14 2014-15 2013-14 2014-15 2013-14

HSBC Managed Solutions India - Growth

1.63% N.A 0.67% N.A 2.31% N.A 2.70% N.A

HSBC Managed Solution India - Conservative

0.83% N.A 0.80% N.A 1.63% N.A 2.70% N.A

HSBC Managed Solutions India - Moderate

1.37% N.A 0.82% N.A 2.20% N.A 2.70% N.A

* Indicates annualised value.*** The TER excludes service Tax on Management fees.

15



HSBC MANAGED SOLUTIONS INDIA-GROWTH#

1 Investments:


1.2. Open Positions of derivatives as of period ended March 31, 2015 is NIL

1.3. Investments in Associates and Group Companies as of period ended March 31, 2015 is NIL.

1.4. Open positions of Securities Borrowed and / or Lent by the Scheme as of the period ended March 31, 2015 is NIL.

1.5. NPA as at period ended March 31, 2015 is NIL.

1.6. Aggregate Unrealised Gain / Loss as at the end of the fi nancial period and percentage to net assets:

Security Category 2015

Amount (Rupees)


Units in Domestic Mutual Fund

– Appreciation 161,922,435 12.77

– Depreciation – –

Foreign Securities

– Appreciation 6,713,203 0.53


1.7 The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial period 2014-2015 (excluding accretion of discount) is Rs. 1,255,088,569 and 180,418,235 respectively being 128.82% and 18.52% of the average daily net assets.

1.8. Non-Traded securities in the portfolios as at March 31, 2015 are NIL.





Relation

Period Covered


% of Total Business




Fund


Associate of the

Investment Manager

2014-2015 122.11 85.64 5,490,055 56.60


Associate of the

Investment Manager

2014-2015 – – – –

16





relation

Period Covered


[Rs. In Crores]

% of total value of




paid by the fund


Sponsor 2014-2015 3.91 28.40 39,102 28.41



3 None of the Investors held more than 25% of the total net assets of the Scheme at the period ended March 31, 2015.

4 Unit Capital movement during the period ended March 31, 2015:

Description Opening Units

Subscription Redemption Closing Units Face Value per unit (Rupees)

2014-2015

Regular Plan Growth Option – 113,126,866.472 21,188,046.767 91,938,819.705 10

Regular Plan Dividend Option – 12,976,137.082 6,488,675.868 6,487,461.214 10

Direct Plan - Growth Option – 1,032,817.844 261,485.055 771,332.789 10


– 115,919.599 – 115,919.599 10

5 No contingent liabilities for the period ended March 31, 2015.


7 Other income credited to the Scheme is Nil.


# Scheme launched during the current fi nancial period.


17



HSBC MANAGED SOLUTIONS INDIA-MODERATE#

1 Investments:








Amount (Rupees)



– Appreciation 246,742,040 10.33


Foreign Securities



1.7 The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial period 2014-2015 (excluding accretion of discount) is Rs. 2,461,717,870 and 375,363,022 respectively being 147.43% and 22.48% of the average daily net assets.

1.8. Non -Traded securities in the portfolios as at March 31, 2015 are NIL.





Relation

Period Covered


% of Total Business




Fund


Associate of the

Investment Manager

2014-2015 265.62 91.71 9,050,993 60.27


Associate of the

Investment Manager

2014-2015 – – – –

18






relation

Period Covered


[Rs. In Crores]

% of total value of




paid by the fund


Sponsor 2014-2015 4.49 24.91 44,848 24.91




4 Unit Capital movement during the period ended March 31, 2015.



2014-2015



Direct Plan - Growth Option – 82,195.098 28,502.667 53,692.431 10

Direct Plan - Dividend Option – 53,177.964 – 53,177.964 10






19



HSBC MANAGED SOLUTION INDIA-CONSERVATIVE#

1 Investments:








Amount (Rupees)



– Appreciation 333,579,049 11.24


1.7 The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial period 2014-2015 (excluding accretion of discount) is Rs. 4,353,552,671 and 1,828,351,181 respectively being 143.25% and 60.16% of the average daily net assets.

1.8. Non -Traded securities in the portfolios as at March 31, 2015 are NIL.





Relation

Period Covered


% of Total Business




Fund


Associate of the

Investment Manager

2014-2015 429.85 97.36 13,868,151 87.31


Associate of the

Investment Manager

2014-2015 – – – –



20







2014-2015



Direct Plan - Growth Option – 1,311,722.326 1,212,218.463 99,503.863 10






21


















22

















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HSBC GLOBAL CONSUMER OPPORTUNITIES FUND

HSBC Global Consumer Opportunities Fund –Benefi ting From China’s Growing Consumption PowerAn open ended Fund of Funds Scheme


1

HSBC Global Consumer Opportunities Fund

Dear Investor,











Market Outlook



2




Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Global Consumer Opportunities Fund (HGCOF) - an open ended Fund of Funds SchemeHGCOF seeks to provide long term capital appreciation by investing predominantly in units of HSBC Global Investment Funds (HGIF) China Consumer Opportunities Fund (Underlying scheme). 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.

The scheme was launched on February 02, 2015. The performance of the scheme is benchmarked against MSCI AC World Index. The performance data has not been provided since the scheme had not completed 1 year period as on March 31, 2015.




BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg





5


















6

















7








Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0

8



Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios# including against its authorized persons / distributors / employees etc.








Sd/-

Dilip J. Thakkar

Trustee


9



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Global Consumer

Opportunities Fund – Benefi ting from China’s Growing Consumption Power (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account for the period February 02, 2015 to March 31, 2015, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.










(b) in the case of the Revenue Account, of the net defi cit for the period February 02, 2015 to March 31, 2015.




10






Sd/-



11


Rs. in Lakhs

HSBC GLOBAL CONSUMER OPPORTUNITIES FUND – BENEFITING FROM CHINA’S GROWING

CONSUMPTION POWER#


LIABILITIES1 Unit Capital 2,255.122 Reserves & Surplus2.1 Unit Premium Reserves –2.2 Unrealised Appreciation Reserve –2.3 Other Reserves (27.93)3 Loans & Borrowings –4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits –4.2 Other Current Liabilities & Provisions 14.49

TOTAL 2,241.68

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares –1.1.2 Preference Shares –1.1.3 Equity Linked Debentures –1.1.4 Other Debentures & Bonds –1.1.5 Securitised Debt securities –1.2 Securities Awaited Listing:1.2.1 Equity Shares –1.2.2 Preference Shares –1.2.3 Equity Linked Debentures –1.2.4 Other Debentures & Bonds –1.2.5 Securitised Debt securities –1.3 Unlisted Securities1.3.1 Equity Shares –1.3.2 Preference Shares –1.3.3 Equity Linked Debentures –1.3.4 Other Debentures & Bonds –1.3.5 Securitised Debt securities –1.4 Government Securities –1.5 Treasury Bills –1.6 Commercial Paper –1.7 Certifi cate of Deposits –1.8 Bill Rediscounting –1.9 Units of Domestic Mutual Fund –1.10 Foreign Securities 2,217.44

Total Investments 2,217.442 Deposits 1.943 Other Current Assets3.1 Cash & Bank Balance 0.013.2 CBLO / Reverse Repo Lending 21.353.3 Others 0.944 Deferred Revenue Expenditure (to the extent not written off) –

TOTAL 2,241.68

Notes to Accounts - Annexure I# Scheme launched during the current fi nancial period


12


Abridged Revenue Account for the period ended March 31, 2015

Rs. in Lakhs

HSBC GLOBAL CONSUMEROPPORTUNITIES FUND– BENEFITING FROMCHINA’S GROWING

CONSUMPTION POWER#

Current Period ended March 31, 2015

1 INCOME1.1 Dividend –1.2 Interest 4.391.3 Realised Gain / (Loss) on Foreign Exchange Transactions 11.641.4 Realised Gains / (Losses) on Interscheme sale of investments –1.5 Realised Gains / (Losses) on External sale / redemption of investments (1.42)1.6 Realised Gains / (Losses) on Derivative Transactions –1.7 Other Income –

(A) 14.612 EXPENSES2.1 Management fees 1.592.2 Service tax on Management fees 0.202.3 Transfer agents fees and expenses 0.322.4 Custodian fees 0.422.5 Trusteeship fees 0.012.6 Commission to Agents 1.722.7 Marketing & Distribution expenses 0.022.8 Audit fees 0.202.9 Investor Education Expenses 0.052.10 Other operating expenses 0.302.11 Less:Expenses to be Reimbursed by the Investment Manager (0.83)

(B) 4.00

3 NET REALISED GAINS / (LOSSES) FOR THE YEAR (A - B = C) 10.61

4 Change in Unrealised Depreciation in value of investments*** (D) (40.71)

5 NET GAINS / (LOSSES) FOR THE YEAR [E = (C + D)] (30.10)

6 Change in unrealised appreciation in the value ofinvestments and derivatives (F) –

7 NET SURPLUS / (DEFICIT) FOR THE YEAR (E + F = G) (30.10)

7.1 Add: Balance transfer from Unrealised Appreciation Reserve –7.2 Less: Balance transfer to Unrealised Appreciation Reserve –7.3 Add / (Less): Equalisation 2.177.4 Transfer from Reserve Fund –

8 Total (27.93)

9 Dividend Appropriation9.1 Income Distributed during the year –9.2 Tax on income distributed during the year –

10 Retained Surplus / (Defi cit) carried forward to Balance Sheet (27.93)

Notes to Accounts - Annexure I# Scheme launched during the current fi nancial period.*** Includes Unrealised Depreciation in the value of Foreign Currency Transactions.

13


Key Statistics for the period ended March 31, 2015


CONSUMPTION POWER#



Open

Regular Plan Growth Option N.A.

Regular Plan Dividend Option N.A.

Direct Plan - Growth Option N.A.

Direct Plan - Dividend Option N.A.

High

Regular Plan Growth Option 10.0273

Direct Plan - Growth Option 10.0289

Low



End




End 2,227

Average (AAuM)1 2,298

3. Gross income as % of AAuM2 0.64%

4. Expense Ratio:


Regular Plan 1.73%

Direct Plan 1.03%


Regular Plan 0.07%

Direct Plan 0.07%

5. Net Income as a percentage of AAuM3 0.46%

6. Portfolio turnover ratio4 0.07


Retail

Regular Plan Dividend Option –

Direct Plan - Dividend Option –

Corporate

Regular Plan Dividend Option –


14



CONSUMPTION POWER#


8. Returns (%):

a. Last One Year

Scheme

Regular Plan Growth Option N.A.


Benchmark

MSCI AC World Index N.A.

b. Since Inception

Scheme

Regular Plan Growth Option (1.2390)

Direct Plan - Growth Option (1.1690)

Benchnmark

MSCI AC World Index (1.5900)

1. AAuM = Average daily net assets.2. Gross income = amount against (A) in the Revenue account i.e. Income.3. Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the year.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.5. The Total management fees and other expenses charged by the underlying fund along with the management





2014-15 2013-14 2014-15 2013-14 2014-15 2013-14 2014-15 2013-14

HSBC Global Consumer O p p o r t u n i t i e s F u n d – Benefiting From China's Growing Consumption Power

0.70% N.A 1.64% N.A 2.34% N.A 2.70% N.A




15



HSBC GLOBAL CONSUMER OPPORTUNITIES FUND - BENEFITING FROM CHINA’S GROWING CONSUMPTION POWER#

1 Investments:






1.6. Aggregate Unrealised Gain / Loss as at the end of the fi nancial period and percentage to net assets.

Security Category Amount (Rupees) Percentage toNet Assets

2015

Foreign Securities

– Appreciation – –

– Depreciation 4,070,655 1.83

1.7. The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial period 2014-2015 (excluding accretion of discount) is Rs. 242,750,428 and 16,793,325 respectively being 105.63% and 7.31% of the average daily net assets.

1.8. Non -Traded securities in the portfolios as at March 31, 2015 is NIL.





Relation

Period Covered


% of Total Business




Fund



2014-2015 22.01 89.22 – –



2014-2015 – – – –



3 None of the Investors held more than 25% of the total net assets of the Scheme at the years ended March 31, 2015.

16



Description

2014-2015


per unit (Rupees)


– 24,415,134.780 2,114,390.000 22,300,744.780 10


– 250,472.037 – 250,472.037 10

Units held by the AMC (Seed Capital):

Name of the Scheme Plan / Option Units as at March 31, 2015

Units as at March 31, 2014

HSBC Global Consumer Opportunities Fund – Benefiting From China’s Growing Consumption Power

Direct P lan Growth Option

244,572.037 NA







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l).

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ses

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s of

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and

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on o

ur w

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e as

par

t of

A

nnua

l Rep

ort.






HSBC MIP 11

HSBC MIPAn open-ended Fund with Regular & Savings Plans*

Abridged Annual Report 2014 - 2015*Monthly income is not assured and is subject tothe availability of distributable surplus.

1

HSBC MIP 11

Dear Investor,











Market Outlook



2

11 HSBC MIP



Yours sincerely,

Puneet Chaddha



3

HSBC MIP 11












Mr. Ravi Menon


4

11 HSBC MIP





HSBC MIP (HMIP) – an open-ended Fund(Monthly income is not assured and is subject to availability of distributable surplus.)

HMIP is an open-ended fund which 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.

The scheme offers two plans: Regular Plan and Savings Plan. The Regular Plan can have up to 15% of the corpus invested in equities while the Savings Plan can have up to 25 % invested in equities. The net assets of HMIP – Regular Plan (HMIP – R) amounted to Rs. 93.47 crores as at March 31, 2015 as compared to Rs. 111.44 crores as at March 31, 2014. Around 82.79% of the net assets were invested in debt and money market instruments, 13.58% of the net assets were invested in equities and 3.63% were in net current assets as at March 31, 2015. The net assets of HMIP – Savings Plan (HMIP – S) amounted to Rs. 190.68 crores as at March 31, 2015 as compared to Rs. 186.36 crores as at March 31, 2014. Around 72.94% of the net assets were invested in debt and money market instruments, 23.56% of the net assets were invested in equities and 3.63% were in net current assets as at March 31, 2015.

MIP-R underperformed its benchmark due to lower duration view that the fund takes and larger movement in duration segment. Further, the underperformance of MIP-R was also due to lower exposure in equity.

MIP-S outperformed its benchmark due to higher duration calls in rates during the year as progressive reduction in infl ation and commodity prices, stability in government created conducive environment for rate cuts. Higher exposure in Equity also helped outperformance.

HMIP – Regular Plan

Date of Inception : 24 February 2004 Simple Annualized (%) Compounded Annualized (%)




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

Rs. 10,000, if invested in HMIP - R, would have become

11,560 10,660 11,007 24,387

Rs. 10,000, if invested in CRISIL MIP Blended Index, would have become

11,642 10,642 10,909 23,346

Rs. 10,000, if invested in CRISIL 1 Year T-Bill Index, would have become

10,874 10,578 10,837 18,585

Rs. 10,000, if invested in CRISIL 10 Year Gilt Index, would have become

11,458 9,921 11,131 17,381

Past performance may or may not be sustained in future. Returns data as on March 31, 2015. Data for the period April to March has been considered in all cases, except for Since Inception. ‘Since Inception’ returns are calculated on Rs. 10 invested at inception. Standard benchmark is prescribed by SEBI for long term equity schemes and is used for comparison purposes. Returns on Rs. 10,000 are point-to-point returns for the specifi c time period, invested at the start of the period. The returns provided above have been rounded

5

HSBC MIP 11


off and hence there may be a minor difference between point-to-point returns vis-à-vis returns indicated above. Calculations are based on Growth NAVs.

HMIP – Savings Plan

Date of Inception : 24 February 2004 Simple Annualized (%) Compounded Annualized (%)




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



Rs. 10,000, if invested in HMIP - S, would have become

11,857 10,899 11,074 29,112

Rs. 10,000, if invested in CRISIL MIP Blended Index, would have become

11,642 10,642 10,909 23,346


10,874 10,578 10,837 18,585


11,458 9,921 11,131 17,381





BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg

6

11 HSBC MIP






Valuations: Market index BSE Sensex is trading at 16.1x on FY16e and 13.7x on FY17e earnings*. With a rebound in GDP, corporate earnings are bound to recover and revert to mean profi tability. However, the pace of the corporate earnings recovery may only be gradual and we expect FY16 to be a transitional year on this front. Further, reform initiatives by the government and continuation of the monetary easing cycle by the RBI could help to accelerate the process of revival in domestic growth.








7

HSBC MIP 11


















of the unit holders. The Trustees have been discharging their duties and carrying out the responsibilities as provided in the SEBI (Mutual Funds) Regulations, 1996 and the Trust Deed. The Trustees seek to ensure that the Fund and the schemes fl oated there under are managed by the AMC in accordance with the

8

11 HSBC MIP


Trust Deed, the said Regulations, directions and guidelines issued by the SEBI, the Stock Exchanges, the Association of Mutual Funds in India and other regulatory agencies.






Scheme


Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC MIP - Regular Plan 483,981.93 795 304,962.62 14

HSBC MIP - Saving Plan 791,101.21 864 270,600.68 17




9

HSBC MIP 11


Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios



10

11 HSBC MIP








Sd/-

Dilip J. Thakkar

Trustee



11

HSBC MIP 11



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC MIP Fund (the










(a) in the case of the Balance Sheet, of the state of affairs of the scheme as at March 31, 2015; and




12

11 HSBC MIP



8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet and Revenue Account dealt with by this Report are in agreement with the books of account of the scheme.


Sd/-



13

HSBC MIP 11


Rs. in Lakhs

HSBC MIP - REGULAR PLANAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 5,703.53 8,031.082 Reserves & Surplus2.1 Unit Premium Reserves 55.59 218.482.2 Unrealised Appreciation Reserve 531.01 524.812.3 Other Reserves 3,051.26 2,369.143 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits – –4.2 Other Current Liabilities & Provisions 93.46 67.83

TOTAL 9,434.85 11,211.34

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares 1,268.99 1,704.991.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 2,000.68 5,365.421.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities 5,272.97 963.531.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits 464.38 2,829.751.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –

Total Investments 9,007.02 10,863.692 Deposits 2.18 9.873 Other Current Assets3.1 Cash & Bank Balance 30.94 1.123.2 CBLO / Reverse Repo Lending 150.35 22.333.3 Others 244.36 314.334 Deferred Revenue Expenditure – –


TOTAL 9,434.85 11,211.34


14

11 HSBC MIP

Abridged Balance Sheet as at March 31, 2015 (Contd...)

Rs. in Lakhs

HSBC MIP - SAVINGS PLANAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 9,956.24 11,402.412 Reserves & Surplus2.1 Unit Premium Reserves 664.31 961.112.2 Unrealised Appreciation Reserve 1,559.77 1,059.582.3 Other Reserves 6,978.26 5,213.173 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits – –4.2 Other Current Liabilities & Provisions 219.41 163.37

TOTAL 19,377.99 18,799.64

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares 4,489.60 4,956.021.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 3,144.29 7,116.171.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities 9,340.46 1,652.331.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits 1,421.47 4,563.561.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –




TOTAL 19,377.99 18,799.64


15

HSBC MIP 11

Rs. in Lakhs

HSBC MIP - REGULAR PLANCurrent


Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend 15.42 37.971.2 Interest 670.70 1,174.111.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of



(A) 1,491.25 1,156.222 EXPENSES2.1 Management fees 114.88 223.862.2 Service tax on Management fees 14.20 27.672.3 Transfer agents fees and expenses 7.41 12.952.4 Custodian fees 0.42 0.912.5 Trusteeship fees 0.38 0.852.6 Commission to Agents 83.86 142.462.7 Marketing & Distribution expenses 1.08 0.642.8 Audit fees 0.63 1.642.9 Investor Education Expenses 1.85 3.172.10 Other operating expenses 3.77 8.672.11 Expenses to be Reimbursed by the Investment Manager – (14.30)

(B) 228.48 408.52


4 Change in Unrealised Depreciation invalue of investments (D) 44.00 (26.80)


6 Change in Unrealised appreciation inthe value of investments (F) 6.20 187.89



7.5 Transfer from Unit Premium Reserve – –

8 Total 3,382.68 3,036.45

9 Dividend Appropriation9.1 Income Distributed during the year (248.86) (523.95)9.2 Tax on income distributed during the year (82.57) (143.36)




16

11 HSBC MIP

Abridged Revenue Account for the year ended March 31, 2015 (Contd...)

Rs. in Lakhs

HSBC MIP - SAVINGS PLANCurrent


Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend 42.06 109.411.2 Interest 1,145.96 1,703.531.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of



(A) 2,906.85 2,186.90

2 EXPENSES2.1 Management fees 192.48 359.432.2 Service tax on Management fees 23.78 44.432.3 Transfer agents fees and expenses 14.46 21.342.4 Custodian fees 0.85 1.622.5 Trusteeship fees 0.74 1.402.6 Commission to Agents 192.37 200.572.7 Marketing & Distribution expenses 6.96 8.722.8 Audit fees 1.28 2.742.9 Investor Education Expenses 3.60 5.242.10 Other operating expenses 6.85 13.702.11 Expenses to be Reimbursed by the Investment Manager – (12.75)

(B) 443.37 646.44








8 Total 7,562.84 6,103.83




17

HSBC MIP 11




Previous Year ended

March 31, 2014


Open


Monthly Dividend Option 11.1767 11.2060

Quarterly Dividend Option 11.4112 11.4663


Direct Plan - Monthly Dividend Option – –

Direct Plan - Quarterly Dividend Option – –

High





Direct Plan - Monthly Dividend Option – 11.1174


Low







End5








End 9,347 11,144

Average (AAuM)1 9,240 15,846


4. Expense Ratio:


Growth Option 2.47% 2.58%

Direct Plan - Growth Option 1.94% 2.06%

18

11 HSBC MIP




Previous Year ended

March 31, 2014





6. Portfolio turnover ratio4 – –


Retail





Corporate





8. Returns (%):

a. Last One Year

Scheme



Benchmark

CRISIL MIP Blended Index 16.4235 6.4349

b. Since Inception

Scheme



Benchnmark


1. AAuM = Average daily net assets.2. Gross income = amount against (A) in the Revenue account i.e. Income.3. Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the year.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.5. The net asset value disclosed represents the computed NAV on March 31, 2014 (Non-business Day),

and not the last declared NAV.

19

HSBC MIP 11




Previous Year ended

March 31, 2014


Open





Direct Plan - Monthly Dividend Option 12.6961 12.1546

Direct Plan - Quarterly Dividend Option 12.8823 12.2505

High







Low







End5








End 19,068 18,636

Average (AAuM)1 17,976 26,185


4. Expense Ratio:

a. Total Expense as % of AAuM (planwise)



20

11 HSBC MIP




Previous Year ended

March 31, 2014







Retail





Corporate





8. Returns (%):

a. Last One Year

Scheme



Benchmark


b. Since Inception

Scheme



Benchnmark




21

HSBC MIP 11


HSBC MIP

1 Investments:


1.2. Open Positions of derivatives in Regular Plan as at years ended March 31, 2015 and March 31, 2014 are NIL.

Open Positions of derivatives in Savings Plan as at years ended March 31, 2015 and March 31, 2014 are NIL.

1.3. Investments in Associates and Group Companies as of years ended March 31, 2015 and March 31, 2014 are NIL.

1.4. Open positions of Securities Borrowed and / or Lent by the Regular Plan as of fi nancial years March 31, 2015 and March 31, 2014 are NIL.

Open positions of Securities Borrowed and / or Lent by the Savings Plan as of fi nancial years March 31, 2015 and March 31, 2014 are NIL.

1.5. NPAs for Regular Plan as on March 31, 2015 and March 31, 2014 are NIL.

NPAs for Savings Plan as on March 31, 2015 and March 31, 2014 are NIL.

1.6. Aggregate Unrealised Gain / Loss as at the end of the fi nancial years 2015 and 2014 and their percentage to net assets are as under :

Security Category REGULAR PLAN SAVINGS PLAN

Amount(Rs.)

Percentage to Net Assets (%)

Amount(Rs.)


2015

Equity Shares

– Appreciation 43,621,390 4.67 159,295,115 8.35

– Depreciation 10,939,982 1.17 35,269,856 1.85


– Appreciation 3,944,330 0.42 4,689,576 0.25

– Depreciation 107,200 0.01 160,800 0.01

Government of India Securities

– Appreciation 16,562,817 1.77 27,215,543 1.43

– Depreciation 71,736 0.01 – –

Commercial Paper / Certifi cate of Deposit

– Appreciation 91,827 0.01 206,993 0.01


22

11 HSBC MIP

Security Category REGULAR PLAN SAVINGS PLAN

Amount(Rs.)


Amount(Rs.)


2014

Equity Shares

– Appreciation 59,389,511 5.33 144,223,781 7.74

– Depreciation 8,162,567 0.73 40,632,343 2.18


– Appreciation 422,064 0.04 689,898 0.04

– Depreciation 4,822,519 0.43 7,138,757 0.38


– Appreciation 465,058 0.04 782,081 0.04

– Depreciation 127,658 0.01 242,756 0.01

Commercial Paper / Certifi cate of Deposit

– Appreciation 916,790 0.08 1,827,357 0.10


1.7. The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-15 (excluding accretion of discount) are Rs. 2,217,723,093 and Rs. 2,492,004,338 respectively being 240.02% and 269.70% of the average daily net assets for Regular Plan and Rs. 4,559,380,309 and Rs. 4,786,257,487 respectively being 253.64% and 266.26% of the average daily net assets for Savings Plan.

The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013-14 (excluding accretion of discount) are Rs. 3,750,015,905 and Rs. 4,511,519,961 respectively being 236.66% and 284.72% of the average daily net assets for Regular Plan and Rs. 5,930,974,359 and Rs. 7,255,655,401 respectively being 226.50% and 277.09% of the average daily net assets for Savings Plan.

1.8. Non-Traded securities in the portfolio: Aggregate Value of Equity, Debt & Money Market Instruments and percentage to net assets is as under :

Security Category REGULAR PLANAmount

(Rs.)Percentage to Net Assets (%)

Amount(Rs.)


2015 2014

Equities – – – –

Debt Instruments – – – –

Money Market Instruments – – 49,905,770 4.48

Total – – 49,905,770 4.48

Security Category SAVINGS PLANAmount

(Rs.)Percentage to Net Assets (%)

Amount(Rs.)


2015 2014

Equities – – – –


Money Market Instruments – – – –

Total – – – –


23

HSBC MIP 11






Relation

Period Covered


% of Total Business


Commission paid [Rupees]


Fund

Regular Plan



Manager2014-2015 11.02 34.18 2,176,994 27.01



Manager2014-2015 – – – –

Savings Plan



Manager2014-2015 24.09 31.53 3,590,912 20.27



Manager2014-2015 – – – –

Name of Sponsor /AMC and its associates /related parties / group companies


Relation

Period Covered


% of Total Business




Fund

Regular Plan



Manager2013-2014 8.82 20.71 6,281,007 45.97



Manager2013-2014 – – 23,257 0.17

Savings Plan



Manager2013-2014 21.37 33.51 9,287,870 49.06



Manager2013-2014 – – 5,717 0.03


24

11 HSBC MIP




relation

Period Covered


[Rs. In Crores]

% of total value of




fund

Regular Plan


Sponsor 2014-2015 1.29 1.10 15,459.49 5.76

Savings Plan


Sponsor 2014-2015 3.94 1.86 47,280.21 7.19



relation

Period Covered


[Rs. In Crores]

% of total value of


"Brokerage paid

[Rs.]“(on accrual basis)“"


paid by the fund

Regular Plan


Sponsor 2013-2014 0.96 0.44 11,546 2.70

Savings Plan


Sponsor 2013-2014 2.14 0.60 25,682 2.07

The brokerage paid was at rates similar to those offered to other distributors.


3 None of the Investors held more than 25% of the total net assets of the Schemes at the years ended March 31, 2015 and March 31, 2014.

4 Unit Capital movement during the years ended March 31, 2014 and March 31, 2015.

REGULAR PLAN

Description Opening Units Subscription Redemption Closing Units Face Value per unit (Rs.)

2014-2015

Growth Option 21,364,211.069 8,935,136.745 10,330,035.910 19,969,311.904 10

Monthly Dividend Option

41,410,262.499 7,427,323.519 23,194,032.325 25,643,553.693 10

Quarterly Dividend Option

17,535,196.571 1,364,438.785 7,483,349.924 11,416,285.432 10


1,102.368 19,330.230 14,325.776 6,106.822 10


25

HSBC MIP 11

REGULAR PLAN


Direct Plan - Monthly Dividend Option

– – – – –

Direct Plan - Quarterly Dividend Option

– – – – –

2013-2014


Growth Option 30,599,797.881 15,251,551.850 24,487,138.662 21,364,211.069 10

Monthly Dividend Option

85,184,893.885 5,590,854.544 49,365,485.930 41,410,262.499 10


30,107,808.250 1,277,319.049 13,849,930.728 17,535,196.571 10


1,102.368 – – 1,102.368 10


– 1,598,553.821 1,598,553.821 – –


– – – – –

SAVINGS PLAN

Description Opening Units Subscription Redemption Closing Units Face Value per Unit

(Rs.)

2014-2015

Growth Option 36,346,855.103 13,285,212.008 14,172,550.736 35,459,516.375 10

Monthly Dividend Option 47,169,592.410 21,038,519.557 22,107,198.756 46,100,913.211 10


29,972,252.663 3,584,810.938 15,801,747.341 17,755,316.260 10


310,615.821 25,229.477 182,118.366 153,726.932 10


224,505.050 1,575,219.701 1,720,990.991 78,733.760 10


241.638 13,921.387 – 14,163.025 10

2013-2014


(Rs.)

Growth Option 57,181,395.711 18,492,745.290 39,327,285.898 36,346,855.103 10

Monthly Dividend Option 107,809,474.513 8,196,425.002 68,836,307.105 47,169,592.410 10


26

11 HSBC MIP

2013-2014


(Rs.)


47,537,058.894 3,262,495.214 20,827,301.445 29,972,252.663 10


253,338.899 201,592.190 144,315.268 310,615.821 10


31,718.984 203,143.415 10,357.349 224,505.050 10


34,214.030 469.870 34,442.262 241.638 10

5 Prior year amounts have been re-grouped / re-arranged where necessary.

6 No contingent liabilities for Regular Plan and Savings Plan for the years ended March 31, 2015 and March 31, 2014.


8 Other income of Rs. 1,887 in Regular Plan (2014: Rs.1,041,659) and Rs. 3,396 (2014: Rs. 2,233,284) in Savings Plan represents Exit Load (net of service tax) credited to the Scheme

9 Garnishee Notices :

An Income tax demand of Rs. 32.58 crores was purported to be recovered under garnishee proceedings, by Income Tax Authorities in respect of investments made in Pass through Certifi cates (PTC) by some of the debt schemes (including matured schemes) of HSBC Mutual Fund (HSBC MF), for A.Y. 2009-2010. The said demand, impacting various players in the industry, raised originally on the trusts sponsored by IL&FS Trust Company Ltd., (Appellants) was sought to be also recovered u/s 177(3) of the Income Tax Act, from HSBC MF. Against the demand an appeal was fi led by the Appellant with the fi rst Appellate Authority [CIT(A)] who granted part relief to the Appellant. Against the order granting part relief, the Appellant as well as the Income-Tax Department has fi led an appeal before second Appellate Authority [Income-tax Appellate Tribunal (ITAT)]. The matter is pending before ITAT. The ITAT had granted “”stay”” against the demand.

Similar to AY 2009-2010, HSBC MF has received a demand notice from the Income Tax Authorities for the A.Y. 2010-2011 for Rs. 6.95 crores. The Appellate had fi led an appeal with the CIT(A) who disposed of the same by passing an order granting part relief on similar lines of AY 2009-2010. The Appellant fi led an appeal before the to ITAT against the CIT(A) order. The matter is pending before ITAT. The ITAT had granted “stay” against the demand.

Similar to the above, the assessment for the A.Y. 2007-2008 has also been reopened by the Income Tax Authorities and demand has been made of Rs. 2.04 Crores on the trust sponsored by IL&FS Trust Company Ltd. The Appellant fi led an appeal with CIT(A) who gave a part relief. The Appellant then fi led an appeal before ITAT against the CIT(A) order. The matter is pending before ITAT. The ITAT had granted ”stay” against the demand. It is to be noted that HSBC MF has not received any demand notice from the Income Tax authorities for this assessment year.



27

HSBC MIP 11

















28

11 HSBC MIP
















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35

HSBC MIP 11





HSBC INCOME FUND

HSBC Income FundAn open-ended Income Scheme


1

HSBC INCOME FUND

Dear Investor,











Market Outlook



2

HSBC INCOME FUND



Yours sincerely,

Puneet Chaddha



3

HSBC INCOME FUND












Mr. Ravi Menon


4

HSBC INCOME FUND





HSBC Income Fund (HIF) – an open-ended Income SchemeHIF seeks to generate reasonable income through a diversifi ed portfolio of fi xed income securities. The AMC’s view of interest rate trends and the nature of the plans will be refl ected in the type and maturities of securities in which the Short Term and Investment Plans are invested.

The Scheme has two plans – the Investment Plan and the Short Term Plan. The net assets of HSBC Income Fund – Investment Plan (HIF – IP) amounted to Rs. 104.89 crores as at March 31, 2015 as compared to Rs. 61.65 crores as at March 31, 2014. Around 95.44% of the net assets were invested in debt and money market instruments, 3.20% of the net assets were invested in reverse repos / CBLO and 1.36 % were in net current assets as at March 31, 2015. The net assets of HSBC Income Fund – Short Term Plan (HIF – STP) amounted to Rs. 1309.00 crores as at March 31, 2015 as compared to Rs. 727.27 crores as at March 31, 2014. Around 97.15% of the net assets were invested in debt and money market instruments, 0.79% of the net assets were invested in reverse repos / CBLO and 2.06% were in net current assets as at March 31, 2015.

HIF-IP outperformed its benchmark due to higher duration calls taken during the year. The stable government and low volatility in forex market created environment for foreign investors to invest in fi xed income segment which benefi tted the rates and spread scenario.

HIF-STP underperformed its scheme benchmark due to lower duration calls taken during the year. RBI restricted short end investment (upto 3 year) by Foreign Portfolio investors which affected short end levels.

HIF – IP

Date of Inception : 10 December 2002 Simple Annualized (%) Compounded Annualized (%)




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


Rs. 10,000, if invested in HIF - IP, would have become

11,488 10,185 11,119 23,801

Rs. 10,000, if invested in CRISIL Composite Bond Fund Index, would have become

11,460 10,434 10,927 21,505


11,458 9,921 11,131 19,971

HIF – STP





Since Inception

HSBC Income Fund - STP - 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

5

HSBC INCOME FUND






Since Inception


Rs. 10,000, if invested in HIF - ST, would have become

10,995 10,723 10,926 23,138

Rs. 10,000, if invested in CRISIL Short Term Bond Fund Index, would have become

11,033 10,879 10,909 22,828


10,874 10,578 10,837 19,797





BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg



Infl ation: One of the major successes of the last year has been containment of the infl ation. Consumer Price Index (CPI) is lower by over 500bps from last year and has been source of many positive policy decisions.

6

HSBC INCOME FUND


Wholesale price Index (WPI) has been in defl ation for the last 7 consecutive months. It is largely due to lower crude and commodity prices but also due to weak demand and lack of pricing power.














7

HSBC INCOME FUND

















8

HSBC INCOME FUND





Scheme


Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Income Fund-Investment Plan 460,862.65 987 332,101.47 27

HSBC Income Fund- Short Term Plan 61,364.17 76 0.04 1





Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0

9

HSBC INCOME FUND


Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios






10

HSBC INCOME FUND





Sd/-

Dilip J. Thakkar

Trustee


11

HSBC INCOME FUND



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Income Fund

(the “Scheme”), which comprise the Balance Sheet as at March 31, 2015,the related Revenue Account and the Cash Flow, where applicable, for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.


Management (India) Private Limited (the “Management”) are responsible for the preparation of these fi nancial statements that give a true and fair view of the fi nancial position and fi nancial performance and cash fl ow, where applicable, of the Scheme in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (the “Regulations”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the fi nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.









(c) in the case of the Cash Flow Statement, where applicable, of the cash fl ows for the year ended on that date.

12

HSBC INCOME FUND




(b) In our opinion, the Balance Sheet, Revenue Account and Cash Flow Statement, where applicable,dealt with by this report have been prepared in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Regulations.

8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet, Revenue Account, and Cash Flow Statement, where applicable, dealt with by this Report are in agreement with the books of account of the Scheme.



Sd/-



13

HSBC INCOME FUND

Rs. in Lakhs

HSBC INCOME FUND – INVESTMENT PLANAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 4,587.95 3,248.832 Reserves & Surplus2.1 Unit Premium Reserves (236.00) (622.35)2.2 Unrealised Appreciation Reserve 335.11 4.112.3 Other Reserves 5,890.22 3,534.243 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits – –4.2 Other Current Liabilities & Provisions 37.99 21.60

TOTAL 10,615.27 6,186.43

ASSETS1 Investments1.1 Listed Securities: – –1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 1,651.18 2,977.661.1.5 Securitised Debt securities 12.43 20.061.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities 7,880.74 1,827.141.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits 464.38 1,021.831.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –

Total Investments 10,008.73 5,846.692 Deposits 2.36 10.353 Other Current Assets3.1 Cash & Bank Balance 8.06 8.473.2 CBLO / Reverse Repo Lending 335.88 77.823.3 Others 260.24 243.104 Deferred Revenue Expenditure – –


TOTAL 10,615.27 6,186.43



14

HSBC INCOME FUND


Rs. in Lakhs

HSBC INCOME FUND – SHORT TERM PLANAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 75,041.23 49,741.502 Reserves & Surplus2.1 Unit Premium Reserves 7,233.10 3,752.012.2 Unrealised Appreciation Reserve 777.98 51.932.3 Other Reserves 48,977.66 19,181.963 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits – –4.2 Other Current Liabilities & Provisions 180.68 351.33

TOTAL 132,210.65 73,078.73

ASSETS1 Investments1.1 Listed Securities: – –1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 81,282.85 42,206.731.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds 2,030.66 –1.3.5 Securitised Debt securities – –1.4 Government Securities 13,167.21 –1.5 Treasury Bills – –1.6 Commercial Paper 12,154.75 2,289.961.7 Certifi cate of Deposits 18,518.28 25,860.811.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –

Total Investments 127,153.75 70,357.502 Deposits 15.20 29.043 Other Current Assets3.1 Cash & Bank Balance 316.28 159.073.2 CBLO / Reverse Repo Lending 1,032.79 166.413.3 Others 3,692.63 2,366.714 Deferred Revenue Expenditure – –


TOTAL 132,210.65 73,078.73


15

HSBC INCOME FUND

Rs. in Lakhs

HSBC INCOME FUND – INVESTMENT PLAN

Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 811.43 878.881.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of


1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – 5.78

(A) 1,031.55 364.17

2 EXPENSES2.1 Management fees 98.42 99.082.2 Service tax on Management fees 12.17 12.252.3 Transfer agents fees and expenses 6.05 5.992.4 Custodian fees 0.13 0.412.5 Trusteeship fees 0.12 0.072.6 Commission to Agents 37.36 83.742.7 Marketing & Distribution expenses 0.13 –2.8 Audit fees 0.31 0.202.9 Investor Education Expenses 1.94 2.082.10 Other operating expenses 1.67 1.522.11 Less: Expenses to be Reimbursed by the Investment Manager – (0.74)

(B) 158.30 204.603 NET REALISED GAINS / (LOSSES) FOR

THE YEAR (A - B = C) 873.25 159.57



6 Change in unrealised appreciation inthe value of investments (F) 331.00 (7.42)


7.1 Add: Balance transfer from Unrealised Appreciation Reserve – 7.427.2 Less: Balance transfer to Unrealised Appreciation Reserve 331.00 –7.3 Add / (Less): Equalisation 1,408.45 (816.33)7.4 Transfer from Reserve Fund 3,534.23 4,396.63


8 Total 5,923.63 3,646.11





16

HSBC INCOME FUND


Rs. in Lakhs

HSBC INCOME FUND – SHORT TERM PLAN

Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 8,827.01 9,118.751.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of


1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – 1.06

(A) 9,349.87 8,463.012 EXPENSES2.1 Management fees 283.53 406.822.2 Service tax on Management fees 35.02 50.282.3 Transfer agents fees and expenses 55.17 50.722.4 Custodian fees 5.48 7.172.5 Trusteeship fees 0.95 0.572.6 Commission to Agents 599.20 591.652.7 Marketing & Distribution expenses 9.33 12.012.8 Audit fees 3.89 1.902.9 Investor Education Expenses 19.74 20.352.10 Other operating expenses 12.96 9.342.11 Less: Expenses to be Reimbursed by the Investment Manager (13.36) –

(B) 1,011.91 1,150.813 NET REALISED GAINS / (LOSSES) FOR

THE YEAR (A - B = C) 8,337.96 7,312.20



6 Change in unrealised appreciation inthe value of investments (F) 726.04 (248.87)


7.1 Add: Balance transfer from Unrealised Appreciation Reserve – 248.877.2 Less: Balance transfer to Unrealised Appreciation Reserve 726.04 –7.3 Add / (Less): Equalisation 23,562.11 6,189.327.4 Transfer from Reserve Fund 19,181.96 9,489.23


8 Total 51,351.61 22,725.92

9 Dividend Appropriation9.1 Income Distributed during the year (1,766.26) (2,788.71)9.2 Tax on income distributed during the year (607.69) (755.25)



17

HSBC INCOME FUND


HSBC INCOME FUND –INVESTMENT PLAN

Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014


Open

Regular Growth Option 20.8029 20.3378

Regular Dividend Option – –

Regular Quarterly Dividend Option 10.7132 11.3637

Regular Weekly Dividend Option – –

Regular Monthly Dividend Option – –

Institutional Growth Option – –

Institutional Dividend Option – –

Institutional Weekly Dividend Option – –

Institutional Monthly Dividend Option – –

Institutional Plus Growth Option – –

Institutional Plus Weekly Dividend Option – –

Institutional Plus Monthly Dividend Option – –



Direct Plan - Weekly Dividend Option – –



High






Institutional Growth Option – 10.0000

Institutional Dividend Option – 10.0000











18

HSBC INCOME FUND



Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014

Low


















End5


















19

HSBC INCOME FUND


Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014


End 10,489 6,165

Average (AAuM)1 9,725 10,404


4. Expense Ratio:


Regular Growth Option 1.97% 1.97%












Retail









Corporate










20

HSBC INCOME FUND


Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014

8. Returns (%):

a. Last One Year

Scheme


Institutional Growth Option N.A. N.A.

Institutional Plus Growth Option N.A. N.A.


Benchmark

CRISIL Composite Bond Fund Index 14.5991 4.3172

b. Since Inception

Scheme


Institutional Growth Option N.A. N.A.

Institutional Plus Growth Option N.A. N.A.


Benchmark

CRISIL Composite Bond Fund Index 6.4151 5.7214




21

HSBC INCOME FUND

HSBC INCOME FUND –SHORT TERM PLAN

Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014


Open


Regular Dividend Option – 10.9993

Regular Quarterly Dividend Option – –

Regular Weekly Dividend Option 10.1987 10.2024


Institutional Growth Option 16.9067 15.6467


Institutional Weekly Dividend Option 12.4826 11.5522


Institutional Plus Growth Option 12.2535 11.3291

Institutional Plus Weekly Dividend Option 10.0428 10.0164



Direct Plan - Dividend Option – 11.0004

Direct Plan - Weekly Dividend Option 10.2237 10.2032

Direct Plan - Monthly Dividend Option 11.0402 N.A.

Direct Plan - Quarterly Dividend Option – N.A.

High





Regular Monthly Dividend Option 11.2441 11.1843




Institutional Monthly Dividend Option 12.0951 11.4878



Institutional Plus Monthly Dividend Option – 10.0000







22

HSBC INCOME FUND


Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014

Low












Institutional Plus Monthly Dividend Option – 10.0000






End5












Institutional Plus Monthly Dividend Option 10.0000 –







23

HSBC INCOME FUND


Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014


End 130,900 72,727

Average (AAuM)1 98,691 101,742


4. Expense Ratio:



Institutional Growth Option 0.74% 0.75%

Institutional Plus Growth Option 0.64% 0.65%










Retail




Institutional Weekly Dividend Option 0.3703 –

Institutional Monthly Dividend Option 0.5042 –




Corporate




Institutional Weekly Dividend Option 0.3433 –

Institutional Monthly Dividend Option 0.4716 –



24

HSBC INCOME FUND


Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014



8. Returns (%):

a. Last One Year

Scheme





Benchmark

CRISIL Short-Term Bond Fund Index 10.3271 8.7808

b. Since Inception

Scheme





Benchmark





25

HSBC INCOME FUND


HSBC INCOME FUND

1 Investments:






by all schemes


by all schemes

2015 2014

SHORT TERM PLAN



1,280,701,908 1,607,345,350 303,181,609 555,832,950

Equities – 215,829,290 – –

Bharti Airtel Ltd. Equities – 12,741,680 – 76,306,283


Commercial Paper

– – – 1,243,550,000


Commercial Paper

– – – 492,702,500

1.4. Open position of Securities Borrowed and / or Lent by the Scheme as of the years ended March 31, 2015 and March 31, 2014 are NIL.

1.5. NPAs for the Scheme for the years ended March 31, 2015 and March 31, 2014 are NIL.

1.6. Aggregate Unrealised Gain / Loss as at the end of the fi nancial years 2015 and 2014 and their percentages to net assets are as under :

Security Type 2015

INVESTMENT PLAN SHORT TERM PLAN

Amount (Rupees)


Amount (Rupees)



– Appreciation 6,152,810 0.59 57,835,683 0.44

– Depreciation – – 2,245,930 0.02

Certifi cate of Deposits

– Appreciation 91,827 0.01 2,037,600 0.02


Asset Backed Securities

– Appreciation – – 6,050,640 0.05

– Depreciation 40,354 0.00~ 1,780 0.00~


– Appreciation 27,272,682 2.60 14,144,485 0.11

– Depreciation 5,854 0.00~ 23,030 0.00~

~ Indicates less than 0.01

26

HSBC INCOME FUND

Security Type 2014

INVESTMENT PLAN SHORT TERM PLAN

Amount (Rupees)


Amount (Rupees)



– Appreciation 115,305 0.02 7,233,573 0.10

– Depreciation 10,574,567 1.72 34,190,434 0.47

Certifi cate of Deposits

– Appreciation 411,394 0.07 5,648,608 0.08

– Depreciation – 0.00 455,397 0.01

Asset Backed Securities


– Depreciation 96,818 0.02 – –


– Appreciation 166,829 0.03 – –

– Depreciation 419,959 0.07 – –


1.7. The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-15 (excluding accretion of discount) are Rs. 3,307,720,975 and Rs. 2,958,567,028 respectively being 340.13% and 304.23% of the average daily net assets for Investment Plan and Rs.29,508,686,206 and Rs. 24,218,867,854 respectively being 299.00% and 245.40% of the average daily net assets for Short Term Plan.

The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013-14 (excluding accretion of discount) are Rs. 3,352,599,512 and Rs. 3,537,242,887 respectively being 322.24% and 339.98% of the average daily net assets for Investment Plan and Rs.23,614,085,753 and Rs. 26,833,445,848 respectively being 232.10% and 263.74% of the average daily net assets for Short Term Plan.

1.8. Non-Traded securities in the portfolio: Aggregate Value of Equity, Debt & Money Market Instruments and percentage to net assets are as

under:

Security Category INVESTMENT PLAN

2015 2014

Fair Value (Rupees)


Fair Value (Rupees)


Debt Instruments – – – 0.00

Money market Instruments – – 9,981,154 1.62

Total – – 9,981,154 1.62

Security Category SHORT TERM PLAN

2015 2014

Fair Value (Rupees)


Fair Value (Rupees)


Debt Instruments 29,995,180 0.23 151,127,906 2.08

Money market Instruments 278,703,288 2.13 163,212,843 2.24

Total 308,698,468 2.36 314,340,749 4.32


27

HSBC INCOME FUND

2 Disclosure Under Regulation 25(8) of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 As Amended

During the year 2014-15, The Hong Kong and Shanghai Banking Corporation Limited, an associate entity of HSBC Asset Management (India) Private Limited was paid collection/bank charges are Nil for Short Term Plan and Investment Plan.

During the year 2013-14, The Hong Kong and Shanghai Banking Corporation Limited, an associate entity of HSBC Asset Management (India) Private Limited was paid collection/bank charges amounting to Rs. 14,400 for the Investment and NIL for Short Term Plan.





Relation

Period Covered





Fund

INVESTMENT PLAN


Associate 2014-2015 7.22 10.45 705,867.05 21.51

HSBC InvestDirect Securities (India) Limited Associate 2014-2015 – – – –

SHORT TERM PLAN


Associate 2014-2015 311.88 16.79 16,218,818.31 31.56

HSBC InvestDirect Securities (India) Limited Associate 2014-2015 – – – –



Relation

Period Covered



Commission paid

[Rupees]


Fund

INVESTMENT PLAN


Associate 2013-2014 18.12 22.92 1,887,298 18.85

HSBC InvestDirect Securities (India) Limited Associate 2013-2014 – – 6,891 0.07

SHORT TERM PLAN


Associate 2013-2014 484.45 52.83 28,126,764 51.51

HSBC InvestDirect Securities (India) Limited Associate 2013-2014 – – 5,192 0.01




28

HSBC INCOME FUND

3 None of the Investors held more than 25% of the total net assets of Investment Plan and Short Term as at the years ended on March 31, 2015 and March 31, 2014.


INVESTMENT PLAN

Description Opening Units Subscription Redemption Closing Units Face Value per unit (Rupees)

2014-2015

Regular Dividend Option 5,885,622.963 1,093,271.357 3,472,775.526 3,506,118.794 10

Regular Growth Option 26,529,661.263 5,835,676.443 11,497,592.795 20,867,744.911 10


72,978.016 25,009,175.543 3,576,509.708 21,505,643.851 10


2013-2014




270,964.576 54,344.680 252,331.240 72,978.016 10

SHORT TERM PLAN


2014-2015



Regular Weekly Dividend Option

96,040,708.164 113,004,953.339 120,600,448.475 88,445,213.028 10

Institutional Dividend Option

574,716.029 – – 574,716.029 10

Institutional Growth Option

1,150,179.747 – 1,150,179.747 – 10

Institutional Weekly Dividend Option

599,442.020 – – 599,442.020 10

Institutional Plus Growth Option

20,431,475.616 – – 20,431,475.616 10

Institutional Plus Weekly Dividend Option

20,163,437.936 – – 20,163,437.936 10

Institutional Plus Monthly Dividend Option

– – – – –

Direct Plan - Growth Option 19,301,736.596 324,455,460.722 174,913,785.588 168,843,411.730 10

Direct Plan - Dividend Option 411,529.781 198,040.880 503,994.437 105,576.224 10

Direct Plan - Weekly Dividend Option

161,273.339 2,751,946.603 2,527,579.478 385,640.464 10


29

HSBC INCOME FUND

SHORT TERM PLAN


2013-2014




229,344,801.286 140,614,152.923 273,918,246.045 96,040,708.164 10

Institutional Dividend Option

574,716.029 – – 574,716.029 10


1,150,179.747 – – 1,150,179.747 10


599,442.020 – – 599,442.020 10


187,486,390.279 – 167,054,914.663 20,431,475.616 10


20,163,437.936 – – 20,163,437.936 10


– – – – –


17,929,537.776 24,629,333.385 23,257,134.565 19,301,736.596 10


286,992.438 369,748.973 245,211.630 411,529.781 10


108,286.444 11,487,365.067 11,434,378.172 161,273.339 10


6 No contingent liabilities for Investment Plan and Short Term Plan for the years ended March 31, 2015 and March 31, 2014.


8 Other Income of Rs. 304 (2014: Rs. 578,425) in Investment Plan and Rs. 320 (2014: Rs. 105,952) in Short Term Plan represents Exit load (net of service tax) credited to the Scheme.


An Income tax demand of Rs. 32.58 crores was purported to be recovered under garnishee proceedings, by Income Tax Authorities in respect of investments made in Pass through Certifi cates (PTC) by some of the debt schemes (including matured schemes) of HSBC Mutual Fund (HSBC MF), for A.Y. 2009-2010. The said demand, impacting various players in the industry, raised originally on the trusts sponsored by IL&FS Trust Company Ltd., (Appellants) was sought to be also recovered u/s 177(3) of the Income Tax Act, from HSBC MF. Against the demand an appeal was fi led by the Appellant with the fi rst Appellate Authority [CIT(A)] who granted part relief to the Appellant. Against the order granting part relief, the Appellant as well as the Income-Tax Department has fi led an appeal before second Appellate Authority [Income-tax Appellate Tribunal (ITAT)]. The matter is pending before ITAT. The ITAT had granted “stay” against the demand.

Similar to AY 2009-2010, HSBC MF has received a demand notice from the Income Tax Authorities for the A.Y. 2010-2011 for Rs. 6.95 crores. The Appellate had fi led an appeal with the CIT(A) who disposed of the same by passing an order granting part relief on similar lines of AY 2009-2010. The Appellant


30

HSBC INCOME FUND

fi led an appeal before the to ITAT against the CIT(A) order. The matter is pending before ITAT. The ITAT had granted ”stay” against the demand.


10 The Annual Accounts of the Schemes prepared in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of The Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 has been approved by the Board of Directors of HSBC Asset Management (India) Private Limited and The Board of Trustees of HSBC Mutual Fund at their meetings held on July 15, 2015 and July 16 2015 respectively. The audit report attached herewith refers to the said Annual Accounts. The aforesaid abridged accounts are an extract of the Annual Accounts and are prepared in accordance with SEBI Circular No. IMD/Cir8/132968/2008 dated July 24, 2008.


31

HSBC INCOME FUND

















32

HSBC INCOME FUND
















33

HSBC INCOME FUND

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A

nnua

l Rep

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39

HSBC INCOME FUND





HSBC Floating Rate Fund - Long Term PlanAn open-ended Income Scheme


HSBC FLOATING RATE FUND - LONG TERM PLAN

1


Dear Investor,











Market Outlook



2




Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Floating Rate Fund – Long Term Plan (HFRF – LTP) – an open-ended Income SchemeHFRF seeks to generate reasonable return with commensurate risk from a portfolio comprised of fl oating rate debt instruments and fi xed rate debt instruments swapped for fl oating rate returns. The scheme may also invest in fi xed rate money market and debt instruments.

The net assets of the HFRF - LTP amounted to Rs. 55.23 crores as at March 31, 2015 as compared to Rs. 112.48 crores as at March 31, 2014. Around 95.99% of the net assets were invested in money market instruments, 7.96% were invested in reverse repos / CBLO and (-3.95%) were in net current assets as at March 31, 2015.

HFRF-LTP underperformed the benchmark due to lower duration calls taken by fund and larger movement in duration segment. RBI restricted short end investment (upto 3 year) by Foreign Portfolio investors which affected short end levels.

Date of Inception : 16 November 2004 Simple Annualized (%) Compounded Annualized

(%)




Since Inception

HSBC FRF - LTP - Regular Plan – Growth 8.73 9.21 9.17 7.78

CRISIL Liquid Fund Index (Scheme Benchmark) 8.97 9.46 8.22 7.15


Rs. 10,000, if invested HFRF - LTP, would have become

10,873 10,921 10,917 21,761

Rs. 10,000, if invested in CRISIL Liquid Fund Index, would have become

10,897 10,946 10,822 20,485


10,874 10,578 10,837 18,243




5





BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg










RBI continued to intervene in the Forex market to build up reserves and control appreciation of INR. The currency maintained stability through couple of emerging market volatility elements in 2014, where Russian Rouble as well as Turkish Lira was under pressure. Moreover, the foreign exchange fl ows which were attracted due to lower volatile currency helped build up the forex reserves to about USD 325 bn which will help RBI

6



defend INR level in case of volatility.

















7











Scheme


Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Floating Rate Fund - Long Term Plan

42,064.21 61 14,800.65 5


8






Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:


9










Sd/-

Dilip J. Thakkar

Trustee


10




HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Floating Rate

Fund - Long Term Plan (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.













11







Sd/-



12


Rs. in Lakhs

HSBC FLOATING RATE FUND – LONG TERM PLAN



LIABILITIES1 Unit Capital 3,874.66 8,827.332 Reserves & Surplus2.1 Unit Premium Reserves 178.40 570.862.2 Unrealised Appreciation Reserve 11.15 19.042.3 Other Reserves 1,651.43 1,830.833 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits – –4.2 Other Current Liabilities & Provisions 27.08 64.14

TOTAL 5,742.72 11,312.20

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds – –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper 2,052.24 1,578.241.7 Certifi cate of Deposits 3,248.75 8,462.991.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –


2 Deposits 0.81 1,203.983 Other Current Assets3.1 Cash & Bank Balance 0.55 9.673.2 CBLO / Reverse Repo Lending 439.78 54.313.3 Others 0.59 3.014 Deferred Revenue Expenditure – –


TOTAL 5,742.72 11,312.20



13



Rs. in Lakhs

HSBC FLOATING RATE FUND – LONG TERM PLAN

Current Year ended

March 31, 2015

Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 800.84 1,532.761.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of


1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – –

(A) 817.01 1,571.38

2 EXPENSES2.1 Management fees 22.90 57.792.2 Service tax on Management fees 2.83 7.142.3 Transfer agents fees and expenses 4.44 7.222.4 Custodian fees 0.52 1.172.5 Trusteeship fees 0.09 0.092.6 Commission to Agents 23.95 36.692.7 Marketing & Distribution expenses 0.08 0.372.8 Audit fees 0.20 0.292.9 Investor Education Expenses 1.78 3.342.10 Other operating expenses 2.24 1.762.11 Expenses to be Reimbursed by the Investment Manager – –

(B) 59.03 115.87

3 NET REALISED GAINS / (LOSSES) FORTHE YEAR (A - B = C) 757.98 1,455.51

4 Change in Unrealised Depreciation invalue of investments (D) – –

5 NET GAINS / (LOSSES) FOR THE YEAR [E = (C + D)] 757.98 1,455.51

6 Change in unrealised appreciation inthe value of investments (F) (7.89) 16.52

7 NET SURPLUS / (DEFICIT) FOR THE YEAR (E + F = G) 750.09 1,472.03

7.1 Add: Balance transfer from Unrealised Appreciation Reserve 7.89 –7.2 Less: Balance transfer to Unrealised Appreciation Reserve – 16.527.3 Add / (Less): Equalisation (463.26) (1,824.69)7.4 Transfer from Reserve Fund 1,830.82 3,331.19


8 Total 2,125.54 2,962.00




14



HSBC FLOATING RATE FUND – LONG TERM PLANCurrent


Previous Year ended

March 31, 2014

1. NAV per unit (Rs.):Open

Regular Growth Option 19.1583 17.6333Regular Daily Dividend Option – –Regular Weekly Dividend Option 10.0118 10.0110Regular Monthly Dividend Option 10.0064 10.0064Institutional Growth Option 20.0445 18.3376Institutional Daily Dividend Option 10.0323 –Institutional Weekly Dividend Option 11.2552 11.2390Institutional Fortnightly Dividend Option – –Institutional Monthly Dividend Option 10.4768 10.2196Direct Plan - Growth Option 20.1518 18.3444Direct Plan - Daily Dividend Option N.A. –Direct Plan - Weekly Dividend Option 11.2392 10.0083Direct Plan - Fortnightly Dividend Option – 11.2402Direct Plan - Monthly Dividend Option – 10.1840

HighRegular Growth Option 20.7141 19.1460Regular Daily Dividend Option – –Regular Weekly Dividend Option 10.0336 10.0375Regular Monthly Dividend Option 10.0720 10.0984Institutional Growth Option 21.7919 20.0309Institutional Daily Dividend Option 10.2070 10.0255Institutional Weekly Dividend Option 11.2756 11.2705Institutional Fortnightly Dividend Option – 10.0319Institutional Monthly Dividend Option 10.9979 10.6996Direct Plan - Growth Option 22.0293 20.1371Direct Plan - Daily Dividend Option 10.0385 –Direct Plan - Weekly Dividend Option 11.2664 11.2711Direct Plan - Fortnightly Dividend Option – 10.0459Direct Plan - Monthly Dividend Option 10.0807 10.2558

LowRegular Growth Option 19.1637 17.6536Regular Daily Dividend Option – –Regular Weekly Dividend Option 10.0042 9.9886Regular Monthly Dividend Option 10.0019 10.0055Institutional Growth Option 20.0508 18.3598Institutional Daily Dividend Option 10.0293 9.9792Institutional Weekly Dividend Option 11.2419 11.2109Institutional Fortnightly Dividend Option – 9.9912Institutional Monthly Dividend Option 10.4765 10.2319Direct Plan - Growth Option 20.1587 18.3666Direct Plan - Daily Dividend Option 10.0384 –Direct Plan - Weekly Dividend Option 11.2321 11.2152

15





Previous Year ended

March 31, 2014

Direct Plan - Fortnightly Dividend Option – 10.0014Direct Plan - Monthly Dividend Option 10.0029 10.1433

End5


Regular Daily Dividend Option – –




Institutional Daily Dividend Option 10.2070 10.0323


Institutional Fortnightly Dividend Option 10.0000 –



Direct Plan - Daily Dividend Option 10.0385 –


Direct Plan - Fortnightly Dividend Option 10.0000 –

Direct Plan - Monthly Dividend Option 10.0313 –


End 5,523 11,248

Average (AAuM)1 8,900 16,707


4. Expense Ratio:












Retail

Regular Daily Dividend Option – 0.4929



Institutional Daily Dividend Option 0.5071 –

16





Previous Year ended

March 31, 2014


Institutional Fortnightly Dividend Option – 0.1149




Direct Plan - Fortnightly Dividend Option – 0.2040


Corporate

Regular Daily Dividend Option – 0.4720



Institutional Daily Dividend Option 0.4800 –


Institutional Fortnightly Dividend Option – 0.1053




Direct Plan - Fortnightly Dividend Option – 0.1826


8. Returns (%):

a. Last One Year

Scheme



Direct Plan - Growth Option 9.3305 9.7574Benchmark

CRISIL Liquid Fund Index 8.9727 9.4613

b. Since Inception

Scheme





1. AAuM = Average daily net assets.2. Gross income = amount against (A) in the Revenue account i.e. Income.3. Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the year.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.5. The net asset value disclosed represents the computed NAV on March 31, 2014 (Non-business Day), and

not the last declared NAV.

17



HSBC FLOATING RATE FUND – LONG TERM PLAN1 Investments:

1.1. It is confi rmed that investments of the schemes are registered in the name of the Trustees for the benefi t of the Scheme’s unitholders.

1.2. Open Positions of derivatives as of year ended March 31, 2015 and year ended March 31, 2014 are NIL.

1.3. Investments in Associates and Group Companies as of years ended March 31, 2015 and March 31, 2014 are NIL.



1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial Year and percentage to net assets are as follows:



2015 2014

Certifi cate of Deposits / Commercial Papers

– Appreciation 1,114,775 0.20 1,904,102 0.17


1.7. The aggregate value of investments (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the year 2014-2015 (excluding accretion of discount) are Rs. 4,342,365,143 and Rs. 4,887,311,301 respectively being 487.92% and 549.15% of the average daily net assets.

The aggregate value of investments (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the year 2013-2014 (excluding accretion of discount) are Rs. 10,945,217,531 and Rs. 12,411,736,363 respectively being 655.13% and 742.91% of the average daily net assets.

1.8. Non -Traded securities in the portfolio: Aggregate Value of Equity, Debt & Money Market Instruments and their percentages to Net assets are as under :

Security Category Fair Value Percentage to Net Assets

Fair Value Percentage to Net Assets

2014-2015 2013-2014

Money market Instruments 79,225,714 14.35 321,019,101 19.21


Details of amounts paid to associates in terms of Regulation 25 (8) are as follows


Name of Sponsor / AMC and its associate / related parties /group companies

Nature of Association /

Nature of Relation

Period Covered


% of Total Business


Commi-ssion paid [Rs.]

% of Total commi-

ssion paid by the Fund


Associate of the Investment Manager

2014-2015 2.81 1.96 148,117 6.42



2014-2015 – – – –

18


Name of Sponsor / AMC and its associate / related parties /group companies

Nature of Association /

Nature of Relation

Period Covered


% of Total Business




Fund



2013-2014 5.51 1.47 218,001 6.59



2013-2014 0 0 440 0.01



3 Large Holdings in the Scheme (i.e. in excess of 25% of the net assets) as at the years ended March 31, 2015 and March 31, 2014 are NIL


Description

2014-2015


Regular Growth Option 2,195,912.821 – 471,865.721 1,724,047.100 10

Regular Daily Dividend Option

– – – – 10


2,749,543.776 – 1,375,668.537 1,373,875.239 10

Regular Monthly Dividend Option

2,923,989.859 – 1,411,967.376 1,512,022.483 10


14,878,305.845 22,348,788.585 25,880,595.225 11,346,499.205 10

Institutional Daily Dividend Option

12,101,886.971 28,088,531.016 39,029,122.291 1,161,295.696 10

Institutional Fortnightly Dividend Option

– – – – 10


32,930,500.634 13,023,041.243 42,393,203.056 3,560,338.821 10

Institutional Monthly Dividend Option

1,133,087.666 658,752.394 1,435,104.608 356,735.452 10


696,597.008 1,346,250.873 1,519,208.817 523,639.064 10

Direct Plan - Daily Dividend Option

– 789,449.487 189,271.306 600,178.181 10


18,663,488.079 43,369,961.343 45,449,074.702 16,584,374.720 10

Direct Plan - Fortnightly Dividend Option

– – 10


– 3,561.685 – 3,561.685 10


19


Description

2013-2014


Regular Growth Option 6,469,771.109 – 4,273,858.288 2,195,912.821 10

Regular Daily Dividend Option

– – – – 10


11,007,140.947 – 8,257,597.171 2,749,543.776 10


4,579,516.848 15,525.507 1,671,052.496 2,923,989.859 10


32,761,712.353 67,181,598.871 85,065,005.379 14,878,305.845 10


– 51,932,441.619 39,830,554.648 12,101,886.971 10

Institutional Fortnightly Dividend Option

– 2,958,669.938 2,958,669.938 – 10


114,074,209.503 120,349,751.242 201,493,460.111 32,930,500.634 10


1,945,183.690 2,170,933.262 2,983,029.286 1,133,087.666 10


671,514.944 5,563,700.242 5,538,618.178 696,597.008 10


12,233,819.948 37,615,998.934 31,186,330.803 18,663,488.079 10


2,032.230 41.796 2,074.026 – 10


68,515.829 2,800.084 71,315.913 – 10

5 Prior year amounts have been re-grouped/ re-arranged where necessary.



8 Garnishee Notice from Income Tax Authorities



20



Similar to the above, the assessment for the A.Y. 2007-2008 has also been reopened by the Income Tax Authorities and demand has been made of Rs. 2.04 Crores on the trust sponsored by IL&FS Trust Company Ltd. The Appellant fi led an appeal with CIT(A) who gave a part relief. The Appellant then fi led an appeal before ITAT against the CIT(A) order. The matter is pending before ITAT. The ITAT had granted “stay” against the demand. It is to be noted that HSBC MF has not received any demand notice from the Income Tax authorities for this assessment year.



21


















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HSBC ULTRA SHORT TERM BOND FUND 12

HSBC Ultra Short Term Bond FundAn open-ended Debt Scheme


1


Dear Investor,











Market Outlook



2

12 HSBC ULTRA SHORT TERM BOND FUND



Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Ultra Short Term Bond Fund (HUSBF) – an open ended Debt SchemeHUSBF seeks to provide liquidity and reasonable returns by investing primarily in a mix of short term debt and money market instruments.

The net assets of HUSBF amounted to Rs. 197.70 crores as at March 31, 2015 as compared to Rs. 153.71 crores as at March 31, 2014. Around 97.58% of the net assets were invested in debt and money market instruments, 5.30% were invested in reverse repos / CBLO and (-2.88%) were in net current assets as at March 31, 2015.

HUSTBF underperformed its scheme benchmark due to lower duration view that the fund takes and larger movement in duration segment. RBI restricted short end investment (upto 3 year) by Foreign Portfolio investors which affected short end levels.

Date of Inception : 17 October 2006 Simple Annualized (%) Compounded Annualized (%)



Since Inception

HSBC Ultra Short Term Bond Fund - Regular – 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

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

Rs. 10,000, if invested in Customised Benchmark Index, would have become

10,911 10,860 21,676


10,874 10,578 19,042


$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 ‘Since Inception’. The inception date of HSBC Ultra Short Term Bond Fund however is October 17, 2006.

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



5





BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg










RBI continued to intervene in the Forex market to build up reserves and control appreciation of INR. The currency maintained stability through couple of emerging market volatility elements in 2014, where Russian

6



Rouble as well as Turkish Lira was under pressure. Moreover, the foreign exchange fl ows which were attracted due to lower volatile currency helped build up the forex reserves to about USD 325 bn which will help RBI defend INR level in case of volatility.
















the provisions of the Indian Trusts Act, 1882 (2 of 1882) vide a Trust Deed dated February 7, 2002 with HSBC Securities and Capital Markets (India) Private Limited, as the Sponsor and the Board of Individual Trustees. The Trustee has entered into an Investment Management Agreement dated February 7, 2002

7



with HSBC Asset Management (India) Private Limited (AMC) to function as the Investment Manager for all the schemes of the Fund. The Fund was registered with SEBI vide registration number MF/046/02/5 dated May 27, 2002.










Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Ultra Short Term Bond Fund 0.03 1 68,290.00 7


8






Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0


9










Sd/-

Dilip J. Thakkar

Trustee


10




HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Ultra Short Term

Bond Fund (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.













11





9. In our opinion, the methods used to value non-traded securities as at March 31, 2015, as determined by HSBC Asset Management (India) Private Limited under procedures approved by the Board of Trustee of HSBC Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities and Exchange Board of India, are fair and reasonable.


Sd/-



12


Rs. in Lakhs

HSBC ULTRA SHORT TERM BOND FUNDAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 18,364.23 14,523.812 Reserves & Surplus2.1 Unit Premium Reserves (39.21) (49.91)2.2 Unrealised Appreciation Reserve 73.86 36.852.3 Other Reserves 2,097.96 860.373 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits – –4.2 Other Current Liabilities & Provisions 67.15 424.84

TOTAL 20,563.99 15,795.96

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 5,632.35 1,000.021.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds 507.67 –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper 3,837.46 1,270.641.7 Certifi cate of Deposits 9,311.00 11,130.131.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –

Total Investments 19,288.48 13,400.792 Deposits 5.10 1,300.003 Other Current Assets3.1 Cash & Bank Balance 5.11 374.953.2 CBLO / Reverse Repo Lending 1,047.17 672.793.3 Others 218.13 47.434 Deferred Revenue Expenditure – –


TOTAL 20,563.99 15,795.96



13



Rs. in Lakhs

HSBC ULTRA SHORT TERM BOND FUNDCurrent


Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 2,134.55 686.411.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of


1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income 13.52 –

(A) 2,216.34 697.70

2 EXPENSES2.1 Management fees 94.28 37.702.2 Service tax on Management fees 11.65 4.662.3 Transfer agents fees and expenses 10.24 3.072.4 Custodian fees 1.38 0.462.5 Trusteeship fees 0.24 0.05 2.6 Commission to Agents 106.94 22.812.7 Marketing & Distribution expenses 0.24 1.202.8 Audit fees 0.59 0.402.9 Investor Education Expenses 4.71 1.492.10 Other operating expenses 3.82 1.582.11 Expenses to be Reimbursed by the Investment Manager – (1.21)

(B) 234.09 72.20


4 Change in Unrealised Depreciation in value of investments (D) – –


6 Change in Unrealised appreciation in the valueof investments (F) 37.01 34.93


7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 37.01 34.937.3 Add / (Less): Equalisation 391.11 459.067.4 Transfer from Reserve Fund 860.38 217.03


8 Total 3,233.74 1,301.59


10 Retained Surplus / (Defi cit) carried forward to Balance Sheet 2,097.96 860.38


14





Previous Year ended

March 31, 2014


Open


Regular Daily Dividend Option 10.0084 10.0083







Institutional Plus Growth Option – – !

Institutional Plus Daily Dividend Option 12.5044 11.3786


Institutional Plus Monthly Dividend Option – – !


Direct Plan - Daily Dividend Option 10.0911 10.0119



High

















15





Previous Year ended

March 31, 2014

Low

















End5




Regular Monthly Dividend Option –













16




Previous Year ended

March 31, 2014


End 19,770 15,371

Average (AAuM)1 23,529 7,450


4. Expense Ratio:














Retail






Institutional Plus Daily Dividend Option – –






Corporate






17




Previous Year ended

March 31, 2014


Institutional Plus Daily Dividend Option – –






8. Returns (%):

a. Last One Year

Scheme





Benchmark

CRISIL Composite Index ^^ 9.1081 8.6030

b. Since Inception

Scheme





Benchmark

CRISIL Composite Index ^^ 9.0146 8.1777



! No Units Outstnding as at March 31, 2014.

^^ Composite Index of CRISIL Liquid Fund Index (90%) and CRISIL Short Term Bond Fund Index (10%).

18



HSBC ULTRA SHORT TERM BOND FUND

1 Investments:


1.2. Open Positions of derivatives as of year ended March 31, 2015 is NIL. Open Positions of derivatives as of year ended March 31, 2014 is NIL.

1.3. Investments in Associates and Group Companies as of years ended March 31, 2015 and March 31, 2014 is NIL.

1.4. Open position of Securities Borrowed and / or Lent by the Scheme as of fi nancial years ended 2015 and 2014 are NIL.

1.5. NPAs as on March 31, 2015 and March 31, 2014 are NIL.

1.6. Aggregate Unrealised Gain / Loss as at the end of the Financial years March 31, 2015 and March 31, 2014 are as under :



2015 2014

Certifi cate of Deposit/Commercial Paper

– Appreciation 2,892,516 0.15 3,368,791 0.22


Non Convertible Debentures and Bonds Listed/Awaiting Listing

– Appreciation 4,203,844 0.21 316,150 0.02

– Depreciation 219,400 0.01 – –

Privately Placed Non Convertible Debentures / Bonds

– Appreciation 509,400 0.03 – –


1.7. The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-15 (excluding accretion of discount) are Rs. 8,946,792,567 and Rs. 8,507,969,870 respectively being 380.24% and 361.59% of the average daily net assets.

The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013-14 (excluding accretion of discount) are Rs. 4,722,715,370 and Rs. 3,888,897,110 respectively being 633.95% and 522.02% of the average daily net assets.

1.8. Non-Traded securities in the portfolio :

Aggregate Value of Equity, Debt & Money Market Instruments and their percentages to Net assets are as under :

Security Category Fair Value (Rupees)

% to Net Assets

Fair Value (Rupees)

% to Net Assets

2015 2014

Money market Instruments 168,354,641 8.52% 108,738,098 7.07%

Total 168,354,641 8.52% 108,738,098 7.07%

19







Relation

Period Covered


% of Total Business




Fund


Associate 2014-2015 530.50 64.88 5,458,404 56.03


Associate 2014-2015 – – – –



Relation

Period Covered


% of Total Business




Fund


Associate 2013-2014 190.36 66.20 685,012 37.33


Associate 2013-2014 – – 563 0.03





Description

2014-2015

Opening Units Subscription Redemption Closing Units Face Value per Unit (Rs.)

Regular Growth Option 1,405,768.554 – 282,768.201 1,123,000.353 10

Regular Daily Dividend Option 8,624,423.992 – 1,900,801.462 6,723,622.530 10

Regular Weekly Dividend Option 3,907,588.618 – 1,370,240.041 2,537,348.577 10

Institutional Growth Option 50,175,627.657 308,111,394.278 276,552,918.565 81,734,103.370 10


52,749,341.869 271,955,165.101 265,006,704.301 59,697,802.669 10


16,834,135.345 91,679,638.225 94,769,148.036 13,744,625.534 10


6,593,554.661 67,431,035.375 60,636,495.261 13,388,094.775 10


20


Description

2014-2015


Inst itutional Plus Growth Option

– – – – –

Institutional Plus Daily Dividend Option

200,543.261 – – 200,543.261 10


459,743.404 – – 459,743.404 10


– – – – 10


Direct Plan - Daily Dividend Option

1,013,691.156 5,182,144.00 4,033,844.301 2,161,990.857 10


255,465.010 98,145.58 81,873.50 271,737.092 10


– – – –

Description

2013-2014


Regular Growth Option 2,436,001.458 0.000 1,030,232.904 1,405,768.554 10

Regular Daily Dividend Option 15,390,605.713 0.000 6,766,181.721 8,624,423.992 10

Regular Weekly Dividend Option 6,645,619.910 0.000 2,738,031.292 3,907,588.618 10

Institutional Growth Option 7,082,404.822 96,722,173.398 53,628,950.563 50,175,627.657 10


5,271,465.429 119,928,894.674 72,451,018.234 52,749,341.869 10


3,516,678.792 28,051,043.465 14,733,586.912 16,834,135.345 10


812,072.786 15,211,105.152 9,429,623.277 6,593,554.661 10

Institutional Plus Growth Option – – – – –


200,543.261 – – 200,543.261 10


2,475,971.582 0.000 2,016,228.18 459,743.404 10


– – – – 10

Direct Plan - Growth Option 964.41 3,502,936.42 485,695.73 3,018,205.091 10

Direct Plan - Daily Dividend Option 156,334.81 1,410,995.77 553,639.420 1,013,691.156 10

Direct Plan - Weekly Dividend Option 22,508.55 303,254.88 70,298.42 255,465.010 10


– – – –


21


5 Prior year amounts have been re-grouped / re-arranged where necessary.



8 Other Income of Rs. 1,351,612 (2014: NIL) represents Compensation paid by AMC to the Fund on account of incorrect allocation of CCIL.



Similar to AY 2009-2010, HSBC MF has received a demand notice from the Income Tax Authorities for the A.Y. 2010-2011 for Rs. 6.95 crores. The Appellate had fi led an appeal with the CIT(A) who disposed of the same by passing an order granting part relief on similar lines of AY 2009-2010. The Appellant fi led an appeal before the to ITAT against the CIT(A) order. The matter is pending before ITAT. The ITAT had granted ”stay” against the demand.




22


















23

















24


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30






HSBC Cash FundAn open-ended Liquid Scheme


HSBC Cash Fund

1

HSBC Cash Fund

Dear Investor,











Market Outlook



2

HSBC Cash Fund



Yours sincerely,

Puneet Chaddha



3

HSBC Cash Fund












Mr. Ravi Menon


4

HSBC Cash Fund





HSBC Cash Fund (HCF) – an open-ended Liquid Scheme*HCF 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.

The net assets of HCF amounted to Rs. 1386.08 crores as at March 31, 2015 as compared to Rs. 1394.74 crores as at March 31, 2014. The entire net asset remains invested in debt and money market instruments including reverse repos / CBLO as at March 31, 2015.

HCF performed in line with its benchmark for a year due to conservative investments in line with the internal group guidelines and the focus being on accruals and credits.


Scheme Name & Benchmarks Last 7 Days as on 31 March 2015

Last 15 Days as on 31 March 2015

Last 30 Days as on 31 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

Rs. 10,000, if invested in HCF, would have become

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

Rs. 10,000, if invested in CRISIL Liquid Fund Index, would have become

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

Rs. 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 December 04, 2002.



5

HSBC Cash Fund




BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg










RBI continued to intervene in the Forex market to build up reserves and control appreciation of INR. The currency maintained stability through couple of emerging market volatility elements in 2014, where Russian

6

HSBC Cash Fund


Rouble as well as Turkish Lira was under pressure. Moreover, the foreign exchange fl ows which were attracted due to lower volatile currency helped build up the forex reserves to about USD 325 bn which will help RBI defend INR level in case of volatility.
















the provisions of the Indian Trusts Act, 1882 (2 of 1882) vide a Trust Deed dated February 7, 2002 with HSBC Securities and Capital Markets (India) Private Limited, as the Sponsor and the Board of Individual Trustees. The Trustee has entered into an Investment Management Agreement dated February 7, 2002

7

HSBC Cash Fund


with HSBC Asset Management (India) Private Limited (AMC) to function as the Investment Manager for all the schemes of the Fund. The Fund was registered with SEBI vide registration number MF/046/02/5 dated May 27, 2002.










Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Cash Fund – – 57,871.97 14


8

HSBC Cash Fund





Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0


9

HSBC Cash Fund








Sd/-

Dilip J. Thakkar

Trustee



10

HSBC Cash Fund



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Cash Fund (the

“Scheme”), which comprise the Balance Sheet as at March 31, 2015 and the related Revenue Account and the Cash Flow Statement for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.





4. An audit involves performing procedures to obtain audit evidence, about the amounts and disclosures in the fi nancial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the fi nancial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the preparation and fair presentation of the fi nancial statements in order to design audit procedures that are appropriate in the circumstances. Our procedures included confi rmation of securities owned and unit capital balances as at March 31, 2015 by correspondence with the custodian and registrar and transfer agent, respectively. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Trustee and the Management, as well as evaluating the overall presentation of the fi nancial statements.









11

HSBC Cash Fund

(b) In our opinion, the Balance Sheet, Revenue Account and Cash Flow Statement, dealt with by this report have been prepared in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Regulations.

8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet, Revenue Account and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme.

9. In our opinion, the methods used to value non-traded securities,where applicable,as at March 31, 2015, as determined by HSBC Asset Management (India) Private Limited under procedures approved by the Board of Trustees of HSBC Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities and Exchange Board of India, are fair and reasonable.


Sd/-




12

HSBC Cash Fund

Rs. in Lakhs

HSBC CASH FUNDAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 115,848.92 122,593.782 Reserves & Surplus2.1 Unit Premium Reserves 1,776.74 1,740.812.2 Unrealised Appreciation Reserve 48.59 18.682.3 Other Reserves 20,954.53 15,120.833 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits – –4.2 Other Current Liabilities & Provisions 5,390.26 18,245.35

TOTAL 144,019.04 157,719.45

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds – –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills 4,932.97 7,423.921.6 Commercial Paper 61,765.54 27,244.361.7 Certifi cate of Deposits 49,957.37 81,048.031.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –


2 Deposits 15,056.23 40,001.003 Other Current Assets3.1 Cash & Bank Balance 314.40 144.373.2 CBLO / Reverse Repo Lending 9,471.56 1,574.723.3 Others 2,520.97 283.054 Deferred Revenue Expenditure – –


TOTAL 144,019.04 157,719.45



13

HSBC Cash Fund


Rs. in Lakhs

HSBC CASH FUNDCurrent


Previous Year ended

March 31, 2014




(A) 23,537.49 17,467.76

2 EXPENSES2.1 Management fees 37.82 –2.2 Service tax on Management fees 4.68 –2.3 Transfer agents fees and expenses 57.21 43.732.4 Custodian fees 6.52 5.142.5 Trusteeship fees 1.96 1.082.6 Commission to Agents 74.68 92.272.7 Marketing & Distribution expenses 2.15 2.192.8 Audit fees 4.98 4.622.9 Investor Education Expenses 54.33 38.062.10 Other operating expenses 20.96 19.172.11 Expenses to be Reimbursed by the Investment Manager (4.70) (90.41)

(B) 260.59 115.85

3 NET REALISED GAINS / (LOSSES)FOR THE YEAR (A - B = C) 23,276.90 17,351.91

4 Change in Unrealised Depreciation invalue of investments (D) (3.37) (1.85)




7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –

7.2 Less: Balance transfer to Unrealised Appreciation Reserve 29.90 17.90

7.3 Add / (Less): Equalisation (5,817.30) 8,272.12

7.4 Transfer from Reserve Fund 15,120.84 99.65


8 Total 32,577.07 25,721.84

9 Dividend Appropriation9.1 Income Distributed during the year (8,351.83) (7,958.31)9.2 Tax on income distributed during the year (3,270.71) (2,642.69)10 Retained Surplus / (Defi cit) carried forward to Balance Sheet 20,954.53 15,120.84


14

HSBC Cash Fund




Previous Year ended

March 31, 2014


Open

Regular Growth Option 1,985.7907 1,832.4527

Regular Daily Dividend Option 1,020.0973 1,020.0185

Regular Weekly Dividend Option 1,002.3480 1,002.3966

Institutional Growth Option 2,036.2810 1,866.8709

Institutional Daily Dividend Option 1,098.0366 1,086.0890



Institutional Plus Growth Option 1,279.8467 1,169.7318

Institutional Plus Daily Dividend Option 1,001.4233 1,001.3459

Institutional Plus Weekly Dividend Option 1,111.4480 1,111.3623

Institutional Plus Monthly Dividend Option 1,000.9211 1,000.7958

Direct Plan - Growth Option 1,279.9925 1,169.7357

Direct Plan - Daily Dividend Option 1,001.4241 1,001.3457

Direct Plan - Weekly Dividend Option 1,111.4621 1,111.3632

Direct Plan - Monthly Dividend Option 1,000.8667 N.A.

High















Direct Plan - Monthly Dividend Option 1,007.6786 1,008.9963

Low








15

HSBC Cash Fund




Previous Year ended

March 31, 2014


Institutional Plus Daily Dividend Option 1,000.5600 998.9353




Direct Plan - Daily Dividend Option 1,000.5600 998.9356



End






Institutional Weekly Dividend Option 1,000.0000 –











End 138,608 139,474

Average (AAuM)1 271,654 190,295


4. Expense Ratio:


Regular Plan 1.00% 1.00%Institutional Plan 0.35% 0.35%Institutional Plus Plan 0.12% 0.04%Direct Plan 0.05% 0.03%



Institutional Plan 0.01% 0.00%

Institutional Plus Plan 0.01% 0.00%




16

HSBC Cash Fund



Previous Year ended

March 31, 2014


Retail






Institutional Plus Monthly Dividend Option 64.1781 70.2989




Corporate






Institutional Plus Monthly Dividend Option 60.5428 67.3268




8. Returns (%):a. Last One Year

Scheme





CRISIL Liquid Fund Index 8.9727 9.4613b. Since Inception

Scheme








17

HSBC Cash Fund


HSBC CASH FUND

1 Investments:-


1.2. Open Positions of derivatives as of years ended March 31, 2015 and March 31, 2014 end is NIL.




by all schemes


by all schemes

2015 2014



– 1,607,345,350 – 555,832,950

Equities – 215,829,290

Bharti Airtel Ltd. Equities – 12,741,680 – 76,306,283


Commercial Paper

– – 1,243,550,000 1,243,550,000


Commercial Paper

– – 492,702,500 492,702,500

1.4. Open position of Securities Borrowed and / or Lent by the Scheme as of fi nancial years ended March 31, 2015 and March 31, 2014 are NIL.

1.5. NPAs as on March 31, 2015 and March 31, 2014 are NIL.

1.6. Aggregate Unrealised Gain / Loss as at the end of the fi nancial years March 31, 2015 and March 31, 2014 are as under:



2015 2014

Certifi cates of Deposit/Commercial Paper

– Appreciation 4,865,228 0.04 1,997,166 0.01

– Depreciation 6,585 0.00~ 128,715 0.00~



– Depreciation 521,714 0.00~ 185,124 2.48




18

HSBC Cash Fund

1.8. Non-Traded securities in the portfolio:

Aggregate Value of Equity, Debt & Money Market Instruments and percentage to net assets is as under



2015 2014

Money market Instruments 8,270,179,305 59.67 10,586,567,433 75.90






Relation

Period Covered


% of Total Business




Fund



Manager

2014-2015 996.54 1.15 2,481,899 34.78

HSBC InvestDirect Securit ies ( India) Limited


Manager

2014-2015 – – – –



Relation

Period Covered


% of Total Business




Fund



Manager

2013-2014 1,009.56 2.09 2,095,639 24.44



Manager

2013-2014 – – 4,810 0.06



3 Details of investors holding units in the scheme over 25% of the NAV as on March 31, 2015:

Scheme Name Number of investors Percentage holdings

HSBC Cash Fund 1 27.55%


19

HSBC Cash Fund


Description

2014-2015

Opening Units Subscription Redemption Closing Units

Face Value

per unit (Rupees)

Regular Growth Option 28,247.568 – 7,539.374 20,708.194 1,000Regular Daily Dividend Option

238,134.568 – 73,188.551 164,946.017 1,000


92,222.081 – 1,266.820 90,955.261 1,000

Institutional Growth Option 3,205.025 – – 3,205.025 1,000Institutional Daily Dividend Option

8,401.287 – 45.571 8,355.716 1,000


– – – – 1,000


– – – – 1,000


4,852,963.240 65,434,031.302 68,181,406.487 2,105,588.055 1,000


4,464,806.457 66,866,065.687 67,040,322.012 4,290,550.132 1,000


113,527.190 447,263.941 367,284.569 193,506.562 1,000


115,924.467 382,073.825 218,068.265 279,930.027 1,000

Direct Plan - Growth Option 971,038.973 322,062,605.982 319,519,244.273 3,514,400.682 1,000Direct Plan - Daily Dividend Option

1,367,167.040 282,440,028.655 282,903,674.998 903,520.697 1,000


55.413 5,660.407 5,704.466 11.354 1,000


3,684.789 20,664.161 15,134.962 9,213.988 1,000

Description

2013-2014


Face Value per unit (Rupees)

Regular Growth Option 44,874.909 – 16,627.341 28,247.568 1,000Regular Daily Dividend Option 287,454.818 – 49,320.250 238,134.568 1,000Regular Weekly Dividend Option

143,127.000 – 50,904.919 92,222.081 1,000

Institutional Growth Option 3,205.025 – 3,205.025 1,000Institutional Daily Dividend Option

8,676.515 – 275.228 8,401.287 1,000


– – – – 1,000


– – – – 1,000


304,502.712 49,925,334.362 45,376,873.834 4,852,963.240 1,000


2,089,629.026 129,633,386.427 127,258,208.996 4,464,806.457 1,000


20

HSBC Cash Fund

Description

2013-2014


Face Value per unit (Rupees)


296,441.025 356,912.566 539,826.401 113,527.190 1,000


131,532.673 246,995.058 262,603.264 115,924.467 1,000

Direct Plan - Growth Option 300,784.943 126,571,885.154 125,901,631.124 971,038.973 1,000Direct Plan - Daily Dividend Option

862,991.501 131,118,497.514 130,614,321.975 1,367,167.040 1,000


27,040.690 26,658.302 53,643.579 55.413 1,000


– 29,267.378 25,582.589 3,684.789 1,000

Units held by the AMC (Seed Capital):

Name of the Scheme Plan / Option Units as at March 31, 2015

Units as at March 31, 2014

HSBC Cash Fund Direct Plan - Growth Option 227,022.932 121,517.811




8 Other Income of Rs. 10479/- (2014: Rs. 22,193/-) represents compensation on unutilized amount.

9 Garnishee Notice from Income Tax Authorities An Income tax demand of Rs. 32.58 crores was purported to be recovered under garnishee proceedings,

by Income Tax Authorities in respect of investments made in Pass through Certifi cates (PTC) by some of the debt schemes (including matured schemes) of HSBC Mutual Fund (HSBC MF), for A.Y. 2009-2010. The said demand, impacting various players in the industry, raised originally on the trusts sponsored by IL&FS Trust Company Ltd., (Appellants) was sought to be also recovered u/s 177(3) of the Income Tax Act, from HSBC MF. Against the demand an appeal was fi led by the Appellant with the fi rst Appellate Authority [CIT(A)] who granted part relief to the Appellant. Against the order granting part relief, the Appellant as well as the Income-Tax Department has fi led an appeal before second Appellate Authority [Income-tax Appellate Tribunal (ITAT)]. The matter is pending before ITAT. The ITAT had granted “stay” against the demand.





21

HSBC Cash Fund

















22

HSBC Cash Fund
















23

HSBC Cash Fund

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in M

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f Ass

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mpa

ny c

onta

inin

g M

ain,

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illar

y an

d O

ther

obj

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of t

he c

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ny.

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ceiv

e, c

onsid

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nd a

dopt

the

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nce

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t as

at

year

end

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fit a

nd L

oss

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for

the

yea

r en

ded

on t

hat

date

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orts

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ctor

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d th

e A

udito

rs th

ereo

n.

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ecla

ratio

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div

iden

d on

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inar

y (E

quity

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res

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/ o

r Pre

fere

nce

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es.

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ppoi

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ent,

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ppoi

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ent a

nd R

emov

al o

f Dire

ctor

s /

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ition

al D

irect

ors

and

prom

oter

rela

ted

activ

ities

.

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ppoi

ntm

ent,

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ppoi

ntm

ent a

nd R

emov

al o

f Aud

itors

and

thei

r fix

ing

thei

r Rem

uner

atio

n.

6 St

ock

Opt

ion

plan

s an

d ot

her m

anag

emen

t com

pens

atio

n m

atte

rs.

7 Re

stru

ctur

ing

of S

hare

cap

ital (

incl

udin

g st

ock

split

s, c

onso

lidat

ion,

redu

ctio

n, e

tc o

f sha

re c

apita

l).

8 C

hang

es in

cap

ital s

truc

ture

incl

udin

g in

crea

ses

and

decr

ease

s of

Equ

ity &

pre

ferr

ed s

tock

/ w

arra

nt is

suan

ces.

9 C

orpo

rate

rest

ruct

urin

g m

atte

rs (i

nclu

ding

mer

gers

, acq

uisit

ions

, tak

eove

rs, s

ell-o

ffs.

tran

sfer

of c

ontr

ol, c

hang

es in

sta

te o

f inc

orpo

ratio

n).

10

Oth

er R

esol

utio

ns.

Not

e

The

deta

iled

ratio

nale

sup

port

ing

the

votin

g de

cisio

n al

ong

with

Aud

itors

cer

tific

atio

n ha

s be

en s

ubm

itted

to

the

Trus

tees

and

has

also

bee

n di

sclo

sed

on o

ur w

ebsit

e as

par

t of

A

nnua

l Rep

ort.

HSBC Cash Fund





HSBC GILT FUND

HSBC Gilt FundAn open-ended Gilt Scheme


1

HSBC GILT FUND

Dear Investor,











Market Outlook



2

HSBC GILT FUND



Yours sincerely,

Puneet Chaddha



3

HSBC GILT FUND












Mr. Ravi Menon


4

HSBC GILT FUND





HSBC Gilt Fund (HGF) – an open-ended Gilt SchemeHGF seeks to generate reasonable returns through investments in Government Securities of various maturities. The AMC’s view of interest rate trends will be refl ected in the maturities of securities in which the scheme is invested.

The net assets of HGF amounted to Rs. 3.32 crores as at March 31, 2015 as compared to Rs. 2.64 crores as at March 31, 2014. Around 89.28% of the net assets were invested government securities, 8.55% were invested in reverse repos / CBLO and 2.17 % were in net current assets as at March 31, 2015.

HGF outperformed its benchmark due to higher duration calls taken during the year. The stable government and low volatility in forex market created environment for foreign investors to invest in fi xed income segment which benefi tted the rates and spread scenario.

Date of Inception : 5 December 2003 Simple Annualized (%) Compounded Annualized

(%)




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


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

Rs. 10,000, if invested in I-Sec Composite Bond Fund Index, would have become

11,568 10,395 11,171 22,146


11,458 9,921 11,131 17,524




5

HSBC GILT FUND




BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg











6

HSBC GILT FUND


















7

HSBC GILT FUND











Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Gilt Fund 7,395.57 2 – –



8

HSBC GILT FUND




Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:

* active folios


9

HSBC GILT FUND








Sd/-

Dilip J. Thakkar

Trustee



10

HSBC GILT FUND


HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Gilt Fund (the




Auditors’ Responsibility3. Our responsibility is to express an opinion on these fi nancial statements based on our audit. We

conducted our audit in accordance with the Standards on Auditing and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the fi nancial statements are free from material misstatement.







Emphasis of Matter7. We draw attention to Note 21 – Schedule 8 to the fi nancial statements regarding the requirement for

maintenance of an average Asset under Management of Rs. 20 crores in accordance with the SEBI Circular Cir/ IMD/ DF/ 15 /2014 dated June 20, 2014. Our opinion is not qualifi ed in respect of this matter.


11

HSBC GILT FUND







Sd/-


Place : MumbaiDate : July 16, 2015

12

HSBC GILT FUND

Rs. in Lakhs

HSBC GILT FUNDAs at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 191.42 176.122 Reserves & Surplus2.1 Unit Premium Reserves 46.89 48.272.2 Unrealised Appreciation Reserve 11.79 –2.3 Other Reserves 82.14 39.383 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 0.98 0.99

TOTAL 333.22 264.76

ASSETS1 Investments1.1 Listed Securities: – –1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds – –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities 296.67 182.621.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – –1.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –

Total Investments 296.67 182.62

2 Deposits 0.06 0.593 Other Current Assets3.1 Cash & Bank Balance 0.63 0.683.2 CBLO / Reverse Repo Lending 28.40 75.273.3 Others 7.46 5.604 Deferred Revenue Expenditure – –


TOTAL 333.22 264.76



13

HSBC GILT FUND


Rs. in Lakhs

HSBC GILT FUNDCurrent


Previous Year ended

March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 23.44 22.761.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments 9.02 (15.04)1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – 0.02

(A) 32.46 7.74

2 EXPENSES2.1 Management fees 1.30 1.232.2 Service tax on Management fees 0.16 0.152.3 Transfer agents fees and expenses 0.21 0.162.4 Custodian fees – 0.00~2.5 Trusteeship fees – 0.00~2.6 Commission to Agents 1.26 0.992.7 Marketing & Distribution expenses – –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 0.06 0.062.10 Other operating expenses 0.51 0.282.11 Less: Expenses to be Reimbursed by the Investment Manager (0.67) (0.17)

(B) 3.03 2.90

3 NET REALISED GAINS / (LOSSES) FORTHE YEAR (A - B = C) 29.43 4.84

4 Change in Unrealised Depreciation in value ofinvestments (D) 0.35 0.31


6 Change in Unrealised appreciation in the valueof investments (F) 11.79 –

7 NET SURPLUS / (DEFICIT) FOR THE YEAR (E + F = G) 41.58 5.15

7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 11.79 –7.3 Add / (Less): Equalisation 13.36 25.117.4 Transfer from Reserve Fund 39.37 9.547.5 Transfer from Unit Premium Reserve – –

8 Total 82.52 39.80


10 Retained Surplus / (Defi cit) carried forward to Balance Sheet 82.14 39.38


~ indicates less than 0.01

14

HSBC GILT FUND




Previous Year ended

March 31, 2014

1. NAV per unit (Rs.):Open

Growth Option 15.5459 15.1621Dividend Option 13.7088 13.3705Weekly Dividend Option 9.7361 9.9928Monthly Dividend Option N.A. –Direct Plan - Growth Option 15.6482 15.1841Direct Plan - Dividend Option – –Direct Plan - Weekly Dividend Option – –Direct Plan - Monthly Dividend Option N.A. –

HighGrowth Option 18.0022 15.9852Dividend Option – 14.0963Weekly Dividend Option 10.1588 10.1249Monthly Dividend Option 15.8749 –Direct Plan - Growth Option 18.2046 16.0230Direct Plan - Dividend Option – 15.6888Direct Plan - Weekly Dividend Option – 10.0603Direct Plan - Monthly Dividend Option – –

LowGrowth Option 15.3940 14.5809Dividend Option – 12.8579Weekly Dividend Option 9.6410 9.1317Monthly Dividend Option 13.5749 –Direct Plan - Growth Option 15.4968 14.6320Direct Plan - Dividend Option – 15.1754Direct Plan - Weekly Dividend Option – 9.8559Direct Plan - Monthly Dividend Option – –

End5

Growth Option 17.9679 15.5459Dividend Option – 13.7088Weekly Dividend Option 10.0145 9.7361Monthly Dividend Option 15.8446 –Direct Plan - Growth Option 18.1766 15.6482Direct Plan - Dividend Option – –Direct Plan - Weekly Dividend Option 10.0000 –Direct Plan - Monthly Dividend Option 10.0000 –

2. Closing Assets Under Management (Rs. in Lakhs)End 332 264Average (AAuM)1 288 277


4. Expense Ratio: a. Total Expense as % of AAuM (including service tax on

management fees) (Planwise)Growth Option 1.06% 1.05%

15

HSBC GILT FUND




Previous Year ended

March 31, 2014

Dividend Option 1.06% 1.05%Weekly Dividend Option 1.06% 1.05%Monthly Dividend Option 1.06% –Direct Plan - Growth Option 0.56% 0.55%Direct Plan - Dividend Option 0.56% –Direct Plan - Weekly Dividend Option 0.56% 0.55%Direct Plan - Monthly Dividend Option 0.56% –

b. Management Fee as % of AAuM (Planwise)Growth Option 0.45% 0.44%Dividend Option 0.45% 0.44%Weekly Dividend Option 0.45% 0.44%Monthly Dividend Option 0.45% –Direct Plan - Growth Option 0.45% 0.44%Direct Plan - Dividend Option 0.45% –Direct Plan - Weekly Dividend Option 0.45% –Direct Plan - Monthly Dividend Option 0.45% –



7. Total Dividend per unit distributed during the year (planwise)Retail

Weekly Dividend Option 0.8729 0.4476Direct Plan - Weekly Dividend Option – 0.0468

CorporateWeekly Dividend Option 0.8152 0.3814Direct Plan - Weekly Dividend Option – 0.0399

8. Returns (%):a. Last One Year

SchemeGrowth Option 16.3475 1.9943Direct Plan - Growth Option 16.9292 2.5166BenchmarkI-Sec Composite Index 15.6821 3.9054

Since InceptionSchemeGrowth Option 5.3101 4.3040Direct Plan - Growth Option 9.5712 4.0413BenchmarkI-Sec Composite Index 7.2702 6.4959

1. AAuM = Average daily net assets.2. Gross income = amount against (A) in the Revenue account i.e. Income.3. Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the year.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the year.5. The net asset value disclosed represents the computed NAV on March 31, 2014 (Non-business Day), and

not the last declared NAV.

16

HSBC GILT FUND


HSBC GILT FUND1 Investments: 1.1. It is confi rmed that investments of the Scheme are registered in the name of the Trustees for the

benefi t of the Scheme’s unitholders.








Amount (Rupees)


2015 2014


– Appreciation 1,178,700 3.55 1,188 0.00~

– Depreciation – 0.00~ 36,311 0.1377


1.7 The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-15 (excluding accretion of discount) are Rs. 82,917,184 and Rs. 73,628,446 respectively being 287.61% and 255.39% of the average daily net assets.

The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2013-14 (excluding accretion of discount) are Rs. 112,384,923 and Rs. 104,295,237 respectively being 405.94% and 376.72% of the average daily net assets.





Name of Sponsor /AMC and its associate / related parties / group companies


Relation

Period Covered


% of Total Business


Commission paid

[Rupees]


Fund


Associate 2014-2015 0.31 26.80 39,757.80 34.51


Associate 2014-2015 – – – –

17

HSBC GILT FUND



Relation

Period Covered


% of Total Business


Commission paid

[Rupees]


Fund


Associate 2013-2014 2.72 62.95 32,642 33.78


Associate 2013-2014 – – – –





Description

2014-2015

Opening Units


Growth Option 1,274,693.840 541,363.675 387,490.613 1,428,566.902 10

Dividend Option 448,872.509 5,406.223 26,760.626 427,518.106 10

Weekly Dividend Option 30,846.078 2,805.679 – 33,651.757 10

Direct Plan - Growth Option 6,753.973 45,781.144 28,056.569 24,478.548 10


– – – – 10

Description

2013-2014

Opening Units


Growth Option 929,165.878 1,516,449.358 1,170,921.396 1,274,693.840 10

Dividend Option 531,932.957 1,329,212.240 1,412,272.688 448,872.509 10

Weekly Dividend Option 75,352.097 3,436.528 47,942.547 30,846.078 10


8,522.373 24,012.255 25,780.655 6,753.973 10


– 55,055.903 55,055.903 – 10



18

HSBC GILT FUND







9 Less than 20 crore Schemes:

SEBI vide circular number Cir/ IMD/ DF/ 15 /2014 dated June 20, 2014 has mandated AMCs to maintain a minimum Average AUM of INR 20 crores in each of their debt oriented schemes. As per the circular, the AMCs have time upto December 19, 2015 to comply with this requirement failing which the Scheme will be wound up in accordance with provisions of Regulation 39(2)(c) of the SEBI (Mutual Fund) Regulations, 1996. HSBC Gilt Fund is not meeting the provisions of this circular as on March 31, 2015. The management is keen to shore up the AUM as the HSBC Gilt Fund is one of the unique product propositions from the HSBC MF stable. Accordingly, necessary focus in terms of target investor segment, distributor appeal, etc. have been initiated by the management. Based on the results of the targeted approach, the management will review the status as on September 30, 2015. Post this review, necessary action will be taken by the management to comply with the provisions of this circular.



19

HSBC GILT FUND

















20

HSBC GILT FUND
















21

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27

HSBC GILT FUND





HSBC FLEXI DEBT FUND

HSBC Flexi Debt FundAn open-ended Debt Scheme


1


Dear Investor,











Market Outlook



2




Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Flexi Debt Fund (HFDF) – an open ended Debt SchemeHFDF seeks to deliver returns in the form of interest income and capital gains, along with high liquidity, commensurate with the current view on the markets and the interest rate cycle, through active investment in debt and money market instruments.

The net assets of HFDF amounted to Rs. 559.77 crores as at March 31, 2015 as compared to Rs.540.42 crores as at March 31, 2014. Around 98.13% of the net assets were invested in debt and money market instruments, 0.48% were invested in reverse repos / CBLO and 1.39% were in the net current assets as at March 31, 2015.

HFDF performed in line with the its benchmark due to higher duration calls in rates during the year as progressive reduction in infl ation and commodity prices, stability in government created conducive environment for rate cuts. The stable government and low volatility in forex market created environment for foreign investors to invest in fi xed income segment which benefi tted the rates and spread scenario.

Date of Inception : 5 October 2007 Simple Annualized (%) Compounded Annualized (%)




Since Inception

HSBC Flexi Debt Fund - Ret – Growth 14.56 3.69 11.26 9.18

CRISIL Composite Bond Fund Index (Scheme Benchmark)

14.60 4.34 9.27 7.58


Rs. 10,000, if invested in HFDF, would have become 11,456 10,369 11,126 19,314

Rs. 10,000, if invested in CRISIL Composite Bond Fund Index, would have become

11,460 10,434 10,927 17,294


11,458 9,921 11,131 16,210




5





BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg










RBI continued to intervene in the Forex market to build up reserves and control appreciation of INR. The currency maintained stability through couple of emerging market volatility elements in 2014, where Russian Rouble as well as Turkish Lira was under pressure. Moreover, the foreign exchange fl ows which were attracted due to lower volatile currency helped build up the forex reserves to about USD 325 bn which will help RBI

6



defend INR level in case of volatility.
















the provisions of the Indian Trusts Act, 1882 (2 of 1882) vide a Trust Deed dated February 7, 2002 with HSBC Securities and Capital Markets (India) Private Limited, as the Sponsor and the Board of Individual Trustees. The Trustee has entered into an Investment Management Agreement dated February 7, 2002 with HSBC Asset Management (India) Private Limited (AMC) to function as the Investment Manager for

7



all the schemes of the Fund. The Fund was registered with SEBI vide registration number MF/046/02/5 dated May 27, 2002.









Scheme


Amount (Rs)

No. of Investors

Amount (Rs)

No. of Investors

HSBC Flexi Debt Fund 47.77 2 132,501.85 1


8






Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0


9









Sd/-

Dilip J. Thakkar

Trustee



10


Auditors’ Report


HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Flexi Debt Fund

(the “Scheme”), which comprise the Balance Sheet as at March 31, 2015, the related Revenue Account and the Cash Flow for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.


Management (India) Private Limited (the “Management”) are responsible for the preparation of these fi nancial statements that give a true and fair view of the fi nancial position and fi nancial performance and cash fl ows of the Scheme in accordance with the accounting policies and standards specifi ed in the Ninth Schedule of the Securities and Exchange Board of India (Mutual Funds) Regulations, 1996 and amendments thereto (the “Regulations”). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the fi nancial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.












11




8. As required by clause 5 (ii)(2) of the Eleventh Schedule to the Regulations, we report that the Balance Sheet, Revenue Account, and Cash Flow Statement dealt with by this Report are in agreement with the books of account of the Scheme.


Sd/-



12


Rs. in Lakhs

HSBC FLEXI DEBT FUNDAs at

March 31, 2015As at

March 31, 2014

LIABILITIES

1 Unit Capital 31,030.40 34,546.76

2 Reserves & Surplus2.1 Unit Premium Reserves 2,646.33 2,191.002.2 Unrealised Appreciation Reserve 1,280.17 58.162.3 Other Reserves 21,334.22 17,245.943 Loans & Borrowings – –

4 Current Liabilities & Provisions4.1 Provision for doubtful Income/Deposits – –4.2 Other Current Liabilities & Provisions 118.82 295.97

TOTAL 56,409.94 54,337.83

ASSETS1 Investments1.1 Listed Securities: – –1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 4,695.96 25,937.051.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities 45,961.71 8,559.041.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits 4,264.42 17,985.741.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –

Total Investments 54,922.09 52,481.832 Deposits 16.27 66.163 Other Current Assets3.1 Cash & Bank Balance 13.42 5.253.2 CBLO / Reverse Repo Lending 271.05 94.913.3 Others 1,187.11 1,689.67

TOTAL 56,409.94 54,337.83Notes to Accounts - Annexure I


13



Rs. in Lakhs

HSBC FLEXI DEBT FUNDCurrent


Previous Year ended

March 31, 2014


investments1,134.23 (4,805.31)


(A) 5,272.06 4,096.59

2 EXPENSES2.1 Management fees 300.34 590.992.2 Service tax on Management fees 37.13 73.052.3 Transfer agents fees and expenses 22.26 44.492.4 Custodian fees 0.70 4.122.5 Trusteeship fees 0.61 0.682.6 Commission to Agents 357.78 949.692.7 Marketing & Distribution expenses 0.59 1.662.8 Audit fees 1.67 1.412.9 Investor Education Expenses 9.86 21.022.10 Other operating expenses 6.56 7.792.11 Less: Expenses to be Reimbursed by the Investment Manager (38.52) –

(B) 698.98 1,694.90


4 Change in Unrealised Depreciationin value of investments (D) 659.74 (573.76)


6 Change in unrealised appreciation in the value ofinvestments (F) 1,222.01 (98.73)


7.1 Add: Balance transfer from Unrealised Appreciation Reserve – 98.737.2 Less: Balance transfer to Unrealised Appreciation Reserve 1,222.01 –7.3 Add / (Less): Equalisation (761.25) (1,189.46)



8 Total 21,717.51 18,358.74

9 Dividend Appropriation9.1 Income Distributed during the year (285.60) (874.30)9.2 Tax on income distributed during the year (97.69) (238.50)10 Retained Surplus / (Defi cit) carried forward to Balance Sheet 21,334.22 17,245.94


14





Previous Year ended

March 31, 2014


OpenRegular Plan - Growth Option 16.5344 15.9387

Regular Plan - Fortnightly Dividend Option 10.8766 10.7422

Regular Plan - Monthly Dividend Option 10.4554 10.3235

Regular Plan - Quarterly Dividend Option 11.3803 11.8526

Regular Plan - Half Yearly Dividend Option 11.6926 11.2716

Growth Option **** 16.8883 16.2393

Fortnightly Dividend Option **** 10.1042 10.0451

Monthly Dividend Option **** 10.5917 10.5732

Quarterly Dividend Option **** 11.3127 11.7590

Half Yearly Dividend Option **** 11.0077 10.5850


Direct Plan - Fortnightly Dividend Option 10.0000 10.1531



Direct Plan - Half Yearly Dividend Option 10.7112 10.6143

HighRegular Plan - Growth Option 18.8718 16.6673Regular Plan - Fortnightly Dividend Option 12.1450 11.1136Regular Plan - Monthly Dividend Option 11.9334 10.7269Regular Plan - Quarterly Dividend Option 12.2616 12.3945Regular Plan - Half Yearly Dividend Option 13.3451 11.7869Growth Option **** 19.3203 16.9888Fortnightly Dividend Option **** 11.2653 10.3899Monthly Dividend Option **** 10.8758 10.9739Quarterly Dividend Option **** 12.2134 12.3015Half Yearly Dividend Option **** 12.5929 11.0733Direct Plan - Growth Option 19.6545 17.0550Direct Plan - Fortnightly Dividend Option 10.1869 10.5076Direct Plan - Monthly Dividend Option 11.0144 11.0403Direct Plan - Quarterly Dividend Option 12.4483 12.3551Direct Plan - Half Yearly Dividend Option 11.9009 11.1220

LowRegular Plan - Growth Option 16.4672 15.4727

Regular Plan - Fortnightly Dividend Option 10.8324 10.1785

Regular Plan - Monthly Dividend Option 10.4129 9.7843


Regular Plan - Half Yearly Dividend Option 11.6450 10.9421

Growth Option **** 16.8201 15.7801




15





Previous Year ended

March 31, 2014

Half Yearly Dividend Option **** 10.9633 10.2855Direct Plan - Growth Option 16.9940 15.8687Direct Plan - Fortnightly Dividend Option 10.0319 9.6559Direct Plan - Monthly Dividend Option 10.6008 10.1222Direct Plan - Quarterly Dividend Option 11.3952 11.2612Direct Plan - Half Yearly Dividend Option 10.6689 10.2296

End5

Regular Plan - Growth Option 18.8438 16.5344

Regular Plan - Fortnightly Dividend Option 12.1270 10.8766Regular Plan - Monthly Dividend Option 11.9157 10.4554Regular Plan - Quarterly Dividend Option 11.9924 11.3803Regular Plan - Half Yearly Dividend Option 13.3253 11.6926Growth Option **** 19.2952 16.8883Fortnightly Dividend Option **** 11.1156 10.1042Monthly Dividend Option **** 10.5973 10.5917Quarterly Dividend Option **** 11.9465 11.3127Half Yearly Dividend Option **** 12.0645 11.0077Direct Plan - Growth Option 19.6398 17.0615Direct Plan - Fortnightly Dividend Option 10.1268 10.0000Direct Plan - Monthly Dividend Option 10.7337 10.7214Direct Plan - Quarterly Dividend Option 12.1881 11.4404Direct Plan - Half Yearly Dividend Option 11.4103 10.7112


End 55,977 54,042

Average (AAuM)1 49,323 105,078


4. Expense Ratio:


Regular Plan - Growth Option 1.92% 1.90%

Growth Option **** 1.67% 1.65%



Regular Plan - Growth Option 0.61% 0.56%

Growth Option **** 0.61% 0.56%





RetailRegular Plan - Fortnightly Dividend Option 0.1887 0.2251Regular Plan - Monthly Dividend Option – 0.2031

16




Previous Year ended

March 31, 2014

Regular Plan - Quarterly Dividend Option 0.6955 0.7013Fortnightly Dividend Option **** 0.4540 0.2823



Half Yearly Dividend Option **** 0.3702 –





CorporateRegular Plan - Fortnightly Dividend Option 0.1807 0.1981

Regular Plan - Monthly Dividend Option – 0.1884





Half Yearly Dividend Option **** 0.3433 –





8. Returns (%):

a. Last One YearSchemeRegular Plan - Growth Option 14.2768 3.4293Growth Option **** 14.5622 3.6875Direct Plan - Growth Option 15.4241 4.5093BenchmarkCRISIL Composite Bond Fund Index 14.5991 4.3172

b. Since InceptionSchemeRegular Plan - Growth Option 8.8370 8.0258Growth Option **** 9.1819 8.3792Direct Plan - Growth Option 9.3765 4.6538BenchmarkCRISIL Composite Bond Fund Index 7.5843 6.5428

1. AAUM = Average daily net assets.2. Gross income = amount against (A) in the Revenue account i.e. Income.3. Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the year.4. Portfolio Turnover = Lower of sales or purchase divided by the Average AUM for the year.5. The net asset value disclosed represents the computed NAV on March 31, 2014 (Non-business Day),


**** Earlier known as Institutional Plan..


17



HSBC FLEXI DEBT FUND1 Investments:


1.2. Open Positions of derivatives as a % to Net Assets as of years ended March 31, 2015 and March 31, 2014 are NIL.




1.6. Aggregate Unrealised Gain / Loss as at the end of the fi nancial years and percentages to net assets are as under :



Amount (Rupees)


2015 2014


– Appreciation 4,983,065 0.09 2,927,225 0.05

– Depreciation 548,200 0.01 68,900,964 1.27

Non Convertible Debentures and Bonds Privately Placed



Certifi cate of Deposit

– Appreciation 620,978 0.01 5,235,263 0.10



– Appreciation 122,974,826 2.20 2,045,089 0.04

– Depreciation 13,589 0.00~ 1,464,589 0.03




1.8. Non-Traded securities in the portfolio:

Aggregate Value of Equity, Debt & Money Market Instruments and percentage to net assets is as under :

Security Category Fair Value (Rupees)


Fair Value (Rupees)


2015 2014


Money Market Instruments – – 89,830,386 1.66

Total – – 89,830,386 1.66

18







Relation

Period Covered


% of Total Business




Fund



Manager

2014-2015 45.35 11.39 7,864,964.87 26.55



Manager

2014-2015 – – – –



Relation

Period Covered


% of Total Business




Fund



Manager

2013-2014 297.38 27.97 31,556,246 34.05



Manager

2013-2014 – – 23,251 0.03






Description

2014-2015


Regular Plan - Growth Option

17,400,322.826 – 5,172,322.275 12,228,000.551 10

Regular Plan - Monthly Dividend Option

14,034,728.338 – 10,781,196.700 3,253,531.638 10

Regular Plan - Fortnightly Dividend Option

5,780,275.849 – 5,050,408.611 729,867.238 10


19


Description

2014-2015


Regular Plan - Quarterly Dividend Option

6,734,755.485 – 3,568,395.881 3,166,359.604 10

Regular Plan - Half Yearly Dividend Option

46,259.494 – 44,584.175 1,675.319 10

Growth Option **** 227,945,265.685 74,728,676.968 170,809,011.583 131,864,931.070 10

Monthly Dividend Option ****

20,013,165.871 18,570,508.282 19,402,980.868 19,180,693.285 10

Fortnightly Dividend Option ****

4,410,738.752 10,218,152.913 9,835,195.593 4,793,696.072 10

Quarterly Dividend Option ****

19,627,458.474 1,918,682.610 5,921,836.043 15,624,305.041 10

Half Yearly Dividend Option ****

41,286.386 440,782.579 31,926.434 450,142.531 10


29,248,013.813 116,128,978.811 28,186,807.458 117,190,185.166 10


– 2,472,147.300 693,070.244 1,779,077.056 10


63,067.626 3,619.838 58,674.961 8,012.503 10


109,363.326 19,191.189 108,631.971 19,922.544 10

Direct Plan - Half Yearly Dividend Option

12,856.737 774.226 – 13,630.963 10

Description

2013-2014


per unit (Rupees)

Regular Plan - Growth Option

65,550,202.718 – 48,149,879.892 17,400,322.826 10

Regular Plan - Monthly Dividend Option

67,912,782.802 – 53,878,054.464 14,034,728.338 10

Regular Plan - Fortnightly Dividend Option

16,150,700.868 – 10,370,425.019 5,780,275.849 10

Regular Plan - Quarterly Dividend Option

25,435,688.203 – 18,700,932.718 6,734,755.485 10

Regular Plan - Half Yearly Dividend Option

874,336.267 – 828,076.773 46,259.494 10

Growth Option **** 212,292,099.227 491,625,691.718 475,972,525.260 227,945,265.685 10

Monthly Dividend Option ****

101,601,051.426 66,083,490.823 147,671,376.378 20,013,165.871 10

Fortnightly Dividend Option ****

34,411,242.042 18,380,618.830 48,381,122.120 4,410,738.752 10

Quarterly Dividend Option ****

35,941,878.775 18,439,493.351 34,753,913.652 19,627,458.474 10


20


Description

2013-2014


per unit (Rupees)

Half Yearly Dividend Option ****

3,719,886.542 131,534.539 3,810,134.695 41,286.386 10



154,753.120 10,241,538.107 10,396,291.227 – 10


8,545.110 117,524.960 63,002.444 63,067.626 10


108,228.854 33,183,915.848 33,182,781.376 109,363.326 10

Direct Plan - Half Yearly Dividend Option

12,479.863 376.874 – 12,856.737 10

**** Earlier known as Institutional Plan.




8 Other Income of Rs. 1,298 (2014: Rs. 276,161) represents Exit load (net of service tax) credited to the scheme.

9 Garnishee Notice from Income Tax Authorities An Income tax demand of Rs. 32.58 crores was purported to be recovered under garnishee proceedings,

by Income Tax Authorities in respect of investments made in Pass through Certifi cates (PTC) by some of the debt schemes (including matured schemes) of HSBC Mutual Fund (HSBC MF), for A.Y. 2009-2010. The said demand, impacting various players in the industry, raised originally on the trusts sponsored by IL&FS Trust Company Ltd., (Appellants) was sought to be also recovered u/s 177(3) of the Income Tax Act, from HSBC MF. Against the demand an appeal was fi led by the Appellant with the fi rst Appellate Authority [CIT(A)] who granted part relief to the Appellant. Against the order granting part relief, the Appellant as well as the Income-Tax Department has fi led an appeal before second Appellate Authority [Income-tax Appellate Tribunal (ITAT)]. The matter is pending before ITAT. The ITAT had granted “stay” against the demand.





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HSBC Capital Protection Oriented Fund 10

HSBC Capital Protection Oriented FundA close-ended Income Scheme


1


Dear Investor,











Market Outlook



2

10 HSBC Capital Protection Oriented Fund



Yours sincerely,

Puneet Chaddha



3













Mr. Ravi Menon


4






HSBC Capital Protection Oriented Fund – a close ended Capital Protection Oriented SchemeThe Scheme seeks protection of capital by investing a portion of the portfolio in high quality debt securities and money market instruments and also to provide capital appreciation by investing in equities through NIFTY (Index) Call Options.

During the year, the scheme launched two plans namely, HSBC Capital Protection Oriented Fund – Series II – Plan I and HSBC Capital Protection Oriented Fund – Series II – Plan II having tenure of 1195 days and 1173 days respectively. HSBC Capital Oriented Protection Fund – Series II – Plan I was launched on March 17, 2015 and HSBC Capital Protection Oriented Fund – Series II – Plan II was launched on April 6, 2015.

The performances of the schemes are benchmarked against CRISIL MIP Blended Index. Being close ended schemes, the performance of the scheme is not provided.




BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg




5




Valuations: Market index BSE Sensex is trading at 16.1x on FY16e and 13.7x on FY17e earnings*. With a rebound in GDP, corporate earnings are bound to recover and revert to mean profi tability. However, the pace of the corporate earnings recovery may only be gradual and we expect FY16 to be a transitional year on this front. Further, reform initiatives by the government and continuation of the monetary easing cycle by the RBI could help to accelerate the process of revival in domestic growth.














6

















7









Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0

8



Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:









Sd/-

Dilip J. Thakkar

Trustee


9




HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund – HSBC Capital Protection

Oriented Fund – Series I – Plan I (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015, the related Revenue Account and the Cash Flow Statement for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.












10







9. In our opinion, the methods used to value non-traded securities, where applicable, as at March 31, 2015, as determined by HSBC Asset Management (India) Private Limited under procedures approved by the Board of Trustees of HSBC Mutual Fund in accordance with the guidelines for valuation of securities for mutual funds as mentioned in the Eighth Schedule of the Regulations issued by the Securities and Exchange Board of India, are fair and reasonable.


Sd/-



11




HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund – HSBC Capital Protection

Oriented Fund – Series II – Plan I (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015, the related Revenue Account and the Cash Flow Statement for the period March 17, 2015 to March 31, 2015, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.










(b) in the case of the Revenue Account, of the net surplus for the period March 17, 2015 to March 31, 2015; and

(c) in the case of the Cash Flow Statement, of the cash fl ows for the period March 17, 2015 to March 31, 2015.

12







Sd/-




13


Rs. in Lakhs

HSBC CAPITAL PROTECTIONORIENTED FUND – SERIES I – PLAN I



LIABILITIES1 Unit Capital 8,877.52 8,877.522 Reserves & Surplus2.1 Unit Premium Reserves – –2.2 Unrealised Appreciation Reserve 1,172.64 283.832.3 Other Reserves 994.93 383.633 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 23.16 22.05

TOTAL 11,068.25 9,567.03

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 6,864.81 7,363.181.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds 500.03 501.641.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits 618.20 37.871.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –

Total Investments 7,983.04 7,902.692 Deposits 0.59 –3 Other Current Assets3.1 Cash & Bank Balance 0.10 45.163.2 CBLO / Reverse Repo Lending 614.81 63.803.3 Others 2,469.71 1,555.384 Deferred Revenue Expenditure

(to the extent not written off)– –

TOTAL 11,068.25 9,567.03



14


Rs. in Lakhs

HSBC CAPITAL PROTECTION ORIENTED FUND – SERIES II – PLAN I#


LIABILITIES1 Unit Capital 6,967.572 Reserves & Surplus2.1 Unit Premium Reserves –2.2 Unrealised Appreciation Reserve 98.262.3 Other Reserves 10.293 Loans & Borrowings –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits –4.2 Other Current Liabilities & Provisions 1.46

TOTAL 7,077.58

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares –1.1.2 Preference Shares –1.1.3 Equity Linked Debentures –1.1.4 Other Debentures & Bonds 5,884.851.1.5 Securitised Debt securities –1.2 Securities Awaited Listing:1.2.1 Equity Shares –1.2.2 Preference Shares –1.2.3 Equity Linked Debentures –1.2.4 Other Debentures & Bonds –1.2.5 Securitised Debt securities –1.3 Unlisted Securities1.3.1 Equity Shares –1.3.2 Preference Shares –1.3.3 Equity Linked Debentures –1.3.4 Other Debentures & Bonds –1.3.5 Securitised Debt securities –1.4 Government Securities –1.5 Treasury Bills –1.6 Commercial Paper –1.7 Certifi cate of Deposits –1.8 Bill Rediscounting –1.9 Units of Domestic Mutual Fund –1.10 Foreign Securities –

Total Investments 5,884.852 Deposits –3 Other Current Assets3.1 Cash & Bank Balance 2.663.2 CBLO / Reverse Repo Lending 31.693.3 Others 1,158.384 Deferred Revenue Expenditure

(to the extent not written off)–

TOTAL 7,077.58

Notes to Accounts - Annexure I# Scheme launched during the current fi nancial year


15



Rs. in Lakhs


Current Year ended

March 31, 2015

Previous Period ended

March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 799.26 683.461.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments (14.88) –1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – –

(A) 784.38 683.46

2 EXPENSES2.1 Management fees 97.95 72.222.2 Service tax on Management fees 12.10 8.932.3 Transfer agents fees and expenses 2.48 1.882.4 Custodian fees 0.98 0.772.5 Trusteeship fees – –2.6 Commission to Agents 74.05 61.232.7 Marketing & Distribution expenses – –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 2.11 1.642.10 Other operating expenses 0.15 0.382.11 Less : Expenses to be Reimbursed by the Investment Manager – (0.31)

(B) 190.02 146.94

3 NET REALISED GAINS / (LOSSES)FOR THE PERIOD (A - B = C) 594.36 536.52


5 NET GAINS / (LOSSES) FOR THE PERIOD [E = (C + D)] 611.29 383.63

6 Change in unrealised appreciation in thevalue of investments (F) 888.81 283.83

7 NET SURPLUS / (DEFICIT) FOR THE PERIOD (E + F = G) 1,500.10 667.46

7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 888.81 283.837.3 Add / (Less): Equalisation – –7.4 Transfer from Reserve Fund 383.64 –


8 TOTAL 994.93 383.63

9 Dividend Appropriation9.1 Income Distributed during the period – –9.2 Tax on income distributed during the period – –

10 Retained Surplus / (Defi cit) carried forward toBalance Sheet 994.93 383.63


16


Abridged Revenue Account for the period ended March 31, 2015 (Contd...)

Rs. in Lakhs

HSBC CAPITAL PROTECTION

ORIENTED FUND – SERIES II – PLAN I#


1 INCOME1.1 Dividend –1.2 Interest 11.501.3 Realised Gain / (Loss) on Foreign Exchange Transactions –1.4 Realised Gains / (Losses) on Interscheme sale of investments –1.5 Realised Gains / (Losses) on External sale / redemption of investments (0.01)1.6 Realised Gains / (Losses) on Derivative Transactions –1.7 Other Income –

(A) 11.492 EXPENSES2.1 Management fees 0.402.2 Service tax on Management fees 0.052.3 Transfer agents fees and expenses 0.132.4 Custodian fees 0.012.5 Trusteeship fees –2.6 Commission to Agents 0.522.7 Marketing & Distribution expenses –2.8 Audit fees 0.202.9 Investor Education Expenses 0.022.10 Other operating expenses 0.492.11 Less : Expenses to be Reimbursed by the Investment Manager (0.62)

(B) 1.20

3 NET REALISED GAINS / (LOSSES)FOR THE PERIOD (A - B = C) 10.29

4 Change in Unrealised Depreciation invalue of investments (D) –

5 NET GAINS / (LOSSES) FOR THE PERIOD [E = (C + D)] 10.29

6 Change in unrealised appreciation in thevalue of investments (F) 98.26

7 NET SURPLUS / (DEFICIT) FOR THE PERIOD (E + F = G) 108.55

7.1 Add: Balance transfer from Unrealised Appreciation Reserve –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 98.267.3 Add / (Less): Equalisation –7.4 Transfer from Reserve Fund –7.5 Transfer from Unit Premium Reserve –

8 TOTAL 10.29

9 Dividend Appropriation9.1 Income Distributed during the period –9.2 Tax on income distributed during the period –10 Retained Surplus / (Defi cit) carried forward to Balance Sheet 10.29

Notes to Accounts - Annexure I# Scheme launched during the current fi nancial year.

17




Current Year ended

March 31, 2015


March 31, 2014


OpenGrowth Option 10.7514 N.A.Dividend Option 10.7514 N.A.Direct Plan - Growth Option 10.8190 N.A.Direct Plan - Dividend Option – N.A.

HighGrowth Option 12.8401 10.7462Dividend Option 12.8401 10.7462Direct Plan - Growth Option 13.0046 10.8132Direct Plan - Dividend Option – –

LowGrowth Option 10.7062 9.8696Dividend Option 10.7062 9.8696Direct Plan - Growth Option 10.7769 9.8893Direct Plan - Dividend Option – –

End5

Growth Option 12.4405 10.7514Dividend Option 12.4405 10.7514Direct Plan - Growth Option 12.6067 10.8190Direct Plan - Dividend Option 10.0000 –

2. Closing Assets Under Management (Rs. in Lakhs)End 11,045 9,545Average (AAuM)1 10,548 9,145

3. Gross income as % of AAuM2 * 7.44% 8.37%

4. Expense Ratio: a. Total Expense as % of AAuM (including service tax on Management fees) (planwise) *

Regular Growth Option 1.81% 1.80%Direct Plan - Growth Option 1.11% 1.10%

b. Management Fee as % of AAuM (planwise) *Regular Growth Option 0.93% 0.88%Direct Plan - Growth Option 0.93% 0.88%

5. Net Income as a percentage of AAuM3 * 5.63% 6.57%

6. Portfolio turnover ratio4 0.12 –


RetailRegular Dividend Option – N.ADirect Plan - Dividend Option – N.A

18



Current Year ended

March 31, 2015


March 31, 2014

CorporateRegular Dividend Option – N.ADirect Plan - Dividend Option – N.A

8. Returns (%): a. Last One Year Scheme

Regular Growth Option 15.6998 N.ADirect Plan - Growth Option 16.5120 N.A

BenchmarkCRISIL Short-Term Bond Fund Index 16.4500 N.A

b. Since Inception Scheme

Regular Growth Option 12.2265 7.5576Direct Plan - Growth Option 13.0159 8.2345

BenchmarkCRISIL Short-Term Bond Fund Index 9.8800 8.0044

1 AAuM = Average daily net assets.2 Gross income = amount against (A) in the Revenue account i.e. Income.3 Net income = amount against (C) in the Revenue account i.e. Net Realised Gains / (Losses) for the period.4 Portfolio Turnover = Lower of sales or purchase divided by the Average AuM for the period.5 The net asset value disclosed represents the computed NAV on March 31, 2014 (Non-business Day),


* Indicates annualised value


19



HSBC CAPITAL PROTECTION ORIENTED

FUND – SERIES II – PLAN I#

Current Period endedMarch 31, 2015


OpenGrowth Option N.A.Dividend Option N.A.Direct Plan - Growth Option N.A.Direct Plan - Dividend Option N.A.

HighGrowth Option 10.1605Dividend Option 10.1605Direct Plan - Growth Option –Direct Plan - Dividend Option –

LowGrowth Option 10.1558Dividend Option 10.1558Direct Plan - Growth Option –Direct Plan - Dividend Option –

End5

Growth Option 10.1558Dividend Option 10.1558Direct Plan - Growth Option 10.0000Direct Plan - Dividend Option 10.0000

2. Closing Assets Under Management (Rs. in Lakhs)End 7,076Average (AAuM)1 7,009

3. Gross income as % of AAuM2 * 0.16%

4. Expense Ratio: a. Total Expense as % of AAuM (including service tax on Management fees) (planwise) *

Regular Growth Option 1.04%



5. Net Income as a percentage of AAuM3 * 0.15%

6. Portfolio turnover ratio4 –


RetailRegular Dividend Option –Direct Plan - Dividend Option –

CorporateRegular Dividend Option –Direct Plan - Dividend Option –

20



HSBC CAPITAL PROTECTION ORIENTED

FUND – SERIES II – PLAN I#


8. Returns (%):

a. Last One Year Scheme

Regular Growth Option N.ADirect Plan - Growth Option N.A

BenchmarkCRISIL Short-Term Bond Fund Index N.A

b. Since Inception

SchemeRegular Growth Option 1.5580Direct Plan - Growth Option –

BenchmarkCRISIL Short-Term Bond Fund Index 0.6400



* Indicates annualised value.# Scheme launched during the current fi nancial year.

21



HSBC CAPITAL PROTECTION ORIENTED FUND – SERIES I – PLAN I

1 Investments:-

1.1 It is confi rmed that investments of the Scheme are registered in the name of the Trustees for the benefi t of the Scheme’s unitholders.

1.2 Open Positions of derivatives as of year ended March 31, 2015 and period ended March 31, 2014 is NIL

Hedging Positions through Options as on March 31, 2015

Scheme Name Underlying Number of contracts

Option Price when purchased

Current Price

NIL

Total Exposure through options as a percentage of net assets : NIL

For the year ended March 31, 2015 specify the following for hedging transactions through options which have already been exercised / expired :

Total Number of contracts entered into : NIL

Gross Notional Value of contracts : NIL

Net Profi t / Loss on all contracts (premium paid treated as loss) : NIL




Current Price

NIL


For the period ended March 31, 2014 specify the following for hedging transactions through options which have already been exercised / expired :




Other than Hedging Positions through Options as on March 31, 2015

Scheme Name

Underlying Call / put Number of contracts


Current Price

HCPOF SRI PI Nifty Index Call Option 1496 946.25 2513.95

Total Exposure through options as a percentage of net assets : 17.03%

For the year ended March 31, 2015 following details specifi ed with regard to non-hedging transactions through options which have already been exercised / expired : NIL

Total Number of contracts entered into : 1496 Gross Notional Value of contracts : Rs. 70,779,500/-

Net Profi t/Loss on all contracts (premium paid treated as loss) : NIL

Other than Hedging Positions through Options as on March 31, 2014

Scheme Name



Current Price

HCPOF SRI PI Nifty Index Call Option 1496 946.25 1325.70


22



For the period ended March 31, 2014 following details specifi ed with regard to non-hedging transactions through options which have already been exercised / expired : NIL

Total Number of contracts entered into : 1496

Gross Notional Value of contracts : Rs. 70,779,500/-


1.3 Investments in Associates and Group Companies as of year ended March 31, 2015 is NIL.

1.4 Open positions of Securities Borrowed and / or Lent by the Scheme as of the year ended March 31, 2015 and period ended March 31, 2014 are NIL.

1.5 NPAs as at year ended March 31, 2015 and period ended March 31, 2014 are NIL.

1.6 Aggregate Unrealised Gain / Loss as at the end of the fi nancial period and percentage to net assets:



2015 2014


– Appreciation 150,250 0.01 – –

– Depreciation 12,664,422 1.15 14,368,002 1.51

Privately Placed Non Convertible Debentures / Bonds


– Depreciation 1,077,265 0.10 916,150 0.10

Certifi cate of Deposit


– Depreciation 3,783 0.00~ 4,561 0.00~

Derivatives (Options)

– Appreciation 117,263,960 10.62 28,382,860 2.97



1.7 The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-2015 (excluding accretion of discount) is Rs. 127,242,532 and Rs. 123,990,800 respectively being 12.06% and 11.75% of the average daily net assets.

The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased during the fi nancial period 2013-2014 (excluding accretion of discount) are Rs. 876,212,502 being 98.81% of the average daily net assets.

1.8 Non -Traded securities in the portfolio: Aggregate Value of Equity, Debt & Money Market Instruments and percentages to net assets are as under :


Amount (Rs.)


2015 2014

Money Market Instruments 349,782,734 31.67 – –

Total 349,782,734 31.67 – –

23







Relation

Period Covered


% of Total Business


Commission paid

[Rupees]


Fund



2014-2015 4.35 50.79 6,076,794 89.93



Relation

Period Covered


% of Total Business


Commission paid

[Rupees]


Fund



2013-2014 90.80 97.18 4,933,276 89.21



3 None of the Investors held more than 25% of the total net assets of the Scheme at the year ended March 31, 2015 and period ended March 31, 2014.

4 Unit Capital movement during the year ended March 31, 2015 and period ended March 31, 2014:

2014-2015


Growth Option 83,605,660.321 – – 83,605,660.321 10

Dividend Option 4,550,697.931 – – 4,550,697.931 10


618,870.409 – – 618,870.409 10


– – – – 10

2013-2014


Growth Option – 83,605,660.321 – 83,605,660.321 10

Dividend Option – 4,550,697.931 – 4,550,697.931 10


– 618,870.409 – 618,870.409 10


– – – – 10

24



5 Previous year’s fi gures have been re-grouped / re-arranged where appropriate

6 No contingent liabilities for the year ended March 31, 2015 and period ended March 31, 2014.



25



HSBC CAPITAL PROTECTION ORIENTED FUND – SERIES II – PLAN I#

1 Investments:-


1.2 Open Positions of derivatives as of period ended March 31, 2015 is NIL




Current Price

NIL


For the period ended March 31, 2015 specify the following for hedging transactions through options which have already been exercised / expired :




Other than Hedging Positions through Options as on March 31, 2015:

Scheme Name



Current Price

HCPOF SII PI Nifty Index Call Option 864 2192.05 2402.10


For the Period ended March 31, 2015 following details specifi ed with regard to non-hedging transactions through options which have already been exercised / expired : NIL

Total Number of contracts entered into : 864

Gross Notional Value of contracts : Rs. 94,696,560/-

Net Profi t/Loss on all contracts (premium paid treated as loss) : NIL

1.3 Investments in Associates and Group Companies as of period ended March 31, 2015 is NIL.

1.4 Open positions of Securities Borrowed and / or Lent by the Scheme as of the period ended March 31, 2015 is NIL.

1.5 NPA as at period ended March 31, 2015 is NIL.



2015


– Appreciation 898,666 0.13

– Depreciation 146,860 0.02

Derivatives (Options)



26



1.7 The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased during the fi nancial period 2014-2015 (excluding accretion of discount) is Rs. 587,734,737 being 83.85% of the average daily net assets.

1.8 Non -Traded securities in the portfolios as at March 31, 2015 is NIL.





Relation

Period Covered


% of Total Business


Commission paid

[Rupees]


Fund



Manager2014-2015 69.67 99.99 – –



The Hongkong & Shanghai Banking Corporation Limited, an associate entity of HSBC Asset Management (India) Private Limited was paid PCM charges amounting to Rs. 38,558 for HCPOF SII PI.



2014-2015


Growth Option – 68,645,883.086 – 68,645,883.086 10

Dividend Option – 1,029,852.818 – 1,029,852.818 10

5 As these are the fi rst fi nancial statements of the Scheme since the date of launch, there are no prior period comparatives.




# Scheme launched during the current fi nancial year

27


















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35






HSBC Fixed Term SeriesA close-ended Income Scheme


HSBC FTP Series

1

HSBC FTP Series

Dear Investor,











Market Outlook



2

HSBC FTP Series



Yours sincerely,

Puneet Chaddha



3

HSBC FTP Series












Mr. Ravi Menon


4

HSBC FTP Series





HSBC Fixed Term Series – a close ended Income SchemeThe Scheme seeks to generate returns by investing in a portfolio of fi xed income instruments which mature on or before the maturity date of the plans under the Scheme.

Details of Scheme launched during the period:

Name of Scheme Date of Launch

HSBC Fixed term Series 102 April 28, 2014

Details of Schemes rolled-over during the period :

Scheme Name Date of roll-over

HSBC Fixed term Series 91 August 05, 2014

HSBC Fixed term Series 94 August 26, 2014

HSBC Fixed term Series 96 September 05, 2014

HSBC Fixed term Series 98 October 21, 2014

Being close ended fi xed maturity plans, the performance of these Schemes are not provided.




BSE Sensex 24.9

NSE CNX Nifty 26.7

S&P BSE 100 28.3

S&P BSE 200 31.9

S&P BSE 500 33.2

NSE CNX Midcap 51.0

Source: Bloomberg


Macro: India remains one of the fastest growing economies in the world. We have witnessed improvement in all macro parameters. The bottom of GDP growth, Industrial growth, and capital formation and the peaks of current account defi cit, fi scal defi cit, infl ation, and interest rates are behind us. Key near to medium term

5

HSBC FTP Series


risk to our call is the fall-out of the ‘known-unknown’ from Greece crisis, Monsoons, Parliamentary log jam and US Fed rate hike.














6

HSBC FTP Series


















7

HSBC FTP Series









Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 13 8 4 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


6 33 24 14 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 2 2 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 79 78 0 0 0 0 1 0 0 0


0 0 0 0 0 0 0 0 0 0 0

8

HSBC FTP Series


Com-plaintCode

Type of complaint#


beginningof theyear


receivedduring

theyear#



ble*

Pending

Within 30

days

30 - 60 days

60 - 180 days

Beyond 180 days

0 - 3 months

3 - 6 months

6 - 9 months

9 - 12 months


0 0 0 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


0 1 1 0 0 0 0 0 0 0 0


0 0 0 0 0 0 0 0 0 0 0


1 14 15 0 0 0 0 0 0 0 0

IV Others 1 18 14 4 1 0 0 0 0 0 0

Total 8 161 143 22 1 0 0 3 0 0 0

Note:









Sd/-

Dilip J. Thakkar

Trustee


9

HSBC FTP Series



HSBC Mutual Fund

Report on the Financial Statements1. We have audited the accompanying fi nancial statements of HSBC Mutual Fund - HSBC Fixed Term Series

91 (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015, the related Revenue Account and the Cash Flow Statement for the year then ended, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.














10

HSBC FTP Series





Sd/-



11

HSBC FTP Series



HSBC Mutual Fund
















12

HSBC FTP Series




Sd/-




13

HSBC FTP Series


HSBC Mutual Fund

















14

HSBC FTP Series





Sd/-




15

HSBC FTP Series


HSBC Mutual Fund

















16

HSBC FTP Series




Sd/-




17

HSBC FTP Series


HSBC Mutual Fund

















18

HSBC FTP Series




Sd/-




19

HSBC FTP Series


HSBC Mutual Fund

















20

HSBC FTP Series





Sd/-




21

HSBC FTP Series


HSBC Mutual Fund

















22

HSBC FTP Series





Sd/-




23

HSBC FTP Series


HSBC Mutual Fund

















24

HSBC FTP Series





Sd/-




25

HSBC FTP Series


HSBC Mutual Fund

















26

HSBC FTP Series





Sd/-




27

HSBC FTP Series


HSBC Mutual Fund


102 (the “Scheme”), which comprise the Balance Sheet as at March 31, 2015, the related Revenue Account and the Cash Flow Statement for the period April 28, 2014 to March 31, 2015, and a summary of signifi cant accounting policies and other explanatory information, which we have signed under reference to this report.










(b) in the case of the Revenue Account, of the net surplus for the period April 28, 2014 to March 31, 2015; and

(c) in the case of the Cash Flow Statement, of the cash fl ows for the year period April 28, 2014 to March 31, 2015.


28

HSBC FTP Series







Sd/-




29

HSBC FTP Series

Rs. in Lakhs

HSBC FIXED TERM SERIES 91As at

March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 9,570.07 19,207.302 Reserves & Surplus2.1 Unit Premium Reserves (884.53) –2.2 Unrealised Appreciation Reserve 77.40 7.802.3 Other Reserves 2,386.31 1,193.173 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 17.17 32.41

TOTAL 11,166.42 20,440.68

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 10,523.93 –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – 20,367.771.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –


2 Deposits 0.15 –3 Other Current Assets3.1 Cash & Bank Balance 0.03 0.053.2 CBLO / Reverse Repo Lending 83.43 72.733.3 Others 558.88 0.134 Deferred Revenue Expenditure (to the extent not written off) – –

TOTAL 11,166.42 20,440.68



30

HSBC FTP Series

Rs. in Lakhs


March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 7,833.36 26,394.492 Reserves & Surplus2.1 Unit Premium Reserves (1,967.56) –2.2 Unrealised Appreciation Reserve 64.59 140.112.3 Other Reserves 3,262.74 1,681.963 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 19.48 25.99

TOTAL 9,212.61 28,242.55

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 8,754.98 3,157.071.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – 24,831.441.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –



TOTAL 9,212.61 28,242.55



31

HSBC FTP Series


Rs. in Lakhs


March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 8,517.33 8,517.332 Reserves & Surplus2.1 Unit Premium Reserves – –2.2 Unrealised Appreciation Reserve 209.17 190.792.3 Other Reserves 1,302.15 465.873 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 68.62 10.82

TOTAL 10,097.27 9,184.81

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 8,199.84 8,553.241.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits 1,151.47 206.641.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –



TOTAL 10,097.27 9,184.81


32

HSBC FTP Series


Rs. in Lakhs


March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 4,122.48 13,903.062 Reserves & Surplus2.1 Unit Premium Reserves (1,025.04) –2.2 Unrealised Appreciation Reserve 36.73 67.822.3 Other Reserves 1,682.17 838.843 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 6.15 13.47

TOTAL 4,822.49 14,823.19

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 4,564.33 –1.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – 14,783.671.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –



TOTAL 4,822.49 14,823.19


33

HSBC FTP Series

Rs. in Lakhs


March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 4,659.26 15,725.792 Reserves & Surplus2.1 Unit Premium Reserves (981.70) –2.2 Unrealised Appreciation Reserve 27.00 7.582.3 Other Reserves 1,587.71 605.913 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 8.58 15.40

TOTAL 5,300.85 16,354.68

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 3,021.03 2,988.501.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities 2,015.17 –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits – 13,196.321.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –



TOTAL 5,300.85 16,354.68



34

HSBC FTP Series

Rs. in Lakhs


March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 26,078.07 26,078.072 Reserves & Surplus2.1 Unit Premium Reserves – –2.2 Unrealised Appreciation Reserve – 65.562.3 Other Reserves 2,769.32 326.293 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 4,965.58 13.09

TOTAL 33,812.97 26,483.01

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – –1.1.2 Preference Shares – –1.1.3 Equity Linked Debentures – –1.1.4 Other Debentures & Bonds 10,483.38 10,243.581.1.5 Securitised Debt securities – –1.2 Securities Awaited Listing:1.2.1 Equity Shares – –1.2.2 Preference Shares – –1.2.3 Equity Linked Debentures – –1.2.4 Other Debentures & Bonds – –1.2.5 Securitised Debt securities – –1.3 Unlisted Securities1.3.1 Equity Shares – –1.3.2 Preference Shares – –1.3.3 Equity Linked Debentures – –1.3.4 Other Debentures & Bonds – –1.3.5 Securitised Debt securities – –1.4 Government Securities – –1.5 Treasury Bills – –1.6 Commercial Paper – –1.7 Certifi cate of Deposits 22,374.04 16,018.781.8 Bill Rediscounting – –1.9 Units of Domestic Mutual Fund – –1.10 Foreign Securities – –



TOTAL 33,812.97 26,483.01



35

HSBC FTP Series


Rs. in Lakhs


March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 12,157.89 12,157.892 Reserves & Surplus2.1 Unit Premium Reserves – –2.2 Unrealised Appreciation Reserve 0.16 32.542.3 Other Reserves 1,243.34 114.523 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 12.27 4.48

TOTAL 13,413.66 12,309.43




TOTAL 13,413.66 12,309.43


36

HSBC FTP Series


Rs. in Lakhs


March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 15,070.13 15,070.132 Reserves & Surplus2.1 Unit Premium Reserves – –2.2 Unrealised Appreciation Reserve – 35.802.3 Other Reserves 1,473.58 76.173 Loans & Borrowings – –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – –4.2 Other Current Liabilities & Provisions 15.14 3.42

TOTAL 16,558.85 15,185.52




TOTAL 16,558.85 15,185.52


37

HSBC FTP Series


Rs. in Lakhs


March 31, 2015As at

March 31, 2014

LIABILITIES1 Unit Capital 31,098.05 31,098.052 Reserves & Surplus2.1 Unit Premium Reserves – – 2.2 Unrealised Appreciation Reserve 0.59 19.452.3 Other Reserves 2,819.21 45.973 Loans & Borrowings – – 4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits – – 4.2 Other Current Liabilities & Provisions 26.49 1.84

TOTAL 33,944.34 31,165.31

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares – – 1.1.2 Preference Shares – – 1.1.3 Equity Linked Debentures – – 1.1.4 Other Debentures & Bonds – – 1.1.5 Securitised Debt securities – – 1.2 Securities Awaited Listing:1.2.1 Equity Shares – – 1.2.2 Preference Shares – – 1.2.3 Equity Linked Debentures – – 1.2.4 Other Debentures & Bonds – – 1.2.5 Securitised Debt securities – – 1.3 Unlisted Securities1.3.1 Equity Shares – – 1.3.2 Preference Shares – – 1.3.3 Equity Linked Debentures – – 1.3.4 Other Debentures & Bonds – – 1.3.5 Securitised Debt securities – – 1.4 Government Securities – – 1.5 Treasury Bills – – 1.6 Commercial Paper – – 1.7 Certifi cate of Deposits 33,656.59 31,059.291.8 Bill Rediscounting – – 1.9 Units of Domestic Mutual Fund – – 1.10 Foreign Securities – –


2 Deposits 0.09 – 3 Other Current Assets3.1 Cash & Bank Balance 0.05 0.073.2 CBLO / Reverse Repo Lending 287.54 105.573.3 Others 0.07 0.384 Deferred Revenue Expenditure (to the extent not written off) – –

TOTAL 33,944.34 31,165.31


38

HSBC FTP Series

Rs. in Lakhs

HSBC FIXED TERM SERIES 102#


LIABILITIES1 Unit Capital 8,599.28 2 Reserves & Surplus2.1 Unit Premium Reserves –2.2 Unrealised Appreciation Reserve –2.3 Other Reserves 677.68 3 Loans & Borrowings –4 Current Liabilities & Provisions4.1 Provision for doubtful Income / Deposits –4.2 Other Current Liabilities & Provisions 7.41

TOTAL 9,284.37

ASSETS1 Investments1.1 Listed Securities:1.1.1 Equity Shares –1.1.2 Preference Shares –1.1.3 Equity Linked Debentures –1.1.4 Other Debentures & Bonds –1.1.5 Securitised Debt securities –1.2 Securities Awaited Listing:1.2.1 Equity Shares –1.2.2 Preference Shares –1.2.3 Equity Linked Debentures –1.2.4 Other Debentures & Bonds –1.2.5 Securitised Debt securities –1.3 Unlisted Securities1.3.1 Equity Shares –1.3.2 Preference Shares –1.3.3 Equity Linked Debentures –1.3.4 Other Debentures & Bonds –1.3.5 Securitised Debt securities –1.4 Government Securities –1.5 Treasury Bills –1.6 Commercial Paper –1.7 Certifi cate of Deposits 9,261.22 1.8 Bill Rediscounting –1.9 Units of Domestic Mutual Fund –1.10 Foreign Securities –

Total Investments 9,261.22

2 Deposits 0.05 3 Other Current Assets3.1 Cash & Bank Balance 0.01 3.2 CBLO / Reverse Repo Lending 23.08 3.3 Others 0.01 4 Deferred Revenue Expenditure (to the extent not written off) –

TOTAL 9,284.37



39

HSBC FTP Series


Rs. in Lakhs

HSBC FIXED TERM SERIES 91

Current Year ended

March 31, 2015


March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 1,293.28 1,245.701.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments (0.10) –1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income 0.01 –

(A) 1,293.19 1,245.702 EXPENSES2.1 Management fees 45.41 27.952.2 Service tax on Management fees 5.61 3.452.3 Transfer agents fees and expenses 1.72 1.482.4 Custodian fees 0.89 0.552.5 Trusteeship fees – –2.6 Commission to Agents 8.43 15.882.7 Marketing & Distribution expenses – –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 2.85 2.622.10 Other operating expenses 0.10 0.402.11 Less : Expenses to be Reimbursed by the Investment Manager – –

(B) 65.21 52.53

3 NET REALISED GAINS / (LOSSES)FOR THE PERIOD (A - B = C) 1,227.98 1,193.17


5 NET GAINS / (LOSSES) FOR THE PERIOD [E = (C + D)] 1,227.98 1,193.17


7 NET SURPLUS / (DEFICIT) FOR THE PERIOD (E + F = G) 1,297.57 1,200.97

7.1 Add: Balance transfer from Unrealised Appreciation Reserve – –7.2 Less: Balance transfer to Unrealised Appreciation Reserve 69.59 7.807.3 Add / (Less): Equalisation – –7.4 Transfer from Reserve Fund 1,193.18 –


8 TOTAL 2,421.16 1,193.17

9 Dividend Appropriation9.1 Income Distributed during the period 27.16 –9.2 Tax on income distributed during the period 7.69 –



40

HSBC FTP Series


Rs. in Lakhs


Current Year ended

March 31, 2015


March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 1,614.91 1,729.621.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments 40.15 –1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income 0.03 –

(A) 1,655.09 1,729.62

2 EXPENSES2.1 Management fees 36.49 22.902.2 Service tax on Management fees 4.51 2.832.3 Transfer agents fees and expenses 2.01 2.052.4 Custodian fees 0.89 0.542.5 Trusteeship fees 0.11 –2.6 Commission to Agents 10.04 15.352.7 Marketing & Distribution expenses 0.07 –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 3.38 3.362.10 Other operating expenses 0.09 0.432.11 Less : Expenses to be Reimbursed by the Investment Manager – –

(B) 57.79 47.66

3 NET REALISED GAINS / (LOSSES)FOR THE PERIOD (A - B = C) 1,597.30 1,681.96


5 NET GAINS / (LOSSES) FOR THE PERIOD [E = (C + D)] 1,597.30 1,681.96

6 Change in unrealised appreciation in thevalue of investments (F) (75.53) 140.11

7 NET SURPLUS / (DEFICIT) FOR THE PERIOD (E + F = G) 1,521.77 1,822.07

7.1 Add: Balance transfer from Unrealised Appreciation Reserve 75.53 –7.2 Less: Balance transfer to Unrealised Appreciation Reserve – 140.117.3 Add / (Less): Equalisation – –7.4 Transfer from Reserve Fund 1,681.94 –


8 TOTAL 3,279.24 1,681.96




41

HSBC FTP Series


Rs. in Lakhs


Current Year ended

March 31, 2015


March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 860.00 484.621.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments 10.43 –1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – –

(A) 870.43 484.622 EXPENSES2.1 Management fees 17.22 8.932.2 Service tax on Management fees 2.13 1.102.3 Transfer agents fees and expenses 1.13 0.662.4 Custodian fees 0.40 0.202.5 Trusteeship fees – –2.6 Commission to Agents 11.03 6.392.7 Marketing & Distribution expenses – –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 1.92 1.052.10 Other operating expenses 0.11 0.212.11 Less : Expenses to be Reimbursed by the Investment Manager – –

(B) 34.14 18.74


4 Change in Unrealised Depreciation invalue of investments (D) 0.01 -0.01



7 NET SURPLUS / (DEFICIT) FOR THE PERIOD (E + F = G) 854.68 656.66



8 TOTAL 1,302.15 465.87




42

HSBC FTP Series


Rs. in Lakhs


Current Year ended

March 31, 2015


March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 878.22 862.791.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments (0.04) –1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income 0.01 –

(A) 878.19 862.79

2 EXPENSES2.1 Management fees 15.63 11.582.2 Service tax on Management fees 1.93 1.432.3 Transfer agents fees and expenses 1.10 0.942.4 Custodian fees 1.24 0.352.5 Trusteeship fees 0.11 –2.6 Commission to Agents 8.91 7.552.7 Marketing & Distribution expenses – –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 1.83 1.662.10 Other operating expenses 0.05 0.242.11 Less : Expenses to be Reimbursed by the Investment Manager – –

(B) 31.00 23.95





7 NET SURPLUS / (DEFICIT) FOR THE PERIOD (E + F = G) 816.11 906.66

7.1 Add: Balance transfer from Unrealised Appreciation Reserve 31.08 –7.2 Less: Balance transfer to Unrealised Appreciation Reserve – 67.827.3 Add / (Less): Equalisation – –7.4 Transfer from Reserve Fund 838.83 –7.5 Transfer from Unit Premium Reserve – –

8 TOTAL 1,686.02 838.84




43

HSBC FTP Series

Rs. in Lakhs


Current Year ended

March 31, 2015


March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 995.45 652.281.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments 18.98 –1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income 0.01 –

(A) 1,014.44 652.282 EXPENSES2.1 Management fees 22.17 11.652.2 Service tax on Management fees 2.74 1.442.3 Transfer agents fees and expenses 1.39 0.902.4 Custodian fees 0.88 0.302.5 Trusteeship fees – –2.6 Commission to Agents 15.02 9.672.7 Marketing & Distribution expenses 0.07 –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 2.32 1.462.10 Other operating expenses 0.05 0.322.11 Less : Expenses to be Reimbursed by the Investment Manager – –

(B) 44.84 25.94


4 Change in Unrealised Depreciation invalue of investments (D) 20.43 -20.43






8 TOTAL 1,595.95 605.91


10 Retained Surplus / (Defi cit) carried forward toBalance Sheet 1,587.71 605.91



44

HSBC FTP Series

Rs. in Lakhs


Current Year ended

March 31, 2015


March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 2,493.72 339.531.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments 52.96 –1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – –

(A) 2,546.68 339.53

2 EXPENSES2.1 Management fees 48.79 6.362.2 Service tax on Management fees 6.04 0.792.3 Transfer agents fees and expenses 3.23 0.492.4 Custodian fees 1.54 0.112.5 Trusteeship fees – –2.6 Commission to Agents 37.21 4.082.7 Marketing & Distribution expenses – –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 5.53 0.702.10 Other operating expenses 0.18 0.512.11 Less : Expenses to be Reimbursed by the Investment Manager – –

(B) 102.72 13.24

3 NET REALISED GAINS / (LOSSES)FOR THE PERIOD (A - B = C) 2,443.96 326.29

4 Change in Unrealised Depreciation invalue of investments (D) (0.94) –

5 NET GAINS / (LOSSES) FOR THE PERIOD [E = (C + D)] 2,443.02 326.29



7.1 Add: Balance transfer from Unrealised Appreciation Reserve 65.56 –7.2 Less: Balance transfer to Unrealised Appreciation Reserve – 65.567.3 Add / (Less): Equalisation – –7.4 Transfer from Reserve Fund 326.30 –


8 TOTAL 2,769.32 326.29

9 Dividend Appropriation9.1 Income Distributed during the period – –9.2 Tax on income distributed during the period – –10 Retained Surplus / (Defi cit) carried forward to

Balance Sheet 2,769.32 326.29



45

HSBC FTP Series

Rs. in Lakhs


Current Year ended

March 31, 2015


March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 1,162.14 108.871.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments 19.13 10.241.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – –

(A) 1,181.27 119.112 EXPENSES2.1 Management fees 24.84 1.812.2 Service tax on Management fees 3.07 0.222.3 Transfer agents fees and expenses 1.53 0.232.4 Custodian fees 1.13 0.042.5 Trusteeship fees – –2.6 Commission to Agents 18.36 1.592.7 Marketing & Distribution expenses – –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 2.57 0.232.10 Other operating expenses 0.17 0.272.11 Less : Expenses to be Reimbursed by the Investment Manager – –

(B) 51.87 4.59







8 TOTAL 1,243.34 114.52





46

HSBC FTP Series

Rs. in Lakhs


Current Year ended

March 31, 2015


March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 1,462.92 79.591.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments (0.06) –1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – –

(A) 1,462.86 79.59

2 EXPENSES2.1 Management fees 30.54 1.132.2 Service tax on Management fees 3.78 0.142.3 Transfer agents fees and expenses 1.89 0.142.4 Custodian fees 1.26 0.022.5 Trusteeship fees – –2.6 Commission to Agents 23.34 1.232.7 Marketing & Distribution expenses – –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 3.17 0.172.10 Other operating expenses 0.18 0.392.11 Less : Expenses to be Reimbursed by the Investment Manager – –

(B) 64.36 3.42







8 TOTAL 1,473.58 76.17





47

HSBC FTP Series


Rs. in Lakhs


Current Year ended

March 31, 2015


March 31, 2014

1 INCOME1.1 Dividend – –1.2 Interest 2,871.53 47.581.3 Realised Gain / (Loss) on Foreign Exchange Transactions – –1.4 Realised Gains / (Losses) on Interscheme sale of investments – –1.5 Realised Gains / (Losses) on External sale / redemption of investments (0.08) –1.6 Realised Gains / (Losses) on Derivative Transactions – –1.7 Other Income – –

(A) 2,871.45 47.582 EXPENSES2.1 Management fees 48.02 0.262.2 Service tax on Management fees 5.94 0.032.3 Transfer agents fees and expenses 3.78 0.292.4 Custodian fees 1.58 0.022.5 Trusteeship fees – –2.6 Commission to Agents 32.00 0.512.7 Marketing & Distribution expenses – –2.8 Audit fees 0.20 0.202.9 Investor Education Expenses 6.51 0.102.10 Other operating expenses 0.19 0.432.11 Less : Expenses to be Reimbursed by the Investment Manager – (0.23)

(B) 98.22 1.61






7.1 Add: Balance transfer from Unrealised Appreciation Reserve 18.86 –7.2 Less: Balance transfer to Unrealised Appreciation Reserve – 19.457.3 Add / (Less): Equalisation – –7.4 Transfer from Reserve Fund 45.98 –


8 TOTAL 2,819.21 45.97

9 Dividend appropriation

9.1 Income Distributed during the period – –9.2 Tax on income distributed during the period – –



48

HSBC FTP Series

Rs. in Lakhs


Current Period ended

March 31, 2015

1 INCOME1.1 Dividend –1.2 Interest 706.94 1.3 Realised Gain / (Loss) on Foreign Exchange Transactions –1.4 Realised Gains / (Losses) on Interscheme sale of investments –1.5 Realised Gains / (Losses) on External sale / redemption of investments (0.06)1.6 Realised Gains / (Losses) on Derivative Transactions –1.7 Other Income –

(A) 706.88

2 EXPENSES2.1 Management fees 12.78 2.2 Service tax on Management fees 1.58 2.3 Transfer agents fees and expenses 0.92 2.4 Custodian fees 0.37 2.5 Trusteeship fees –2.6 Commission to Agents 10.84 2.7 Marketing & Distribution expenses –2.8 Audit fees 0.20 2.9 Investor Education Expenses 1.60 2.10 Other operating expenses 0.14 2.11 Less : Expenses to be Reimbursed by the Investment Manager –

(B) 28.43

3 NET REALISED GAINS / (LOSSES)FOR THE PERIOD (A - B = C) 678.45

4 Change in Unrealised Depreciation invalue of investments (D) (0.77)

5 NET GAINS / (LOSSES) FOR THE PERIOD [E = (C + D)] 677.68

6 Change in unrealised appreciation in thevalue of investments (F) –

7 NET SURPLUS / (DEFICIT) FOR THE PERIOD (E + F = G) 677.68

7.1 Add: Balance transfer from Unrealised Appreciation Reserve –7.2 Less: Balance transfer to Unrealised Appreciation Reserve –7.3 Add / (Less): Equalisation –7.4 Transfer from Reserve Fund –

7.5 Transfer from Unit Premium Reserve –

8 TOTAL 677.68

9 Dividend Appropriation9.1 Income Distributed during the period –9.2 Tax on income distributed during the period –10 Retained Surplus / (Defi cit) carried forward to Balance Sheet 677.68


Abridged Revenue Account for the period ended March 31, 2015 (Contd...)

49

HSBC FTP Series

Key Statistics For the year ended March 31, 2015

HSBC FIXED TERM SERIES 91Current



March 31, 2014


Open

Growth Option 10.6249 N.A.

Dividend Option 10.6249 N.A.


Direct Plan - Dividend Option 10.6467 N.A.

High





Low





End5






End 11,149 20,408

Average (AAuM)1 14,237 19,784


4. Expense Ratio:

a. Total Expense as % of AAuM (including service tax on Management fees) (planwise) *









Retail

Regular Dividend Option 0.7328 N.A

Direct Plan - Dividend Option 0.7595 N.A

Corporate


Direct Plan - Dividend Option 0.7274 N.A

50

HSBC FTP Series

HSBC FIXED TERM SERIES 91Current



March 31, 2014

8. Returns (%):


Regular Growth Option 9.8044 N.A

Direct Plan - Growth Option 10.1402 N.A

Benchmark

CRISIL Short-Term Bond Fund Index 10.3252 N.A




Benchmark






51

HSBC FTP Series



Current Year ended

March 31, 2015


March 31, 2014


Open




Direct Plan - Dividend Option – N.A.

High





Low





End5






End 9,193 28,217

Average (AAuM)1 16,912 27,403


4. Expense Ratio:










Retail


Direct Plan - Dividend Option – N.A

52

HSBC FTP Series


Current Year ended

March 31, 2015


March 31, 2014

Corporate



8. Returns (%):




Benchmark





Benchmark






53

HSBC FTP Series



Current Year ended

March 31, 2015


March 31, 2014


Open





High





Low





End5






End 10,029 9,174



4. Expense Ratio:










Retail

Regular Dividend Option – N.A


54

HSBC FTP Series


Current Year ended

March 31, 2015


March 31, 2014

Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark


b. Since Inception

Scheme



Benchmark






55

HSBC FTP Series



Current Year ended

March 31, 2015


March 31, 2014


Open





High





Low





End5






End 4,816 14,810

Average (AAuM)1 9,167 14,420


4. Expense Ratio:










Retail



56

HSBC FTP Series


Current Year ended

March 31, 2015


March 31, 2014

Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark


b. Since Inception

Scheme



Benchmark






57

HSBC FTP Series



Current Year ended

March 31, 2015


March 31, 2014


Open





High





Low





End5






End 5,292 16,339

Average (AAuM)1 11,615 16,002


4. Expense Ratio:










Retail



58

HSBC FTP Series


Current Year ended

March 31, 2015


March 31, 2014

Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark


b. Since Inception

Scheme



Benchmark






59

HSBC FTP Series



Current Year ended

March 31, 2015


March 31, 2014


Open





High





Low





End5






End 28,847 26,470

Average (AAuM)1 27,656 26,233


4. Expense Ratio:










Retail



60

HSBC FTP Series


Current Year ended

March 31, 2015


March 31, 2014

Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark


b. Since Inception

Scheme



Benchmark






61

HSBC FTP Series



Current Year ended

March 31, 2015


March 31, 2014


Open





High





Low





End5






End 13,401 12,305

Average (AAuM)1 12,855 12,225


4. Expense Ratio:










Retail



62

HSBC FTP Series


Current Year ended

March 31, 2015


March 31, 2014

Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark


b. Since Inception

Scheme



Benchmark






63

HSBC FTP Series



Current Year ended

March 31, 2015


March 31, 2014


Open





High





Low





End5






End 16,544 15,182

Average (AAuM)1 15,867 15,125


4. Expense Ratio:










Retail



64

HSBC FTP Series


Current Year ended

March 31, 2015


March 31, 2014

Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark


b. Since Inception

Scheme



Benchmark






65

HSBC FTP Series



Current Year ended

March 31, 2015


March 31, 2014


Open





High





Low





End5






End 33,918 31,163

Average (AAuM)1 32,546 31,138


4. Expense Ratio:










Retail



66

HSBC FTP Series


Current Year ended

March 31, 2015


March 31, 2014

Corporate



8. Returns (%):

a. Last One Year

Scheme



Benchmark


b. Since Inception

Scheme



Benchmark






67

HSBC FTP Series





Open

Growth Option N.A.

Dividend Option N.A.


Direct Plan - Dividend Option N.A.

High

Growth Option 10.7879

Dividend Option 10.7879



Low





End5




Direct Plan - Dividend Option 10.0000


End 9,277

Average (AAuM)1 8,940

3. Gross income as % of AAuM2 * 8.83%

4. Expense Ratio:



Direct Plan - Growth Option 0.11%



Direct Plan - Growth Option 0.16%

5. Net Income as a percentage of AAuM3 * 8.47%

6. Portfolio turnover ratio4 –


Retail

Regular Dividend Option –


68

HSBC FTP Series




Corporate

Regular Dividend Option –


8. Returns (%):

a. Last One Year

Scheme

Regular Growth Option N.A

Direct Plan - Growth Option N.A

Benchmark

CRISIL Short-Term Bond Fund Index N.A

b. Since Inception

Scheme

Regular Growth Option 7.8790


Benchmark

CRISIL Short-Term Bond Fund Index 9.2000



* Indicates annualised value# Scheme launched during the current fi nancial year.

69

HSBC FTP Series



1 Investments:


1.2 Open Positions of derivatives as of year / period ended March 31, 2015 and March 31, 2014 is NIL.

1.3 Investments in Associates and Group Companies;

(Rupees)

Issuer Instrument Type Amount (Rs.) Aggregate Investments by all schemes

2015



95,171,334 1,607,345,350

Equities – 215,829,290

Bharti Airtel Ltd. Equities – 12,741,680

Steel Authority of India Ltd. Commercial Paper – –

Shriram Equipment Finance Co. Ltd.

Commercial Paper – –

1.4 Open positions of Securities Borrowed and / or Lent by the Scheme as of the year / period ended March 31, 2015 and March 31, 2014 are NIL.

1.5 NPAs as at year / period ended March 31, 2015 and March 31, 2014 are NIL.




2015 2014

Certifi cates of Deposit / Commercial Paper

– Appreciation – – 780,136 0.04



– Appreciation 7,739,572 0.69 – –


1.7 The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-2015 (excluding accretion of discount) is Rs. 1,044,664,000 and Rs. 2,100,000,000 respectively being 73.38% and 147.50% of the average daily net assets.

The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased during the fi nancial period 2013-2014 (excluding accretion of discount) are Rs. 1,913,198,663 being 96.70 % of the average daily net assets.

1.8 Non -Traded securities in the portfolios as at March 31, 2015 and March 31, 2014 are NIL.

70

HSBC FTP Series






Relation

Period Covered



Commission paid

[Rupees]


Fund



2014-2015 2.63 19.76 4,703,510 93.49



2014-2015 – – – –



Relation

Period Covered



Commission paid

[Rupees]


Fund



2013-2014 167.68 82.09 1,534,316 69.13



2013-2014 – – 301 0.01



3 None of the Investors held more than 25% of the total net assets of the Scheme at the year / period ended March 31, 2015 and March 31, 2014.

4 Unit Capital movement during the year / period ended March 31, 2015 and March 31, 2014:

2014-2015

Description Opening Units Subscription Redemption Closing Units Face Value

per unit (Rs.)

Growth Option 185,198,156.484 – 91,524,139.498 93,674,016.986 10

Dividend Option 3,187,563.377 – 1,902,085.771 1,285,477.606 10


3,187,241.341 – 2,446,000.000 741,241.341 10


500,000.000 – 500,000.000 – 10

71

HSBC FTP Series


2013-2014


per unit (Rs.)

Growth Option – 185,198,156.484 – 185,198,156.484 10

Dividend Option – 3,187,563.377 – 3,187,563.377 10


– 3,187,241.341 – 3,187,241.341 10


– 500,000.000 – 500,000.000 10


6 No contingent liabilities for the year / period ended March 31, 2015 and March 31, 2014.


8 Rollover of Schemes:

The AMC rolled over the following close ended schemes after requisite approvals from SEBI. The details of rollover are as under:

Scheme Name Existing Maturity date Revised Maturity date

HFTS91 04-Aug-14 29-Sep-16

HSBC Asset Management (India) Private Limited had published a notice in newspapers for the Scheme proposing a rollover. The notice explained the rationale for proposed rollover and also time lines with in which written consents were to be submitted by the Investors for rolling over his units.

The details of Units on the date of maturity of the Scheme and units rolled over were as follows:

Scheme Units on Maturity date Rolled over units

HFTS91 192072961.2 95700735.93

All the investors who did not consent for rollover in writing were redeemed and pay outs were made.

The Rollover of schemes resulted in material change in unit capital, investment activities by AMC etc. Hence previous fi gures are strictly not comparable.

9 Other income of Rs. 1333 represents excess liability written back no longer required..


72

HSBC FTP Series



1 Investments:




(Rupees)


2015



82,174,014 1,607,345,350

Equities – 215,829,290










2015 2014


– Appreciation 6,458,534 0.70 3,731,211 0.13



– Appreciation – – 10,280,081 0.36



The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased during the financial period 2013-2014 (excluding accretion of discount) are Rs. 2,634,355,169 being 96.13 % of the average daily net assets.


73

HSBC FTP Series






Relation

Period Covered



Commission paid

[Rupees]


Fund



2014-2015 0.86 17.86 4,064,491 96.07



Relation

Period Covered



Commission paid

[Rupees]


Fund



2013-2014 188.83 70.04 1,358,248 81.82





2014-2015


per unit (Rs.)

Growth Option 188,178,109.126 – 117,306,534.729 70,871,574.397 10

Dividend Option 1,559,322.547 – 1,542,822.547 16,500.000 10


74,207,500.471 – 66,762,000.000 7,445,500.471 10


– – – – 10

74

HSBC FTP Series


2013-2014


per unit (Rs.)

Growth Option – 188,178,109.126 – 188,178,109.126 10

Dividend Option – 1,559,322.547 – 1,559,322.547 10


– 74,207,500.471 – 74,207,500.471 10


– – – – 10







HFTS94 25-Aug-14 26-Oct-16


The details of Units on the date of maturity of the scheme and units rolled over were as follows:


HFTS94 263,944,932.144 78,333,574.868



9 Other income of Rs. 3106 represents Excess liability written back as no longer required.


75

HSBC FTP Series



1 Investments:









2015 2014


– Appreciation 20,864,502 2.08 19,078,603 2.08


Certifi cate of Deposit / Commercial Paper

– Appreciation 52,068 0.01 – –

– Depreciation 38 0.00~ 1,238 0.00~



The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased during the fi nancial period 2013-2014 (excluding accretion of discount) are Rs. 849876342 being 95.44% of the average daily net assets.

1.8. Non -Traded securities in the portfolio: Aggregate Value of Equity, Debt & Money Market Instruments and percentages to net assets are as under :



2015 2014

Money Market Instruments

65,919,980 6.57 20,663,828 2.25

Total 65,919,980 6.57 20,663,828 2.25

76

HSBC FTP Series






Relation

Period Covered



Commission paid

[Rupees]


Fund



2014-2015 3.47 50.27 925,253 91.67



Relation

Period Covered



Commission paid

[Rupees]


Fund



2013-2014 85.09 94.97 707,243 75.43





2014-2015


per unit (Rs.)

Growth Option 843,762,006.970 – – 843,762,006.970 10

Dividend Option 5,280,183.210 – – 5,280,183.210 10


2,690,938.200 – – 2,690,938.200 10


– – – – 10

77

HSBC FTP Series


2013-2014


per unit (Rs.)

Growth Option – 843,762,006.970 – 843,762,006.970 10

Dividend Option – 5,280,183.210 – 5,280,183.210 10


– 2,690,938.200 – 2,690,938.200 10


– – – – 10





78

HSBC FTP Series



1 Investments:




(Rupees)


2015



42,684,978 1,607,345,350

Equities – 215,829,290










2015 2014


– Appreciation 3,673,429 0.76 – –



– Appreciation – – 6,781,571 0.46


1.7 The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during the fi nancial year 2014-2015 (excluding accretion of discount) is Rs. 450,165,618 and Rs. 1,535,500,000 respectively being 49.11% and 167.51% of the average daily net assets.

The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased during the fi nancial period 2013-2014 (excluding accretion of discount) are Rs.1,386,170,280 being 96.13 % of the average daily net assets.


79

HSBC FTP Series






Relation

Period Covered



Commission paid

[Rupees]


Fund



2014-2015 0.53 17.12 2,358,043 95.22



Relation

Period Covered



Commission paid

[Rupees]


Fund



2013-2014 97.26 68.24 589,076 73.43





2014-2015


per unit (Rs.)

Growth Option 102,457,387.642 – 66,353,947.209 36,103,440.433 10

Dividend Option 369,321.999 – 361,321.999 8,000.000 10


36,203,925.450 – 31,090,550.884 5,113,374.566 10


– – – – 10

80

HSBC FTP Series


2013-2014


per unit (Rs.)

Growth Option – 102,457,387.642 – 102,457,387.642 10

Dividend Option – 369,321.999 – 369,321.999 10


– 36,203,925.450 – 36,203,925.450 10


– – – – 10





The AMC rolled over the following close ended Schemes after requisite approvals from SEBI. The details of rollover are as under:


HFTS96 04-Sep-14 26-Oct-16


The details of Units on the date of maturity of the scheme and units rolled over were as follows:


HFTS96 139030635.1 40774815



9 Other income of Rs. 1415 represents excess liability written back no longer required.


81

HSBC FTP Series



1 Investments:









2015 2014


– Appreciation 1,187,094 0.22 758,100 0.05



– Appreciation – – 2,043,400 0.13



– Appreciation 1,513,400 0.29 – –









Relation

Period Covered



Commission paid

[Rupees]


Fund



2014-2015 1.29 31.03 3,127,542 96.24

82

HSBC FTP Series




Relation

Period Covered



Commission paid

[Rupees]


Fund



2013-2014 156.08 98.52 627,381 77.00





2014-2015


per unit (Rs.)

Growth Option 156,156,762.928 – 110,051,789.084 46,104,973.844 10

Dividend Option 923,500.000 – 573,500.000 350,000.000 10


177,650.888 – 40,000.000 137,650.888 10


– – – – 10

2013-2014


per unit (Rs.)

Growth Option – 156,156,762.928 – 156,156,762.928 10

Dividend Option – 923,500.000 – 923,500.000 10


– 177,650.888 – 177,650.888 10


– – – – 10




83

HSBC FTP Series





HFTS98 20-Oct-14 26-Oct-16


The details of Units on the date of maturity of the Scheme and units rolled over were as follows:


HFTS98 157,257,913.816 46,592,624.732



9 Other income of Rs. 1352 represents excess liability written back no longer required.


84

HSBC FTP Series

Notes to Accounts - Annexure I (Contd...) To the Abridged Balance Sheet and Revenue Account for the period ended March 31, 2015


1 Investments:


1.2 Open Positions of derivatives as of period ended March 31, 2015 is NIL.

1.3 Investments in Associates and Group Companies as of period ended March 31, 2015 is NIL.

1.4 Open positions of Securities Borrowed and / or Lent by the Scheme as of the period ended March 31, 2015 is NIL.

1.5 NPAs as at period ended March 31, 2015 is NIL.



2015


– Appreciation – –

– Depreciation 76,660 0.01

1.7 The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased during the financial year 2014-2015 (excluding accretion of discount) is Rs. 856,739,848 being 95.83% of the average daily net assets.



2015

Money Market Instruments 926,121,981 99.83

Total 926,121,981 99.83





Relation

Period Covered



Commission paid

[Rupees]


Fund



2014-2015 83.35 93.93 883,184 85.47



85

HSBC FTP Series




2014-2015


per unit (Rs.)

Growth Option – 84,995,668.308 – 84,995,668.308 10

Dividend Option – 543,410.145 – 543,410.145 10


– 453,728.352 – 453,728.352 10


– – – – 10


6 As these are the fi rst fi nancial statements of the Scheme since the date of launch, there are no prior period comparatives.




# Scheme launched during the current fi nancial year.

86

HSBC FTP Series

Notes to Accounts - Annexure I (Contd...) To the Abridged Balance Sheet and Revenue Account for the year ended March 31, 2015


1 Investments:






1.6 Aggregate Unrealised Gain / Loss as at the end of the fi nancial years end and their percentages to net assets are as under:



2015 2014


– Appreciation 54,412 0.00~ 1,047,705 0.04

– Depreciation 72,770 0.00~ – –


– Appreciation – – 5,508,735 0.21

– Depreciation 75,226 0.00~ – –







2015 2014


3,285,742,507 113.90 – –

Total 3,285,742,507 113.90 – –

87

HSBC FTP Series






Relation

Period Covered



Commission paid

[Rupees]


Fund



2014-2015 3.49 40.58 3,118,680 91.07



Relation

Period Covered



Commission paid

[Rupees]


Fund



2013-2014 192.18 73.66 – –





2014-2015


per unit (Rs.)

Growth Option 196,431,734.063 – – 196,431,734.063 10

Dividend Option 1,278,679.328 – – 1,278,679.328 10


63,070,299.730 – – 63,070,299.730 10


– – – – 10

88

HSBC FTP Series

2013-2014


per unit (Rs.)

Growth Option – 196,431,734.063 – 196,431,734.063 10

Dividend Option – 1,278,679.328 – 1,278,679.328 10


– 63,070,299.730 – 63,070,299.730 10


– – – – 10






89

HSBC FTP Series


1 Investments:



1.3 Investments in Associates and Group Companies as of year / period ended March 31, 2015 is NIL.



1.6 Aggregate Unrealised Gain / Loss as at the end of the fi nancial years end and their percentages to net assets are as under:



2015 2014


– Appreciation 18,350 0.00~ 611,875 0.05

– Depreciation 2,830 0.00~ – –


– Appreciation – – 2,641,850 0.21

– Depreciation 57,621 0.00~ – –



The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased and sold (including matured) during fi nancial period 2013-2014 (excluding accretion of discount) is Rs. 1,441,440,791 and Rs. 230,418,750 respectively being 117.90% and 18.85% of the average daily net assets.




2015 2014


1,309,750,008 97.73 – –

Total 1,309,750,008 97.73 – –


90

HSBC FTP Series





Relation

Period Covered



Commission paid

[Rupees]


Fund



2014-2015 0.56 8.00 1,543,588 91.47



Relation

Period Covered



Commission paid

[Rupees]


Fund



2013-2014 116.00 94.63 – –





2014-2015

Description Opening Units Subscription Redemption Closing Units Face Value per unit

(Rs.)

Growth Option 118,914,782.784 – – 118,914,782.784 10

Dividend Option 1,569,092.562 – – 1,569,092.562 10


1,095,000.000 – – 1,095,000.000 10


– – – – 10


91

HSBC FTP Series

2013-2014


Subscription Redemption Closing Units Face Value per unit (Rs.)

Growth Option – 118,914,782.784 – 118,914,782.784 10

Dividend Option – 1,569,092.562 – 1,569,092.562 10


– 1,095,000.000 – 1,095,000.000 10


– – – – 10






92

HSBC FTP Series



1 Investments: 1.1 It is confi rmed that investments of the Scheme are registered in the name of the Trustees for the

benefi t of the Scheme’s unitholders.





1.6 Aggregate Unrealised Gain / Loss as at the end of the fi nancial year / period end and their percentages to net assets are as under:



2015 2014


– Appreciation 22,838 0.00~ 743,300 0.05

– Depreciation 103,620 0.01 – –


– Appreciation – – 2,836,998 0.19

– Depreciation 27,973 0.00~ – –



The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased during financial period 2013-2014 (excluding accretion of discount) is Rs. 1,500,952,688 being 99.23% of the average daily net assets.




2015 2014


1,588,731,783 96.03 – –

Total 1,588,731,783 96.03 – –





Relation

Period Covered


% of Total Business


Commission paid

[Rupees]


Fund



2014-2015 2.97 77.87 1,946,976 91.39

93

HSBC FTP Series




Relation

Period Covered



Commission paid

[Rupees]


Fund



2013-2014 114.46 95.67 – –





2014-2015


Growth Option 149,613,222.486 – – 149,613,222.486 10

Dividend Option 777,591.591 – – 777,591.591 10


310,525.697 – – 310,525.697 10


– – – – 10

2013-2014


Growth Option – 149,613,222.486 – 149,613,222.486 10

Dividend Option – 777,591.591 – 777,591.591 10


– 310,525.697 – 310,525.697 10


– – – – 10





94

HSBC FTP Series


1 Investments:






1.6 Aggregate Unrealised Gain / Loss as at the end of the fi nancial year / period and their percentages to net assets are as under:



2015 2014


– Appreciation 63,908 0.00~ 2,415,397 0.08

– Depreciation 5,265 0.00~ 470,580 0.02


1.7 The aggregate value of investment securities (excluding CBLO and Reverse Repos) purchased during the financial year 2014-2015 (excluding accretion of discount) is Rs. 3,359,702,939 and Rs. 3,384,000,000 respectively being 103.23% and 103.98% of the average daily net assets.

The aggregate value of investments securities (excluding CBLO and Reverse Repos) purchased during the fi nancial period 2013-2014 (excluding accretion of discount) is Rs. 3,099,866,384 being 99.55% of the average daily net assets.




2015 2014


122,824,023 3.62 122,824,023 3.94

Total 122,824,023 3.62 122,824,023 3.94





Relation

Period Covered



Commission paid

[Rupees]


Fund



2014-2015 3.15 25.07 2,723,736 90.89


95

HSBC FTP Series



Relation

Period Covered



Commission paid

[Rupees]


Fund



2013-2014 240.60 77.37 – –





2014-2015


per unit (Rs.)

Growth Option 247,819,742.154 – – 247,819,742.154 10

Dividend Option 589,877.197 – – 589,877.197 10


62,570,860.474 5,000,000,000 – 67,570,860.474 10


– – – – 10

2013-2014


per unit (Rs.)

Growth Option – 247,819,742.154 - 247,819,742.154 10

Dividend Option – 589,877.197 - 589,877.197 10


– 62,570,860.474 - 62,570,860.474 10


– – – – 10






96

HSBC FTP Series

















97

HSBC FTP Series
















Documents

Abridged Schemewise Annual Reports 201 - HSBC