HSBC Collective Investment Trust · HSBC All China Bond Fund For the six-month period ended 30...

HSBC Collective Investment TrustInterim Report 2019

Contents

Page1. HSBCCOLLECTIVEINVESTMENTTRUST

1.1 HSBCCHINAMULTI-ASSETINCOMEFUND

1.2 HSBCALLCHINABONDFUND

1.3 HSBCASIAPACIFICEXJAPANEQUITYVOLATILITYFOCUSEDFUND

1.4 HSBCEUROMULTI-ASSETINCOMEFUND

1.5 HSBCASIAHIGHINCOMEBONDFUND

Investment Adviser’s Reports 1Statement of Assets and Liabilities (unaudited) 4Portfolio Statement (unaudited) 10Statement of Movements in Portfolio Holdings (unaudited) 26Performance Record (unaudited) 31Distribution Disclosure (unaudited) 46

2. ADMINISTRATION 54

1

Investment Adviser’s Report

HSBCChinaMulti-AssetIncomeFund

The HSBC China Multi Asset-Income Fund registered a negative return for the 6-month period ending 30 September 2019. Persisting concerns about trade have been a major market driver which resulted in negative investor sentiment. Against such background, Chinese stock markets returned negatively, dragging on the fund performance. In terms of sectors, Health Care and Industrial names detracted in value. The fixed income sleeve returned negatively as well. Offshore sovereign bond yields fell but together with the RMB depreciation against a generally stronger US dollar, offshore RMB bonds returned negatively, weighing down the performance. Onshore RMB bonds returned negatively as well. On the other hand, USD credits returned positively, offsetting part of the detraction.

With government bond yields at such low levels globally and negative yields in many markets, China’s bond markets are unusual in providing investors with quite an attractive level of yield. Ten year Chinese government bond yields in excess of 3% compare to yields of 1.70% for US Treasuries, -0.56% for German Bunds, and -0.23% for Japanese government bonds. With monetary policy in China likely to be eased in the months ahead bond markets should continue to deliver steady positive returns to investors.

Chinese stock markets appear to offer investors even better long term prospects, albeit with the likelihood of significant price volatility. With the background characterized by business sentiment in an already aged expansion being hit by a number of shocks, but the effect being tempered by a broad-based shift to easier policies, the ebb and flow of news will determine the short term direction of equity markets. At times when the news suggests an increased probability that the global and Chinese economies will weaken further, stock markets are likely to struggle. However, if stimulatory polices look like delivering improving growth, prices should recover. This may not be a comfortable ride for investors, but we remain convinced that stock markets will ultimately deliver potential returns for investors, and we therefore encourage investors to look through the inevitable volatility. A combination of attractively valued but volatile equities and stable bond returns is an attractive one for investors.

HSBCAllChinaBondFund

For the six-month period ended 30 September 2019, the RMB bond market delivered positive returns. Onshore bond yields edged higher in early 2Q19 as local government bond supply increased meaningfully to fund infrastructure projects while at the same time hope for a US-China trade deal loomed larger. However, yields retreated after trade escalated and

the Chinese government has also turned more accommodative on the monetary by increasing liquidity injection. Moving into 3Q19, bond yields declined after US-China trade tensions further heightened in August as the two countries announced additional tariffs on each other. Yields rebounded after the market was relieved following a delay in tariffs and the scheduled US-China trade talks in October. On the policy front, the PBoC carried out a blanket as well as a targeted RRR cut in September to stimulate growth. Besides, the government also introduced the Loan Prime Rate (LPR), which is a market driven benchmark rate that would improve the monetary policy transmission to smaller private firms. Given the prevailing headwinds and trade tensions in sight, the government has pledged for quicker market liberalization to propel growth by completely removing the QFII and RQFII quota. Lastly, JPMorgan will follow Bloomberg to include onshore RMB bonds to its key indices, which would further underpin foreign flows to the bond market.

Over the review period, the fund returned positively in RMB terms on the back of broadly lower yields and tighter credit spreads. Among factors, credit exposure was conducive to performance, with holdings from industrials and diversified financial services sector adding the most value. Meanwhile, duration exposure to US treasury and CNH sovereign yield curves contributed to returns as yields grinded lower for on the back of heightened risk aversion. Moreover, the USD strength against RMB over the half year also bolstered overall results.

HSBCAsiaPacificexJapanEquityVolatilityFocusedFund

For the reported period, the fund delivered negative returns and slightly underperformed the benchmark. The MSCI Asia Pac ex Japan dropped 3.3% in USD terms as market sentiment, driven by concerns over escalating trade tensions and global growth slowdown concerns. Taiwan, Australia, Thailand, New Zealand and Singapore recorded positive return over the period, but the rest of Asia pacific all delivered negative returns. Apart from trade tension, softening economic data from China and India, as well as higher oil prices, also weighed on sentiment in the Asian region. This year there have been more inflows going into Northbound (ytd US$26bn) vs Southbound (US$21bn).

While ongoing trade uncertainty is likely to weight on global growth, in Asia most central banks are likely to stay accommodative to support growth. In China we have seen froadloading of special bond issuance quota, required reserve ratio (RRR) cut, while India we have seen measures to revive growth such as cutting corporate tax rate. Asian central bank policies have been dovish, with Indonesia, Thailand and India

2


having delivered larger or earlier than expected cuts over summer. Outside of Asia the US’ Fed cut benchmark Fed funds rate by 25bps on July 31, the first rate cut since 2007.

Trade barriers remain a key risk to Asian economies, but despite this, the broader trajectory of global economic growth remains strong for now, albeit less synchronized than last year (stronger US/ softer Europe). With the recent pullback in markets, valuations in Asia have moved to more attractive territory and provide a better entry point for the long term investor. Consensus earnings growth shows a flattish earnings growth for the region in2019, but still expects a double digit growth at +12% for MXAPJ for 2020e. Other key risks are a stronger US Dollar and a stronger oil price (for big net importers like India). A continued risk-off environment will also place more pressure on emerging markets.

While China’s growth/demand shows some signs of softening, it seems likely that more supportive measures may be unleashed to mitigate this and could come in the form of tax relief, infrastructure spending or a loosening of liquidity conditions. Current fundamentals in China remain more sound than the during the last major equity correction in 2015. India’s has seen growth and earning slowdown as evident in the latest earnings season in August, but since then the government has already announced a series of measures to stimulate economic growth.

The ASEAN region remains an attractive destination for foreign direct investment given its competitive labour costs and exposure to a burgeoning trade and economic block.

HSBCEuroMulti-AssetIncomeFund

The HSBC Euro Multi-Asset Income fund registered a positive total return for 6-month ending 30 September 2019. All asset classes made a positive contribution to the overall performance with government bonds and Euro equities as the main performance drivers. However, equity markets have been volatile over the period as investors continued to react to the trade war news front and its impact on global growth. Sovereign yields strongly declined during summer: the German 10 Year ended August at historical low at -0.70% and the French OAT at -0.40%.

Euro equities rose sharply in April, on the back of dovish comments from central banks, further improvements in trade negotiations between the US and China and, finally, signs the Chinese economic policy is having a positive impact on underlying economic fundamentals We reduced the equity exposure by 2% (from 51% to 49%) towards the end of the month to take profits following the strong performance delivered by Euro equities. Euro equities fell in May on the

back of disappointing macro figures suggesting the global economy is still in a slowdown phase. Growing trade tensions early in the month was another reason for taking money out of equity markets. We reduced the equity exposure by another 2% (from 49% to 47%) towards the end of the month to adopt a cautious stance on Euro equities as the intensification of the Americano-Chinese trade conflict has significantly changed the central scenario of the markets. Euro equities rose in June, on the back of very dovish comments from all major central banks. Trade tensions which remain a major headwind for equity markets loosened up as president Trump announced a truce with China following the G-20 conference held at the end of June.

Euro equities finished the month flat in July, torn between expectations major central banks will lower interest rates and ease financial conditions and signs the current economic environment is very sluggish. Fixed-income sleeves made positives contributions over the month as the Euro fixed income markets extended their yearly gains in July amid a “trade truce” and central banks committed to support economic activity. Central banks reacted with measures to support the economy, sending government bond yields down sharply (by more than 100 basis points in the US and France on 10-year bonds). Equity volatility rose sharply in August, after falling as much as 5.6% in the first two weeks, Euro equities finished the month down 1.25%. At the end of August and after the summer bond rally we decided to reduce the government bond sleeve from 19% to 11% and re-invest exposure in credit & High Yield sleeves to reduce the duration of the fund. Euro equities rallied in September and finished the month shy of record highs on the back of hopes trade tensions will ease.

The current level of bond yields means equity valuations remain relatively attractive and consistent with our pro-risk stance. We still favor the riskier asset classes such as equities and, to a lesser extent, high-yield bonds. However, given downside risks to global growth amid elevated uncertainty linked to trades tensions, we should be careful not to over extend the risk positioning.

HSBCAsiaHighIncomeBondFund

For the six months ending 30 September 2019, Asian credit market delivered returns in positive territory, driven primarily by lower yields. At the same time, investment grade bonds outperformed high yield bonds, as credit spreads widened meaningfully in the latter. During the review period, US treasury yields declined as optimism over US-China trade negotiations fell apart after tensions escalated in May and August, with the two countries implementing and announcing additional tariffs on each other. Although part of the proposed

3


tariffs on Chinese goods would be postponed by few months to December, President Trump signalled the potential to declare a national emergency, which could lead to further bans on trade as well as blockage on transactions and investments. The situation improved in September as new rounds of US-China trade negotiations were scheduled for October and the two countries also made concessions. In light of heightened risks from slowing global growth and ongoing geopolitical uncertainty, the Fed trimmed interest rate twice in 3Q19, but at the same time described the cuts as an adjustment. Although the central bank emphasized that the committee would consider more action if activity deteriorates or risks intensify, indications from several officials curtailed hope for aggressive easing and induced upward pressure to yields. Nonetheless, as of end-September, the futures market was pricing in one more rate cut by the end of 2019.

Over the review period, the fund registered positive returns and outperformed its benchmark. Among factors, credit exposure contributed the most to relative performance, with selection in the property, utilities and banks sector adding the most value. Meanwhile, yield carry advantage through long duration positioning also lifted returns. On the other hand, currency impact from RMB and IDR weighed on performance, as the USD strengthened against most major currencies amid risk aversion.

4

Statement of Assets and Liabilities

HSBCCollectiveInvestmentTrust

30September2019

HSBCChinaMulti-Asset

IncomeFundHSBCAllChina

BondFund

HSBCAsiaPacificexJapanEquityVolatility

FocusedFund

HSBCEuroMulti-Asset

IncomeFund

HSBCAsiaHigh

IncomeBondFund

HKD RMB USD EUR USD

ASSETSFinancial assets at fair value through profit

or loss 3,449,161,257 126,838,769 102,124,618 32,032,120 1,129,158,256Dividend receivable 2,449,766 – 308,510 6,021 –Interest receivable 24,215,369 1,889,859 51 18,663 13,480,920Subscription receivable 19,213,427 5,480,731 59,984 34,972 30,974,139Amounts due from brokers 25,012,586 – 683,795 281,588 6,977,828Other receivable – – – – –Cash and cash equivalents 65,816,017 5,274,124 473,432 2,431,186 52,629,171

3,585,868,422 139,483,483 103,650,390 34,804,550 1,233,220,314

LIABILITIESFinancial liabilities at fair value

through profit or loss 2,203,751 102,185 – 1,443 1,027,703Bank overdraft – – – – –Redemption payable 58,168,008 – 263,440 355,159 9,495,226Amounts due to brokers 26,548,997 2,844,340 353,434 510,550 47,258,895Distribution payable 8,131,783 259,751 240,238 132,399 4,532,888Tax payables – 4,981,184 – – 18,953Other payables 4,931,968 401,960 179,249 75,717 2,003,223

99,984,507 8,589,420 1,036,361 1,075,268 64,336,888

NETASSETSATTRIBUTABLETOUNITHOLDERS 3,485,883,915 130,894,063 102,614,029 33,729,282 1,168,883,426

Representing:

Financialliabilities 3,485,883,915 130,894,063 102,614,029 33,729,282 1,168,883,426

5



30September2019



BondFund


FocusedFund

HSBCEuroMulti-Asset

IncomeFund

HSBCAsiaHigh

IncomeBondFund

HKD RMB USD EUR USD

Numberofunitsinissue

– Class AC – USD – – – – 724,097– Class AM2 – USD 22,122,017 419,744 5,213,935 – 56,201,613– Class AM3H – USD – – – 1,361,581 –– Class AC – RMB – 1,673,626 – – –– Class AM2 – RMB 18,766,840 3,494,919 – – 7,662,716– Class AM3H – RMB – – – 2,545,381 –– Class AM3O – RMB – – – – 30,864,001– Class AM2 – HKD 109,831,515 555,288 15,704,774 – 313,598,502– Class AM3H – HKD – – – 7,819,804 –– Class AM2 – EUR – – – 328,372 921,638– Class AM3O – EUR – – – – 203,815– Class AM2 – AUD – – – – 2,372,954– Class AM3H – AUD – – – 376,623 –– Class AM3O – AUD 1,691,996 – – – 8,743,840– Class AM2 – CAD – – – – 515,615– Class AM3H – CAD – – – 288,805 –– Class AM3O – CAD – – – – 3,767,422– Class AM3H – NZD – – – 174,318 –– Class AM3O – GBP – – – – 2,709,388– Class AM3O – SGD 217,411 – – – 100– Class ZC – USD – 450,000 – – –– Class BC – HKD – – 1,025,065 – –– Class BC – RMB – – 5,418,814 – –– Class BC – USD – – 1,396,860 – –– Class BM2 – HKD – – 1,026,064 – –– Class BM2 – RMB – – 3,576,272 – –– Class BM2 – USD – – 701,825 – –– Class IM – USD – 221,917 – – –

6



30September2019



BondFund


FocusedFund

HSBCEuroMulti-Asset

IncomeFund

HSBCAsiaHigh

IncomeBondFund

HKD RMB USD EUR USD

Netassetvalueperunit

– Class AC – USD – – – – 10.724– Class AM2 – USD 86.391 58.999 9.278 – 9.901– Class AM3H – USD – – – 9.261 –– Class AC – RMB – 11.868 – – –– Class AM2 – RMB 14.099 9.537 – – 1.444– Class AM3H – RMB – – – 1.293 –– Class AM3O – RMB – – – – 1.366– Class AM2 – HKD 11.138 7.589 1.193 – 1.276– Class AM3H – HKD – – – 1.178 –– Class AM2 – EUR – – – 9.971 10.472– Class AM3O – EUR – – – – 10.589– Class AM2 – AUD – – – – 7.593– Class AM3H – AUD – – – 6.188 –– Class AM3O – AUD 44.410 – – – 6.569– Class AM2 – CAD – – – – 7.532– Class AM3H – CAD – – – 6.895 –– Class AM3O – CAD – – – – 7.345– Class AM3H – NZD – – – 5.833 –– Class AM3O – GBP – – – – 11.977– Class AM3O – SGD 53.797 – – – 7.047– Class ZC – USD – 73.659 – – –– Class BC – HKD – – 1.237 – –– Class BC – RMB – – 1.434 – –– Class BC – USD – – 9.703 – –– Class BM2 – HKD – – 1.208 – –– Class BM2 – RMB – – 1.404 – –– Class BM2 – USD – – 9.484 – –– Class IM – USD – 70.178 – – –

7



31March2019



BondFund


FocusedFund

HSBCEuroMulti-Asset

IncomeFund

HSBCAsiaHigh

IncomeBondFund

HKD RMB USD EUR USD

ASSETSFinancial assets at fair value through profit

or loss 4,407,528,453 127,896,344 98,812,543 42,007,555 810,974,318Dividend receivable – – 551,090 30,313 –Interest receivable 25,383,640 2,166,926 689 50,887 10,378,057Subscription receivable 9,012,031 – 2,278,165 103,613 19,152,746Amounts due from brokers 43,629,641 – 1,139,361 100,482 23,270,744Other receivable – – – 292 –Cash and cash equivalents 29,733,675 859,969 317,576 3,749,057 6,616,593

4,515,287,440 130,923,239 103,099,424 46,042,199 870,392,458

LIABILITIESFinancial liabilities at fair value

through profit or loss 24,427,936 – – 2,495 283,951Bank overdraft – – 130,941 68,915 –Redemption payable 31,361,898 – 542,670 89,099 7,530,007Amounts due to brokers 25,140,045 – 1,805,053 850,569 27,316,267Distribution payable 11,952,559 229,083 318,550 171,955 3,760,440Tax payables – 4,981,184 – – 20,133Other payables 5,580,028 498,429 324,479 98,914 955,124

98,462,466 5,708,696 3,121,693 1,281,947 39,865,922

NETASSETSATTRIBUTABLETOUNITHOLDERS 4,416,824,974 125,214,543 99,977,731 44,760,252 830,526,536

Representing:

Financialliabilities 4,416,824,974 125,214,543 99,977,731 44,760,252 830,526,536

8



31March2019



BondFund


FocusedFund

HSBCEuroMulti-Asset

IncomeFund

HSBCAsiaHigh

IncomeBondFund

HKD RMB USD EUR USD

Numberofunitsinissue

– Class AC – USD – 20,014 – – 276,374– Class AM2 – USD 26,484,630 434,622 6,317,366 – 43,473,562– Class AM3H – USD – – – 2,058,418 –– Class AC – RMB – 2,237,757 – – –– Class AM2 – RMB 20,399,021 3,793,844 – – 1,627,164– Class AM3H – RMB – – – 2,213,187 –– Class AM3O – RMB – – – – 13,944,153– Class AM2 – HKD 135,046,227 658,347 23,907,417 – 247,523,023– Class AM3H – HKD – – – 9,123,947 –– Class AM2 – EUR – – – 532,223 69,349– Class AM3O – EUR – – – – 45,310– Class AM2 – AUD – – – – 1,046,447– Class AM3H – AUD – – – 877,328 –– Class AM3O – AUD 1,499,234 – – – 5,154,197– Class AM2 – CAD – – – – 423,743– Class AM3H – CAD – – – 286,804 –– Class AM3O – CAD – – – – 2,414,152– Class AM3H – NZD – – – 284,369 –– Class AM3O – GBP – – – – 760,294– Class AM3O – SGD 14,989 – – – 100– Class ZC – USD – 450,000 – – –– Class BC – HKD – – 110,922 – –– Class BC – RMB – – 846,306 – –– Class BC – USD – – 207,593 – –– Class BM2 – HKD – – 329,993 – –– Class BM2 – RMB – – 986,397 – –– Class BM2 – USD – – 124,265 – –

9



31March2019



BondFund


FocusedFund

HSBCEuroMulti-Asset

IncomeFund

HSBCAsiaHigh

IncomeBondFund

HKD RMB USD EUR USD


- Class AC - USD – 72.005 – – 10.245- Class AM2 - USD 91.926 58.360 9.933 – 9.708- Class AM3H - USD – – – 8.674 –- Class AC - RMB – 11.506 – – –- Class AM2 - RMB 14.999 9.432 – – 1.416- Class AM3H - RMB – – – 1.289 –- Class AM3O - RMB – – – – 1.424- Class AM2 - HKD 11.852 7.507 1.277 – 1.251- Class AM3H - HKD – – – 1.102 –- Class AM2 - EUR – – – 9.616 10.269- Class AM3O - EUR – – – – 10.707- Class AM2 - AUD – – – – 7.448- Class AM3H - AUD – – – 6.105 –- Class AM3O - AUD 49.897 – – – 6.783- Class AM2 - CAD – – – – 7.382- Class AM3H - CAD – – – 6.402 –- Class AM3O - CAD – – – – 7.134- Class AM3H - NZD – – – 5.941 –- Class AM3O - GBP – – – – 12.414- Class AM3O - SGD 58.530 – – – 7.053- Class ZC - USD – 71.016 – – –- Class BC - HKD – – 1.298 – –- Class BC - RMB – – 1.504 – –- Class BC - USD – – 10.188 – –- Class BM2 - HKD – – 1.294 – –- Class BM2 - RMB – – 1.502 – –- Class BM2 - USD – – 10.154 – –

10

Portfolio Statement

HSBCChinaMulti-AssetIncomeFundas at 30 September 2019

HoldingsMarket

value

%ofnet

assetsvalue

HKD

EquitiesListed investments

ChinaCHINA MERCHANTS

SHEKOUINDUSTRIAL ZONE HOLDINGS CO LTD 386,017 8,047,169 0.23

GREE ELECTRIC APPLIANCES INC 286,898 18,046,538 0.52KWEICHOW MOUTAI CO LTD 19,207 24,247,621 0.69

50,341,328 1.44

HongKong3SBIO INC 1,851,500 24,069,500 0.69AIR CHINA LTD 578,000 3,988,200 0.11ANTON OILFIELD SERVICES GROUP 11,292,000 8,807,760 0.25CHINA COMMUNICATIONS

CONSTRUCTION CO LTD 4,006,000 24,556,780 0.70CHINA CONSTRUCTION BANK CORP 11,267,000 67,376,660 1.93CHINA EASTERN AIRLINES

CORPORATION LTD 766,000 2,918,460 0.08CHINA FOODS LTD 2,432,000 8,439,040 0.24CHINA LONGYUAN POWER GROUP

CORP LTD 433,000 1,905,200 0.05CHINA MENGNIU DAIRY CO LTD 857,000 25,152,950 0.72CHINA MERCHANTS BANK CO LTD 295,000 11,003,500 0.32CHINA MOBILE LTD 862,000 55,900,700 1.60CHINA OILFIELD SERVICES LIMITED 1,018,000 9,538,660 0.27CHINA PETROLEUM AND CHEMICAL

CORP 1,440,000 6,710,400 0.19CHINA POWER INTERNATIONAL

DEVELOPMENT LTD 10,169,000 16,575,470 0.48CHINA RAILWAY CONSTRUCTION

CORP 6,721,000 57,598,970 1.65CHINA RAILWAY GROUP LTD 1,035,000 4,926,600 0.14CHINA RESOURCES LAND LTD 468,000 15,373,800 0.44CHINA RESOURCES POWER

HOLDINGS CO LTD 2,720,000 25,867,200 0.74CHINA SOUTHERN AIRLINES CO LTD 2,320,000 11,020,000 0.32CHINA TELECOM CORPORATION LTD 6,728,000 24,018,960 0.69CHINA TOWER CORP LTD 6,506,000 11,580,680 0.33CHINA UNICOM HONG KONG LTD 5,114,000 42,548,480 1.22CIMC ENRIC HOLDINGS LTD 754,000 3,400,540 0.10CNOOC LTD 4,282,000 51,212,720 1.47COFCO MEAT HOLDINGS LTD 8,158,000 19,252,880 0.55

HoldingsMarket

value

%ofnet

assetsvalue

HKD

CRRC CORPORATION LTD 5,895,000 32,245,650 0.93DONGFENG MOTOR GRP CO LTD 2,252,000 16,777,400 0.48GUANGSHEN RAILWAY CO LTD 3,132,000 7,767,360 0.22GUANGZHOU AUTOMOBILE GROUP

CO LTD 416,000 3,120,000 0.09HUADIAN FUXIN ENERGY CORP LTD 10,666,000 14,612,420 0.42HUANENG RENEWABLES CORP LTD 5,734,000 15,309,780 0.44INDUSTRIAL AND COMMERCIAL BANK

OF CHINA LTD 3,600,000 18,900,000 0.54KINGBOARD LAMINATES HOLDINGS

LTD 1,109,500 7,844,165 0.23LONGFOR GROUP HOLDINGS LTD 244,000 7,149,200 0.21LONKING HOLDINGS LTD 1,981,000 4,001,620 0.11MEITUAN DIANPING 507,000 40,610,700 1.17PACIFIC TEXTILES HLDGS LTD 2,005,000 10,566,350 0.30PETROCHINA CO LTD 3,314,000 13,355,420 0.38PICC PROPERTY AND CASUALTY CO

LTD 1,014,000 9,278,100 0.27PING AN INSURANCE (GROUP) CO OF

CHINA LTD 807,000 72,670,350 2.08SHENZHEN INTERNATIONAL

HOLDINGS LTD 1,078,500 16,242,210 0.47SHENZHOU INTERNATIONAL GROUP 91,000 9,318,400 0.27SINOPHARM GROUP CO LTD 679,600 16,684,180 0.48SUN ART RETAIL GROUP LTD 8,564,000 68,169,440 1.96SUNNY OPTICAL TECHNOLOGY

GROUP CO LTD 99,600 11,473,920 0.33TENCENT HOLDINGS LTD 818,800 270,367,760 7.76TRAVELSKY TECHNOLOGY LIMITED 115,000 1,872,200 0.05XINYI SOLAR HOLDINGS LTD 852,000 4,004,400 0.12ZHONGSHENG GROUP HOLDINGS LTD 880,500 21,792,375 0.63ZHUZHOU CRRC TIMES ELECTRIC CO

LTD 736,800 23,909,160 0.69ZIJIN MINING GROUP CO LTD 4,580,000 12,411,800 0.36

1,264,198,470 36.27

TaiwanLARGAN PRECISION COMPANY

LIMITED 10,000 11,244,445 0.32

11

Portfolio Statement


HoldingsMarket

value

%ofnet

assetsvalue

HKD


UnitedStatesofAmericaALIBABA GROUP HOLDING-SP ADR(1

ADR REPS 1 ORD SHRS) 217,978 285,765,422 8.20CTRP.COM INTERNATIONAL LTD 124,992 28,700,166 0.82IQIYI INC 18,586 2,350,191 0.07MOMO INC 44,540 10,817,190 0.31NEW ORIENTAL EDUCATION &

TECHNOLOGY GROUP INC 83,054 72,115,119 2.07SINA CORP 13,600 4,178,275 0.12TAL EDUCATION GROUP 158,666 42,589,295 1.22YUM CHINA HOLDINGS INC 51,947 18,500,610 0.53

465,016,268 13.34

Equities(total) 1,790,800,511 51.37

BondsListed investments

AGRICULTURAL DEVELOPMENT BANK OF CHINA 4.65% 11 MAY 2028 20,000,000 23,310,678 0.67

AUSTRALIA AND NEW ZEALAND BANKING GROUP VAR 30 JANUARY 2025 30,000,000 33,307,580 0.96

BANK OF CHINA LTD (PARIS BRANCH) 4.5% 22 NOVEMBER 2020 20,000,000 22,282,336 0.64

BANK OF COMMUNICATIONS/HK 3.4% 21 MARCH 2021 15,380,000 16,900,939 0.49

BMW FINANCE NV 4.25% 18 OCTOBER 2020 20,000,000 22,200,443 0.64

BOC AVIATION LTD 4.5% 17 OCTOBER 2020 30,000,000 33,339,195 0.96

Portfolio Statement as at 30 September 2019 (Unaudited) (continued)

CFLD (CAYMAN) INVESTMENT LTD 6.5% 21 DECEMBER 2020 890,000 6,997,439 0.20

CHINA (GOVERNMENT OF) 3.16% 27 JUNE 2023 70,000,000 77,856,005 2.23

CHINA (GOVERNMENT OF) 3.25% 04 JULY 2021 14,000,000 15,464,311 0.44

HoldingsMarket

value

%ofnet

assetsvalue

HKD

CHINA (GOVERNMENT OF) 3.3% 04 JULY 2023 30,000,000 33,456,273 0.96

CHINA (GOVERNMENT OF) 3.38% 21 NOVEMBER 2024 70,000,000 78,221,014 2.24

CHINA (GOVERNMENT OF) 4% 22 MAY 2024 14,500,000 16,720,090 0.48

CHINA (GOVERNMENT OF) 4% 30 NOVEMBER 2035 10,000,000 12,003,028 0.34

CHINA CONSTRUCTION BANK CORP 4.9% 12 NOVEMBER 2024 30,000,000 33,021,720 0.95

CHINA DEVELOPMENT BANK 3.03% 18 JANUARY 2022 15,000,000 16,475,865 0.47

CHINA DEVELOPMENT BANK 3.68% 26 FEBRUARY 2026 20,000,000 21,999,316 0.63


CHINA DEVELOPMENT BANK 4.88% 09 FEBRUARY 2028 90,000,000 106,526,409 3.06

CHINA EVERGRANDE GROUP 8.25% 23 MARCH 2022 1,500,000 10,546,737 0.30

CHINA GOVERNMENT BOND 3.25% 22 NOVEMBER 2028 40,000,000 44,133,360 1.27

CHINA GOVERNMENT BOND 3.29% 18 OCTOBER 2023 10,000,000 11,143,017 0.32

CHINA GOVERNMENT BOND 3.3% 12 JULY 2023 10,000,000 11,148,442 0.32



CHINA HONGQIAO GROUP LTD 7.375% 2 MAY 2023 228,000 1,775,676 0.05

CHINA OVERSEAS FINANCE CAYMAN VIII 3.45% 15 JULY 2029 786,000 6,349,394 0.18

CHINA SCE GROUP HOLDINGS LTD 7.25% 19 APRIL 2023 2,000,000 15,289,809 0.44

CHINA SCE GROUP HOLDINGS LTD 8.75% 15 JANUARY 2021 720,000 5,822,391 0.17

CHINA, PEOPLE’S REPUBLIC OF(GOVERNMENT) 3.1% 29 JUNE 2022 20,000,000 22,177,389 0.64

CHINA, PEOPLE’S REPUBLIC OF(GOVERNMENT) 3.8% 22 MAY 2021 10,000,000 11,178,822 0.32

12

Portfolio Statement


HoldingsMarket

value

%ofnet

assetsvalue

HKD


CHINA, PEOPLE’S REPUBLIC OF(GOVERNMENT) 4.4% 12 DECEMBER 2046 8,000,000 9,998,806 0.29

CHINALCO CAPITAL HOLDINGVAR 31 DECEMBER 2049 289,000 2,268,237 0.07

CHN AOYUAN PROPERTY GROUP 7.95% 7 SEPTEMBER 2021 773,000 6,272,860 0.18

CIFI HOLDINGS GROUP 6.7% 23 APRIL 2022 21,700,000 23,685,371 0.68

CIFI HOLDINGS GROUP 7.75% 20 SEPTEMBER 2020 10,000,000 11,187,165 0.32

CNAC HK FINBRIDGE CO LTD 3.875% 19 JUNE 2029 2,000,000 16,161,393 0.46

CNI CAPITAL LTD 4.3% 11 NOVEMBER 2019 30,000,000 32,934,612 0.95

COMMONWEALTH BANK AUSTRALIA VAR 11 MARCH 2025 30,000,000 33,241,713 0.95

COUNTRY GARDEN HOLDINGS CO LTD 5.8% 12 MARCH 2021 15,000,000 16,857,317 0.48

DAIMLER INTL FINANCE BV 3.45% 27 SEPTEMBER 2022 15,000,000 16,526,503 0.47

EMIRATES NBD BANK PJSC 4.48% 7 MAY 2024 15,000,000 16,667,704 0.48

ENN CLEAN ENERGY 7.5% 27 FEBRUARY 2021 2,000,000 16,189,929 0.46

EXPORT-IMPORT BANK KOREA 4.68% 16 MARCH 2021 5,000,000 5,609,390 0.16

FANTASIA HOLDINGS GROUP 11.875% 11 SEPTEMBER 2020 15,000,000 16,492,912 0.47

FAR EAST HORIZON LTD 4.9% 27 FEBRUARY 2021 44,680,000 49,596,769 1.42

FONTERRA COOPERATIVE GROUP 4% 22 JUNE 2020 17,500,000 19,308,008 0.55

FORTUNE STAR (BVI) LTD 5.25% 23 MARCH 2022 1,500,000 11,681,490 0.34

FRANSHION BRILLIANT LTD 5.2% 08 MARCH 2021 45,000,000 50,498,344 1.45

GOLDEN EAGLE RETAIL GROUP LTD 4.625% 21 MAY 2023 2,000,000 14,957,732 0.43

HITACHI CAPITAL (UK) PLC 4.5% 09 OCTOBER 2020 35,000,000 38,812,929 1.11

HoldingsMarket

value

%ofnet

assetsvalue

HKD

HKCG FINANCE LTD 4.45% 26 NOVEMBER 2021 25,000,000 28,110,348 0.81

HONG KONG MORTGAGE CORP LTD 4.05% 6 NOVEMBER 2020 10,000,000 11,107,247 0.32

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD 6% 29 DECEMBER 2049 34,870,000 38,474,116 1.10

JINKE PROPERTIES GROUP 8.375% 20 JUNE 2021 1,600,000 12,342,853 0.35

KAISA GROUP HOLDINGS LTD 7.25% 30 JUNE 2020 2,500,000 19,339,212 0.56

KEB HANA BANK 4.5% 30 JULY 2021 8,000,000 8,947,536 0.26KOREA DEVELOPMENT BANK 4.6% 03

JULY 2021 9,000,000 10,111,525 0.29KOREA EXPRESSWAY CORPORATION

4.73% 28 MARCH 2021 25,000,000 27,964,344 0.80MALAYAN BANKING BHD 4.5% 02

NOVEMBER 2020 35,000,000 38,957,395 1.12ROYAL BANK OF CANADA 4.25% 29

SEPTEMBER 2020 10,000,000 11,106,039 0.32SHIMAO PROPERTY HOLDINGS 5.6%

15 JULY 2026 829,000 6,661,984 0.19SHIMAO PROPERTY HOLDINGS 5.75%

15 MARCH 2021 30,000,000 33,630,983 0.96SHUI ON DEVELOPMENT (HOLDING)

LTD 6.875% 2 MARCH 2021 30,000,000 34,000,822 0.98SINOCHEM OFFSHORE CAPITAL CO

LTD 4.4% 14 FEBRUARY 2021 20,000,000 22,334,371 0.64SINOPEC CENTURY BRIGHT 4.5% 31

OCTOBER 2021 16,900,000 18,965,769 0.54SUNAC CHINA HOLDINGS LTD 7.875%

15 FEBRUARY 2022 1,000,000 7,832,423 0.22TIMES CHINA HOLDINGS LTD 10.95%

27 NOVEMBER 2020 787,000 6,554,283 0.19TIMES CHINA HOLDINGS LTD 6.75%

16 JULY 2023 2,500,000 19,310,010 0.55VANKE REAL ESTATE HK 3.85% 13

JUNE 2022 20,000,000 22,097,472 0.63WESTPAC BANKING CORP VAR 09

FEBRUARY 2025 15,000,000 16,576,150 0.48ZHENRO PROPERTIES GROUP 8.65%

21 JANUARY 2023 679,000 5,204,464 0.15

Bonds(total) 1,592,798,665 45.69

13

Portfolio Statement


HoldingsMarket

value

%ofnet

assetsvalue

HKD

Equity-linkedinstrumentsUnlisted investments

CICC FINANCIAL TRADING (KWEICHOW MOUTAI CO LTD) 04 JANUARY 2021 39,888 50,356,059 1.45

Equity-linkedinstruments(total) 50,356,059 1.45

Forwardcurrencyforwardcontracts 13,002,271 0.37

Totalinvestments(Total cost of investments $3,438,003,662) 3,446,957,506 98.88

Othernetassets 38,926,409 1.12

Totalnetassetsasat30September2019 3,485,883,915 100.00

14

Portfolio Statement

HSBCAllChinaBondFundas at 30 September 2019

HoldingsMarket

value

%ofnet

assetsvalue

RMB


AGILE GROUP HOLDINGS LTD 8.5% 18 JULY 2021 200,000 1,503,037 1.15

AGRICULTURAL DEVELOPMENT BANK OF CHINA 3.37% 26 FEBRUARY 2026 10,000,000 9,814,410 7.50

BANK OF CHINA/MACAU 4.65% 05 MARCH 2021 1,000,000 1,020,230 0.78

CHAMPION SINCERITY HL VAR PERPETUAL 29 DECEMBER 2049 200,000 1,496,224 1.14

CHENGDU METRO CORPORATION 5.18% 23 JUNE 2020 (INTERBANK) 10,000,000 10,131,390 7.74

CHINA (GOVERNMENT OF) 3.38% 21 NOVEMBER 2024 3,000,000 3,053,760 2.33

CHINA (GOVERNMENT OF) 3.6% 21 MAY 2030 2,000,000 2,093,400 1.60


CHINA EVERGRANDE GROUP 8.25% 23 MARCH 2022 200,000 1,280,989 0.98

CHINA HONGQIAO GROUP LTD 7.375% 2 MAY 2023 200,000 1,418,885 1.08

CHINA HUADIAN OVERSEAS VAR PERP 31 DECEMBER 2049 300,000 2,183,365 1.67

CHINA MATERIALS GROUP 5.35% 19 NOVEMBER 2021 (INTERBANK) 10,000,000 10,351,130 7.91

CHINA OIL AND GAS GROUP 5.5% 25 JANUARY 2023 200,000 1,460,061 1.12

CHINA RAILWAY CORP 4.28% 18 MAY 2025 (INTERBANK) 10,000,000 10,378,810 7.93

CHINALCO CAPITAL HOLDING VAR PERP 31 DECEMBER 2049 200,000 1,429,911 1.09

CIFI HOLDINGS GROUP 7.75% 20 SEPTEMBER 2020 1,000,000 1,019,080 0.78

COUNTRY GARDEN HOLDINGS 6.15% 17 SEPTEMBER 2025 200,000 1,461,818 1.12

DAIMLER INTERNATIONAL FINANCE BV 3.45% 27 SEPTEMBER 2022 4,000,000 4,014,560 3.07

ENN CLEAN ENERGY 7.5% 27 FEBRUARY 2021 200,000 1,474,515 1.13

EXPORT-IMPORT BANK CHINA 3.86% 20 MAY 2029 (INTERBANK) 10,000,000 10,045,880 7.67

HoldingsMarket

value

%ofnet

assetsvalue

RMB

FAR EAST HORIZON LTD 4.9% 27 FEBRUARY 2021 3,000,000 3,033,540 2.32


HILONG HOLDING LTD 8.25% 26 SEPTEMBER 2022 200,000 1,446,836 1.10

HONGHUA GROUP LTD 6.375% 1 AUGUST 2022 200,000 1,436,395 1.10

INDUSTRIAL AND COMMERCIAL BANK OF CHINA LTD 3.3% 25 APRIL 2022 2,000,000 2,014,710 1.54

JIANGXI PROVINCIAL EXPRESSWAY INVESTMENT GROUP CO LTD 3.9% 15 JUNE 2023 (INTERBANK) 10,000,000 10,060,430 7.69

LONGFOR PROPERTIES 4.5% 16 JANUARY 2028 200,000 1,481,456 1.13

NANJING STATE OWNED ASSET 5.4% 6 MARCH 2020 (INTERBANK) 10,000,000 2,018,520 1.54

RONSHINE CHINA 8.95% 22 JANUARY 2023 200,000 1,423,384 1.09

SHIMAO PROPERTY HOLDINGS 5.75% 15 MARCH 2021 3,000,000 3,063,570 2.34

SINOCHEM OFFSHORE CAPITAL 4.4% 14 FEBRUARY 2021 2,000,000 2,034,520 1.55

SINOPEC CENTURY BRIGHT 4.5% 31 OCTOBER 2021 2,200,000 2,249,027 1.72

VANKE REAL ESTATE HK 3.85% 13 JUNE 2022 2,000,000 2,012,940 1.54

WEICHAI HOLDINGS GROUP 3.78% 14 MARCH 2021 (INTERBANK) 10,000,000 10,057,640 7.68

ZHENRO PROPERTIES GROUP 8.7% 3 AUGUST 2022 200,000 1,406,859 1.07

Bonds(total) 126,677,402 96.78

Foreigncurrencyforwardcontract 59,182 0.04

Totalinvestments(Total cost of investments RMB125,415,279 ) 126,736,584 96.82


Totalnetassetsasat30September2019 130,894,063 100.00

15

Portfolio Statement

HSBCAsiaPacificexJapanEquityVolatilityFocusedFundas at 30 September 2019

HoldingsMarket

value

%ofnet

assetsvalue

USD


AustraliaAGL ENERGY LTD 159,198 2,057,230 2.00AMCOR LTD 213,174 2,048,797 2.00AUSTRALIA AND NEW ZEALAND

BANKING GROUP LTD 28,554 549,245 0.53BRAMBLES LTD 270,322 2,078,433 2.03CALTEX AUSTRALIA LTD 115,883 2,057,100 2.00COCA-COLA AMATIL LTD 276,738 1,987,779 1.94COMMONWEALTH BANK OF

AUSTRALIA 37,504 2,044,560 1.99NATIONAL AUSTRALIA BANK LTD 102,446 2,052,113 2.00TELSTRA CORPORATION LTD 825,132 1,953,351 1.90WESTPAC BANKING CORP 72,213 1,443,588 1.41WOOLWORTHS GROUP LTD 82,773 2,081,203 2.03

20,353,399 19.83

HongKongAGRICULTURAL BANK OF CHINA LTD 4,626,000 1,811,595 1.76BANK OF CHINA LTD H SHARES 3,845,000 1,510,651 1.47CHINA CONSTRUCTION BANK CORP 2,703,000 2,061,885 2.01CHINA MOBILE LTD 240,500 1,989,492 1.94CHINA RESOURCES GAS GROUP LTD 426,000 2,105,710 2.05CHINA RESOURCES

PHARMACEUTICALS 1,285,500 1,205,248 1.17CLP HOLDINGS LTD 197,000 2,069,412 2.02GUANGDONG INVESTMENT LTD 1,010,000 1,976,350 1.93INDUSTRIAL AND COMMERCIAL

BANK OF CHINA H SHARES 2,970,000 1,988,992 1.94KUNLUN ENERGY CO LTD 1,306,000 1,124,512 1.10PCCW LTD 3,282,000 1,842,080 1.79PING AN INSURANCE (GROUP)

COMPANY OF CHINA LTD H SHARES 181,000 2,079,120 2.03

SWIRE PROPERTIES LTD 614,400 1,927,984 1.88ZHUZHOU CRRC TIMES ELECTRIC CO

LTD 481,300 1,992,268 1.94

25,685,299 25.03

IndiaBHARTI INFRATEL LTD 540,582 1,969,912 1.92

HoldingsMarket

value

%ofnet

assetsvalue

USD

GAIL INDIA LTD 1,061,431 2,008,471 1.96HCL TECHNOLOGIES LTD 117,355 1,788,380 1.74HERO MOTOCORP LTD 33,853 1,287,195 1.25INFOSYS LTD 121,201 1,375,014 1.34INTERGLOBE AVIATION LTD 24,748 659,882 0.64TATA CONSULTANCY SERVICES LTD 65,185 1,930,747 1.88WIPRO LTD 568,562 1,925,057 1.88

12,944,658 12.61

KoreaKANGWON LAND INC 82,771 2,044,796 1.99KT&G CORP 18,559 1,636,897 1.60SHINHAN FINANCIAL GROUP CO LTD 57,730 2,017,401 1.97SK TELECOM CO LTD 9,516 1,921,259 1.87

7,620,353 7.43

MalaysiaPETRONAS CHEMICALS GROUP 1,167,300 2,102,088 2.05RHB BANK 1,477,800 1,990,636 1.94

4,092,724 3.99

NewZealandSPARK NEW ZEALAND LTD 747,860 2,068,050 2.02

SingaporeDBS GROUP HOLDINGS LTD 115,300 2,084,388 2.03OVERSEA-CHINESE BANKING CORP

LTD 76,200 598,403 0.58SATS LTD 603,600 2,112,535 2.06SINGAPORE TECHNOLOGIES

ENGINEERING LTD 711,500 1,975,674 1.93

6,771,000 6.60

TaiwanADVANTECH COMPANY LTD 212,000 1,865,493 1.82ASUSTEK COMPUTER INC 322,000 2,143,242 2.09FORMOSA PLASTICS CORP 646,000 1,967,703 1.91TAIWAN SEMICONDUCTOR

MANUFACTURING CO LTD 27,000 236,716 0.23

6,213,154 6.05

16

Portfolio Statement

HSBCAsiaPacificexJapanEquityVolatilityFocusedFundas at 30 September 2019

HoldingsMarket

value

%ofnet

assetsvalue

USD


ThailandADVANCED INFORMATION SERVICE

PCL 237,900 1,680,118 1.64BANGKOK BANK PCL 353,700 2,035,351 1.98SIAM CEMENT PCL 155,100 2,079,156 2.03SIAM COMMERCIAL BANK PCL 336,400 1,303,364 1.27

7,097,989 6.92

UnitedStatesofAmericaALIBABA GROUP HOLDING-SP ADR 11,926 1,994,385 1.94BAIDU INC SPON ADR 19,400 1,993,544 1.94INFOSYS LTD ADR 59,573 677,345 0.66NETEASE INC 2,840 755,951 0.74YUM CHINA HOLDINGS INC 45,571 2,070,291 2.02

7,491,516 7.30

Equities(total) 100,338,142 97.78

UnittrustsListed investments

LINK REIT 162,000 1,786,476 1.74

Unittrusts(total) 1,786,476 1.74

Totalinvestments(Total cost of investments $107,234,796 ) 102,124,618 99.52

Othernetassets 489,411 0.48


17

Portfolio Statement

HSBCEuroMulti-AssetIncomeFundas at 30 September 2019

HoldingsMarket

value

%ofnet

assetsvalue

EUR


BelgiumANHEUSER BUSCH INBEV NV 5,083 444,356 1.32BPOST SA 12,006 115,522 0.34

559,878 1.66

FinlandKONE OYJ 7,062 368,919 1.09NOKIA OYJ 50,026 232,621 0.69SAMPO OYJ 4,233 154,420 0.46STORA ENSO OYJ 34,038 376,290 1.12UPM-KYMMENE OYJ 16,888 458,002 1.36

1,590,252 4.72

FranceAXA SA 25,033 586,523 1.74BNP PARIBAS SA 10,277 459,074 1.36CAPGEMINI SA 1,408 152,205 0.45CARREFOUR SA 13,281 213,293 0.63DANONE SA 4,471 361,346 1.07ESSILORLUXOTTICA SA 1,387 183,431 0.54MICHELIN (CIE GLE DES ETABL)

CLASS B (BROWN BDS) FF12 2,561 262,246 0.78NATIXIS SA 49,030 186,559 0.55SANOFI SA 8,883 755,588 2.24SCOR SE 3,597 136,290 0.41SES SA 14,229 237,980 0.71TOTAL SA 13,032 624,037 1.85VINCI SA 5,563 549,736 1.63

4,708,308 13.96

GermanyALLIANZ SE 3,755 802,631 2.38BASF SE 6,895 442,107 1.31BAYER AG 3,505 228,456 0.68BAYERISCHE MOTOREN WERKE AG 1,997 101,747 0.30DAIMLER AG 8,341 379,891 1.13DEUTSCHE TELEKOM AG 28,390 437,036 1.30FRESENIUS SE AND CO KGAA 2,849 122,208 0.36HANNOVER RUECK SE 2,139 331,759 0.98

HoldingsMarket

value

%ofnet

assetsvalue

EUR

MUENCHENER RUECKVERSICHERUNGS GESELLSCHAFT AG IN MUENCHEN 2,008 476,699 1.41

SIEMENS AG 5,873 578,197 1.71

3,900,731 11.56

ItalyENI SPA 19,567 274,603 0.81INTESA SANPAOLO SPA 52,848 114,971 0.34ITALGAS SPA 17,695 104,790 0.31SNAM SPA 86,358 400,183 1.19

894,547 2.65

NetherlandsING GROEP NV 31,664 304,101 0.90KONINKLIJKE AHOLD DELHAIZE NV 16,699 383,325 1.14KONINKLIJKE PHILIPS NV 9,482 402,985 1.20NN GROUP NV 9,155 297,904 0.88UNILEVER NV 18,361 1,012,609 3.00

2,400,924 7.12

SpainACTIVIDADES DE CONSTRUCCIONY

SERVICIOS, SA 4,378 160,498 0.48AMADEUS IT GROUP SA 4,882 320,845 0.95BANCO SANTANDER SA 30,133 112,592 0.33FERROVIAL SA 14,960 396,590 1.18IBERDROLA SA 48,984 467,111 1.38

1,457,636 4.32

Equities(total) 15,512,276 45.99


BELGIUM KINGDOM 0.8% 22 JUNE 2028 – – 0.00

BELGIUM KINGDOM 1.6% 22 JUNE 2047 209,164 271,592 0.81

BONOS Y OBLIG DEL ESTADO 5.15% 31 October 2044 153,000 298,049 0.88

18

Portfolio Statement

HSBCEuroMulti-AssetIncomeFundas at 30 September 2019

HoldingsMarket

value

%ofnet

assetsvalue

EUR


BUONI POLIENNALI DEL TES 1.45% 15 November 2024 720,000 764,367 2.27

BUONI POLIENNALI DEL TES 2% 01 February 2028 247,000 274,444 0.81

IRELAND (GOVERNMENT) 1.3% 15 MAY 2033 249,002 284,390 0.84

ITALY (REPUBLIC OF) 1.45% 15 September 2022 305,000 319,027 0.95

OBRIGACOES DO TESOURO 2.875% 21 July 2026 – – 0.00

PORTUGAL (REPUBLIC OF) 1.95% 15 JUNE 2029 363,351 426,040 1.26

REPUBLIC OF AUSTRIA 1.5% 20 FEBRUARY 2047 203,000 270,619 0.80

SPAIN, KINGDOM OF (GOVERNMENT) 1.95% 30 JULY 2030 588,000 697,797 2.07

Bonds(total) 3,606,325 10.69

UnittrustsListed investments

HSBC GIF EURO CREDIT BOND ZC EUR 686,816 12,485,840 37.02KLEPIERRE SA 6,597 205,563 0.61

UnitTrusts(total) 12,691,403 37.63

Foreigncurrencyforwardcontract 220,673 0.65

Totalinvestments (Total cost of investments EUR31,341,492) 32,030,677 94.96



19

Portfolio Statement

HSBCAsiaHighIncomeBondFundas at 30 September 2019

HoldingsMarket

value

%ofnet

assetsvalue

USD


ABJA INVESTMENT CO 4.45% 24 JULY 2023 1,123,000 1,128,885 0.10

ABJA INVESTMENT CO 5.95% 31 JULY 2024 3,000,000 3,150,420 0.27

ADANI GREEN ENERGY UP 6.25% 10 DECEMBER 2024 4,710,000 4,929,062 0.42

ADANI PORTS AND SPECIAL 3.375% 24 JULY 2024 5,806,000 5,841,939 0.50

ADANI PORTS AND SPECIAL 4.375% 03 JULY 2029 9,000,000 9,378,450 0.80

AGILE GROUP HOLDINGS LTD 9.5% 23 NOVEMBER 2020 4,434,000 4,654,680 0.40

AGILE GROUP HOLDINGS LTD VAR 29 DECEMBER 2049 1,543,000 1,598,131 0.14

ALAM SYNERGY PTE LTD (REG S) 11.5% 22 APRIL 2021 3,905,000 4,139,417 0.35

ANTON OILFIELD SERVICES GROUP 9.75% 5 DECEMBER 2020 3,352,000 3,452,661 0.30

AZURE NOVA INTERNATIONAL 2.625% 1 NOVEMBER 2021 5,000,000 4,972,900 0.43

AZURE POWER ENERGY LTD 5.5% 03 NOVEMBER 2022 9,500,000 9,630,340 0.82

AZURE POWER SOLAR ENERGY 5.65% 24 DECEMBER 2024 3,398,000 3,411,524 0.29

BANGKOK BANK PCL/HK VAR 25 SEPTEMBER 2034 4,786,000 4,846,591 0.41

BANGKOK BANK PLC 9.025% 15 MARCH 2029 4,718,000 6,797,883 0.58

BANGKOK BANK PUBLIC CO LTD 5% 03 OCTOBER 2023 5,000,000 5,471,050 0.47

BANK MANDIRI PT 3.75% 11 APRIL 2024 4,047,000 4,182,089 0.36

BANK OF CHINA HONG KONG VAR PERPETUAL 29 DECEMBER 2049 6,000,000 6,411,780 0.55

BANK OF CHINA VAR PERPETUAL 31 OCTOBER 2049 30,000,000 4,893,860 0.42

BANK OF COMMUNICATIONS 3.4% 21 MARCH 2021 12,310,000 1,725,558 0.15

BANK OF EAST ASIA LTD VAR 20 NOVEMBER 2024 3,000,000 3,003,840 0.26

HoldingsMarket

value

%ofnet

assetsvalue

USD

BANK OF EAST ASIA LTD VAR PERPETUAL 31 DECEMBER 2049 2,100,000 2,137,296 0.18

BANK OF EAST ASIA LTD VAR PERPETUAL 5 NOVEMBER 2049 1,000,000 1,005,470 0.09

BANK OF EAST VAR PERPETUAL 29 DECEMBER 2049 4,000,000 4,021,600 0.34

BANK OF PHILIPPINE ISLAN 2.5% 10 SEPTEMBER 2024 2,765,000 2,746,834 0.23

BANK OF PHILIPPINE ISLAN 4.25% 04 SEPTEMBER 2023 2,027,000 2,152,167 0.18

BANK RAKYAT INDONESIA 3.95% 28 MARCH 2024 445,000 464,843 0.04

BHARTI AIRTEL INTERNATIONAL 5.125% 11 MARCH 2023 2,200,000 2,320,934 0.20

BHARTI AIRTEL INTERNATIONAL 5.35% 20 MAY 2024 2,000,000 2,152,400 0.18

BLUESTAR FIN HOLDINGS VAR PERPETUAL 29 DECEMBER 2049 5,000,000 5,283,250 0.45

BUKIT MAKMUR MANDIRI UTA 7.75% 13 FEBRUARY 2022 5,000,000 5,104,300 0.44

CANARA BANK LONDON 3.875% 28 MARCH 2024 12,000,000 12,391,200 1.06

CAR INC 8.875% 10 MAY 2022 2,000,000 1,922,340 0.16CCB LIFE INSURANCE FRN 21 APRIL

2077 3,097,000 3,050,080 0.26CDBL FUNDING 1 3.5% 24 OCTOBER

2027 5,000,000 5,110,800 0.44CELESTIAL MILES VAR PERPETUAL

29 DECEMBER 2049 2,110,000 2,211,997 0.19CFLD CAYMAN INVESTMENT 6.5%

21 DECEMBER 2020 1,100,000 1,103,212 0.09CFLD CAYMAN INVESTMENT 7.125%

08 APRIL 2022 2,200,000 2,198,526 0.19CFLD CAYMAN INVESTMENT 8.625%

28 FEBRUARY 2021 1,933,000 1,979,508 0.17CFLD CAYMAN INVESTMENT 9% 31

JULY 2021 2,800,000 2,884,084 0.25CHAMPION SINCERITY HL VAR

PERPETUAL 29 DECEMBER 2049 1,791,000 1,876,252 0.16CHINA (GOVERNMENT OF) 3.99% 26

JUNE 2020 40,000,000 5,651,711 0.48CHINA (GOVERNMENT OF) 4.1% 26

JUNE 2022 18,000,000 2,607,457 0.22

20

Portfolio Statement


HoldingsMarket

value

%ofnet

assetsvalue

USD


CHINA AOYUAN GROUP LTD 8.5% 23 JANUARY 2022 4,885,000 5,116,647 0.44

CHINA CITIC BANK INTERNATIONAL VAR PERPETUAL 29 DECEMBER 2049 2,000,000 2,160,620 0.18

CHINA CONSTRUCTION BANK VAR 27 FEBRUARY 2029 6,063,000 6,345,839 0.54

CHINA DEV BNK 4.88% 09 FEBRUARY 2028 20,000,000 3,019,688 0.26

CHINA DEVELOPMENT BANK 3.48% 08 JANUARY 2029(INTERBANK) 60,000,000 8,258,372 0.71

CHINA DEVELOPMENT BANK 4.14% 11 SEPTEMBER 2020(INTERBANK) 20,000,000 2,836,269 0.24

CHINA EVERGRANDE GROUP 6.25% 28 JUNE 2021 4,000,000 3,610,880 0.31

CHINA EVERGRANDE GROUP 9.5% 11 APRIL 2022 1,314,000 1,204,859 0.10

CHINA GREAT WALL INTERNATIONAL III 4.375% 25 MAY 2023 7,800,000 8,205,678 0.70

CHINA GREAT WALL INTERNATIONAL IV VAR PERPETUAL 31 DECEMBER 2049 7,892,000 7,891,684 0.68

CHINA HONGQIAO GROUP LTD 7.375% 02 MAY 2023 1,292,000 1,283,537 0.11

CHINA HUADIAN OVERSEAS VAR PERPETUAL 31 DECEMBER 2049 3,544,000 3,611,832 0.31

CHINA LIFE INSURANCE CO LTD VAR 03 JULY 2075 3,000,000 3,006,930 0.26

CHINA MENGNIU DAIRY 3% 18 JULY 2024 5,933,000 5,993,339 0.51

CHINA OIL AND GAS GROUP 5.5% 25 JANUARY 2023 7,988,000 8,165,973 0.70

CHINA SCE GROUP HOLDINGS LTD 7.25% 19 APRIL 2023 3,500,000 3,413,165 0.29

CHINALCO CAPITAL HOLDING VAR PERPETUAL 31 DECEMBER 2049 1,924,000 1,926,251 0.16

CHONG HING BANK LTD VAR PERPETUAL 31 DECEMBER 2049 1,750,000 1,793,067 0.15

CIFI HOLDINGS GROUP 6.7% 23 APRIL 2022 39,000,000 5,430,029 0.46

HoldingsMarket

value

%ofnet

assetsvalue

USD

CIFI HOLDINGS GROUP 7.625% 02 MARCH 2021 2,000,000 2,065,480 0.18

CIFI HOLDINGS GROUP VAR PERPETUAL 29 DECEMBER 2049 3,000,000 2,905,410 0.25



CNAC HK FINBRIDGE CO LTD 4.125% 14 MARCH 2021 2,176,000 2,212,274 0.19

CNAC HK FINBRIDGE CO LTD 4.625% 14 MARCH 2023 2,000,000 2,097,700 0.18

CNOOC FINANCE 2013 LTD 3.3% 30 SEPTEMBER 2049 5,814,000 5,887,024 0.50

COUNTRY GARDEN HOLDINGS 6.15% 17 SEPTEMBER 2025 1,571,000 1,607,934 0.14

COUNTRY GARDEN HOLDINGS 8% 27 JANUARY 2024 2,000,000 2,176,240 0.19

DBS GROUP HOLDINGS LTD VAR 11 DECEMBER 2028 2,874,000 3,057,620 0.26

DELHI INTERNATIONAL AIRPORT 6.45% 04 JUNE 2029 1,200,000 1,276,920 0.11

DEVELOPMENT BANK OF MONGOLIA 7.25% 23 OCTOBER 2023 1,723,000 1,789,870 0.15

EASY TACTIC LTD 7% 25 APRIL 2021 2,000,000 1,986,440 0.17EMIRATES NBD BANK PJSC 4.48%

07 MAY 2024 8,000,000 1,133,944 0.10ENN CLEAN ENERGY 7.5% 27

FEBRUARY 2021 1,165,000 1,203,037 0.10ENN CLEAN ENERGY 7.5% 27

FEBRUARY 2021 2,267,000 2,340,451 0.20FANTASIA HOLDINGS GROUP 8.375%

08 MARCH 2021 1,000,000 936,470 0.08FAR EAST HORIZON LTD 4.9% 27

FEBRUARY 2021 11,710,000 1,658,113 0.14FORTUNE STAR BVI LTD 5.25% 23

MARCH 2022 4,278,000 4,249,765 0.36FORTUNE STAR BVI LTD 5.95% 29

JANUARY 2023 400,000 399,956 0.03FORTUNE STAR BVI LTD 6.875% 31

JANUARY 2021 1,400,000 1,429,834 0.12FRANSHION BRILLIANT LTD 4% 21

JUNE 2024 2,634,000 2,694,187 0.23

21

Portfolio Statement


HoldingsMarket

value

%ofnet

assetsvalue

USD


FRANSHION BRILLIANT LTD 4.25% 23 JULY 2029 2,978,000 2,966,445 0.25


GLP CHINA HOLDINGS LTD 4.974% 26 FEBRUARY 2024 5,000,000 5,267,850 0.45

GOLDEN EAGLE RETAIL GROUP 4.625% 21 MAY 2023 5,058,000 4,825,383 0.41

GOLDEN WHEEL TIANDI 7% 18 JANUARY 2021 2,650,000 2,405,935 0.21

GREENKO DUTCH BV 4.875% 24 JULY 2022 3,250,000 3,260,432 0.28

GREENKO INVESTMENT CO 4.875% 16 AUGUST 2023 4,000,000 3,966,280 0.34

GREENKO MAURITIUS LTD 6.25% 21 FEBRUARY 2023 5,000,000 5,088,650 0.44

GREENLAND HONG KONG HOLDINGS 6% 17 JULY 2021 2,200,000 2,217,094 0.19

GS CALTEX CORPORATION 3% 04 JUNE 2024 5,000,000 5,085,350 0.44

HILONG HOLDING LTD 8.25% 26 SEPTEMBER 2022 1,920,000 1,944,998 0.17

HKT CAPITAL NO 4 LTD 3% 14 JULY 2026 2,000,000 1,993,380 0.17

HKT CAPITAL NO 5 LTD 3.25% 30 SEPTEMBER 2029 3,200,000 3,182,976 0.27

HONGHUA GROUP LTD 6.375% 01 AUGUST 2022 3,512,000 3,532,054 0.30

HSBC ALL CHINA BOND 150,000 1,556,400 0.13HT GLOBAL IT SOLUTIONS

HOLDINGS LTD 7% 14 JULY 2021 8,000,000 8,244,960 0.71HUARONG FINANCE 2017 CO 4.25%

07 NOVEMBER 2027 3,600,000 3,745,512 0.32HUARONG FINANCE 2019 3.75% 29

MAY 2024 2,781,000 2,843,016 0.24HUARONG FINANCE 2019 4.5% 29

MAY 2029 2,315,000 2,437,602 0.21HUARONG FINANCE II 5.5% 16

JANUARY 2025 3,000,000 3,292,830 0.28HUARONG FINANCE II VAR

PERPETUAL 29 DECEMBER 2049 9,000,000 8,838,990 0.76

HoldingsMarket

value

%ofnet

assetsvalue

USD

ICBCIL FINANCE CO LTD 2.5% 29 SEPTEMBER 2021 3,500,000 3,478,685 0.30

ICICI BANK LTD/DUBAI 3.25% 09 SEPTEMBER 2022 4,000,000 4,037,600 0.35

ICICI BANK LTD/DUBAI 4% 18 MARCH 2026 4,000,000 4,184,120 0.36

IFC DEVELOPMENT CORP TRS 3.625% 17 APRIL 2029 7,663,000 8,131,439 0.70

INDIKA ENERGY CAP II 6.875% 10 APRIL 2022 2,067,000 2,146,476 0.18

INDIKA ENERGY III PTE LTD 5.875% 09 NOVEMBER 2024 1,500,000 1,467,795 0.13

INDO ENERGY FINANCE II 6.375% 24 JANUARY 2023 3,000,000 1,723,817 0.15

INDONESIA (REPUBLIC OF) 3.4% 18 SEPTEMBER 2029 10,000,000 10,390,000 0.89

INDONESIA (REPUBLIC OF) 4.35% 11 JANUARY 2048 – – 0.00

INDONESIA (REPUBLIC OF) 4.75% 18 JULY 2047 9,000,000 10,319,220 0.88

INDONESIA (REPUBLIC OF) 5.125% 15 JANUARY 2045 4,000,000 4,790,640 0.41



INDONESIA (REPUBLIC OF) 8.5% 12 OCTOBER 2035 1,500,000 2,361,045 0.20

INDONESIA ASAHAN ALUMINI 6.53% 15 NOVEMBER 2028 4,000,000 4,907,000 0.42

INDUSTRIAL AND COMMERCIAL BANK OF CHINA VAR PERPETUAL 29 DECEMBER 2049 11,670,000 1,642,497 0.14

ISLAMIC REP OF PAKISTAN 6.875% 05 DECEMBER 2027 7,000,000 6,919,010 0.59

JGC VENTURES PTE LTD 10.75% 30 AUGUST 2021 3,918,000 4,158,839 0.36

JINKE PROPERTIES GROUP 8.375% 20 JUNE 2021 4,800,000 4,723,392 0.40

JOY TRSR ASSETS HOLDINGS 3.5% 24 SEPTEMBER 2029 4,000,000 3,978,440 0.34

JOY TRSR ASSETS HOLDINGS 4.5% 20 MARCH 2029 462,000 497,694 0.04

JSW STEEL LTD 5.25% 13 APRIL 2022 10,429,000 10,563,430 0.90

22

Portfolio Statement


HoldingsMarket

value

%ofnet

assetsvalue

USD


JSW STEEL LTD 5.95% 18 APRIL 2024 3,000,000 3,102,840 0.27JUBILANT PHARMA LTD 4.875% 06

OCTOBER 2021 2,000,000 2,021,740 0.17JUBILANT PHARMA LTD 6% 05

MARCH 2024 3,000,000 3,107,250 0.27KAISA GROUP HOLDINGS LTD 11.25%

09 APRIL 2022 1,000,000 981,460 0.08KAISA GROUP HOLDINGS LTD 8.5%

30 JUNE 2022 2,000,000 1,820,340 0.16KASIKORNBANK PCL HK VAR 02

OCTOBER 2031 6,965,000 6,919,658 0.59KEB HANA BANK 02 OCTOBER 2022 2,400,000 2,404,680 0.21KOOKMIN BANK VAR PERPETUAL 31

DECEMBER 2049 2,538,000 2,598,227 0.22KOREA (REPUBLIC OF) 2.5% 19 JUNE

2029 5,693,000 5,820,295 0.50KOREA EAST-WEST POWER CO LTD

2.625% 19 JUNE 2022 5,000,000 5,036,650 0.43KOREA WATER RESOURCES 2.75%

23 MAY 2022 4,250,000 4,298,577 0.37KOREA WESTERN POWER CO 3.75%

07 JUNE 2023 1,782,000 1,871,296 0.16KRUNG THAI BANK PCL VAR 26

DECEMBER 2024 10,000,000 10,041,600 0.86LG CHEM LTD 3.25% 15 OCTOBER

2024 5,410,000 5,582,525 0.48LG DISPLAY CO LTD 3.875% 15

NOVEMBER 2021 2,609,000 2,690,844 0.23LLPL CAPITAL PTE LTD 6.875% 04

FEBRUARY 2039 7,000,000 8,050,885 0.69LMIRT CAPITAL PTE LTD 7.25% 19

JUNE 2024 4,000,000 4,189,680 0.36LOGAN PROPERTY HOLDINGS 6.5%

16 JULY 2023 3,000,000 2,981,280 0.26LOGAN PROPERTY HOLDINGS 8.75%

12 DECEMBER 2020 1,262,000 1,315,736 0.11LONGFOR HOLDINGS LTD 3.95% 16

SEPTEMBER 2029 6,205,000 6,095,978 0.52LONGFOR PROPERTIES 3.9% 16

APRIL 2023 5,000,000 5,116,150 0.44

HoldingsMarket

value

%ofnet

assetsvalue

USD

LONGFOR PROPERTIES 4.5% 16 JANUARY 2028 214,000 221,974 0.02

LOTTE PROPERTY & DEVELOPMENT 06 AUGUST 2022 2,454,000 2,459,252 0.21

MALAYAN BANKING BHD 16 AUGUST 2024 5,974,000 5,990,130 0.51

MARBLE II PTE LTD 5.3% 20 JUNE 2022 5,000,000 5,040,200 0.43

MEDCO OAK TREE PTE LTD 7.375% 14 MAY 2026 3,047,000 3,082,589 0.26

MEDCO STRAITS SERVICES PTE LTD 8.5% 17 AUGUST 2022 3,792,000 4,066,996 0.35

MELCO RESORTS FINANCE 5.625% 17 JULY 2027 667,000 689,311 0.06

MGM CHINA HOLDINGS LTD 5.375% 15 MAY 2024 1,000,000 1,033,420 0.09

MINEJESA CAPITAL BV 4.625% 10 AUGUST 2030 4,500,000 4,636,035 0.40

MINEJESA CAPITAL BV 5.625% 10 AUGUST 2037 4,000,000 4,332,480 0.37

MINOR INTERNATIONAL PCL VAR PERPETUAL 29 DECEMBER 2049 3,885,000 3,991,993 0.34

MONGOLIA INTL BOND 5.625% 01 MAY 2023 5,600,000 5,670,896 0.49

NAN FUNG TREASURY II 5.5% PERPETUAL 29 NOVEMBER 2065 3,000,000 2,966,070 0.25

NEXEN ENERGY ULC 7.875% 15 MARCH 2032 2,000,000 2,979,800 0.25

NTPC LTD 3.75% 03 APRIL 2024 1,382,000 1,423,681 0.12NTPC LTD 4.5% 19 MARCH 2028 4,500,000 4,887,405 0.42NWD FINANCE (BVI) 5.75%

PERPETUAL 29 DECEMBER 2049 2,000,000 1,987,240 0.17NWD FINANCE (BVI) LTD 6.25%

PERPETUAL 31 DECEMBER 2049 1,500,000 1,517,205 0.13ONGC VIDESH VANKORNEFT 2.875%

27 JANUARY 2022 5,000,000 5,003,050 0.43ONGC VIDESH VANKORNEFT 3.75%

27 JULY 2026 5,000,000 5,181,850 0.44PAKISTAN (REP OF) 8.25% 15 APRIL

2024 3,708,000 4,010,981 0.34PAKISTAN (REP OF) 8.25% 30

SEPTEMBER 2025 3,000,000 3,247,440 0.28PAKUWON PRIMA 5% 14 FEBRUARY

2024 5,000,000 5,066,350 0.43

23

Portfolio Statement


HoldingsMarket

value

%ofnet

assetsvalue

USD


PB INTERNATIONAL BV 7.625% 26 JANUARY 2022 1,812,000 1,852,679 0.16

PERTAMINA PERSERO 5.625% 20 MAY 2043 2,000,000 2,331,960 0.20

PERTAMINA PERSERO 6% 03 MAY 2042 500,000 607,735 0.05

PERTAMINA PERSERO 6.45% 30 MAY 2044 7,500,000 9,666,900 0.83

PERUSAHAAN LISTRIK NEGAR 4.875% 17 JULY 2049 5,000,000 5,405,900 0.46

PERUSAHAAN LISTRIK NEGAR 5.375% 25 JANUARY 2029 1,500,000 1,727,325 0.15

PERUSAHAAN LISTRIK NEGAR 6.15% 21 MAY 2048 3,000,000 3,855,540 0.33

PERUSAHAAN LISTRIK NEGAR 6.25% 25 JANUARY 2049 2,000,000 2,595,500 0.22

PHILIPPINES (REP OF) 5% 13 JANUARY 2037 5,153,000 6,731,003 0.58

PHILIPPINES (REP OF) 6.375% 23 OCTOBER 2034 5,000,000 7,235,450 0.62

POLY REAL ESTATE FINANCE 3.875% 25 MARCH 2024 2,580,000 2,643,829 0.23

POLY REAL ESTATE FINANCE 3.95% 05 FEBRUARY 2023 1,210,000 1,236,922 0.11

POWER FINANCE CORP LTD 4.5% 18 JUNE 2029 5,000,000 5,214,500 0.45

POWER FINANCE CORP LTD 6.15% 06 DECEMBER 2028 3,610,000 4,211,679 0.36

POWERLONG REAL ESTATE 5.95% 19 JULY 2020 2,000,000 1,994,840 0.17

PROVEN GLORY CAPITAL LTD 3.25% 21 FEBRUARY 2022 3,000,000 2,993,430 0.26

PSA TREASURY PTE LTD 2.125% 05 SEPTEMBER 2029 13,713,000 13,250,049 1.13

PT PELABUHAN INDONESIA II 4.25% 05 MAY 2025 2,176,000 2,309,062 0.20

PT PERTAMINA (PERSERO) 4.7% 30 JULY 2049 7,000,000 7,280,000 0.62

RADIANT ACCESS 4.6% PERPETUAL 29 DECEMBER 2049 3,000,000 2,948,940 0.25

REC LIMITED 3.375% 25 JULY 2024 5,000,000 5,010,900 0.43

HoldingsMarket

value

%ofnet

assetsvalue

USD

RED SUN PROPERTIES GROUP 10.5% 03 OCTOBER 2022 3,889,000 3,497,689 0.30

REDCO PROPERTIES GROUP 13.5% 21 JANUARY 2020 1,000,000 1,009,740 0.09

REDCO PROPERTIES GROUP 9.875% 02 MAY 2021 440,000 426,699 0.04

RELIANCE HOLDINGS USA INC 5.4% 14 FEBRUARY 2022 6,000,000 6,378,060 0.55

RELIANCE INDUSTRIES LTD 3.667% 30 NOVEMBER 2027 6,000,000 6,268,380 0.54

RELIANCE INDUSTRIES LTD 4.125% 28 JANUARY 2025 1,200,000 1,277,676 0.11

RENEW POWER SYNTHETIC 6.67% 12 MARCH 2024 7,000,000 7,106,120 0.61

REPUBLIC OF INDONESIA 4.1% 24 APRIL 2028 7,000,000 7,574,560 0.65

REPUBLIC OF INDONESIA 4.75% 11 FEBRUARY 2029 7,500,000 8,552,325 0.73

REPUBLIC OF PHILIPPINES 3.7% 02 FEBRUARY 2042 11,000,000 12,734,810 1.09

REPUBLIC OF PHILIPPINES 3.75% 14 JANUARY 2029 2,816,000 3,153,864 0.27

REPUBLIC OF SRI LANKA 5.75% 18 APRIL 2023 6,000,000 5,976,780 0.51

REPUBLIC OF SRI LANKA 5.75% 18 JANUARY 2022 4,000,000 4,023,360 0.34

REPUBLIC OF SRI LANKA 5.875% 25 JULY 2022 4,500,000 4,524,120 0.39

REPUBLIC OF SRI LANKA 6.2% 11 MAY 2027 3,500,000 3,279,115 0.28

REPUBLIC OF SRI LANKA 6.25% 27 JULY 2021 2,500,000 2,542,825 0.22

REPUBLIC OF SRI LANKA 6.35% 28 JUNE 2024 6,400,000 6,416,640 0.55

REPUBLIC OF SRI LANKA 6.75% 18 APRIL 2028 4,000,000 3,830,280 0.33

REPUBLIC OF SRI LANKA 7.55% 28 MARCH 2030 9,000,000 8,905,680 0.76

REPUBLIC OF SRI LANKA 7.85% 14 MARCH 2029 2,386,000 2,409,431 0.21

RESORTS WORLD/RWLV CAP 4.625% 16 APRIL 2029 2,800,000 2,949,100 0.25

RHB BANK 3.766% 19 FEBRUARY 2024 2,209,000 2,321,924 0.20

24

Portfolio Statement


HoldingsMarket

value

%ofnet

assetsvalue

USD

RKPF OVERSEAS 2019 A LTD 6.7% 30 SEPTEMBER 2024 4,976,000 5,010,334 0.43

RONGSHI INTERNATIONAL FI 3.25% 21 MAY 2024 5,000,000 5,156,850 0.44

RONGSHI INTERNATIONAL FI 3.75% 21 MAY 2029 5,000,000 5,352,350 0.46

RONSHINE CHINA 10.5% 01 MARCH 2022 1,500,000 1,562,685 0.13

RONSHINE CHINA 11.25% 22 AUGUST 2021 1,421,000 1,503,631 0.13

RONSHINE CHINA 8.95% 22 JANUARY 2023 2,000,000 1,993,200 0.17

SANDS CHINA LTD 5.125% 08 AUGUST 2025 2,250,000 2,477,092 0.21

SANDS CHINA LTD 5.4% 08 AUGUST 2028 12,300,000 13,922,862 1.19

SAUDI ARABIAN OIL CO 4.375% 16 APRIL 2049 6,000,000 6,581,760 0.56

SHANGHAI PORT GROUP BVI 3.375% 18 JUNE 2029 4,969,000 5,152,356 0.44

SHIMAO PROPERTY HOLDINGS 5.75% 15 MARCH 2021 10,000,000 1,429,998 0.12

SHINHAN BANK 3.75% 20 SEPTEMBER 2027 2,581,000 2,688,344 0.23

SHINHAN BANK 4% 23 APRIL 2029 4,075,000 4,345,213 0.37SHINHAN FINANCIAL GROUP VAR 05

FEBRUARY 2030 1,418,000 1,438,845 0.12SHINHAN FINANCIAL GROUP VAR

PERPETUAL 29 DECEMBER 2049 1,800,000 1,936,170 0.17SHINSEGAE CO LTD VAR 8 MAY 2045 1,500,000 1,495,995 0.13SHOUGANG GROUP CO LTD 4% 23

MAY 2024 10,000,000 10,335,000 0.88SICHUAN RAILWAY INVESTMENT

3.8% 27 JUNE 2022 2,904,000 2,930,891 0.25SIHC INTERNATIONAL CAPITAL

3.95% 26 SEPTEMBER 2021 3,683,000 3,757,728 0.32SIHC INTERNATIONAL CAPITAL

4.35% 26 SEPTEMBER 2023 3,887,000 4,090,912 0.35SINGTEL GROUP TREASURY 2.375%

28 AUGUST 2029 10,000,000 9,692,500 0.83SINOPEC CAPITAL 2013 LTD 3.125%

24 APRIL 2023 2,000,000 2,043,480 0.17SK BROADBAND CO LTD 3.875% 13

AUGUST 2023 2,725,000 2,854,601 0.24

HoldingsMarket

value

%ofnet

assetsvalue

USD

SK HYNIX INC 3% 17 SEPTEMBER 2024 1,723,000 1,715,832 0.15

SK INNOVATION CO LTD 4.125% 13 JULY 2023 5,000,000 5,269,800 0.45

SMC GLOBAL POWER HOLDINGS VAR PERPETUAL 31 DECEMBER 2049 2,889,000 3,005,311 0.26

SP GROUP TREASURY PTE 3.375% 27 FEBRUARY 2029 5,000,000 5,371,950 0.46

SPIC LUX LATAM RE ENER 4.65% 30 OCTOBER 2023 2,483,000 2,637,741 0.23

SRILANKAN AIRLINES LTD 7% 25 JUNE 2024 400,000 399,568 0.03

STAR ENERGY GEOTHERMAL 6.75% 24 APRIL 2033 9,033,000 9,059,901 0.78

SUN HUNG KAI PROP (CAP) 3.75% 25 FEBRUARY 2029 3,248,000 3,483,902 0.30

SUNAC CHINA HOLDINGS LTD 7.35% 19 JULY 2021 4,000,000 4,016,080 0.34

TBLA INTERNATIONAL PTE 7% 24 JANUARY 2023 2,000,000 1,968,460 0.17

TENCENT HOLDINGS LTD 3.925% 19 JANUARY 2038 2,500,000 2,690,900 0.23

TENCENT HOLDINGS LTD 3.975% 11 APRIL 2029 3,541,000 3,798,360 0.32

THETA CAPITAL PTE LTD 7% 11 APRIL 2022 10,250,000 10,354,448 0.89

THREE GORGES FINANCE I CAYMAN 3.15% 02 JUNE 2026 5,000,000 5,162,950 0.44

TIMES CHINA HOLDING LTD 7.625% 21 FEBRUARY 2022 1,517,000 1,558,763 0.13

TIMES CHINA HOLDINGS LTD 10.95% 27 NOVEMBER 2020 1,180,000 1,253,573 0.11

TREASURY BILL 0% 24 OCTOBER 2019 20,000,000 19,977,116 1.71

TSINGHUA UNIC LTD 4.75% 31 JANUARY 2021 1,000,000 968,340 0.08

UHI CAPITAL 3% 12 JUNE 2024 7,395,000 7,497,569 0.64UNITED OVERSEAS BANK LTD VAR 08

MARCH 2027 6,000,000 5,997,060 0.51UNITED OVERSEAS BANK LTD VAR 15

APRIL 2029 1,517,000 1,572,022 0.13UNITED OVERSEAS BANK LTD VAR

PERPETUAL 29 DECEMBER 2049 2,091,000 2,106,432 0.18

25

Portfolio Statement


HoldingsMarket

value

%ofnet

assetsvalue

USD

US TREASURY N/B 1.625% 15 AUGUST 2029 8,400,000 8,368,500 0.72

US TREASURY N/B 2.375% 15 MAY 2029 5,000,000 5,314,453 0.45

VANKE REAL ESTATE HK 4.2% 07 JUNE 2024 2,000,000 2,077,780 0.18

VEDANTA RESOURCES 8% 23 APRIL 2023 3,500,000 3,531,570 0.30

VEDANTA RESOURCES PLC 6.375% 30 JULY 2022 2,070,000 2,042,055 0.17

VEDANTA RESOURCES PLC 7.125% 31 MAY 2023 1,000,000 989,700 0.08

VEDANTA RESOURCES PLC 8.25% 07 JUNE 2021 7,000,000 7,306,950 0.63

VIGOROUS CHAMP INTL LTD 3.625% 28 MAY 2024 2,800,000 2,871,512 0.25

VIRGIN AUSTRALIA HOLDING 8.5% 15 NOVEMBER 2019 3,000,000 3,015,000 0.26

WANDA PROPERTIES GLOBAL 6.25% 27 FEBRUARY 2020 3,336,000 3,348,543 0.29

WEALTH DRIVEN LTD 5.5% 17 AUGUST 2023 2,267,000 2,260,947 0.19

WEIBO CORPORATION 3.5% 05 JULY 2024 5,176,000 5,270,514 0.45

WTT INVESTMENT LTD 5.5% 21 NOVEMBER 2022 7,742,000 7,980,144 0.68

WYNN MACAU LTD 5.5% 01 OCTOBER 2027 1,250,000 1,258,113 0.11

XIAN CONSTRUCTION INVESTMENT 4% 24 JUNE 2022 2,435,000 2,454,115 0.21

YANLORD LAND HK CO LTD 6.8% 27 FEBRUARY 2024 3,897,000 4,015,391 0.34

YINGDE GASES INVESTMENT LTD 6.25% 19 JANUARY 2023 9,000,000 9,178,290 0.79

YUZHOU PROPERTIES CO LTD 5.5% 30 JUNE 2020 4,167,000 4,161,833 0.36

YUZHOU PROPERTIES CO LTD VAR PERPETUAL 29 DECEMBER 2049 200,000 181,274 0.02

ZHENRO PROPERTIES GROUP 8.7% 03 AUGUST 2022 8,000,000 7,880,240 0.67

ZHENRO PROPERTIES GROUP 9.8% 20 August 2021 2,105,000 2,159,709 0.18

ZHONGLIANG HOLDINGS 11.5% 26 SEPTEMBER 2021 3,199,000 3,172,032 0.27

HoldingsMarket

value

%ofnet

assetsvalue

USD

ZOOMLION HK SPV CO LTD 6.125% 20 DECEMBER 2022 750,000 757,620 0.06

Bonds(total) 1,129,068,927 96.59

Foreigncurrencyforwardcontract (894,564) (0.08)

Futurecontacts (43,810) –

Totalinvestments(Total cost of investments $1,103,435,017) 1,128,130,553 96.51


Totalnetassetsasat30September2019 1,168,883,426 100.00

26

Statement of Movements in Portfolio Holdings (Unaudited)

HSBCChinaMulti-AssetIncomeFundfor the period from 1 April 2019 to 30 September 2019

%ofnetasset

value30September

2019

%ofnetasset

value31March

2019

Financialassets

EquitiesChina 1.44 4.71Hong Kong 36.27 36.28Taiwan 0.32 –United States of America 13.34 11.31

51.37 52.30

DebtsecuritiesListed bonds 45.69 45.47Unlisted but quoted bonds – 0.89

45.69 46.36

Equity-linkedinstruments 1.45 0.90

Foreigncurrencyforwardcontracts 0.37 (0.32)

Totalinvestments 98.88 99.24

Othernetassets 1.12 0.76

Totalnetassets 100.00 100.00

27


HSBCAllChinaBondFundfor the period from 1 April 2019 to 30 September 2019

%ofnetasset

value30September

2019

%ofnetasset

value31March

2019

Financialassets

DebtsecuritiesListed bonds 96.78 102.14

96.78 102.14

Foreigncurrencyforwardcontracts 0.04 –


Othernetassets/(liabilities) 3.18 (2.14)


28


HSBCAsiaPacificexJapanEquityVolatilityFocusedFundfor the period from 1 April 2019 to 30 September 2019

%ofnetasset

value30September

2019

%ofnetasset

value31March

2019

Financialassets

EquitiesAustralia 19.83 21.65Hong Kong 25.03 24.87India 12.61 12.56Indonesia – 0.09Korea 7.43 6.66Malaysia 3.99 1.92New Zealand 2.02 2.07Singapore 6.60 6.52Taiwan 6.05 6.88Thailand 6.92 7.15United States of America 7.30 7.70

97.78 98.07

Unittrusts 1.74 0.76




29


HSBCEuroMulti-AssetIncomeFundfor the period from 1 April 2019 to 30 September 2019

%ofnetasset

value30September

2019

%ofnetasset

value31March

2019

Financialassets

EquitiesBelgium 1.66 1.67Finland 4.72 5.25France 13.96 15.11Germany 11.56 12.76Italy 2.65 3.10Netherlands 7.12 8.02Spain 4.32 4.54

45.99 50.45


Unitstrusts 37.63 24.31

Foreigncurrencyforwardcontracts 0.65 0.75




30


HSBCAsiaHighIncomeBondFundfor the period from 1 April 2019 to 30 September 2019

%ofnetasset

value30September

2019

%ofnetasset

value31March

2019

Financialassets


Unittrusts – 0.67

Foreigncurrencyforwardcontracts (0.08) (0.03)

Futures – –




31

Performance Record (Unaudited)

HSBC China Multi-Asset Income Fund

(a) Totalnetassetvalue(calculatedinaccordancewithHKFRS)

At30September2019

At31March2019

At31March2018

At31March2017

HKD HKD HKD HKD

Total net asset value 3,485,883,915 4,416,824,974 6,521,423,305 3,083,696,483

(b) Netassetvalueperunit(calculatedinaccordancewithHKFRS)

Denominationcurrency

At30September

2019At31March

2019At31March

2018At31March

2017


– Class AM2 – USD USD 11.020 11.710 12.615 10.438– Class AM2 – RMB RMB 12.843 12.841 12.924 11.725– Class AM2 – HKD HKD 11.138 11.852 12.763 10.447– Class AM3O – AUD AUD 8.399 8.948 9.686 –– Class AM3O – SGD SGD 9.490 10.099 – –

(c) Pricerecord(Dealingnetassetvalueperunit)

ClassAM2–USD

Bid OfferForthefinancialperiod/yearended Lowest Highest Lowest Highest

USD USD USD USD

30 September 2019 10.896 12.013 10.896 12.01331 March 2019 10.279 12.952 10.451 13.67031 March 2018 9.911 13.432 10.461 14.176

ClassAM2–RMB


RMB RMB RMB RMB


32


(c) Pricerecord(Dealingnetassetvalueperunit)(continued)

ClassAM2–HKD


HKD HKD HKD HKD

30 September 2019 11.027 12.150 11.027 12.150

31 March 2019 10.394 13.107 10.553 13.835

31 March 2018 9.911 13.538 10.461 14.289

ClassAM3O–AUD


AUD AUD AUD AUD

30 September 2019 8.318 9.174 8.318 9.174

31 March 2019 7.867 9.940 7.974 10.491

31 March 2018 9.527 10.232 10.055 10.799

ClassAM3O–SGD


SGD SGD SGD SGD

30 September 2019 9.400 10.363 9.400 10.363

31 March 2019 9.839 10.163 9.839 10.163

33


HSBC All China Bond Fund


At30September2019

At31March2019

At31March2018

At31March2017

RMB RMB RMB RMB

Total net asset value 130,894,063 125,214,543 125,018,035 159,800,438



At30September

2019At31March

2019At31March

2018At31March

2017


– Class AC – USD USD – 10.714 10.655 9.761– Class AM2 – USD USD 8.262 8.684 9.106 8.780– Class AC – RMB RMB 11.868 11.506 10.778 10.813– Class AM2 – RMB RMB 9.537 9.432 9.240 9.780– Class AM2 – HKD HKD 8.331 – 9.204 8.789– Class ZC – USD USD 10.315 10.567 – –– Class IM – USD USD 9.827 – – –


ClassAC–USD


USD USD USD USD


ClassAM2–USD


USD USD USD USD


ClassAC–RMB


RMB RMB RMB RMB


34



ClassAM2–RMB


RMB RMB RMB RMB


ClassAC–HKD


HKD HKD HKD HKD

30 September 2019 – – – –31 March 2019 9.717 9.951 10.018 10.25931 March 2018 9.621 10.683 9.919 11.014

ClassAM2–HKD


HKD HKD HKD HKD


ClassIM–USD


USD USD USD USD

30 September 2019 9.789 10.166 9.789 10.16631 March 2019 – – – –31 March 2018 – – – –

ClassZC–USD


USD USD USD USD

30 September 2019 10.236 10.582 10.236 10.58231 March 2019 9.831 10.575 9.831 10.575

35


HSBC Asia Pacific ex Japan Equity Volatility Focused Fund


At30September2019

At31March2019

At31March2018

At31March2017

USD USD USD USD




At30September

2019At31March

2019At31March

2018At31March

2017


– Class AM2 – USD USD 9.278 9.933 10.449 9.728– Class AM2 – HKD HKD 9.352 10.024 10.563 9.730– Class BC – USD USD 9.703 10.188 – –– Class BC – HKD HKD 9.697 10.189 – –– Class BC – RMB RMB 10.240 10.108 – –– Class BM2 – USD USD 9.484 10.154 – –– Class BM2 – HKD HKD 9.470 10.158 – –– Class BM2 – RMB RMB 10.026 10.094 – –


ClassAM2–USD


USD USD USD USD


ClassAM2–HKD


HKD HKD HKD HKD


36



ClassBM2–USD


USD USD USD USD

30 September 2019 9.298 10.397 9.298 10.39731 March 2019 10.000 10.254 10.000 10.254

ClassBM2–HKD


HKD HKD HKD HKD

30 September 2019 9.294 10.390 9.294 10.39031 March 2019 10.000 10.255 10.000 10.255

ClassBM2–RMB


RMB RMB RMB RMB

30 September 2019 9.710 10.428 9.710 10.42831 March 2019 9.889 10.191 9.889 10.191

ClassBC–HKD


HKD HKD HKD HKD

30 September 2019 9.451 10.426 9.451 10.42631 March 2019 10.000 10.256 10.000 10.256

ClassBC–RMB


RMB RMB RMB RMB

30 September 2019 9.853 10.546 9.853 10.54631 March 2019 9.889 10.184 9.889 10.184

37



ClassBC–USD


USD USD USD USD

30 September 2019 9.453 10.431 9.453 10.43131 March 2019 10.000 10.254 10.000 10.254

38


HSBC Euro Multi – Asset Income Fund


At30September2019

At31March2019

At31March2018

At31March2017

EUR EUR EUR EUR




At30September

2019At31March

2019At31March

2018At31March

2017


– Class AM3H – USD USD 10.096 9.740 10.050 10.394– Class AM3H – RMB RMB 10.066 9.727 10.051 10.356– Class AM3H – HKD HKD 10.068 9.713 10.019 10.398– Class AM2 – EUR EUR 9.971 9.616 9.918 10.282– Class AM3H – CAD CAD 9.952 9.603 9.918 10.294– Class AM3H – AUD AUD 10.002 9.650 9.955 10.281– Class AM3H – NZD NZD 10.141 9.781 10.030 10.386


ClassAM3H–USD


USD USD USD USD


ClassAM3H–RMB


RMB RMB RMB RMB


39



ClassAM3H–HKD


HKD HKD HKD HKD


ClassAM2–EUR


EUR EUR EUR EUR


ClassAM3H–CAD


CAD CAD CAD CAD


ClassAM3H–AUD


AUD AUD AUD AUD


ClassAM3H–NZD


NZD NZD NZD NZD


40


HSBC Asia High Income Bond Fund


At30September2018

At31March2019

At31March2018

USD USD USD

Total net asset value 1,168,883,426 830,526,536 1,300,171,309



At30September

2018

At31March

2018

At31March

2017


– Class AC – USD USD 10.724 10.245 9.828– Class AM2 – USD USD 9.901 9.708 9.789– Class AM2 – RMB RMB 10.312 9.516 8.965– Class AM3O – RMB RMB 9.755 9.570 9.662– Class AM2 – HKD HKD 10.003 9.820 9.904– Class AM2 – EUR EUR 9.606 9.145 8.413– Class AM3O – EUR EUR 9.713 9.536 9.624– Class AM2 – AUD AUD 11.258 10.485 9.822– Class AM3O – AUD AUD 9.740 9.549 9.652– Class AM2 – CAD CAD 9.972 9.862 9.621– Class AM3O – CAD CAD 9.725 9.531 9.629– Class AM3O – GBP GBP 9.719 9.527 9.637– Class AM3O – SGD SGD 9.745 9.553 9.647


ClassAC–USD


USD USD USD USD

30 September 2019 10.202 10.748 10.202 10.74831 March 2019 9.545 10.261 9.545 10.403Period from date of commencement to 31 March 2018 9.763 10.016 10.304 10.571

41



ClassAM2–USD


USD USD USD USD


ClassAM2–RMB


RMB RMB RMB RMB


ClassAM3O–RMB


RMB RMB RMB RMB


ClassAM2–HKD


HKD HKD HKD HKD


42



ClassAM2–EUR


EUR EUR EUR EUR


ClassAM3O-EUR


EUR EUR EUR EUR


ClassAM2–AUD


AUD AUD AUD AUD


ClassAM3O-AUD


AUD AUD AUD AUD


43


ClassAM2–CAD


CAD CAD CAD CAD


ClassAM3O–CAD


CAD CAD CAD CAD


ClassAM3O–GBP


GBP GBP GBP GBP


ClassAM3O–SGD


SGD SGD SGD SGD


44


HSBCChinaMulti-AssetIncomeFund

Class“AM2–USD”

Dateofex-distribution

Dateofpayment

Distributionperunit

Totaldistribution

USD USD

2019 September Distribution 30 September 2019 16 October 2019 0.0259 569,260.062019 August Distribution 30 August 2019 10 September 2019 0.0245 559,556.992019 July Distribution 31 July 2019 9 August 2019 0.0245 572,505.692019 June Distribution 28 June 2019 10 July 2019 0.0246 585,238.872019 May Distribution 31 May 2019 12 June 2019 0.0262 633,363.072019 April Distribution 30 April 2019 10 May 2019 0.0276 708,469.59

Class“AM2–HKD”


Dateofpayment

Distributionperunit

Totaldistribution

HKD HKD

2019 September Distribution 30 September 2019 16 October 2019 0.0262 2,884,761.122019 August Distribution 30 August 2019 10 September 2019 0.0248 2,886,644.322019 July Distribution 31 July 2019 9 August 2019 0.0246 3,075,826.842019 June Distribution 28 June 2019 10 July 2019 0.0249 3,129,914.342019 May Distribution 31 May 2019 12 June 2019 0.0265 3,385,010.712019 April Distribution 30 April 2019 10 May 2019 0.0279 3,752,139.81

Class“AM2–RMB”


Dateofpayment

Distributionperunit

Totaldistribution

RMB RMB


Class“AM3O–AUD”


Dateofpayment

Distributionperunit

Totaldistribution

AUD AUD


45


Class“AM3O–SGD”


Dateofpayment

Distributionperunit

Totaldistribution

SGD SGD


46

Distributions Disclosure

HSBCAllChinaBondFund



Dateofpayment

Distributionperunit

Totaldistribution

USD USD




Dateofpayment

Distributionperunit

Totaldistribution

RMB RMB

2019 September Distribution 30 September 2019 16 October 2019 0.0319 111,487.922019 August Distribution 30 August 2019 10 September 2019 0.0308 90,042.992019 July Distribution 31 July 2019 9 August 2019 0.0310 91,081.962019 June Distribution 28 June 2019 10 July 2019 0.0314 92,822.412019 May Distribution 31 May 2019 12 June 2019 0.0318 117,495.412019 April Distribution 30 April 2019 10 May 2019 0.0861 3,674,361.88



Dateofpayment

Distributionperunit

Totaldistribution

HKD HKD

2019 September Distribution 30 September 2019 16 October 2019 0.0277 15,381.482019 August Distribution 30 August 2019 10 September 2019 0.0278 16,799.482019 July Distribution 31 July 2019 9 August 2019 0.0280 16,920.342019 June Distribution 28 June 2019 10 July 2019 0.0282 17,731.572019 May Distribution 31 May 2019 12 June 2019 0.0295 19,421.252019 April Distribution 30 April 2019 10 May 2019 0.0851 2,466,976.56

Class“IM-USD”


Dateofpayment

Distributionperunit

Totaldistribution

USD USD

2019 September Distribution 30 September 2019 16 October 2019 0.0327 7,256.672019 August Distribution 30 August 2019 10 September 2019 0.0328 7,235.962019 July Distribution 31 July 2019 9 August 2019 0.0331 7,082.732019 June Distribution 28 June 2019 10 July 2019 0.0333 6,978.052019 May Distribution – – – –2019 April Distribution – – – –

47


HSBCAsiaPacificexJapanEquityVolatilityFocusedFund



Dateofpayment

Distributionperunit

Totaldistribution

USD USD




Dateofpayment

Distributionperunit

Totaldistribution

HKD HKD


Class“BM2-HKD”


Dateofpayment

Distributionperunit

Totaldistribution

HKD HKD


Class“BM2-RMB”


Dateofpayment

Distributionperunit

Totaldistribution

RMB RMB


48


Class“BM2-USD”


Dateofpayment

Distributionperunit

Totaldistribution

USD USD


49


HSBCEuroMulti-AssetIncomeFund

Class“AM2–EUR”


Dateofpayment

Distributionperunit

Totaldistribution

EUR EUR


Class“AM3H–USD”


Dateofpayment

Distributionperunit

Totaldistribution

USD USD


Class“AM3H–HKD”


Dateofpayment

Distributionperunit

Totaldistribution

HKD HKD


Class“AM3H–RMB”


Dateofpayment

Distributionperunit

Totaldistribution

RMB RMB


50


Class“AM3H–CAD”


Dateofpayment

Distributionperunit

Totaldistribution

CAD CAD

2019 September Distribution 30 September 2019 11 October 2019 0.0373 10,772.422019 August Distribution – – – –2019 July Distribution – – – –2019 June Distribution 28 June 2019 10 July 2019 0.0370 10,898.242019 May Distribution 31 May 2019 12 June 2019 0.0388 11,428.422019 April Distribution 30 April 2019 10 May 2019 0.0382 10,550.57

Class“AM3H–AUD”


Dateofpayment

Distributionperunit

Totaldistribution

AUD AUD


Class“AM3H–NZD”


Dateofpayment

Distributionperunit

Totaldistribution

NZD NZD


51


HSBCAsiaHighIncomeBondFund



Dateofpayment

Distributionperunit

Totaldistribution

USD USD




Dateofpayment

Distributionperunit

Totaldistribution

RMB RMB


Class“AM3O–RMB”


Dateofpayment

Distributionperunit

Totaldistribution

RMB RMB

2019 September Distribution 30 September 2019 16 October 2019 0.0498 1,536,293.702019 August Distribution 30 August 2019 10 September 2019 0.0399 1,249,737.362019 July Distribution 31 July 2019 9 August 2019 0.0405 1,193,507.912019 June Distribution 28 June 2019 10 July 2019 0.0459 1,168,876.552019 May Distribution 31 May 2019 12 June 2019 0.0435 1,056,790.152019 April Distribution 30 April 2019 10 May 2019 0.0450 889,902.07



Dateofpayment

Distributionperunit

Totaldistribution

HKD HKD


52


Class“AM2–EUR”

DateofEx-distribution

DateofPayment

DistributionPerUnit

TotalDistribution

EUR EUR


Class“AM3O–EUR”


DateofPayment

DistributionPerUnit

TotalDistribution

EUR EUR


Class“AM2–AUD”


DateofPayment

DistributionPerUnit

TotalDistribution

AUD AUD


Class“AM3O–AUD”


DateofPayment

DistributionPerUnit

TotalDistribution

AUD AUD


53


Class“AM2–CAD”


DateofPayment

DistributionPerUnit

TotalDistribution

CAD CAD


Class“AM3O–CAD”


DateofPayment

DistributionPerUnit

TotalDistribution

CAD CAD


Class“AM3O–GBP”


DateofPayment

DistributionPerUnit

TotalDistribution

GBP GBP


Class“AM3O-SGD”


DateofPayment

DistributionPerUnit

TotalDistribution

SGD SGD

2019 September Distribution 30 September 2019 11 October 2019 0.0348 3.482019 August Distribution 30 August 2019 10 September 2019 0.0348 3.482019 July Distribution 31 July 2019 13 August 2019 0.0344 3.442019 June Distribution 28 June 2019 10 July 2019 0.0407 4.072019 May Distribution 31 May 2019 12 June 2019 0.0393 3.932019 April Distribution 30 April 2019 10 May 2019 0.0395 3.95

54

Administration

ManagerHSBC Investment Funds (Hong Kong) LimitedHSBC Main Building1 Queen’s Road CentralHong Kong

DirectorsoftheManagerBERRY, Stuart GleanBOTELHO BASTOS, Pedro AugustoLAU, Ka Yin JoanneMALDONADO-CODINA, Guillenno EduardoTAM, Chun Pong, Stephen

TrusteeandRegistrarHSBC Institutional Trust Services (Asia) LimitedHSBC Main Building1 Queen’s Road CentralHong Kong

InvestmentAdvisorHSBC Global Asset Management (Hong Kong) LimitedHSBC Main Building1 Queen’s Road CentralHong Kong

Sub-InvestmentAdvisorFor HSBC Euro Multi-Asset Income FundHSBC Global Asset Management (France)Immeuble Coeur Defence - Tour A110 Esplanade du General de GaulleLa Defence 492400 CournevoieFrance

RQFIICustodianFor HSBC All China BondBank of Communications Co Ltd188, Yin Cheng Zhong Road Shanghai 200120The People’s Republic of China

AuditorKPMG8th Floor, Prince’s Building10 Chater RoadCentralHong Kong

LegalAdvisorsDeacons5/F, Alexandra House18 Chater RoadCentralHong Kong

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