UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-07583
HSBC ADVISOR FUNDS TRUST
(Exact name of registrant as specified in charter)
452 FIFTH AVENUE
NEW YORK, NY 10018
(Address of principal executive offices) (Zip code)
CITI FUND SERVICES
3435 STELZER ROAD
COLUMBUS, OH 43219
(Name and address of agent for service)
Registrant’s telephone number, including area code: 1-800-782-8183
Date of fiscal year end: October 31
Date of reporting period: April 30, 2008
Item 1. Reports to Stockholders.
HSBC Investments (USA) Inc.
HSBC Investor Family of Funds
Semi-Annual Report
April 30, 2008
FIXED INCOME FUNDS:
HSBC Investor Core Plus Fixed Income Fund
(Advisor)
HSBC Investor Core Plus Fixed Income Fund
HSBC Investor High Yield Fixed Income Fund
HSBC Investor Intermediate Duration
Fixed Income Fund
HSBC Investor New York Tax-Free Bond Fund
EQUITY FUNDS:
HSBC Investor Growth Fund
HSBC Investor Growth and Income Fund
HSBC International Equity Fund
HSBC Investor Mid-Cap Fund
HSBC Investor Opportunity Fund
HSBC Investor Opportunity Fund (Advisor)
HSBC Investor Overseas Equity Fund
HSBC Investor Value Fund
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Table of Contents | |
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HSBC Investor Family of Funds |
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Semi Annual Report - April 30, 2008 |
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1 | |
2 | |
3 | |
23 | |
Schedules of Portfolio Investments |
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25 | |
27 | |
28 | |
30 | |
33 | |
36 | |
50 | |
63 | |
74 | |
75 | |
HSBC Investor Portfolios |
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Schedules of Portfolio Investments |
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79 | |
83 | |
89 | |
92 | |
93 | |
95 | |
97 | |
98 | |
100 | |
102 | |
106 | |
107 | |
114 | |
116 | |
Other Information | 118 |
[This Page Intentionally Left Blank]
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Citigroup U.S. High Yield Market Capped Index, the “U.S. High Yield Market Capped Index” uses the U.S. High-Yield Market Index as its foundation imposing a cap on the par amount of each issuer in order to limit the impact of large issuers while retaining the characteristics of the issuer’s distribution across different maturities. The U.S. High-Yield Market Index captures the performance of below-investments-grade debt issued by corporations domiciled in the United States or Canada.
The Gross Domestic Product (“GDP”) is the measure of the market value of the goods and services produced by labor and property in the United States.
Lehman Brothers U.S. Aggregate Index is an unmanaged index generally representative of investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year.
Lehman Brothers Intermediate U.S. Aggregate Index is an unmanaged index generally representative of investment-grade issues with maturities between three- and ten-years.
Lehman Brothers New York Tax Exempt Index is an unmanaged index composed of investment grade New York tax-exempt securities, all having a $50 million minimum maturity value.
Lipper High Current Yield Funds Average is an average of managed mutual funds that aim at high (relative) current yield from fixed income securities, which have no quality or maturity restrictions, and tend to invest in lower grade debt issues.
Lipper Intermediate Investment-Grade Debt Funds Average is an average of managed mutual funds that invest at least 65% of their assets in investment-grade debt issues (rated in the top four grades) with dollar-weighted average maturities of five- to ten-years.
Lipper International Large-Cap Core Funds Average is an average of managed mutual funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the U.S. with market capitalizations (on a three-year weighted basis) above Lipper’s international large-cap floor. International large-cap core funds typically have an average price-to-cash flow ratio, price-to-book ratio, and three-year sales-per-share growth value compared to their large-cap specific subset of the S&P/Citigroup World ex-U.S. BMI.
Lipper Large-Cap Core Funds Average is an average of managed mutual of managed funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the Standard & Poor’s Mid-Cap 400 Index.
Lipper Large-Cap Growth Funds Average is an average of managed mutual funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap growth funds typically have an above-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share growth value, compared to the S&P 500 Index.
Lipper Mid-Cap Growth Funds Average is an average of managed mutual of managed funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) of less than 300% of the dollar-weighted median market capitalization of the Standard & Poor’s MidCap 400 Index.
Lipper Multi-Cap Value Funds Average is an average of managed mutual of managed funds that, by portfolio practice, invest in a variety of market capitalization ranges, without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. Multi-Cap funds will generally have between 25% to 75% of their assets invested in companies with market capitalizations (on a three-year weighted basis) above 300% of the dollar-weighted median market capitalization of the S&P MidCap 400 Index. Multi-Cap value funds seek long-term growth of capital by investing in companies that are considered to be undervalued relative to a major unmanaged stock index based on price-to-current earnings, book value, asset value, or other factors. These funds will normally have a below-average price-to-earnings ratio, price-to-book ratio, and three-year earnings growth figure, compared to the U.S. diversified multi-cap funds universe average.
Lipper New York Municipal Debt Funds Average is an average of managed mutual funds that invest at least 65% of their assets in municipal debt issues that are exempt from taxation in New York or a city in New York.
Merrill Lynch U.S. High Yield Master II Index is an unmanaged index which measures the performance of the broad high yield market.
Morgan Stanley Capital International Europe, Australasia and Far East (“MSCI EAFE”) Index is an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of June 2007 the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom.
The Russell Universe - Russell is a recognized leader in consulting, multi-manager investing and institutional investment management. Our consultants advise clients on more than $2 trillion in assets. We deliver investment programs to over 2,000 clients in 44 countries. With more than $230 billion in assets in our funds, Russell researchers meet with over 4,000 investment managers around the world to evaluate their investment process.
Russell 1000® Growth Index is an unmanaged index which measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values.
Russell 1000® Value Index is an unmanaged index which measures the performance of the large-cap value segment of the U.S. equity universe. It includes those Russell 1000 companies with lower price-to-book ratios and lower expected growth values.
Russell 2500™ Growth Index is an unmanaged index which measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.
Standard & Poor’s MidCap 400 Index (“S&P MidCap 400”) is an unmanaged index comprised of 400 domestic stocks chosen for market size (median market capitalization of $676 million), liquidity and industry group representation.
Standard & Poor’s 500 Index (“S&P 500”) is an unmanaged index that is widely regarded as a gauge of the U.S. equities market, this index includes 500 leading companies in leading industries of the U.S. economy. The S&P 500 focuses on the large cap segment of the market, with approximately 75% coverage of U.S. equities.
Lipper is an independent mutual fund performance monitor whose results are based on total return and do not reflect a sales charge.
Securities indexes assume reinvestment of all distributions and interest payments and do not take in account brokerage fees or expenses. Securities in the Fund do not match those in the indexes and performance of the Fund will differ. Investors cannot invest directly in an index.
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Dear Shareholder:
In a period of market volatility, mutual funds offer a “hedge” against extremes. Since the purpose of mutual funds is to provide a balance of investments and since fund advisers monitor performance of individual holdings in a portfolio, investors are generally protected against extremes. Over the long run, mutual funds have continued to be a wise investment.
The HSBC Investor Funds have performed in accordance with the swings of the equities and fixed income markets. Many of the HSBC Investor Funds have outperformed their industry benchmarks, most have equaled the benchmark and a few underperformed. Management and the board monitor performance continuously. While any Fund can underperform for a limited period of time, Funds that continue to underperform are put on a watch list, and if a downtrend continues, the board and management will re-evaluate the subadviser relationship.
With over 12 trillion dollars invested, mutual funds remain one of the best ways to sustain both value and growth of a portfolio. The diversity of the HSBC Fund Family provides a useful way to ride the wave of volatility. Please consult your financial adviser to determine the best mix of funds for your individual needs. We encourage you to be active in overseeing your own investments and welcome your comments about how we can provide the best service to you.
Thanks,
![-s- Larry M. Robbins](https://capedge.com/proxy/N-CSRS/0000930413-08-004119/c53800002.jpg)
Larry M. Robbins, Chairman, HSBC Investor Funds
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1 | HSBC INVESTOR FAMILY OF FUNDS |
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HSBC Investments (USA) Inc.
Effective June 2, 2008, changed name to HSBC Global Asset Management (USA) Inc.
Economic review
Several factors weighed on the U.S. economy during the six-month period between November 1, 2007 and April 30, 2008. The ongoing decline in the housing market depressed activity in industries related both directly and indirectly to the housing market, including homebuilders, home improvement retailers and furniture makers. The housing slump also made it more difficult for consumers to borrow against their home equity. That development weakened consumer spending, even as rising prices on food and energy and a flagging employment picture caused Americans to cut back. Consumer spending accounts for more than two-thirds of U.S. economic activity. Therefore, the consumer slowdown posed a significant threat to economic growth.
The housing slump also contributed to rising defaults on subprime mortgages. Higher subprime mortgage defaults led to losses for securities backed by these low-quality home loans, which had become widely dispersed throughout the global financial system in recent years. Losses in subprime mortgage-backed securities forced a number of financial firms to write-down the value of their holdings by billions of dollars. Moreover, market participants became concerned about the possible extent of problems related to weak mortgages. Lenders, concerned that they could not accurately gauge prospective borrowers’ financial health, became extremely cautious about extending credit, resulting in a severe credit crunch that depressed economic growth.
The Federal Reserve Board (the “Fed”) acted aggressively as it attempted to ameliorate the credit situation and stimulate the economy. The Fed reduced the federal funds rate, its target short-term interest rate, from 4.50% to 2.00% during the six month period ended April 30, 2008 in order to inject liquidity into the financial markets. It also orchestrated a buyout of troubled securities firm Bear Stearns, to prevent problems at the company from undermining the broad financial system. The Fed also sought to improve financial institutions’ access to credit by accepting a wider variety of assets as collateral.
Exports helped the U.S. economy continue to expand despite the difficult environment during the early months of 2008. A weakening dollar made U.S. companies’ products and services more competitive overseas, while increasing the value of revenues earned in foreign currencies. The U.S. Gross Domestic Product1 grew at annualized rates of 0.6% during the fourth quarter of 2007 and 0.9% during the first quarter of 2008.
The U.S. economy’s struggles led to signs of a global slowdown. Growth in Europe appeared to weaken, and evidence emerged that developing economies, which have generated powerful growth in recent years, were beginning to feel the effects of America’s problems as well. For example, China’s year-over-year exports grew 22.5% in December 2007, but just 6.5% in February 2008. Nevertheless, the global economy remained healthy and continued to expand more quickly than the U.S. economy during this period.
Market review
Investors during most of this six-month period responded to the uncertain economic environment by fleeing from the perceived risk of stocks and into the perceived safety of high-quality bonds. U.S. stock returns were exceptionally volatile during this time, as the lack of clarity about the direction of the economy; the subprime crisis and the credit crunch caused traders to react aggressively in response to emerging data. The U.S. market recovered somewhat between mid-March and the end of April, as investors anticipating improving economic and market conditions sought to capitalize on low valuations. For the six month period ended April 30, 2008, the S&P 500 returned -9.63%, while the small-cap sector as represented by the Russell 2000® Index returned -12.92%.
Financial stocks suffered some of the U.S. market’s greatest declines, as shareholders sold financial stocks due to concerns about large write-downs and the potential for further damage from the subprime mortgage crisis. Stocks in the financial sector rebounded modestly toward the end of the period, as bargain-hunting investors began to believe that the market had priced in the worst of the subprime crisis.
Consumer discretionary stocks also performed poorly during this period, as investors worried that high food and energy prices and a weaker employment picture would reduce the money individuals had available to spend on non-essential items. Conversely, energy and materials stocks benefited from rising commodity prices, and posted some of the market’s strongest returns during this period.
Foreign stocks generally posted losses, with the MSCI EAFE Index of developed foreign stock markets returning -8.99% during the period under review. Investors sold foreign stocks due to a general aversion to risk and because of concerns about the repercussions from the turmoil in the credit markets. Emerging markets in Asia, which had performed exceptionally well in recent years, particularly struggled as investors sold assets they perceived to be risky. Developing markets in other parts of the world meanwhile held up relatively well, as they benefited from rising commodity prices.
Investors concerned about risk piled into bonds issued by the U.S. Treasury and foreign governments. Yields declined and prices rose on government bonds, causing the spread between the yield on government securities and corporate bonds to widen substantially. High-yield bonds—debt issued by companies with relatively weak finances—trailed other sectors of the fixed-income market, as investors favored the greater stability of higher-quality bonds. The Lehman Brothers U.S. Aggregate Index, which tracks the broad fixed-income market, returned 4.08% for the six months through April 30, 2008.
1 For additional information, please refer to the Glossary of Terms.
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HSBC INVESTOR FAMILY OF FUNDS | 2 |
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HSBC Investor Core Plus Fixed Income Fund
(Class A Shares, B Shares, C Shares and I Shares)
by Halbis Capital Management (USA) Inc., Broad Markets Fixed Income Team
The HSBC Investor Core Plus Fixed Income Fund (the “Fund”) seeks to maximize total return, consistent with reasonable risk. The “total return’’ sought by the Fund consists of income earned on investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. The Fund utilizes a two-tier structure, commonly known as a “master-feeder,” in which the Fund invest all of its investable assets in the HSBC Investor Core Plus Fixed Income Portfolio (the “Portfolio”). The Fund employs Halbis Capital Management (USA) Inc. as subadviser to the Portfolio.
Investment Concerns
Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.
The mortgage market in the U.S. recently experienced difficulties that may adversely affect the performance and market value of certain mortgage-related investments.
Market Commentary
For the six month period ended April 30, 2008, the Class A Shares returned -1.04% (without sales charge) and the Class I Shares (previously the Advisor Class Shares) of the Fund produced a -0.81% total return. That compared to a total return of 4.08% and 1.75% for the Lehman Brothers U.S. Aggregate Index1 and the Lipper Intermediate Investment-Grade Debt Funds Average1, respectively.
Past performance is no guarantee of future results.
Portfolio Performance
The Fund held an overweight position in all non-Treasury sectors other than mortgage pass-through and government agency bonds. In particular, we held significantly overweight allocations to corporate bonds and collateralized mortgage-backed securities, which began the period offering historically attractive yields relative to Treasury issues. Our strategy of emphasizing various types of “spread” bonds—bonds that offer higher yields than Treasuries—is designed to provide shareholders with greater income over time. Treasuries led the fixed-income markets by a wide margin during this period, however, ultimately the Fund’s emphasis on other sectors weighed on relative returns.*
Security selection also reduced the Fund’s relative performance during the period under review. Selection among asset-backed securities decreased returns against the benchmark, as certain bonds suffered from concerns about the financial health of companies that insured them. The Fund’s corporate bond allocation meanwhile had a somewhat lower credit quality than that of the index, including select below-investment-grade bonds, as we pursued attractive yields. That positioning weighed on relative performance, as investors sold lower-quality bonds indiscriminately.*
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* | Portfolio composition is subject to change. |
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1 | For additional information, please refer to the Glossary of Terms. |
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3 | HSBC INVESTOR FAMILY OF FUNDS |
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Portfolio Reviews |
HSBC Investor Core Plus Fixed Income Fund - As of April 30, 2008 |
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Fund Performance |
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| Average Annual Total Return (%) |
| Expense |
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As of April 30, 2008 |
| Inception |
| Six |
| 1 |
| 5 |
| 10 |
| Since |
| Gross |
| Net |
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HSBC Investor Core Plus Fixed Income Fund Class A1 |
| 8/26/96 |
| -5.72 |
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| -3.92 |
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| 2.51 |
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| 4.43 |
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| 5.13 |
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| 1.41 |
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| 0.70 |
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HSBC Investor Core Plus Fixed Income Fund Class B2 |
| 1/6/98 |
| -5.27 |
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| -3.68 |
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| 2.75 |
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| 4.48 |
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| 4.43 |
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| 2.16 |
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| 1.45 |
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HSBC Investor Core Plus Fixed Income Fund Class C3 |
| 11/4/98 |
| -2.38 |
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| -0.89 |
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| 2.72 |
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| — |
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| 4.18 |
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| 2.16 |
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| 1.45 |
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HSBC Investor Core Plus Fixed Income Fund Class I** |
| 1/9/95 |
| -0.81 |
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| 1.26 |
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| 3.85 |
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| 5.42 |
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| 6.53 |
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| 0.72 |
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| 0.45 |
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Lehman Brothers U.S. Aggregate Index4 |
| — |
| 4.08 |
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| 6.87 |
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| 4.37 |
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| 5.96 |
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| N/A |
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| N/A |
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| N/A |
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Lipper Intermediate Investment-Grade Debt Funds Average4 |
| — |
| 1.75 |
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| 3.39 |
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| 3.36 |
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| 5.06 |
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| N/A |
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| N/A |
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| N/A |
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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183.
The performance above reflects any fee waivers that have been in effect during the applicable periods, as well as any expense reimbursements that have periodically been made. Absent such waivers and reimbursements, returns would have been lower. Currently, contractual fee waivers are in effect from March 1, 2008 through March 1, 2009.
The total returns for Class A Shares, Class B Shares, Class C Shares and Class I Shares of the Fund for the period ended April 30, 2008 included the receipt of a one-time payment in respect of a class action settlement. Without the receipt of this payment, the returns for the Fund for the period ended April 30, 2008 would have been lower.
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** | The Class I Shares of the HSBC Core Plus Fixed Income Fund are part of the Advisor Funds Trust. |
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1 | Reflects the maximum sales charge of 4.75%. |
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2 | Reflects the contingent deferred sales charge, maximum of 4.00%. |
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3 | Reflects the contingent deferred sales charge, maximum of 1.00%. |
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4 | For additional information, please refer to the Glossary of Terms. Effective July 2006, the Fund was reclassified from the Lipper General Bond Funds Average to the Lipper Intermediate Investment-Grade Debt Funds Average. |
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5 | Reflects the expense ratio as reported in the prospectus dated February 28, 2008. |
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† | Aggregate total return. |
The Fund’s performance is measured against the Lehman Brothers U.S. Aggregate Index, an unmanaged market value-weighted performance benchmark for investment-grade fixed-rate debt issues, including government, corporate, asset-backed, and mortgage-backed securities, with maturities of at least one year. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index.
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HSBC INVESTOR FAMILY OF FUNDS | 4 |
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Portfolio Reviews |
HSBC Investor High Yield Fixed Income Fund |
(Class A Shares, B Shares, C Shares and I Shares) |
by Halbis Capital Management (USA) Inc., High Yield Team |
The HSBC Investor High Yield Fixed Income Fund (the “Fund”) seeks to provide a high level of current income and capital appreciation. HSBC Investments (USA) Inc. serves as investment adviser to the Fund. The Halbis High Yield Team provides the day to day management of the portfolio. The Team’s philosophy is focused on delivering sustainable value added performance in the high yield fixed income market. The investment approach is a combination of top-down sector/industry selection and bottom-up security/quality selection. The team rotates sectors and themes within the high yield universe during different market environments seeking to add value, endeavoring to take advantage of market inefficiencies in order to outperform in both up and down markets. The Fund employs Halbis Capital Management (USA) Inc. as subadviser to the Portfolio.
Investment Concerns
Bond funds will tend to experience smaller fluctuations in value than stock funds. However, investors in any bond fund should anticipate fluctuations in price, especially for longer-term issues and in environments of rising interest rates. High yield bonds are subject to greater risks than investment grade bonds, such as the increased risk of default because of the lower credit quality of the issues.
Market Commentary
The Fund delivered a total return of -1.65% (without sales charge) for Class A Shares and -1.53% for Class I Shares for the six month period ended April 30, 2008. That compared to -0.22% and -2.01% total return for the Fund’s benchmarks, the Citigroup U.S. High Yield Market Capped Index1 and the Lipper High Current Yield Funds Average1, respectively.
Past performance is no guarantee of future results.
Portfolio Performance
High-yield bond performance was volatile during the period under review, as investors tried to gauge the likely repercussions of the economic slowdown and the credit crunch. The Fund generated gains during three of the six months in this period ended April 30, 2008, and posted losses during the other three months.
The Fund held an overweight allocation to the energy sector. The relatively large position in energy lifted returns against the benchmark, as energy companies benefited from surging oil and gas prices. We also held underweight positions in the homebuilding and building products industries. Bonds issued by companies in those industries generally performed poorly due to the ongoing slump in the housing market, so the Fund’s smaller-than-benchmark stakes helped its performance against the index.*
A relatively large position in bonds of gaming companies hurt the Fund’s relative return. Consumers facing higher food and energy prices cut back on discretionary entertainment, thereby depressing revenues at these firms and causing their bonds to trade lower. The Fund held a smaller stake than the benchmark in bonds rated BBB, the lowest tier of the investment-grade bond universe, which also weighed on relative performance. BBB-rated bonds posted the benchmark’s strongest returns for the six month period as a whole, despite intermittent strength from lower-quality bonds.*
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* | Portfolio composition is subject to change. |
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1 | For additional information, please refer to the Glossary of Terms. |
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5 | HSBC INVESTOR FAMILY OF FUNDS |
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Portfolio Reviews |
HSBC Investor High Yield Fixed Income Fund - As of April 30, 2008 |
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Fund Performance |
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| Average Annual |
| Expense |
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As of April 30, 2008 |
| Inception |
| Six |
| 1 |
| Since |
| Gross |
| Net |
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HSBC Investor High Yield Fixed Income Fund Class A1 |
| 11/18/05 |
| -6.33 |
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| -6.61 |
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| 3.49 |
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| 2.93 |
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| 0.80 |
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HSBC Investor High Yield Fixed Income Fund Class B2 |
| 11/21/05 |
| -5.65 |
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| -6.26 |
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| 4.11 |
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| 3.68 |
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| 1.55 |
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HSBC Investor High Yield Fixed Income Fund Class C3 |
| 12/14/05 |
| -2.96 |
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| -3.70 |
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| 4.80 |
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| 3.68 |
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| 1.55 |
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HSBC Investor High Yield Fixed Income Fund Class I |
| 11/18/05 |
| -1.53 |
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| -1.81 |
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| 5.83 |
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| 2.68 |
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| 0.55 |
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Citigroup U.S. High Yield Market Capped Index4 |
| — |
| -0.22 |
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| -0.23 |
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| N/A |
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| N/A |
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| N/A |
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Merrill Lynch U.S. High Yield Master II Index4 |
| — |
| -0.77 |
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| -0.83 |
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| N/A |
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| N/A |
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| N/A |
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Lipper High Current Yield Funds Average4 |
| — |
| -2.01 |
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| -2.22 |
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| N/A |
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| N/A |
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| N/A |
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Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183.
The performance above reflects any fee waivers that have been in effect during the applicable periods, as well as any expense reimbursements that have periodically been made. Absent such waivers and reimbursements, returns would have been lower. Currently, contractual fee waivers are in effect from March 1, 2008 through March 1, 2009.
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1 | Reflects the maximum sales charge of 4.75%. |
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2 | Reflects the contingent deferred sales charge, maximum of 4.00%. |
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3 | Reflects the contingent deferred sales charge, maximum of 1.00%. |
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4 | For additional information, please refer to the Glossary of Terms. |
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5 | Reflects the expense ratio as reported in the prospectus dated February 28, 2008. |
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† | Aggregate total return. |
The Fund has changed its standardized performance benchmark from the Merrill Lynch U.S. High Yield Master II Index to the Citigroup U.S. High Yield Market Capped Index to more closely reflect the management style of the Fund. The Citigroup U.S. High Yield Market Capped Index, the “U.S. High Yield Market Capped Index” uses the U.S. High-Yield Market Index as its foundation imposing a cap on the par amount of each issuer in order to limit the impact of large issuers while retaining the characteristics of the issuer’s distribution across different maturities. The U.S. High-Yield Market Index captures the performance of below-investments-grade debt issued by corporations domiciled in the United States or Canada. The Merrill Lynch U.S. High Yield Master II Index measures the performance of the broad high yield market. The Indexes are unmanaged and do not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index.
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HSBC INVESTOR FAMILY OF FUNDS | 6 |
|
Portfolio Reviews |
HSBC Investor Intermediate Duration Fixed Income Fund |
(Class A Shares, B Shares, C Shares and I Shares) |
by Halbis Capital Management (USA) Inc., Broad Markets Fixed Income Team |
The HSBC Investor Intermediate Duration Fixed Income Fund (the “Fund”) seeks to maximize total return, consistent with reasonable risk. The “total return’’ sought by the Fund consists of income earned on investments, plus capital appreciation, if any, which generally arises from decreases in interest rates or improving credit fundamentals for a particular sector or security. The Fund utilizes a two tier structure, commonly known as “master-feeder,” in which the Fund invests all of its investable assets in the HSBC Investor Intermediate Duration Fixed Income Portfolio (the “Portfolio”). The Fund employs Halbis Capital Management (USA) Inc. as subadviser to the Portfolio.
Investment Concerns
Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.
The mortgage market in the U.S. recently experienced difficulties that may adversely affect the performance and market value of certain mortgage-related investments.
Market Commentary
The Fund returned -1.49% (without sales charge) for the Class A Shares and -1.26% for the Class I Shares during the six month period ended April 30, 2008. That compared to a total return of 4.22% and 1.75% for Lehman Brothers Intermediate U.S. Aggregate Index1 and the Lipper Intermediate Investment-Grade Debt Funds Average1.
Past performance is no guarantee of future results.
Portfolio Performance
The Fund held an overweight position in all non-Treasury sectors other than mortgage pass-through and government agency bonds. In particular, we held significantly overweight allocations to corporate bonds and collateralized mortgage-backed securities, which began the period offering historically attractive yields relative to Treasury issues. Our strategy of emphasizing various types of “spread” bonds—bonds that offer higher yields than Treasuries—is designed to provide shareholders with greater income over time. Treasuries led the fixed-income markets by a wide margin during this period, however, ultimately the Fund’s emphasis on other sectors weighed on relative returns.
Security selection also reduced the Fund’s relative performance during the period under review. Selection among asset-backed securities decreased returns against the benchmark, as certain bonds suffered from concerns about the financial health of companies that insured them. The Fund’s corporate bond allocation meanwhile had a somewhat lower credit quality than that of the index, including select below-investment-grade bonds, as we pursued attractive yields. That positioning weighed on relative performance, as investors sold lower-quality bonds indiscriminately.*
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* | Portfolio composition is subject to change. |
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1 | For additional information, please refer to the Glossary of Terms. |
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7 | HSBC INVESTOR FAMILY OF FUNDS |
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Portfolio Reviews |
HSBC Investor Intermediate Duration Fixed Income Fund - As of April 30, 2008 |
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Fund Performance |
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|
| Average Annual |
| Expense |
| ||||||||||
As of April 30, 2008 |
| Inception |
| Six |
| 1 |
| 5 |
| Since |
| Gross |
| Net |
| |||||
HSBC Investor Intermediate Duration Fixed Income Fund Class A1 |
| 2/7/01 |
| -6.15 |
|
| -4.54 |
| 2.38 |
| 3.79 |
|
| 1.67 |
|
| 0.65 |
| ||
HSBC Investor Intermediate Duration Fixed Income Fund Class B2 |
| 2/15/01 |
| -5.68 |
|
| -4.29 |
| 2.62 |
| 3.83 |
|
| 2.42 |
|
| 1.40 |
| ||
HSBC Investor Intermediate Duration Fixed Income Fund Class C3 |
| 2/13/01 |
| -2.71 |
|
| -1.43 |
| 2.63 |
| 3.69 |
|
| 2.42 |
|
| 1.40 |
| ||
HSBC Investor Intermediate Duration Fixed Income Fund Class I |
| 1/23/01 |
| -1.26 |
|
| 0.51 |
| 3.65 |
| 4.83 |
|
| 1.42 |
|
| 0.40 |
| ||
Lehman Brothers Intermediate U.S. Aggregate Index4 |
| — |
| 4.22 |
|
| 7.07 |
| 4.26 |
| N/A |
|
| N/A |
|
| N/A |
| ||
Lipper Intermediate Investment-Grade Debt Funds Average4 |
| — |
| 1.75 |
|
| 3.39 |
| 3.36 |
| N/A |
|
| N/A |
|
| N/A |
| ||
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183.
The performance above reflects any fee waivers that have been in effect during the applicable periods, as well as any expense reimbursements that have periodically been made. Absent such waivers and reimbursements, returns would have been lower. Currently, contractual fee waivers are in effect from March 1, 2008 through March 1, 2009.
The total returns for Class A shares, Class B Shares, Class C Shares and Class I Shares of the Fund for the period ended April 30, 2008 included the receipt of a one-time payment in respect of a class action settlement. Without the receipt of this payment, the returns for the Fund for the period ended April 30, 2008 would have been lower.
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1 | Reflects the maximum sales charge of 4.75%. |
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2 | Reflects the applicable contingent deferred sales charge, maximum of 4.00%. |
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3 | Reflects the applicable contingent deferred sales charge, maximum of 1.00%. |
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4 | For additional information, please refer to the Glossary of Terms. |
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5 | Reflects the expense ratio as reported in the prospectus dated February 28, 2008. |
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† | Aggregate total return. |
The Fund’s performance is measured against the Lehman Brothers Intermediate U.S. Aggregate Index, an unmanaged index generally representative of investment-grade issues with maturities between three- and ten-years. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index.
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HSBC INVESTOR FAMILY OF FUNDS | 8 |
|
Portfolio Reviews |
HSBC Investor New York Tax-Free Bond Fund |
(Class A Shares, B Shares, C Shares and I Shares) |
by Halbis Capital Management (USA) Inc., Broad Markets Fixed Income Team |
The HSBC Investor New York Tax-Free Bond Fund (the “Fund”) seeks to provide shareholders with income exempt from regular federal, New York State and New York City personal income taxes. The Fund employs Halbis Capital Management (USA) Inc. as subadviser to the Portfolio.
Investment Concerns
Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.
The Fund’s income may be subject to certain state and local taxes and, depending on your tax status, the federal alternative minimum tax. Regional funds may be subject to additional risks, since the issues they invest in are located in one geographical location.
Market Commentary
The Fund delivered a total return of 1.11% (without sales charge) for Class A Shares and 1.24% for Class I Shares for the six month period ended April 30, 2008. That compared to -0.37% and 0.15% for the Fund’s benchmarks, the Lehman Brothers New York Tax Exempt Index1 and the Lipper New York Municipal Debt Funds Average1, respectively.
Past performance is no guarantee of future results.
Portfolio Performance
The credit and liquidity crisis roiled the municipal bond markets during the period under review. Investors began to question whether bond insurers would have the financial resources to meet their obligations, and those concerns in turn hurt the performance of insured municipal bonds. The turmoil in the financial markets also caused certain financial institutions to sell large volumes of municipal bonds, driving up yields on New York tax-free securities during parts of the period.
Meanwhile, the yields on Treasury issues declined substantially, as the Federal Reserve Board (the “Fed”) reduced short-term interest-rates and investors fled to high-quality, liquid securities. As a result, New York municipal bonds paid unusually high yields relative to Treasury bonds with comparable maturities.
We maintained very high credit quality in the Fund’s portfolios. That strategy boosted the Fund’s performance relative to its benchmark, as the financial markets’ troubles caused investors to favor higher-quality issues. An overweight position in short-term bonds also benefited performance against the index, as the yield curve steepened during this period.
An overweight stake in insured paper reduced relative returns, as investors became concerned about the health of bond insurers. That said, we believe the generally high quality of the insured bonds in the Fund’s portfolio helped prevent some of the problems among bond insurers from having a larger impact on Fund return.*
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* | Portfolio composition is subject to change. |
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1 | For additional information, please refer to the Glossary of Terms. |
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9 | HSBC INVESTOR FAMILY OF FUNDS |
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Portfolio Reviews |
HSBC Investor New York Tax-Free Bond Fund - As of April 30, 2008 |
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Fund Performance |
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| Average Annual Total Return (%) |
| Expense |
| ||||||||||||||||
As of April 30, 2008 |
| Inception |
| Six |
| 1 |
| 5 |
| 10 |
| Since |
| Gross |
| Net |
| ||||||||
HSBC Investor New York Tax-Free Bond Fund Class A1 |
| 5/1/95 |
|
| -3.68 |
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| -2.54 |
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| 1.88 |
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| 3.65 |
|
| 4.47 |
|
| 0.88 |
|
| 0.88 |
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HSBC Investor New York Tax-Free Bond Fund Class B2 |
| 1/6/98 |
|
| -3.23 |
|
| -2.43 |
|
| 2.10 |
|
| 3.69 |
|
| 3.55 |
|
| 1.63 |
|
| 1.63 |
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HSBC Investor New York Tax-Free Bond Fund Class C3 |
| 11/4/98 |
|
| -0.26 |
|
| 0.52 |
|
| 2.09 |
|
| — |
|
| 3.07 |
|
| 1.63 |
|
| 1.63 |
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HSBC Investor New York Tax-Free Bond Fund Class I |
| 7/1/96 |
|
| 1.24 |
|
| 2.53 |
|
| 3.12 |
|
| 4.42 |
|
| 4.89 |
|
| 0.63 |
|
| 0.63 |
|
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Lehman Brothers New York Tax Exempt Index4 |
| — |
|
| -0.37 |
|
| 3.41 |
|
| 4.04 |
|
| 5.22 |
|
| N/A |
|
| N/A |
|
| N/A |
|
|
Lipper New York Municipal Debt Funds Average4 |
| — |
|
| 0.15 |
|
| 0.50 |
|
| 3.24 |
|
| 4.18 |
|
| N/A |
|
| N/A |
|
| N/A |
|
|
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183.
The performance above reflects any fee waivers that have been in effect during the applicable periods, as well as any expense reimbursements that have periodically been made. Absent such waivers and reimbursements, returns would have been lower.
1 Reflects the maximum sales charge of 4.75%.
2 Reflects the contingent deferred sales charge, maximum of 4.00%.
3 Reflects the contingent deferred sales charge, maximum of 1.00%.
4 For additional information, please refer to the Glossary of Terms.
5 Reflects the expense ratio as reported in the prospectus dated February 28, 2008.
† Aggregate total return.
The Fund’s performance is measured against the Lehman Brothers New York Tax Exempt Index, an unmanaged index composed of investment-grade New York tax-exempt securities, all having a $50 million minimum maturity value. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index.
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HSBC INVESTOR FAMILY OF FUNDS | 10 |
|
Portfolio Reviews |
HSBC Investor Growth Fund |
(Class A Shares, B Shares, C Shares and I Shares) |
by Philip J. Sanders, Senior Vice President/Portfolio Manager, CFA and |
Daniel P. Becker, Senior Vice President/Portfolio Manager, CFA |
Waddell & Reed Investment Management Company |
The HSBC Investor Growth Fund (the “Fund”) seeks long-term growth of capital by investing primarily in U.S. and foreign equity securities of high quality companies with market capitalization generally in excess of $2 billion, which the subadviser believes have the potential to generate superior levels of long-term profitability and growth. The Fund utilizes a two tier structure, commonly known as a “master-feeder”, and invests all of its investable assets in the HSBC Investor Growth Portfolio (the “Portfolio”), which acts as the master fund. Effective May 12, 2008, Winslow Capital Management Inc, replaced Waddell & Reed Investment Management Company (Waddell & Reed) as subadviser.
Investment Concerns
Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.
Market Commentary
The Fund returned -8.65% (without sales charge) for the Class A Shares and -8.56% for the Class I Shares for the six month period ended April 30, 2008. That compared to a -9.28% for the Russell 1000® Growth Index1 and a -10.15% return for the Lipper Large-Cap Growth Funds Average1.
Past performance is no guarantee of future results.
Portfolio Performance
The subprime mortgage crisis evolved into a credit and liquidity crisis during this period. Those developments had a substantially adverse impact on stocks of all sizes, both the U.S. and foreign markets.
The Fund benefited from strong stock selection relative to its benchmark. Security selection added to relative returns in four of the eight economic sectors in which the Fund invested during the period. In particular, certain holdings in the materials and energy sectors boosted the Fund and helped to outperform its benchmark. Overweight positions in the health care and industrials sectors also helped relative performance.*
The Fund’s positions in the information technology, consumer discretionary and financial sectors detracted from relative performance over the period, largely due to stock selection. Growth-oriented technology stocks generally were weak during the period, likely due to a faltering economy and cutbacks in technology spending. Consumer discretionary holdings were hurt by investors’ concerns that high-energy costs, a plunging housing market and a weakening employment picture would undermine consumer spending. Financial stocks suffered due to investors’ worries about the possible extent of the subprime mortgage crisis.*
* Portfolio composition is subject to change.
1 For additional information, please refer to the Glossary of Terms.
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11 | HSBC INVESTOR FAMILY OF FUNDS |
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Portfolio Reviews |
HSBC Investor Growth Fund - As of April 30, 2008 |
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Fund Performance |
|
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|
| Average Annual |
| Expense |
| |||||||||||||
As of April 30, 2008 |
| Inception |
| Six |
| 1 |
| 3 |
| Since |
| Gross |
| Net |
| |||||||
HSBC Investor Growth Fund Class A1 |
| 5/7/045 |
|
| -13.20 |
|
| 4.81 |
|
| 10.80 |
|
| 8.18 |
|
| 1.21 |
|
| 1.20 |
|
|
HSBC Investor Growth Fund Class B2 |
| 5/7/045 |
|
| -12.47 |
|
| 5.41 |
|
| 11.32 |
|
| 8.54 |
|
| 1.96 |
|
| 1.95 |
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HSBC Investor Growth Fund Class C3 |
| 5/7/045 |
|
| -9.89 |
|
| 8.43 |
|
| 11.84 |
|
| 8.75 |
|
| 1.96 |
|
| 1.95 |
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HSBC Investor Growth Fund Class I |
| 5/7/045 |
|
| -8.56 |
|
| 10.53 |
|
| 12.97 |
|
| 9.83 |
|
| 0.96 |
|
| 0.95 |
|
|
Russell 1000® Growth Index4 |
| — |
|
| -9.28 |
|
| -0.23 |
|
| 8.86 |
|
| N/A |
|
| N/A |
|
| N/A |
|
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Lipper Large-Cap Growth Funds Average4 |
| — |
|
| -10.15 |
|
| 1.73 |
|
| 8.76 |
|
| N/A |
|
| N/A |
|
| N/A |
|
|
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183.
The performance above reflects any fee waivers that have been in effect during the applicable periods, as well as any expense reimbursements that have periodically been made. Absent such waivers and reimbursements, returns would have been lower. Currently, contractual fee waivers are in effect from March 1, 2008 through March 1, 2009.
1 Reflects the maximum sales charge of 5.00%.
2 Reflects the contingent deferred sales charge maximum of 4.00%.
3 Reflects the contingent deferred sales charge maximum of 1.00%.
4 For additional information, please refer to the Glossary of Terms.
5 The HSBC Investor Growth Fund was initially offered for purchase effective May 7, 2004, however, no shareholder activity occurred until May
10, 2004.
6 Reflects the expense ratio as reported in the prospectus dated February 28, 2008.
† Aggregate total return.
The Fund’s performance is measured against the Russell 1000® Growth Index, an unmanaged index which measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index.
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HSBC INVESTOR FAMILY OF FUNDS | 12 |
|
Portfolio Reviews |
HSBC Investor Growth and Income Fund |
(Class A Shares, B Shares, C Shares and I Shares) |
by Gary U. Rollé, CFA, Principal/Chief Investment Officer and |
Edward S. Han, Principal/Portfolio Manager and |
Transamerica Investment Management, LLC |
The HSBC Investor Growth and Income Fund (the “Fund”) seeks long-term growth of capital and current income by normally investing at least 65% of its assets in common stocks, preferred stocks, and convertible securities. The Fund may also invest in various types of fixed income securities and in money market instruments. The Fund employs Transamerica Investment Management, LLC as the subadviser to the Fund.
Investment Concerns
Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.
Bonds offer a relatively stable level of income, although bond prices will fluctuate providing the potential for principal gain or loss. Intermediate-term, higher-quality bonds generally offer less risk than longer-term bonds and a lower rate of return.
Market Commentary
The Fund returned -10.19% (without sales charge) for the Class A Shares and -10.14% for the Class I Shares for the six month period ended April 30, 2008. That compared to a -9.63% return for the Standard & Poor’s 500 Index1 and a -10.27% return for the Lipper Large-Cap Core Funds Average1.
Past performance is no guarantee of future results.
Portfolio Performance
During the period, U.S. stock markets struggled against the combined effects of a housing market correction, a credit and liquidity crisis, concerns about inflation and mounting signs of an economic slowdown. The financial services sector was particularly hard hit as companies with subprime-mortgage exposure took multibillion-dollar charges against earnings.
The Fund held an overweight position relative to its index in shares of materials and industrial firms. These companies performed well during the period, contributing to the majority of the Fund’s relative performance. An underweight position in health care and financial services stocks boosted relative performance as well, as these sectors performed poorly during the period.*
However, the Fund’s underweight position in the consumer staples and energy sectors detracted from performance against the index. Security selection in the consumer discretionary, consumer staples and energy sectors weighed on relative performance as well.*
* Portfolio composition is subject to change.
1 For additional information, please refer to the Glossary of Terms.
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13 | HSBC INVESTOR FAMILY OF FUNDS |
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Portfolio Reviews |
HSBC Investor Growth and Income Fund - As of April 30, 2008 |
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Fund Performance |
|
|
|
|
| Average Annual |
| Expense |
| |||||||||||||
As of April 30, 2008 |
| Inception |
| Six |
| 1 |
| 5 |
| Since |
| Gross |
| Net |
| |||||||
HSBC Investor Growth and Income Fund Class A1 |
| 4/12/01 |
|
| -14.68 |
|
| 0.97 |
|
| 10.35 |
|
| 2.67 |
|
| 1.32 |
|
| 1.20 |
|
|
HSBC Investor Growth and Income Fund Class B2 |
| 4/5/01 |
|
| -14.19 |
|
| 1.44 |
|
| 10.63 |
|
| 3.18 |
|
| 2.07 |
|
| 1.95 |
|
|
HSBC Investor Growth and Income Fund Class C3 |
| 11/3/03 |
|
| -11.42 |
|
| 4.48 |
|
| — |
|
| 8.92 |
|
| 2.07 |
|
| 1.95 |
|
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HSBC Investor Growth and Income Fund Class I |
| 4/2/01 |
|
| -10.14 |
|
| 6.53 |
|
| 11.72 |
|
| 4.13 |
|
| 1.07 |
|
| 0.95 |
|
|
Standard & Poor’s 500 Index4 |
| — |
|
| -9.63 |
|
| -4.68 |
|
| 10.61 |
|
| N/A |
|
| N/A |
|
| N/A |
|
|
Lipper Large-Cap Core Funds Average4 |
| — |
|
| -10.27 |
|
| -4.98 |
|
| 9.61 |
|
| N/A |
|
| N/A |
|
| N/A |
|
|
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183.
The performance above reflects any fee waivers that have been in effect during the applicable periods, as well as any expense reimbursements that have periodically been made. Absent such waivers and reimbursements, returns would have been lower. Currently, contractual fee waivers are in effect from March 1, 2008 through March 1, 2009.
1 Reflects the maximum sales charge of 5.00%.
2 Reflects the contingent deferred sales charge, maximum of 4.00%.
3 Reflects the contingent deferred sales charge, maximum of 1.00%.
4 For additional information, please refer to the Glossary of Terms.
5 Reflects the expense ratio as reported in the prospectus dated February 28, 2008.
† Aggregate total return.
The Fund’s performance is measured against the Standard & Poor’s 500 Index (“S&P 500”), an unmanaged index that is widely regarded as a gauge of the U.S. equities market, this index includes 500 leading companies in leading industries of the U.S. economy. The S&P 500 focuses on the large cap segment of the market, with approximately 75% coverage of U.S. equities. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index.
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HSBC INVESTOR FAMILY OF FUNDS | 14 |
|
Portfolio Reviews |
HSBC Investor Overseas Equity Fund
(Class A Shares, B Shares, C Shares, and I Shares)
by Kevin F. Simms
Co-CIO International Value Equities and Director of Research – Global and International Value Equities
AllianceBernstein Investment Research and Management
The HSBC Investor International Equity Fund and the HSBC Investor Overseas Equity Fund (the “Funds”) seek to provide their shareholders with long-term growth of capital and future income by investing at least 80% of its net assets in equity securities of companies organized and domiciled in developed nations outside the United States or for which the principal trading market is outside the United States, including Europe, Canada, Australia and the Far East. The Portfolio may invest up to 20% of its assets in equity securities of companies in emerging markets. The Funds employ a two-tier fund structure, known as “master-feeder,” in which the Funds invest all of their investable assets in the HSBC Investor International Equity Portfolio (the “Portfolio”). The Portfolio employs AllianceBernstein L.P. (“AllianceBernstein”), a unit of AllianceBernstein Investment Research and Management as subadviser.
The Portfolio invests primarily in equity securities of companies organized and domiciled in developed nations outside the U.S., or for which the principal trading market is outside the U.S., including Europe, Canada, Australia and the Far East.
Investment Concerns
There are risks associated with investing in foreign companies, such as erratic market conditions, economic and political instability and fluctuations in currency and exchange rates.
Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.
Market Commentary
For the six month period ended April 30, 2008, the Class I Shares (previously the Advisor Class Shares) of the HSBC Investor International Equity Fund produced a -10.82% return and the Class A Shares of the HSBC Investor Overseas Equity Fund returned -11.23% (without sales charge). That compared to a total return of -8.99% and -10.12% for the Funds’ benchmarks, the MSCI EAFE Index1 and the Lipper International Large-Cap Core Funds Average1.
Past performance is no guarantee of future results.
Portfolio Performance
Investor worries about slowing global economic growth and further repercussions from the subprime mortgage crisis dominated financial markets during the period, contributing to the Fund’s negative performance. In addition, record oil prices weighed on investor sentiment. Central banks adopted more accommodative monetary policies, lowering interest rates and pumping money into the banking system. Global stocks fell sharply near the end of the period, as a major U.S. investment-banking firm neared bankruptcy.
The Fund’s sector selection enhanced relative returns, due primarily to overweight positions in shares of industrial commodities and energy firms. Security selection in the technology and utilities sectors also added to relative returns.*
Security selection hurt the Fund’s relative performance. Selection of stocks in the capital equipment and industrial commodities sectors particularly weighed on returns relative to the index. Key detractors from performance included shares of a large U.K. mortgage lender, which declined amid investor perceptions of deteriorating conditions in the country’s housing market. Meanwhile, stocks of French capital equipment companies in the Fund’s portfolio were hurt by weakening consumer confidence and rising raw materials costs.*
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* | Portfolio composition is subject to change. |
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1 | For additional information, please refer to the Glossary of Terms. |
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15 | HSBC INVESTOR FAMILY OF FUNDS |
|
Portfolio Reviews |
HSBC Investor Overseas Equity Fund - As of April 30, 2008
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|
Fund Performance |
|
|
|
| Average Annual Total Return (%) |
| Expense |
| |||||||||||
As of April 30, 2008 | Inception |
| Six |
| 1 |
| 5 |
| 10 |
| Since |
| Gross |
| Net |
| |||
HSBC Investor International Equity Fund Class I** | 1/9/95 |
| -10.82 |
|
| -2.39 |
| 20.93 |
| 8.50 |
| 10.50 |
|
|
| 0.89 |
| 0.89 |
|
HSBC Investor Overseas Equity Fund Class A1 | 8/26/96 |
| -15.68 |
|
| -8.09 |
| 18.98 |
| 7.18 |
| 8.86 |
|
|
| 1.64 |
| 1.64 |
|
HSBC Investor Overseas Equity Fund Class B2 | 1/6/98 |
| -14.42 |
|
| -7.10 |
| 19.28 |
| 7.21 |
| 8.56 |
|
|
| 2.39 |
| 2.39 |
|
HSBC Investor Overseas Equity Fund Class C3 | 11/4/98 |
| -12.33 |
|
| -4.68 |
| 19.29 |
| — |
| 8.65 |
|
|
| 2.39 |
| 2.39 |
|
MSCI EAFE Index4 | — |
| -8.99 |
|
| -1.31 |
| 20.92 |
| 7.05 |
| N/A |
|
|
| N/A |
| N/A |
|
Lipper International Large-Cap Core Funds Average4 | — |
| -10.12 |
|
| 0.23 |
| 18.53 |
| 5.62 |
| N/A |
|
|
| N/A |
| N/A |
|
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183.
The performance above reflects any fee waivers that have been in effect during the applicable periods, as well as any expense reimbursements that have periodically been made. Absent such waivers and reimbursements, returns would have been lower.
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** | The Class I Shares represent HSBC Investor International Equity Fund and are part of the Advisor Funds Trust. |
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1 | Reflects the maximum sales charge of 5.00%. |
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2 | Reflects the contingent deferred sales charge, maximum of 4.00%. |
|
|
3 | Reflects the contingent deferred sales charge, maximum of 1.00%. |
|
|
4 | For additional information, please refer to the Glossary of Terms. |
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5 | Reflects the expense ratio as reported in the prospectus dated February 28, 2008. |
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|
† | Aggregate total return. |
The Fund’s performance is measured against the Morgan Stanley Capital International (“MSCI”) Europe, Australasia and Far East (“EAFE”) Index, an unmanaged free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. & Canada. As of June 2007 the MSCI EAFE Index consisted of the following 21 developed market country indices: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Funds’ performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index.
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HSBC INVESTOR FAMILY OF FUNDS | 16 |
|
Portfolio Reviews |
(Class A Shares, B Shares, C Shares and Class I Shares)
by Tony Y. Dong, CFA, Director, Mid-Cap Equity and Senior Portfolio Manager and
Brian S. Matuszak, CFA, Senior Equity Analyst and
Andy Y. Mui, CPA, Senior Equity Analyst
Munder Capital Management
The HSBC Investor Mid-Cap Fund (the “Fund”) seeks to achieve long-term growth of capital by investing at least 80% of its net assets in equity securities, i.e., common stocks, preferred stocks, convertible securities and rights and warrants of mid-capitalization companies. Mid-capitalization companies are those companies with market capitalization within the range of companies included in the S&P MidCap 400® Index, or within the range of companies included in the Russell Midcap Index. The Portfolio employs Munder Capital Management (“Munder”) as sub-investment adviser.
Investment Concerns
Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.
Mid capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure, and historically, their stocks have experienced a greater degree of market volatility than stocks on average.
Market Commentary
The Fund’s Class A Shares posted a return of -10.62% (without sales charge) and -10.48% for the Class I Shares (previously the Trust Class Shares) for the six month period ended April 30, 2008. That compares to -6.95% and -10.98% for the Fund’s benchmarks, the S&P MidCap 400 Index1 and the Lipper Mid-Cap Growth Funds Average1.
Past performance is no guarantee of future results.
Portfolio Performance
Stock selection was the most prominent driver of strong absolute returns. The Fund produced double-digit gains in eight- of the ten-economic sectors represented in the index, while approximately 60% of the stocks in the portfolio generated double- or triple-digit gains. Mid-cap growth stocks performed especially well during this period. Investors moved up the market cap scale from more economically sensitive small-cap stocks in favor of shares of somewhat larger companies that could produce above-average earnings in a weakening economy.*
Stock selection was essential in helping the Fund outperform the benchmark index. Selection was beneficial across most sectors. For example, shares of a video-game retailer, a bank, an energy services and equipment provider and an engineering and construction firm all tripled in value during the six-month period. Likewise, there were three additional stocks in particular that tripled value for the period, an online advertising firm, a digital mapping company, a utility software enterprise, and a medical devices maker. A larger-than-benchmark position in industrials and an underweight stake in financials also boosted relative performance.*
Stock selection within the consumer staples sector represented the largest drag on relative performance, as two of the four consumer staples stocks in the portfolio posted negative returns. Losses of those two stocks reduced the Fund’s relative gain by only 0.74 percentage points.*
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* | Portfolio composition is subject to change. |
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1 | For additional information, please refer to the Glossary of Terms. |
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17 | HSBC INVESTOR FAMILY OF FUNDS |
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Portfolio Reviews |
HSBC Investor Mid-Cap Fund - As of April 30, 2008 |
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Fund Performance |
|
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|
|
|
| Average Annual Total Return† (%) |
| Expense |
| ||||||||||||||||||||||||||||||
As of April 30, 2008 |
| Inception |
| Six |
| 1 |
| 5 |
| 10 |
| Since |
| Gross |
| Net |
| ||||||||||||||||||||||||
HSBC Investor Mid-Cap Fund Class A1 |
|
|
| 7/1/93 |
|
|
|
| -15.10 |
|
|
|
| -1.41 |
|
|
|
| 13.96 |
|
|
|
| 7.00 |
|
|
|
| 10.76 |
|
|
|
| 1.72 |
|
|
|
| 1.35 |
|
|
HSBC Investor Mid-Cap Fund Class B2 |
|
|
| 7/1/93 |
|
|
|
| -14.04 |
|
|
|
| -0.51 |
|
|
|
| 14.24 |
|
|
|
| 6.75 |
|
|
|
| 10.41 |
|
|
|
| 2.47 |
|
|
|
| 2.10 |
|
|
HSBC Investor Mid-Cap Fund Class C3 |
|
|
| 7/1/93 |
|
|
|
| -11.71 |
|
|
|
| 2.17 |
|
|
|
| 14.39 |
|
|
|
| 6.81 |
|
|
|
| 10.36 |
|
|
|
| 2.47 |
|
|
|
| 2.10 |
|
|
HSBC Investor Mid-Cap Fund Class I |
|
|
| 7/1/93 |
|
|
|
| -10.48 |
|
|
|
| 4.15 |
|
|
|
| 15.39 |
|
|
|
| 7.80 |
|
|
|
| 11.42 |
|
|
|
| 1.47 |
|
|
|
| 1.10 |
|
|
S&P MidCap 400 Index4 |
|
|
| — |
|
|
|
| -6.95 |
|
|
|
| -2.76 |
|
|
|
| 15.20 |
|
|
|
| 9.64 |
|
|
|
| N/A |
|
|
|
| N/A |
|
|
|
| N/A |
|
|
Lipper Mid-Cap Growth Funds Average4 |
|
|
| — |
|
|
|
| -10.98 |
|
|
|
| 0.59 |
|
|
|
| 13.78 |
|
|
|
| 5.59 |
|
|
|
| N/A |
|
|
|
| N/A |
|
|
|
| N/A |
|
|
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183.
The performance above reflects any fee waivers that have been in effect during the applicable periods, as well as any expense reimbursements that have periodically been made. Absent such waivers and reimbursements, returns would have been lower.
|
|
1 | Reflects the maximum sales charge of 5.00%. |
|
|
2 | Reflects the contingent deferred sales charge, maximum of 4.00%. |
|
|
3 | Reflects the contingent deferred sales charge, maximum of 1.00%. |
|
|
4 | For additional information, please refer to the Glossary of Terms. |
|
|
5 | Reflects the expense ratio as reported in the prospectus dated February 28, 2008. |
|
|
† | Aggregate total return. |
|
|
† | For periods prior to July 1, 2000, the performance shown above includes the total return (adjusted for Fund expenses) generated by HSBC Investments (USA) Inc’s management of a pooled investment vehicle called a collective investment trust (“CIT”) with the same investment objective as the Fund. The assets from that CIT were converted into the HSBC Investor Mid-Cap Fund on July 1, 2000. The CIT was not registered with the Securities & Exchange Commission (SEC) and thus was not subject to certain investment restrictions that are imposed on the Fund. If the CIT had been registered with the SEC, its performance might have been adversely affected. Performance assumes reinvestment of dividends and distributions. |
|
|
The Fund’s performance is measured against the S&P MidCap 400 Index, an unmanaged index comprised of 400 domestic stocks chosen for market size (median market capitalization of $676 million), liquidity and industry group representation. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index. |
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|
HSBC INVESTOR FAMILY OF FUNDS | 18 |
|
Portfolio Reviews |
HSBC Investor Opportunity Fund |
(Advisor, Class A Shares, B Shares and C Shares) |
by William A. Muggia |
President–Chief Investment Officer |
Westfield Capital Management |
The HSBC Investor Opportunity Fund (“the Fund”) seeks to provide its shareholders with long-term growth of capital by investing in equity securities of small cap companies. The Portfolio may also invest in bonds, notes, commercial paper, U.S. Government securities, and foreign securities. Small cap companies generally are defined as those that have market capitalizations within the range of market capitalizations represented in the Russell 2500™ Growth Index. The Portfolio may also invest in equity securities of larger, more established companies if they are expected to show increased earnings. The Funds employ a two-tier structure, commonly referred to as “master-feeder.” The Fund invest all of its investable assets in the HSBC Investor Opportunity Portfolio (the “Portfolio”). The Portfolio employs Westfield Capital Management Company, LLC as sub-investment adviser.
The Portfolio invests primarily in common stocks of small and medium-sized companies that may have the potential to become major enterprises.
Investment Concerns
Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the portfolio changes.
Small-capitalization funds typically carry additional risks since smaller companies generally have a higher risk of failure, and historically, their stocks have experienced a greater degree of market volatility than stocks on average.
Market Commentary
For the six month period ended April 30, 2008, the Class A Shares of the Fund produced a -3.00% return (without sales charge) and the Class I Shares (previously the Advisor Class Shares) produced a -2.69% return. The Funds’ benchmarks, the Russell 2500™ Growth Index1 and the Lipper Mid-Cap Growth Funds Average1, returned -11.37% and -10.98%, respectively.
Past performance is no guarantee of future results.
Portfolio Performance
Myriad macroeconomic ills plagued U.S. investors during the period. A downturn in the U.S. economy, increasing inflationary pressures and continuing tumult in the banking system weighed on the financial markets. Despite an unprecedented campaign of fiscal and monetary measures designed to alleviate the economy’s various troubles, U.S. equities posted double-digit losses across multiple economic sectors. Energy was the only economic sector to end of the six-month period in the positive territory in both the small- and mid-cap universes.
The Fund’s outperformance of its benchmark was driven in large part by healthcare, energy, and technology shares. In particular, the performance of the Fund’s health care allocation benefited from positive stock selection within pharmaceuticals, health care equipment and biotechnology. Rising crude oil prices boosted energy stocks, helping them advance to record-high levels during the first months of 2008. An overweight position in the energy sector enhanced relative results, as did selection of certain domestic natural gas and equipment and services stocks. Selection among information technology stocks boosted relative performance, in part because the Fund’s valuation discipline helped it to avoid holding some of the stocks that posted the sector’s weakest returns.*
The biggest drag on relative performance came from financials. While we believe the portfolios limited exposure to this troubled sector should have been a source of good performance, weakness in certain positions hampered the aggregate results of the Fund’s financial-sector allocation. Industrials also restrained the Fund’s results. Declines among shares of trading companies and distributors particularly weighed on returns.*
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|
* | Portfolio composition is subject to change. |
|
|
1 | For additional information, please refer to the Glossary of Terms. |
|
|
19 | HSBC INVESTOR FAMILY OF FUNDS |
|
Portfolio Reviews |
HSBC Investor Opportunity Fund - As of April 30, 2008 |
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| |
Fund Performance |
|
|
|
|
|
|
| Average Annual Total Return (%) |
| Expense |
| |||||||||||||||
As of April 30, 2008 |
| Inception |
| Six |
| 1 |
| 5 |
| 10 |
| Since |
| Gross |
| Net |
| |||||||||
HSBC Investor Opportunity Fund Class A1 |
| 9/23/96 |
|
| -7.83 |
|
| 7.34 |
|
| 17.13 |
|
| 8.24 |
|
| 10.46 |
|
| 1.77 |
|
| 1.65 |
|
| |
HSBC Investor Opportunity Fund Class B2 |
| 1/6/98 |
|
| -5.78 |
|
| 9.29 |
|
| 17.43 |
|
| 8.32 |
|
| 9.89 |
|
| 2.52 |
|
| 2.40 |
|
| |
HSBC Investor Opportunity Fund Class C3 |
| 11/4/98 |
|
| -3.95 |
|
| 11.46 |
|
| 17.46 |
|
| — |
|
| 10.59 |
|
| 2.52 |
|
| 2.40 |
|
| |
HSBC Investor Opportunity Fund Class I** |
| 9/3/96 |
|
| -2.69 |
|
| 12.31 |
|
| 18.71 |
|
| 9.32 |
|
| 12.23 |
|
| 1.03 |
|
| 1.03 |
|
| |
Russell 2500™ Growth Index4 |
| — |
|
| -11.37 |
|
| -3.56 |
|
| 14.88 |
|
| 4.79 |
|
| N/A |
|
| N/A |
|
| N/A |
|
| |
Lipper Mid-Cap Growth Funds Average4 |
| — |
|
| -10.98 |
|
| 0.59 |
|
| 13.78 |
|
| 5.59 |
|
| N/A |
|
| N/A |
|
| N/A |
|
| |
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183.
The performance above reflects any fee waivers that have been in effect during the applicable periods, as well as any expense reimbursements that have periodically been made. Absent such waivers and reimbursements, returns would have been lower. Currently, contractual fee waivers are in effect from March 1, 2008 through March 1, 2009.
|
|
** | The Class I Shares of the HSBC Investor Opportunity Fund are part of the Advisor Funds Trust. |
|
|
1 | Reflects the maximum sales charge of 5.00%. |
|
|
2 | Reflects the contingent deferred sales charge, maximum of 4.00%. |
|
|
3 | Reflects the contingent deferred sales charge, maximum of 1.00%. |
|
|
4 | For additional information, please refer to the Glossary of Terms. |
|
|
5 | Reflects the expense ratio as reported in the prospectus dated February 28, 2008. |
|
|
† | Aggregate total return. |
The Fund’s performance is measured against the Russell 2500™ Growth Index, an unmanaged index which measures the performance of the small to mid-cap growth segment of the U.S. equity universe. It includes those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. The performance for the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index.
|
|
HSBC INVESTOR FAMILY OF FUNDS | 20 |
|
Portfolio Reviews |
HSBC Investor Value Fund |
(Class A Shares, B Shares, C Shares and I Shares) |
by Jon D. Bosse, CFA |
Chief Investment Officer |
NWQ Investment Management Co., LLC |
The HSBC Investor Value Fund (the “Fund”) seeks long-term growth of capital and income by investing primarily in U.S. and foreign companies with large and medium capitalizations that possess hidden opportunities underpriced by the market. The Fund utilizes a two tier structure, commonly known as a “master-feeder” and invests all of its investable assets in the HSBC Investor Value Portfolio (the “Portfolio”), which acts as the master fund. The Portfolio employs NWQ Investment Management Company, LLC (“NWQ”) as subadviser.
Investment Concerns
Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.
Equity securities (stocks) are more volatile and carry more risk than other forms of investments, including investments in high-grade fixed income securities. The net asset value per share of this Fund will fluctuate as the value of the securities in the Portfolio changes.
Market Commentary
The Fund returned -15.17% (without sales charge) for the Class A Shares and -10.60% for the Class I Shares for the six month period ended April 30, 2008. That compared to a -9.83% return for the Russell 1000® Value Index1 and a -11.08% return for the Lipper Multi-Cap Value Funds Average1.
Past performance is no guarantee of future results.
Portfolio Performance
Equity markets declined, both in the United States and worldwide, due to concerns about the outlook for the global economy and the unprecedented deterioration in the credit markets. Value stocks generally outperformed growth stocks, while U.S. equity markets demonstrated tremendous volatility. Stock prices appreciated materially near the end of the period—particularly among financial stocks—following the Federal Reserve’s aggressive actions to lower key interest rates.
The Fund’s absolute return was enhanced by strong performance from energy shares. Energy stocks performed well due to appreciation in oil prices and increasing production profiles. Select stocks in the steel and transportation industries also contributed to the Fund’s absolute return. The Fund’s exposure to the financial sector negatively influenced performance, as uncertainty about the extent of the problems related to the subprime mortgage crisis adversely affected stock prices within the sector.*
Although the Fund’s underweight position in the lagging financial sector helped performance relative to the index, selection among financial stocks caused the Fund’s allocation to that sector to weigh on relative returns. All but one of the Fund’s financial holdings declined in value during the period. An overweight position in the technology sector also hurt performance against the index, as technology shares were weighed down by concerns that continued economic weakness could lead to reduced corporate and consumer technology spending.*
|
|
* | Portfolio composition is subject to change. |
|
|
1 | For additional information, please refer to the Glossary of Terms. |
|
|
21 | HSBC INVESTOR FAMILY OF FUNDS |
|
Portfolio Reviews |
HSBC Investor Value Fund - As of April 30, 2008 |
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fund Performance |
|
|
|
|
|
|
| Average Annual |
| Expense |
| |||||||||||
As of April 30, 2008 |
| Inception |
| Six |
| 1 |
| 3 |
| Since |
| Gross |
| Net |
| |||||||
HSBC Investor Value Fund Class A1 |
|
| 5/7/045 |
| -15.17 |
|
| -14.54 |
|
| 7.05 |
|
| 8.63 |
|
| 1.24 |
|
| 1.20 |
|
|
HSBC Investor Value Fund Class B2 |
|
| 5/7/045 |
| -14.28 |
|
| -13.96 |
|
| 7.52 |
|
| 9.02 |
|
| 1.99 |
|
| 1.95 |
|
|
HSBC Investor Value Fund Class C3 |
|
| 5/7/045 |
| -11.88 |
|
| -11.54 |
|
| 8.06 |
|
| 9.20 |
|
| 1.99 |
|
| 1.95 |
|
|
HSBC Investor Value Fund Class I |
|
| 5/7/045 |
| -10.60 |
|
| -9.80 |
|
| 9.13 |
|
| 10.32 |
|
| 0.99 |
|
| 0.95 |
|
|
Russell 1000® Value Index4 |
|
| — |
| -9.83 |
|
| -8.97 |
|
| 8.36 |
|
| N/A |
|
| N/A |
|
| N/A |
|
|
Lipper Multi-Cap Value Funds Average4 |
|
| — |
| -11.08 |
|
| -10.13 |
|
| 7.22 |
|
| N/A |
|
| N/A |
|
| N/A |
|
|
Past performance does not guarantee future results. The performance data quoted represents past performance and current returns may be lower or higher. Total return figures include change in share price, reinvestment of dividends and capital gains and do not reflect the taxes that a shareholder would pay on fund distributions or on the redemption of fund shares. The investment return and principal value will fluctuate so that an investor’s shares, when redeemed may be worth more or less than the original cost. To obtain performance information current to the most recent month end, please call 1-800-782-8183.
The performance above reflects any fee waivers that have been in effect during the applicable periods, as well as any expense reimbursements that have periodically been made. Absent such waivers and reimbursements, returns would have been lower. Currently, contractual fee waivers are in effect from March 1, 2008 through March 1, 2009.
|
|
1 | Reflects the maximum sales charge of 5.00%. |
|
|
2 | Reflects the contingent deferred sales charge, maximum of 4.00%. |
|
|
3 | Reflects the contingent deferred sales charge, maximum of 1.00%. |
|
|
4 | For additional information, please refer to the Glossary of Terms. |
|
|
5 | The HSBC Investor Value Fund was initially offered for purchase effective May 7, 2004, however, no shareholder activity occurred until May 10, 2004. |
|
|
6 | Reflects the expense ratio as reported in the prospectus dated February 28, 2008. |
|
|
† | Aggregate total return. |
The Fund’s performance is measured against the Russell 1000® Value Index, an unmanaged index which measures the performance of the large-cap growth segment of the U.S. equity universe. It includes those Russell 1000 companies with higher price-to-book ratios and higher forecasted growth values. The performance of the index does not reflect the deduction of expenses associated with a mutual fund, such as investment management and fund accounting fees. The Fund’s performance reflects the deduction of fees for these value-added services. Investors cannot invest directly in an index.
|
|
HSBC INVESTOR FAMILY OF FUNDS | 22 |
|
Portfolio Reviews |
April 30, 2008 |
(Unaudited) |
|
|
|
|
|
HSBC Investor Core Plus Fixed Income Portfolio |
|
|
|
|
Investment Allocation |
| Percentage of Investments at Value |
| |
Corporate Bonds |
| 27.6 | % |
|
| ||||
Mortgage Backed Securities |
| 23.5 | % |
|
| ||||
U.S. Treasury Securities |
| 13.9 | % |
|
| ||||
Commercial Mortgage Backed Securities |
| 10.3 | % |
|
| ||||
Cash and Equivalents |
| 9.4 | % |
|
| ||||
Asset Backed Securities |
| 7.8 | % |
|
| ||||
Collateralized Mortgage Obligations |
| 5.0 | % |
|
| ||||
Foreign Bond |
| 2.5 | % |
|
| ||||
Total |
| 100.0 | % |
|
|
|
|
|
|
|
HSBC Investor High Yield Fixed Income Portfolio |
|
|
|
|
Investment Allocation |
| Percentage of Investments at Value |
| |
Corporate Bonds |
| 98.0 | % |
|
| ||||
Cash and Equivalents |
| 2.0 | % |
|
| ||||
Common Stock |
| 0.0 | % |
|
| ||||
Total |
| 100.0 | % |
|
|
|
|
|
|
|
HSBC Investor Intermediate Duration Fixed Income Portfolio |
|
|
|
|
Investment Allocation |
| Percentage of Investments at Value |
| |
Mortgage Backed Securities |
| 27.0 | % |
|
Corporate Bond |
| 26.5 | % |
|
U.S. Treasury Securities |
| 11.4 | % |
|
Commercial Mortgage Backed Securities |
| 10.0 | % |
|
Asset Backed Securities |
| 7.5 | % |
|
Cash and Equivalents |
| 7.5 | % |
|
Collateralized Mortgage Obligations |
| 6.3 | % |
|
Foreign Bond |
| 3.8 | % |
|
Total |
| 100.0 | % |
|
|
|
|
|
|
HSBC Investor New York Tax-Free Bond Fund |
|
|
|
|
Investment Allocation |
| Percentage of Investments at Value |
| |
Municipal Bonds |
| 95.4 | % |
|
Cash and Equivalents |
| 4.6 | % |
|
Total |
| 100.0 | % |
|
|
|
|
|
|
HSBC Investor Growth Portfolio |
|
|
|
|
Investment Allocation |
| Percentage of Investments at Value |
| |
Information Technology |
| 18.7 | % |
|
Health Care |
| 18.0 | % |
|
Industrials |
| 20.2 | % |
|
Consumer Staples |
| 11.2 | % |
|
Consumer Discretionary |
| 4.9 | % |
|
Financials |
| 7.7 | % |
|
Energy |
| 9.5 | % |
|
Materials |
| 4.4 | % |
|
Cash and Equivalents |
| 5.4 | % |
|
Total |
| 100.0 | % |
|
|
|
|
|
|
HSBC Investor Growth and Income Fund |
|
|
|
|
Investment Allocation |
| Percentage of Investments at Value |
| |
Information Technology |
| 24.4 | % |
|
Industrials |
| 24.1 | % |
|
Consumer Discretionary |
| 16.9 | % |
|
Financials |
| 13.7 | % |
|
Materials |
| 6.5 | % |
|
Energy |
| 1.1 | % |
|
Consumer Staples |
| 3.6 | % |
|
Telecommunications |
| 3.3 | % |
|
Health Care |
| 3.8 | % |
|
Cash and Equivalents |
| 2.6 | % |
|
Total |
| 100.0 | % |
|
|
|
|
|
|
HSBC International Equity Portfolio |
|
|
|
|
Investment Allocation |
| Percentage of Investments at Value |
| |
Europe |
| 65.2 | % |
|
Japan |
| 21.8 | % |
|
Australia & Far East |
| 6.1 | % |
|
Canada |
| 4.8 | % |
|
Other |
| 1.5 | % |
|
Cash and Equivalents |
| 0.6 | % |
|
Total |
| 100.0 | % |
|
* Portfolio composition is subject to change.
|
|
23 | HSBC INVESTOR FAMILY OF FUNDS |
|
Portfolio Reviews |
Portfolio Composition* |
|
|
|
|
HSBC Investor Mid-Cap Fund | |||
Investment Allocation |
| Percentage of Investments at Value | |
Industrials |
| 16.3 | % |
Information Technology |
| 9.8 | % |
Consumer Discretionary |
| 12.6 | % |
Financials |
| 15.7 | % |
Health Care |
| 10.8 | % |
Materials |
| 9.1 | % |
Energy |
| 8.5 | % |
Utilities |
| 7.6 | % |
Consumer Staples |
| 3.3 | % |
Business Services |
| 3.9 | % |
Cash & Equivalents |
| 1.3 | % |
Telecommunications |
| 1.1 | % |
Total |
| 100.0 | % |
|
|
|
|
HSBC Investor Opportunity Portfolio |
|
|
|
Investment Allocation |
| Percentage of Investments at Value | |
Health Care |
| 23.4 | % |
Information Technology |
| 17.2 | % |
Industrials |
| 15.3 | % |
Energy |
| 15.2 | % |
Consumer Discretionary |
| 12.6 | % |
Business Services |
| 7.4 | % |
Cash and Equivalents |
| 4.6 | % |
Financials |
| 2.2 | % |
Consumer Staples |
| 2.1 | % |
Total |
| 100.0 | % |
|
|
|
|
HSBC Investor Value Portfolio |
|
|
|
Investment Allocation |
| Percentage of Investments at Value | |
Financials |
| 19.6 | % |
Energy |
| 14.1 | % |
Industrials |
| 11.3 | % |
Information Technology |
| 10.4 | % |
Consumer Discretionary |
| 9.0 | % |
Consumer Staples |
| 7.1 | % |
Materials |
| 6.8 | % |
Health Care |
| 5.4 | % |
Cash |
| 5.3 | % |
Telecommunication Services |
| 4.8 | % |
Miscellaneous |
| 3.1 | % |
Transportation |
| 3.1 | % |
Total |
| 100.0 | % |
* Portfolio composition is subject to change.
|
|
HSBC INVESTOR FAMILY OF FUNDS | 24 |
|
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) |
|
Variable Rate Demand Note – 1.7% |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
New York – 1.7% |
|
|
|
|
|
|
|
Long Island Power Authority Electrical Systems |
|
| 1,000,000 |
|
| 1,000,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL VARIABLE RATE DEMAND NOTES (COST $1,000,000) |
|
|
|
|
| 1,000,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Municipal Bonds – 92.7% |
|
|
|
|
|
|
|
New York – 81.3% |
|
|
|
|
|
|
|
Buffalo, New York Fiscal Stability Authority |
|
| 500,000 |
|
| 551,430 |
|
Long Island Power Authority Electrical |
|
| 500,000 |
|
| 515,465 |
|
Metropolitan Transportation Authority Revenue |
|
|
|
|
|
|
|
5.25%, 11/15/11 |
|
| 1,000,000 |
|
| 1,068,770 |
|
5.75%, 7/1/13, Escrowed to Maturity |
|
| 285,000 |
|
| 305,617 |
|
5.50%, 1/1/19, (MBIA Insured), Callable |
|
| 480,000 |
|
| 510,974 |
|
5.50%, 11/15/19, (FGIC Insured) |
|
| 1,000,000 |
|
| 1,114,330 |
|
5.00%, 11/15/32, (FSA Insured), Callable |
|
| 1,625,000 |
|
| 1,648,010 |
|
Monroe County Airport Authority Revenue |
|
|
|
|
|
|
|
5.63%, 1/1/10, AMT, (MBIA Insured) |
|
| 1,240,000 |
|
| 1,277,820 |
|
5.75%, 1/1/14, AMT, (MBIA Insured) |
|
| 750,000 |
|
| 799,875 |
|
New York City GO, 5.25%, 8/1/11 |
|
|
|
|
|
|
|
5.25%, 8/1/11 |
|
| 1,000,000 |
|
| 1,068,610 |
|
5.00%, 8/1/14 |
|
| 200,000 |
|
| 215,740 |
|
5.00%, 8/1/15 |
|
| 325,000 |
|
| 350,636 |
|
5.00%, 8/1/17 |
|
| 500,000 |
|
| 537,160 |
|
Series C, 5.00%, 8/1/16, (MBIA-IBC Insured), |
|
| 500,000 |
|
| 543,145 |
|
New York City Housing Development Corp. |
|
|
|
|
|
|
|
Revenue, 5.60%, 11/1/19, AMT, Callable |
|
| 100,000 |
|
| 101,995 |
|
New York City IDA Civic Facility Revenue, |
|
| 1,000,000 |
|
| 1,050,360 |
|
New York City IDA Revenue, Queens |
|
| 550,000 |
|
| 582,076 |
|
New York City IDA Special Facility Revenue, |
|
| 1,000,000 |
|
| 1,011,190 |
|
New York City Municipal Water Finance |
|
|
|
|
|
|
|
5.00%, 6/15/34, Callable 6/15/13 @ 100 |
|
| 1,250,000 |
|
| 1,265,700 |
|
5.00%, 6/15/36, Callable 12/15/14 @ 100 |
|
| 1,000,000 |
|
| 1,014,580 |
|
New York City Transitional Finance Authority |
|
|
|
|
|
|
|
5.00%, 7/15/18, (FGIC Insured), Callable |
|
| 550,000 |
|
| 593,390 |
|
5.00%, 7/15/36, (FGIC Insured), Callable |
|
| 1,000,000 |
|
| 1,015,450 |
|
|
Municipal Bonds, continued |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
New York, continued |
|
|
|
|
|
|
|
New York City Transitional Finance Authority |
|
|
|
|
|
|
|
5.25%, 5/1/17, Callable 5/1/11 @ 100 |
|
| 400,000 |
|
| 423,348 |
|
5.25%, 2/1/29, Callable 2/1/11 @ 100 |
|
| 1,540,000 |
|
| 1,611,333 |
|
New York State Dormitory Authority Revenue, |
|
| 350,000 |
|
| 368,883 |
|
New York State Dormitory Authority Revenue, |
|
| 500,000 |
|
| 542,950 |
|
New York State Dormitory Authority Revenue, |
|
| 1,250,000 |
|
| 1,307,262 |
|
New York State Dormitory Authority Revenue, |
|
| 1,000,000 |
|
| 1,059,710 |
|
New York State Dormitory Authority Revenue, |
|
|
|
|
|
|
|
6.50%, 8/15/11 |
|
| 225,000 |
|
| 250,205 |
|
5.00%, 2/15/15, (FGIC Insured) |
|
| 1,245,000 |
|
| 1,332,399 |
|
New York State Dormitory Authority Revenue, |
|
| 750,000 |
|
| 793,507 |
|
New York State Dormitory Authority Revenue, |
|
| 500,000 |
|
| 569,305 |
|
New York State Dormitory Authority Revenue, |
|
| 1,460,000 |
|
| 1,557,397 |
|
New York State Dormitory Authority Revenue, |
|
| 500,000 |
|
| 507,210 |
|
New York State Dormitory Authority Revenue, |
|
| 1,300,000 |
|
| 1,428,167 |
|
New York State Dormitory Authority Revenue, |
|
| 1,000,000 |
|
| 1,031,850 |
|
New York State Dormitory Authority Revenue, |
|
| 1,000,000 |
|
| 1,044,260 |
|
New York State Dormitory Authority Revenue, |
|
| 500,000 |
|
| 512,695 |
|
New York State Environmental Facilities Corp. |
|
|
|
|
|
|
|
5.70%, 1/15/14, Callable 7/15/09 @ 101 |
|
| 415,000 |
|
| 433,621 |
|
5.70%, 1/15/14 |
|
| 15,000 |
|
| 15,778 |
|
New York State Mortgage Agency Revenue, |
|
| 1,000,000 |
|
| 1,014,080 |
|
New York State Municipal Bond Bank Revenue, |
|
| 850,000 |
|
| 932,178 |
|
New York State Thruway Authority Revenue, |
|
|
|
|
|
|
|
5.00%, 3/15/19, (MBIA Insured), |
|
| 1,400,000 |
|
| 1,456,350 |
|
5.00%, 3/15/21, (MBIA Insured), |
|
| 500,000 |
|
| 514,780 |
|
|
|
|
25 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR NEW YORK TAX - FREE BOND FUND |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
Municipal Bonds, continued |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
New York, continued |
|
|
|
|
|
|
|
New York State Thruway Authority Revenue, |
|
|
|
|
|
|
|
5.00%, 4/1/22, (MBIA Insured), |
|
| 1,000,000 |
|
| 1,043,890 |
|
New York State Thruway Authority Revenue, |
|
| 1,000,000 |
|
| 1,077,200 |
|
New York State Urban Development Corp. |
|
|
|
|
|
|
|
6.50%, 1/1/09, (MBIA Insured) |
|
| 500,000 |
|
| 515,585 |
|
5.75%, 4/1/12 |
|
| 500,000 |
|
| 548,050 |
|
5.00%, 3/15/21, (FSA Insured), |
|
| 1,000,000 |
|
| 1,052,410 |
|
5.13%, 1/1/22, Callable 7/1/14 @ 100 |
|
| 885,000 |
|
| 918,798 |
|
5.13%, 1/1/25, Prerefunded 1/1/11 @ 100 |
|
| 175,000 |
|
| 186,505 |
|
Onondaga County, Water Authority Revenue |
|
|
|
|
|
|
|
5.00%, 9/15/14, (FSA Insured), |
|
| 300,000 |
|
| 317,157 |
|
5.00%, 9/15/15, (FSA Insured), |
|
| 665,000 |
|
| 701,455 |
|
Port Authority of New York & New Jersey |
|
|
|
|
|
|
|
5.00%, 9/1/27, Callable 9/1/13 @ 100 |
|
| 795,000 |
|
| 816,552 |
|
5.38%, 3/1/28 |
|
| 1,100,000 |
|
| 1,185,965 |
|
Port Authority of New York & New Jersey |
|
|
|
|
|
|
|
Special Obligation Revenue, 5.75%, 12/1/22, |
|
| 500,000 |
|
| 501,470 |
|
Suffolk County, New York GO |
|
|
|
|
|
|
|
5.25%, 5/1/12, (FSA Insured) |
|
| 515,000 |
|
| 560,629 |
|
5.25%, 5/1/15, (FSA Insured) |
|
| 100,000 |
|
| 111,905 |
|
Syracuse Industrial Development Agency |
|
| 1,000,000 |
|
| 927,940 |
|
Tobacco Settlement Financing Corp., |
|
| 1,000,000 |
|
| 1,043,770 |
|
Webster, Central School District GO, |
|
| 500,000 |
|
| 548,605 |
|
Yonkers, New York, 5.00%, 12/1/14, |
|
| 750,000 |
|
| 814,950 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 48,722,427 |
|
|
|
|
|
|
| ||
Puerto Rico – 11.4% |
|
|
|
|
|
|
|
Puerto Rico Commonwealth, Highway & |
|
|
|
|
|
|
|
5.00%, 9/15/17, (MBIA Insured), |
|
| 1,000,000 |
|
| 1,050,890 |
|
5.00%, 7/1/35, Prerefunded 7/1/15 @ 100 |
|
| 1,340,000 |
|
| 1,480,727 |
|
Puerto Rico Electric Power Authority Power |
|
| 1,000,000 |
|
| 1,061,690 |
|
Puerto Rico Municipal Finance Agency |
|
| 995,000 |
|
| 1,017,815 |
|
Puerto Rico Public Buildings Authority |
|
|
|
|
|
|
|
5.25%, 7/1/33, (Commonwealth Guaranteed), |
|
| 10,000 |
|
| 10,940 |
|
5.25%, 7/1/33, (Commonwealth Guaranteed), |
|
| 690,000 |
|
| 667,499 |
|
|
Municipal Bonds, continued |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Puerto Rico, continued |
|
|
|
|
|
|
|
Puerto Rico Public Finance Corp. Revenue |
|
|
|
|
|
|
|
5.25%, 8/1/29, (MBIA Insured), |
|
| 1,000,000 |
|
| 1,024,900 |
|
5.38%, 6/1/18, (AMBAC Insured) |
|
| 500,000 |
|
| 534,300 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,848,761 |
|
|
|
|
|
|
| ||
TOTAL MUNICIPAL BONDS |
|
|
|
|
| 55,571,188 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Investment Companies – 4.5% |
|
|
|
|
|
|
|
BlackRock Liquidity New York Money Fund |
|
| 2,711,423 |
|
| 2,711,423 |
|
Northern Institutional Diversified Assets |
|
| 15,210 |
|
| 15,210 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENT COMPANIES |
|
|
|
|
| 2,726,633 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS |
|
|
|
|
| 59,297,821 |
|
|
|
|
|
|
|
|
|
|
(a) | Variable rate security. The interest rates on these securities are adjusted periodically to reflect then-current short-term interest rates. The rates presented represent the rates in effect on April 30, 2008. The maturity dates presented reflect the final maturity dates. However, some of these securities may contain put or demand features that allow the fund to require the issuer to repurchase the security from the fund within various time periods, including daily, weekly, monthly, or semi-annually. |
|
|
(b) | The rates presented represent the annualized one day yield that was in effect on April 30, 2008. |
|
|
AMBAC | — American Municipal Bond Assurance Corp. |
AMT | — Interest on security is subject to federal alternative minimum tax |
FGIC | — Financial Guaranty Insurance Co. |
FSA | — Financial Security Assurance |
GO | — General Obligation |
IDA | — Industrial Development Agency |
LOC | — Letter of Credit |
MBIA | — Municipal Bond Insurance Association |
XLCA | — XL Capital Assurance |
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 26 |
|
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) |
|
Common Stocks – 97.4% |
|
|
|
|
|
|
|
|
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Advertising – 0.6% |
|
|
|
|
|
|
|
Lamar Advertising Co. (a) |
|
| 6,400 |
|
| 253,056 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Aerospace & Defense – 4.8% |
|
|
|
|
|
|
|
The Boeing Co. |
|
| 11,500 |
|
| 975,890 |
|
United Technologies Corp. |
|
| 12,900 |
|
| 934,863 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,910,753 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Automotive & Transport – 11.4% |
|
|
|
|
|
|
|
BorgWarner, Inc. |
|
| 30,000 |
|
| 1,474,500 |
|
DaimlerChrysler AG |
|
| 9,600 |
|
| 743,232 |
|
Johnson Controls, Inc. |
|
| 32,000 |
|
| 1,128,320 |
|
PACCAR, Inc. |
|
| 25,000 |
|
| 1,183,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,529,052 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Chemicals – 6.5% |
|
|
|
|
|
|
|
Ecolab, Inc. |
|
| 19,400 |
|
| 891,624 |
|
Monsanto Co. |
|
| 7,800 |
|
| 889,356 |
|
Sigma-Aldrich Corp. |
|
| 14,000 |
|
| 798,280 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,579,260 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computer Software – 7.4% |
|
|
|
|
|
|
|
Adobe Systems, Inc. (a) |
|
| 15,500 |
|
| 577,995 |
|
Electronic Arts, Inc. (a) |
|
| 19,400 |
|
| 998,518 |
|
Intuit, Inc. (a) |
|
| 14,200 |
|
| 382,974 |
|
Salesforce.com, Inc. (a) |
|
| 14,499 |
|
| 967,518 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,927,005 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Computers – 8.9% |
|
|
|
|
|
|
|
Apple, Inc. (a) |
|
| 13,000 |
|
| 2,261,350 |
|
Hewlett-Packard Co. |
|
| 14,200 |
|
| 658,170 |
|
Intel Corp. |
|
| 27,400 |
|
| 609,924 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,529,444 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Consumer Products – 4.3% |
|
|
|
|
|
|
|
Nike, Inc., Class B |
|
| 19,500 |
|
| 1,302,600 |
|
PepsiCo, Inc. |
|
| 5,800 |
|
| 397,474 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,700,074 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Diversified Manufacturing Operations – 17.5% |
|
|
|
|
|
|
|
Caterpillar, Inc. |
|
| 12,000 |
|
| 982,560 |
|
Donaldson Co., Inc. |
|
| 15,500 |
|
| 674,870 |
|
Jacobs Engineering Group, Inc. (a) |
|
| 18,500 |
|
| 1,597,105 |
|
Kennametal, Inc. |
|
| 27,800 |
|
| 966,606 |
|
Plum Creek Timber Co., Inc. |
|
| 18,400 |
|
| 751,456 |
|
Tyco Electronics Ltd. |
|
| 26,000 |
|
| 972,660 |
|
W. W. Grainger, Inc. |
|
| 11,600 |
|
| 1,005,836 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,951,093 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Electronic Components & Semiconductors – 1.1% |
|
|
|
|
|
|
|
NVIDIA Corp. (a) |
|
| 22,500 |
|
| 462,375 |
|
|
|
|
|
|
|
|
Common Stocks, continued |
|
|
|
|
|
|
|
|
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Financial Services – 11.8% |
|
|
|
|
|
|
|
American Express Co. |
|
| 7,800 |
|
| 374,556 |
|
Ameriprise Financial, Inc. |
|
| 7,000 |
|
| 332,430 |
|
BlackRock, Inc. |
|
| 3,600 |
|
| 726,444 |
|
CME Group, Inc. |
|
| 2,300 |
|
| 1,052,135 |
|
JP Morgan Chase & Co. |
|
| 8,900 |
|
| 424,085 |
|
T. Rowe Price Group, Inc. |
|
| 18,500 |
|
| 1,083,360 |
|
The Charles Schwab Corp. |
|
| 31,800 |
|
| 686,880 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,679,890 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Health Care – 3.8% |
|
|
|
|
|
|
|
Becton, Dickinson and Co. |
|
| 6,000 |
|
| 536,400 |
|
Hologic, Inc. (a) |
|
| 18,000 |
|
| 525,420 |
|
Zimmer Holdings, Inc. (a) |
|
| 6,000 |
|
| 444,960 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,506,780 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Internet Related – 3.6% |
|
|
|
|
|
|
|
Google, Inc., Class A (a) |
|
| 2,500 |
|
| 1,435,725 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Media – 2.4% |
|
|
|
|
|
|
|
The Walt Disney Co. |
|
| 30,000 |
|
| 972,900 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil & Gas – 1.1% |
|
|
|
|
|
|
|
Schlumberger Ltd. |
|
| 4,300 |
|
| 432,365 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Retail – 4.8% |
|
|
|
|
|
|
|
Amazon.com, Inc. (a) |
|
| 5,000 |
|
| 393,150 |
|
Costco Wholesale Corp. |
|
| 9,000 |
|
| 641,250 |
|
Nordstrom, Inc. |
|
| 13,000 |
|
| 458,380 |
|
Walgreen Co. |
|
| 11,500 |
|
| 400,775 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,893,555 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Telecommunications – 4.3% |
|
|
|
|
|
|
|
QUALCOMM, Inc. |
|
| 9,000 |
|
| 388,710 |
|
Verizon Communications, Inc. |
|
| 34,000 |
|
| 1,308,320 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,697,030 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Transportation – 3.1% |
|
|
|
|
|
|
|
Burlington Northern Santa Fe Corp. |
|
| 6,500 |
|
| 666,575 |
|
Expeditors International of Washington, Inc. |
|
| 12,500 |
|
| 582,375 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,248,950 |
|
|
|
|
|
|
| ||
TOTAL COMMON STOCKS |
|
|
|
|
| 38,709,307 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Investment Company – 2.6% |
|
|
|
|
|
|
|
Northern Institutional Diversified |
|
|
|
|
|
|
|
Assets Portfolio, Shares class, |
|
| 1,013,743 |
|
| 1,013,743 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENT COMPANY |
|
|
|
|
| 1,013,743 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS |
|
|
|
|
| 39,723,050 |
|
|
|
|
|
|
|
|
|
Percentages indicated are based on net assets of $39,735,962. | |
|
|
(a) | Represents non-income producing security. |
|
|
(b) | The rates presented represent the annualized one day yield that was in effect on April 30, 2008. |
|
|
|
27 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
Common Stocks – 97.7% |
|
|
|
|
|
|
|
| |||||||
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Advertising – 0.5% |
|
|
|
|
|
|
|
Lamar Advertising Co. (a) |
|
| 3,625 |
|
| 143,333 |
|
|
|
|
|
|
| ||
Aerospace & Defense – 2.3% |
|
|
|
|
|
|
|
L-3 Communications Holdings, Inc. |
|
| 5,500 |
|
| 612,975 |
|
|
|
|
|
|
| ||
Agricultural Chemicals – 2.9% |
|
|
|
|
|
|
|
Compass Minerals International, Inc. |
|
| 6,150 |
|
| 387,450 |
|
Syngenta AG ADR |
|
| 6,375 |
|
| 377,272 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 764,722 |
|
|
|
|
|
|
| ||
Banking – 1.3% |
|
|
|
|
|
|
|
HDFC Bank Ltd. ADR |
|
| 3,125 |
|
| 352,500 |
|
|
|
|
|
|
| ||
Biotechnology – 1.9% |
|
|
|
|
|
|
|
BioMarin Pharmaceuticals, Inc. (a) |
|
| 13,800 |
|
| 503,148 |
|
|
|
|
|
|
| ||
Business Services – 1.1% |
|
|
|
|
|
|
|
Fidelity National Information Services, Inc. |
|
| 6,300 |
|
| 227,178 |
|
Morningstar, Inc. (a) |
|
| 1,050 |
|
| 60,879 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 288,057 |
|
|
|
|
|
|
| ||
Chemicals – 5.3% |
|
|
|
|
|
|
|
Airgas, Inc. |
|
| 9,400 |
|
| 452,422 |
|
FMC Corp. |
|
| 9,450 |
|
| 593,271 |
|
Praxair, Inc. |
|
| 4,125 |
|
| 376,654 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,422,347 |
|
|
|
|
|
|
| ||
Commercial Services – 2.6% |
|
|
|
|
|
|
|
IHS, Inc., Class A (a) |
|
| 5,850 |
|
| 386,393 |
|
Ritchie Brothers Auctioneers, Inc. ADR |
|
| 12,675 |
|
| 316,241 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 702,634 |
|
|
|
|
|
|
| ||
Communications – 1.7% |
|
|
|
|
|
|
|
CommScope, Inc. (a) |
|
| 9,650 |
|
| 458,857 |
|
|
|
|
|
|
| ||
Computer Services – 2.9% |
|
|
|
|
|
|
|
Cognizant Technology Solutions Corp. (a) |
|
| 9,025 |
|
| 291,056 |
|
FactSet Research Systems, Inc. |
|
| 2,600 |
|
| 156,078 |
|
Wright Express Corp. (a) |
|
| 9,825 |
|
| 324,225 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 771,359 |
|
|
|
|
|
|
| ||
Computer Software – 3.1% |
|
|
|
|
|
|
|
Akamai Technologies, Inc. (a) |
|
| 5,150 |
|
| 184,216 |
|
Blackbaud, Inc. |
|
| 12,750 |
|
| 299,497 |
|
MICROS Systems, Inc. (a) |
|
| 7,600 |
|
| 270,940 |
|
VASCO Data Security International, Inc. (a) |
|
| 5,125 |
|
| 51,711 |
|
VeriFone Holdings, Inc. (a) |
|
| 2,200 |
|
| 24,618 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 830,982 |
|
|
|
|
|
|
| ||
Computers – 0.9% |
|
|
|
|
|
|
|
Logitech International S.A. (a) |
|
| 8,400 |
|
| 253,428 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks, continued |
|
|
|
|
|
|
|
| |||||||
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Construction & Engineering – 1.5% |
|
|
|
|
| ||
McDermott International, Inc. (a) |
|
| 7,575 |
|
| 405,869 |
|
|
|
|
|
|
| ||
Consumer Products – 2.9% |
|
|
|
|
|
|
|
Church & Dwight Co., Inc. |
|
| 3,800 |
|
| 215,916 |
|
Gildan Activewear, Inc. (a) |
|
| 6,825 |
|
| 175,607 |
|
Tempur-Pedic International, Inc. |
|
| 9,950 |
|
| 110,545 |
|
Tupperware Brands Corp. |
|
| 6,800 |
|
| 267,920 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 769,988 |
|
|
|
|
|
|
| ||
Correctional Institutions – 1.4% |
|
|
|
|
|
|
|
Corrections Corp. of America (a) |
|
| 14,875 |
|
| 379,313 |
|
|
|
|
|
|
| ||
Distribution & Wholesale – 1.8% |
|
|
|
|
|
|
|
LKQ Corp. (a) |
|
| 21,875 |
|
| 476,000 |
|
|
|
|
|
|
| ||
Education – 1.0% |
|
|
|
|
|
|
|
New Oriental Education & Technology |
|
| 3,450 |
|
| 258,957 |
|
|
|
|
|
|
| ||
Electronic Components & Semiconductors – 2.3% |
|
|
|
|
|
|
|
Itron, Inc. (a) |
|
| 4,200 |
|
| 390,936 |
|
Microchip Technology, Inc. |
|
| 6,400 |
|
| 235,200 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 626,136 |
|
|
|
|
|
|
| ||
Energy – 2.0% |
|
|
|
|
|
|
|
Core Laboratories N.V. (a) |
|
| 3,125 |
|
| 391,500 |
|
Foundation Coal Holdings, Inc. |
|
| 2,400 |
|
| 143,952 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 535,452 |
|
|
|
|
|
|
| ||
Environmental Services – 1.2% |
|
|
|
|
|
|
|
Stericycle, Inc. (a) |
|
| 6,225 |
|
| 332,291 |
|
|
|
|
|
|
| ||
Financial Services – 6.6% |
|
|
|
|
|
|
|
Affiliated Managers Group, Inc. (a) |
|
| 4,100 |
|
| 407,294 |
|
Annaly Capital Management, Inc. |
|
| 24,850 |
|
| 416,486 |
|
BlackRock, Inc. |
|
| 1,100 |
|
| 221,969 |
|
CME Group, Inc. |
|
| 550 |
|
| 251,598 |
|
Eaton Vance Corp. |
|
| 7,325 |
|
| 268,095 |
|
Jones Lang LaSalle, Inc. |
|
| 2,425 |
|
| 188,204 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,753,646 |
|
|
|
|
|
|
| ||
Food & Beverage – 3.3% |
|
|
|
|
|
|
|
Central European Distribution Corp. (a) |
|
| 7,525 |
|
| 458,423 |
|
Flowers Foods, Inc. |
|
| 15,925 |
|
| 412,298 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 870,721 |
|
|
|
|
|
|
| ||
Health Care – 9.0% |
|
|
|
|
|
|
|
DaVita, Inc. (a) |
|
| 3,800 |
|
| 199,158 |
|
Express Scripts, Inc. (a) |
|
| 3,425 |
|
| 239,819 |
|
Hologic, Inc. (a) |
|
| 12,026 |
|
| 351,039 |
|
Laboratory Corp. of America Holdings (a) |
|
| 3,925 |
|
| 296,808 |
|
Psychiatric Solutions, Inc. (a) |
|
| 6,725 |
|
| 233,425 |
|
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 28 |
|
HSBC INVESTOR MID - CAP FUND |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) |
|
|
|
|
|
|
|
|
Common Stocks, continued |
|
|
|
|
|
|
|
| |||||||
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Health Care, continued |
|
|
|
|
|
|
|
ResMed, Inc. (a) |
|
| 6,150 |
|
| 265,188 |
|
Techne Corp. (a) |
|
| 925 |
|
| 67,081 |
|
VCA Antech, Inc. (a) |
|
| 12,925 |
|
| 418,382 |
|
West Pharmaceutical Services, Inc. |
|
| 6,950 |
|
| 326,024 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,396,924 |
|
|
|
|
|
|
| ||
Industrial Manufacturing – 2.2% |
|
|
|
|
|
|
|
Interface, Inc., Class A |
|
| 8,025 |
|
| 103,041 |
|
Oshkosh Corp. |
|
| 8,850 |
|
| 359,310 |
|
Snap-on, Inc. |
|
| 2,100 |
|
| 124,551 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 586,902 |
|
|
|
|
|
|
| ||
Insurance – 4.5% |
|
|
|
|
|
|
|
Assurant, Inc. |
|
| 5,050 |
|
| 328,250 |
|
Axis Capital Holdings Ltd. |
|
| 10,350 |
|
| 350,968 |
|
Fidelity National Financial, Inc., Class A |
|
| 14,100 |
|
| 225,459 |
|
Proassurance Corp. (a) |
|
| 5,700 |
|
| 301,131 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,205,808 |
|
|
|
|
|
|
| ||
Leisure – 1.1% |
|
|
|
|
|
|
|
Penn National Gaming, Inc. (a) |
|
| 7,200 |
|
| 307,584 |
|
|
|
|
|
|
| ||
Metal Processors & Fabrication – 1.0% |
|
|
|
|
|
|
|
Carpenter Technology Corp. |
|
| 5,050 |
|
| 258,964 |
|
|
|
|
|
|
| ||
Oil & Gas – 8.7% |
|
|
|
|
|
|
|
Atlas America, Inc. |
|
| 5,125 |
|
| 356,495 |
|
Enbridge, Inc. |
|
| 3,300 |
|
| 135,894 |
|
FMC Technologies, Inc. (a) |
|
| 8,775 |
|
| 589,680 |
|
Oil States International, Inc. (a) |
|
| 4,575 |
|
| 229,025 |
|
Southwestern Energy Co. (a) |
|
| 10,700 |
|
| 452,717 |
|
XTO Energy, Inc. |
|
| 9,041 |
|
| 559,276 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,323,087 |
|
|
|
|
|
|
| ||
Real Estate – 2.2% |
|
|
|
|
|
|
|
Alexandria Real Estate Equities, Inc. |
|
| 2,800 |
|
| 294,084 |
|
Essex Property Trust, Inc. |
|
| 2,500 |
|
| 297,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 591,584 |
|
|
|
|
|
|
| ||
Retail – 1.1% |
|
|
|
|
|
|
|
Hanesbrands, Inc (a) |
|
| 8,300 |
|
| 290,666 |
|
|
|
|
|
|
| ||
Specialty Retail – 4.2% |
|
|
|
|
|
|
|
Dick’s Sporting Goods, Inc. (a) |
|
| 11,750 |
|
| 336,050 |
|
GameStop Corp., Class A (a) |
|
| 6,475 |
|
| 356,384 |
|
Penske Automotive Group, Inc. |
|
| 7,425 |
|
| 155,405 |
|
Tiffany & Co. |
|
| 6,250 |
|
| 272,125 |
|
|
|
|
| ||||
|
|
|
|
|
| 1,119,964 |
|
|
|
|
|
|
| ||
Telecommunications – 1.6% |
|
|
|
|
|
|
|
American Tower Corp., Class A (a) |
|
| 7,050 |
|
| 306,111 |
|
NII Holdings, Inc. (a) |
|
| 2,850 |
|
| 130,359 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 436,470 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks, continued |
|
|
|
|
|
|
|
| |||||||
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Transportation – 0.9% |
|
|
|
|
| ||
Expeditors International of Washington, Inc. |
|
| 5,000 |
|
| 232,950 |
|
|
|
|
|
|
| ||
Utilities – 7.6% |
|
|
|
|
|
|
|
Equitable Resources, Inc. |
|
| 10,025 |
|
| 665,359 |
|
ITC Holdings Corp. |
|
| 7,925 |
|
| 442,057 |
|
Northeast Utilities |
|
| 17,925 |
|
| 471,786 |
|
NorthWestern Corp. |
|
| 4,750 |
|
| 117,895 |
|
Wisconsin Energy Corp. |
|
| 6,950 |
|
| 329,847 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,026,944 |
|
|
|
|
|
|
| ||
Wire & Cable Products – 3.1% |
|
|
|
|
|
|
|
Belden, Inc. |
|
| 6,575 |
|
| 221,840 |
|
General Cable Corp. (a) |
|
| 9,000 |
|
| 603,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 824,840 |
|
|
|
|
|
|
| ||
TOTAL COMMON STOCKS |
|
|
|
|
| 26,115,402 |
|
|
|
|
|
|
|
Investment Companies – 2.5% |
|
|
|
|
|
|
|
MidCap S&P Depositary Receipt |
|
| 2,160 |
|
| 328,860 |
|
Northern Institutional Diversified |
|
| 344,094 |
|
| 344,094 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENT COMPANIES |
|
|
|
|
| 672,954 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS |
|
|
|
|
| 26,788,356 |
|
|
|
|
|
|
|
|
|
Percentages indicated are based on net assets of $26,744,067. | |
|
|
(a) | Represents non-income producing security. |
|
|
(b) | The rates presented represent the annualized one day yield that was in effect on April 30, 2008. |
|
|
ADR—American Depositary Receipt |
|
|
|
29 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
[This Page Intentionally Left Blank]
|
HSBC INVESTOR FAMILY OF FUNDS |
|
Statements of Assets and Liabilities—as of April 30, 2008 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Plus |
| Core Plus |
| High Yield |
| Intermediate |
| New York |
| |||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Affiliated Portfolios |
| $ | 69,849,813 |
| $ | 15,487,284 |
| $ | 9,029,258 |
| $ | 13,051,798 |
| $ | — |
|
Investments in non-affiliates, at value |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 59,297,821 |
|
Interest and dividends receivable |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 810,406 |
|
Receivable for capital shares issued |
|
| 268,629 |
|
| 50,789 |
|
| 55,881 |
|
| 42,244 |
|
| 192,022 |
|
Receivable from Investment Adviser |
|
| 15,258 |
|
| 9,441 |
|
| 14,434 |
|
| 12,219 |
|
| — |
|
Prepaid expenses and other assets |
|
| 6,312 |
|
| 3,976 |
|
| 6,620 |
|
| 3,793 |
|
| 5,284 |
|
|
|
|
|
|
|
| ||||||||||
Total Assets |
|
| 70,140,012 |
|
| 15,551,490 |
|
| 9,106,193 |
|
| 13,110,054 |
|
| 60,305,533 |
|
|
|
|
|
|
|
| ||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends payable |
|
| 269,748 |
|
| 53,382 |
|
| 59,542 |
|
| 46,322 |
|
| 173,525 |
|
Payable for capital shares redeemed |
|
| 111,018 |
|
| 31,947 |
|
| 10,558 |
|
| 100 |
|
| 138,247 |
|
Accrued expenses and other liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 12,097 |
|
Administration |
|
| 4,560 |
|
| 731 |
|
| 305 |
|
| 1,117 |
|
| 5,246 |
|
Distribution |
|
| — |
|
| 3,057 |
|
| 1,653 |
|
| 2,936 |
|
| 4,530 |
|
Shareholder Servicing |
|
| — |
|
| 3,171 |
|
| 1,246 |
|
| 755 |
|
| 7,827 |
|
Compliance Service |
|
| 79 |
|
| 17 |
|
| 12 |
|
| 16 |
|
| 118 |
|
Transfer Agent |
|
| 4,587 |
|
| 9,874 |
|
| 15,664 |
|
| 7,962 |
|
| 8,855 |
|
Other |
|
| 27,193 |
|
| 55 |
|
| — |
|
| 1,520 |
|
| 15,461 |
|
|
|
|
|
|
|
| ||||||||||
Total Liabilities |
|
| 417,185 |
|
| 102,234 |
|
| 88,980 |
|
| 60,728 |
|
| 365,906 |
|
|
|
|
|
|
|
| ||||||||||
Net Assets |
| $ | 69,722,827 |
| $ | 15,449,256 |
| $ | 9,017,213 |
| $ | 13,049,326 |
| $ | 59,939,627 |
|
|
|
|
|
|
|
| ||||||||||
Composition of Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
| $ | 72,249,942 |
| $ | 16,583,075 |
| $ | 9,624,073 |
| $ | 13,635,777 |
| $ | 58,670,849 |
|
Accumulated net investment income (loss) |
|
| 78,601 |
|
| 3,798 |
|
| (2,958 | ) |
| 15,346 |
|
| 2,892 |
|
Accumulated net realized gains (losses) from investment and foreign currency transactions |
|
| (310,925 | ) |
| (625,757 | ) |
| (30,309 | ) |
| (10,686 | ) |
| 136,559 |
|
Unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (2,294,791 | ) |
| (511,860 | ) |
| (573,593 | ) |
| (591,111 | ) |
| 1,129,327 |
|
|
|
|
|
|
|
| ||||||||||
Net Assets |
| $ | 69,722,827 |
| $ | 15,449,256 |
| $ | 9,017,213 |
| $ | 13,049,326 |
| $ | 59,939,627 |
|
|
|
|
|
|
|
| ||||||||||
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
| $ | — |
| $ | 12,457,784 |
| $ | 3,458,878 |
| $ | 1,341,750 |
| $ | 30,919,819 |
|
Class B Shares |
|
| — |
|
| 2,887,821 |
|
| 2,327,944 |
|
| 2,049,631 |
|
| 6,491,537 |
|
Class C Shares |
|
| — |
|
| 103,651 |
|
| 417,182 |
|
| 288,157 |
|
| 537,328 |
|
Class I Shares |
|
| 69,722,827 |
|
| — |
|
| 2,813,209 |
|
| 9,369,788 |
|
| 21,990,943 |
|
|
|
|
|
|
|
| ||||||||||
|
| $ | 69,722,827 |
| $ | 15,449,256 |
| $ | 9,017,213 |
| $ | 13,049,326 |
| $ | 59,939,627 |
|
|
|
|
|
|
|
| ||||||||||
Shares Outstanding ($0.001 par value, unlimited number of shares authorized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| — |
|
| 1,230,544 |
|
| 370,189 |
|
| 139,269 |
|
| 2,820,790 |
|
Class B Shares |
|
| — |
|
| 284,944 |
|
| 249,039 |
|
| 212,327 |
|
| 592,803 |
|
Class C Shares |
|
| — |
|
| 10,259 |
|
| 44,548 |
|
| 29,860 |
|
| 48,885 |
|
Class I Shares |
|
| 7,048,456 |
|
| — |
|
| 301,049 |
|
| 971,043 |
|
| 2,006,070 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, Offering Price and Redemption Price per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
| $ | — |
| $ | 10.12 |
| $ | 9.34 |
| $ | 9.63 |
| $ | 10.96 |
|
Class B Shares* |
| $ | — |
| $ | 10.13 |
| $ | 9.35 |
| $ | 9.65 |
| $ | 10.95 |
|
Class C Shares* |
| $ | — |
| $ | 10.10 |
| $ | 9.36 |
| $ | 9.65 |
| $ | 10.99 |
|
Class I Shares |
| $ | 9.89 |
| $ | — |
| $ | 9.34 |
| $ | 9.65 |
| $ | 10.96 |
|
Maximum Sales Charge—Class A Shares |
|
| — | % |
| 4.75 | % |
| 4.75 | % |
| 4.75 | % |
| 4.75 | % |
|
|
|
|
|
|
| ||||||||||
Maximum Offering Price per share (Net Asset Value/(100%-maximum sales charge))—Class A Shares |
| $ | — |
| $ | 10.62 |
| $ | 9.81 |
| $ | 10.11 |
| $ | 11.51 |
|
|
|
|
|
|
|
| ||||||||||
Total Investments, at cost |
|
|
|
|
|
|
|
|
|
|
|
|
| $ | 58,168,494 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Redemption Price per share varies by length of time shares are held. | ||
|
|
|
30 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR FAMILY OF FUNDS |
|
Statements of Assets and Liabilities—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
| Growth and |
| International |
| Mid-Cap |
| Opportunity |
| |||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in Affiliated Portfolios |
| $ | 52,689,294 |
| $ | — |
| $ | 318,224,539 |
| $ | — |
| $ | 17,018,708 |
|
Investments in non-affiliates, at value |
|
| — |
|
| 39,723,050 |
|
| — |
|
| 26,788,356 |
|
| — |
|
Interest and dividends receivable |
|
| — |
|
| 30,493 |
|
| — |
|
| 9,884 |
|
| — |
|
Receivable for capital shares issued |
|
| 53,804 |
|
| 81 |
|
| 52,419 |
|
| 512 |
|
| 864 |
|
Receivable for investments sold |
|
| — |
|
| — |
|
| — |
|
| 79,458 |
|
| — |
|
Reclaims receivable |
|
| — |
|
| — |
|
| 412,118 |
|
| — |
|
| — |
|
Receivable from Investment Adviser |
|
| — |
|
| — |
|
| — |
|
| 1,913 |
|
| 4,328 |
|
Prepaid expenses and other assets |
|
| 12,316 |
|
| 23,370 |
|
| 9,849 |
|
| 8,955 |
|
| 4,522 |
|
|
|
|
|
|
|
| ||||||||||
Total Assets |
|
| 52,755,414 |
|
| 39,776,994 |
|
| 318,698,925 |
|
| 26,889,078 |
|
| 17,028,422 |
|
|
|
|
|
|
|
| ||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable for investments purchased |
|
| — |
|
| — |
|
| — |
|
| 105,123 |
|
| — |
|
Payable for capital shares redeemed |
|
| 221,474 |
|
| 3,088 |
|
| 136,033 |
|
| 4,674 |
|
| 27,855 |
|
Accrued expenses and other liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management |
|
| — |
|
| 17,368 |
|
| — |
|
| 9,663 |
|
| — |
|
Administration |
|
| 1,719 |
|
| 10,081 |
|
| 12,934 |
|
| 4,816 |
|
| 872 |
|
Distribution |
|
| 899 |
|
| 2,438 |
|
| — |
|
| 2,858 |
|
| 1,712 |
|
Shareholder Servicing |
|
| 5,316 |
|
| 1,210 |
|
| — |
|
| 1,964 |
|
| 3,368 |
|
Compliance Service |
|
| 92 |
|
| 49 |
|
| 354 |
|
| 62 |
|
| 20 |
|
Transfer Agent |
|
| 18,146 |
|
| 3,093 |
|
| 5,109 |
|
| 12,510 |
|
| 16,642 |
|
Other |
|
| 17,171 |
|
| 3,705 |
|
| 133,264 |
|
| 3,341 |
|
| 710 |
|
|
|
|
|
|
|
| ||||||||||
Total Liabilities |
|
| 264,817 |
|
| 41,032 |
|
| 287,694 |
|
| 145,011 |
|
| 51,179 |
|
|
|
|
|
|
|
| ||||||||||
Net Assets |
| $ | 52,490,597 |
| $ | 39,735,962 |
| $ | 318,411,231 |
| $ | 26,744,067 |
| $ | 16,977,243 |
|
|
|
|
|
|
|
| ||||||||||
Composition of Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital |
| $ | 42,389,292 |
| $ | 32,538,138 |
| $ | 259,800,255 |
| $ | 19,712,386 |
| $ | 13,358,584 |
|
Accumulated net investment income (loss) |
|
| (27,628 | ) |
| 37,709 |
|
| 2,525,389 |
|
| (71,486 | ) |
| (113,681 | ) |
Accumulated net realized gains (losses) from investment and foreign currency transactions |
|
| 1,828,323 |
|
| (1,620,761 | ) |
| 17,640,385 |
|
| 1,296,079 |
|
| 2,215,826 |
|
Unrealized appreciation (depreciation) from investments and foreign currencies |
|
| 8,300,610 |
|
| 8,780,876 |
|
| 38,445,202 |
|
| 5,807,088 |
|
| 1,516,514 |
|
|
|
|
|
|
|
| ||||||||||
Net Assets |
| $ | 52,490,597 |
| $ | 39,735,962 |
| $ | 318,411,231 |
| $ | 26,744,067 |
| $ | 16,977,243 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
| $ | 24,248,248 |
| $ | 2,097,895 |
| $ | — |
| $ | 5,121,769 |
| $ | 12,863,013 |
|
Class B Shares |
|
| 1,367,842 |
|
| 3,932,324 |
|
| — |
|
| 4,459,198 |
|
| 3,798,946 |
|
Class C Shares |
|
| 79,891 |
|
| 29,828 |
|
| — |
|
| 69,233 |
|
| 315,284 |
|
Class I Shares |
|
| 26,794,616 |
|
| 33,675,915 |
|
| 318,411,231 |
|
| 17,093,867 |
|
| — |
|
|
|
|
|
|
|
| ||||||||||
|
| $ | 52,490,597 |
| $ | 39,735,962 |
| $ | 318,411,231 |
| $ | 26,744,067 |
| $ | 16,977,243 |
|
|
|
|
|
|
|
| ||||||||||
Shares Outstanding ($0.001 par value, unlimited number of shares authorized): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| 1,554,632 |
|
| 166,413 |
|
| — |
|
| 601,709 |
|
| 1,199,689 |
|
Class B Shares |
|
| 93,678 |
|
| 321,948 |
|
| — |
|
| 570,322 |
|
| 410,303 |
|
Class C Shares |
|
| 5,438 |
|
| 2,421 |
|
| — |
|
| 8,762 |
|
| 33,479 |
|
Class I Shares |
|
| 1,708,322 |
|
| 2,659,784 |
|
| 16,000,058 |
|
| 1,960,580 |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, Offering Price and Redemption Price per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
| $ | 15.60 |
| $ | 12.61 |
| $ | — |
| $ | 8.51 |
| $ | 10.72 |
|
Class B Shares* |
| $ | 14.60 |
| $ | 12.21 |
| $ | — |
| $ | 7.82 |
| $ | 9.26 |
|
Class C Shares* |
| $ | 14.69 |
| $ | 12.32 |
| $ | — |
| $ | 7.90 |
| $ | 9.42 |
|
Class I Shares |
| $ | 15.68 |
| $ | 12.66 |
| $ | 19.90 |
| $ | 8.72 |
| $ | — |
|
Maximum Sales Charge—Class A Shares |
|
| 5.00 | % |
| 5.00 | % |
| — | % |
| 5.00 | % |
| 5.00 | % |
|
|
|
|
|
|
| ||||||||||
Maximum Offering Price per share (Net Asset Value/(100%-maximum sales charge))—Class A Shares |
| $ | 16.42 |
| $ | 13.27 |
| $ | — |
| $ | 8.96 |
| $ | 11.28 |
|
|
|
|
|
|
|
| ||||||||||
Total Investments, at cost |
|
|
|
| $ | 30,942,174 |
|
|
|
| $ | 20,981,268 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Redemption Price per share varies by length of time shares are held. |
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 31 |
|
HSBC INVESTOR FAMILY OF FUNDS |
|
Statements of Assets and Liabilities—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
| Opportunity |
| Overseas |
| Value |
| |||
Assets: |
|
|
|
|
|
|
|
|
|
|
Investments in Affiliated Portfolios |
| $ | 152,208,035 |
| $ | 14,296,082 |
| $ | 47,946,748 |
|
Receivable for capital shares issued |
|
| 116,174 |
|
| 639 |
|
| 187,585 |
|
Reclaims receivable |
|
| — |
|
| 67,503 |
|
| — |
|
Receivable from Investment Adviser |
|
| — |
|
| 1,184 |
|
| — |
|
Prepaid expenses and other assets |
|
| 4,830 |
|
| 5,014 |
|
| 7,819 |
|
|
|
|
|
| ||||||
Total Assets |
|
| 152,329,039 |
|
| 14,370,422 |
|
| 48,142,152 |
|
|
|
|
|
| ||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
Payable for capital shares redeemed |
|
| 31,207 |
|
| 43,531 |
|
| 188,658 |
|
Accrued expenses and other liabilities: |
|
|
|
|
|
|
|
|
|
|
Administration |
|
| 7,981 |
|
| 715 |
|
| 1,645 |
|
Distribution |
|
| — |
|
| 1,839 |
|
| 950 |
|
Shareholder Servicing |
|
| — |
|
| 2,948 |
|
| 4,664 |
|
Compliance Service |
|
| 225 |
|
| 19 |
|
| 76 |
|
Transfer Agent |
|
| 6,328 |
|
| 11,872 |
|
| 11,282 |
|
Other |
|
| 50,941 |
|
| 1,394 |
|
| 5,842 |
|
|
|
|
|
| ||||||
Total Liabilities |
|
| 96,682 |
|
| 62,318 |
|
| 213,117 |
|
|
|
|
|
| ||||||
Net Assets |
| $ | 152,232,357 |
| $ | 14,308,104 |
| $ | 47,929,035 |
|
|
|
|
|
| ||||||
Composition of Net Assets: |
|
|
|
|
|
|
|
|
|
|
Capital |
| $ | 123,917,932 |
| $ | 8,074,279 |
| $ | 44,853,278 |
|
Accumulated net investment income (loss) |
|
| (417,404 | ) |
| 45,460 |
|
| 123,798 |
|
Accumulated net realized gains (losses) from investment and foreign currency transactions |
|
| 15,269,652 |
|
| 2,421,431 |
|
| 874,923 |
|
Unrealized appreciation (depreciation) from investments and foreign currencies |
|
| 13,462,177 |
|
| 3,766,934 |
|
| 2,077,036 |
|
|
|
|
|
| ||||||
Net Assets |
| $ | 152,232,357 |
| $ | 14,308,104 |
| $ | 47,929,035 |
|
|
|
|
|
| ||||||
Net Assets: |
|
|
|
|
|
|
|
|
|
|
Class A Shares |
| $ | — |
| $ | 11,320,043 |
| $ | 21,117,177 |
|
Class B Shares |
|
| — |
|
| 2,858,873 |
|
| 1,405,672 |
|
Class C Shares |
|
| — |
|
| 129,188 |
|
| 100,162 |
|
Class I Shares |
|
| 152,232,357 |
|
| — |
|
| 25,306,024 |
|
|
|
|
|
| ||||||
|
| $ | 152,232,357 |
| $ | 14,308,104 |
| $ | 47,929,035 |
|
|
|
|
|
| ||||||
Shares Outstanding ($0.001 par value, unlimited number of shares authorized): |
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| — |
|
| 769,755 |
|
| 1,567,698 |
|
Class B Shares |
|
| — |
|
| 206,626 |
|
| 109,466 |
|
Class C Shares |
|
| — |
|
| 9,035 |
|
| 7,734 |
|
Class I Shares |
|
| 11,343,702 |
|
| — |
|
| 1,880,969 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Asset Value, Offering Price and Redemption Price per share: |
|
|
|
|
|
|
|
|
|
|
Class A Shares |
| $ | — |
| $ | 14.71 |
| $ | 13.47 |
|
Class B Shares* |
| $ | — |
| $ | 13.84 |
| $ | 12.84 |
|
Class C Shares* |
| $ | — |
| $ | 14.30 |
| $ | 12.95 |
|
Class I Shares |
| $ | 13.42 |
| $ | — |
| $ | 13.45 |
|
Maximum Sales Charge—Class A Shares |
|
| — | % |
| 5.00 | % |
| 5.00 | % |
|
|
|
|
| ||||||
Maximum Offering Price per share (Net Asset Value/(100%-maximum sales charge))—Class A Shares |
| $ | — |
| $ | 15.48 |
| $ | 14.18 |
|
|
|
|
|
|
|
* Redemption Price per share varies by length of time shares are held. |
|
|
|
32 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
|
HSBC INVESTOR FAMILY OF FUNDS | |
| |
Statements of Operations—For the six months ended April 30, 2008 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Plus |
| Core Plus |
| High Yield |
| Intermediate |
| New York |
| |||||
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 1,282,089 |
|
Dividends |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 17,307 |
|
Investment Income from Affiliated Portfolios (a) |
|
| 2,031,955 |
|
| 454,866 |
|
| 398,910 |
|
| 367,447 |
|
| — |
|
Expenses from Affiliated Portfolios (a) |
|
| (212,661 | ) |
| (47,573 | ) |
| (53,763 | ) |
| (61,544 | ) |
| — |
|
|
|
|
|
|
|
| ||||||||||
Total Investment Income (Loss) |
|
| 1,819,294 |
|
| 407,293 |
|
| 345,147 |
|
| 305,903 |
|
| 1,299,396 |
|
|
|
|
|
|
|
| ||||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 74,525 |
|
Administration |
|
| 8,422 |
|
| 1,882 |
|
| 996 |
|
| 1,571 |
|
| 13,623 |
|
Distribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
| — |
|
| 12,718 |
|
| 8,584 |
|
| 9,721 |
|
| 28,557 |
|
Class C Shares |
|
| — |
|
| 344 |
|
| 1,096 |
|
| 1,104 |
|
| 2,304 |
|
Shareholder Servicing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| — |
|
| 16,205 |
|
| 4,344 |
|
| 1,182 |
|
| 39,210 |
|
Class B Shares |
|
| — |
|
| 4,239 |
|
| 2,861 |
|
| 3,241 |
|
| 9,519 |
|
Class C Shares |
|
| — |
|
| 115 |
|
| 365 |
|
| 368 |
|
| 768 |
|
Accounting |
|
| 4,475 |
|
| 9,450 |
|
| 11,935 |
|
| 11,935 |
|
| 37,227 |
|
Compliance Service |
|
| 205 |
|
| 45 |
|
| 27 |
|
| 37 |
|
| 312 |
|
Custodian |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,964 |
|
Printing |
|
| 11,558 |
|
| 3,680 |
|
| 2,110 |
|
| 3,124 |
|
| 11,094 |
|
Professional |
|
| 1,295 |
|
| 285 |
|
| 333 |
|
| 224 |
|
| 1,579 |
|
Transfer Agent |
|
| 13,914 |
|
| 26,529 |
|
| 29,803 |
|
| 21,891 |
|
| 27,002 |
|
Trustee |
|
| 439 |
|
| 96 |
|
| 68 |
|
| 78 |
|
| 683 |
|
Registration |
|
| — |
|
| 39 |
|
| 141 |
|
| — |
|
| 139 |
|
Other |
|
| 6,805 |
|
| 3,579 |
|
| 5,760 |
|
| 1,378 |
|
| 5,478 |
|
|
|
|
|
|
|
| ||||||||||
Total expenses before fee reductions |
|
| 47,113 |
|
| 79,206 |
|
| 68,423 |
|
| 55,854 |
|
| 253,984 |
|
Fees reduced by Investment Adviser |
|
| (94,331 | ) |
| (56,274 | ) |
| (80,981 | ) |
| (74,363 | ) |
| — |
|
|
|
|
|
|
|
| ||||||||||
Net Expenses (Recoveries) |
|
| (47,218 | ) |
| 22,932 |
|
| (12,558 | ) |
| (18,509 | ) |
| 253,984 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) |
|
| 1,866,512 |
|
| 384,361 |
|
| 357,705 |
|
| 324,412 |
|
| 1,045,412 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized/Unrealized Gains (Losses) from Investments: (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| (225,447 | ) |
| (47,559 | ) |
| (30,309 | ) |
| (6,684 | ) |
| 136,561 |
|
Change in unrealized appreciation (depreciation) from investment and foreign currencies |
|
| (2,213,350 | ) |
| (495,180 | ) |
| (475,496 | ) |
| (511,952 | ) |
| (525,303 | ) |
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized/unrealized gains (losses) from investment and foreign currency transactions |
|
| (2,438,797 | ) |
| (542,739 | ) |
| (505,805 | ) |
| (518,636 | ) |
| (388,742 | ) |
|
|
|
|
|
|
| ||||||||||
Change In Net Assets Resulting From Operations |
| $ | (572,285 | ) | $ | (158,378 | ) | $ | (148,100 | ) | $ | (194,224 | ) | $ | 656,670 |
|
|
|
|
|
|
|
(a) With the exception of New York Tax-Free Bond Fund, represents amounts allocated from the respective Affiliated Portfolios. |
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 33 |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Operations—For the year ended April 30, 2008 (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
| Growth and |
| International |
| Mid-Cap |
| Opportunity |
| |||||
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends |
| $ | — |
| $ | 244,389 |
| $ | — |
| $ | 109,249 |
| $ | — |
|
Investment Income from Affiliated Portfolios (a) |
|
| 270,181 |
|
| — |
|
| 5,134,477 |
|
| — |
|
| 35,352 |
|
Tax reclaims (a) |
|
| — |
|
| — |
|
| 78,198 |
|
| — |
|
| — |
|
Foreign tax withholding from Affiliated Portfolios (a) |
|
| — |
|
| — |
|
| (523,931 | ) |
| — |
|
| — |
|
Expenses from Affiliated Portfolios (a) |
|
| (165,376 | ) |
| — |
|
| (1,248,435 | ) |
| — |
|
| (74,690 | ) |
|
|
|
|
|
|
| ||||||||||
Total Investment Income (Loss) |
|
| 104,805 |
|
| 244,389 |
|
| 3,440,309 |
|
| 109,249 |
|
| (39,338 | ) |
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management |
|
| — |
|
| 121,424 |
|
| — |
|
| 101,625 |
|
| — |
|
Administration |
|
| 6,325 |
|
| 9,257 |
|
| 36,692 |
|
| 6,195 |
|
| 1,954 |
|
Distribution: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
| 5,378 |
|
| 15,942 |
|
| — |
|
| 19,214 |
|
| 15,777 |
|
Class C Shares |
|
| 325 |
|
| 143 |
|
| — |
|
| 261 |
|
| 1,135 |
|
Shareholder Servicing: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| 32,747 |
|
| 2,278 |
|
| — |
|
| 6,146 |
|
| 15,725 |
|
Class B Shares |
|
| 1,793 |
|
| 5,314 |
|
| — |
|
| 6,405 |
|
| 5,259 |
|
Class C Shares |
|
| 108 |
|
| 48 |
|
| — |
|
| 87 |
|
| 378 |
|
Accounting |
|
| 14,848 |
|
| 23,643 |
|
| 4,475 |
|
| 32,194 |
|
| 9,450 |
|
Compliance Service |
|
| 196 |
|
| 188 |
|
| 910 |
|
| 148 |
|
| 48 |
|
Custodian |
|
| — |
|
| 1,466 |
|
| — |
|
| 4,911 |
|
| — |
|
Printing |
|
| 15,810 |
|
| 2,857 |
|
| 55,042 |
|
| 6,422 |
|
| 3,716 |
|
Professional |
|
| 2,010 |
|
| 679 |
|
| 5,348 |
|
| 706 |
|
| 307 |
|
Transfer Agent |
|
| 45,787 |
|
| 21,377 |
|
| 16,225 |
|
| 38,780 |
|
| 42,912 |
|
Trustee |
|
| 451 |
|
| 509 |
|
| 1,955 |
|
| 330 |
|
| 103 |
|
Registration |
|
| 175 |
|
| — |
|
| — |
|
| — |
|
| — |
|
Other |
|
| 6,480 |
|
| 11,675 |
|
| 17,186 |
|
| 4,926 |
|
| 4,317 |
|
|
|
|
|
|
|
| ||||||||||
Total expenses before fee reductions |
|
| 132,433 |
|
| 216,800 |
|
| 137,833 |
|
| 228,350 |
|
| 101,081 |
|
Fees reduced by Investment Adviser |
|
| — |
|
| (10,119 | ) |
| — |
|
| (47,615 | ) |
| (26,738 | ) |
|
|
|
|
|
|
| ||||||||||
Net Expenses |
|
| 132,433 |
|
| 206,681 |
|
| 137,833 |
|
| 180,735 |
|
| 74,343 |
|
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Investment Income (Loss) |
|
| (27,628 | ) |
| 37,708 |
|
| 3,302,476 |
|
| (71,486 | ) |
| (113,681 | ) |
|
|
|
|
|
|
| ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Realized/Unrealized Gains (Losses) from Investments: (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| 1,848,491 |
|
| 4,130,541 |
|
| 17,845,317 |
|
| 1,388,759 |
|
| 2,271,366 |
|
Change in unrealized appreciation (depreciation) from investment and foreign currencies |
|
| (7,229,514 | ) |
| (8,893,645 | ) |
| (62,897,453 | ) |
| (4,679,551 | ) |
| (2,867,229 | ) |
|
|
|
|
|
|
| ||||||||||
Net realized/unrealized gains (losses) from investment and foreign currency transactions |
|
| (5,381,023 | ) |
| (4,763,104 | ) |
| (45,052,136 | ) |
| (3,290,792 | ) |
| (595,863 | ) |
|
|
|
|
|
|
| ||||||||||
Change In Net Assets Resulting From Operations |
| $ | (5,408,651 | ) | $ | (4,725,396 | ) | $ | (41,749,660 | ) | $ | (3,362,278 | ) | $ | (709,544 | ) |
|
|
|
|
|
|
|
(a) With the exception of Growth & Income Fund and the Mid-Cap Fund, represents amounts allocated from the respective Affiliated Portfolios. |
|
|
|
34 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Operations—For the six months ended April 30, 2008 (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
| Opportunity |
| Overseas |
| Value |
| |||
Investment Income: |
|
|
|
|
|
|
|
|
|
|
Investment Income from Affiliated Portfolios (a) |
| $ | 309,900 |
| $ | 240,248 |
| $ | 527,151 |
|
Tax reclaims (a) |
|
| — |
|
| 3,307 |
|
| — |
|
Foreign tax withholding from Affiliated Portfolios (a) |
|
| — |
|
| (24,334 | ) |
| — |
|
Expenses from Affiliated Portfolios (a) |
|
| (653,014 | ) |
| (60,212 | ) |
| (160,749 | ) |
|
|
|
|
| ||||||
Total Investment Income (Loss) |
|
| (343,114 | ) |
| 159,009 |
|
| 366,402 |
|
|
|
|
|
| ||||||
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
Administration |
|
| 17,105 |
|
| 1,772 |
|
| 5,744 |
|
Distribution: |
|
|
|
|
|
|
|
|
|
|
Class B Shares |
|
| — |
|
| 11,298 |
|
| 5,739 |
|
Class C Shares |
|
| — |
|
| 478 |
|
| 411 |
|
Shareholder Servicing: |
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| — |
|
| 15,431 |
|
| 28,581 |
|
Class B Shares |
|
| — |
|
| 3,766 |
|
| 1,913 |
|
Class C Shares |
|
| — |
|
| 159 |
|
| 137 |
|
Accounting |
|
| 4,475 |
|
| 9,450 |
|
| 11,935 |
|
Compliance Service |
|
| 390 |
|
| 44 |
|
| 155 |
|
Printing |
|
| 22,122 |
|
| 3,269 |
|
| 10,009 |
|
Professional |
|
| 2,446 |
|
| 277 |
|
| 840 |
|
Transfer Agent |
|
| 17,106 |
|
| 33,158 |
|
| 39,156 |
|
Trustee |
|
| 822 |
|
| 96 |
|
| 298 |
|
Registration |
|
| — |
|
| — |
|
| 136 |
|
Other |
|
| 9,824 |
|
| 5,937 |
|
| 6,340 |
|
|
|
|
|
| ||||||
Total expenses before fee reductions |
|
| 74,290 |
|
| 85,135 |
|
| 111,394 |
|
Fees reduced by Investment Adviser |
|
| — |
|
| (2,380 | ) |
| — |
|
|
|
|
|
| ||||||
Net Expenses |
|
| 74,290 |
|
| 82,755 |
|
| 111,394 |
|
|
|
|
|
| ||||||
Net Investment Income (Loss) |
|
| (417,404 | ) |
| 76,254 |
|
| 255,008 |
|
|
|
|
|
| ||||||
Net Realized/Unrealized Gains (Losses) from Investments: (a) |
|
|
|
|
|
|
|
|
|
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| 15,667,251 |
|
| 2,434,573 |
|
| 702,973 |
|
Change in unrealized appreciation (depreciation) from investment and foreign currencies |
|
| (20,258,246 | ) |
| (4,768,662 | ) |
| (7,081,129 | ) |
|
|
|
|
| ||||||
Net realized/unrealized gains (losses) from investment and foreign currency transactions |
|
| (4,590,995 | ) |
| (2,334,089 | ) |
| (6,378,156 | ) |
|
|
|
|
| ||||||
Change In Net Assets Resulting From Operations |
| $ | (5,008,399 | ) | $ | (2,257,835 | ) | $ | (6,123,148 | ) |
|
|
|
|
|
(a) Represents amounts allocated from the respective Affiliated Portfolios. |
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 35 |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Plus |
| Core Plus Fixed |
| ||||||||
|
|
|
| ||||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 1,866,512 |
| $ | 4,349,066 |
| $ | 384,361 |
| $ | 875,944 |
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| (225,447 | ) |
| 2,097,739 |
|
| (47,559 | ) |
| 433,571 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (2,213,350 | ) |
| (740,498 | ) |
| (495,180 | ) |
| (152,977 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from operations |
|
| (572,285 | ) |
| 5,706,307 |
|
| (158,378 | ) |
| 1,156,538 |
|
|
|
|
|
|
| ||||||||
Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| — |
|
| — |
|
| (320,512 | ) |
| (704,651 | ) |
Class B Shares |
|
| — |
|
| — |
|
| (71,168 | ) |
| (172,434 | ) |
Class C Shares |
|
| — |
|
| — |
|
| (1,891 | ) |
| (5,092 | ) |
Class I Shares |
|
| (1,908,129 | ) |
| (4,321,491 | ) |
| — |
|
| — |
|
Net realized gains: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
| (562,425 | ) |
| — |
|
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from shareholder dividends |
|
| (2,470,554 | ) |
| (4,321,491 | ) |
| (393,571 | ) |
| (882,177 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
|
| (8,626,805 | ) |
| (968,500 | ) |
| (1,413,096 | ) |
| 388,105 |
|
|
|
|
|
|
| ||||||||
Change in net assets |
|
| (11,669,644 | ) |
| 416,316 |
|
| (1,965,045 | ) |
| 662,466 |
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 81,392,471 |
|
| 80,976,155 |
|
| 17,414,301 |
|
| 16,751,835 |
|
|
|
|
|
|
| ||||||||
End of period |
| $ | 69,722,827 |
| $ | 81,392,471 |
| $ | 15,449,256 |
| $ | 17,414,301 |
|
|
|
|
|
|
| ||||||||
Accumulated net investment income (loss) |
| $ | 78,601 |
| $ | 120,218 |
| $ | 3,798 |
| $ | 13,008 |
|
|
|
|
|
|
|
|
|
|
36 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Plus |
| Core Plus Fixed |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
| $ | — |
| $ | — |
| $ | 887,736 |
| $ | 4,557,268 |
|
Dividends reinvested |
|
| — |
|
| — |
|
| 304,156 |
|
| 673,120 |
|
Value of shares redeemed |
|
| — |
|
| — |
|
| (1,896,040 | ) |
| (4,086,990 | ) |
|
|
|
|
|
| ||||||||
Class A Shares capital transactions |
|
| — |
|
| — |
|
| (704,148 | ) |
| 1,143,398 |
|
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| — |
|
| — |
|
| 75,743 |
|
| 133,221 |
|
Dividends reinvested |
|
| — |
|
| — |
|
| 65,261 |
|
| 152,515 |
|
Value of shares redeemed |
|
| — |
|
| — |
|
| (926,527 | ) |
| (832,273 | ) |
|
|
|
|
|
| ||||||||
Class B Shares capital transactions |
|
| — |
|
| — |
|
| (785,523 | ) |
| (546,537 | ) |
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| — |
|
| — |
|
| 79,000 |
|
| 16,800 |
|
Dividends reinvested |
|
| — |
|
| — |
|
| 1,787 |
|
| 4,727 |
|
Value of shares redeemed |
|
| — |
|
| — |
|
| (4,212 | ) |
| (230,283 | ) |
|
|
|
|
|
| ||||||||
Class C Shares capital transactions |
|
| — |
|
| — |
|
| 76,575 |
|
| (208,756 | ) |
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 8,330,714 |
|
| 16,414,081 |
|
| — |
|
| — |
|
Dividends reinvested |
|
| 1,908,463 |
|
| 2,820,496 |
|
| — |
|
| — |
|
Value of shares redeemed |
|
| (18,865,982 | ) |
| (20,203,077 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Class I Shares capital transactions |
|
| (8,626,805 | ) |
| (968,500 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
| $ | (8,626,805 | ) | $ | (968,500 | ) | $ | (1,413,096 | ) | $ | 388,105 |
|
|
|
|
|
|
| ||||||||
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| — |
|
| — |
|
| 86,643 |
|
| 435,107 |
|
Reinvested |
|
| — |
|
| — |
|
| 29,465 |
|
| 64,455 |
|
Redeemed |
|
| — |
|
| — |
|
| (182,949 | ) |
| (391,171 | ) |
|
|
|
|
|
| ||||||||
Change in Class A Shares |
|
| — |
|
| — |
|
| (66,841 | ) |
| 108,391 |
|
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| — |
|
| — |
|
| 7,365 |
|
| 12,712 |
|
Reinvested |
|
| — |
|
| — |
|
| 6,310 |
|
| 14,586 |
|
Redeemed |
|
| — |
|
| — |
|
| (90,239 | ) |
| (79,589 | ) |
|
|
|
|
|
| ||||||||
Change in Class B Shares |
|
| — |
|
| — |
|
| (76,564 | ) |
| (52,291 | ) |
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| — |
|
| — |
|
| 7,588 |
|
| 1,628 |
|
Reinvested |
|
| — |
|
| — |
|
| 174 |
|
| 453 |
|
Redeemed |
|
| — |
|
| — |
|
| (403 | ) |
| (22,120 | ) |
|
|
|
|
|
| ||||||||
Change in Class C Shares |
|
| — |
|
| — |
|
| 7,359 |
|
| (20,039 | ) |
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 831,383 |
|
| 1,596,631 |
|
| — |
|
| — |
|
Reinvested |
|
| 188,587 |
|
| 274,454 |
|
| — |
|
| — |
|
Redeemed |
|
| (1,864,188 | ) |
| (1,968,988 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Change in Class I Shares |
|
| (844,218 | ) |
| (97,903 | ) |
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 37 |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| High Yield |
| Intermediate Duration |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 357,705 |
| $ | 664,670 |
| $ | 324,412 |
| $ | 875,888 |
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| (30,309 | ) |
| 94,442 |
|
| (6,684 | ) |
| 792,234 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (475,496 | ) |
| (167,829 | ) |
| (511,952 | ) |
| (170,042 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from operations |
|
| (148,100 | ) |
| 591,283 |
|
| (194,224 | ) |
| 1,498,080 |
|
|
|
|
|
|
| ||||||||
Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| (146,430 | ) |
| (307,911 | ) |
| (22,452 | ) |
| (41,612 | ) |
Class B Shares |
|
| (87,814 | ) |
| (163,518 | ) |
| (53,171 | ) |
| (145,985 | ) |
Class C Shares |
|
| (11,097 | ) |
| (18,030 | ) |
| (5,977 | ) |
| (19,081 | ) |
Class I Shares |
|
| (115,650 | ) |
| (181,367 | ) |
| (250,578 | ) |
| (666,493 | ) |
Net realized gains: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| (38,586 | ) |
| (15,636 | ) |
| (3,193 | ) |
| — |
|
Class B Shares |
|
| (24,882 | ) |
| (6,846 | ) |
| (10,717 | ) |
| — |
|
Class C Shares |
|
| (2,297 | ) |
| (757 | ) |
| (1,145 | ) |
| — |
|
Class I Shares |
|
| (28,677 | ) |
| (8,215 | ) |
| (38,243 | ) |
| — |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from shareholder dividends |
|
| (455,433 | ) |
| (702,280 | ) |
| (385,476 | ) |
| (873,171 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
|
| 608,256 |
|
| (533,751 | ) |
| (416,510 | ) |
| (4,796,641 | ) |
|
|
|
|
|
| ||||||||
Change in net assets |
|
| 4,723 |
|
| (644,748 | ) |
| (996,210 | ) |
| (4,171,732 | ) |
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 9,012,490 |
|
| 9,657,238 |
|
| 14,045,536 |
|
| 18,217,268 |
|
|
|
|
|
|
| ||||||||
End of period |
| $ | 9,017,213 |
| $ | 9,012,490 |
| $ | 13,049,326 |
| $ | 14,045,536 |
|
|
|
|
|
|
| ||||||||
Accumulated net investment income (loss) |
| $ | (2,958 | ) | $ | 328 |
| $ | 15,346 |
| $ | 23,112 |
|
|
|
|
|
|
|
|
|
|
38 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| High Yield |
| Intermediate Duration |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
| $ | 267,574 |
| $ | 1,101,456 |
| $ | 618,706 |
| $ | 91,672 |
|
Dividends reinvested |
|
| 135,852 |
|
| 261,982 |
|
| 22,654 |
|
| 37,106 |
|
Value of shares redeemed |
|
| (400,388 | ) |
| (2,360,652 | ) |
| (65,825 | ) |
| (335,287 | ) |
|
|
|
|
|
| ||||||||
Class A Shares capital transactions |
|
| 3,038 |
|
| (997,214 | ) |
| 575,535 |
|
| (206,509 | ) |
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 123,235 |
|
| 542,167 |
|
| 19,722 |
|
| 53,039 |
|
Dividends reinvested |
|
| 80,107 |
|
| 113,890 |
|
| 56,966 |
|
| 129,255 |
|
Value of shares redeemed |
|
| (160,472 | ) |
| (279,180 | ) |
| (896,749 | ) |
| (1,060,828 | ) |
|
|
|
|
|
| ||||||||
Class B Shares capital transactions |
|
| 42,870 |
|
| 376,877 |
|
| (820,061 | ) |
| (878,534 | ) |
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 224,205 |
|
| 83,515 |
|
| 1,650 |
|
| 16,250 |
|
Dividends reinvested |
|
| 5,792 |
|
| 15,343 |
|
| 7,015 |
|
| 18,729 |
|
Value of shares redeemed |
|
| (17,912 | ) |
| (112,155 | ) |
| (13,313 | ) |
| (248,148 | ) |
|
|
|
|
|
| ||||||||
Class C Shares capital transactions |
|
| 212,085 |
|
| (13,297 | ) |
| (4,648 | ) |
| (213,169 | ) |
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 495,855 |
|
| 1,158,432 |
|
| 1,309,541 |
|
| 2,137,921 |
|
Dividends reinvested |
|
| 143,424 |
|
| 188,601 |
|
| 256,529 |
|
| 500,994 |
|
Value of shares redeemed |
|
| (289,016 | ) |
| (1,247,150 | ) |
| (1,733,406 | ) |
| (6,137,344 | ) |
|
|
|
|
|
| ||||||||
Class I Shares capital transactions |
|
| 350,263 |
|
| 99,883 |
|
| (167,336 | ) |
| (3,498,429 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
| $ | 608,256 |
| $ | (533,751 | ) | $ | (416,510 | ) | $ | (4,796,641 | ) |
|
|
|
|
|
| ||||||||
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 28,737 |
|
| 107,567 |
|
| 63,794 |
|
| 9,160 |
|
Reinvested |
|
| 14,450 |
|
| 25,689 |
|
| 2,302 |
|
| 3,707 |
|
Redeemed |
|
| (43,319 | ) |
| (230,848 | ) |
| (6,758 | ) |
| (33,428 | ) |
|
|
|
|
|
| ||||||||
Change in Class A Shares |
|
| (132 | ) |
| (97,592 | ) |
| 59,338 |
|
| (20,561 | ) |
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 13,260 |
|
| 52,978 |
|
| 1,992 |
|
| 5,264 |
|
Reinvested |
|
| 8,517 |
|
| 11,185 |
|
| 5,756 |
|
| 12,882 |
|
Redeemed |
|
| (17,137 | ) |
| (27,507 | ) |
| (91,649 | ) |
| (105,990 | ) |
|
|
|
|
|
| ||||||||
Change in Class B Shares |
|
| 4,640 |
|
| 36,656 |
|
| (83,901 | ) |
| (87,844 | ) |
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 24,185 |
|
| 7,961 |
|
| 166 |
|
| 1,608 |
|
Reinvested |
|
| 614 |
|
| 1,498 |
|
| 710 |
|
| 1,868 |
|
Redeemed |
|
| (1,916 | ) |
| (11,490 | ) |
| (1,347 | ) |
| (24,816 | ) |
|
|
|
|
|
| ||||||||
Change in Class C Shares |
|
| 22,883 |
|
| (2,031 | ) |
| (471 | ) |
| (21,340 | ) |
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 52,804 |
|
| 113,787 |
|
| 132,872 |
|
| 215,480 |
|
Reinvested |
|
| 15,270 |
|
| 18,529 |
|
| 25,986 |
|
| 49,957 |
|
Redeemed |
|
| (30,915 | ) |
| (121,825 | ) |
| (177,097 | ) |
| (612,503 | ) |
|
|
|
|
|
| ||||||||
Change in Class I Shares |
|
| 37,159 |
|
| 10,491 |
|
| (18,239 | ) |
| (347,066 | ) |
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 39 |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
| New York Tax-Free |
| ||||
|
| For the six |
| For the |
| ||
Investment Activities: |
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 1,045,412 |
| $ | 2,140,227 |
|
Net realized gains (losses) from investment transactions |
|
| 136,561 |
|
| 79,494 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (525,303 | ) |
| (832,199 | ) |
|
|
|
| ||||
Change in net assets resulting from operations |
|
| 656,670 |
|
| 1,387,522 |
|
|
|
|
| ||||
Dividends: |
|
|
|
|
|
|
|
Net investment income: |
|
|
|
|
|
|
|
Class A Shares |
|
| (563,589 | ) |
| (1,173,859 | ) |
Class B Shares |
|
| (108,170 | ) |
| (304,650 | ) |
Class C Shares |
|
| (8,727 | ) |
| (26,272 | ) |
Class I Shares |
|
| (383,575 | ) |
| (608,516 | ) |
Net realized gains: |
|
|
|
|
|
|
|
Class A Shares |
|
| (41,981 | ) |
| (11,494 | ) |
Class B Shares |
|
| (10,694 | ) |
| (4,734 | ) |
Class C Shares |
|
| (809 | ) |
| (438 | ) |
Class I Shares |
|
| (26,013 | ) |
| (5,055 | ) |
|
|
|
| ||||
Change in net assets resulting from shareholder dividends |
|
| (1,143,558 | ) |
| (2,135,018 | ) |
|
|
|
| ||||
Change in net assets resulting from capital transactions |
|
| (603,039 | ) |
| 323,731 |
|
|
|
|
| ||||
Change in net assets |
|
| (1,089,927 | ) |
| (423,765 | ) |
Net Assets: |
|
|
|
|
|
|
|
Beginning of period |
|
| 61,029,554 |
|
| 61,453,319 |
|
|
|
|
| ||||
End of period |
| $ | 59,939,627 |
| $ | 61,029,554 |
|
|
|
|
| ||||
Accumulated net investment income (loss) |
| $ | 2,892 |
| $ | 21,541 |
|
|
|
|
|
|
|
|
40 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
| New York Tax-Free |
| ||||
|
| For the six |
| For the |
| ||
CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
Proceeds from shares issued |
| $ | 1,920,436 |
| $ | 7,409,045 |
|
Dividends reinvested |
|
| 553,559 |
|
| 1,075,105 |
|
Value of shares redeemed |
|
| (3,606,675 | ) |
| (8,495,178 | ) |
|
|
|
| ||||
Class A Shares capital transactions |
|
| (1,132,680 | ) |
| (11,028 | ) |
|
|
|
| ||||
Class B Shares: |
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 54,413 |
|
| 141,720 |
|
Dividends reinvested |
|
| 87,491 |
|
| 227,620 |
|
Value of shares redeemed |
|
| (2,234,490 | ) |
| (5,321,458 | ) |
|
|
|
| ||||
Class B Shares capital transactions |
|
| (2,092,586 | ) |
| (4,952,118 | ) |
|
|
|
| ||||
Class C Shares: |
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 32,415 |
|
| 17,375 |
|
Dividends reinvested |
|
| 6,551 |
|
| 14,700 |
|
Value of shares redeemed |
|
| (304,882 | ) |
| (456,298 | ) |
|
|
|
| ||||
Class C Shares capital transactions |
|
| (265,916 | ) |
| (424,223 | ) |
|
|
|
| ||||
Class I Shares: |
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 3,672,485 |
|
| 7,546,678 |
|
Dividends reinvested |
|
| 150,653 |
|
| 144,401 |
|
Value of shares redeemed |
|
| (934,995 | ) |
| (1,979,979 | ) |
|
|
|
| ||||
Class I Shares capital transactions |
|
| 2,888,143 |
|
| 5,711,100 |
|
|
|
|
| ||||
Change in net assets resulting from capital transactions |
| $ | (603,039 | ) | $ | 323,731 |
|
|
|
|
| ||||
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
Issued |
|
| 173,479 |
|
| 667,129 |
|
Reinvested |
|
| 50,356 |
|
| 97,101 |
|
Redeemed |
|
| (326,338 | ) |
| (768,451 | ) |
|
|
|
| ||||
Change in Class A Shares |
|
| (102,503 | ) |
| (4,221 | ) |
|
|
|
| ||||
Class B Shares: |
|
|
|
|
|
|
|
Issued |
|
| 4,882 |
|
| 12,842 |
|
Reinvested |
|
| 7,968 |
|
| 20,557 |
|
Redeemed |
|
| (202,238 | ) |
| (481,133 | ) |
|
|
|
| ||||
Change in Class B Shares |
|
| (189,388 | ) |
| (447,734 | ) |
|
|
|
| ||||
Class C Shares: |
|
|
|
|
|
|
|
Issued |
|
| 2,916 |
|
| 1,555 |
|
Reinvested |
|
| 594 |
|
| 1,336 |
|
Redeemed |
|
| (27,445 | ) |
| (41,171 | ) |
|
|
|
| ||||
Change in Class C Shares |
|
| (23,935 | ) |
| (38,280 | ) |
|
|
|
| ||||
Class I Shares: |
|
|
|
|
|
|
|
Issued |
|
| 332,435 |
|
| 681,820 |
|
Reinvested |
|
| 13,716 |
|
| 13,084 |
|
Redeemed |
|
| (84,782 | ) |
| (179,624 | ) |
|
|
|
| ||||
Change in Class I Shares |
|
| 261,369 |
|
| 515,280 |
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 41 |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Growth and Income Fund |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | (27,628 | ) | $ | 25,419 |
| $ | 37,708 |
| $ | 132,052 |
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| 1,848,491 |
|
| 2,943,213 |
|
| 4,130,541 |
|
| 4,390,113 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (7,229,514 | ) |
| 11,547,046 |
|
| (8,893,645 | ) |
| 7,796,554 |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from operations |
|
| (5,408,651 | ) |
| 14,515,678 |
|
| (4,725,396 | ) |
| 12,318,719 |
|
|
|
|
|
|
| ||||||||
Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| — |
|
| (9,938 | ) |
| — |
|
| (2,732 | ) |
Class I Shares |
|
| — |
|
| (37,788 | ) |
| (5,573 | ) |
| (123,746 | ) |
Net realized gains: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| (1,383,410 | ) |
| (1,670,738 | ) |
| — |
|
| — |
|
Class B Shares |
|
| (79,801 | ) |
| (114,608 | ) |
| — |
|
| — |
|
Class C Shares |
|
| (4,866 | ) |
| (8,469 | ) |
| — |
|
| — |
|
Class I Shares |
|
| (1,424,277 | ) |
| (1,202,878 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from shareholder dividends |
|
| (2,892,354 | ) |
| (3,044,419 | ) |
| (5,573 | ) |
| (126,478 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
|
| (2,090,352 | ) |
| 12,667,797 |
|
| (8,089,213 | ) |
| (6,527,061 | ) |
|
|
|
|
|
| ||||||||
Change in net assets |
|
| (10,391,357 | ) |
| 24,139,056 |
|
| (12,820,182 | ) |
| 5,665,180 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 62,881,954 |
|
| 38,742,898 |
|
| 52,556,144 |
|
| 46,890,964 |
|
|
|
|
|
|
| ||||||||
End of period |
| $ | 52,490,597 |
| $ | 62,881,954 |
| $ | 39,735,962 |
| $ | 52,556,144 |
|
|
|
|
|
|
| ||||||||
Accumulated net investment income (loss) |
| $ | (27,628 | ) | $ | — |
| $ | 37,709 |
| $ | 5,574 |
|
|
|
|
|
|
|
|
|
|
42 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth Fund |
| Growth and Income Fund |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
| $ | 681,581 |
| $ | 8,418,213 |
| $ | 490,494 |
| $ | 395,680 |
|
Dividends reinvested |
|
| 1,365,451 |
|
| 1,668,294 |
|
| — |
|
| 2,678 |
|
Value of shares redeemed |
|
| (4,645,258 | ) |
| (7,016,198 | ) |
| (252,034 | ) |
| (160,534 | ) |
|
|
|
|
|
| ||||||||
Class A Shares capital transactions |
|
| (2,598,226 | ) |
| 3,070,309 |
|
| 238,460 |
|
| 237,824 |
|
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 52,298 |
|
| 61,125 |
|
| 107,674 |
|
| 255,981 |
|
Dividends reinvested |
|
| 79,295 |
|
| 112,067 |
|
| — |
|
| — |
|
Value of shares redeemed |
|
| (167,010 | ) |
| (260,768 | ) |
| (673,471 | ) |
| (894,133 | ) |
|
|
|
|
|
| ||||||||
Class B Shares capital transactions |
|
| (35,417 | ) |
| (87,576 | ) |
| (565,797 | ) |
| (638,152 | ) |
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 50 |
|
| 54 |
|
| 2,700 |
|
| 32,070 |
|
Dividends reinvested |
|
| 4,866 |
|
| 8,413 |
|
| — |
|
| — |
|
Value of shares redeemed |
|
| (9,203 | ) |
| (197,005 | ) |
| (24,900 | ) |
| (17,991 | ) |
|
|
|
|
|
| ||||||||
Class C Shares capital transactions |
|
| (4,287 | ) |
| (188,538 | ) |
| (22,200 | ) |
| 14,079 |
|
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 2,793,693 |
|
| 13,457,915 |
|
| 2,937,781 |
|
| 4,767,318 |
|
Dividends reinvested |
|
| 1,334,114 |
|
| 1,190,246 |
|
| 1,695 |
|
| 8,085 |
|
Value of shares redeemed |
|
| (3,580,229 | ) |
| (4,774,559 | ) |
| (10,679,152 | ) |
| (10,916,215 | ) |
|
|
|
|
|
| ||||||||
Class I Shares capital transactions |
|
| 547,578 |
|
| 9,873,602 |
|
| (7,739,676 | ) |
| (6,140,812 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
| $ | (2,090,352 | ) | $ | 12,667,797 |
| $ | (8,089,213 | ) | $ | (6,527,061 | ) |
|
|
|
|
|
| ||||||||
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 41,822 |
|
| 581,862 |
|
| 40,032 |
|
| 32,198 |
|
Reinvested |
|
| 82,554 |
|
| 117,196 |
|
| — |
|
| 217 |
|
Redeemed |
|
| (289,031 | ) |
| (458,934 | ) |
| (19,453 | ) |
| (13,518 | ) |
|
|
|
|
|
| ||||||||
Change in Class A Shares |
|
| (164,655 | ) |
| 240,124 |
|
| 20,579 |
|
| 18,897 |
|
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 3,578 |
|
| 4,219 |
|
| 8,920 |
|
| 22,376 |
|
Reinvested |
|
| 5,109 |
|
| 8,307 |
|
| — |
|
| — |
|
Redeemed |
|
| (11,338 | ) |
| (18,265 | ) |
| (56,813 | ) |
| (74,961 | ) |
|
|
|
|
|
| ||||||||
Change in Class B Shares |
|
| (2,651 | ) |
| (5,739 | ) |
| (47,893 | ) |
| (52,585 | ) |
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 3 |
|
| 4 |
|
| 230 |
|
| 2,459 |
|
Reinvested |
|
| 312 |
|
| 620 |
|
| — |
|
| — |
|
Redeemed |
|
| (651 | ) |
| (13,792 | ) |
| (2,000 | ) |
| (1,489 | ) |
|
|
|
|
|
| ||||||||
Change in Class C Shares |
|
| (336 | ) |
| (13,168 | ) |
| (1,770 | ) |
| 970 |
|
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 174,231 |
|
| 901,736 |
|
| 246,940 |
|
| 403,086 |
|
Reinvested |
|
| 80,320 |
|
| 83,266 |
|
| 125 |
|
| 654 |
|
Redeemed |
|
| (227,222 | ) |
| (313,430 | ) |
| (809,468 | ) |
| (901,425 | ) |
|
|
|
|
|
| ||||||||
Change in Class I Shares |
|
| 27,329 |
|
| 671,572 |
|
| (562,403 | ) |
| (497,685 | ) |
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 43 |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Equity Fund |
| Mid-Cap Fund |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 3,302,476 |
| $ | 7,281,046 |
| $ | (71,486 | ) | $ | (136,947 | ) |
Net realized gains (losses) from investment and foreign currency transactions |
|
| 17,845,317 |
|
| 29,592,826 |
|
| 1,388,759 |
|
| 3,529,981 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (62,897,453 | ) |
| 37,623,613 |
|
| (4,679,551 | ) |
| 4,694,868 |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from operations |
|
| (41,749,660 | ) |
| 74,497,485 |
|
| (3,362,278 | ) |
| 8,087,902 |
|
|
|
|
|
|
| ||||||||
Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I Shares |
|
| (5,964,290 | ) |
| (7,179,951 | ) |
| — |
|
| — |
|
Net realized gains: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| — |
|
| — |
|
| (598,216 | ) |
| (258,695 | ) |
Class B Shares |
|
| — |
|
| — |
|
| (737,487 | ) |
| (522,684 | ) |
Class C Shares |
|
| — |
|
| — |
|
| (9,380 | ) |
| (6,914 | ) |
Class I Shares |
|
| (28,980,345 | ) |
| (24,089,605 | ) |
| (2,185,201 | ) |
| (1,159,580 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from shareholder dividends |
|
| (34,944,635 | ) |
| (31,269,556 | ) |
| (3,530,284 | ) |
| (1,947,873 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
|
| 9,388,419 |
|
| 58,740,573 |
|
| 704,930 |
|
| (942,082 | ) |
|
|
|
|
|
| ||||||||
Change in net assets |
|
| (67,305,876 | ) |
| 101,968,502 |
|
| (6,187,632 | ) |
| 5,197,947 |
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 385,717,107 |
|
| 283,748,605 |
|
| 32,931,699 |
|
| 27,733,752 |
|
|
|
|
|
|
| ||||||||
End of period |
| $ | 318,411,231 |
| $ | 385,717,107 |
| $ | 26,744,067 |
| $ | 32,931,699 |
|
|
|
|
|
|
| ||||||||
Accumulated net investment income (loss) |
| $ | 2,525,389 |
| $ | 5,187,203 |
| $ | (71,486 | ) | $ | — |
|
|
|
|
|
|
|
|
|
|
44 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR FAMILY OF FUNDS |
|
Statements of Changes in Net Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International Equity Fund |
| Mid-Cap Fund |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
| $ | — |
| $ | — |
| $ | 1,174,077 |
| $ | 3,918,143 |
|
Dividends reinvested |
|
| — |
|
| — |
|
| 592,760 |
|
| 256,489 |
|
Value of shares redeemed |
|
| — |
|
| — |
|
| (1,360,161 | ) |
| (2,634,591 | ) |
|
|
|
|
|
| ||||||||
Class A Shares capital transactions |
|
| — |
|
| — |
|
| 406,676 |
|
| 1,540,041 |
|
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| — |
|
| — |
|
| 97,740 |
|
| 235,774 |
|
Dividends reinvested |
|
| — |
|
| — |
|
| 721,029 |
|
| 514,297 |
|
Value of shares redeemed |
|
| — |
|
| — |
|
| (1,216,446 | ) |
| (3,072,777 | ) |
|
|
|
|
|
| ||||||||
Class B Shares capital transactions |
|
| — |
|
| — |
|
| (397,677 | ) |
| (2,322,706 | ) |
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| — |
|
| — |
|
| — |
|
| 11,496 |
|
Dividends reinvested |
|
| — |
|
| — |
|
| 9,380 |
|
| 6,914 |
|
Value of shares redeemed |
|
| — |
|
| — |
|
| (944 | ) |
| (49,388 | ) |
|
|
|
|
|
| ||||||||
Class C Shares capital transactions |
|
| — |
|
| — |
|
| 8,436 |
|
| (30,978 | ) |
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 23,554,365 |
|
| 84,946,485 |
|
| 1,492,450 |
|
| 5,100,905 |
|
Dividends reinvested |
|
| 26,918,243 |
|
| 22,576,471 |
|
| 1,405,125 |
|
| 581,066 |
|
Value of shares redeemed |
|
| (41,084,189 | ) |
| (48,782,383 | ) |
| (2,210,080 | ) |
| (5,810,410 | ) |
|
|
|
|
|
| ||||||||
Class I Shares capital transactions |
|
| 9,388,419 |
|
| 58,740,573 |
|
| 687,495 |
|
| (128,439 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
| $ | 9,388,419 |
| $ | 58,740,573 |
| $ | 704,930 |
| $ | (942,082 | ) |
|
|
|
|
|
| ||||||||
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| — |
|
| — |
|
| 132,741 |
|
| 421,403 |
|
Reinvested |
|
| — |
|
| — |
|
| 65,426 |
|
| 29,999 |
|
Redeemed |
|
| — |
|
| — |
|
| (141,931 | ) |
| (264,389 | ) |
|
|
|
|
|
| ||||||||
Change in Class A Shares |
|
| — |
|
| — |
|
| 56,236 |
|
| 187,013 |
|
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| — |
|
| — |
|
| 12,387 |
|
| 27,574 |
|
Reinvested |
|
| — |
|
| — |
|
| 86,351 |
|
| 64,127 |
|
Redeemed |
|
| — |
|
| — |
|
| (152,577 | ) |
| (354,120 | ) |
|
|
|
|
|
| ||||||||
Change in Class B Shares |
|
| — |
|
| — |
|
| (53,839 | ) |
| (262,419 | ) |
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| — |
|
| — |
|
| — |
|
| 1,231 |
|
Reinvested |
|
| — |
|
| — |
|
| 1,113 |
|
| 855 |
|
Redeemed |
|
| — |
|
| — |
|
| (99 | ) |
| (5,550 | ) |
|
|
|
|
|
| ||||||||
Change in Class C Shares |
|
| — |
|
| — |
|
| 1,014 |
|
| (3,464 | ) |
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 1,203,752 |
|
| 3,750,486 |
|
| 168,928 |
|
| 522,495 |
|
Reinvested |
|
| 1,358,821 |
|
| 1,070,482 |
|
| 151,578 |
|
| 66,712 |
|
Redeemed |
|
| (2,055,706 | ) |
| (2,166,669 | ) |
| (234,026 | ) |
| (600,816 | ) |
|
|
|
|
|
| ||||||||
Change in Class I Shares |
|
| 506,867 |
|
| 2,654,299 |
|
| 86,480 |
|
| (11,609 | ) |
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 45 |
|
HSBC INVESTOR FAMILY OF FUNDS |
|
Statements of Changes in Net Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Opportunity Fund |
| Opportunity Fund (Advisor) |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | (113,681 | ) | $ | (302,009 | ) | $ | (417,404 | ) | $ | (1,033,815 | ) |
Net realized gains (losses) from investment and foreign currency transactions |
|
| 2,271,366 |
|
| 6,380,550 |
|
| 15,667,251 |
|
| 46,538,426 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (2,867,229 | ) |
| (180,853 | ) |
| (20,258,246 | ) |
| 1,172,860 |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from operations |
|
| (709,544 | ) |
| 5,897,688 |
|
| (5,008,399 | ) |
| 46,677,471 |
|
|
|
|
|
|
| ||||||||
Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| (4,275,970 | ) |
| (2,977,887 | ) |
| — |
|
| — |
|
Class B Shares |
|
| (1,656,407 | ) |
| (619,431 | ) |
| — |
|
| — |
|
Class C Shares |
|
| (112,933 | ) |
| (38,717 | ) |
| — |
|
| — |
|
Class I Shares |
|
| — |
|
| — |
|
| (45,200,235 | ) |
| (29,938,816 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from shareholder dividends |
|
| (6,045,310 | ) |
| (3,636,035 | ) |
| (45,200,235 | ) |
| (29,938,816 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
|
| 3,413,338 |
|
| (11,472,973 | ) |
| 25,848,113 |
|
| (32,269,549 | ) |
|
|
|
|
|
| ||||||||
Change in net assets |
|
| (3,341,516 | ) |
| (9,211,320 | ) |
| (24,360,521 | ) |
| (15,530,894 | ) |
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 20,318,759 |
|
| 29,530,079 |
|
| 176,592,878 |
|
| 192,123,772 |
|
|
|
|
|
|
| ||||||||
End of period |
| $ | 16,977,243 |
| $ | 20,318,759 |
| $ | 152,232,357 |
| $ | 176,592,878 |
|
|
|
|
|
|
| ||||||||
Accumulated net investment income (loss) |
| $ | (113,681 | ) | $ | — |
| $ | (417,404 | ) | $ | — |
|
|
|
|
|
|
|
|
|
|
46 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR FAMILY OF FUNDS |
|
Statements of Changes in Net Assets (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Opportunity Fund |
| Opportunity Fund (Advisor) |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
| $ | 1,228,312 |
| $ | 1,869,751 |
| $ | — |
| $ | — |
|
Dividends reinvested |
|
| 4,182,326 |
|
| 2,944,516 |
|
| — |
|
| — |
|
Value of shares redeemed |
|
| (2,846,515 | ) |
| (15,806,644 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Class A Shares capital transactions |
|
| 2,564,123 |
|
| (10,992,377 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 95,655 |
|
| 187,082 |
|
| — |
|
| — |
|
Dividends reinvested |
|
| 1,634,480 |
|
| 612,160 |
|
| — |
|
| — |
|
Value of shares redeemed |
|
| (986,801 | ) |
| (1,272,389 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Class B Shares capital transactions |
|
| 743,334 |
|
| (473,147 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends reinvested |
|
| 111,644 |
|
| 38,284 |
|
| — |
|
| — |
|
Value of shares redeemed |
|
| (5,763 | ) |
| (45,733 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Class C Shares capital transactions |
|
| 105,881 |
|
| (7,449 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| — |
|
| — |
|
| 8,607,545 |
|
| 43,767,538 |
|
Dividends reinvested |
|
| — |
|
| — |
|
| 33,936,218 |
|
| 12,322,958 |
|
Value of shares redeemed |
|
| — |
|
| — |
|
| (16,695,650 | ) |
| (88,360,045 | ) |
|
|
|
|
|
| ||||||||
Class I Shares capital transactions |
|
| — |
|
| — |
|
| 25,848,113 |
|
| (32,269,549 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
| $ | 3,413,338 |
| $ | (11,472,973 | ) | $ | 25,848,113 |
| $ | (32,269,549 | ) |
|
|
|
|
|
| ||||||||
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 113,626 |
|
| 131,660 |
|
| — |
|
| — |
|
Reinvested |
|
| 393,076 |
|
| 228,434 |
|
| — |
|
| — |
|
Redeemed |
|
| (224,675 | ) |
| (1,154,412 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Change in Class A Shares |
|
| 282,027 |
|
| (794,318 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 9,462 |
|
| 14,236 |
|
| — |
|
| — |
|
Reinvested |
|
| 177,468 |
|
| 51,790 |
|
| — |
|
| — |
|
Redeemed |
|
| (106,367 | ) |
| (96,076 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Change in Class B Shares |
|
| 80,563 |
|
| (30,050 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Reinvested |
|
| 11,915 |
|
| 3,204 |
|
| — |
|
| — |
|
Redeemed |
|
| (539 | ) |
| (3,443 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Change in Class C Shares |
|
| 11,376 |
|
| (239 | ) |
| — |
|
| — |
|
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| — |
|
| — |
|
| 653,042 |
|
| 2,507,207 |
|
Reinvested |
|
| — |
|
| — |
|
| 2,551,595 |
|
| 822,079 |
|
Redeemed |
|
| — |
|
| — |
|
| (1,184,331 | ) |
| (5,122,696 | ) |
|
|
|
|
|
| ||||||||
Change in Class I Shares |
|
| — |
|
| — |
|
| 2,020,306 |
|
| (1,793,410 | ) |
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 47 |
HSBC INVESTOR FAMILY OF FUNDS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Overseas Equity Fund |
| Value Fund |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 76,254 |
| $ | 218,504 |
| $ | 255,008 |
| $ | 507,210 |
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| 2,434,573 |
|
| 3,031,889 |
|
| 702,973 |
|
| 4,408,682 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (4,768,662 | ) |
| 1,272,896 |
|
| (7,081,129 | ) |
| 12,266 |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from operations |
|
| (2,257,835 | ) |
| 4,523,289 |
|
| (6,123,148 | ) |
| 4,928,158 |
|
|
|
|
|
|
| ||||||||
Dividends: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| (105,065 | ) |
| (474,482 | ) |
| (106,407 | ) |
| (213,752 | ) |
Class B Shares |
|
| (4,715 | ) |
| (48,615 | ) |
| (1,460 | ) |
| (1,937 | ) |
Class C Shares |
|
| (123 | ) |
| (2,106 | ) |
| (42 | ) |
| (113 | ) |
Class I Shares |
|
| — |
|
| — |
|
| (154,878 | ) |
| (240,365 | ) |
Net realized gains: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares |
|
| (2,297,440 | ) |
| (2,532,363 | ) |
| (2,036,989 | ) |
| (2,315,837 | ) |
Class B Shares |
|
| (617,609 | ) |
| (377,205 | ) |
| (144,385 | ) |
| (187,844 | ) |
Class C Shares |
|
| (24,923 | ) |
| (18,983 | ) |
| (10,272 | ) |
| (14,732 | ) |
Class I Shares |
|
| — |
|
| — |
|
| (2,265,906 | ) |
| (1,767,244 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from shareholder dividends |
|
| (3,049,875 | ) |
| (3,453,754 | ) |
| (4,720,339 | ) |
| (4,741,824 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
|
| (306,949 | ) |
| (7,305,261 | ) |
| 957,207 |
|
| 12,809,994 |
|
|
|
|
|
|
| ||||||||
Change in net assets |
|
| (5,614,659 | ) |
| (6,235,726 | ) |
| (9,886,280 | ) |
| 12,996,328 |
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 19,922,763 |
|
| 26,158,489 |
|
| 57,815,315 |
|
| 44,818,987 |
|
|
|
|
|
|
| ||||||||
End of period |
| $ | 14,308,104 |
| $ | 19,922,763 |
| $ | 47,929,035 |
| $ | 57,815,315 |
|
|
|
|
|
|
| ||||||||
Accumulated net investment income (loss) |
| $ | 45,460 |
| $ | 79,109 |
| $ | 123,798 |
| $ | 131,577 |
|
|
|
|
|
|
|
|
|
|
48 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
HSBC INVESTOR FAMIY OF FUNDS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Overseas Equity Fund |
| Value Fund |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
CAPITAL TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
| $ | 576,095 |
| $ | 1,927,533 |
| $ | 652,243 |
| $ | 6,834,608 |
|
Dividends reinvested |
|
| 2,383,150 |
|
| 2,979,338 |
|
| 2,132,056 |
|
| 2,504,967 |
|
Value of shares redeemed |
|
| (3,516,558 | ) |
| (12,347,048 | ) |
| (3,879,083 | ) |
| (6,945,162 | ) |
|
|
|
|
|
| ||||||||
Class A Shares capital transactions |
|
| (557,313 | ) |
| (7,440,177 | ) |
| (1,094,784 | ) |
| 2,394,413 |
|
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 109,672 |
|
| 299,816 |
|
| 66,633 |
|
| 81,743 |
|
Dividends reinvested |
|
| 599,255 |
|
| 417,884 |
|
| 145,046 |
|
| 185,697 |
|
Value of shares redeemed |
|
| (483,573 | ) |
| (551,790 | ) |
| (235,344 | ) |
| (410,699 | ) |
|
|
|
|
|
| ||||||||
Class B Shares capital transactions |
|
| 225,354 |
|
| 165,910 |
|
| (23,665 | ) |
| (143,259 | ) |
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| 3,001 |
|
| 28,000 |
|
| 50 |
|
| — |
|
Dividends reinvested |
|
| 25,046 |
|
| 20,910 |
|
| 10,314 |
|
| 14,746 |
|
Value of shares redeemed |
|
| (3,037 | ) |
| (79,904 | ) |
| (11,826 | ) |
| (42,494 | ) |
|
|
|
|
|
| ||||||||
Class C Shares capital transactions |
|
| 25,010 |
|
| (30,994 | ) |
| (1,462 | ) |
| (27,748 | ) |
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from shares issued |
|
| — |
|
| — |
|
| 2,727,901 |
|
| 13,481,595 |
|
Dividends reinvested |
|
| — |
|
| — |
|
| 2,320,088 |
|
| 1,920,064 |
|
Value of shares redeemed |
|
| — |
|
| — |
|
| (2,970,871 | ) |
| (4,815,071 | ) |
|
|
|
|
|
| ||||||||
Class I Shares capital transactions |
|
| — |
|
| — |
|
| 2,077,118 |
|
| 10,586,588 |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from capital transactions |
| $ | (306,949 | ) | $ | (7,305,261 | ) | $ | 957,207 |
| $ | 12,809,994 |
|
|
|
|
|
|
| ||||||||
SHARE TRANSACTIONS: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 37,947 |
|
| 102,880 |
|
| 46,585 |
|
| 433,376 |
|
Reinvested |
|
| 162,229 |
|
| 170,248 |
|
| 150,357 |
|
| 160,308 |
|
Redeemed |
|
| (215,305 | ) |
| (695,566 | ) |
| (275,606 | ) |
| (424,086 | ) |
|
|
|
|
|
| ||||||||
Change in Class A Shares |
|
| (15,129 | ) |
| (422,438 | ) |
| (78,664 | ) |
| 169,598 |
|
|
|
|
|
|
| ||||||||
Class B Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 7,771 |
|
| 16,784 |
|
| 4,996 |
|
| 5,175 |
|
Reinvested |
|
| 43,236 |
|
| 25,023 |
|
| 10,704 |
|
| 12,417 |
|
Redeemed |
|
| (34,796 | ) |
| (31,048 | ) |
| (18,196 | ) |
| (26,217 | ) |
|
|
|
|
|
| ||||||||
Change in Class B Shares |
|
| 16,211 |
|
| 10,759 |
|
| (2,496 | ) |
| (8,625 | ) |
|
|
|
|
|
| ||||||||
Class C Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| 165 |
|
| 1,618 |
|
| 4 |
|
| — |
|
Reinvested |
|
| 1,749 |
|
| 1,221 |
|
| 755 |
|
| 979 |
|
Redeemed |
|
| (237 | ) |
| (4,376 | ) |
| (935 | ) |
| (2,761 | ) |
|
|
|
|
|
| ||||||||
Change in Class C Shares |
|
| 1,677 |
|
| (1,537 | ) |
| (176 | ) |
| (1,782 | ) |
|
|
|
|
|
| ||||||||
Class I Shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Issued |
|
| — |
|
| — |
|
| 196,797 |
|
| 831,134 |
|
Reinvested |
|
| — |
|
| — |
|
| 163,964 |
|
| 122,918 |
|
Redeemed |
|
| — |
|
| — |
|
| (216,544 | ) |
| (297,127 | ) |
|
|
|
|
|
| ||||||||
Change in Class I Shares |
|
| — |
|
| — |
|
| 144,217 |
|
| 656,925 |
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 49 |
|
HSBC INVESTOR ADVISOR FUNDS TRUST—CORE PLUS FIXED INCOME FUND (ADVISOR) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Dividends |
| ||||||||||||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Net |
| Total |
| |||||||||||||||||||||
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Year Ended October 31, 2003 |
|
| $ | 10.63 |
|
|
|
| 0.41 |
|
|
|
| 0.19 |
|
|
|
| 0.60 |
|
|
|
| (0.50 | ) |
|
|
| — |
|
|
|
| (0.50 | ) |
|
Year Ended October 31, 2004 |
|
|
| 10.73 |
|
|
|
| 0.45 |
|
|
|
| 0.12 |
|
|
|
| 0.57 |
|
|
|
| (0.45 | ) |
|
|
| — |
|
|
|
| (0.45 | ) |
|
Year Ended October 31, 2005 |
|
|
| 10.85 |
|
|
|
| 0.44 |
|
|
|
| (0.27 | ) |
|
|
| 0.17 |
|
|
|
| (0.47 | ) |
|
|
| — |
|
|
|
| (0.47 | ) |
|
Year Ended October 31, 2006 |
|
|
| 10.55 |
|
|
|
| 0.53 |
|
|
|
| 0.02 |
|
|
|
| 0.55 |
|
|
|
| (0.51 | ) |
|
|
| (0.46 | ) |
|
|
| (0.97 | ) |
|
Year Ended October 31, 2007 |
|
|
| 10.13 |
|
|
|
| 0.54 |
|
|
|
| 0.17 |
|
|
|
| 0.71 |
|
|
|
| (0.53 | ) |
|
|
| — |
|
|
|
| (0.53 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.31 |
|
|
|
| 0.25 |
|
|
|
| (0.33 | ) |
|
|
| (0.08 | ) |
|
|
| (0.26 | ) |
|
|
| (0.08 | ) |
|
|
| (0.34 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data |
| |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
|
| Net Asset |
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio |
| |||||||||||
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Year Ended October 31, 2003 |
|
| $ | 10.73 |
|
| 5.71 | % |
|
| $ | 110,968 |
|
| 0.56 | % |
| 4.30 | % |
| 0.56 | % |
| 70.91 | % |
|
Year Ended October 31, 2004 |
|
|
| 10.85 |
|
| 5.46 | % |
|
|
| 109,518 |
|
| 0.64 | % |
| 4.20 | % |
| 0.64 | % |
| 34.88 | % |
|
Year Ended October 31, 2005 |
|
|
| 10.55 |
|
| 1.55 | %(f) |
|
|
| 89,743 |
|
| 0.52 | %(f) |
| 4.15 | %(f) |
| 0.52 | %(f) |
| 176.60 | % |
|
Year Ended October 31, 2006 |
|
|
| 10.13 |
|
| 5.56 | % |
|
|
| 80,976 |
|
| 0.56 | % |
| 5.05 | % |
| 0.80 | % |
| 273.91 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.31 |
|
| 7.20 | %(g)(h) |
|
|
| 81,392 |
|
| 0.35 | %(g) |
| 5.24 | %(g) |
| 0.72 | % |
| 252.26 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.89 |
|
| (0.81 | )%(i) |
|
|
| 69,723 |
|
| 0.45 | % |
| 5.08 | % |
| 0.71 | % |
| 61.96 | % |
|
|
|
(a) | The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund’s proportionate share of the income and expenses of the HSBC Investor Core Plus Fixed Income Portfolio. |
|
|
(b) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(c) | Annualized for periods less than one year. |
|
|
(d) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(e) | Portfolio turnover rate is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets. |
|
|
(f) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the respective Portfolio in which the Fund invests related to violation of certain investment policies and limitations. The corresponding impact to the net expense ratio, net income ratio, gross expense ratio and total return were 0.11% for the Class I Shares. |
|
|
(g) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio, and the total return were 0.10% for the Class I Shares. |
|
|
(h) | During the year ended October 31, 2007, the respective Portfolio in which the Fund invests received monies related to certain nonrecurring litigation settlements. The corresponding impact to total return was 1.80%. |
|
|
(i) | During the period ended April 30, 2008, the respective Portfolio in which the Fund invests received monies related to certain nonrecurring litigation settlements. The corresponding impact to total return was 0.38%. |
|
|
|
50 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR FUNDS—CORE PLUS FIXED INCOME FUND |
Selected data for a share outstanding throughout the periods indicated. (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Dividends |
| |||||||||||||||||
|
|
|
|
| ||||||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Net |
| Total |
| |||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Year Ended October 31, 2003 |
|
| $ | 10.38 |
|
| 0.40 |
|
| 0.13 |
|
| 0.53 |
|
| (0.43 | ) |
| — |
|
| (0.43 | ) |
|
Year Ended October 31, 2004 |
|
|
| 10.48 |
|
| 0.40 |
|
| 0.12 |
|
| 0.52 |
|
| (0.40 | ) |
| — |
|
| (0.40 | ) |
|
Year Ended October 31, 2005 |
|
|
| 10.60 |
|
| 0.39 |
|
| (0.27 | ) |
| 0.12 |
|
| (0.42 | ) |
| — |
|
| (0.42 | ) |
|
Year Ended October 31, 2006 |
|
|
| 10.30 |
|
| 0.49 | * |
| 0.05 |
|
| 0.54 |
|
| (0.49 | ) |
| (0.05 | ) |
| (0.54 | ) |
|
Year Ended October 31, 2007 |
|
|
| 10.30 |
|
| 0.51 | * |
| 0.19 |
|
| 0.70 |
|
| (0.52 | ) |
| — |
|
| (0.52 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.48 |
|
| 0.25 | * |
| (0.36 | ) |
| (0.11 | ) |
| (0.25 | ) |
| — |
|
| (0.25 | ) |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.39 |
|
| 0.32 |
|
| 0.13 |
|
| 0.45 |
|
| (0.35 | ) |
| — |
|
| (0.35 | ) |
|
Year Ended October 31, 2004 |
|
|
| 10.49 |
|
| 0.32 |
|
| 0.11 |
|
| 0.43 |
|
| (0.32 | ) |
| — |
|
| (0.32 | ) |
|
Year Ended October 31, 2005 |
|
|
| 10.60 |
|
| 0.32 |
|
| (0.27 | ) |
| 0.05 |
|
| (0.34 | ) |
| — |
|
| (0.34 | ) |
|
Year Ended October 31, 2006 |
|
|
| 10.31 |
|
| 0.41 | * |
| 0.06 |
|
| 0.47 |
|
| (0.42 | ) |
| (0.05 | ) |
| (0.47 | ) |
|
Year Ended October 31, 2007 |
|
|
| 10.31 |
|
| 0.44 | * |
| 0.18 |
|
| 0.62 |
|
| (0.44 | ) |
| — |
|
| (0.44 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.49 |
|
| 0.21 | * |
| (0.36 | ) |
| (0.15 | ) |
| (0.21 | ) |
| — |
|
| (0.21 | ) |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.38 |
|
| 0.32 |
|
| 0.13 |
|
| 0.45 |
|
| (0.35 | ) |
| — |
|
| (0.35 | ) |
|
Year Ended October 31, 2004 |
|
|
| 10.48 |
|
| 0.32 |
|
| 0.11 |
|
| 0.43 |
|
| (0.32 | ) |
| — |
|
| (0.32 | ) |
|
Year Ended October 31, 2005 |
|
|
| 10.59 |
|
| 0.32 |
|
| (0.27 | ) |
| 0.05 |
|
| (0.34 | ) |
| — |
|
| (0.34 | ) |
|
Year Ended October 31, 2006 |
|
|
| 10.30 |
|
| 0.41 | * |
| 0.06 |
|
| 0.47 |
|
| (0.42 | ) |
| (0.05 | ) |
| (0.47 | ) |
|
Year Ended October 31, 2007 |
|
|
| 10.30 |
|
| 0.44 | * |
| 0.16 |
|
| 0.60 |
|
| (0.44 | ) |
| — |
|
| (0.44 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.46 |
|
| 0.20 | * |
| (0.35 | ) |
| (0.15 | ) |
| (0.21 | ) |
| — |
|
| (0.21 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
|
|
|
|
|
|
| Ratios/Supplementary Data | |||||||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||||
|
| Net Asset |
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio | |||||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Year Ended October 31, 2003 |
|
| $ | 10.48 |
|
| 5.17 | % |
|
| $ | 14,143 |
|
| 1.10 | % |
| 3.76 | % |
| 1.21 | % |
| 70.91 | % |
Year Ended October 31, 2004 |
|
|
| 10.60 |
|
| 5.07 | % |
|
|
| 17,248 |
|
| 1.04 | % |
| 3.78 | % |
| 1.26 | % |
| 34.88 | % |
Year Ended October 31, 2005 |
|
|
| 10.30 |
|
| 1.16 | %(f) |
|
|
| 17,646 |
|
| 0.84 | %(f) |
| 3.82 | %(f) |
| 1.15 | %(f) |
| 176.60 | % |
Year Ended October 31, 2006 |
|
|
| 10.30 |
|
| 5.45 | % |
|
|
| 12,248 |
|
| 0.79 | % |
| 4.82 | % |
| 1.43 | % |
| 273.91 | % |
Year Ended October 31, 2007 |
|
|
| 10.48 |
|
| 6.90 | %(g)(h) |
|
|
| 13,592 |
|
| 0.67 | %(g) |
| 4.93 | %(g) |
| 1.41 | % |
| 252.26 | % |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 10.12 |
|
| (1.04 | )%(i) |
|
|
| 12,458 |
|
| 0.70 | % |
| 4.84 | % |
| 1.39 | % |
| 61.96 | % |
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.49 |
|
| 4.38 | % |
|
| $ | 7,430 |
|
| 1.85 | % |
| 3.01 | % |
| 1.96 | % |
| 70.91 | % |
Year Ended October 31, 2004 |
|
|
| 10.60 |
|
| 4.19 | % |
|
|
| 7,017 |
|
| 1.79 | % |
| 3.05 | % |
| 2.01 | % |
| 34.88 | % |
Year Ended October 31, 2005 |
|
|
| 10.31 |
|
| 0.50 | %(f) |
|
|
| 6,168 |
|
| 1.59 | %(f) |
| 3.08 | %(f) |
| 1.90 | %(f) |
| 176.90 | % |
Year Ended October 31, 2006 |
|
|
| 10.31 |
|
| 4.67 | % |
|
|
| 4,267 |
|
| 1.54 | % |
| 4.06 | % |
| 2.19 | % |
| 273.91 | % |
Year Ended October 31, 2007 |
|
|
| 10.49 |
|
| 6.10 | %(g)(h) |
|
|
| 3,792 |
|
| 1.42 | %(g) |
| 4.18 | %(g) |
| 2.12 | % |
| 252.26 | % |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 10.13 |
|
| (1.41 | )%(i) |
|
|
| 2,888 |
|
| 1.45 | % |
| 4.09 | % |
| 2.13 | % |
| 61.96 | % |
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.48 |
|
| 4.39 | % |
|
| $ | 606 |
|
| 1.85 | % |
| 3.06 | % |
| 1.97 | % |
| 70.91 | % |
Year Ended October 31, 2004 |
|
|
| 10.59 |
|
| 4.20 | % |
|
|
| 377 |
|
| 1.80 | % |
| 3.07 | % |
| 2.02 | % |
| 34.88 | % |
Year Ended October 31, 2005 |
|
|
| 10.30 |
|
| 0.51 | %(f) |
|
|
| 285 |
|
| 1.58 | %(f) |
| 3.14 | %(f) |
| 1.89 | %(f) |
| 176.90 | % |
Year Ended October 31, 2006 |
|
|
| 10.30 |
|
| 4.67 | % |
|
|
| 236 |
|
| 1.54 | % |
| 4.07 | % |
| 2.19 | % |
| 273.91 | % |
Year Ended October 31, 2007 |
|
|
| 10.46 |
|
| 5.92 | %(g)(h) |
|
|
| 30 |
|
| 1.43 | %(g) |
| 4.24 | %(g) |
| 2.19 | % |
| 252.26 | % |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 10.10 |
|
| (1.41 | )%(i) |
|
|
| 104 |
|
| 1.45 | % |
| 3.99 | % |
| 2.13 | % |
| 61.96 | % |
|
|
* | Calculated based on average shares outstanding. |
|
|
(a) | The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund’s proportionate share of the income and expenses of the HSBC Investor Core Plus Fixed Income Portfolio. |
|
|
(b) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(c) | Annualized for periods less than one year. |
|
|
(d) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(e) | Portfolio turnover rate is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets. |
|
|
(f) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the respective Portfolio in which the Fund invests related to violation of certain investment policies and limitations. The corresponding impact to the net expense ratio, net income ratio, gross expense ratio and total return were 0.11%, 0.11% and 0.12% for Class A Shares, Class B Shares and Class C Shares, respectively. |
|
|
(g) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio, and the total returns were 0.03%, 0.03%, and 0.02% for Class A Shares, Class B Shares, and Class C Shares, respectively. |
|
|
(h) | During the year ended October 31, 2007, the respective Portfolio in which the Fund invests received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 1.77%, 1.76% and 1.77% for Class A Shares, Class B Shares and Class C Shares, respectively. |
|
|
(i) | During the period ended April 30, 2008, the respective Portfolio in which the Fund invests received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.38%, 0.38% and 0.38% for Class A Shares, Class B Shares and Class C Shares, respectively. |
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 51 |
|
HSBC INVESTOR FUNDS—HIGH YIELD FIXED INCOME FUND |
Financial Highlights |
Selected data for a share outstanding throughout the periods indicated. (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Dividends |
| ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Net |
| Total |
| |||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Period Ended October 31, 2006(f) |
|
| $ | 10.00 |
|
| 0.69 |
|
| 0.12 |
|
| 0.81 |
|
| (0.68 | ) |
| — |
|
| (0.68 | ) |
|
Year Ended October 31, 2007 |
|
|
| 10.13 |
|
| 0.79 | * |
| (0.09 | ) |
| 0.70 |
|
| (0.79 | ) |
| (0.03 | ) |
| (0.82 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.01 |
|
| 0.39 | * |
| (0.57 | ) |
| (0.18 | ) |
| (0.39 | ) |
| (0.10 | ) |
| (0.49 | ) |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2006(g) |
|
| $ | 10.00 |
|
| 0.62 |
|
| 0.13 |
|
| 0.75 |
|
| (0.61 | ) |
| — |
|
| (0.61 | ) |
|
Year Ended October 31, 2007 |
|
|
| 10.14 |
|
| 0.71 | * |
| (0.09 | ) |
| 0.62 |
|
| (0.72 | ) |
| (0.03 | ) |
| (0.75 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.01 |
|
| 0.35 | * |
| (0.55 | ) |
| (0.20 | ) |
| (0.36 | ) |
| (0.10 | ) |
| (0.46 | ) |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2006(h) |
|
| $ | 10.01 |
|
| 0.58 |
|
| 0.15 |
|
| 0.73 |
|
| (0.58 | ) |
| — |
|
| (0.58 | ) |
|
Year Ended October 31, 2007 |
|
|
| 10.16 |
|
| 0.71 | * |
| (0.09 | ) |
| 0.62 |
|
| (0.72 | ) |
| (0.03 | ) |
| (0.75 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.03 |
|
| 0.35 | * |
| (0.56 | ) |
| (0.21 | ) |
| (0.36 | ) |
| (0.10 | ) |
| (0.46 | ) |
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2006(i) |
|
| $ | 10.00 |
|
| 0.71 |
|
| 0.14 |
|
| 0.85 |
|
| (0.71 | ) |
| — |
|
| (0.71 | ) |
|
Year Ended October 31, 2007 |
|
|
| 10.14 |
|
| 0.81 | * |
| (0.09 | ) |
| 0.72 |
|
| (0.82 | ) |
| (0.03 | ) |
| (0.85 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.01 |
|
| 0.40 | * |
| (0.57 | ) |
| (0.17 | ) |
| (0.40 | ) |
| (0.10 | ) |
| (0.50 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data |
| |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
|
| Net Asset |
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio |
| |||||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Period Ended October 31, 2006(f) |
|
| $ | 10.13 |
|
| 8.38 | % |
|
| $ | 4,742 |
|
| 0.80 | % |
| 7.27 | % |
| 3.53 | % |
| 13.61 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.01 |
|
| 7.13 | % |
|
|
| 3,706 |
|
| 0.80 | % |
| 7.71 | % |
| 2.97 | % |
| 30.77 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.34 |
|
| (1.65 | )% |
|
|
| 3,459 |
|
| 0.80 | % |
| 8.36 | % |
| 2.66 | % |
| 14.28 | % |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2006(g) |
|
| $ | 10.14 |
|
| 7.68 | % |
|
| $ | 2,106 |
|
| 1.55 | % |
| 6.65 | % |
| 4.26 | % |
| 13.61 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.01 |
|
| 6.22 | % |
|
|
| 2,447 |
|
| 1.55 | % |
| 6.95 | % |
| 3.69 | % |
| 30.77 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.35 |
|
| (1.92 | )% |
|
|
| 2,328 |
|
| 1.55 | % |
| 7.61 | % |
| 3.41 | % |
| 14.28 | % |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2006(h) |
|
| $ | 10.16 |
|
| 7.42 | % |
|
| $ | 241 |
|
| 1.55 | % |
| 6.65 | % |
| 4.29 | % |
| 13.61 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.03 |
|
| 6.20 | % |
|
|
| 217 |
|
| 1.55 | % |
| 6.90 | % |
| 3.69 | % |
| 30.77 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.36 |
|
| (2.03 | )% |
|
|
| 417 |
|
| 1.55 | % |
| 7.49 | % |
| 3.41 | % |
| 14.28 | % |
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2006(i) |
|
| $ | 10.14 |
|
| 8.73 | % |
|
| $ | 2,568 |
|
| 0.55 | % |
| 7.53 | % |
| 3.29 | % |
| 13.61 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.01 |
|
| 7.29 | % |
|
|
| 2,642 |
|
| 0.55 | % |
| 7.95 | % |
| 2.68 | % |
| 30.77 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.34 |
|
| (1.53 | )% |
|
|
| 2,813 |
|
| 0.55 | % |
| 8.60 | % |
| 2.41 | % |
| 14.28 | % |
|
|
|
* | Calculated based on average shares outstanding. |
|
|
(a) | The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund’s proportionate share of the income and expenses of the HSBC Investor High Yield Fixed Income Portfolio. |
|
|
(b) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(c) | Annualized for periods less than one year. |
|
|
(d) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(e) | Portfolio turnover rate is calculated on the basis of the respective Portfolio in which the Fund invests all its investable assets. |
|
|
(f) | Class A Shares commenced operations on November 18, 2005. |
|
|
(g) | Class B Shares commenced operations on November 21, 2005. |
|
|
(h) | Class C Shares commenced operations on December 14, 2005. |
|
|
(i) | Class I Shares commenced operations on November 18, 2005. |
|
|
|
52 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR FUNDS—INTERMEDIATE DURATION FIXED INCOME FUND |
Financial Highlights |
Selected data for a share outstanding throughout the periods indicated. (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Dividends |
| ||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Net |
| Total |
| |||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Year Ended October 31, 2003 |
|
| $ | 10.43 |
|
| 0.33 |
|
| 0.08 |
|
| 0.41 |
|
| (0.37 | ) |
| — |
|
| (0.37 | ) |
|
Year Ended October 31, 2004 |
|
|
| 10.47 |
|
| 0.32 | * |
| 0.06 |
|
| 0.38 |
|
| (0.33 | ) |
| (0.46 | ) |
| (0.79 | ) |
|
Year Ended October 31, 2005 |
|
|
| 10.06 |
|
| 0.33 |
|
| (0.29 | ) |
| 0.04 |
|
| (0.37 | ) |
| (0.06 | ) |
| (0.43 | ) |
|
Year Ended October 31, 2006 |
|
|
| 9.67 |
|
| 0.45 |
|
| 0.05 |
|
| 0.50 |
|
| (0.45 | ) |
| — |
|
| (0.45 | ) |
|
Year Ended October 31, 2007 |
|
|
| 9.72 |
|
| 0.50 | * |
| 0.33 |
|
| 0.83 |
|
| (0.50 | ) |
| — |
|
| (0.50 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.05 |
|
| 0.23 | * |
| (0.37 | ) |
| (0.14 | ) |
| (0.24 | ) |
| (0.04 | ) |
| (0.28 | ) |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.45 |
|
| 0.25 |
|
| 0.08 |
|
| 0.33 |
|
| (0.29 | ) |
| — |
|
| (0.29 | ) |
|
Year Ended October 31, 2004 |
|
|
| 10.49 |
|
| 0.23 |
|
| 0.08 |
|
| 0.31 |
|
| (0.26 | ) |
| (0.46 | ) |
| (0.72 | ) |
|
Year Ended October 31, 2005 |
|
|
| 10.08 |
|
| 0.25 |
|
| (0.29 | ) |
| (0.04 | ) |
| (0.29 | ) |
| (0.06 | ) |
| (0.35 | ) |
|
Year Ended October 31, 2006 |
|
|
| 9.69 |
|
| 0.38 |
|
| 0.04 |
|
| 0.42 |
|
| (0.38 | ) |
| — |
|
| (0.38 | ) |
|
Year Ended October 31, 2007 |
|
|
| 9.73 |
|
| 0.43 | * |
| 0.33 |
|
| 0.76 |
|
| (0.42 | ) |
| — |
|
| (0.42 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.07 |
|
| 0.20 | * |
| (0.38 | ) |
| (0.18 | ) |
| (0.20 | ) |
| (0.04 | ) |
| (0.24 | ) |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.44 |
|
| 0.25 |
|
| 0.09 |
|
| 0.34 |
|
| (0.29 | ) |
| — |
|
| (0.29 | ) |
|
Year Ended October 31, 2004 |
|
|
| 10.49 |
|
| 0.22 | * |
| 0.08 |
|
| 0.30 |
|
| (0.26 | ) |
| (0.46 | ) |
| (0.72 | ) |
|
Year Ended October 31, 2005 |
|
|
| 10.07 |
|
| 0.25 |
|
| (0.29 | ) |
| (0.04 | ) |
| (0.29 | ) |
| (0.06 | ) |
| (0.35 | ) |
|
Year Ended October 31, 2006 |
|
|
| 9.68 |
|
| 0.38 |
|
| 0.05 |
|
| 0.43 |
|
| (0.38 | ) |
| — |
|
| (0.38 | ) |
|
Year Ended October 31, 2007 |
|
|
| 9.73 |
|
| 0.43 | * |
| 0.33 |
|
| 0.76 |
|
| (0.43 | ) |
| — |
|
| (0.43 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.06 |
|
| 0.19 | * |
| (0.36 | ) |
| (0.17 | ) |
| (0.20 | ) |
| (0.04 | ) |
| (0.24 | ) |
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.45 |
|
| 0.33 |
|
| 0.10 |
|
| 0.43 |
|
| (0.40 | ) |
| — |
|
| (0.40 | ) |
|
Year Ended October 31, 2004 |
|
|
| 10.48 |
|
| 0.33 |
|
| 0.09 |
|
| 0.42 |
|
| (0.36 | ) |
| (0.46 | ) |
| (0.82 | ) |
|
Year Ended October 31, 2005 |
|
|
| 10.08 |
|
| 0.35 |
|
| (0.30 | ) |
| 0.05 |
|
| (0.39 | ) |
| (0.06 | ) |
| (0.45 | ) |
|
Year Ended October 31, 2006 |
|
|
| 9.68 |
|
| 0.47 |
|
| 0.05 |
|
| 0.52 |
|
| (0.47 | ) |
| — |
|
| (0.47 | ) |
|
Year Ended October 31, 2007 |
|
|
| 9.73 |
|
| 0.53 | * |
| 0.32 |
|
| 0.85 |
|
| (0.52 | ) |
| — |
|
| (0.52 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.06 |
|
| 0.24 | * |
| (0.36 | ) |
| (0.12 | ) |
| (0.25 | ) |
| (0.04 | ) |
| (0.29 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data |
| |||||||||||||||||
|
|
|
|
|
|
|
| |||||||||||||||||||
|
| Net Asset |
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio |
| |||||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Year Ended October 31, 2003 |
|
| $ | 10.47 |
|
| 3.97 | % |
|
| $ | 3,309 |
|
| 1.01 | % |
| 2.99 | % |
| 1.01 | % |
| 98.42 | % |
|
Year Ended October 31, 2004 |
|
|
| 10.06 |
|
| 3.90 | % |
|
|
| 1,558 |
|
| 1.10 | % |
| 3.01 | % |
| 1.21 | % |
| 50.06 | % |
|
Year Ended October 31, 2005 |
|
|
| 9.67 |
|
| 0.31 | %(f) |
|
|
| 1,055 |
|
| 1.01 | %(f) |
| 3.37 | %(f) |
| 1.10 | %(f) |
| 107.26 | % |
|
Year Ended October 31, 2006 |
|
|
| 9.72 |
|
| 5.30 | % |
|
|
| 976 |
|
| 0.80 | % |
| 4.61 | % |
| 1.65 | % |
| 236.51 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.05 |
|
| 8.67 | %(g)(h) |
|
|
| 803 |
|
| 0.53 | %(g) |
| 5.02 | %(g) |
| 1.67 | % |
| 219.76 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.63 |
|
| (1.49 | )%(i) |
|
|
| 1,342 |
|
| 0.65 | % |
| 4.63 | % |
| 1.74 | % |
| 52.13 | % |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.49 |
|
| 3.19 | % |
|
| $ | 6,443 |
|
| 1.73 | % |
| 2.30 | % |
| 1.73 | % |
| 98.42 | % |
|
Year Ended October 31, 2004 |
|
|
| 10.08 |
|
| 3.11 | % |
|
|
| 6,321 |
|
| 1.85 | % |
| 2.28 | % |
| 1.96 | % |
| 50.06 | % |
|
Year Ended October 31, 2005 |
|
|
| 9.69 |
|
| (0.44 | )%(f) |
|
|
| 4,852 |
|
| 1.76 | %(f) |
| 2.60 | %(f) |
| 1.85 | %(f) |
| 107.26 | % |
|
Year Ended October 31, 2006 |
|
|
| 9.73 |
|
| 4.40 | % |
|
|
| 3,738 |
|
| 1.56 | % |
| 3.84 | % |
| 2.40 | % |
| 236.51 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.07 |
|
| 7.96 | %(g)(h) |
|
|
| 2,982 |
|
| 1.28 | %(g) |
| 4.26 | %(g) |
| 2.41 | % |
| 219.76 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.65 |
|
| (1.85 | )%(i) |
|
|
| 2,050 |
|
| 1.40 | % |
| 4.00 | % |
| 2.49 | % |
| 52.13 | % |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.49 |
|
| 3.29 | % |
|
| $ | 2,544 |
|
| 1.73 | % |
| 2.31 | % |
| 1.73 | % |
| 98.42 | % |
|
Year Ended October 31, 2004 |
|
|
| 10.07 |
|
| 3.03 | % |
|
|
| 679 |
|
| 1.85 | % |
| 2.25 | % |
| 1.96 | % |
| 50.06 | % |
|
Year Ended October 31, 2005 |
|
|
| 9.68 |
|
| (0.44 | )%(f) |
|
|
| 527 |
|
| 1.77 | %(f) |
| 2.60 | %(f) |
| 1.86 | %(f) |
| 107.26 | % |
|
Year Ended October 31, 2006 |
|
|
| 9.73 |
|
| 4.51 | % |
|
|
| 503 |
|
| 1.55 | % |
| 3.86 | % |
| 2.40 | % |
| 236.51 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.06 |
|
| 7.86 | %(g)(h) |
|
|
| 305 |
|
| 1.27 | %(g) |
| 4.27 | %(g) |
| 2.43 | % |
| 219.76 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.65 |
|
| (1.75 | )%(i) |
|
|
| 288 |
|
| 1.40 | % |
| 3.95 | % |
| 2.48 | % |
| 52.13 | % |
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.48 |
|
| 4.12 | % |
|
| $ | 31,368 |
|
| 0.69 | % |
| 3.62 | % |
| 0.69 | % |
| 98.42 | % |
|
Year Ended October 31, 2004 |
|
|
| 10.08 |
|
| 4.25 | % |
|
|
| 31,217 |
|
| 0.85 | % |
| 3.28 | % |
| 0.96 | % |
| 50.06 | % |
|
Year Ended October 31, 2005 |
|
|
| 9.68 |
|
| 0.45 | %(f) |
|
|
| 24,744 |
|
| 0.76 | %(f) |
| 3.60 | %(f) |
| 0.85 | %(f) |
| 107.26 | % |
|
Year Ended October 31, 2006 |
|
|
| 9.73 |
|
| 5.56 | % |
|
|
| 13,000 |
|
| 0.58 | % |
| 4.77 | % |
| 1.38 | % |
| 236.51 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.06 |
|
| 8.93 | %(g)(h) |
|
|
| 9,955 |
|
| 0.28 | %(g) |
| 5.25 | %(g) |
| 1.42 | % |
| 219.76 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.65 |
|
| (1.26 | )%(i) |
|
|
| 9,370 |
|
| 0.40 | % |
| 4.95 | % |
| 1.48 | % |
| 52.13 | % |
|
|
|
* | Calculated based on average shares outstanding. |
|
|
(a) | The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund’s proportionate share of the income and expenses of the HSBC Investor Intermediate Duration Fixed Income Portfolio. |
|
|
(b) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(c) | Annualized for periods less than one year. |
|
|
(d) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(e) | Portfolio turnover rate is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets. |
|
|
(f) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the respective Portfolio in which the Fund invests related to violation of certain investment policies and limitations. The corresponding impact to the net expense ratio, net income ratio, gross expense ratio and total return were 0.09%, 0.09%, 0.09% and 0.08% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
(g) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio, and the total returns were 0.12%, 0.12%, 0.13%, and 0.12% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
(h) | During the year ended October 31, 2007, the respective Portfolio in which the Fund invests received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 3.75%, 3.74%, 3.74% and 3.75% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
(i) | During the period ended April 30, 2008, the respective Portfolio in which the Fund invests received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 1.05%, 1.05%, 1.05% and 1.05% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 53 |
|
HSBC INVESTOR FUNDS — NEW YORK TAX-FREE BOND FUND |
Financial Highlights |
|
Selected data for a share outstanding throughout the periods indicated. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
|
| Dividends |
| |||||||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Net |
| Total |
| ||||||||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| $ | 11.09 |
|
|
| 0.38 |
|
|
| 0.12 |
|
|
| 0.50 |
|
|
| (0.38 | ) |
|
| — |
|
|
| (0.38 | ) |
|
Year Ended October 31, 2004 |
|
| 11.21 |
|
|
| 0.34 |
|
|
| 0.17 |
|
|
| 0.51 |
|
|
| (0.34 | ) |
|
| (0.06 | ) |
|
| (0.40 | ) |
|
Year Ended October 31, 2005 |
|
| 11.32 |
|
|
| 0.34 |
|
|
| (0.22 | ) |
|
| 0.12 |
|
|
| (0.34 | ) |
|
| (0.02 | ) |
|
| (0.36 | ) |
|
Year Ended October 31, 2006 |
|
| 11.08 |
|
|
| 0.37 |
|
|
| 0.12 |
|
|
| 0.49 |
|
|
| (0.37 | ) |
|
| (0.02 | ) |
|
| (0.39 | ) |
|
Year Ended October 31, 2007 |
|
| 11.18 |
|
|
| 0.39 | * |
|
| (0.14 | ) |
|
| 0.25 |
|
|
| (0.38 | ) |
|
| — |
|
|
| (0.38 | ) |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 11.05 |
|
|
| 0.19 | * |
|
| (0.07 | ) |
|
| 0.12 |
|
|
| (0.20 | ) |
|
| (0.01 | ) |
|
| (0.21 | ) |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| $ | 11.08 |
|
|
| 0.30 |
|
|
| 0.12 |
|
|
| 0.42 |
|
|
| (0.30 | ) |
|
| — |
|
|
| (0.30 | ) |
|
Year Ended October 31, 2004 |
|
| 11.20 |
|
|
| 0.25 |
|
|
| 0.17 |
|
|
| 0.42 |
|
|
| (0.25 | ) |
|
| (0.06 | ) |
|
| (0.31 | ) |
|
Year Ended October 31, 2005 |
|
| 11.31 |
|
|
| 0.25 |
|
|
| (0.22 | ) |
|
| 0.03 |
|
|
| (0.25 | ) |
|
| (0.02 | ) |
|
| (0.27 | ) |
|
Year Ended October 31, 2006 |
|
| 11.07 |
|
|
| 0.28 |
|
|
| 0.12 |
|
|
| 0.40 |
|
|
| (0.28 | ) |
|
| (0.02 | ) |
|
| (0.30 | ) |
|
Year Ended October 31, 2007 |
|
| 11.17 |
|
|
| 0.30 | * |
|
| (0.13 | ) |
|
| 0.17 |
|
|
| (0.30 | ) |
|
| — |
|
|
| (0.30 | ) |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 11.04 |
|
|
| 0.15 | * |
|
| (0.07 | ) |
|
| 0.08 |
|
|
| (0.16 | ) |
|
| (0.01 | ) |
|
| (0.17 | ) |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| $ | 11.12 |
|
|
| 0.30 |
|
|
| 0.13 |
|
|
| 0.43 |
|
|
| (0.30 | ) |
|
| — |
|
|
| (0.30 | ) |
|
Year Ended October 31, 2004 |
|
| 11.25 |
|
|
| 0.25 |
|
|
| 0.16 |
|
|
| 0.41 |
|
|
| (0.25 | ) |
|
| (0.06 | ) |
|
| (0.31 | ) |
|
Year Ended October 31, 2005 |
|
| 11.35 |
|
|
| 0.25 |
|
|
| (0.22 | ) |
|
| 0.03 |
|
|
| (0.25 | ) |
|
| (0.02 | ) |
|
| (0.27 | ) |
|
Year Ended October 31, 2006 |
|
| 11.11 |
|
|
| 0.28 |
|
|
| 0.12 |
|
|
| 0.40 |
|
|
| (0.28 | ) |
|
| (0.02 | ) |
|
| (0.30 | ) |
|
Year Ended October 31, 2007 |
|
| 11.21 |
|
|
| 0.31 | * |
|
| (0.14 | ) |
|
| 0.17 |
|
|
| (0.30 | ) |
|
| — |
|
|
| (0.30 | ) |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 11.08 |
|
|
| 0.15 | * |
|
| (0.07 | ) |
|
| 0.08 |
|
|
| (0.16 | ) |
|
| (0.01 | ) |
|
| (0.17 | ) |
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| $ | 11.09 |
|
|
| 0.41 |
|
|
| 0.12 |
|
|
| 0.53 |
|
|
| (0.41 | ) |
|
| — |
|
|
| (0.41 | ) |
|
Year Ended October 31, 2004 |
|
| 11.21 |
|
|
| 0.37 |
|
|
| 0.17 |
|
|
| 0.54 |
|
|
| (0.37 | ) |
|
| (0.06 | ) |
|
| (0.43 | ) |
|
Year Ended October 31, 2005 |
|
| 11.32 |
|
|
| 0.37 |
|
|
| (0.22 | ) |
|
| 0.15 |
|
|
| (0.37 | ) |
|
| (0.02 | ) |
|
| (0.39 | ) |
|
Year Ended October 31, 2006 |
|
| 11.08 |
|
|
| 0.39 |
|
|
| 0.12 |
|
|
| 0.51 |
|
|
| (0.39 | ) |
|
| (0.02 | ) |
|
| (0.41 | ) |
|
Year Ended October 31, 2007 |
|
| 11.18 |
|
|
| 0.41 | * |
|
| (0.13 | ) |
|
| 0.28 |
|
|
| (0.41 | ) |
|
| — |
|
|
| (0.41 | ) |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 11.05 |
|
|
| 0.21 | * |
|
| (0.08 | ) |
|
| 0.13 |
|
|
| (0.21 | ) |
|
| (0.01 | ) |
|
| (0.22 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
|
| Net Asset |
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio |
| ||||||||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| $ | 11.21 |
|
|
| 4.57 | % |
| $ | 22,326 |
|
|
| 0.91 | % |
|
| 3.39 | % |
|
| 0.91 | % |
|
| 29.79 | % |
|
Year Ended October 31, 2004 |
|
| 11.32 |
|
|
| 4.57 | % |
|
| 32,889 |
|
|
| 0.87 | % |
|
| 3.01 | % |
|
| 0.87 | % |
|
| 26.96 | % |
|
Year Ended October 31, 2005 |
|
| 11.08 |
|
|
| 1.03 | %(e) |
|
| 34,441 |
|
|
| 0.88 | %(e) |
|
| 3.02 | %(e) |
|
| 0.89 | % |
|
| 13.87 | % |
|
Year Ended October 31, 2006 |
|
| 11.18 |
|
|
| 4.45 | % |
|
| 32,727 |
|
|
| 0.93 | % |
|
| 3.30 | % |
|
| 0.93 | % |
|
| 12.69 | % |
|
Year Ended October 31, 2007 |
|
| 11.05 |
|
|
| 2.34 | %(f) |
|
| 32,305 |
|
|
| 0.86 | %(f) |
|
| 3.50 | %(f) |
|
| 0.89 | % |
|
| 17.03 | % |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 10.96 |
|
|
| 1.11 | % |
|
| 30,920 |
|
|
| 0.83 | % |
|
| 3.53 | % |
|
| 0.83 | % |
|
| — |
|
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| $ | 11.20 |
|
|
| 3.80 | % |
| $ | 18,352 |
|
|
| 1.66 | % |
|
| 2.64 | % |
|
| 1.66 | % |
|
| 29.79 | % |
|
Year Ended October 31, 2004 |
|
| 11.31 |
|
|
| 3.80 | % |
|
| 17,457 |
|
|
| 1.62 | % |
|
| 2.27 | % |
|
| 1.62 | % |
|
| 26.96 | % |
|
Year Ended October 31, 2005 |
|
| 11.07 |
|
|
| 0.28 | %(e) |
|
| 16,258 |
|
|
| 1.63 | %(e) |
|
| 2.27 | %(e) |
|
| 1.64 | % |
|
| 13.87 | % |
|
Year Ended October 31, 2006 |
|
| 11.17 |
|
|
| 3.67 | % |
|
| 13,735 |
|
|
| 1.68 | % |
|
| 2.56 | % |
|
| 1.68 | % |
|
| 12.69 | % |
|
Year Ended October 31, 2007 |
|
| 11.04 |
|
|
| 1.58 | %(f) |
|
| 8,635 |
|
|
| 1.61 | %(f) |
|
| 2.75 | %(f) |
|
| 1.64 | % |
|
| 17.03 | % |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 10.95 |
|
|
| 0.74 | % |
|
| 6,492 |
|
|
| 1.59 | % |
|
| 2.79 | % |
|
| 1.59 | % |
|
| — |
|
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| $ | 11.25 |
|
|
| 3.87 | % |
| $ | 3,252 |
|
|
| 1.66 | % |
|
| 2.64 | % |
|
| 1.66 | % |
|
| 29.79 | % |
|
Year Ended October 31, 2004 |
|
| 11.35 |
|
|
| 3.69 | % |
|
| 2,340 |
|
|
| 1.62 | % |
|
| 2.26 | % |
|
| 1.62 | % |
|
| 26.96 | % |
|
Year Ended October 31, 2005 |
|
| 11.11 |
|
|
| 0.28 | %(e) |
|
| 1,782 |
|
|
| 1.63 | %(e) |
|
| 2.26 | %(e) |
|
| 1.64 | % |
|
| 13.87 | % |
|
Year Ended October 31, 2006 |
|
| 11.21 |
|
|
| 3.66 | % |
|
| 1,246 |
|
|
| 1.68 | % |
|
| 2.55 | % |
|
| 1.68 | % |
|
| 12.69 | % |
|
Year Ended October 31, 2007 |
|
| 11.08 |
|
|
| 1.57 | %(f) |
|
| 807 |
|
|
| 1.60 | %(f) |
|
| 2.75 | %(f) |
|
| 1.63 | % |
|
| 17.03 | % |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 10.99 |
|
|
| 0.73 | % |
|
| 537 |
|
|
| 1.59 | % |
|
| 2.79 | % |
|
| 1.59 | % |
|
| — |
|
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| $ | 11.21 |
|
|
| 4.84 | % |
| $ | 20,290 |
|
|
| 0.67 | % |
|
| 3.67 | % |
|
| 0.67 | % |
|
| 29.79 | % |
|
Year Ended October 31, 2004 |
|
| 11.32 |
|
|
| 4.83 | % |
|
| 19,908 |
|
|
| 0.62 | % |
|
| 3.27 | % |
|
| 0.62 | % |
|
| 26.96 | % |
|
Year Ended October 31, 2005 |
|
| 11.08 |
|
|
| 1.28 | %(e) |
|
| 16,981 |
|
|
| 0.63 | %(e) |
|
| 3.27 | %(e) |
|
| 0.64 | % |
|
| 13.87 | % |
|
Year Ended October 31, 2006 |
|
| 11.18 |
|
|
| 4.71 | % |
|
| 13,746 |
|
|
| 0.68 | % |
|
| 3.55 | % |
|
| 0.68 | % |
|
| 12.69 | % |
|
Year Ended October 31, 2007 |
|
| 11.05 |
|
|
| 2.59 | %(f) |
|
| 19,282 |
|
|
| 0.60 | %(f) |
|
| 3.74 | %(f) |
|
| 0.63 | % |
|
| 17.03 | % |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 10.96 |
|
|
| 1.24 | % |
|
| 21,991 |
|
|
| 0.58 | % |
|
| 3.77 | % |
|
| 0.58 | % |
|
| — |
|
|
|
|
* | Calculated based on average shares outstanding. |
|
|
(a) | Not Annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(b) | Annualized for periods less than one year. |
|
|
(c) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(d) | Portfolio turnover rate is calculated on the basis of the Fund as a whole, without the distinguishing between the classes of shares issued. |
|
|
(e) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the Fund related to violation of certain investment policies and limitations. The corresponding impact to the net expense ratio, net income ratio and total return were 0.01%, 0.01%, 0.01% and 0.01% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
(f) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio and the total returns were 0.03%, 0.04%, 0.03% and 0.03% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
|
54 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR FUNDS — GROWTH FUND |
Financial Highlights |
|
Selected data for a share outstanding throughout the periods indicated. (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Dividends |
| ||||||||||||||||||||
|
|
|
|
|
|
| |||||||||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Net |
| Total |
| ||||||||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004(f) |
| $ | 12.68 |
|
|
| (0.02 | ) |
|
| (0.11 | ) |
|
| (0.13 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
Year Ended October 31, 2005 |
|
| 12.55 |
|
|
| 0.03 |
|
|
| 1.59 |
|
|
| 1.62 |
|
|
| (0.05 | ) |
|
| — |
|
|
| (0.05 | ) |
|
Year Ended October 31, 2006 |
|
| 14.12 |
|
|
| (0.02 | )* |
|
| 0.99 |
|
|
| 0.97 |
|
|
| — |
|
|
| (0.23 | ) |
|
| (0.23 | ) |
|
Year Ended October 31, 2007 |
|
| 14.86 |
|
|
| — | *(i) |
|
| 4.23 |
|
|
| 4.23 |
|
|
| (0.01 | ) |
|
| (1.13 | ) |
|
| (1.14 | ) |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 17.95 |
|
|
| (0.02 | )* |
|
| (1.49 | ) |
|
| (1.51 | ) |
|
| — |
|
|
| (0.84 | ) |
|
| (0.84 | ) |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004(f) |
| $ | 12.28 |
|
|
| (0.07 | ) |
|
| (0.10 | ) |
|
| (0.17 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
Year Ended October 31, 2005 |
|
| 12.11 |
|
|
| (0.07 | ) |
|
| 1.53 |
|
|
| 1.46 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
Year Ended October 31, 2006 |
|
| 13.57 |
|
|
| (0.12 | )* |
|
| 0.95 |
|
|
| 0.83 |
|
|
| — |
|
|
| (0.23 | ) |
|
| (0.23 | ) |
|
Year Ended October 31, 2007 |
|
| 14.17 |
|
|
| (0.11 | )* |
|
| 3.99 |
|
|
| 3.88 |
|
|
| — |
|
|
| (1.13 | ) |
|
| (1.13 | ) |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 16.92 |
|
|
| (0.07 | )* |
|
| (1.41 | ) |
|
| (1.48 | ) |
|
| — |
|
|
| (0.84 | ) |
|
| (0.84 | ) |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2004(f) |
| $ | 12.35 |
|
|
| (0.06 | ) |
|
| (0.12 | ) |
|
| (0.18 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
Year Ended October 31, 2005 |
|
| 12.17 |
|
|
| (0.07 | ) |
|
| 1.54 |
|
|
| 1.47 |
|
|
| — |
|
|
| — |
|
|
| — |
|
|
Year Ended October 31, 2006 |
|
| 13.64 |
|
|
| (0.13 | )* |
|
| 0.99 |
|
|
| 0.83 |
|
|
| — |
|
|
| (0.23 | ) |
|
| (0.23 | ) |
|
Year Ended October 31, 2007 |
|
| 14.24 |
|
|
| (0.11 | )* |
|
| 4.02 |
|
|
| 3.91 |
|
|
| — |
|
|
| (1.13 | ) |
|
| (1.13 | ) |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 17.02 |
|
|
| (0.07 | )* |
|
| (1.42 | ) |
|
| (1.49 | ) |
|
| — |
|
|
| (0.84 | ) |
|
| (0.84 | ) |
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004(f) |
| $ | 12.67 |
|
|
| (0.01 | ) |
|
| (0.11 | ) |
|
| (0.12 | ) |
|
| — |
|
|
| — |
|
|
| — |
|
|
Year Ended October 31, 2005 |
|
| 12.55 |
|
|
| 0.06 |
|
|
| 1.59 |
|
|
| 1.65 |
|
|
| (0.08 | ) |
|
| — |
|
|
| (0.08 | ) |
|
Year Ended October 31, 2006 |
|
| 14.12 |
|
|
| 0.02 | * |
|
| 0.99 |
|
|
| 1.01 |
|
|
| — |
|
|
| (0.23 | ) |
|
| (0.23 | ) |
|
Year Ended October 31, 2007 |
|
| 14.90 |
|
|
| 0.03 | * |
|
| 4.24 |
|
|
| 4.27 |
|
|
| (0.02 | ) |
|
| (1.13 | ) |
|
| (1.15 | ) |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 18.02 |
|
|
| — | *(i) |
|
| (1.50 | ) |
|
| (1.50 | ) |
|
| — |
|
|
| (0.84 | ) |
|
| (0.84 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data |
| ||||||||||||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||||||
|
| Net Asset |
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio |
| ||||||||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004(f) |
| $ | 12.55 |
|
|
| (1.03 | )% |
| $ | 17,372 |
|
|
| 1.20 | % |
|
| (0.42 | )% |
|
| 1.31 | % |
|
| 53.08 | % |
|
Year Ended October 31, 2005 |
|
| 14.12 |
|
|
| 12.91 | %(g) |
|
| 21,866 |
|
|
| 1.15 | %(g) |
|
| 0.19 | %(g) |
|
| 1.35 | %(g) |
|
| 79.54 | % |
|
Year Ended October 31, 2006 |
|
| 14.86 |
|
|
| 6.92 | % |
|
| 21,985 |
|
|
| 1.20 | % |
|
| (0.14 | )% |
|
| 1.44 | % |
|
| 75.06 | % |
|
Year Ended October 31, 2007 |
|
| 17.95 |
|
|
| 30.45 | %(h) |
|
| 30,858 |
|
|
| 1.11 | %(h) |
|
| (0.03 | )%(h) |
|
| 1.22 | % |
|
| 57.04 | % |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 15.60 |
|
|
| (8.65 | )% |
|
| 24,248 |
|
|
| 1.18 | % |
|
| (0.20 | ) % |
|
| 1.18 | % |
|
| 29.44 | % |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004(f) |
| $ | 12.11 |
|
|
| (1.38 | )% |
| $ | 1,402 |
|
|
| 1.95 | % |
|
| (1.17 | )% |
|
| 2.06 | % |
|
| 53.08 | % |
|
Year Ended October 31, 2005 |
|
| 13.57 |
|
|
| 12.06 | %(g) |
|
| 1,317 |
|
|
| 1.90 | %(g) |
|
| (0.48 | )%(g) |
|
| 2.09 | %(g) |
|
| 79.54 | % |
|
Year Ended October 31, 2006 |
|
| 14.17 |
|
|
| 6.16 | % |
|
| 1,446 |
|
|
| 1.95 | % |
|
| (0.88 | )% |
|
| 2.19 | % |
|
| 75.06 | % |
|
Year Ended October 31, 2007 |
|
| 16.92 |
|
|
| 29.43 | %(h) |
|
| 1,630 |
|
|
| 1.86 | %(h) |
|
| (0.78 | )%(h) |
|
| 1.98 | % |
|
| 57.04 | % |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 14.60 |
|
|
| (9.02 | )% |
|
| 1,368 |
|
|
| 1.94 | % |
|
| (0.97 | )% |
|
| 1.94 | % |
|
| 29.44 | % |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2004(f) |
| $ | 12.17 |
|
|
| (1.46 | )% |
| $ | 309 |
|
|
| 1.95 | % |
|
| (1.18 | )% |
|
| 2.06 | % |
|
| 53.08 | % |
|
Year Ended October 31, 2005 |
|
| 13.64 |
|
|
| 12.08 | %(g) |
|
| 344 |
|
|
| 1.90 | %(g) |
|
| (0.51 | )%(g) |
|
| 2.10 | %(g) |
|
| 79.54 | % |
|
Year Ended October 31, 2006 |
|
| 14.24 |
|
|
| 6.13 | % |
|
| 270 |
|
|
| 1.95 | % |
|
| (0.89 | )% |
|
| 2.18 | % |
|
| 75.06 | % |
|
Year Ended October 31, 2007 |
|
| 17.02 |
|
|
| 29.49 | %(h) |
|
| 98 |
|
|
| 1.86 | %(h) |
|
| (0.79 | )%(h) |
|
| 1.96 | % |
|
| 57.04 | % |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 14.69 |
|
|
| (9.02 | )% |
|
| 80 |
|
|
| 1.93 | % |
|
| (0.95 | )% |
|
| 1.93 | % |
|
| 29.44 | % |
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004(f) |
| $ | 12.55 |
|
|
| 0.95 | % |
| $ | 19,115 |
|
|
| 0.95 | % |
|
| (0.17 | )% |
|
| 1.06 | % |
|
| 53.08 | % |
|
Year Ended October 31, 2005 |
|
| 14.12 |
|
|
| 13.17 | %(g) |
|
| 13,107 |
|
|
| 0.90 | %(g) |
|
| 0.56 | %(g) |
|
| 1.07 | %(g) |
|
| 79.54 | % |
|
Year Ended October 31, 2006 |
|
| 14.90 |
|
|
| 7.21 | % |
|
| 15,042 |
|
|
| 0.95 | % |
|
| 0.12 | % |
|
| 1.19 | % |
|
| 75.06 | % |
|
Year Ended October 31, 2007 |
|
| 18.02 |
|
|
| 30.73 | %(h) |
|
| 30,295 |
|
|
| 0.87 | %(h) |
|
| 0.20 | %(h) |
|
| 0.96 | % |
|
| 57.04 | % |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
| 15.68 |
|
|
| (8.56 | )% |
|
| 26,795 |
|
|
| 0.93 | % |
|
| 0.05 | % |
|
| 0.93 | % |
|
| 29.44 | % |
|
|
|
* | Calculated based on average shares outstanding. |
|
|
(a) | The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund’s proportionate share of the income and expenses of the HSBC Investor Growth Portfolio. |
|
|
(b) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(c) | Annualized for periods less than one year. |
|
|
(d) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(e) | Portfolio turnover rate is calculated on the basis of the respective Portfolio in which the Fund invests all its investable assets. |
|
|
(f) | Class A Shares, Class B Shares, Class C Shares and Class I Shares commenced operations on May 10, 2004. |
|
|
(g) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the respective Portfolio in which the Fund invests related to violation of certain investment policies and limitations. The corresponding impact to the net expense ratio, net income ratio, gross expense ratio and total return were 0.05%, 0.05%, 0.05% and 0.05% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
(h) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio and the total returns were 0.09%, 0.09%, 0.09% and 0.08% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
(i) | Represents less than $0.005. |
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 55 |
|
HSBC INVESTOR FUNDS—GROWTH AND INCOME FUND |
Financial Highlights |
|
Selected data for a share outstanding throughout the periods indicated. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Dividends | ||||||||||||||
|
|
|
|
| ||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Total | ||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Year Ended October 31, 2003 |
|
| $ | 7.21 |
|
| 0.06 |
|
| 1.18 |
|
| 1.24 |
|
| (0.06 | ) |
| (0.06 | ) |
Year Ended October 31, 2004 |
|
|
| 8.39 |
|
| 0.05 |
|
| 0.36 |
|
| 0.41 |
|
| (0.04 | ) |
| (0.04 | ) |
Year Ended October 31, 2005 |
|
|
| 8.76 |
|
| 0.07 |
|
| 1.01 |
|
| 1.08 |
|
| (0.09 | ) |
| (0.09 | ) |
Year Ended October 31, 2006 |
|
|
| 9.75 |
|
| (0.02 | )* |
| 1.25 |
|
| 1.23 |
|
| — |
|
| — |
|
Year Ended October 31, 2007 |
|
|
| 10.98 |
|
| 0.01 | * |
| 3.07 |
|
| 3.08 |
|
| (0.02 | ) |
| (0.02 | ) |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 14.04 |
|
| — | *> |
| (1.43 | ) |
| (1.43 | ) |
| — |
|
| — |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 7.14 |
|
| (0.01 | ) |
| 1.18 |
|
| 1.17 |
|
| (0.01 | ) |
| (0.01 | ) |
Year Ended October 31, 2004 |
|
|
| 8.30 |
|
| (0.02 | )* |
| 0.36 |
|
| 0.34 |
|
| (0.00 | )> |
| (0.00 | ) > |
Year Ended October 31, 2005 |
|
|
| 8.64 |
|
| (0.01 | ) |
| 1.01 |
|
| 1.00 |
|
| (0.03 | ) |
| (0.03 | ) |
Year Ended October 31, 2006 |
|
|
| 9.61 |
|
| (0.10 | )* |
| 1.23 |
|
| 1.13 |
|
| — |
|
| — |
|
Year Ended October 31, 2007 |
|
|
| 10.74 |
|
| (0.07 | )* |
| 2.99 |
|
| 2.92 |
|
| — |
|
| — |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 13.66 |
|
| (0.04 | )* |
| (1.41 | ) |
| (1.45 | ) |
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004 |
|
| $ | 8.40 |
|
| (0.02 | )* |
| 0.38 |
|
| 0.36 |
|
| (0.03 | ) |
| (0.03 | ) |
Year Ended October 31, 2005 |
|
|
| 8.73 |
|
| (0.01 | ) |
| 1.02 |
|
| 1.01 |
|
| (0.04 | ) |
| (0.04 | ) |
Year Ended October 31, 2006 |
|
|
| 9.70 |
|
| (0.09 | ) |
| 1.22 |
|
| 1.13 |
|
| — |
|
| — |
|
Year Ended October 31, 2007 |
|
|
| 10.83 |
|
| (0.08 | )* |
| 3.02 |
|
| 2.94 |
|
| — |
|
| — |
|
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 13.77 |
|
| (0.04 | )* |
| (1.41 | ) |
| (1.45 | ) |
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 7.22 |
|
| 0.07 |
|
| 1.19 |
|
| 1.26 |
|
| (0.08 | ) |
| (0.08 | ) |
Year Ended October 31, 2004 |
|
|
| 8.40 |
|
| 0.07 |
|
| 0.36 |
|
| 0.43 |
|
| (0.06 | ) |
| (0.06 | ) |
Year Ended October 31, 2005 |
|
|
| 8.77 |
|
| 0.10 |
|
| 0.99 |
|
| 1.10 |
|
| (0.12 | ) |
| (0.12 | ) |
Year Ended October 31, 2006 |
|
|
| 9.75 |
|
| 0.01 | * |
| 1.25 |
|
| 1.26 |
|
| (0.01 | ) |
| (0.01 | ) |
Year Ended October 31, 2007 |
|
|
| 11.00 |
|
| 0.05 | * |
| 3.08 |
|
| 3.13 |
|
| (0.04 | ) |
| (0.04 | ) |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 14.09 |
|
| 0.02 | * |
| (1.45 | ) |
| (1.43 | ) |
| — |
|
| — |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data | |||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||
|
| Net Asset |
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio | |||||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Year Ended October 31, 2003 |
|
| $ | 8.39 |
|
| 17.26 | % |
|
| $ | 1,827 |
|
| 1.04 | % |
| 0.70 | % |
| 1.04 | % |
| 64.52 | % |
Year Ended October 31, 2004 |
|
|
| 8.76 |
|
| 4.94 | % |
|
|
| 1,500 |
|
| 1.02 | % |
| 0.50 | % |
| 1.02 | % |
| 73.68 | % |
Year Ended October 31, 2005 |
|
|
| 9.75 |
|
| 12.36 | %(e) |
|
|
| 1,260 |
|
| 1.11 | %(e) |
| 0.73 | %(e) |
| 1.16 | % |
| 106.49 | % |
Year Ended October 31, 2006 |
|
|
| 10.98 |
|
| 12.62 | % |
|
|
| 1,394 |
|
| 1.26 | % |
| (0.22 | )% |
| 1.47 | % |
| 34.85 | % |
Year Ended October 31, 2007 |
|
|
| 14.04 |
|
| 28.09 | %(g) |
|
|
| 2,048 |
|
| 1.08 | %(g) |
| 0.10 | %(g) |
| 1.32 | % |
| 26.76 | % |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 12.61 |
|
| (10.19 | )% |
|
|
| 2,098 |
|
| 1.15 | % |
| 0.02 | % |
| 1.20 | % |
| 16.06 | % |
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 8.30 |
|
| 16.40 | % |
|
| $ | 2,235 |
|
| 1.79 | % |
| (0.07 | )% |
| 1.79 | % |
| 64.52 | % |
Year Ended October 31, 2004 |
|
|
| 8.64 |
|
| 4.13 | % |
|
|
| 3,820 |
|
| 1.77 | % |
| (0.25 | )% |
| 1.77 | % |
| 73.68 | % |
Year Ended October 31, 2005 |
|
|
| 9.61 |
|
| 11.61 | %(e) |
|
|
| 4,194 |
|
| 1.87 | %(e) |
| (0.10 | %(e) |
| 1.93 | % |
| 106.49 | % |
Year Ended October 31, 2006 |
|
|
| 10.74 |
|
| 11.76 | % |
|
|
| 4,537 |
|
| 2.01 | % |
| (0.97 | )% |
| 2.22 | % |
| 34.85 | % |
Year Ended October 31, 2007 |
|
|
| 13.66 |
|
| 27.19 | %(g) |
|
|
| 5,051 |
|
| 1.83 | %(g) |
| (0.62 | %(g) |
| 2.07 | % |
| 26.76 | % |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 12.21 |
|
| (10.61 | )% |
|
|
| 3,932 |
|
| 1.91 | % |
| (0.69 | )% |
| 1.96 | % |
| 16.06 | % |
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004 |
|
| $ | 8.73 |
|
| 3.57 | % |
|
| $ | 41 |
|
| 1.77 | % |
| (0.28 | )% |
| 1.77 | % |
| 73.68 | % |
Year Ended October 31, 2005 |
|
|
| 9.70 |
|
| 11.59 | %(e) |
|
|
| 49 |
|
| 1.88 | %(e) |
| (0.13 | %(e) |
| 1.93 | % |
| 106.49 | % |
Year Ended October 31, 2006 |
|
|
| 10.83 |
|
| 11.65 | % |
|
|
| 35 |
|
| 2.01 | % |
| (0.90 | )% |
| 2.21 | % |
| 34.85 | % |
Year Ended October 31, 2007 |
|
|
| 13.77 |
|
| 27.15 | %(g) |
|
|
| 58 |
|
| 1.82 | %(g) |
| (0.64 | %(g) |
| 2.07 | % |
| 26.76 | % |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 12.32 |
|
| (10.53 | )% |
|
|
| 30 |
|
| 1.92 | % |
| (0.62 | )% |
| 1.97 | % |
| 16.06 | % |
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 8.40 |
|
| 17.63 | % |
|
| $ | 203,458 |
|
| 0.79 | % |
| 0.96 | % |
| 0.79 | % |
| 64.52 | % |
Year Ended October 31, 2004 |
|
|
| 8.77 |
|
| 5.18 | % |
|
|
| 196,219 |
|
| 0.77 | % |
| 0.77 | % |
| 0.77 | % |
| 73.68 | % |
Year Ended October 31, 2005 |
|
|
| 9.75 |
|
| 12.61 | %(e) |
|
|
| 46,888 |
|
| 0.80 | %(e) |
| 1.20 | %(e) |
| 0.86 | % |
| 106.49 | % |
Year Ended October 31, 2006 |
|
|
| 11.00 |
|
| 12.88 | % |
|
|
| 40,925 |
|
| 1.01 | % |
| 0.04 | % |
| 1.22 | % |
| 34.85 | % |
Year Ended October 31, 2007 |
|
|
| 14.09 |
|
| 28.46 | %(g) |
|
|
| 45,399 |
|
| 0.83 | %(g) |
| 0.38 | %(g) |
| 1.07 | % |
| 26.76 | % |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 12.66 |
|
| (10.14 | )% |
|
|
| 33,676 |
|
| 0.91 | % |
| 0.31 | % |
| 0.96 | % |
| 16.06 | % |
|
|
> | Less than $0.005 per share. |
|
|
* | Calculated based on average shares outstanding. |
|
|
(a) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(b) | Annualized for periods less than one year. |
|
|
(c) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been indicated. |
|
|
(d) | Portfolio turnover rate is calculated on the basis of the Fund as a whole, without the distinguishing between the classes of shares issued. |
|
|
(e) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the Fund related to violation of certain investment policies and limitations. The corresponding impact to the net expense ratio, net income ratio and total return were 0.02%, 0.02%, 0.02% and 0.03% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
(f) | Class C shares commenced operations on November 3, 2003. |
|
|
(g) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio and the total returns were 0.12%, 0.12%, 0.13% and 0.12% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
|
56 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR ADVISOR FUNDS TRUST—INTERNATIONAL EQUITY FUND |
Financial Highlights |
Selected data for a share outstanding throughout the periods indicated. (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Dividends | |||||||||||||||||
|
|
|
|
| |||||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Net |
| Total | |||||||||
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Year Ended October 31, 2003 |
|
| $ | 10.73 |
|
| 0.20 |
|
| 2.02 |
|
| 2.22 |
|
| (0.19 | ) |
| — |
|
| (0.19 | ) |
Year Ended October 31, 2004 |
|
|
| 12.76 |
|
| 0.18 |
|
| 2.32 |
|
| 2.50 |
|
| (0.39 | ) |
| — |
|
| (0.39 | ) |
Year Ended October 31, 2005 |
|
|
| 14.87 |
|
| 0.31 |
|
| 2.59 |
|
| 2.90 |
|
| (0.23 | ) |
| — |
|
| (0.23 | ) |
Year Ended October 31, 2006 |
|
|
| 17.54 |
|
| 0.38 |
|
| 5.14 |
|
| 5.52 |
|
| (0.36 | ) |
| (0.60 | ) |
| (0.96 | ) |
Year Ended October 31, 2007 |
|
|
| 22.10 |
|
| 0.50 |
|
| 4.69 |
|
| 5.19 |
|
| (0.55 | ) |
| (1.84 | ) |
| (2.39 | ) |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 24.90 |
|
| 0.22 |
|
| (2.93 | ) |
| (2.71 | ) |
| (0.39 | ) |
| (1.90 | ) |
| (2.29 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data | |||||||||||||||||||
|
|
|
|
|
| ||||||||||||||||||||
|
| Net Asset |
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio | |||||||||||
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Year Ended October 31, 2003 |
|
| $ | 12.76 |
|
| 21.03 | % |
|
| $ | 123,658 |
|
| 1.07 | % |
| 1.16 | % |
| 1.07 | % |
| 68.51 | % |
Year Ended October 31, 2004 |
|
|
| 14.87 |
|
| 20.06 | % |
|
|
| 148,317 |
|
| 1.05 | % |
| 1.39 | % |
| 1.05 | % |
| 106.11 | % |
Year Ended October 31, 2005 |
|
|
| 17.54 |
|
| 19.69 | % |
|
|
| 193,144 |
|
| 0.92 | % |
| 2.01 | % |
| 0.92 | % |
| 31.32 | % |
Year Ended October 31, 2006 |
|
|
| 22.10 |
|
| 32.70 | % |
|
|
| 283,749 |
|
| 0.97 | % |
| 2.02 | % |
| 0.97 | % |
| 33.39 | % |
Year Ended October 31, 2007 |
|
|
| 24.90 |
|
| 25.41 | %(e)(f) |
|
|
| 385,717 |
|
| 0.87 | %(e) |
| 2.15 | %(e) |
| 0.89 | % |
| 26.08 | % |
Six Months Ended April 30, 2008 (Unaudited) |
|
|
| 19.90 |
|
| (10.82 | ) % |
|
|
| 318,411 |
|
| 0.87 | % |
| 2.06 | % |
| 0.87 | % |
| 13.91 | % |
|
|
(a) | The per share amounts and percentages reflect income and expense assuming inclusion of the Fund’s proportionate share of the income and expenses of the HSBC Investor International Portfolio. |
|
|
(b) | Total return calculations do not include any sales or redemption charges. |
|
|
(c) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(d) | Portfolio turnover rate is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets. |
|
|
(e) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio and the total return were 0.02% for the Class I Shares. |
|
|
(f) | During the year ended October 31, 2007, the Fund received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.18%. |
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 57 |
|
HSBC INVESTOR FUNDS—MID-CAP FUND |
Financial Highlights |
Selected data for a share outstanding throughout the periods indicated.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Dividends |
| ||||||||||||||
|
|
|
|
| |||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Total |
| ||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 6.30 |
|
| (0.03 | )* |
| 1.68 |
|
| 1.65 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2004 |
|
|
| 7.95 |
|
| (0.04 | )* |
| 0.53 |
|
| 0.49 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2005 |
|
|
| 8.44 |
|
| (0.06 | )* |
| 1.49 |
|
| 1.43 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2006 |
|
|
| 9.87 |
|
| (0.00 | )> |
| 1.19 |
|
| 1.19 |
|
| (2.18 | ) |
| (2.18 | ) |
|
Year Ended October 31, 2007 |
|
|
| 8.88 |
|
| (0.04 | )* |
| 2.59 |
|
| 2.55 |
|
| (0.62 | ) |
| (0.62 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.81 |
|
| (0.02 | )* |
| (1.05 | ) |
| (1.07 | ) |
| (1.23 | ) |
| (1.23 | ) |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 6.19 |
|
| (0.08 | ) |
| 1.64 |
|
| 1.56 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2004 |
|
|
| 7.75 |
|
| (0.10 | )* |
| 0.51 |
|
| 0.41 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2005 |
|
|
| 8.16 |
|
| (0.13 | )* |
| 1.45 |
|
| 1.32 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2006 |
|
|
| 9.48 |
|
| (0.06 | )* |
| 1.13 |
|
| 1.07 |
|
| (2.18 | ) |
| (2.18 | ) |
|
Year Ended October 31, 2007 |
|
|
| 8.37 |
|
| (0.10 | )* |
| 2.42 |
|
| 2.32 |
|
| (0.62 | ) |
| (0.62 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.07 |
|
| (0.05 | )* |
| (0.97 | ) |
| (1.02 | ) |
| (1.23 | ) |
| (1.23 | ) |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 6.20 |
|
| (0.08 | ) |
| 1.68 |
|
| 1.60 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2004 |
|
|
| 7.80 |
|
| (0.10 | )* |
| 0.52 |
|
| 0.42 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2005 |
|
|
| 8.22 |
|
| (0.13 | )* |
| 1.45 |
|
| 1.32 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2006 |
|
|
| 9.54 |
|
| (0.06 | )* |
| 1.15 |
|
| 1.09 |
|
| (2.18 | ) |
| (2.18 | ) |
|
Year Ended October 31, 2007 |
|
|
| 8.45 |
|
| (0.10 | )* |
| 2.43 |
|
| 2.33 |
|
| (0.62 | ) |
| (0.62 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 10.16 |
|
| (0.05 | )* |
| (0.98 | ) |
| (1.03 | ) |
| (1.23 | ) |
| (1.23 | ) |
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 6.33 |
|
| (0.01 | ) |
| 1.69 |
|
| 1.68 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2004 |
|
|
| 8.01 |
|
| (0.02 | )* |
| 0.53 |
|
| 0.51 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2005 |
|
|
| 8.52 |
|
| (0.02 | )* |
| 1.48 |
|
| 1.46 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2006 |
|
|
| 9.98 |
|
| 0.03 | * |
| 1.20 |
|
| 1.23 |
|
| (2.18 | ) |
| (2.18 | ) |
|
Year Ended October 31, 2007 |
|
|
| 9.03 |
|
| (0.02 | )* |
| 2.64 |
|
| 2.62 |
|
| (0.62 | ) |
| (0.62 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 11.03 |
|
| (0.01 | )* |
| (1.07 | ) |
| (1.08 | ) |
| (1.23 | ) |
| (1.23 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data |
| |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
|
| Net Asset |
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio |
| |||||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 7.95 |
|
| 26.19 | % |
|
| $ | 1,539 |
|
| 1.10 | % |
| (0.43 | )% |
| 1.10 | % |
| 100.86 | % |
|
Year Ended October 31, 2004 |
|
|
| 8.44 |
|
| 6.16 | % |
|
|
| 1,878 |
|
| 1.09 | % |
| (0.54 | )% |
| 1.09 | % |
| 106.72 | % |
|
Year Ended October 31, 2005 |
|
|
| 9.87 |
|
| 16.94 | %(e) |
|
|
| 2,151 |
|
| 1.38 | %(e) |
| (0.65 | )%(e) |
| 1.53 | % |
| 169.62 | % |
|
Year Ended October 31, 2006 |
|
|
| 8.88 |
|
| 13.66 | % |
|
|
| 3,185 |
|
| 1.48 | % |
| (0.01 | )% |
| 1.85 | % |
| 53.16 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.81 |
|
| 30.51 | %(f) |
|
|
| 5,897 |
|
| 1.19 | %(f) |
| (0.45 | )%(f) |
| 1.70 | % |
| 66.16 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 8.51 |
|
| (10.62 | )% |
|
|
| 5,122 |
|
| 1.35 | % |
| (0.54 | )% |
| 1.70 | % |
| 27.41 | % |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 7.75 |
|
| 25.20 | % |
|
| $ | 6,009 |
|
| 1.85 | % |
| (1.16 | )% |
| 1.85 | % |
| 100.86 | % |
|
Year Ended October 31, 2004 |
|
|
| 8.16 |
|
| 5.29 | % |
|
|
| 7,037 |
|
| 1.84 | % |
| (1.29 | )% |
| 1.84 | % |
| 106.72 | % |
|
Year Ended October 31, 2005 |
|
|
| 9.48 |
|
| 16.18 | %(e) |
|
|
| 7,415 |
|
| 2.11 | %(e) |
| (1.38 | )%(e) |
| 2.27 | % |
| 169.62 | % |
|
Year Ended October 31, 2006 |
|
|
| 8.37 |
|
| 12.78 | % |
|
|
| 7,425 |
|
| 2.25 | % |
| (0.72 | )% |
| 2.60 | % |
| 53.16 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.07 |
|
| 29.56 | %(f) |
|
|
| 6,285 |
|
| 1.92 | %(f) |
| (1.15 | )%(f) |
| 2.48 | % |
| 66.16 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 7.82 |
|
| (10.94 | )% |
|
|
| 4,459 |
|
| 2.10 | % |
| (1.30 | )% |
| 2.45 | % |
| 27.41 | % |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 7.80 |
|
| 25.81 | % |
|
| $ | 54 |
|
| 1.85 | % |
| (1.23 | )% |
| 1.85 | % |
| 100.86 | % |
|
Year Ended October 31, 2004 |
|
|
| 8.22 |
|
| 5.38 | % |
|
|
| 94 |
|
| 1.84 | % |
| (1.29 | )% |
| 1.84 | % |
| 106.72 | % |
|
Year Ended October 31, 2005 |
|
|
| 9.54 |
|
| 16.06 | %(e) |
|
|
| 111 |
|
| 2.13 | %(e) |
| (1.40 | )%(e) |
| 2.28 | % |
| 169.62 | % |
|
Year Ended October 31, 2006 |
|
|
| 8.45 |
|
| 12.93 | % |
|
|
| 95 |
|
| 2.25 | % |
| (0.72 | )% |
| 2.60 | % |
| 53.16 | % |
|
Year Ended October 31, 2007 |
|
|
| 10.16 |
|
| 29.40 | %(f) |
|
|
| 79 |
|
| 1.93 | %(f) |
| (1.16 | )%(f) |
| 2.46 | % |
| 66.16 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 7.90 |
|
| (10.93 | )% |
|
|
| 69 |
|
| 2.10 | % |
| (1.29 | )% |
| 2.46 | % |
| 27.41 | % |
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 8.01 |
|
| 26.54 | % |
|
| $ | 160,621 |
|
| 0.85 | % |
| (0.17 | )% |
| 0.85 | % |
| 100.86 | % |
|
Year Ended October 31, 2004 |
|
|
| 8.52 |
|
| 6.37 | % |
|
|
| 117,354 |
|
| 0.84 | % |
| (0.28 | )% |
| 0.84 | % |
| 106.72 | % |
|
Year Ended October 31, 2005 |
|
|
| 9.98 |
|
| 17.14 | %(e) |
|
|
| 19,618 |
|
| 0.89 | %(e) |
| (0.19 | )%(e) |
| 1.02 | % |
| 169.62 | % |
|
Year Ended October 31, 2006 |
|
|
| 9.03 |
|
| 13.97 | % |
|
|
| 17,029 |
|
| 1.26 | % |
| 0.29 | % |
| 1.60 | % |
| 53.16 | % |
|
Year Ended October 31, 2007 |
|
|
| 11.03 |
|
| 30.80 | %(f) |
|
|
| 20,671 |
|
| 0.93 | %(f) |
| (0.19 | )%(f) |
| 1.47 | % |
| 66.16 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 8.72 |
|
| (10.48 | )% |
|
|
| 17,094 |
|
| 1.10 | % |
| (0.29 | )% |
| 1.45 | % |
| 27.41 | % |
|
|
|
* | Calculated based on average shares outstanding. |
|
|
> | Less than $0.005 per share. |
|
|
(a) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(b) | Annualized for periods less than one year. |
|
|
(c) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been indicated. |
|
|
(d) | Portfolio turnover rate is calculated on the basis of the Fund as a whole, without the distinguishing between the classes of shares issued. |
|
|
(e) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the Fund related to violation of certain investment policies and limitations. The corresponding impact to the net expense ratio and net income ratio were 0.10%, 0.10%, 0.10% and 0.09% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. The corresponding impact to the total return was 0.57%, 0.57%, 0.57% and 0.56% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
|
58 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR FUNDS—OPPORTUNITY FUND |
Financial Highlights |
Selected data for a share outstanding throughout the periods indicated. (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Dividends |
| ||||||||||||||
|
|
|
|
| |||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Total |
| ||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 7.83 |
|
| (0.10 | ) |
| 2.63 |
|
| 2.53 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2004 |
|
|
| 10.36 |
|
| (0.13 | ) |
| 0.68 |
|
| 0.55 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2005 |
|
|
| 10.91 |
|
| (0.14 | ) |
| 1.62 |
|
| 1.48 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2006 |
|
|
| 12.39 |
|
| (0.14 | )* |
| 2.43 |
|
| 2.29 |
|
| (0.39 | ) |
| (0.39 | ) |
|
Year Ended October 31, 2007 |
|
|
| 14.29 |
|
| (0.16 | )* |
| 4.01 |
|
| 3.85 |
|
| (1.73 | ) |
| (1.73 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 16.41 |
|
| (0.06 | )* |
| (0.47 | ) |
| (0.53 | ) |
| (5.16 | ) |
| (5.16 | ) |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 7.51 |
|
| (0.18 | )* |
| 2.52 |
|
| 2.34 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2004 |
|
|
| 9.85 |
|
| (0.20 | ) |
| 0.64 |
|
| 0.44 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2005 |
|
|
| 10.29 |
|
| (0.22 | ) |
| 1.53 |
|
| 1.31 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2006 |
|
|
| 11.60 |
|
| (0.23 | )* |
| 2.27 |
|
| 2.04 |
|
| (0.39 | ) |
| (0.39 | ) |
|
Year Ended October 31, 2007 |
|
|
| 13.25 |
|
| (0.25 | )* |
| 3.67 |
|
| 3.42 |
|
| (1.73 | ) |
| (1.73 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 14.94 |
|
| (0.09 | )* |
| (0.43 | ) |
| (0.52 | ) |
| (5.16 | ) |
| (5.16 | ) |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 7.57 |
|
| (0.18 | ) |
| 2.55 |
|
| 2.37 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2004 |
|
|
| 9.94 |
|
| (0.22 | ) |
| 0.67 |
|
| 0.45 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2005 |
|
|
| 10.39 |
|
| (0.21 | ) |
| 1.53 |
|
| 1.32 |
|
| — |
|
| — |
|
|
Year Ended October 31, 2006 |
|
|
| 11.71 |
|
| (0.23 | )* |
| 2.29 |
|
| 2.06 |
|
| (0.39 | ) |
| (0.39 | ) |
|
Year Ended October 31, 2007 |
|
|
| 13.38 |
|
| (0.26 | )* |
| 3.72 |
|
| 3.46 |
|
| (1.73 | ) |
| (1.73 | ) |
|
Six Months Ended April 30, 2008 |
|
|
| 15.11 |
|
| (0.09 | )* |
| (0.44 | ) |
| (0.53 | ) |
| (5.16 | ) |
| (5.16 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data |
| |||||||||||||||||||
|
|
|
|
|
| |||||||||||||||||||||
|
| Net Asset |
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio |
| |||||||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 10.36 |
|
| 32.31 | % |
|
| $ | 16,695 |
|
| 1.65 | % |
| (1.36 | )% |
| 2.09 | % |
| 152.05 | % |
|
Year Ended October 31, 2004 |
|
|
| 10.91 |
|
| 5.31 | % |
|
|
| 20,902 |
|
| 1.61 | % |
| (1.24 | )% |
| 1.72 | % |
| 81.75 | % |
|
Year Ended October 31, 2005 |
|
|
| 12.39 |
|
| 13.57 | %(f) |
|
|
| 22,875 |
|
| 1.51 | %(f) |
| (1.11 | )%(f) |
| 1.69 | %(f) |
| 63.95 | % |
|
Year Ended October 31, 2006 |
|
|
| 14.29 |
|
| 18.81 | % |
|
|
| 24,463 |
|
| 1.55 | % |
| (1.04 | )% |
| 1.70 | % |
| 60.83 | % |
|
Year Ended October 31, 2007 |
|
|
| 16.41 |
|
| 30.28 | %(g) |
|
|
| 15,057 |
|
| 1.52 | %(g) |
| (1.13 | )%(g) |
| 1.77 | % |
| 69.41 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 10.72 |
|
| (3.00 | )% |
|
|
| 12,863 |
|
| 1.55 | % |
| (1.14 | )% |
| 1.86 | % |
| 39.97 | % |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 9.85 |
|
| 31.16 | % |
|
| $ | 3,952 |
|
| 2.40 | % |
| (2.11 | )% |
| 2.83 | % |
| 152.05 | % |
|
Year Ended October 31, 2004 |
|
|
| 10.29 |
|
| 4.47 | % |
|
|
| 4,611 |
|
| 2.36 | % |
| (2.00 | )% |
| 2.47 | % |
| 81.75 | % |
|
Year Ended October 31, 2005 |
|
|
| 11.60 |
|
| 12.73 | %(f) |
|
|
| 4,539 |
|
| 2.26 | %(f) |
| (1.86 | )%(f) |
| 2.44 | %(f) |
| 63.95 | % |
|
Year Ended October 31, 2006 |
|
|
| 13.25 |
|
| 17.91 | % |
|
|
| 4,768 |
|
| 2.30 | % |
| (1.79 | )% |
| 2.45 | % |
| 60.83 | % |
|
Year Ended October 31, 2007 |
|
|
| 14.94 |
|
| 29.30 | %(g) |
|
|
| 4,928 |
|
| 2.26 | %(g) |
| (1.91 | )%(g) |
| 2.52 | % |
| 69.41 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.26 |
|
| (3.30 | )% |
|
|
| 3,799 |
|
| 2.30 | % |
| (1.88 | )% |
| 2.62 | % |
| 39.97 | % |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 9.94 |
|
| 31.31 | % |
|
| $ | 395 |
|
| 2.40 | % |
| (2.11 | )% |
| 2.84 | % |
| 152.05 | % |
|
Year Ended October 31, 2004 |
|
|
| 10.39 |
|
| 4.53 | % |
|
|
| 344 |
|
| 2.37 | % |
| (2.00 | )% |
| 2.48 | % |
| 81.75 | % |
|
Year Ended October 31, 2005 |
|
|
| 11.71 |
|
| 12.70 | %(f) |
|
|
| 306 |
|
| 2.26 | %(f) |
| (1.86 | )%(f) |
| 2.44 | %(f) |
| 63.95 | % |
|
Year Ended October 31, 2006 |
|
|
| 13.38 |
|
| 17.92 | % |
|
|
| 299 |
|
| 2.30 | % |
| (1.78 | )% |
| 2.45 | % |
| 60.83 | % |
|
Year Ended October 31, 2007 |
|
|
| 15.11 |
|
| 29.32 | %(g) |
|
|
| 334 |
|
| 2.27 | %(g) |
| (1.91 | )%(g) |
| 2.50 | % |
| 69.41 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 9.42 |
|
| (3.33 | )% |
|
|
| 315 |
|
| 2.30 | % |
| (1.88 | )% |
| 2.62 | % |
| 39.97 | % |
|
|
|
* | Calculated based on average shares outstanding. |
|
|
(a) | The per share amounts and percentages reflect income and expense assuming inclusion of the Fund’s proportionate share of the income and expenses of the HSBC Investor Opportunity Portfolio. |
|
|
(b) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(c) | Annualized for periods less than one year. |
|
|
(d) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(e) | Portfolio turnover rate is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets. |
|
|
(f) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the respective Portfolio in which the Fund invests related to violation of certain investment policies and limitations. The corresponding impact to the net expense ratio, net income ratio, gross expense ratio and total return were 0.04%, 0.04% and 0.04% for Class A Shares, Class B Shares and Class C Shares, respectively. |
|
|
(g) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio and the total returns were 0.03%, 0.04% and 0.03% for Class A Shares, Class B Shares and Class C Shares, respectively. |
|
|
|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 59 |
|
HSBC INVESTOR ADVISOR FUNDS TRUST—OPPORTUNITY FUND (ADVISOR) |
Financial Highlights |
Selected data for a share outstanding throughout the periods indicated. (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| Dividends |
|
|
|
| |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| Net |
| Total |
| Net Asset |
| |||||||||||
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Year Ended October 31, 2003 |
|
| $ | 9.27 |
|
| (0.06 | ) |
| 3.15 |
|
| 3.09 |
|
| — |
|
| — |
|
|
| $ | 12.36 |
|
|
Year Ended October 31, 2004 |
|
|
| 12.36 |
|
| (0.08 | ) |
| 0.79 |
|
| 0.71 |
|
| — |
|
| — |
|
|
|
| 13.07 |
|
|
Year Ended October 31, 2005 |
|
|
| 13.07 |
|
| (0.10 | ) |
| 1.97 |
|
| 1.87 |
|
| — |
|
| — |
|
|
|
| 14.94 |
|
|
Year Ended October 31, 2006 |
|
|
| 14.94 |
|
| (0.09 | ) |
| 2.93 |
|
| 2.84 |
|
| (0.50 | ) |
| (0.50 | ) |
|
|
| 17.28 |
|
|
Year Ended October 31, 2007 |
|
|
| 17.28 |
|
| (0.11 | ) |
| 4.48 |
|
| 4.37 |
|
| (2.71 | ) |
| (2.71 | ) |
|
|
| 18.94 |
|
|
Six Months Ended April 30, 2008 |
|
|
| 18.94 |
|
| (0.04 | ) |
| (0.51 | ) |
| (0.55 | ) |
| (4.97 | ) |
| (4.97 | ) |
|
|
| 13.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data |
| |||||||||||||
|
|
|
|
| |||||||||||||||
|
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio |
| ||||||
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| 33.33 | % |
| $326,072 |
|
| 1.01 | % |
| (0.72 | )% |
| 1.01 | % |
| 152.05 | % |
|
Year Ended October 31, 2004 |
| 5.74 | % |
| 279,669 |
|
| 0.98 | % |
| (0.62 | )% |
| 0.98 | % |
| 81.75 | % |
|
Year Ended October 31, 2005 |
| 14.31 | %(f) |
| 177,519 |
|
| 0.94 | %(f) |
| (0.54 | )%(f) |
| 0.94 | %(f) |
| 63.95 | % |
|
Year Ended October 31, 2006 |
| 19.40 | % |
| 192,124 |
|
| 1.03 | % |
| (0.51 | )% |
| 1.03 | % |
| 60.83 | % |
|
Year Ended October 31, 2007 |
| 29.42 | %(g) |
| 176,593 |
|
| 0.96 | %(g) |
| (0.60 | %(g) |
| 1.03 | % |
| 69.41 | % |
|
Six Months Ended April 30, 2008 |
| (2.69 | )% |
| 152,232 |
|
| 0.97 | % |
| (0.56 | )% |
| 0.97 | % |
| 39.97 | % |
|
|
|
(a) | The per share amounts and percentages reflect income and expense assuming inclusion of the Fund’s proportionate share of the income and expenses of the HSBC Investor Opportunity Portfolio. |
|
|
(b) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(c) | Annualized for periods less than one year. |
|
|
(d) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(e) | Portfolio turnover rate is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets. |
|
|
(f) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the respective Portfolio in which the Fund invests related to violation of certain investment policies and limitations. The corresponding impact to the net expense ratio, net income ratio, gross expense ratio and total return was 0.04% for the Class I Shares. |
|
|
(g) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio and the total return were 0.07% for the Class I Shares. |
|
|
|
60 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR FUNDS—OVERSEAS EQUITY FUND |
Financial Highlights |
Selected data for a share outstanding throughout the periods indicated. (a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment Activities |
| |||||||||
|
|
|
|
| |||||||||||
|
| Net Asset |
| Net |
| Net Realized |
| Total from |
| ||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Year Ended October 31, 2003 |
|
| $ | 9.87 |
|
| 0.01 |
|
| 1.95 |
|
| 1.96 |
|
|
Year Ended October 31, 2004 |
|
|
| 11.73 |
|
| 0.08 |
|
| 2.19 |
|
| 2.27 |
|
|
Year Ended October 31, 2005 |
|
|
| 13.93 |
|
| 0.18 |
|
| 2.33 |
|
| 2.51 |
|
|
Year Ended October 31, 2006 |
|
|
| 15.59 |
|
| 0.22 |
|
| 4.45 |
|
| 4.67 |
|
|
Year Ended October 31, 2007 |
|
|
| 18.85 |
|
| 0.22 | * |
| 3.92 |
|
| 4.14 |
|
|
Six Months Ended April 30, 2008 |
|
|
| 20.48 |
|
| 0.09 | * |
| (2.40 | ) |
| (2.31 | ) |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 9.56 |
|
| (0.06 | ) |
| 1.89 |
|
| 1.83 |
|
|
Year Ended October 31, 2004 |
|
|
| 11.34 |
|
| 0.01 | * |
| 2.08 |
|
| 2.09 |
|
|
Year Ended October 31, 2005 |
|
|
| 13.43 |
|
| 0.07 |
|
| 2.24 |
|
| 2.31 |
|
|
Year Ended October 31, 2006 |
|
|
| 14.95 |
|
| 0.09 |
|
| 4.26 |
|
| 4.35 |
|
|
Year Ended October 31, 2007 |
|
|
| 18.00 |
|
| 0.10 | * |
| 3.70 |
|
| 3.80 |
|
|
Six Months Ended April 30, 2008 |
|
|
| 19.42 |
|
| 0.03 | * |
| (2.27 | ) |
| (2.24 | ) |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 9.68 |
|
| (0.06 | ) |
| 1.93 |
|
| 1.87 |
|
|
Year Ended October 31, 2004 |
|
|
| 11.54 |
|
| (0.01 | ) |
| 2.14 |
|
| 2.13 |
|
|
Year Ended October 31, 2005 |
|
|
| 13.67 |
|
| 0.06 |
|
| 2.29 |
|
| 2.35 |
|
|
Year Ended October 31, 2006 |
|
|
| 15.23 |
|
| 0.11 |
|
| 4.33 |
|
| 4.44 |
|
|
Year Ended October 31, 2007 |
|
|
| 18.37 |
|
| 0.11 | * |
| 3.80 |
|
| 3.91 |
|
|
Six Months Ended April 30, 2008 |
|
|
| 19.94 |
|
| 0.04 | * |
| (2.35 | ) |
| (2.31 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
|
|
|
|
|
| |||||||||
|
|
|
|
|
|
|
|
| ||||||||||
|
| Net |
| Net |
| Total |
| Net Asset |
| Total |
| |||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Year Ended October 31, 2003 |
| (0.10 | ) |
| — |
|
| (0.10 | ) |
|
| $ | 11.73 |
|
| 20.09 | % |
|
Year Ended October 31, 2004 |
| (0.07 | ) |
| — |
|
| (0.07 | ) |
|
|
| 13.93 |
|
| 19.40 | % |
|
Year Ended October 31, 2005 |
| (0.06 | ) |
| (0.79 | ) |
| (0.85 | ) |
|
|
| 15.59 |
|
| 18.64 | % |
|
Year Ended October 31, 2006 |
| (0.25 | ) |
| (1.16 | ) |
| (1.41 | ) |
|
|
| 18.85 |
|
| 31.85 | % |
|
Year Ended October 31, 2007 |
| (0.40 | ) |
| (2.11 | ) |
| (2.51 | ) |
|
|
| 20.48 |
|
| 24.19 | %(f) |
|
Six Months Ended April 30, 2008 |
| (0.15 | ) |
| (3.31 | ) |
| (3.46 | ) |
|
|
| 14.71 |
|
| (11.23 | )% |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| (0.05 | ) |
| — |
|
| (0.05 | ) |
|
| $ | 11.34 |
|
| 19.26 | % |
|
Year Ended October 31, 2004 |
| — |
|
| — |
|
| — |
|
|
|
| 13.43 |
|
| 18.43 | % |
|
Year Ended October 31, 2005 |
| — |
|
| (0.79 | ) |
| (0.79 | ) |
|
|
| 14.95 |
|
| 17.72 | % |
|
Year Ended October 31, 2006 |
| (0.14 | ) |
| (1.16 | ) |
| (1.30 | ) |
|
|
| 18.00 |
|
| 30.87 | % |
|
Year Ended October 31, 2007 |
| (0.27 | ) |
| (2.11 | ) |
| (2.38 | ) |
|
|
| 19.42 |
|
| 23.26 | %(f) |
|
Six Months Ended April 30, 2008 |
| (0.03 | ) |
| (3.31 | ) |
| (3.34 | ) |
|
|
| 13.84 |
|
| (11.57 | )% |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| (0.01 | ) |
| — |
|
| (0.01 | ) |
|
| $ | 11.54 |
|
| 19.28 | % |
|
Year Ended October 31, 2004 |
| — |
|
| — |
|
| — |
|
|
|
| 13.67 |
|
| 18.46 | % |
|
Year Ended October 31, 2005 |
| — |
|
| (0.79 | ) |
| (0.79 | ) |
|
|
| 15.23 |
|
| 17.70 | % |
|
Year Ended October 31, 2006 |
| (0.14 | ) |
| (1.16 | ) |
| (1.30 | ) |
|
|
| 18.37 |
|
| 30.92 | % |
|
Year Ended October 31, 2007 |
| (0.23 | ) |
| (2.11 | ) |
| (2.34 | ) |
|
|
| 19.94 |
|
| 23.39 | %(f) |
|
Six Months Ended April 30, 2008 |
| (0.02 | ) |
| (3.31 | ) |
| (3.33 | ) |
|
|
| 14.30 |
|
| (11.61 | )% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data |
| |||||||||||||||
|
| |||||||||||||||||
|
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio |
| |||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Year Ended October 31, 2003 |
|
| $ | 10,096 |
|
| 1.85 | % |
| 0.07 | % |
| 2.34 | % |
| 68.51 | % |
|
Year Ended October 31, 2004 |
|
|
| 17,721 |
|
| 1.78 | % |
| 0.79 | % |
| 1.88 | % |
| 106.11 | % |
|
Year Ended October 31, 2005 |
|
|
| 20,680 |
|
| 1.66 | % |
| 1.21 | % |
| 1.66 | % |
| 31.32 | % |
|
Year Ended October 31, 2006 |
|
|
| 22,761 |
|
| 1.67 | % |
| 1.24 | % |
| 1.67 | % |
| 33.39 | % |
|
Year Ended October 31, 2007 |
|
|
| 16,078 |
|
| 1.62 | %(f) |
| 1.15 | %(f) |
| 1.64 | % |
| 26.08 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 11,320 |
|
| 1.70 | % |
| 1.13 | % |
| 1.73 | % |
| 13.91 | % |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 1,076 |
|
| 2.60 | % |
| (0.62 | )% |
| 3.16 | % |
| 68.51 | % |
|
Year Ended October 31, 2004 |
|
|
| 2,061 |
|
| 2.53 | % |
| 0.05 | % |
| 2.63 | % |
| 106.11 | % |
|
Year Ended October 31, 2005 |
|
|
| 2,403 |
|
| 2.41 | % |
| 0.47 | % |
| 2.41 | % |
| 31.32 | % |
|
Year Ended October 31, 2006 |
|
|
| 3,234 |
|
| 2.42 | % |
| 0.58 | % |
| 2.42 | % |
| 33.39 | % |
|
Year Ended October 31, 2007 |
|
|
| 3,698 |
|
| 2.37 | %(f) |
| 0.59 | %(f) |
| 2.40 | % |
| 26.08 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 2,859 |
|
| 2.45 | % |
| 0.41 | % |
| 2.48 | % |
| 13.91 | % |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
|
| $ | 121 |
|
| 2.60 | % |
| (0.64 | )% |
| 3.17 | % |
| 68.51 | % |
|
Year Ended October 31, 2004 |
|
|
| 137 |
|
| 2.54 | % |
| (0.10 | )% |
| 2.66 | % |
| 106.11 | % |
|
Year Ended October 31, 2005 |
|
|
| 164 |
|
| 2.41 | % |
| 0.48 | % |
| 2.41 | % |
| 31.32 | % |
|
Year Ended October 31, 2006 |
|
|
| 163 |
|
| 2.41 | % |
| 0.58 | % |
| 2.41 | % |
| 33.39 | % |
|
Year Ended October 31, 2007 |
|
|
| 147 |
|
| 2.30 | %(f) |
| 0.59 | %(f) |
| 2.32 | % |
| 26.08 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 129 |
|
| 2.45 | % |
| 0.49 | % |
| 2.49 | % |
| 13.91 | % |
|
|
|
* | Calculated based on average shares outstanding. |
|
|
(a) | The per share amounts and percentages reflect income and expense assuming inclusion of the Fund’s proportionate share of the income and expenses of the HSBC Investor International Portfolio. |
|
|
(b) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(c) | Annualized for periods less than one year. |
|
|
(d) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(e) | Portfolio turnover rate is calculated on the basis of the respective Portfolio in which the Fund invests all of its investable assets. |
|
|
(f) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio and the total returns were 0.02%, 0.03% and 0.02% for Class A Shares, Class B Shares and Class C Shares, respectively. |
|
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|
See notes to financial statements. | HSBC INVESTOR FAMILY OF FUNDS | 61 |
|
HSBC INVESTOR FUNDS—VALUE FUND |
Financial Highlights |
Selected data for a share outstanding throughout the periods indicated. (a)
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| Investment Activities |
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| |||||||||
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| Net Asset |
| Net |
| Net Realized |
| Total from |
| ||||||
CLASS A SHARES |
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| ||
Period Ended October 31, 2004(f) |
|
| $ | 12.68 |
|
| 0.05 |
|
| 0.69 |
|
| 0.74 |
|
|
Year Ended October 31, 2005 |
|
|
| 13.38 |
|
| 0.10 |
|
| 1.86 |
|
| 1.96 |
|
|
Year Ended October 31, 2006 |
|
|
| 15.13 |
|
| 0.12 | * |
| 2.95 |
|
| 3.07 |
|
|
Year Ended October 31, 2007 |
|
|
| 16.72 |
|
| 0.14 | * |
| 1.38 |
|
| 1.52 |
|
|
Six Months Ended April 30, 2008 |
|
|
| 16.54 |
|
| 0.06 | * |
| (1.76 | ) |
| (1.70 | ) |
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CLASS B SHARES |
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Period Ended October 31, 2004(f) |
|
| $ | 12.28 |
|
| — |
|
| 0.68 |
|
| 0.68 |
|
|
Year Ended October 31, 2005 |
|
|
| 12.95 |
|
| (0.02 | ) |
| 1.80 |
|
| 1.78 |
|
|
Year Ended October 31, 2006 |
|
|
| 14.60 |
|
| — | * |
| 2.84 |
|
| 2.84 |
|
|
Year Ended October 31, 2007 |
|
|
| 16.08 |
|
| 0.02 | * |
| 1.32 |
|
| 1.34 |
|
|
Six Months Ended April 30, 2008 |
|
|
| 15.83 |
|
| 0.01 | * |
| (1.69 | ) |
| (1.68 | ) |
|
CLASS C SHARES |
|
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|
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|
Period Ended October 31, 2004(f) |
|
| $ | 12.35 |
|
| 0.01 |
|
| 0.67 |
|
| 0.68 |
|
|
Year Ended October 31, 2005 |
|
|
| 13.01 |
|
| (0.02 | ) |
| 1.82 |
|
| 1.80 |
|
|
Year Ended October 31, 2006 |
|
|
| 14.67 |
|
| — | * |
| 2.85 |
|
| 2.85 |
|
|
Year Ended October 31, 2007 |
|
|
| 16.18 |
|
| 0.02 | * |
| 1.32 |
|
| 1.34 |
|
|
Six Months Ended April 30, 2008 |
|
|
| 15.94 |
|
| 0.02 | * |
| (1.70 | ) |
| (1.68 | ) |
|
CLASS I SHARES |
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|
Period Ended October 31, 2004(f) |
|
| $ | 12.67 |
|
| 0.07 |
|
| 0.70 |
|
| 0.77 |
|
|
Year Ended October 31, 2005 |
|
|
| 13.38 |
|
| 0.13 |
|
| 1.86 |
|
| 1.99 |
|
|
Year Ended October 31, 2006 |
|
|
| 15.13 |
|
| 0.15 | * |
| 2.94 |
|
| 3.09 |
|
|
Year Ended October 31, 2007 |
|
|
| 16.70 |
|
| 0.18 | * |
| 1.38 |
|
| 1.56 |
|
|
Six Months Ended April 30, 2008 |
|
|
| 16.52 |
|
| 0.08 | * |
| (1.76 | ) |
| (1.68 | ) |
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| Dividends |
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| ||||||||||
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| Net |
| Net |
| Total |
| Net Asset |
| Total |
| |||||||
CLASS A SHARES |
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| ||
Period Ended October 31, 2004(f) |
| (0.04 | ) |
| — |
|
| (0.04 | ) |
|
| $ | 13.38 |
|
| 7.79 | % |
|
Year Ended October 31, 2005 |
| (0.08 | ) |
| (0.13 | ) |
| (0.21 | ) |
|
|
| 15.13 |
|
| 14.69 | %(g) |
|
Year Ended October 31, 2006 |
| (0.19 | ) |
| (1.29 | ) |
| (1.48 | ) |
|
|
| 16.72 |
|
| 21.70 | % |
|
Year Ended October 31, 2007 |
| (0.13 | ) |
| (1.57 | ) |
| (1.70 | ) |
|
|
| 16.54 |
|
| 9.77 | %(h) |
|
Six Months Ended April 30, 2008 |
| (0.07 | ) |
| (1.30 | ) |
| (1.37 | ) |
|
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| 13.47 |
|
| (10.71 | )% |
|
CLASS B SHARES |
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|
Period Ended October 31, 2004(f) |
| (0.01 | ) |
| — |
|
| (0.01 | ) |
|
| $ | 12.95 |
|
| 9.06 | % |
|
Year Ended October 31, 2005 |
| — |
|
| (0.13 | ) |
| (0.13 | ) |
|
|
| 14.60 |
|
| 13.78 | %(g) |
|
Year Ended October 31, 2006 |
| (0.07 | ) |
| (1.29 | ) |
| (1.36 | ) |
|
|
| 16.08 |
|
| 20.78 | % |
|
Year Ended October 31, 2007 |
| (0.02 | ) |
| (1.57 | ) |
| (1.59 | ) |
|
|
| 15.83 |
|
| 8.92 | %(h) |
|
Six Months Ended April 30, 2008 |
| (0.01 | ) |
| (1.30 | ) |
| (1.31 | ) |
|
|
| 12.84 |
|
| (11.04 | )% |
|
CLASS C SHARES |
|
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|
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|
|
|
|
|
|
Period Ended October 31, 2004(f) |
| (0.02 | ) |
| — |
|
| (0.02 | ) |
|
| $ | 13.01 |
|
| 8.47 | % |
|
Year Ended October 31, 2005 |
| (0.01 | ) |
| (0.13 | ) |
| (0.14 | ) |
|
|
| 14.67 |
|
| 13.86 | %(g) |
|
Year Ended October 31, 2006 |
| (0.05 | ) |
| (1.29 | ) |
| (1.34 | ) |
|
|
| 16.18 |
|
| 20.72 | % |
|
Year Ended October 31, 2007 |
| (0.01 | ) |
| (1.57 | ) |
| (1.58 | ) |
|
|
| 15.94 |
|
| 8.95 | %(h) |
|
Six Months Ended April 30, 2008 |
| (0.01 | ) |
| (1.30 | ) |
| (1.31 | ) |
|
|
| 12.95 |
|
| (11.06 | )% |
|
CLASS I SHARES |
|
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|
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|
|
|
|
|
|
Period Ended October 31, 2004(f) |
| (0.06 | ) |
| — |
|
| (0.06 | ) |
|
| $ | 13.38 |
|
| 6.05 | % |
|
Year Ended October 31, 2005 |
| (0.11 | ) |
| (0.13 | ) |
| (0.24 | ) |
|
|
| 15.13 |
|
| 14.96 | %(g) |
|
Year Ended October 31, 2006 |
| (0.23 | ) |
| (1.29 | ) |
| (1.52 | ) |
|
|
| 16.70 |
|
| 21.90 | % |
|
Year Ended October 31, 2007 |
| (0.17 | ) |
| (1.57 | ) |
| (1.74 | ) |
|
|
| 16.52 |
|
| 10.04 | %(h) |
|
Six Months Ended April 30, 2008 |
| (0.09 | ) |
| (1.30 | ) |
| (1.39 | ) |
|
|
| 13.45 |
|
| (10.60 | )% |
|
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| Ratios/Supplementary Data |
| |||||||||||||||
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| |||||||||||||||||
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| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio |
| |||||||
CLASS A SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Period Ended October 31, 2004(f) |
|
| $ | 20,933 |
|
| 1.20 | % |
| 0.81 | % |
| 1.25 | % |
| 10.33 | % |
|
Year Ended October 31, 2005 |
|
|
| 23,315 |
|
| 1.15 | %(g) |
| 0.64 | %(g) |
| 1.30 | %(g) |
| 16.45 | % |
|
Year Ended October 31, 2006 |
|
|
| 24,688 |
|
| 1.20 | % |
| 0.74 | % |
| 1.43 | % |
| 20.63 | % |
|
Year Ended October 31, 2007 |
|
|
| 27,225 |
|
| 1.11 | %(h) |
| 0.84 | %(h) |
| 1.25 | % |
| 18.67 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 21,117 |
|
| 1.19 | % |
| 0.92 | % |
| 1.19 | % |
| 14.42 | % |
|
CLASS B SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004(f) |
|
| $ | 1,938 |
|
| 1.95 | % |
| 0.05 | % |
| 2.00 | % |
| 10.33 | % |
|
Year Ended October 31, 2005 |
|
|
| 1,767 |
|
| 1.90 | %(g) |
| (0.10 | )%(g) |
| 2.04 | %(g) |
| 16.45 | % |
|
Year Ended October 31, 2006 |
|
|
| 1,939 |
|
| 1.95 | % |
| (0.01 | )% |
| 2.18 | % |
| 20.63 | % |
|
Year Ended October 31, 2007 |
|
|
| 1,772 |
|
| 1.87 | %(h) |
| 0.10 | %(h) |
| 2.00 | % |
| 18.67 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 1,406 |
|
| 1.94 | % |
| 0.16 | % |
| 1.94 | % |
| 14.42 | % |
|
CLASS C SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004(f) |
|
| $ | 399 |
|
| 1.95 | % |
| 0.04 | % |
| 2.00 | % |
| 10.33 | % |
|
Year Ended October 31, 2005 |
|
|
| 388 |
|
| 1.90 | %(g) |
| (0.12 | )%(g) |
| 2.05 | %(g) |
| 16.45 | % |
|
Year Ended October 31, 2006 |
|
|
| 157 |
|
| 1.95 | % |
| 0.01 | % |
| 2.17 | % |
| 20.63 | % |
|
Year Ended October 31, 2007 |
|
|
| 126 |
|
| 1.87 | %(h) |
| 0.11 | %(h) |
| 1.99 | % |
| 18.67 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 100 |
|
| 1.94 | % |
| 0.17 | % |
| 1.94 | % |
| 14.42 | % |
|
CLASS I SHARES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004(f) |
|
| $ | 25,600 |
|
| 0.95 | % |
| 1.05 | % |
| 1.00 | % |
| 10.33 | % |
|
Year Ended October 31, 2005 |
|
|
| 15,044 |
|
| 0.90 | %(g) |
| 0.91 | %(g) |
| 1.02 | %(g) |
| 16.45 | % |
|
Year Ended October 31, 2006 |
|
|
| 18,036 |
|
| 0.95 | % |
| 0.99 | % |
| 1.18 | % |
| 20.63 | % |
|
Year Ended October 31, 2007 |
|
|
| 28,692 |
|
| 0.87 | %(h) |
| 1.07 | %(h) |
| 0.99 | % |
| 18.67 | % |
|
Six Months Ended April 30, 2008 |
|
|
| 25,306 |
|
| 0.94 | % |
| 1.16 | % |
| 0.94 | % |
| 14.42 | % |
|
|
|
* | Calculated based on average shares outstanding. |
|
|
(a) | The per share amounts and percentages reflect income and expenses assuming inclusion of the Fund’s proportionate share of the income and expenses of the HSBC Investor Value Portfolio. |
|
|
(b) | Not annualized for periods less than one year. Total return calculations do not include any sales or redemption charges. |
|
|
(c) | Annualized for periods less than one year. |
|
|
(d) | During the period certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(e) | Portfolio turnover rate is calculated on the basis of the respective Portfolio in which the Fund invests all its investable assets. |
|
|
(f) | Class A Shares, Class B Shares, Class C Shares and Class I Shares commenced operations on May 10, 2004. |
|
|
(g) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the respective Portfolio in which the Fund invests related to violation of certain investment policies and limitations. The corresponding impact to the net expense ratio, net income ratio, gross expense ratio and total return were 0.05%, 0.05%, 0.05% and 0.05% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
|
|
(h) | During the year ended October 31, 2007, HSBC reimbursed amounts to certain Funds related to past marketing arrangements. The corresponding impact to the net expense ratio, net income ratio and the total returns were 0.09%, 0.08%, 0.08% and 0.08% for Class A Shares, Class B Shares, Class C Shares and Class I Shares, respectively. |
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|
62 | HSBC INVESTOR FAMILY OF FUNDS | See notes to financial statements. |
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) |
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|
1. | Organization: |
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|
| The HSBC Investor Funds (the “Trust”), a Massachusetts business trust organized on April 22, 1987, and the HSBC Advisor Funds Trust (the “Advisor Trust”), a Massachusetts business trust organized on April 5, 1996, are registered under the Investment Company Act of 1940, as amended (the “Act”), as open-end management investment companies. As of April 30, 2008, the Trust is comprised of 20 separate operational funds and the Advisor Trust is comprised of 3 separate operational funds. The accompanying financial statements are presented for the following 13 funds (individually a “Fund”, collectively the “Funds”) of the Trust and Advisor Trust (collectively the “Trusts”): |
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| Fund |
| Short Name |
| Trust |
|
|
| |||
| HSBC Investor Core Plus Fixed Income Fund |
| Core Plus Fixed Income |
| Advisor Trust |
| (Advisor) |
| Fund (Advisor) |
|
|
| HSBC Investor Core Plus Fixed Income Fund |
| Core Plus Fixed Income Fund |
| Trust |
| HSBC Investor High Yield Fixed Income Fund |
| High Yield Fixed |
| Trust |
|
|
| Income Fund |
|
|
| HSBC Investor Intermediate Duration Fixed |
| Intermediate Duration |
|
|
| Income Fund |
| Fixed Income Fund |
| Trust |
| HSBC Investor New York Tax-Free Bond Fund |
| New York Tax-Free |
| Trust |
|
|
| Bond Fund |
|
|
| HSBC Investor Growth Fund |
| Growth Fund |
| Trust |
| HSBC Investor Growth and Income Fund |
| Growth and Income Fund |
| Trust |
| HSBC Investor International Equity Fund |
| International Equity Fund |
| Advisor Trust |
| HSBC Investor Mid-Cap Fund |
| Mid-Cap Fund |
| Trust |
| HSBC Investor Opportunity Fund |
| Opportunity Fund |
| Trust |
| HSBC Investor Opportunity Fund (Advisor) |
| Opportunity Fund (Advisor) |
| Advisor Trust |
| HSBC Investor Overseas Equity Fund |
| Overseas Fund |
| Trust |
| HSBC Investor Value Fund |
| Value Fund |
| Trust |
|
|
| All the funds in the Trusts’, except the New York Tax-Free Bond Fund are diversified funds. The New York Tax-Free Bond Fund is a non-diversified fund which means they may concentrate their investments in the securities of a limited number of issuers. Each Fund is a part of the HSBC Family of Funds. |
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|
| Financial statements for all other funds of the HSBC Investor Family of Funds are published separately. The Core Plus Fixed Income Fund (Advisor), Core Plus Fixed Income Fund, High Yield Fixed Income Fund, Intermediate Duration Fixed Income Fund, Growth Fund, International Equity Fund, Opportunity Fund, Opportunity Fund (Advisor), Overseas Equity Fund, and the Value Fund (individually a “Feeder Fund”, collectively the “Feeder Funds”) utilize the master-feeder fund structure and seek to achieve their investment objectives by investing all of their investable assets in their respective Portfolios (as defined below). |
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|
Fund |
| Respective Portfolio |
| Proportionate | |
|
| ||||
Core Plus Fixed Income Fund |
| HSBC Investor Core Plus Fixed Income Portfolio |
| 65.1 | % |
Fund (Advisor) |
|
|
|
|
|
Core Plus Fixed Income Fund |
| HSBC Investor Core Plus Fixed Income Portfolio |
| 14.4 | % |
High Yield Fixed Income Fund |
| HSBC Investor High Yield Fixed Income Portfolio |
| 64.3 | % |
Intermediate Duration |
| HSBC Investor Intermediate Duration |
| 93.5 | % |
Fixed Income Fund |
| Fixed Income Portfolio |
|
|
|
Growth Fund |
| HSBC Investor Growth Portfolio |
| 64.0 | % |
International Equity Fund |
| HSBC Investor International Equity Portfolio |
| 83.4 | % |
Opportunity Fund |
| HSBC Investor Opportunity Portfolio |
| 77.7 | % |
Opportunity Fund (Advisor) |
| HSBC Investor Opportunity Portfolio |
| 8.7 | % |
Overseas Equity Fund |
| HSBC Investor International Equity Portfolio |
| 3.7 | % |
Value Fund |
| HSBC Investor Value Portfolio |
| 66.5 | % |
|
|
HSBC INVESTOR FAMILY OF FUNDS | 63 |
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| Financial statements for all other funds of the HSBC Investor Family of Funds are published separately. The HSBC Investor Core Plus Fixed Income Portfolio, HSBC Investor High Yield Fixed Income Portfolio, HSBC Investor Intermediate Duration Fixed Income Portfolio, HSBC Investor Growth Portfolio, HSBC Investor International Equity Portfolio, HSBC Investor Opportunity Portfolio and the HSBC Investor Value Portfolio (individually a “Portfolio”, collectively the “Portfolios”) are diversified series of the HSBC Investor Portfolios (the “Portfolio Trust”). The Portfolios operate as master funds in master-feeder arrangements. |
|
|
| The financial statements of the Portfolios, including the Schedules of Portfolio Investments, are included elsewhere in this report. The financial statements of the Portfolios should be read in conjunction with the financial statements of the Feeder Funds. |
|
|
| The Funds are authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per share. The High Yield Fixed Income Fund, Intermediate Duration Fixed Income Fund, New York Tax-Free Bond Fund, Growth Fund, Growth and Income Fund, Mid-Cap Fund, and the Value Fund each offer four classes of shares: Class A Shares, Class B Shares, Class C Shares, and Class I Shares. The Core Plus Fixed Income Fund (Advisor), International Equity Fund, and the Opportunity Fund (Advisor) each offer one class of shares: Class I Shares. The Core Plus Fixed Income Fund, Opportunity Fund, and the Overseas Equity Fund each offer three classes of shares: Class A Shares, Class B Shares, and Class C Shares. Class A Shares of the Growth Fund, Growth and Income Fund, Mid-Cap Fund, Opportunity Fund, Overseas Fund, and Value Fund have a maximum sales charge of 5.00% as a percentage of the original purchase price while Class A Shares of the Core Plus Fixed Income Fund, High Yield Fixed Income Fund, Intermediate Duration Fixed Income Fund, and New York Tax-Free Bond Fund have a maximum sales charge of 4.75% as a percentage of the original purchase price. The Class B Shares of the Funds are offered without any front-end sales charge but will be subject to a contingent deferred sales charge (“CDSC”) ranging from a maximum of 4.00% if redeemed less than one year after purchase to 0.00% if redeemed more than four years after purchase. Class C Shares of the Funds are offered without any front-end sales charge but will be subject to a maximum CDSC of 1.00% if redeemed less than one year after purchase. No sales charges are assessed with respect to Class I Shares of the Funds. Each class of shares in the Funds has identical rights and privileges except with respect to arrangements pertaining to shareholder servicing or distribution, class-related expenses, voting rights on matters affecting a single class of shares, and the exchange privilege of each class of shares. |
|
|
| Under the Trusts’ organizational documents, the Funds’ officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts with service providers, which also provide for indemnifications by the Funds. The Funds’ maximum exposure under these arrangements is unknown, as this would involve any future claims that may be made against the Funds. However, based on experience, the Funds expect that risk of loss to be remote. |
|
|
2. | Significant Accounting Policies: |
|
|
| The following is a summary of the significant accounting policies followed by the Funds in the preparation of their financial statements. The policies are in conformity with U.S. generally accepted accounting principles (“GAAP”). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. |
|
|
| Securities Valuation: |
|
|
| A. New York Tax-Free Bond Fund, Growth and Income Fund, and Mid-Cap Fund |
|
|
| Bonds and other fixed income securities (other than short-term obligations but including listed issues) are valued on the basis of valuations furnished by a pricing service, the use of which has been approved by the Funds’ Board of Trustees. In making such valuations, the pricing service utilizes both dealer-supplied valuations and the use of matrix techniques which take into account appropriate factors such as the institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics other than market data and without exclusive reliance upon quoted prices or exchanges or over-the-counter prices, since such valuations are believed to reflect more accurately the fair value of such securities. All debt portfolio securities with a remaining maturity of 60 days or less are valued at amortized cost. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight-line) basis to the maturity of the security. |
|
|
64 | HSBC INVESTOR FAMILY OF FUNDS |
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| The value of each equity security is based either on the last sale price on a national securities exchange, or in the absence of recorded sales, at the closing bid prices on such exchanges, or at the quoted bid price in the over-the-counter market. Securities or other assets for which market quotations are not readily available, or are deemed unreliable due to a significant event or otherwise, are valued by or at the direction of the Funds’ Board of Trustees. In addition, specific securities may need to be valued by or at the direction of the Funds’ Board of Trustees due to potentially significant events. Examples of potentially significant events that could affect the value of an individual security include corporate actions by the issuer, announcements by the issuer relating to its earnings or products, regulatory news, natural disasters and litigation. Examples of potentially significant events that could affect multiple securities held by a Fund include governmental actions, natural disasters and armed conflicts. |
|
|
| B. Feeder Funds |
|
|
| The Feeder Funds record their investments in their respective Portfolios at fair value. Securities of the Portfolios are recorded at fair value as more fully discussed in the notes to those financial statements. |
|
|
| Investment Transactions and Related Income: |
|
|
| A. New York Tax-Free Bond Fund, Growth and Income Fund, and Mid-Cap Fund |
|
|
| Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, changes in holdings are accounted for on trade date on the last business day of the reporting period. Investment gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date. |
|
|
| B. Feeder Funds |
|
|
| The Feeder Funds record daily their pro-rata share of income, expenses, changes in unrealized appreciation and depreciation and realized gains and losses derived from their respective portfolios. In addition, the Feeder Funds accrue their own expenses daily as incurred. |
|
|
| Futures Contracts: |
|
|
| The New York Tax-Free Bond Fund, Growth and Income Fund, and Mid-Cap Fund may invest in futures contracts for the purpose of hedging existing portfolio securities or securities it intends to purchase against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, a Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,” are made each day, depending on the daily fluctuations in the fair value of the underlying security. A gain or loss equal to the daily variation margin is recognized on a daily basis. |
|
|
| Should market conditions move unexpectedly, a Fund may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. As of April 30, 2008, the Funds did not hold any investments in futures contracts. |
|
|
| Options: |
|
|
| The Growth and Income Fund and the Mid-Cap Fund may write covered call options against some of the securities in their portfolios provided the securities are listed on a national securities exchange. A call option is “covered” if the Fund owns the underlying securities covered by the call. The premium received is recorded as a liability and is subsequently adjusted to the current fair value of the option written. Premiums received from writing options that expire unexercised are treated on the expiration date as realized gains from investments. The difference between the premium and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is also treated as a realized gain or loss. If the call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining a realized gain or loss. For the period ended April 30, 2008, the Funds did not write any covered call options. |
|
|
| Allocations: |
|
|
| Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionately among various or all Funds within the HSBC Investor Family of Funds in relation to the net assets of each Fund or on another reasonable basis. Class specific expenses are charged directly to the class incurring the |
|
|
HSBC INVESTOR FAMILY OF FUNDS | 65 |
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| expense. In addition, income, expenses (other than class specific expenses), and realized and unrealized gains and losses in investments are allocated to each class of shares based on its relative net assets on a daily basis. |
|
|
| Dividends to Shareholders: |
|
|
| The Core Plus Fixed Income Fund (Advisor), Core Plus Fixed Income Fund, High Yield Fixed Income, Intermediate Duration Fixed Income Fund, and the New York Tax-Free Bond Fund declare all net investment income daily as dividends to their shareholders and distribute such dividends monthly. Dividends from net investment income, if any, are declared and distributed semi-annually in the case of the Growth Fund, Growth and Income Fund, Opportunity Fund, Opportunity (Advisor) and the Value Fund, and annually in the case of the International Equity Fund, Mid-Cap Fund, and Overseas Fund. |
|
|
| The Funds’ net realized gains, if any, are distributed to shareholders at least annually. Additional distributions are also made to the Funds’ shareholders to the extent necessary to avoid the federal excise tax on certain undistributed income and net capital gains of regulated investment companies. |
|
|
| The amount and character of net investment income and net realized gains distributions are determined in accordance with federal income tax regulations which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g., reclassification of market discounts, certain gain/loss, paydowns, and certain distributions), such amounts are reclassified within the composition of net assets; temporary differences (e.g., wash losses and post-october loss deferrals) do not require reclassification. The Funds may utilize equalization accounting for tax purposes and designate earnings and profits, including net realized gains distributed to shareholders on redemption of shares, as a part of the dividends paid deduction for income tax purposes. To the extent distributions from net investment income and net realized gains exceed net investment income and net realized gains for tax purposes, they are reported as distributions of capital. |
|
|
| Redemption Fee: |
|
|
| A redemption fee of 2.00% is charged and recorded as paid-in-capital for any shares redeemed or exchanged after holding them for less than 30 days. This fee does not apply to shares purchased through reinvested dividends or capital gains or shares held in certain omnibus accounts or retirement plans that cannot implement the fee. For the fiscal year and period ended October 31, 2007 and April 30, 2008, the following Funds collected redemption fees as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
| Fees Collected |
| Fees Collected |
| ||||||
|
|
|
| |||||||||
| Core Plus Fixed Income Fund (Advisor) |
|
| $ | 12 |
|
|
| $ | 1,055 |
|
|
| Core Plus Fixed Income Fund |
|
|
| 356 |
|
|
|
| 1 |
|
|
| High Yield Fixed Income Fund |
|
|
| 66 |
|
|
|
| 69 |
|
|
| Intermediate Duration Fixed Income Fund |
|
|
| 46 |
|
|
|
| 1 |
|
|
| New York Tax-Free Bond Fund |
|
|
| 2,570 |
|
|
|
| 2 |
|
|
| Growth Fund |
|
|
| 1,191 |
|
|
|
| 875 |
|
|
| Growth and Income Fund |
|
|
| 14 |
|
|
|
| 45 |
|
|
| International Equity Fund |
|
|
| 9,912 |
|
|
|
| 2,530 |
|
|
| Mid-Cap Fund |
|
|
| 110 |
|
|
|
| 14 |
|
|
| Opportunity Fund (Advisor) |
|
|
| — |
|
|
|
| 943 |
|
|
| Opportunity Fund |
|
|
| 158 |
|
|
|
| 100 |
|
|
| Overseas Equity Fund |
|
|
| 396 |
|
|
|
| 87 |
|
|
| Value Fund |
|
|
| 550 |
|
|
|
| 764 |
|
|
|
|
|
| Each Fund is a separate taxable entity for federal income tax purposes. Each Fund has qualified and intends to continue to qualify each year as a “regulated investment company” under Subchapter M of the Internal Revenue Code, as amended and to distribute substantially all of their taxable net investment income and net realized gains, if any, to their shareholders. Accordingly, no provision for federal income or excise tax is required. | |
|
|
|
| In addition, effective April 30, 2008, the Trust adopted Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Trust’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition | |
|
|
|
66 |
| HSBC INVESTOR FAMILY OF FUNDS |
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. Implementation of FIN 48 included a review of tax positions taken in tax years that remain subject to examination by tax authorities (i.e., the last 4 tax year ends and the interim tax period since then, as applicable). The adoption of FIN 48 did not impact the Funds’ net assets or results of operations. |
|
|
| New Accounting Pronouncements: |
|
|
| In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards SFAS No. 157, “Fair Value Measurements” (“SFAS No. 157”). This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The changes to current GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management does not believe the adoption of SFAS No. 157 will materially impact the financial statements; however, additional disclosures will be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. |
|
|
| In March 2008, the Financial Accounting Standards Board issued the Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161requires enhanced disclosures about the Funds derivative and hedging activities, including how such activities are accounted for and their effect on the Fund’s financial position, performance and cash flows. Management is currently evaluating the impact, the adoption of SFAS 161 will have on the Fund’s financial statements and related disclosures. |
|
|
3. | Related Party Transactions |
|
|
| Investment Management: |
|
|
| HSBC Investments (USA) Inc. (which became HSBC Global Asset Management (USA) Inc. effective June 2, 2008) (“HSBC” or the “Investment Adviser”), a wholly owned subsidiary of HSBC Bank USA, N.A., a national bank organized under the laws of the United States, acts as Investment Adviser to the New York Tax-Free Bond Fund, Growth and Income Fund, and the Mid-Cap Fund. As Investment Adviser, HSBC manages the investments of the Funds and continuously reviews, supervises, and administers the Funds’ investments. Sub-Investment Adviser services are provided by Transamerica Investment Management, LLC (“Transamerica”) and Munder Capital Management (“Munder”) for the Growth and Income Fund and Mid-Cap Fund, respectively. |
|
|
| For its services as Investment Adviser, HSBC is entitled to receive a fee, accrued daily and paid monthly, at an annual rate of 0.25% of the average daily net assets of the New York Tax-Free Bond Fund. |
|
|
| For its services as Investment Adviser and Sub-Investment Adviser, respectively, HSBC and Transamerica receive, in the aggregate, a fee, accrued daily and paid monthly at an annual rate of 0.60% of the Growth and Income Fund’s average daily net assets. |
|
|
| For its services as Investment Adviser and Sub-Investment Adviser, respectively, HSBC and Munder receive, in the aggregate, a fee, accrued daily and paid monthly at an annual rate of 0.75% of the Mid-Cap Fund’s average daily net assets. |
|
|
| Feeder Funds are not directly charged any investment management fees. |
|
|
| Administration: |
|
|
| HSBC serves the Funds as Administrator. Under the terms of the Administration Agreement, HSBC receives from the Funds a fee, accrued daily and paid monthly, at an annual rate of: |
|
|
|
|
|
|
|
| Based on Average Daily Net Assets of |
|
| Fee Rate |
| |
|
|
|
| |||
| Up to $12 billion |
|
|
| 0.0525 | % |
| In excess of $12 billion |
|
|
| 0.0350 | % |
|
|
| The fee breakpoints are determined on the basis of the aggregate average daily net assets of the HSBC Investor Family of Funds. The fee is allocated to each series of the HSBC Investor Family of Funds based upon its pro-rata share |
|
|
HSBC INVESTOR FAMILY OF FUNDS | 67 |
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| of net assets for each class. For assets invested in the underlying Portfolios by the Feeder Funds, the Portfolios pay half of the administration fee and the Feeder Funds pay half, for a combination of the total fee rate above. |
|
|
| The administration fees accrued for each class by fund, of which 50% of such fees are deemed to be class specific, are as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Plus |
| Core Plus |
| High Yield |
| Intermediate |
| New York |
| Growth |
| Growth |
| |||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Class A |
| $ | — |
| $ | 1,486 |
| $ | 422 |
| $ | 129 |
| $ | 7,175 |
| $ | 2,996 |
| $ | 416 |
|
| Class B |
|
| — |
|
| 386 |
|
| 251 |
|
| 293 |
|
| 1,747 |
|
| 164 |
|
| 974 |
|
| Class C |
|
| — |
|
| 10 |
|
| 31 |
|
| 33 |
|
| 141 |
|
| 10 |
|
| 9 |
|
| Class I |
|
| 8,422 |
|
| — |
|
| 292 |
|
| 1,116 |
|
| 4,560 |
|
| 3,155 |
|
| 7,858 |
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
| Total |
| $ | 8,422 |
| $ | 1,882 |
| $ | 996 |
| $ | 1,571 |
| $ | 13,623 |
| $ | 6,325 |
| $ | 9,257 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| International |
| Mid-Cap |
| Opportunity |
| Opportunity |
| Overseas |
| Value |
| ||||||
|
|
|
|
|
|
|
|
| ||||||||||||
| Class A |
| $ | — |
| $ | 1,122 |
| $ | 1,438 |
| $ | — |
| $ | 1,413 |
| $ | 2,615 |
|
| Class B |
|
| — |
|
| 1,174 |
|
| 482 |
|
| — |
|
| 345 |
|
| 175 |
|
| Class C |
|
| — |
|
| 16 |
|
| 34 |
|
| — |
|
| 14 |
|
| 13 |
|
| Class I |
|
| 36,692 |
|
| 3,883 |
|
| — |
|
| 17,105 |
|
| — |
|
| 2,941 |
|
|
|
|
|
|
|
|
|
| ||||||||||||
| Total |
| $ | 36,692 |
| $ | 6,195 |
| $ | 1,954 |
| $ | 17,105 |
| $ | 1,772 |
| $ | 5,744 |
|
|
|
|
|
|
|
|
|
|
|
|
| Pursuant to a Sub-Administration Agreement with HSBC, Citi Fund Services Ohio, Inc. (“Citi Ohio”), a wholly-owned subsidiary of Citigroup, Inc., serves as the Trust’s sub-administrator, subject to the general supervision of the Funds’ Board of Trustees and HSBC. For these services, Citi Ohio is entitled to a fee, payable by HSBC, at an annual rate equivalent to the fee rates set forth above, minus 0.02% (2 basis points) which is retained by HSBC. |
|
|
| Under a Compliance Services Agreement between the Funds and Citi Ohio (the “CCO Agreement”), Citi Ohio makes an employee available to serve as the Funds’ Chief Compliance Officer (the “CCO”). Under the CCO Agreement, Citi Ohio also provides infrastructure and support in implementing the written policies and procedures comprising the Funds’ compliance program, including support services to the CCO. For the services provided under the CCO Agreement, the HSBC Investor Family of Funds paid Citi Ohio $125,400 for the period ended April 30, 2008, plus reimbursement of certain expenses. Expenses incurred by each fund are reflected on the Statements of Operations as “Compliance Service.” Citi Ohio pays the salary and other compensation earned by any such individuals as employees of Citi Ohio. |
|
|
| Distribution Plan: |
|
|
| Prior to August 1, 2007, BISYS Fund Services Limited Partnership (“BISYS”), a wholly-owned subsidiary of BISYS Fund Services, Inc., served the Trust as Distributor. Since August 1, 2007, Foreside Distribution Services, L.P. (“Foreside”), a wholly-owned subsidiary of Foreside Financial Group LLC, serves the Trust as Distributor (the “Distributor”). The Trusts have adopted a non-compensatory Distribution Plan and Agreement (the “Plan”) pursuant to Rule 12b-1 of the Act. The Plan provides for reimbursement of expenses incurred by the Distributor related to distribution and marketing, at a rate not to exceed 0.25%, 1.00%, and 1.00% of the average daily net assets of Class A Shares (currently not being charged), Class B Shares (currently charging 0.75%), and Class C Shares (currently charging 0.75%) of the Funds, respectively. Foreside, as Distributor, also received $405,635, $247,179 and $12,433 in commissions from sales of HSBC Investor Family of Funds, for Class A Shares, Class B Shares, and Class C Shares, respectively of which $396,664, $246,553 and $12,419 were reallowed to HSBC affiliated brokers and dealers, for Class A Shares, Class B Shares, and Class C Shares, respectively. |
|
|
| Shareholder Servicing: |
|
|
| The Trusts have adopted a Shareholder Services Plan which provides for payments to shareholder servicing agents (which currently consist of HSBC and its affiliates) for providing various shareholder services. For performing these services, the shareholder servicing agents receive a fee up to 0.25%, 0.25%, and 0.25% that is computed daily and paid monthly |
|
|
68 | HSBC INVESTOR FAMILY OF FUNDS |
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| equal to a percentage of average daily net assets of Class A Shares, Class B Shares, and Class C Shares of the Funds, respectively. The aggregate fees paid to the Distributor pursuant to the Distribution Plan and to shareholder servicing agents pursuant to the Administrative Services Plans currently are not intended to exceed 0.25% of the average daily net assets of Class A Shares, and 1.00% of the average daily net assets of Class B Shares and Class C Shares. |
|
|
| Fund Accounting, Transfer Agency, Custodian and Trustee: |
|
|
| Citi Ohio provides fund accounting and transfer agency services for each Fund. As transfer agent for the Funds, Citi Ohio receives a fee based on the number of Funds and shareholder accounts, subject to certain minimums and reimbursement of certain expenses. As fund accountant for the Funds, Citi Ohio receives an annual fee per Fund and share class, subject to certain minimums and reimbursement of certain expenses. |
|
|
| Effective April 1, 2008 each of the six non-interested Trustees are compensated with a $60,000 annual Board retainer, as well as a $3,000 annual retainer for each Committee of the Board. Each non-interested Trustee also receives a $5,000 and $3,000 meeting fee for each regular in-person Board meeting and Committee meeting, respectively. Furthermore, each non-interested Trustee receives compensation for attending special meetings and/or functioning as a Committee Chairperson or Lead Trustee. In addition, the non-interested Trustees are reimbursed for certain expenses incurred in connection with their Board membership. |
|
|
| Prior to April 1, 2008 each of the six non-interested Trustees are compensated with a $35,000 annual Board retainer, as well as a $3,000 annual retainer for each Committee of the Board. Each non-interested Trustee also receives a $5,000 and $3,000 meeting fee for each regular in-person Board meeting and Committee meeting, respectively. Furthermore, each non-interested Trustee receives compensation for attending special meetings and/or functioning as a Committee Chairperson or Lead Trustee. In addition, the non-interested Trustees are reimbursed for certain expenses incurred in connection with their Board membership. |
|
|
HSBC INVESTOR FAMILY OF FUNDS | 69 |
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| Fee Reductions: |
|
|
| The Investment Adviser has agreed to contractually waive 0.05% of its management fee, computed daily and paid monthly, and based on the average daily net assets of the Growth and Income Fund and the Mid-Cap Fund. |
|
|
| The Investment Adviser has also agreed to contractually limit, through March 1, 2009, the total expenses, exclusive of interest, taxes, brokerage commissions and extraordinary expenses, of certain Funds. Each affected Fund Class has its own expense limitations based on the average daily net assets for any full fiscal year as follows: |
|
|
|
|
| Fund | Class | Current Contractual |
| |||
| Core Plus Fixed Income Fund (Advisor) | I | 0.45% |
| Core Plus Fixed Income Fund | A | 0.70% |
| Core Plus Fixed Income Fund | B | 1.45% |
| Core Plus Fixed Income Fund | C | 1.45% |
| High Yield Fixed Income Fund | A | 0.80% |
| High Yield Fixed Income Fund | B | 1.55% |
| High Yield Fixed Income Fund | C | 1.55% |
| High Yield Fixed Income Fund | I | 0.55% |
| Intermediate Duration Fixed Income Fund | A | 0.65% |
| Intermediate Duration Fixed Income Fund | B | 1.40% |
| Intermediate Duration Fixed Income Fund | C | 1.40% |
| Intermediate Duration Fixed Income Fund | I | 0.40% |
| Growth Fund | A | 1.20% |
| Growth Fund | B | 1.95% |
| Growth Fund | C | 1.95% |
| Growth Fund | I | 0.95% |
| Growth and Income Fund | A | 1.20% |
| Growth and Income Fund | B | 1.95% |
| Growth and Income Fund | C | 1.95% |
| Growth and Income Fund | I | 0.95% |
| Mid-Cap Fund | A | 1.35% |
| Mid-Cap Fund | B | 2.10% |
| Mid-Cap Fund | C | 2.10% |
| Mid-Cap Fund | I | 1.10% |
| Overseas Equity Fund | A | 1.85% |
| Overseas Equity Fund | B | 2.60% |
| Overseas Equity Fund | C | 2.60% |
| Opportunity Fund | A | 1.65% |
| Opportunity Fund | B | 2.40% |
| Opportunity Fund | C | 2.40% |
| Value Fund | A | 1.20% |
| Value Fund | B | 1.95% |
| Value Fund | C | 1.95% |
| Value Fund | I | 0.95% |
|
|
| The Administrator and Citi Ohio may voluntarily waive/reimburse fees to help support the expense limits of the Funds. In addition, the Investment Adviser may waive/reimburse additional fees at their discretion. Amounts waived/reimbursed by the Investment Adviser, Administrator and Citi Ohio are reported separately on the Statements of Operations, as applicable. All contractual and any voluntary fee waivers/reimbursements are not subject to recoupment in subsequent fiscal periods. Voluntary waivers/reimbursements may be stopped at any time. |
|
|
70 | HSBC INVESTOR FAMILY OF FUNDS |
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
4. | Investment Transactions |
|
|
| Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the period ended April 30, 2008 were as follows: |
|
|
|
|
|
|
|
|
|
| Fund |
| Purchases |
| Sales |
| ||
|
|
|
| |||||
| New York Tax-Free Bond Fund |
| $ | — |
| $ | 3,346,426 |
|
| Growth and Income Fund |
|
| 6,674,231 |
|
| 15,700,795 |
|
| Mid-Cap Fund |
|
| 7,579,766 |
|
| 10,352,377 |
|
|
|
| There were no long-term U.S. Government securities held during the period ended April 30, 2008. |
|
|
| Contributions and withdrawals of the respective Portfolios for the year ended April 30, 2008 totaled: |
|
|
|
|
|
|
|
|
|
| Fund |
|
| Contributions |
|
| Withdrawals |
|
|
|
|
| |||||
| Core Plus Fixed Income Fund (Advisor) |
| $ | 6,950,400 |
| $ | 18,018,143 |
|
| Core Plus Fixed Income Fund |
|
| 278,523 |
|
| 2,118,054 |
|
| High Yield Fixed Income Fund |
|
| 889,031 |
|
| 701,696 |
|
| Intermediate Duration Fixed Income Fund |
|
| 1,304,962 |
|
| 2,148,158 |
|
| Growth Fund |
|
| 1,494,914 |
|
| 6,509,435 |
|
| International Equity Fund |
|
| 15,075,675 |
|
| 41,184,448 |
|
| Opportunity Fund |
|
| 555,838 |
|
| 3,556,621 |
|
| Opportunity Fund (Advisor) |
|
| 5,119,887 |
|
| 24,652,274 |
|
| Overseas Equity Fund |
|
| 189,328 |
|
| 3,594,616 |
|
| Value Fund |
|
| 1,710,164 |
|
| 5,601,376 |
|
|
|
5. | Concentration of Credit Risk |
|
|
| The New York Tax-Free Bond Fund invests primarily in debt obligations issued by the State of New York and its respective political subdivisions, agencies, and public authorities. The Fund is more susceptible to economic and political factors adversely affecting issuers of New York specific municipal securities than are municipal bond funds that are not concentrated in these issuers to the same extent. |
|
|
6. | Federal Income Tax Information: |
|
|
| At April 30, 2008, the cost basis for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/depreciation were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fund |
| Tax Cost |
| Tax |
| Tax |
| Net |
| ||||
|
|
|
|
|
| |||||||||
| New York Tax-Free Bond Fund |
| $ | 58,168,494 |
| $ | 1,514,445 |
| $ | (385,118 | ) | $ | 1,129,327 |
|
| Growth and Income Fund |
|
| 30,945,757 |
|
| 9,652,907 |
|
| (875,614 | ) |
| 8,777,293 |
|
| Mid-Cap Fund |
|
| 21,071,342 |
|
| 6,916,975 |
|
| (1,199,961 | ) |
| 5,717,014 |
|
|
|
HSBC INVESTOR FAMILY OF FUNDS | 71 |
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| The tax character of dividends paid by the Funds as of the latest tax year ended year ended October 31, 2007 were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends paid from |
| |||||||||||||
|
|
| ||||||||||||||
|
| Ordinary |
| Net |
| Total |
| Tax |
| Total |
| |||||
|
|
|
|
|
|
| ||||||||||
Core Plus Fixed Income Fund (Advisor) |
| $ | 4,297,819 |
| $ | — |
| $ | 4,297,819 |
| $ | — |
| $ | 4,297,819 |
|
Core Plus Fixed Income Fund |
|
| 873,677 |
|
| — |
|
| 873,677 |
|
| — |
|
| 873,677 |
|
High Yield Fixed Income Fund |
|
| 704,138 |
|
| — |
|
| 704,138 |
|
| — |
|
| 704,138 |
|
Intermediate Duration Fixed Income Fund |
|
| 866,868 |
|
| — |
|
| 886,868 |
|
| — |
|
| 886,868 |
|
New York Tax-Free Bond Fund |
|
| 19,599 |
|
| 9,094 |
|
| 28,693 |
|
| 2,085,602 |
|
| 2,114,295 |
|
Growth Fund |
|
| 25,419 |
|
| 3,019,000 |
|
| 3,044,419 |
|
| — |
|
| 3,044,419 |
|
Growth and Income Fund |
|
| 126,478 |
|
| — |
|
| 126,478 |
|
| — |
|
| 126,478 |
|
International Equity Fund |
|
| 8,337,987 |
|
| 22,931,569 |
|
| 31,267,556 |
|
| — |
|
| 31,269,556 |
|
Mid-Cap Fund |
|
| 647,121 |
|
| 1,300,752 |
|
| 1947,873 |
|
| — |
|
| 1,947,873 |
|
Opportunity Fund |
|
| 75,818 |
|
| 3,560,217 |
|
| 3,636,035 |
|
| — |
|
| 3,636,035 |
|
Opportunity Fund (Advisor) |
|
| 3,149,480 |
|
| 26,789,336 |
|
| 29,938,816 |
|
| — |
|
| 29,938,816 |
|
Overseas Equity Fund |
|
| 667,589 |
|
| 2,786,165 |
|
| 3,453,754 |
|
| — |
|
| 3,453,754 |
|
Value Fund |
|
| 677,034 |
|
| 4,064,790 |
|
| 4,741,824 |
|
| — |
|
| 4,741,824 |
|
|
|
| As of the latest tax year ended October 31, 2007, the components of accumulated earnings/(deficit) on a tax basis for the Funds were as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Undistributed |
| Undistributed |
| Undistributed |
| Accumulated |
| Dividends |
| Accumulated |
| Unrealized |
| Total |
| ||||||||
|
|
|
|
|
|
|
|
|
| ||||||||||||||||
Core Plus Fixed Income Fund (Advisor) |
| $ | 502,414 |
| $ | — |
| $ | 562,425 |
| $ | 1,064,839 |
| $ | (382,197 | ) | $ | — |
| $ | (166,918 | ) | $ | 515,724 |
|
Core Plus Fixed Income Fund |
|
| 89,455 |
|
| — |
|
| — |
|
| 89,455 |
|
| (76,447 | ) |
| (577,978 | ) |
| (36,900 | ) |
| (581,870 | ) |
High Yield Fixed Income Fund |
|
| 84,276 |
|
| — |
|
| 69,024 |
|
| 153,300 |
|
| (58,530 | ) |
| — |
|
| (98,097 | ) |
| (3,327 | ) |
Intermediate |
|
| 87,279 |
|
| — |
|
| 53,298 |
|
| 140,577 |
|
| (64,168 | ) |
| — |
|
| (83,160 | ) |
| (6,751 | ) |
New York Tax-Free Bond Fund |
|
| 23,394 |
|
| 205,608 |
|
| 56,101 |
|
| 285,103 |
|
| (184,067 | ) |
| — |
|
| 1,654,630 |
|
| 1,755,666 |
|
Growth Fund |
|
| — |
|
| — |
|
| 2,892,354 |
|
| 2,892,354 |
|
| — |
|
| — |
|
| 15,509,956 |
|
| 18,402,310 |
|
Growth and Income Fund |
|
| 5,574 |
|
| — |
|
| — |
|
| 5,574 |
|
| — |
|
| (5,725,929 | ) |
| 17,649,148 |
|
| 11,928,793 |
|
International Equity Fund |
|
| 10,638,534 |
|
| — |
|
| 24,126,978 |
|
| 34,765,512 |
|
| — |
|
| — |
|
| 100,539,759 |
|
| 135,305,271 |
|
Mid-Cap Fund |
|
| — |
|
| — |
|
| 3,530,284 |
|
| 3,530,284 |
|
| — |
|
| — |
|
| 10,393,959 |
|
| 13,924,243 |
|
Opportunity Fund |
|
| 1,084,596 |
|
| — |
|
| 4,953,733 |
|
| 6,038,329 |
|
| — |
|
| — |
|
| 4,335,184 |
|
| 10,373,513 |
|
Opportunity Fund (Advisor) |
|
| 9,223,734 |
|
| — |
|
| 35,976,501 |
|
| 45,200,235 |
|
| — |
|
| — |
|
| 33,322,824 |
|
| 78,523,059 |
|
Overseas Equity |
|
| 562,242 |
|
| — |
|
| 2,487,633 |
|
| 3,049,875 |
|
| — |
|
| — |
|
| 8,491,660 |
|
| 11,541,535 |
|
Value Fund |
|
| 503,590 |
|
| — |
|
| 4,085,539 |
|
| 4,589,129 |
|
| — |
|
| — |
|
| 9,330,115 |
|
| 13,919,244 |
|
|
|
| The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any capital loss carryforwards will be determined at the end of the current tax year ending October 31, 2008. |
|
|
72 | HSBC INVESTOR FAMILY OF FUNDS |
|
|
|
HSBC INVESTOR FAMILY OF FUNDS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| As of the latest tax year ended October 31, 2007, the following Funds have net capital carryforwards, which are available to offset future realized gains. |
|
|
|
|
|
|
|
|
Fund |
| Amount |
| Expires |
| ||
|
|
| |||||
Core Plus Fixed Income Fund |
| $ | 185,453 |
|
| 2012 |
|
|
|
| 372,525 |
|
| 2014 |
|
Growth and Income Fund |
|
| 5,725,929 |
|
| 2011 |
|
|
|
7. | Legal and Regulatory Matters: |
|
|
| On September 26, 2006 BISYS Fund Services, Inc. (“BISYS”), an affiliate of BISYS Fund Services Ohio, Inc. which provided various services to the Funds, reached a settlement with the Securities and Exchange Commission (“the SEC”) regarding the SEC’s investigation related to BISYS’ past payment of certain marketing and other expenses with respect to certain of its mutual fund clients. Although BISYS has reached a settlement with the SEC, the Funds’ management is not aware that any determination has been made as to how the BISYS settlement monies will be distributed. While the Funds’ management is currently unable to determine the impact, if any, of such matters on the Funds or the Funds’ financial statements, management does not anticipate a material, adverse impact to the Funds or the Funds’ financial statements. |
|
|
8. | Subsequent Event: |
|
|
| At a board meeting in June 2008, the Board of Trustees approved a reorganization whereby, subject shareholder approval, the Growth Fund will acquire the assets and liabilities of the Growth and Income Fund. The reorganization is scheduled to be completed in the third quarter of 2008. |
|
|
HSBC INVESTOR FAMILY OF FUNDS | 73 |
|
HSBC INVESTOR FAMILY OF FUNDS |
Investment Adviser Contract Approval—April 30, 2008 (Unaudited) |
The Independent Trustees of the HSBC Investor Funds Trust, HSBC Advisor Funds Trust and HSBC Investor Portfolios (collectively, the “Trusts”), and the non-interested Trustees, voting separately, approved the renewal of the Investment Advisory Contracts and, where applicable Sub-Advisory Contracts, with respect to the respective series of the Trusts then existing (collectively, the “Existing Funds”) at an in-person meeting held on December 10, 2007. Also, at an in-person meeting held on April 1, 2008, The Independent Trustees reviewed and approved a new Investment Advisory Contract and Sub-Advisory Contract with respect to the HSBC Investor Growth Fund (the “Growth Fund”) (the Existing Funds and Growth Fund are collectively referred to as the “Funds” and the Investment Advisory Contracts and Sub-Advisory Contracts are collectively referred to as the “Agreements”).
In determining whether it was appropriate to approve the Agreements for the Funds, The Independent Trustees requested information from the Adviser and the various Sub-Advisers that it believed to be reasonably necessary to reach its conclusion. In an Executive Session, the Independent Trustees carefully evaluated this information, and were advised by independent legal counsel with respect to their deliberations. Based on its review of the information requested and provided for each Fund, The Independent Trustees determined that the relevant Agreements were consistent with the best interests of the Funds and their shareholders, and enable the Funds to receive high quality services at a cost that is appropriate and reasonable. The Independent Trustees made these determinations on the basis of the following considerations, among others:
|
|
| Nature, Extent, and Quality of Services Provided by Adviser and Sub-Advisers. The Independent Trustees considered the nature, quality and extent of the investment advisory services provided by the Adviser (and, as applicable, the Sub-Advisers), in light of the high quality services provided to the Funds, and each Fund’s historic performance. The Independent Trustees considered the historical performance and the commitment of the Adviser to the successful operations of the Funds including the level of expenses of the Funds, and each Fund’s historic performance. The Independent Trustees considered the historical performance and commitment of the Adviser to the successful operations of the Funds including the level of expenses of the Funds. With respect to the Equity Funds, The Independent Trustees considered the capabilities and performance of the Adviser’s Multimanager unit. The Independent Trustees also considered the use of expense limitation agreements in order to reduce the overall operating expenses of certain funds. The Independent Trustees also took note of the long term relationship between the Adviser and the Funds and the efforts undertaken by the Adviser to foster the growth and development of the Funds since the inception of each of the Funds. For the Fixed Income Funds, The Independent Trustees also considered the historical performance and experience of the management team in managing other accounts, and the reasonable expectation of achieving competitive performance for these Funds. The Independent Trustees also considered the extent to which the investment advisers had achieved economies of scale and the extent to which shareholders participated in those economies of scale. |
|
|
| Investment Performance of the Funds, Adviser and Sub-Advisers. The Independent Trustees considered short-term and long-term investment performance of each Fund over various periods of time as compared to a peer group of comparable funds. The Independent Trustees members took note of performance information for the one, three and five year periods and since inception as relevant. In addition The Independent Trustees compared expenses of each Fund to the expenses of its peers, noting that the expenses for each of the Funds compare favorably with industry averages for other funds of similar size. |
|
|
| Costs of Services and Profits Realized by the Adviser. The Independent Trustees considered the Adviser’s overall profitability and costs and an analysis of the estimated profitability to the Adviser from its relationship with the Funds. The Independent Trustees considered that the advisory fees under the Agreements were within the range of those of similar funds, noting the high level of resource, expertise and experience that was provided to the Funds by the Adviser and Sub-Advisers. The Independent Trustees concluded that the combined advisory fees payable to the Adviser and each of the Fund’s Sub-Advisers are fair and reasonable in light of the services to be provided, the anticipated costs of these services, the profitability of the Adviser’s relationship with the Fund, and the comparability of the advisory fee to similar fees paid by comparable mutual funds. |
|
|
| Other Relevant Considerations. The Independent Trustees also considered the overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies, and performance of the Adviser and Sub-Advisers. The Independent Trustees also noted the range of investment advisory and administrative services provided by the Adviser to the Funds and the level and quality of these services, in particular the quality of the personnel providing these services. In addition, The Independent Trustees considered the overall favorable investment performance of the Funds. |
Accordingly, in light of the above considerations and such other factors and information it considered relevant, The Independent Trustees by a unanimous vote of those present in person at the meetings (including a separate vote of the Independent Trustees present in person at the meeting) approved the Agreements.
|
|
74 | HSBC INVESTOR FAMILY OF FUNDS |
|
HSBC INVESTOR FAMILY OF FUNDS |
Table of Shareholder Expenses (Unaudited)—as of April 30, 2008 |
|
As a shareholder of the HSBC Investor Funds (“Funds”), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchases, redemption fees; and exchange fees; (2) ongoing costs, including management fees; distribution and /or shareholder servicing fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these cost with the ongoing costs of investing in other mutual funds. |
|
These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2007 through April 30, 2008. |
|
Actual Example |
|
The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Expenses Paid |
| Annualized |
| |||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Core Plus Fixed Income Fund (Advisor) |
| Class I Shares |
|
| $ | 1,000.00 |
|
|
| $ | 991.90 |
|
|
| $ | 2.23 |
|
|
| 0.45 | % |
|
Core Plus Fixed Income Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 989.60 |
|
|
|
| 3.46 |
|
|
| 0.70 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 985.90 |
|
|
|
| 7.16 |
|
|
| 1.45 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 985.90 |
|
|
|
| 7.16 |
|
|
| 1.45 | % |
|
High Yield Fixed Income Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 983.50 |
|
|
|
| 3.95 |
|
|
| 0.80 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 980.80 |
|
|
|
| 7.63 |
|
|
| 1.55 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 979.70 |
|
|
|
| 7.63 |
|
|
| 1.55 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 984.70 |
|
|
|
| 2.71 |
|
|
| 0.55 | % |
|
Intermediate Duration Fixed Income Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 985.10 |
|
|
|
| 3.21 |
|
|
| 0.65 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 981.50 |
|
|
|
| 6.90 |
|
|
| 1.40 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 982.50 |
|
|
|
| 6.90 |
|
|
| 1.40 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 987.40 |
|
|
|
| 1.98 |
|
|
| 0.40 | % |
|
New York Tax-Free Bond Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 1,011.10 |
|
|
|
| 4.15 |
|
|
| 0.83 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,007.40 |
|
|
|
| 7.94 |
|
|
| 1.59 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,007.30 |
|
|
|
| 7.94 |
|
|
| 1.59 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 1,012.40 |
|
|
|
| 2.90 |
|
|
| 0.58 | % |
|
Growth Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 913.50 |
|
|
|
| 5.61 |
|
|
| 1.18 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 909.80 |
|
|
|
| 9.21 |
|
|
| 1.94 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 909.80 |
|
|
|
| 9.16 |
|
|
| 1.93 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 914.40 |
|
|
|
| 4.43 |
|
|
| 0.93 | % |
|
Growth & Income Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 898.10 |
|
|
|
| 5.43 |
|
|
| 1.15 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 893.90 |
|
|
|
| 8.99 |
|
|
| 1.91 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 894.70 |
|
|
|
| 9.04 |
|
|
| 1.92 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 898.60 |
|
|
|
| 4.30 |
|
|
| 0.91 | % |
|
International Equity Fund |
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 891.80 |
|
|
|
| 4.09 |
|
|
| 0.87 | % |
|
|
|
HSBC INVESTOR FAMILY OF FUNDS | 75 |
|
|
HSBC INVESTOR FAMILY OF FUNDS |
Table of Shareholder Expenses (Unaudited)—as of April 30, 2008 (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Expenses Paid |
| Annualized |
| |||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Mid-Cap Fund |
| Class A Shares |
|
| $ | 1,000.00 |
|
|
| $ | 893.80 |
|
|
| $ | 6.36 |
|
|
| 1.35 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 890.60 |
|
|
|
| 9.87 |
|
|
| 2.10 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 890.70 |
|
|
|
| 9.87 |
|
|
| 2.10 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 895.20 |
|
|
|
| 5.18 |
|
|
| 1.10 | % |
|
Overseas Equity Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 887.70 |
|
|
|
| 7.98 |
|
|
| 1.70 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 884.30 |
|
|
|
| 11.48 |
|
|
| 2.45 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 883.90 |
|
|
|
| 11.48 |
|
|
| 2.45 | % |
|
Opportunity Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 970.00 |
|
|
|
| 7.59 |
|
|
| 1.55 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 967.00 |
|
|
|
| 11.25 |
|
|
| 2.30 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 966.70 |
|
|
|
| 11.25 |
|
|
| 2.30 | % |
|
Opportunity Fund (Advisor) |
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 973.10 |
|
|
|
| 4.76 |
|
|
| 0.97 | % |
|
Value Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 892.90 |
|
|
|
| 5.60 |
|
|
| 1.19 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 889.60 |
|
|
|
| 9.11 |
|
|
| 1.94 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 889.40 |
|
|
|
| 9.11 |
|
|
| 1.94 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 894.00 |
|
|
|
| 4.43 |
|
|
| 0.94 | % |
|
|
|
* | Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the on half year period). |
|
|
76 | HSBC INVESTOR FAMILY OF FUNDS |
|
HSBC INVESTOR FAMILY OF FUNDS |
Table of Shareholder Expenses (Unaudited)—as of April 30, 2008 (continued) |
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Beginning |
| Ending |
| Expenses Paid |
| Annualized |
| |||||||||||
|
|
|
|
|
|
|
| |||||||||||||||
Core Plus Fixed Income Fund (Advisor) |
| Class I Shares |
|
| $ | 1,000.00 |
|
|
| $ | 1,022.63 |
|
|
| $ | 2.26 |
|
|
| 0.45 | % |
|
Core Plus Fixed Income Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 1,021.38 |
|
|
|
| 3.52 |
|
|
| 0.70 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,017.65 |
|
|
|
| 7.27 |
|
|
| 1.45 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,017.65 |
|
|
|
| 7.27 |
|
|
| 1.45 | % |
|
High Yield Fixed Income Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 1,020.89 |
|
|
|
| 4.02 |
|
|
| 0.80 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,017.16 |
|
|
|
| 7.77 |
|
|
| 1.55 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,017.16 |
|
|
|
| 7.77 |
|
|
| 1.55 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 1,022.13 |
|
|
|
| 2.77 |
|
|
| 0.55 | % |
|
Intermediate Duration Fixed Income Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 1,021.63 |
|
|
|
| 3.27 |
|
|
| 0.65 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,017.90 |
|
|
|
| 7.02 |
|
|
| 1.40 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,017.90 |
|
|
|
| 7.02 |
|
|
| 1.40 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 1,022.87 |
|
|
|
| 2.01 |
|
|
| 0.40 | % |
|
New York Tax-Free Bond Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 1,020.74 |
|
|
|
| 4.17 |
|
|
| 0.83 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,016.96 |
|
|
|
| 7.97 |
|
|
| 1.59 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,016.96 |
|
|
|
| 7.97 |
|
|
| 1.59 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 1,021.98 |
|
|
|
| 2.92 |
|
|
| 0.58 | % |
|
Growth Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 1,019.00 |
|
|
|
| 5.92 |
|
|
| 1.18 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,015.22 |
|
|
|
| 9.72 |
|
|
| 1.94 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,015.27 |
|
|
|
| 9.67 |
|
|
| 1.93 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 1,020.24 |
|
|
|
| 4.67 |
|
|
| 0.93 | % |
|
Growth & Income Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 1,019.14 |
|
|
|
| 5.77 |
|
|
| 1.15 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,015.37 |
|
|
|
| 9.57 |
|
|
| 1.91 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,015.32 |
|
|
|
| 9.62 |
|
|
| 1.92 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 1,020.34 |
|
|
|
| 4.57 |
|
|
| 0.91 | % |
|
International Equity Fund |
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 1,020.54 |
|
|
|
| 4.37 |
|
|
| 0.87 | % |
|
Mid-Cap Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 1,018.15 |
|
|
|
| 6.77 |
|
|
| 1.35 | % |
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,014.42 |
|
|
|
| 10.52 |
|
|
| 2.10 | % |
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,014.42 |
|
|
|
| 10.52 |
|
|
| 2.10 | % |
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 1,019.39 |
|
|
|
| 5.52 |
|
|
| 1.10 | % |
|
|
|
HSBC INVESTOR FAMILY OF FUNDS | 77 |
|
HSBC INVESTOR FAMILY OF FUNDS |
Table of Shareholder Expenses (Unaudited)—as of April 30, 2008 (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
| Beginning |
| Ending |
| Expenses Paid |
| Annualized |
| ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||||||
Overseas Equity Fund |
| Class A Shares |
|
| $ | 1,000.00 |
|
|
| $ | 1,016.41 |
|
|
| $ | 8.52 |
|
|
| 1.70 | % |
|
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,012.68 |
|
|
|
| 12.26 |
|
|
| 2.45 | % |
|
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,012.68 |
|
|
|
| 12.26 |
|
|
| 2.45 | % |
|
|
Opportunity Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 1,017.16 |
|
|
|
| 7.77 |
|
|
| 1.55 | % |
|
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,013.43 |
|
|
|
| 11.51 |
|
|
| 2.30 | % |
|
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,013.43 |
|
|
|
| 11.51 |
|
|
| 2.30 | % |
|
|
Opportunity Fund (Advisor) |
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 1,020.04 |
|
|
|
| 4.87 |
|
|
| 0.97 | % |
|
|
Value Fund |
| Class A Shares |
|
|
| 1,000.00 |
|
|
|
| 1,018.95 |
|
|
|
| 5.97 |
|
|
| 1.19 | % |
|
|
|
| Class B Shares |
|
|
| 1,000.00 |
|
|
|
| 1,015.22 |
|
|
|
| 9.72 |
|
|
| 1.94 | % |
|
|
|
| Class C Shares |
|
|
| 1,000.00 |
|
|
|
| 1,015.22 |
|
|
|
| 9.72 |
|
|
| 1.94 | % |
|
|
|
| Class I Shares |
|
|
| 1,000.00 |
|
|
|
| 1,020.19 |
|
|
|
| 4.72 |
|
|
| 0.94 | % |
|
|
|
|
* | Expenses are equal to the average account value over the period multiplied by the Fund’s annualized expense ratio, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one half year period). |
|
|
78 | HSBC INVESTOR FAMILY OF FUNDS |
|
|
U.S. Government and Government Agency Obligations—44.7% |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Federal Home Loan Mortgage Corp. – 5.4% |
|
|
|
|
|
|
|
Pool #G12317, 5.50%, 8/1/21 |
|
| 1,010,527 |
|
| 1,029,768 |
|
Pool #C00368, 8.50%, 10/1/24 |
|
| 25,145 |
|
| 27,806 |
|
Pool #D62926, 6.50%, 8/1/25 |
|
| 19,382 |
|
| 20,300 |
|
Pool #C80387, 6.50%, 4/1/26 |
|
| 25,425 |
|
| 26,630 |
|
Pool #C00922, 8.00%, 2/1/30 |
|
| 158,266 |
|
| 171,412 |
|
Pool #C54447, 7.00%, 7/1/31 |
|
| 32,528 |
|
| 34,553 |
|
Pool #G01317, 7.00%, 10/1/31 |
|
| 126,963 |
|
| 134,868 |
|
Pool #C60712, 6.50%, 11/1/31 |
|
| 523,373 |
|
| 546,203 |
|
Pool #847557, 6.27%, 7/1/34 (a) |
|
| 725,693 |
|
| 731,227 |
|
Pool #1B2655, 6.19%, 12/1/34 (a) |
|
| 573,830 |
|
| 578,809 |
|
Pool #1J1313, 6.40%, 6/1/36 (a) |
|
| 1,325,088 |
|
| 1,359,223 |
|
Pool #G02981, 6.00%, 6/1/37 |
|
| 1,094,552 |
|
| 1,120,748 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,781,547 |
|
|
|
|
|
|
| ||
Federal National Mortgage Association – 21.4% |
|
|
|
|
|
|
|
Pool #398958, 6.50%, 10/1/12 |
|
| 45,141 |
|
| 46,928 |
|
Pool #781922, 5.00%, 2/1/21 |
|
| 2,113,781 |
|
| 2,127,364 |
|
Pool #329655, 7.00%, 11/1/25 |
|
| 37,964 |
|
| 40,430 |
|
Pool #329530, 7.00%, 12/1/25 |
|
| 80,18 |
|
| 85,395 |
|
Pool #535332, 8.50%, 4/1/30 |
|
| 36,972 |
|
| 40,683 |
|
Pool #548965, 8.50%, 7/1/30 |
|
| 43,392 |
|
| 47,759 |
|
Pool #535440, 8.50%, 8/1/30 |
|
| 40,948 |
|
| 45,068 |
|
Pool #253438, 8.50%, 9/1/30 |
|
| 34,776 |
|
| 38,275 |
|
Pool #568486, 7.00%, 1/1/31 |
|
| 38,557 |
|
| 41,072 |
|
Pool #573752, 8.50%, 2/1/31 |
|
| 29,606 |
|
| 32,586 |
|
Pool #575328, 6.50%, 4/1/31 |
|
| 48,871 |
|
| 50,950 |
|
Pool #356905, 7.14%, 10/1/36 (a) |
|
| 158,127 |
|
| 160,622 |
|
Pool #922090, 5.89%, 3/1/37 (a) |
|
| 1,687,062 |
|
| 1,726,031 |
|
Pool #256723, 6.50%, 5/1/37 |
|
| 1,082,672 |
|
| 1,121,397 |
|
TBA May |
|
|
|
|
|
|
|
5.50%, 5/15/37 |
|
| 11,360,000 |
|
| 11,420,344 |
|
6.00%, 5/15/37 |
|
| 4,800,000 |
|
| 4,906,502 |
|
5.00%, 5/13/38 |
|
| 1,000,000 |
|
| 982,188 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 22,913,594 |
|
|
|
|
|
|
| ||
Government National Mortgage Association – 1.3% |
|
|
|
|
|
|
|
Pool #346406, 7.50%, 2/15/23 |
|
| 43,619 |
|
| 46,941 |
|
Pool #412530, 7.50%, 12/15/25 |
|
| 70,471 |
|
| 75,919 |
|
Pool #781300, 7.00%, 6/15/31 |
|
| 121,223 |
|
| 129,833 |
|
May, 6.00%, 5/15/37, TBA |
|
| 1,080,000 |
|
| 1,109,363 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,362,056 |
|
|
|
|
|
|
| ||
U.S. Treasury Bonds – 3.2% |
|
|
|
|
|
|
|
6.25%, 8/15/23 |
|
| 1,290,000 |
|
| 1,552,536 |
|
5.00%, 5/15/37 |
|
| 1,775,000 |
|
| 1,923,656 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,476,192 |
|
|
|
|
|
|
| ||
U.S. Treasury Notes – 13.4% |
|
|
|
|
|
|
|
3.13%, 11/30/09 |
|
| 1,100,000 |
|
| 1,116,157 |
|
2.00%, 2/28/10 |
|
| 2,573,000 |
|
| 2,561,543 |
|
4.75%, 1/31/12 |
|
| 1,475,000 |
|
| 1,579,057 |
|
3.63%, 12/31/12 |
|
| 2,000,000 |
|
| 2,053,750 |
|
2.50%, 3/31/13 |
|
| 1,014,000 |
|
| 989,442 |
|
4.75%, 8/15/17 |
|
| 1,445,000 |
|
| 1,556,762 |
|
4.25%, 11/15/17 |
|
| 765,000 |
|
| 794,644 |
|
3.50%, 2/15/18 |
|
| 3,785,000 |
|
| 3,704,569 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 14,355,924 |
|
|
|
|
|
|
|
|
U.S. Government and Government Agency Obligations, cont’d |
|
|
|
|
|
|
|
|
|
| Principal |
| Value ($) |
| ||
|
|
|
| ||||
TOTAL U.S. GOVERNMENT AND |
|
|
|
|
| 47,889,313 |
|
|
|
|
|
|
| ||
Corporate Obligations—32.9% |
|
|
|
|
|
|
|
Agricultural Chemicals – 0.6% |
|
|
|
|
|
|
|
Cargill, Inc., 5.60%, 9/15/12 (b) |
|
| 600,000 |
|
| 604,795 |
|
|
|
|
|
|
| ||
Banking – 2.0% |
|
|
|
|
|
|
|
American Express Centurion Bank, |
|
| 700,000 |
|
| 702,045 |
|
Washington Mutual Bank NV |
|
|
|
|
|
|
|
2.95%, 6/16/10 (a) |
|
| 750,000 |
|
| 674,774 |
|
3.31%, 2/4/11 (a) |
|
| 400,000 |
|
| 353,453 |
|
Washington Mutual, Inc., 3.20%, 9/17/12 (a) |
|
| 500,000 |
|
| 424,767 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,155,039 |
|
|
|
|
|
|
| ||
Building & Construction Products – 1.0% |
|
|
|
|
|
|
|
Martin Marietta Materials, Inc., |
|
| 600,000 |
|
| 582,220 |
|
Masco Corp., 3.20%, 3/12/10 (a) |
|
| 550,000 |
|
| 510,211 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,092,431 |
|
|
|
|
|
|
| ||
Consumer Products – 0.9% |
|
|
|
|
|
|
|
Clorox Co. (The), 5.45%, 10/15/12 |
|
| 900,000 |
|
| 909,151 |
|
|
|
|
|
|
| ||
Electric – 5.3% |
|
|
|
|
|
|
|
Commonwealth Edison Co., 6.45%, |
|
| 700,000 |
|
| 689,812 |
|
Duke Energy Carolinas LLC, |
|
| 450,000 |
|
| 447,181 |
|
MidAmerican Energy Co., 5.95%, 7/15/17 |
|
| 2,900,000 |
|
| 3,022,452 |
|
Progress Energy, Inc., 3.47%, 11/14/08, |
|
| 1,000,000 |
|
| 996,246 |
|
Puget Sound Energy, Inc., 6.97%, 6/1/67, |
|
| 600,000 |
|
| 538,842 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,694,533 |
|
|
|
|
|
|
| ||
Finance – 5.7% |
|
|
|
|
|
|
|
American Honda Finance Corp., |
|
| 250,000 |
|
| 245,634 |
|
Caterpillar Financial Services Corp., |
|
| 350,000 |
|
| 355,011 |
|
Citigroup, Inc., 6.88%, 3/5/38 |
|
| 450,000 |
|
| 465,393 |
|
Ford Motor Credit Co., LLC |
|
|
|
|
|
|
|
9.75%, 9/15/10 |
|
| 1,550,000 |
|
| 1,505,828 |
|
7.25%, 10/25/11 |
|
| 150,000 |
|
| 135,085 |
|
MetLife Global Funding I, |
|
| 350,000 |
|
| 349,978 |
|
Morgan Stanley, Series F, |
|
| 365,000 |
|
| 364,444 |
|
Pacific Life Global Funding, |
|
| 250,000 |
|
| 250,239 |
|
Preferred Term Securities Ltd., |
|
| 778,066 |
|
| 815,647 |
|
Wells Fargo Financial, 5.50%, 8/1/12 |
|
| 850,000 |
|
| 876,325 |
|
XTRA Finance Corp., 5.15%, 4/1/17 |
|
| 750,000 |
|
| 760,705 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,124,289 |
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 79 |
|
HSBC INVESTOR CORE PLUS FIXED INCOME PORTFOLIO |
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Hospitals – 1.1% |
|
|
|
|
|
|
|
Covidien International Finance SA, |
|
| 550,000 |
|
| 554,508 |
|
HCA, Inc., 5.75%, 3/15/14 |
|
| 750,000 |
|
| 648,750 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,203,258 |
|
|
|
|
|
|
| ||
Media – 0.8% |
|
|
|
|
|
|
|
News America Holdings, 7.90%, 12/1/95 |
|
| 500,000 |
|
| 540,975 |
|
Vivendi, 5.75%, 4/4/13 (b) |
|
| 350,000 |
|
| 342,094 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 883,069 |
|
|
|
|
|
|
| ||
Medical – 1.0% |
|
|
|
|
|
|
|
AstraZeneca plc, 5.90%, 9/15/17 |
|
| 1,000,000 |
|
| 1,058,813 |
|
|
|
|
|
|
| ||
Office Equipment & Services – 0.5% |
|
|
|
|
|
|
|
Xerox Corp., 3.51%, 12/18/09 (a) |
|
| 550,000 |
|
| 540,478 |
|
|
|
|
|
|
| ||
Retail – 3.2% |
|
|
|
|
|
|
|
Home Depot, Inc., 5.88%, 12/16/36 |
|
| 1,300,000 |
|
| 1,086,812 |
|
Kohl’s Corp., 6.25%, 12/15/17 |
|
| 550,000 |
|
| 534,078 |
|
Kroger Co. (The), 5.00%, 4/15/13 |
|
| 250,000 |
|
| 251,174 |
|
Wal-Mart Stores, Inc., 6.50%, 8/15/37 |
|
| 1,500,000 |
|
| 1,591,907 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,463,971 |
|
|
|
|
|
|
| ||
Telecommunications – 5.2% |
|
|
|
|
|
|
|
AOL Time Warner, Inc. |
|
|
|
|
|
|
|
6.88%, 5/1/12 |
|
| 600,000 |
|
| 625,051 |
|
7.70%, 5/1/32 |
|
| 550,000 |
|
| 595,717 |
|
AT&T, Inc., 5.50%, 2/1/18 |
|
| 750,000 |
|
| 749,874 |
|
BellSouth Telecommunications, |
|
| 700,000 |
|
| 696,868 |
|
Sprint Nextel Corp., 6.00%, 12/1/16 |
|
| 535,000 |
|
| 436,025 |
|
Time Warner Entertainment Co., |
|
| 800,000 |
|
| 902,014 |
|
Verizon Communications, Inc., |
|
| 1,500,000 |
|
| 1,572,743 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,578,292 |
|
|
|
|
|
|
| ||
Transportation – 5.6% |
|
|
|
|
|
|
|
American Airlines, Inc., Series 2001-2, |
|
|
|
|
|
|
|
Class A1, 6.98%, 4/1/11 |
|
| 525,512 |
|
| 517,629 |
|
American Airlines, Inc., Series 2001-2, |
|
|
|
|
|
|
|
Class A2, 7.86%, 10/1/11 |
|
| 1,250,000 |
|
| 1,250,000 |
|
Burlington North Santa Fe |
|
|
|
|
|
|
|
5.65%, 5/1/17 |
|
| 600,000 |
|
| 603,775 |
|
7.57%, 1/2/21 |
| �� | 280,926 |
|
| 305,653 |
|
Continental Airlines, Inc., 5.98%, 4/19/22 |
|
| 750,000 |
|
| 653,437 |
|
Norfolk Southern Corp., 5.75%, 4/1/18 (b) |
|
| 250,000 |
|
| 253,538 |
|
Union Pacific Corp. |
|
|
|
|
|
|
|
5.75%, 11/15/17 |
|
| 1,200,000 |
|
| 1,214,893 |
|
6.85%, 1/2/19 |
|
| 1,104,592 |
|
| 1,189,391 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,988,316 |
|
|
|
|
|
|
| ||
TOTAL CORPORATE OBLIGATIONS |
|
|
|
|
| 35,296,435 |
|
|
|
|
|
|
|
|
Asset Backed Securities—9.3% |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Americredit Automobile Receivables |
|
|
|
|
| ||
Trust, Series 2005-CF, Class A3, |
|
| 123,064 |
|
| 123,101 |
|
Asset Backed Funding Certificates, |
|
| 738,743 |
|
| 615,694 |
|
Cairn Mezzanine plc, Series 2007-3A, |
|
| 905,000 |
|
| 45,250 |
|
Capital Auto Receivables Asset Trust |
|
|
|
|
|
|
|
Series 2006-SN1A, Class A3, |
|
| 304,182 |
|
| 304,890 |
|
Series 2007-SN1, Class A3B, |
|
| 860,000 |
|
| 850,689 |
|
Countrywide Asset-Backed Certificates, |
|
| 1,060,000 |
|
| 812,166 |
|
Dominos Pizza Master Issuer LLC, |
|
| 1,200,000 |
|
| 1,026,305 |
|
Duane Street CLO, Series 2007-4A, |
|
| 850,000 |
|
| 667,250 |
|
GE Business Loan Trust, Series 2006-2A, |
|
| 1,422,685 |
|
| 1,349,761 |
|
GE Equipment Small Ticket LLC, |
|
| 725,482 |
|
| 724,575 |
|
GMAC Mortgage Corp., Loan Trust, |
|
| 900,000 |
|
| 419,137 |
|
MBNA Credit Card Master Note Trust, |
|
| 930,000 |
|
| 931,759 |
|
Nissan Auto Receivables Owner Trust, |
|
| 1,110,750 |
|
| 1,117,946 |
|
Preferred Term Securities XXII Ltd., |
|
| 1,088,695 |
|
| 937,693 |
|
|
|
|
|
|
| ||
TOTAL ASSET BACKED SECURITIES |
|
|
|
|
| 9,926,216 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Collateralized Mortgage Obligations—5.9% |
|
|
|
|
|
|
|
Banc of America Mortgage Securities, |
|
| 1,100,000 |
|
| 1,095,077 |
|
Deutsche Mortgage Securities, Inc., |
|
| 987,156 |
|
| 976,037 |
|
Fannie Mae IO |
|
|
|
|
|
|
|
Series 270, Class 2, 8.50%, 9/1/23 (c) |
|
| 41,654 |
|
| 11,454 |
|
Series 296, Class 2, 8.00%, 4/1/24 (c) |
|
| 49,508 |
|
| 12,603 |
|
Series 2000-16, Class PS, |
|
| 28,146 |
|
| 1,018 |
|
Series 2000-32, Class SV, |
|
| 3,616 |
|
| 18 |
|
Series 306, Class IO, 8.00%, 5/1/30 (c) |
|
| 56,658 |
|
| 13,082 |
|
Series 2001-4, Class SA, |
|
| 198,831 |
|
| 16,829 |
|
FHA Weyerhauser, 7.43%, 1/1/24 (d)(e) |
|
| 26,696 |
|
| 26,696 |
|
|
|
|
80 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
|
HSBC INVESTOR CORE PLUS FIXED INCOME PORTFOLIO |
|
Collateralized Mortgage Obligations, continued |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Freddie Mac |
|
|
|
|
|
|
|
Series 2988, Class AF, |
|
| 1,051,271 |
|
| 1,012,900 |
|
Series 3212, Class BK, 5.40%, 9/15/36 |
|
| 900,000 |
|
| 894,715 |
|
Freddie Mac IO |
|
|
|
|
|
|
|
Series 1534, Class K, 4.65%, 6/15/23 (a) |
|
| 132,203 |
|
| 14,066 |
|
Series 2141, Class SD, 5.43%, 4/15/29 (a) |
|
| 108,040 |
|
| 15,084 |
|
Series 2247, Class SC, 4.78%, 8/15/30 (a) |
|
| 54,312 |
|
| 4,992 |
|
Government National Mortgage |
|
|
|
|
|
|
|
Association IO |
|
|
|
|
|
|
|
Series 1999-30, Class SA, |
|
| 68,157 |
|
| 4,174 |
|
Series 1999-30, Class S, |
|
| 50,811 |
|
| 4,645 |
|
Morgan Stanley Mortgage Loan Trust, |
|
| 1,192,445 |
|
| 992,204 |
|
Residential Asset Securitization Trust, |
|
| 1,492,962 |
|
| 1,285,496 |
|
|
|
|
|
|
| ||
TOTAL COLLATERALIZED MORTGAGE |
|
|
|
|
| 6,381,090 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Commercial Mortgage Backed Securities—12.3% |
|
|
|
|
|
|
|
Banc of America Commercial |
|
|
|
|
|
|
|
Mortgage, Inc., Series 2006-4, |
|
| 1,540,000 |
|
| 1,531,906 |
|
Bear Stearns Commercial Mortgage |
|
|
|
|
|
|
|
Securities, Inc., Series 2006-T24, |
|
| 1,100,000 |
|
| 1,087,476 |
|
Citigroup Commercial Mortgage Trust, |
|
| 1,100,000 |
|
| 1,096,487 |
|
Citigroup/Deutsche Bank Commercial |
|
| 1,300,000 |
|
| 1,282,318 |
|
Commercial Mortgage Pass-Through Certificate |
|
| 1,508,392 |
|
| 1,437,272 |
|
Series 2005-LP5, Class AJ, |
|
| 1,550,000 |
|
| 1,414,690 |
|
CWCapital Cobalt, |
|
| 1,232,000 |
|
| 1,219,597 |
|
DLJ Mortgage Acceptance Corp., IO, |
|
| 19,068 |
|
| 1 |
|
GS Mortgage Securities Corp., IO, |
|
| 36,108 |
|
| 493 |
|
Morgan Stanley Capital I |
|
|
|
|
|
|
|
Series 2006-HQ10, Class A4, |
|
| 1,000,000 |
|
| 973,657 |
|
Series 2007-IQ14, Class A2, |
|
| 1,380,000 |
|
| 1,374,627 |
|
Series 2007-IQ14, Class AM, |
|
| 990,000 |
|
| 913,236 |
|
|
Commercial Mortgage Backed Securities, continued |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Washington Mutual Commercial |
|
|
|
|
|
|
|
Mortgage Securities Trust, |
|
| 973,418 |
|
| 873,545 |
|
|
|
|
|
|
| ||
TOTAL COMMERCIAL MORTGAGE |
|
|
|
|
| 13,205,305 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Foreign Bonds—3.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Iceland – 1.0% |
|
|
|
|
|
|
|
Kaupthing Bank, 3.41%, 1/15/10 (a)(b) |
|
| 1,250,000 |
|
| 1,046,872 |
|
|
|
|
|
|
| ||
South Korea – 1.3% |
|
|
|
|
|
|
|
Citibank Korea, Inc., 4.68%, 6/18/13, |
|
| 1,400,000 |
|
| 1,402,292 |
|
|
|
|
|
|
| ||
United Kingdom – 0.7% |
|
|
|
|
|
|
|
Barclays Bank plc, 5.93%, 12/31/49 (b) |
|
| 850,000 |
|
| 717,691 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL FOREIGN BONDS |
|
|
|
|
| 3,166,855 |
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 81 |
|
HSBC INVESTOR CORE PLUS FIXED INCOME PORTFOLIO |
|
Investment Company—11.2% |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Northern Institutional Diversified |
|
|
|
|
|
|
|
Assets Portfolio, Shares class, |
|
| 11,993,552 |
|
| 11,993,552 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENT COMPANY |
|
|
|
|
| 11,993,552 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS |
|
|
|
|
| 127,858,766 |
|
|
|
|
|
|
|
|
|
| Percentages indicated are based on net assets of $107,150,902. |
|
|
(a) | Variable rate security. The interest rates on these securities are adjusted periodically to reflect then-current short-term interest rates. The rates presented represent the rates in effect on April 30, 2008. The maturity dates presented reflect the final maturity dates. However, some of these securities may contain put or demand features that allow the fund to require the issuer to repurchase the security from the fund within various time periods, including daily, weekly, monthly, or semi-annually. |
|
|
(b) | Security exempt from registration under Rule 144a of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid by the Investment Adviser based on procedures approved by the Board of Trustees. |
|
|
(c) | Interest-Only represents securities that entitle holders to receive only interest payments on the underlying mortgages. The yield to maturity of an Interest-Only is extremely sensitive to the rate of principal payments on the underlying mortgage assets. A rapid (slow) rate of principal repayments may have an adverse (positive) effect on yield to maturity. Interest rate adjusts periodically based on the pay off of the underlying mortgage.The interest rate presented represents the rates in effect on April 30, 2008. The principal amount shown is the notional amount of the underlying mortgages. |
|
|
(d) | Security was fair valued as of April 30, 2008. Represents 0.02% of net assets. |
|
|
(e) | Rule 144a, section 4(2) or other security which is restricted as to resale to institutional investors. The Investment Adviser, using Board approved procedures, has deemed these securities to be illiquid. Represents 0.02% of total net assets. |
|
|
(f) | The rates presented represent the annualized one day yield that was in effect on April 30, 2008. |
|
|
(g) | Security held as collateral for to be announced securities. |
|
|
FHA | — Federal Housing Administration |
IO | — Interest-Only security. Represents 0.09% of net assets. |
LLC | — Limited Liability Co. |
MTN | — Medium Term Note |
PLC | — Public Limited Co. |
TBA | — Security was traded on a “to be announced” basis. Represents 17.2% of net assets. |
|
|
|
82 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
|
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) |
|
|
|
|
|
|
|
|
Common Stock—0.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares or |
| Value($) |
| ||
|
|
|
| ||||
Consumer Discretionary – 0.0% |
|
|
|
|
|
|
|
Tembec, Inc. (a) |
|
| 937 |
|
| 3,629 |
|
|
|
|
|
|
| ||
Total Common Stock (Cost $18,548) |
|
|
|
|
| 3,629 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Corporate Obligations—95.5% |
|
|
|
|
|
|
|
Advertising – 1.9% |
|
|
|
|
|
|
|
Iron Mountain, Inc., 8.63%, 4/1/13, |
|
| 100,000 |
|
| 101,750 |
|
Lamar Media Corp., 6.63%, 8/15/15, |
|
| 50,000 |
|
| 47,125 |
|
R.H. Donnelley Corp., 6.88%, 1/15/13, |
|
| 100,000 |
|
| 64,000 |
|
R.H. Donnelley Corp., 6.88%, 1/15/13, |
|
| 90,000 |
|
| 57,600 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 270,475 |
|
|
|
|
|
|
| ||
Aerospace & Defense – 2.1% |
|
|
|
|
|
|
|
DAE Aviation Holdings, Inc., 11.25%, |
|
| 50,000 |
|
| 50,813 |
|
DRS Technologies, Inc., 7.63%, 2/1/18, |
|
| 100,000 |
|
| 102,000 |
|
L-3 Communications Holdings, Inc., 5.88%, |
|
| 100,000 |
|
| 97,000 |
|
TransDigm Group, Inc., 7.75%, 7/15/14, |
|
| 50,000 |
|
| 51,125 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 300,938 |
|
|
|
|
|
|
| ||
Apparel Manufacturers – 1.6% |
|
|
|
|
|
|
|
Hanesbrands, Inc., 8.20%, 12/15/14, |
|
| 50,000 |
|
| 47,125 |
|
Levi Strauss & Co., 8.88%, 4/1/16, |
|
| 50,000 |
|
| 50,875 |
|
Quiksilver, Inc., 6.88%, 4/15/15, |
|
| 150,000 |
|
| 124,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 222,500 |
|
|
|
|
|
|
| ||
Auto Manufacturers – 2.4% |
|
|
|
|
|
|
|
Cooper Tire & Rubber Co., |
|
| 50,000 |
|
| 47,625 |
|
Cooper-Standard Automotive, Inc., 8.38%, |
|
| 50,000 |
|
| 41,250 |
|
General Motors Corp., 7.13%, 7/15/13 |
|
| 175,000 |
|
| 142,625 |
|
General Motors Corp., 7.70%, 4/15/16 |
|
| 50,000 |
|
| 39,000 |
|
The Goodyear Tire & Rubber Co., 8.63%, |
|
| 17,000 |
|
| 18,275 |
|
TRW Automotive, Inc., 7.25%, 3/15/17 (b) |
|
| 50,000 |
|
| 48,687 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 337,462 |
|
|
|
|
|
|
| ||
Automotive & Transport – 0.7% |
|
|
|
|
|
|
|
AutoNation, Inc., 7.00%, 4/15/14, |
|
| 50,000 |
|
| 46,875 |
|
Penske Automotive Group, Inc., 7.75%, |
|
| 50,000 |
|
| 45,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 92,375 |
|
|
|
|
|
|
| ||
Building & Construction Products – 1.5% |
|
|
|
|
|
|
|
Interline Brands, Inc., 8.13%, 6/15/14, |
|
| 50,000 |
|
| 48,625 |
|
Ply Gem Industries, Inc., 9.00%, 2/15/12, |
|
| 150,000 |
|
| 114,750 |
|
|
|
|
|
|
|
|
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
| |||||||
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Building & Construction Products, continued |
|
|
|
|
|
|
|
U.S. Concrete, Inc., 8.38%, 4/1/14, |
|
| 50,000 |
|
| 40,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 203,875 |
|
|
|
|
|
|
| ||
Cable Television – 3.4% |
|
|
|
|
|
|
|
Barrington Broadcasting Group LLC, |
|
| 50,000 |
|
| 44,000 |
|
Bonten Media Acquisition, 9.00%, |
|
| 75,000 |
|
| 60,937 |
|
Cablevision Systems Corp., 8.00%, 4/15/12 |
|
| 100,000 |
|
| 99,500 |
|
Charter Communications Operating LLC, |
|
| 50,000 |
|
| 52,875 |
|
General Cable Technologies Corp., |
|
| 50,000 |
|
| 48,750 |
|
Mediacom LLC, 7.88%, 2/15/11 |
|
| 100,000 |
|
| 94,500 |
|
Quebecor Media, Inc., 7.75%, 3/15/16, |
|
| 25,000 |
|
| 24,063 |
|
Videotron Ltd., 9.13%, 4/15/18, |
|
| 50,000 |
|
| 53,250 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 477,875 |
|
|
|
|
|
|
| ||
Casinos & Gambling – 8.5% |
|
|
|
|
|
|
|
Choctaw Resort Development |
|
| 46,000 |
|
| 40,480 |
|
Fontainebleau Las Vegas, 10.25%, |
|
| 100,000 |
|
| 71,750 |
|
Great Canadian Gaming Co., 7.25%, |
|
| 50,000 |
|
| 48,000 |
|
Greektown Holdings, Inc., 10.75%, |
|
| 125,000 |
|
| 115,000 |
|
Herbst Gaming, Inc., 7.00%, 11/15/14, |
|
| 50,000 |
|
| 11,000 |
|
Indianapolis Downs LLC, 11.00%, 11/1/12, |
|
| 25,000 |
|
| 22,500 |
|
Inn of the Mountain Gods, 12.00%, 11/15/10, |
|
| 50,000 |
|
| 43,250 |
|
Isle of Capri Casinos, Inc., 7.00%, 3/1/14, |
|
| 150,000 |
|
| 115,500 |
|
Mashantucket Pequot Tribal Nation, |
|
| 50,000 |
|
| 45,438 |
|
MGM MIRAGE, Inc., 6.75%, 4/1/13 |
|
| 100,000 |
|
| 92,000 |
|
Mohegan Tribal Gaming, 7.13%, 8/15/14, |
|
| 50,000 |
|
| 42,875 |
|
MTR Gaming Group, Inc., 9.00%, 6/1/12, |
|
| 100,000 |
|
| 79,500 |
|
Pinnacle Entertainment, 7.50%, 6/15/15, |
|
| 50,000 |
|
| 41,375 |
|
Pokagon Gaming Authority, 10.38%, |
|
| 69,000 |
|
| 73,657 |
|
San Pasqual Casino, 8.00%, 9/15/13, |
|
| 25,000 |
|
| 23,313 |
|
Scientific Games Corp., 6.25%, 12/15/12, |
|
| 50,000 |
|
| 46,250 |
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 83 |
|
HSBC INVESTOR HIGH YIELD FIXED INCOME PORTFOLIO |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
| |||||||
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Casinos & Gambling, continued |
|
|
|
|
|
|
|
Seminole Hard Rock Entertainment, |
|
| 50,000 |
|
| 41,875 |
|
Seneca Gaming Corp., 7.25%, 5/1/12, |
|
| 50,000 |
|
| 48,312 |
|
Shingle Springs, 9.38%, 6/15/15, |
|
| 50,000 |
|
| 44,250 |
|
Turning Stone Resort Casino, 9.13%, |
|
| 75,000 |
|
| 73,875 |
|
Waterford Gaming LLC, 8.63%, 9/15/14 (b) |
|
| 23,000 |
|
| 22,195 |
|
Wynn Las Vegas LLC, 6.63%, 12/1/14, |
|
| 50,000 |
|
| 48,750 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,191,145 |
|
|
|
|
|
|
| ||
Chemicals – 3.2% |
|
|
|
|
|
|
|
Georgia Gulf Corp., 9.50%, 10/15/14, |
|
| 100,000 |
|
| 84,500 |
|
Huntsman International LLC, 7.88%, |
|
| 35,000 |
|
| 36,925 |
|
Innophos, Inc., 8.88%, 8/15/14, |
|
| 50,000 |
|
| 49,750 |
|
JohnsonDiversey, Inc., 9.63%, 5/15/12, |
|
| 100,000 |
|
| 101,000 |
|
Momentive Performance Materials, Inc., |
|
| 50,000 |
|
| 48,500 |
|
Mosaic Co., 7.88%, 12/1/16, Callable |
|
| 25,000 |
|
| 27,375 |
|
Nova Chemicals Corp., 6.50%, 1/15/12 |
|
| 50,000 |
|
| 47,000 |
|
Terra Capital, Inc., 7.00%, 2/1/17, |
|
| 50,000 |
|
| 49,750 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 444,800 |
|
|
|
|
|
|
| ||
Computer Services – 0.6% |
|
|
|
|
|
|
|
Activant Solutions, Inc., 9.50%, 5/1/16, |
|
| 50,000 |
|
| 42,000 |
|
Unisys Corp., 12.50%, 1/15/16, |
|
| 35,000 |
|
| 36,400 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 78,400 |
|
|
|
|
|
|
| ||
Consumer Products – 1.7% |
|
|
|
|
|
|
|
Constellation Brands, Inc., 8.38%, 12/15/14 |
|
| 50,000 |
|
| 53,000 |
|
Sealy Mattress Co., 8.25%, 6/15/14, |
|
| 50,000 |
|
| 44,125 |
|
Smithfield Foods, Inc., 7.75%, 7/1/17 |
|
| 50,000 |
|
| 49,625 |
|
Spectrum Brands, Inc., 7.38%, 2/1/15, |
|
| 75,000 |
|
| 49,875 |
|
Yankee Acquisition Corp., 9.75%, |
|
| 50,000 |
|
| 40,125 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 236,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Containers - Paper and Plastic – 2.5% |
|
|
|
|
|
|
|
Owens-Brockway Glass Containers, 6.75%, |
|
| 50,000 |
|
| 50,750 |
|
Solo Cup Co., 8.50%, 2/15/14, Callable |
|
| 200,000 |
|
| 174,000 |
|
Stone Container Finance Co. of Canada, |
|
| 150,000 |
|
| 126,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 350,750 |
|
|
|
|
|
|
| ||
Cosmetics – 0.4% |
|
|
|
|
|
|
|
Chattem, Inc., 7.00%, 3/1/14, |
|
| 50,000 |
|
| 49,750 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 49,750 |
|
|
|
|
|
|
| ||
Distribution & Wholesale – 1.9% |
|
|
|
|
|
|
|
Baker & Taylor, Inc., 11.50%, 7/1/13, |
|
| 100,000 |
|
| 90,000 |
|
Beverages & More, Inc., 9.25%, 3/1/12, |
|
| 50,000 |
|
| 48,500 |
|
Central Garden & Pet Co., 9.13%, 2/1/13, |
|
| 50,000 |
|
| 42,250 |
|
Jarden Corp., 7.50%, 5/1/17, Callable |
|
| 25,000 |
|
| 23,000 |
|
Pegasus Solutions, Inc., 10.50%, 4/15/15, |
|
| 50,000 |
|
| 40,000 |
|
Pilgrim’s Pride Corp., 8.38%, 5/1/17, |
|
| 25,000 |
|
| 22,250 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 266,000 |
|
|
|
|
|
|
| ||
Diversified Operations – 1.7% |
|
|
|
|
|
|
|
Bombardier, Inc., 8.00%, 11/15/14, |
|
| 25,000 |
|
| 26,625 |
|
Koppers Holdings, Inc., 9.88%, 11/15/14, |
|
| 25,000 |
|
| 21,875 |
|
Snoqualmie Entertainment Authority, |
|
| 25,000 |
|
| 19,625 |
|
Susser Holdings LLC, 10.63%, 12/15/13, |
|
| 72,000 |
|
| 73,800 |
|
Susser Holdings LLC, 10.63%, 12/15/13, |
|
| 50,000 |
|
| 51,250 |
|
Trinity Industries, Inc., 6.50%, 3/15/14, |
|
| 50,000 |
|
| 49,625 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 242,800 |
|
|
|
|
|
|
| ||
Education – 0.3% |
|
|
|
|
|
|
|
Education Management LLC, 10.25%, |
|
| 25,000 |
|
| 21,000 |
|
Education Management LLC, 8.75%, |
|
| 25,000 |
|
| 22,250 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 43,250 |
|
|
|
|
|
|
| ||
Electric – 3.9% |
|
|
|
|
|
|
|
AES Corp., 7.75%, 3/1/14 |
|
| 60,000 |
|
| 61,500 |
|
AES Corp., 7.75%, 10/15/15 |
|
| 50,000 |
|
| 51,625 |
|
Baldor Electic Co., 8.63%, 2/15/17, |
|
| 50,000 |
|
| 51,000 |
|
CMS Energy Corp., 6.88%, 12/15/15 |
|
| 100,000 |
|
| 100,660 |
|
Edison Mission Energy, 7.00%, 5/15/17 |
|
| 25,000 |
|
| 25,250 |
|
|
|
|
84 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
|
HSBC INVESTOR HIGH YIELD FIXED INCOME PORTFOLIO |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Electric, continued |
|
|
|
|
|
|
|
Edison Mission Energy, 7.20%, 5/15/19 |
|
| 50,000 |
|
| 50,375 |
|
Energy Future Holdings, 10.88%, 11/1/17, |
|
| 200,000 |
|
| 213,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 553,410 |
|
|
|
|
|
|
| ||
Electronic Components & Semiconductors – 0.3% |
|
|
|
|
|
|
|
Freescale Semiconductor, Inc., 10.13%, |
|
| 50,000 |
|
| 39,375 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Energy – 3.7% |
|
|
|
|
|
|
|
Aventine Renewable Energy, Inc., |
|
| 50,000 |
|
| 31,250 |
|
Copano Energy LLC, 8.13%, 3/1/16, |
|
| 80,000 |
|
| 83,200 |
|
Massey Energy Co., 6.88%, 12/15/13, |
|
| 100,000 |
|
| 100,000 |
|
Mirant North America LLC, 7.38%, |
|
| 50,000 |
|
| 51,875 |
|
NRG Energy, Inc., 7.38%, 2/1/16, |
|
| 50,000 |
|
| 51,500 |
|
Reliant Energy, Inc., 7.63%, 6/15/14 |
|
| 50,000 |
|
| 52,000 |
|
Verasun Energy Corp., 9.88%, 12/15/12, |
|
| 50,000 |
|
| 45,875 |
|
Williams Cos., Inc., 6.38%, 10/1/10 (b) |
|
| 100,000 |
|
| 103,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 519,200 |
|
|
|
|
|
|
| ||
Finance – 5.7% |
|
|
|
|
|
|
|
Basell AF SCA, 8.38%, 8/15/15, Callable |
|
| 75,000 |
|
| 54,375 |
|
CCM Merger, Inc., 8.00%, 8/1/13, Callable |
|
| 100,000 |
|
| 86,000 |
|
Ford Motor Credit Co., 7.38%, 10/28/09 |
|
| 250,000 |
|
| 240,657 |
|
Ford Motor Credit Co., 7.38%, 2/1/11 |
|
| 50,000 |
|
| 45,973 |
|
General Motors Acceptance Corp., 6.88%, |
|
| 300,000 |
|
| 238,002 |
|
MSX International, 12.50%, 4/1/12, |
|
| 25,000 |
|
| 20,000 |
|
Nalco Finance Holdings, Inc., 11.52%, |
|
| 75,000 |
|
| 71,625 |
|
Nuveen Investments, Inc., 10.50%, |
|
| 50,000 |
|
| 48,125 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 804,757 |
|
|
|
|
|
|
| ||
Funeral Services – 0.4% |
|
|
|
|
|
|
|
Carriage Services, Inc., 7.88%, 1/15/15, |
|
| 50,000 |
|
| 49,750 |
|
|
|
|
|
|
| ||
Hotels & Lodging – 0.3% |
|
|
|
|
|
|
|
Gaylord Entertainment Co., 8.00%, |
|
| 50,000 |
|
| 47,375 |
|
|
|
|
|
|
| ||
Internet Related – 0.3% |
|
|
|
|
|
|
|
Atlantic Broadband Finance LLC, 9.38%, |
|
| 50,000 |
|
| 46,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Leisure – 1.0% |
|
|
|
|
|
|
|
AMC Entertainment, Inc., 11.00%, 2/1/16, |
|
| 100,000 |
|
| 99,500 |
|
True Temper Sports, Inc., 8.38%, 9/15/11, |
|
| 50,000 |
|
| 34,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 133,500 |
|
|
|
|
|
|
| ||
Machinery – 0.9% |
|
|
|
|
|
|
|
Case New Holland, Inc., 7.13%, 3/1/14, |
|
| 50,000 |
|
| 50,250 |
|
Sensata Technologies, 8.00%, 5/1/14, |
|
| 50,000 |
|
| 46,625 |
|
Terex Corp., 8.00%, 11/15/17, |
|
| 25,000 |
|
| 25,563 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 122,438 |
|
|
|
|
|
|
| ||
Manufacturing – 1.0% |
|
|
|
|
|
|
|
AGY Holding Corp., 11.00%, 11/15/14, |
|
| 50,000 |
|
| 45,250 |
|
American Railcar Industries, 7.50%, 3/1/14, |
|
| 25,000 |
|
| 22,500 |
|
Coleman Cable, Inc., 9.88%, 10/1/12, |
|
| 50,000 |
|
| 45,750 |
|
Libbey Glass, Inc., 11.91%, 6/1/11, |
|
| 25,000 |
|
| 25,063 |
|
Maax Corp., 9.75%, 6/15/12, |
|
| 50,000 |
|
| 7,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 146,063 |
|
|
|
|
|
|
| ||
Medical – 2.4% |
|
|
|
|
|
|
|
Advanced Medical Optics, 7.50%, |
|
| 50,000 |
|
| 45,250 |
|
Community Health Systems, Inc., 8.88%, |
|
| 50,000 |
|
| 52,000 |
|
HCA, Inc., 9.25%, 11/15/16, Callable |
|
| 25,000 |
|
| 26,875 |
|
MultiPlan, Inc., 10.38%, 4/15/16, |
|
| 100,000 |
|
| 97,000 |
|
Omnicare, Inc., 6.75%, 12/15/13, |
|
| 100,000 |
|
| 93,000 |
|
ReAble Therapeutics Finance LLC, 10.88%, |
|
| 25,000 |
|
| 25,125 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 339,250 |
|
|
|
|
|
|
| ||
Metal Processors & Fabrication – 0.5% |
|
|
|
|
|
|
|
TriMas Corp., 9.88%, 6/15/12, Callable |
|
| 77,000 |
|
| 67,183 |
|
|
|
|
|
|
| ||
Metals & Mining – 3.1% |
|
|
|
|
|
|
|
AK Steel Corp., 7.75%, 6/15/12, Callable |
|
| 100,000 |
|
| 102,125 |
|
Aleris International, Inc., 10.00%, 12/15/16, |
|
| 25,000 |
|
| 15,500 |
|
Freeport-McMoran Copper & Gold, Inc., |
|
| 50,000 |
|
| 54,312 |
|
Gibraltar Industries, Inc., 8.00%, 12/1/15, |
|
| 150,000 |
|
| 122,250 |
|
International Coal Group, Inc., 10.25%, |
|
| 50,000 |
|
| 50,500 |
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 85 |
|
HSBC INVESTOR HIGH YIELD FIXED INCOME PORTFOLIO |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Metals & Mining, continued |
|
|
|
|
|
|
|
Noranda Aluminium Acquisition, 8.74%, |
|
| 50,000 |
|
| 42,250 |
|
Tube City IMS Corp., 9.75%, 2/1/15, |
|
| 50,000 |
|
| 47,750 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 434,687 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Oil & Gas – 8.7% |
|
|
|
|
|
|
|
Chaparral Energy, Inc., 8.50%, 12/1/15, |
|
| 100,000 |
|
| 91,000 |
|
Chesapeake Energy Corp., 6.88%, 1/15/16, |
|
| 100,000 |
|
| 101,000 |
|
Cimarex Energy Co., 7.13%, 5/1/17, |
|
| 100,000 |
|
| 101,500 |
|
Clayton Williams Energy, Inc., 7.75%,8/1/13, |
|
| 100,000 |
|
| 93,500 |
|
Colorado Interstate Gas Co., 6.80%, |
|
| 150,000 |
|
| 157,541 |
|
Compton Petroleum Finance Corp., |
|
| 100,000 |
|
| 98,750 |
|
Energy Partners Ltd., 9.75%, 4/15/14, |
|
| 50,000 |
|
| 46,250 |
|
Forest Oil Corp., 7.25%, 6/15/19, |
|
| 50,000 |
|
| 51,625 |
|
Inergy LP/Inergy Finance, 8.25%, 3/1/16, |
|
| 100,000 |
|
| 102,500 |
|
National Oilwell Varco, Inc., Series B, |
|
| 25,000 |
|
| 25,600 |
|
Newfield Exploration Co., 6.63%, 9/1/14, |
|
| 100,000 |
|
| 99,250 |
|
Opti Canada, Inc., 7.88%, 12/15/14, |
|
| 50,000 |
|
| 50,875 |
|
Plains Exploration & Production Co., |
|
| 50,000 |
|
| 51,250 |
|
Swift Energy Co., 7.63%, 7/15/11, |
|
| 50,000 |
|
| 50,625 |
|
Tesoro Corp., 6.50%, 6/1/17, |
|
| 50,000 |
|
| 45,875 |
|
Tesoro Corp., 6.63%, 11/1/15, |
|
| 50,000 |
|
| 47,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,214,141 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Paper & Related Products – 2.5% |
|
|
|
|
|
|
|
Catalyst Paper Corp., Series D, 8.63%, |
|
| 50,000 |
|
| 42,875 |
|
Exopack Holding Corp., 11.25%, 2/1/14, |
|
| 50,000 |
|
| 47,750 |
|
Georgia-Pacific Corp., 7.70%, 6/15/15 |
|
| 100,000 |
|
| 100,000 |
|
NewPage Corp., 10.00%, 5/1/12, |
|
| 25,000 |
|
| 26,687 |
|
Norampac, Inc., 6.75%, 6/1/13, |
|
| 100,000 |
|
| 86,750 |
|
Verso Paper Holdings LLC, Series B, |
|
| 50,000 |
|
| 51,625 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 355,687 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Pipelines – 3.2% |
|
|
|
|
|
|
|
Atlas Pipeline Partners LP, 8.13%, |
|
| 50,000 |
|
| 51,875 |
|
Dynegy Holdings, Inc., 8.38%, 5/1/16 |
|
| 150,000 |
|
| 156,375 |
|
El Paso Corp., 7.00%, 6/15/17 |
|
| 100,000 |
|
| 104,358 |
|
Mueller Water Products, Inc., 7.38%, |
|
| 50,000 |
|
| 43,500 |
|
Semgroup LP, 8.75%, 11/15/15, |
|
| 50,000 |
|
| 47,375 |
|
Williams Partners LP, 7.25%, 2/1/17 |
|
| 50,000 |
|
| 51,625 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 455,108 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Printing & Publishing – 2.6% |
|
|
|
|
|
|
|
Block Communications, Inc., 8.25%, |
|
| 50,000 |
|
| 47,875 |
|
Canwest Mediaworks LP, 9.25%, 8/1/15, |
|
| 50,000 |
|
| 45,625 |
|
Idearc, Inc., 8.00%, 11/15/16, |
|
| 50,000 |
|
| 32,500 |
|
Medimedia USA, Inc., 11.38%, |
|
| 50,000 |
|
| 51,000 |
|
Morris Publishing, 7.00%, 8/1/13, |
|
| 100,000 |
|
| 61,500 |
|
Sheridan Group, Inc., 10.25%, 8/15/11, |
|
| 100,000 |
|
| 92,250 |
|
Valassis Communications, Inc., 8.25%, |
|
| 35,000 |
|
| 31,150 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 361,900 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Rental - Auto and Equipment – 2.2% |
|
|
|
|
|
|
|
Avis Budget Car Rental, Inc., 7.63%, |
|
| 100,000 |
|
| 91,375 |
|
H&E Equipment Services, Inc., 8.38%, |
|
| 50,000 |
|
| 43,500 |
|
Hertz Corp., 8.88%, 1/1/14, Callable |
|
| 100,000 |
|
| 100,750 |
|
RSC Equipment Rental, Inc., 9.50%, |
|
| 50,000 |
|
| 44,750 |
|
United Rentals, Inc., 6.50%, 2/15/12, |
|
| 25,000 |
|
| 23,437 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 303,812 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Restaurants – 2.1% |
|
|
|
|
|
|
|
Buffets, Inc., 12.50%, 11/1/14, Callable |
|
| 50,000 |
|
| 1,250 |
|
Dave & Buster’s, Inc., 11.25%, 3/15/14, |
|
| 50,000 |
|
| 49,750 |
|
Landry’s Restaurants, Inc., 9.50%, |
|
| 100,000 |
|
| 97,125 |
|
NPC International, Inc., 9.50%, 5/1/14, |
|
| 50,000 |
|
| 46,000 |
|
Outback Steakhouse, Inc., 10.00%, |
|
| 75,000 |
|
| 56,625 |
|
Sbarro, Inc., 10.38%, 2/1/15, |
|
| 50,000 |
|
| 45,000 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 295,750 |
|
|
|
|
|
|
|
|
|
|
86 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
|
HSBC INVESTOR HIGH YIELD FIXED INCOME PORTFOLIO |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Retail – 1.2% |
|
|
|
|
|
|
|
Claire’s Stores, Inc., 9.63%, 6/1/15, |
|
| 50,000 |
|
| 30,000 |
|
Pep Boys, 7.50%, 12/15/14, Callable |
|
| 50,000 |
|
| 43,500 |
|
Stater Bros. Holdings, Inc., 7.75%, |
|
| 50,000 |
|
| 50,125 |
|
Suburban Propane Partners LP, 6.88%, |
|
| 50,000 |
|
| 49,250 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 172,875 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Seismic Data Collection – 0.4% |
|
|
|
|
|
|
|
CIE Gener de Geophysique, 7.50%, |
|
| 50,000 |
|
| 51,625 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Special Purpose Entity – 4.1% |
|
|
|
|
|
|
|
Altra Industrial Motion, Inc., 9.00%, |
|
| 50,000 |
|
| 49,500 |
|
Buffalo Thunder Development Authority, |
|
| 50,000 |
|
| 34,000 |
|
Cellu Tissue Holdings, Inc., 9.75%, |
|
| 50,000 |
|
| 47,750 |
|
Chukchansi Economic Development |
|
| 25,000 |
|
| 22,250 |
|
Hawker Beechcraft Acquisition Co., |
|
| 50,000 |
|
| 52,750 |
|
Hawker Beechcraft Acquisition Co., |
|
| 25,000 |
|
| 26,375 |
|
KAR Holdings, Inc., 8.75%, 5/1/14, |
|
| 50,000 |
|
| 48,000 |
|
Local TV Finance LLC, 9.25%, 6/15/15, |
|
| 50,000 |
|
| 40,000 |
|
MCBC Holdings, Inc., 9.09%, 10/15/14, |
|
| 25,000 |
|
| 21,250 |
|
Petroplus Finance Ltd., 7.00%, 5/1/17, |
|
| 75,000 |
|
| 69,750 |
|
Rare Restaurant Group LLC, 9.25%, |
|
| 50,000 |
|
| 43,000 |
|
Regency Energy Partners LP, 8.38%, |
|
| 17,000 |
|
| 17,722 |
|
Southern Star Central Corp., Inc., |
|
| 50,000 |
|
| 48,125 |
|
UCI Holdco, Inc., 10.30%, 12/15/13, |
|
| 58,183 |
|
| 52,947 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 573,419 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Steel – 0.4% |
|
|
|
|
|
|
|
Ryerson, Inc., 12.00%, 11/1/15, |
|
| 50,000 |
|
| 49,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Telecommunications – 7.6% |
|
|
|
|
|
|
|
Broadview Networks Holdings, Inc., |
|
| 25,000 |
|
| 23,875 |
|
Centennial Communications Corp., |
|
| 100,000 |
|
| 101,000 |
|
|
|
|
|
|
|
|
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Telecommunications, continued |
|
|
|
|
|
|
|
Cincinnati Bell, Inc., 8.38%, 1/15/14, |
|
| 85,000 |
|
| 84,575 |
|
Citizens Communications Co., 7.13%, |
|
| 25,000 |
|
| 23,125 |
|
Cricket Communications, 9.38%, |
|
| 50,000 |
|
| 49,062 |
|
iPCS, Inc., 6.49%, 5/1/14, Callable |
|
| 100,000 |
|
| 81,000 |
|
Level 3 Financing, Inc., 9.25%, 11/1/14, |
|
| 50,000 |
|
| 45,500 |
|
MetroPCS Wireless, Inc., 9.25%, 11/1/14, |
|
| 100,000 |
|
| 98,250 |
|
Nordic Telephone Co., Holdings, 8.88%, |
|
| 50,000 |
|
| 51,125 |
|
NTL Cable PLC, 9.13%, 8/15/16, Callable |
|
| 125,000 |
|
| 120,625 |
|
PAETEC Holding Corp., 9.50%, 7/15/15, |
|
| 50,000 |
|
| 47,000 |
|
Panamsat Corp., 9.00%, 6/15/16, Callable |
|
| 50,000 |
|
| 50,437 |
|
Qwest Corp., 7.63%, 6/15/15 |
|
| 100,000 |
|
| 100,250 |
|
Radio One, Inc., 6.38%, 2/15/13, Callable |
|
| 50,000 |
|
| 37,875 |
|
West Corp., 11.00%, 10/15/16, Callable |
|
| 25,000 |
|
| 22,219 |
|
Wind Acquisition Financial SA, 10.75%, |
|
| 100,000 |
|
| 107,750 |
|
Windstream Corp., 8.63%, 8/1/16, |
|
| 25,000 |
|
| 26,188 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,069,856 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Tobacco – 0.2% |
|
|
|
|
|
|
|
Alliance One International, Inc., 8.50%, |
|
| 25,000 |
|
| 23,750 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Transportation – 1.0% |
|
|
|
|
|
|
|
Bristow Group, Inc., 7.50%, 9/15/17, |
|
| 50,000 |
|
| 51,625 |
|
Greenbrier Cos., Inc., 8.38%, 5/15/15, |
|
| 50,000 |
|
| 47,750 |
|
Navios Maritime Holdings, Inc., 9.50%, |
|
| 30,000 |
|
| 30,900 |
|
Saint Acquisition Corp., 10.82%, 5/15/15, |
|
| 50,000 |
|
| 16,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 146,775 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Waste Disposal – 1.4% |
|
|
|
|
|
|
|
Allied Waste North America, Inc., 7.38%, |
|
| 100,000 |
|
| 100,750 |
|
Waste Services, Inc., 9.50%, 4/15/14, |
|
| 50,000 |
|
| 49,000 |
|
WCA Waste Corp., 9.25%, 6/15/14, |
|
| 50,000 |
|
| 50,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 200,250 |
|
|
|
|
|
|
| ||
TOTAL CORPORATE OBLIGATIONS |
|
|
|
|
| 13,386,581 |
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 87 |
|
HSBC INVESTOR HIGH YIELD FIXED INCOME PORTFOLIO |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
Investment Company—2.0% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Northern Institutional Diversified |
|
| 278,127 |
|
| 278,127 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENT COMPANY |
|
|
|
|
| 278,127 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS |
|
|
|
|
| 13,668,337 |
|
|
|
|
|
|
|
|
|
| Percentages indicated are based on net assets of $14,021,668. |
|
|
* | Represents yield at time of purchase. |
|
|
(a) | Represents non-income producing security. |
|
|
(b) | Security exempt from registration under Rule 144a of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid by the Investment Adviser based on procedures approved by the Board of Trustees. |
|
|
(c) | The rates presented represent the annualized one day yield that was in effect on April 30, 2008. |
|
|
(d) | Non-Income Producing; Defaulted Bond. |
LLC — Limited Liability Co.
LP — Limited Partnership
PLC — Public Limited Co.
|
|
|
88 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
|
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) |
|
U.S. Government and Government Agency Obligations—46.3% |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Federal Home Loan Mortgage Corp. – 5.9% |
|
|
|
|
|
|
|
Pool #1B2655, 6.19%, 12/1/34 (a)(d) |
|
| 106,265 |
|
| 107,187 |
|
Pool #1J1313, 6.40%, 6/1/36 (a) |
|
| 246,528 |
|
| 252,879 |
|
Pool #847557, 6.27%, 7/1/34 (a)(d) |
|
| 115,465 |
|
| 116,346 |
|
Pool #G02981, 6.00%, 6/1/37 |
|
| 176,541 |
|
| 180,766 |
|
Pool #G12317, 5.50%, 8/1/21 |
|
| 164,679 |
|
| 167,814 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 824,992 |
|
|
|
|
|
|
| ||
Federal National Mortgage Association – 25.6% |
|
|
|
|
|
|
|
6.50%, 5/1/35 |
|
| 550,000 |
|
| 569,078 |
|
Pool #781922, 5.00%, 2/1/21 |
|
| 342,578 |
|
| 344,780 |
|
Pool #922090, 5.89%, 3/1/37 (a) |
|
| 270,217 |
|
| 276,459 |
|
TBA May |
|
|
|
|
|
|
|
5.50%, 5/15/37 |
|
| 1,600,000 |
|
| 1,608,499 |
|
6.00%, 5/15/37 |
|
| 750,000 |
|
| 766,641 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,565,457 |
|
|
|
|
|
|
| ||
Government National Mortgage Association – 1.1% |
|
|
|
|
|
|
|
6.00%, 5/15/37 |
|
| 150,000 |
|
| 154,078 |
|
U.S. Treasury Bonds – 1.5% |
|
|
|
|
|
|
|
6.25%, 8/15/23 |
|
| 170,000 |
|
| 204,598 |
|
U.S. Treasury Notes – 12.2% |
|
|
|
|
|
|
|
4.75%, 2/15/10 |
|
| 340,000 |
|
| 355,220 |
|
4.75%, 1/31/12 |
|
| 190,000 |
|
| 203,404 |
|
2.88%, 1/31/13 |
|
| 582,000 |
|
| 578,226 |
|
2.75%, 2/28/13 |
|
| 250,000 |
|
| 246,797 |
|
4.00%, 2/15/15 |
|
| 150,000 |
|
| 156,070 |
|
3.50%, 2/15/18 |
|
| 175,000 |
|
| 171,281 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,710,998 |
|
|
|
|
|
|
| ||
TOTAL U.S. GOVERNMENT AND |
|
|
|
|
| 6,460,123 |
|
|
|
|
|
|
| ||
Corporate Obligations—32.1% |
|
|
|
|
|
|
|
| |||||||
Banking – 1.5% |
|
|
|
|
|
|
|
American Express Centurion Bank, |
|
| 100,000 |
|
| 100,292 |
|
Washington Mutual, Inc., 3.20%, 9/17/12 (a) |
|
| 75,000 |
|
| 63,715 |
|
Washington Mutual Bank NV, 3.31%, |
|
| 50,000 |
|
| 44,182 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 208,189 |
|
|
|
|
|
|
| ||
Building & Construction Products – 1.4% |
|
|
|
|
|
|
|
Martin Marietta Materials, Inc., 3.40%, |
|
| 100,000 |
|
| 97,037 |
|
Masco Corp., 3.20%, 3/12/10 (a) |
|
| 100,000 |
|
| 92,765 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 189,802 |
|
|
|
|
|
|
| ||
Electric – 6.5% |
|
|
|
|
|
|
|
Duke Energy Carolinas LLC, |
|
| 100,000 |
|
| 99,374 |
|
MidAmerican Energy Co., 5.95%, 7/15/17 |
|
| 450,000 |
|
| 469,001 |
|
Puget Sound Energy, Inc., 6.97%, 6/1/67, |
|
| 100,000 |
|
| 89,807 |
|
|
|
|
|
|
|
|
|
Progress Energy, Inc., 3.47%, 11/14/08, |
|
| 250,000 |
|
| 249,061 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 907,243 |
|
|
|
|
|
|
|
|
Corporate Obligations, continued |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Finance – 5.0% |
|
|
|
|
|
|
|
Caterpillar Financial Services |
|
| 50,000 |
|
| 50,716 |
|
Ford Motor Credit Co., LLC |
|
| 300,000 |
|
| 291,450 |
|
7.25%, 10/25/11 |
|
| 25,000 |
|
| 22,514 |
|
Morgan Stanley, Series F, 6.00%, |
|
| 50,000 |
|
| 49,924 |
|
Pacific Life Global Funding, 5.15%, |
|
| 125,000 |
|
| 125,120 |
|
XTRA Finance Corp., 5.15%, 4/1/17 |
|
| 150,000 |
|
| 152,141 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 691,865 |
|
|
|
|
|
|
| ||
Hospitals – 0.6% |
|
|
|
|
|
|
|
HCA, Inc., 5.75%, 3/15/14 |
|
| 100,000 |
|
| 86,500 |
|
|
|
|
|
|
| ||
Media – 4.2% |
|
|
|
|
|
|
|
Time Warner Cable, Inc., 5.40%, 7/2/12 |
|
| 150,000 |
|
| 150,875 |
|
Time Warner Entertainment, 8.88%, 10/1/12 |
|
| 350,000 |
|
| 387,849 |
|
Vivendi, 5.75%, 4/4/13 (b) |
|
| 50,000 |
|
| 48,871 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 587,595 |
|
|
|
|
|
|
| ||
Medical – 1.1% |
|
|
|
|
|
|
|
AstraZeneca plc, 5.90%, 9/15/17 |
|
| 150,000 |
|
| 158,822 |
|
|
|
|
|
|
| ||
Office Equipment & Services – 0.7% |
|
|
|
|
|
|
|
Xerox Corp., 3.51%, 12/18/09 (a) |
|
| 100,000 |
|
| 98,269 |
|
|
|
|
|
|
| ||
Retail – 1.1% |
|
|
|
|
|
|
|
Kroger Co. (The), 5.00%, 4/15/13 |
|
| 25,000 |
|
| 25,118 |
|
Federated Retail Holdings, Inc., |
|
| 150,000 |
|
| 131,475 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 156,593 |
|
|
|
|
|
|
| ||
Telecommunications – 2.4% |
|
|
|
|
|
|
|
Verizon Pennsylvania, Inc., 5.65%, 11/15/11 |
|
| 275,000 |
|
| 279,468 |
|
Sprint Nextel Corp., 6.00%, 12/1/16 |
|
| 60,000 |
|
| 48,900 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 328,368 |
|
|
|
|
|
|
| ||
Transportation – 7.6% |
|
|
|
|
|
|
|
American Airlines, Inc., Series 2001-2 |
|
|
|
|
|
|
|
Class A1, 6.98%, 4/1/11 |
|
| 77,281 |
|
| 76,122 |
|
Class A2, 7.86%, 10/1/11 |
|
| 200,000 |
|
| 200,000 |
|
Burlington Northern Santa Fe Railway |
|
| 230,919 |
|
| 215,182 |
|
Continental Airlines, Inc., 5.98%, 4/19/22 |
|
| 100,000 |
|
| 87,125 |
|
Norfolk Southern Corp., 5.75%, 4/1/18 (b) |
|
| 50,000 |
|
| 50,707 |
|
Union Pacific Corp., 5.75%, 11/15/17 |
|
| 150,000 |
|
| 151,862 |
|
Union Pacific Railroad, 5.08%, 1/2/29 |
|
| 298,680 |
|
| 281,804 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,062,802 |
|
|
|
|
|
|
| ||
TOTAL CORPORATE OBLIGATIONS |
|
|
|
|
| 4,476,048 |
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 89 |
|
HSBC INVESTOR INTERMEDIATE DURATION FIXED INCOME PORTFOLIO |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
Asset Backed Securities—9.1% |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Americredit Automobile Receivables |
|
| 22,375 |
|
| 22,382 |
|
Asset Backed Funding Certificates, |
|
| 210,318 |
|
| 175,286 |
|
Cairn Mezzanine plc, Series 2007-3A, |
|
| 145,000 |
|
| 7,250 |
|
Capital Auto Receivables Asset Trust |
|
| 44,733 |
|
| 44,837 |
|
Series 2007-SN1, Class A3B, 2.78%, |
|
| 110,000 |
|
| 108,809 |
|
Countrywide Asset-Backed Certificates, |
|
| 210,000 |
|
| 160,901 |
|
GE Business Loan Trust, Series 2006-2A, |
|
| 243,354 |
|
| 230,880 |
|
GMAC Mortgage Corp., Loan Trust, |
|
| 170,000 |
|
| 79,170 |
|
MBNA Credit Card Master Note Trust, |
|
| 120,000 |
|
| 120,227 |
|
Nissan Auto Receivables Owner Trust, |
|
| 144,880 |
|
| 145,819 |
|
Preferred Term Securities XXII Ltd., |
|
| 197,945 |
|
| 170,490 |
|
|
|
|
|
|
| ||
TOTAL ASSET BACKED SECURITIES |
|
|
|
|
| 1,266,051 |
|
|
|
|
|
|
| ||
Collateralized Mortgage Obligations—7.6% |
|
|
|
|
|
|
|
| |||||||
Banc of America Mortgage Securities, |
|
| 200,000 |
|
| 199,105 |
|
Deutsche Mortgage Securities, Inc., |
|
| 150,219 |
|
| 148,527 |
|
Freddie Mac |
|
| 157,691 |
|
| 151,935 |
|
Series 3212, Class BK, 5.40%, 9/15/36 |
|
| 150,000 |
|
| 149,119 |
|
Morgan Stanley Mortgage Loan Trust, |
|
| 255,524 |
|
| 212,615 |
|
Residential Asset Securitization Trust, |
|
| 242,102 |
|
| 208,459 |
|
|
|
|
|
|
| ||
TOTAL COLLATERALIZED |
|
|
|
|
| 1,069,760 |
|
|
|
|
|
|
| ||
Commercial Mortgage Backed Securities—12.1% |
|
|
|
|
|
|
|
| |||||||
Banc of America Commercial Mortgage, |
|
| 230,000 |
|
| 228,791 |
|
Bear Stearns Commercial Mortgage |
|
| 200,000 |
|
| 197,723 |
|
|
Commercial Mortgage Backed Securities, (continued) |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Citigroup/Deutsche Bank Commercial |
|
| 200,000 |
|
| 197,280 |
|
Commercial Mortgage Pass-Through |
|
| 250,256 |
|
| 238,456 |
|
Series 2005-LP5, Class AJ, 5.05%, |
|
| 200,000 |
|
| 182,541 |
|
Morgan Stanley Capital I |
|
| 180,000 |
|
| 175,258 |
|
Series 2007-IQ14, Class A2, 5.61%, |
|
| 220,000 |
|
| 219,143 |
|
Series 2007-IQ14, Class AM, 5.88%, |
|
| 130,000 |
|
| 119,920 |
|
Washington Mutual Commercial Mortgage |
|
| 146,013 |
|
| 131,032 |
|
|
|
|
|
|
| ||
TOTAL COMMERCIAL MORTGAGE |
|
|
|
|
| 1,690,144 |
|
|
|
|
|
|
| ||
Foreign Bonds—4.6% |
|
|
|
|
|
|
|
| |||||||
Iceland – 1.3% |
|
|
|
|
|
|
|
Kaupthing Bank, 3.41%, 1/15/10 (a)(b) |
|
| 225,000 |
|
| 188,437 |
|
|
|
|
|
|
| ||
Netherlands – 0.6% |
|
|
|
|
|
|
|
Shell International Finance BV, 5.20%, |
|
| 75,000 |
|
| 78,186 |
|
|
|
|
|
|
| ||
South Korea – 1.8% |
|
|
|
|
|
|
|
Citibank Korea, Inc., 4.68%, 6/18/13, |
|
| 250,000 |
|
| 250,409 |
|
|
|
|
|
|
| ||
United Kingdom – 0.9% |
|
|
|
|
|
|
|
Barclays Bank plc, 5.93%, 12/31/49 (b) |
|
| 150,000 |
|
| 126,651 |
|
|
|
|
|
|
| ||
TOTAL FOREIGN BONDS |
|
|
|
|
| 643,683 |
|
|
|
|
|
|
|
|
|
|
90 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
|
HSBC INVESTOR INTERMEDIATE DURATION FIXED INCOME PORTFOLIO |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
Investment Company—9.1% |
|
|
|
|
|
|
|
|
|
| Principal |
| Value($) |
| ||
|
|
|
| ||||
Northern Institutional Diversified |
|
| 1,265,567 |
|
| 1,265,567 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENT COMPANY |
|
|
|
|
| 1,265,567 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS |
|
|
|
|
| 16,871,376 |
|
|
|
|
|
|
|
|
|
| Percentages indicated are based on net assets of $13,954,791. |
|
|
(a) | Variable rate security. The interest rates on these securities are adjusted periodically to reflect then-current short-term interest rates. The rates presented represent the rates in effect on April 30, 2008. The maturity dates presented reflect the final maturity dates. However, some of these securities may contain put or demand features that allow the fund to require the issuer to repurchase the security from the fund within various time periods, including daily, weekly, monthly, or semi-annually. |
|
|
(b) | Security exempt from registration under Rule 144a of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. This security has been deemed liquid by the Investment Adviser based on procedures approved by the Board of Trustees. |
|
|
(c) | The rates presented represent the annualized one day yield that was in effect on April 30, 2008. |
|
|
(d) | Security held as collateral for to be announced securities. |
|
|
LLC | — Limited Liability Co. |
MTN | — Medium Term Note |
PLC | — Public Limited Co. |
TBA | — Security was traded on a “to be announced” basis. Represents 17.0% of net assets. |
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 91 |
|
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) |
|
|
|
|
|
|
|
|
Common Stocks—94.3% |
|
|
|
|
|
|
|
| |||||||
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Aerospace & Defense – 8.1% |
|
|
|
|
|
|
|
General Dynamics Corp. |
|
| 32,600 |
|
| 2,947,692 |
|
Raytheon Co. |
|
| 23,850 |
|
| 1,525,685 |
|
The Boeing Co. |
|
| 5,500 |
|
| 466,730 |
|
United Technologies Corp. |
|
| 23,350 |
|
| 1,692,174 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,632,281 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
Biotechnology – 4.4% |
|
|
|
|
|
|
|
Gilead Sciences, Inc. (a) |
|
| 70,300 |
|
| 3,638,728 |
|
|
|
|
|
|
| ||
Business Services – 1.3% |
|
|
|
|
|
|
|
Fluor Corp. |
|
| 7,100 |
|
| 1,085,377 |
|
|
|
|
|
|
| ||
Casinos & Gambling – 1.1% |
|
|
|
|
|
|
|
International Game Technology |
|
| 25,150 |
|
| 873,711 |
|
|
|
|
|
|
| ||
Chemicals – 4.4% |
|
|
|
|
|
|
|
Monsanto Co. |
|
| 31,300 |
|
| 3,568,826 |
|
|
|
|
|
|
| ||
Computer Software – 2.7% |
|
|
|
|
|
|
|
Adobe Systems, Inc. (a) |
|
| 22,400 |
|
| 835,296 |
|
Electronic Arts, Inc. (a) |
|
| 26,350 |
|
| 1,356,235 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,191,531 |
|
|
|
|
|
|
| ||
Computers – 10.0% |
|
|
|
|
|
|
|
Apple, Inc. (a) |
|
| 18,950 |
|
| 3,296,352 |
|
Hewlett-Packard Co. |
|
| 61,200 |
|
| 2,836,620 |
|
Research In Motion Ltd. (a) |
|
| 17,250 |
|
| 2,098,118 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,231,090 |
|
|
|
|
|
|
| ||
Consumer Products – 4.0% |
|
|
|
|
|
|
|
Colgate-Palmolive Co. |
|
| 46,300 |
|
| 3,273,410 |
|
|
|
|
|
|
| ||
Diversified Manufacturing Operations – 3.2% |
|
|
|
|
|
|
|
Joy Global, Inc. |
|
| 15,400 |
|
| 1,143,450 |
|
Thermo Fisher Scientific, Inc. (a) |
|
| 25,000 |
|
| 1,446,750 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,590,200 |
|
|
|
|
|
|
| ||
Electronic Components & Semiconductors – 4.4% |
|
|
|
|
|
|
|
Emerson Electric Co. |
|
| 44,950 |
|
| 2,349,087 |
|
Microchip Technology, Inc. |
|
| 34,000 |
|
| 1,249,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,598,587 |
|
|
|
|
|
|
| ||
Farm Machinery & Equipment – 3.6% |
|
|
|
|
|
|
|
Deere & Co. |
|
| 35,550 |
|
| 2,988,689 |
|
|
|
|
|
|
| ||
Financial Services – 5.7% |
|
|
|
|
|
|
|
CME Group, Inc. |
|
| 5,425 |
|
| 2,481,666 |
|
Goldman Sachs Group, Inc. |
|
| 5,050 |
|
| 966,419 |
|
Visa, Inc., Class A (a) |
|
| 14,650 |
|
| 1,222,542 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,670,627 |
|
|
|
|
|
|
| ||
Food & Beverage – 8.8% |
|
|
|
|
|
|
|
McDonald’s Corp. |
|
| 21,500 |
|
| 1,280,970 |
|
PepsiCo, Inc. |
|
| 10,950 |
|
| 750,403 |
|
The Coca-Cola Co. |
|
| 56,300 |
|
| 3,314,381 |
|
Wm. Wrigley Jr. Co. |
|
| 7,350 |
|
| 559,776 |
|
Yum! Brands, Inc. |
|
| 31,650 |
|
| 1,287,522 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,193,052 |
|
|
|
|
|
|
| ||
Health Care – 5.0% |
|
|
|
|
|
|
|
Baxter International, Inc. |
|
| 27,600 |
|
| 1,720,032 |
|
DENTSPLY International, Inc. |
|
| 20,800 |
|
| 808,496 |
|
Zimmer Holdings, Inc. (a) |
|
| 21,100 |
|
| 1,564,776 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,093,304 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks, continued |
|
|
|
|
|
|
|
| |||||||
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Hotels & Lodging – 1.0% |
|
|
|
|
|
|
|
Las Vegas Sands Corp. (a) |
|
| 11,250 |
|
| 857,475 |
|
|
|
|
|
|
| ||
Industrial Manufacturing – 1.0% |
|
|
|
|
|
|
|
The Manitowoc Co., Inc. |
|
| 22,750 |
|
| 860,405 |
|
|
|
|
|
|
| ||
Insurance – 1.9% |
|
|
|
|
|
|
|
AFLAC, Inc. |
|
| 23,900 |
|
| 1,593,413 |
|
|
|
|
|
|
| ||
Internet Related – 0.7% |
|
|
|
|
|
|
|
Google, Inc., Class A (a) |
|
| 950 |
|
| 545,576 |
|
|
|
|
|
|
| ||
Oil & Gas – 9.5% |
|
|
|
|
|
|
|
National-Oilwell Varco, Inc. (a) |
|
| 6,700 |
|
| 458,615 |
|
Schlumberger Ltd. |
|
| 26,500 |
|
| 2,664,575 |
|
Smith International, Inc. |
|
| 40,750 |
|
| 3,117,782 |
|
Weatherford International Ltd. (a) |
|
| 19,200 |
|
| 1,548,864 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,789,836 |
|
|
|
|
|
|
| ||
Pharmaceuticals – 8.5% |
|
|
|
|
|
|
|
Abbott Laboratories |
|
| 59,300 |
|
| 3,128,075 |
|
Alcon, Inc. ADR |
|
| 10,350 |
|
| 1,635,300 |
|
Allergan, Inc. |
|
| 13,350 |
|
| 752,539 |
|
Genentech, Inc. (a) |
|
| 21,629 |
|
| 1,475,098 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,991,012 |
|
|
|
|
|
|
| ||
Retail – 1.2% |
|
|
|
|
|
|
|
Kohl’s Corp. (a) |
|
| 19,400 |
|
| 947,690 |
|
|
|
|
|
|
| ||
Telecommunications – 3.8% |
|
|
|
|
|
|
|
Cisco Systems, Inc. (a) |
|
| 68,550 |
|
| 1,757,622 |
|
Nokia Corp. ADR |
|
| 16,150 |
|
| 485,631 |
|
QUALCOMM, Inc. |
|
| 20,650 |
|
| 891,873 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,135,126 |
|
|
|
|
|
|
| ||
TOTAL COMMON STOCKS |
|
|
|
|
| 77,349,946 |
|
|
|
|
|
|
| ||
Investment Company—5.4% |
|
|
|
|
|
|
|
Northern Institutional Diversified Assets |
|
| 4,390,948 |
|
| 4,390,948 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENT COMPANY |
|
|
|
|
| 4,390,948 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS |
|
|
|
|
| 81,740,894 |
|
|
|
|
|
|
|
|
|
| Percentages indicated are based on net assets of $82,025,313. |
|
|
(a) | Represents non-income producing security. |
|
|
(b) | The rates presented represent the annualized one day yield that was in effect on April 30, 2008. |
ADR — American Depositary Receipt
|
|
|
92 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
|
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) |
|
|
|
|
|
|
|
|
Common Stocks—98.6% |
|
|
|
|
|
|
|
| |||||||
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Australia – 1.0% |
|
|
|
|
|
|
|
National Australia Bank Ltd. |
|
| 59,965 |
|
| 1,708,825 |
|
Zinifex Ltd. |
|
| 235,900 |
|
| 2,247,493 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,956,318 |
|
|
|
|
|
|
| ||
Austria – 1.0% |
|
|
|
|
|
|
|
Voestalpine AG |
|
| 51,400 |
|
| 3,952,365 |
|
|
|
|
|
|
| ||
Belgium – 1.7% |
|
|
|
|
|
|
|
Fortis |
|
| 176,832 |
|
| 4,831,551 |
|
Solvay SA, Class A |
|
| 11,700 |
|
| 1,724,795 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,556,346 |
|
|
|
|
|
|
| ||
Brazil – 0.6% |
|
|
|
|
|
|
|
Banco Do Brasil SA |
|
| 60,000 |
|
| 1,039,899 |
|
Usinas Siderurgicas de Minas Gerais SA |
|
| 27,900 |
|
| 1,341,524 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,381,423 |
|
|
|
|
|
|
| ||
Canada – 4.8% |
|
|
|
|
|
|
|
Barrick Gold Corp. |
|
| 37,500 |
|
| 1,441,821 |
|
Canadian Imperial Bank of Commerce |
|
| 21,000 |
|
| 1,547,050 |
|
Fairfax Financial Holdings Ltd. |
|
| 5,200 |
|
| 1,570,123 |
|
Gerdau Ameristeel Corp. |
|
| 161,000 |
|
| 2,510,628 |
|
HudBay Minerals, Inc. |
|
| 40,600 |
|
| 766,190 |
|
Industrial Alliance Insurance and Financial |
|
| 26,100 |
|
| 1,026,838 |
|
Inmet Mining Corp. |
|
| 11,300 |
|
| 927,637 |
|
Petro-Canada |
|
| 68,200 |
|
| 3,418,129 |
|
Royal Bank of Canada |
|
| 45,400 |
|
| 2,165,383 |
|
Teck Cominco Ltd., B Shares |
|
| 64,600 |
|
| 2,811,653 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 18,185,452 |
|
|
|
|
|
|
| ||
China – 0.2% |
|
|
|
|
|
|
|
China Petroleum & Chemical Corp. |
|
| 592,000 |
|
| 628,244 |
|
|
|
|
|
|
| ||
Finland – 1.8% |
|
|
|
|
|
|
|
Nokia Oyj |
|
| 129,400 |
|
| 3,984,087 |
|
Stora Enso Oyj, R Shares |
|
| 236,600 |
|
| 2,940,461 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,924,548 |
|
|
|
|
|
|
| ||
France – 11.8% |
|
|
|
|
|
|
|
Air France-KLM |
|
| 28,700 |
|
| 894,845 |
|
BNP Paribas SA |
|
| 64,580 |
|
| 6,982,412 |
|
Compagnie Generale des Establissements |
|
| 39,700 |
|
| 3,642,787 |
|
Credit Agricole SA |
|
| 142,779 |
|
| 4,826,251 |
|
France Telecom SA |
|
| 107,200 |
|
| 3,374,217 |
|
Lagardere S.C.A. |
|
| 46,400 |
|
| 3,346,213 |
|
Renault SA |
|
| 51,500 |
|
| 5,310,895 |
|
Sanofi-Aventis |
|
| 68,900 |
|
| 5,394,830 |
|
Societe Generale |
|
| 35,385 |
|
| 4,152,347 |
|
Societe Generale NV (a) |
|
| 8,846 |
|
| 1,024,798 |
|
Total SA |
|
| 72,900 |
|
| 6,139,403 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 45,088,998 |
|
|
|
|
|
|
| ||
Germany – 13.8% |
|
|
|
|
|
|
|
Allianz SE |
|
| 39,800 |
|
| 8,116,717 |
|
BASF AG |
|
| 63,600 |
|
| 9,070,961 |
|
Deutsche Bank AG |
|
| 52,800 |
|
| 6,355,884 |
|
Deutsche Lufthansa AG |
|
| 162,600 |
|
| 4,313,220 |
|
Deutsche Telekom AG |
|
| 220,300 |
|
| 3,969,245 |
|
|
|
|
|
|
|
|
|
Common Stocks, continued |
|
|
|
|
|
|
|
| |||||||
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Germany, continued |
|
|
|
|
|
|
|
E.ON AG |
|
| 38,500 |
|
| 7,874,440 |
|
Infineon Technologies AG (a) |
|
| 304,300 |
|
| 2,831,626 |
|
Muenchener Rueckversicherungs- |
|
| 27,700 |
|
| 5,362,769 |
|
RWE AG |
|
| 41,300 |
|
| 4,781,331 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 52,676,193 |
|
|
|
|
|
|
| ||
Hong Kong – 0.4% |
|
|
|
|
|
|
|
China Netcom Group Corp., Ltd. |
|
| 462,000 |
|
| 1,393,191 |
|
|
|
|
|
|
| ||
India – 0.4% |
|
|
|
|
|
|
|
State Bank of India GDR |
|
| 17,600 |
|
| 1,650,880 |
|
|
|
|
|
|
| ||
Italy – 3.0% |
|
|
|
|
|
|
|
Buzzi Unicem SpA |
|
| 42,900 |
|
| 1,100,481 |
|
ENI SpA |
|
| 189,900 |
|
| 7,335,206 |
|
Fondiaria-SAI SpA |
|
| 57,900 |
|
| 2,339,540 |
|
Fondiaria-SAI SpA-RNC |
|
| 18,700 |
|
| 496,338 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 11,271,565 |
|
|
|
|
|
|
| ||
Japan – 21.6% |
|
|
|
|
|
|
|
Alps Electric Co., Ltd. |
|
| 55,000 |
|
| 511,542 |
|
Canon, Inc. |
|
| 32,250 |
|
| 1,612,965 |
|
FUJITSU Ltd. |
|
| 573,000 |
|
| 3,653,929 |
|
Hitachi Ltd. |
|
| 170,000 |
|
| 1,146,196 |
|
Honda Motor Co., Ltd. |
|
| 99,000 |
|
| 3,142,253 |
|
JFE Holdings, Inc. |
|
| 101,600 |
|
| 5,570,068 |
|
Kyushu Electric Power Co., Inc. |
|
| 101,300 |
|
| 2,299,394 |
|
Mitsubishi Chemical Holdings Corp. |
|
| 303,000 |
|
| 2,010,869 |
|
Mitsubishi Corp. |
|
| 129,000 |
|
| 4,144,080 |
|
Mitsubishi UFJ Financial Group, Inc. |
|
| 645,000 |
|
| 7,097,047 |
|
Mitsui & Co., Ltd. |
|
| 86,000 |
|
| 2,018,274 |
|
Mitsui Chemicals, Inc. |
|
| 417,000 |
|
| 2,542,830 |
|
Mitsui O.S.K. Lines Ltd. |
|
| 327,000 |
|
| 4,500,693 |
|
NAMCO BANDAI Holdings, Inc. |
|
| 123,800 |
|
| 1,550,328 |
|
Nippon Mining Holdings, Inc. |
|
| 360,000 |
|
| 2,226,411 |
|
Nippon Steel Corp. |
|
| 329,000 |
|
| 1,847,995 |
|
Nippon Telegraph & Telephone Corp. |
|
| 881 |
|
| 3,796,172 |
|
Nippon Yusen Kabushiki Kaisha |
|
| 152,000 |
|
| 1,476,580 |
|
Nissan Motor Co., Ltd. |
|
| 534,700 |
|
| 4,741,689 |
|
ORIX Corp. |
|
| 21,300 |
|
| 3,843,301 |
|
Sharp Corp. |
|
| 261,000 |
|
| 4,385,563 |
|
Sony Corp. |
|
| 12,510 |
|
| 575,145 |
|
Sumitomo Mitsui Financial Group, Inc. |
|
| 731 |
|
| 6,292,632 |
|
The Tokyo Electric Power Co., Inc. |
|
| 165,200 |
|
| 4,202,693 |
|
Toshiba Corp. |
|
| 543,000 |
|
| 4,501,933 |
|
Toyota Motor Corp. |
|
| 56,700 |
|
| 2,873,992 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 82,564,574 |
|
|
|
|
|
|
| ||
Luxembourg – 1.5% |
|
|
|
|
|
|
|
ArcelorMittal |
|
| 64,352 |
|
| 5,705,866 |
|
|
|
|
|
|
| ||
Netherlands – 4.5% |
|
|
|
|
|
|
|
Corporate Express NV |
|
| 107,400 |
|
| 1,239,185 |
|
ING Groep NV |
|
| 216,068 |
|
| 8,268,399 |
|
Koninklijke Ahold NV (a) |
|
| 266,720 |
|
| 3,964,425 |
|
Koninklijke DSM NV |
|
| 34,900 |
|
| 1,886,972 |
|
Wolters Kluwer NV |
|
| 70,200 |
|
| 1,891,758 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 17,250,739 |
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 93 |
|
HSBC INVESTOR INTERNATIONAL EQUITY PORTFOLIO |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
Common Stocks, continued |
|
|
|
|
|
|
|
| |||||||
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Norway – 1.5% |
|
|
|
|
|
|
|
StatoilHydro ASA |
|
| 153,100 |
|
| 5,552,772 |
|
|
|
|
|
|
| ||
Russian Federation – 0.6% |
|
|
|
|
|
|
|
JSC MMC Norilsk Nickel ADR |
|
| 32,750 |
|
| 884,250 |
|
LUKOIL ADR |
|
| 16,550 |
|
| 1,494,465 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,378,715 |
|
|
|
|
|
|
| ||
Singapore – 0.6% |
|
|
|
|
|
|
|
Flextronics International Ltd. (a) |
|
| 104,800 |
|
| 1,088,872 |
|
Neptune Orient Lines Ltd. |
|
| 427,000 |
|
| 1,014,192 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,103,064 |
|
|
|
|
|
|
| ||
South Africa – 0.5% |
|
|
|
|
|
|
|
Sanlam Ltd. |
|
| 554,040 |
|
| 1,467,325 |
|
Standard Bank Group Ltd. |
|
| 31,023 |
|
| 369,728 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 1,837,053 |
|
|
|
|
|
|
| ||
South Korea – 2.1% |
|
|
|
|
|
|
|
Honam Petrochemical Corp. |
|
| 8,100 |
|
| 719,982 |
|
Hynix Semiconductor, Inc. (a) |
|
| 24,700 |
|
| 660,375 |
|
Hyundai Motor Co., Ltd. |
|
| 9,500 |
|
| 801,776 |
|
Hyundai Motors Co., Ltd., Second Preferred |
|
| 15,950 |
|
| 573,621 |
|
Industrial Bank of Korea GDR |
|
| 88,300 |
|
| 1,479,025 |
|
Kookmin Bank ADR |
|
| 14,600 |
|
| 1,018,350 |
|
POSCO ADR |
|
| 11,400 |
|
| 1,406,760 |
|
Samsung Electronics Co., Ltd., Preferred |
|
| 2,900 |
|
| 1,492,817 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,152,706 |
|
|
|
|
|
|
| ||
Spain – 1.3% |
|
|
|
|
|
|
|
Repsol YPF SA |
|
| 118,600 |
|
| 4,821,846 |
|
|
|
|
|
|
| ||
Sweden – 2.1% |
|
|
|
|
|
|
|
Electrolux AB, B Shares |
|
| 118,500 |
|
| 1,821,584 |
|
Svenska Cellusoa AB (SCA), B Shares |
|
| 189,700 |
|
| 3,201,340 |
|
Tele2 AB, B Shares |
|
| 73,400 |
|
| 1,637,271 |
|
Volvo AB, B Shares |
|
| 86,500 |
|
| 1,322,453 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,982,648 |
|
|
|
|
|
|
| ||
Switzerland – 1.7% |
|
|
|
|
|
|
|
Credit Suisse Group |
|
| 81,100 |
|
| 4,517,299 |
|
Novartis AG |
|
| 42,460 |
|
| 2,160,095 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,677,394 |
|
|
|
|
|
|
| ||
Taiwan – 1.5% |
|
|
|
|
|
|
|
Asustek Computer, Inc. |
|
| 430,000 |
|
| 1,395,434 |
|
China Steel Corp. GDR |
|
| 38,878 |
|
| 1,269,367 |
|
Siliconware Precision Industries Co. |
|
| 707,691 |
|
| 1,225,006 |
|
Taiwan Semiconductor Manufacturing Co., Ltd. |
|
| 508,398 |
|
| 1,113,817 |
|
United Microelectronics Corp. |
|
| 1,094,551 |
|
| 668,702 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,672,326 |
|
|
|
|
|
|
| ||
Thailand – 0.3% |
|
|
|
|
|
|
|
PTT Public Co., Ltd. |
|
| 121,400 |
|
| 1,279,306 |
|
|
|
|
|
|
| ||
United Kingdom – 18.3% |
|
|
|
|
|
|
|
Associated British Foods plc |
|
| 199,300 |
|
| 3,492,772 |
|
Aviva plc |
|
| 352,191 |
|
| 4,407,727 |
|
BAE Systems plc |
|
| 251,400 |
|
| 2,332,868 |
|
Barclays plc |
|
| 457,700 |
|
| 4,153,960 |
|
BP plc |
|
| 125,000 |
|
| 1,518,420 |
|
British Energy Group plc |
|
| 277,000 |
|
| 4,185,372 |
|
GlaxoSmithKline plc |
|
| 259,600 |
|
| 5,785,634 |
|
HBOS plc |
|
| 373,041 |
|
| 3,489,449 |
|
|
|
|
|
|
|
|
|
Common Stocks, continued |
|
|
|
|
|
|
|
| |||||||
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
United Kingdom, continued |
|
|
|
|
|
|
|
Home Retail Group plc |
|
| 358,100 |
|
| 1,879,528 |
|
ITV plc |
|
| 879,270 |
|
| 1,153,737 |
|
Kazakhmys plc |
|
| 84,600 |
|
| 2,660,832 |
|
Punch Taverns plc |
|
| 91,000 |
|
| 938,060 |
|
Royal & Sun Alliance Insurance Group plc |
|
| 776,127 |
|
| 2,073,828 |
|
Royal Bank of Scotland Group plc |
|
| 1,039,124 |
|
| 7,127,334 |
|
Royal Dutch Shell plc, A Shares |
|
| 232,387 |
|
| 9,368,191 |
|
Royal Dutch Shell plc, B Shares |
|
| 45,973 |
|
| 1,841,699 |
|
Taylor Wimpey plc |
|
| 468,220 |
|
| 1,198,499 |
|
Vodafone Group plc |
|
| 2,624,658 |
|
| 8,364,633 |
|
Xstrata plc |
|
| 51,700 |
|
| 4,055,910 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 70,028,453 |
|
|
|
|
|
|
| ||
TOTAL COMMON STOCKS |
|
|
|
|
| 376,672,985 |
|
|
|
|
|
|
| ||
Investment Company—0.6% |
|
|
|
|
|
|
|
Northern Institutional Diversified Assets |
|
| 2,269,283 |
|
| 2,269,283 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENT COMPANY |
|
|
|
|
| 2,269,283 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS |
|
|
|
|
| 378,942,268 |
|
|
|
|
|
|
|
|
|
| Percentages indicated are based on net assets of $382,006,984. |
|
|
(a) | Represents non-income producing security. |
|
|
(b) | The rates presented represent the annualized one day yield that was in effect on April 30, 2008. |
ADR — American Depositary Receipt
GDR — Global Depositary Receipt
PLC — Public Limited Co.
SPA — Standby Purchase Agreement
|
|
|
|
| |
Schedule Portfolio Investments—April 30, 2008 |
|
|
| ||
| |||||
Industry |
| Percent of Net Assets |
| ||
|
| ||||
Aerospace & Defense |
|
|
| 0.6 | % |
Automotive |
|
|
| 7.7 | % |
Banking & Financial Services |
|
|
| 20.6 | % |
Broadcasting |
|
|
| 0.3 | % |
Building & Construction |
|
|
| 1.4 | % |
Cash & Cash Equivalents |
|
|
| 0.6 | % |
Chemicals |
|
|
| 4.7 | % |
Distribution/Wholesale |
|
|
| 0.3 | % |
Drugs - Medical |
|
|
| 3.5 | % |
Electrical |
|
|
| 7.9 | % |
Electronic Components & Semiconductors |
|
|
| 4.8 | % |
Food & Beverage |
|
|
| 0.9 | % |
Import/Export |
|
|
| 0.5 | % |
Insurance |
|
|
| 6.6 | % |
Manufacturing |
|
|
| 3.9 | % |
Metals & Mining |
|
|
| 8.8 | % |
Oil & Gas |
|
|
| 12.0 | % |
Paper & Related Products |
|
|
| 0.8 | % |
Publishing |
|
|
| 1.4 | % |
Retail |
|
|
| 1.8 | % |
Telecommunications |
|
|
| 6.9 | % |
Transportation Services |
|
|
| 3.2 | % |
|
|
| |||
Total Investments |
|
|
| 99.2 | % |
|
|
|
|
|
|
94 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
|
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) |
|
|
|
|
|
|
|
|
Common Stocks—96.5% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Aerospace & Defense – 4.4% |
|
|
|
|
|
|
|
BE Aerospace, Inc. (a) |
|
| 76,600 |
|
| 3,091,576 |
|
Empresa Brasileira de Aeronautica S.A. ADR |
|
| 68,400 |
|
| 2,850,912 |
|
Esterline Technologies Corp. (a) |
|
| 46,950 |
|
| 2,613,237 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,555,725 |
|
|
|
|
|
|
| ||
Biotechnology – 3.2% |
|
|
|
|
|
|
|
Illumina, Inc. (a) |
|
| 33,400 |
|
| 2,601,526 |
|
Invitrogen Corp. (a) |
|
| 38,900 |
|
| 3,639,873 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,241,399 |
|
|
|
|
|
|
| ||
Business Services – 1.9% |
|
|
|
|
|
|
|
Navigant Consulting, Inc. (a) |
|
| 186,250 |
|
| 3,747,350 |
|
|
|
|
|
|
| ||
Computer Software – 14.2% |
|
|
|
|
|
|
|
ACI Worldwide, Inc. (a) |
|
| 157,500 |
|
| 3,480,750 |
|
BMC Software, Inc. (a) |
|
| 130,700 |
|
| 4,543,132 |
|
Brocade Communications Systems, Inc. (a) |
|
| 388,700 |
|
| 2,783,092 |
|
Check Point Software Technologies Ltd. (a) |
|
| 112,750 |
|
| 2,663,155 |
|
F5 Networks, Inc. (a) |
|
| 94,750 |
|
| 2,144,192 |
|
Nuance Communications, Inc. (a) |
|
| 270,750 |
|
| 5,490,810 |
|
Red Hat, Inc. (a) |
|
| 186,400 |
|
| 3,834,248 |
|
Satyam Computer Services Ltd. ADR |
|
| 115,100 |
|
| 2,955,768 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 27,895,147 |
|
|
|
|
|
|
| ||
Consumer Products – 5.0% |
|
|
|
|
|
|
|
Church & Dwight Co., Inc. |
|
| 74,400 |
|
| 4,227,408 |
|
Crown Holdings, Inc. (a) |
|
| 117,100 |
|
| 3,142,964 |
|
Jarden Corp. (a) |
|
| 112,350 |
|
| 2,395,302 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,765,674 |
|
|
|
|
|
|
| ||
Diversified Manufacturing Operations – 4.5% |
|
|
|
|
|
|
|
Actuant Corp., Class A |
|
| 132,400 |
|
| 4,484,388 |
|
AMETEK, Inc. |
|
| 88,500 |
|
| 4,294,020 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 8,778,408 |
|
|
|
|
|
|
| ||
Education – 2.1% |
|
|
|
|
|
|
|
Corinthian Colleges, Inc. (a) |
|
| 117,329 |
|
| 1,331,684 |
|
DeVry, Inc. |
|
| 49,500 |
|
| 2,821,500 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,153,184 |
|
|
|
|
|
|
| ||
Electronic Components & Semiconductors – 1.8% |
|
|
|
|
|
|
|
ATMI, Inc. (a) |
|
| 60,750 |
|
| 1,788,480 |
|
Thomas & Betts Corp. (a) |
|
| 49,500 |
|
| 1,854,270 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,642,750 |
|
|
|
|
|
|
| ||
Financial Services – 2.3% |
|
|
|
|
|
|
|
Affiliated Managers Group, Inc. (a) |
|
| 20,150 |
|
| 2,001,701 |
|
MF Global Ltd. (a) |
|
| 185,450 |
|
| 2,442,377 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,444,078 |
|
|
|
|
|
|
| ||
Health Care – 8.4% |
|
|
|
|
|
|
|
DaVita, Inc. (a) |
|
| 80,900 |
|
| 4,239,969 |
|
DENTSPLY International, Inc. |
|
| 98,500 |
|
| 3,828,695 |
|
Gen-Probe, Inc. (a) |
|
| 67,500 |
|
| 3,804,300 |
|
Pediatrix Medical Group, Inc. (a) |
|
| 50,900 |
|
| 3,462,218 |
|
Volcano Corp. (a) |
|
| 97,050 |
|
| 1,148,102 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,483,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stocks, continued |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Hotels & Lodging – 1.1% |
|
|
|
|
|
|
|
LaSalle Hotel Properties |
|
| 64,900 |
|
| 2,081,343 |
|
|
|
|
|
|
| ||
Industrial Manufacturing – 8.2% |
|
|
|
|
|
|
|
IDEX Corp. |
|
| 119,300 |
|
| 4,377,117 |
|
Oshkosh Corp. |
|
| 77,100 |
|
| 3,130,260 |
|
The Manitowoc Co., Inc. |
|
| 127,200 |
|
| 4,810,704 |
|
WESCO International, Inc. (a) |
|
| 102,600 |
|
| 3,817,746 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 16,135,827 |
|
|
|
|
|
|
| ||
Media – 1.3% |
|
|
|
|
|
|
|
DreamWorks Animation SKG, Inc. (a) |
|
| 89,600 |
|
| 2,505,216 |
|
|
|
|
|
|
| ||
Oil & Gas – 15.4% |
|
|
|
|
|
|
|
BJ Services Co. |
|
| 50,300 |
|
| 1,421,981 |
|
Consol Energy, Inc. |
|
| 52,700 |
|
| 4,266,592 |
|
Denbury Resources, Inc. (a) |
|
| 168,500 |
|
| 5,149,360 |
|
Exterran Holdings, Inc. (a) |
|
| 64,900 |
|
| 4,334,671 |
|
Massey Energy Co. |
|
| 111,550 |
|
| 5,837,411 |
|
National-Oilwell Varco, Inc. (a) |
|
| 1 |
|
| 62 |
|
Range Resources Corp. |
|
| 57,400 |
|
| 3,810,212 |
|
Smith International, Inc. |
|
| 70,400 |
|
| 5,386,304 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 30,206,593 |
|
|
|
|
|
|
| ||
Pharmaceuticals – 12.1% |
|
|
|
|
|
|
|
Alexion Pharmaceuticals, Inc. (a) |
|
| 68,400 |
|
| 4,813,992 |
|
Elan Corp. plc ADR (a) |
|
| 338,700 |
|
| 8,904,423 |
|
OSI Pharmaceuticals, Inc. (a) |
|
| 129,050 |
|
| 4,471,582 |
|
Santarus, Inc. (a) |
|
| 243,700 |
|
| 653,116 |
|
Shire plc ADR |
|
| 88,500 |
|
| 4,862,190 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 23,705,303 |
|
|
|
|
|
|
| ||
Retail – 5.5% |
|
|
|
|
|
|
|
Dick’s Sporting Goods, Inc. (a) |
|
| 67,500 |
|
| 1,930,500 |
|
O’Reilly Automotive, Inc. (a) |
|
| 83,400 |
|
| 2,407,758 |
|
PetSmart, Inc. |
|
| 141,200 |
|
| 3,160,056 |
|
Urban Outfitters, Inc. (a) |
|
| 92,700 |
|
| 3,174,975 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 10,673,289 |
|
|
|
|
|
|
| ||
Telecommunications – 2.2% |
|
|
|
|
|
|
|
Comverse Technology, Inc. (a) |
|
| 99,400 |
|
| 1,734,530 |
|
Polycom, Inc. (a) |
|
| 119,950 |
|
| 2,686,880 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,421,410 |
|
|
|
|
|
|
| ||
Transportation – 2.9% |
|
|
|
|
|
|
|
Aircastle Ltd. |
|
| 110,050 |
|
| 1,538,499 |
|
Kansas City Southern (a) |
|
| 91,800 |
|
| 4,138,344 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,676,843 |
|
|
|
|
|
|
| ||
| |||||||
TOTAL COMMON STOCKS |
|
|
|
|
| 189,112,823 |
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 95 |
|
HSBC INVESTOR OPPORTUNITY PORTFOLIO |
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
Investment Company—4.7% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
|
|
|
|
|
|
|
|
Northern Institutional Government Select Portfolio, Shares class, 1.96% (b) |
|
| 9,130,193 |
|
| 9,130,193 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENT COMPANY |
|
|
|
|
| 9,130,193 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS |
|
|
|
|
| 198,243,016 |
|
|
|
|
|
|
|
|
|
| Percentages indicated are based on net assets of $195,929,545. |
|
|
(a) | Represents non-income producing security. |
|
|
(b) | The rate presented represents the annualized one day yield that was in effect on April 30, 2008. |
ADR — American Depositary Receipt
PLC — Public Limited Co.
|
|
|
96 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
|
Schedule of Portfolio Investments—as of April 30, 2008 (Unaudited) |
|
|
|
|
|
|
|
|
Common Stocks—94.3% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Aerospace & Defense – 4.3% |
|
|
|
|
|
|
|
Lockheed Martin Corp. |
|
| 12,500 |
|
| 1,325,500 |
|
Raytheon Co. |
|
| 28,300 |
|
| 1,810,351 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,135,851 |
|
|
|
|
|
|
| ||
Banking – 3.6% |
|
|
|
|
|
|
|
Bank of America Corp. |
|
| 29,100 |
|
| 1,092,414 |
|
Wells Fargo & Co. |
|
| 50,700 |
|
| 1,508,325 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,600,739 |
|
|
|
|
|
|
| ||
Business Services – 3.6% |
|
|
|
|
|
|
|
Pitney Bowes, Inc. |
|
| 71,600 |
|
| 2,585,476 |
|
|
|
|
|
|
| ||
Computer Software – 6.8% |
|
|
|
|
|
|
|
CA, Inc. |
|
| 135,600 |
|
| 3,002,184 |
|
Microsoft Corp. |
|
| 66,700 |
|
| 1,902,284 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,904,468 |
|
|
|
|
|
|
| ||
Conglomerates – 3.1% |
|
|
|
|
|
|
|
Loews Corp. |
|
| 52,600 |
|
| 2,214,986 |
|
|
|
|
|
|
| ||
Consumer Products – 4.9% |
|
|
|
|
|
|
|
Altria Group, Inc. |
|
| 30,800 |
|
| 616,000 |
|
Kimberly-Clark Corp. |
|
| 27,500 |
|
| 1,759,725 |
|
Kraft Foods, Inc. |
|
| 25,069 |
|
| 792,932 |
|
Tyson Foods, Inc., Class A |
|
| 19,900 |
|
| 354,220 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,522,877 |
|
|
|
|
|
|
| ||
Diversified Manufacturing Operations – 3.3% |
|
|
|
|
|
|
|
Illinois Tool Works, Inc. |
|
| 18,400 |
|
| 962,136 |
|
Ingersoll-Rand Co., Class A |
|
| 32,400 |
|
| 1,437,912 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 2,400,048 |
|
|
|
|
|
|
| ||
Electronic Components & Semiconductors – 0.7% |
|
|
|
|
|
|
|
Agilent Technologies, Inc. (a) |
|
| 17,464 |
|
| 527,587 |
|
|
|
|
|
|
| ||
Energy – 1.5% |
|
|
|
|
|
|
|
NRG Energy, Inc. (a) |
|
| 24,400 |
|
| 1,072,380 |
|
|
|
|
|
|
| ||
Financial Services – 6.4% |
|
|
|
|
|
|
|
Citigroup, Inc. |
|
| 44,707 |
|
| 1,129,746 |
|
Fannie Mae |
|
| 56,000 |
|
| 1,584,800 |
|
JP Morgan Chase & Co. |
|
| 39,950 |
|
| 1,903,617 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,618,163 |
|
|
|
|
|
|
| ||
Insurance – 10.6% |
|
|
|
|
|
|
|
Aetna, Inc. |
|
| 16,700 |
|
| 728,120 |
|
Aon Corp. |
|
| 36,800 |
|
| 1,670,352 |
|
Genworth Financial, Inc., Class A |
|
| 93,500 |
|
| 2,156,110 |
|
MGIC Investment Corp. |
|
| 18,400 |
|
| 239,752 |
|
Radian Group, Inc. |
|
| 32,100 |
|
| 173,340 |
|
The Hartford Financial Services Group, Inc. |
|
| 37,300 |
|
| 2,658,371 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 7,626,045 |
|
|
|
|
|
|
| ||
Media – 8.9% |
|
|
|
|
|
|
|
CBS Corp., Class B |
|
| 34,350 |
|
| 792,455 |
|
Comcast Corp., Class A |
|
| 85,850 |
|
| 1,737,604 |
|
Liberty Media Corp. Interactive, Class A (a) |
|
| 37,087 |
|
| 561,126 |
|
|
|
|
|
|
|
|
|
Common Stocks, (continued) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares |
| Value($) |
| ||
|
|
|
| ||||
Media, continued |
|
|
|
|
|
|
|
Viacom, Inc., Class B (a) |
|
| 87,000 |
|
| 3,344,280 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 6,435,465 |
|
|
|
|
|
|
| ||
Metals & Mining – 5.9% |
|
|
|
|
|
|
|
AngloGold Ashanti Ltd. ADR |
|
| 27,300 |
|
| 931,476 |
|
Barrick Gold Corp. |
|
| 57,600 |
|
| 2,224,512 |
|
United States Steel Corp. |
|
| 7,300 |
|
| 1,123,835 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 4,279,823 |
|
|
|
|
|
|
| ||
Oil & Gas – 12.6% |
|
|
|
|
|
|
|
Apache Corp. |
|
| 24,400 |
|
| 3,286,192 |
|
ConocoPhillips |
|
| 9,571 |
|
| 824,542 |
|
Hess Corp. |
|
| 13,600 |
|
| 1,444,320 |
|
Noble Energy, Inc. |
|
| 32,600 |
|
| 2,836,200 |
|
Talisman Energy, Inc. |
|
| 34,600 |
|
| 705,148 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 9,096,402 |
|
|
|
|
|
|
| ||
Paper & Related Products – 0.8% |
|
|
|
|
|
|
|
International Paper Co. |
|
| 22,300 |
|
| 583,591 |
|
|
|
|
|
|
| ||
Pharmaceuticals – 4.4% |
|
|
|
|
|
|
|
Amgen, Inc. (a) |
|
| 36,100 |
|
| 1,511,507 |
|
Sanofi-Aventis ADR |
|
| 42,700 |
|
| 1,647,366 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 3,158,873 |
|
|
|
|
|
|
| ||
Telecommunications – 7.6% |
|
|
|
|
|
|
|
AT&T, Inc. |
|
| 51,791 |
|
| 2,004,830 |
|
Motorola, Inc. |
|
| 202,400 |
|
| 2,015,904 |
|
Sprint Nextel Corp. |
|
| 45,600 |
|
| 364,344 |
|
Verizon Communications, Inc. |
|
| 27,800 |
|
| 1,069,744 |
|
|
|
|
|
|
| ||
|
|
|
|
|
| 5,454,822 |
|
|
|
|
|
|
| ||
Tobacco – 2.2% |
|
|
|
|
|
|
|
Philip Morris International, Inc. (a) |
|
| 30,800 |
|
| 1,571,724 |
|
|
|
|
|
|
| ||
Transportation – 3.1% |
|
|
|
|
|
|
|
Union Pacific Corp. |
|
| 15,300 |
|
| 2,221,407 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS |
|
|
|
|
| 68,010,727 |
|
|
|
|
|
|
| ||
Investment Company—5.3% |
|
|
|
|
|
|
|
Northern Institutional Government Select Portfolio, Shares class, 1.96%, (b) |
|
| 3,793,994 |
|
| 3,793,994 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENT COMPANY |
|
|
|
|
| 3,793,994 |
|
|
|
|
|
|
| ||
TOTAL INVESTMENTS |
|
|
|
|
| 71,804,721 |
|
|
|
|
|
|
|
|
|
| Percentages indicated are based on net assets of $72,120,671. |
|
|
(a) | Represents non-income producing security. |
|
|
(b) | The rate presented represents the annualized one day yield that was in effect on April 30, 2008. |
ADR — American Depositary Receipt
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 97 |
|
HSBC INVESTOR PORTFOLIOS |
|
Statements of Assets and Liabilities—as of April 30, 2008 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Plus |
| High Yield |
| Intermediate |
| Growth |
| International |
| |||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investments in non-affiliates, at value |
| $ | 127,858,766 |
| $ | 13,668,337 |
| $ | 16,871,376 |
| $ | 81,740,894 |
| $ | 378,942,268 |
|
Foreign currency, at value |
|
| — |
|
| — |
|
| — |
|
| — |
|
| 1,572,984 |
|
Interest and dividends receivable |
|
| 920,962 |
|
| 358,088 |
|
| 110,924 |
|
| 74,474 |
|
| 2,286,427 |
|
Receivable for investments sold |
|
| 125,569 |
|
| — |
|
| 510,189 |
|
| 681,878 |
|
| 39,343 |
|
Prepaid expenses and other assets |
|
| 1,403 |
|
| 3,130 |
|
| 207 |
|
| 1,142 |
|
| 5,951 |
|
|
|
|
|
|
|
| ||||||||||
Total Assets |
|
| 128,906,700 |
|
| 14,029,555 |
|
| 17,492,696 |
|
| 82,498,388 |
|
| 382,846,973 |
|
|
|
|
|
|
|
| ||||||||||
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Payable for investments purchased |
|
| 21,700,866 |
|
| — |
|
| 3,528,743 |
|
| 429,198 |
|
| 532,050 |
|
Accrued expenses and other liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management |
|
| 42,252 |
|
| 6,744 |
|
| 4,721 |
|
| 31,588 |
|
| 257,201 |
|
Administration |
|
| 6,832 |
|
| 441 |
|
| 1,707 |
|
| 2,559 |
|
| 15,685 |
|
Compliance Service |
|
| 141 |
|
| 13 |
|
| 17 |
|
| 74 |
|
| 497 |
|
Other |
|
| 5,707 |
|
| 689 |
|
| 2,717 |
|
| 9,656 |
|
| 34,556 |
|
|
|
|
|
|
|
| ||||||||||
Total Liabilities |
|
| 21,755,798 |
|
| 7,887 |
|
| 3,537,905 |
|
| 473,075 |
|
| 839,989 |
|
|
|
|
|
|
|
| ||||||||||
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Applicable to investors’ beneficial interest |
| $ | 107,150,902 |
| $ | 14,021,668 |
| $ | 13,954,791 |
| $ | 82,025,313 |
| $ | 382,006,984 |
|
|
|
|
|
|
|
| ||||||||||
Total Investments, at cost |
| $ | 131,291,027 |
| $ | 14,615,217 |
| $ | 17,501,070 |
| $ | 69,701,227 |
| $ | 331,767,500 |
|
|
|
|
|
|
|
| ||||||||||
Foreign currency, at cost |
| $ | — |
| $ | — |
| $ | — |
| $ | — |
| $ | 1,560,548 |
|
|
|
|
|
|
|
|
|
|
|
98 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
|
HSBC INVESTOR PORTFOLIOS |
|
Statements of Assets and Liabilities—as of April 30, 2008 (Unaudited) (continued) |
|
|
|
|
|
|
|
|
|
| Opportunity |
| Value |
| ||
Assets: |
|
|
|
|
|
|
|
Investments in non-affiliates, at value |
| $ | 198,243,016 |
| $ | 71,804,721 |
|
Interest and dividends receivable |
|
| 49,933 |
|
| 67,253 |
|
Receivable for investments sold |
|
| 8,205,063 |
|
| 283,094 |
|
Prepaid expenses and other assets |
|
| 2,968 |
|
| 1,291 |
|
|
|
|
| ||||
Total Assets |
|
| 206,500,980 |
|
| 72,156,359 |
|
|
|
|
| ||||
Liabilities: |
|
|
|
|
|
|
|
Payable for investments purchased |
|
| 10,429,869 |
|
| — |
|
Accrued expenses and other liabilities: |
|
|
|
|
|
|
|
Investment Management |
|
| 123,879 |
|
| 30,613 |
|
Administration |
|
| 10,562 |
|
| 2,380 |
|
Compliance Service |
|
| 282 |
|
| 81 |
|
Other |
|
| 6,843 |
|
| 2,614 |
|
|
|
|
| ||||
Total Liabilities |
|
| 10,571,435 |
|
| 35,688 |
|
|
|
|
| ||||
Net Assets: |
|
|
|
|
|
|
|
Applicable to investors’ beneficial interest |
| $ | 195,929,545 |
| $ | 72,120,671 |
|
|
|
|
| ||||
Total Investments, at cost |
| $ | 180,869,174 |
| $ | 68,806,339 |
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 99 |
|
HSBC INVESTOR PORTFOLIOS |
|
Statements of Operations—For the six months ended April 30, 2008 (Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Plus |
| High Yield |
| Intermediate |
| Growth |
| International |
| |||||
Investment Income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest |
| $ | 2,945,066 |
| $ | 612,506 |
| $ | 370,761 |
| $ | — |
| $ | 38,615 |
|
Dividends |
|
| 107,344 |
|
| 4,918 |
|
| 20,569 |
|
| 400,300 |
|
| 6,100,654 |
|
Foreign tax withholding |
|
| — |
|
| — |
|
| — |
|
| — |
|
| (627,218 | ) |
|
|
|
|
|
|
| ||||||||||
Total Investment Income |
|
| 3,052,410 |
|
| 617,424 |
|
| 391,330 |
|
| 400,300 |
|
| 5,512,051 |
|
|
|
|
|
|
|
| ||||||||||
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment Management |
|
| 260,224 |
|
| 40,631 |
|
| 29,353 |
|
| 192,718 |
|
| 1,253,632 |
|
Administration |
|
| 12,687 |
|
| 1,548 |
|
| 1,679 |
|
| 9,363 |
|
| 43,687 |
|
Accounting |
|
| 34,631 |
|
| 39,235 |
|
| 32,094 |
|
| 33,615 |
|
| 48,370 |
|
Compliance Service |
|
| 333 |
|
| 36 |
|
| 39 |
|
| 228 |
|
| 1,176 |
|
Custodian |
|
| 5,205 |
|
| 888 |
|
| 1,613 |
|
| 3,797 |
|
| 116,364 |
|
Printing |
|
| 444 |
|
| 49 |
|
| 77 |
|
| 358 |
|
| 1,893 |
|
Professional |
|
| 1,947 |
|
| 295 |
|
| 162 |
|
| 1,493 |
|
| 6,783 |
|
Trustee |
|
| 651 |
|
| 77 |
|
| 83 |
|
| 484 |
|
| 2,317 |
|
Other |
|
| 3,382 |
|
| 454 |
|
| 442 |
|
| 2,572 |
|
| 11,823 |
|
|
|
|
|
|
|
| ||||||||||
Total Expenses |
|
| 319,504 |
|
| 83,213 |
|
| 65,542 |
|
| 244,628 |
|
| 1,486,045 |
|
|
|
|
|
|
|
| ||||||||||
Net Investment Income (Loss) |
|
| 2,732,906 |
|
| 534,211 |
|
| 325,788 |
|
| 155,672 |
|
| 4,026,006 |
|
|
|
|
|
|
|
| ||||||||||
Net Realized/Unrealized Gains (Losses) from Investments and Foreign Currencies: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| (323,666 | ) |
| (53,540 | ) |
| (8,207 | ) |
| 2,536,512 |
|
| 21,492,000 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (3,313,157 | ) |
| (733,817 | ) |
| (543,869 | ) |
| (10,179,207 | ) |
| (74,548,272 | ) |
|
|
|
|
|
|
| ||||||||||
Net realized/unrealized gains (losses) from investment and foreign currency transactions |
|
| (3,636,823 | ) |
| (787,357 | ) |
| (552,076 | ) |
| (7,642,695 | ) |
| (53,056,272 | ) |
|
|
|
|
|
|
| ||||||||||
Change In Net Assets Resulting From Operations |
| $ | (903,917 | ) | $ | (253,146 | ) | $ | (226,288 | ) | $ | (7,487,023 | ) | $ | (49,030,266 | ) |
|
|
|
|
|
|
|
|
|
|
100 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
HSBC INVESTOR PORTFOLIOS
Statements of Operations — For the six months ended April 30, 2008 (Unaudited) (continued)
|
|
|
|
|
|
|
|
|
| Opportunity |
| Value |
| ||
| |||||||
Investment Income: |
|
|
|
|
|
|
|
Dividends |
| $ | 398,103 |
| $ | 767,817 |
|
|
|
|
| ||||
Total Investment Income |
|
| 398,103 |
|
| 767,817 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
Investment Management |
|
| 770,287 |
|
| 192,741 |
|
Administration |
|
| 22,020 |
|
| 8,396 |
|
Accounting |
|
| 27,062 |
|
| 26,501 |
|
Compliance Service |
|
| 501 |
|
| 201 |
|
Custodian |
|
| 7,474 |
|
| 2,559 |
|
Printing |
|
| 929 |
|
| 390 |
|
Professional |
|
| 3,129 |
|
| 1,149 |
|
Trustee |
|
| 1,055 |
|
| 431 |
|
Other |
|
| 5,922 |
|
| 2,287 |
|
|
|
|
| ||||
Total Expenses |
|
| 838,379 |
|
| 234,655 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
Net Investment Income (Loss) |
|
| (440,276 | ) |
| 533,162 |
|
|
|
|
| ||||
|
|
|
|
|
|
|
|
Net Realized/Unrealized Gains (Losses) from Investments and Foreign Currencies: |
|
|
|
|
|
|
|
Net realized gains (losses) from investments and foreign currency transactions |
|
| 19,546,781 |
|
| 638,240 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (25,370,794 | ) |
| (9,799,293 | ) |
|
|
|
| ||||
|
|
|
|
|
|
|
|
Net realized/unrealized gains (losses) from investment and foreign currency transactions |
|
| (5,824,013 | ) |
| (9,161,053 | ) |
|
|
|
| ||||
Change In Net Assets Resulting From Operations |
| $ | (6,264,289 | ) | $ | (8,627,891 | ) |
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 101 |
HSBC INVESTOR PORTFOLIOS
Statements of Changes in Net Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Core Plus |
| High Yield |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 2,732,906 |
| $ | 5,909,376 |
| $ | 534,211 |
| $ | 931,443 |
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| (323,666 | ) |
| 2,910,717 |
|
| (53,540 | ) |
| 119,132 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (3,313,157 | ) |
| (1,031,793 | ) |
| (733,817 | ) |
| (279,652 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from operations |
|
| (903,917 | ) |
| 7,788,300 |
|
| (253,146 | ) |
| 770,923 |
|
|
|
|
|
|
| ||||||||
Proceeds from contributions |
|
| 11,076,269 |
|
| 24,166,324 |
|
| 1,982,026 |
|
| 5,258,548 |
|
Value of withdrawals |
|
| (22,833,358 | ) |
| (23,334,647 | ) |
| (2,194,475 | ) |
| (4,260,973 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from transactions in investors’ beneficial interest |
|
| (11,757,089 | ) |
| 831,677 |
|
| (212,449 | ) |
| 997,575 |
|
|
|
|
|
|
| ||||||||
Change in net assets |
|
| (12,661,006 | ) |
| 8,619,977 |
|
| (465,595 | ) |
| 1,768,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 119,811,908 |
|
| 111,191,931 |
|
| 14,487,263 |
|
| 12,718,765 |
|
|
|
|
|
|
| ||||||||
End of period |
| $ | 107,150,902 |
| $ | 119,811,908 |
| $ | 14,021,668 |
| $ | 14,487,263 |
|
|
|
|
|
|
|
|
|
|
102 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
HSBC INVESTOR PORTFOLIOS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
| Intermediate Duration |
| ||||
|
|
| For the six |
|
| For the |
|
Investment Activities: |
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 325,788 |
| $ | 882,974 |
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| (8,207 | ) |
| 848,391 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (543,869 | ) |
| (182,994 | ) |
|
|
|
| ||||
Change in net assets resulting from operations |
|
| (226,288 | ) |
| 1,548,371 |
|
|
|
|
| ||||
Proceeds from contributions |
|
| 1,413,784 |
|
| 2,605,895 |
|
Value of withdrawals |
|
| (2,291,274 | ) |
| (8,612,265 | ) |
|
|
|
| ||||
Change in net assets resulting from transactions in investors’ beneficial interest |
|
| (877,490 | ) |
| (6,006,370 | ) |
|
|
|
| ||||
Change in net assets |
|
| (1,103,778 | ) |
| (4,457,999 | ) |
|
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
|
|
Beginning of period |
|
| 15,058,569 |
|
| 19,516,568 |
|
|
|
|
| ||||
End of period |
| $ | 13,954,791 |
| $ | 15,058,569 |
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 103 |
HSBC INVESTOR PORTFOLIOS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Growth |
| International Equity |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | 155,672 |
| $ | 334,013 |
| $ | 4,026,006 |
| $ | 8,527,724 |
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| 2,536,512 |
|
| 4,271,356 |
|
| 21,492,000 |
|
| 36,079,080 |
|
Change in unrealized appreciation (depreciation) from investments and foreign currencies |
|
| (10,179,207 | ) |
| 16,611,654 |
|
| (74,548,272 | ) |
| 42,586,569 |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from operations |
|
| (7,487,023 | ) |
| 21,217,023 |
|
| (49,030,266 | ) |
| 87,193,373 |
|
|
|
|
|
|
| ||||||||
Proceeds from contributions |
|
| 8,140,434 |
|
| 25,944,124 |
|
| 23,350,477 |
|
| 90,634,524 |
|
Value of withdrawals |
|
| (8,313,975 | ) |
| (17,303,034 | ) |
| (47,374,836 | ) |
| (56,520,981 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from transactions in investors’ beneficial interest |
|
| (173,541 | ) |
| 8,641,090 |
|
| (24,024,359 | ) |
| 34,113,543 |
|
|
|
|
|
|
| ||||||||
Change in net assets |
|
| (7,660,564 | ) |
| 29,858,113 |
|
| (73,054,625 | ) |
| 121,306,916 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 89,685,877 |
|
| 59,827,764 |
|
| 455,061,609 |
|
| 333,754,693 |
|
|
|
|
|
|
| ||||||||
End of period |
| $ | 82,025,313 |
| $ | 89,685,877 |
| $ | 382,006,984 |
| $ | 455,061,609 |
|
|
|
|
|
|
|
|
|
|
104 | HSBC INVESTOR PORTFOLIOS | See notes to financial statements. |
HSBC INVESTOR PORTFOLIOS
Statements of Changes in Net Assets (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Opportunity |
| Value |
| ||||||||
|
| For the six |
| For the |
| For the six |
| For the |
| ||||
Investment Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Operations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss) |
| $ | (440,276 | ) | $ | (1,201,508 | ) | $ | 533,162 |
| $ | 992,431 |
|
Net realized gains (losses) from investment and foreign currency transactions |
|
| 19,546,781 |
|
| 58,390,322 |
|
| 638,240 |
|
| 6,083,399 |
|
Change in unrealized appreciation/depreciation from investments and foreign currencies |
|
| (25,370,794 | ) |
| 1,890,389 |
|
| (9,799,293 | ) |
| 71,241 |
|
|
|
|
|
|
| ||||||||
Change in net assets resulting from operations |
|
| (6,264,289 | ) |
| 59,079,203 |
|
| (8,627,891 | ) |
| 7,147,071 |
|
|
|
|
|
|
| ||||||||
Proceeds from contributions |
|
| 8,629,465 |
|
| 77,393,032 |
|
| 5,665,260 |
|
| 23,927,675 |
|
Value of withdrawals |
|
| (30,704,097 | ) |
| (153,698,612 | ) |
| (7,574,938 | ) |
| (15,848,601 | ) |
|
|
|
|
|
| ||||||||
Change in net assets resulting from transactions in investors’ beneficial interest |
|
| (22,074,632 | ) |
| (76,305,580 | ) |
| (1,909,678 | ) |
| 8,079,074 |
|
|
|
|
|
|
| ||||||||
Change in net assets |
|
| (28,338,921 | ) |
| (17,226,377 | ) |
| (10,537,569 | ) |
| 15,226,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period |
|
| 224,268,466 |
|
| 241,494,843 |
|
| 82,658,240 |
|
| 67,432,095 |
|
|
|
|
|
|
| ||||||||
End of period |
| $ | 195,929,545 |
| $ | 224,268,466 |
| $ | 72,120,671 |
| $ | 82,658,240 |
|
|
|
|
|
|
|
|
|
|
See notes to financial statements. | HSBC INVESTOR PORTFOLIOS | 105 |
|
HSBC INVESTOR PORTFOLIOS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Ratios/Supplementary Data |
| ||||||||||||||
|
|
|
|
| ||||||||||||||||
|
| Total |
| Net Assets |
| Ratio of Net |
| Ratio of Net |
| Ratio of |
| Portfolio | ||||||||
CORE PLUS FIXED INCOME PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||
Year Ended October 31, 2003 |
| 5.80 | % |
|
| $ | 203,551 |
|
| 0.48 | % |
| 4.38 | % |
| 0.48 | % |
| 70.91 | % |
Year Ended October 31, 2004 |
| 5.56 | % |
|
|
| 169,459 |
|
| 0.52 | % |
| 4.31 | % |
| 0.52 | % |
| 34.88 | % |
Year Ended October 31, 2005 |
| 1.64 | %(d) |
|
|
| 122,530 |
|
| 0.40 | %(d) |
| 4.25 | %(d) |
| 0.53 | % |
| 176.60 | % |
Year Ended October 31, 2006 |
| 5.55 | % |
|
|
| 111,192 |
|
| 0.63 | % |
| 4.96 | % |
| 0.63 | % |
| 273.91 | % |
Year Ended October 31, 2007 |
| 6.94 | % |
|
|
| 119,812 |
|
| 0.59 | % |
| 4.99 | % |
| 0.59 | % |
| 252.56 | % |
Six Months Ended April 30, 2008 (Unaudited) |
| (0.87 | ) % |
|
|
| 107,151 |
|
| 0.58 | % |
| 4.93 | % |
| 0.58 | % |
| 61.96 | % |
HIGH YIELD FIXED INCOME PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2006 (e) |
| 7.41 | % |
|
| $ | 12,719 |
|
| 1.86 | % |
| 6.33 | % |
| 1.86 | % |
| 13.61 | % |
Year Ended October 31, 2007 |
| 6.41 | % |
|
|
| 14,487 |
|
| 1.37 | % |
| 7.12 | % |
| 1.37 | % |
| 30.77 | % |
Six Months Ended April 30, 2008 (Unaudited) |
| (1.81 | )% |
|
|
| 14,022 |
|
| 1.23 | % |
| 7.90 | % |
| 1.23 | % |
| 14.28 | % |
INTERMEDIATE DURATION FIXED INCOME PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| 4.42 | % |
|
| $ | 84,488 |
|
| 0.53 | % |
| 3.70 | % |
| 0.53 | % |
| 98.42 | % |
Year Ended October 31, 2004 |
| 4.48 | % |
|
|
| 63,697 |
|
| 0.57 | % |
| 3.54 | % |
| 0.57 | % |
| 50.06 | % |
Year Ended October 31, 2005 |
| 0.76 | %(d) |
|
|
| 32,810 |
|
| 0.49 | %(d) |
| 3.85 | %(d) |
| 0.58 | % |
| 107.26 | % |
Year Ended October 31, 2006 |
| 5.29 | % |
|
|
| 19,517 |
|
| 0.78 | % |
| 4.58 | % |
| 0.78 | % |
| 236.51 | % |
Year Ended October 31, 2007 |
| 8.38 | % |
|
|
| 15,059 |
|
| 0.84 | % |
| 4.68 | % |
| 0.84 | % |
| 219.76 | % |
Six Months Ended April 30, 2008 (Unaudited) |
| (1.53 | ) % |
|
|
| 13,955 |
|
| 0.89 | % |
| 4.44 | % |
| 0.89 | % |
| 52.13 | % |
GROWTH PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004 (e) |
| (0.86 | ) % |
|
| $ | 49,680 |
|
| 0.72 | % |
| 0.06 | % |
| 0.72 | % |
| 53.08 | % |
Year Ended October 31, 2005 |
| 13.59 | %(d) |
|
|
| 49,415 |
|
| 0.63 | %(d) |
| 0.77 | %(d) |
| 0.68 | % |
| 79.54 | % |
Year Ended October 31, 2006 |
| 7.53 | % |
|
|
| 59,828 |
|
| 0.69 | % |
| 0.38 | % |
| 0.69 | % |
| 75.06 | % |
Year Ended October 31, 2007 |
| 31.11 | % |
|
|
| 89,686 |
|
| 0.62 | % |
| 0.45 | % |
| 0.62 | % |
| 57.04 | % |
Six Months Ended April 30, 2008 (Unaudited) |
| (8.33 | ) % |
|
|
| 82,025 |
|
| 0.60 | % |
| 0.38 | % |
| 0.60 | % |
| 29.44 | % |
INTERNATIONAL EQUITY PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| 23.70 | % |
|
| $ | 201,805 |
|
| 0.96 | % |
| 1.00 | % |
| 0.96 | % |
| 68.51 | % |
Year Ended October 31, 2004 |
| 20.29 | % |
|
|
| 220,025 |
|
| 0.94 | % |
| 1.53 | % |
| 0.94 | % |
| 106.11 | % |
Year Ended October 31, 2005 |
| 19.54 | % |
|
|
| 230,230 |
|
| 0.84 | % |
| 1.92 | % |
| 0.84 | % |
| 31.32 | % |
Year Ended October 31, 2006 |
| 32.79 | % |
|
|
| 333,755 |
|
| 0.86 | % |
| 2.03 | % |
| 0.86 | % |
| 33.39 | % |
Year Ended October 31, 2007 |
| 25.17 | % |
|
|
| 455,062 |
|
| 0.79 | % |
| 2.16 | % |
| 0.79 | % |
| 26.08 | % |
Six Months Ended April 30, 2008 (Unaudited) |
| (10.79 | ) % |
|
|
| 382,007 |
|
| 0.78 | % |
| 2.11 | % |
| 0.78 | % |
| 13.91 | % |
OPPORTUNITY PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended October 31, 2003 |
| 33.30 | % |
|
| $ | 426,181 |
|
| 0.91 | % |
| (0.62 | ) % |
| 0.91 | % |
| 152.05 | % |
Year Ended October 31, 2004 |
| 5.93 | % |
|
|
| 359,333 |
|
| 0.88 | % |
| (0.52 | ) % |
| 0.88 | % |
| 81.75 | % |
Year Ended October 31, 2005 |
| 14.35 | %(d) |
|
|
| 218,778 |
|
| 0.85 | %(d) |
| (0.45 | )%(d) |
| 0.90 | % |
| 63.95 | % |
Year Ended October 31, 2006 |
| 19.54 | % |
|
|
| 241,495 |
|
| 0.91 | % |
| (0.40 | ) % |
| 0.91 | % |
| 60.83 | % |
Year Ended October 31, 2007 |
| 30.54 | % |
|
|
| 224,268 |
|
| 0.91 | % |
| (0.55 | ) % |
| 0.91 | % |
| 69.41 | % |
Six Months Ended April 30, 2008 (Unaudited) |
| (2.63 | ) % |
|
|
| 195,930 |
|
| 0.87 | % |
| (0.46 | ) % |
| 0.87 | % |
| 39.97 | % |
VALUE PORTFOLIO |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Period Ended October 31, 2004 (e) |
| 6.12 | % |
|
| $ | 61,414 |
|
| 0.71 | % |
| 1.28 | % |
| 0.71 | % |
| 10.33 | % |
Year Ended October 31, 2005 |
| 15.23 | %(d) |
|
|
| 54,150 |
|
| 0.64 | %(d) |
| 1.15 | %(d) |
| 0.69 | % |
| 16.45 | % |
Year Ended October 31, 2006 |
| 22.21 | % |
|
|
| 67,432 |
|
| 0.71 | % |
| 1.23 | % |
| 0.71 | % |
| 20.63 | % |
Year Ended October 31, 2007 |
| 10.28 | % |
|
|
| 82,658 |
|
| 0.66 | % |
| 1.29 | % |
| 0.66 | % |
| 18.67 | % |
Six Months Ended April 30, 2008 (Unaudited) |
| (10.38 | ) % |
|
|
| 72,121 |
|
| 0.64 | % |
| 1.45 | % |
| 0.64 | % |
| 14.42 | % |
|
|
(a) | Not annualized for periods less than one year. |
|
|
(b) | Annualized for periods less than one year. |
|
|
(c) | During the period, certain fees were reduced. If such fee reductions had not occurred, the ratio would have been as indicated. |
|
|
(d) | During the year ended October 31, 2005, HSBC reimbursed certain amounts to the Portfolios related to violations of certain investment policies and limitations. The corresponding impact to the net expense ratio, net income ratio and total return were 0.12%, 0.09%, 0.05%, 0.04% and 0.05% for the Core Plus Fixed Income Portfolio, Intermediate Duration Fixed Income Portfolio, Growth Portfolio, Opportunity Portfolio and Value Portfolio, respectively. |
|
|
(e) | High Yield Fixed Income Portfolio commenced operations on November 18, 2005. |
|
|
| Growth Portfolio commenced operations on May 7, 2004. |
|
|
| Value Portfolio commenced operations on May 7, 2004. |
See notes to financial statements.
|
|
106 | HSBC INVESTOR PORTFOLIOS |
|
HSBC INVESTOR PORTFOLIOS |
|
|
|
|
1. | Organization: | ||
|
| ||
| The HSBC Investor Portfolios (the “Portfolio Trust’’), is an open-end management investment company organized as a New York trust under the laws of the State of New York on November 1, 1994. The Portfolio Trust contains the following master funds (individually a “Portfolio,’’ collectively the “Portfolios’’): | ||
|
| ||
|
| Portfolio | Short Name |
|
| ||
|
|
|
|
|
| HSBC Investor Core Plus Fixed Income Portfolio | Core Plus Fixed Income Portfolio |
|
|
|
|
|
| HSBC Investor High Yield Fixed Income Portfolio | High Yield Fixed Income Portfolio |
|
|
|
|
|
| HSBC Investor Intermediate Duration Fixed Income Portfolio | Intermediate Duration Fixed Income Portfolio |
|
|
|
|
|
| HSBC Investor Growth Portfolio | Growth Portfolio |
|
|
|
|
|
| HSBC Investor International Equity Portfolio | International Equity Portfolio |
|
|
|
|
|
| HSBC Investor Opportunity Portfolio | Opportunity Portfolio |
|
|
|
|
|
| HSBC Investor Value Portfolio | Value Portfolio |
|
|
|
|
| The Portfolios operate as master funds in master-feeder arrangements, in which other funds invest their investable assets in the Portfolios. The Declaration of Trust permits the Board of Trustees to issue an unlimited number of beneficial interests in the Portfolios. | ||
|
| ||
| The Portfolios are diversified series of the Portfolio Trust and are part of the HSBC Investor Family of Funds. Financial statements for all other funds of the HSBC Investor Family of Funds are published separately. | ||
|
| ||
| Under the Portfolio Trust’s organizational documents, the Portfolios’ officers and trustees are indemnified against certain liabilities arising out of the performance of their duties to the Portfolios. In addition, in the normal course of business, the Portfolios may enter into contracts with their service providers, which also provide for indemnifications by the Portfolios. The Portfolios’ maximum exposure under these arrangements is unknown as this would involve any future claims that may be made against the Portfolios. However, based on experience, the Portfolios expect that risk of loss to be remote. | ||
|
| ||
2. | Significant Accounting Policies: | ||
|
| ||
| The following is a summary of the significant accounting policies followed by the Portfolios in the preparation of their financial statements. The policies are in conformity with U.S. generally accepted accounting principles (“GAAP’’). The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates. | ||
|
| ||
| Securities Valuation: | ||
|
| ||
| Bonds and other fixed income securities (other than short-term obligations but including listed issues) are valued on the basis of valuations furnished by a pricing service, the use of which has been approved by the Portfolios’ Board of Trustees. In making such valuations, the pricing service utilizes both dealer-supplied valuations and the use of matrix techniques which take into account appropriate factors such as institutional-size trading in similar groups of securities, yield, quality, coupon rate, maturity, type of issue, trading characteristics other than market data and without exclusive reliance upon quoted prices or exchanges or over-the-counter prices, since such valuations are believed to reflect more accurately the fair value of such securities. All debt portfolio securities with a remaining maturity of 60 days or less are valued at amortized cost. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight-line) basis to the maturity of the security. | ||
|
| ||
| The value of each equity security is based either on the last sale price on a national securities exchange, or in the absence of recorded sales, at the closing bid prices on such exchanges, or at the quoted bid price in the over-the-counter market. Securities or other assets for which market quotations are not readily available, or are deemed unreliable due to a significant event or otherwise, are valued by or at the direction of the Portfolios’ Board of Trustees. Examples of potentially significant events that could affect the value of an individual security include corporate actions by the issuer, announcements by the issuer relating to its earnings or products, regulatory news, natural disasters, and litigation. Examples of potentially significant events that could affect multiple securities held by a Portfolio include governmental actions, natural |
|
|
HSBC INVESTOR PORTFOLIOS | 107 |
|
HSBC INVESTOR PORTFOLIOS |
|
|
| disasters, and armed conflicts. In addition, if events materially affecting the value of foreign securities occur between the time when the exchange on which they are traded closes and the time when the Portfolios’ net assets are calculated, such securities may be valued using fair value pricing in accordance with procedures adopted by the Board of Trustees. Management identifies possible fluctuations in foreign securities by monitoring the rise or fall in the value of a designated benchmark index. In the event of a rise or fall greater than predetermined levels, the International Equity Portfolio may use a systematic valuation model provided by an independent third party to value its foreign securities, rather than local market closing prices. When the International Equity Portfolio uses such a valuation model, the value assigned to the International Equity Portfolio’s foreign securities may not be the quoted or published prices of the investment on their primary markets or exchanges. |
|
|
| Investment Transactions and Related Income: |
|
|
| Investment transactions are accounted for no later than one business day after trade date. For financial reporting purposes, changes in holdings are accounted for on trade date on the last business day of the reporting period. Investment gains and losses are calculated on the identified cost basis. Interest income is recognized on the accrual basis and includes, where applicable, the amortization or accretion of premium or discount. Dividend income is recorded on the ex-dividend date. |
|
|
| Foreign Currency Translation: |
|
|
| The accounting records of the Portfolios are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange to determine the value of investments, assets and liabilities. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. The Portfolios do not isolate the portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuations arising from changes in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currencies. |
|
|
| Forward Foreign Currency Exchange Contracts: |
|
|
| The Portfolios may enter into forward foreign currency exchange contracts in connection with planned purchases or sales of securities or to hedge the U.S. dollar value of portfolio securities denominated in a particular currency. The Portfolios could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar. The forward foreign currency exchange contracts are adjusted by the daily exchange rate of the underlying currency and any gains or losses are recorded for financial statement purposes as unrealized gains or losses until the contract settlement date. |
|
|
| Futures Contracts: |
|
|
| Each Portfolio may invest in futures contracts for the purpose of hedging their existing portfolio securities or securities it intends to purchase against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Portfolio is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount (initial margin deposit). Subsequent payments, known as “variation margin,’’ are made or received by the Portfolio each day, depending on the daily fluctuations in the fair value of the underlying security. The Portfolio recognizes a gain or loss equal to the daily variation margin. Should market conditions move unexpectedly, the Portfolio may not achieve the anticipated benefits of the futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates, and the underlying hedged assets. |
|
|
| Mortgage Dollar Roll Transactions: |
|
|
| The Core Plus Fixed Income Portfolio, the High Yield Fixed Income Portfolio and the Intermediate Duration Fixed Income Portfolio may engage in dollar roll transactions with respect to mortgage securities issued by the Government National Mortgage Association, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. In a dollar roll transaction, the Portfolio sells a mortgage-backed security and simultaneously agrees to repurchase a similar security on a specified future date at an agreed upon price. During the roll period, the Portfolio will not be entitled to receive any interest or principal paid on the securities sold. The Portfolio is compensated for the lost interest on the securities sold by the difference between the sales price and the lower price for the future repurchase as well as by the interest earned on the reinvestment of the sales proceeds. The Portfolio may also be compensated by receipt of a commitment fee. |
|
|
108 | HSBC INVESTOR PORTFOLIOS |
|
HSBC INVESTOR PORTFOLIOS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| Restricted and Illiquid Securities: |
|
|
| A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act’’) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act, or an exemption from the registration requirements of the 1933 Act. Certain restricted securities may be resold in transactions exempt from registration, normally to qualified institutional buyers, and may be deemed liquid by the investment adviser based on procedures established by the Board of Trustees. Therefore, not all restricted securities are considered illiquid. At April 30, 2008 the HSBC Core Plus Fixed Income Portfolio held restricted securities that were illiquid, representing 0.02% of net assets, as follows: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Security Name |
| Acquisition |
| Acquisition |
| Principal |
| Value($) |
| ||||
|
|
|
|
|
| |||||||||
| FHA Weyerhauser, 7.43%, 1/1/24 |
|
| 3/28/2002 |
| 25,228 |
|
| 26,696 |
|
| 26,696 |
|
|
|
|
| Repurchase Agreements: |
|
|
| The Portfolios may enter into repurchase agreements with an entity which is a member of the Federal Reserve System or which is a “primary dealer’’ (as designated by the Federal Reserve Bank of New York) in U.S. Government obligations. The repurchase price generally equals the price paid by a Portfolio plus interest negotiated on the basis of current short-term rates, which may be more or less than the rate on the underlying portfolio securities. The seller, under a repurchase agreement, is required to maintain the collateral held pursuant to the agreement, with a fair value equal to or greater than the repurchase price (including accrued interest). Collateral subject to repurchase agreements is held by the Portfolios’ custodian or another qualified custodian or in the Federal Reserve/Treasury book-entry system. In the event of counterparty default, the Portfolio has the right to use the collateral to offset losses incurred. There is a potential for loss to the Portfolio in the event the Portfolio is delayed or prevented from exercising its rights to dispose of the collateral securities, including the risk of a possible decline in the fair value of the underlying securities during the period while the Portfolio seeks to assert its rights. |
|
|
| Expense Allocations: |
|
|
| Expenses directly attributable to a Portfolio are charged to that Portfolio. Expenses not directly attributable to a Portfolio are allocated proportionally among various or all funds within the HSBC Investor Family of Funds in relation to net assets or on another reasonable basis. |
|
|
| Federal Income Taxes: |
|
|
| Each Portfolio will be treated as a partnership for U.S. Federal income tax purposes. Accordingly, each Portfolio passes through all of its net investment income and gains and losses to its feeder funds, and is therefore not subject to U.S. Federal income tax. As such, investors in the Portfolios will be taxed on their respective share of the Portfolios’ ordinary income and realized gains. It is intended that the Portfolios will be managed in such a way that an investor will be able to satisfy the requirements of the Internal Revenue Code applicable to regulated investment companies. |
|
|
| In addition, effective April 30, 2008, the Trust adopted Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“FIN 48”). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. FIN 48 requires the affirmative evaluation of tax positions taken or expected to be taken in the course of preparing the Portfolio Trust’s tax returns to determine whether it is more-likely-than-not (i.e., greater than 50-percent) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. A tax position that meets the more-likely-than-not recognition threshold is measured to determine the amount of benefit to recognize in the financial statements. Differences between tax positions taken in a tax return and amounts recognized in the financial statements will generally result in an increase in a liability for taxes payable (or a reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. Implementation of FIN 48 included a review of tax positions taken in tax years that remain subject to examination by tax authorities (i.e., the last 4 tax year ends and the interim tax period since then, as applicable). The adoption of FIN 48 did not impact the Portfolios’ net assets or results of operations. |
|
|
HSBC INVESTOR PORTFOLIOS | 109 |
|
HSBC INVESTOR PORTFOLIOS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
|
|
| New Accounting Pronouncements: |
|
|
| In September 2006, the Financial Accounting Standards Board (FASB) issued Statement on Financial Accounting Standards SFAS No. 157, “Fair Value Measurements”(“SFAS No. 157”). This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007, and interim periods within those fiscal years. The changes to current GAAP from the application of this Statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. Management does not believe the adoption of SFAS No. 157 will materially impact the financial statements; however, additional disclosures will be required about the inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period. |
|
|
| In March 2008, the Financial Accounting Standards Board issued the Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161requires enhanced disclosures about the Fund’s derivative and hedging activities, including how such activities are accounted for and their effect on the Portfolios financial position, performance and cash flows. Management is currently evaluating the impact, the adoption of SFAS 161 will have on the Fund’s financial statements and related disclosures. |
|
|
3. | Related Party Transactions: |
|
|
| Investment Management: |
|
|
| HSBC Investments (USA) Inc. (which became HSBC Global Asset Management (USA) Inc. effective June 2, 2008) (“HSBC’’ or the “Investment Adviser’’), a wholly owned subsidiary of HSBC Bank USA, N.A., a national bank organized under the laws of the United States, acts as the Investment Adviser to the Portfolios pursuant to an investment management contract with the Portfolio Trust. As Investment Adviser, HSBC manages the investments of the Portfolios and continuously reviews, supervises, and administers the Portfolios’ investments, except that Waddell & Reed Investment Management Company, AllianceBernstein Investment Research and Management, Westfield Capital Management, LLC and NWQ Investment Management Co., LLC serve as Sub-Investment Advisers for the Growth Portfolio, International Equity Portfolio, Opportunity Portfolio, and the Value Portfolio, respectively, and are paid for their services directly by the respective Portfolios. |
|
|
| For its services, the Investment Adviser receives a fee, accrued daily and paid monthly, at an annual rate of 0.60% of the High Yield Fixed Income Portfolio’s average daily net assets and 0.40% of the Intermediate Duration Fixed Income Portfolio’s average daily net assets. |
|
|
| For its services as Investment Adviser, HSBC receives, from the Core Plus Fixed Income Portfolio, a fee, accrued daily and paid monthly, at an annual rate of: |
|
|
|
|
|
|
| Based on Average Daily Net Assets of |
| Fee Rate |
| |
|
|
| |||
| Up to $50 million |
| 0.575 | % |
|
| In excess of $50 million but not exceeding $95 million |
| 0.450 | % |
|
| In excess of $95 million but not exceeding $150 million |
| 0.200 | % |
|
| In excess of $150 million but not exceeding $250 million |
| 0.400 | % |
|
| In excess of $250 million |
| 0.350 | % |
|
|
|
| For their services, the Investment Adviser and Waddell & Reed Investment Management Company receive in aggregate, from the Growth Portfolio, a fee, accrued daily and paid monthly, at an annual rate of: |
|
|
|
|
|
|
| Based on Average Daily Net Assets of |
| Fee Rate |
| |
|
|
| |||
| Up to $50 million |
| 0.500 | % |
|
| In excess of $50 million but not exceeding $100 million |
| 0.425 | % |
|
| In excess of $100 million but not exceeding $200 million |
| 0.375 | % |
|
| In excess of $200 million |
| 0.325 | % |
|
|
|
110 | HSBC INVESTOR PORTFOLIOS |
|
HSBC INVESTOR PORTFOLIOS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
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| For their services, the Investment Adviser and AllianceBernstein Investment Research and Management receive in aggregate, from the International Equity Portfolio, a fee, accrued daily and paid monthly, at an annual rate of: |
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| Based on Average Daily Net Assets of: |
| Fee Rate |
| |
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| |||
| Up to $10 million |
| 1.015 | % |
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| In excess of $10 million but not exceeding $25 million |
| 0.925 | % |
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| In excess of $25 million but not exceeding $50 million |
| 0.79 | % |
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| In excess of $50 million but not exceeding $100 million |
| 0.70 | % |
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| In excess of $100 million |
| 0.61 | % |
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| For their services, the Investment Adviser and Westfield Capital Management, LLC receive in aggregate, a fee, accrued daily and paid monthly, at an annual rate of 0.80% of the Opportunity Portfolio’s average daily net assets. |
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| For their services, the Investment Adviser and NWQ Investment Management Co., LLC receive in aggregate, from the Value Portfolio, a fee, accrued daily and paid monthly, at an annual rate of: |
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| Based on Average Daily Net Assets of |
| Fee Rate |
| |
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| Up to $500 million |
| 0.525 | % |
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| In excess of $500 million but not exceeding $1 billion |
| 0.475 | % |
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| In excess of $1 billion |
| 0.425 | % |
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| Administration: |
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| HSBC serves the Portfolios as Administrator. Under the terms of the Administration Agreement, HSBC receives from the Portfolios a fee, accrued daily and paid monthly, at an annual rate of: |
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| Based on Average Daily Net Assets of |
| Fee Rate |
| |
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| |||
| Up to $12 billion |
| 0.0525 | % |
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| In excess of $12 billion |
| 0.0350 | % |
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| The fee rates and breakpoints are determined on the basis of the aggregate average daily net assets of the HSBC Investor Family of Funds, however, the assets of the Portfolios and Feeder Funds that invest in the Portfolios are not double-counted. The total administration fee paid to HSBC is allocated to each series in the HSBC Investor Family of Funds based upon its proportionate share of the aggregate net assets of the Family of Funds. For assets invested in the Portfolios by Feeder Funds, the Portfolios pay half of the administration fee and the Feeder Funds pay half of the administration fee, for a combination of the total fee rate set forth above. |
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| Pursuant to a Sub-Administration Agreement with HSBC, Citi Fund Services Ohio, Inc. (“Citi Ohio’’), a wholly-owned subsidiary of The Citigroup, Inc., serves as the Portfolio Trust’s sub-administrator subject to the general supervision of the Portfolio Trust’s Board of Trustees and HSBC. For these services, Citi Ohio is entitled to a fee, payable by HSBC, at an annual rate equivalent to the fee rates set forth above, minus 0.02% (2 basis points) which is retained by HSBC. |
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| Under a Compliance Services Agreement between the Portfolios and Citi Ohio (the “CCO Agreement’’), Citi Ohio makes an employee available to serve as the Portfolios’ Chief Compliance Officer (the “CCO’’). Under the CCO Agreement, Citi Ohio also provides infrastructure and support in implementing the written policies and procedures comprising the Portfolios’ compliance program, including support services to the CCO. For the services provided under the CCO Agreement, the HSBC Investor Family of Funds paid Citi Ohio $125,400 for the period ended April 30, 2008, plus reimbursement of certain expenses. Expenses incurred by each Portfolio are reflected on the Statements of Operations as “Compliance Service.’’ Citi Ohio pays the salary and other compensation earned by any such individuals as employees of Citi Ohio. |
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| Fund Accounting, Custodian and Trustee: |
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| Citi Ohio provides fund accounting services for the Portfolios. For its services to the Portfolios, Citi Ohio receives an annual fee per Portfolio, including reimbursement of certain expenses, that is accrued daily and paid monthly. |
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| Effective April 1, 2008 each of the six non-interested Trustees are compensated with a $60,000 annual Board retainer, as well as a $3,000 annual retainer for each Committee of the Board. Each non-interested Trustee also receives a $5,000 and $3,000 meeting fee for each regular in-person Board meeting and Committee meeting, respectively. Furthermore, each non-interested Trustee receives compensation for attending special meetings and/or functioning as a Committee |
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HSBC INVESTOR PORTFOLIOS | 111 |
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HSBC INVESTOR PORTFOLIOS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
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| Chairperson or Lead Trustee. In addition, the non-interested Trustees are reimbursed for certain expenses incurred in connection with their Board membership. |
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| Prior to April 1, 2008 each of the six non-interested Trustees are compensated with a $35,000 annual Board retainer, as well as a $3,000 annual retainer for each Committee of the Board. Each non-interested Trustee also receives a $5,000 and $3,000 meeting fee for each regular in-person Board meeting and Committee meeting, respectively. Furthermore, each non-interested Trustee receives compensation for attending special meetings and/or functioning as a Committee Chairperson or Lead Trustee. In addition, the non-interested Trustees are reimbursed for certain expenses incurred in connection with their Board membership. |
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4. | Investment Transactions: |
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| Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the period ended April 30, 2008 were as follows: |
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| Portfolio Name |
| Purchases |
| Sales |
| Purchases |
| Sales |
| ||||
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| Core Plus Fixed Income Portfolio |
| $ | 25,839,917 |
| $ | 44,373,528 |
| $ | 38,241,573 |
| $ | 29,287,671 |
|
| High Yield Fixed Income Portfolio |
|
| 1,909,068 |
|
| 1,874,639 |
|
| — |
|
| — |
|
| Intermediate Duration Fixed Income Portfolio |
|
| 1,981,553 |
|
| 5,467,875 |
|
| 4,902,753 |
|
| 2,961,503 |
|
| Growth Portfolio |
|
| 23,757,509 |
|
| 26,341,429 |
|
| — |
|
| — |
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| International Equity Portfolio |
|
| 53,593,082 |
|
| 64,674,325 |
|
| — |
|
| — |
|
| Opportunity Portfolio |
|
| 76,590,560 |
|
| 101,410,149 |
|
| — |
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| — |
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| Value Portfolio |
|
| 10,064,290 |
|
| 10,311,265 |
|
| — |
|
| — |
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5. | Federal Income Tax Information: |
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| At April 30, 2008, the cost, gross unrealized appreciation and gross unrealized depreciation on securities for federal income tax purposes, were as follows: |
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| Portfolio Name |
| Tax Cost |
| Tax |
| Tax |
| Net |
| ||||
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| |||||||||
| Core Plus Fixed Income Portfolio |
| $ | 131,318,596 |
| $ | 909,519 |
| $ | (4,369,349 | ) | $ | (3,459,830 | ) |
| High Yield Fixed Income Portfolio |
|
| 14,615,217 |
|
| 172,528 |
|
| (1,119,408 | ) |
| (946,880 | ) |
| Intermediate Duration Fixed Income Portfolio |
|
| 17,506,162 |
|
| 82,336 |
|
| (717,122 | ) |
| (634,786 | ) |
| Growth Portfolio |
|
| 69,983,120 |
|
| 14,085,129 |
|
| (2,327,355 | ) |
| 11,757,774 |
|
| International Equity Portfolio |
|
| 332,759,907 |
|
| 72,693,893 |
|
| (26,511,532 | ) |
| 46,182,361 |
|
| Opportunity Portfolio |
|
| 181,435,446 |
|
| 30,998,404 |
|
| (14,190,834 | ) |
| 16,807,570 |
|
| Value Portfolio |
|
| 68,683,585 |
|
| 13,285,531 |
|
| (10,164,395 | ) |
| 3,121,136 |
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6. | Legal and Regulatory Matters: |
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| On September 26, 2006 BISYS Fund Services, Inc. (“BISYS’’), an affiliate of BISYS Fund Services Ohio, Inc. which provided various services to the Funds, reached a settlement with the Securities and Exchange Commission (“the SEC’’) regarding the SEC’s investigation related to BISYS’ past payment of certain marketing and other expenses with respect to certain of its mutual fund clients. Although BISYS has reached a settlement with the SEC, the Funds’ management is not aware that any determination has been made as to how the BISYS settlement monies will be distributed. While the Funds’ management is currently unable to determine the impact, if any, of such matters on the Funds or the Funds’ financial statements, management does not anticipate a material, adverse impact to the Funds or the Funds’ financial statements. |
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112 | HSBC INVESTOR PORTFOLIOS |
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HSBC INVESTOR PORTFOLIOS |
Notes to Financial Statements—as of April 30, 2008 (Unaudited) (continued) |
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7. | Subsequent Event for Sub-Adviser Change: |
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| Effective May 12, 2008, Winslow Capital Management Inc. (“Winslow”) serves as the Sub-Adviser to the Growth Portfolio. |
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| Effective May 12, 2008, the Investment Adviser and Winslow receives in aggregate, from the HSBC Investor Family of Funds, a fee, accrued daily and paid monthly, at an annual rate of: |
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| Based on Sub-Advised HSBC Investor Family of Funds Average Daily Net Assets of: |
| Fee Rate |
|
| ||
| Up to $250 million |
| 0.40% |
| In excess of $250 million but not exceeding $500 million |
| 0.35% |
| In excess of $500 million but not exceeding $750 million |
| 0.30% |
| In excess of $750 million but not exceeding $1 billion |
| 0.25% |
| In excess $1 billion |
| 0.20% |
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HSBC INVESTOR PORTFOLIOS | 113 |
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HSBC INVESTOR PORTFOLIOS |
Investment Adviser Contract Approval—as of April 30, 2008 (Unaudited) |
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| The Independent Trustees of the HSBC Investor Funds Trust, HSBC Advisor Funds Trust and HSBC Investor Portfolios (collectively, the “Trusts”), and the non-interested Trustees, voting separately, approved the renewal of the Investment Advisory Contracts and, where applicable Sub-Advisory Contracts, with respect to the respective series of the Trusts then existing (collectively, the “Existing Funds”) at an in-person meeting held on December 10, 2007. Also, at an in-person meeting held on April 1, 2008, The Independent Trustees reviewed and approved a new Investment Advisory Contract and Sub-Advisory Contract with respect to the HSBC Investor Growth Fund (the “Growth Fund”) (the Existing Funds and Growth Fund are collectively referred to as the “Funds” and the Investment Advisory Contracts and Sub-Advisory Contracts are collectively referred to as the “Agreements”). | |
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| In determining whether it was appropriate to approve the Agreements for the Funds, The Independent Trustees requested information from the Adviser and the various Sub-Advisers that it believed to be reasonably necessary to reach its conclusion. In an Executive Session, the Independent Trustees carefully evaluated this information, and were advised by independent legal counsel with respect to their deliberations. Based on its review of the information requested and provided for each Fund, The Independent Trustees determined that the relevant Agreements were consistent with the best interests of the Funds and their shareholders, and enable the Funds to receive high quality services at a cost that is appropriate and reasonable. The Independent Trustees made these determinations on the basis of the following considerations, among others: | |
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| Nature, Extent, and Quality of Services Provided by Adviser and Sub-Advisers. The Independent Trustees considered the nature, quality and extent of the investment advisory services provided by the Adviser (and, as applicable, the Sub-Advisers), in light of the high quality services provided to the Funds, and each Fund’s historic performance. The Independent Trustees considered the historical performance and the commitment of the Adviser to the successful operations of the Funds including the level of expenses of the Funds, and each Fund’s historic performance. The Independent Trustees considered the historical performance and commitment of the Adviser to the successful operations of the Funds including the level of expenses of the Funds. With respect to the Equity Funds, The Independent Trustees considered the capabilities and performance of the Adviser’s Multimanager unit. The Independent Trustees also considered the use of expense limitation agreements in order to reduce the overall operating expenses of certain funds. The Independent Trustees also took note of the long term relationship between the Adviser and the Funds and the efforts undertaken by the Adviser to foster the growth and development of the Funds since the inception of each of the Funds. For the Fixed Income Funds, The Independent Trustees also considered the historical performance and experience of the management team in managing other accounts, and the reasonable expectation of achieving competitive performance for these Funds. The Independent Trustees also considered the extent to which the investment advisers had achieved economies of scale and the extent to which shareholders participated in those economies of scale. |
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| Investment Performance of the Funds, Adviser and Sub-Advisers. The Independent Trustees considered short-term and long-term investment performance of each Fund over various periods of time as compared to a peer group of comparable funds. The Independent Trustees members took note of performance information for the one, three and five year periods and since inception as relevant. In addition The Independent Trustees compared expenses of each Fund to the expenses of its peers, noting that the expenses for each of the Funds compare favorably with industry averages for other funds of similar size. |
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| Costs of Services and Profits Realized by the Adviser. The Independent Trustees considered the Adviser’s overall profitability and costs and an analysis of the estimated profitability to the Adviser from its relationship with the Funds. The Independent Trustees considered that the advisory fees under the Agreements were within the range of those of similar funds, noting the high level of resource, expertise and experience that was provided to the Funds by the Adviser and Sub-Advisers. The Independent Trustees concluded that the combined advisory fees payable to the Adviser and each of the Fund’s Sub-Advisers are fair and reasonable in light of the services to be provided, the anticipated costs of these services, the profitability of the Adviser’s relationship with the Fund, and the comparability of the advisory fee to similar fees paid by comparable mutual funds. |
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| Other Relevant Considerations. The Independent Trustees also considered the overall high quality of the personnel, operations, financial condition, investment management capabilities, methodologies, and performance of the Adviser and Sub-Advisers. The Independent Trustees also noted the range of investment advisory and administrative services |
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114 | HSBC INVESTOR PORTFOLIOS |
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HSBC INVESTOR PORTFOLIOS |
Investment Adviser Contract Approval—as of April 30, 2008 (Unaudited) (continued) |
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| provided by the Adviser to the Funds and the level and quality of these services, in particular the quality of the personnel providing these services. In addition, The Independent Trustees considered the overall favorable investment performance of the Funds. |
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| Accordingly, in light of the above considerations and such other factors and information it considered relevant, The Independent Trustees by a unanimous vote of those present in person at the meetings (including a separate vote of the Independent Trustees present in person at the meeting) approved the Agreements. |
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HSBC INVESTOR PORTFOLIOS | 115 |
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HSBC INVESTOR PORTFOLIOS |
Table of Shareholder Expenses (unaudited)—as of April 30, 2008 |
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| As a shareholder of the HSBC Investor Portfolios (“Portfolios”), you incur ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolios and to compare these costs with the ongoing costs of investing in other mutual funds. | |
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| These examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from November 1, 2007 through April 30, 2008. | |
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| Actual Example | |
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| The table below provides information about actual account values and actual expenses. You may use the information below, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the table under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period. |
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| Beginning |
| Ending |
| Expenses Paid |
| Annualized |
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| Core Plus Fixed Income Portfolio |
| $ | 1,000.00 |
| $ | 991.30 |
| $ | 2.87 |
| 0.58 | % |
|
| High Yield Fixed Income Portfolio |
|
| 1,000.00 |
|
| 981.90 |
|
| 6.06 |
| 1.23 | % |
|
| Intermediate Duration Fixed Income Portfolio |
|
| 1,000.00 |
|
| 984.70 |
|
| 4.39 |
| 0.89 | % |
|
| Growth Portfolio |
|
| 1,000.00 |
|
| 916.70 |
|
| 2.86 |
| 0.60 | % |
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| International Equity Portfolio |
|
| 1,000.00 |
|
| 892.10 |
|
| 3.67 |
| 0.78 | % |
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| Opportunity Portfolio |
|
| 1,000.00 |
|
| 973.70 |
|
| 4.27 |
| 0.87 | % |
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| Value Portfolio |
|
| 1,000.00 |
|
| 896.20 |
|
| 3.02 |
| 0.64 | % |
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* | Expenses are equal to the average account value over the period multiplied by the Portfolio’s annualized expense ratio, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one half year period). |
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116 | HSBC INVESTOR PORTFOLIOS |
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HSBC INVESTOR PORTFOLIOS |
Table of Shareholder Expenses (unaudited)—as of April 30, 2008 (continued) |
Hypothetical Example for Comparison Purposes
The table below provides information about hypothetical account values and hypothetical expenses based on each Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
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| Beginning |
| Ending |
| Expenses Paid |
| Annualized |
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Core Plus Fixed Income Portfolio |
| $ | 1,000.00 |
|
| $ | 1,021.98 |
|
| $ | 2.92 |
|
|
| 0.58 | % |
|
High Yield Fixed Income Portfolio |
|
| 1,000.00 |
|
|
| 1,018.75 |
|
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| 6.17 |
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| 1.23 | % |
|
Intermediate Duration Fixed Income Portfolio |
|
| 1,000.00 |
|
|
| 1,020.44 |
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| 4.47 |
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| 0.89 | % |
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Growth Portfolio |
|
| 1,000.00 |
|
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| 1,021.88 |
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| 3.02 |
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| 0.60 | % |
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International Equity Portfolio |
|
| 1,000.00 |
|
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| 1,020.98 |
|
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| 3.92 |
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| 0.78 | % |
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Opportunity Portfolio |
|
| 1,000.00 |
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| 1,020.54 |
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| 4.37 |
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| 0.87 | % |
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Value Portfolio |
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| 1,000.00 |
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| 1,021.68 |
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| 3.22 |
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| 0.64 | % |
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* | Expenses are equal to the average account value over the period multiplied by the Portfolio’s annualized expense ratio, multiplied by the number of days in the most recent fiscal half-year divided by the number of days in the fiscal year (to reflect the one half year period). |
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HSBC INVESTOR PORTFOLIOS | 117 |
A description of the policies and procedures that the Funds use to determine how to vote proxies relating to the portfolio securities is available without charge, upon request, by calling 1-800-525-5757 for HSBC Bank USA and HSBC Brokerage (USA) Inc. clients and 1-800-782-8183 for all other shareholders or on the Fund’s website at www.investorfunds.us.hsbc.com and the Securities and Exchange Commission’s (“Commission”) website at http://www.sec.gov. A copy of the Fund’s voting record for the most recent 12 month period ending June 30 is available at the Commission’s website at http://www.sec.gov.
Schedules of Portfolio Investments for fiscal quarters ending January 31 and July 31 will be available no later than 60 days after each period end, without charge, on the Fund’s website at www.investorfunds.us.hsbc.com and on the Commission’s website at http://www.sec.gov.
An investment in a Fund is not a deposit of HSBC Bank USA, National Association, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.
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118 | HSBC INVESTOR PORTFOLIOS |
[This Page Intentionally Left Blank]
[This Page Intentionally Left Blank]
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HSBC INVESTOR FAMILY OF FUNDS: SUB-ADVISERS |
| SHAREHOLDER SERVICING AGENTS TRANSFER AGENT AND SPONSOR CUSTODIAN INDEPENDENT REGISTERED PUBLIC |
The HSBC Investor Family of Funds are distributed by Foreside Distribution Services, L.P. This document must be preceded or accompanied by a current prospectus for the HSBC Investor Funds, which you should read carefully before you invest or send money.
— NOT FDIC INSURED — NO BANK GUARANTEE — MAY LOSE VALUE
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HSB-0008 | 04/08 |
Item 2. Code of Ethics.
Not applicable – Only for annual reports.
Item 3. Audit Committee Financial Expert.
Not applicable – Only for annual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable – Only for annual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments.
(a) Included as a part of the report to shareholders filed under Item 1.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
Not applicable.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-CSR is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a -3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Not applicable – Only effective for annual reports.
(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) | HSBC ADVISOR FUNDS TRUST |
By (Signature and Title)* | /s/Richard A. Fabietti | ||
Richard A. Fabietti | |||
President | |||
Date July 2, 2008 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)* | /s/Richard A. Fabietti | ||
Richard A. Fabietti | |||
President | |||
Date July 2, 2008 | |||
By (Signature and Title)* | /s/Troy A. Sheets | ||
Troy A. Sheets | |||
Treasurer | |||
Date July 2, 2008 | |||
* Print the name and title of each signing officer under his or her signature. |