HSBC Portfolios NCSRS Certified semi-annual shareholder report (management investment company)

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: 811-08928

HSBC INVESTOR PORTFOLIOS
(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, 2009

Item 1. Reports to Stockholders.

(COVER PAGE)

HSBC Global Asset Management (USA) Inc.

April 30^th, 2009

HSBC Investor LifeLine Funds^TM

Semi-Annual Report

HSBC Investor Aggressive Growth Strategy Fund

HSBC Investor Growth Strategy Fund

HSBC Investor Moderate Growth Strategy Fund

HSBC Investor Conservative Growth Strategy Fund

Table of Contents

HSBC Investor Lifeline Funds
Semi-Annual Report - April 30, 2009


Chairman’s Message	1

Commentary From the Investment Manager	2

Portfolio Reviews	3

Statements of Assets and Liabilities	11

Statements of Operations	12

Statements of Changes in Net Assets	13

Financial Highlights	17

Notes to Financial Statements	21

Investment Adviser Contract Approval	29

Table of Shareholder Expenses	30

HSBC Investor Portfolios

Portfolio Reviews	32

Schedules of Portfolio Investments

HSBC Investor Core Plus Fixed Income Portfolio	41

HSBC Investor Intermediate Duration Fixed Income Portfolio	45

HSBC Investor Growth Portfolio	48

HSBC Investor International Equity Portfolio	50

HSBC Investor Opportunity Portfolio	53

HSBC Investor Value Portfolio	54

Statements of Assets and Liabilities	55

Statements of Operations	57

Statements of Changes in Net Assets	59

Financial Highlights	63

Notes to Financial Statements	64

Investment Adviser Contract Approval	72

Table of Shareholder Expenses	73

Other Information	74

This page is intentionally left blank.

Glossary of Terms

Barclays Capital U.S. Aggregate Bond Index (formerly 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.

Barclays Capital Intermediate U.S. Aggregate Index (formerly Lehman Brothers U.S. Intermediate Aggregate Index) is an unmanaged index generally representative of investment-grade issues with maturities between three- and ten-years.

Citigroup U.S. Domestic Three Month Treasury Bill Index is an unmanaged index of three-month Treasury bills.

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 is an index that captures the performance of below-investments-grade debt issued by corporations domiciled in the United States or Canada.

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.

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. Russell’s consultants advise clients on more than $2 trillion in assets. Russell delivers 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 2000^® Index is an unmanaged index which measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000^® Index representing approximately 10% of the total market capitalization of that index. It includes approximately 2000 of the smallest securities based on a combination of their market cap and current index membership.

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 (“S&P 500”) 500 Index 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.

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.

Chairman’s Message

Dear Shareholder,

The difficulties in the markets that I mentioned in my last letter continued for the period covered by this semi-annual financial report. In response, governments around the world announced programs of varying types designed to provide support to key industries and generally promote economic activity.

In the face of these market conditions, investors have seen the value of their portfolios decrease, in some cases dramatically. Even money market funds, which are considered by many to be “safe havens” have not been immune from these conditions. In October 2008, a large U.S.-registered money market fund experienced significant market depreciation of some of its portfolio holdings and announced that its price per share had sunk below $1.00.

The U.S. government has responded to this situation with a number of programs. Several were designed to support the credit markets by encouraging investments in money market instruments. Another program was specifically aimed at supporting investor confidence in money market funds. The U.S. Treasury offered money market funds the opportunity to participate in a temporary guarantee program under which a participating fund would receive financial support from the Treasury if its price per share were to depreciate below $1.00. Most money market funds in the U.S. participated in this program.

The Board of Trustees of the HSBC Investor Funds has actively monitored these developments and, along with the Funds’ adviser, has taken actions designed to support the financial interests of the Funds’ shareholders. For example, most of the HSBC Investor money market funds have participated in the Treasury’s Temporary Guarantee Program. The sole exception was the HSBC Investor U.S. Treasury Money Market Fund, which invests in obligations issued by the U.S. Treasury.

The Board continues to work with the Adviser on evaluating investment options and taking actions designed to benefit the shareholders. We remain committed to managing the HSBC Investor Funds in a prudent manner for long-term performance, while taking advantage of short-term market movements.

For commentary on the Funds’ investment results, please read the portfolio managers’ analysis of current market conditions.

After 22 years of serving as the Chairman of the Funds’ Board of Trustees, I will be stepping down, effective July 1, 2009; however, I will continue as a trustee. Michael Seely, who has also been a trustee of the funds since their inception, will be taking over as chairman on that date. I would like to take this time to thank you for the opportunity to serve as Chairman and for your continuing investments with the HSBC Investor Funds.

Sincerely,

Larry M. Robbins, Chairman, HSBC Investor Funds


1	HSBC INVESTOR FAMILY OF FUNDS

Commentary From the Investment Manager

HSBC Global Asset Management (USA) Inc.

U.S. Economic Review

Several factors weighed on the U.S. economy during the six-month period between November 1, 2008 and April 30, 2009. Employment continued to decline, causing weakness in consumer spending. The decline in consumer spending also reflected falling prices for goods and services, particularly oil and gas. Consumer spending accounts for more than two-thirds of U.S. economic activity, so slower spending posed a significant threat to economic growth.

Housing values continued to decline in the wake of the subprime mortgage crisis. Foreclosures mounted, forcing financial firms to continue writing down the value of their assets in mortgage-related securities. The federal government responded by designating $1 trillion to help investors buy distressed loans and other assets from U.S. banks. Meanwhile, U.S. automakers struggled with a steep decline in sales and sought a federal bailout in order to avoid bankruptcy.

The Federal Reserve Board acted aggressively as it attempted to ameliorate the credit situation and stimulate the economy. The Fed in December reduced the federal funds rate, its target short-term interest rate, from 1.00% to a range between 0.00% and 0.25% in order to inject liquidity into the financial markets.

In addition, in December, the National Bureau of Economic Research announced that the United States had officially been in a recession since the previous December. The U.S. economy contracted substantially during the period under review: Gross domestic product decreased at annualized rates of 6.3% during the fourth quarter of 2008 and 5.7% in the first quarter of 2009.

Meanwhile, governments across the globe took unprecedented measures to fight the slowdown—the first synchronized global recession since World War II. The G-20, which includes 20 developed and emerging countries with some of the world’s largest economies, agreed on a $1.1 trillion program that the International Monetary Fund would use to help afflicted countries boost economic activity. Both the U.S. and U.K. governments attempted to stimulate lending via quantitative easing, in addition to maintaining target short-term interest rates near zero. Quantitative easing increases the amount of money in circulation by boosting the supply of credit and thus stimulating the flow of money around the economy.

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 volatile during this time, as grim economic news and the emerging federal response to the crisis caused traders to react aggressively in response to new data. The U.S. market recovered between early March and the end of April, as investors anticipating improving economic and market conditions sought to capitalize on low valuations. The period ended with the stock market’s best six-week performance since 1938. For the period as a whole the S&P 500 Index¹ returned -8.52%, while the small-cap Russell 2000^®Index¹ lost 8.40%.

Foreign stocks generally posted losses, with the MSCI EAFE Index¹ of developed foreign stock markets falling -2.35% 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 were mixed during the period. These shares suffered as investors sold assets they perceived to be risky, then rebounded powerfully later in the period as risk aversion decreased and commodity prices rebounded.

The fixed-income markets experienced several distinct environments during the six-month period. The worsening global recession fueled a flight to quality in November as investors sought out the most conservative and secure fixed-income investments—in particular Treasury securities. As the financial crisis began to recede, demand rose for higher-risk fixed-income securities such as corporate and government agency issues. The Barclays Capital U.S. Aggregate Bond Index¹, which tracks the broad fixed-income market, returned 7.74% for the six months through April.


¹	For additional information, please refer to the Glossary of Terms.


HSBC INVESTOR FAMILY OF FUNDS	2

Portfolio Reviews

HSBC Investor Aggressive Growth Strategy Fund
HSBC Investor Growth Strategy Fund
HSBC Investor Moderate Growth Strategy Fund
HSBC Investor Conservative Growth Strategy Fund

Investment Concerns

Common stocks, and funds investing in common stocks, generally provide greater return potential when compared with other types of investments.

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 these Funds will fluctuate as the value of the securities in their portfolios change.

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. Value-based investments are subject to the risk that the broad market may not recognize their intrinsic value.

Small capitalization funds typically carry additional risks, since smaller companies generally have a higher risk of failure and historically have experienced a greater degree of market volatility than average. There are risks associated with investing in a fund that invests in securities of foreign countries, such as erratic market conditions, economic and political instabilities and fluctuations in currency exchanges.

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 and a lower rate of return than longer-term bonds.

The mortgage market in the U.S. recently experienced difficulties that may adversely affect the performance and market value of certain mortgage-related investments.

An investment in money market funds is not insured or guaranteed by the FDIC or any other government agency. Although the money market funds seek to preserve the value of your investment at $1.00.

The LifeLine Funds, through a fund of funds structure, provide an asset allocation option to investors who seek to diversify their investment across a variety of asset classes by allocating investments to different underlying mutual funds (“Underlying Funds”) in accordance with the LifeLine Funds’ asset allocation model. Each LifeLine Fund provides an asset allocation option corresponding to different investment objectives and risk tolerances.


3	HSBC INVESTOR FAMILY OF FUNDS

Portfolio Reviews

During the last period, each LifeLine Fund invested in a different combination of the Underlying Funds according to the various target percentage weightings selected by the Adviser, approximately as set forth in the table below.


Underlying Portfolio	HSBC Investor Aggressive Growth Strategy Fund	HSBC Investor Growth Strategy Fund		HSBC Investor Moderate Growth Strategy Fund		HSBC Investor Conservative Growth Strategy Fund

Large Cap Growth Fund	21%	21	%	19	%	15	%

Large Cap Value Fund	21%	21	%	18	%	14	%

Small-Cap Fund	34%	20	%	11	%	4	%

International Equity Fund	23%	20	%	15	%	10	%

Fixed Income	None	15	%	26	%	28	%

High Yield Fixed Income Fund	None	2	%	5	%	8	%

Money Market Fund	1%	1	%	6	%	21	%

Total:	100%	100	%	100	%	100	%


HSBC INVESTOR FAMILY OF FUNDS	4

Portfolio Reviews

HSBC Investor Aggressive Growth Strategy Fund


Fund Performance					Average Annual Total Return (%)						Expense Ratio (%)⁴

As of April 30, 2009	Inception Date		Six Month^†		1 Year		3 Year		Since Inception		Gross		Net

HSBC Investor Aggressive Growth Strategy Fund Class A¹		2/14/05		-7.75		-41.11		-11.96		-3.81		1.98		1.50

HSBC Investor Aggressive Growth Strategy Fund Class B²		2/9/05		-7.32		-40.91		-11.68		-3.29		2.73		2.25

HSBC Investor Aggressive Growth Strategy Fund Class C³		6/10/05		-4.54		-39.09		-11.08		-3.59		2.73		2.25

Standard & Poor’s 500 Index		—		-8.52		-35.29		-10.76		N/A		N/A		N/A

Aggressive Growth Blended Portfolio Index⁵		—		-3.40		-35.83		-11.03		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, 2009 through March 1, 2010.

During the periods ended October 31, 2008 and April 30, 2009, the one or more Underlying Funds the Fund invests in received monies certain related to nonrecurring litigation settlements. Without the receipt of this payment, the returns for the applicable periods would be lower.


^†	Aggregate total return.

¹	Reflects the maximum sales charge of 5.00%.

²	Reflects the applicable contingent deferred sales charge, maximum of 4.00%.

³	Reflects the applicable contingent deferred sales charge, maximum of 1.00%.

⁴	Reflects the expense ratio as reported in the prospectus dated February 27, 2009.

⁵	The performance of the HSBC Investor Aggressive Growth Strategy Fund is compared to a Blended Portfolio Index, which is a hypothetical combination of broad-based indexes. The components of the Blended Portfolio Index and their weighting are as follows: The 90-Day T-Bill (1%); Russell 1000^® Growth Index (21%); Russell 1000^® Value Index (21%); Russell 2500™ Growth Index (34%) and the MSCI EAFE Index (23%), such as the 90 day T-Bill. Return and principal of stocks and bonds will vary with market conditions. Treasury bills are less volatile than longer-term fixed income securities and are guaranteed as to timely payment of principal and interest by the U.S. Government. The Russell 1000^® Growth Index measures the performance of those Russell companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^®Value Index measures the performance of those Russell companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Growth Index measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. The MSCI EAFE Index is a market capitalization-weighted equity index comprising 21 of the 48 countries in the MSCI universe and representing the developed world outside of North America. These indices are unmanaged and do not reflect the 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. For a complete definition of the above referenced indices, please refer to the Glossary of Terms.


5	HSBC INVESTOR FAMILY OF FUNDS

Portfolio Reviews

HSBC Investor Growth Strategy Fund


Fund Performance					Average Annual Total Return (%)						Expense Ratio (%)⁴

As of April 30, 2009	Inception Date		Six Month^†		1 Year		3 Year		Since Inception		Gross		Net

HSBC Investor Growth Strategy Fund Class A¹		2/8/05		-6.43		-36.03		-10.01		-2.74		1.53	1.50

HSBC Investor Growth Strategy Fund Class B²		2/1/05		-5.77		-35.82		-9.71		-2.02		2.28	2.25

HSBC Investor Growth Strategy Fund Class C³		4/27/05		-2.86		-33.84		-9.13		-2.02		2.28	2.25

Standard & Poor’s 500 Index		—		-8.52		-35.29		-10.76		N/A		N/A	N/A

Growth Blended Portfolio Index⁵		—		-1.81		-30.38		-8.14		N/A		N/A	N/A

During the periods ended October 31, 2007, October 31, 2008 and April 30, 2009 one or more Underlying Funds the Fund invests in received monies related to certain nonrecurring litigation settlements. Without the receipt of this payment, the returns for the applicable periods would be lower.


^†	Aggregate total return.

¹	Reflects the maximum sales charge of 5.00%.

²	Reflects the applicable contingent deferred sales charge, maximum of 4.00%.

³	Reflects the applicable contingent deferred sales charge, maximum of 1.00%.

⁴	Reflects the expense ratio as reported in the prospectus dated February 27, 2009.

⁵	The performance of the HSBC Investor Growth Strategy Fund is compared to a Blended Portfolio Index, which is a hypothetical combination of broad-based indexes. The components of the Blended Portfolio Index and their weighting are as follows: The 90-Day T-Bill (1%); Barclays Capital U.S. Aggregate Bond Fund Index (15%); Citigroup U.S. High Yield Market Capped Index (2%); Russell 1000^® Growth Index (21%); Russell 1000^® Value Index (21%); Russell 2500™ Growth Index (20%) and the MSCI EAFE Index (20%). The stated performance for the Blended Index from April 30, 2006 to February 28, 2008 reflects a 2% allocation for the Merrill Lynch U.S. High Yield Master II Index. On February 29, 2008, the Merrill Lynch U.S. High Yield Master II Index was replaced with the Citigroup U.S. High Yield Market Capped Index. Due to the liquidation of the HSBC Investor High Yield Fixed Income Fund on March 31, 2009, the LifeLine Fund changed the underlying high yield index from Citigroup U.S. High Yield Market Capped Index to Barclays Capital U.S. Corp. High Yield Bond Index, 2% Capped. Return and principal of stocks and bonds will vary with market conditions. Treasury bills such as the 90 day T-Bill are less volatile than longer-term fixed income securities and are guaranteed as to timely payment of principal and interest by the U.S. Government. The Barclays Capital U.S. Corp. High Yield Bond Index, 2% Capped is a, market value-weighted index which covers the universe of fixed rate, non-investment grade debt. The Barclays Capital U.S. Aggregate Bond Fund Index is a 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 Citigroup 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 is an index that captures the performance of below-investments-grade debt issued by corporations domiciled in the United States or Canada. The Russell 1000^® Growth Index measures the performance of those Russell companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Value Index measures the performance of those Russell companies with lower price-to-book ratios and lower forecasted growth values. The Russell 2500™ Growth Index measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. The MSCI EAFE Index is a market capitalization-weighted equity index comprising 21 of the 48 countries in the MSCI universe and representing the developed world outside of North America. These indices are unmanaged and do not reflect the 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. For a complete definition of the above referenced indices, please refer to the Glossary of Terms.


HSBC INVESTOR FAMILY OF FUNDS	6

Portfolio Reviews

HSBC Investor Moderate Growth Strategy Fund


Fund Performance					Average Annual Total Return (%)						Expense Ratio (%)⁴

As of April 30, 2009	Inception Date		Six Month^†		1 Year		3 Year		Since Inception		Gross		Net

HSBC Investor Moderate Growth Strategy Fund Class A¹		2/3/05		-4.06		-30.10		-7.71		-2.22		1.48		1.48

HSBC Investor Moderate Growth Strategy Fund Class B²		2/1/05		-4.39		-29.85		-7.43		-1.62		2.23		2.23

HSBC Investor Moderate Growth Strategy Fund Class C³		6/10/05		-1.55		-27.72		-6.87		-2.31		2.23		2.23

Standard & Poor’s 500 Index		—		-8.52		-35.29		-10.76		N/A		N/A		N/A

Moderate Growth Blended Portfolio Index⁵		—		0.06		-23.84		-5.12		N/A		N/A		N/A


^†	Aggregate total return.

¹	Reflects the maximum sales charge of 5.00%.

²	Reflects the applicable contingent deferred sales charge, maximum of 4.00%.

³	Reflects the applicable contingent deferred sales charge, maximum of 1.00%.

⁴	Reflects the expense ratio as reported in the prospectus dated February 27, 2009.

⁵	The performance of the HSBC Investor Moderate Growth Strategy Fund is compared to a Blended Portfolio Index, which is a hypothetical combination of broad-based indexes. The components of the Blended Portfolio Index and their weighting are as follows: The 90-Day T-Bill (6%); Citigroup U.S. High Yield Market Capped Index (5%); Barclays Capital U.S. Aggregate Bond Fund Index (26%); Russell 1000^® Growth Index (19%); Russell 1000^® Value Index (18%); Russell 2500™ Growth Index (11%) and the MSCI EAFE Index (15%). The stated performance for the Blended Index from April 30, 2006 to February 28, 2008 reflects a 5% allocation for the Merrill Lynch U.S. High Yield Master II Index. On February 29, 2008, the Merrill Lynch U.S. High Yield Master II Index was replaced with the Citigroup U.S. High Yield Market Capped Index. Due to the liquidation of the HSBC Investor High Yield Fixed Income Fund on March 31, 2009, the LifeLine Fund has changed the underlying high yield index from Citigroup U.S. High Yield Market Capped Index to Barclays Capital U.S. Corp. High Yield Bond Index, 2% Capped. Return and principal of stocks and bonds will vary with market conditions. Treasury bills such as the 90 day T-Bill are less volatile than longer-term fixed-income securities and are guaranteed as to timely payment of principal and interest by the U.S. Government. The Barclays Capital U.S. Aggregate Bond Fund Index is a 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 Citigroup 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 is an index that captures the performance of below-investments-grade debt issued by corporations domiciled in the United States or Canada. The Russell 1000^® Growth Index measures the performance of those Russell companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Value Index measures the performance of those Russell companies with lower price-to-book and lower forecasted growth values. The Russell 2500™ Growth Index measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values. The MSCI EAFE Index is a market capitalization-weighted equity index comprising 21 of the 48 countries in the MSCI universe and representing the developed world outside of North America. These indices are unmanaged and do not reflect the 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. For a complete definition of the above referenced indices, please refer to the Glossary of Terms.


7	HSBC INVESTOR FAMILY OF FUNDS

Portfolio Reviews

HSBC Investor Conservative Growth Strategy Fund


Fund Performance					Average Annual Total Return (%)						Expense Ratio (%)⁴

As of April 30, 2009	Inception Date		Six Month^†		1 Year		3 Year		Since Inception		Gross		Net

HSBC Investor Conservative Growth Strategy Fund Class A¹		2/23/05		-4.37		-23.32		-5.38		-1.54		1.72		1.50

HSBC Investor Conservative Growth Strategy Fund Class B²		2/17/05		-3.63		-22.96		-5.01		-1.13		2.47		2.25

HSBC Investor Conservative Growth Strategy Fund Class C³		4/19/05		-0.65		-20.66		-4.25		-0.54		2.47		2.25

Standard & Poor’s 500 Index		—		-8.52		-35.29		-10.76		N/A		N/A		N/A

Conservative Growth Blended Portfolio Index⁵		—		1.33		-16.73		-2.25		N/A		N/A		N/A

During the periods October 31, 2007, October 31, 2008 and April 30, 2009 one or more Underlying Funds the Fund invests in received monies related to certain nonrecurring litigation settlements. Without the receipt of this payment, the returns for the applicable periods would be lower.


^†	Aggregate total return.

¹	Reflects the maximum sales charge of 5.00%.

²	Reflects the applicable contingent deferred sales charge, maximum of 4.00%.

³	Reflects the applicable contingent deferred sales charge, maximum of 1.00%.

⁴	Reflects the expense ratio as reported in the prospectus dated February 27, 2009.

⁵	The performance of the HSBC Investor Conservative Growth Strategy Fund is compared to a Blended Portfolio Index, which is a hypothetical combination of broad-based indexes. The components of the Blended Portfolio Index and their weighting are as follows: The 90-Day T-Bill (21%); Barclays Capital U.S. Corp. High Yield Bond Index, 2% Capped (8%); Barclays Capital U.S. Aggregate Bond Fund Index (25%); Barclays Capital U.S. Interm. Aggregate Index (3%); Russell 1000^® Growth Index (15%); Russell 1000^® Value Index (14%); Russell 2500™ Growth Index (4%) and the MSCI EAFE Index (10%). The stated performance for the Blended Index from April 30, 2006 to February 28, 2008 reflects an 8% allocation for the Merrill Lynch U.S. High Yield Master II Index. On February 29, 2008, the Merrill Lynch U.S. High Yield Master II Index was replaced with the Citigroup U.S. High Yield Market Capped Index. Due to the liquidation of the HSBC Investor High Yield Fixed Income Fund on March 31, 2009, the LifeLine Fund changed the underlying high yield index from Citigroup U.S. High Yield Market Capped Index to Barclays Capital U.S. Corp. High Yield Bond Index, 2% Capped. Return and principal of stocks and bonds will vary with market conditions. Treasury bills such as the 90 day T-Bill are less volatile than longer-term fixed-income securities and are guaranteed as to timely payment of principal and interest by the U.S. Government. The Barclays Capital U.S. Corp. High Yield Bond Index, 2% Capped is a, market value-weighted index which covers the universe of fixed rate, non-investment grade debt. The Citigroup 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 is an index that captures the performance of below-investments-grade debt issued by corporations domiciled in the United States or Canada. The Barclays Capital U.S. Aggregate Bond Fund Index is a 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 Barclays Capital U.S. Intermediate Aggregate Index is generally representative of investment-grade debt issues with maturities between three- and ten-years. The Russell 1000^® Growth Index measures the performance of those Russell companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000^® Value Index measures the performance of those Russell companies with lower price-to-book and lower forecasted growth values. The Russell 2500™ Growth Index measures the performance of those Russell 2500™ companies with higher price-to-book ratios and higher forecasted growth values. The MSCI EAFE Index is a market capitalization-weighted equity index comprising 21 of the 48 countries in the MSCI universe and representing the developed world outside of North America. These indices are unmanaged and do not reflect the 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. For a complete definition of the above referenced indices, please refer to the Glossary of Terms.


HSBC INVESTOR FAMILY OF FUNDS	8

Portfolio Reviews

(PIE CHART)


Standardized Performance Benchmark Indices for the period ended April 30, 2009	1 Year (%)

Citigroup U.S. Domestic 3-Month U.S. Treasury Bill Index		1.01
Barclays Capital U.S. Corporate High Yield Bond Index, 2% Capped		-12.55
Barclays Capital U.S. Aggregate Bond Index		3.84
Barclays Capital U.S. Intermediate Aggregate Index		4.30
MSCI EAFE Index		-42.42
Russell 1000^® Growth Index		-31.57
Russell 1000^® Value Index		-39.21
Russell 2500^™ Growth Index		-32.98

Citigroup U.S. Domestic 3-Month U.S. Treasury Bill Index is is an unmanged index of three-month Treasury bills.

Barclays Capital U.S. Aggregate Bond Index (formerly Lehman Brothers U.S. Aggregate Index) is an unmanaged index generally representative of the investment-grade debt issues with at least one year to final maturity.

Barclays Capital U.S. Corporate High Yield Bond Index, 2% Capped is an unmanaged market value-weighted index which covers the universe of fixed rate, non-investment grade debt.

Barclays Capital U.S. Intermediate Aggregate Bond Index (formerly Lehman Brothers Intermediate U.S. Aggregate Index) is an unmanaged index 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.

Morgan Stanley Capital International Europe, Australasia and Far East Index (MSCI EAFE) 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.


9	HSBC INVESTOR FAMILY OF FUNDS

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HSBC INVESTOR LIFELINE FUNDS

Statements of Assets and Liabilities—As of April 30, 2009 (Unaudited)


	Aggressive Growth Strategy Fund			Growth Strategy Fund			Moderate Growth Strategy Fund			Conservative Growth Strategy Fund

Assets:
Investments in Affiliated Portfolios	$	7,811,022		$	22,818,944		$	24,122,701		$	6,806,581
Investments in Affiliated Fund, at value (a)		76,439			233,314			1,596,039			1,974,567
Investments in non-affiliates, at value (b)		—			468,632			1,355,220			769,262

Total Investments		7,887,461			23,520,890			27,073,960			9,550,410

Receivable for capital shares issued		4,176			10,047			35,383			95
Reclaims receivable		3,681			12,418			9,990			490
Receivable from Investment Adviser		4,529			1,032			1,071			1,116
Prepaid expenses and other assets		6,612			4,799			10,217			2,298

Total Assets		7,906,459			23,549,186			27,130,621			9,554,409

Liabilities:
Payable for capital shares redeemed		3,384			—			71,889			15,844
Accrued expenses and other liabilities:
Investment Management		312			931			3,054			380
Administration		139			416			478			169
Distribution		2,020			6,237			7,875			2,861
Shareholder Servicing		1,561			4,654			5,356			1,901
Compliance Service		3			8			9			3
Transfer Agent		13,042			23,285			25,332			10,129
Other		7,403			23,923			26,349			7,604

Total Liabilities		27,864			59,454			140,342			38,891

Net Assets	$	7,878,595		$	23,489,732		$	26,990,279		$	9,515,518


Composition of Net Assets:
Capital	$	11,759,082		$	33,404,481		$	36,359,295		$	12,006,842
Accumulated net investment income (loss)		(3,941	)		56,605			43,259			14,487
Accumulated net realized gains (losses) from investment and foreign currency transactions		(2,183,492	)		(5,377,319	)		(5,159,539	)		(1,468,365	)
Unrealized appreciation/depreciation from investments and foreign currencies		(1,693,054	)		(4,594,035	)		(4,252,736	)		(1,037,446	)

Net Assets	$	7,878,595		$	23,489,732		$	26,990,279		$	9,515,518


Net Assets:
Class A Shares	$	4,456,128		$	12,971,261		$	13,771,462		$	4,729,511
Class B Shares		3,109,156			9,259,502			11,919,950			4,340,680
Class C Shares		313,311			1,258,969			1,298,867			445,327

	$	7,878,595		$	23,489,732		$	26,990,279		$	9,515,518


Shares Outstanding
($0.001 par value, unlimited number of shares authorized):
Class A Shares		533,636			1,511,726			1,598,228			535,316
Class B Shares		383,897			1,077,676			1,383,318			496,059
Class C Shares		38,707			145,985			154,412			49,532

Net Asset Value, Offering Price and Redemption Price per share:
Class A Shares	$	8.35		$	8.58		$	8.62		$	8.83
Class B Shares*	$	8.10		$	8.59		$	8.62		$	8.75
Class C Shares*	$	8.09		$	8.62		$	8.41		$	8.99
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	$	8.79		$	9.03		$	9.07		$	9.29

Investments in Affiliated Fund, at cost (a)	$	76,439		$	233,314		$	1,596,039		$	1,974,567

Investments in non-affiliates, at cost (b)	$	—		$	431,683		$	1,248,925		$	708,853



*	Redemption Price per share varies by length of time shares are held.

(a)	The investment in the affiliated fund are holdings of the HSBC Investor Prime Money Market Fund Class I Shares (see Note 1). The shares held in the Fund are identical to value since it is at $1.00 net asset value per share. In addition, value and cost for financial reporting and federal income tax purposes are the same.

(b)	The investment in the non-affiliated fund are holdings of the Goldman Sachs High Yield Fund Class I Shares (see Note 1).


11	HSBC INVESTOR LIFELINE FUNDS	See notes to financial statements.

HSBC INVESTOR LIFELINE FUNDS

Statements of Operations—For the six months ended April 30, 2009 (Unaudited)


	Aggressive Growth Strategy Fund			Growth Strategy Fund			Moderate Growth Strategy Fund			Conservative Growth Strategy Fund

Investment Income:
Investment Income from Affiliated Portfolios (a)	$	65,193		$	295,474		$	413,224		$	141,568
Investment Income from Affiliated Fund		403			1,250			8,753			10,638
Investment Income from non-affiliates		—			3,628			10,418			5,963
Tax reclaims (a)		731			2,256			2,031			251
Foreign tax withholding from Affiliated Portfolios (a)		(4,847	)		(12,668	)		(10,959	)		(2,570	)
Expenses from Affiliated Portfolios (a)		(29,278	)		(87,168	)		(94,895	)		(28,420	)

Total Investment Income (Loss)		32,202			202,772			328,572			127,430


Expenses:
Investment Management		1,791			5,503			6,368			2,225
Administration		736			2,259			2,611			910
Distribution:
Class B Shares		10,497			32,019			42,147			15,009
Class C Shares		1,067			4,006			4,658			1,533
Shareholder Servicing:
Class A Shares		5,060			15,399			16,119			5,568
Class B Shares		3,509			10,700			14,082			5,009
Class C Shares		358			1,337			1,558			512
Accounting		10,348			10,348			10,348			10,348
Compliance Service		4			16			16			8
Printing		3,931			11,697			14,447			6,139
Professional fees		56			345			357			90
Transfer Agent		26,716			41,890			43,223			21,522
Trustee		17			167			175			21
Registration fees		3,720			3,548			4,906			2,444
Other		805			2,477			2,796			819

Total expenses before fee reductions		68,615			141,711			163,811			72,157
Fees reduced by Investment Adviser		(32,472	)		(27,462	)		(20,487	)		(17,160	)

Net Expenses		36,143			114,249			143,324			54,997


Net Investment Income (Loss)		(3,941	)		88,523			185,248			72,433


Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investments and foreign currency transactions (a)		(1,221,396	)		(3,139,249	)		(3,101,710	)		(909,408	)
Net realized gains (losses) from non-affiliates investment transactions		—			(1	)		—			—
Change in unrealized appreciation/depreciation from Affiliated Portfolios investments and foreign currencies (a)		961,309			2,518,310			2,621,369			828,250
Change in unrealized appreciation/depreciation from non-affiliates investments		—			36,949			106,295			60,409


Net realized/unrealized gains (losses) from investments and foreign currency transactions		(260,087	)		(583,991	)		(374,046	)		(20,749	)

Change In Net Assets Resulting From Operations	$	(264,028	)	$	(495,468	)	$	(188,798	)	$	51,684

(a)

Represents amounts allocated from the respective Affiliated Portfolios.


See notes to financial statements.	HSBC INVESTOR LIFELINE FUNDS	12

HSBC INVESTOR LIFELINE FUNDS

Statements of Changes in Net Assets


	Aggressive Growth Strategy Fund						Growth Strategy Fund

	For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008			For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008

Investment Activities:
Operations:
Net investment income (loss)	$	(3,941	)	$	(23,552	)	$	88,523		$	225,539
Net realized gains (losses) from investment transactions		(1,221,396	)		(1,008,442	)		(3,139,250	)		(2,323,453	)
Change in unrealized appreciation/ depreciation from investments and foreign currencies		961,309			(4,611,582	)		2,555,259			(12,045,449	)

Change in net assets resulting from operations		(264,028	)		(5,643,576	)		(495,468	)		(14,143,363	)


Dividends:
Net investment income:
Class A Shares		—			—			(139,549	)		(137,880	)
Class B Shares		—			—			(7,901	)		(1,259	)
Class C Shares		—			—			(1,544	)		(816	)

Net realized gains:
Class A Shares		—			(420,292	)		—			(1,103,525	)
Class B Shares		—			(302,904	)		—			(702,526	)
Class C Shares		—			(31,294	)		—			(63,975	)

Return of Capital:
Class A Shares		—			(1,758	)		—			—
Class B Shares		—			(1,250	)		—			—
Class C Shares		—			(126	)		—			—

Change in net assets resulting from shareholder dividends		—			(757,624	)		(148,994	)		(2,009,981	)

Change in net assets resulting from capital transactions		85,385			1,942,878			(226,871	)		3,984,572

Change in net assets		(178,643	)		(4,458,322	)		(871,333	)		(12,168,772	)

Net Assets:
Beginning of period		8,057,238			12,515,560			24,361,065			36,529,837

End of period	$	7,878,595		$	8,057,238		$	23,489,732		$	24,361,065

Accumulated net investment income (loss)	$	(3,941	)	$	—		$	56,605		$	117,076


13	HSBC INVESTOR LIFELINE FUNDS	See notes to financial statements.

HSBC INVESTOR LIFELINE FUNDS

Statements of Changes in Net Assets (continued)


	Aggressive Growth Strategy Fund						Growth Strategy Fund

	For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008			For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008

CAPITAL TRANSACTIONS:
Class A Shares:
Proceeds from shares issued	$	481,954		$	1,808,587		$	657,446		$	4,094,924
Dividends reinvested		—			421,632			138,893			1,235,211
Value of shares redeemed		(456,772	)		(1,135,189	)		(1,291,849	)		(3,486,779	)

Class A Shares capital transactions		25,182			1,095,030			(495,510	)		1,843,356


Class B Shares:
Proceeds from shares issued		207,473			1,075,628			480,537			2,700,023
Dividends reinvested		—			303,827			7,888			701,613
Value of shares redeemed		(151,794	)		(597,445	)		(539,800	)		(1,552,870	)

Class B Shares capital transactions		55,679			782,010			(51,375	)		1,848,766


Class C Shares:
Proceeds from shares issued		16,071			160,943			360,300			471,136
Dividends reinvested		—			31,420			1,543			64,791
Value of shares redeemed		(11,547	)		(126,525	)		(41,829	)		(243,477	)

Class C Shares capital transactions		4,524			65,838			320,014			292,450


Change in net assets resulting from capital transactions	$	85,385		$	1,942,878		$	(226,871	)	$	3,984,572


SHARE TRANSACTIONS:
Class A Shares:
Issued		62,722			140,000			80,817			323,501
Reinvested		—			30,686			17,211			93,719
Redeemed		(59,468	)		(93,561	)		(165,777	)		(287,477	)

Change in Class A Shares		3,254			77,125			(67,749	)		129,743


Class B Shares:
Issued		27,313			84,358			58,546			218,579
Reinvested		—			22,556			973			53,152
Redeemed		(20,650	)		(53,351	)		(67,870	)		(133,643	)

Change in Class B Shares		6,663			53,563			(8,351	)		138,088


Class C Shares:
Issued		2,146			12,747			44,398			37,995
Reinvested		—			2,334			190			4,890
Redeemed		(1,530	)		(11,560	)		(5,056	)		(22,815	)

Change in Class C Shares		616			3,521			39,532			20,070


See notes to financial statements.	HSBC INVESTOR LIFELINE FUNDS	14

HSBC INVESTOR LIFELINE FUNDS

Statements of Changes in Net Assets (continued)


	Moderate Growth Strategy Fund						Conservative Growth Strategy Fund

	For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008			For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008

Investment Activities:
Operations:
Net investment income (loss)	$	185,248		$	510,248		$	72,433		$	224,175
Net realized gains (losses) from investment transactions		(3,101,710	)		(2,119,789	)		(909,408	)		(572,415	)
Change in unrealized appreciation/depreciation from investments and foreign currencies		2,727,664			(11,008,540	)		888,659			(2,729,503	)

Change in net assets resulting from operations		(188,798	)		(12,618,081	)		51,684			(3,077,743	)


Dividends:
Net investment income:
Class A Shares		(94,741	)		(306,761	)		(36,910	)		(141,579	)
Class B Shares		(42,598	)		(139,765	)		(19,154	)		(79,044	)
Class C Shares		(4,650	)		(16,616	)		(1,882	)		(7,481	)

Net realized gains:
Class A Shares		—			(772,146	)		—			(146,067	)
Class B Shares		—			(634,501	)		—			(110,864	)
Class C Shares		—			(74,952	)		—			(9,305	)

Return of capital:
Class A Shares		—			(20,619	)		—			(262	)
Class B Shares		—			(17,902	)		—			(242	)
Class C Shares		—			(2,090	)		—			(23	)

Change in net assets resulting from shareholder dividends		(141,989	)		(1,985,352	)		(57,946	)		(494,867	)

Change in net assets resulting from capital transactions		(666,408	)		4,171,062			(3,282	)		1,063,369

Change in net assets		(997,195	)		(10,432,371	)		(9,544	)		(2,509,241	)

Net Assets:
Beginning of period		27,987,474			38,419,845			9,525,062			12,034,303

End of period	$	26,990,279		$	27,987,474		$	9,515,518		$	9,525,062

Accumulated net investment income (loss)	$	43,259		$	—		$	14,487		$	—


15	HSBC INVESTOR LIFELINE FUNDS	See notes to financial statements.

HSBC INVESTOR LIFELINE FUNDS

Statements of Changes in Net Assets (continued)


	Moderate Growth Strategy Fund						Conservative Growth Strategy Fund

	For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008			For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008

CAPITAL TRANSACTIONS:
Class A Shares:
Proceeds from shares issued	$	766,081		$	4,477,845		$	469,617		$	1,702,567
Dividends reinvested		94,601			1,096,649			35,845			277,201
Value of shares redeemed		(1,159,530	)		(3,953,091	)		(517,920	)		(2,025,309	)

Class A Shares capital transactions		(298,848	)		1,621,403			(12,458	)		(45,541	)


Class B Shares:
Proceeds from shares issued		729,145			3,948,083			424,827			1,595,118
Dividends reinvested		42,488			790,250			18,530			183,107
Value of shares redeemed		(1,060,081	)		(2,551,316	)		(449,442	)		(813,124	)

Class B Shares capital transactions		(288,448	)		2,187,017			(6,085	)		965,101


Class C Shares:
Proceeds from shares issued		118,766			778,453			26,638			203,099
Dividends reinvested		4,606			93,634			1,882			16,809
Value of shares redeemed		(202,484	)		(509,445	)		(13,259	)		(76,099	)

Class C Shares capital transactions		(79,112	)		362,642			15,261			143,809


Change in net assets resulting from capital transactions	$	(666,408	)	$	4,171,062		$	(3,282	)	$	1,063,369


SHARE TRANSACTIONS:
Class A Shares:
Issued		93,599			382,474			55,977			157,831
Reinvested		11,660			91,761			4,250			25,060
Redeemed		(143,643	)		(355,687	)		(61,829	)		(199,713	)

Change in Class A Shares		(38,384	)		118,548			(1,602	)		(16,822	)


Class B Shares:
Issued		89,072			340,238			50,973			148,878
Reinvested		5,229			65,629			2,218			16,609
Redeemed		(131,980	)		(229,160	)		(53,518	)		(81,932	)

Change in Class B Shares		(37,679	)		176,707			(327	)		83,555


Class C Shares:
Issued		14,545			68,169			3,050			18,026
Reinvested		581			7,964			219			1,489
Redeemed		(26,601	)		(46,372	)		(1,535	)		(7,369	)

Change in Class C Shares		(11,475	)		29,761			1,734			12,146


See notes to financial statements.	HSBC INVESTOR LIFELINE FUNDS	16

HSBC INVESTOR AGGRESSIVE GROWTH STRATEGY FUND

Financial Highlights

Selected data for a share outstanding throughout the periods indicated. (a)


			Investment Activities									Dividends

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Investment Activities			Net Realized Gains from Investment Transactions			Total Dividends

CLASS A SHARES
Period Ended October 31, 2005 (i)	$	10.00		(0.01	)		0.61			0.60			—			—
Year Ended October 31, 2006		10.60		0.01			2.01			2.02			(0.05	)		(0.05	)
Year Ended October 31, 2007		12.57		—	*(h)		2.98			2.98			—			—
Year Ended October 31, 2008		15.55		0.02	*		(6.05	)		(6.03	)		(0.90	)		(0.90	)
Six Months Ended April 30, 2009 (Unaudited)		8.62		0.01	*		(0.28	)		(0.27	)		—			—

CLASS B SHARES
Period Ended October 31, 2005 (j)	$	10.00		(0.04	)		0.61			0.57			—			—
Year Ended October 31, 2006		10.57		(0.05	)		1.97			1.92			(0.05	)		(0.05	)
Year Ended October 31, 2007		12.44		(0.11	)*		2.94			2.83			—			—
Year Ended October 31, 2008		15.27		(0.08	)*		(5.90	)		(5.98	)		(0.90	)		(0.90	)
Six Months Ended April 30, 2009 (Unaudited)		8.39		(0.02	)*		(0.27	)		(0.29	)		—			—

CLASS C SHARES
Period Ended October 31, 2005 (k)	$	10.00		(0.05	)		0.60			0.55			—			—
Year Ended October 31, 2006		10.55		(0.04	)		1.95			1.91			(0.05	)		(0.05	)
Year Ended October 31, 2007		12.41		(0.11	)*		2.96			2.85			—			—
Year Ended October 31, 2008		15.26		(0.08	)*		(5.89	)		(5.97	)		(0.90	)		(0.90	)
Six Months Ended April 30, 2009 (Unaudited)		8.39		(0.02	)*		(0.28	)		(0.30	)		—			—


						Ratios/Supplementary Data

	Net Asset Value, End of Period		Total Return(b)			Net Assets at End of Period (000’s)		Ratio of Net Expenses to Average Net Assets(c)			Ratio of Net Investment Income (Loss) to Average Net Assets(c)			Ratio of Expenses to Average Net Assets(c)(d)			Portfolio Turnover Rate(b)(e)

CLASS A SHARES
Period Ended October 31, 2005 (i)	$	10.60		6.00	%	$	726		1.50	%		(0.20	)%		11.72	%		49.10	%
Year Ended October 31, 2006		12.57		19.15	%		4,116		1.50	%		0.05	%		3.52	%		48.46	%
Year Ended October 31, 2007		15.55		23.71	%		7,046		1.50	%		(0.03	)%		2.27	%		45.50	%
Year Ended October 31, 2008		8.62		(40.92	)%(f)		4,572		1.50	%		0.13	%		1.98	%		72.33	%
Six Months Ended April 30, 2009 (Unaudited)		8.35		(3.13	)%(g)		4,456		1.50	%		0.22	%		2.41	%		26.44	%

CLASS B SHARES
Period Ended October 31, 2005 (j)	$	10.57		5.70	%	$	700		2.25	%		(1.01	)%		11.63	%		49.10	%
Year Ended October 31, 2006		12.44		18.25	%		2,998		2.25	%		(0.70	)%		4.33	%		48.46	%
Year Ended October 31, 2007		15.27		22.75	%		4,942		2.25	%		(0.77	)%		3.02	%		45.50	%
Year Ended October 31, 2008		8.39		(41.36	)%(f)		3,166		2.25	%		(0.62	)%		2.73	%		72.33	%
Six Months Ended April 30, 2009 (Unaudited)		8.10		(3.46	)%(g)		3,109		2.25	%		(0.54	)%		3.15	%		26.44	%

CLASS C SHARES
Period Ended October 31, 2005 (k)	$	10.55		5.50	%	$	21		2.25	%		(1.15	)%		9.79	%		49.10	%
Year Ended October 31, 2006		12.41		18.19	%		229		2.25	%		(0.69	)%		4.20	%		48.46	%
Year Ended October 31, 2007		15.26		22.97	%		528		2.25	%		(0.79	)%		2.99	%		45.50	%
Year Ended October 31, 2008		8.39		(41.32	)%(f)		319		2.25	%		(0.64	)%		2.73	%		72.33	%
Six Months Ended April 30, 2009 (Unaudited)		8.09		(3.58	)%(g)		313		2.25	%		(0.54	)%		3.15	%		26.44	%


*	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 applicable HSBC Investor Portfolios.

(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 by aggregating the results of multiplying the Fund’s investment percentage in the respective Portfolios by the corresponding Portfolio’s portfolio turnover rates. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(f)	During the year ended October 31, 2008, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.11%, 0.11% and 0.11% for Class A Shares, Class B Shares and Class C Shares, respectively.

(g)	During the period ended April 30, 2009, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.10%, 0.10% and 0.10% for Class A Shares, Class B Shares and Class C Shares, respectively.

(h)	Rounds to less than $0.01.

(i)	Class A Shares commenced operations on February 14, 2005.

(j)	Class B Shares commenced operations on February 9, 2005.

(k)	Class C Shares commenced operations on June 9, 2005.


17	HSBC INVESTOR LIFELINE FUNDS	See notes to financial statements.

HSBC INVESTOR GROWTH STRATEGY FUND

Financial Highlights

Selected data for a share outstanding throughout the periods indicated. (a)


			Investment Activities									Dividends

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investment Transactions			Total Dividends

CLASS A SHARES
Period Ended October 31, 2005 (f)	$	10.00		0.02			0.70			0.72			—			—			—
Year Ended October 31, 2006		10.72		0.07			1.69			1.76			—			(0.03	)		(0.03	)
Year Ended October 31, 2007		12.45		0.11	*		2.34			2.45			(0.08	)		(0.09	)		(0.17	)
Year Ended October 31, 2008		14.73		0.12	*		(5.21	)		(5.09	)		(0.09	)		(0.74	)		(0.83	)
Six Months Ended April 30, 2009 (Unaudited)		8.81		0.05	*		(0.19	)		(0.14	)		(0.09	)		—			(0.09	)

CLASS B SHARES
Period Ended October 31, 2005 (j)	$	10.00		(0.01	)		0.79			0.78			—			—			—
Year Ended October 31, 2006		10.78		0.02			1.66			1.68			—			(0.03	)		(0.03	)
Year Ended October 31, 2007		12.43		0.01	*		2.34			2.35			(0.02	)		(0.09	)		(0.11	)
Year Ended October 31, 2008		14.67		0.03	*		(5.20	)		(5.17	)		—	(l)		(0.74	)		(0.74	)
Six Months Ended April 30, 2009 (Unaudited)		8.76		0.02	*		(0.18	)		(0.16	)		(0.01	)		—			(0.01	)

CLASS C SHARES
Period Ended October 31, 2005 (k)	$	10.00		(0.02	)		0.84			0.82			—			—			—
Year Ended October 31, 2006		10.82		0.02			1.67			1.69			—			(0.03	)		(0.03	)
Year Ended October 31, 2007		12.48		0.01	*		2.35			2.36			(0.01	)		(0.09	)		(0.10	)
Year Ended October 31, 2008		14.74		0.03	*		(5.22	)		(5.19	)		(0.01	)		(0.74	)		(0.75	)
Six Months Ended April 30, 2009 (Unaudited)		8.80		0.02	*		(0.19	)		(0.17	)		(0.01	)		—			(0.01	)


						Ratios/Supplementary Data

	Net Asset Value, End of Period		Total Return(b)			Net Assets at End of Period (000’s)		Ratio of Net Expenses to Average Net Assets(c)			Ratio of Net Investment Income (Loss) to Average Net Assets(c)			Ratio of Expenses to Average Net Assets(c)(d)			Portfolio Turnover Rate(b)(e)

CLASS A SHARES
Period Ended October 31, 2005 (f)	$	10.72		7.20	%	$	2,814		1.50	%		0.42	%		5.19	%		69.23	%
Year Ended October 31, 2006		12.45		16.41	%		12,562		1.50	%		0.87	%		2.19	%		80.30	%
Year Ended October 31, 2007		14.73		19.92	%(g)		21,352		1.50	%		0.84	%		1.65	%		73.45	%
Year Ended October 31, 2008		8.81		(36.43	)%(h)		13,908		1.50	%		0.98	%		1.53	%		78.59	%
Six Months Ended April 30, 2009 (Unaudited)		8.58		(1.54	)%(i)		12,971		1.50	%		1.13	%		1.75	%		24.25	%

CLASS B SHARES
Period Ended October 31, 2005 (j)	$	10.78		7.80	%	$	2,670		2.25	%		(0.38	)%		5.74	%		69.23	%
Year Ended October 31, 2006		12.43		15.57	%		8,702		2.25	%		0.11	%		2.94	%		80.30	%
Year Ended October 31, 2007		14.67		18.98	%(g)		13,905		2.25	%		0.09	%		2.40	%		73.45	%
Year Ended October 31, 2008		8.76		(36.95	)%(h)		9,516		2.25	%		0.24	%		2.28	%		78.59	%
Six Months Ended April 30, 2009 (Unaudited)		8.59		(1.85	)%(i)		9,260		2.25	%		0.39	%		2.50	%		24.25	%

CLASS C SHARES
Period Ended October 31, 2005 (k)	$	10.82		8.20	%	$	106		2.25	%		(0.55	)%		5.24	%		69.23	%
Year Ended October 31, 2006		12.48		15.61	%		585		2.25	%		0.14	%		2.90	%		80.30	%
Year Ended October 31, 2007		14.74		19.04	%(g)		1,273		2.25	%		0.07	%		2.39	%		73.45	%
Year Ended October 31, 2008		8.80		(36.94	)%(h)		937		2.25	%		0.25	%		2.29	%		78.59	%
Six Months Ended April 30, 2009 (Unaudited)		8.62		(1.88	)%(i)		1,259		2.25	%		0.39	%		2.49	%		24.25	%

*
*	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 applicable HSBC Investor Portfolios.

(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 by aggregating the results of multiplying the Fund’s investment percentage in the respective Portfolios by the corresponding Portfolio’s portfolio turnover rates. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(f)	Class A Shares commenced operations on February 8, 2005.

(g)	During the year ended October 31, 2007, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.23%, 0.24% and 0.23% for Class A Shares, Class B Shares and Class C Shares, respectively.

(h)	During year ended October 31, 2008, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.15%, 0.15% and 0.15% for Class A Shares, Class B Shares and Class C Shares, respectively.

(i)	During the period ended April 30, 2009, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.10%, 0.10% and 0.10% for Class A Shares, Class B Shares and Class C Shares, respectively.

(j)	Class B Shares commenced operations on February 1, 2005.

(k)	Class C Shares commenced operations on April 27, 2005.

(l)	Rounds to less than $0.01.


See notes to financial statements.	HSBC INVESTOR LIFELINE FUNDS	18

HSBC INVESTOR MODERATE GROWTH STRATEGY FUND

Financial Highlights

Selected data for a share outstanding throughout the periods indicated. (a)


			Investment Activities									Dividends

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investment Transactions			Return of Capital			Total Dividends

CLASS A SHARES
Period Ended October 31, 2005 (f)	$	10.00		0.04			0.45			0.49			—	(g)		—			—			—	(g)
Year Ended October 31, 2006		10.49		0.17			1.23			1.40			(0.17	)		(0.01	)		—			(0.18	)
Year Ended October 31, 2007		11.71		0.21	*		1.65			1.86			(0.20	)		(0.10	)		—			(0.30	)
Year Ended October 31, 2008		13.27		0.20	*		(4.08	)		(3.88	)		(0.19	)		(0.50	)		(0.01	)		(0.70	)
Six Months Ended April 30, 2009 (Unaudited)		8.69		0.07	*		(0.08	)		(0.01	)		(0.06	)		—			—			(0.06	)

CLASS B SHARES
Period Ended October 31, 2005 (k)	$	10.00		0.01			0.49			0.50			—	(g)		—			—			—	(g)
Year Ended October 31, 2006		10.50		0.09			1.22			1.31			(0.08	)		(0.01	)		—			(0.09	)
Year Ended October 31, 2007		11.72		0.12	*		1.65			1.77			(0.12	)		(0.10	)		—			(0.22	)
Year Ended October 31, 2008		13.27		0.11	*		(4.08	)		(3.97	)		(0.10	)		(0.50	)		(0.01	)		(0.61	)
Six Months Ended April 30, 2009 (Unaudited)		8.69		0.04	*		(0.08	)		(0.04	)		(0.03	)		—			—			(0.03	)

CLASS C SHARES
Period Ended October 31, 2005 (l)	$	10.00		—	(g)		0.28			0.28			—			—			—			—
Year Ended October 31, 2006		10.28		0.09			1.19			1.28			(0.08	)		(0.01	)		—			(0.09	)
Year Ended October 31, 2007		11.47		0.12	*		1.60			1.72			(0.12	)		(0.10	)		—			(0.22	)
Year Ended October 31, 2008		12.97		0.11	*		(3.97	)		(3.86	)		(0.11	)		(0.50	)		(0.01	)		(0.62	)
Six Months Ended April 30, 2009 (Unaudited)		8.49		0.04	*		(0.09	)		(0.05	)		(0.03	)		—			—			(0.03	)


						Ratios/Supplementary Data

	Net Asset Value, End of Period		Total Return(b)			Net Assets at End of Period (000’s)		Ratio of Net Expenses to Average Net Assets(c)			Ratio of Net Investment Income (Loss) to Average Net Assets(c)			Ratio of Expenses to Average Net Assets(c)(d)			Portfolio Turnover Rate(b)(e)

CLASS A SHARES
Period Ended October 31, 2005 (f)	$	10.49		4.94	%	$	3,241		1.50	%		0.95	%		4.30	%		84.55	%
Year Ended October 31, 2006		11.71		13.40	%		11,973		1.50	%		1.65	%		2.12	%		101.57	%
Year Ended October 31, 2007		13.27		16.12	%(h)		20,140		1.50	%		1.70	%		1.60	%		92.87	%
Year Ended October 31, 2008		8.69		(30.65	)%(i)		14,226		1.48	%		1.75	%		1.48	%		79.86	%
Six Months Ended April 30, 2009 (Unaudited)		8.62		(0.08	)%(j)		13,771		1.50	%		1.82	%		1.66	%		21.19	%

CLASS B SHARES
Period Ended October 31, 2005 (k)	$	10.50		5.03	%	$	3,604		2.25	%		0.18	%		5.01	%		84.55	%
Year Ended October 31, 2006		11.72		12.45	%		10,731		2.25	%		0.91	%		2.87	%		101.57	%
Year Ended October 31, 2007		13.27		15.25	%(h)		16,513		2.25	%		0.95	%		2.35	%		92.87	%
Year Ended October 31, 2008		8.69		(31.17	)%(i)		12,354		2.23	%		1.00	%		2.23	%		79.86	%
Six Months Ended April 30, 2009 (Unaudited)		8.62		(0.43	)%(j)		11,920		2.25	%		1.07	%		2.41	%		21.19	%

CLASS C SHARES
Period Ended October 31, 2005 (l)	$	10.28		2.80	%	$	278		2.25	%		0.05	%		4.69	%		84.55	%
Year Ended October 31, 2006		11.47		12.53	%		763		2.25	%		0.87	%		2.83	%		101.57	%
Year Ended October 31, 2007		12.97		15.20	%(h)		1,766		2.25	%		0.95	%		2.33	%		92.87	%
Year Ended October 31, 2008		8.49		(31.09	)%(i)		1,408		2.23	%		1.00	%		2.23	%		79.86	%
Six Months Ended April 30, 2009 (Unaudited)		8.41		(0.56	)%(j)		1,299		2.25	%		1.07	%		2.41	%		21.19	%


*	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 applicable HSBC Investor Portfolios.

(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 by aggregating the results of multiplying the Fund’s investment percentage in the respective Portfolios by the corresponding Portfolio’s portfolio turnover rates. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(f)	Class A Shares commenced operations on February 3, 2005.

(g)	Rounds to less than $0.01.

(h)	During the year ended October 31, 2007, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.41%, 0.41% and 0.33% for Class A Shares, Class B Shares and Class C Shares, respectively.

(i)	During the year ended October 31, 2008, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.19%, 0.19% and 0.19% for Class A Shares, Class B Shares and Class C Shares, respectively.

(j)	During the period ended April 30, 2009, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.09%, 0.09% and 0.09% for Class A Shares, Class B Shares and Class C Shares, respectively.

(k)	Class B Shares commenced operations on February 1, 2005.

(l)	Class C Shares commenced operations on June 9, 2005.


19	HSBC INVESTOR LIFELINE FUNDS	See notes to financial statements.

HSBC INVESTOR CONSERVATIVE GROWTH STRATEGY FUND

Financial Highlights

Selected data for a share outstanding throughout the periods indicated. (a)


			Investment Activities									Dividends

	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gains (Losses) from Investments			Total from Investment Activities			Net Investment Income			Net Realized Gains from Investment Transactions			Total Dividends

CLASS A SHARES
Period Ended October 31, 2005 (j)	$	10.00		0.04			0.26			0.30			(0.01	)		—			(0.01	)
Year Ended October 31, 2006		10.29		0.22			0.85			1.07			(0.25	)		—			(0.25	)
Year Ended October 31, 2007		11.11		0.29	*		1.03			1.32			(0.27	)		(0.12	)		(0.39	)
Year Ended October 31, 2008		12.04		0.24	*		(2.93	)		(2.69	)		(0.25	)		(0.26	)		(0.51	)
Six Months Ended April 30, 2009 (Unaudited)		8.84		0.08	*		(0.02	)		0.06			(0.07	)		—			(0.07	)

CLASS B SHARES
Period Ended October 31, 2005 (k)	$	10.00		0.03			0.16			0.19			—	(f)		—			—	(f)
Year Ended October 31, 2006		10.19		0.15			0.83			0.98			(0.16	)		—			(0.16	)
Year Ended October 31, 2007		11.01		0.20	*		1.05			1.25			(0.20	)		(0.12	)		(0.32	)
Year Ended October 31, 2008		11.94		0.16	*		(2.91	)		(2.75	)		(0.17	)		(0.26	)		(0.43	)
Six Months Ended April 30, 2009 (Unaudited)		8.76		0.05	*		(0.02	)		0.03			(0.04	)		—			(0.04	)

CLASS C SHARES
Period Ended October 31, 2005 (l)	$	10.00		0.03			0.38			0.41			—			—			—
Year Ended October 31, 2006		10.41		0.15			0.85			1.00			(0.17	)		—			(0.17	)
Year Ended October 31, 2007		11.24		0.21	*		1.11			1.32			(0.19	)		(0.12	)		(0.31	)
Year Ended October 31, 2008		12.25		0.16	*		(2.98	)		(2.82	)		(0.17	)		(0.26	)		(0.43	)
Six Months Ended April 30, 2009 (Unaudited)		9.00		0.05	*		(0.02	)		0.03			(0.04	)		—			(0.04	)


						Ratios/Supplementary Data

	Net Asset Value, End of Period		Total Return(b)			Net Assets at End of Period (000’s)		Ratio of Net Expenses to Average Net Assets(c)			Ratio of Net Investment Income (Loss) to Average Net Assets(c)			Ratio of Expenses to Average Net Assets(c)(d)			Portfolio Turnover Rate(b)(e)

CLASS A SHARES
Period Ended October 31, 2005 (j)	$	10.29		2.96	%	$	1,054		1.50	%		1.28	%		8.01	%		72.14	%
Year Ended October 31, 2006		11.11		10.48	%		3,069		1.50	%		2.33	%		3.22	%		96.58	%
Year Ended October 31, 2007		12.04		12.13	%(g)		6,669		1.50	%		2.52	%		2.06	%		88.67	%
Year Ended October 31, 2008		8.84		(23.17	)%(h)		4,747		1.50	%		2.24	%		1.72	%		68.74	%
Six Months Ended April 30, 2009 (Unaudited)		8.83		0.71	%(i)		4,730		1.50	%		2.00	%		1.89	%		21.30	%

CLASS B SHARES
Period Ended October 31, 2005 (k)	$	10.19		1.92	%	$	1,306		2.25	%		0.53	%		9.21	%		72.14	%
Year Ended October 31, 2006		11.01		9.65	%		2,567		2.25	%		1.54	%		3.98	%		96.58	%
Year Ended October 31, 2007		11.94		11.51	%(g)		4,928		2.25	%		1.77	%		2.82	%		88.67	%
Year Ended October 31, 2008		8.76		(23.76	)%(h)		4,348		2.25	%		1.48	%		2.48	%		68.74	%
Six Months Ended April 30, 2009 (Unaudited)		8.75		0.36	%(i)		4,341		2.25	%		1.25	%		2.63	%		21.30	%

CLASS C SHARES
Period Ended October 31, 2005 (l)	$	10.41		4.10	%	$	82		2.25	%		0.66	%		7.94	%		72.14	%
Year Ended October 31, 2006		11.24		9.66	%		320		2.25	%		1.56	%		3.92	%		96.58	%
Year Ended October 31, 2007		12.25		11.97	%(g)		437		2.25	%		1.78	%		2.85	%		88.67	%
Year Ended October 31, 2008		9.00		(23.73	)%(h)		430		2.25	%		1.46	%		2.48	%		68.74	%
Six Months Ended April 30, 2009 (Unaudited)		8.99		0.35	%(i)		445		2.25	%		1.25	%		2.64	%		21.30	%


*	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 applicable HSBC Investor Portfolios.

(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 by aggregating the results of multiplying the Fund’s investment percentage in the respective Portfolios by the corresponding Portfolio’s portfolio turnover rates. Portfolio turnover rate is calculated on the basis of the Fund as a whole without distinguishing between classes of shares issued.

(f)	Rounds to less than $0.01.

(g)	During the year ended October 31, 2007, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.44%, 0.47% and 0.48% for Class A Shares, Class B Shares and Class C Shares, respectively.

(h)	During the year ended October 31, 2008, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.19%, 0.19% and 0.19% for Class A Shares, Class B Shares and Class C Shares, respectively.

(i)	During the period ended April 30, 2009, certain HSBC Investor Portfolios in which the Fund invests in received monies related to certain nonrecurring litigation settlements. The corresponding impact to the total return was 0.07%, 0.07% and 0.07% for Class A Shares, Class B Shares and Class C Shares, respectively.

(j)	Class A Shares commenced operations on February 23, 2005.

(k)	Class B Shares commenced operations on February 17, 2005.

(l)	Class C Shares commenced operations on April 19, 2005.


See notes to financial statements.	HSBC INVESTOR LIFELINE FUNDS	20

HSBC INVESTOR LIFELINE FUNDS

Notes to Financial Statements—As of April 30, 2009 (Unaudited)


1.	Organization:

	The HSBC Investor Funds (the “Trust”), a Massachusetts business trust organized on April 22, 1987, is registered under the Investment Company Act of 1940, as amended (the “Act”), as an open-end management investment company. As of April 30, 2009, the Trust is comprised of 18 separate operational funds, each a series of the HSBC Investor Family of Funds. The accompanying financial statements are presented for the following 4 funds (individually a “Fund”, collectively the “LifeLine Funds”):


Fund		Short Name

HSBC Investor Aggressive Growth Strategy Fund		Aggressive Growth Fund
HSBC Investor Growth Strategy Fund		Growth Strategy Fund
HSBC Investor Moderate Growth Strategy Fund		Moderate Growth Fund
HSBC Investor Conservative Growth Strategy Fund		Conservative Growth Fund


	The LifeLine Funds are diversified series of the Trust and part of the HSBC Investor Family of Funds. Financial statements for all other funds of the HSBC Investor Family of Funds are published separately.

	The LifeLine Funds are fund of funds that invest in other funds in the HSBC Investor Family of Funds as well as mutual funds that are not affiliated with the HSBC Investor Family of Funds (collectively the “Underlying Funds”). The LifeLine Funds currently invest in the HSBC Investor Core Plus 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”) which are each diversified series of the HSBC Investor Portfolios (the “Portfolio Trust”). The Portfolios operate as master funds in master-feeder arrangements, in addition to receiving investments from the LifeLine Funds. Prior to February 9, 2009, the applicable LifeLine Funds invested in the HSBC Investor High Yield Fixed Income Portfolio for any LifeLine Fund that had an allocation to High Yield Fixed Income.

	The LifeLine Funds also invest in the HSBC Investor Prime Money Market Fund (the “Prime Money Market Fund”) which is an open-end management investment company that is a diversified series of the Trust. In addition, effective February 9, 2009, the applicable LifeLine Funds began investing in the Goldman Sachs High Yield Fund, Class I, as a replacement to the HSBC Investor High Yield Fixed Income Portfolio. The Goldman Sachs High Yield Fund is also an open-end management investment company within the Goldman Sachs Trust.

	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 LifeLine Funds.

	The LifeLine Funds portfolio weightings and summary of Underlying Funds are as follows:

	LifeLine Funds Portfolio Weightings


Asset Class of Underlying Funds	Aggressive Growth Fund			Growth Strategy Fund			Moderate Growth Fund			Conservative Growth Fund

Large Cap Growth		21	%		21	%		19	%		15	%
Large Cap Value		21	%		21	%		18	%		14	%
Small-cap		34	%		20	%		11	%		4	%
International Equity		23	%		20	%		15	%		10	%
Fixed Income		None			15	%		26	%		28	%
High Yield Fixed Income		None			2	%		5	%		8	%
Money Market		1	%		1	%		6	%		21	%

Total		100	%		100	%		100	%		100	%


21	HSBC INVESTOR LIFELINE FUNDS

HSBC INVESTOR LIFELINE FUNDS

Notes to Financial Statements—As of April 30, 2009 (Unaudited) (continued)

LifeLine Funds Portfolio Investments


Underlying Funds	Aggressive Growth Fund		Growth Strategy Fund		Moderate Growth Fund		Conservative Growth Fund

Core Plus Fixed Income Portfolio	$	—	$	3,455,630	$	6,928,570	$	2,363,599
Intermediate Duration Fixed Income Portfolio		—		—		—		283,513
Growth Portfolio		1,649,493		4,941,303		5,171,458		1,448,495
International Equity Portfolio		1,833,899		4,777,137		4,144,451		980,264
Opportunity Portfolio		2,690,843		4,741,644		3,016,686		389,192
Value Portfolio		1,636,787		4,903,230		4,861,536		1,341,518
Prime Money Market Fund		76,439		233,314		1,596,039		1,974,567
Goldman Sachs High Yield Fund, Class I		—		468,632		1,355,220		769,262

Total	$	7,887,461	$	23,520,890	$	27,073,960	$	9,550,410


	The LifeLine Funds are authorized to issue an unlimited number of shares of beneficial interest with a par value of $0.001 per share. Each Fund offers three classes of shares: Class A Shares, Class B Shares and Class C Shares. Class A Shares of the LifeLine Funds have a maximum sales charge of 5.00% as a percentage of the original purchase price. The Class B Shares of the LifeLine 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 LifeLine 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. Each class of shares in the LifeLine 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 privileges of each class of shares.

	Under the Trust’s organizational documents, the LifeLine Funds’ Officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the LifeLine Funds. In addition, in the normal course of business, the Trust enters into contracts with its service providers, which also provide for indemnifications by the LifeLine Funds. The LifeLine Funds’ maximum exposure under these arrangements is unknown as this would involve any future claims that may be made against the LifeLine Funds. However, based on experience, the Trust expects that risk of loss to be remote.

2.	Significant Accounting Policies:

	The following is a summary of the significant accounting policies followed by the LifeLine 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:

	Effective November 1, 2008, the Trust adopted Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” There was no impact to the Funds net assets or results of operations upon adoption. SFAS 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

	The LifeLine Funds record their investments in the Portfolios at fair value. The LifeLine Funds record their investments in the Prime Money Market Fund and Goldman Sachs High Yield Fund at the net asset value reported by the funds. The underlying securities of the Underlying Funds are recorded at fair value and at amortized cost, respectively, as more fully discussed in the notes to those financial statements.


HSBC INVESTOR LIFELINE FUNDS	22

HSBC INVESTOR LIFELINE FUNDS

Notes to Financial Statements—As of April 30, 2009 (Unaudited) (continued)


	Investment Transactions and Related Income:

	The LifeLine Funds record daily their pro-rata income, expenses and unrealized/realized gains and losses derived from their respective Portfolio. Dividend income is recorded on the ex-dividend date for the Prime Money Market Fund and Goldman Sachs High Yield Fund. Changes in holdings of the Prime Money Market Fund and Goldman Sachs High Yield Fund for each LifeLine Fund are reflected no later than the first business day following trade date. However, for financial reporting purposes, changes in holdings of the Prime Money Market Fund are reflected as of trade date. In addition, the LifeLine Funds accrue their own expenses daily as incurred.

	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 expense. In addition, income, expenses (other than class specific expenses), and unrealized/realized gains and losses are allocated to each class based on relative net assets on a daily basis.

	Dividends to Shareholders:

	Dividends from net investment income, if any, are declared and distributed quarterly in the case of the Moderate Growth Fund and Conservative Growth Fund, and annually in the case of the Aggressive Growth Fund and Growth Strategy Fund.

	The LifeLine Funds’ net realized gains, if any, are distributed to shareholders at least annually. Additional distributions are also made to the LifeLine 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 LifeLine 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.

	Redemption Fee:

	A redemption fee of 2.00% will be 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 ended October 31, 2008 and period ended April 30, 2009, the following LifeLine Funds collected redemption fees as follows:


Fund	October 31, 2008 Fees Collected		April 30, 2009 Fees Collected

Aggressive Growth Fund	$	119	$	38
Growth Strategy Fund		1,152		190
Moderate Growth Fund		187		246
Conservative Growth Fund		2,849		63


	Federal Income Taxes:

	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, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“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


23	HSBC INVESTOR LIFELINE FUNDS

HSBC INVESTOR LIFELINE FUNDS

Notes to Financial Statements—As of April 30, 2009 (Unaudited) (continued)


	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. The FIN 48 analysis included a review of tax positions taken in tax years that remain subject to examination by tax authorities in all major tax jurisdictions, including federal (i.e., the last 4 tax year ends and the interim tax period since then, as applicable). FIN 48 did not impact the Funds’ net assets or results of operation during the period.

	New Accounting Pronouncements:

	In March 2008, the Financial Accounting Standards Board (“FASB”) issued the Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 will be 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 Funds’ financial position, performance and cash flows. Management is currently evaluating the impact the adoption of SFAS 161 will have on the Funds’ financial statements and related disclosures.

	In April 2009, the FASB issued FASB Staff Position No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” (“FSP 157-4”). FSP 157-4 provides additional guidance for estimating fair value in accordance with SFAS No. 157, when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management is currently evaluating the impact the adoption of FSP 157-4 will have on the Funds’ financial statement disclosures.

3.	Investment Valuation Summary

	The inputs used for valuing the Funds’ investments are summarized in the three broad levels listed below:


		•	Level 1: quoted prices in active markets for identical assets

		•	Level 2: other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

		•	Level 3: significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)


	The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments. For example, short-term debt securities of sufficient credit quality maturing in sixty days or less are generally valued at amortized cost, which approximates fair value. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

	The following is a summary of the valuation as of April 30, 2009 for each Fund based upon the three levels defined above:


	LEVEL 1 - Quoted Prices				LEVEL 2 - Other Significant

Fund Name	Investment Securities		Other Financial Instruments*		Investment Securities		Other Financial Instruments*

Aggressive Growth Strategy Fund	$	76,439	$	—	$	7,811,022	$	—
Growth Strategy Fund		701,946		—		22,818,944		—
Moderate Growth Strategy Fund		2,951,259		—		24,122,701		—
Conservative Growth Strategy Fund		2,743,829		—		6,806,581		—


HSBC INVESTOR LIFELINE FUNDS	24

HSBC INVESTOR LIFELINE FUNDS

Notes to Financial Statements—As of April 30, 2009 (Unaudited) (continued)


	LEVEL 3 - Significant				Total

Fund Name	Investment Securities		Other Financial Instruments*		Investment Securities		Other Financial Instruments*

Aggressive Growth Strategy Fund	$	—	$	—	$	7,887,461	$	—
Growth Strategy Fund		—		—		23,520,890		—
Moderate Growth Strategy Fund		—		—		27,073,960		—
Conservative Growth Strategy Fund		—		—		9,550,410		—



*	Other financial instruments would include any derivative instruments, such as any futures, forwards, and swap agreements. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.


4.	Related Party Transactions:

	Investment Management:

	HSBC Global Asset Management (USA) Inc. (“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 LifeLine Funds. As Investment Adviser, HSBC manages the investments of the LifeLine Funds and continuously reviews, supervises and administers the LifeLine Funds’ investments. For its services as Investment Adviser, HSBC is entitled to receive a fee, computed daily and paid monthly, based on average daily net assets, at an annual rate of 0.05% for each Fund. The Investment Adviser is waiving all of the fee for each of the Funds’. 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.

	Administration:

	HSBC serves the LifeLine Funds as Administrator. Under the terms of the Administration Agreement, HSBC received from the Lifeline Funds (as well as the other funds in the HSBC Investor Family of Funds) a fee, accrued daily and paid monthly, during the period November 1, 2008 to December 31, 2008, 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	%


	Effective January 1, 2009, under the terms of the Administration Agreement, HSBC receives from the LifeLine Funds (as well as the other funds in the HSBC Investor Family of Funds) a fee, accrued daily and paid monthly, at an annual rate of:


Based on Average Daily Net Assets of	Fee Rate

Up to $10 billion		0.0550	%
In excess of $10 billion but not exceeding $20 billion		0.0350	%
In excess of $20 billion but not exceeding $50 billion		0.0275	%
In excess of $50 billion		0.0250	%

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 of net assets. For assets invested in Underlying Portfolios by LifeLine Funds, the Portfolios pay half of the administration fee and the LifeLine Funds pay half, for a combination of the total fee rate above. Certain administration fees of the Portfolios also may be reduced by treating them as apportioned in part to other funds making investments in the Portfolios in master-feeder structures.


25	HSBC INVESTOR LIFELINE FUNDS

HSBC INVESTOR LIFELINE FUNDS

Notes to Financial Statements—As of April 30, 2009 (Unaudited) (continued)


	The administration fees accrued for each class by Fund, of which 50% of such fees are deemed to be class specific, are as follows:


	Aggressive Growth Strategy Fund		Growth Strategy Fund		Moderate Growth Fund		Conservative Growth Fund

Class A	$	417	$	1,268	$	1,326	$	457
Class B		289		881		1,157		411
Class C		30		110		128		42

Total	$	736	$	2,259	$	2,611	$	910


	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 Trust’s and other HSBC Investor Funds (collectively, the “Trusts”) Sub-Administrator subject to the general supervision of the 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.

	Under a Compliance Services Agreement between the Trusts 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 Trusts’ 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 $133,049 for the period ended April 30, 2009, plus reimbursement of certain out of pocket 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:

	Foreside Distribution Services, L.P. (“Foreside”), a wholly-owned subsidiary of Foreside Financial Group LLC, serves the Trust as Distributor (the “Distributor”). The Trust has 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 LifeLine Funds, respectively. Foreside, as Distributor, also received $106,503, $76,505 and $5,366 in commissions from sales of HSBC Investor Family of Funds, for Class A Shares, Class B Shares, and Class C Shares, respectively of which $40, $6, and $0 were reallowed to affiliated brokers and dealers, for Class A Shares, Class B Shares, and Class C Shares, respectively.

	Shareholder Servicing:

	The Trust has adopted an Shareholder Services Plan, formerly known as Administrative Service 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 equal to a percentage of average daily net assets of Class A Shares, Class B Shares and Class C Shares of the Lifeline Funds, respectively. The fees paid to the Distributor pursuant to the Distribution Plan and to shareholder servicing agents pursuant to the Shareholder Services Plan currently are not intended to exceed, in the aggregate, 0.25% of the average daily net assets of Class A Shares, 1.00% of the average daily net assets of Class B Shares and Class C Shares.

	Fund Accounting, Transfer Agency and Trustee:

	Citi Ohio provides fund accounting and transfer agency services for the Trusts. As Transfer Agent, 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, Citi Ohio receives an annual fee per Fund and share class, subject to minimums and reimbursement of certain expenses.

	Each of the non-interested Trustees is compensated with a $60,000 annual Board retainer for services as a Trustee of the Trusts, as well as a $3,000 annual retainer for each Committee of the Board of the Trusts. Each non-interested Trustee


HSBC INVESTOR LIFELINE FUNDS	26

HSBC INVESTOR LIFELINE FUNDS

Notes to Financial Statements—As of April 30, 2009 (Unaudited) (continued)


	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.

	Fee Reductions:

	The Investment Adviser has agreed to contractually limit through March 1, 2010 the total expenses, exclusive of interest, taxes, brokerage commissions, and extraordinary expenses of the LifeLine Funds. Each Fund Class has its own expense limitations based on the average daily net assets for any full fiscal year as follows: Class A Shares 1.50%, Class B Shares 2.25%, Class C Shares 2.25%.

	The Administrator and Citi Ohio may voluntarily waive/reimburse fees to help support the expense limits of each Fund. In addition, the Investment Adviser may waive/reimburse additional fees at its 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.

5.	Investment Transactions:

	Aggregate contributions and withdrawals of the Underlying Portfolios by the Funds for the period ended April 30, 2009 totaled:


	Contributions		Withdrawals

Aggressive Growth Fund	$	708,145	$	659,805
Growth Strategy Fund		1,382,057		2,315,480
Moderate Growth Fund		1,400,639		3,608,831
Conservative Growth Fund		789,148		1,581,990


6.	Federal Tax Information:

	The tax characteristics of dividends paid by the LifeLine Funds during the latest tax year ended as of October 31, 2008 were as follows:


	Dividends paid from

	Ordinary Income		Net Long Term Gains		Total Taxable Dividends		Return of Capital		Total Dividends Paid*

Aggressive Growth Fund	$	87,226	$	667,264	$	754,490	$	3,134	$	757,624
Growth Strategy Fund		434,489		1,575,492		2,009,981		—		2,009,981
Moderate Growth Fund		686,794		1,257,947		1,944,741		40,611		1,985,352
Conservative Growth Fund		265,882		228,458		494,340		527		494,867



	*	Total dividends paid may differ from the amount reported in the Statement of Changes in Net Assets because dividends are recognized when actually paid for tax purposes.


	As of the latest tax year end October 31, 2008, the components of accumulated earnings/(deficit) on a tax basis for the Lifeline Funds were as follows:


	Undistributed Ordinary Income		Undistributed Tax Exempt Income		Accumulated Earnings		Dividends Payable		Accumulated Capital and Other Losses			Unrealized Appreciation/ (Depreciation) **			Total Accumulated Earnings/ (Deficit)

Aggressive Growth Fund	$	—	$	—	$	—	$	—	$	(911,837	)	$	(2,704,622	)	$	(3,616,459	)
Growth Strategy Fund		117,076		—		117,076		—		(2,102,770	)		(7,284,593	)		(9,270,287	)
Moderate Growth Fund		—		—		—		—		(1,920,789	)		(7,117,440	)		(9,038,229	)
Conservative Growth Fund		—		—		—		—		(522,075	)		(1,962,987	)		(2,485,062	)



	**	The differences between book-basis and tax-basis unrealized appreciation/deprecation are attributable primarily to: tax deferral of losses on wash sales, the realization for tax purposes of unrealized gains/losses on certain derivative instruments, the difference between book and tax amortization methods for premium and market discount, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies, and the return of capital adjustments from real estate investment trusts.


27	HSBC INVESTOR LIFELINE FUNDS

HSBC INVESTOR LIFELINE FUNDS

Notes to Financial Statements—As of April 30, 2009 (Unaudited) (continued)


	As of the latest tax year ended of October 31, 2008, the following Funds have net capital loss carryforwards, which are available to offset future realized gains, if any, to the extent provided by the Treasury regulations. To the extent that these carryforwards are used to offset future capital gains, it is probable that the gains that are offset will not be distributed to shareholders.


	Amount		Expires

Aggressive Growth Fund	$	911,837		2016
Growth Strategy Fund		2,102,771		2016
Moderate Growth Fund		1,920,789		2016
Conservative Growth Fund		522,075		2016


	The tax character of current year distributions paid and the tax basis of the current components of accumulated earnings and any net capital loss carry-forwards will be determined at the end of the current tax year ending October 31, 2009.

7.	Legal and Regulatory Matters:

	On September 26, 2006 BISYS Fund Services, Inc. (“BISYS”), an affiliate of BISYS Fund Services Ohio, Inc. which provides various services to the LifeLine Funds as described in footnote 3, 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 LifeLine Funds’ management is not aware that any determination has been made as to how the BISYS settlement monies will be distributed. While the LifeLine Funds’ management is currently unable to determine the impact, if any, of such matters on the Portfolios or the LifeLine Funds’ financial statements, management does not anticipate a material, adverse impact to the LifeLine Funds or the LifeLine Funds’ financial statements.


HSBC INVESTOR LIFELINE FUNDS	28

HSBC INVESTOR LIFELINE FUNDS

Investment Adviser Contract Approval—April 30, 2009 (Unaudited)


	The Board of Trustees of the HSBC Investor Funds Trust, HSBC Advisor Funds Trust and HSBC Investor Portfolios (collectively, the “Trusts”), and the non-interested Trustees (“Independent Trustees”), voting separately, approved the renewal, for a year, of the Investment Advisory Agreements and, where applicable Sub-Advisory Agreements (other than the Sub-Advisory Agreement with Halbis Capital Management (USA) Inc. (“Halbis”)), with respect to the respective series of the Trusts then existing (“Funds”) at an in-person meeting held on December 8, 2008. At that meeting, as well as at the regular meeting of the Board held on March 30, 2009, the Independent Trustees also reviewed and approved short-term extensions to the Sub-Advisory Agreement between the HSBC Global Asset Management (USA) Inc. (“Adviser”) and Halbis with respect to the HSBC Investor Core Plus Fixed Income Fund, HSBC Investor High Yield Fixed Income Fund, HSBC Investor Intermediate Duration Fixed Income Fund, and the HSBC Investor New York-Tax Free Bond Fund (the “Fixed Income Funds”) (the Investment Advisory Agreements and Sub-Advisory Agreements 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 subadvisers that they believed to be reasonably necessary to reach their 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 their 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 enabled the Funds to receive high quality services at a cost that is appropriate and reasonable. The Independent Trustees, along with the entire Board of 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 Trustees considered the nature, quality and extent of the investment advisory services provided by the Adviser (and, as applicable, the subadvisers), in light of the high quality services provided to the Funds, and each Fund’s historic performance. The Trustees considered the commitment of the Adviser to the successful operations of the Funds. The Trustees considered the historical performance of the Funds and the level of expenses of the Funds. With respect to the equity Funds, the Trustees considered the capabilities and performance of the Adviser’s Multimanager unit. The Trustees also considered the use of expense limitation agreements in order to reduce the overall operating expenses of certain Funds. The 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 Adviser’s and Halbis’ plans for the Fixed Income Funds. The Trustees also considered the extent to which the Adviser and investment Sub-Advisers had achieved economies of scale and the extent to which shareholders benefited from those economies of scale.

		Investment Performance of the Funds, Adviser and Sub-Advisers. The 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 Trustees took note of performance information for one, three and five year periods and since inception as relevant. In addition, the 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 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 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 Trustees concluded that the combined advisory fees payable to the Adviser and the Funds’ 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 Funds, 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 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 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 Board of 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 meetings), approved the Agreements.


29	HSBC INVESTOR LIFELINE FUNDS

HSBC INVESTOR LIFELINE FUNDS

Table of Shareholders Expenses (Unaudited)—As of April 30, 2009


	As a shareholder of the HSBC Investor LifeLine 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 costs 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, 2008 through April 30, 2009.

	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 Account Value 11/1/08		Ending Account Value 4/30/09		Expenses Paid During Period* 11/1/08 - 4/30/09		Annualized Expense Ratio During Period 11/1/08 - 4/30/09

Aggressive Growth Strategy Fund	Class A Shares	$	1,000.00	$	968.70	$	7.32		1.50	%
	Class B Shares		1,000.00		965.40		10.96		2.25	%
	Class C Shares		1,000.00		964.20		10.96		2.25	%
Growth Strategy Fund	Class A Shares		1,000.00		984.60		7.38		1.50	%
	Class B Shares		1,000.00		981.50		11.05		2.25	%
	Class C Shares		1,000.00		981.20		11.05		2.25	%
Moderate Growth Strategy Fund	Class A Shares		1,000.00		999.20		7.44		1.50	%
	Class B Shares		1,000.00		995.70		11.13		2.25	%
	Class C Shares		1,000.00		994.40		11.13		2.25	%
Conservative Growth Strategy Fund	Class A Shares		1,000.00		1,007.10		7.46		1.50	%
	Class B Shares		1,000.00		1,003.60		11.18		2.25	%
	Class C Shares		1,000.00		1,003.50		11.18		2.25	%



	*	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).


HSBC INVESTOR LIFELINE FUNDS	30

HSBC INVESTOR LIFELINE FUNDS

Table of Shareholders Expenses (Unaudited)—As of April 30, 2009 (continued)

Hypothetical Example for Comparison Purposes


	The table below provides information about hypothetical account values and hypothetical expenses based on the 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 Account Value 11/1/08		Ending Account Value 4/30/09		Expenses Paid During Period* 11/1/08 - 4/30/09		Annualized Expense Ratio During Period 11/1/08 - 4/30/09

Aggressive Growth Strategy Fund	Class A Shares	$	1,000.00	$	1,017.36	$	7.50		1.50	%
	Class B Shares		1,000.00		1,013.64		11.23		2.25	%
	Class C Shares		1,000.00		1,013.64		11.23		2.25	%
Growth Strategy Fund	Class A Shares		1,000.00		1,017.36		7.50		1.50	%
	Class B Shares		1,000.00		1,013.64		11.23		2.25	%
	Class C Shares		1,000.00		1,013.64		11.23		2.25	%
Moderate Growth Strategy Fund	Class A Shares		1,000.00		1,017.36		7.50		1.50	%
	Class B Shares		1,000.00		1,013.64		11.23		2.25	%
	Class C Shares		1,000.00		1,013.64		11.23		2.25	%
Conservative Growth Strategy Fund	Class A Shares		1,000.00		1,017.36		7.50		1.50	%
	Class B Shares		1,000.00		1,013.64		11.23		2.25	%
	Class C Shares		1,000.00		1,013.64		11.23		2.25	%



	*	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).


31	HSBC INVESTOR LIFELINE FUNDS

Portfolio Reviews

HSBC Investor Core Plus Fixed Income Portfolio
by Halbis Capital Management (USA) Inc., Broad Markets Fixed Income Team

The HSBC Investor Core Plus Fixed Income Portfolio (the “Portfolio”) seeks to maximize total return, consistent with reasonable risk. The “total return’’ sought by the Portfolio 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 Portfolio employs Halbis Capital Management (USA) Inc. as subadviser.

Investment Concerns

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 fixed-income markets experienced several distinct environments during the six-month period. The worsening global recession fueled a flight to quality in November as investors sought out the most conservative and secure fixed-income investments—in particular Treasury securities, followed by a significant rally in December. The market came under heavy pressure in February, followed by a strong rally in March and April. As the financial crisis began to recede, demand rose for higher-risk fixed-income securities such as corporate and government agency issues.

The Portfolio held a relatively heavy weighting in corporate and other non-Treasury bonds. We saw opportunities among such bonds, which we believed were not properly valued in the early part of the period. That focus on corporate bonds and other non-Treasury securities initially weighed on relative performance, but boosted returns against the benchmark as investors became less risk-averse during the second half of the period. The Portfolio maintained a high credit rating throughout the period, though it did have a modest exposure to securities rated below investment grade.*

We maintained an average maturity that was neutral to that of the benchmark. We focused the portfolio largely on intermediate-term securities, which in our estimation offered the most compelling values among corporate issues.*^,1


*	Portfolio composition is subject to change.

¹	The current management team took over management of the Fund on February 1, 2009.

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 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.


HSBC INVESTOR PORTFOLIOS	32

Portfolio Reviews

HSBC Investor Intermediate Duration Fixed Income Portfolio
by Halbis Capital Management (USA) Inc., Broad Markets Fixed Income Team

The HSBC Investor Intermediate Duration Fixed Income Portfolio (the “Portfolio”) seeks to maximize total return, consistent with reasonable risk. The “total return’’ sought by the Portfolio 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. Under normal market conditions, the Portfolio invest at least 80% of its net assets in fixed income securities. The Portfolio expects to maintain an average portfolio duration with respect to fixed income securities of 3 to 6 years. The Portfolio employs Halbis Capital Management (USA) Inc. as subadviser.

Investment Concerns

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 fixed-income markets were turbulent to begin the period as the global economic recession continued to worsen. Seeking safety, investors in the fixed-income market favored high-quality securities such as Treasuries. A year-end rally was followed by a significant decline in credit markets in February. A more sustained rally began in March. As the period continued, the financial crisis diminished and investors began seeking higher-risk fixed-income securities such as corporate and government agency issues.

We positioned the Portfolio with a heavy exposure to corporate and other non-Treasury bonds, as such, securities offered strong yields compared to Treasuries. That strategy dragged on relative performance early in the period, but boosted Portfolio returns against the benchmarks as demand for higher-risk securities increased later in the period. Issues with high credit ratings made up the bulk of the portfolio throughout the period, though it did have a modest exposure to securities rated below investment grade.

The Portfolio’s average maturity was positioned close to that of its benchmark, and its portfolio was focused largely on intermediate-term securities. We believed such securities offered the most compelling values among corporate issues.*^{, 1}


*	Portfolio composition is subject to change.

¹	The current management team took over management of the Fund on February 1, 2009.

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 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.


33	HSBC INVESTOR PORTFOLIOS

Portfolio Reviews

HSBC Investor Growth Portfolio
by Clark J. Winslow, Chief Executive Officer/Portfolio Manager
Justin H. Kelly, CFA, Managing Director/Portfolio Manager
R. Bart Wear CFA, Managing Director/Portfolio Manager

The HSBC Investor Growth Portfolio (the “Portfolio”) seeks long-term growth of capital. Under normal market conditions, the Portfolio invests 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 Portfolio employs Winslow Capital Management Inc. 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 market experienced a great deal of volatility during the period under review. Stocks fell in November on fears about the health of the financial sector. The market then rebounded on optimism the new administration would take swift action to address the country’s economic and financial problems. But stocks slumped in February after the U.S. Treasury Department announced a financial rescue plan with few details. By early March the Russell 1000^® Growth Index’ had declined 18% for the year.

Then some signs of economic recovery began to appear: Consumer sentiment improved; some major banks indicated earnings would be better than expected; and the U.S. Treasury Department provided details on key parts of its financial rescue plan. Stocks rallied strongly, ending the period with the best six-week performance since 1938.

Stock selection in the technology and financials sectors helped the Portfolio outperform its benchmark. Shares of two Internet stocks led performance in the Portfolio’s technology allocation, while stocks of major credit card companies boosted the returns of the Portfolio’s financials stake. An overweight position in the financials sector also contributed to outperformance. The Portfolio’s healthcare and industrials holdings helped relative performance as well. They produced negative returns, in aggregate, but outperformed the respective sectors in the benchmark.*

An underweight position in consumer discretionary stocks held back performance relative to the index. Stock selection within this sector also weighed on relative returns. The Portfolio’s smaller-than-benchmark stake in energy stocks likewise weighed on relative performance.*


*	Portfolio composition is subject to change.

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 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.


HSBC INVESTOR PORTFOLIOS	34

Portfolio Reviews

HSBC Investor International Equity Portfolio
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 Portfolio (the “Portfolio”) seeks to provide its shareholders with long-term growth of capital and future income. Under normal market conditions, the Portfolio invests 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 Portfolio employs AllianceBernstein L.P. (“AllianceBernstein”), a unit of AllianceBernstein Investment Research and Management, as subadviser.

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 Portfolio will fluctuate as the value of the securities in the portfolio changes.

Market Commentary

Investors’ fears about the length and severity of the global economic recession, as well as the extent of the trouble in the global banking system, dominated financial markets from the beginning of the period through late February. This period of sustained weakness contributed to the Portfolio’s negative performance. In the latter portion of the period under review, investors believed that both the global economy and the global financial system had stabilized, and financial markets worldwide largely recovered from their prior underperformance. International stocks generally followed this trend.

The Portfolio’s overweight position in energy shares boosted performance relative to its benchmark index, as did stock selection within the sector. Stock selection among financial firms also boosted relative performance. By the period’s end, investors began to discriminate between those financial firms that had a great deal of exposure to significant credit losses and those that did not. The Portfolio’s holdings among the latter group contributed positively to relative performance.*

The Portfolio’s overweight position in telecommunications shares hurt relative performance. As investors’ appetite for risk increased at the end of the period, defensive sectors including telecom underperformed. Stock selection in industrial commodities also dragged on relative performance, as the Portfolio’s limited exposure to metals and mining firms benefiting from renewed economic growth in China, relative to that of the benchmark, hurt returns.*


*	Portfolio composition is subject to change.

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 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.


35	HSBC INVESTOR PORTFOLIOS

Portfolio Reviews

HSBC Investor Opportunity Portfolio
by William A. Muggia
President–Chief Investment Officer
Westfield Capital Management, LLC

The HSBC Investor Opportunity Portfolio (the “Portfolio”) 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 Index¹. The Portfolio may also invest in equity securities of larger, more established companies if they are expected to show increased earnings. The Portfolio employs Westfield Capital Management Company, LLC 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 Portfolio 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

The six-month period was punctuated by both periods of negative performance and periods of positive performance. Early in the period, the global recession significantly weighed down stock market performance. However, early signs of an economic recovery began to show toward the end of the period, fueling a broad and relatively strong rally among stocks that continued through April 30.

The Portfolio’s relative return benefited from a larger-than-benchmark position in the technology sector. Investors sought out higher-risk investments such as technology stocks as the economy improved toward the end of the period, resulting in relatively strong net gains for such stocks during the six months through April. Selection among technology stocks also helped the Portfolio’s performance relative to its benchmark.

The Portfolio also benefited in relative terms from its positioning in the energy sector. The subadviser identified a number of attractive investments in energy sub-sectors such as oil exploration and production, and those holdings helped boost relative performance.*

Stock selection within the financial sector was the largest drag on the Portfolio’s relative performance during the period. The subadviser focused much of the Portfolio’s investments among regional banks. Though shares of such firms rebounded late in the period, the Portfolio’s allocation to shares of regional banks early in the period hurt relative performance. The Portfolio’s relative performance also suffered from holding a smaller position than its benchmark in the consumer discretionary sector, which was the top-performing sector during the period. Selection of certain media stocks and shares of education services firms also negatively affected relative performance.*


¹	For additional information, please refer to the Glossary of Terms.

*	Portfolio composition is subject to change.

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 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.


HSBC INVESTOR PORTFOLIOS	36

Portfolio Reviews

HSBC Investor Value Portfolio
by Jon D. Bosse, CFA
Chief Investment Officer
NWQ Investment Management Company, LLC

The HSBC Investor Value Portfolio (the “Portfolio”) seeks long-term growth of capital and income. Under normal market conditions, the Portfolio invests primarily in U.S. and foreign companies with large and medium capitalizations that the subadviser believes possess opportunities underappreciated or misperceived by the market. 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 Portfolio will fluctuate as the value of the securities in the Portfolio changes.

Market Commentary

The largest contributors to the Portfolio’s absolute and relative return were stocks of two gold companies. The shares benefited from a rise in gold prices as well as from improved business fundamentals, particularly for one South Africa-based company. The Portfolio’s overweight technology position was a positive contributor to both absolute and relative performance, as technology stocks appreciated from their very depressed levels experienced at the beginning of the period. The sub-advisor early in the period sold shares of a large forest products company and purchased stock of a fertilizer firm; those trades also boosted returns.

An underweight position in financial services versus the Russell 1000^® Value Index¹ helped the Portfolio’s relative performance. Some of the Portfolio’s holdings in the sector performed quite poorly, however. In particular, the Portfolio’s worst performing stock during the period was a money center bank. Concerns about the health of the U.S. and global financial system—and how the system’s problems would affect companies—adversely affected valuations in the sector.

The Portfolio’s positions in the consumer discretionary, consumer staples and healthcare sectors hurt its performance during the period. Continued economic weakness weighed heavily on these sectors. Uncertainty about the size and scope of the government’s future role in the U.S. healthcare system had a particularly large effect on healthcare stocks during this period.*


¹	For additional information, please refer to the Glossary of Terms.

*	Portfolio composition is subject to change.

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 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.


37	HSBC INVESTOR PORTFOLIOS

Portfolio Reviews

Portfolio Composition*
April 30, 2009
(Unaudited)


HSBC Investor Core Plus Fixed Income Portfolio


Investment Allocation	Percentage of Investments at Value

U.S. Government and Government Agency Obligations	36.5%

Corporate Obligations	29.6%

Asset Backed Securities	12.2%

Cash and Equivalents	8.2%

Commercial Mortgage Backed Securities	6.7%

Collateralized Mortgage Obligations	4.6%

Municipal Bonds	1.7%

Foreign Bonds	0.4%

Certificates of Deposit	0.1%

Total	100.0%


HSBC Investor Intermediate Duration Fixed Income Portfolio


Investment Allocation	Percentage of Investments at Value

U.S. Government and Government Agency Obligations	39.6%

Corporate Obligations	23.8%

Cash and Equivalents	18.9%

Asset Backed Securities	8.8%

Commercial Mortgage Backed Securities	4.4%

Collateralized Mortgage Obligations	3.7%

Certificates of Deposit	0.5%

Foreign Bonds	0.3%

Total	100.0%


HSBC Investor Growth Portfolio


Investment Allocation	Percentage of Investments at Value

Software Services	10.4%

Telecommunications	7.5%

Industrial Conglomerates	7.0%

Investment Management	6.4%

Medical Products	6.0%

Credit Card	5.6%

Communication Equipment	5.6%

Hardware & Peripherals	5.3%

Retail	5.1%

Internet	4.5%

Medical Services & Distributors	4.4%

Biotechnology	3.8%

Travel & Leisure	3.2%

Business Services	3.1%

Agriculture	3.0%

Oil & Gas Exploration & Production	3.0%

Railroad	3.0%

Pharmaceuticals	2.5%

Aerospace & Defense	2.4%

Retail Pharmacy	2.0%

Distribution & Wholesale	1.8%

Transportation	1.6%

Exchanges	1.3%

Oil & Gas Drill & Equipment	1.2%

Cash and Equivalents	0.3%

Total	100.0%


HSBC International Equity Portfolio


Investment Allocation	Percentage of Investments at Value

Europe	65.8%

Japan	17.5%

Australia & Far East	8.7%

Canada	5.4%

Other	1.7%

Cash and Equivalents	0.9%

Total	100.0%


^*	Portfolio composition is subject to change.


HSBC INVESTOR PORTFOLIOS	38

Portfolio Reviews

Portfolio Composition*
April 30, 2009
(Unaudited)


HSBC Investor Opportunity Portfolio


Investment Allocation	Percentage of Investments at Value

Computer Software	16.3%

Oil & Gas	11.8%

Pharmaceuticals	10.7%

Retail	6.9%

Health Care	6.5%

Industrial Manufacturing	6.0%

Biotechnology	5.8%

Diversified Manufacturing Operations	5.1%

Financial Services	4.5%

Consumer Products	4.4%

Telecommunications	3.9%

Business Services	3.1%

Electronic Components & Semiconductors	3.0%

Cash and Equivalents	2.6%

Education	1.7%

Environmental Services	1.5%

Aerospace & Defense	1.4%

Internet Related	1.4%

Insurance	1.3%

Gaming	1.1%

Communications	1.0%

Total	100.0%


HSBC Investor Value Portfolio


Investment Allocation	Percentage of Investments at Value

Oil & Gas	14.3%

Computer Software	8.6%

Insurance	8.0%

Metals & Mining	8.0%

Telecommunications	8.0%

Pharmaceuticals	7.6%

Media	6.5%

Aerospace & Defense	5.8%

Consumer Products	4.2%

Tobacco	3.9%

Business Services	3.7%

Financial Services	3.4%

Conglomerates	3.0%

Energy	2.8%

Cash and Equivalents	2.6%

Electronic Components & Semiconductors	2.5%

Banking	2.4%

Transportation	2.1%

Diversified Manufacturing Operations	1.5%

Agricultural Chemicals	1.1%

Total	100.0%


^*	Portfolio composition is subject to change.


39	HSBC INVESTOR PORTFOLIOS

This page is intentionally left blank.

HSBC INVESTOR CORE PLUS FIXED INCOME PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited)

Certificates of Deposit—0.2%


	Principal Amount($)		Value($)

Banking – 0.2%
First Tennessee Bank, 1.46%, 12/17/09 (a)		100,000		99,507

TOTAL CERTIFICATES OF DEPOSIT (COST $97,149)				99,507

U.S. Government and Government Agency Obligations—49.3%


Federal Home Loan Mortgage Corp. – 5.3%
Pool #1B2655, 4.96%, 12/1/34 (a)(h)	382,161	391,497
Pool #1J1313, 6.34%, 6/1/36 (a)	983,117	1,014,181
Pool #847557, 4.41%, 7/1/34 (a)(h)	541,992	549,783
Pool #C00368, 8.50%, 10/1/24	23,119	25,355
Pool #C00922, 8.00%, 2/1/30	138,704	152,195
Pool #C54447, 7.00%, 7/1/31	25,275	27,111
Pool #C60712, 6.50%, 11/1/31	439,261	470,497
Pool #C80387, 6.50%, 4/1/26	21,248	22,799
Pool #D62926, 6.50%, 8/1/25	18,636	19,979
Pool #G01317, 7.00%, 10/1/31	103,172	110,666
Pool #G02981, 6.00%, 6/1/37	884,805	924,569

		3,708,632

Federal National Mortgage Association – 39.3%
Pool #253438, 8.50%, 9/1/30	27,567	30,159
Pool #256723, 6.50%, 5/1/37	885,426	939,346
Pool #329530, 7.00%, 12/1/25	45,795	49,666
Pool #329655, 7.00%, 11/1/25	7,011	7,604
Pool #356905, 5.13%, 10/1/36 (a)	138,656	141,245
Pool #398958, 6.50%, 10/1/12	16,626	17,579
Pool #535332, 8.50%, 4/1/30	32,053	35,048
Pool #535440, 8.50%, 8/1/30	36,405	39,827
Pool #548965, 8.50%, 7/1/30	35,223	38,534
Pool #568486, 7.00%, 1/1/31	37,580	40,558
Pool #573752, 8.50%, 2/1/31	26,969	29,504
Pool #575328, 6.50%, 4/1/31	47,454	50,903
Pool #922090, 5.91%, 3/1/37 (a)	1,107,779	1,159,723
TBA May, 5.50%, 5/12/39	13,655,000	14,145,733
TBA June
5.50%, 6/18/16	5,750,000	5,972,812
5.00%, 6/11/39	4,500,000	4,615,313

		27,313,554

Government National Mortgage Association – 0.3%
Pool #346406, 7.50%, 2/15/23	39,834	43,084
Pool #412530, 7.50%, 12/15/25	61,981	66,930
Pool #781300, 7.00%, 6/15/31	101,933	109,545

		219,559

U.S. Treasury Bonds – 3.3%
5.00%, 5/15/37	1,685,000	1,945,122
4.50%, 5/15/38	300,000	322,828

		2,267,950

U.S. Treasury Notes – 1.1%
4.00%, 8/15/18	715,000	767,061

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (COST $33,967,738)		34,276,756

Corporate Obligations—39.8%


	Principal Amount($)		Value($)

Agricultural Chemicals – 1.6%
Agrium, Inc., 6.75%, 1/15/19		600,000		546,066
Cargill, Inc., 5.60%, 9/15/12 (b)		600,000		594,287

				1,140,353

Banking – 0.9%
American Express Centurion Bank, 5.95%, 6/12/17		700,000		599,626

Building & Construction Products – 1.6%
Martin Marietta Materials, Inc., 1.19%, 4/30/10 (a)(h)		600,000		573,450
Masco Corp., 1.63%, 3/12/10 (a)(h)		550,000		524,300

				1,097,750

Cable Television – 0.9%
Time Warner Cable, Inc., 7.30%, 7/1/38		625,000		624,762

Computer Services – 1.1%
Electronic Data Systems, Series B, 6.00%, 8/1/13		700,000		748,689

Consumer Products – 1.4%
Clorox Co. (The), 5.45%, 10/15/12		900,000		942,021

Electric – 5.2%
Commonwealth Edison Co., 6.45%, 1/15/38		700,000		624,840
Dominion Resources, Inc., 6.40%, 6/15/18		250,000		258,266
Duke Energy Corp., 5.65%, 6/15/13		450,000		462,555
MidAmerican Energy Co., 5.95%, 7/15/17		1,900,000		1,965,236
Puget Sound Energy, Inc., 6.97%, 6/1/67, Callable 6/1/17 @ 100		600,000		313,500

				3,624,397

Finance – 9.7%
American Honda Finance Corp., 4.63%, 4/2/13, MTN (b)		250,000		223,445
Bear Stearns Co., Inc., 4.50%, 10/28/10		600,000		605,533
Bear Stearns Co., Inc., Series B, 6.95%, 8/10/12, MTN		950,000		1,000,171
Citigroup, Inc., 6.50%, 8/19/13		225,000		205,336
Countrywide Home Loans, Series L, 4.00%, 3/22/11, MTN		1,150,000		1,078,238
Ford Motor Credit Co., LLC, 9.75%, 9/15/10		750,000		675,033
General Electric Capital Corp., 5.63%, 5/1/18		400,000		348,974
Lehman Brothers Holdings, Series I, 0.00%, 5/2/18, MTN (c)(d)		500,000		74,375
Morgan Stanley, Series F, 6.00%, 4/28/15, MTN		565,000		533,707
Preferred Term Securities Ltd., 8.79%, 9/15/30, Callable 9/15/10 @ 104.395 (b)		741,202		392,837
Wells Fargo Financial, 5.50%, 8/1/12		850,000		846,303
XTRA Finance Corp., 5.15%, 4/1/17		750,000		727,693

				6,711,645

Forestry/Paper – 0.3%
Georgia-Pacific Corp., 7.70%, 6/15/15		250,000		235,000


41	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR CORE PLUS FIXED INCOME PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited) (continued)


Corporate Obligations, continued


	Principal Amount($)		Value($)

Health Services – 0.2%
Community Health Systems, Inc., 8.88%, 7/15/15, Callable 7/15/11 @ 104.44		175,000		174,125

Hospitals – 1.7%
Covidien International Finance SA, 5.45%, 10/15/12		550,000		570,908
HCA, Inc., 5.75%, 3/15/14		750,000		592,500

				1,163,408

Media – 1.0%
News America Holdings, 7.90%, 12/1/95		500,000		392,997
Vivendi, 5.75%, 4/4/13 (b)		350,000		335,324

				728,321

Media - Cable – 0.2%
Cablevision Systems Corp., Series B, 8.00%, 4/15/12		175,000		174,125

Office Equipment & Services – 0.8%
Xerox Corp., 2.06%, 12/18/09 (a)(h)		550,000		536,810

Oil & Gas – 0.2%
Pioneer Natural Resources Co., 5.88%, 7/15/16		175,000		145,048

Pipelines – 0.8%
Dynegy Holdings, Inc., 7.75%, 6/1/19		175,000		128,625
Transcontinental Gas Pipeline Corp., 6.05%, 6/15/18		450,000		417,969

				546,594

Retail – 1.1%
Kohl’s Corp., 6.25%, 12/15/17		550,000		531,516
Kroger Co. (The), 5.00%, 4/15/13		250,000		252,488

				784,004

Support - Services – 0.5%
Aramark Services, Inc., 8.50%, 2/1/15, Callable 2/1/11 @ 104.25		175,000		167,125
Iron Mountain, Inc., 8.00%, 6/15/20, Callable 6/15/13 @ 104		175,000		168,875

				336,000

Telecom - Integrated/Services – 0.2%
Qwest Corp., 7.63%, 6/15/15		175,000		165,813

Telecommunications – 3.9%
AOL Time Warner, Inc.
6.88%, 5/1/12		600,000		631,026
7.70%, 5/1/32		550,000		500,638
GTE Corp., 6.84%, 4/15/18		750,000		753,238
Time Warner Entertainment Co., 8.38%, 3/15/23		800,000		821,215

				2,706,117

Transportation – 6.5%
American Airlines, Inc., Series 2001-2
Class A1, 6.98%, 4/1/11		369,844		338,407
Class A2, 7.86%, 10/1/11		1,250,000		1,037,500
Burlington North Santa Fe, 7.57%, 1/2/21		261,280		267,224


Corporate Obligations, continued


	Principal Amount($)		Value($)

Transportation, continued
Continental Airlines, Inc., 5.98%, 4/19/22		750,000		592,500
Union Pacific Corp.
5.75%, 11/15/17		1,200,000		1,155,888
6.85%, 1/2/19		1,038,106		1,102,977

				4,494,496

TOTAL CORPORATE OBLIGATIONS (COST $30,220,122)				27,679,104


Asset Backed Securities—16.5%


Asset Backed Funding Certificates, Series 2003-AHL1, Class A1, 3.68%, 3/25/33	738,743	386,043
Cairn Mezzanine plc, Series 2007-3A, Class B1, 2.13%, 8/13/47 (a)(b)	905,000	0
Capital Auto Receivables Asset Trust Series 2006-SN1A, Class A4B, 0.56%, 3/20/10 (a)(b)	376,167	373,524
Series 2007-SN1, Class A3A, 5.47%, 7/15/10 (h)	416,899	410,283
Series 2007-SN1, Class A3B, 0.51%, 7/15/10 (a)(h)	484,505	472,418
Capital One Prime Auto Receivables Trust Series 2005-1, Class A4, 0.47%, 4/15/11 (a)(h)	239,168	236,534
Series 2006-1, Class A3, 4.99%, 9/15/10 (b)(h)	110,553	110,744
Carmax Auto Owner Trust, Series 2008-2, Class A2B, 1.35%, 9/15/11 (a)(h)	1,251,645	1,245,440
Countrywide Asset-Backed Certificates Series 2006-S2, Class A5, 5.75%, 7/25/27 (a)	994,380	299,209
Series 2006-S4, Class A3, 5.80%, 7/25/34	1,021,754	332,382
Dominos Pizza Master Issuer LLC, Series 2007-1, Class A2, 5.26%, 4/25/37 (b)	1,200,000	646,555
Duane Street CLO, Series 2007-4A, Class C, 2.23%, 11/14/21 (a)(b)	850,000	68,000
GE Business Loan Trust, Series 2006-2A, Class A, 0.63%, 11/15/34 (a)(b)(h)	1,340,071	855,351
GMAC Mortgage Corp., Loan Trust, Series 2006-HE3, Class A3, 5.81%, 10/25/36	900,000	269,559
Hyundai Auto Receivables Trust, Series 2008-A, Class A2, 4.16%, 5/16/11 (h)	915,578	923,974
National Collegiate Student Loan Trust, Series 2006-3, Class A1, 0.47%, 9/25/19 (a)(h)	408,375	391,839
Preferred Term Securities XXII Ltd., 1.66%, 9/22/36, Callable 6/22/11 @ 100 (a)(b)(h)	1,062,623	329,413
Residential Funding Mortgage Securities, Series 2006-HSA1, Class A5, 5.31%, 2/25/36	474,293	139,945


See notes to financial statements.	HSBC INVESTOR PORTFOLIOS	42

HSBC INVESTOR CORE PLUS FIXED INCOME PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited) (continued)


Asset Backed Securities, continued


	Principal Amount($)		Value($)

SLM Student Loan Trust
Series 2005-4, Class A2, 1.24%, 4/26/21 (a)(h)		490,000		476,542
Series 2005-9, Class A4, 1.26%, 1/25/23 (a)(h)		1,360,000		1,331,783
Series 2006-7, Class A2, 1.15%, 10/25/16 (a)(h)		326,568		326,170
Series 2006-9, Class A2, 1.16%, 4/25/17 (a)(h)		208,721		207,761
Series 2006-B, Class A1, 1.33%, 9/15/20 (a)(h)		942,875		896,632
South Carolina Student Loan Corp., Series 2008-1, Class A1, 1.76%, 9/2/14 (a)		718,648		709,737

TOTAL ASSET BACKED SECURITIES (COST $16,711,903)				11,439,838

Collateralized Mortgage Obligations—6.1%

Banc of America Mortgage Securities, Series 2005-D, Class 2A4, 4.79%, 5/25/35 (a)(h)		767,738		724,925
Deutsche Mortgage Securities, Inc., Series 2006-WF1, Class 1A1, 5.10%, 6/26/35 (a)(b)		629,341		625,743
Fannie Mae IO
Series 270, Class 2, 8.50%, 9/1/23 (e)		34,703		5,896
Series 296, Class 2, 8.00%, 4/1/24 (e)		41,477		6,904
Series 306, Class IO, 8.00%, 5/1/30 (e)		50,438		7,368
Series 2000-16, Class PS, 8.16%, 10/25/29 (a)		21,735		856
Series 2001-4, Class SA, 7.10%, 2/17/31 (a)		158,614		14,248
FHA Weyerhauser, 7.43%, 1/1/24 (g)(i)		25,711		25,711
Freddie Mac
Series 2988, Class AF, 0.75%, 6/15/35 (a)(h)		922,891		903,503
Series 3212, Class BK, 5.40%, 9/15/36		900,000		945,939
Freddie Mac IO
Series 1534, Class K, 6.90%, 6/15/23 (a)		110,136		12,420
Series 2141, Class SD, 7.70%, 4/15/29 (a)		90,678		9,944
Series 2247, Class SC, 7.05%, 8/15/30 (a)		46,250		4,064
Government National Mortgage Association IO
Series 1999-30, Class S, 8.15%, 8/16/29 (a)		40,958		4,326
Series 1999-30, Class SA, 7.55%, 4/16/29 (a)		55,284		4,257
Residential Asset Securitization Trust, Series 2003-A15, Class 1A2, 0.89%, 2/25/34 (a)(h)		1,177,046		963,170

TOTAL COLLATERALIZED MORTAGE OBLIGATIONS (COST $4,416,075)				4,259,274

Commercial Mortgage Backed Securities—9.0%

Citigroup Commercial Mortgage Trust, Series 2006-C5, Class A2, 5.38%, 10/15/49		1,100,000		997,929
Commercial Mortgage Pass-Through Certificate, Series 2006-FL12, Class A2, 0.55%, 12/15/20 (a)(b)(h)		1,422,841		996,926


Commercial Mortgage Backed Securities, continued


	Shares or Principal Amount($)		Value($)

CWCapital Cobalt, Series 2006-C1, Class A2, 5.17%, 8/15/48		1,232,000		1,086,906
DLJ Mortgage Acceptance Corp., IO, Series 1997-CF1, Class S, 1.20%, 5/15/30 (a)(b)(e)(g)		16,850		1
Greenwich Capital Commercial Funding Corp. Series 2006-GG7, Class A2, 6.03%, 7/10/38 (a)		640,000		598,744
Series 2006-GG7, Class A4, 6.11%, 7/10/38 (a)		1,040,000		869,400
GS Mortgage Securities Corp., IO, Series 1997-GL, Class X2, 0.29%, 7/13/30 (a)(e)(g)		35,251		373
Morgan Stanley Capital I, Series 2007-IQ14, Class A2, 5.61%, 4/15/49		1,380,000		1,199,206
Washington Mutual Commercial Mortgage Securities Trust, Series 2006-SL1, Class A, 5.42%, 11/23/43 (a)(b)		935,175		514,346

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $7,760,066)				6,263,831

Foreign Bonds—0.5%

United Kingdom – 0.5%
Barclays Bank plc, 5.93%, 12/31/49 (b)		850,000		339,643

TOTAL FOREIGN BONDS (COST $861,568)				339,643

Municipal Bonds—2.2%

Chicago Transit Authority Sales & Transfer Tax Receipts Revenue, Series A, 6.90%, 12/1/40, AMT		800,000		799,488
Connecticut State, GO, Series B, 5.00%, 4/15/18		650,000		756,294

TOTAL MUNICIPAL BONDS (COST $1,498,995)				1,555,782

Investment Company��11.1%

Northern Institutional Diversified Assets Portfolio, Shares Class, 0.44% (f)		7,693,048		7,693,048

TOTAL INVESTMENT COMPANY (COST $7,693,048)				7,693,048

TOTAL INVESTMENTS (COST $103,226,664) — 134.7%				93,606,783



	Percentages indicated are based on net assets of $69,482,704.

(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, 2009. 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.


43	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR CORE PLUS FIXED INCOME PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited) (continued)


(c)	Non-Income Producing; Defaulted Bond.

(d)	In connection with the Lehman Brothers Holdings, Inc. bankruptcy filing announcement on September 15, 2008, the Fund stopped accruing prospective interests amounts on that date.

(e)	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, 2009. The principal amount shown is the notional amount of the underlying mortgages.

(f)	The rates presented represent the annualized one day yield that was in effect on April 30, 2009.

(g)	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 0.04% of net assets.

(h)	Security held as collateral for to be announced securities.

(i)	Security was fair valued as of April 20, 2009. Represents 0.04% of net assets.


AMT	— Interest on security is subject to federal alternative minimum tax
FHA	— Federal Housing Administration
GO	— General Obligation
IO	— Interest-Only security. Represents 0.10% 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 35.6% of net assets.


See notes to financial statements.	HSBC INVESTOR PORTFOLIOS	44

HSBC INVESTOR INTERMEDIATE DURATION FIXED INCOME PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited)


Certificates of Deposit—0.8%


	Principal Amount($)		Value($)

Banking – 0.8%
First Tennessee Bank, 1.46%, 12/17/09 (a)		100,000		99,507

TOTAL CERTIFICATES OF DEPOSIT (COST $97,149)				99,507

U.S. Government and Government Agency Obligations—56.9%

Federal Home Loan Mortgage Corp. – 7.5%
5.13%, 11/17/17		400,000		445,810
Pool #1B2655, 4.96%, 12/1/34 (a)(f)		70,771		72,499
Pool #1J1313, 6.34%, 6/1/36 (a)		182,906		188,685
Pool #847557, 4.41%, 7/1/34 (a)(f)		86,236		87,476
Pool #G02981, 6.00%, 6/1/37		142,711		149,124

				943,594

Federal National Mortgage Association – 42.4%
3.25%, 8/12/10		150,000		154,295
Pool #922090, 5.91%, 3/1/37 (a)		177,433		185,753
TBA May, 5.50%, 5/12/39		2,535,000		2,626,103
TBA June
5.50%, 6/18/16		1,675,000		1,739,906
5.00%, 6/11/39		640,000		656,400

				5,362,457

U.S. Treasury Notes – 7.0%
3.38%, 7/31/13		185,000		197,242
1.88%, 4/30/14		650,000		645,580
3.88%, 5/15/18		45,000		47,956

				890,778

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS (COST $7,145,123)				7,196,829

Corporate Obligations—34.3%

Agricultural Chemicals – 0.7%
Agrium, Inc., 6.75%, 1/15/19		100,000		91,011

Banking – 0.7%
American Express Centurion Bank, 5.95%, 6/12/17		100,000		85,661

Building & Construction Products – 1.5%
Martin Marietta Materials, Inc., 1.19%, 4/30/10 (a)(f)		100,000		95,575
Masco Corp., 1.63%, 3/12/10 (a)(f)		100,000		95,327

				190,902

Computer Services – 0.8%
Electronic Data Systems, Series B, 6.00%, 8/1/13		100,000		106,955

Electric – 3.5%
Duke Energy Corp., 5.65%, 6/15/13		75,000		77,093
MidAmerican Energy Co., 5.95%, 7/15/17		300,000		310,300
Puget Sound Energy, Inc., 6.97%, 6/1/67, Callable 6/1/17 @ 100		100,000		52,250

				439,643


Corporate Obligations, continued


	Principal Amount($)		Value($)

Finance – 10.3%
Bear Stearns Co., Inc., 4.50%, 10/28/10		75,000		75,692
Bear Stearns Co., Inc., Series B, 6.95%, 8/10/12, MTN		150,000		157,922
Citigroup, Inc., 6.50%, 8/19/13		25,000		22,815
Countrywide Home Loans, Series L, 4.00%, 3/22/11, MTN		150,000		140,640
Ford Motor Credit Co., LLC, 9.75%, 9/15/10		100,000		90,004
General Electric Capital Corp., 5.63%, 5/1/18		100,000		87,244
Lehman Brothers Holdings, Series I, 0.00%, 5/2/18, MTN (b)(c)		75,000		11,156
Morgan Stanley, 1.95%, 6/20/12		500,000		497,751
Morgan Stanley, Series F, 6.00%, 4/28/15, MTN		75,000		70,846
XTRA Finance Corp., 5.15%, 4/1/17		150,000		145,538

				1,299,608

Forestry/Paper – 0.2%
Georgia-Pacific Corp., 7.70%, 6/15/15		25,000		23,500

Health Services – 0.2%
Community Health Systems, Inc., 8.88%, 7/15/15, Callable 7/15/11 @ 104.44		25,000		24,875

Hospitals – 0.6%
HCA, Inc., 5.75%, 3/15/14		100,000		79,000

Media – 3.4%
Time Warner Entertainment, 8.88%, 10/1/12		350,000		377,860
Vivendi, 5.75%, 4/4/13 (d)		50,000		47,903

				425,763

Media - Cable – 0.2%
Cablevision Systems Corp., Series B, 8.00%, 4/15/12		25,000		24,875

Medical – 0.2%
Glaxosmithkline Capital, Inc., 4.85%, 5/15/13		25,000		25,934

Office Equipment & Services – 0.8%
Xerox Corp., 2.06%, 12/18/09 (a)(f)		100,000		97,602

Oil & Gas – 0.1%
Pioneer Natural Resources Co., 5.88%, 7/15/16		25,000		20,721

Pipelines – 0.9%
Dynegy Holdings, Inc., 7.75%, 6/1/19		25,000		18,375
Transcontinental Gas Pipeline Corp., 6.05%, 6/15/18		100,000		92,882

				111,257

Retail – 0.2%
Kroger Co. (The), 5.00%, 4/15/13		25,000		25,249

Support - Services – 0.4%
Aramark Services, Inc., 8.50%, 2/1/15, Callable 2/1/11 @ 104.25		25,000		23,875


45	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR INTERMEDIATE DURATION FIXED INCOME PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited) (continued)


Corporate Obligations, continued


	Principal Amount($)		Value($)

Support - Services, continued
Iron Mountain, Inc., 8.00%, 6/15/20, Callable 6/15/13 @ 104		25,000		24,125

				48,000

Telecom - Integrated/Services – 0.2%
Qwest Corp., 7.63%, 6/15/15		25,000		23,688

Telecommunications – 2.2%
Verizon Pennsylvania, Inc., 5.65%, 11/15/11		275,000		283,965

Transportation – 7.2%
American Airlines, Inc., Series 2001-2
Class A1, 6.98%, 4/1/11		54,389		49,766
Class A2, 7.86%, 10/1/11		200,000		166,000
Burlington Northern Santa Fe Railway Co., 4.83%, 1/15/23		214,072		194,615
Continental Airlines, Inc., 5.98%, 4/19/22		100,000		79,000
Union Pacific Corp., 5.75%, 11/15/17		150,000		144,486
Union Pacific Railroad, 5.08%, 1/2/29		289,577		280,212

				914,079

TOTAL CORPORATE OBLIGATIONS (COST $4,604,703)				4,342,288

Asset Backed Securities—12.7%

Asset Backed Funding Certificates, Series 2003-AHL1, Class A1, 3.68%, 3/25/33		210,318		109,905
Cairn Mezzanine plc, Series 2007-3A, Class B1, 2.13%, 8/13/47 (a)(d)		145,000		0
Capital Auto Receivables Asset Trust Series 2006-SN1A, Class A4B, 0.56%, 3/20/10 (a)(d)(f)		69,661		69,171
Series 2007-SN1, Class A3A, 5.47%, 7/15/10 (f)		56,338		55,444
Series 2007-SN1, Class A3B, 0.51%, 7/15/10 (a)(f)		61,972		60,425
Capital One Prime Auto Receivables Trust Series 2005-1, Class A4, 0.47%, 4/15/11 (a)(f)		34,167		33,791
Series 2006-1, Class A3, 4.99%, 9/15/10 (d)(f)		16,461		16,489
Carmax Auto Owner Trust, Series 2008-2, Class A2B, 1.35%, 9/15/11 (a)(f)		169,866		169,024
Countrywide Asset-Backed Certificates Series 2006-S2, Class A5,
5.75%, 7/25/27 (a)		130,251		39,193
Series 2006-S4, Class A3, 5.80%, 7/25/34		202,423		65,849
GE Business Loan Trust, Series 2006-2A, Class A, 0.63%, 11/15/34 (a)(d)(f)		229,223		146,310
GMAC Mortgage Corp., Loan Trust, Series 2006-HE3, Class A3, 5.81%, 10/25/36		170,000		50,917
Hyundai Auto Receivables Trust, Series 2008-A, Class A2, 4.16%, 5/16/11 (f)		125,668		126,820
National Collegiate Student Loan Trust, Series 2006-3, Class A1, 0.47%, 9/25/19 (a)(f)		56,328		54,047


Asset Backed Securities, continued


	Principal Amount($)		Value($)

Preferred Term Securities XXII Ltd., 1.66%, 9/22/36, Callable 6/22/11 @ 100 (a)(d)(f)		193,204		59,893
Residential Funding Mortgage Securities, Series 2006-HSA1, Class A5, 5.31%, 2/25/36 (f)		62,916		18,564
SLM Student Loan Trust Series 2005-4, Class A2, 1.24%, 4/26/21 (a)(f)		60,000		58,352
Series 2005-9, Class A4, 1.26%, 1/25/23 (a)(f)		190,000		186,058
Series 2006-7, Class A2, 1.15%, 10/25/16 (a)(f)		45,056		45,001
Series 2006-9, Class A2, 1.16%, 4/25/17 (a)(f)		26,504		26,382
Series 2006-B, Class A1, 1.33%, 9/15/20 (a)(f)		128,045		121,765
South Carolina Student Loan Corp., Series 2008-1, Class A1, 1.76%, 9/2/14 (a)(f)		96,404		95,209

TOTAL ASSET BACKED SECURITIES (COST $2,355,131)				1,608,609

Collateralized Mortgage Obligations—5.3%

Banc of America Mortgage Securities, Series 2005-D, Class 2A4, 4.79%, 5/25/35 (a)(f)		139,589		131,805
Deutsche Mortgage Securities, Inc., Series 2006-WF1, Class 1A1, 5.10%, 6/26/35 (a)(d)		95,769		95,222
Freddie Mac
Series 2988, Class AF, 0.75%, 6/15/35 (a)(f)		138,434		135,525
Series 3212, Class BK, 5.40%, 9/15/36		150,000		157,656
Residential Asset Securitization Trust, Series 2003-A15, Class 1A2, 0.89%, 2/25/34 (a)		190,872		156,190

TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $708,294)				676,398

Commercial Mortgage Backed Securities—6.4%

Citigroup/Deutsche Bank Commercial Mortgage Trust, Series 2007-CD4, Class A2B, 5.21%, 12/11/49		200,000		174,457
Commercial Mortgage Pass-Through Certificate, Series 2006-FL12, Class A2, 0.55%, 12/15/20 (a)(d)(f)		236,062		165,399
Greenwich Capital Commercial Funding Corp. Series 2006-GG7, Class A2, 6.03%, 7/10/38 (a)		90,000		84,198
Series 2006-GG7, Class A4, 6.11%, 7/10/38 (a)		140,000		117,035
Morgan Stanley Capital I, Series 2007-IQ14, Class A2, 5.61%, 4/15/49		220,000		191,178
Washington Mutual Commercial Mortgage Securities Trust, Series 2006-SL1, Class A, 5.42%, 11/23/43 (a)(d)		140,276		77,152

TOTAL COMMERCIAL MORTGAGE BACKED SECURITIES (COST $1,026,713)				809,419


See notes to financial statements.	HSBC INVESTOR PORTFOLIOS	46

HSBC INVESTOR INTERMEDIATE DURATION FIXED INCOME PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited) (continued)


Foreign Bonds—0.5%


	Shares or Principal Amount($)		Value($)

United Kingdom – 0.5%
Barclays Bank plc, 5.93%, 12/31/49 (d)		150,000		59,937

TOTAL FOREIGN BONDS (COST $151,085)				59,937

Investment Company—27.3%

Northern Institutional Diversified Assets Portfolio, Shares Class, 0.44% (e)		3,448,598		3,448,598

TOTAL INVESTMENT COMPANY (COST $3,448,598)				3,448,598

TOTAL INVESTMENTS (COST $19,536,796) — 144.2%				18,241,585



	Percentages indicated are based on net assets of $12,648,664.

(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, 2009. 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)	In connection with the Lehman Brothers Holdings, Inc. bankruptcy filing announcement on September 15, 2008, the Fund stopped accruing prospective interests amounts on that date.

(c)	Non-Income Producing; Defaulted Bond.

(d)	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.

(e)	The rates presented represent the annualized one day yield that was in effect on April 30, 2009.

(f)	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 39.7% of net assets.


47	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR GROWTH PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited)


Common Stocks—99.5%


	Shares		Value($)

Aerospace & Defense – 2.3%
Lockheed Martin Corp.		9,400		738,182
Precision Castparts Corp.		14,800		1,107,928

				1,846,110

Agriculture – 3.0%
Monsanto Co.		28,100		2,385,409

Biotechnology – 3.8%
Gilead Sciences, Inc. (a)		49,000		2,244,200
Illumina, Inc. (a)		20,600		769,410

				3,013,610

Business Services – 3.1%
Apollo Group, Inc., Class A (a)		12,200		767,990
Ecolab, Inc.		20,100		774,855
ITT Educational Services, Inc. (a)		9,200		927,084

				2,469,929

Communication Equipment – 5.6%
American Tower Corp., Class A (a)		25,900		822,584
Cisco Systems, Inc. (a)		109,000		2,105,880
Juniper Networks, Inc. (a)		30,000		649,500
Research In Motion Ltd. (a)		11,500		799,250

				4,377,214

Credit Card – 5.7%
MasterCard, Inc., Class A		9,500		1,742,775
Visa, Inc., Class A		41,800		2,715,328

				4,458,103

Distribution & Wholesale – 1.8%
Fastenal Co.		36,000		1,380,960

Exchanges – 1.3%
IntercontinentalExchange, Inc. (a)		12,100		1,059,960


Hardware & Peripherals – 5.3%
Apple, Inc. (a)		18,100		2,277,523
Hewlett-Packard Co.		51,701		1,860,202

				4,137,725

Industrial Conglomerates – 7.0%
Danaher Corp.		39,500		2,308,380
General Mills, Inc.		21,700		1,099,973
Lam Research Corp. (a)		13,900		387,532
United Technologies Corp.		34,400		1,680,096

				5,475,981

Internet – 4.5%
Baidu, Inc. ADR (a)		5,200		1,211,080
Google, Inc., Class A (a)		5,950		2,356,021

				3,567,101

Investment Management – 6.4%
BlackRock, Inc.		8,250		1,208,790
Goldman Sachs Group, Inc.		3,300		424,050
JP Morgan Chase & Co.		41,700		1,376,100
The Charles Schwab Corp.		110,600		2,043,888

				5,052,828


Common Stocks, continued


	Shares		Value($)

Medical Products – 5.9%
Baxter International, Inc.		30,700		1,488,950
Cephalon, Inc. (a)		14,100		925,101
Mindray Medical International Ltd. ADR		37,490		855,522
St. Jude Medical, Inc. (a)		42,200		1,414,544

				4,684,117

Medical Services & Distributors – 4.4%
Medco Health Solutions, Inc. (a)		79,600		3,466,580

Oil & Gas Drill & Equipment – 1.2%
FMC Technologies, Inc. (a)		28,100		961,863

Oil & Gas Exploration & Production – 3.0%
Petro-Canada		25,000		788,250
Petroleo Brasileiro SA ADR		21,500		721,755
Southwestern Energy Co. (a)		22,800		817,608

				2,327,613

Pharmaceuticals – 2.5%
Teva Pharmaceutical Industries Ltd. ADR		44,500		1,953,105

Railroad – 2.9%
Union Pacific Corp.		47,200		2,319,408

Retail – 5.1%
Best Buy Co., Inc.		15,300		587,214
Kohl’s Corp. (a)		23,300		1,056,655
Lowe’s Cos., Inc.		36,500		784,750
Wal-Mart Stores, Inc.		30,800		1,552,320

				3,980,939

Retail Pharmacy – 2.0%
CVS Caremark Corp.		48,900		1,554,042

Software Services – 10.4%
Adobe Systems, Inc. (a)		20,900		571,615
Autodesk, Inc. (a)		20,100		400,794
Cognizant Technology Solutions Corp. (a)		83,600		2,072,444
Dolby Laboratories, Inc., Class A (a)		28,600		1,147,718
McAfee, Inc. (a)		17,500		656,950
Microsoft Corp.		86,300		1,748,438
Oracle Corp.		81,000		1,566,540

				8,164,499

Telecommunications – 7.4%
American Movil SAB de C.V. ADR, Seies L		23,400		768,690
Equinix, Inc. (a)		17,600		1,236,048
MetroPCS Communications, Inc. (a)		42,900		733,161
QUALCOMM, Inc.		73,600		3,114,752

				5,852,651

Transportation – 1.6%
C.H. Robinson Worldwide, Inc.		14,800		786,768
Expeditors International of Washington, Inc.		13,200		458,172

				1,244,940

Travel & Leisure – 3.3%
Carnival Corp.		43,900		1,180,032
Priceline.com, Inc. (a)		14,800		1,436,932

				2,616,964


See notes to financial statements.	HSBC INVESTOR PORTFOLIOS	48

HSBC INVESTOR GROWTH PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited) (continued)


Common Stocks, continued


	Shares		Value($)

TOTAL COMMON STOCKS (COST $84,532,207)				78,351,651

Investment Company—0.3%

Northern Institutional Diversified Assets Portfolio, Shares Class, 0.44% (b)		203,165		203,165

TOTAL INVESTMENT COMPANY (COST $203,165)				203,165

TOTAL INVESTMENTS (COST $84,735,372) — 99.8%				78,554,816


	Percentages indicated are based on net assets of $78,715,834.

(a)	Represents non-income producing security.

(b)	The rates presented represent the annualized one day yield that was in effect on April 30, 2009.

ADR — American Depositary Receipt


49	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR INTERNATIONAL EQUITY PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited)


Common Stocks—98.0%


	Shares		Value($)

Australia – 4.5%
Australia & New Zealand Banking Group Ltd.		199,300		2,302,188
BHP Billiton Ltd.		36,500		882,230
Commonwealth Bank of Australia		48,200		1,229,460
Lend Lease Corp., Ltd.		143,700		753,755
National Australia Bank Ltd.		113,565		1,702,081
Qantas Airways Ltd.		412,833		593,849

				7,463,563

Belgium – 0.9%
Delhaize Group SA		22,100		1,496,878

Brazil – 0.3%
Banco Do Brasil SA		60,000		514,686

Canada – 5.4%
BCE, Inc.		58,900		1,259,463
Fairfax Financial Holdings Ltd.		5,200		1,375,624
Industrial Alliance Insurance and Financial Services, Inc.		26,100		523,313
National Bank of Canada		26,600		973,252
Nexen, Inc.		40,490		771,109
Petro-Canada		60,100		1,897,205
Royal Bank of Canada		30,300		1,074,342
Telus Corp.		19,700		458,236
WestJet Airlines Ltd.		59,300		580,573

				8,913,117

China – 0.9%
China Petroleum & Chemical Corp.		1,920,000		1,506,310

Czech Republic – 0.5%
CEZ		20,900		864,120

Finland – 1.1%
Nokia Oyj		129,400		1,871,021

France – 12.8%
BNP Paribas SA		55,180		2,938,135
Credit Agricole SA		185,402		2,746,987
France Telecom SA		63,200		1,410,445
Lagardere S.C.A.		46,400		1,467,340
Renault SA		68,700		2,232,986
Sanofi-Aventis		52,700		3,051,486
Societe Generale		58,231		3,017,009
Total SA		76,100		3,860,269
Vallourec SA		4,500		496,422

				21,221,079

Germany – 13.0%
Allianz SE		27,200		2,505,471
BASF AG (a)		64,800		2,455,117
Bayer AG (a)		29,100		1,445,530
Deutsche Bank AG		52,800		2,807,916
Deutsche Lufthansa AG		81,300		1,024,424
Deutsche Post AG		132,950		1,523,107
Deutsche Telekom AG		150,900		1,841,534
E.ON AG		91,100		3,067,117
Fresenius Medical Care AG & Co. KGaA		18,100		711,147
Metro AG		10,000		425,971


Common Stocks, continued


	Shares		Value($)

Germany, continued

Muenchener Rueckversicherungs- Gesellschaft AG		17,600		2,402,794
RWE AG		11,170		806,069
Siemens AG		10,000		668,986

				21,685,183

India – 0.6%
State Bank of India GDR		17,600		985,600

Italy – 4.4%
ENI SpA		139,700		3,040,090
Intesa Sanpaolo SpA		650,300		2,096,923
Telecom Italia SpA		1,036,200		1,320,061
Telecom Italia RSP		920,000		827,601

				7,284,675

Japan – 17.3%
Canon, Inc.		29,800		891,582
FUJITSU Ltd.		424,000		1,806,085
Hitachi Ltd.		332,000		1,148,195
Honda Motor Co., Ltd.		27,600		796,369
JFE Holdings, Inc.		26,800		727,079
KDDI Corp.		279		1,250,690
Kyocera Corp.		24,500		1,893,408
Mitsubishi Chemical Holdings Corp.		303,000		1,146,237
Mitsubishi Corp.		129,000		1,975,558
Mitsui & Co., Ltd.		149,000		1,568,580
Mitsui Fudosan Co. Ltd.		49,000		614,239
NAMCO BANDAI Holdings, Inc.		123,800		1,229,211
Nippon Mining Holdings, Inc.		187,000		849,655
Nippon Telegraph & Telephone Corp.		63,000		2,351,318
Nissan Motor Co., Ltd.		371,400		1,921,035
Sharp Corp.		203,000		2,112,353
Sony Corp.		37,910		972,741
Sumitomo Mitsui Financial Group, Inc.		46,900		1,617,241
The Furukawa Electric Co. Ltd.		123,000		366,755
The Tokyo Electric Power Co., Inc.		28,000		655,984
Toshiba Corp.		543,000		1,850,385
Toyota Motor Corp.		25,500		995,690

				28,740,390

Netherlands – 3.9%
ArcelorMittal		59,952		1,427,580
ING Groep NV		155,768		1,460,170
Koninklijke (Royal) Philips Electronics NV		62,210		1,132,408
Koninklijke Ahold NV		223,020		2,458,200

				6,478,358

New Zealand – 0.4%
Telecom Corp. of New Zealand Ltd.		456,800		730,105

Norway – 1.5%
StatoilHydro ASA		128,500		2,444,448

Russian Federation – 0.8%
JSC MMC Norilsk Nickel ADR		67,789		564,682


See notes to financial statements.	HSBC INVESTOR PORTFOLIOS	50

HSBC INVESTOR INTERNATIONAL EQUITY PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited) (continued)


Common Stocks, continued


	Shares		Value($)

Russian Federation, continued
LUKOIL ADR		16,550		738,130

				1,302,812

Singapore – 0.2%
Neptune Orient Lines Ltd.		427,000		375,144

South Africa – 0.8%
Sanlam Ltd.		554,040		1,041,588
Standard Bank Group Ltd.		31,023		302,619

				1,344,207

South Korea – 1.1%
KB Financial Group, Inc. ADR (a)		33,200		1,058,416
Samsung Electronics Co., Ltd., Preferred		2,900		751,073

				1,809,489

Spain – 1.8%
Telefonica SA (a)		161,400		3,076,746

Sweden – 2.8%
Ericsson LM, B Shares		153,000		1,351,035
Nordea Bank AB		114,080		859,803
Svenska Cellusoa AB (SCA), B Shares		189,700		1,852,055
Volvo AB, B Shares		86,500		572,866

				4,635,759

Switzerland – 3.4%
Credit Suisse Group		81,100		3,170,079
Novartis AG		63,940		2,432,073

				5,602,152

Taiwan – 1.5%
AU Optronics Corp.		1,101,000		1,140,734
China Steel Corp. GDR		40,044		618,279
Compal Electronics, Inc.		581,895		494,638
United Microelectronics Corp.		862,805		323,647

				2,577,298

Thailand – 0.4%
PTT Public Co., Ltd.		121,400		652,448

United Kingdom – 17.7%
Associated British Foods plc		199,300		2,116,262
AstraZeneca plc		43,100		1,520,209
Aviva plc		352,191		1,643,294
Barclays plc		451,300		1,878,804
BP plc		532,500		3,799,746
Centrica plc		618,000		2,074,684
Drax Group plc		51,100		389,950
GlaxoSmithKline plc		213,800		3,316,812
Lloyds Banking Group plc		886,507		1,468,378
Royal Dutch Shell plc, A Shares		200,987		4,671,581
RSA Insurance Group plc		505,627		981,074
Thomas Cook Group plc		175,500		681,958
Tui Travel plc		208,700		781,645
Vodafone Group plc		2,240,458		4,131,816

				29,456,213


Common Stocks, continued


	Shares		Value($)

TOTAL COMMON STOCKS (COST $238,609,787)				163,031,801

Right—0.0%

Belgium – 0.0%
Fortis (a)		121,532		0

TOTAL RIGHTS (COST $0)				0


Investment Company—0.9%

Northern Institutional Diversified Assets Portfolio, Shares Class, 0.44% (b)		1,401,968		1,401,968

TOTAL INVESTMENT COMPANY (COST $1,401,968)				1,401,968

TOTAL INVESTMENTS (COST $240,011,755) — 98.9%				164,433,769


	Percentages indicated are based on net assets of $166,309,015.

(a)	Represents non-income producing security.

(b)	The rates presented represent the annualized one day yield that was in effect on April 30, 2009.

ADR — American Depositary Receipt
GDR — Global Depositary Receipt
PLC — Public Limited Co.
SPA — Standby Purchase Agreement


Schedule of Portfolio Investments—April 30, 2009


Industry	Percent of Net Assets

Automotive		3.6	%
Banking & Financial Services		23.9	%
Building & Construction		1.1	%
Cash & Cash Equivalents		0.8	%
Chemicals		2.2	%
Drugs - Medical		6.6	%
Electrical		4.7	%
Electronic Components & Semiconductors		5.0	%
Food & Beverage		2.2	%
Import/Export		0.9	%
Insurance		4.0	%
Manufacturing		7.1	%
Metals & Mining		2.0	%
Oil & Gas		15.8	%
Publishing		0.9	%
Real Estate		0.8	%
Retail		1.7	%
Telecommunications		13.2	%
Transportation Services		2.4	%

Total Investments		98.9	%


51	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR INTERNATIONAL EQUITY PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited) (continued)

At April 30, 2009 the portfolio’s open forward currency contracts were as follows:


Currency	Delivery Date		Amount (Local Currency)		Contract Value (U.S. Dollars) ($)		Value ($)		Unrealized Appreciation/ (Depreciation) ($)

SHORT CONTRACTS
British Sterling Pound		06/15/09		2,338,000		3,291,436		3,457,533		(166,097	)
British Sterling Pound		07/15/09		930,000		1,386,463		1,375,377		11,086
British Sterling Pound		07/15/09		379,000		555,466		560,503		(5,037	)
Canadian Dollar		06/15/09		1,988,000		1,571,467		1,666,805		(95,338	)
Canadian Dollar		06/15/09		4,930,000		3,860,762		4,133,473		(272,711	)
Canadian Dollar		06/15/09		933,000		733,808		782,258		(48,450	)
Canadian Dollar		06/15/09		1,158,000		934,776		970,905		(36,129	)
Canadian Dollar		07/15/09		9,009,000		7,276,766		7,555,630		(278,864	)
Swedish Krone		06/15/09		28,436,000		3,242,750		3,536,838		(294,088	)

Total				50,101,000		22,853,694		24,039,322		(1,185,628	)

LONG CONTRACTS
Canadian Dollar		06/15/09		9,009,000		7,275,591		7,553,442		277,851
British Sterling Pound		06/15/09		1,959,000		2,899,320		2,897,052		(2,268	)
British Sterling Pound		06/15/09		379,000		555,489		560,481		4,992
Swedish Krone		06/15/09		3,116,000		350,242		387,565		37,323
Swedish Krone		06/15/09		25,320,000		2,993,085		3,149,273		156,188

Total				39,783,000		14,073,727		14,547,813		474,086


See notes to financial statements.	HSBC INVESTOR PORTFOLIOS	52

HSBC INVESTOR OPPORTUNITY PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited) (continued)


Common Stocks—97.3%


	Shares		Value($)

Aerospace & Defense – 1.3%
BE Aerospace, Inc. (a)		138,700		1,496,573

Biotechnology – 5.8%
Illumina, Inc. (a)		103,350		3,860,122
Life Technologies Corp. (a)		68,900		2,569,970

				6,430,092

Business Services – 3.1%
MSCI, Inc., Class A (a)		61,700		1,295,083
Navigant Consulting, Inc. (a)		148,650		2,186,642

				3,481,725

Communications – 1.0%
Discovery Communications, Inc., Class A (a)		58,800		1,116,612

Computer Software – 16.3%
ACI Worldwide, Inc. (a)		73,200		1,264,164
BMC Software, Inc. (a)		98,400		3,411,528
Brocade Communications Systems, Inc. (a)		306,600		1,772,148
Check Point Software Technologies Ltd. (a)		139,250		3,226,422
Citrix Systems, Inc. (a)		73,200		2,088,396
Nuance Communications, Inc. (a)		235,450		3,143,257
Salesforce.com, Inc. (a)		38,050		1,628,921
VeriFone Holdings, Inc. (a)		200,300		1,504,253

				18,039,089

Consumer Products – 4.4%
Church & Dwight Co., Inc.		39,800		2,165,518
Crown Holdings, Inc. (a)		121,300		2,674,665

				4,840,183

Diversified Manufacturing Operations – 5.1%
Actuant Corp., Class A		113,400		1,390,284
AMETEK, Inc.		66,800		2,151,628
Joy Global, Inc.		84,050		2,143,275

				5,685,187

Education – 1.7%
Corinthian Colleges, Inc. (a)		609		9,379
DeVry, Inc.		44,400		1,889,664

				1,899,043

Electronic Components & Semiconductors – 3.0%
Maxim Integrated Products, Inc.		77,400		1,048,770
National Semiconductor Corp.		83,350		1,031,040
Xilinx, Inc.		63,550		1,298,962

				3,378,772

Environmental Services – 1.5%
Stericycle, Inc. (a)		34,700		1,633,676

Financial Services – 4.5%
Annaly Capital Management, Inc.		106,950		1,504,787
PrivateBancorp, Inc.		83,300		1,686,825
Waddell & Reed Financial, Inc., Class A		81,000		1,815,210

				5,006,822

Gaming – 1.1%
Scientific Games Corp., Class A (a)		71,600		1,252,284


Common Stocks, continued


	Shares		Value($)

Health Care – 6.5%
DaVita, Inc. (a)		63,900		2,963,043
IDEXX Laboratories, Inc. (a)		62,500		2,456,250
MEDNAX, Inc. (a)		36,250		1,301,375
Skilled Healthcare Group, Inc., Class A (a)		54,600		476,658

				7,197,326

Industrial Manufacturing – 6.0%
IDEX Corp.		89,000		2,247,250
Mettler-Toledo International, Inc. (a)		44,550		2,745,616
WESCO International, Inc. (a)		62,500		1,625,000

				6,617,866

Insurance – 1.3%
HCC Insurance Holdings, Inc.		62,100		1,485,432

Internet Related – 1.4%
VeriSign, Inc. (a)		76,100		1,566,138


Oil & Gas – 11.8%
Consol Energy, Inc.		69,700		2,180,216
Denbury Resources, Inc. (a)		221,800		3,610,904
EQT Corp.		47,400		1,594,062
Exterran Holdings, Inc. (a)		104,600		2,159,990
Massey Energy Co.		179,450		2,855,049
Range Resources Corp.		17,000		679,490

				13,079,711

Pharmaceuticals – 10.7%
Alexion Pharmaceuticals, Inc. (a)		108,650		3,631,083
Elan Corp. plc ADR (a)		235,500		1,391,805
OSI Pharmaceuticals, Inc. (a)		89,300		2,997,801
Santarus, Inc. (a)		211,800		372,768
Shire plc ADR		91,900		3,425,113

				11,818,570

Retail – 6.9%
American Eagle Outfitters, Inc.		201,350		2,984,007
O’Reilly Automotive, Inc. (a)		72,500		2,816,625
PetSmart, Inc.		79,700		1,823,536

				7,624,168

Telecommunications – 3.9%
Comverse Technology, Inc. (a)		196,000		1,401,400
Equinix, Inc. (a)		10,850		761,996
Polycom, Inc. (a)		114,300		2,130,552

				4,293,948

TOTAL COMMON STOCKS (COST $126,142,743)				107,943,217


Investment Company—2.6%

Northern Institutional Government Select Portfolio, Shares Class, 0.10% (b)	2,842,694	2,842,694

TOTAL INVESTMENT COMPANY (COST $2,842,694)		2,842,694

TOTAL INVESTMENTS (COST $128,985,437) — 99.9%		110,785,911



	Percentages indicated are based on net assets of $110,888,905.

(a)	Represents non-income producing security.

(b)	The rates presented represent the annualized one day yield that was in effect on April 30, 2009.

ADR — American Depositary Receipt
PLC — Public Limited Co.


53	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR VALUE PORTFOLIO

Schedule of Portfolio Investments—as of April 30, 2009 (Unaudited)


Common Stocks—97.4%


	Shares		Value($)

Aerospace & Defense – 5.8%
Lockheed Martin Corp.		14,900		1,170,097
Raytheon Co.		29,100		1,316,193

				2,486,290

Agricultural Chemicals – 1.1%
The Mosaic Co.		11,500		465,175

Banking – 2.4%
Wells Fargo & Co.		50,700		1,014,507

Business Services – 3.7%
Pitney Bowes, Inc.		65,700		1,612,278

Computer Software – 8.6%
CA, Inc.		120,200		2,073,450
Microsoft Corp.		81,500		1,651,190

				3,724,640

Conglomerates – 3.0%
Loews Corp.		51,240		1,275,364

Consumer Products – 4.2%
Kimberly-Clark Corp.		24,600		1,208,844
Kraft Foods, Inc.		25,069		586,615

				1,795,459

Diversified Manufacturing Operations – 1.5%
Ingersoll-Rand Co., Class A		30,100		655,277

Electronic Components & Semiconductors – 2.5%
Agilent Technologies, Inc. (a)		58,800		1,073,688

Energy – 2.8%
Halliburton Co.		30,600		618,732
NRG Energy, Inc. (a)		33,800		607,724

				1,226,456

Financial Services – 3.4%
JP Morgan Chase & Co.		44,250		1,460,250

Insurance – 8.0%
Aetna, Inc.		20,800		457,808
Aon Corp.		30,400		1,282,880
Genworth Financial, Inc., Class A		93,500		220,660
MetLife, Inc.		35,200		1,047,200
The Hartford Financial Services Group, Inc.		37,300		427,831

				3,436,379

Media – 6.5%
CBS Corp., Class B		34,350		241,824
Comcast Corp., Class A		51,650		758,222
Viacom, Inc., Class B (a)		94,000		1,808,560

				2,808,606

Metals & Mining – 8.0%
AngloGold Ashanti Ltd. ADR		47,327		1,457,671
Barrick Gold Corp.		55,800		1,623,780
United States Steel Corp.		13,800		366,390

				3,447,841


Common Stocks, continued


	Shares		Value($)

Oil & Gas – 14.4%
Apache Corp.		24,400		1,777,784
ConocoPhillips		9,571		392,411
EOG Resources, Inc.		9,075		576,081
Hess Corp.		13,600		745,144
Noble Energy, Inc.		35,900		2,037,325
Talisman Energy, Inc.		55,200		692,208

				6,220,953

Pharmaceuticals – 7.6%
Amgen, Inc. (a)		31,100		1,507,417
Merck & Co., Inc.		30,600		741,744
Sanofi-Aventis ADR		36,200		1,039,664

				3,288,825

Telecommunications – 8.0%
AT&T, Inc.		33,000		845,460
Motorola, Inc.		319,000		1,764,070
Verizon Communications, Inc.		27,800		843,452

				3,452,982

Tobacco – 3.9%
Lorillard, Inc.		9,927		626,691
Philip Morris International, Inc.		28,700		1,038,940

				1,665,631

Transportation – 2.0%
Union Pacific Corp.		18,000		884,520


TOTAL COMMON STOCKS (COST $56,119,439)				41,995,121

Investment Company—2.5%

Northern Institutional Government Select Portfolio, Shares Class, 0.10% (b)		1,071,696		1,071,696

TOTAL INVESTMENT COMPANY (COST $1,071,696)				1,071,696

TOTAL INVESTMENTS (COST $57,191,135) — 99.9%				43,066,817



	Percentages indicated are based on net assets of $43,127,664.

(a)	Represents non-income producing security.

(b)	The rates presented represent the annualized one day yield that was in effect on April 30, 2009.

ADR — American Depositary Receipt



See notes to financial statements.	HSBC INVESTOR PORTFOLIOS	54

HSBC INVESTOR PORTFOLIOS

Statements of Assets and Liabilities—as of April 30, 2009 (Unaudited)


	Core Plus Fixed Income Portfolio		Intermediate Duration Fixed Income Portfolio		Growth Portfolio		International Equity Portfolio

Assets:
Investments in non-affiliates, at value	$	93,606,783	$	18,241,585	$	78,554,816	$	164,433,769
Foreign currency, at value		—		—		—		2,521,711
Unrealized appreciation on forward foreign currency exchange contracts		—		—		—		487,440
Interest and dividends receivable		632,107		91,144		30,209		662,006
Receivable for investments sold		10,729,803		3,095,685		1,182,861		339,018
Prepaid expenses and other assets		7		170		746		1,470

Total Assets		104,968,700		21,428,584		79,768,632		168,445,414


Liabilities:
Cash overdraft		3,873		6,131		—		—
Unrealized depreciation on forward foreign currency contracts		—		—		—		1,198,982
Payable for investments purchased		35,443,151		8,763,180		1,010,356		815,275
Accrued expenses and other liabilities:
Investment Management		30,671		4,151		36,044		94,281
Administration		1,241		226		1,356		2,889
Compliance Service		24		4		27		56
Other		7,036		6,228		5,015		24,916

Total Liabilities		35,485,996		8,779,920		1,052,798		2,136,399


Net Assets:
Applicable to investors’ beneficial interest	$	69,482,704	$	12,648,664	$	78,715,834	$	166,309,015

Total Investments, at cost	$	103,226,664	$	19,536,796	$	84,735,372	$	240,011,755

Foreign currency, at cost	$	—	$	—	$	—	$	2,504,392


55	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR PORTFOLIOS

Statements of Assets and Liabilities—as of April 30, 2009 (Unaudited) (continued)


	Opportunity Portfolio		Value Portfolio

Assets:
Investments in non-affiliates, at value	$	110,785,911	$	43,066,817
Dividend income		2,825		82,117
Receivable for investments sold		1,231,827		—
Prepaid expenses and other assets		—		889

Total Assets		112,020,563		43,149,823


Liabilities:
Payable for investments purchased		1,047,632		—
Accrued expenses and other liabilities:
Investment Management		70,435		18,009
Administration		1,921		760
Compliance Service		38		15
Other		11,632		3,375

Total Liabilities		1,131,658		22,159


Net Assets:
Applicable to investors’ beneficial interest	$	110,888,905	$	43,127,664

Total Investments, at cost	$	128,985,437	$	57,191,135


See notes to financial statements.	HSBC INVESTOR PORTFOLIOS	56

HSBC INVESTOR PORTFOLIOS

Statements of Operations—For the six months ended April 30, 2009 (Unaudited)


	Core Plus Fixed Income Portfolio			Intermediate Duration Fixed Income Portfolio			Growth Portfolio			International Equity Portfolio

Investment Income:
Interest	$	2,118,629		$	304,397		$	—		$	3,441
Dividends		5,734			4,879			363,478			2,937,928
Foreign tax withholding		—			—			—			(453,901	)

Total Investment Income (Loss)		2,124,363			309,276			363,478			2,487,468


Expenses:
Investment Management		196,009			25,771			209,638			576,888
Administration		7,500			1,315			7,447			16,550
Accounting		32,290			29,135			24,861			45,159
Compliance Service		127			8			169			340
Custodian		2,266			872			4,129			81,166
Printing		132			553			480			1,788
Professional fees		618			260			1,203			2,035
Trustee		532			59			518			1,227
Other		8,389			605			8,149			19,270

Total Expenses		247,863			58,578			256,594			744,423


Net Investment Income (Loss)		1,876,500			250,698			106,884			1,743,045


Net Realized/Unrealized Gains (Losses) from Investments:
Net realized gains (losses) from investments and foreign currency transactions		51,411			177,985			(12,863,368	)		(56,073,611	)
Net realized gains (losses) from futures transactions		(380,711	)		(57,805	)		—			—
Change in unrealized appreciation/depreciation from investments and foreign currencies		2,779,601			305,872			13,870,510			44,805,697


Net realized/unrealized gains (losses) from investments and foreign currency transactions		2,450,301			426,052			1,007,142			(11,267,914	)

Change In Net Assets Resulting From Operations	$	4,326,801		$	676,750		$	1,114,026		$	(9,524,869	)


57	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR PORTFOLIOS

Statements of Operations—For the six months ended April 30, 2009 (Unaudited) (continued)


	Opportunity Portfolio			Value Portfolio

Investment Income:
Dividends	$	292,719		$	567,167

Total Investment Income (Loss)		292,719			567,167


Expenses:
Investment Management		418,743			112,278
Administration		10,754			4,396
Accounting		24,621			24,275
Compliance Service		184			115
Custodian		7,505			1,662
Printing		221			397
Professional fees		403			519
Trustee		820			239
Other		12,910			4,691

Total Expenses		476,161			148,572


Net Investment Income (Loss)		(183,442	)		418,595


Net Realized/Unrealized Gains (Losses) from Investments:
Net realized losses from investment transactions		(18,090,240	)		(1,624,297	)
Change in unrealized appreciation/depreciation from investments and foreign currencies		12,416,564			(1,507,018	)


Net realized/unrealized gains (losses) from investment transactions		(5,673,676	)		(3,131,315	)

Change In Net Assets Resulting From Operations	$	(5,857,118	)	$	(2,712,720	)


See notes to financial statements.	HSBC INVESTOR PORTFOLIOS	58

HSBC INVESTOR PORTFOLIOS

Statements of Changes in Net Assets


	Core Plus Fixed Income Portfolio						Intermediate Duration Fixed Income Portfolio

	For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008			For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008

Investment Activities:
Operations:
Net investment income (loss)	$	1,876,500		$	5,103,577		$	250,698		$	602,838
Net realized gains (losses) from investment and futures transactions		(329,300	)		(1,760,929	)		120,180			(137,944	)
Change in unrealized appreciation/depreciation from investments		2,779,601			(12,280,378	)		305,872			(1,515,259	)

Change in net assets resulting from operations		4,326,801			(8,937,730	)		676,750			(1,050,365	)

Proceeds from contributions		779,241			13,894,668			293,480			3,554,894
Value of withdrawals		(17,351,215	)		(43,040,969	)		(1,852,552	)		(4,032,112	)

Change in net assets resulting from transactions in investors’ beneficial interest		(16,571,974	)		(29,146,301	)		(1,559,072	)		(477,218	)

Change in net assets		(12,245,173	)		(38,084,031	)		(882,322	)		(1,527,583	)

Net Assets:
Beginning of period		81,727,877			119,811,908			13,530,986			15,058,569

End of period	$	69,482,704		$	81,727,877		$	12,648,664		$	13,530,986


59	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR PORTFOLIOS

Statements of Changes in Net Assets (continued)


	Growth Portfolio						International Equity Portfolio

	For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008			For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008

Investment Activities:
Operations:
Net investment income (loss)	$	106,884		$	158,253		$	1,743,045		$	9,312,232
Net realized gains (losses) from investment transactions		(12,863,368	)		(80,608	)		(56,073,611	)		10,348,234
Change in unrealized appreciation/depreciation from investments and foreign currencies		13,870,510			(42,269,939	)		44,805,697			(242,760,619	)

Change in net assets resulting from operations		1,114,026			(42,192,294	)		(9,524,869	)		(223,100,153	)

Proceeds from contributions		6,048,952			50,198,227			10,790,392			43,694,202
Value of withdrawals		(10,388,656	)		(15,750,298	)		(34,265,418	)		(76,346,748	)

Change in net assets resulting from transactions in investors’ beneficial interest		(4,339,704	)		34,447,929			(23,475,026	)		(32,652,546	)

Change in net assets		(3,225,678	)		(7,744,365	)		(32,999,895	)		(255,752,699	)

Net Assets:
Beginning of period		81,941,512			89,685,877			199,308,910			455,061,609

End of period	$	78,715,834		$	81,941,512		$	166,309,015		$	199,308,910


See notes to financial statements.	HSBC INVESTOR PORTFOLIOS	60

HSBC INVESTOR PORTFOLIOS

Statements of Changes in Net Assets (continued)


	Opportunity Portfolio						Value Portfolio

	For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008			For the six months ended April 30, 2009 (Unaudited)			For the year ended October 31, 2008

Investment Activities:
Operations:
Net investment income (loss)	$	(183,442	)	$	(854,296	)	$	418,595		$	1,062,396
Net realized gains (losses) from investment transactions		(18,090,240	)		2,354,698			(1,624,297	)		(7,776,127	)
Change in unrealized appreciation/depreciation from investments and foreign currencies		12,416,564			(73,360,727	)		(1,507,018	)		(25,258,253	)

Change in net assets resulting from operations		(5,857,118	)		(71,860,325	)		(2,712,720	)		(31,971,984	)

Proceeds from contributions		4,180,538			20,402,348			3,017,348			12,224,588
Value of withdrawals		(15,404,154	)		(44,840,850	)		(6,840,136	)		(13,247,672	)

Change in net assets resulting from transactions in investors’ beneficial interest		(11,223,616	)		(24,438,502	)		(3,822,788	)		(1,023,084	)

Change in net assets		(17,080,734	)		(96,298,827	)		(6,535,508	)		(32,995,068	)

Net Assets:
Beginning of period		127,969,639			224,268,466			49,663,172			82,658,240

End of period	$	110,888,905		$	127,969,639		$	43,127,664		$	49,663,172


61	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

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HSBC INVESTOR PORTFOLIOS

Financial Highlights


			Ratio/Supplementary Data

	Total Return(a)		Net Assets at End of Period (000’s)			Ratio of Net Expenses to Average Net Assets(b)		Ratio of Net Investment Income (Loss) to Average Net Assets(b)		Ratio of Expenses to Average Net Assets(b)(c)		Portfolio Turnover Rate(a)

CORE PLUS FIXED INCOME PORTFOLIO
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	%
Year Ended October 31, 2008	(8.78	)%			81,728	0.59	%	4.80	%	0.59	%	119.38	%
Six Months Ended April 30, 2009 (Unaudited)	6.05	%			69,483	0.68	%	5.11	%	0.68	%	17.88	%

INTERMEDIATE DURATION FIXED INCOME PORTFOLIO
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	%
Year Ended October 31, 2008	(7.08	)%			13,531	0.91	%	4.15	%	0.91	%	124.23	%
Six Months Ended April 30, 2009 (Unaudited)	5.37	%			12,649	0.91	%	3.89	%	0.91	%	62.22	%

GROWTH PORTFOLIO
Period Ended October 31, 2004 (f)	(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	%
Year Ended October 31, 2008	(37.75	)%(e)			81,942	0.62	%	0.19	%	0.62	%	157.87	%
Six Months Ended April 30, 2009 (Unaudited)	2.05	%			78,716	0.70	%	0.29	%	0.70	%	33.58	%

INTERNATIONAL EQUITY PORTFOLIO
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	%
Year Ended October 31, 2008	(51.95	)%			199,309	0.76	%	2.65	%	0.76	%	28.98	%
Six Months Ended April 30, 2009 (Unaudited)	(4.47	)%			166,309	0.93	%	2.17	%	0.93	%	29.46	%

OPPORTUNITY PORTFOLIO
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	%
Year Ended October 31, 2008	(35.30	)%			127,970	0.87	%	(0.46	)%	0.87	%	80.42	%
Six Months Ended April 30, 2009 (Unaudited)	(3.69	)%			110,889	0.91	%	(0.35	)%	0.91	%	29.04	%

VALUE PORTFOLIO
Period Ended October 31, 2004 (f)	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	%
Year Ended October 31, 2008	(39.91	)%			49,663	0.64	%	1.54	%	0.64	%	24.61	%
Six Months Ended April 30, 2009 (Unaudited)	(4.59	)%			43,128	0.69	%	1.96	%	0.69	%	13.02	%


(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)	During the year ended October 31, 2008, Winslow Capital Management, Inc. reimbursed $64,658 to the Portfolio related to violations of certain investment policies and limitations. The corresponding impact to the total return was 0.08%.

(f)	Growth Portfolio commenced operations on May 7, 2004.
	Value Portfolio commenced operations on May 7, 2004.


63	HSBC INVESTOR PORTFOLIOS	See notes to financial statements.

HSBC INVESTOR PORTFOLIOS

Notes to Financial Statements—as of April 30, 2009 (Unaudited)


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 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 all of their investable assets in the Portfolios. The Portfolios also receive investments from funds of funds. The Declaration of Trust permits the Board of Trustees to issue an unlimited number of beneficial interests in the Portfolios.

	The 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 Portfolio Trust’s 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 Portfolio Trust may enter into contracts with its 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 Portfolio Trust expects 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:

	Effective November 1, 2008, the Portfolio Trust adopted Statement of Financial Accounting Standards (“SFAS”) No. 157, “Fair Value Measurements.” There was no impact to the Portfolios’ net assets or results of operations upon adoption. SFAS 157 defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

	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.

	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 Portfolio Trusts’ 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.


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Notes to Financial Statements—as of April 30, 2009 (Unaudited) (continued)


	Examples of potentially significant events that could affect multiple securities held by a Portfolio include governmental actions, natural 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.

	Exchange traded futures contracts are valued at the last sales price as of the close of the primary exchange. Forward foreign currency contracts are generally valued at the foreign currency exchange rate as of the close of the New York Stock Exchange.

	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 its 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 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


65	HSBC INVESTOR PORTFOLIOS

HSBC INVESTOR PORTFOLIOS

Notes to Financial Statements—as of April 30, 2009 (Unaudited) (continued)


	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.

	Restricted and Illiquid Securities:

	A restricted security is a security which has been purchased through a private offering and cannot be resold to the general public without prior registration under the Securities Act of 1933 (the “1933 Act”) or pursuant to the resale limitations provided by Rule 144 under the 1933 Act, or another exemption from the registration requirements of the 1933 Act. Certain restricted securities may be resold in transactions exempt from registration, normally to qualified institutional buyers, and may be deemed liquid by the investment adviser based on procedures established by the Board of Trustees. Therefore, not all restricted securities are considered illiquid. At April 30, 2009 the HSBC Core Plus Fixed Income Portfolio held restricted securities that were illiquid, representing 0.04% of net assets, as follows:


Security Name	Acquisition Date	Acquisition Cost($)		Principal Amount($)		Value($)

DLJ Mortgage Acceptance Corp. IO, Series 1997, Class S, 1.20%, 5/15/30	5/15/1997		1,168		16,850		1
FHA Weyerhauser, 7.43%, 1/1/24	3/28/2002		24,528		25,711		25,711
GS Mortgage Securities Corp. IO, Series 1997-GL, Class X2, 0.29, 7/13/30	8/14/1997		1,192		35,320		373


	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 counter-party 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, Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes (“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


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HSBC INVESTOR PORTFOLIOS

Notes to Financial Statements—as of April 30, 2009 (Unaudited) (continued)


	reduction of a tax refund receivable), including the recognition of any related interest and penalties as an operating expense. The FIN 48 analysis included a review of tax positions taken in tax years that remain subject to examination by tax authorities in all major tax jurisdictions, including federal (i.e., the last 4 tax year ends and the interim tax period since then, as applicable). FIN 48 did not impact the Portfolios’ net assets or results of operations during the period.

	New Accounting Pronouncements:

	In March 2008, the Financial Accounting Standards Board (“FASB”) issued the Statement of Financial Accounting Standards No. 161, “Disclosures about Derivative Instruments and Hedging Activities” (“SFAS 161”). SFAS 161 will be effective for fiscal years and interim periods beginning after November 15, 2008. SFAS 161 requires enhanced disclosures about the Portfolios’ 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 Portfolios’ financial statements and related disclosures.

	In April 2009, the FASB issued FASB Staff Position No. 157-4, “Determining Fair Value When the Volume and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly” (“FSP 157-4”). FSP 157-4 provides additional guidance for estimating fair value in accordance with SFAS No. 157, when the volume and level of activity for the asset or liability have significantly decreased as well as guidance on identifying circumstances that indicate a transaction is not orderly. FSP 157-4 is effective for fiscal years and interim periods ending after June 15, 2009. Management is currently evaluating the impact the adoption of FSP 157-4 will have on the Portfolios’ financial statement disclosures.

3.	Investment Valuation Summary

		The inputs used for valuing the Funds’ investments are summarized in the three broad levels listed below:

		•	Level 1: quoted prices in active markets for identical assets

		•	Level 2: other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

		•	Level 3: significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

	The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments. For example, short-term debt securities of sufficient credit quality maturing in sixty days or less are generally valued at amortized cost, which approximates fair value. Generally, amortized cost approximates the current fair value of a security, but since the valuation is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

	The following is a summary of the valuation as of April 30, 2009 for each Fund based upon the three levels defined above:


	LEVEL 1 – Quoted Prices				LEVEL 2 – Other Significant

Fund Name	Investment Securities		Other Financial Instruments*		Investment Securities		Other Financial Instruments*

Core Plus Fixed Income Portfolio		7,693,048		—		85,888,024		—
Intermediate Duration Fixed Income Portfolio		3,448,598		—		14,792,987		—
Growth Portfolio		78,554,816		—		—		—
International Equity Portfolio		14,280,193		—		150,153,576		(711,542	)
Opportunity Portfolio		110,785,911		—		—		—
Value Portfolio		43,066,817		—		—		—


67	HSBC INVESTOR PORTFOLIOS

HSBC INVESTOR PORTFOLIOS

Notes to Financial Statements—as of April 30, 2009 (Unaudited) (continued)


	LEVEL 3 – Significant				Total

Fund Name	Investment Securities		Other Financial Instruments*		Investment Securities		Other Financial Instruments*

Core Plus Fixed Income Portfolio		25,711		—		93,606,783		—
Intermediate Duration Fixed Income Portfolio		—		—		18,241,585		—
Growth Portfolio		—		—		78,554,816		—
International Equity Portfolio		—		—		164,433,769		(711,542	)
Opportunity Portfolio		—		—		110,785,911		—
Value Portfolio		—		—		43,066,817		—

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:


Core Plus Fixed Income Portfolio	Investment Securities			Other Financial Instruments*

Balance as of October 31, 2008	$	26,158		$	—
Realized gain (loss)		(27	)		—
Change in unrealized appreciation/(depreciation)		(21	)		—
Net purchases (sales)		(399	)		—
Transfers in (out) of Level 3		—			—

Balance as of April 30, 2009	$	25,711		$	—


Intermediate Duration Fixed Income Portfolio	Investment Securities		Other Financial Instruments*

Balance as of October 31, 2008	$	—	$	—
Realized gain (loss)		—		—
Change in unrealized appreciation/(depreciation)		—		—
Net purchases (sales)		—		—
Transfers in (out) of Level 3		—		—

Balance as of April 30, 2009	$	—	$	—



		*	Other financial instruments would include any derivative instruments, such as any futures, forwards, and swap agreements. These investments are generally recorded in the financial statements at the unrealized gain or loss on the investment.


4.	Related Party Transactions:

	Investment Management:

	HSBC Global Asset Management (USA) Inc. (“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 Winslow Capital Management, Inc., 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 0.40% of the Intermediate Duration Fixed Income Portfolio’s average daily net assets. Halbis Capital Management, a wholly owned subsidiary of Halbis Capital Management (UK) Limited an affiliate of the Investment Adviser, serves as the Sub-Investment Advisor and is paid by the Investment Adviser.


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Notes to Financial Statements—as of April 30, 2009 (Unaudited) (continued)


	For its services, the Investment Adviser 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 Winslow Capital Management, Inc. (“Winslow”) receive in aggregate, from the Growth Portfolio, a fee, accrued daily and paid monthly, at an annual rate of:


Based on Sub-Advised HSBC Investor Family of Funds Average Daily Net Assets of			Fee Rate*

Up to $250 million			0.575%
In excess of $250 million but not exceeding $500 million			0.525%
In excess of $500 million but not exceeding $750 million			0.475%
In excess of $750 million but not exceeding $1 billion			0.425%
In excess of $1 billion			0.375%



	*	The investment advisory contract provides that the Growth Portfolio may pay the Investment Adviser an aggregate maximum fee of 0.68%. Currently, the Investment Adviser’s share of the aggregate maximum fee rate is capped at 0.175%. Accordingly, the aggregate maximum fee rate is 0.575%.

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:


Based on Average Daily Net Assets of			Fee Rate

Up to $10 million			1.015%
In excess of $10 million but not exceeding $25 million			0.925%
In excess of $25 million but not exceeding $50 million			0.79%
In excess of $50 million but not exceeding $100 million			0.70%
In excess of $100 million			0.61%


	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.

	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:


Based on Average Daily Net Assets of			Fee Rate

Up to $500 million			0.525%
In excess of $500 million but not exceeding $1 billion			0.475%
In excess of $1 billion			0.425%


	All contractual and any voluntary fee waivers/reimbursements are not subject to recoupment in subsequent fiscal periods. Voluntary waiver/reimbursements may be stopped at any time.


69	HSBC INVESTOR PORTFOLIOS

HSBC INVESTOR PORTFOLIOS

Notes to Financial Statements—as of April 30, 2009 (Unaudited) (continued)


	Administration:

	HSBC serves the Portfolios as Administrator. Under the terms of the Administration Agreement, HSBC received from the Portfolios (as well as the other funds in the HSBC Investor Funds) a fee, accrued daily and paid monthly, during the period November 1, 2008 to December 31, 2008, 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%


	Effective January 1, 2009, under the terms of the Administration Agreement, HSBC receives from the Portfolios a fee, accrued daily and paid monthly, at an annual rate of:


Based on Average Daily Net Assets of			Fee Rate

Up to $10 billion			0.0550%
In excess of $10 billion but not exceeding $20 billion			0.0350%
In excess of $20 billion but not exceeding $50 billion			0.0275%
In excess of $50 billion			0.0250%


	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 HSBC Investor 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 HSBC Investor Funds, the Portfolios pay half of the administration fee and the other funds pay half of the administration fee, for a combination of the total fee rate set forth above. Certain administrative fees of the Portfolios also may be received by treating them as apportioned in part to other funds makes investments in the Portfolios a master-feeder structures.

	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.

	Under a Compliance Services Agreement between the Portfolio Trust as the other HSBC Investor Funds (the “Trusts”) and Citi Ohio (the “CCO Agreement”), Citi Ohio makes an employee available to serve as the Trusts’ 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 $133,049 for the period ended April 30, 2009, 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.

	Fund Accounting, Custodian and Trustee:

	Citi Ohio provides fund accounting services for the Trusts. 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.

	Each of the non-interested Trustees is compensated with a $60,000 annual Board retainer for services as a Trustee of the Trusts and the other HSBC Investor Funds, as well as a $3,000 annual retainer for each Committee of the Board of the Trusts and other HSBC Investor Funds. 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 PORTFOLIOS	70

HSBC INVESTOR PORTFOLIOS

Notes to Financial Statements—as of April 30, 2009 (Unaudited) (continued)


5.	Investment Transactions:

	Purchases and sales of securities (excluding securities maturing less than one year from acquisition) for the period ended April 30, 2009 were as follows:


Portfolio Name	Purchases (excluding U.S. Government)		Sales (excluding U.S. Government)		Purchases of U.S. Government		Sales of U.S. Government

Core Plus Fixed Income Portfolio	$	11,803,002	$	50,830,863	$	1,076,886	$	265,202
Intermediate Duration Fixed Income Portfolio		6,093,970		10,230,505		752,233		1,120,765
Growth Portfolio		24,756,762		26,642,330		—		—
International Equity Portfolio		47,378,470		66,117,358		—		—
Opportunity Portfolio		30,428,251		40,680,839		—		—
Value Portfolio		9,255,213		5,537,209		—		—


6.	Federal Income Tax Information:

	At April 30, 2009, the cost, gross unrealized appreciation and gross unrealized depreciation on securities for federal income tax purposes, were as follows:


Fund	Tax Cost of Securities ($)		Tax Unrealized Appreciation ($)		Tax Unrealized Depreciation ($)			Net Unrealized Appreciation/ (Depreciation) ($)*

Core Plus Fixed Income Portfolio		103,264,397		832,138		(10,489,752	)		(9,657,614	)
Intermediate Duration Portfolio		19,536,927		115,226		(1,410,568	)		(1,295,342	)
Growth Portfolio		84,398,334		4,783,687		(10,627,205	)		(5,843,518	)
International Equity Portfolio		240,920,820		5,284,841		(81,771,892	)		(76,487,051	)
Opportunity Portfolio		131,926,987		7,847,417		(28,988,493	)		(21,141,076	)
Value Portfolio		57,029,091		2,994,252		(16,956,526	)		(13,962,274	)



*	The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to: tax deferral of losses on wash sales.


7.	Legal and Regulatory Matters:

	On September 26, 2006 BISYS Fund Services, Inc. (“BISYS”), an affiliate of BISYS Fund Services Ohio, Inc. which provides various services to the Portfolios as described in footnote 3, 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 Portfolios’ management is not aware that any determination has been made as to how the BISYS settlement monies will be distributed. While the Portfolios’ management is currently unable to determine the impact, if any, of such matters on the Portfolios or the Portfolios’ financial statements, management does not anticipate a material, adverse impact to the Portfolios or the Portfolios’ financial statements.


71	HSBC INVESTOR PORTFOLIOS

HSBC INVESTOR PORTFOLIOS

Investment Adviser Contract Approval—as of April 30, 2009 (Unaudited)


	The Board of Trustees of the HSBC Investor Funds Trust, HSBC Advisor Funds Trust and HSBC Investor Portfolios (collectively, the “Trusts”), and the non-interested Trustees (“Independent Trustees”), voting separately, approved the renewal, for a year, of the Investment Advisory Agreements and, where applicable Sub-Advisory Agreements (other than the Sub-Advisory Agreement with Halbis Capital Management (USA) Inc. (“Halbis”)), with respect to the respective series of the Trusts then existing (“Funds”) at an in-person meeting held on December 8, 2008. At that meeting, as well as at the regular meeting of the Board held on March 30, 2009, the Independent Trustees also reviewed and approved short-term extensions to the Sub-Advisory Agreement between the HSBC Global Asset Management (USA) Inc. (“Adviser”) and Halbis with respect to the HSBC Investor Core Plus Fixed Income Fund, HSBC Investor High Yield Fixed Income Fund, HSBC Investor Intermediate Duration Fixed Income Fund, and the HSBC Investor New York-Tax Free Bond Fund (the “Fixed Income Funds”) (the Investment Advisory Agreements and Sub-Advisory Agreements 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 subadvisers that they believed to be reasonably necessary to reach their 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 their 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 enabled the Funds to receive high quality services at a cost that is appropriate and reasonable. The Independent Trustees, along with the entire Board of 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 Trustees considered the nature, quality and extent of the investment advisory services provided by the Adviser (and, as applicable, the subadvisers), in light of the high quality services provided to the Funds, and each Fund’s historic performance. The Trustees considered the commitment of the Adviser to the successful operations of the Funds. The Trustees considered the historical performance of the Funds and the level of expenses of the Funds. With respect to the equity Funds, the Trustees considered the capabilities and performance of the Adviser’s Multimanager unit. The Trustees also considered the use of expense limitation agreements in order to reduce the overall operating expenses of certain Funds. The 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 Adviser’s and Halbis’ plans for the Fixed Income Funds. The Trustees also considered the extent to which the Adviser and investment Sub-Advisers had achieved economies of scale and the extent to which shareholders benefited from those economies of scale.

		Investment Performance of the Funds, Adviser and Sub-Advisers. The 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 Trustees took note of performance information for one, three and five year periods and since inception as relevant. In addition, the 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 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 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 Trustees concluded that the combined advisory fees payable to the Adviser and the Funds’ 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 Funds, 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 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 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 Board of 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 meetings), approved the Agreements.


HSBC INVESTOR PORTFOLIOS	72

HSBC INVESTOR PORTFOLIOS

Table of Shareholder Expenses (unaudited)—as of April 30, 2009


	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.

	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, 2008 through April 30, 2009.

	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 Account Value 11/1/08		Ending Account Value 4/30/09		Expenses Paid During Period* 11/1/08 – 4/30/09		Annualized Expense Ratio During Period 11/1/08 – 4/30/09

Core Plus Fixed Income Portfolio	$	1,000.00	$	1,060.50	$	3.47		0.68	%
Intermediate Duration Fixed Income Portfolio		1,000.00		1,053.70		4.63		0.91	%
Growth Portfolio		1,000.00		1,020.50		3.51		0.70	%
International Equity Portfolio		1,000.00		955.30		4.51		0.93	%
Opportunity Portfolio		1,000.00		963.10		4.43		0.91	%
Value Portfolio		1,000.00		954.10		3.34		0.69	%



*	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).


	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.


	Beginning Account Value 11/1/08		Ending Account Value 4/30/09		Expenses Paid During Period* 11/1/08 – 4/30/09		Annualized Expense Ratio During Period 11/1/08 – 4/30/09

Core Plus Fixed Income Portfolio	$	1,000.00	$	1,021.42	$	3.41		0.68	%
Intermediate Duration Fixed Income Portfolio		1,000.00		1,020.28		4.56		0.91	%
Growth Portfolio		1,000.00		1,021.32		3.51		0.70	%
International Equity Portfolio		1,000.00		1,020.18		4.66		0.93	%
Opportunity Portfolio		1,000.00		1,020.28		4.56		0.91	%
Value Portfolio		1,000.00		1,021.37		3.46		0.69	%



*	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).


73	HSBC INVESTOR PORTFOLIOS

Other Information:

A description of the policies and procedures that the Funds and Portfolios 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 Funds’ 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 Funds’ and Portfolios’ voting records for the most recent 12 month period ending June 30 are 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 Funds’ 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.


HSBC INVESTOR PORTFOLIOS	74

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HSBC INVESTOR FAMILY OF FUNDS:

INVESTMENT ADVISER AND ADMINISTRATOR

HSBC Global Asset Management (USA) Inc.

452 Fifth Avenue

New York, NY 10018

SUB-ADVISERS

HSBC Investor Growth Portfolio

Winslow Capital Management, Inc.

4720 IDS Tower

80th South Eighth Street

Minneapolis, MN 55402

HSBC Investor International Equity Portfolio

AllianceBernstein Investment Research and Management

1345 Avenue of the Americas, 39th Floor

New York, NY 10105

HSBC Investor Opportunity Portfolio

Westfield Capital Management, LLC

One Financial Center

Boston, MA 02111

HSBC Investor Value Portfolio

NWQ Investment Management Co., LLC

2049 Century Park East, 16th Floor

Los Angeles, CA 90067

HSBC Investor Core Plus Fixed Income Portfolio

HSBC Investor Intermediate Duration Fixed

Income Portfolio

Halbis Capital Management (USA) Inc.

452 Fifth Avenue, 18th Floor

New York, NY 10018

SHAREHOLDER SERVICING AGENTS

For HSBC Bank USA, N.A. and

HSBC Securities (USA) Inc. Clients

HSBC Bank USA, N.A.

452 Fifth Avenue

New York, NY 10018

1-888-525-5757

For All Other Shareholders

HSBC Investor Funds

P.O. Box 182845

Columbus, OH 43218-2845

1-800-782-8183

TRANSFER AGENT AND SPONSOR

Citi Fund Services

3435 Stelzer Road

Columbus, OH 43219

DISTRIBUTOR

Foreside Distribution Services, L.P.

690 Taylor Road, Suite 150

Gahanna, Ohio 43230-3202

CUSTODIAN

The Northern Trust Company

50 South LaSalle Street

Chicago, IL 60603

INDEPENDENT REGISTERED PUBLIC

ACCOUNTING FIRM

KPMG LLP

191 West Nationwide Blvd., Suite 500

Columbus, OH 43215

LEGAL COUNSEL

Dechert LLP

1775 I Street, N.W.

Washington, D.C. 20006

(SFI LOGO)

(LOGO)

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


HSB-SR-LL	06/09

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 INVESTOR PORTFOLIOS

By (Signature and Title)*	/s/ Richard A. Fabietti
	Richard A. Fabietti
	President

Date	June 30, 2009

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	June 30, 2009

By (Signature and Title)*	/s/ Troy A. Sheets
	Troy A. Sheets
	Treasurer

Date	June 30, 2009

* Print the name and title of each signing officer under his or her signature.

HSBC Portfolios Inactive N-CSRSCertified semi-annual shareholder report (management investment company)