HSBC INCOME STRATEGY FUND
Schedule of Portfolio Investments
as of January 31, 2014 (Unaudited)
|
Shares
|
|
Value
($)
|
|
Affiliated Investment
Companies 10.2%
|
|
|
|
HSBC Emerging Markets Debt
Fund,
|
|
|
|
|
Class I Shares
|
4,821
|
|
47,196
|
|
HSBC Emerging Markets
Local Debt
|
|
|
|
|
Fund, Class I
Shares
|
7,184
|
|
58,983
|
|
HSBC Prime Money Market Fund,
|
|
|
|
|
Class I Shares, 0.03% (a)
|
26,454
|
|
26,454
|
|
|
|
|
|
TOTAL AFFILIATED INVESTMENT
COMPANIES
|
|
|
|
(COST
$146,342)
|
|
|
132,633
|
|
Unaffiliated Investment Companies
87.1%
|
|
|
|
Brookfield Global
Listed Real Estate
|
|
|
|
|
Fund, Institutional
Shares
|
2,469
|
|
29,312
|
|
Columbia High Yield Bond Fund,
|
|
|
|
|
Class Z
Shares
|
19,043
|
|
56,748
|
|
Eaton Vance
Floating-Rate Fund,
|
|
|
|
|
Institutional
Shares
|
5,544
|
|
51,005
|
|
Federated Strategic Value
Dividend
|
|
|
|
|
Fund, Institutional Shares
|
9,954
|
|
56,739
|
|
Janus Flexible Bond
Fund, Institutional
|
|
|
|
|
Shares
|
9,813
|
|
102,738
|
|
JPMorgan Equity Income Fund,
Select
|
|
|
|
|
Shares
|
4,423
|
|
55,415
|
|
JPMorgan High Yield
Fund, Select
|
|
|
|
|
Shares
|
7,073
|
|
56,583
|
|
Lord Abbett Core Fixed Income
Fund,
|
|
|
|
|
Institutional Shares
|
13,261
|
|
143,880
|
|
Metropolitan West
Total Return Bond,
|
|
|
|
|
Institutional
Shares
|
9,627
|
|
102,816
|
|
PIMCO Total Return Fund,
Institutional
|
|
|
|
|
Shares
|
17,834
|
|
192,959
|
|
Principal Global Real
Estate Securities
|
|
|
|
|
Fund, Institutional
Shares
|
3,574
|
|
29,022
|
|
T. Rowe Price International Growth
&
|
|
|
|
|
Income Fund, Retail Shares
|
6,962
|
|
104,993
|
|
T. Rowe Price New
Income Fund, Retail
|
|
|
|
|
Shares
|
15,307
|
|
144,036
|
|
|
|
|
|
TOTAL UNAFFILIATED INVESTMENT
COMPANIES
|
|
|
|
(COST
$1,136,823)
|
|
|
1,126,246
|
|
Exchange Traded
Fund 1.5%
|
|
|
|
|
iShares iBoxx $
Investment Grade
|
|
|
|
|
Corporate Bond
|
168
|
|
19,545
|
|
|
|
|
|
TOTAL EXCHANGE TRADED FUND (COST
$19,930)
|
|
19,545
|
|
TOTAL
INVESTMENT SECURITIES (COST $1,303,095) 98.8%
|
|
1,278,424
|
|
Percentages indicated are based
on net assets of $1,294,186.
|
(a)
|
|
The rate represents
the annualized one-day yield that was in effect on January 31,
2014.
|
See notes to schedules of portfolio
investments.
HSBC EMERGING MARKETS DEBT
FUND
Schedule of Portfolio Investments
as of January 31, 2014 (Unaudited)
|
|
Principal
|
|
|
|
|
|
Amount ($)
|
|
Value ($)
|
|
Corporate Obligation
0.0%
|
|
|
|
|
|
Pemex Project Funding Master
Trust,
|
|
|
|
|
|
6.63%,
6/15/35
|
|
10,000
|
|
10,433
|
|
|
|
TOTAL CORPORATE OBLIGATION
|
|
|
|
|
|
(COST
$10,888)
|
|
|
|
10,433
|
|
Yankee Dollars
97.3%
|
|
|
|
|
|
Brazil 7.5%
|
|
|
|
|
|
Banco ABC
Brasil SA, 7.88%, 4/8/20
|
|
100,000
|
|
99,000
|
|
Banco do Brasil SA,
Registered,
|
|
|
|
|
|
5.88%, 1/26/22
|
|
450,000
|
|
425,813
|
|
Banco Nacional de
Desenvolvimento
|
|
|
|
|
|
Economico e Social, 5.75%,
|
|
|
|
|
|
9/26/23 (a)
|
|
200,000
|
|
194,750
|
|
Banco Votorantim,
Registered,
|
|
|
|
|
|
5.25%, 2/11/16
|
|
200,000
|
|
206,250
|
|
Caixa Economica Federal,
4.50%,
|
|
|
|
|
|
10/3/18 (a)
|
|
150,000
|
|
147,000
|
|
Federal Republic of
Brazil, 4.25%,
|
|
|
|
|
|
1/7/25
|
|
650,000
|
|
606,774
|
|
Federal Republic of Brazil,
8.25%,
|
|
|
|
|
|
1/20/34
|
|
180,000
|
|
225,000
|
|
Federal Republic of
Brazil, 7.13%,
|
|
|
|
|
|
1/20/37
|
|
540,000
|
|
604,800
|
|
Federal Republic of Brazil,
5.63%,
|
|
|
|
|
|
1/7/41
|
|
100,000
|
|
95,000
|
|
Petrobras
International Finance Co.,
|
|
|
|
|
|
5.75%, 1/20/20
|
|
50,000
|
|
51,582
|
|
Vale
Overseas Ltd., 6.88%, 11/21/36
|
|
100,000
|
|
101,969
|
|
Votorantim Cimentos
SA, Registered,
|
|
|
|
|
|
7.25%, 4/5/41
|
|
200,000
|
|
185,000
|
|
|
|
|
|
2,942,938
|
|
Chile 1.0%
|
|
|
|
|
|
CorpBanca SA, 3.13%,
1/15/18
|
|
200,000
|
|
191,998
|
|
Empresa Nacional de
Petroleo,
|
|
|
|
|
|
Registered, 4.75%,
12/6/21
|
|
220,000
|
|
218,343
|
|
|
|
|
|
410,341
|
|
China 2.2%
|
|
|
|
|
|
CNOOC Curtis Funding No.1
Pty
|
|
|
|
|
|
Ltd., 4.50%, 10/3/23 (a)
|
|
200,000
|
|
197,700
|
|
Sinopec Capital
(2013) Ltd., 3.13%,
|
|
|
|
|
|
4/24/23 (a)
|
|
200,000
|
|
178,924
|
|
Sinopec Group Overseas
|
|
|
|
|
|
Development (2013) Ltd.,
|
|
|
|
|
|
4.38%, 10/17/23 (a)
|
|
500,000
|
|
492,563
|
|
|
|
|
|
869,187
|
|
Colombia
5.8%
|
|
|
|
|
|
Bancolombia SA,
5.95%, 6/3/21
|
|
100,000
|
|
104,250
|
|
Grupo Aval Ltd., Registered,
4.75%,
|
|
|
|
|
|
9/26/22
|
|
200,000
|
|
185,500
|
|
Republic of Colombia,
4.38%,
|
|
|
|
|
|
7/12/21
|
|
740,000
|
|
751,100
|
|
Republic of Colombia,
2.63%,
|
|
|
|
|
|
3/15/23 , Callable 12/15/22 @ 100
|
|
500,000
|
|
435,000
|
|
Republic of Colombia,
4.00%,
|
|
|
|
|
|
2/26/24
|
|
200,000
|
|
190,500
|
|
Republic of Colombia,
8.13%,
|
|
|
|
|
|
5/21/24
|
|
300,000
|
|
379,500
|
|
Republic of Colombia,
6.13%,
|
|
|
|
|
|
1/18/41
|
|
250,000
|
|
260,625
|
|
|
|
|
|
2,306,475
|
|
Croatia 2.7%
|
|
|
|
|
|
Croatia, Registered, 6.75%,
11/5/19
|
|
500,000
|
|
533,125
|
|
Croatia, Registered,
6.63%, 7/14/20
|
|
100,000
|
|
105,500
|
|
Croatia, Registered, 6.38%,
3/24/21
|
|
400,000
|
|
414,000
|
|
|
|
|
|
1,052,625
|
|
Dominican Republic
0.3%
|
|
|
|
|
|
Dominican Republic,
7.50%, 5/6/21
|
|
100,000
|
|
109,125
|
|
El Salvador
0.6%
|
|
|
|
|
|
Republic of El
Salvador, 7.75%,
|
|
|
|
|
|
1/24/23 (b)
|
|
225,000
|
|
241,313
|
|
Gabon
0.5%
|
|
|
|
|
|
Gabonese Republic,
6.38%,
|
|
|
|
|
|
12/12/24 (a)
|
|
200,000
|
|
205,500
|
|
Hungary
1.1%
|
|
|
|
|
|
Republic of Hungary, 6.38%, 3/29/21
|
|
130,000
|
|
138,450
|
|
Republic
of Hungary, 5.38%, 2/21/23
|
|
300,000
|
|
293,250
|
|
|
|
|
|
431,700
|
|
India
0.5%
|
|
|
|
|
|
Vedanta Resources
plc, Registered,
|
|
|
|
|
|
7.13%, 5/31/23
|
|
200,000
|
|
178,750
|
|
Indonesia
11.7%
|
|
|
|
|
|
Majapahit Holding BV, 8.00%, 8/7/19
|
|
125,000
|
|
138,750
|
|
PT Pertamina (Persero) Tbk,
4.30%,
|
|
|
|
|
|
5/20/23 (a)
|
|
200,000
|
|
169,500
|
|
PT Pertamina Tbk,
Registered,
|
|
|
|
|
|
4.88%, 5/3/22
|
|
400,000
|
|
365,000
|
|
Republic of Indonesia,
6.88%,
|
|
|
|
|
|
1/17/18
|
|
575,000
|
|
640,406
|
|
Republic of
Indonesia, 3.38%,
|
|
|
|
|
|
4/15/23 (a)
|
|
350,000
|
|
299,250
|
|
Republic of Indonesia,
5.38%,
|
|
|
|
|
|
10/17/23 (a)
|
|
500,000
|
|
497,500
|
|
Republic of
Indonesia, 5.88%,
|
|
|
|
|
|
1/15/24 (a)
|
|
200,000
|
|
203,750
|
|
Republic of Indonesia,
Registered,
|
|
|
|
|
|
5.88%, 3/13/20
|
|
1,150,000
|
|
1,213,249
|
|
Republic of
Indonesia, Registered,
|
|
|
|
|
|
3.75%, 4/25/22
|
|
525,000
|
|
473,813
|
|
Republic of Indonesia,
Registered,
|
|
|
|
|
|
5.38%, 10/17/23, MTN
|
|
200,000
|
|
199,000
|
|
Republic of
Indonesia, Registered,
|
|
|
|
|
|
8.50%, 10/12/35
|
|
100,000
|
|
119,250
|
|
Republic of Indonesia,
Registered,
|
|
|
|
|
|
6.63%, 2/17/37
|
|
175,000
|
|
173,688
|
|
Republic of
Indonesia, Registered,
|
|
|
|
|
|
7.75%, 1/17/38
|
|
100,000
|
|
111,250
|
|
|
|
|
|
4,604,406
|
|
Iraq 0.5%
|
|
|
|
|
|
Republic of Iraq, Registered,
5.80%,
|
|
|
|
|
|
1/15/28 , Callable 3/23/14 @ 100
|
|
250,000
|
|
210,000
|
|
See notes to
schedules of portfolio investments.
HSBC EMERGING MARKETS DEBT
FUND
Schedule of Portfolio Investments
as of January 31, 2014 (Unaudited)
|
|
Principal
|
|
|
|
|
|
Amount ($)
|
|
Value ($)
|
|
Yankee Dollars,
continued
|
|
|
|
|
|
Ireland (Republic
of) 0.5%
|
|
|
|
|
|
Vnesheconombank,
Registered,
|
|
|
|
|
|
5.38%, 2/13/17
|
|
200,000
|
|
210,140
|
|
Kazakhstan
1.0%
|
|
|
|
|
|
Development Bank of
Kazakhstan,
|
|
|
|
|
|
4.13%, 12/10/22
(a)
|
|
200,000
|
|
179,000
|
|
Kazakhstan Temir Zholy,
Registered,
|
|
|
|
|
|
6.95%, 7/10/42
|
|
200,000
|
|
197,500
|
|
|
|
|
|
376,500
|
|
Lebanon
0.3%
|
|
|
|
|
|
Republic of Lebanon,
Registered,
|
|
|
|
|
|
Series 42, 8.25%,
4/12/21
|
|
100,000
|
|
111,460
|
|
Lithuania
1.0%
|
|
|
|
|
|
Republic of
Lithuania, Registered,
|
|
|
|
|
|
6.13%, 3/9/21
|
|
150,000
|
|
169,095
|
|
Republic of Lithuania,
Registered,
|
|
|
|
|
|
6.63%, 2/1/22
|
|
200,000
|
|
232,250
|
|
|
|
|
|
401,345
|
|
Mexico
13.2%
|
|
|
|
|
|
Banco Santander SA,
4.13%,
|
|
|
|
|
|
11/9/22 (a)
|
|
150,000
|
|
140,250
|
|
Comision Federal de
Electricidad,
|
|
|
|
|
|
4.88%, 1/15/24
(a)
|
|
200,000
|
|
197,500
|
|
Petroleos Mexicanos,
5.50%,
|
|
|
|
|
|
1/21/21
|
|
1,000,000
|
|
1,065,000
|
|
Petroleos Mexicanos,
4.88%,
|
|
|
|
|
|
1/18/24 (a)
|
|
50,000
|
|
49,762
|
|
Petroleos Mexicanos, 6.50%, 6/2/41
|
|
200,000
|
|
204,525
|
|
Petroleos Mexicanos,
5.50%,
|
|
|
|
|
|
6/27/44
|
|
30,000
|
|
26,826
|
|
Petroleos Mexicanos,
6.38%,
|
|
|
|
|
|
1/23/45 (a)
|
|
50,000
|
|
50,005
|
|
United Mexican States,
3.63%,
|
|
|
|
|
|
3/15/22
|
|
300,000
|
|
295,200
|
|
United Mexican
States, 4.00%,
|
|
|
|
|
|
10/2/23
|
|
1,280,000
|
|
1,260,800
|
|
United Mexican States, Series
A,
|
|
|
|
|
|
6.05%, 1/11/40
|
|
1,286,000
|
|
1,363,159
|
|
United Mexican
States, 5.55%,
|
|
|
|
|
|
1/21/45
|
|
590,000
|
|
582,625
|
|
|
|
|
|
5,235,652
|
|
Namibia 0.5%
|
|
|
|
|
|
Namibia International
Bond,
|
|
|
|
|
|
Registered, 5.50%, 11/3/21
|
|
200,000
|
|
200,500
|
|
Nigeria 0.5%
|
|
|
|
|
|
Republic of Nigeria, 6.38%,
7/12/23 (a)
|
|
200,000
|
|
204,040
|
|
Panama 3.4%
|
|
|
|
|
|
Republic
of Panama, 5.20%, 1/30/20
|
|
875,000
|
|
950,250
|
|
Republic of Panama, 7.13%, 1/29/26
|
|
200,000
|
|
240,000
|
|
Republic
of Panama, 4.30%, 4/29/53
|
|
200,000
|
|
152,000
|
|
|
|
|
|
1,342,250
|
|
Paraguay
0.5%
|
|
|
|
|
|
Republic of Paraguay,
4.63%,
|
|
|
|
|
|
1/25/23 (c)
|
|
200,000
|
|
192,500
|
|
Peru
2.3%
|
|
|
|
|
|
Banco de Credito del
Peru,
|
|
|
|
|
|
Registered, 4.25%,
4/1/23
|
|
70,000
|
|
64,050
|
|
Republic of Peru, 7.13%,
3/30/19
|
|
100,000
|
|
119,250
|
|
Republic of Peru,
7.35%, 7/21/25
|
|
100,000
|
|
124,500
|
|
Republic of Peru, 8.75%,
11/21/33
|
|
110,000
|
|
154,550
|
|
Republic of Peru,
6.55%, 3/14/37
|
|
390,000
|
|
443,625
|
|
|
|
|
|
905,975
|
|
Philippines 1.5%
|
|
|
|
|
|
Republic of Philippines,
4.00%,
|
|
|
|
|
|
1/15/21
|
|
250,000
|
|
258,125
|
|
Republic of
Philippines, 4.20%,
|
|
|
|
|
|
1/21/24
|
|
200,000
|
|
202,000
|
|
Republic of Philippines,
7.75%,
|
|
|
|
|
|
1/14/31
|
|
100,000
|
|
132,000
|
|
|
|
|
|
592,125
|
|
Poland
1.1%
|
|
|
|
|
|
Republic of Poland,
5.13%, 4/21/21
|
|
265,000
|
|
288,320
|
|
Republic of Poland, 5.00%,
3/23/22
|
|
130,000
|
|
139,100
|
|
|
|
|
|
427,420
|
|
Republic of Serbia
0.5%
|
|
|
|
|
|
Republic of Serbia,
Registered,
|
|
|
|
|
|
7.25%, 9/28/21
|
|
200,000
|
|
210,040
|
|
Romania
0.4%
|
|
|
|
|
|
Romania, 6.13%,
1/22/44 (a)
|
|
150,000
|
|
146,250
|
|
Russian Federation
12.9%
|
|
|
|
|
|
Alfa Issuance Ltd.,
Series E, 8.00%,
|
|
|
|
|
|
3/18/15, MTN
|
|
100,000
|
|
106,290
|
|
Gazprom OAO, Registered,
9.25%,
|
|
|
|
|
|
4/23/19
|
|
125,000
|
|
150,938
|
|
Gazprom OAO,
Registered, 6.51%,
|
|
|
|
|
|
3/7/22
|
|
100,000
|
|
105,500
|
|
Gazprom OAO, Registered,
7.29%,
|
|
|
|
|
|
8/16/37
|
|
100,000
|
|
104,125
|
|
RSHB Capital SA,
6.30%, 5/15/17
|
|
475,000
|
|
501,719
|
|
Russia Foreign Bond,
4.88%,
|
|
|
|
|
|
9/16/23 (a)
|
|
400,000
|
|
401,000
|
|
Russia Foreign Bond,
Registered,
|
|
|
|
|
|
7.50%, 3/31/30
|
|
2,599,025
|
|
2,992,777
|
|
RZD Capital Ltd., Series E,
5.74%,
|
|
|
|
|
|
4/3/17
|
|
500,000
|
|
537,000
|
|
Sberbank, Registered,
5.18%,
|
|
|
|
|
|
6/28/19
|
|
200,000
|
|
207,500
|
|
|
|
|
|
5,106,849
|
|
South Africa 4.7%
|
|
|
|
|
|
Republic of South Africa,
6.88%,
|
|
|
|
|
|
5/27/19
|
|
350,000
|
|
393,750
|
|
Republic of South
Africa, 5.50%,
|
|
|
|
|
|
3/9/20
|
|
175,000
|
|
184,625
|
|
Republic of South Africa,
5.88%,
|
|
|
|
|
|
5/30/22
|
|
200,000
|
|
211,000
|
|
Republic of South
Africa, 4.67%,
|
|
|
|
|
|
1/17/24
|
|
640,000
|
|
604,800
|
|
Republic of South Africa,
5.88%,
|
|
|
|
|
|
9/16/25
|
|
450,000
|
|
460,125
|
|
|
|
|
|
1,854,300
|
|
Sri Lanka
0.5%
|
|
|
|
|
|
Bank of Ceylon,
Registered, 6.88%,
|
|
|
|
|
|
5/3/17
|
|
200,000
|
|
204,500
|
|
Turkey
11.3%
|
|
|
|
|
|
Republic of Turkey,
5.63%, 3/30/21
|
|
1,975,000
|
|
1,972,530
|
|
Republic of Turkey, 5.13%,
3/25/22
|
|
1,175,000
|
|
1,122,713
|
|
See notes to
schedules of portfolio investments.
HSBC EMERGING MARKETS DEBT FUND
Schedule of Portfolio Investments
as of January 31, 2014 (Unaudited)
|
|
Principal
|
|
|
|
|
|
Amount ($)
|
|
Value ($)
|
|
Yankee Dollars,
continued
|
|
|
|
|
|
Turkey,
continued
|
|
|
|
|
|
Republic of Turkey,
7.38%, 2/5/25
|
|
540,000
|
|
585,225
|
|
Republic of Turkey, 6.75%,
5/30/40
|
|
100,000
|
|
98,300
|
|
Republic of Turkey,
6.00%, 1/14/41
|
|
325,000
|
|
290,063
|
|
Turkiye Is Bankasi AS, 3.88%,
|
|
|
|
|
|
11/7/17 (a)
|
|
200,000
|
|
188,540
|
|
Turkiye Vakiflar
Bankasi TAO, 5.00%,
|
|
|
|
|
|
10/31/18 (a)
|
|
200,000
|
|
188,000
|
|
|
|
|
|
4,445,371
|
|
Uruguay 0.9%
|
|
|
|
|
|
Republic of Uruguay, PIK,
7.88%,
|
|
|
|
|
|
1/15/33
|
|
260,000
|
|
321,425
|
|
Republic of Uruguay,
PIK, 7.63%,
|
|
|
|
|
|
3/21/36
|
|
40,000
|
|
48,650
|
|
|
|
|
|
370,075
|
|
Venezuela 5.9%
|
|
|
|
|
|
Bolivarian Republic of
Venezuela,
|
|
|
|
|
|
7.65%, 4/21/25
|
|
90,000
|
|
52,200
|
|
Bolivarian Republic
of Venezuela,
|
|
|
|
|
|
9.25%, 5/7/28
|
|
815,000
|
|
513,450
|
|
Bolivarian Republic of
Venezuela,
|
|
|
|
|
|
Registered, 9.00%, 5/7/23
|
|
210,000
|
|
134,400
|
|
Republic of
Venezuela, 7.00%,
|
|
|
|
|
|
12/1/18
|
|
100,000
|
|
68,000
|
|
Republic of Venezuela,
7.75%,
|
|
|
|
|
|
10/13/19
|
|
1,545,000
|
|
1,027,425
|
|
Republic of
Venezuela, 9.25%,
|
|
|
|
|
|
9/15/27
|
|
500,000
|
|
330,000
|
|
Republic of Venezuela,
Registered,
|
|
|
|
|
|
8.25%, 10/13/24
|
|
235,000
|
|
141,000
|
|
Republic of
Venezuela, Registered,
|
|
|
|
|
|
7.00%, 3/31/38
|
|
100,000
|
|
55,500
|
|
|
|
|
|
2,321,975
|
|
|
|
|
|
|
|
TOTAL YANKEE DOLLARS
|
|
|
|
|
|
(COST
$39,804,503)
|
|
|
|
38,421,627
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Investment Company
0.8%
|
|
|
|
|
|
Northern Institutional
Diversified
|
|
|
|
|
|
Assets Portfolio, Institutional
|
|
|
|
|
|
Shares, 0.01% (d)
|
|
316,837
|
|
316,837
|
|
|
|
|
|
|
|
TOTAL INVESTMENT COMPANY
|
|
|
|
|
|
(COST
$316,837)
|
|
|
|
316,837
|
|
TOTAL INVESTMENT
SECURITIES
|
|
|
|
|
|
(COST
$40,132,228) 98.1%
|
|
|
|
38,748,897
|
|
Percentages indicated are based on
net assets of $39,490,248.
(a)
|
|
Rule 144A security or other
security which is restricted as to resale to institutional investors. This
security has been deemed liquid by the Investment Adviser based on
procedures approved by the Board of Trustees.
|
(b)
|
|
This security has been deemed
illiquid by the Investment Adviser based on procedures approved by the
Board of Trustees.
|
(c)
|
|
Rule 144A security or other
security which is restricted as to resale to institutional investors. This
security has been deemed illiquid by the Investment Adviser based on
procedures approved by the Board of Trustees.
|
(d)
|
|
The rate represents the
annualized one-day yield that was in effect on January 31,
2014.
|
MTN
|
|
Medium Term Note
|
PIK
|
|
Payment-in-Kind
|
The Fund invested, as a percentage of
net assets at value, in the following industries, as of January 31,
2014:
|
Percentage of
|
|
|
Net Assets
at
|
|
Industry
|
|
Value (%)
|
|
Sovereign Bonds
|
75.7
|
|
Oil, Gas &
Consumable Fuels
|
8.6
|
|
Commercial Banks
|
8.3
|
|
Transportation
Infrastructure
|
1.9
|
|
Electric Utilities
|
0.9
|
|
Metals &
Mining
|
0.8
|
|
Investment Company
|
0.8
|
|
Capital
Markets
|
0.5
|
|
Trading Companies & Distributors
|
0.5
|
|
Diversified Financial
Services
|
0.1
|
|
Total
|
98.1
|
|
See notes to schedules of portfolio
investments.
HSBC EMERGING MARKETS DEBT FUND
Schedule of Portfolio Investments
as of January 31, 2014 (Unaudited)
The following tables reflect the open
derivative positions held by the Fund as of January 31, 2014.
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
Expiration
|
|
Number
of
|
|
Notional
|
|
Appreciation/
|
Description
|
|
Type
|
|
Date
|
|
Contracts
|
|
Value
|
|
(Depreciation)
|
10-Year U.S. Treasury
Note March Future
|
|
Long
|
|
3/21/14
|
|
21
|
|
$
|
2,640,750
|
|
$
|
1,924
|
|
|
|
|
|
|
|
|
$
|
2,640,750
|
|
$
|
1,924
|
Credit Default Swap Agreements -
Sell Protection(a)
|
|
|
|
|
|
Implied Credit
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
|
Spread at
|
|
Notional
|
|
|
|
|
|
|
Upfront Premiums
|
|
Appreciation/
|
|
|
|
|
Expiration
|
|
January 31, 2014
|
|
Amount
|
|
Fixed Rate
|
|
Value
|
|
Paid/(Received)
|
|
(Depreciation)
|
Underlying Instrument
|
|
Counterparty
|
|
Date
|
|
(%)(b)
|
|
($)(c)
|
|
(%)
|
|
($)
|
|
($)
|
|
($)
|
Federative Republic of Brazil
|
|
Barclays Bank PLC
|
|
9/20/16
|
|
1.49
|
|
550,000
|
|
1.00
|
|
(3,647
|
)
|
|
(11,666
|
)
|
|
8,019
|
|
Federative Republic
of Brazil
|
|
Barclays Bank
PLC
|
|
6/20/18
|
|
1.91
|
|
300,000
|
|
1.00
|
|
(10,185
|
)
|
|
(8,671
|
)
|
|
(1,514
|
)
|
Federative Republic of Brazil
|
|
JPMorgan Chase Bank N.A.
|
|
6/20/18
|
|
1.91
|
|
500,000
|
|
1.00
|
|
(16,975
|
)
|
|
(9,814
|
)
|
|
(7,161
|
)
|
People's Republic of
China
|
|
JPMorgan Chase Bank
N.A.
|
|
9/20/16
|
|
0.47
|
|
500,000
|
|
1.00
|
|
7,026
|
|
|
(4,641
|
)
|
|
11,667
|
|
People's Republic of China
|
|
JPMorgan Chase Bank N.A.
|
|
9/20/16
|
|
0.47
|
|
500,000
|
|
1.00
|
|
7,026
|
|
|
(3,227
|
)
|
|
10,253
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(16,755
|
)
|
|
(38,019
|
)
|
|
21,264
|
|
(a)
|
|
When a credit event occurs as
defined under the terms of the swap agreement, the Fund as a seller of
credit protection will either (i) pay to the buyer of protection an amount
equal to the par value of the defaulted reference entity and take delivery
of the reference entity or (ii) pay a net amount equal to the par value of
the defaulted reference entity less its recovery value. Alternatively, the
Fund as a buyer of credit protection will either (i) receive from the
seller of protection an amount equal to the par value of the defaulted
reference entity and deliver the reference entity to the seller or (ii)
receive a net amount equal to the par value of the defaulted reference
entity less its recovery value.
|
(b)
|
|
Implied credit spread,
represented in absolute terms, utilized in determining the fair value of
the credit default swap agreements as of period end serve as an indicator
of the current status of the payment/performance risk and represents the
likelihood or risk of default for the credit derivative. The implied
credit spread of a referenced entity reflects the cost of buying/selling
protection and may include upfront payments required to be made to enter
into the agreement. Generally, wider credit spreads represent a perceived
deterioration of the referenced entitys credit soundness and a greater
likelihood or risk of default or other credit event occurring as defined
under the terms of the swap agreement.
|
(c)
|
|
The notional amount represents
the maximum potential amount of future payments that the Fund may receive
as a buyer of credit protection if a credit event occurs, as defined under
the terms of the swap agreement. Alternatively, the notional amount
represents the maximum potential amount the Fund could be required to make
as a seller of credit protection if a credit event occurs, as defined
under the terms of the swap agreement.
|
See notes to schedules of portfolio
investments.
Forward Foreign Currency Exchange
Contracts
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
|
Contract
|
|
Contract
|
|
|
|
Appreciation/
|
|
|
|
|
Delivery
|
|
Amount
|
|
Value
|
|
Value
|
|
(Depreciation)
|
Short Contracts
|
|
|
Counterparty
|
|
Date
|
|
(Local Currency)
|
|
($)
|
|
($)
|
|
($)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
355,871
|
|
155,000
|
|
147,346
|
|
7,654
|
|
Brazilian
Real
|
|
Barclays Bank
PLC
|
|
2/4/14
|
|
453,915
|
|
204,062
|
|
187,940
|
|
16,122
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
480,023
|
|
197,841
|
|
198,750
|
|
(909
|
)
|
Brazilian
Real
|
|
Barclays Bank
PLC
|
|
2/4/14
|
|
2,019,738
|
|
848,095
|
|
836,257
|
|
11,838
|
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
98,797
|
|
43,000
|
|
40,906
|
|
2,094
|
|
Brazilian
Real
|
|
Standard Chartered
Bank
|
|
2/4/14
|
|
905,848
|
|
373,345
|
|
375,060
|
|
(1,715
|
)
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
1,542,450
|
|
635,721
|
|
638,640
|
|
(2,919
|
)
|
|
|
|
|
|
|
|
|
2,457,064
|
|
2,424,899
|
|
32,165
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
|
Contract
|
|
Contract
|
|
|
|
Appreciation/
|
|
|
|
|
Delivery
|
|
Amount
|
|
Value
|
|
Value
|
|
(Depreciation)
|
Long Contracts
|
|
|
Counterparty
|
|
Date
|
|
(Local Currency)
|
|
($)
|
|
($)
|
|
($)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
355,871
|
|
146,672
|
|
147,346
|
|
674
|
|
Brazilian
Real
|
|
Barclays Bank
PLC
|
|
2/4/14
|
|
453,915
|
|
187,081
|
|
187,940
|
|
859
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
480,023
|
|
207,000
|
|
198,750
|
|
(8,250
|
)
|
Brazilian
Real
|
|
Barclays Bank
PLC
|
|
2/4/14
|
|
2,019,738
|
|
832,435
|
|
836,257
|
|
3,822
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
4/2/14
|
|
2,019,738
|
|
837,232
|
|
823,798
|
|
(13,434
|
)
|
Brazilian
Real
|
|
Standard Chartered
Bank
|
|
2/4/14
|
|
98,797
|
|
40,719
|
|
40,906
|
|
187
|
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
905,848
|
|
396,502
|
|
375,060
|
|
(21,442
|
)
|
Brazilian
Real
|
|
Standard Chartered
Bank
|
|
2/4/14
|
|
1,542,450
|
|
650,000
|
|
638,640
|
|
(11,360
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
1,573,920
|
|
119,991
|
|
117,082
|
|
(2,909
|
)
|
South African
Rand
|
|
Barclays Bank
PLC
|
|
6/11/14
|
|
23,898
|
|
2,143
|
|
2,107
|
|
(36
|
)
|
Turkish Lira
|
|
Barclays Bank PLC
|
|
4/7/14
|
|
542,947
|
|
246,000
|
|
235,878
|
|
(10,122
|
)
|
Turkish
Lira
|
|
Standard Chartered
Bank
|
|
4/7/14
|
|
340,340
|
|
154,000
|
|
147,857
|
|
(6,143
|
)
|
|
|
|
|
|
|
|
|
3,819,775
|
|
3,751,621
|
|
(68,154
|
)
|
HSBC EMERGING MARKETS LOCAL DEBT
FUND
Schedule of Portfolio Investments
as of January 31, 2014 (Unaudited)
|
|
Principal
|
|
|
|
|
|
Amount ($)
|
|
Value ($)
|
|
Foreign Bonds
61.1%
|
|
|
|
|
|
Brazil
8.6%
|
|
|
|
|
|
Nota do Tesouro
Nacional,
|
|
|
|
|
|
Series
F, 10.00%, 1/1/17
|
|
6,400,000
|
|
2,493,790
|
|
Colombia
1.3%
|
|
|
|
|
|
Republic of Colombia,
9.85%,
|
|
|
|
|
|
6/28/27
|
|
650,000,000
|
|
391,089
|
|
Indonesia
8.5%
|
|
|
|
|
|
Indonesia Government,
Series
|
|
|
|
|
|
FR28,
10.00%, 7/15/17
|
|
9,100,000,000
|
|
784,739
|
|
Indonesia Government, Series
|
|
|
|
|
|
FR70,
8.38%, 3/15/24
|
|
6,830,000,000
|
|
544,218
|
|
Indonesia Government,
Series
|
|
|
|
|
|
FR56,
8.38%, 9/15/26
|
|
9,605,000,000
|
|
728,941
|
|
Indonesia Government, Series
|
|
|
|
|
|
FR65,
6.63%, 5/15/33
|
|
6,890,000,000
|
|
417,747
|
|
|
|
|
|
2,475,645
|
|
Malaysia
4.3%
|
|
|
|
|
|
Malaysian Government,
Series
|
|
|
|
|
|
0111,
4.16%, 7/15/21
|
|
305,000
|
|
90,795
|
|
Malaysian Government, Series
|
|
|
|
|
|
0112,
3.42%, 8/15/22
|
|
3,850,000
|
|
1,078,805
|
|
Malaysian Government,
Series
|
|
|
|
|
|
0412,
4.13%, 4/15/32
|
|
340,000
|
|
94,294
|
|
|
|
|
|
1,263,894
|
|
Mexico 5.0%
|
|
|
|
|
|
Mexican Bonos Desarr, Series
|
|
|
|
|
|
M10,
8.50%, 12/13/18 (a)
|
|
5,060,700
|
|
427,766
|
|
Mexican Bonos Desarr,
Series
|
|
|
|
|
|
M20,
10.00%, 12/5/24 (a)
|
|
7,246,500
|
|
679,940
|
|
Mexican Bonos Desarr, Series
|
|
|
|
|
|
M30,
8.50%, 11/18/38 (a)
|
|
2,600,000
|
|
210,583
|
|
Mexican Bonos Desarr,
Series M,
|
|
|
|
|
|
7.75%,
11/13/42 (a)
|
|
2,000,000
|
|
149,539
|
|
|
|
|
|
1,467,828
|
|
Peru 2.9%
|
|
|
|
|
|
Peru Bono Soberano, 9.91%,
|
|
|
|
|
|
5/5/15
|
|
515,000
|
|
195,875
|
|
Republic of Peru,
Registered,
|
|
|
|
|
|
6.95%,
8/12/31
|
|
1,500,000
|
|
503,283
|
|
Republic of Peru, Registered,
|
|
|
|
|
|
6.90%,
8/12/37
|
|
400,000
|
|
131,086
|
|
|
|
|
|
830,244
|
|
Poland
4.8%
|
|
|
|
|
|
Poland Government
Bond, Series
|
|
|
|
|
|
1021,
5.75%, 10/25/21
|
|
1,040,000
|
|
354,646
|
|
Poland Government Bond,
Series
|
|
|
|
|
|
0922,
5.75%, 9/23/22
|
|
660,000
|
|
224,833
|
|
Poland Government
Bond, Series
|
|
|
|
|
|
0429,
5.75%, 4/25/29
|
|
2,350,000
|
|
803,528
|
|
|
|
|
|
1,383,007
|
|
Russian Federation 5.6%
|
|
|
|
|
|
Russia Government Bond,
Series
|
|
|
|
|
|
6206,
7.40%, 6/14/17 (a)
|
|
6,000,000
|
|
170,623
|
|
Russia Government
Bond, Series
|
|
|
|
|
|
6215,
7.00%, 8/16/23 (a)
|
|
56,000,000
|
|
1,467,350
|
|
|
|
|
|
1,637,973
|
|
South Africa 3.0%
|
|
|
|
|
|
Republic of South Africa,
Series
|
|
|
|
|
|
R203,
8.25%, 9/15/17
|
|
2,477,000
|
|
224,640
|
|
Republic of South
Africa, Series
|
|
|
|
|
|
R213,
7.00%, 2/28/31
|
|
1,800,000
|
|
130,134
|
|
Republic of South Africa,
Series
|
|
|
|
|
|
R209,
6.25%, 3/31/36
|
|
8,000,000
|
|
514,525
|
|
|
|
|
|
869,299
|
|
Thailand
10.9%
|
|
|
|
|
|
Thailand Government
Bond,
|
|
|
|
|
|
4.13%,
11/18/16
|
|
91,500,000
|
|
2,873,839
|
|
Thailand Government Bond,
|
|
|
|
|
|
3.63%,
6/16/23
|
|
9,000,000
|
|
265,952
|
|
|
|
|
|
3,139,791
|
|
Turkey
6.2%
|
|
|
|
|
|
Turkey Government
Bond, Series
|
|
|
|
|
|
5Y,
6.30%, 2/14/18 (a)
|
|
2,500,000
|
|
952,391
|
|
Turkey Government Bond,
Series
|
|
|
|
|
|
CPI,
3.00%, 1/6/21
|
|
240,000
|
|
128,283
|
|
Turkey Government
Bond,
|
|
|
|
|
|
9.50%,
1/12/22 (a)
|
|
590,000
|
|
252,175
|
|
Turkey Government Bond,
Series
|
|
|
|
|
|
CPI,
3.00%, 2/23/22
|
|
1,000,000
|
|
482,069
|
|
|
|
|
|
1,814,918
|
|
|
|
|
|
|
|
TOTAL FOREIGN BONDS
|
|
|
|
|
|
(COST
$21,293,621)
|
|
|
|
17,767,478
|
|
Yankee Dollars
6.4%
|
|
|
|
|
|
Brazil 0.5%
|
|
|
|
|
|
Petrobras Global Finance BV,
|
|
|
|
|
|
2.00%,
5/20/16
|
|
150,000
|
|
148,636
|
|
China 0.7%
|
|
|
|
|
|
CNOOC Finance (2013) Ltd.,
|
|
|
|
|
|
1.13%,
5/9/16
|
|
200,000
|
|
199,623
|
|
Luxembourg 1.1%
|
|
|
|
|
|
VTB Bank OJSC (VTB Capital
|
|
|
|
|
|
SA),
Registered, 6.47%,
|
|
|
|
|
|
3/4/15
|
|
300,000
|
|
314,580
|
|
Russian Federation 2.0%
|
|
|
|
|
|
Alfa Issuance Ltd., Series E,
|
|
|
|
|
|
8.00%,
3/18/15, MTN
|
|
300,000
|
|
318,870
|
|
Sberbank of Russia
(SB Capital
|
|
|
|
|
|
SA),
5.50%, 7/7/15
|
|
250,000
|
|
264,225
|
|
|
|
|
|
583,095
|
|
Turkey 2.1%
|
|
|
|
|
|
Republic of Turkey, 7.00%,
|
|
|
|
|
|
9/26/16
|
|
565,000
|
|
615,171
|
|
|
|
TOTAL YANKEE DOLLARS
|
|
|
|
|
|
(COST
$1,876,660)
|
|
|
|
1,861,105
|
|
U.S. Treasury
Obligation 2.6%
|
|
|
|
|
|
U.S. Treasury Bills,
0.04%,
|
|
|
|
|
|
6/26/14
|
|
750,000
|
|
749,873
|
|
|
|
TOTAL U.S. TREASURY OBLIGATION
|
|
|
|
(COST
$749,849)
|
|
|
|
749,873
|
|
See notes to
schedules of portfolio investments.
HSBC EMERGING MARKETS LOCAL DEBT FUND
Schedule of Portfolio Investments as
of January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
Shares
|
|
Value ($)
|
|
Investment Company
27.0%
|
|
|
|
|
|
Northern Institutional
Diversified
|
|
|
|
|
|
Assets Portfolio, Institutional
|
|
|
|
|
|
Shares, 0.01% (b)
|
|
7,851,888
|
|
7,851,888
|
|
|
|
|
|
|
|
TOTAL INVESTMENT COMPANY
|
|
|
|
|
|
(COST $7,851,888)
|
|
|
|
7,851,888
|
|
TOTAL INVESTMENT
SECURITIES
|
|
|
|
|
|
(COST $31,772,018)
97.1%
|
|
|
|
28,230,344
|
|
Percentages indicated
are based on net assets of $29,087,555.
|
|
|
The principal amount
is disclosed in local currency and the value is disclosed in U.S.
Dollars.
|
(a)
|
|
Variable rate
security. The interest rates on these securities are adjusted periodically
to reflect then-current short-term interest rates. The rates presented
represent the rates in effect on January 31, 2014. The maturity dates
presented reflect the final maturity dates. However, some of these
securities may contain put or demand features that allow the Fund to
require the issuer to repurchase the security from the fund within various
time periods, including daily, weekly, monthly, or
semi-annually.
|
(b)
|
|
The rate represents
the annualized one-day yield that was in effect on January 31,
2014.
|
MTN
|
|
Medium Term
Note
|
See notes to schedules of portfolio
investments.
The Fund invested, as a percentage of net assets
at value, in the following industries, as of January 31, 2014:
|
|
Percentage of
|
|
|
|
Net Assets
|
|
Industry
|
|
|
at Value
(%)
|
|
Sovereign Bonds
|
|
63.2
|
|
Investment Company
|
|
27.0
|
|
Commercial Banks
|
|
3.1
|
|
U.S. Treasury Obligation
|
|
2.6
|
|
Oil, Gas & Consumable Fuels
|
|
1.2
|
|
Total
|
|
97.1
|
|
HSBC EMERGING MARKETS LOCAL DEBT FUND
Schedule of Portfolio Investments as
of January 31, 2014 (Unaudited)
The following tables reflect the open
derivative positions held by the Fund as of January 31, 2014.
Interest Rate Swap
Agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
Pay/Receive
|
|
|
|
Fixed
|
|
|
|
|
|
Notional
|
|
Notional
|
|
|
|
|
Appreciation/
|
|
Floating
|
|
|
|
Rate
|
|
Expiration
|
|
|
|
Amount
|
|
Amount
|
|
Value
|
|
(Depreciation)
|
|
Rate
|
|
Floating Rate Index
|
|
(%)
|
|
Date
|
|
Counterparty
|
|
(Local)
|
|
($)
|
|
($)
|
|
($)
|
|
Pay
|
|
1-Year BRL CDI
|
|
9.71
|
|
1/2/15
|
|
Barclays Bank PLC
|
|
5,700,000
|
|
BRL
|
|
2,362,401
|
|
(28,547
|
)
|
|
(28,547
|
)
|
|
Pay
|
|
1-Year BRL
CDI
|
|
9.96
|
|
1/2/15
|
|
JPMorgan Chase Bank
N.A.
|
|
5,100,000
|
|
BRL
|
|
2,113,727
|
|
(20,124
|
)
|
|
(20,124
|
)
|
|
Pay
|
|
3-Month ZAR-JIBAR-SAFEX
|
|
5.94
|
|
8/8/15
|
|
JPMorgan Chase Bank N.A.
|
|
17,000,000
|
|
ZAR
|
|
1,531,325
|
|
(26,871
|
)
|
|
(26,871
|
)
|
|
Pay
|
|
1-Month
MXN-TIIE-Banxico
|
|
4.33
|
|
9/8/15
|
|
Barclays Bank
PLC
|
|
24,603,000
|
|
MXN
|
|
1,839,889
|
|
(641
|
)
|
|
(641
|
)
|
|
Pay
|
|
3-Month ZAR-JIBAR-SAFEX
|
|
6.27
|
|
11/12/15
|
|
JPMorgan Chase Bank N.A.
|
|
16,600,000
|
|
ZAR
|
|
1,495,293
|
|
(24,892
|
)
|
|
(24,892
|
)
|
|
Pay
|
|
1-Year BRL
CDI
|
|
10.94
|
|
1/2/16
|
|
Barclays Bank
PLC
|
|
5,700,000
|
|
BRL
|
|
2,362,401
|
|
(42,076
|
)
|
|
(42,076
|
)
|
|
Receive
|
|
1-Month MXN-TIIE-Banxico
|
|
4.38
|
|
1/21/16
|
|
Barclays Bank PLC
|
|
30,000,000
|
|
MXN
|
|
2,243,494
|
|
3,578
|
|
|
3,578
|
|
|
Receive
|
|
1-Month
MXN-TIIE-Banxico
|
|
4.34
|
|
1/26/16
|
|
Barclays Bank
PLC
|
|
30,000,000
|
|
MXN
|
|
2,243,494
|
|
5,785
|
|
|
5,785
|
|
|
Pay
|
|
1-Year ZAR-JIBAR-SAFEX
|
|
5.98
|
|
1/24/18
|
|
Barclays Bank PLC
|
|
20,000,000
|
|
ZAR
|
|
1,801,558
|
|
(127,868
|
)
|
|
(127,868
|
)
|
|
Pay
|
|
3-Month
MYR-KLIBOR-BNM
|
|
3.52
|
|
1/25/18
|
|
Standard Chartered
Bank
|
|
2,200,000
|
|
MYR
|
|
657,698
|
|
(7,815
|
)
|
|
(7,815
|
)
|
|
Pay
|
|
3-Month MYR-KLIBOR-BNM
|
|
3.24
|
|
5/3/18
|
|
Standard Chartered Bank
|
|
1,500,000
|
|
MYR
|
|
448,430
|
|
(11,091
|
)
|
|
(11,091
|
)
|
|
Pay
|
|
1-Month
MXN-TIIE-Banxico
|
|
5.67
|
|
1/17/19
|
|
Barclays Bank
PLC
|
|
13,000,000
|
|
MXN
|
|
972,181
|
|
(2,670
|
)
|
|
(2,670
|
)
|
|
Pay
|
|
1-Month MXN-TIIE-Banxico
|
|
5.66
|
|
1/22/19
|
|
Barclays Bank PLC
|
|
13,000,000
|
|
MXN
|
|
972,181
|
|
(3,583
|
)
|
|
(3,583
|
)
|
|
Pay
|
|
1-Year BRL
CDI
|
|
10.02
|
|
1/4/21
|
|
Barclays Bank
PLC
|
|
2,400,000
|
|
BRL
|
|
994,695
|
|
(76,296
|
)
|
|
(76,296
|
)
|
|
Pay
|
|
1-Month MXN-TIIE-Banxico
|
|
6.69
|
|
12/23/21
|
|
Barclays Bank PLC
|
|
6,250,000
|
|
MXN
|
|
467,395
|
|
2,303
|
|
|
2,303
|
|
|
Pay
|
|
1-Month
MXN-TIIE-Banxico
|
|
6.38
|
|
7/11/23
|
|
Credit Suisse
International
|
|
14,000,000
|
|
MXN
|
|
1,046,964
|
|
(34,635
|
)
|
|
(34,635
|
)
|
|
Pay
|
|
1-Month MXN-TIIE-Banxico
|
|
6.47
|
|
9/12/23
|
|
JPMorgan Chase Bank N.A.
|
|
6,000,000
|
|
MXN
|
|
448,699
|
|
(13,153
|
)
|
|
(13,153
|
)
|
|
Pay
|
|
1-Month
MXN-TIIE-Banxico
|
|
6.21
|
|
10/6/23
|
|
Barclays Bank
PLC
|
|
10,000,000
|
|
MXN
|
|
747,831
|
|
(36,784
|
)
|
|
(36,784
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(445,380
|
)
|
|
(445,380
|
)
|
|
See notes to schedules of portfolio
investments.
Forward Foreign Currency Exchange
Contracts
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
|
Contract
|
|
Contract
|
|
|
|
Appreciation/
|
|
|
|
|
Delivery
|
|
Amount
|
|
Value
|
|
Value
|
|
(Depreciation)
|
Short
Contracts
|
|
|
Counterparty
|
|
Date
|
|
(Local
Currency)
|
|
($)
|
|
($)
|
|
($)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
328,104
|
|
147,000
|
|
135,849
|
|
11,151
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
355,500
|
|
146,519
|
|
147,192
|
|
(673
|
)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
968,887
|
|
422,000
|
|
401,160
|
|
20,840
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
994,290
|
|
446,992
|
|
411,678
|
|
35,314
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
1,604,713
|
|
661,383
|
|
664,420
|
|
(3,037
|
)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
2,008,629
|
|
843,430
|
|
831,658
|
|
11,772
|
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
271,117
|
|
118,000
|
|
112,254
|
|
5,746
|
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
2,610,813
|
|
1,076,047
|
|
1,080,988
|
|
(4,941
|
)
|
Chilean Peso
|
|
Standard Chartered Bank
|
|
2/14/14
|
|
326,312,040
|
|
598,189
|
|
586,729
|
|
11,460
|
|
Chinese Yuan
|
|
JPMorgan Chase Bank N.A.
|
|
2/20/14
|
|
430,290
|
|
70,000
|
|
70,982
|
|
(982
|
)
|
Chinese Yuan
|
|
Standard Chartered Bank
|
|
2/20/14
|
|
3,791,712
|
|
622,000
|
|
625,496
|
|
(3,496
|
)
|
Colombian Peso
|
|
Barclays Bank PLC
|
|
2/28/14
|
|
1,140,388,345
|
|
567,357
|
|
565,153
|
|
2,204
|
|
Colombian Peso
|
|
Barclays Bank PLC
|
|
2/28/14
|
|
1,195,350,000
|
|
613,000
|
|
592,390
|
|
20,610
|
|
European Euro
|
|
Barclays Bank PLC
|
|
3/19/14
|
|
45,473
|
|
61,589
|
|
61,325
|
|
264
|
|
European Euro
|
|
Standard Chartered Bank
|
|
3/19/14
|
|
437,000
|
|
595,865
|
|
589,342
|
|
6,523
|
|
Hungarian Forint
|
|
Standard Chartered Bank
|
|
2/6/14
|
|
209,457,712
|
|
937,590
|
|
905,436
|
|
32,154
|
|
Indonesian Rupiah
|
|
Barclays Bank PLC
|
|
2/7/14
|
|
752,700,000
|
|
65,000
|
|
61,603
|
|
3,397
|
|
Indonesian Rupiah
|
|
Barclays Bank PLC
|
|
4/15/14
|
|
1,446,600,000
|
|
120,000
|
|
117,008
|
|
2,992
|
|
Indonesian Rupiah
|
|
Standard Chartered Bank
|
|
2/7/14
|
|
400,160,000
|
|
34,304
|
|
32,750
|
|
1,554
|
|
Indonesian Rupiah
|
|
Standard Chartered Bank
|
|
10/17/14
|
|
1,152,860,000
|
|
91,497
|
|
89,924
|
|
1,573
|
|
Korean Won
|
|
Barclays Bank PLC
|
|
7/15/14
|
|
651,600,000
|
|
609,884
|
|
605,811
|
|
4,073
|
|
Korean Won
|
|
JPMorgan Chase Bank N.A.
|
|
2/6/14
|
|
651,600,000
|
|
602,998
|
|
608,756
|
|
(5,758
|
)
|
Malaysian Ringgit
|
|
Barclays Bank PLC
|
|
2/10/14
|
|
7,447,889
|
|
2,276,250
|
|
2,225,366
|
|
50,884
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
2,975,000
|
|
222,438
|
|
222,414
|
|
24
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
2/5/14
|
|
990,000
|
|
74,074
|
|
74,008
|
|
66
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
2/5/14
|
|
993,000
|
|
74,181
|
|
74,232
|
|
(51
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
2/5/14
|
|
993,000
|
|
74,181
|
|
74,232
|
|
(51
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
2/5/14
|
|
1,980,000
|
|
148,582
|
|
148,016
|
|
566
|
|
Mexican Peso
|
|
JPMorgan Chase Bank N.A.
|
|
4/8/14
|
|
9,127,735
|
|
692,255
|
|
679,002
|
|
13,253
|
|
Peruvian Nuevo Sol
|
|
Standard Chartered Bank
|
|
2/20/14
|
|
1,357,373
|
|
486,863
|
|
479,416
|
|
7,447
|
|
Peruvian Nuevo Sol
|
|
Standard Chartered Bank
|
|
10/7/14
|
|
441,000
|
|
150,000
|
|
150,862
|
|
(862
|
)
|
Peruvian Nuevo Sol
|
|
Standard Chartered Bank
|
|
10/7/14
|
|
699,847
|
|
239,387
|
|
239,411
|
|
(24
|
)
|
Philippine Peso
|
|
Standard Chartered Bank
|
|
2/25/14
|
|
8,118,880
|
|
179,304
|
|
179,119
|
|
185
|
|
Polish Zloty
|
|
Barclays Bank PLC
|
|
2/3/14
|
|
97,000
|
|
31,033
|
|
30,790
|
|
243
|
|
Polish Zloty
|
|
Standard Chartered Bank
|
|
3/4/14
|
|
398,905
|
|
130,000
|
|
126,397
|
|
3,603
|
|
Russian Ruble
|
|
Standard Chartered Bank
|
|
2/6/14
|
|
13,936,495
|
|
424,021
|
|
396,290
|
|
27,731
|
|
Russian Ruble
|
|
Standard Chartered Bank
|
|
7/14/14
|
|
12,945,970
|
|
377,918
|
|
356,291
|
|
21,627
|
|
Singapore Dollar
|
|
Barclays Bank PLC
|
|
4/10/14
|
|
352,471
|
|
278,000
|
|
276,152
|
|
1,848
|
|
Singapore Dollar
|
|
Standard Chartered Bank
|
|
4/10/14
|
|
390,472
|
|
308,000
|
|
305,924
|
|
2,076
|
|
South African Rand
|
|
Standard Chartered Bank
|
|
2/3/14
|
|
300,000
|
|
26,858
|
|
27,012
|
|
(154
|
)
|
Taiwan Dollar
|
|
Barclays Bank PLC
|
|
10/16/14
|
|
8,872,500
|
|
297,186
|
|
295,650
|
|
1,536
|
|
Taiwan Dollar
|
|
JPMorgan Chase Bank N.A.
|
|
2/7/14
|
|
8,872,500
|
|
304,270
|
|
292,947
|
|
11,323
|
|
Thai Baht
|
|
Standard Chartered Bank
|
|
6/17/14
|
|
25,682,033
|
|
772,508
|
|
773,270
|
|
(762
|
)
|
|
|
|
|
|
|
|
|
17,017,953
|
|
16,724,705
|
|
293,248
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
|
Contract
|
|
Contract
|
|
|
|
Appreciation/
|
|
|
|
|
Delivery
|
|
Amount
|
|
Value
|
|
Value
|
|
(Depreciation)
|
Long
Contracts
|
|
|
Counterparty
|
|
Date
|
|
(Local
Currency)
|
|
($)
|
|
($)
|
|
($)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
328,104
|
|
135,228
|
|
135,849
|
|
621
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
355,500
|
|
150,000
|
|
147,192
|
|
(2,808
|
)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
968,887
|
|
399,327
|
|
401,160
|
|
1,833
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
994,290
|
|
409,797
|
|
411,678
|
|
1,881
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
1,604,713
|
|
692,000
|
|
664,420
|
|
(27,580
|
)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
2,008,629
|
|
827,857
|
|
831,658
|
|
3,801
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
4/2/14
|
|
2,008,629
|
|
832,627
|
|
819,267
|
|
(13,360
|
)
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
271,117
|
|
111,741
|
|
112,254
|
|
513
|
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
2,610,813
|
|
1,142,788
|
|
1,080,988
|
|
(61,800
|
)
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
4/2/14
|
|
368,850
|
|
150,000
|
|
150,444
|
|
444
|
|
Chilean Peso
|
|
Bank of America
|
|
2/14/14
|
|
326,312,040
|
|
618,894
|
|
586,729
|
|
(32,165
|
)
|
Chilean Peso
|
|
Standard Chartered Bank
|
|
5/28/14
|
|
326,312,040
|
|
592,014
|
|
580,296
|
|
(11,718
|
)
|
Chinese Yuan
|
|
Standard Chartered Bank
|
|
2/20/14
|
|
22,077
|
|
3,618
|
|
3,642
|
|
24
|
|
Chinese Yuan
|
|
Standard Chartered Bank
|
|
2/20/14
|
|
4,199,925
|
|
683,192
|
|
692,836
|
|
9,644
|
|
Colombian Peso
|
|
Barclays Bank PLC
|
|
8/4/14
|
|
1,140,388,345
|
|
559,837
|
|
557,398
|
|
(2,439
|
)
|
Colombian Peso
|
|
Standard Chartered Bank
|
|
2/28/14
|
|
2,335,738,345
|
|
1,228,237
|
|
1,157,543
|
|
(70,694
|
)
|
Hungarian Forint
|
|
Barclays Bank PLC
|
|
2/6/14
|
|
19,874,700
|
|
90,000
|
|
85,914
|
|
(4,086
|
)
|
Hungarian Forint
|
|
Standard Chartered Bank
|
|
2/6/14
|
|
189,583,012
|
|
853,094
|
|
819,523
|
|
(33,571
|
)
|
Hungarian Forint
|
|
Standard Chartered Bank
|
|
7/23/14
|
|
98,091,000
|
|
420,000
|
|
418,747
|
|
(1,253
|
)
|
Hungarian Forint
|
|
Standard Chartered Bank
|
|
7/23/14
|
|
209,457,712
|
|
928,591
|
|
894,168
|
|
(34,423
|
)
|
Indian Rupee
|
|
Barclays Bank PLC
|
|
3/24/14
|
|
9,197,790
|
|
147,000
|
|
145,105
|
|
(1,895
|
)
|
Indian Rupee
|
|
Standard Chartered Bank
|
|
3/24/14
|
|
532,280
|
|
8,338
|
|
8,397
|
|
59
|
|
Indian Rupee
|
|
Standard Chartered Bank
|
|
3/24/14
|
|
18,064,100
|
|
290,000
|
|
284,980
|
|
(5,020
|
)
|
Indonesian Rupiah
|
|
Standard Chartered Bank
|
|
2/7/14
|
|
1,152,860,000
|
|
96,960
|
|
94,354
|
|
(2,606
|
)
|
Korean Won
|
|
Barclays Bank PLC
|
|
2/6/14
|
|
651,600,000
|
|
615,297
|
|
608,756
|
|
(6,541
|
)
|
Malaysian Ringgit
|
|
Barclays Bank PLC
|
|
7/16/14
|
|
7,447,889
|
|
2,257,141
|
|
2,205,006
|
|
(52,135
|
)
|
Malaysian Ringgit
|
|
JPMorgan Chase Bank N.A.
|
|
2/10/14
|
|
224,588
|
|
70,000
|
|
67,105
|
|
(2,895
|
)
|
Malaysian Ringgit
|
|
Standard Chartered Bank
|
|
2/10/14
|
|
493,865
|
|
156,000
|
|
147,563
|
|
(8,437
|
)
|
Malaysian Ringgit
|
|
Standard Chartered Bank
|
|
2/10/14
|
|
6,729,436
|
|
2,105,449
|
|
2,010,699
|
|
(94,750
|
)
|
Malaysian Ringgit
|
|
Standard Chartered Bank
|
|
7/16/14
|
|
202,337
|
|
61,000
|
|
59,903
|
|
(1,097
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
990,000
|
|
73,705
|
|
73,645
|
|
(60
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
993,000
|
|
73,813
|
|
73,868
|
|
55
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
993,000
|
|
73,813
|
|
73,868
|
|
55
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
1,980,000
|
|
147,849
|
|
147,290
|
|
(559
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
2,975,000
|
|
221,321
|
|
221,307
|
|
(14
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
30,591,615
|
|
2,332,211
|
|
2,275,677
|
|
(56,534
|
)
|
Mexican Peso
|
|
Standard Chartered Bank
|
|
4/8/14
|
|
919,000
|
|
69,743
|
|
68,363
|
|
(1,380
|
)
|
Peruvian Nuevo Sol
|
|
Standard Chartered Bank
|
|
2/20/14
|
|
657,526
|
|
233,000
|
|
232,235
|
|
(765
|
)
|
Peruvian Nuevo Sol
|
|
Standard Chartered Bank
|
|
2/20/14
|
|
699,847
|
|
246,990
|
|
247,182
|
|
192
|
|
Philippine Peso
|
|
Standard Chartered Bank
|
|
2/25/14
|
|
8,118,880
|
|
188,680
|
|
179,119
|
|
(9,561
|
)
|
Philippine Peso
|
|
Standard Chartered Bank
|
|
7/30/14
|
|
8,118,880
|
|
178,791
|
|
178,869
|
|
78
|
|
Polish Zloty
|
|
Barclays Bank PLC
|
|
6/5/14
|
|
97,000
|
|
30,808
|
|
30,553
|
|
(255
|
)
|
Polish Zloty
|
|
Standard Chartered Bank
|
|
3/4/14
|
|
3,863,561
|
|
1,240,527
|
|
1,224,207
|
|
(16,320
|
)
|
Romanian Leu
|
|
Standard Chartered Bank
|
|
3/4/14
|
|
1,113,572
|
|
338,523
|
|
333,514
|
|
(5,009
|
)
|
Russian Ruble
|
|
Barclays Bank PLC
|
|
2/6/14
|
|
990,525
|
|
30,000
|
|
28,166
|
|
(1,834
|
)
|
Russian Ruble
|
|
Credit Suisse
|
|
7/14/14
|
|
50,870,498
|
|
1,422,553
|
|
1,400,028
|
|
(22,525
|
)
|
Russian Ruble
|
|
Standard Chartered Bank
|
|
2/6/14
|
|
12,945,970
|
|
387,697
|
|
368,124
|
|
(19,573
|
)
|
Singapore Dollar
|
|
Standard Chartered Bank
|
|
4/10/14
|
|
743,683
|
|
584,974
|
|
582,656
|
|
(2,318
|
)
|
South African Rand
|
|
Barclays Bank PLC
|
|
6/11/14
|
|
27,706,933
|
|
2,484,815
|
|
2,442,392
|
|
(42,423
|
)
|
South African Rand
|
|
JPMorgan Chase Bank N.A.
|
|
4/15/14
|
|
1,633,353
|
|
145,000
|
|
145,476
|
|
476
|
|
South African Rand
|
|
Standard Chartered Bank
|
|
4/15/14
|
|
3,845,282
|
|
349,000
|
|
342,482
|
|
(6,518
|
)
|
South African Rand
|
|
Standard Chartered Bank
|
|
6/11/14
|
|
300,000
|
|
26,309
|
|
26,445
|
|
136
|
|
Taiwan Dollar
|
|
Barclays Bank PLC
|
|
2/7/14
|
|
8,872,500
|
|
295,356
|
|
292,947
|
|
(2,409
|
)
|
Turkish Lira
|
|
Barclays Bank PLC
|
|
4/7/14
|
|
710,496
|
|
320,000
|
|
308,668
|
|
(11,332
|
)
|
Turkish Lira
|
|
Barclays Bank PLC
|
|
4/7/14
|
|
743,534
|
|
334,000
|
|
323,021
|
|
(10,979
|
)
|
Turkish Lira
|
|
Standard Chartered Bank
|
|
4/7/14
|
|
1,792,603
|
|
802,167
|
|
778,778
|
|
(23,389
|
)
|
|
|
|
|
|
|
|
|
29,267,672
|
|
28,582,454
|
|
(685,218
|
)
|
HSBC FRONTIER MARKETS
FUND
Schedule of Portfolio Investments as
of January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
Shares
|
|
Value ($)
|
|
Common Stocks 80.9%
|
|
|
|
|
|
Cambodia 1.0%
|
|
|
|
|
|
NagaCorp Ltd.
|
|
1,102,000
|
|
1,054,438
|
|
Colombia 1.7%
|
|
|
|
|
|
Banco Davivienda SA
|
|
139,633
|
|
1,482,922
|
|
Ecopetrol SA
|
|
175,062
|
|
305,809
|
|
|
|
|
|
1,788,731
|
|
Croatia 0.5%
|
|
|
|
|
|
Hrvatski Telekom dd
|
|
18,622
|
|
558,428
|
|
Egypt 1.2%
|
|
|
|
|
|
Centamin plc (a)
|
|
1,097,037
|
|
789,006
|
|
Global Telecom Holding GDR (a)
|
|
136,808
|
|
508,980
|
|
|
|
|
|
1,297,986
|
|
Estonia 0.4%
|
|
|
|
|
|
Tallink Group Ltd.
|
|
388,290
|
|
471,600
|
|
Georgia 2.8%
|
|
|
|
|
|
Bank of Georgia Holdings plc
|
|
84,954
|
|
2,997,312
|
|
Kazakhstan 1.5%
|
|
|
|
|
|
KazMunaiGas Exploration
|
|
|
|
|
|
Production GDR (b)
|
|
108,164
|
|
1,564,851
|
|
Kenya 1.0%
|
|
|
|
|
|
Safaricom Ltd.
|
|
8,668,900
|
|
1,104,346
|
|
Kuwait 6.3%
|
|
|
|
|
|
Kuwait Projects Co. (Holding) KSC
|
|
1,056,875
|
|
2,459,869
|
|
Mabanee Co. SAKC
|
|
457,550
|
|
1,911,591
|
|
Mobile Telecommunications Co.
|
|
545,000
|
|
1,317,139
|
|
National Bank of Kuwait
|
|
342,850
|
|
1,144,988
|
|
|
|
|
|
6,833,587
|
|
Nigeria 10.1%
|
|
|
|
|
|
Dangote Cement plc
|
|
1,115,592
|
|
1,604,456
|
|
Diamond Bank plc (a)
|
|
35,071,177
|
|
1,502,839
|
|
FBN Holdings plc
|
|
18,302,589
|
|
1,635,628
|
|
Guaranty Trust Bank plc
|
|
9,932,877
|
|
1,681,342
|
|
Nestle Foods Nigeria plc
|
|
217,516
|
|
1,509,689
|
|
Nigerian Breweries plc
|
|
1,171,588
|
|
1,131,203
|
|
Zenith Bank plc
|
|
12,855,509
|
|
1,855,215
|
|
|
|
|
|
10,920,372
|
|
Oman 3.7%
|
|
|
|
|
|
Bank Muscat SAOG
|
|
1,384,457
|
|
2,358,402
|
|
Renaissance Services SAOG (a)
|
|
811,782
|
|
1,673,937
|
|
|
|
|
|
4,032,339
|
|
Pakistan 11.0%
|
|
|
|
|
|
Bank Alfalah Ltd.
|
|
4,844,000
|
|
1,271,200
|
|
D.G. Khan Cement Co. Ltd.
|
|
3,084,500
|
|
2,803,903
|
|
Engro Corp. Ltd. (a)
|
|
1,700,300
|
|
2,875,691
|
|
MCB Bank Ltd.
|
|
291,745
|
|
786,482
|
|
Pakistan Petroleum Ltd.
|
|
873,050
|
|
1,834,650
|
|
The Hub Power Co. Ltd.
|
|
1,668,692
|
|
1,019,476
|
|
United Bank Ltd.
|
|
998,600
|
|
1,265,777
|
|
|
|
|
|
11,857,179
|
|
Peru 2.1%
|
|
|
|
|
|
Credicorp Ltd.
|
|
17,400
|
|
2,295,408
|
|
Philippines 4.0%
|
|
|
|
|
|
Cebu Air, Inc.
|
|
785,700
|
|
857,144
|
|
First Gen Corp.
|
|
3,525,900
|
|
1,216,350
|
|
Security Bank Corp.
|
|
484,924
|
|
1,210,509
|
|
SM Investments Corp.
|
|
68,935
|
|
1,066,516
|
|
|
|
|
|
4,350,519
|
|
Qatar 13.9%
|
|
|
|
|
|
Doha Bank QSC
|
|
37,685
|
|
662,078
|
|
Gulf International Services QSC
|
|
52,535
|
|
1,092,816
|
|
Industries Qatar QSC
|
|
61,386
|
|
3,033,281
|
|
Qatar Electricity & Water Co.
|
|
27,145
|
|
1,349,692
|
|
Qatar Islamic Bank
|
|
105,524
|
|
2,175,108
|
|
Qatar National Bank (a)
|
|
69,416
|
|
3,514,683
|
|
Qatar Telecom (QTEL) QSC
|
|
74,796
|
|
3,049,795
|
|
|
|
|
|
14,877,453
|
|
Romania 2.1%
|
|
|
|
|
|
SIF 5 Oltenia Craiova
|
|
3,940,000
|
|
2,223,964
|
|
Sri Lanka 1.4%
|
|
|
|
|
|
John Keells Holdings plc
|
|
853,718
|
|
1,556,159
|
|
Turkmenistan 2.0%
|
|
|
|
|
|
Dragon Oil plc
|
|
222,455
|
|
2,144,334
|
|
Ukraine 0.0%
|
|
|
|
|
|
EastCoal, Inc. (a)
|
|
36,050
|
|
324
|
|
EastCoal, Inc. (a)
|
|
181,908
|
|
2,541
|
|
|
|
|
|
2,865
|
|
United Arab Emirates 14.2%
|
|
|
|
|
|
Al Noor Hospitals Group plc (a)
|
|
27,903
|
|
385,758
|
|
Aramex PJSC
|
|
71,225
|
|
58,799
|
|
DAMAC Real Estate Development
|
|
|
|
|
|
Ltd.,
GDR (a)
|
|
76,674
|
|
1,054,268
|
|
DP World Ltd.
|
|
119,104
|
|
2,171,391
|
|
Emaar Properties PJSC
|
|
1,747,678
|
|
3,804,117
|
|
First Gulf Bank PJSC
|
|
372,730
|
|
2,019,119
|
|
National Bank of Abu Dhabi
|
|
339,818
|
|
1,408,123
|
|
NMC Health plc
|
|
194,584
|
|
1,561,029
|
|
Union National Bank PJSC
|
|
1,493,956
|
|
2,792,946
|
|
|
|
|
|
15,255,550
|
|
TOTAL COMMON STOCKS
|
|
|
|
|
|
(COST $79,236,324)
|
|
|
|
87,187,421
|
|
|
|
|
|
Principal
|
|
|
|
|
|
Amount
($)
|
|
|
|
Convertible Corporate Bonds
0.0%
|
|
|
|
|
|
Oman 0.0%
|
|
|
|
|
|
Bank Muscat SAOG, 4.50%, 3/20/16
|
|
45,141
|
|
12,428
|
|
Renaissance Services SAOG, 3.75%,
7/25/17
|
|
142,800
|
|
40,800
|
|
|
|
|
|
53,228
|
|
TOTAL CONVERTIBLE CORPORATE
BONDS
|
|
|
|
(COST $74,763)
|
|
|
|
53,228
|
|
|
|
|
|
Shares
|
|
|
|
Warrants 0.0%
|
|
|
|
|
|
Sri Lanka 0.0%
|
|
|
|
|
|
John Keells Holdings plc , 11/12/15
(a)
|
|
1
|
|
1
|
|
John Keells Holdings plc , 11/11/16
(a)
|
|
1
|
|
|
|
|
|
|
|
1
|
|
Ukraine 0.0%
|
|
|
|
|
|
EastCoal, Inc. , 5/31/15 (a) (c)
|
|
360,500
|
|
|
|
|
|
TOTAL WARRANTS
|
|
|
|
|
|
(COST $)
|
|
|
|
1
|
|
See notes to schedules of portfolio
investments.
HSBC FRONTIER MARKETS FUND
Schedule of Portfolio Investments as
of January 31, 2014 (Unaudited)
|
|
|
|
|
|
|
|
Principal
|
|
|
|
|
|
Amount ($)
|
|
Value ($)
|
|
Participatory Notes
12.0%
|
|
|
|
|
|
Netherlands 0.0%
|
|
|
|
|
|
FTP Corp., 9/6/16, (JPMorgan
|
|
|
|
|
|
Chase)
|
|
20,310
|
|
53,586
|
|
Saudi Arabia 7.8%
|
|
|
|
|
|
Etihad Etisalat Co., 9/27/16,
|
|
|
|
|
|
(Deutsche Bank AG)
|
|
31,418
|
|
735,093
|
|
Samba Financial Group, 9/27/16,
|
|
|
|
|
|
(Deutsche Bank AG)
|
|
184,683
|
|
2,622,185
|
|
Saudi Dairy & Foodstuff Co.,
|
|
|
|
|
|
3/25/15, (Merrill Lynch
|
|
|
|
|
|
International & Co.)
|
|
12,126
|
|
258,547
|
|
Saudi Dairy & Foodstuff Co.,
|
|
|
|
|
|
4/30/15, (Citigroup Global Markets
|
|
|
|
|
|
Holding, Inc.)
|
|
53,659
|
|
1,148,150
|
|
United Electronics Co., 2/13/15,
|
|
|
|
|
|
(Citigroup Global Markets
|
|
|
|
|
|
Holding, Inc.)
|
|
58,325
|
|
1,551,619
|
|
Yanbu National Petrochemical Co.,
|
|
|
|
|
|
10/14/15, (Credit Suisse AG)
|
|
105,740
|
|
2,065,208
|
|
|
|
|
|
8,380,802
|
|
Vietnam 4.2%
|
|
|
|
|
|
PetroVietnam Drilling & Well
|
|
|
|
|
|
Services JSC, 9/6/16,
|
|
|
|
|
|
(JPMorgan Chase)
|
|
696,058
|
|
2,382,468
|
|
Vietnam Dairy Products JSC,
|
|
|
|
|
|
1/20/15, (Citigroup Global Markets
|
|
|
|
|
|
Holding, Inc.)
|
|
314,599
|
|
2,109,386
|
|
|
|
|
|
4,491,854
|
|
TOTAL PARTICIPATORY NOTES
|
|
|
|
|
|
(COST
$11,781,896)
|
|
|
|
12,926,242
|
|
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Investment Company 6.1%
|
|
Northern Institutional Diversified
|
|
|
|
|
|
Assets
Portfolio, Institutional
|
|
|
|
|
|
Shares,
0.01% (d)
|
|
6,534,552
|
|
6,534,552
|
|
TOTAL INVESTMENT COMPANY
|
|
|
|
|
|
(COST
$6,534,552)
|
|
|
|
6,534,552
|
|
TOTAL INVESTMENT SECURITIES
|
|
|
|
|
|
(COST
$97,627,535) 99.0%
|
|
|
|
106,701,444
|
|
Percentages indicated
are based on net assets of $107,820,724.
|
(a)
|
|
Represents non-income
producing security.
|
(b)
|
|
Rule 144A security or
other security which is restricted as to resale to institutional
investors. This security has been deemed liquid by the Investment Adviser
based on procedures approved by the Board of Trustees.
|
(c)
|
|
Security was valued
in good faith pursuant to procedures approved by the Board of Trustees as
of January 31, 2014. The total of all such securities represents less than
0.005% of net assets of the Fund.
|
(d)
|
|
The rate represents
the annualized one-day yield that was in effect on January 31,
2014.
|
GDR
|
|
Global Depositary
Receipt
|
The Fund invested, as a percentage of
net assets at value, in the following industries, as of January 31,
2014:
|
|
Percentage of
|
|
|
|
Net Assets
|
|
Industry
|
|
|
at Value
(%)
|
|
Commercial Banks
|
|
37.1
|
|
Oil, Gas & Consumable Fuels
|
|
7.3
|
|
Diversified Financial Services
|
|
6.8
|
|
Investment Company
|
|
6.1
|
|
Chemicals
|
|
4.6
|
|
Energy Equipment & Services
|
|
4.2
|
|
Construction Materials
|
|
4.1
|
|
Real Estate Management & Development
|
|
3.8
|
|
Food Products
|
|
3.6
|
|
Diversified Telecommunication Services
|
|
2.8
|
|
Industrial Conglomerates
|
|
2.4
|
|
Hotels, Restaurants & Leisure
|
|
2.2
|
|
Capital Markets
|
|
2.1
|
|
Independent Power Producers & Energy Traders
|
|
2.1
|
|
Health Care Providers &
Services
|
|
1.8
|
|
Marine
|
|
1.7
|
|
Wireless Telecommunication
Services
|
|
1.7
|
|
Multi-Utilities
|
|
1.3
|
|
Beverages
|
|
1.0
|
|
Airlines
|
|
0.8
|
|
Wireless Telecommunication Services
|
|
0.7
|
|
Metals & Mining
|
|
0.7
|
|
Air Freight & Logistics
|
|
0.1
|
|
Electronic Equipment, Instruments & Components
|
|
0.0
|
|
Total
|
|
99.0
|
|
See notes to schedules of portfolio
investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of
January 31, 2014 (Unaudited)
|
Principal
|
|
|
|
|
Amount
($)
|
|
Value
($)
|
|
Foreign Bonds 3.9%
|
|
Mexico
3.4%
|
|
|
|
|
Mexican Bonos Desarr,
Series M,
|
|
|
|
|
6.50%, 6/10/21
(a)
|
1,000,000
|
|
75,732
|
|
Mexican Bonos Desarr,
Series
|
|
|
|
|
M20, 10.00%,
12/5/24 (a)
|
241,984,000
|
|
22,705,399
|
|
Mexican Bonos Desarr,
Series
|
|
|
|
|
M30, 10.00%,
11/20/36 (a)
|
711,800
|
|
66,210
|
|
|
|
|
22,847,341
|
|
South Africa 0.5%
|
|
|
|
|
Republic of South Africa,
Series
|
|
|
|
|
R203, 8.25%,
9/15/17
|
35,115,000
|
|
3,184,595
|
|
|
|
TOTAL FOREIGN BONDS
|
|
|
|
|
(COST
$27,112,354)
|
|
|
26,031,936
|
|
Yankee Dollars
64.0%
|
|
|
|
|
Brazil 9.7%
|
|
|
|
|
Banco Bradesco SA,
Registered,
|
|
|
|
|
4.10%,
3/23/15
|
9,000,000
|
|
9,168,750
|
|
Banco do Brasil SA,
Registered,
|
|
|
|
|
5.88%,
1/26/22
|
200,000
|
|
189,250
|
|
Banco do Estado do Rio
Grande
|
|
|
|
|
do
Sul SA, Registered,
|
|
|
|
|
7.38%,
2/2/22
|
1,900,000
|
|
1,852,500
|
|
Banco Nacional
de
|
|
|
|
|
Desenvolvimento
Economico
|
|
|
|
|
e Social,
5.75%, 9/26/23 (b)
|
2,200,000
|
|
2,142,250
|
|
Banco Votorantim,
Registered,
|
|
|
|
|
5.25%,
2/11/16
|
200,000
|
|
206,250
|
|
Caixa Economica
Federal, 4.50%,
|
|
|
|
|
10/3/18
(b)
|
2,200,000
|
|
2,156,000
|
|
Caixa Economica
Federal,
|
|
|
|
|
Registered,
2.38%, 11/6/17
|
3,750,000
|
|
3,468,750
|
|
Centrais Eletricas
Brasileiras SA,
|
|
|
|
|
Registered,
6.88%, 7/30/19
|
2,160,000
|
|
2,305,800
|
|
Centrais Eletricas Brasileiras
SA,
|
|
|
|
|
Registered,
5.75%, 10/27/21
|
2,775,000
|
|
2,622,375
|
|
Federal Republic of
Brazil, 6.00%,
|
|
|
|
|
1/17/17
|
5,900,000
|
|
6,519,500
|
|
Federal Republic of Brazil,
2.63%,
|
|
|
|
|
1/5/23
|
14,025,000
|
|
11,949,299
|
|
Federal Republic of
Brazil,
|
|
|
|
|
11.00%, 8/17/40
, Callable
|
|
|
|
|
8/17/15 @
100.00
|
900,000
|
|
1,022,400
|
|
Petrobras International
Finance
|
|
|
|
|
Co., 6.13%,
10/6/16
|
15,014,000
|
|
16,177,585
|
|
Petrobras
International Finance
|
|
|
|
|
Co., 7.88%,
3/15/19
|
800,000
|
|
904,600
|
|
Petrobras International
Finance
|
|
|
|
|
Co., 5.75%,
1/20/20
|
1,950,000
|
|
2,011,680
|
|
Votorantim Cimentos
SA,
|
|
|
|
|
Registered,
7.25%, 4/5/41
|
1,600,000
|
|
1,480,000
|
|
|
|
|
64,176,989
|
|
Canada 0.2%
|
|
|
|
|
Harvest Operations Corp.,
2.13%,
|
|
|
|
|
5/14/18
(b)
|
1,100,000
|
|
1,081,212
|
|
Chile 1.1%
|
|
|
|
|
Banco del Estado de
Chile,
|
|
|
|
|
2.00%, 11/9/17
(b)
|
2,600,000
|
|
2,580,397
|
|
Codelco, Inc.,
Registered, 7.50%,
|
|
|
|
|
1/15/19
|
1,300,000
|
|
1,561,856
|
|
CorpBanca SA, 3.13%,
1/15/18
|
2,400,000
|
|
2,303,978
|
|
Empresa Nacional de
Petroleo,
|
|
|
|
|
Registered,
4.75%, 12/6/21
|
800,000
|
|
793,975
|
|
|
|
|
7,240,206
|
|
China 3.3%
|
|
|
|
|
CNOOC Curtis Funding No.1
Pty
|
|
|
|
|
Ltd., 4.50%,
10/3/23 (b)
|
1,425,000
|
|
1,408,613
|
|
CNOOC Finance (2013)
Ltd.,
|
|
|
|
|
1.13%,
5/9/16
|
1,300,000
|
|
1,297,547
|
|
CNPC General Capital
Ltd.,
|
|
|
|
|
1.45%, 4/16/16
(b)
|
800,000
|
|
801,209
|
|
Sinopec Capital
(2013) Ltd.,
|
|
|
|
|
1.25%, 4/24/16
(b)
|
3,300,000
|
|
3,289,945
|
|
Sinopec Group Overseas
|
|
|
|
|
Development
(2012) Ltd.,
|
|
|
|
|
Registered,
3.90%, 5/17/22
|
10,000,000
|
|
9,746,509
|
|
Sinopec Group
Overseas
|
|
|
|
|
Development
(2013) Ltd.,
|
|
|
|
|
4.38%, 10/17/23
(b)
|
5,400,000
|
|
5,319,675
|
|
|
|
|
21,863,498
|
|
Colombia 9.8%
|
|
|
|
|
Banco Davivienda SA,
|
|
|
|
|
Registered,
2.95%, 1/29/18
|
5,000,000
|
|
4,835,000
|
|
Banco de Bogota SA,
Registered,
|
|
|
|
|
5.00%,
1/15/17
|
2,200,000
|
|
2,310,000
|
|
Bancolombia SA, 6.13%, 7/26/20
|
1,200,000
|
|
1,236,000
|
|
Bancolombia SA,
5.95%, 6/3/21
|
1,500,000
|
|
1,563,750
|
|
Grupo Aval Ltd., Registered,
|
|
|
|
|
5.25%,
2/1/17
|
3,410,000
|
|
3,565,155
|
|
Grupo Aval Ltd.,
Registered,
|
|
|
|
|
4.75%,
9/26/22
|
1,150,000
|
|
1,066,625
|
|
Republic of Colombia,
8.25%,
|
|
|
|
|
12/22/14
|
1,040,000
|
|
1,103,700
|
|
Republic of Colombia,
7.38%,
|
|
|
|
|
1/27/17
|
20,955,000
|
|
24,150,637
|
|
Republic of Colombia,
7.38%,
|
|
|
|
|
3/18/19
|
14,930,000
|
|
17,785,362
|
|
Republic of Colombia,
4.38%,
|
|
|
|
|
7/12/21
|
4,760,000
|
|
4,831,400
|
|
Republic of Colombia,
2.63%,
|
|
|
|
|
3/15/23 ,
Callable 12/15/22
|
|
|
|
|
@
100.00
|
750,000
|
|
652,500
|
|
Republic of Colombia,
6.13%,
|
|
|
|
|
1/18/41
|
1,330,000
|
|
1,386,525
|
|
|
|
|
64,486,654
|
|
Costa Rica 0.2%
|
|
|
|
|
Republic of Costa Rica,
4.25%,
|
|
|
|
|
1/26/23
(b)
|
1,200,000
|
|
1,080,000
|
|
Croatia 1.0%
|
|
|
|
|
Croatia, Registered,
6.25%,
|
|
|
|
|
4/27/17
|
900,000
|
|
954,000
|
|
Croatia, Registered,
6.75%,
|
|
|
|
|
11/5/19
|
2,640,000
|
|
2,814,900
|
|
Croatia, Registered,
6.63%,
|
|
|
|
|
7/14/20
|
400,000
|
|
422,000
|
|
Croatia, Registered,
6.38%,
|
|
|
|
|
3/24/21
|
2,260,000
|
|
2,339,100
|
|
|
|
|
6,530,000
|
|
See notes to schedules of portfolio
investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of
January 31, 2014 (Unaudited)
|
Principal
|
|
|
|
|
Amount
($)
|
|
Value
($)
|
|
Yankee Dollars,
continued
|
|
|
|
|
Dominican Republic
0.1%
|
|
|
|
|
Dominican Republic,
7.50%,
|
|
|
|
|
5/6/21
|
600,000
|
|
654,750
|
|
Gabon
0.3%
|
|
|
|
|
Gabonese Republic,
6.38%,
|
|
|
|
|
12/12/24 (b)
|
2,200,000
|
|
2,260,500
|
|
India
0.2%
|
|
|
|
|
Vedanta Resources
plc,
|
|
|
|
|
Registered, 6.75%,
6/7/16
|
1,400,000
|
|
1,453,200
|
|
Indonesia
5.3%
|
|
|
|
|
PT Pertamina
(Persero) Tbk,
|
|
|
|
|
4.30%, 5/20/23
(b)
|
1,300,000
|
|
1,101,750
|
|
PT Pertamina Tbk,
Registered,
|
|
|
|
|
4.88%, 5/3/22
|
1,300,000
|
|
1,186,250
|
|
Republic of
Indonesia, 3.38%,
|
|
|
|
|
4/15/23 (b)
|
1,800,000
|
|
1,539,000
|
|
Republic of Indonesia,
5.88%,
|
|
|
|
|
1/15/24 (b)
|
3,700,000
|
|
3,769,375
|
|
Republic of
Indonesia,
|
|
|
|
|
Registered, 7.25%,
4/20/15
|
4,784,000
|
|
5,077,020
|
|
Republic of Indonesia,
|
|
|
|
|
Registered, 7.50%,
1/15/16
|
4,323,000
|
|
4,766,108
|
|
Republic of
Indonesia,
|
|
|
|
|
Registered, 5.88%,
3/13/20
|
2,990,000
|
|
3,154,450
|
|
Republic of Indonesia,
|
|
|
|
|
Registered, 4.88%,
5/5/21
|
6,960,000
|
|
6,864,299
|
|
Republic of
Indonesia,
|
|
|
|
|
Registered, 3.75%,
4/25/22
|
3,825,000
|
|
3,452,063
|
|
Republic of Indonesia,
|
|
|
|
|
Registered, 5.38%,
10/17/23
|
4,500,000
|
|
4,471,830
|
|
|
|
|
35,382,145
|
|
Iraq
0.3%
|
|
|
|
|
Republic of Iraq,
Registered,
|
|
|
|
|
5.80%, 1/15/28,
Callable
|
|
|
|
|
3/23/14 @
100.00
|
2,675,000
|
|
2,247,000
|
|
Kazakhstan
2.1%
|
|
|
|
|
Development Bank
of
|
|
|
|
|
Kazakhstan,
4.13%,
|
|
|
|
|
12/10/22 (b)
|
1,750,000
|
|
1,566,250
|
|
KazMunaiGaz Finance Sub
B.V.,
|
|
|
|
|
Registered, 11.75%,
1/23/15
|
11,281,000
|
|
12,330,133
|
|
|
|
|
13,896,383
|
|
Korea, Republic Of
0.5%
|
|
|
|
|
Export-Import Bank of
Korea,
|
|
|
|
|
0.99%, 1/14/17
(a)
|
3,600,000
|
|
3,616,740
|
|
Lithuania
0.2%
|
|
|
|
|
Republic of
Lithuania, Registered,
|
|
|
|
|
7.38%, 2/11/20
|
870,000
|
|
1,038,345
|
|
Luxembourg
0.2%
|
|
|
|
|
VTB Bank OJSC (VTB
Capital
|
|
|
|
|
SA), Registered,
6.47%,
|
|
|
|
|
3/4/15
|
1,150,000
|
|
1,205,890
|
|
VTB Bank OJSC (VTB
Capital
|
|
|
|
|
SA), Registered,
6.00%,
|
|
|
|
|
4/12/17
|
200,000
|
|
212,250
|
|
|
|
|
1,418,140
|
|
Mexico
4.7%
|
|
|
|
|
Banco Santander SA,
4.13%,
|
|
|
|
|
11/9/22 (b)
|
1,100,000
|
|
1,028,500
|
|
BBVA Bancomer SA Institucion
|
|
|
|
|
de Banca,
Registered,
|
|
|
|
|
6.75%, 9/30/22
|
800,000
|
|
857,000
|
|
Comision Federal de
Electricidad,
|
|
|
|
|
4.88%, 1/15/24
(b)
|
1,600,000
|
|
1,580,000
|
|
Petroleos Mexicanos, 4.88%,
|
|
|
|
|
3/15/15
|
2,000,000
|
|
2,079,999
|
|
Petroleos Mexicanos,
4.88%,
|
|
|
|
|
1/18/24 (b)
|
250,000
|
|
248,811
|
|
Petroleos Mexicanos, 6.38%,
|
|
|
|
|
1/23/45 (b)
|
500,000
|
|
500,047
|
|
United Mexican
States, 5.63%,
|
|
|
|
|
1/15/17
|
5,610,000
|
|
6,227,100
|
|
United Mexican States, 4.00%,
|
|
|
|
|
10/2/23
|
6,940,000
|
|
6,835,900
|
|
United Mexican
States, Series A,
|
|
|
|
|
6.05%, 1/11/40
|
8,710,000
|
|
9,232,600
|
|
United Mexican States, 5.55%,
|
|
|
|
|
1/21/45
|
2,370,000
|
|
2,340,375
|
|
|
|
|
30,930,332
|
|
Namibia
0.5%
|
|
|
|
|
Namibia International
Bond,
|
|
|
|
|
Registered, 5.50%,
11/3/21
|
3,400,000
|
|
3,408,500
|
|
Panama
1.0%
|
|
|
|
|
Republic of Panama,
5.20%,
|
|
|
|
|
1/30/20
|
6,140,000
|
|
6,668,040
|
|
Peru
2.6%
|
|
|
|
|
Banco de Credito del
Peru,
|
|
|
|
|
Registered, 5.38%,
9/16/20
|
780,000
|
|
797,550
|
|
BBVA Banco Continental SA,
|
|
|
|
|
Registered, 2.25%,
7/29/16
|
5,000,000
|
|
4,968,750
|
|
Continental Senior
Trust,
|
|
|
|
|
Registered, 5.75%,
1/18/17
|
3,150,000
|
|
3,406,536
|
|
Corp. Financiera de
Desarrollo
|
|
|
|
|
SA, 4.75%, 2/8/22
|
200,000
|
|
196,500
|
|
El Fondo MIVIVIENDA
SA,
|
|
|
|
|
Registered, 3.50%,
1/31/23
|
975,000
|
|
865,313
|
|
Republic of Peru, 8.38%,
5/3/16
|
4,525,000
|
|
5,203,750
|
|
Republic of Peru, 6.55%, 3/14/37
|
1,660,000
|
|
1,888,250
|
|
|
|
|
17,326,649
|
|
Republic of Serbia 0.6%
|
|
|
|
|
Republic of Serbia,
5.88%,
|
|
|
|
|
12/3/18 (b)
|
2,800,000
|
|
2,835,000
|
|
Republic of Serbia,
4.88%,
|
|
|
|
|
2/25/20
|
925,000
|
|
881,063
|
|
Republic of Serbia,
Registered,
|
|
|
|
|
5.25%,
11/21/17
|
410,000
|
|
414,100
|
|
|
|
|
4,130,163
|
|
Russian Federation
8.6%
|
|
|
|
|
AK Transneft OAO,
Registered,
|
|
|
|
|
5.67%, 3/5/14
|
400,000
|
|
401,400
|
|
Alfa Bank OJSC, Registered,
|
|
|
|
|
7.88%, 9/25/17
|
1,200,000
|
|
1,332,000
|
|
Alfa Bank OJSC,
Registered,
|
|
|
|
|
7.75%, 4/28/21
|
500,000
|
|
536,250
|
|
Alfa Issuance Ltd., Series E,
|
|
|
|
|
8.00%, 3/18/15,
MTN
|
450,000
|
|
478,305
|
|
See notes to schedules of portfolio
investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of
January 31, 2014 (Unaudited)
|
Principal
|
|
|
|
|
Amount ($)
|
|
Value ($)
|
|
Yankee Dollars,
continued
|
|
|
|
|
Russian Federation,
continued
|
|
|
|
|
Gazprom OAO, Registered,
|
|
|
|
|
Series 2009/2, 10.50%,
|
|
|
|
|
3/25/14
|
10,000,000
|
|
10,118,000
|
|
Gazprom OAO, Registered,
|
|
|
|
|
8.13%, 7/31/14
|
3,601,000
|
|
3,718,033
|
|
Gazprom OAO, Registered,
|
|
|
|
|
Series 7, 6.21%, 11/22/16
|
4,600,000
|
|
5,082,080
|
|
Gazprom OAO, Registered,
|
|
|
|
|
9.25%, 4/23/19
|
2,050,000
|
|
2,475,375
|
|
Gazprom OAO, Registered,
|
|
|
|
|
6.00%, 1/23/21
|
1,200,000
|
|
1,243,500
|
|
Gazprom OAO, Registered,
|
|
|
|
|
6.51%, 3/7/22
|
11,100,000
|
|
11,710,500
|
|
Russia Foreign Bond, 4.88%,
|
|
|
|
|
9/16/23 (b)
|
2,400,000
|
|
2,406,000
|
|
Russia Foreign Bond,
Registered,
|
|
|
|
|
7.50%, 3/31/30
|
8,265,400
|
|
9,517,608
|
|
Russian Federation,
Registered,
|
|
|
|
|
3.25%, 4/4/17
|
1,600,000
|
|
1,674,320
|
|
RZD Capital Ltd., Registered,
|
|
|
|
|
5.70%, 4/5/22
|
300,000
|
|
300,375
|
|
Sberbank of Russia (SB
Capital
|
|
|
|
|
SA), Registered, 4.95%,
|
|
|
|
|
2/7/17
|
5,600,000
|
|
5,901,000
|
|
|
|
|
56,894,746
|
|
South Africa
4.1%
|
|
|
|
|
Eskom Holdings SOC Ltd.,
|
|
|
|
|
6.75%, 8/6/23 (b)
|
2,450,000
|
|
2,465,313
|
|
Republic of South Africa,
6.88%,
|
|
|
|
|
5/27/19
|
6,100,000
|
|
6,862,500
|
|
Republic of South Africa,
5.50%,
|
|
|
|
|
3/9/20
|
16,070,000
|
|
16,953,850
|
|
Republic of South Africa,
5.88%,
|
|
|
|
|
9/16/25
|
1,200,000
|
|
1,227,000
|
|
|
|
|
27,508,663
|
|
Turkey
7.1%
|
|
|
|
|
Akbank TAS, Registered,
5.13%,
|
|
|
|
|
7/22/15
|
9,080,000
|
|
9,238,900
|
|
Republic of Turkey, 7.25%,
|
|
|
|
|
3/15/15
|
18,392,000
|
|
19,407,238
|
|
Republic of Turkey, 7.50%,
|
|
|
|
|
7/14/17
|
2,860,000
|
|
3,174,600
|
|
Republic of Turkey, 7.50%,
|
|
|
|
|
11/7/19
|
540,000
|
|
600,480
|
|
Republic of Turkey, 5.63%,
|
|
|
|
|
3/30/21
|
2,638,000
|
|
2,634,703
|
|
Republic of Turkey, 5.13%,
|
|
|
|
|
3/25/22
|
660,000
|
|
630,630
|
|
Republic of Turkey, 6.25%,
|
|
|
|
|
9/26/22
|
4,800,000
|
|
4,914,240
|
|
Turkiye Halk Bankasi AS,
3.88%,
|
|
|
|
|
2/5/20 (b)
|
2,500,000
|
|
2,162,500
|
|
Turkiye Is Bankasi AS, 3.88%,
|
|
|
|
|
11/7/17 (b)
|
1,000,000
|
|
942,700
|
|
Turkiye Is Bankasi AS, 5.50%,
|
|
|
|
|
4/21/19 (b)
|
1,450,000
|
|
1,395,625
|
|
Turkiye Vakiflar Bankasi TAO,
|
|
|
|
|
5.00%, 10/31/18 (b)
|
800,000
|
|
752,000
|
|
Turkiye Vakiflar Bankasi TAO,
|
|
|
|
|
6.00%, 11/1/22 (b)
|
1,400,000
|
|
1,176,000
|
|
|
|
|
47,029,616
|
|
Uruguay
0.3%
|
|
|
|
|
Republica Oriental del
Uruguay,
|
|
|
|
|
4.50%, 8/14/24
|
1,755,000
|
|
1,730,869
|
|
Republica Oriental del
Uruguay,
|
|
|
|
|
6.88%, 9/28/25
|
275,000
|
|
313,156
|
|
|
|
|
2,044,025
|
|
|
|
|
|
|
TOTAL YANKEE
DOLLARS
|
|
|
|
|
(COST
$436,816,449)
|
|
|
424,366,496
|
|
U.S. Treasury Obligations
6.7%
|
|
U.S. Treasury Notes, 1.75%,
|
|
|
|
|
5/15/23
|
48,243,000
|
|
44,760,434
|
|
|
|
TOTAL U.S. TREASURY
OBLIGATIONS
|
|
|
|
(COST
$46,061,494)
|
|
|
44,760,434
|
|
|
|
|
Shares
|
|
|
|
Investment Company
13.6%
|
|
Northern Institutional
Diversified
|
|
|
|
|
Assets Portfolio, Institutional
|
|
|
|
Shares, 0.01% (c)
|
90,586,173
|
|
90,586,173
|
|
|
|
|
|
TOTAL INVESTMENT
COMPANY
|
|
|
|
(COST
$90,586,173)
|
|
|
90,586,173
|
|
TOTAL INVESTMENT
SECURITIES
|
|
|
|
(COST
$600,576,470) 88.2%
|
|
585,745,039
|
|
Percentages indicated are based on
net assets of $664,212,309.
|
|
|
|
The principal amount is disclosed
in local currency and the value is disclosed in U.S.
Dollars.
|
(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 January 31, 2014. 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)
|
|
Rule 144A security or
other security which is restricted as to resale to institutional
investors. This security has been deemed liquid by the Investment Adviser
based on procedures approved by the Board of Trustees.
|
(c)
|
|
The rate represents
the annualized one-day yield that was in effect on January 31,
2014.
|
MTN
|
|
Medium Term Note
|
See notes to schedules of portfolio
investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of
January 31, 2014 (Unaudited)
The Fund invested, as a percentage of
net assets at value, in the following industries, as of January 31,
2014:
|
|
Percentage
of
|
|
|
|
Net Assets
|
|
Industry
|
|
|
at Value (%)
|
|
Sovereign Bonds
|
|
40.0
|
|
Oil, Gas &
Consumable Fuels
|
|
14.1
|
|
Investment Company
|
|
13.6
|
|
Commercial
Banks
|
|
10.7
|
|
U.S. Treasury Obligations
|
|
6.7
|
|
Electric
Utilities
|
|
1.3
|
|
Capital Markets
|
|
0.7
|
|
Diversified Financial
Services
|
|
0.5
|
|
Metals & Mining
|
|
0.4
|
|
Trading Companies
& Distributors
|
|
0.2
|
|
Transportation Infrastructure
|
|
0.0
|
|
Total
|
|
88.2
|
|
See notes to schedules of portfolio
investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of
January 31, 2014 (Unaudited)
The following tables reflect the open
derivative positions held by the Fund as of January 31, 2014.
Futures Contracts
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
Expiration
|
|
Number
of
|
|
Notional
|
|
Appreciation/
|
Description
|
|
Type
|
|
Date
|
|
Contracts
|
|
Value
|
|
(Depreciation)
|
10-Year U.S. Treasury
Note March Future
|
|
Short
|
|
3/21/14
|
|
350
|
|
$
|
44,012,500
|
|
($47,208
|
)
|
|
|
|
|
|
|
|
|
$
|
44,012,500
|
|
($47,208
|
)
|
Interest Rate Swap
Agreements
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
Pay/Receive
|
|
|
|
Fixed
|
|
|
|
|
|
Notional
|
|
Notional
|
|
|
|
|
Appreciation/
|
Floating
|
|
|
|
Rate
|
|
Expiration
|
|
|
|
Amount
|
|
Amount
|
|
Value
|
|
(Depreciation)
|
Rate
|
|
Floating Rate
Index
|
|
(%)
|
|
Date
|
|
Counterparty
|
|
(Local)
|
|
($)
|
|
($)
|
|
($)
|
Pay
|
|
1-Year BRL CDI
|
|
|
10.71
|
|
|
1/2/15
|
|
Standard Charter Bank
|
|
400,000,000
|
BRL
|
|
165,782,493
|
|
(773,302
|
)
|
|
(773,302
|
)
|
Pay
|
|
1-Year BRL CDI
|
|
|
9.93
|
|
|
1/2/15
|
|
Credit Suisse International
|
|
272,600,000
|
BRL
|
|
112,980,769
|
|
(1,111,626
|
)
|
|
(1,111,626
|
)
|
Pay
|
|
1-Year BRL CDI
|
|
|
9.71
|
|
|
1/2/15
|
|
Barclays Bank PLC
|
|
120,800,000
|
BRL
|
|
50,066,313
|
|
(604,994
|
)
|
|
(604,994
|
)
|
Receive
|
|
1-Month MXN-TIIE-Banxico
|
|
|
4.29
|
|
|
9/9/15
|
|
Credit Suisse International
|
|
194,337,000
|
MXN
|
|
14,533,129
|
|
3,470
|
|
|
3,470
|
|
Receive
|
|
1-Month MXN-TIIE-Banxico
|
|
|
5.30
|
|
|
9/20/18
|
|
Standard Charter Bank
|
|
124,000,000
|
MXN
|
|
9,273,108
|
|
115,071
|
|
|
115,071
|
|
Receive
|
|
1-Month MXN-TIIE-Banxico
|
|
|
5.30
|
|
|
9/20/18
|
|
Barclays Bank PLC
|
|
124,000,000
|
MXN
|
|
9,273,108
|
|
115,071
|
|
|
115,071
|
|
Receive
|
|
1-Month MXN-TIIE-Banxico
|
|
|
5.31
|
|
|
9/20/18
|
|
Barclays Bank PLC
|
|
124,000,000
|
MXN
|
|
9,273,108
|
|
111,147
|
|
|
111,147
|
|
Receive
|
|
3-Month LIBOR BBA
|
|
|
1.96
|
|
|
5/17/22
|
|
Standard Charter Bank
|
|
1,200,000
|
USD
|
|
1,200,000
|
|
46,892
|
|
|
46,892
|
|
Receive
|
|
3-Month LIBOR BBA
|
|
|
1.77
|
|
|
8/10/22
|
|
Barclays Bank PLC
|
|
13,000,000
|
USD
|
|
13,000,000
|
|
709,329
|
|
|
709,329
|
|
Pay
|
|
1-Month MXN-TIIE-Banxico
|
|
|
6.50
|
|
|
9/13/23
|
|
Standard Charter Bank
|
|
48,000,000
|
MXN
|
|
3,589,590
|
|
(97,680
|
)
|
|
(97,680
|
)
|
Pay
|
|
1-Month MXN-TIIE-Banxico
|
|
|
6.54
|
|
|
9/14/23
|
|
Standard Charter Bank
|
|
71,000,000
|
MXN
|
|
5,309,602
|
|
(129,396
|
)
|
|
(129,396
|
)
|
Pay
|
|
1-Month MXN-TIIE-Banxico
|
|
|
6.54
|
|
|
9/14/23
|
|
Barclays Bank PLC
|
|
71,000,000
|
MXN
|
|
5,309,602
|
|
(129,396
|
)
|
|
(129,396
|
)
|
Pay
|
|
1-Month MXN-TIIE-Banxico
|
|
|
6.54
|
|
|
9/14/23
|
|
Barclays Bank PLC
|
|
71,000,000
|
MXN
|
|
5,309,602
|
|
(129,396
|
)
|
|
(129,396
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1,874,810
|
)
|
|
(1,874,810
|
)
|
See notes to schedules of portfolio
investments.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of
January 31, 2014 (Unaudited)
Credit Default Swap Agreements - Buy
Protection(a)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Implied
Credit
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
|
Spread
at
|
|
Notional
|
|
|
|
|
|
|
Upfront
Premiums
|
|
Appreciation/
|
|
|
|
|
Expiration
|
|
January 31,
2014
|
|
Amount
|
|
Fixed Rate
|
|
Value
|
|
Paid/(Received)
|
|
(Depreciation)
|
Underlying Instrument
|
|
Counterparty
|
|
Date
|
|
(%)(b)
|
|
($)(c)
|
|
(%)
|
|
($)
|
|
($)
|
|
($)
|
Emirate of Abu Dhabi
|
|
Barclays Bank PLC
|
|
6/20/18
|
|
0.48
|
|
4,400,000
|
|
1.00
|
|
(113,201
|
)
|
|
(72,021
|
)
|
|
(41,180
|
)
|
Republic of
Korea
|
|
JPMorgan Chase Bank
N.A.
|
|
9/20/17
|
|
0.47
|
|
5,000,000
|
|
1.00
|
|
(101,419
|
)
|
|
12,067
|
|
|
(113,486
|
)
|
Republic of Korea
|
|
JPMorgan Chase Bank N.A.
|
|
9/20/17
|
|
0.42
|
|
100,000
|
|
1.00
|
|
(2,028
|
)
|
|
1,211
|
|
|
(3,239
|
)
|
Republic of
Korea
|
|
JPMorgan Chase Bank
N.A.
|
|
6/20/18
|
|
0.60
|
|
6,000,000
|
|
1.00
|
|
(114,004
|
)
|
|
(77,634
|
)
|
|
(36,370
|
)
|
Republic of Korea
|
|
Credit Suisse International
|
|
6/20/18
|
|
0.60
|
|
6,000,000
|
|
1.00
|
|
(114,004
|
)
|
|
(63,927
|
)
|
|
(50,077
|
)
|
Republic of
Korea
|
|
JPMorgan Chase Bank
N.A.
|
|
6/20/18
|
|
0.60
|
|
7,000,000
|
|
1.00
|
|
(133,005
|
)
|
|
(59,599
|
)
|
|
(73,406
|
)
|
Republic of Korea
|
|
JPMorgan Chase Bank N.A.
|
|
6/20/18
|
|
0.60
|
|
5,500,000
|
|
1.00
|
|
(104,504
|
)
|
|
(65,689
|
)
|
|
(38,815
|
)
|
Republic of
Korea
|
|
JPMorgan Chase Bank
N.A.
|
|
6/20/18
|
|
0.60
|
|
7,000,000
|
|
1.00
|
|
(133,005
|
)
|
|
(45,513
|
)
|
|
(87,492
|
)
|
Republic of Korea
|
|
Barclays Bank PLC
|
|
12/20/18
|
|
0.69
|
|
5,500,000
|
|
1.00
|
|
(92,646
|
)
|
|
(97,533
|
)
|
|
4,887
|
|
Republic of
Korea
|
|
JPMorgan Chase Bank
N.A.
|
|
12/20/18
|
|
0.69
|
|
10,500,000
|
|
1.00
|
|
(176,870
|
)
|
|
(191,452
|
)
|
|
14,582
|
|
Republic of Korea
|
|
Barclays Bank PLC
|
|
12/20/18
|
|
0.69
|
|
5,500,000
|
|
1.00
|
|
(92,646
|
)
|
|
(97,481
|
)
|
|
4,835
|
|
Republic of
Philippines
|
|
JPMorgan Chase Bank
N.A.
|
|
9/20/17
|
|
0.86
|
|
1,700,000
|
|
1.00
|
|
(11,557
|
)
|
|
38,756
|
|
|
(50,313
|
)
|
Republic of South Africa
|
|
Barclays Bank PLC
|
|
12/20/17
|
|
1.95
|
|
3,500,000
|
|
1.00
|
|
170,229
|
|
|
93,237
|
|
|
76,992
|
|
Republic of
Turkey
|
|
JPMorgan Chase Bank
N.A.
|
|
12/20/17
|
|
2.39
|
|
3,500,000
|
|
1.00
|
|
170,229
|
|
|
89,748
|
|
|
80,481
|
|
Republic of Ukraine
|
|
Bank
Of America
|
|
3/20/19
|
|
10.93
|
|
2,000,000
|
|
5.00
|
|
390,926
|
|
|
184,293
|
|
|
206,633
|
|
Republic of
Ukraine
|
|
Barclays Bank
PLC
|
|
3/20/19
|
|
10.93
|
|
1,500,000
|
|
5.00
|
|
293,195
|
|
|
132,520
|
|
|
160,675
|
|
Republic of Ukraine
|
|
Bank
Of America
|
|
3/20/19
|
|
10.93
|
|
4,000,000
|
|
5.00
|
|
781,852
|
|
|
360,850
|
|
|
421,002
|
|
Republic of
Ukraine
|
|
Bank Of
America
|
|
3/20/19
|
|
10.93
|
|
1,600,000
|
|
5.00
|
|
312,741
|
|
|
147,219
|
|
|
165,522
|
|
Republic of Ukraine
|
|
Bank
Of America
|
|
3/20/19
|
|
10.93
|
|
9,000,000
|
|
5.00
|
|
1,759,168
|
|
|
736,153
|
|
|
1,023,015
|
|
Republic of
Ukraine
|
|
Bank Of
America
|
|
3/20/19
|
|
10.93
|
|
3,500,000
|
|
5.00
|
|
684,121
|
|
|
322,041
|
|
|
362,080
|
|
State
of Qatar
|
|
Barclays Bank PLC
|
|
9/20/17
|
|
0.40
|
|
6,250,000
|
|
1.00
|
|
(141,842
|
)
|
|
74,259
|
|
|
(216,101
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
3,231,730
|
|
|
1,421,505
|
|
|
1,810,225
|
|
See notes to schedules of portfolio
investments.
HSBC TOTAL RETURN
FUND
Schedule of Portfolio Investments as of
January 31, 2014 (Unaudited)
Credit Default
Swap Agreements - Sell Protection(a)
|
|
|
|
|
|
Implied Credit
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
|
Spread at
|
|
Notional
|
|
|
|
|
|
|
Upfront Premiums
|
|
Appreciation/
|
|
|
|
|
Expiration
|
|
January 31, 2014
|
|
Amount
|
|
Fixed
Rate
|
|
Value
|
|
Paid/(Received)
|
|
(Depreciation)
|
Underlying
Instrument
|
|
Counterparty
|
|
Date
|
|
(%)(b)
|
|
($)(c)
|
|
(%)
|
|
($)
|
|
($)
|
|
($)
|
Federative Republic of Brazil
|
|
Credit
Suisse International
|
|
6/20/18
|
|
1.91
|
|
4,500,000
|
|
1.00
|
|
(152,776
|
)
|
|
(96,534
|
)
|
|
(56,242
|
)
|
Federative Republic of
Brazil
|
|
Credit
Suisse International
|
|
6/20/18
|
|
1.91
|
|
14,000,000
|
|
1.00
|
|
(475,304
|
)
|
|
(297,735
|
)
|
|
(177,569
|
)
|
Federative Republic of Brazil
|
|
Barclays
Bank PLC
|
|
6/20/18
|
|
1.91
|
|
2,500,000
|
|
1.00
|
|
(84,945
|
)
|
|
(39,915
|
)
|
|
(45,030
|
)
|
Federative Republic of
Brazil
|
|
JPMorgan
Chase Bank N.A.
|
|
6/20/18
|
|
1.86
|
|
2,500,000
|
|
1.00
|
|
(84,876
|
)
|
|
(46,715
|
)
|
|
(38,161
|
)
|
Federative Republic of Brazil
|
|
Barclays
Bank PLC
|
|
3/20/19
|
|
2.02
|
|
3,000,000
|
|
1.00
|
|
(147,716
|
)
|
|
(125,239
|
)
|
|
(22,477
|
)
|
Federative Republic of
Brazil
|
|
JPMorgan
Chase Bank N.A.
|
|
3/20/19
|
|
2.02
|
|
10,000,000
|
|
1.00
|
|
(492,388
|
)
|
|
(421,353
|
)
|
|
(71,035
|
)
|
People's
Republic of China
|
|
JPMorgan
Chase Bank N.A.
|
|
6/20/18
|
|
0.81
|
|
5,500,000
|
|
1.00
|
|
47,626
|
|
|
71,224
|
|
|
(23,598
|
)
|
People's Republic of
China
|
|
JPMorgan
Chase Bank N.A.
|
|
6/20/18
|
|
0.81
|
|
6,000,000
|
|
1.00
|
|
51,956
|
|
|
83,678
|
|
|
(31,722
|
)
|
People's
Republic of China
|
|
Credit
Suisse International
|
|
6/20/18
|
|
0.81
|
|
6,000,000
|
|
1.00
|
|
51,956
|
|
|
37,634
|
|
|
14,322
|
|
Republic of
Indonesia
|
|
Credit
Suisse International
|
|
6/20/18
|
|
2.11
|
|
3,800,000
|
|
1.00
|
|
(156,791
|
)
|
|
(207,184
|
)
|
|
50,393
|
|
Republic
of Indonesia
|
|
JPMorgan
Chase Bank N.A.
|
|
9/20/18
|
|
2.11
|
|
500,000
|
|
1.00
|
|
(23,873
|
)
|
|
(26,156
|
)
|
|
2,283
|
|
Republic of
Indonesia
|
|
Credit
Suisse International
|
|
9/20/18
|
|
2.21
|
|
1,800,000
|
|
1.00
|
|
(85,943
|
)
|
|
(120,906
|
)
|
|
34,963
|
|
Republic
of Peru
|
|
JPMorgan
Chase Bank N.A.
|
|
6/20/17
|
|
1.03
|
|
100,000
|
|
1.00
|
|
(6
|
)
|
|
(3,224
|
)
|
|
3,218
|
|
Republic of South
Africa
|
|
JPMorgan
Chase Bank N.A.
|
|
12/20/17
|
|
1.95
|
|
3,500,000
|
|
1.00
|
|
(119,666
|
)
|
|
(99,897
|
)
|
|
(19,769
|
)
|
Republic
of South Africa
|
|
JPMorgan
Chase Bank N.A.
|
|
9/20/18
|
|
2.16
|
|
13,000,000
|
|
1.00
|
|
(648,770
|
)
|
|
(716,665
|
)
|
|
67,895
|
|
Republic of
Turkey
|
|
Barclays
Bank PLC
|
|
12/20/17
|
|
2.39
|
|
3,500,000
|
|
1.00
|
|
(119,666
|
)
|
|
(88,148
|
)
|
|
(31,518
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
(2,441,182
|
)
|
|
(2,097,135
|
)
|
|
(344,047
|
)
|
(a)
|
|
When a credit event occurs as
defined under the terms of the swap agreement, the Fund as a seller of
credit protection will either (i) pay to the buyer of protection an amount
equal to the par value of the defaulted reference entity and take delivery
of the reference entity or (ii) pay a net amount equal to the par value of
the defaulted reference entity less its recovery value. Alternatively, the
Fund as a buyer of credit protection will either (i) receive from the
seller of protection an amount equal to the par value of the defaulted
reference entity and deliver the reference entity to the seller or (ii)
receive a net amount equal to the par value of the defaulted reference
entity less its recovery value.
|
(b)
|
|
Implied credit spread,
represented in absolute terms, utilized in determining the fair value of
the credit default swap agreements as of period end serve as an indicator
of the current status of the payment/performance risk and represents the
likelihood or risk of default for the credit derivative. The implied
credit spread of a referenced entity reflects the cost of buying/selling
protection and may include upfront payments required to be made to enter
into the agreement. Generally, wider credit spreads represent a perceived
deterioration of the referenced entitys credit soundness and a greater
likelihood or risk of default or other credit event occurring as defined
under the terms of the swap agreement.
|
(c)
|
|
The notional amount represents
the maximum potential amount of future payments that the Fund may receive
as a buyer of credit protection if a credit event occurs, as defined under
the terms of the swap agreement. Alternatively, the notional amount
represents the maximum potential amount the Fund could be required to make
as a seller of credit protection if a credit event occurs, as defined
under the terms of the swap agreement.
|
See notes to
schedules of portfolio investments
.
HSBC TOTAL RETURN FUND
Schedule of Portfolio Investments as of January 31, 2014
(Unaudited)
Forward Foreign Currency Exchange
Contracts
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
|
Contract
|
|
Contract
|
|
|
|
Appreciation/
|
|
|
|
|
Delivery
|
|
Amount
|
|
Value
|
|
Value
|
|
(Depreciation)
|
Short
Contracts
|
|
Counterparty
|
|
Date
|
|
(Local
Currency)
|
|
($)
|
|
($)
|
|
($)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
32,710,986
|
|
13,481,839
|
|
13,543,739
|
|
(61,900
|
)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
47,824,430
|
|
20,830,000
|
|
19,801,347
|
|
1,028,653
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
57,180,060
|
|
25,705,835
|
|
23,674,976
|
|
2,030,859
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
64,394,923
|
|
26,540,379
|
|
26,662,236
|
|
(121,857
|
)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
96,893,715
|
|
40,686,002
|
|
40,118,117
|
|
567,885
|
|
Brazilian Real
|
|
Credit Suisse
|
|
2/4/14
|
|
7,339,046
|
|
3,192,000
|
|
3,038,677
|
|
153,323
|
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
6,215,008
|
|
2,705,000
|
|
2,573,278
|
|
131,722
|
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
118,346,351
|
|
48,776,471
|
|
49,000,421
|
|
(223,950
|
)
|
Chilean Peso
|
|
Standard Chartered Bank
|
|
2/14/14
|
|
6,611,932,000
|
|
12,120,865
|
|
11,888,650
|
|
232,215
|
|
Chinese Yuan
|
|
Bank
of America
|
|
2/20/14
|
|
73,188,000
|
|
12,000,000
|
|
12,073,377
|
|
(73,377
|
)
|
Chinese Yuan
|
|
Standard Chartered Bank
|
|
2/20/14
|
|
3,103,470
|
|
508,557
|
|
511,960
|
|
(3,403
|
)
|
Chinese Yuan
|
|
Standard Chartered Bank
|
|
2/20/14
|
|
73,176,000
|
|
12,000,000
|
|
12,071,397
|
|
(71,397
|
)
|
European Euro
|
|
Barclays Bank PLC
|
|
3/19/14
|
|
23,997,740
|
|
32,503,019
|
|
32,363,587
|
|
139,432
|
|
Hungarian Forint
|
|
Standard Chartered Bank
|
|
2/6/14
|
|
6,892,384,514
|
|
31,014,645
|
|
29,794,159
|
|
1,220,486
|
|
Hungarian Forint
|
|
Standard Chartered Bank
|
|
7/23/14
|
|
6,892,384,514
|
|
30,556,090
|
|
29,423,376
|
|
1,132,714
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
73,010,000
|
|
5,458,896
|
|
5,458,303
|
|
593
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
2/5/14
|
|
24,375,000
|
|
1,823,793
|
|
1,822,165
|
|
1,628
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
2/5/14
|
|
24,391,000
|
|
1,822,100
|
|
1,823,362
|
|
(1,262
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
2/5/14
|
|
24,391,000
|
|
1,822,100
|
|
1,823,362
|
|
(1,262
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
2/5/14
|
|
48,600,000
|
|
3,647,006
|
|
3,633,118
|
|
13,888
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
57,600,000
|
|
4,368,269
|
|
4,284,802
|
|
83,467
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
57,700,000
|
|
4,310,635
|
|
4,292,241
|
|
18,394
|
|
Mexican Peso
|
|
Standard Chartered Bank
|
|
4/8/14
|
|
56,200,000
|
|
4,193,091
|
|
4,180,657
|
|
12,434
|
|
Mexican Peso
|
|
Standard Chartered Bank
|
|
4/8/14
|
|
58,250,000
|
|
4,337,143
|
|
4,333,155
|
|
3,988
|
|
Polish Zloty
|
|
Bank of America
|
|
3/4/14
|
|
13,505,800
|
|
4,400,000
|
|
4,279,446
|
|
120,554
|
|
Polish Zloty
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
87,704,720
|
|
28,531,139
|
|
27,837,783
|
|
693,356
|
|
Polish Zloty
|
|
Credit Suisse
|
|
3/4/14
|
|
13,485,230
|
|
4,400,000
|
|
4,272,928
|
|
127,072
|
|
Polish Zloty
|
|
Standard Chartered Bank
|
|
3/4/14
|
|
13,502,632
|
|
4,400,000
|
|
4,278,442
|
|
121,558
|
|
Polish Zloty
|
|
Standard Chartered Bank
|
|
3/4/14
|
|
88,075,458
|
|
28,279,619
|
|
27,907,579
|
|
372,040
|
|
Russian Ruble
|
|
Standard Chartered Bank
|
|
2/6/14
|
|
3,999,150
|
|
119,764
|
|
113,718
|
|
6,046
|
|
|
|
|
|
|
|
|
|
414,534,257
|
|
406,880,358
|
|
7,653,899
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Unrealized
|
|
|
|
|
|
|
Contract
|
|
Contract
|
|
|
|
Appreciation/
|
|
|
|
|
Delivery
|
|
Amount
|
|
Value
|
|
Value
|
|
(Depreciation)
|
Long
Contracts
|
|
|
Counterparty
|
|
Date
|
|
(Local
Currency)
|
|
($)
|
|
($)
|
|
($)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
32,710,986
|
|
13,860,000
|
|
13,543,739
|
|
(316,261
|
)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
47,824,430
|
|
19,710,848
|
|
19,801,347
|
|
90,499
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
57,180,060
|
|
23,566,772
|
|
23,674,976
|
|
108,204
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
64,394,923
|
|
27,769,000
|
|
26,662,236
|
|
(1,106,764
|
)
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
2/4/14
|
|
96,893,715
|
|
39,934,763
|
|
40,118,117
|
|
183,354
|
|
Brazilian Real
|
|
Barclays Bank PLC
|
|
4/2/14
|
|
96,893,715
|
|
40,164,863
|
|
39,520,390
|
|
(644,473
|
)
|
Brazilian Real
|
|
Credit Suisse
|
|
2/4/14
|
|
7,339,046
|
|
3,024,789
|
|
3,038,677
|
|
13,888
|
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
6,215,008
|
|
2,561,517
|
|
2,573,278
|
|
11,761
|
|
Brazilian Real
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
118,346,351
|
|
51,801,782
|
|
49,000,421
|
|
(2,801,361
|
)
|
Chilean Peso
|
|
Bank
of America
|
|
2/14/14
|
|
6,611,932,000
|
|
12,540,412
|
|
11,888,650
|
|
(651,762
|
)
|
Chilean Peso
|
|
Standard Chartered Bank
|
|
5/28/14
|
|
6,611,932,000
|
|
11,995,740
|
|
11,758,309
|
|
(237,431
|
)
|
Chinese Yuan
|
|
Standard Chartered Bank
|
|
2/20/14
|
|
149,467,470
|
|
24,313,537
|
|
24,656,734
|
|
343,197
|
|
Hungarian Forint
|
|
Bank of America
|
|
7/23/14
|
|
1,470,925,760
|
|
6,271,000
|
|
6,279,336
|
|
8,336
|
|
Hungarian Forint
|
|
Barclays Bank PLC
|
|
7/23/14
|
|
2,546,297,500
|
|
10,870,000
|
|
10,870,065
|
|
65
|
|
Hungarian Forint
|
|
JPMorgan Chase Bank N.A.
|
|
7/23/14
|
|
1,470,047,820
|
|
6,271,000
|
|
6,275,589
|
|
4,589
|
|
Hungarian Forint
|
|
Standard Chartered Bank
|
|
2/6/14
|
|
6,892,384,514
|
|
30,852,214
|
|
29,794,159
|
|
(1,058,055
|
)
|
Hungarian Forint
|
|
Standard Chartered Bank
|
|
7/23/14
|
|
1,466,786,900
|
|
6,271,000
|
|
6,261,668
|
|
(9,332
|
)
|
Indian Rupee
|
|
Barclays Bank PLC
|
|
3/24/14
|
|
401,574,260
|
|
6,418,000
|
|
6,335,243
|
|
(82,757
|
)
|
Indian Rupee
|
|
Standard Chartered Bank
|
|
3/24/14
|
|
14,705,200
|
|
230,345
|
|
231,990
|
|
1,645
|
|
Indonesian Rupiah
|
|
Barclays Bank PLC
|
|
4/15/14
|
|
56,917,140,000
|
|
4,673,000
|
|
4,603,743
|
|
(69,257
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
24,375,000
|
|
1,814,696
|
|
1,813,230
|
|
(1,466
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
24,391,000
|
|
1,813,066
|
|
1,814,420
|
|
1,354
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
24,391,000
|
|
1,813,066
|
|
1,814,420
|
|
1,354
|
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
48,600,000
|
|
3,629,032
|
|
3,615,301
|
|
(13,731
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
73,010,000
|
|
5,431,483
|
|
5,431,135
|
|
(348
|
)
|
Mexican Peso
|
|
Barclays Bank PLC
|
|
4/8/14
|
|
217,403,376
|
|
16,574,169
|
|
16,172,402
|
|
(401,767
|
)
|
Mexican Peso
|
|
Standard Chartered Bank
|
|
4/8/14
|
|
12,402,000
|
|
941,185
|
|
922,571
|
|
(18,614
|
)
|
Polish Zloty
|
|
Barclays Bank PLC
|
|
6/5/14
|
|
87,704,720
|
|
28,315,594
|
|
27,625,079
|
|
(690,515
|
)
|
Polish Zloty
|
|
Credit Suisse
|
|
2/4/14
|
|
33,577,600
|
|
10,924,874
|
|
10,657,647
|
|
(267,227
|
)
|
Polish Zloty
|
|
Standard Chartered Bank
|
|
2/4/14
|
|
54,127,120
|
|
17,704,223
|
|
17,180,136
|
|
(524,087
|
)
|
Russian Ruble
|
|
Standard Chartered Bank
|
|
2/6/14
|
|
3,999,150
|
|
121,675
|
|
113,718
|
|
(7,957
|
)
|
Russian Ruble
|
|
Standard Chartered Bank
|
|
7/14/14
|
|
3,999,150
|
|
116,743
|
|
110,062
|
|
(6,681
|
)
|
South African Rand
|
|
Barclays Bank PLC
|
|
4/15/14
|
|
83,914,445
|
|
7,453,000
|
|
7,473,887
|
|
20,887
|
|
South African Rand
|
|
Barclays Bank PLC
|
|
6/11/14
|
|
301,594,831
|
|
27,047,651
|
|
26,585,868
|
|
(461,783
|
)
|
South African Rand
|
|
Credit Suisse
|
|
4/15/14
|
|
31,496,296
|
|
2,795,000
|
|
2,805,235
|
|
10,235
|
|
Turkish Lira
|
|
Credit Suisse
|
|
4/7/14
|
|
12,071,360
|
|
5,322,000
|
|
5,244,277
|
|
(77,723
|
)
|
Turkish Lira
|
|
Standard Chartered Bank
|
|
4/7/14
|
|
425,008
|
|
190,186
|
|
184,640
|
|
(5,546
|
)
|
Turkish Lira
|
|
Standard Chartered Bank
|
|
4/7/14
|
|
9,014,760
|
|
4,080,000
|
|
3,916,369
|
|
(163,631
|
)
|
Turkish Lira
|
|
Standard Chartered Bank
|
|
4/7/14
|
|
19,757,110
|
|
8,900,000
|
|
8,583,271
|
|
(316,729
|
)
|
|
|
|
|
|
|
|
|
488,088,225
|
|
478,952,335
|
|
(9,135,890
|
)
|
HSBC RMB FIXED INCOME FUND
Schedule of Portfolio Investments as of
January 31, 2014 (Unaudited)
|
|
Principal
|
|
|
|
|
|
Amount
($)
|
|
Value
($)
|
|
Foreign Bonds
87.3%
|
|
|
|
|
|
Australia 1.2%
|
|
|
|
|
|
Australia & New Zealand Banking
|
|
|
|
|
|
Group Ltd.,
Series E, 2.90%,
|
|
|
|
|
|
8/14/15, MTN
(a)
|
|
1,000,000
|
|
166,343
|
|
Brazil
2.3%
|
|
|
|
|
|
Banco
BTG Pactual SA, Series G,
|
|
|
|
|
|
4.10%, 3/26/16,
MTN (a)
|
|
2,000,000
|
|
326,071
|
|
China
40.4%
|
|
|
|
|
|
Baosteel
Group Corp. Ltd.,
|
|
|
|
|
|
Registered,
4.15%, 3/1/17 (a)
|
|
2,000,000
|
|
335,079
|
|
Beijing Enterprises
Water Group Ltd.,
|
|
|
|
|
|
3.75%, 6/30/14
(a)
|
|
3,000,000
|
|
496,950
|
|
Bestgain
Real Estate Lyra Ltd.,
|
|
|
|
|
|
4.50%,
12/4/18
|
|
2,000,000
|
|
329,358
|
|
Big Will Investments
Ltd., Registered,
|
|
|
|
|
|
7.00%, 4/29/14
(a)
|
|
2,000,000
|
|
333,019
|
|
Bitronic
Ltd., 4.00%, 12/12/15 (a)
|
|
3,000,000
|
|
497,546
|
|
China Guangdong
Nuclear Power
|
|
|
|
|
|
Holding Co.
Ltd., Registered,
|
|
|
|
|
|
3.75%, 11/1/15
(a)
|
|
2,000,000
|
|
333,453
|
|
China
Shanshui Cement Group Ltd.,
|
|
|
|
|
|
6.50%, 7/22/14
(a)
|
|
2,000,000
|
|
334,079
|
|
Greentown China
Holdings, 5.63%,
|
|
|
|
|
|
5/13/16
|
|
1,000,000
|
|
165,753
|
|
Huaneng
Power International, Inc.,
|
|
|
|
|
|
3.85%, 2/5/16
(a)
|
|
2,000,000
|
|
333,161
|
|
ICBC Luxembourg SA,
2.60%,
|
|
|
|
|
|
5/28/14
|
|
2,000,000
|
|
331,996
|
|
Industrial & Commercial Bank of
|
|
|
|
|
|
China Ltd.,
Registered, 3.75%,
|
|
|
|
|
|
11/19/18
|
|
1,000,000
|
|
165,464
|
|
Intime Department
Store (Group) Co.
|
|
|
|
|
|
Ltd.,
Registered, 4.65%,
|
|
|
|
|
|
7/21/14
(a)
|
|
2,000,000
|
|
331,431
|
|
Kaisa
Group Holdings Ltd., 6.88%,
|
|
|
|
|
|
4/22/16
|
|
2,000,000
|
|
329,463
|
|
New World China Land
Ltd., 8.50%,
|
|
|
|
|
|
4/11/15
(a)
|
|
2,000,000
|
|
348,696
|
|
Right
Century Ltd., 1.85%, 6/3/14 (a)
|
|
2,000,000
|
|
329,864
|
|
RKI Finance 2013
Ltd., 6.00%,
|
|
|
|
|
|
12/3/16
|
|
2,000,000
|
|
331,852
|
|
The
Export-Import Bank of China,
|
|
|
|
|
|
2.70%, 4/7/14
(a)
|
|
2,000,000
|
|
331,297
|
|
|
|
|
|
5,658,461
|
|
France 3.6%
|
|
|
|
|
|
Veolia Environnement
SA, Series E,
|
|
|
|
|
|
4.50%, 6/28/17,
MTN (a)
|
|
3,000,000
|
|
509,458
|
|
Germany 1.2%
|
|
|
|
|
|
BSH Bosch und Siemens
Hausgerate
|
|
|
|
|
|
GmbH,
Registered, 3.80%,
|
|
|
|
|
|
7/24/17
(a)
|
|
1,000,000
|
|
168,058
|
|
Hong Kong 29.1%
|
|
|
|
|
|
BECL Investment
Holding Ltd.,
|
|
|
|
|
|
4.75%, 2/21/14
(a)
|
|
3,000,000
|
|
497,224
|
|
Dorsett
Hospitality International Ltd.,
|
|
|
|
|
|
Series E,
6.00%, 4/3/18, MTN (a)
|
|
2,000,000
|
|
324,991
|
|
Eastern Air Overseas
(Hong Kong)
|
|
|
|
|
|
Corp. Ltd.,
4.00%, 8/8/14 (a)
|
|
2,000,000
|
|
331,395
|
|
Gemdale International Holdings Ltd.,
|
|
|
|
|
|
9.15%, 7/26/15
(a)
|
|
2,000,000
|
|
349,277
|
|
Lafarge Shui On Cement Ltd.,
|
|
|
|
|
|
Registered, 9.00%, 11/14/14
(a)
|
|
2,000,000
|
|
344,914
|
|
Lai Fung Holdings Ltd., 6.88%,
|
|
|
|
|
|
4/25/18
|
|
2,000,000
|
|
323,492
|
|
Noble Group Ltd., Series E, 4.00%,
|
|
|
|
|
|
1/30/16
|
|
2,000,000
|
|
332,837
|
|
Rainbow Days Ltd., Registered,
|
|
|
|
|
|
3.00%, 6/30/16
(a)
|
|
2,000,000
|
|
323,573
|
|
Silvery Castle Ltd., 2.75%, 7/14/14 (a)
|
|
2,000,000
|
|
329,076
|
|
Singamas Container Holdings Ltd.,
|
|
|
|
|
|
Registered, 4.75%,
4/14/14 (a)
|
|
2,000,000
|
|
330,468
|
|
SK Global Chemical Co. Ltd., 4.13%,
|
|
|
|
|
|
9/26/16
|
|
2,000,000
|
|
335,889
|
|
Starway Assets Enterprises, Inc.,
|
|
|
|
|
|
4.10%,
1/22/17
|
|
1,600,000
|
|
264,690
|
|
|
|
|
|
4,087,826
|
|
Japan 2.4%
|
|
|
|
|
|
Mitsui & Co. Ltd., Series E, 4.25%,
|
|
|
|
|
|
3/1/17, MTN (a)
|
|
2,000,000
|
|
339,703
|
|
Singapore 2.4%
|
|
|
|
|
|
Global Logistic Properties Ltd.,
|
|
|
|
|
|
Registered, 3.37%, 5/11/16
(a)
|
|
2,000,000
|
|
330,389
|
|
United States 4.7%
|
|
|
|
|
|
Caterpillar Financial Services Corp.,
|
|
|
|
|
|
Registered, 3.35%,
11/26/14
|
|
2,000,000
|
|
333,104
|
|
Yum! Brands, Inc., Registered,
|
|
|
|
|
|
2.38%, 9/29/14
(a)
|
|
2,000,000
|
|
329,655
|
|
|
|
|
|
662,759
|
|
|
|
|
|
|
|
TOTAL FOREIGN BONDS
|
|
|
|
|
|
(COST
$11,716,305)
|
|
|
|
12,249,068
|
|
Certificates of Deposit
10.6%
|
|
|
|
|
|
China 4.7%
|
|
|
|
|
|
China Construction Bank (Asia) Corp.
|
|
|
|
|
|
Ltd., 2.75%, 3/11/14
|
|
2,000,000
|
|
331,736
|
|
China Development Bank Corp.,
|
|
|
|
|
|
2.90%, 6/25/14
(a)
|
|
2,000,000
|
|
332,326
|
|
|
|
|
|
664,062
|
|
Japan 2.4%
|
|
|
|
|
|
Sumitomo Mitsui Banking Corp.,
|
|
|
|
|
|
1.10%, 4/22/14 (a)
|
|
2,000,000
|
|
330,352
|
|
Singapore 3.5%
|
|
|
|
|
|
Oversea-Chinese Banking Corp. Ltd.,
|
|
|
|
|
|
1.10%, 3/28/14 (a)
|
|
3,000,000
|
|
496,166
|
|
|
|
|
|
|
|
TOTAL CERTIFICATES OF DEPOSIT
|
|
|
|
|
|
(COST
$1,417,595)
|
|
|
|
1,490,580
|
|
|
|
|
|
|
|
|
|
Shares
|
|
|
|
Investment Company
0.9%
|
|
|
|
|
|
Northern Institutional Diversified
|
|
|
|
|
|
Assets Portfolio,
Institutional
|
|
|
|
|
|
Shares, 0.01% (b)
|
|
120,132
|
|
120,132
|
|
See notes to
schedules of portfolio investments.
HSBC RMB FIXED INCOME FUND
Schedule of Portfolio Investments as of
January 31, 2014 (Unaudited)
|
|
Shares
|
|
Value ($)
|
|
Investment Company,
continued
|
|
|
|
|
|
TOTAL INVESTMENT COMPANY
|
|
|
|
|
|
(COST
$120,132)
|
|
|
|
120,132
|
|
TOTAL INVESTMENT SECURITIES
|
|
|
|
|
|
(COST
$13,254,032) 98.8%
|
|
|
|
13,859,780
|
|
Percentages indicated are based on net
assets of $14,023,912.
|
|
The principal amount is disclosed in
local currency and the value is disclosed in U.S.
Dollars.
|
(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 January 31, 2014. The maturity dates presented reflect
the final maturity dates. However, some of these securities may contain
put or demand features that allow the Fund to require the issuer to
repurchase the security from the fund within various time periods,
including daily, weekly, monthly, or semi-annually.
|
(b)
|
|
The rate represents the
annualized one-day yield that was in effect on January 31,
2014.
|
MTN
|
|
Medium Term Note
|
The Fund invested,
as a percentage of net assets at value, in the following industries, as of
January 31, 2014:
|
|
Percentage
of
|
|
|
|
Net Assets
at
|
|
Industry
|
|
Value (%)
|
|
Real Estate
Management & Development
|
|
21.3
|
|
Commercial Banks
|
|
17.9
|
|
Diversified Financial
Services
|
|
10.0
|
|
Trading Companies &
Distributors
|
|
7.0
|
|
Water
Utilities
|
|
6.9
|
|
Construction Materials
|
|
4.9
|
|
Electric
Utilities
|
|
4.8
|
|
Hotels, Restaurants &
Leisure
|
|
4.7
|
|
Machinery
|
|
2.4
|
|
Distributors
|
|
2.4
|
|
Metals &
Mining
|
|
2.4
|
|
Specialty Retail
|
|
2.4
|
|
Industrial
Conglomerates
|
|
2.4
|
|
Airlines
|
|
2.4
|
|
Chemicals
|
|
2.4
|
|
Food Products
|
|
2.4
|
|
Household
Durables
|
|
1.2
|
|
Investment Company
|
|
0.9
|
|
Total
|
|
98.8
|
|
See notes to
schedules of portfolio investments
.
Notes to Schedules of
Portfolio Investments
|
|
(Unaudited)
|
January 31,
2014
|
1. Organization:
The HSBC Funds
(the Trust), a Massachusetts business trust organized on April 22, 1987, and
is registered under the Investment Company Act of 1940, as amended (the Act),
as open-end management investment companies. As of January 31, 2014, the Trust
is comprised of 15 separate operational funds, each a series of the HSBC Family
of Funds, which also includes the HSBC Advisor Funds Trust and the HSBC
Portfolios (the Trusts). The accompanying Schedules of Portfolio Investments
(Schedules) are presented for the following funds (individually a Fund,
collectively the Funds):
Fund
|
|
Short
Name
|
|
HSBC Growth Fund
|
|
Growth Fund
|
HSBC Opportunity Fund
|
|
Opportunity
Fund
|
(Individually a Feeder Fund, collectively the Feeder
Funds)
|
|
HSBC Prime Money Market
Fund
|
|
Prime Money Market Fund
|
HSBC U.S. Government Money Market
Fund
|
|
U.S. Government Money
Market Fund
|
HSBC U.S. Treasury Money
Market Fund
|
|
U.S. Treasury Money Market Fund
|
(Individually a Money
Market Fund, collectively the Money Markets Funds)
|
|
Aggressive Strategy
Fund
|
|
Aggressive Strategy Fund
|
Balanced Strategy Fund
|
|
Balanced Strategy
Fund
|
Moderate Strategy
Fund
|
|
Moderate Strategy Fund
|
Conservative Strategy Fund
|
|
Conservative Strategy
Fund
|
Income Strategy
Fund
|
|
Income Strategy Fund
|
(Individually a World
Selection Fund, collectively the World Selection Funds)
|
|
HSBC Emerging Markets Debt
Fund
|
|
Emerging Markets Debt Fund
|
HSBC Emerging Markets Local Debt
Fund
|
|
Emerging Markets Local
Debt Fund
|
HSBC Frontier Markets
Fund
|
|
Frontier Markets Fund
|
HSBC Total Return Fund
|
|
Total Return
Fund
|
HSBC RMB Fixed Income
Fund
|
|
RMB
Fixed Income Fund
|
(Individually a Emerging
Markets Fund, collectively the Emerging Markets
Funds)
|
The Feeder Funds, Money Market Funds, World Selection Funds and Emerging
Markets Funds are collectively referred to as the Funds.
The HSBC Growth Portfolio and the HSBC
Opportunity Portfolio (individually a Portfolio, collectively the
Portfolios) are a diversified series of the HSBC Portfolios (the Portfolios
Trust). The Portfolios Trust is an open-end management investment company
organized as a master trust fund under the laws of the State of New York on
November 1, 1994. The Portfolios operate as master funds in master-feeder
arrangements, in which other funds invest all or part 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 Feeder
Funds utilize the master-feeder fund structure and seek to achieve their
investment objectives by investing all of their investable assets in their
respective Portfolios (as defined below):
|
|
|
|
Proportionate
|
|
|
|
|
Interest
on
|
Feeder
Fund
|
|
Respective
Portfolio
|
|
January 31, 2014
|
Growth Fund
|
|
HSBC Growth
Portfolio
|
|
93.2%
|
Opportunity Fund
|
|
HSBC Opportunity Portfolio
|
|
7.1%
|
The World Selection Funds, excluding the Income Strategy Fund, (World
Selection Feeder Funds), currently invest in the Portfolios as follows:
|
|
Proportionate
Ownership
|
|
Proportionate
Ownership
|
|
|
Interest in Growth
Portfolio
|
|
Interest in
Opportunity
|
World Selection Feeder
Fund
|
|
on January 31,
2014
|
|
Portfolio on January 31,
2014
|
Aggressive Strategy
Fund
|
|
1.5%
|
|
0.3%
|
Balanced Strategy Fund
|
|
3.0%
|
|
0.6%
|
Moderate Strategy
Fund
|
|
1.8%
|
|
0.4%
|
Conservative Strategy Fund
|
|
0.5%
|
|
0.1%
|
The Portfolios Schedules are published separately and should be read in
conjunction with the Schedules of the Feeder Funds and the World Selection
Feeder Funds.
All of the World Selection Funds are diversified and are authorized to
issue an unlimited number of shares of beneficial interest with a par value of
$0.001 per share. Each of the World Selection Funds is a fund of funds,
meaning that it seeks to achieve its investment objective by investing primarily
in a combination of mutual funds managed by HSBC Global Asset Management (USA)
Inc. (the Affiliated Underlying Funds), as well as mutual funds managed by
other investment advisers and exchange-traded funds (Unaffiliated Underlying
Funds and, together with the Affiliated Underlying Funds, the Underlying
Funds). Each World Selection Fund invests according to the investment
objectives and strategies described in its Prospectus.
All of the Emerging Markets Funds are non-diversified and are authorized
to issue an unlimited number of shares of beneficial interest with a par value
of $0.001 per share.
All of the Money Market Funds are diversified and are authorized to issue
an unlimited number of shares of beneficial interest with a par value of $0.001
per share.
2. Significant Accounting Policies:
The following is a summary of the significant accounting policies
followed by each Fund and each Portfolio in the preparation of their Schedule.
The policies are in conformity with U.S. generally accepted accounting
principles (GAAP). The preparation of Schedules requires management to make
estimates and assumptions that affect the reported amounts. Actual results could
differ from those estimates.
Securities Valuation:
A. Feeder Funds, Emerging Markets
Funds and Portfolios
The Feeder Funds, Emerging Markets Funds and Portfolios record their
investments at fair value. Fair value is defined 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 valuation
techniques used to determine fair value are further described in Note 3 below.
B. Money Market Funds
Investments of the Money Market Funds are valued using the amortized cost
method pursuant to Rule 2a-7 under the Act, which approximates fair value. Fair
value is defined 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 valuation techniques used to determine fair value are
further described in Note 3 below.
C. World Selection Funds
The World Selection Funds record their investments in the
Underlying Funds at the net asset value reported by those funds. The World
Selection Feeder Funds record their investments in the Portfolios at fair value.
The underlying securities of the Portfolios are recorded at fair value, as more
fully discussed in the notes to those financial statements. Fair value is
defined 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 valuation techniques used to determine fair value in funds
or Portfolios in which the World Selection Funds are invested are described in
their respective notes to financial statements. The valuation techniques
employed by the World Selection Funds are further described in Note 3 below.
Investment Transactions:
A. Feeder Funds and World Selection
Feeder Funds
The Feeder Funds and World Selection Feeder Funds record investments into
the Portfolios on a trade date basis. Changes in holdings of the Underlying
Funds for each World Selection Fund are reflected no later than one business day
after trade date. However, for financial reporting purposes, changes in holdings
of the Underlying Funds are accounted for on trade date.
B. Portfolios, Money Market Funds
and Emerging Markets Funds
Investment transactions are accounted for no later than one business day
after trade date. However, for financial reporting purposes, investment
transactions are accounted for on trade date.
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 (Trustees) of
the Trust and the Portfolios Trust. Therefore, not all restricted securities are
considered illiquid. At January 31, 2014, all restricted securities held were
deemed liquid (except as noted below). Restricted securities held as of January
31, 2014 are identified below:
|
|
Acquisition
|
|
Total
|
|
Principal
|
|
Fair
|
|
% of
|
HSBC
Prime Money Market
|
|
Date
|
|
Cost
|
|
Amount
|
|
Value
|
|
Net
Assets
|
Antalis US Funding Corp., 0.23%,
4/16/14
|
|
1/9/2014
|
|
$
|
18,991,017
|
|
$
|
19,000,000
|
|
$
|
18,991,017
|
|
0.4
|
%
|
ASB
Finance Ltd., 0.18%, 3/4/14
|
|
12/24/2013
|
|
|
19,996,900
|
|
|
20,000,000
|
|
|
19,996,900
|
|
0.4
|
%
|
ASB Finance Ltd., 0.27%, 9/2/14
|
|
8/29/2013
|
|
|
25,000,000
|
|
|
25,000,000
|
|
|
25,000,000
|
|
0.5
|
%
|
Australia & New Zealand Banking Group Ltd., 0.28%,
4/15/14
|
|
4/15/2013
|
|
|
25,000,000
|
|
|
25,000,000
|
|
|
25,000,000
|
|
0.5
|
%
|
Australia & New Zealand Banking Group
Ltd., 0.30%, 1/16/15
|
|
4/11/2013
|
|
|
25,000,000
|
|
|
25,000,000
|
|
|
25,000,000
|
|
0.5
|
%
|
BNZ
International Funding, 0.22%, 6/13/14
|
|
12/11/2013
|
|
|
29,975,800
|
|
|
30,000,000
|
|
|
29,975,800
|
|
0.6
|
%
|
Caisse Centrale Desjardins du Quebec, 0.17%,
4/9/14
|
|
1/13/2014
|
|
|
19,993,858
|
|
|
20,000,000
|
|
|
19,993,858
|
|
0.4
|
%
|
Caisse Centrale Desjardins du Quebec, 0.18%, 4/15/14
|
|
12/13/2013
|
|
|
24,990,875
|
|
|
25,000,000
|
|
|
24,990,875
|
|
0.5
|
%
|
Caisse Centrale Desjardins du Quebec, 0.24%,
2/19/14
|
|
9/10/2013
|
|
|
19,997,600
|
|
|
20,000,000
|
|
|
19,997,600
|
|
0.4
|
%
|
Caisse des Depots et Consignations, 0.35%, 8/29/14
|
|
9/6/2013
|
|
|
29,939,042
|
|
|
30,000,000
|
|
|
29,939,042
|
|
0.6
|
%
|
Commonwealth Bank of Australia, 0.24%,
9/11/14
|
|
9/11/2013
|
|
|
40,000,000
|
|
|
40,000,000
|
|
|
40,000,000
|
|
0.8
|
%
|
Commonwealth Bank of Australia, 0.97%, 3/17/14
|
|
2/14/2013
|
|
|
12,511,131
|
|
|
12,500,000
|
|
|
12,511,131
|
|
0.3
|
%
|
Commonwealth Bank of Australia, 2.13%,
3/17/14
|
|
5/21/2013
|
|
|
10,022,075
|
|
|
10,000,000
|
|
|
10,022,075
|
|
0.2
|
%
|
DnB
NOR Bank ASA, N.Y., 0.17%, 4/1/14
|
|
1/3/2014
|
|
|
24,993,035
|
|
|
25,000,000
|
|
|
24,993,035
|
|
0.5
|
%
|
Erste Abwicklungsanstalt, 0.13%,
2/19/14
|
|
12/26/2013
|
|
|
18,998,765
|
|
|
19,000,000
|
|
|
18,998,765
|
|
0.4
|
%
|
Erste Abwicklungsanstalt, 0.16%, 2/20/14
|
|
12/24/2013
|
|
|
29,997,467
|
|
|
30,000,000
|
|
|
29,997,467
|
|
0.6
|
%
|
Erste Abwicklungsanstalt, 0.17%,
4/2/14
|
|
12/26/2013
|
|
|
8,997,450
|
|
|
9,000,000
|
|
|
8,997,450
|
|
0.2
|
%
|
Erste Abwicklungsanstalt, 0.20%, 2/5/14
|
|
9/3/2013
|
|
|
84,998,112
|
|
|
85,000,000
|
|
|
84,998,112
|
|
1.8
|
%
|
Erste Abwicklungsanstalt, 0.35%,
2/12/14
|
|
2/12/2013
|
|
|
14,998,396
|
|
|
15,000,000
|
|
|
14,998,396
|
|
0.3
|
%
|
Kookmin Bank, N.Y., 0.25%, 2/6/14
|
|
11/8/2013
|
|
|
19,999,306
|
|
|
20,000,000
|
|
|
19,999,306
|
|
0.4
|
%
|
Kookmin Bank, N.Y., 0.24%, 3/3/14
|
|
12/2/2013
|
|
|
9,998,000
|
|
|
10,000,000
|
|
|
9,998,000
|
|
0.2
|
%
|
Kookmin Bank, N.Y., 0.26%, 3/5/14
|
|
12/5/2013
|
|
|
10,997,458
|
|
|
11,000,000
|
|
|
10,997,458
|
|
0.2
|
%
|
MetLife Institutional Funding, 0.61%,
1/6/15
|
|
1/17/2014
|
|
|
34,521,096
|
|
|
34,400,000
|
|
|
34,521,096
|
|
0.7
|
%
|
National Australia Funding, 0.14%, 3/26/14
|
|
12/26/2013
|
|
|
39,991,756
|
|
|
40,000,000
|
|
|
39,991,756
|
|
0.8
|
%
|
National Australia Funding, 0.22%,
2/20/14
|
|
8/20/2013
|
|
|
19,997,731
|
|
|
20,000,000
|
|
|
19,997,731
|
|
0.4
|
%
|
Nieuw Amsterdam Receivables Corp., 0.18%, 2/3/14
|
|
11/5/2013
|
|
|
19,999,806
|
|
|
20,000,000
|
|
|
19,999,806
|
|
0.4
|
%
|
Nordea Bank AB, 0.18%, 3/26/14
|
|
12/26/2013
|
|
|
64,983,254
|
|
|
65,000,000
|
|
|
64,983,254
|
|
1.4
|
%
|
Nordea Bank AB, 0.21%, 6/12/14
|
|
12/13/2013
|
|
|
44,965,613
|
|
|
45,000,000
|
|
|
44,965,613
|
|
0.9
|
%
|
Nordea Bank AB, 0.22%, 6/5/14
|
|
12/5/2013
|
|
|
29,977,784
|
|
|
30,000,000
|
|
|
29,977,784
|
|
0.6
|
%
|
Sheffield Receivables, 0.19%, 2/19/14
|
|
11/14/2013
|
|
|
24,997,625
|
|
|
25,000,000
|
|
|
24,997,625
|
|
0.5
|
%
|
Svenska Handelsbank, Inc., 0.16%,
3/27/14
|
|
12/13/2013
|
|
|
14,996,400
|
|
|
15,000,000
|
|
|
14,996,400
|
|
0.3
|
%
|
Svenska Handelsbank, Inc., 0.25%, 2/4/14
|
|
8/8/2013
|
|
|
19,999,583
|
|
|
20,000,000
|
|
|
19,999,583
|
|
0.4
|
%
|
United Overseas Bank Ltd., 0.22%,
3/10/14
|
|
10/23/2013
|
|
|
24,994,347
|
|
|
25,000,000
|
|
|
24,994,347
|
|
0.5
|
%
|
United Overseas Bank Ltd., 0.22%, 6/26/14
|
|
1/28/2014
|
|
|
27,975,189
|
|
|
28,000,000
|
|
|
27,975,189
|
|
0.6
|
%
|
Westpac Banking Corp., 0.98%,
3/31/14
|
|
3/22/2013
|
|
|
15,767,873
|
|
|
15,750,000
|
|
|
15,767,873
|
|
0.3
|
%
|
Westpac Securities NZ Ltd., 0.17%, 3/12/14
|
|
12/17/2013
|
|
|
32,130,082
|
|
|
32,136,000
|
|
|
32,130,082
|
|
0.7
|
%
|
Westpac Securities NZ Ltd., 0.17%,
3/27/14
|
|
12/24/2013
|
|
|
39,989,800
|
|
|
40,000,000
|
|
|
39,989,800
|
|
0.8
|
%
|
Westpac Securities NZ Ltd., 0.28%, 4/11/14
|
|
4/25/2013
|
|
|
29,000,208
|
|
|
29,000,000
|
|
|
29,000,208
|
|
0.6
|
%
|
|
|
Acquisition
|
|
Total
|
|
Principal
|
|
Fair
|
|
% of
|
HSBC
Emerging Markets Debt Fund
|
|
Date
|
|
Cost
|
|
Amount
|
|
Value
|
|
Net
Assets
|
Banco Nacional de Desenvolvimento Economico
e Social, 5.75%, 9/26/23
|
|
9/19/2013
|
|
$
|
199,780
|
|
$
|
200,000
|
|
$
|
194,750
|
|
0.5
|
%
|
Banco Santander SA, 4.13%, 11/9/22
|
|
11/6/2012
|
|
|
147,550
|
|
|
150,000
|
|
|
140,250
|
|
0.4
|
%
|
Caixa Economica Federal, 4.50%,
10/3/18
|
|
9/26/2013
|
|
|
149,059
|
|
|
150,000
|
|
|
147,000
|
|
0.4
|
%
|
CNOOC Curtis Funding No.1 Pty Ltd., 4.50%, 10/3/23
|
|
9/26/2013
|
|
|
200,000
|
|
|
200,000
|
|
|
197,700
|
|
0.5
|
%
|
Comision Federal de Electricidad, 4.88%,
1/15/24
|
|
10/17/2013
|
|
|
198,878
|
|
|
200,000
|
|
|
197,500
|
|
0.5
|
%
|
Development Bank of Kazakhstan, 4.13%, 12/10/22
|
|
11/26/2012
|
|
|
197,068
|
|
|
200,000
|
|
|
179,000
|
|
0.5
|
%
|
Gabonese Republic, 6.38%, 12/12/24
|
|
12/5/2013
|
|
|
200,000
|
|
|
200,000
|
|
|
205,500
|
|
0.5
|
%
|
Petroleos Mexicanos, 4.88%, 1/18/24
|
|
1/15/2014
|
|
|
49,727
|
|
|
50,000
|
|
|
49,762
|
|
0.1
|
%
|
Petroleos Mexicanos, 6.38%,
1/23/45
|
|
1/15/2014
|
|
|
50,133
|
|
|
50,000
|
|
|
50,005
|
|
0.1
|
%
|
PT
Pertamina (Persero) Tbk, 4.30%, 5/20/23
|
|
5/13/2013
|
|
|
200,000
|
|
|
200,000
|
|
|
169,500
|
|
0.4
|
%
|
Republic of Indonesia, 3.38%,
4/15/23
|
|
4/8/2013
|
|
|
346,584
|
|
|
350,000
|
|
|
299,250
|
|
0.8
|
%
|
Republic of Indonesia, 5.38%, 10/17/23
|
|
7/17/2013
|
|
|
514,393
|
|
|
500,000
|
|
|
497,500
|
|
1.3
|
%
|
Republic of Indonesia, 5.88%,
1/15/24
|
|
1/7/2014
|
|
|
198,886
|
|
|
200,000
|
|
|
203,750
|
|
0.5
|
%
|
Republic of Nigeria, 6.38%, 7/12/23
|
|
7/2/2013
|
|
|
196,531
|
|
|
200,000
|
|
|
204,040
|
|
0.5
|
%
|
Republic of Paraguay, 4.63%,
1/25/23
|
|
1/17/2013
|
|
|
200,000
|
|
|
200,000
|
|
|
192,500
|
|
0.5
|
%
|
Romania, 6.13%, 1/22/44
|
|
1/14/2014
|
|
|
147,314
|
|
|
150,000
|
|
|
146,250
|
|
0.4
|
%
|
Russia Foreign Bond, 4.88%,
9/16/23
|
|
9/9/2013
|
|
|
400,123
|
|
|
400,000
|
|
|
401,000
|
|
1.0
|
%
|
Sinopec Capital (2013) Ltd., 3.13%, 4/24/23
|
|
4/19/2013
|
|
|
198,021
|
|
|
200,000
|
|
|
178,924
|
|
0.5
|
%
|
Sinopec Group Overseas Development (2013)
Ltd., 4.38%, 10/17/23
|
|
10/9/2013
|
|
|
499,478
|
|
|
500,000
|
|
|
492,563
|
|
1.2
|
%
|
Turkiye Is Bankasi AS, 3.88%, 11/7/17
|
|
11/1/2012
|
|
|
198,963
|
|
|
200,000
|
|
|
188,540
|
|
0.5
|
%
|
Turkiye Vakiflar Bankasi TAO, 5.00%,
10/31/18
|
|
10/24/2013
|
|
|
198,759
|
|
|
200,000
|
|
|
188,000
|
|
0.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition
|
|
Total
|
|
Principal
|
|
Fair
|
|
% of
|
HSBC
Frontier Market Fund
|
|
Date
|
|
Cost
|
|
Amount
|
|
Value
|
|
Net
Assets
|
KazMunaiGas Exploration Production
GDR
|
|
9/6/2011
|
|
$
|
1,723,320
|
|
$
|
108,164
|
|
$
|
1,564,851
|
|
1.5
|
%
|
|
|
Acquisition
|
|
Total
|
|
Principal
|
|
Fair
|
|
% of
|
HSBC
Total Return Fund
|
|
Date
|
|
Cost
|
|
Amount
|
|
Value
|
|
Net
Assets
|
Banco del Estado de Chile, 2.00%,
11/9/17
|
|
5/7/2013
|
|
$
|
2,614,122
|
|
$
|
2,600,000
|
|
$
|
2,580,396
|
|
0.4
|
%
|
Banco Nacional de Desenvolvimento Economico e
Social,
5.75%, 9/26/23
|
|
9/19/2013
|
|
|
2,197,580
|
|
|
2,200,000
|
|
|
2,142,250
|
|
0.3
|
%
|
Banco Santander SA, 4.13%, 11/9/22
|
|
11/6/2012
|
|
|
1,082,037
|
|
|
1,100,000
|
|
|
1,028,500
|
|
0.2
|
%
|
Caixa Economica Federal, 4.50%, 10/3/18
|
|
9/26/2013
|
|
|
2,186,200
|
|
|
2,200,000
|
|
|
2,156,000
|
|
0.3
|
%
|
CNOOC Curtis Funding No.1 Pty Ltd., 4.50%,
10/3/23
|
|
9/26/2013
|
|
|
1,425,000
|
|
|
1,425,000
|
|
|
1,408,613
|
|
0.2
|
%
|
CNPC
General Capital Ltd., 1.45%, 4/16/16
|
|
4/9/2013
|
|
|
799,397
|
|
|
800,000
|
|
|
801,209
|
|
0.1
|
%
|
Comision Federal de Electricidad, 4.88%,
1/15/24
|
|
10/17/2013
|
|
|
1,591,022
|
|
|
1,600,000
|
|
|
1,580,000
|
|
0.2
|
%
|
Development Bank of Kazakhstan, 4.13%, 12/10/22
|
|
11/29/2012
|
|
|
1,743,663
|
|
|
1,750,000
|
|
|
1,566,250
|
|
0.2
|
%
|
Eskom Holdings SOC Ltd., 6.75%,
8/6/23
|
|
7/30/2013
|
|
|
2,428,879
|
|
|
2,450,000
|
|
|
2,465,313
|
|
0.4
|
%
|
Gabonese Republic, 6.38%, 12/12/24
|
|
12/5/2013
|
|
|
2,200,000
|
|
|
2,200,000
|
|
|
2,260,500
|
|
0.3
|
%
|
Harvest Operations Corp., 2.13%,
5/14/18
|
|
5/7/2013
|
|
|
1,096,554
|
|
|
1,100,000
|
|
|
1,081,212
|
|
0.2
|
%
|
Petroleos Mexicanos, 4.88%, 1/18/24
|
|
1/15/2014
|
|
|
248,635
|
|
|
250,000
|
|
|
248,811
|
|
0.0
|
%
|
Petroleos Mexicanos, 6.38%,
1/23/45
|
|
1/15/2014
|
|
|
501,335
|
|
|
500,000
|
|
|
500,047
|
|
0.1
|
%
|
PT
Pertamina (Persero) Tbk, 4.30%, 5/20/23
|
|
5/13/2013
|
|
|
1,300,000
|
|
|
1,300,000
|
|
|
1,101,750
|
|
0.2
|
%
|
Republic of Costa Rica, 4.25%,
1/26/23
|
|
11/16/2012
|
|
|
1,199,881
|
|
|
1,200,000
|
|
|
1,080,000
|
|
0.2
|
%
|
Republic of Indonesia, 3.38%, 4/15/23
|
|
4/8/2013
|
|
|
1,782,432
|
|
|
1,800,000
|
|
|
1,539,000
|
|
0.2
|
%
|
Republic of Indonesia, 5.88%,
1/15/24
|
|
1/7/2014
|
|
|
3,684,049
|
|
|
3,700,000
|
|
|
3,769,375
|
|
0.6
|
%
|
Republic of Serbia, 5.88%, 12/3/18
|
|
11/21/2013
|
|
|
2,771,081
|
|
|
2,800,000
|
|
|
2,835,000
|
|
0.4
|
%
|
Russia Foreign Bond, 4.88%,
9/16/23
|
|
9/9/2013
|
|
|
2,357,193
|
|
|
2,400,000
|
|
|
2,406,000
|
|
0.4
|
%
|
Sinopec Capital (2013) Ltd., 1.25%, 4/24/16
|
|
4/18/2013
|
|
|
3,293,578
|
|
|
3,300,000
|
|
|
3,289,945
|
|
0.5
|
%
|
Sinopec Group Overseas Development (2013)
Ltd. 4.38%, 10/17/23
|
|
10/9/2013
|
|
|
5,363,723
|
|
|
5,400,000
|
|
|
5,319,675
|
|
0.8
|
%
|
Turkiye Halk Bankasi AS, 3.88%, 11/7/17
|
|
11/1/2012
|
|
|
994,813
|
|
|
1,000,000
|
|
|
942,700
|
|
0.1
|
%
|
Turkiye Halk Bankasi AS, 3.88%,
2/5/20
|
|
1/29/2013
|
|
|
2,475,955
|
|
|
2,500,000
|
|
|
2,162,500
|
|
0.3
|
%
|
Turkiye Is Bankasi AS, 5.50%, 4/21/19
|
|
10/10/2013
|
|
|
1,442,614
|
|
|
1,450,000
|
|
|
1,395,625
|
|
0.2
|
%
|
Turkiye Vakiflar Bankasi TAO, 5.00%,
10/31/18
|
|
10/24/2013
|
|
|
795,035
|
|
|
800,000
|
|
|
752,000
|
|
0.1
|
%
|
Turkiye Vakiflar Bankasi TAO, 6.00%, 11/1/22
|
|
12/3/2012
|
|
|
1,447,992
|
|
|
1,400,000
|
|
|
1,176,000
|
|
0.2
|
%
|
Foreign Currency Translation:
The accounting records of the Funds and 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 are translated at the prevailing
rate of exchange on the respective dates of such transactions. The Funds 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.
Participation Notes and
Participatory Notes:
The Frontier Markets Fund may invest in participation notes or
participatory notes (P-notes). P-notes are participation interest notes that
are issued by banks or broker-dealers and are designed to offer a return linked
to a particular underlying equity, debt, currency or market. If the P-note was
held to maturity, the issuer would pay to, or receive from, the purchaser the
difference between the nominal value of the underlying instrument at the time of
purchase and that instruments value at maturity. The holder of a P-note that is
linked to a particular underlying security or instrument may be entitled to
receive any dividends paid in connection with that underlying security or
instrument, but typically does not receive voting rights as it would if it
directly owned the underlying security or instrument. P-notes involve
transaction costs. Investments in P-notes involve the same
risks associated with a direct investment in the underlying securities,
instruments or markets that they seek to replicate. In addition, there can be no
assurance that there will be a trading market for a P-note or that the trading
price of a P-note will equal the underlying value of the security, instrument or
market that it seeks to replicate. Due to liquidity and transfer restrictions,
the secondary markets on which a P-note is traded may be less liquid than the
market for other securities, or may be completely illiquid, which may also
affect the ability of a fund to accurately value a P-note. P-notes typically
constitute general unsecured contractual obligations of the banks or
broker-dealers that issue them, which subjects the Fund that holds them to
counterparty risk (and this risk may be amplified if the Fund purchases P-notes
from only a small number of issuers).
Repurchase Agreements:
The Money Market Funds (except the U.S. Treasury Money Market Fund) 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 U.S. Treasury
Money Market Fund may temporarily invest in repurchase agreements collateralized
by U.S. Treasury Obligations. The repurchase price generally equals the price
paid by a Money Market Fund 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 Money Market Funds custodian,
or another qualified custodian, or in the Federal Reserve/Treasury book-entry
system. In the event of counter-party default, the Money Market Fund has the
right to use the collateral to offset losses incurred. There is potential for
loss to a Money Market Fund in the event the Money Market Fund 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 Money Market Fund seeks to assert its
rights.
Derivative Instruments:
All open derivative positions at period end are reflected on each Funds
Schedule. The following is a description of the derivative instruments utilized
by the Funds, including the primary underlying risk exposure related to each
instrument type.
Forward Foreign Currency Exchange
Contracts:
Each Emerging Market Fund may enter into forward foreign currency
exchange contracts. The Emerging Market Funds may enter into forward foreign
currency exchange contracts in connection with planned purchases or sales of
securities, to hedge the U.S. dollar value of securities denominated in a
particular currency or to enhance return. 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.
The Emerging Market Funds 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 Emerging Market Funds remain subject to credit risk with respect to
the amount they expect to receive from counterparties. However, the Emerging
Markets Funds have sought to mitigate these risks by generally requiring the
posting of collateral to a Fund at prearranged exposure levels to cover a Funds
exposure to the counterparty.
As of January 31, 2014, the Emerging Markets Funds entered into forward
foreign currency exchange contracts to gain exposure to certain markets and for
hedging purposes.
Options Contracts:
The Emerging Markets Funds may purchase or write put and call options on
securities, indices, foreign currencies and derivative instruments. When
purchasing options, the Emerging Markets Funds pay a premium which is recorded
as the cost basis in the investment which is subsequently marked to market to
reflect the current value of the option. Premiums paid for purchasing options
that expire are treated as realized losses. When an option is exercised or
closed, premiums paid for purchasing options are offset against proceeds to
determine the realized gain or loss on the transaction. When writing options,
the Emerging Markets Funds receive a premium which is recorded as a liability
which is subsequently marked to market to reflect the current value of the
option written. Premiums received from writing options that expire are treated
as realized gains. Premiums received from writing options that are either
exercised or closed are offset against the proceeds received or the amount paid
on the transaction to determine realized gains or losses.
The Emerging Markets Funds may purchase or write put and call options on
foreign currencies for the purpose of protecting against declines in the dollar
value of foreign portfolio securities and against increases in the U.S. dollar
cost of foreign securities to be acquired. The Emerging Markets Funds 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 Emerging Markets Funds may enter into interest rate swaption
agreements for hedging purposes. A swaption is an option to enter into a
pre-defined swap agreement by some specified date in the future. The writer of
the swaption becomes the counterparty to the swap if the buyer exercises. The
interest rate swaption agreement will specify whether the buyer of the swaption
will be a fixed rate receiver or a fixed rate buyer. The Emerging Markets Funds
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 interest
rates.
The Emerging Markets Funds remain subject to credit risk with respect to
the amount they expect to receive from counterparties. However, the Emerging
Markets Funds have sought to mitigate these risks by generally requiring the
posting of collateral to an Emerging Markets Fund at prearranged exposure levels
to cover an Emerging Markets Funds exposure to the counterparty.
Futures Contracts
:
Each Emerging Markets Fund may invest in futures contracts for the
purpose of hedging existing portfolio securities or securities they intend to
purchase against fluctuations in fair value caused by changes in prevailing
market interest conditions. Upon entering into futures contracts, the Emerging
Markets Funds are 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 each day, depending on the daily fluctuations in the fair value of the
underlying security. The Emerging Markets Funds recognize an unrealized gain or
loss equal to the daily variation margin. Should market conditions move
unexpectedly, the Emerging Markets Funds may not achieve the anticipated
benefits of the futures contracts and may realize a loss. Futures contracts
involve, to varying degrees, elements of market risk (generally equity price
risk related to stock futures, interest rate risk related to bond futures, and
foreign currency risk related to currency futures) and exposure to loss in
excess of the variation margin. The primary risks associated with the use of
futures contracts are the imperfect correlation between the change in market
value of the securities held by the Emerging Markets Funds and the prices of
futures contracts, the possibility of an illiquid market, and the inability of
the counterparty to meet the terms of the contract. As of January 31, 2014, the
Emerging Market Debt Fund and Total Return Fund invested in futures contracts to
gain exposure to certain markets and for hedging purposes.
Swap Agreements:
The Emerging Markets Funds may enter into swap contracts in accordance
with their investment objectives and policies. A swap is an agreement to
exchange the return generated by one instrument for the return generated by another instrument.
The payment streams are calculated by reference to a specified index and agreed
upon notional amount. The term specified index includes currencies, fixed
interest rates, prices and total return on interest rate indices, fixed income
indices, stock indices and commodity indices.
The Emerging Markets Funds will usually enter into swaps on a net basis,
which means that the two return streams are netted out in a cash settlement on
the payment date or dates specified in the instrument, with a Fund receiving or
paying only the net amount of the two returns. Upfront receipts and payments are
recorded as deferred income (liability) or deferred expense (asset), as the case
may be. These upfront receipts and payments are amortized to income or expense
over the life of the swap agreement. Until a swap agreement is settled in cash,
the gain or loss on the notional amount plus income on the instruments, less the
interest paid by the Fund on the notional amount, is recorded as unrealized
appreciation or depreciation on swap agreements and, when cash is exchanged,
the gain or loss realized is recorded as realized gains or losses on swap
agreements.
An
Emerging Market Funds obligations under a swap agreement will be accrued daily
(offset against any amounts owed to the Emerging Market Fund) and any accrued
but unpaid net amounts owed to a swap counterparty will be covered by the
maintenance of a segregated account consisting of cash, U.S. government
securities, or other liquid securities or pledging such securities as
collateral.
Interest rate swaps involve the exchange of commitments to pay and
receive interest based on a notional amount and are subject to interest rate
risk exposure. Interest rate swaps do not involve the delivery of securities,
other underlying assets or principal. Accordingly, the risk of loss with respect
to interest rate swaps is limited to the net amount of interest payments that an
Emerging Market Fund is contractually obligated to make. If the other party to
an interest rate swap defaults, an Emerging Market Funds risk of loss consists
of the net amount of interest payments that the Emerging Market Fund is
contractually entitled to receive.
Credit default swap agreements involve one party making a stream of
payments (referred to as the buyer of protection) to another party (the seller
of protection) in exchange for the right to receive a specified return in the
event of a default or other credit event for the referenced entity, obligation
or index and are subject to credit risk exposure. The maximum potential amount
of future payments that an Emerging Market Fund as a seller of protection could
be required to make under a credit default swap agreement would be an amount
equal to the notional amount of the agreement. Notional amounts of each
individual credit default swap agreement outstanding as of January 31, 2014 for
which an Emerging Market Fund is the seller of protection are disclosed in the
Schedules. These potential amounts would be partially offset by any recovery
values of the respective referenced obligations, upfront payments received upon
entering into the agreement, or net amounts received from the settlement of buy
protection credit default swap agreements entered into by an Emerging Market
Fund for the same referenced entity or entities.
The Emerging Markets Funds remain subject to credit risk with respect to
the amount they expect to receive from counterparties. However, the Emerging
Markets Funds have sought to mitigate these risks by generally requiring the
posting of collateral to an Emerging Market Fund at prearranged exposure levels
to cover an Emerging Market Funds exposure to the counterparty.
The use of swaps is a highly specialized activity that involves
investment techniques and risks different from those associated with ordinary
portfolio securities transactions. If the Investment Adviser is incorrect in its
forecasts of market values, interest rates and currency exchange rates, the
investment performance of an Emerging Market Fund would be less favorable than
it would have been if this investment technique were not used.
As of January 31, 2014, the Emerging Markets Local Debt Fund and the
Total Return Fund entered into interest rate swap agreements to manage their
exposure to interest rates and as a substitute for investing directly in
securities. The Emerging Markets Debt Fund and Total Return Fund also entered
into credit default swap agreements primarily to manage and/or gain exposure to
credit risk.
3. Investment Valuation
Summary:
The valuation techniques employed by the Funds and the Portfolios, as
described below, maximize the use of observable inputs and minimize the use of
unobservable inputs in determining fair value. The inputs used for valuing the
Funds and the Portfolios investments are summarized in the three broad levels
listed below:
-
Level 1quoted prices in active markets for
identical assets
-
Level 2other significant observable inputs
(including quoted prices for similar securities, interest rates, prepayments
speeds, credit risk, etc.)
-
Level 3significant unobservable inputs (including
the Funds and the Portfolios own assumptions in determining the fair value
of investments)
Changes in valuation techniques may result in transfers in or out of an
assigned level within the disclosure hierarchy. The Funds and the Portfolios
determine transfers between fair value hierarchy levels at the reporting period
end. The inputs or methodology used for valuing investments are not necessarily
an indication of the risk associated with investing in those
investments.
Feeder Funds and World Selection
Funds
The World Selection Funds record their investments in the Underlying
Funds at the net asset value reported by those funds and are typically
categorized as Level 1 in the fair value hierarchy. The Feeder Funds and World
Selection Feeder Funds record their investments in their respective Portfolios
at fair value and are typically categorized as Level 2 in the fair value
hierarchy. The underlying securities of the Portfolios are recorded at fair
value, as more fully discussed below.
Portfolios and Emerging Markets
Funds
Exchange traded, domestic equity securities are valued at the last sales
price on a national securities exchange, or in the absence of recorded sales, at
the readily available closing bid price on such exchanges, or at the quoted bid
price in the over-the-counter market and are typically categorized as Level 1 in
the fair value hierarchy.
Exchange traded, foreign equity securities are valued in the appropriate
currency at the last quoted sale price or, in the absence of recorded sales, at the readily available closing bid price on such exchange. If no sale is available because the country is on holiday the previous day's last quoted sales price would be utilized. These securities are typically categorized as Level 1. Foreign equity securities that are not exchanged
traded are valued in the appropriate currency at the average of the quoted bid
and asked prices in the over-the-counter market and are typically categorized as
Level 2 in the fair value hierarchy.
Rights and Warrants are valued at the last sales price on a national
securities exchange. If these instruments are not scheduled to trade for a certain period they are generally valued intrinsically based on the terms of the issuance and the price of the underlying security. The time value of the warrants may also be considered by the Advisor. These instruments are typically categorized as Level 1 in the
fair value hierarchy.
P-notes are valued by taking the last sales price of the underlying security on its primary exchange. In the absence of a recorded sale on the underlying security the readily available closing bid price on such exchange will be used. If no sale is available because the country is on holiday the previous day's last quoted sales price would be utilized. All local prices will be converted to U.S. dollars using the foreign currency exchange rate as of the close of regular trading on the New York Stock Exchange. These instruments are typically
categorized as Level 2 in the fair value hierarchy.
Shares of exchange traded and closed-end registered investment companies
are valued in the same manner as other equity securities and are typically
categorized as Level 1 in the fair value hierarchy. Mutual funds are valued at
their net asset values, as reported by such companies and are typically
categorized as Level 1 in the fair value hierarchy.
Exchange traded futures contracts are valued at their settlement price on
the exchange on which they are traded and are typically categorized as Level 1
in the fair value hierarchy.
Forward foreign currency contracts are valued at the current days
interpolated foreign exchange rate, as calculated using the current days spot
rate, and the prevailing forward rates and converted to U.S. dollars at the
exchange rate of such currencies against the U.S. dollar, as of the close of
regular trading on the New York Stock Exchange, as provided by an approved
pricing service, and are typically categorized as Level 2 in the fair value
hierarchy. Non-exchange traded derivatives, such as swaps and options, are
generally valued by using a valuation provided by an approved independent
pricing service and are typically categorized as Level 2 in the fair value
hierarchy.
Repurchase agreements are valued at original cost and are typically
categorized as Level 2 in the fair value hierarchy.
Bonds and other fixed income securities (other than short-term
obligations but including listed issues) are valued at the bid price as of the
time net asset value is determined on the basis of valuations furnished by a
pricing service, the use of which has been approved by the Emerging Market
Funds Trustees. In making such valuations, the pricing service utilizes both
dealer-supplied valuations and matrix techniques which take into account
appropriate factors such as the institutional-size trading in similar groups of
securities, yield, quality, coupon rate, maturity, type of issue, trading
characteristics other than market data and without exclusive reliance upon
quoted prices or exchanges or over-the-counter prices, since such valuations are
believed to reflect more accurately the fair value of such securities and are
typically categorized as Level 2 in the fair value hierarchy.
Securities or other assets for which market quotations are not readily
available, or are deemed unreliable due to a significant event, are valued
pursuant to procedures adopted by the Trusts Board (Procedures). Depending on
the source and relative significance of valuation inputs, these instruments may
be classified as Level 2 or Level 3 in the fair value hierarchy. Examples of
potentially significant events that could affect the value of an individual
security and thus require pricing under the Procedures include corporate actions
by the issuer, announcements by the issuer relating to its earnings or products,
regulatory news, natural disasters, and litigation. Examples of potentially
significant events that could affect multiple securities held by a Portfolio or
Emerging Market Fund include governmental actions, natural disasters, and armed
conflicts. Fair value pricing may require subjective determinations about the
value of a security. While the Portfolios and Emerging Markets Funds Trusts
policy is intended to result in a calculation of a Portfolios or Emerging
Market Funds net asset value that fairly reflects security values as of the
time of pricing, the Portfolios or Emerging Market Funds Trust cannot ensure
that fair values determined would accurately reflect the price that a Portfolio
or Emerging Market Fund could obtain for a security if it were to dispose of
that security as of the time of pricing. The prices used by a Portfolio or
Emerging Market Fund may differ from the value that would be released if the
securities were sold and the differences could be material to the financial
statements.
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 Emerging Markets Funds net assets are calculated,
such securities may be valued using fair value pricing in accordance with
procedures adopted by the Board. 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 Funds may use a systematic valuation model provided by an
independent third party to value its foreign securities, rather than local
market closing prices. When an Emerging Market Fund uses such a valuation model,
the value assigned to the Emerging Market Funds foreign securities may not be
the quoted or published prices of the investment on their primary markets or
exchanges and are typically categorized as Level 2 in the fair value hierarchy.
The valuation of these securities may represent a transfer between Levels 1 and
2. The number of days on which fair value prices will be used will depend on
market activity and it is possible that fair value prices will be used by the
Emerging Market Funds to a significant extent.
Money Market Funds
Investments of the Money Market Funds are valued using the amortized cost
method pursuant to Rule 2a-7 under the Act, which approximates fair value and
are typically categorized as Level 2 in the fair value hierarchy. The amortized
cost method involves valuing an instrument at its cost initially and thereafter
assuming a constant amortization to maturity of any discounts or premium,
regardless of the impact of fluctuating interest rates on the market value of
the instrument. The amortized cost method may result in periods during which
value, as determined by amortized cost, is higher or lower than the price a
Money Market Fund holding the instrument would receive if it sold the
instrument. The fair value of securities in the Money Market Funds can be
expected to vary with changes in prevailing interest rates.
Investments in other money market funds are priced at net asset value as
reported by such companies and are typically categorized as Level 1 in the fair
value hierarchy.
As of the beginning and end of the quarter ended January 31, 2014, there
were no Level 3 investments for which significant unobservable inputs were used
to determine fair value.
The following is a summary of the valuation inputs used as of January 31,
2014 in valuing the Funds and Portfolios investments based upon the three
levels defined above. The breakdown of investment categorization is disclosed in
the Funds and Portfolios Schedules.
Growth Fund
|
|
|
|
|
|
|
|
|
Investment Securities:
|
|
LEVEL
1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
Affiliated Portfolio (a)
|
|
|
|
|
81,486,581
|
|
|
|
|
81,486,581
|
|
Total Investment Securities
|
|
|
|
|
81,486,581
|
|
|
|
|
81,486,581
|
|
|
|
Opportunity Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
Affiliated Portfolio (a)
|
|
|
|
|
16,244,120
|
|
|
|
|
16,244,120
|
|
Total Investment Securities
|
|
|
|
|
16,244,120
|
|
|
|
|
16,244,120
|
|
|
|
Prime Money Market Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
Certificates of Deposit
|
|
|
|
|
1,699,308,174
|
|
|
|
|
1,699,308,174
|
|
Commercial Paper and
Notes
|
|
|
|
|
1,509,679,079
|
|
|
|
|
1,509,679,079
|
|
Corporate Obligations
|
|
|
|
|
286,596,694
|
|
|
|
|
286,596,694
|
|
Yankee Dollars
|
|
|
|
|
73,301,079
|
|
|
|
|
73,301,079
|
|
U.S.
Treasury Obligations
|
|
|
|
|
372,646,448
|
|
|
|
|
372,646,448
|
|
Time Deposits
|
|
|
|
|
861,000,000
|
|
|
|
|
861,000,000
|
|
Total Investment Securities
|
|
|
|
|
4,802,531,474
|
|
|
|
|
4,802,531,474
|
|
|
|
U.S. Government Money Market Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
U.S.
Government and Government Agency Obligations
|
|
|
|
|
1,168,793,413
|
|
|
|
|
1,168,793,413
|
|
U.S. Treasury
Obligations
|
|
|
|
|
1,306,992,442
|
|
|
|
|
1,306,992,442
|
|
Repurchase Agreements
|
|
|
|
|
1,500,000,000
|
|
|
|
|
1,500,000,000
|
|
Total Investment Securities
|
|
|
|
|
3,975,785,855
|
|
|
|
|
3,975,785,855
|
|
|
|
U.S. Treasury Money Market Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
U.S.
Treasury Obligations
|
|
|
|
|
1,821,736,059
|
|
|
|
|
1,821,736,059
|
|
Total Investment Securities
|
|
|
|
|
1,821,736,059
|
|
|
|
|
1,821,736,059
|
|
|
|
Aggressive Strategy Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
Affiliated Investment Companies
|
|
358,415
|
|
|
|
|
|
|
|
358,415
|
|
Affiliated Portfolios
(a)
|
|
|
|
|
2,067,928
|
|
|
|
|
2,067,928
|
|
Unaffiliated Investment Companies
|
|
7,475,169
|
|
|
|
|
|
|
|
7,475,169
|
|
Exchange Traded
Funds
|
|
7,906,153
|
|
|
|
|
|
|
|
7,906,153
|
|
Total Investment Securities
|
|
15,739,737
|
|
|
2,067,928
|
|
|
|
|
17,807,665
|
|
|
|
Balanced Strategy Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
Affiliated Investment Companies
|
|
5,235,665
|
|
|
|
|
|
|
|
5,235,665
|
|
Affiliated Portfolios
(a)
|
|
|
|
|
4,040,380
|
|
|
|
|
4,040,380
|
|
Unaffiliated Investment Companies
|
|
22,226,297
|
|
|
|
|
|
|
|
22,226,297
|
|
Exchange Traded
Funds
|
|
16,777,003
|
|
|
|
|
|
|
|
16,777,003
|
|
Total Investment Securities
|
|
44,238,965
|
|
|
4,040,380
|
|
|
|
|
48,279,345
|
|
|
|
Moderate Strategy Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
Affiliated Investment Companies
|
|
5,296,129
|
|
|
|
|
|
|
|
5,296,129
|
|
Affiliated Portfolios
(a)
|
|
|
|
|
2,385,752
|
|
|
|
|
2,385,752
|
|
Unaffiliated Investment Companies
|
|
23,861,198
|
|
|
|
|
|
|
|
23,861,198
|
|
Exchange Traded
Funds
|
|
11,135,059
|
|
|
|
|
|
|
|
11,135,059
|
|
Total Investment Securities
|
|
40,292,386
|
|
|
2,385,752
|
|
|
|
|
42,678,138
|
|
|
|
Conservative Strategy Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
Affiliated Investment Companies
|
|
2,526,922
|
|
|
|
|
|
|
|
2,526,922
|
|
Affiliated Portfolios
(a)
|
|
|
|
|
707,817
|
|
|
|
|
707,817
|
|
Unaffiliated Investment Companies
|
|
13,463,868
|
|
|
|
|
|
|
|
13,463,868
|
|
Exchange Traded
Funds
|
|
3,734,254
|
|
|
|
|
|
|
|
3,734,254
|
|
Total Investment Securities
|
|
19,725,044
|
|
|
707,817
|
|
|
|
|
20,432,861
|
|
Income Strategy
Fund
|
|
|
|
|
|
|
|
|
Investment
Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3 ($)
|
|
Total ($)
|
Affiliated Investment
Companies
|
|
132,633
|
|
|
|
|
|
|
|
132,633
|
|
Unaffiliated Investment
Companies
|
|
1,126,246
|
|
|
|
|
|
|
|
1,126,246
|
|
Exchange Traded Fund
|
|
19,545
|
|
|
|
|
|
|
|
19,545
|
|
Total Investment Securities
|
|
1,278,424
|
|
|
|
|
|
|
|
1,278,424
|
|
|
Emerging Markets
Debt Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3 ($)
|
|
Total ($)
|
Yankee Dollars
|
|
|
|
|
38,421,627
|
|
|
|
|
38,421,627
|
|
Corporate Obligation
|
|
|
|
|
10,433
|
|
|
|
|
10,433
|
|
Unaffiliated Investment
Company
|
|
316,837
|
|
|
|
|
|
|
|
316,837
|
|
Total Investment Securities
|
|
316,837
|
|
|
38,432,060
|
|
|
|
|
38,748,897
|
|
Other
Financial Instruments: (b)
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
1,924
|
|
|
|
|
|
|
|
1,924
|
|
Credit Default Swaps
|
|
|
|
|
21,264
|
|
|
|
|
21,264
|
|
Forward Currency
Contracts
|
|
|
|
|
(35,989
|
)
|
|
|
|
(35,989
|
)
|
Total Other Financial Instruments
|
|
1,924
|
|
|
(14,725
|
)
|
|
|
|
(12,801
|
)
|
|
Emerging Markets
Local Debt Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3 ($)
|
|
Total ($)
|
Foreign Bonds
|
|
|
|
|
17,767,478
|
|
|
|
|
17,767,478
|
|
Yankee Dollars
|
|
|
|
|
1,861,105
|
|
|
|
|
1,861,105
|
|
U.S. Treasury
Obligation
|
|
|
|
|
749,873
|
|
|
|
|
749,873
|
|
Unaffiliated Investment
Company
|
|
7,851,888
|
|
|
|
|
|
|
|
7,851,888
|
|
Total Investment Securities
|
|
7,851,888
|
|
|
20,378,456
|
|
|
|
|
28,230,344
|
|
Other Financial
Instruments: (b)
|
|
|
|
|
|
|
|
|
|
|
|
Interest Rate Swaps
|
|
|
|
|
(445,380
|
)
|
|
|
|
(445,380
|
)
|
Forward Currency
Contracts
|
|
|
|
|
(391,970
|
)
|
|
|
|
(391,970
|
)
|
Total Other Financial Instruments
|
|
|
|
|
(837,350
|
)
|
|
|
|
(837,350
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
Frontier Markets
Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment Securities:
|
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3 ($)
|
|
Total ($)
|
Common Stocks
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks
|
|
3,778,330
|
|
|
33,560,900
|
|
|
|
|
37,339,230
|
|
Oil and Gas Consumable Fuels
|
|
308,674
|
|
|
7,513,302
|
|
|
|
|
7,821,976
|
|
Metals and Mining
|
|
|
|
|
|
|
|
|
|
|
|
Real Estate Management and Development
|
|
1,054,268
|
|
|
3,065,724
|
|
|
|
|
4,119,992
|
|
Wireless Telecommunication Services
|
|
508,980
|
|
|
1,317,139
|
|
|
|
|
1,826,119
|
|
Other Common Stocks
|
|
|
|
|
36,080,104
|
|
|
|
|
36,080,104
|
|
Convertible Corporate
Bonds
|
|
|
|
|
53,228
|
|
|
|
|
53,228
|
|
Warrants
|
|
1
|
|
|
|
|
|
(c)
|
|
1
|
|
Participatory Notes
|
|
|
|
|
12,926,242
|
|
|
|
|
12,926,242
|
|
Unaffiliated Investment
Company
|
|
6,534,552
|
|
|
|
|
|
|
|
6,534,552
|
|
Total Investment Securities
|
|
12,184,805
|
|
|
94,516,639
|
|
|
|
|
106,701,444
|
|
|
Total Return
Fund
|
|
|
|
|
|
|
|
|
|
|
|
Investment
Securities:
|
|
LEVEL 1 ($)
|
|
|
LEVEL 2 ($)
|
|
LEVEL 3 ($)
|
|
Total ($)
|
Foreign Bonds
|
|
|
|
|
26,031,936
|
|
|
|
|
26,031,936
|
|
Yankee Dollars
|
|
|
|
|
424,366,496
|
|
|
|
|
424,366,496
|
|
U.S. Treasury
Obligation
|
|
|
|
|
44,760,434
|
|
|
|
|
44,760,434
|
|
Unaffiliated Investment
Company
|
|
90,586,173
|
|
|
|
|
|
|
|
90,586,173
|
|
Total Investment Securities
|
|
90,586,173
|
|
|
495,158,866
|
|
|
|
|
585,745,039
|
|
Other Financial
Instruments: (b)
|
|
|
|
|
|
|
|
|
|
|
|
Futures Contracts
|
|
(47,208
|
)
|
|
|
|
|
|
|
(47,208
|
)
|
Interest Rate Swaps
|
|
|
|
|
(1,874,810
|
)
|
|
|
|
(1,874,810
|
)
|
Credit Default Swaps
|
|
|
|
|
1,466,178
|
|
|
|
|
1,466,178
|
|
Forward Currency
Contracts
|
|
|
|
|
(1,481,991
|
)
|
|
|
|
(1,481,991
|
)
|
Total Other Financial Instruments
|
|
(47,208
|
)
|
|
(1,890,623
|
)
|
|
|
|
(1,937,831
|
)
|
RMB Fixed Income Fund
|
|
|
|
|
|
|
|
Investment Securities:
|
LEVEL 1 ($)
|
|
LEVEL 2 ($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
Foreign
Bonds
|
|
|
|
12,249,068
|
|
|
|
|
12,249,068
|
|
Certificates of
Deposit
|
|
|
|
1,490,580
|
|
|
|
|
1,490,580
|
|
Unaffiliated Investment Company
|
120,132
|
|
|
|
|
|
|
|
120,132
|
|
Total Investment Securities
|
120,132
|
|
|
13,739,648
|
|
|
|
|
13,859,780
|
|
Growth Portfolio
|
|
|
|
|
|
|
|
Investment Securities:
|
LEVEL 1 ($)
|
|
LEVEL 2
($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
Common
Stocks
|
86,220,028
|
|
|
|
|
|
|
86,220,028
|
|
Money Market
|
263,270
|
|
|
|
|
|
|
263,270
|
|
Total Investment Securities
|
86,483,298
|
|
|
|
|
|
|
86,483,298
|
|
|
|
|
|
|
|
|
|
Opportunity Portfolio
|
|
|
|
|
|
|
|
Investment Securities:
|
LEVEL 1 ($)
|
|
LEVEL 2
($)
|
|
LEVEL 3
($)
|
|
Total
($)
|
Common
Stocks
|
222,801,338
|
|
|
|
|
|
|
222,801,338
|
|
Investment Companies
|
11,041,953
|
|
|
|
|
|
|
11,041,953
|
|
Total Investment Securities
|
233,843,291
|
|
|
|
|
|
|
233,843,291
|
|
(a)
|
|
Investments in Affiliated
Portfolios represents ownership interests in the Portfolios. Due to the Funds'
master-feeder structure, the inputs used for valuing the instruments are
categorized as Level 2.
|
(b)
|
|
Other financial
instruments would include any derivative instruments, such as forward foreign
currency contracts, futures contracts and swap agreements.
|
(c)
|
|
Security was received as
part of a private placement offering. The underlying stock price is trading
significantly below the strike price of the warrants and the warrants are
non-transferable. Security valued at $0 in good faith pursuant to procedures
approved by the Board of Trustees as of January 31,
2014.
|
The only transfers between levels as of January 31, 2014 are related to
the use of the systematic valuation model to value foreign securities in the
Frontier Markets Fund.
4. Investment Risks:
Foreign Securities Risk:
Investments in foreign securities are generally considered riskier than
investments in U.S. securities. Foreign securities, including those of emerging
and frontier market issuers, are subject to additional risks, including
international trade, political and regulatory risks.
Emerging Markets Risk:
The prices
of securities in emerging markets can fluctuate more significantly than the
prices of companies in more developed countries. Securities of emerging market
issuers generally have more risk than securities issued by issuers in more
developed markets. The less developed the country, the greater affect the risks
may have in an investment, and as a result, an investment may exhibit a higher
degree of volatility than either the general domestic securities market or the
securities markets of developed foreign countries.
Frontier Market Countries Risk:
Frontier market countries generally have smaller economies and even less
developed capital markets or legal and political systems than traditional
emerging market countries. As a result, the risks of investing in emerging
market countries are magnified in frontier market countries. The magnification
of risks are the result of: the potential for extreme price volatility and
illiquidity in frontier markets; government ownership or control of parts of
private sector and of certain companies; trade barriers, exchange controls,
managed adjustments in relative currency values and other protectionist measures
imposed or negotiated by the countries with which frontier market countries
trade; and the relatively new and unsettled securities laws in many frontier
market countries.
Concentration of Credit Risk
: The
RMB Fixed Income Fund is likely to be more volatile than the performance of
other mutual funds due to its focused investment in instruments having exposure
to China. Because the Fund concentrates its investments in China, the Funds
performance is expected to be closely tied to social, political, and economic
conditions within China and to be more volatile than the performance of more
geographically diversified funds.
Derivatives Risk
: The term
derivatives covers a broad range of investments, including futures and
currency forwards. In general, a derivative refers to any financial instrument
whose value is derived, at least in part, from the price of another security or
a specified index, asset or rate. The use of derivatives presents risks
different from, and possibly greater than, the risks associated with investing
directly in traditional securities. The use of derivatives can lead to losses
because of adverse movements in the price or value of the underlying asset,
index or rate, which may be magnified by certain features of the derivatives.
These risks are heightened when derivatives are used to enhance a Funds return
or as a substitute for a position or security, rather than solely to hedge (or
offset) the risk of a position or security held by a Fund. The success of Funds
derivatives strategies will also be affected by its ability to assess and
predict the impact of market or economic developments on the underlying asset,
index or rate and the derivative itself, without the benefit of observing the
performance of the derivative under all possible market conditions. Derivatives
involve the risk of mispricing or improper valuation and the risk that changes
in the value of the derivative may not correlate perfectly with the underlying
asset, index or rate. Certain derivative positions may be difficult to close out
when a Funds portfolio manager may believe it would be appropriate to do so.
Also, suitable derivative transactions may not be available in all circumstances
and there can be no assurance that a Fund will engage in these transactions to
reduce exposure to other risks when that would be beneficial.
Swap Risk
: The use of swap
agreements, which are agreements to exchange the return generated by one
instrument for the return generated by another instrument (or index), and
similar instruments involves risks that are different from those associated with
ordinary portfolio securities transactions. For example, a Fund bears the risk
of loss of the amount expected to be received under a swap agreement in the
event of the default or bankruptcy of a swap agreement counterparty. Swap
agreements may also subject a Fund to the risk that the counterparty to the
transaction may not meet its obligations, causing the Funds value to decrease.
Swap agreements may also be considered illiquid.
5. Federal Income Tax
Information:
At January 31, 2014, the cost basis of securities (which excludes
investments in Affiliated Portfolios) for federal income tax purposes, gross
unrealized appreciation, gross unrealized depreciation and net unrealized
appreciation/depreciation were as follows:
|
|
|
|
|
|
|
|
|
Net
Unrealized
|
|
|
|
|
Tax
Unrealized
|
|
Tax
Unrealized
|
|
Appreciation/
|
|
|
|
|
Appreciation
|
|
Depreciation
|
|
(Depreciation)
|
Fund
|
|
|
Tax Cost ($)
|
|
($)
|
|
($)
|
|
($)
|
Prime
Money Market Fund
|
|
4,802,531,474
|
|
-
|
|
-
|
|
|
-
|
|
U.S.
Government Money Market Fund
|
|
3,975,809,753
|
|
-
|
|
(23,898
|
)
|
|
(23,898
|
)
|
U.S.
Treasury Money Market Fund
|
|
1,821,736,059
|
|
-
|
|
-
|
|
|
-
|
|
Aggressive Strategy
Fund
|
|
14,222,937
|
|
1,762,373
|
|
(245,573
|
)
|
|
1,516,800
|
|
Balanced Strategy Fund
|
|
42,453,532
|
|
3,694,191
|
|
(1,908,758
|
)
|
|
1,785,433
|
|
Moderate Strategy
Fund
|
|
39,674,053
|
|
2,499,551
|
|
(1,881,219
|
)
|
|
618,333
|
|
Conservative Strategy Fund
|
|
19,656,489
|
|
851,729
|
|
(783,174
|
)
|
|
68,555
|
|
Income Strategy
Fund
|
|
1,308,870
|
|
14,818
|
|
(45,264
|
)
|
|
(30,446
|
)
|
Emerging Markets Debt Fund
|
|
40,132,021
|
|
293,227
|
|
(1,676,351
|
)
|
|
(1,383,124
|
)
|
Emerging Markets
Local Debt Fund
|
|
32,407,788
|
|
33,111
|
|
(4,210,555
|
)
|
|
(4,177,444
|
)
|
Frontier Markets Fund
|
|
97,935,430
|
|
11,536,229
|
|
(2,770,215
|
)
|
|
8,766,014
|
|
Total Return
Fund
|
|
602,158,938
|
|
1,025,146
|
|
(17,439,045
|
)
|
|
(16,413,899
|
)
|
RMB
Fixed Income Fund
|
|
13,254,032
|
|
608,213
|
|
(2,465
|
)
|
|
605,748
|
|
Growth
Portfolio
|
|
58,454,869
|
|
28,525,953
|
|
(497,524
|
)
|
|
28,028,429
|
|
Opportunity Portfolio
|
|
184,759,074
|
|
50,899,115
|
|
(1,814,898
|
)
|
|
49,084,217
|
|
Item 2. Controls and Procedures.
(a) The registrants 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-Q 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
registrants 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
registrants most recent fiscal quarter that have materially affected, or are
reasonably likely to materially affect, the registrants internal control over
financial reporting.
Item 3. Exhibits.
Certifications pursuant to Rule
30a-2(a) are attached hereto.
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.
By
(Signature and Title)
|
|
/s/ Richard A.
Fabietti
|
|
|
Richard A. Fabietti, President
|
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
|
By
(Signature and Title)
|
|
/s/ Ty
Edwards
|
|
|
Ty
Edwards, Treasurer
|
Steele Oceanic (CE) (USOTC:SELR)
過去 株価チャート
から 5 2024 まで 6 2024
Steele Oceanic (CE) (USOTC:SELR)
過去 株価チャート
から 6 2023 まで 6 2024