HSBC 4Xb - Fundsquare

HSBC Global Investment Funds

Audited Report .for the year ended 31 March 2006

HSBC 4Xb

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Audited report for the year ended as at 31 March 2006

Societe d’lnvestissement a Capital Variable (SICAV), Luxembourg


Information concerning the distribution of shares of HSBC Global Investment Funds in Switzerland or from Switzerland. HSBC Private Bank (Suisse) SA, Quai du General Guisan 2, case postale 3580 CH-1211 Geneva 3, is the legal representative of the Fund in Switzerland and the Fund's paying agent. The prospectus, simplified prospectuses, articles and annual and semi-annual reports of the Fund may be obtained free of charge upon request from the HSBC Private Bank (Suisse) SA. A breakdown of all the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Fund's representative in Switzerland.

Information concerning the distribution of shares of HSBC Global Investment Funds in Germany or from Germany. HSBC Trinkaus & Burkhardt KGaA, 21-23 Konigsallee, D-40212 Dusseldorf, is the legal representative of the Fund in Germany and the Fund's paying agent. The prospectus, simplified prospectuses, articles and annual and semi-annual reports of the Fund may be obtained free of charge upon request from the HSBC Trinkaus & Burkhardt KGaA. A breakdown of all the transactions carried out on behalf of each sub-fund of HSBC Global Investment Funds in the period under review can be obtained, free of charge, from the Fund's representative in Germany.

No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current Prospectus accompanied by the latest annual and the most recent semi-annual report, if published thereafter.

Audited report for the year ended as at 31 March 2006

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Table of Contents - .

Board of Directors

Management and Administration

Directors' Report

Auditor's Report

Statement of Net Assets as at 31 March 2006

Statement of Operations and Changes in Net Assets

Notes to the Financial Statements

Comparative Table of Net Assets

Portfolio of Investments and Other Net Assets

Currency Conversion Table

Dealing Day of the Fund

4

5

7

15

16

36

46

72

84

21 5

216


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Board of Directors - ._

Marc-Andre Bechet, Managing Director, RBC Dexia Investor Services Bank S.A., 5, rue Thomas Edison, L-1445 Strassen, Grand Duchy of Luxembourg.

Simeon Brown, Chief Operating Officer, HSBC Investments (Hong Kong) Limited, Level 22, HSBC Main Building, 1, Queens Road Central, Hong Kong.

Corinne Couteau, Head of HSBC Global Investment Funds Global Marketing & Business Development, HSBC Investments (France), 4, place de la Pyramide, lmmeuble Ile de France, La Defense 9, 92800 Paris Cedex 08, France (resigned on 14 June 2005).

Sylvie Vigneaux, Head of Regulatory and Savings, HSBC Investments (France), 4, place de la Pyramide, immeuble He de France, La Defense 9, 92800 Puteaux Cedex 08, France (since 29 July 2005).

Deshmukh-Rao Dhondee, Assistant Manager, HSBC Offshore Banking Unit, The Hong Kong and Shanghai Banking Corporation Limited Les Cascades, 5th Floor, Edith Cavell Street, Port Luis, Mauritius.

George Efthimiou, Global Chief Operating Officer, HSBC Group Investment Businesses Limited, 8 Canada Square, London E14 5HQ, United Kingdom.

Laurent Facque, Chief Operating Officer, HSBC Investments (France), 4, place de la Pyramide, lmmeuble He de France, La Defense 9, 92800 Puteaux Cedex 08, France

Bryan Greener, Head of Product Management - Global Products, HSBC Group Investment Businesses Limited, Level 21,8 Canada Square, London E14 5HQ, United Kingdom.

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Management and Administration b b Registered Office

b Management Company

69, route d'Esch, L-1470 Luxembourg, Grand Duchy of Luxembourg.

HSBC Investment Funds (Luxembourg) S.A., 69, route d'Esch, L-2953 Luxembourg, Grand Duchy of Luxembourg until 26 September 2005. 40, avenue Monterey, L-2163 Luxembourg, Grand Duchy of Luxembourg since 26 September 2005.

b Custodian and Administration Agent Dexia Banque Internationale a Luxembourg S.A., 69 Route d'Esch, L-1470 Luxembourg (until I June 2006). RBC Dexia Investor Services Bank S.A., 5, rue Thomas Edison. L-1445 Strassen, Grand Duchy of Luxembourg (since I June 2006).

b Transfer Agent First European Transfer Agent S A , 5, rue Thomas Edison, L-I445 Strassen, Grand Duchy of Luxembourg (until 2 January 2006). RBC Dexia Investor Services Bank S.A., 5, rue Thomas Edison, L-1445 Strassen, Grand Duchy of Luxembourg (since 2 January 2006).

b Investment Adviser HSBC Investments (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.

HSBC Halbis Partners (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom.

HSBC Investments (France), lmmeuble Ile de France, 4, Place de la Pyramide, La Defense 9, 92800 Puteaux, France.

HSBC Halbis Partners (Hong Kong) Limited, HSBC Main Building,l, Queen's Road Central, Hong Kong.

HSBC Investments (USA) Inc.. 452, Fifth Avenue, 18th Floor, New York, NY 10018, United States of America.

HSBC Halbis Partners (USA) Inc., 452, Fifth Avenue, 18th Floor, New York, NY 10018, United States of America

HSBC Bank Brazil SA - Banco Multiplo, Travessa Oliviera Belo, 1 I-B, 80020-030 Curitiba, Brazil.

HSBC Trinkaus Capital Management GmbH, Konigsallee 21/23, D-40212 Dusseldorf, Germany (until 9 February 2006).

HSBC Investments Deutschland GmbH, Konigsallee 21/23, D-40212 Dusseldorf, Germany (since 9 February 2006).

Sinopia Asset Management, 66, rue de la Chaussee d'Antin, 75009 Paris, France

b Share Distributor HSBC Investments (UK) Limited, 8 Canada Square, London E14 5HQ, United Kingdom, Tel: (44) 20 7991 8888 Fax : (44) 20 7024 1999

Austria and Germanv Share Distributor HSBC Trinkaus & Burkhardt KGaA, Konigsallee 21 123, D-40212 Dusseldorf, Germany

Honq Konq Representative and Share Distributor HSBC Investment Funds (Hong Kong) Limited, HSBC Main Building, 1 Queen's Road Central, Hong Kong,

United Kinqdom Representative HSBC Investments (UK) Limited, 8, Canada Square, London E14 5HQ, United Kingdom, Tel: (44) 20 7991 8888 Fax : (44) 20 7024 I999

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- Management and Administration (continued)

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b Share Distributor (continued)

Republic of Ireland Representative HSBC Securities Services (Ireland) Limited, HSBC House, Harcourt Centre, Harcourt Street, Dublin 2, Ireland.

Jersey Representative HSBC Funds Nominee (Jersey) Limited, HSBC House, Esplanade, St Helier, Jersey, JE1 1 HS Channel Islands.

Sinqapore Representative and Share Distributor HSBC Investments (Singapore) Limited, 21, Collyer Quay, # I 3-02 HSBC Building, Singapore 049320, Singapore.

Swiss Representative HSBC Private Bank (Suisse) S.A., Quai du General Guisan 2, Case postale 3580, CH-I211 Geneva 3, Switzerland.

Korea Representative and Share Distributor HSBC Korea Ltd, HSBC Building #25, I-Ka, Bongrae-Dong, Chung-Ku, Seoul, Korea.

Share Distributor for Continental Europe HSBC Investments (France) lmmeuble Ile de France, 4, Place de la Pyramide, La Defense 9, 92800 Puteaux, France.

b Central Paying Agent Dexia Banque Internationale a Luxembourg S.A., 69 Route d'Esch, L-1470 Luxembourg (until I June 2006). RBC Dexia Investor Services Bank S.A., 5, rue Thomas Edison, L-1445 Strassen, Grand Duchy of Luxembourg (since 1 June 2006).

Paying Agent in Hong Kong The Hongkong and Shanghai Banking Corporation Limited, HSBC Main Building, 1, Queen's Road Central, Hong Kong.

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b Auditor KPMG Audit S.a r.1. Reviseurs d'Entreprises, 31, alee Scheffer, L-2520 Luxembourg, Grand Duchy of Luxembourg.

b Legal Advisers

Luxembourg: Elvinger, Hoss 8 Prussen, 2, Place Winston Churchill, B.P. 425, L-2014 Luxembourg, Grand Duchy of Luxembourg.

France: Latham 8 Watkins, 154, rue de I'Universite, F-75007, Paris, France.

United Kingdom: Linklaters and Paines, Barrington House, 59-67, Gresham Street, London EC2V 7JA, United Kingdom.

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Asia ex Japan Equity For the 12 months ended March 2006, the fund returned 32.6% (gross of fees) in US dollar terms and outperformed the MSCl AC Far East exJapan index by 3.16%. Stock selection in the technology and consumer sectors contributed the most to performance during the period, with positive calls in both Taiwan and China. We remain positive on the outlook for the Asian markets given improving fundamentals and attractive valuations. Domestic consumption and asset reflation continue to be the two strongest themes for the region. We remain overweight in consumer-related companies and property.

Asia ex Japan Equity Smaller Companies For the 12 months ended March 2006, the fund returned 29.6% (gross of fees) in US dollar terms. Performance has largely tracked the market over the period. Positive stock selection in Taiwan and Singapore, particularly within the property sector and amongst cyclicals, added to performance, while our positive call on Hong Kong property has only recently started to come around. We remain positive on the outlook for the Asian markets given improving fundamentals and attractive valuations. Domestic consumption and asset reflation continue to be the two strongest themes for the region. We remain overweight in consumer-related companies and property.

Asia Pacific ex Japan Equity High Dividend For the 12 months ended March 2006, the fund returned 17.1% (gross of fees) in US dollar terms. The fund maintains its strategy of selecting high quality, high yielding stocks in Asia without adherence to a benchmark. This bias towards high-yielding stocks has been the major factor contributing to the fund‘s relative underperformance within the Asia Pacific ex-Japan universe, as high yield stocks fell from favour during the period under review. However, relative to its peer group, the fund has performed reasonably well. The long- term outlook for the Asian economies remains sound, with improving fundamentals and attractive valuations.

Brazil Equity For the 12-month period ending 31 March 2006, the fund returned 90.9% (gross of fees) in US dollar terms, outperforming the benchmark (MSCI 10140) by 13%. This performance was a consequence of careful stock selection, which in turn led to an overweight in consumption-related stocks, energy and mining and an underweight in the telecommunications sector. The fund will continue to differentiate itself by using a bottom-up approach and taking advantage of the close contact with companies on the ground. We remain positive on Brazil based on an improving macro-economic picture and attractive valuations.

BRlC Markets Since inception on 2 June 2005, to the year ended 31 March 2006, the fund returned 67.5% (share class ZC) in US Dollar terms. Within the BRlC markets, consumer discretionary and financial stocks have generally outperformed over the past twelve months, while materials and information technology have underperformed. More particularly, BRlC market performance has been led by Russia, which has seen particularly strong returns for investors over the past twelve months. While the market has re-rated from the low levels seen immediately following the Yukos crisis last Spring, it still remains cheaper than the emerging-markets average. Impressive earnings growth, ongoing reform of management and improving corporate governance were the key market catalysts.

Chinese Equity For the 12 months ended March 2006, the fund returned 41.6% (gross of fees) in US dollar terms but underperformed the MSCl China Index by 166bps. Relative underperformance was caused by the strong performance of China Mobile, which represents 16% of the index. Given our 10% single stock holding limit, the fund is naturally underweight China Mobile and thus, relative Performance suffered. Despite this situation, performance during the period was boosted by our overweight call on the Chinese property sector. We remain positive on the outlook for the Chinese economy, which continues to grow strongly. Our key overweight positions include the property sector and domestic consumption plays.

Emerging Europe Equity For the nine months ending 31 March 2006: the fund returned 30.7% (share class AD) in euro terms, performing in line with the peer group of European Convergence funds. The fund maintains its strategy of selecting attractively valued stocks in focussing on the main convergence sectors (banks, energy, healthcare, telecommunication, utilities) accounting for more than 90% of total market capitalisation. After the short correction of the converging markets we see attractive valuation levels, particularly compared to the “Old

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Directors’ Report (continued) z- European Countries”. We therefore see further upside for the equity markets of the region.

Euroland Equity For the year ending 31 March 2006, the fund returned 38.31% (gross of fees) in euro terms, outperforming the MSCl EMU index by 6.29%. The fund maintains its strategy of seeking out companies with stabilising or improving fundamentals that are not yet reflected in valuations. Stock holdings Outperformed consistently and across the board. Underexposure to top performing sectors such as ut es, energy, pharmaceuticals, diversified financials and materials was compensated by excellent stock selection. Holdings in capital goods, banks and insurance have performed especially well. The long-term outlook for Euroland markets remains attractive, especially when viewed in the context of attractive valuations and in light of the media‘s focus on social agitation which has masked improving fundamental trends. This is especially true in Germany where the trade balance over the past 12 months exceeded that of China and Japan combined.

Euroland Value Creation For the year ending 31 March 2006, the fund returned 34.16% (gross of fees) in euro terms, outperforming the MSCl EMU index by 2.14%. The fund maintains its strategy of seeking out companies with stabilising or improving fundamentals that are not yet reflected in valuations. Stock holdings outperformed across the board. Underexposure to top performing sectors particularly to energy and diversified financials, as well as to utilities, pharmaceuticals and materials was compensated by excellent stock selection. Holdings in capital goods, banks and insurance have performed especially well. The long-term outlook for Euroland markets remains attractive, especially when viewed in the context of attractive valuations and in light of the media’s focus on social agitation which has masked improving fundamental trends. This is especially true in Germany where the trade balance over the past 12 months exceeded that of China and Japan combined.

Sustainability Leaders Since inception in December 2005, the fund has returned 8.47% (gross of fees) in euro terms. The strategy of the fund is to focus on the best SRI-ranked stocks in the Pan European universe. The fund has no benchmark. The portfolio holds a limited number of stocks, around 30 for the time being. The outlook for the European economy is improving, especially in Germany. The equity market should continue to rise, supported by attractive valuations and M&A activities.

Europe ex UK Equity For the year to 31 March 2006, the fund gained 31.7% (share class AC) in euro terms, underperforming the FT S&P Europe ex UK Index, which rose by 34.1%. European equity markets rallied during the period under review, as the eurozone recovery surprised on the upside. As a result, many equity markets in the region reached multi-year highs. An economic upturn in index heavyweights Germany and France prompted the European Central Bank to increase interest rates for the first time in more than two years. Fund performance suffered from exposure in the media sector, with German pay-TV operator Premiere a big detractor. Overall, stock selection was a negative for the fund, more than offsetting gains from the funds overweight to selected energy names.

The long term outlook for eurozone markets remains very attractive. The media’s focus on social angst masks improving fundamental trends, especially in Germany where the trade balance over the 12 months exceeded that of China and Japan combined.

Global Emerging Markets Equity For the year to 31 March 2006, the fund gained 49.0% (share class AC) in US dollar terms, outperforming the MSCl Emerging Markets Index, which rose by 48.0%.

Benchmark-relative performance has continued to improve since the change of manager in April 2005. Notably, overweight country positions in Russia and Brazil added value, as both countries were among the strongest emerging market performers. Within Russia, energy holdings - Gazprom in particular - contributed strongly to outperformance. Given that the main driver behind the rally in emerging markets has been strong global liquidity, the direction of major interest rates will be crucial. However, global growth remains strong, and GEM valuations in most markets remain accommodative.

Global Equity For the year to 31 March 2006, the fund gained 24.5% (share class AC) in US dollar terms, comfortably outperforming the MSCl World Index, which rose by 18.6%. This was a turnaround for the fund and coincided

HSBC Global Investment Funds .

with the appointment of a new fund manager in May 2005. A style shift favouring stock selection over country allocation contributed to this performance, as certain Japanese financials and global IT stocks rallied. The fund remains overweight in Japan, where there is increasing evidence of a domestic-led recovery, and also favours growth stocks. The IT sector in particular continues to benefit from the strong consumer product cycle in LCD TVs, PCs and personal music players.

Global Equity SRI For the year to 31 March 2006, the fund gained 16.7% (share class AC) in US dollar terms, underperforming the MSCl World Index, which rose by 18.6%. However, against its peer group of socially responsible global equity funds, the fund outperformed. Positive economic growth, strong liquidity and easing fears of inflation, despite persistently high commodity prices, have provided a supportive backdrop for global equities and we expect this positive environment to continue throughout 2006.

Global Equity Technology For the year to 31 March 2006, the fund gained 8.7% (share class AC) in US dollar terms, underperforming its customised benchmark, which rose 10.3%. Positive economic growth, strong liquidity and easing fears of inflation, despite persistently high commodity prices, have provided a supportive backdrop for global equities and we expect this positive environment to continue throughout 2006. Looking forward, the IT sector in particular continues to benefit from the strong consumer product cycle in LCD TVs, PCs and personal music players.

Global ex Euroland Equity Global ex-Euroland Equity posted a return of 22.2% (share class AD) over 12 months against 22.8% for its benchmark. Performance was even further behind the peer group. However, unlike the peer group, the fund is restricted from investing in countries outside the OECD and was therefore unable to participate in the explosive returns of the emerging markets.

Since the implementation of Halbis' investment philosophy in the fund (low number of holdings based on strong fundamental convictions) six months ago, it has significantly outperformed its benchmark. All positions are being held on the basis of long-term fundamentals.

Hong Kong Equity For the twelve months ending 31 March 2006. the fund returned 26.05% (gross of fees) in US dollar terms, outperforming the Hang Seng index, which gained 21.85%. Our overweight in the property sector has contributed positively to performance in both asset allocation and stock selection. Despite lingering concerns over the timing of the peak of the rate cycle, property investors such as Great Eagle, Hong Kong Land and Hysan performed well, as office and retail rentals continued to show robust growth. In addition, our weighting in the China-related shares also added value to the portfolio. Of note, Prime Success and China Yurun Food benefited from the domestic consumption demand in China while Petrochina and Angang New Steel were also in favour due to rising commodity prices. Our participation in IPOs, in particular Link RElT and China Construction Bank, also added value.

Indian Equity For the year ended 31 March 2006, the fund returned 73.79% (gross of fees) in US dollar terms, outperforming the benchmark, which gained 66.40%. Within this an average holding of 2.73% in cash hurt performance by 284bps implying that the invested portion of the fund outperformed by over 1000 basis points, notwithstanding the large fund size. Our underweight position in technology and overweight in consumer discretionary accounted for the bulk of the outperformance.

The economic and corporate outlook for India remains positive although market expectations are running significantly ahead of fundamentals. We expect India to disappoint these high expectations (both economic and corporate) and continue to position our portfolio with a defensivelvalue bias. The market valuation is well over 20x one-year forward price earnings multiples after stripping out commodities and financials with our portfolio multiples significantly below these valuations. Risk reward appears unfavourable in the near term as expectations are high and there are signs that some excesses are getting built in some sections of the market. However, domestic mutual fund and foreign institutional investor inflows remain strong coupled with positive sentiment. We will closely monitor politics in the second quarter given some key State elections along with the flood of new and 'recycled' paper hitting the markets and the results for the March quarterlfinancial year-end.

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Directors' Report (continued) .- -.

Japanese Equity For the 12 months ending 31 March 2006, the fund returned 39% (share class AC) in yen terms, outperforming the peer group average, which gained 35.3%. The fund's management was transferred to Sinopia in May 2005 and the business's quants strategy was implemented, combining active sector allocation and stock-picking. Both returned positive alpha as the Japanese market surged was driven by the outperformance of banks and cyclicals emphasized by the fund's sector allocation. The mid-term outlook for the Japanese market remains sound as the market rise is compensated by an upward earnings revision. We expect annual earning results to be above expectations, which should underpin the pursuit of the market rise.

Korean Equity Since the fund's inception (late September) to the end of March 2006, the fund returned 37.8% (gross of fees) compared to 21.7% for the MSCl Korea. The strong relative performance of the fund was attributable to stock selection among cyclical and consumer stocks. There was also positive attribution from our stock picks within the technology space as well as the banking sector. We remain positive on the outlook for Korea given continued strong exports and the gradual recovery of the domestic economy. We remain overweight domestic consumption stocks as well as certain cyclicals.

Pan European Equity For the year to 31 March 2006, the fund gained 31.16% (share class PC) in euro terms, outperforming the FTSE World Europe, which rose by 30.92%. European equity markets rallied during the period under review, as the eurozone recovery surprised on the upside with its tenacity. As a result, many equity markets in the region reached multi-year highs. An economic upturn in index heavyweights Germany and France prompted the European Central Bank to increase interest rates for the first time in more than two years. Fund performance suffered from exposure with the media sector, with German pay-TV operator Premiere a big detractor. An overweight in oils and gas-related activities has proved beneficial for the fund as the price of oil has remained strong. Oil service companies such as Vallourec was one of the main beneficiaries of the oil theme. Restructuring in industrials particularly in Germany has also aided the outperformance with stocks such as MAN AG, a German truck manufacturer, benefiting. In the UK, a holding in BAE systems was positive for performance as order books remained strong and the company reached an agreement with the trustees of the company pension scheme that removed a negative influence on the share price.

Pan European Equity High Dividend For the year ending 31 March 2006, the fund returned 33.85% (gross of fees) in euro terms, outperforming the MSCl Europe index by 4.3%. The fund currently has a strong focus on companies with improving dividend prospects. Stock holdings outperformed across the board. Stock selection made up for low exposure in the high return sectors: energy, pharmaceuticals and commodities. Our holdings in banks performed particularly well. The outperformance in other sectors was pretty well balanced, the only exception being the telecoms sector which was a significant drag on Performance in the first quarter of 2006. The long-term outlook for Euroland markets remains attractive, especially when viewed in the context of attractive valuations and in light of the media's focus on social agitation which has masked improving fundamental trends. This is especially true in Germany where the trade balance over the past 12 months exceeded that of China and Japan combined.

Pan European Equity Smaller Companies The Pan European Equity Smaller companies fund posted a return of 47.40% (gross of fees) over the past 12 months against 44.83% for the benchmark. The fund is ranked 18/55 in its peer group. Our performance has accelerated over the period, particularly in the first quarter of 2006. Overall, an overweighting in oil services, capital goods and basic resources was positive. The pronounced underweight position in the UK has started to pay off, particularly in the last six months. Selected positions across industries and countries such as Vallourec, So'itech, Solarworld, Tandberg Television and Geophysique also made a real positive difference.

Singapore Equity For the 12 months ending 31 March 2006, the fund returned 29.4% (share class AC) in US dollar terms (NAV), outperforming the peer group average and benchmark. The fund's key strategy was a large overweight in several niche high-end condominium developers, which heavily outperformed the benchmark from July 2005

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Directors' Report (continued)

onwards, as the recovery in sales became increasingly evident to investors. The fund's corresponding underweight in banks helped performance. The fund's overweight in small cap stocks helped performance in the latter half, as investors switched from large caps into better value small caps. The Singapore economy should continue to perform well, though the Singapore equity market reflects the improved operating environment.

Thai Equity For the 12 months ended March 2006, the fund returned 11.5% (gross of fees) in US dollar terms, underperforming the Thailand SET index by 230bps. We had positioned the fund to benefit from an anticipated recovery in the economy, driven by a revival in tourism as well as government led infrastructure investment. However, the change in the political landscape meant that the timing of infrastructure investments would likely be pushed back, adversely impacting our portfolio position. Given the political overhang, we believe that the Thai market may trade in a range in the near term - albeit with a slight upward bias - and have positioned our portfolio accordingly.

UK Equity For the year to 31 March 2006, the fund gained 25.6% (share class AC) in sterling terms, underperforming the FTSE All Share Index, which rose by 28.0%. The fund performed strongly in the first half of the year before tailing off in the last few months. BAE Systems was a key contributor to performance over the period as order books remained strong and the company reached an agreement with the trustees of the company pension scheme that removed a negative influence on the share price. The underweight in mining detracted from performance as the continued strength in commodity prices was greater than expected. The team have remained sceptical on the long-term sustainability of commodity prices. Fixed line telecoms have been under pressure, with a holding in Vodafone a key detractor from performance over the period. In the media sector, Daily Mail & General Trust, a key holding in the fund over 2005, fell heavily towards the end of the period following the company's failure to secure the sale of Northcliffe, its regional news business.

US Equity For the year ending 31 March 2006, the fund returned 8.8% (share class PD) in US dollar terms, underperforming the peer group average, which gained 12.2%. The fund was reshuffled mid-May following the transfer of the fund's management to Sinopia Asset Management. We took this opportunity to implement a sectoral allocation based on our quantitative valuation of the market and to select, within those sectors, stocks with strong earning momentum. From that point, the sectoral allocation was positive for performance. However, the bias towards blue chips offset these gains. The outlook remains positive as the current price of the US market does not fully reflect the strong operational environment.

US Index For the year to 31 March 2006, the fund gained 11.1% (share class PD) in US dollar terms, compared with an increase in the S&P 500 Composite of 11.7%. Concerns over interest rates, inflation and the high oil price exerted downward pressure on global markets and this was exacerbated by the heavy toll of Hurricane Katrina. Nonetheless, the US market climbed as robust economic growth and corporate earnings pushed the market higher.

Asia Freestyle For the 12 months ended March 2006, the fund returned 19.3% (gross of fees) in US dollar terms. Performance lagged the market due to our high cash level during the first half of the period and our relative underweight position in Korea during the year. Going forward, we expect cash levels to be kept to a minimum as we look to be fully invested at all times. However, we will continue to manage the fund with a focus on bottom-up stock-picking, accepting differences in country weightings. We remain positive on the outlook for the Asian markets given improving fundamentals and attractive valuations. We remain overweight conglomerates and continue to like technology stocks on medium-term view, despite expected volatility in both the first and second quarters of 2006.

BRlC Freestyle For the year to 31 March 2006, BRlC Freestyle returned 72.8% (share class MIC) in US dollar terms, as the Brazilian, Russian, Indian and Chinese equity markets all rose strongly.

Russia was the strongest performing market, aided by improved market liquidity, as well as the persistently high energy prices, which boosted energy-related stocks. Brazil and India also experienced significant gains

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from the increased flows into emerging markets. The fund benefited from its high weighting in Brazil, as the appreciating currency, improved political stability and robust economic fundamentals supported the market. However, exposure to Brazil was trimmed towards the end of 2005, in favour of Chinese equities, which was the relative laggard during the period under review. Stock selection within all four markets was positive for the fund during the 12-month period.

Global Emerging Markets Equity Freestyle The Global Emerging Markets Equity Freestyle was launched on 22 March 2006.

UK Freestyle For the year to 31 March 2006, the fund gained 22.6% (share class MID) in sterling terms, as the UK stockmarket advanced strongly. The impressive performance of selected stocks within the focused portfolio added considerable value during the first six months of the period under review. BAE systems, which rose on increased orders, was a strong contributor. However, worse-than-expected trading in both the books and the entertainment market, forced HMV lower and acted as a drag on performance throughout the period. The position was subsequently sold.

Euro Corporate Bond For the twelve months ending 31 March 2006, the fund returned 0.77% (share class AC) in euro terms, placing it into the second quartile of its peer group over the 12-month period. After a relatively cautious investment approach during its inception phase (which largely explained its underperformance versus the benchmark) the fund's performance versus its peer group has been improving strongly during the past six months. Due to its ability to allocate approximately 30% high yield corporate bonds, the fund was able to partially counter the negative impact of increasing interest rates on the absolute performance since September 2005. While the current state of the economy, sound corporate fundamentals and market technicals are still supportive for European corporate bonds, the current stage of the credit cycle calls for a more cautious approach going forward. We are convinced that with our cautious investment approach, which results in a well-diversified portfolio, and the support of our experienced credit research team we will weather the upcoming "stormier" times of the credit cycle.

Euro Credit Bond The fund returned 1.23% net against benchmark returns of 1.58% (gross of fees), which was second quartile performance. A large curve flattening exposure has been the main driver but the last quarter's fund performance was mainly due to a short duration position. The fund intends to retain its focus on credit selection (avoiding GMlFord 2005 debacles) and benefits from an important credit barbell. We are long AAAIBBB and short ANA assets for a better risk-adjusted carry in a M&A and leveraged buyout environment. At the end of the period, we reduced our overweight credit position down to neutral in view of poor risklreward.

Euro Investment Grade Bond The fund returned 1.67% (share class AC) net against the benchmark 1.79% for a second quartile performance, The fund sources diversified excess returns from duration, curve, credit, sector and issuer selection in a disciplined process. Last year, large curve flattening exposure was the main driver, while staying away from the unfolding GM I Ford debacles and avoiding event risk were the building blocks of good performance in credit. Overall, low grade credit exposure was moderately long throughout until early March 2006: while we maintained a large short in swap-related products. Ten-year swap spreads widened by 16bps. Duration exposure was limited for most of the period until the first quarter of 2006, when we anticipated surprisingly strong economic growth in continental Europe. We are preparing for a cyclical bond buying opportunity in the second quarter as leading economic indicators are weakening now. Attractive valuations and reasonably bearish investor positioning certainly help building the case. In contrast, we remain cautious on credit at present.

Euro Investment Grade Corporate Bond For the twelve months ending 31 March 2006, the fund returned 0.10% (share class AC) in euro terms, placing it in the fourth quartile of its peer group over the 12-month period. After a relatively cautious investment approach during its inception phase, which led to the majority of its underperformance versus benchmark, the fund's performance versus its peer group has been improving steadily during the past six months. Absolute performance, however, was negatively influenced by the ongoing increase in interest rates since September 2005. While the current state of the economy, sound corporate fundamentals and market technicals are still


supportive for European corporate bonds, the current stage of the credit cycle calls for a more cautious approach going forward. We are convinced that with our cautious investment approach, which results in a well- diversified portfolio, and the support of our experienced credit research team we will weather the upcoming "stormier" times of the credit cycle.

Euro High Yield Bond For the year ending 31 March 2006, the fund returned 7.1 % (gross of fees) versus 8.1% for its benchmark. The fund continued to focus on issuer selection and a defensive bias was maintained throughout the period. Consequently, the portfolio yield was slightly below the benchmark yield but this was more than compensated by the relatively poor performance of the issuers that were avoided. Credit quality remains strong across the Euro High Yield market and there was zero default over the past twelve months. Default rates should remain low going forward, especially given that Europe is beginning to experience an economic recovery. However, tighter monetary policies around the globe should lead to higher issuer differentiation going forward. As a result the focus will remain on issuer selection.

Global Emerging Markets Bond For the 12 months ended 31 March 2006, the fund returned 15.6% (share class AC) in US Dollar terms, outperforming its benchmark, the J P Morgan EMBl Global index, which returned 13.8% in the same period. While the US interest rate environment was choppy for most of 2005, emerging markets again proved resilient. Successful sovereign restructurings in Argentina and Dominican Republic, coupled with positive credit rating momentum in most emerging markets, helped fuel most emerging market debt indices by more than 10% - the third consecutive year of double digit performance. Record hard currency reserves in emerging markets spurred a combination of debt buybacks and less external issuance, all of which kept prices technically firm for most of 2005. With a new management team acquired mid-year, the fund was pushed into the first quartile of peer performance by year-end. For 2006, the new management team hopes to incorporate greater exposure to local bond markets in an effort to boost yields and reduce longer-term correlations.

Global Investment Grade Bond I Global Investment Grade Bond (US Dollar Hedged) For the year to 31 March 2006, the fund fell 3.7% (gross of fees) in US dollar terms, underperforming the Lehman Global Aggregate Index, which declined by 2.6%. A defensive position at the start of the reporting period was the key reason for our underperformance, with falling yields pushing bond prices higher against our expectations. However, an improving economic outlook in Japan, Europe and the US, combined with hawkish central bank rhetoric in those regions, helped firm yields and reduce the fund's benchmark-relative underperformance.

Looking forward, the picture for global bond markets is mixed. Although we see significant headwinds facing US growth, the Fed appears determined to push rates higher. And while higher energy prices and a levelling out in house prices could impact the US consumer, we are concerned that the bond bear market has not yet run out of steam.

Pan European Government Bond The fund returned 1.97% (gross of fees) net against the benchmark return of 2.44% for a first quartile performance, Primarily, the fund sources diversified excess returns from duration, curve currency management. It also seeks returns from investments in EUleuro applicant countries' debt.

The main drivers of the past year were a very large flattening exposure and growing investments in EUlEURO application countries in euro-denominated debt. Duration exposure was limited until the first quarter 2006 where we maintained a more bearish stance anticipating a strong growth recovery in continental Europe. However, performance in the first quarter was hit hard by a very strong UK yield curve inversion and strong underperformance from index-linked, Hungarian and Polish investments.

Sterling Investment Grade Bond For the year to 31 March 2006, the fund gained 6.75% (share class PC) in sterling terms underperforming the IBOXX GBP Overall Index, which rose by 7.6%. However, the fund outperformed its sector mean over the period.

A defensive position, which was adopted to protect against yield increases at the expensive-looking long end of the yield curve, detracted value as demand for long bonds from price insensitive buyers persisted, forcing


- . . -. -


yields even lower. Looking forward, the fund will retain its defensive stance and seek value in selected credits, with an emphasis on avoiding negative credit events.

US Dollar High Yield Bond The USD High Yield Bond fund was launched in January 2006, and for the three months ending 31 March 2006 the fund returned 3.78% (gross of fees), outperforming the benchmark's return of 2.81% by 96 basis points. During the course of the fund's truncated fiscal year, the Moody's US High Yield Default rate continued to run low, and issuance ran at a pace similar to the first quarter of 2005. Our strong performance in the quarter was largely due to our overweight relative to the fund's benchmark (the Merrill Lynch High Yield Master II Index) in B credits, which were the top performers during the quarter. Additional performance was gained through both our top-down and bottom-up focus, as we were underweight in the automotive sector, which suffered in the period under review, but had a select overweight to GMAC paper, which added significantly to performance.

US Dollar Investment Grade Bond For the 12 months ending 31 March 2006 the US Investment Grade Bond fund returned 2.69% (gross of fees), significantly outperforming the benchmark return of 2.13%. During the course of the fund's fiscal year, the US Federal Reserve maintained its gradualist approach to policy tightening, raising rates at each of the year's eight meetings. As a result, the short end of the yield curve climbed in a stepwise fashion, but yields on longer- dated maturities were unchanged. The latter were restrained by a number of factors including a global liquidity glut and increased demand for longer duration instruments from pension plans seeking to neutralise their long- dated liabilities. Inflation remained contained, although energy and other commodities prices, along with slowing productivity and rising wage growth threatened to push it higher. In the portfolio itself, security selection in the corporate bond and asset-backed sectors helped support performance, and we maintained our slightly defensive position on duration, with the portfolio slightly short of the benchmark.

Euro Reserve The fund returned 1.52% (share class AC) over the 12 months, against benchmark returns of 2.19%. The first part of the period was very quiet in the money market, but spreads continued to tighten on short-term paper because of liquidity issues in the market. The curve was flat, so the fund invested in fixed rate paper with more carry. In December, the European Central Bank announced a rate increase on the back of an improved economic outlook and inflation fears. The fund has invested in short-term maturity papers indexed on Eonia in order to profit from further ECB rate increases.

US Dollar Reserve For the US Dollar Reserve, the performance was slightly below benchmark for the year due to many economic activities. The Fund returned 3.4% (share class PD) in US dollar terms, against benchmark returns of 3.7%. However, this placed the fund in the first quartile of funds in its peer group over the same period. In 2005, the Federal Reserve continued to increase the Fed Fund's rate, energy prices rose sharply, even though the economy remained strong during this period. Throughout the year, the Fed kept to its stated policy of raising the Fed Fund's rate from 2.25% at the end of 2004 to 4.25% at the end of 2005. We continue to ladder maturities for the fund for 2006 as softer GDP growth and continued low inflation should allow the Fed to pause after increasing rates to 4.75% after its May Meeting. We continue to invest in commercial paper in the 30 - 90 day range. With this, yields should either remain stable or rise slightly and hopefully, with this shift, the yields for 2006 will increase.

Turkish Convergence For the year to 31 March 2006, the fund gained 47.7% (share class AC) in US dollar terms. Turkey has been a major beneficiary of liquidity flows into emerging markets and the domestic equity market rally that spanned 2005 has continued into 2006. Consequently, the fund's overweight in equities contributed to performance, as the market advanced strongly in expectation of the commencement of EU accession talks. In addition, progress of the IMF's review into its third stage also boosted sentiment. The fund has increased its overweight to long duration bonds during the period under review, a position which has benefited from improving monetary environment.

HSBC Global Investment Funds .-

=--- Auditor's Report

I

To the Shareholders of HSBC Global Investment Funds 69, route d'Esch L-1470 Luxembourg Grand Duchy of Luxembourg

We have audited the financial statements, which consist of the statement of net assets, the statement of operations and changes in net assets, the portfolio of investments and the notes of the financial statements of HSBC Global Investment Funds and of each of its sub-funds for the year ended 31 March 2006. These financial statements are the responsibility of the Board of Directors of the SICAV. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by the Board of Directors of the SICAV in preparing the financial statements, as well as evaluating the overall financial statements presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the attached financial statements described above give, in conformity with Luxembourg legal and regulatory requirements, a true and fair view of the financial position of HSBC Global Investment Funds and of each of its sub-funds at 31 March 2006 and the results of their operations and changes in their net assets for the year then ended.

Supplementary information included in the annual report has been reviewed in the context of our mandate but has not been subject to specific audit procedures carried out in accordance with the standards described above. Consequently, we express no opinion on such information. We have no observation to make concerning such information in the context of the financial statements taken as a whole.

Luxembourg, 14 June 2006

KPMG Audit S.a r.1.

Reviseurs d'Entreprises

D.G. Robertson

HSBC Global Investment Funds . .

Statement of Net Assets as at 31 March 2006 & ... Equity Sub-Funds

CONSOLIDATED ASIA EX JAPAN ASIA EX JAPAN USD EQUITY EQUITY SMALLER

USD COMPANIES US0

. - . -.

Portfolio at Cost 14.121,878,091 428,633,828 22,922,838 Unrealised Appreciation/( Depreciation) 4:341,558,308 135,317,531 6,598,326

Portfolio at Market Value 18,463,436,399 563,951.359 29,521,164

. .-

Cash at Bank Bank Overdraft Receivable from Brokers Payable to Brokers Receivable from Shareholders Payable to Shareholders Other Assets Other Liabilities

Total Net Assets

898,076.448 (3,232.020)

224,338,577 (31 2,915,888) 261,370,513

(1 30,693,188) 49.918.688

(195,922,912)

19,254,376,617

24,999,583

1,984,244 (7.066.953)

(4,849.090) 2,582,879

(1,050,602)

I ,797,768

1,879,750

175,020 (257,465)

25.103 (1 78.1 19) 102,157 (48,340)

The accompanying notes form an integral part of these financial statements

31,219,270

- ASIA PACIFIC EX

JAPAN EQUITY HIGH DIVIDEND

USD . -

179,784.435 11,970,352

191,754,787

650,652

560,051

302,046 (1,728.447) 1,403,369 (821.451)

192,121,007

HSBC Global Investment Funds . _ _ _ -

Statement of Net Assets as at 31 March 2006 .. .-

-BRAZIL EQUITY BRIC MARKETS CHINESE-EQUITY EMERGINGEUROLAND EQUITY EUROLAND VALUE USD USD USD EUROPE EQUITY EUR CREATION

EUR EUR I 318,769,354 187,311,334 1,987,255,353 24 666,426 251.321.819 25,734,493 39.1 97.022 35,597,660 694,983,343 3,298,048 41,342,245 3,206,625

357,966,376 222,908,994 2,682,238,696 27,964,474 292,664,064 28,941,118

. .

7,051,234 173,104 187,952,485 1,512,913 3,016.590 (738.652)

2,973,099 644,235 1,803.078 726,562 (19.594.743) (1,217,044) (1,914,599) (603,419) (2.392.210) (720,528) 19,147,920 1,845,694 41,835,232 532,253 1,254,510 1,016,145

(1 6,906,735) (1 5,368,438) (52,436) (3,366,732) (21 0,741 ) 1.023.758 116,703 489.41 1 16,717 375,687 26,122

(1 37.31 4)

28,902,712

.~ (558.831 ) (253,506) (4,225,914) (31,173) (432,964)

292,922,023 . ~- .-

351,102,078 223,573,945 2,891,006,873 29,983,564 7.-


I -~

Statement of Net Assets as at 31 March 2006 . .. _. . .-

-_ - SUSTAINABILITY EUROPE EX UK GLOEZL GLOBAL EQUITY

LEADERS EQUITY EMERGING USD EUR MARKETS EQUITY

USD EUR

_-

Portfolio at Cost 9,042,799 85,899,650 173,247,754 127,124,760

Unrealised Appreciation/(Depreciation) 745,836 27,667,666 51,699,319 31,282,201

Portfolio at Market Value 9,788,635 113,567,316 225,147,073 158,406,961

Cash at Bank 63,779 216,535 6,428 175 2,527,069

- . .~

_ - ~

Bank Overdraft Receivable from Brokers Payable to Brokers Receivable from Shareholders Payable to Shareholders Other Assets Other Liabilities

Total Net Assets

. _.

1,552:670 (763,590)

1,809 25.31 5 (84,154)

21,525 322,108 (45,426) (179,991)

9,830,322 114,656,209

2,374.238 (3.876529) 3,190,870 (805,250) 752,129

(41 0,199)

232,800,507 ~

5,944,878 (1,953:607)

90,944 (268.1 16) 424,565

(200,537)

164,972,157

The accompanying notes form an integral part of these financial statements.

HSBC Global Investment Funds -. .- .

-~ .~


I ..

GLOBAL EQUITY GLOBAL EQUITY GLOBAL EX HONG KONG INDIAN EQUITY JAPANESE EQUITY SRI TECHNOLOGYEUROLAND EQUITY EQUITY USD JPY

USD USD EUR USD

r- I

9,436,695 7,532,414 46,902,861 140,216,091 3,776,747,652 20,934,312,265 1,340.880 517.132 7,526,351 45,034,447 2,083,732,408 8,365,275,105

54.429.21 2 185,250,538 5,860,480,060 29,299,587,370

45,275 4,407.1 22 7,562,179 107,091,597 2,702,564,315 ._ -

8,049,546 -.

10,777,575

(42.177) 1 837,212 100,331,663

(3.969) (406.71 5) (28,948,142) 745 18,658 16,341 577,834 21,143,287 229,427,325

(110,349) (1,427,534) (23 740,292) (51,847,334) 31,286 11.052 258 395 1,100.867 2,406,421 402,236,783 (2.878) (12,628) (40,833) (223,860) (9,058,946) (39,177,946)

qo,a4a,o34 7,914,102 59,070,237 194,270,521 6,029,705,648 32,542,790,513

- .-

HSBC Global Investment Funds Ifh

Statement of Net Assets as at 31 March 2006 .- . . . . .

~ . . . . . . .

KOREAN EQUITY PAN-EUROPEAN PAN-EUROPEAN PAN-EUROPEAN USD EQUITY EQUITY HIGH EQUITY SMALLER

EUR DIVIDEND COMPANIES EUR EUR

Portfolio at Cost 133,209:042 454,267,802 77,372,616 60,309,715 19,161,244 Unrealised Appreciation/(Depreciation) 18,820,095 109,500.1 86

87,470,959 Portfolio at Market Value 152:029,137 563,767,988

Cash at Bank 8,483,713 148,842 Bank Overdraft (103,531) (1,390,289) Receivable from Brokers 5,964,419 3,447,495 1,814,138 1,512,973

. . . . . __

. ... ... .- 7,974,540

85,347,164

........

. .~ .- . . . . . . . . . ..

Payable to Brokers Receivable from Shareholders Payable to Shareholders Other Assets Other Liabilities

Total Net Assets -

(2,869.1 96) (25,307,699) (2,557,342) (1.2 1 8,464) 1,072.408 19,321,022 331,747 1,582,397

(3,906,850) (2,316,456) (221,063) (1 -031,528) 448,839 1,935,917 106.569 138,682

(203,869) (701,620) (126,674) (86,162)

88,517,699 . .

. -_ 152,431,357 568,630,360 83,304,250


HSBC Global Investment Funds ._ L-. ..

I

.-- - - -


Freestyle Sub-Funds US INDEX ASIA FREESTYLE

EQUITY USD GBP USD USD USD

- . -. ... .

I SINGAPORE THAI EQUITY UK EQUITY US EQUITY

USD

19 326,898 252,659,955 139,959,666 119,260,392 78,339,150 295,088,612 5,208,311 4,044,353 23 268,032 10,370,334 18,403,562 65,978.646

24,535,209 256,704,308 163,227,698 129,630 726 96,742,7 1 2 361,067,258 . ..

.-

1,406,523 9,190,391

3,066,685 (6.763.875)

41 5.148 3,766,511 (123,587) (4,272,874) 39 430 3,581.707 (30.201 ) (41 1,294)

(90,564) 1 ,I 10,462

644,207 (683,750) 1,724,563 (257,913)

(758,743)

. .

8,447.565 (1 3,127)

(2,691,531) 81,465 7,701,223

(399,767) (28,456) 334.487 94,502 (140,779) (50,621)

14,533,601

8.759.542 (3,954,3 1 0) 445,636

(8,012,587) 2:347,268 (943,804)

26,242,522 264,861,559 164,915,960 137,953,697 101,754,702 374,242,604 .. .

HSBC Global Investment Funds . . . .. ..

Statement of Net Assets as at 31 March 2006 .- -

. . Bond Sub-Funds BRlC FREESTYLE GLOBAL UK FREESTYLEEURO CORPORATE

USD EMERGING GBP BOND MARKETS EQUITY EUR

FREESTYLE USD

- - .. . ...

Portfolio at Cost Unrealised Appreciationl(Depreciati0n)

2,532,108,188 564,l 86,829 13,546,747 46,287,670 696:041,977 9,151,075 1,950,208 (1.504.408)

Portfolio at Market Value 3,228,l 50.1 65 573,337,904 15,496,955 44.783.262

Cash at Bank Bank Overdraft Receivable from Brokers Payable to Brokers Receivable from Shareholders Payable to Shareholders Other Assets Other Liabilities

350,692,978

49:826,050 (1 20.278,493) 53,491,599 (25,530,160) 3,625,956

(162,270:631)

65,426,242

13,886,405 (45,228,228)

(1 36,068) 289,036

(1 :463,947)

54,43a,570

65,241

263,787 (161,435) 24.286

(232,891 ) 78,654

(843,327)

4,506,908

1,037,010 (741,964)

500 (770,088) 1,104,318 (1,319,566)

Total Net Assets 3,377,707,464 660,549,914 14,691,270 48,600,380 -. .


HSBC Global Investment Funds ...

__ ..

Statement of Net Assets as at 31 March 2006 . .-

- EURO CREDIT EURO EURO EURO HIGH YIELD GLOBAL GLOBAL

BOND INVESTMENT INVESTMENT BOND EMERGING INVESTMENT EUR GRADE BOND GRADE EUR MARKETS BOND GRADE BOND

EURCORPORATE BOND USD USD

91,348,968 129,776,335 10,264,645 117,186,977 107.485.270 83,250,885 (2,357,181) (2,757,282) (403,293) 2,879,030 2,798,329 (2,264.708)

80,986,177 88,991,787 127,019.053 9,861.352 120.066.007 110,283,599

3,657.21 2 1 ,I 37.214 173.351 10,884:261 17,123.1 73

2.253:179 800.988 221,754 2,155,305 (1,358,022) (2.148.1 89) (782,146) (270,569) (501,308) (21,893) (9:041,779) 232.153 11,133,966 235,850 1,142,783 6,861 (733,604) (2,262,627) (41 0,051) (646,797) (1,346,314) (1 97,952) 2,254,848 2,261,406 253,013 2,966,523 1,907,178 860,565

(1 00,784) (148.061 ) (177,293) (3,215.364) (297,358) (155,355)

88,081,665

.- .- .. . . EUR

~ . . . . .. ..

. . . . -. . .- ..

.~

(272.685)

. . ..

. ... . 90,422,134 141,727,068 10,644,652 124,271,638 11 9,634,250


I ._

Statement of Net Assets as at 31 March 2006 - b -

GLOBAL INVESTMENT

GRADE BOND (US

USD

Portfolio at Cost 372,554 Unrealised Appreciation/(Depreciation) (5,695)

Portfolio at Market Value 366,859

Cash at Bank 156,348 Bank Overdraft Receivable from Brokers Payable to Brokers (39,920) Receivable from Shareholders 16,694 Payable to Shareholders (43,075) Other Assets 2,422 Other Liabilities (6,082)

Total Net Assets 453,246

DOLLAR-HEDGED) .-

__ ~ _ _

PAN-EUROPEAN GOVERNMENT

BOND EUR

STERLING US DOLLAR HIGH INVESTMENT YIELD BOND

GRADE BOND USD GBP

1 17,024,137 (2,682,373)

20,931,147 4,989,161 (1 39,935) 73,906

114,341,764

1,063,735

. 20:791,212 5,063,067

657,714 6,186

133,500 (144,700) 602,691 72,794

(344,208) (22.71 3)

(264,173) 2,426,413 251.942 104,453

(1 67,618) (1,096)

117,815,022 21,583,331 5.1 72,610 . _.

The accompanying notes form an integral part of these financial statements

HSBC Global Investment Funds .- .~ --


. . ... .~ Reserve Sub-Funds Other Sub-Funds US DOLLAR EURO RESERVE US DOLLAR TURKISH

INVESTMENT EUR RESERVE CONVERGENCE GRADE BOND USD EUR

USD

50.1 96,445 44,397,674 22,296.824 62,444,252 (734,504) 53,579 93:065 1.489.447

I 49,461,941 44,451,453 22,389.889 63,933,699

3,180,534 5.052,89 1

166,502 (3,970,465) (1,995.917)

87.653 164,402 (369,029) (42.053) 388,434 61.981

(1 :979,698) (31,472)

478 193 4,382,901

2,863,649 (2,040,409)

588,569 531.707 (245,768) (2,846,045)

2,668 660.1 18 (540,722) (1 02,606)


- .

b Key Figures as at 31 March 2006

Equity Sub-Funds CONSOLIDATED ASIA EX JAPAN ASIA EX JAPAN-. ASIA PACIFIC EX

USD EQUITY EQUITY SMALLER JAPAN EQUITY USD COMPANIES HIGH DIVIDEND

USD USD

CLASS A C (see note 3) Number of Shares Outstanding N!A 6.607 710.303 78 461.751 2,212.816 649

NiA 35 98 21 57 11 71 Net A s s e t v a l u e per Share . . .

CLASS A C H

Net Asset Value per Share

CLASS A D Number of Shares Outstanding NiA 7.648,189 308 1 394,527.948 13,533.872.140

11.21

(see note 3) Number of Shares Outstanding NIA 1,492.816.255 NIA NiA

N:A 15 54 N:A N 'A - . . . . .

(see note 3)

. Net Asset Value per Share NIA 34 42 21 17

Net -. . Asset . . . . Value per Share -- .. .. .....

CLASS A D H (see note 3) Number of Shares Outstanding N 'A NIA NIA NiA

N 'A N!A N!A - N:A

CLASS E C (see note 3) Number of Shares Outstanding N:A N,A N 'A NIA Net Asset Value per Share NiA N:A NIA N:A

CLASS E D Number of Shares Outstanding NiA 127 467 036 NiA NiA

NIA Net Asset Value per Share

CLASS I C Number of Shares Outstanding N!A 196,609.570 N!A NIA

34.59 N:A N!A Net Asset Value per Share

CLASS I D

Net Asset Value per Share NIA 34.59 NIA 11 44

CLASS J 1 C Number of Shares Outstanding NIA N:A NIA NiA Net Asset Value per Share NiA N ,A N:A N:A

CLASS M 1 C

. . . .

(see note 3)

. - N:A 33.97 N:A - . ....

(see note 3)

... .- N:A

. . .

(see note 3) Number of Shares Outstanding NiA 127 269.642 NiA 1.274,OOO.OOO

...... - ...

(see note 3)

...

(see note 3) Number of Shares Outstanding N:A NIA N;A NiA Net Asset Value per Share NIA NiA NIA N 'A

CLASS M 1 D Number of Shares Outstanding NiA NIA NiA NiA Net Asset Value per Share - NIA NIA N!A N!A

CLASS M 2 C Number of Shares Outstanding N 'A NIA N!A N!A Net Asset Value per Share N!A NIA N:A N:A

Number of Shares Outstanding N !A NiA N!A N:A Net Asset Value-per Share NiA N:A NiA N,A

Number of Shares Outstanding NiA NiA NIA N!A Net Asset Value per Share N:A NIA NiA NiA

Number of Shares Outstanding N !A N 'A NIA NiA

N :A NiA NIA Net Asset Value per Share

(see note 3)

(see note 3)

. .

CLASS M 2 D (see note 3)

. . -. .... .

CLASS P C (see note 3)

CLASS P D (see note 3)

. -. ...... NiA

CLASS W C (see note 3) Number of Shares Outstanding NiA NIA N:A N!A Net Asset Value per Share N 'A NIA N!A N,'A

Number of Shares Outstanding NIA 1,152 114.922 N 'A N!A Net Asset Value per Share N!A 37.00 N!A N/A

Number of Shares Outstanding N!A NiA NiA N:A Net Asset Value per Share N:A N:A NiA NIA

CLASS 2 C (see note 3)

-.

CLASS Z D (see note 3)


.- .. ......... _ -. ........ -. .

Key Figures as at 31 March 2006 . . .

.-

BRAZIL EQUITY BRlC MARKETS CHINESE EQUITY EMERGINGEUROLAND EQUITY EUROLAND VALUE USD USD USD EUROPE EQUITY EUR C RE AT1 ON

EUR EUR

.~ _. .

9 5a2.542 368 N:A IO 591.698 922 1 221.896.880 a.342,350 l o a N'A 23 a0 NiA 47.04 13.07 29.99 N 'A

I NiA N'A NiA N 'A NIA NiA NiA N 'A NiA N 'A NIA NIA ~- ~

4,023,422,842 N,'A 46,410.324 4H1 76.606 249 I 388,575 356 N'A 23 7a N 'A 46.70 13.07 29 92 NiA

...

N:A NIA N:A NIA NiA N'A N 'A NiA N'A NIA NiA NiA -. . . . . .

4 608.864 NIA 368,679 773 NIA N:A NIA 23.79 N 'A 46.79 NiA NiA N!A

....

N'A N 'A N 'A N 'A a . 4 7 1 . 2 ~ NiA N:A N.A N!A N:A 29 81 NiA

I 469 745 144 N 'A 3 135 805 910 235 000 000 N:A N!A 23 82 N 'A 47 31 13 10 N'A NIA -~

80,060.825 N 'A 41,011 251 N'A NiA NiA 23 a2 N.A 47 31 N!A N 'A NiA

~

N 'A N.A N 'A N 'A NIA NiA N,A N:A NIA N 'A N:A N!A

I - ~

NIA N 'A NIA N'A NIA 2066107427 N 'A N.A N 'A N 'A NIA 13 18 .- -.

NiA N,A N,A NiA N!A 126,506 a45 N'A N 'A NiA N,A NiA 13 19 _ _

NiA NiA N,A N,A NiA N'A N!A N 'A NIA N 'A N'A NiA -.

N'A N 'A N,A N'A NiA NiA N!A N 'A N'A N'A NIA NIA - ~~ ........

N'A N'A

N 'A N!A

NiA NiA

NiA N 'A

NiA NiA

N!A N!A

N,A N 'A N,A N,A NiA N'A N!A N 'A N'A N 'A NIA NiA _. ...

N'A N 'A N,A NiA NiA N:A NiA N,A N!A N:A N'A NIA

576,781 259 13 350.544.000 481 380.300 749.500.000 31,154 984 NiA 24 49 16.75 47.06 13.25 31.47 N IA . . ... - . _. ... . .

N:A NiA

NiA 752.389 225 NIA 47.06

N:A N,A

N 'A N:A

NiA N 'A

HSBC Global Investment Funds ..

-_

Key Figures as at 31 March 2006 . . -

..

- .... -_ ..... ._ .-

SUSTAINABILITY EUROPE EX UK GLOBAL GLOBAL EQUITY , LEADERS EQUITY EMERGING USD

EUR MARKETS EQUITY USD

EUR

.. . I CLASS A C (see note 3)

424.324.512 Number of Shares Outstanding NiA 210.037 332

Net Asset Value per Share . NiA 20 05 14 08 24.66

Number of Shares Outstanding NiA N 'A NiA N!A Net Asset Value per Share N 'A N iA NIA NiA

746.492 626

. . .-- __ CLASS A C H (see note 3)

CLASS A 0 (see note 3) Number of Shares Outstanding N!A 5 537 833.212 15,497,638 646 4,622.348.506 Net Asset Value per Share .. NiA 19.94 14 01 24.66

Number of Shares Outstanding NiA N!A NiA N:A NiA NiA N IA NiA

. - CLASS A D H


CLASS E C


CLASS E D

(see note 3)

. ..... . .

(see note 3) Number of Shares Outstanding N:A N 'A 379,239 034 N!A

NIA N:A 13.65 N:A . .

(see note 3) Number of Shares Outstanding NIA NiA 3 769 746 NIA

N!A Net Asset Value per Share N/A N!A 13.65 . . . - -. . .

CLASS I C Number of Shares Outstanding NIA NIA N:A N!A

N/A N/A NiA NiA Net Asset Value per Share

CLASS I D

(see note 3)

. .. - (see note 3)

Number of Shares Outstanding NIA N/A NiA NIA I Net Asset Value per Share N!A NiA N!A NIA

CLASS J 1 C Number of Shares Outstanding NiA N:A NIA NiA

NIA NiA N!A NIA Net Asset Value per Share

CLASS M 1 C


CLASS M 1 0

(see note 3)

...

(see note 3) Number of Shares Outstanding 48,000 000 N 'A NiA NiA

10.84 N!A NiA NiA . .- .. . .- .. . .

(see note 3) Number of Shares Outstanding 058.326 782 NIA N;A N!A Net Asset Value per Share 10.85 N:A NIA NiA

CLASS M 2 C Number of Shares Outstanding N:A N!A NiA N:A Net Asset Value uer Share NIA NIA N:A NIA

_- .. ..

(see note 3)

CLASS M 2 0 Number of Shares Outstanding

CLASS P C Number of Shares Outstanding Net Asset Value per Share

CLASS P D Number of Shares Outstanding Net Asset Value per Share

CLASS W C Number of Shares Outstanding Net Asset Value aer Share

(see note 3)

Net Asset Value per Share .. ..

(see note 3)

(see note 3)

(see note 3)

N:A NiA

NiA N!A

NIA N 'A - _

N!A NiA

N!A NiA NiA , N,A NIA NiA

.- . -. -.

NiA N!A NIA N!A NiA NiA .-

NIA N!A

N!A N/A

N/A NiA

NiA N IA

N!A N:A

N:A NIA

CLASS 2 C Number of Shares Outstanding N:A N/A NiA NiA Net Asset Value per Share N/A N:A N 'A NIA

(see note 3)

CLASS 2 D (see note 3) Number of Shares Outstanding NIA NiA N:A 1,531,925 972 Net Asset Value per Share NIA NIA N,A 26 44

HSBC Global Investment funds . ..

.. ......... .... . .

Key Figures as at 31 March 2006 . . . ................

GLOBAL EQUITY GLOBAL EQUITY GLOBAL EX HONG KONG INDIAN EQUITY JAPANESE EQUITY SRI TECHNOLOGYEUROLAND EQUITY EQUITY USD JPY

USD US0 EUR USD

........... . . . -~ . . ............. ....

1.417,364.921 9,938.65

11 .I 19.347 33.267 899 989 020.187 141.260.348 10.933.407.837 21.17 21.17 77.94 120.49 .- .- 13.59 ..

N:A NIA NiA NIA NIA NIA N 'A NIA NIA NIA N/A NiA .. ...... ...

4 175 063 1,955.596.033 13 59 3 55 I - - - - -

879 393 64 730 325 36 595.552 553 21 17 76 a3 120 49 ...

219,376.395 1.482 43

I N:A NIA NIA N 'A NIA NIA NIA N/A N:A NIA NIA N /A

---

N!A N:A NiA NIA 435,150 009 220,699 763 NiA NiA NIA N 'A 11872 1,455 23 .-

51,624.656 1 455.23

NiA 79 500.000 NiA NIA NIA NIA 3.46 N 'A N!A NIA

~ -~ ....... . . . . . ......

N:A NiA NiA NiA 1.922861 216 NIA NIA N /A NiA N'A N!A 123 69 ._ -. .- _- .....

NiA NiA N!A N:A 29.099.01 9 NIA 123.69 NiA N/A N:A NiA .... NIA . . . . ...

NiA NiA NIA N'A NIA NIA N:A N 'A NIA NIA NIA

-. ... ........... -- .... NiA

NIA NIA NIA N:A NiA N/A N!A N!A NIA N/A N/A N/A ....

I NIA NIA N:A N!A N/A NIA

NIA NiA NiA NiA N/A NIA ~ . . .

N:A N!A NiA NIA NIA NIA N:A NiA NIA NiA NIA N!A . . . - . ....

NIA N/A NiA NiA NIA NIA N:A N:A NiA NiA NIA NIA ... . . . . . . . . . .

N:A N/A NiA NiA N 'A 240 822 351 NiA NIA NIA N/A 9 876 68 NiA -

NIA NiA NiA 2 311 588 190 N/A 8,728 387 189 N IA NIA N:A 75 70 N/A 1 507 99 ..

7 221 463 NIA N:A NiA NIA NIA 13 92 NiA N 'A N 'A NiA N 'A

.- . -

760 200 502 N:A 1 716 664 564 NiA N/A 219 540 000 13 86 NiA 22 21 NIA N/A 9 992 50 -

NiA NIA

NiA N 'A

HSEC Global Investment Funds

NIA 40 178 875 81 210 754 N!A 77.42 121 42

NIA NIA

.. -

Key Figures as at 31 March 2006 _. . -.

Bond Sub-F& BRlC FREESTYLE GLOBAL UK FREESTYLEEURO CORPORATE

USD EMERGING GBP BOND MARKETS EQUITY EUR

FREESTY LE USD

-

CLASS A C Number of Shares Outstandino

(see note 3) NIA NIA N:A 129.850 000

Net Asset Value per Share NiA NiA N/A 10 08 ............

CLASS A C H (see note 3) Number of Shares Outstanding N'A N'A NiA NIA

NIA NIA NiA NIA Net Asset Value per Share .. .- . .

CLASS A D (see note 3) Number of Shares Outstanding N:A N/A N IA 4.818 334.613

Net Asset Value per Share NiA N/A N/A 9.82 ~ . -

CLASS A D H (see note 3) Number of Shares Outstanding N/A N:A N'A N/A

Net Asset Value per Share NiA N iA N!A N/A ....

CLASS E C (see note 3) Number of Shares Outstanding N IA NIA NiA N/A

Net Asset Value perSJare N'A N'A NIA N!A

Number of Shares Outstandina NIA NIA NIA N!A

............. .....

CLASS E D (see note 3)

NIA NIA NIA N!A Net Asset Value per Share -- -

CLASS I C Number of Shares outstanding

(see note 3) N:A N/A N 'A NiA N:A N:A N/A NIA Net Asset Value per Share ... ..

CLASS I D (see note 3) Number of Shares Outstanding N/A N/A

N/A Net Asset Value per Share -_ N/A

CLASS J 1 C (see note 3) Number of Shares Outstandina 68 453.761 604 NIA

N 'A NIA

N:A NiA

NIA N/A Net Asset Value per Share 12 57 NIA NIA N/A

CLASS M 1 C Number of Shares Outstandina

(see note 3) 8.755,679.833 65,283,932 637 NiA N/A

Net Asset.Value-ppyShare 17 70 10 11 NiA NIA ........ ...

CLASS M 1 D Number of Shares Outstandina

(see note 3) NIA 43,828.544 1.203 41 1.701 N!A

Net Asset Value per Share. NIA 10.11 12.21 NIA .......

CLASS M 2 C (see note 3) Number of Shares Outstanding 117.lA2.033.369 N!A NIA NIA

N!A ~ ._ . 16.98 NiA NIA Net Asset-Value per Share . .


CLASS M 2 D (see note 3) Number of Shares Outstanding 21.988,711.874 NIA NIA N IA

1695 NIA NIA N!A ....

CLASS P C (see note 3) Number of Shares Outstanding NiA NIA N/A NIA Net Asset Value per Share N'A N IA N/A NIA

Number of Shares Outstanding N/A N 'A NIA N/A NIA N'A NiA


__ . NIA Net Asset Value per Share


Net Asset Value per Share .- ... N'A ....

....

CLASS W C (see note 3) Number of Shares Outstanding NiA NIA NIA N:A

NiA ..... . . NiA NIA NIA

. .

CLASS Z C (see note 3) Number of Shares Outstanding NIA N/A N/A NIA

NIA ~ . . N/A N:A

CLASS 2 D (see note 3) Number of Shares Outstanding NIA N /A NIA N/A

Net Asset Value per Share NIA N IA NIA N/A

HSBC Global Investment Funds -. -. . .... L

I

-

Key Figures as at 31 March 2006 ..-. ~ - p i - - ..

-~ EURO CREDIT EURO EURO EURO HIGH YIELD GLOBAL GLOBAL

BOND INVESTMENT INVESTMENT BOND EMERGING INVESTMENT EUR GRADE BOND GRADE EUR MARKETS BOND GRADE BOND

EURCORPORATE BOND USD USD

7

EUR - -

4.450 727 473 6 394.107 633 1 250 300 5.Y25.324 477 428,481 361 15 958 445 16 99 16 72 i o a i 20 30 18 59 13 29 . . r-

N/A NIA N:A NiA NIA NiA I- N/A NiA N'A NIA NIA NIA ..-. .... .

14 329.117 2,994.452 572,684 000 12,226.058 4,004,929 994 6,852.835.765 I... 15 05 15.97 9.76 17.67 15.76 12.82 . ..

NiA N;A NiA NIA N/A N!A NiA N!A N:A NIA NIA N/A

I

__ -- N/A NiA NiA NIA NIA NIA

NIA N;A N:A N:A NiA ..

NIA ._ . . . ..

NIA NiA NIA NiA NIA NIA NiA N/A N!A N:A NiA NIA .- -

70L.828 164 2.051,220.796 N!A 136.399.153 90,000.000 N/A 17.30 16.95 NiA 20 73 18.60 N/A

7- .. ~.

NIA NIA NiA NiA NiA NIA NIA NIA N iA NIA N/A N!A

I

.

NiA N:A NiA NiA N/A N iA N/A N/A N!A NiA N!A

... N!A ---

NiA N:A N /A NIA N!A NIA NIA N/A NIA N/A NIA NIA

. .. . - .. . .

1 . N/A N!A N:A N,'A NiA NiA NIA .. NiA NIA N/A N/A N/A

I NIA NIA N/A N/A NIA NIA

N/A NIA N'A NiA N/A NIA . . .. . ..

NiA N:A N/A NIA N/A NiA N/A NIA NiA N!A N/A

.. N/A ... _ .

NIA N/A NiA N/A N/A N/A N,A NIA NiA N:A N/A N/A _ _

N/A N,A NiA NiA NIA NiA N:A NIA N/A N:A NiA NIA

NiA N/A N:A N:A NiA N:A NIA NiA NiA NIA N/A N/A

47,722.501 1.750 010 499,500.000 45.538 385 2,492.464.816 NIA ~. 17.22 17.15 .. . 10 09 20.63 18.81 NiA

94,243.949 16 77

N/A NiA

NIA NIA

N:A NIA

N/A N/A

N/A NiA


-.

Key Figures as at 31 March 2006 c-- . ....

~. .... .- . . ._ ....

GLOBAL PAN-EUROPEAN STERLING US DOLLAR HIGH INVESTMENT GOVERNMENT INVESTMENT YIELD BOND

GRADE BOND (US BOND GRADE BOND USD DOLLAR-H EDGED) EUR GBP

USD ~ ...... ..... ... -

CLASS A C (see note 3) Number of Shares Outstanding 22 012 185 5.684.902.317 0.724 500.000

15.97 lfi 49 5.69 10.31 - ... Net Asset Value per Sha[c-

~. Net Asset Value . . . per Share . -. . . . . . .

.

CLASS A C H (see note 3) Number of Shares Outstanding NIA NIA NIA NiA

NIA NIA N/A NIA

CLASS A D (see note 3) Number of Shares Outstanding 6.91 5.71 1 75 999.536 N:A NiA NKAsset Value per Share 14.71 13.15 N/A N:A ,

CLASS A 0 H Number of Shares Outstanding N'A NIA NiA N!A '

. . .

(see note 3)

NIA N 'A N'A N!A ..... Net Asset Value per Share ...

CLASS E C (see note 3) Number of Shares Outstanding NIA NiA NiA NiA

N!A NiA NIA NiA Net Asset Value per Share .. ....

CLASS E D (see note 3) Number of Shares Outstanding N/A NIA N!A N'A

N!A Net Asset Value per Share N/A N!A N/A . .- .....

CLASS I C (see note 3) Number of Shares Outstanding N/A 1,115 526.800 N!A N!A

Net Asset ValuepelShare NiA 16.72 N 'A N!A

Number of Shares Outstanding NiA 297.136.056 N'A NIA , CLASS I D (see note 3)

N:A .- . . 14 92 NIA -. Net Asset Value per Share - - - N'A ..


CLASS J 1 C (see note 3) Number of Shares Outstanding NIA N/A N'A N'A

N/A NIA N/A N!A

CLASS M I C Number of Shares Outstanding N IA N:A N/A N/A

N IA N:A NiA NiA Net Asset Value per Share CLASS M 1 D Number of Shares Outstanding NIA NIA NIA NIA Net Asset Value per Share NIA NIA NIA NIA

CLASS M 2 C Number of Shares Outstanding N/A N'A NIA NIA Net Asset Value per Share N/A N!A N!A N!A

Number of Shares Outstanding NIA N/A NiA NiA Net Asset Value per Share NIA NIA NIA

Number of Shares Outstanding NiA N!A NiA NiA Net Asset Value per Share .- NIA NIA NiA NIA

Number of Shares Outstanding NIA N/A 3.835 064.683 NIA Net Asset Value per Share .- N/A N:A 5.63 NiA

Number of Shares Outstanding NIA N 'A N!A N:A Net Asset\lalue per Share NiA NIA NIA N 'A

Number of Shares Outstanding N/A N!A N:A 499,500.000 10 35

. . .....

(see note 3)

. . -.

(see note 3)

.....

(see note 3)

. . ....

CLASS M 2 D (see note 3)

NIA ' .. ~ .. -

CLASS P C (see note 3)

.. ...


I CLASS W C (see note 3)

....

CLASS Z C (see note 3)

NIA .. NiA .... NIA Net Asset Value per Share-... ...

CLASS Z D (see note 3) Number of Shares Outstanding N/A N/A NIA N:A

Net Asset Value per Share NIA N!A NiA N:A

---- HSBC Global Investment Funds

..

Key Figures as at 31 March 2006 . .

... -. Reserve Sub-Funds Other Sub-Funds US DOLLAR EURO RESERVE US DOLLAR TURKISH

INVESTMENT EUR RESERVE CONVERGENCE GRADE BOND USD EUR

USD

98.651 004 3 009.457 975 755 247 547 4 195.836 053 1 1 68 1566 1567 14 98

I N!A NIA NIA NiA NiA NiA u:A NiA -

445 469 581 35.628 424 I i ,088 973 301.951 087 10 32 15 03 7 82 14 98 I

N/A NiA

N 'A NiA

NIA N!A

N:A NIA

N 'A N 'A NiA N 'A NIA N 'A NIA N:A

. _.

NiA NIA N!A NiA N 'A NiA N,A N 'A

NIA NiA NIA N ,A N:A N!A NIA N:A

~ _

N'A NiA N!A NiA N:A NIA N:A NIA

N 'A N,A NIA NiA NIA N!A NiA N 'A

NiA NiA N 'A NiA N:A NiA N IA

.~ NiA -. .. ............

NiA NiA N 'A NiA NiA N:A NiA N IA -. .. ............

NIA N,A u 'A NiA NiA N:A UIA N:A

NIA N!A

NiA NiA

NIA N:A

N:A NIA

...

NIA NIA N!A N/A NiA N IA N;A NIA

NiA N:A NIA N:A NIA N 'A N:A NIA

3.671 528 041 NIA 1.316 931.482 NiA 10.08 NiA 8.16 NiA -. ... .... .............

N:A NIA N:A NiA NIA N!A NIA NIA __ . -

357 261 000 N:A NiA NIA N'A __ 1 1 75 NiA NiA ~_

NiA NIA

N!A NiA

N:A NIA

NiA N!A

HSBC Global Investment Funds .........

. ~ - -


for the year ended 31 March 2006

__ -. .-- - -

~ . . . . . . . . ....

~ - - _

Net Assets at the Beginning of the Year

INCOME ._

Investment Income Bank Interest

Equity Sub-Funds

CONSOLIDATED ASIA EX JAPAN ASIA EX JAPAN USD EQUITY EQUITY SMALLER

USD COMPANIES USD

.... _ _

8,9a8,748,819 354 ~ 554,804 32,023.474

285,568,060 10,869,064 15,420,844 506,951

806,646 27,489

...

ASIA PACIFIC EX JAPAN EQUITY ' HIGH DIVIDEND

USD

I 234,747,567

.. -

14,383:927 '

163,535

300,986,904 11,376.015 834.135 14,547,462 Total Income

EXPENSES

Management Fees (note 4.2) 158,709,172 160,458,202 Performance Fees (note 4.3)

Operating, Administrative and Servicing Fees (note 4.4) 48,303,308

826.457 Bank Interest Paid

Total Expenses 368,297,139

(67,308,235) Net Investment Profit/(Loss) Realised Profit/(Loss) on Sale of Investments 1,488,462,013

Realised Profit/(Loss) for the Year before Foreign Currency Movement 1:421,153,778

.... .....

...

6,507,311

1,616,823 1,410

8,125,544

3,250,471

54,204,361

492,695

114,962 435

608,092

226.043

-. ...

6,243,660

57,454.832 6,469,703

3,547,688

831,101 18,181

4,396,970

10,150,492

12,531.877 .

22,682,369

Profit/(Loss) on Foreign Currency (33,328,722) (2,338,727) (1 33.81 5) (1,053,778) Change in unrealised appreciationl(depreciati0n) of investments. futures and forward exchange contracts 3.418,768.009 73,834,150 1,236,096 11,313:415

Change in Total Net Assets as a Result of Operations 4,806,593,065 128,950,255 7,571,984 32,942,006

Proceeds on Issue of Shares 11,720,460,103 31 3,905,054 9,517,010 96,967,562 Payments on Redemption of Shares (5,943,983,707) (213,556,299) (17,670,905) (162,995,270) Dividends Paid (56,718,691 ) (1 -504,626) (222,293) (9,540,858) Currency Translation (260,722,972)

Net Assets as at 31 March 2006 19,254,376,617 582,349,i aa 31,219,270 192,121,007

-. . .. _ .... ...

. . . . . . . . . . . . . . .


HSBC Global Investment Funds ........ -. -. A -

- -

Statement of Operations and Changes in Net Assets .-

..... -

BRlC MARKETS CHINESE EQUITY EM ERG I NG EU ROLAN D EQU ITY E U ROLAN 0 VALU E USD USD EUROPE EQUITY EUR CREATION

EUR EUR

- 7 -----

I 39.1 99,791 1,545,556,575 50,171,277 5,702,275 . . ....

4,034 868 586,532 49,156.51 9 50.1 11 2,066,550 186,107 416,666 5.783 3,067,503 16.296 15,881 851

4,451.534 592,315 52,224,022 66,407 2,082,431 186,958 .- .-

. -. I _- ~

1,814,269 607,040 27,623,625 79,625 2,458,117 163,519 100,255

493.41 5 153 913 7,434,254 38,692 638,006 47,673 3,409 18,492 2,633 1,577 54,589 3,362

314,809 2.31 1,093 779.445 35,060,512 119.894 3,150.71 2

2,140,441 (187,130) 17,163,510 (53,487) (1,068,281) (127,851)

1,107,596

.. -.

- 35 806,659 684,735 186,643,668 557,553 20,930,450

979,745

597,255 (5,692,949) (1 09,095) (22,017 j 251 -

37 947,100 497.605 204,007,178 504.066 19,862,169 ....

37,221,496 35,575,761 476,727,384 3,298,048 36,845,820 3,245,892 .

36.670.621 675,041,613 3,693.019 56,685,972 4,225.888 -. ....... . ...

72,645,829 .....

-. ........ .....

417.71 1,587 205,924,373 1,459,519.297 27,260.848 315,391 .I89 27,903.1 12 (1 78,443,051 ) (19,021,049) (778,412,288) (970,303) (1 29,326,415) (8,928,563)

( 12,078) (10,698,324)

351,102,078 223,573,945 2,891,006,873 .....

29,983,564 292,922,023 28,902,712


. ._ ~ .



~- SUSTAINABILITY EUROPE EX UK GLOBAL GLOBAL EQUITY

LEADERS EQUITY EMERGING USD EUR EUR MARKETS EQUITY

USD

114,215,570 134,372,978 144,629,801 Net Assets at the Beginning of the Year

INCOME Investment Income Bank Interest

.-

42,110 2,692,595 4 . 2 7 9 . m 2.106,312 3,924 31,197 145,702 252,276

46,034 2,723,792 Total Income

EXPENSES Management Fees (note 4.2) Performance Fees (note 4 3) Operating, Administrative and Servicing Fees (note 4 4) 8,034 488,591

1,665 1.924 Bank Interest Paid

75.794 2,175,590 Total Expenses

33,472 1,685,075 32,623

~ .-.

2.545.847 1.670,634

688,058 551,066 64,731

3,245,263 2,286,431 -. .-

11,358

(29,760) 548,202 1,180,422 72,157

26.633,933

Net Investment Profit/(Loss) Realised Profit/(Loss) on Sale of Investments 27,460 13,545,732 35,567,750

Realised Profit/(Loss) for the Year before Foreign Currency Movement (2,300) 14,093,934

Profit/(Loss) on Foreign Currency Change in unrealised appreciation/(depreciation) of investments, futures and forward exchange contracts 745,836 16,418,307 32,580,056 6,103,481

_ _ ~. . ..... -. .~ .. . . . . . .

36,748,172 26,706,090 I ........ . . -. ~ .

2.1 15 (17,886) (584,567) 155,881

Change in Total Net Assets as a Result of Operations 745,651 30,494,355 68,743,661 32,965:452

_ __ _ 9,084,671 34,036,886 71,053,194 28,418.992 Proceeds on Issue of Shares

(63,780,004) (41,170,447) (40,721,590) Payments on Redemption of Shares

Dividends Paid (310,598) (1 98 879) (320,498) Currency Translation

Net Assets as at 31 March 2006

I

._. __ .- I

9,830,322 114,656,209 232,800,507 164,972,157



.. ..

Statement of Operations and Changes in Net Assets ._ . ._ -

_.

7- GLOBAL EQUITY GLOBAL EQUITY GLOBAL EX HONG KONG INDIAN E ~ U I T Y JAPANESE EQUITY SRI TECHNOLOGYEUROLAND EQUITY EQUITY USD JPY

USD US0 EUR USD

. -. . .

1 1,695,185 9,044.946 93,199,546 179,118,104 2,763,872,800 14,660,516,179 -

234,805 138,525 786,647 6,301 -602 66,181,119 250,810,107 1,843,382

237.770 139,221 1,069.860 6,532,807 68,772,798 252,653,489 .-

2,965 696 283,213 231,205 2,591,679

.-.

193 127,225 361,639 1,867,766 58,963,358 243,254,29a

r

..

30,853 31,238 188.906 643,716 18,163,783 70,368,076 I ,603,893 .. ~

344,924

31,292 158,532 581,106 2,512,425 77,472,065 .-.

246 69 30,561 943

31 5,226,267

206,478 (19,3i 1 ) 488.754 4.020,382 (8,699,267) (62,572,778)

--

1,319,213 376.856 4,234,838 22.81 6,837 71 3.1 46,251 1,662,976,549

1,525,691 357,545 4,723.592 26.837.219 704,446,984 1,600,403,771

(5,194) (2.556) 230,292 (469.498) (8,225,189) (39,290.493)

646,446 _ _ 9,531.796 .

327,439

2,166,943 682,428 14,485,680

285,906 5,898,940 7,056,557 (3,300.000) (7,712,212) (55,671,546)

~

59,070,237 _- ..

10,a4a,m4 7,914,102 .

14,770,294 1,618,538.369 7,351,192.036

41,138,015 2,314,760,164 8,912,30531 4

59,337,274 1,762,571,941 25,471,354,034 (82,837.244) (81 1,499.257) (16,501,385,014) (2,485,628)

6,029,705,648 32,542,790,513 -

194,270,521

HSBC Global Investment Funds .. ...



-- . -

~

KOREAN EQUITY PAN-EUROPEAN PAN-EUROPEAN PAN-EUROPEAN USD EQUITY EQUITY HIGH EQUITY SMALLER '

EUR DIVIDEND COMPANIES

. . . . . . . . . . -

Net Assets at the Beginning of the Year


Total Income

EXPENSES Management Fees (note 4.2) Performance Fees (note 4.3) Operating, Administrative and Servicing Fees (note 4.4) Bank Interest Paid

..... . .

- ..

EUR

497,242,491 76,520,434 .-

596,976 12,944,806 1,726,561 31,484 72,176 44,617

628,460 13,016,982 1,771,178

624,724 5,552,117 805,477

179,692 2,181,653 194,547 875 1,918 74,296

EUR

I 60,907,458

.- -

1,321,534 '

57.482 ,

1,379,016

634.978

234,753 30.875

. . .

805,291 7,735.688 1,074:320 900,606 Total Expenses

(1 76,831 ) 5,281,294 696,858 478,410 Net Investment Profitl(Loss) Realised Profit/(Loss) on Sale of Investments 7,140,102 33,619,335 7,864,832 14,891,079

Realised Profit/(Loss) for the Year before Foreign Currency Movement 6,963,271 38,900,629 8,561.690 15.369,489

(1 67,210) (24,277) 16.846 (158.703) Profit/(Loss) on Foreign Currency Change in unrealised appreciationl(depreciati0n) of investments, futures and forward exchange contracts 18:820,095 89,404,257 5,947,214 13,405,592

Change in Total Net Assets as a Result of Operations 25,616.1 56 128.280.609 14,525,750 28,616,378

188,274,272 238.642.577 83,236,683 52,080,343 Proceeds on Issue of Shares

(61,459,071) (289,556,819) (90.978.61 7) (53.086.480) Payments on Redemption of Shares Dividends Paid Currency Translation

Net Assets as at 3 IMarch 2006

.-. .....

-. ~ ...

.. ....

-. .... .

.. - .. . ....

(5,978.498)

.

83,304,250 88,517,699 .- - ...... .... ..

152,431,357 568,630,360



- ._ _ .-

Statement of Operations and Changes in Net Assets ._ .. .

Freestyle Sub-Funds

SINGAPORE THAI EQUITY UK EQUITY US EQUITY US INDEX ASIA FREESTYLE EQUITY USD GBP USD USD USD

.- .

USD

20,725,989 213,816,074 28,272,884 125,053,186 94,645,332 500,750,024

1,527.221 9,838,277 3 575,103 1,951 ,I 19 1531 602 11,91 8 235 750,745

1,566,987 10,124,269 3 598,330 2,169,164 1 535,453 12,668,980

- 39,766 285,992 23,227 218,045 3,851 __ . __ _.. _ - L-

I-

220,964 3,647,027 1,333,819 1,476,131 363,035 8,412,535

82,935 876.908 320,933 495,082 278,808 1,933,263 256 1,658 1,255 9,221 315 501

304,155 4,525,593 1,656,007 1,960,434 642,158 10,346,299

1,262,832 5.598.676 1,942,323 188,730 893,295 2,322,681

.

1,589,905 (4,001.878) 8,346,954 4.548 620 2,047,085 33,072,187 7

10,289.277 4,737,350 2,940.380 35,394.868 . . . -.

1,596,798 _ 2,852,737

(122,204) (611 686) (7,167) (4.81 2,350) (103,001) (2,054,378)

2,961.549 23,294,956 19,505.01 7 7,442.644 6,809.648 40,065 751 . .. ~-

73,406,241 ...

5,692,082 24,280,068 29,787,127 7,367.644 9,647,027 ... -

20,342,143 275,131,247 170,003,312 152,995,147 27.667.587 251,010,638 (20.1 93,594) (247,349,267) (60,649,418) (1 47,438,068) (29:544,220) (450,924,499)

(324:098) (1,016,563) (2,497,945) (24,212) (661,024)

- ._

26,242,522 264,861,559 164,915,960 137,953,697 101,754,702 374,242,604




._

Bond Sub-Funds

BRlC FREESTYLE GLOBAL UK FREESTYLEEURO CORPORATE USD EMERGING GBP BOND

MARKETS EQUITY EUR FREESTYLE

USD

Net Assets at the Beginning of the Year 155,889,576 INCOME Investment Income Bank Interest

Total Income

14,743,115 14,380 295,231 1,838,352 4,256,867 274,769 3.641 51,696

18,999,982 289,149 298,872 1,890,048 EXPENSES Management Fees (note 4.2) Performance Fees (note 4.3) Operating, Administrative and Servicing Fees (note 4.4) Bank Interest Paid

11,569,899 150,280 157,628,673 1,227,624

99,899 350,021 826.508

4,839.040 60.112 34,940 129,444 1,274 71 1 2

Total Expenses 174.03a.aa6 i.43a.016 962,058 479,467

(155,036,904) (1,148,667) (663,186) 1.41 0 581 Net Investment Profit/(Loss) Realised Profit/(Loss) on Sale of Investments 183,606,139 358,821 1,299,966 (480,036) Realised Profit/(Loss) for the Year before Foreign Currency Movement 28,567,235 (790,046) 636,780 930,545

~_

(3,460,224) (970,803) 4,152 (142) Profit/(Loss) on Foreign Currency Change in unrealised appreciationl(depreciati0n) of investments, futures and forward exchange contracts 701.087,106 9,1251 43 1,946,560 (1,504,048) Change in Total Net Assets as a Result of Operations 726,194,117 7,364,294 2,587.492 (573,645)

_. __ .~ ... .

-

3,188,615,333 653.331.9a4 15,247,674 65,522,038 Proceeds on Issue of Shares

Payments on Redemption of Shares (692,991,562) (146,364) (8,293,670) (1 5,086,660) Dividends Paid (1 59.202) (I ,261,353) Currency Translation

~. ...

3,377,707,464 660,549.91 4 14,691,270 48,600,380 Net Assets as at 31 March 2006 ..



_.


EURO CREDIT EURO EURO EURO HIGH YIELD GLOBAL GLOBAL BOND INVESTMENT INVESTMENT BOND EMERGING INVESTMENT

EUR GRADE BOND GRADE EUR MARKETS BOND GRADE BOND EURCORPORATE BOND USD USD

EUR . ..

109,990,135 _ 45,943.698 ._

126.066,364 -

98,866,400 125,768,237

4,195,019 5 664,157 389 106 9,082,852 6.1 13,827 3,390,332 49,097 54,698 17,709 20,116 207,450 295,054

5.718 855 406.81 5 9,102,968 6,321,277 3,685,386 __

853,515 870,490 30,433 1,428,332 577,961 716,227

312,841 306,976 17,792 428.709 286.1 19 238,706 3,088 2,265 11,334 19,529 20,513

975,446 1,169,444 1,179,731 48,225 1,868.375

3,074,672 4,539.1 24 358.590 7,234,593 5,437,668 2,709,940

1295,803 2,293,799 (55,920) 2,377.452 3,023,222 (2,946,946)

- -~ 883,609 ~- - . _. ~.

4,370,475 6,832,923 302,670 9,612,045 8,460,890 (237,006)

(16,308) (33:564) (29) (57.926) 66,489 42,107

(3.062,9 1 6) (4,297.681 ) (403,254) (814.587) 3,673,321 (3 433,910) .

(3,628,809) ..

1,291,251 2,501,678 (100,613) 8,739,532 12,200,700 .~ _.

._

49,024,086 123,823.538 11,548,832 81,810.878 100,912,117 13,312,680 (58,542,698) (1 10,364,157) (661,434) (92,113,441 ) (33.91 8.788) (28,085,226)

(216,905) (2,228) (142,133) (231,695) (5,503,477) (3,507,115)

90,422,134 141,727,068 10,644,652 I 24,271,638 119,634,250 __ __ - 88,081,665

-


- ...



-- -

.. .. ............

GLOBAL PAN-EUROPEAN STERLING US DOLLAR HIGH INVESTMENT GOVERNMENT INVESTMENT YIELD BOND

GRADE BOND (US BOND GRADE BOND USD DOLLAR-HEDGED) EUR GBP

. . . . . . . ..... - USD

. . . . . . . . - ___

20,535,044 78,232,337 Net Assets at the Beginning of the Year


Total Income

EXPENSES

. . . . .

390,366 3,553,775 681,723 92.242 4,942

3.588.663 71 1,302 97,184 .-

65,270 34,888 29,579 - . .... -. - ... . . .

-. .~ .. 455,636

...

Management Fees (note 4.2) Performance Fees (note 4.3)

122.349 597,575 69,718 15

Operating, Administrative and Servicing Fees (note 4.4) 30,588 204.800 34,859 3.028 Bank Interest Paid

157,760 815,976 104,935 3,043 Total Expenses

297,876 2,772,687 606,367 94,141 Net Investment Profitl(Loss) Realised Profit/(Loss) on Sale of Investments 30,654 1,974,544 12,140 4,563

Realised Profit/(Loss) for the Year before Foreign Currency Movement 328,530 4,747,231 618,507 98,704

Profit/(Loss) on Foreign Currency Change in unrealised appreciation/(depreciation) of investments, futures and forward exchange contracts (268.215) (3,967,265) (1 39,935) 73,906

Change in Total Net Assets as a Result of Operations 164,144 813,348 478,509 172.61 0

4.823 13,601 358 .....

.~

........

.

103,829 33,382 (63)

... ...

. - - ~.

12.261,281 98,552,677 24,832,053 5,000,000 Proceeds on Issue of Shares Payments on Redemption of Shares Dividends Paid Currency Translation

(32,501,266) (59,416,040) (3,357,794) (6,757) (367,300) (369,437)

. ~-

453,246 117,815,022 21,583,331 5,172,610 Necssets as at 31 March 2006



i

.. ...

Statement of Operations and Changes in Net Assets . . . . . . .- .- . ..

Reserve Sub-Funds Other Sub-Funds

US DOLLAR EURO RESERVE US DOLLAR TURKISH INVESTMENT EUR RESERVE CONVERGENCE

GRADE BOND USD EUR

.-

USD

52,169,973 69,964,934 51,859,445 7,252,084 -.

2,380,674 678,282 1,131,627 2,866,318 96,608 139,791 51.187 187,410

2,477,282 818,073 1,182,814 3,053,728 .. -

I 247.345 256,204 123,662 313,030

123,232 77,017 49,963 97.048 1,142 933 53 117

371,719 334,154 173,678 410,195

483,919 1,009,136 2,643,533

-

L- 2,105,563

56,521 326,224 82,916 4,787,101 ~. .

1,092,052 7,430,634

42,288 112 (13) (391 -445)

- . .. 81 0,143

. . 2,162,084

(1,131,071) (28,747) (83.003) 1,399,961

1,073,301 781,508 1,009,036 8,439.150

39,774,274 130,314,170 28,985,446 85,229,767 (41,697,533) (153,382,996) (58,469,293) (33,537,987) (4,354,143) (16.331) (71 1,805)

- ~.

46,965,872 47,661,285 22,672,829 67,383,014


-. ... .

Notes to the Financial Statements - --.

I - ... . .- . .

b I. Basis of presentation

The Company is incorporated under the laws of the Grand Duchy of Luxembourg as an investment company (Societb d’lnvestissement a Capital Variable or “SICAV”). The capital comprises various classes of shares each relating to a separate portfolio (a “sub-fund”) consisting of securities, cash and other sundry assets and liabilities. The accompanying financial statements present the assets and liabilities of the individual sub-funds and of the Company taken as a whole. The financial statements of each individual sub-fund are expressed in the currency designated in the prospectus for that particular sub-fund and the financial statements of the Company are expressed in United States dollars (USD). The financial statements have been prepared in accordance with the format prescribed by the Luxembourg authorities for Luxembourg investment companies.

The Company is an officially registered investment fund under part I of the law of 20 December 2002 and has been certified as a UCITS fund under the directive 85/61 I/CEE of the Council of Europe enabling it to be freely marketed within member states of the European Community from 1 October 1989, subject to member states enacting enabling legislation and complying with local marketing regulations.

The Company has been certified as a recognised collective investment scheme in the United Kingdom under the financial services and markets act 2000 (the “Act”).

Certain sub-funds of the Company are authorised by the Hong Kong Securities and Futures Commission under Section 104 of the “Securities and Futures Ordinance”.

Since 1 April 2005, the Company has proceeded to:

I ) on 1 April 2005, Euro Corporate Bond, on 1 April 2005, Euro Investment Grade Corporate Bond, on 2 June 2005, BRlC Markets, on 1 July 2005, Emerging Europe Equity, on 23 September 2005, Korean Equity, on 15 December 2005, Sustainability Leaders, on 30 December 2005, US Dollar High Yield Bond, on 22 March 2006, Global Emerging Markets Equity Freestyle.

The opening of new sub-funds:

2 ) On 10 June 2005, US Equity Opportunities class AC merged into US Equity class AC (exchange ratio 0.609301499) US Equity Opportunities class AD merged into US Equity class AD (exchange ratio 0.544458218) US Equity Opportunities class AD merged into US Equity class PD (exchange ratio 0.537749221) US Equity Opportunities class ED merged into US Equity class ED (exchange ratio 0.534453322) Euroland Equity Opportunities class AC merged into Euroland Equity class AC (echange ratio 0.7041 19793) Euroland Equity Opportunities class AD merged into Euroland Equity class AD (exchange ratio 0.692374571) Euroland Equity Opportunities class ED merged into Euroland Equity class ED (exchange ratio 0.616787252)

3) on 10 June 2005, Global Equity Opportunities changed its name to Global Equity. on 10 June 2005, Asia ex Japan Equity Opportunities changed its name to Asia ex Japan Equity Smaller Companies, on 20 June 2005, European Currencies Bond changed its name to Euro Credit Bond, on 20 June 2005, European Currencies High Yield Bond changed its name to European High Yield Bond, and on 30 December 2005, European High Yield Bond changed its name to Euro High Yield Bond. on 20 June 2005, Pan-European Currencies Government Bond changed its name to Pan-European Government Bond.

Change in name for the following sub-funds:


Notes to the Financial Statements (continued) . . ~ -_ . -.

b I. Basis of presentation (continued)

4) On 28 October 2005, the following sub-funds of HSBC ASSET MANAGEMENT INVESTMENT FUNDS merged into HSBC Global Investment Funds: - Sterling Investment Grade Bond class A merged into Sterling Investment Grade Bond class PD (exchange ratio I) - UK Equity class A merged into UK Equity class AD (exchange ratio 0.718029736) - UK Equity class E merged into UK Equity class ED (exchange ratio 1) - UK Equity Opportunities class A merged into UK Freestyle class MD (exchange ratio 1.493797445)

b 2. Accounting Policies

The following accounting policies have been used consistently in dealing with items which are considered material in relation to the Company’s financial statements.

a) Accounting convention

The financial statements have been prepared under the historical cost convention modified by the revaluation of investments.

b) Assets and portfolio securities valuation

The assets of each Class within each sub-fund are valued as at 11 .OO a.m. (Luxembourg time) as at 31 March 2006.

In addition, portfolio securities and/or financial derivative instruments which are listed on an official stock exchange are valued at the last available price on the principal market on which such securities are traded. Securities traded on other organised markets are valued at the last available price or yield equivalents obtained from one or more dealers in such organised markets at the time of valuation. If such prices are not representative of their fair value, all such securities and all other permitted assets will be valued at their fair value at which it is expected they may be resold as determined in good faith by or under the direction of the Directors.

The financial derivative instruments which are not listed on any official stock exchange or traded on any other organised market will be valued in accordance with market practice. Shares or units in underlying open-ended investment sub-funds shall be valued at their last available net asset value reduced by any applicable charges.

c) Income and Expenses

Interest is accrued on a day-to-day basis. Dividends are accounted for on an ex-dividend basis.

d) Foreign Exchange

The cost of investments, income and expenses in currencies other than the fund relevant reporting currency have been recorded at the rate of exchange ruling at the time of the transaction. The market value of the investments and other assets and liabilities in currencies other than the relevant reporting currency have been converted at the rates of exchange ruling at 31 March 2006.

e) Realised Profitl(Loss) on Sale of Investments

Realised profit/(loss) on sale of investments is the difference between the historical average cost of the investment and the sale proceeds.

b 3. Share capital

The Company has issued either A, E, I, J, M, P, W, or Z Shares to investors in one or several sub-funds as detailed below.

Within each sub-fund, the Company is entitled to create different share classes and/or sub-classes, distinguished by their distribution policy (Capital-Accumulation (C) and Distribution shares (D)), their hedging activity (H) and/or by any other criterion to be stipulated by the Directors.

All share classes are available as both Capital-Accumulation and Distribution Shares.


I ~ .. -

Notes to the Financial Statements (continued) .._. - - .. . - -.. . .

b 3. Share capital (continued)

Shares in existence before 2 October 2000 have been designated Class A Shares and are available to all investors. On 25 November 2002, all Shares in issue in Class A of the sub-funds Pan-European Equity, Hong Kong Equity, Japanese Equity, Singaporean Equity, North American Equity, US Index, US Dollar Bond and US Dollar Reserve were renamed Class P Shares. The rights and obligations relating to such Shares remain unchanged (except that the minimum initial investment amount was increased to USD 50,000).

Description Minimum Initial Minimum Investment Holding

A Shares are available to all investors. Class A

Class E

Class I

Class J

Class M

Class P

Class W

Class Z

E Shares will be available in certain countries, subject to the relevant regulatory approval, through specific distributors selected by the Share Distributor. E Shares will incur annual management fees equivalent to that of the Class A Shares plus 0.3% to 0.5% per annum of the Net Asset Value of Class E Shares, which may be payable to specific distributors in certain countries.

I Shares are available through specific distributors selected by the Share Distributor.

J Shares are available for investment by fund of fund ranges managed by the HSBC Group only.

M Shares are available to all investors.

P Shares are available for subscription in certain jurisdictions or through certain selected distributors.

W Shares are available through specific distributors that will also be members or affiliated entities of the HSBC Group as selected by the Share Distributor provided (in addition) the investors qualify as institutional investors within the meaning of article 129 of the 2002 Law. No Operating, Administrative and Services Expenses will be charged to Class W Shares. All the fees and charges allocated to this Class will be paid directly by members or affiliated entities of the HSBC Group.

Z Shares are available to investors having entered into a discretionary management agreement with an HSBC Group entity and to investors subscribing via distributors selected by the Share Distributor provided that such investors qualify as institutional investors within the meaning of article 129 of the 2002 law.

USD 5,000

USD 5,000

EUR 1,000,000

USD 100,000

USD 5,000

USD 50,000

USD 100,000

USD 1,000,000

USD 5,000

USD 5,000

EUR 1,000,000

USD 100,000

USD 5,000

USD 50,000

USD 100,000

USD 1,000,000

The Directors of the Company have authority to issue different Classes of Shares in one or several sub-funds. Details of the characteristics of such Share Classes offered by one or several sub-funds will be determined by the Directors. In case of the creation of additional Classes of Shares, this Prospectus will be updated.

The subscription proceeds of all Shares in a sub-fund are invested in one common underlying portfolio of investments. All Shares of the same class have equal rights and privileges. Each Share is, upon issue, entitled to participate equally in assets of the relevant class of the sub-fund to which it relates on liquidation and in dividends and other distributions as declared for such sub-fund. The Shares will carry no preferential or pre-emptive rights and each whole Share will be entitled to one vote at all meetings of Shareholders.

The minimum initial investment amount may be reduced at the discretion of the Company.

Share Class Denominations:

I


~_ _ _

Notes to the Financial Statements (continued) ___ -

b 3. Share capital (continued)

The Share Classes issued in the different sub-funds are designated by their class name, followed by their distribution characteristics and, if applicable, their specific hedging policy. This means that for example Shares issued in Class A which are distributing income and applying a hedging policy, as defined above. would be identified as ADH whereas Class I Shares accumulating income would be identified as IC.

b 4. Charges and Expenses

1. Explanation of the Charging Structure

Investment in the Company is currently offered via eight charging structures, as represented by the A, E, I, J, M, P: W, and Z Classes of Shares.

The Management Company is entitled, in respect of each Class of Shares, to a management fee to cover all investment management, investment advisory and distribution services provided in relation to the relevant class (see 2. “Management Fee” below).

In addition, the Company pays to the Management Company a fee to cover operating administrative and servicing expenses. To preserve Shareholders from fluctuations in a sub-fund’s operating, administrative and servicing expenses, the Company has agreed with the Management Company that the fee charged to cover such operating, administrative and servicing expenses is fixed at an annual rate. The excess of such expenses above such annual rate will be borne directly by the Management Company (see 4. “Operating, Administrative and Servicing Expenses” below).

2. Management Fee

The Company pays to the Management Company an annual management fee calculated as a percentage of the Net Asset Value of each sub-fund or Share Class (“Management Fee”). The Management Fee is accrued daily and payable monthly in arrears at the rates specified in the table page 63. The maximum rate for Class E, I, J and M Shares is 3.5%.

The maximum rate for Class A, P and Z Shares is as stated in the table page 63.

No Management Fee is currently charged for Class W Shares.

The Management Fee covers management and distribution services provided in relation to the relevant sub-fund of the Company by the Management Company, the Investment Advisers and the Share Distributors. The Management Company is responsible for discharging, out of such fee, the fees of the Investment Advisers and the Share Distributors and may pay part of such fee to recognised intermediaries or such other person as the Management Company may determine, at its discretion.

The Management Company may instruct the Company to pay a portion of the Management Fee directly out of the assets of the Company to any of such service providers. In such case the Management Fee due to the Management Company is reduced accordingly.

3. Performance Fee

For sub-funds issuing Classes J Shares and M Shares, the Management Company is also entitled to a Performance Fee, payable annually in arrears after the end of each twelve month period (financial year for Class M I Shares) (for Class M I Series launched mid financial year, the first performance period was greater than a full year).

Each Dealing Day, the Performance Fee accrual will be calculated as 20% of the difference between the change in the Net Asset Value of the relevant Class of the sub-fund since the previous Dealing Day (net of all other fees and expenses and excluding the effect of subscriptions and redemptions) and the simple daily equivalent of the percentage defined below for the relevant sub-funds (hereafter the “Percentage“) provided that on such Dealing Day the Net Asset Value per Share of the relevant Class of the sub-fund is higher than the Low Tide Mark (as defined below). On the first issue of the relevant Class of Shares in a sub-fund, the Low Tide Mark will equal the initial offer price of the relevant Class of Shares of the sub-fund. The Low Tide Mark will not be set at a level below the initial offer price of the relevant Class of Shares of the sub-fund.

The cumulative Performance Fee accruals from the beginning of the twelve months period (financial year for Class M I Shares) will be included in the calculation of the Net Asset Value per Share. In the event of any change in the


__ . _ -

Notes to the Financial Statements (continued) _ _

b 4. Charges and Expenses (continued)

3. Performance Fee (continued)

Net Asset Value of the relevant Class of the sub-fund being less than the simple daily equivalent of the Percentage, the daily Performance Fee accrual will be negative and will reduce the cumulative Performance Fee accrual until the accrual reaches a minimum level of zero. If the cumulative Performance Fee accrual reaches zero, the Net Asset Value per Share on the previous day will be set as the 'Low Tide Mark'. No further daily Performance Fee accruals will be made until the Net Asset Value per Share exceeds the Low Tide Mark.

At the end of the twelve months period (financial year for Class M I Shares) the positive balance (if any) of the Performance Fee accrual will become payable to the Management Company and the Performance Fee accrual in the Net Asset Value of the relevant Class of Shares will be reset to zero and the Net Asset Value per Share on that day will be set as the Low Tide Mark. When there is a positive Performance Fee accrual during a period of significant new subscriptions into a sub-fund with the relevant Class of Shares, followed by a period of negative performance, all Shareholders will participate (in proportion with their Shareholding) in the reduction in the cumulative Performance Fee accrual, regardless of their actual contribution to the cumulative Performance Fee accrual. Also, if the Net Asset Value per Share is rising but is still below the Low Tide Mark, the Management Company will not benefit from any Performance Fee accruals on any relevant Class of Shares of the sub-fund, including Shares that are newly issued and which only experience positive performance.

The detailed Performance Fee information can be found in the Fund prospectus December 2005 on page 37.

If there is a positive balance of the Performance Fee accrual, it will become payable to the Management Company on the following dates each year:

BRlC Freestyle

Euroland Value Creation

Class J I C 2 October Class MIC 31 March Class M I D I O April Class M2C 31 March

Class M I C 31 March Class M1D 11 July

Global Emerging Markets Equity Freestyle Class M1C 21 March * Class M I D 21 March

Sustainability Leaders Class M I C 2 February * Class M I D 14 December

UK Freestyle Class M I D 31 March

* First payment due in 2007

4. Operating, Administrative and Servicing Expenses

The Company pays to the Management Company a fee to cover certain Operating, Administrative and Servicing Expenses. The Management Company is responsible for discharging out of this fee, the expenses described below, inter alia, payable to the Custodian, the Administrative Agent, the Registrar and the Transfer Agent.

This fee is set, for each sub-fund andlor class, at a fixed percentage of the Net Asset Value of the relevant sub-fund or class specified in the table below. Such fee is accrued daily and payable monthly in arrears at the rates specified in the table below.

No Operating, Administrative and Services Expenses will be charged to class W Shares. All the fees and charges allocated to such Class of Share will be paid directly by a member or an affiliated entity of HSBC Group.

The maximum rate for class A, E, I, J, M, P, and Z Shares is 1.0%. However, the Board of Directors reserves the right to amend the fixed level of the Operating, Administrative and Servicing Expenses applicable to each class of Share. In the event of an increase in such expenses, the concerned Shareholders will be given at least three months prior notice of such increase. During this three months notice, such Shareholders may request the redemption of their shares, free of charge.

HSBC Global Investment Funds ~

Notes to the Financial Statements (continued) . .

b 4. Charges and Expenses (continued)

4. Operating, Administrative and Servicing Expenses (continued)

Operating, Administrative and Servicing Expenses cover the ongoing custody fees and safekeeping charges payable to the Custodian and its correspondent banks, fees for fund accounting and administration services (including domiciliary services) payable to the Administrative Agent and transfer agency fees for registrar and transfer agency services payable to the Registrar and Transfer Agent.

Operating, Administrative and Servicing Expenses also cover expenses relating to the creation of new sub-funds; the costs of the Subsidiary (see below); the Luxembourg asset-based taxe d’abonnement, at the rate referred to under “Taxation” below; attendance fees and reasonable out-of-pocket expenses incurred by the Company’s Directors; legal, auditing fees and other expenses; ongoing registration and listing fees, including translation expenses; the costs and expenses of preparing, printing, and distributing the Company’s prospectus, financial reports, statements and other documents made available directly or through intermediaries to its shareholders.

The Management Company may instruct the Company to pay a portion of the aforesaid fee directly out of the assets of the Company to any of the aforementioned service providers. In such case the fee due to the Management Company is reduced accordingly.

b 5. Transaction expenses and extraordinary expenses

The transaction expenses linked to security dealing are written off against the realised profiffloss from the sale of investments.

Each sub-fund bears the costs and expenses of buying and selling portfolio securities and financial instruments, brokerage fees and commissions, interest or taxes payable, and other transaction related expenses. These transaction fees are accounted for on a cash basis and are paid when incurred or invoiced from the net assets of the sub-fund to which they are attributable. Transaction fees are allocated across each sub-fund’s Share Classes.

The Company bears any extraordinary expenses including, without limitation, litigation expenses and the full amount of any tax, levy, duty or similar charge and any unforeseen charges imposed on the Company or its assets.

b 6. Indian Equity

The Company wholly owns a subsidiary in Mauritius namely HSBC Global Investment Funds Mauritius Limited, Manor House, lst floor Corner of St GeorgeKhazal Streets, Port Louis, Mauritius (“the Subsidiary”). The Subsidiary manages the Indian Equity sub-fund’s investments in India.

The Subsidiary is an open-ended investment company incorporated in Mauritius on 3 October 1995. The accounts of the Indian Equity sub-fund and the Subsidiary have been consolidated.

The Subsidiary has appointed Cross Border Financial Services Limited, Manor House, Corner of St GeorgelChazal Streets: Port Louis, Mauritius, to provide administrative services to the Subsidiary in Mauritius, including maintenance of its accounts, books and records. The Subsidiary has appointed KPMG Mauritius of KPMG Centre, 30 St George Street, Port Louis, Mauritius, as auditors of the Subsidiary in Mauritius to perform the auditor’s duties required by Mauritius law.

b 7. Taxation

Belgium

The Belgian government has enacted a law which charges an annual net asset value tax on foreign investment funds registered with the Belgian Banking and Finance Commission. An annual tax of 0.07% is charged on the net outstanding amounts of sub-funds placed in Belgium through Belgian financial intermediaries, or where that figure is not substantially documented, the tax authorities may calculate the tax on the total assets of those subfunds.

The tax will increase to 0.08% as from 1 January 2007 . HSBC Global Investment Funds _ -

- ~

Notes to the Financial Statements (continued)

7. Taxation (continued)

The Company understands that the validity of this tax charge is being questioned on the basis that it is contrary to European law and further developments are awaited. To date as the amounts are small, the Management Company has paid this tax cost on behalf of the Company out of the Operating, Administration and Servicing Expenses it receives. However, should the cost become substantial or long term the Management Company may require the subfunds concerned to bear that tax charge for future periods.

India

On the basis that it is a Mauritian tax resident, the Subsidiary will benefit from the tax advantages available to it under the India-Mauritius double taxation treaty, which became effective on 1 July 1983. The Subsidiary will file, through its Custodian, a declaration of Mauritian residency with the registrar of each Indian company in which it invests. Capital gains resulting from the purchase and sale by the Subsidiary of stocks on the Indian stock exchanges will be exempt from tax on the basis that the Subsidiary is able to benefit from the provisions of the India-Mauritius double taxation treaty.

Dividends from shares and income from units are exempt form tax.

The above-stated tax treatment under the India-Mauritius tax treaty will be available provided that the Subsidiary does not have a permanent establishment or its effective management and control in India. No guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the Indian Equity sub-fund in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European union.

The Indian Central Board of Direct Taxes has confirmed the availability of the treaty benefits to companies holding a certificate of Mauritian tax residence. The Supreme Court of India confirmed on 7 October 2003 the validity of this position.

Luxembourg

The Company is not liable to any Luxembourg tax on profits or income nor are dividends paid by the Company liable to any Luxembourg withholding tax. The Company is, however, liable in Luxembourg to a tax of 0.05% per annum of its Net Asset Value, such tax being payable quarterly on the basis of the value of the net assets of the Company at the end of the relevant calendar quarter. The tax rate is reduced to 0.01 % per annum for the US Dollar Reserve and Euro Reserve sub-funds and Classes J Share, W Share and Z Share in the relevant sub-funds. No stamp duty or other tax is payable in Luxembourg on the issue of Shares.

The Class or sub-funds may be exempted of this 0.01% tax if they comply with the requirements of the Luxembourg law of 19 December 2003.

No Luxembourg tax is payable on the realised or unrealised capital appreciation of the assets of the Company.

The Company paid a tax of EUR 1,239.46 on its incorporation.

Mauritius

The Subsidiary is registered with the Mauritius Offshore Business Activities Authority as an offshore company. As a result it is subject to a reduced rate of Mauritian income tax on its income. In addition, no Mauritian capital gains tax will be payable in respect of the Subsidiary’s investments in India and any dividends and redemption proceeds paid by the Subsidiary to the Indian Equity sub-fund will be exempt from Mauritian withholding tax. A certificate of Mauritian tax residence has been granted to the Subsidiary by the Commissioner of Income Tax in Mauritius. On the basis that it is Mauritian tax resident, the Subsidiary will qualify for certain reliefs from Indian tax as set out in the Indian tax section below. No guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the Indian Equity sub-fund in future periods due to, among others, changes in the regulatory environment in Mauritius, India or the European Union.

Turkey

A new tax system takes effect from 1 January 2006 which will charge a 10% withholding tax on dividends received by the Company and a 15% withholding tax on all other investment returns received by the Company from investments made in Turkey. The Company understands that this tax system has yet to be passed into law in Turkey but, should this be the case, the costs of this tax will be borne by shareholders in sub-funds investing in Turkey.


- ___ .. . -

Notes to the Financial Statements (continued) -. ..

7. Taxation (continued)

Thailand

Where possible Thai stocks of the Thai Equity sub-fund are held through custody arrangements in London which enables the Company to benefit from the United Kingdom-Thailand double tax treaty and therefore gains realised by the sub-fund are currently not liable to tax in Thailand. Although the Company will seek to maintain this favourable position. no guarantee or warranty can be given or should be assumed that the tax benefits of the treaty will continue to be available to the sub-fund in future periods. Should the sub-fund become subject to Thai tax on its gains this will have an adverse effect on investment returns and a possible impact on the Net Asset Value.

United Kingdom

It is the intention of the Directors to conduct the affairs of the Company so that it does not become resident in the United Kingdom. On the basis that the Company is not resident in the United Kingdom for tax purposes it should not be subject to United Kingdom corporation tax on its income and capital gains.

General

Dividends and interest received by the Company on its investments are generally subject to non-recoverable withholding taxes in the countries of origin. Investors and potential investors should note the paragraph concerning Emerging Markets in the "Risk Factors" section of the Prospectus.

8. Public and bank holidays in Hong Kong

HSBC Investment Funds (Hong Kong) Limited has been appointed by the Company as its Representative and Share Distributor in Hong Kong. There will be no dealing for the Shares of the Company in Hong Kong on a day which is a public or bank holiday in Hong Kong.

9. Forward foreign exchange contracts

As at 31 March 2006, the Company had entered into various forward foreign currency contracts for the purpose of hedging the portfolio which oblige the Company to deliver currencies at specified future dates. Open contracts are as follows:

Sub-funds Contract Date

Asia ex Japan Equity 23/12/2005 2811 212005 05101 12006 06/01/2006 10101 I2006 12101 12006 13/01 I2006 16/01 I2006 17/01 I2006 19/01 12006 20/01/2006 23101 12006 25/01/2006 26/01 12006 06/02/2006 07/02/2006 09/02/2006 10102l2006 13/02/2006 14/02/2006 21 10212006 2710212006 2810212006 06l03l2006 07/03/2006

USD USD USD USD USD EUR USD EUR USD EUR USD EUR USD USD USD USD EUR USD USD EUR USD USD USD EUR USD

Contract to deliver

15,516,150 EUR 197,588 EUR 447.414 EUR 196,709 EUR 343.183 EUR 267,000 USD 391,347 EUR 235.000 USD 185,136 EUR 402,000 USD 190,366 EUR 288,000 USD 328,082 EUR 217,374 EUR

2,877,126 EUR 216,365 EUR 311,000 USD 335,135 EUR 217,233 EUR 264,000 USD 445,470 EUR 275,161 EUR

1,617,854 EUR 265,000 USD 253,298 EUR

In exchange for

13,000,000 165,000 368,000 162,000 283,000 325,286 323,000 286,348 152,000 487,526 157,000 353,650 266,000 177,000

2,391,000 180,000 373,272 279,000 182,000 315,215 373,000 232,000

1,363,000 31 9,458 212,000

Settlement

31/03/2006 31/03/2006 31l0312006 31 10312006 31/03/2006 31 10312006 31/03/2006 31 10312006 31/03/2006 31l0312006 31/03/2006 31/03/2006 31/03/2006 31 10312006 3110312006 31 10312006 31 I0312006 31 I0312006 31 10312006 31 10312006 31 10312006 31 I0312006 31 10312006 31 10312006 31 10312006

Unrealised Gainlloss


_ -

Notes to the Financial Statements (continued) -. -

b 9. Forward foreign exchange contracts (continued)

Sub-funds Contract Date

0810312006 0910312006 1410312006 1510312006 16l03l2006 21 10312006 2310312006 2810312006 2810312006

2910312006

2810312006

2810312006 2810312006 2910312006 2910312006 3010312006

2810312006 2810312006 2910312006 2910312006 3010312006 30l0312006

2910312006 3010312006

2810312006 2910312006 2910312006 2910312006 30l03l2006 3010312006 30/03/2006 3010312006

2810312006 2910312006

0310312006 2310312006

3010312006

2311 212005 2911 212005 05101 12006 06101 12006 IOIO1 I2006 12101 12006 13101 12006

Contract to deliver

In exchange Settlement for


332,651

(21,899)

(87)

(783)

643

201

(1 1,526)

3

170,323

27

EUR EUR USD EUR USD USD EUR EUR USD

EUR

EUR

EUR SGD EUR SGD SGD

USD J PY J PY

SGD USD J PY

USD SGD

EUR EUR EUR EUR EUR EUR SGD EUR

GBP EUR

USD USD

USD

USD USD USD USD USD EUR USD

425,000 USD 272,000 USD 428,043 EUR 257,000 USD 242,647 EUR 340,853 EUR 338,000 USD

17,780,000 USD 21,919,246 EUR

506,821 324,659 357,000 309,479 201,000 281,000 407,892

18,067,000 21,453,348

3110312006 31 10312006 31 10312006 31 I0312006 31 10312006 31 10312006 31 10312006 31 10312006 3010612006

BRlC Markets 1,499,988 USD I ,799,265 0310412006

Europe ex UK Equity Global Emerging Markets Equity

22,116 USD 26,740 3110312006

22,331 USD 86,799 USD 17,971 USD 4,761 USD

342,395 USD

27,001 31 l03l2006 53,653 3110312006 21,556 0310412006 2,936 0310412006

21 1.225 0410412006

Global Equity 7,417 SGD I 1,924,730 USD 14,623,278 USD

10,600 USD 165,772 DKK

16,368,532 USD

12,000 3110312006 102,149 0310412006 124,026 0310412006

6,536 03104l2006 1,023,062 0410412006

139,390 04l04l2006

Global Equity Technology 90,646 SGD

10,900 USD 147,000 0310412006

6,724 0410412006

Pan European Equity 11,253 SGD I ,I 39,822 GBP

5,653 SGD 16,007 USD

1,029,380 CHF 580,489 GBP

67,000 EUR 48,296 USD

22,000 788,757 I 1,000 19,201

1,621,376 403,034

34,149 58,439

3110312006 0310412006 03104l2006 0310412006 04l04l2006 0410412006 04l0412006 04104l2006

UK Equity

U S Equity

US Index

Asia Freestyle

14,259 EUR 26,671 GBP

20,641 31 I0312006 18,464 0310412006

19,367,322 EUR 1,679,712 EUR

16,067,000 1110412006 1,400,000 11104/2006

7,843 EUR 6,482 04l04l2006

7 ',104,010 EUR 70,375 EUR

465,651 EUR 86,212 EUR

133,393 EUR 141,000 USD 184,163 EUR

5,952,000 31 I0312006 59,000 3110312006

383,000 3110312006 71,000 31 10312006

11 0,000 31/0312006 171,780 3110312006 152,000 31 I0312006


- - ..

Notes to the Financial Statements (continued) -

b 9. Foward foreign exchange contracts (continued)

Sub-funds

BRlC Freestyle

BRlC Freestyle

Global Emerging Markets Equity Freestyle

Euro High Yield Boni

Global Emerging Markets Bond

Global Investment Grade Bond

Contract Date

16101l2006 19101 12006 23101 I2006 2410112006 25101l2006 06l02l2006 08/02/2006 0910212006 13l02l2006 14l02l2006 20l0212006 21 10212006 2310212006 2710212006 2810212006 06103l2006 07l0312006 08/03/2006 0810312006 09103l2006 14l03l2006 21 IO312006 2310312006 2al0312006 28103l2006 2910312006

2710312006 2810312006 2810312006 2810312006 2910312006 2910312006 30103/2006 3010312006

2810312006 28103l2006 29103l2006 30103l2006

3 0210212006

17l03l2006 30103l2006 3010312006

15l03l2006 2710312006

EUR EUR EUR EUR USD USD USD EUR USD EUR EUR USD EUR USD USD EUR USD USD EUR EUR USD USD EUR EUR USD USD

USD EUR GBP USD EUR SGD EUR USD

EUR SGD EUR EUR

GBP

EUR SGD EUR

GBP MXN

Contract to deliver

105,000 USD 103,000 USD

9,000 USD 65,000 USD

130,739 EUR 141.991 EUR 37,219 EUR 8,000 USD

13,129 EUR 10,000 USD 98,000 USD 89,572 EUR 72,000 USD

122,162 EUR 15,431 EUR 84,000 USD

123,064 EUR 5,440,276 EUR

13,000 USD 147,000 USD 191,840 EUR 155,264 EUR 203,000 USD

1 1,079,000 USD 13,441,264 EUR

144,730 EUR

529,261 HKD 2,281,450 USD

52,589 USD 18,793 SGD

472,573 USD 116,681 USD 615,742 USD 131,325 SGD

148,625 USD 100,000 USD 115,267 USD 294,175 USD

1,725,000 EUR

208,450 USD 28,712 USD

208.450 USD

2,950,000 USD 15,918,000 USD

In exchange Settlement

127,943 31l0312006 124,913 3 1 IO312006

for

1 1,052 80,074 06,000 18,000 31,000 9,602

11,000 11,940 17,339 75,000 85,892 03,000 13,000 01,262 03,000

4,562,000 15,503

175,459 160,000 128,000 244,976

13,367,921 11,079,000

120,000

31l03l2006 31 IO312006 31 10312006 3110312006 31/03/2006 3110312006 31 10312006 31 10312006 31 IO312006 31l0312006 31 IO312006 31 10312006 31 10312006 31 10312006 31l0312006 3 1l03l2006 31 10312006 31 IO312006 31 10312006 31/03/2006 31/03/2006 31 IO312006 3010612006 3010612006

4,106,749 2,758,501

92,083 30,403

566,861 71,950

745,048 212,878

31l0312006 31 10312006 31 10312006 31 10312006 03lO412006 03104l2006 04/04/2006 04l0412006

179,702 31103l2006 61,812 31/03/2006

138,265 03104l2006 355,951 04l04l2006

2,525,511 0510512006

254,559 31l0312006 17,713 0410412006

251.120 2810412006

5,154,966 15l0612006 I ,457,897 05l0512006


223,987

(I 9,963)

(3,619)

53,224

(856)

10,396


~-

Notes to the Financial Statements (continued) .~ .~

9. Forward foreign exchange contracts (continued)

Sub-funds Contract Contract to In exchange Settlement Unrealised Gainlloss Date deliver for

Global Investment Grade Bond (US Dollar-Hedged) 17/01/2006 JPY 8,500,000 USD 74,207 07/04/2006

31/01/2006 USD 56,279 JPY 6,537,000 07/04/2006 27/02/2006 EUR 53,500 USD 63,559 31/03/2006 15/03/2006 GBP 35,250 USD 61,498 31/03/2006 29/03/2006 EUR 52,000 USD 62,627 03/05/2006 29/03/2006 GBP 35,250 USD 61,266 03/05/2006

Pan-European Government Bond 17/03/2006 PLN 5,761,500 EUR 1,500,000 31/03/2006

2010312006 EUR 1,500,000 PLN 5,829,390 31/03/2006

10. Futures

As at 31 March 2006, the Company had entered into the following outstanding futures contracts:

Number of Currency contracts

Global ex Euroland Equity SPI 200 Futures 5 AUD Topix Index 32 JPY S&P 500 Indices 2 USD

Japanese Equity Topix Index 223 JPY

Pan-European Equity High Dividend Dow Jones Euro Stoxx 50 13 EUR

US Equity S8P 500 Emini Fut S&P 500 Indices

Euro Corporate Bond Euro Bund IOY Future

8 USD 25 USD

(9) EUR

Euro Credit Bond Euro Bund 1 OY Future (189) EUR Euro Schatz 2Y Future (35) EUR Euro BOBL 5YR 6% Future (EUX) 56 EUR

Euro investment Grade Bond Euro Bund 1OY Future (163) EUR Euro Schatz 2Y Future 113 EUR Euro BOBL 5YR 6% Future (EUX) 17 EUR

Euro Investment Grade Corporate Bond Euro Bund 1 OY Future (1) EUR

(944)

17.249

Commitments Maturity Unrealised gain (loss) Date in sub-fund currency

642,375 16/06/2006 9,949 552,800,000 08/06/2006 138,053

653,750 16/06/2006 (2,801) 145,201

3,852,325,000 08/06/2006

493.350 16/06/2006

240,200,000 240,200,000

2,340 2,340

523,000 16/06/2006 (560) 8,171,875 16/06/2006 57,950

57,390

(1,054,080) 12/06/2006 360 360

(22,135,680) 12/06/2006 228,260 (3,655,750) 12/06/2006 8,225

6,161,680 12/06/2006 (36,960) 199,525

(19,090,560) 12/06/2006 115,410 1 1,802,850 12/06/2006 (1 6,950) 1,870,510 12/06/2006 (9,860)

88,600

(1 1 7,120) 1 210612006 40 40


I

_. ..


b I O . Futures (continued)

Global Investment Grade Bond

US TSY 1 OY Note US TSY Long Bonds

Pan-European Government Bond Euro Bund I OY Future Euro Schatz 2Y Future Euro BOBL 5Y 6% Future Libor 3 Months Long Gilt Sterling Future

(34) USD (3,614,625) 21 10612006 45,953 10 USD 1,091,875 3010612006 (36,719)

9,234

(160) EUR (1 8,739,200) 12l06l2006 118,180 90 EUR 9,400,500 12/0612006 (1 3,495)

(25) EUR (2,750,750) 12l06l2006 14,950 11 GBP 1,310,200 21/06/2006 (1,651 1 15 GBP 1,674,900 30l0612006 (46,953)

71,031

b I I. Dividends

At the Annual General Meeting held at the Company’s Registered Office on 29 July 2005, the following dividends were declared, out of the profits for the year ended 31 March 2005, for the classes of shares listed below.

Name

Asia ex Japan Equity A D Asia ex Japan Equity E D Asia ex Japan Equity Opportunities A D Asia Pacific ex Japan Equity High Dividend A D Asia Pacific ex Japan Equity High Dividend A D Euro Credit Bond A D Euro Credit Bond I D Euro High Yield Bond A D Euro High Yield Bond I D Global Emerging Markets Bonds A D Global Investment Grade Bond A D Global Investment Grade Bond (US Dollar-Hedged) Pan-European Government Bond A D Pan-European Government Bond I D US Dollar Investment Grade Bond A D US Dollar Investment Grade Bond P D Euro Reserve A D US Dollar Reserve A D US Dollar Reserve P D Euroland Equity Opportunities E D Euroland Equity opportunities A D Brazil Equity A D Chinese Equity A D Europe ex UK Equity A D

CUI rrency

USD USD

USD

USD

USD EUR EUR EUR EUR

USD

USD

USD

EUR

EUR

USD

USD EUR USD USD

EUR

EUR USD USD EUR

Dividend per share 0.185000 0.036000

0.121 000

0.01 1000

0.21 0000 0.372900 0.663700 0.947500 1 . I 291 00

0.8331 00

0.240100

0.21 5000

2.697900

0.552600

0.758700

0.509600 0.338300 0.062800 0.047300

I .708000

0.21 3000 0.014000 0.272000 0.049000

Ex-date

2910712005 29/0712005

2910712005

2910712005

I oioa12005 01 I0412005 01 10412005 01/04/2005 01 10412005

01 10412005

01 IO412005

01 IO412005

01lO412005

01 10412005

01 10412005

01 IO412005 01 10412005 01 /04/2005 01 10412005

09106l2005

09l06l2005 2910712005 29/07/2005 2910712005

Payment date

12l08l2005 12l08l2005

12l08l2005

12l08l2005

16/08/2005 15l04l2005 15/04/2005 1510412005 15l04l2005

1510412005

15l04l2005

15l04l2005

15104/2005

15/04/2005

15104/2005

15l04l2005 15l04l2005 15l04l2005 15/04/2005

2410612005

2410612005 12l08l2005 12l08l2005 12/08/2005

Number of shares

8,106,653 135,972

1,837,128

24,401,709

24,287,654 24,134

227,109 1,916

189,270

2,869,674

7,960,927

9,792

5,249

319,207

15,311

4,697,148 33,714 63,436

3,753,273

13,886

2,767,429 862,711

39,332,075 6,338,742

Total amount paid

1,499,731 4,895

222,293

268,419

5,100,407 8,999.39

150,732.51 1,815.76

21 3,704.69

2,390,725.63

1,911,418.67

2,105.37

14,162.49

176,393.94

I 1,616.16

2,393,666.81 11,405.56 3,983.81

177,529.79

23,716

589,462 12,078

10,698,324 31 0,598


Notes to the Financial Statements (continued) -.

b I I. Dividends (continued)

The following dividends concern the year ended 31 March 2006 :

Name

Global Emerging Markets Equity A D Global Emerging Markets Equity E D Global Equity Z D Pan-European Equity A D Pan-European Equity E D Pan-European Equity P D Singapore Equity A D Singapore Equity P D Thai Equity A D US Equity P D US Index A D US Index P 0 Hong Kong Equity A D Hong Kong Equity P D UK Equity A 0 UK Freestyle M 1 D UK Freestyle M 1 D UK Equity A D Sterling Investment Grade Bond P D Asia Pacific ex Japan Equity High Dividend A D Asia Pacific ex Japan Equity High Dividend I D

Currency

USD

USD USD EUR EUR EUR USD USD USD USD USD USD USD USD GBP GBP GBP GBP

USD

USD

USD

Dividend per share

0.01 4000

0.120000 0.200000 0.261000 0.074000 0.516000 0.434000 0.454000 0.032000 0.013000 0.039000 0.075000 0.839000 0.898000 0.293000 0.039000 0.1 17857 0.461 409

0.059967

0.220218

0.055555

Ex-date

29/07/2005

29/07/2005 29/07/2005 29/07/2005 29/07/2005 29/07/2005 29/07/2005 29/07/2005 29/07/2005 29/07/2005 29/07/2005 2910712005 29/07/2005 29/07/2005 29/07/2005 17/08/2005 20101 12006 20/01/2006

27/01 12006

03/02/2006

03/02/2006

Name

Asia Pacific ex Japan Equity High Dividend A D Asia Pacific ex Japan Equity High Dividend I 0 Euro Corporate Bond A D Euro Credit Bond A D Euro Credit Bond Z D Euro High Yield Bond A D Euro Investment Grade Bond A D Euro Investment Grade Corporate Bond A 0 Euro Reserve A D Global Emerging Markets Bond A D Global Investment Grade Bond A D Global Investment Grade Bond (US Dollar-Hedged) A D

Payment date

12/08/2005

12/08/2005 12/08/2005 12/08/2005 12/08/2005 12/08/2005 12/08/2005 12/08/2005 12/08/2005 12/08/2005 12/08/2005 12/08/2005 12/08/2005 12/08/2005 12/08/2005 24/08/2005 27/01/2006 27/01 12006

10/02/2006

1010212006

10/02/2006

Currency Dividend Ex-date Payment per share date

USD 0.029243 31/03/2006 18/04/2006

USD 0.057609 31/03/2006 18/04/2006 EUR 0.261782 31/03/2006 18/04/2006 EUR 0.977134 31/03/2006 18/04/2006 EUR 0.458083 31/03/2006 18/04/2006 EUR 1.322955 31/03/2006 18/04/2006

EUR 0.743922 31/03/2006 18/04/2006

EUR 0.248188 31/03/2006 18/04/2006 EUR 0.138249 31/03/2006 18/04/2006

USD 0.77723 31/03/2006 18/04/2006

USD 0.232852 31/03/2006 18/04/2006

USD 0.672651 31/03/2006 18/04/2006

Number of shares

14,190,035

1,825 1,602,490 371,979 672,465

11,301,645 58,180 658,254

31,767,601 1,862,494 58,001

8,783,486 63,269

2,708,847 10,021 520,279

1 ,I 78,640 5,407,370

3,590,658

16,530,997

1,124,000

Number of shares

13,533,871

1,274,002 4,818,335 14,329 94,245 12,226

2,995

572,684 35,631

4,004,930

6,852,838

6,916

Total amount paid

198,660

219 320,498 97,086 49,762

5,831,649 25,250 298,847 1,016,563 24,212 2,262

658,761 53,083

2,432,545 2,936 20,291 138,91 I

2,495,009

215,321

3,640,423

62,444

Total amount paid

395,771

73,394 1,261,353 14,001 43,172 16,175

2,228

142,133 4,926

3,112,752

1,595,697

4,652


._


Name

Pan-European Government Bond A D Pan-European Government Bond I D Sterling Investment Grade Bond P D US Dollar Investment Grade Bond A D US Dollar Investment Grade Bond P D US Dollar Reserve A D US Dollar Reserve P D

Currency

EUR

EUR

USD

USD

US0 USD USD

Dividend per share

0.15977

0.553959

0.040186

0.1 50535

0.512539 0.724053 0.396575

Ex-date

31 I0312006

3110312006

3 1 I0312006

3110312006

31 10312006 31 I0312006 31 10312006

1 I. Dividends (continued)

_ _

Payment date

I810412006

1810412008

I 8/04/2006

1810412006

1810412006 1810412006 18lO412006

Number of shares

75,997

297,136

3,835,067

445,471

3,671,527

1,316,931 I I ,089

Total amount paid

12,142

164,601

154,116

67,059

1,881,801 8,029

522,262

Each of these payments exceeds the 85% of distributable income requirements and the Company has applied for certification under the Distributor Status requirements of the UK Revenue and Customs. This Status is always granted retrospectively. The Company has been granted this Status every time the Company intended to obtain this status. The Company intends to obtain certification from the Inland Revenue to be a “distributing fund” for the year ending 31 March 2006.

12. Information concerning the Swiss Investors. Publication of TER (Total Expenses Ratio)

Please refer to table page 67.

13. Equalisation received/(paid)

Equalisation is calculated for Bond and Reserve sub-funds only and is included in the profitl(l0ss) on investment. Name Currency Total amount

Receivedl( paid) Euro Corporate Bond EUR (34,819) Euro Investment Grade Bond EUR 183,199 Euro Investment Grade Corporate Bond EUR 6,420 Euro Credit Bond EUR (54,579) Euro High Yield Bond EUR (335,925) Global Emerging Markets Bond USD 1,395,592 Global Investment Grade Bond USD (1 13,953) Global Investment Grade Bond (US-Dollar Hedged) USD (284,407) Pan-European Government Bond EUR 880,157 US Dollar Investment Grade Bond USD (92,556)

US Dollar Reserve USD (274,962) Euro Reserve EUR (11,979)

Equalisation received reflects the amounts received by the sub-fund in respect of undistributed income on the shares issued during the accounting year. Equalisation paid reflects the amounts paid by the sub-fund in respect of undistributed income on shares purchased during the year.

14. Swaps

Euro Reserve

As at 31 March 2006, the Company entered into the following Eonia floating rate swaps

Eligible securities Currency Net notional amount Unrealised gain (loss) in EUR Unedic 2.44% 0412006 EUR 1,987,849 (113) HBOS Treasury Services PIC 2.44% 0412006 EUR 1,988,132 (66) Britannia Building Society 2.47% 0412006 EUR 1,987,440 (1 40) Anglo Irish Bank Corp. 2.49% 0512006 EUR 993,946 (54) Spintab AB 2.60% 0612006 EUR 1,986,660 (1 36) Osterreichische Kontrollbank AG 2.63% 0612006 EUR 993,285 (27)


.. -.


b 14. Swaps (continued)

Net amount receivable Eligible securities Currency Net notional amount in EUR Danone Finance 2.58% 0412006 EUR 1,996,708 9 DZ BK 2.66% 0612006 EUR 1,490,498 (38) HSBC France 2.59% 0412006 EUR 1,995,533 (3) Societe Generale S.A. 2.58% 0412006 EUR 1,997,968 (5) Calyon 2.58% 0412006 EUR 1,995,924 (2) 1x1s Corporate & Investment Bank 2.61 % 0412006 EUR

. . 1,995,917 (3)

(578)

The following receivables on closed positions result from previous Eonia floating rate swaps.

Eligible securities

Societe Generale 2.1 1% 07/2003 Enel 2.01 Yo 0812004 CRCAM de Paris et d'ile de France 2.08% 0512005 Hexagon Finance 2.07% I012005 Carrefour 2.06% 1112005 Calyon 2.09% 1112005 Thesee Limited 2.09% 1112005 Sanofi 2.09% 1112005 Air Liquide 2.09% 1212005 Thesee Limited 2.31% 1212005 Quasar 2.15% 0112006 Thesee Ltd 2.33% 0112006 LMA 2.37% 0212006 Hexagon Finance 2.34% 0212006 Thesee Limited 2.34% 0212006 Axa S.A. 2.35% 0312006 Osterreichische Kontrollbank AG 2.39% 0312006 LMA 2.46% 0312006 Carref 2.49% 0312006 Axa SA. 2.50% 0312003 Hexagone 2.51 % 0312006 Thesee 2.53% 0312006

Currency Net notional amount

EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR EUR

998,211 1,484,465 1,989,389 1,996,598 1,497,496 998,119 1,996,489 1,996,854 1,996,746 998,057 1,991,983 1,508,025 1,991,765 1,996,336 1,996,200 998,565 996,090 1,996,157 1,597,348 1,996,388 1,995,643 1,995,617_

Net amount receivable in EUR

5 253 (33) (22)

(5) 15

0 2 0

(52) I 94 (13) (98) 26 16 2

3

7

(45)

(6)

(12) (33) 204

b 15. Transactions with connected persons and soft commissions

The following is a summary of transactions with connected persons for the period. All such transactions were entered into in the ordinary course of business and on normal commercial terms.

All the figures are expressed in USD. HSBC Bank plc

ASIA EX JAPAN EQUITY Total Aggregate value of transactions for the period 16,760,668 Percentage of such transactions in value for the period 4.64% Total Brokerage commission paid 47,365 Average rate of commission 0.28%

ASIA EX JAPAN EQUITY SMALLER COMPANIES Total Aggregate value of transactions for the period 1,196,972 Percentage of such transactions in value for the period 4.24% Total Brokerage commission paid 2,642 Average rate of commission 0.22%


.~

Notes to the Financial Statements (continued) ~

b 15. Transactions with connected persons and soft commissions (continued)

ASIA FREESTYLE Total Aggregate value of transactions for the period 24,056,954

5.43% Total Brokerage commission paid 61,805 Average rate of commission 0.26%

Percentage of such transactions in value for the period

ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

405,399 0.24%

81 1 0.20%

CHINESE EQUITY Total Aggregate value of transactions for the period 72,836,838

5.77% Total Brokerage commission paid 145,614 Percentage of such transactions in value for the period

Average rate of commission 0.20%

HONG KONG EQUITY Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

INDIAN EQUITY Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission KOREAN EQUITY Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission THAI EQUITY Total Aggregate value of transactions for the period Percentage of such transactions in value for the period Total Brokerage commission paid Average rate of commission

7,705,597 5.97% 15,411 0.20%

95,327,101 2.49%

209,515 0.22%

7,559,911 3.40% 22,680 0.30%

3,178,647 1.30% 11,125 0.35%

HSBC Investments (Hong Kong) Limited and connected persons have entered into soft commission arrangements with brokers for the Asia ex Japan Equity, Asia ex Japan Equity Opportunities, Asia Freestyle, Asia Pacific Equity High Dividend, Chinese Equity, Global Emerging Markets Equity, Hong Kong Equity, Korean Equity, Thai Equity sub-funds under which certain goods and services used to support investment decision making are received by it or its connected persons. It or its connected persons do not make direct payment for these services but transact an agreed amount of business with the brokers on behalf of the Fund. Commission is paid from the Fund on these transactions.

The goods and services utilised for the Fund include the following:

* research and advisory services, * economic and political analysis,

portfolio analysis. including valuation and performance

* market analysis, data and quotation services, * computer hardware and software incidental to the above goods and services, * clearing and custodian services and investment related publications.

measurement,


-~

Notes to the Financial Statements (continued) .- .- -

b 16. Securities lending

HSBC Global Investment Funds has entered an exclusive 12 month stock lending agreement with HSBC Bank plc. As at 31 March 2006, the value of securities lent is as follows:

EUROLAND EQUITY EUROPE EX UK EQUITY GLOBAL EMERGING MARKETS BOND GLOBAL EMERGING MARKETS EQUITY GLOBAL EQUITY GLOBAL EQUITY TECHNOLOGY

UK EQUITY US EQUITY US INDEX

PAN-EUROPEAN EQUITY

108,399,799 EUR 54,819,126 USD

136,136 USD 20,547,180 USD 39,855,285 USD

615,465 USD 196,763,416 EUR 40,861,231 GBP 12,102,589 USD 12,149,904 USD

b 17. Subsequent events

On 4 April 2006, the following sub-funds of HSBC Institutional Client Funds merged into HSBC Global Investment Funds: (exchange ratio 1) - European Equity merged into Pan-European Equity class WD - Japanese Equity merged into Japanese Equity class WD - US Equity merged into US Equity class WD - UK Fixed Income merged into Sterling Investment Grade Bond class WD - US Dollar Opportunities Bond class D merged into US Dollar Investment Grade Bond class WD - US Dollar Opportunities Bond class C merged into US Dollar Investment Grade Bond class WC - International (Ex UK) Fixed Income merged into Global Investment Grade Bond class WD

On 19 May 2006, Global Investment Grade Bond (US Dollar-Hedged) class AC merged into Global Investment Grade Bond class AC (exchange rate 1.218229913) On 19 May 2006, Global Investment Grade Bond (US Dollar-Hedged) class AD merged into Global Investment Grade Bond class AD (exchange rate 1,122148803)


Charges and Expenses -~ ~.

Operating, Administration and Servicing Expenses

Sub-fund

RESERVE SUB-FUNDS Euro Reserve US Dollar Reserve

BOND SUB-FUNDS Euro Corporate Bond Euro Credit Bond Euro Investment Grade Bond Euro Investment Grade Corporate Bond Euro High Yield Bond Global Emerging Markets Bond Global Investment Grade Bond Global Investment Grade Bond (US Dollar-Hedged) Pan-European Government Bond Sterling Investment Grade Bond US Dollar High Yield Bond US Dollar Investment Grade Bond

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity Asia ex Japan Equity Smaller Companies Asia Pacific ex Japan Equity High Dividend BRlC Markets Emerging Europe Equity Euroland Equity Euroland Value Creation Sustainability Leaders Europe ex UK Equity Global Emerging Markets Equity Global Equity Global Equity SRI Global Equity Technology Global ex Euroland Equity Pan-European Equity Pan-European Equity High Dividend Pan-European Equity Smaller Companies b) Market Specific sub-funds Brazil Equity Chinese Equity Hong Kong Equity Indian Equity Japanese Equity Korean Equity Singapore Equity Thai Equity UK Equity US Equity US Index

FREESTYLE SUB-FUNDS Asia Freestyle BRlC Freestyle Global Emerging Markets Equity Freestyle UK Freestyle

OTHER SUB-FUNDS Turkish Convergence

HSBC Global Investment Funds ~~ -

Class A, E, M, P

0.15% 0.15%

0.35% 0.35% 0.25% 0.25%

0.35% 0.25% 0.25%

0.25% 0.35%

0.35%

0.25%

0.25%

0.35%

0.35% 0.35%

0.40% 0.35% 0.35% 0.30% 0.35% 0.40% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35% 0.35%

0.40% 0.40% 0.35% 0.40% 0.35% 0.40% 0.40% 0.35% 0.31 % 0.35% 0.25%

0.40% 0.40% 0.40% 0.35%

0.35%

Class I, J, 2

0.10% 0.10%

0.25% 0.25% 0.15% 0.15% 0.25% 0.25% 0.15% 0.15% 0.15% 0.15% 0.25% 0.15%

0.25% 0.25% 0.25%

0.30% 0.25%

0.25%

0.25%

0.25%

0.25%

0.25%

0.30%

0.25%

0.25%

0.25% 0.25%

0.30%

0.25% 0.30%

0.30% 0.25% 0.30% 0.30%

0.25%

0.15%

0.25%

0.25%

0.30% 0.30%

0.25%

--

Charges and Expenses (continued) .- .~

Management Fees Percentages

Sub-Fund name


Euro Corporate Bond Euro Credit Bond Euro Investment Grade Bond Euro Investment Grade Corporate Bond Euro High Yield Bond Global Emerging Markets Bond Global Investment Grade Bond Global Investment Grade Bond (US Dollar-Hedged) Pan -European Government Bond Sterling Investment Grade Bond US Dollar High Yield Bond US Dollar Investment Grade Bond

BOND SUB-FUNDS

EQUITY SUB-FUNDS a) International and Regional sub-funds Asia ex Japan Equity Asia ex Japan Equity Smaller Companies Asia Pacific ex Japan Equity High Dividend ERIC Markets Emerging Europe Equlty Euroland Equity Euroland Value Creation Sustainability Leaders Europe ex UK Equity Global Emerging Markets Equity Global Equity Global Equity SRI Global Equity Technology Global ex Euroland Equity Pan -European Equity Pan -European Equity High Divldend Pan -European Equity Smaller Companies b) Market Specific Equity sub-funds Brazil Equity Chinese Equity Hong Kong Equity Indian Equity Japanese Equity

Korean Equity Singapore Equity Thai Equity UK Equity

US Index us Equity

FREESTYLE SUB-FUNDS Asia Freestyle ERIC Freestyle Global Emerging Markets Equity Freestyle UK Freestyle

Turkish Convergence OTHER SUB-FUNDS

Base Currency

EURO USD

EURO EURO EURO EURO EURO USD USD USD

EURO GBP USD USD

USD USD USD USD

EURO EURO EURO EURO EURO us0 USD US0 USD

EURO EURO EURO EURO

USD USD USD USD JPY

USD USD US0 GBP USD USD

USD USD USD GBP

EURO

EURO

0.50

1 .oo 1 .oo 0.75 0.75 1.20 1 .oo 0.75 1 .oo 0.75 0.75 1.20 0.75

I

-

-- .~

Class A Dealing Currency

us0

0.50

1 .oo 1 .oo 0.75 0.75 1.20 1 .oo 0.75 1 .oo 0.75 0.75 1.20 0.75

SGD

1.00 1 .oo 0.75 0.75 1.20 1 .oo 0.75 1 .oo 0.75 0.75 1.20 0.75

GBP

0.75

1.20 1 .oo 0.75

0.75 1.20 0.75

OTHER EURO

Class E Dealing Currency

GBP OTHER

- 1.30 - 1.30 - 1.05 - 1.05 - 1.50 - 1.30

1.05 1.30 1.05 1.05

1.05 - 1.50

1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50

1.75 1.75 1.75 1.75 1.50 1.50 1.50 -

1.50 1.50 1.50 -

1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 1.50 -

1.50 1.50 1.50 -

1.50 1.50 1.50 1.50 1.50 1.50 1.50 - 1.75 175 1.75 -

1.50 1.50 1.50 1.50 1.50 1.50 1.50 - 1.50 1.50 1.50 1.50 1.50 1.50 - - JPY 1.50

1.50 1.50 1.50 -

1.50 1.50 1.50 - 1.50 1.50 1.50 - 1.50 1.50 1.50 1.50 1.50 1.50 -

0.75 0.75 0.75 -

1.50 1.50 - 1.50

2.00 2.00 2.00

2.25 2.00

2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00

2.25 2.00 2.00 2.00 2.00

2.00 2.00 2.00 2.00 2.00 1.25

1.50 1.30 1.05

1.05 1.50 1.05

2.00 2.00 2.00

2.25

2.00 2.00 2.00

2.00 2.00

US0 2.00

USD 2.00

USD 2.00

2.00

2.00 - JPY 2.00

USD 2.00

2.00

1.75 1.75 1.75 1.75 - 2.25 2.25

1.35 1.35 1.35 - 1.70 -

HSBC Global Investment Funds .. ~

_. _.

Charges and Expenses (continued) .. _ _

Class I Dealing Currency

Class J Dealing Currency

USD SGD GBP Base Currency

EURO

0.25 0.25

0.50 0.50

0.375 0.375 0.60 0.50

0.375 0.50 0.375 0.375 0.60

0.375

USD

0.25 0.25

0.50 0.50

0.375 0.375 0.60 0.50 0.375 0.50 0.375

0.60 0.375

GBP OTHER EURO

EURO US0

EURO EURO EURO EURO EURO USD US0 USD

EURO GBP USD USD

0.375

0.60 0.50 0.375

0.375 0.60 0.375

USD USD USD USD

EURO EURO EURO EURO EURO USD USD USD USD

EURO EURO EURO EURO

0.75 0.75 0.75 0.75 0.75 0.75

0.875 0.875 0.75 0.75

0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75 0.75

0.75 0.75 0.75

0.875

0.75 0.75 0.75

0.75 0.75

USD USD USD US0 J PY

0.875 0.875 -

0.75 0.75 0.75

0.75 0.75 0.75 0.75 0.75 - JPY 0.75 -

0.75 0.75 -

USD USD USD GBP USD USD

0.75 0.75 - 0.75 0.75 - 0.75 0.75 - 0.75 0.75 0.75 0.75 0.75 -

0.375 0.375 -

USD USD USD GBP

0.875 0.875 0.875 0.60 0.60 0.60 0.60

EURO 0.675 0.675 -

_. . . .. 5 HSBC Global Investment Funds _ .-

I . .. ... .

EURO

0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00

0.00

1 .oo 0.00 0.00

0.00

0.00 0.00

0.00 0.00

0.00

0.00

0.00

-

Charges and Expenses (continued)

GBP

1.25 1.25

1 .oo 1 .oo 1 .oo

Sub-Fund name Class M Dealing Currency

Class P Dealing Currency

Class Z Dealing Currency

EURO

1.25 1.25

1 .oo 1 .oo 1 .oo

USD

1.25 1.25

1 .oo 1 .oo 1 .oo

SGD

1.25 1.25

1 .oo 1 .oo 1 .oo

GBP

0.50

0.50

0.50

1 .oo

OTHER USD

0.00

0.00 0.00 0.00

0.00 0.00

0.00 0.00

1 .O@

0.00 0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00

0.00 0.00

0.00

0.00

0.00

0.00

0.00

GBP

0.00 0.00 0.00

0.00 0.00 0.00

0.00 0.00

0.00

0.00 0.00 0.00

0.00

0.00

0.00

0.00

0.00

OTHER

JPY 0.00

USD

0.25

0.50

0.50

0.50

1 .oo

1 .oo

1 .oo

1 .oo

1 .oo 0.30


Euro Corporate Bond Euro Credit Bond Euro Investment Grade Bond Euro Investment Grade Corporate Bond Euro High Yield Bond Global Emerging Markets Bond Global Investment Grade Bond Global Investment Grade Bond (US Dollar-Hedged) Pan -European Government Bond Sterling Investment Grade Bond US Dollar High Yield Bond US Dollar Investment Grade Bond

BOND SUB-FUNDS EUR 0.25

EUR 0.50

EUR 0.50

SGD 0.50 EUR 0.50

EQUITY SUB-FUNDS a) International and Regional sub- funds Asia ex Japan Equity Asia ex Japan Equity Smaller Companies Asia Pacific ex Japan Equity High Dividend BRlC Markets Emerging Europe Equity Euroland Equity Euroland Value Creation Sustainability Leadem Europe ex UK Equity Global Emerging Markets Equity Global Equity Global Equity SRI Global Equity Technology Global ex Euroland Equity Pan -European Equity

Pan -European Equity High Dividend Pan -European Equity Smaller Companies b) Market Specific Equity sub-funds

Brazil Equity Chinese Equity Hong Kong Equity

Indian Equity Japanese Equity

EUR 1 .OO SGD 1 .OO

SGD 1 .OO EUR 1 .OO

JPY 1.00 SGD 1 .OO EUR 1 .OO

Korean Equity Singapore Equity

Thai Equity UK Equity US Equity

US Index

FREESTYLE SUB-FUNDS Asia Freestyle BRlC Freestyle Global Emerging Markets Equity Freestyle UK Freestyle OTHER SUB-FUNDS Turkish Convergence

SGD 1.00 EUR 1 .OO

SGD 1 .OO EUR 1 .OO SGD 0.30 EUR 0.30


I .. .. -.

-

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors -

TER including the performance fees

Asia ex Japan Equity Class Class Class Class Class Class Class

Class Class

Class Class Class Class Class Class

Class Class Class

Class Class Class Class Class Class

Asia ex Japan Equity Smaller Companies

Asia Freestyle

Asia Pacific ex Japan Equity High Dividend

Brazil Equity

BRlC Freestyle

ERIC Markets

Chinese Equity


AC ACH AD ED IC ID ZC

AC AD

AC ACH AD ADH EC IC

AC AD ID

AC AD EC IC ID zc

Class J IC Class MIC Class M2C Class M2D

Class ZC

Class AC Class AD Class EC Class IC Class ID Class ZC Class ZD

1.85 % 1.85 % 1.85 Yo 2.35 % 1.00 Yo

1.00 % 0.25 Yo

1.85 Yo 1.85 %

2.15 % 2.22 % 2.15 % 2.15 % 2.71 % 1.18 %

1.85 % 1.85 % 0.83 Yo

2-15 Yo

2.15 % 2.65 % 1-18 Yo

1.65 % 0.30 %

4.01 Yo 12.97 Yo 6.04 Yo

5.64 %

1.26 %

1.90 % 1.90 Yo 2.40 Yo

1.05 O h 1.46 Yo

0.30 % 0.30 %

-A.

__ .. -

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued) -

Emerging Europe Equity Class Class Class Class

Class Class

Class Class Class Class

Class Class

Class Class

Class Class


Class Class Class

Class Class Class


Euroland Equity


Sustainability Leaders

Europe Ex UK Equity

Global Emerging Markets Equity

Global Equity

Global Equity SRI

Global Equity Technology

Global Ex Euroland Equity

Hong Kong Equity

AC AD IC zc

M I C M I D

AC AD ED zc

M I C M I D

M I C M I D

AC AD

AC AD EC ED

AC AD ZD

AC AD zc

Class AC Class AD Class ED

Class AC Class AD Class ZC

Class AC Class AD Class PD Class ZD

2.17 % 2.15 % 1.17 % 0.30 %

1.60 % 1.63 %

1.85 % 1.86 % 2.31 % 0.27 %

1.95 % 1.87 %

1.90 % 1.88 %

1.86 Yo

1.85 %

1.90 % 1.90 % 2.39 % 2.34 %

1.85 Yo

1.85 % 0.25 %

1.85 % 2.03 % 0.25 %

1.83 % 1.85 % 2.40 Yo

1.85 % 1.85 % 0.25 %

1.86 %

1.35 % 0.25 %

1.84 Yo


~. ~

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued) .~ -~ .~ ..

Indian Equity

(after rate change as at 01/06/2005)

Japanese Equity

Korean Equity

Class AC Class AD Class EC Class IC

Class AC Class AD Class EC Class IC Class ID Class ZD

Class AC Class AD Class EC Class ED Class PC Class PD Class ZC

Class AC Class AD Class IC Class ZD

Pan-European Equity Class Class Class Class Class

Class Class Class

Class Class Class



Pan-European Equity High Dividend

Pan-European Equity Smaller Companies

Singapore Equity

Thai Equity


AC AD ED PC PD

AC AD zc

AC AD zc

AC AD PD ZD

AC AD IC ZD

2.40 % 2.39 % 2.89 % 1.54 %

1.90 % 1-90 Yo 2.39 % 1.05 % 1.07 Yo

0.30 %

1.87 Yo

1.86 % 2.39 % 2.38 % 1.37 Yo 1.36 % 0.26 %

1.90 % 1.91 % 1.60 % 0.34 %

1.85 % 1.85 % 2.37 % 1.35 % 1.35 %

1.85 % 1.86 % 0.25 %

1.86 % 1.86 % 0.25 %

1.90 % 1-90 % 1.40 % 0.30 %

1.86 % 1.85 % 1.02 % 0.52 Yo

. A ..

I

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued) -

UK Equity

UK Freestyle

US Equity

US Index

Euro Corporate Bond

Euro Credit Bond

Euro Investment Grade Bond

Class AC Class AD Class ED Class ZC

Class M I D

Class AC Class ACH Class AD Class ADH Class ED Class PD Class ZC

Class AC Class AD Class PD

Class AC Class AD

Class AC Class AD Class IC Class ZC Class ZD


Class Class Class


Euro Investment Grade Corporate Bond

Euro High Yield Bond

AC AD IC zc

AC AD zc

AC AD IC zc

Global Emerging Markets Bond Class AC Class AD Class IC Class ZC

1.81 % 1.85 % 2.36 % 0.25 %

6.99 %

1.85 % 1.84 % 1.87 %

2.35 %

0.25 %

1.84 %

1.35 Yo

1.00 % 1.00 % 0.55 %

1.36 % 1.36 %

1.35 Yo

1.36 %

0.25 % 0.25 %

0.75 Yo

1.00 % 1.00 % 0.53 Yo 0.15 %

1.00 % 1.01 % 0.15 %

1.55 % 1.55 % 0.86 % 0.25 %

1.36 % 1.35 % 0.75 % 0.25 Yo

A . HSBC Global Investment Funds - .

.~ ~. ~

Publication of TER (Total Expenses Ratio) - Information concerning the Swiss Investors (continued) .~ - .~ -~ ~~

Global Investment Grade Bond Class AC Class AD

Class AC Class AD

Class AC Class AD Class IC Class ID

Class PD

Class AC Class ZC

Class AC Class AD Class PD Class ZC

Global Investment Grade Bond (US Dollar-Hedged)

Pan European Government Bond

Sterling Investment Grade Bond

US Dollar High Yield Bond

US Dollar Investment Grade Bond

Euro Reserve

US Dollar Reserve

Turkish Convergence

I TER excluding the performance fees

Class AC Class AD

Class AC Class AD Class PD

Class AC Class AD Class ZC

BRlC Freestyle Class J I C Class MIC Class M2C Class M2D

Class M I C Class M1D

Class MIC Class M I D

Class M I D

Class MIC Class M I D


Sustainability Leaders

UK Freestyle


HSBC Global Investment Funds -.

1.00 % 1.00 %

1.24 % 1.24 Yo

1.01 % 1.01 % 0.53 % 0.53 %

1.20 %

1.55 % 0.25 %

1.00 % 1.00 Yo 0.75 % 0.15 %

0.65 % 0.65 %

0.65 % 0.65 % 0.40 Yo

1.71 % 1.72 Yo 0.24 %

0.30 % 1.40 % 1.41 Yo

1.45 %

1.60 % 1.59 %

1.61 % 1.55 %

1.36 '/a

1.41 % 1.44 %

. . A -

I

~- ~ ~. ~

Comparative Table of Net Assets ~~

p- .~ ~

at 31 March 2006 .~

at 31 March 2004 at 31 March 2005 ~-

-

ASIA EX JAPAN EQUITY USD

. ~.


CLASS A C

CLASS A C H

CLASS A D

CLASS E D

CLASS I C

CLASS I D

CLASS z c

25.11

NIA

24.21

23.98

NIA

NIA

NIA

27.55

NIA

26.53

26.17

NIA

NIA

27.89

35.98 15.54

34.42

33.97

34.59

34.59

37.00

Total Net Assets

294,823,737 354,554,804 582.349.188 .-

ASIA EX JAPAN EQUITY SMALLER COMPANIES USD


CLASS A C

CLASS A D

15.17

15.17

16.87

16.67

21.57

21.17

Total Net Assets

32,622,699 32,023,474 ~- ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND USD

31,219,270


CLASS A C

CLASS A D

CLASS I D

Total Net Assets

NIA

NIA

N/A

10.17

10.17

N/A

11.71

11.21

11.44

NIA 234.7 92,121,007 -.

. , . ...

BRAZIL EQUITY USD

7.567


CLASS A C

CLASS A D

CLASS E C

CLASS I C

CLASS I D

CLASS z c

N/A

NIA

NIA

NIA

NIA

NIA

12.30

12.30

NIA

N/A

N/A

12.42

23.80

23.78

23.79

23.82

23.82

24.49

Total Net Assets

N/A 39,199.791 351,102,078

~ A - HSBC Global Investment Funds

~~ ~p . ~ p

Comparative Table of Net Assets ~~

at 31 March 2005 at 31 March 2006 at 31 March 2004 p p p p - - - - ~~

BRlC MARKETS USD

~~


CLASS z c NIA NIA 16.75

Total Net Assets

NIA NIA 223,573,945 ~. p. ~ -- -.

CHINESE EQUITY USD

~ .~ ~ .- ~ .- -. . ~.


CLASS A C 33.24 33.90 47.04

CLASS A D

CLASS E C

CLASS I C

CLASS I D

33.24

N IA

NIA

NIA

33.90

33.89

NIA

NIA

46.70

46.79

47.31

47.31

CLASS z c NIA N/A 47.06

CLASS Z D NIA NIA 47.06

Total Net Assets

1,501,051.641 1,545,556,575 2,891.006.873 ~. p p p p p .

EMERGING EUROPE EQUITY EUR

~ ~ ~ ~ ~


CLASS A C

CLASS A D

CLASS I C

CLASS z c

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

13.07

13.07

13.10

13.25

Total Net Assets

29,983,564 ~ --

NIA NIA

EUROLAND EQUITY EUR

. .~ -


CLASS A C

CLASS A D

CLASS E D

CLASS z c

19.50

19.50

NIA

19.82

22.07

22.02

NIA

22.80

29.99

29.92

29.81

31.47

Total Net Assets

50,171,277 292,922,023 38,335,546


Comparative Table of Net Assets - -

at 31 March 2004 at 31 March 2005 - ~ ~~~~

EUROLAND VALUE CREATION EUR

- .~ ~~- Net Asset Value per Share

CLASS M I C

CLASS M I D

Total Net Assets

N/A

NIA

9.92

NIA

NIA 5,702,275

at 31 March 2006 -

13.18

13.19

28,902.71 2 -- ~ ~ -. -~ -- ~ ~

SUSTAINABILITY LEADERS EUR

.~ ~. -


CLASS M I C NIA NIA 10 84

CLASS M I D NIA NIA 10.85

Total Net Assets I

NIA N /A 9.830,322 -- EUROPE EX UK EQUITY I

EUR I

~- ~ . ~. ~. .. - -. ~


CLASS A C

CLASS A D

13.68

13.68

15.22

15.19

20.05

19.94

Total Net Assets

126.326.71 0 114,215,570 114,656,209

GLOBAL EMERGING MARKETS EQUITY USD

~. .~ -


CLASS A C

CLASS A D

CLASS E C

CLASS E D

8.67

8.67

NIA

8.58

9.45

9.41

NIA

9.31

14.08

14.01

13.65

13.65

Total Net Assets

134,372,wa 232,800,507 46,038,415 - GLOBAL EQUITY USD

- -. ~- Net Asset Value per Share

CLASS A C NIA N/A 24.66

CLASS A D i a I O 19.81 24 66

CLASS Z D 19.17 21 I O 26.44

Total Net Assets

164,972.1 57 131.836.733 144,629,801

- A HSBC Global Investment Funds

. ~~


at 31 March 2004

GLOBAL EQUITY SRI USD


Total Net Assets

CLASS A C

CLASS A D

CLASS W C

CLASS z c

NIA

NIA

NIA

N/A

N/A

at 31 March 2005 at 31 March 2006

11.64

NIA

11.71

11.69

13.59

13.59

13.92

13.86

11,695,185 10,848,034 ~

GLOBAL EQUITY TECHNOLOGY USD


CLASS A C

CLASS A D

CLASS E D

19.83

3.32

3.28

19.48

3.26

3.20

21.17

3.55

3.46

Total Net Assets

9,728,337 9,044,946 7,914,102 -.

GLOBAL EX EUROLAND EQUITY EUR

. ...


CLASS A C 17.32 17.24

CLASS A D NIA NIA

CLASS z c 17 60 17.80

Total Net Assets

HONG KONG EQUITY USD

14,570,661 93,199,546

21.17

21.17

22.21

59,070.237


CLASS A C 57.69 62.84 77 94

CLASS A D 57.69 62 70 76.83

CLASS P D 57 30 61 60 75.78

CLASS ZD N/A NIA 77 42

Total Net Assets

169,402,279 179.1 18,104 194,270.521

A HSBC Global Investment Funds

Comparative Table of Net Assets --+ .

INDIAN EQUITY USD


CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

Total Net Assets

JAPANESE EQUITY JPY

at 31 March 2004

A C

A D

E C

I C

I D

Z D

59.03

59.03

58.74

59.58

NIA

NIA

1.560,395.140

at 31 March 2005 at 31 March 2006

70.41

70.41

69.72

71.66

NIA

NIA

120.49

120.49

118.72

123.69

123.69

121.42

6,029,705,648 -

2,763,872,800

.-


CLASS A C

CLASS A D

CLASS E C

CLASS E D

CLASS P C

CLASS P D

CLASS z c

6,752.77 6.512.80 9,938.65

1,008.12 971.43 1,482.43

NIA NIA 1,455.23

998.86 958.42 1,455.23

6,644.37 6:439.73 9,876.68

1,014.48 983.23 1,507.99

NIA NIA 9,992.50

Total Net Assets

15,645,308,860 14,660.51 6,179 32,542,790.51 3 -

KOREAN EQUITY USD

! _.

Net Asset Value per Share I

CLASS A C NIA NIA 13 56

CLASS A D NIA NIA 13.56

CLASS I C NIA NIA 13.58


Total Net Assets

NIA NIA 152,431,357

- A HSBC Global Investment Funds . .

~. .~ ~ ~ ~. ~~

Comparative Table of Net Assets ~ ~. ~ ~ ~. -

at 31 March 2004 at 31 March 2005 at 31 March 2006

PAN-EU ROPEAN EQUITY EUR

~. ~ ~. ~ .-


CLASS A C 26.67 28.82 37.61

CLASS A D 26.67 28.70 37.15

CLASS E D 26.35 28.32 36.69

CLASS P C 26.81 29.13 38.20

CLASS P D 26.81 28.74 37.08

Total Net Assets

568,630,360 ~~

873,701,415 497,242.491 . .

PAN-EUROPEAN EQUITY HIGH DIVIDEND EUR

. ~.


CLASS A C

CLASS A D

CLASS z c

NIA

N/A

NIA

11.25 NIA

11.35

14.79 14.79 15.16

Total Net Assets

NIA 76,520,434 83,304,250 -.

PAN-EUROPEAN EQUITY SMALLER COMPANIES EUR

-. ~.


CLASS A C

CLASS A D

CLASS Z C

22.50 NIA

22.82

27.27 N/A

28.1 1

39.50

39.50 41.37

Total Net Assets

88,517,699 .- ~. 60,907,458 . -

15,996,978

SINGAPORE EQUITY USD

- .-


CLASS A C 20.66 24.08 31.55

CLASS A D 20.66 24.08 31.02

CLASS P D 20 74 23.98 31 -02


Total Net Assets

20,435,135 20,725,989 26,242,522

-A . - HSBC Global Investment Funds

~~

Comparative Table of Net Assets . .~ ~- .~

at 31 March 2004 at 31 March 2005 THAI EQUITY USD


CLASS A C

CLASS A D

CLASS I C

CLASS Z D

NIA

NIA

NIA

NIA

8.58

8.58

NIA

NIA

Total Net Assets

NIA 21 3,816,074 UK EQUITY GBP

at 31 March 2006 . .-

9.36

9.32

9.38

9.37

264,861.559


CLASS A C

CLASS A D

CLASS E D

CLASS z c

Total Net Assets

8.90

8.90

NIA

NIA

23,785,696 -.

US EQUITY USD


CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

CLASS

Total Net Assets

A C

A C H

A D

A D H

E D

P D

z c

18.64

21.30

20.86

NIA

NIA

21 .oo N/A

121,672,450

21.53

21.48

NIA

NIA

27.03

26.14

19.34

27.25

164,915,960 28.272.884 .-

18.99

22.89

21.26

NIA

NIA

21 5 0

NIA

125,053.186

US INDEX USD

20.56

22.93

23.01 I

23.62

22.91

23.37

20.69

137.953.697


CLASS A C

CLASS A D

CLASS P D

Total Net Assets

8.04

8.04

8.06

93.01 1.474

8.41

8.38

8.42

94:645,332

9.30

9.23

9.27

101,754.702

L- - HSBC Global Investment Funds

~. ~ ~ -

- Comparative Table of Net Assets

~.

at 31 March 2006 ~~

at 31 March 2005 ~ .~

at 31 March 2004 ~.

=A FREESTYLE USD

.~ -.


CLASS A C

CLASS A C H

CLASS A D

CLASS A D H

CLASS E C

CLASS I C

NIA

NIA

NIA

NIA

NIA

NIA

11.09

NIA

1 1-09

NIA

11.05

11.15

12.96

13.54

12.96

13.37

12.84

13.16

Total Net Assets

500,750,024 374,242.604 ~. .~

NIA .~ ...

BRlC FREESTYLE USD

_.


CLASS

CLASS

CLASS

CLASS

J 1 C

M I C

M 2 C

M 2 D

.

NIA

NIA

NIA

NIA

NIA

10.24

NIA

N IA

12.57

17.70

16.98

16.95

Total Net Assets

155,889,576 3,377,707,464 ~-

NIA

GLOBAL EMERGING MARKETS EQUITY FREESTYLE USD

.~


CLASS M 1 C NIA NIA 10.11

CLASS M I D N IA NIA 10.11

Total Net Assets

UK FREESTYLE GBP

NIA NIA 660,549,914 -. -

-


CLASS M I D NIA 10.06 12 21

Total Net Assets

NIA 5,308,976 14,691,270

A -- HSBC Global Investment Funds

~.


at 31 March 2006 - - at 31 March 2004 at 31 March 2005

EURO CORPORATE BOND EUR

-- -.


CLASS A C

CLASS A D

NIA

NIA

NIA

NIA

10.08

9.82

Total Net Assets

NIA NIA 48,600,380

EURO CREDIT BOND EUR

.~ ~.


CLASS A C

CLASS A D

CLASS I C

CLASS I D

CLASS Z C

CLASS Z D

16.03

15.48

16.13

15.64

NIA

NIA

16.78

16.21

16.98

16.47

16.83

NIA

16.99

15.05

17.30

NIA

17.22

16.77

Total Net Assets

EURO INVESSMENT GRADE BOND EUR

- Net Asset Value per Share

CLASS

CLASS

CLASS

CLASS

85,933.447 98,866,400 90,422,134 -

.-

I A C

A D

I C

z c

15.78

NIA

15.85

15.91

16.44

NIA

16.60

16.72

16.72

15.97

16.95

17.15

Total Net Assets

87,852,011 125,768 237 141,727,068

EURO INVESTMENT GRADE CORPORATE BOND EUR

- .


CLASS A C

CLASS A D

CLASS z c

Total Net Assets

NIA

NIA

NIA

NIA

NIA

NIA

NIA

NIA

10.01

9.76

10.09

10,644,652

~ -. HSBC Global Investment Funds

- . ..

. .



EURO HIGH YIELD BOND EUR


CLASS A C

CLASS A D

CLASS I C

CLASS I D

CLASS z c

17.59

17.34

17.71

16.73

N/A

18.95

18.69

19.22

18.16

19.01

20.30

17.67

20.73

NIA

20.63

Total Net Assets

126,066,364 124,271,638 . ~

70,242,075

GLOBAL EMERGING~ARKETS BOND USD


CLASS A C

CLASS A D

CLASS I C

CLASS z c

15.29

14.38

NIA

NIA

16.08

15.13

NIA

16.09

18.59

15.76

18.60

18.81

Total Net Assets

57,981,938 _- -. -.

GLOBAL INVESTMENT GRADE BOND USD

45,943,698 _- 119,634.250

.. . . ....


CLASS A C

CLASS A D

NIA

13.32

13.79

13.79

13.29

12.82

Total Net Assets

87.31 6,181 109,990,135 88,081,665 . - ..

GLOBAL INVESTMENT GRADE BOND ( u s DOLLAR-HEDGED) USD

.- . .- ~.


CLASS A C

CLASS A D

Total Net Assets


15.56

15.19

20,935,001

15.88

15.51

20,535,844

15.97

14.71

453,246

-.. . . A -

- ~~ -

Comparative Table of Net Assets - - . .

PAN-EUROPEAN GOVERNMENT BOND EUR



CLASS A C

CLASS A D

CLASS I C

CLASS I D

15.38

14.95

15.45

14.82

16.17

15.74

16.32

15.65

16.49

13.15

16.72

14.92

Total Net Assets

75.563,595 78.232,337 117,815,022

STERLING INVESTMENT GRADE BOND GBP


CLASS A C

CLASS P D

.

NIA

NIA

NIA

NIA

Total Net Assets

NIA . . ._. . .

N /A __ ~~

US DOLLAR HIGH YIELD BOND USD

5.69

5.63

21,583,331


CLASS A C

CLASS z c NIA

NIA

NIA

NIA

10.31

10.35

Total Net Assets

5,172:610 .

NIA NIA . .

US DOLLAR INVESTMENT GRADE BOND USD

-.


CLASS A C

CLASS A D

CLASS P D

CLASS z c

Total Net Assets

11.40

10.96

10.79

NIA

72,468,065

1 I .46

11.01

10.87

NIA

52,169,973

11.68

10.32

10.08

11.75

46,965,872




EURO RESERVE EUR

. .. - - . . . -


CLASS A C

CLASS A D

Total Net Assets

US DOLLAR RESERVE USD

15.22

15.07

97,779,127

15.42

15.27

15.66

15.03

69,964,934 47,661,285

. ..


CLASS A C

CLASS A D

CLASS P D

15.04

8.26

8.22

15.20

8.34

8.33

15.67

7.82

8.16

Total Net Assets

21,043,220 51,859,445 22,672,829

TURKISH CONVERGENCE EUR

. .....


CLASS A C NIA 10.14 14.98

CLASS A D NIA NIA 14.98

CLASS Z C N/A 10.15 NIA

Total Net Assets

N/A 7,252,084 67,383,014

HSBC Global Investment Funds ~ .. .

._ -. _.

Portfolio of Investments and Other Net Assets -.

Description Quantity Currency Evaluation % not assets

ASIA EX JAPAN EQUITY Statement of investments as at 31 March 2006 (expressed in USD)

. . .

Description Quantity Currency Evaluation % net assets

0.32

0.14

0.39

0.25

CHEUNG KONG HOLDINGS

CHINA MOBILE LTD

CHINA OVERSEAS LAND AND INVESTMENT CHINA RESOURCES

ENTERPRISE LTD ClTlC PACIFIC LTD

CNOOC LTD

COSCO PACIFIC LTD

DAH SING BANKING GROUP

LTD ESPRIT HOLDINGS

GREAT EAGLE HOLDINGS LTD

HENDERSON LAND DEV

HONGKONG 8 CHINA GAS

HONGKONG LAND HLDS LTD

HONGKONG+SHANGH.HOTELS

HSBC HOLDINGS PLC

HUTCHISON WHAMP

HYSAN DEVELOPMENT CO

KINGBOARD CHEMICALS

HOLDINGS LI 8 FUNG LTD

NWS HOLDINDS LTD

SHUN TAK HOLDINGS LTD

SUN HUNG KAI PROPERTIES

LTD SWIRE PACIFIC LTD - A-

TELEVISION BROADCASTS LTO

WHARF HLD

932,000

2 452.500

3.892,OOO

1,334 000

486 000

6.315 000

960 000

879.200

564,500

419 000

331 000

4,343.000

712.000

1,530.000

169,200

1,123,720

1,075.000

862 000

596.000

1,495,000

1 438,000

666,000

646,500

464.000

684 non

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

US0

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

9 878,558

12.878.887

2,658.217

2,750,537

1.459.264

4,882 771

1.917 541

1,733,488

4,393 823

1,457 872

1.834.164

10,493,RO 1

2 648.640

1,744.924

2 832.378

i n 303.262

3.061.558

2,604.905

1,344.083

2,774,249

2.056.949

6.763.043

6 327.586

2.630.949

2.512 133

1.70

2.21

0.46

0 47

0.25

0 84

0.33

0.30

0.75

0 25

0.31

1 .eo 0.45

0.30

0.49

1.77

0 53

0 45

0.23

0.48

0.35

1.16

1.09

0.45

0 43

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

CHINA LOTSYNERGY HLDS LTD

PEACE MARK (HOLDINGS)

LIMITED SIM TECHNOLOGY GROUP LTD

TPV TECHNOLOGY LTD

6,290,000 HKD 1,844,055

1910,000 HKD 806095

4.948 000 HKD 2.343.304

1,304,000 HKD 1.436 764

6,430,218 1.10

CAYMAN ISLANDS -

AAC ACOUSTIC

TECHNOLOGIES HLD LIFESTYLE INTL HLD LTD

492,000 HKD 459669 0 0 8

1.765000 HKD 3,025088 0 5 2

3 484.757 0.60

CHINA

ALUMINUM CORP OF CHINA

LTD CHINA CONSTRUCTION BANK

CORP CHINA LIFE INSURANCE CO

LTD-H- CHINA NATL BLDING MATERIAL

-H-

CORP -H- CHINA SHENHUA ENERGY CO - H- CHINA SHIPPING

DEVELOPMENT -H- CHINA TELECOM CORP LTD -H-

GUANGSHEN RAILWAY CO LTD

-H- HUNAN NONFERROUS METALS

CORP-H JIANGSU EXPRESSWAY CO -H-

PETROCHINA CO LTD I-H-

WElQlAO TEXTILE COMPANY

LTD ZlJlN MINING GROUP -H-

CHINA PETROLEUM a CHEM

3.172.000

4.481 000

10,654 000

890.000

8,886,000

1,565.500

1,860.000

7.106,non

3 860,000

1,368,000

4,504.000

9 282,000

1,323,000

1.650 000

949,800

929 000

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

-

HKD

HKD

3.351.882

2,093,267

13.454 900

418 E24

5 153.005

2.753.769

1,462,125

2 518.254

1,616 637

502,427

2,902,085

9 688.762

2,003 270

1,297 046

49,216,053

0 58

0.36

2.32

0.07

0.88

0.47

0.25

0.43

0.28

0.09

0.50

1.66

0 34

0.22

8.45

-

0 59

0 32

109,244 434 18.76

INDONESIA

PERUSAHAANGASNEGARA

TBK -6- PT BANK MANDlRl PERSERO

TBK RAMAYANALESTARISENTOSA

TBK TELKOM INDONESIA IS-8-

UNITED TRACTORS

3,442,000

9.139 000

IDR 3.797.215 0.65

IDR 1.703.682 0.29

2 688 000 IDR 237,232 0 0 4

IDR 6,263,220 1 09

IDR 2.066 183 0.35

8,228,000

4.162 000

14.067.732 2.42

MALAYSIA

COMMERCE ASSET-HOLDING

BHD/FOR.REG. GENTING BERHAD/FOR.REG.

101 CORPORATION

BHD/FOR.REG. MALAKOFF BERHAD

MALAYSIA INTL

SHIPPING/FOR.REG. TELEKOM MALAYSIA BHD!FOR.REG.

5.540 700 MYR 9,472.553 1.62

974,900

653,500

1,360.900

538.000

MYR 6,296495 1 0 8

MYR 2.358626 0 4 1

MYR 3.379163 0 5 8

MYR 1372,372 0 2 4

MYR 1 753.788 0.30 691.200

HONG KONG -

BANK OF EAST ASIA LTD

BOC HONG KONG HOLDINGS

LTD

24.632 997 4.23

PHILIPPINES 3,433.260

1,867,592 SM INVESTMENTS

CORPORATIONS

500.886 PHP 2,242,901 0.38

HSBC Global Investment Funds . ..

Portfolio of Investments and Other Net Assets -.

..-. .

Description Quantity Currency Evaluation % net Description Quantity Currency Evaluation % net assets assets

UNIVERSAL ROBINA CORP

SINGAPCRE

CAPITALAND LTD

CITY DEVELOPMENTS LTD

DES GRCUP HOLDINGS LTD

KEPPEL CORP LTD

OSlM INTERNATIONAL LTD

OVERSEA-CHINESE BK CORP

SEMBCORP INDUSTRIES LTD

SEMBCORP MARINE LTD

SINGAPORE AIRLINES LTD

SINGAPCRE PRESS HOLDINGS

LTD SINGAPORE TECHNOLOGIES

ENG. UTDOVERSEASBANKlLOCAL

UTD OVERSEAS LAND

VENTURE CORPORATION LTD

WING TAI HLDS

SOUTH K3REA

5 010.979 PHP 1,739.228 0 30

452,000

837,000

490.000

387.000

2,023.000

I ,387 200

921 000

536.000

454 000

476,000

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

1.352.006

5 586.554

4.936.038

3 300,539

2,137,953

5 743 923

1.992 152

944 071

4 274 150

1 323.775

0.23

0.96

0.85

0 57

0.42

0.98

0.34

0.16

0.73

0 23

692.000 SGD 1 325.753 0.23

494000 SGD 4,762625 082

56,300 SGD 100554 002

165,000 SGD 1305,235 022

1.068666 SGD 1,254846 022

40.640 174 6.98

AMOREPACIFIC CORPORATION

BANK OF PUSAN

CDNETWORKS CO LTD

CJ HOME SHOPPING

DAEWOO MOTORS SALES

CORP DONGBU INSURANCE CO LTD

DOOSAN HEAVY INDUST WONSTR. HANA FlhANClAL GROUP INC

HANWHA CORPORATION

HlTE BREWERY CO LTD

HOTEL SHILLA

HYUNDAI DEPARTMENT STORE

co HYUNDAl MOBIS

HYUNDAl MOTOR CO LTD

HYUNDAI SECURITIES CO LTD

KOOKMIN BANK

KOREA ELECTRIC POWER CORP KOREA E_ECTRIC/SADR R 1:2 SH LG CORP

LG ELECTRONICS INC

LG PHILIPS LCD CO LTD

LOTTE SHOPPING CO IGDR

1144A NHN CORPORATION

ORION CORPORATION

POSCO

SAMSUNG ELECTRONICS CO

LTD

10,058

248.120

50,077

24 441

157,950

154,200

104,960

104,923

57 720

15,050

358 240

34 600

32,180

55 310

160,260

201 770

34.510

82.650

144 530

74.640

45.420

43,400

13,713

9 083

37.289

58.970

KRW

KHW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KHW

KRW

KRW

KRW

KRW

KRW

KRW

USD

KRW

KRW

KRW

US0

KRW

KRW

KRW

KRW

3.932.879

3 625.480

1.682 429

2 640,728

4 030.758

2.983 030

3,466,923

4.966 425

1 766 968

2.144 a73

4 976.491

3.240 263

2 847.737

8 012.645

2,209.761

17.419431

1 448,840

1 766 231

5.019.346

6,052,199

2.047.080

876.680

4.233.203

2 682.419

9 61 1,780

38 228.483

0 60

0 62

0 29

0 45

0 69

0 51

0 60

0 85

0 30

0 37

0 85

0 56

0 49

1 18

0 38

2 99

0 25

0 30

0 86

1 04

0 35

0 15

0 73

0 46

1 65

6 57

SAMSUNG ENGINEERING CO LTD SAMSUNG HEAVY INDUSTRIES

SAMSUNG TECHWIN CO LTD

SHINHAN FINANCIAL GROUP

SHINSEGAE CO LTD

SK TELECOM CO LTD

STX PAN OCEAN CO LTD

205 570 KRW 6,938,234

199.230 KRW 3 567 133

100.030 KRW 2,773.987

199,920 KRW 8 948.715

14,296 KRW 6516.789

22,180 KRW 4353.470

2 620.000 SGD 1,432.977

119

0.61

o 48 1 54

1.12

0 75

0.25

TAIWAN

ASUSTEK COMPUTER INC

AU OPTRONICS CORP

AU OPTRONICS CORP :ADR

CATHAY FINANCIAL HOLDING

CATHAY FIN HLDlGDR REG-S

CHANG HWA COMMERCIAL

BANK CHINA STEEL

CHINA STEEL !GDS

EVA AIRWAYS CORP

FAR EASTERN TEXTILE LTD

FAR EASTONE TELECOM CO

LTD FIRST FINANCIAL HOLDING

COMP FORMOSA PLASTICS

HON HA1 PRECISION IND (GDR

HON HA1 PRECISION IND CO

LTD KING SLIDE WORKS CO LTD

KINSUS INTERCONNECT

TECHN CORP MEDIA TEK INCORPORATION

MITAC INTERNATIONAL CORP

NAN YA PLASTICS CORP

NANYA TECHNOLOGY CO LTD

POWERTECH TECHNOLOGY

INC SILICONWARE PREC IND

lSADR SINOPAC HOLDINGS

TAIWAN CEMENT CORP

TAIWAN

SEMICONDUCT MANUFXADR TAIWAN SEMICONDUCTOR MANUFACT TRIPOD TECHNOLOGY CO LTD

TSANN KUEN ENTERPRISE CO

LTD UNITED MICROELECTRONICS CORP

THAILAND -

BANGKOK BANK PUBLIC :FOR

REG ITALIAN-THAI DEV. PUB. !FOR.

REG

176,484.399

1,069.832 TWO

3222 140 TWD

69,160 US0

1.499 000 TWD

222910 USD

4 346.000 TWO

2,704920 TWD

157,547 USD

3,270,768 TWD

3,576,947 TWO

3.272 000 TWO

8,211,150 TWO

1.933.374 TWO

536.184 US0

639.737 TWO

18,000 TWD

639,000 TWD

392,270 TWD

546.450 TWD

1.762,OOO TWO

95877 TWD

770000 TWO

504540 US0

4665,000 TWO

4 700.850 TWD

742.589 USD

6505.786 TWD

2,072,394 TWD

1365120 TWO

7,441 546 TWO

2.902,SYl

4.847 880

1,024,951

2.680 509

3.945 507

2,378,350

2,535,220

2.930.374

1 240.345

2,508.889

3.863.667

5.873.265

3,016.157

6 648 682

3 964.470

103,777

2.226 214

4.541.326

700.860

2,621.144

55 425

2.587.646

5 942.828

2 365,948

3,623 298

7.463 o i a

12.877 228

6,740.815

2,104 401

4.703.574

30 31 -.

0 50

0.83

0.18

0.46

0.68

0.41

0.44

0.50

0.21

0.43

0 66

1.01

0.52

114

0 68

0.02

0.38

0.78

0.12

0.45

0.01

0.44

1 02

0 41

0.62

I 28

2.21

1.16

0.36

0.81

109 018.359 18.72

1.751.500 THE 5232925 090

10.798 500 THE 1.932 527 0.33


- .~


-.

Description .

Quantity Currency Evaluatian Yo net assets

PTT EXPLO &PROD /FOR REG 20Y 200 THB 2 973,569 0 51

SINO-THAI ENGIN & 7599,100 THB 1858930 0 3 2 CONSFOR REG

11 997,951 2 06

TOTAL SHARES

INVESTMENT COMPANIES

BERMUDA ISLANDS

549,199,203 94.31

MACQUARIE INTL INFRASTRUCTURE

17,682.000 SGD 10.709.083 1 84

10,709 083 1 .E4

HONG KONG

THE LINK RElT 1.867.500 HKD 4,043,073 0.69

4.043073 0 6 9

TOTAL INVESTMENT COMPANIES 14.752.156 2 53

TOTAL TRANSFERABLE SECURITIES ADMlnED TO AN OFFICIAL STOCK EXCHANGE LISTING 563,951,358 96 84

TOTAL INVESTMENTS 563,951,359 96.84

.

OTHER NET ASSETS LESS LIABILITIES 18,397,829 3.16

TOTALNETASSETS 582,349,188 100.00

HSBC Global Investment Funds . . . . .. . A . ..

- _ _

Portfolio of Investments and Other Net Assets _- .

ASIA EX JAPAN EQUITY

Economic Division of Investment -_ .-. .- - __ . _-_

_- . . . -- (expressed as a percentage of net assets)

%

Electronics and electrical equipment Banks and financial institutions Holding companies News transmission Real estate companies Energy Coal mines, heavy industries Mechanics, machinery Public services Transport Insurance Investment companies Retail trade, department stores Gastronomy Automobile industry Chemicals Textile Construction, building materials Internet Software Office equipment and computers Pharmaceuticals and cosmetics Food Non-ferrous metals Other business houses Other services Photography and optics Agriculture and fishing Tobacco and spirits Aerospace technology Graphic art and publishing Consumer goods Clock and watch-making industry

Other net assets less liabilities

Total Net Assets

21.90 11.92 9.21 6.28 6.29 4.54 3.28 3.13 2.93

2.83 2.53 2.24 2.23 2.22 1.95 1.77 1.34 1.02 0.97 0.86 0.76 0.67 0.65 0.47 0.45 0.41 0.37 0.23 0.23 0.15 0.14

2.87

3.16

100.00

-


_- - --

Portfolio of Investments and Other Net Assets - - -.

ASIA EX JAPAN EQUITY SMALLER COMPANIES Statement of investments as at 31 March 2006 (expressed in USD)

. . -. . .


. . - .

Description Quantity Currency Evaluation Yo net assets INDONESIA

UNITED TRACTORS

MALAYSIA

1,577,000

191 500

89 300

345 300

87 800

4.704,OOO

395 500

220,000

1,253 000

871,000

154,000

243,000

1,333 000

30.460

5 050

6 280

6 157

10,320

19,750

21 390

12.620

146

68 390

2,470

4 ago

5 490

1 1,650

16.290

3,460

6,533

7.400

688

888

E76

IDR 782,886 2.51

782.886 2.51


BHD/FOR REG GAMUDA BHD!FOR.REG.

IJM CORPORATION BHD

101 CORPORATION

BHD/FOR.REG.

MYR 327394 105 INVESTMENTS

MYR 91 117 0 2 9

MYR 477,891 1 5 3

MYR 316890 1 0 2 TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

SHARES

PHILIPPINES

BERMUDA ISLANDS AYALA LAND INC

SINGAPORE

PHP 1.034.798 3 31

1,034.798 3.31 PEACE MARK (HOLDINGS)

LIMITED REGAL HOTELS INTL

SCMP GROUP LTD

TAI CHEUNG HOLDINGS LTD

120.000

1,200,000

882.000

1 740,000

240 000

46.000

375.000

1,825.000

120,000

1 102.000

420,000

48 ooo

72 000

706.000

200 000

34.000

102 000

75,000

122 000

172 000

39 000

42,000

HKD 50.645 0 16

HKD 95877 0 3 1

HKD 315.408 1.01

HKD 986606 3 16 HYFLUX LTD

KEPPEL LAND LTD

MEIBAN GROUP

OLAM INTERNATIONAL LTD

SEMBCORP MARINE LTD

UTD OVERSEAS LAND

WING TAI HLDS

SGD 640.387 2 0 5

SGD 671,652 2.15

SGD 282.643 0 9 1

SGD 920.469 2 9 5

SGD 271.244 0 8 7

SGD 434,009 1 3 9

SGD 1,565232 5 0 1

1448.536 4 6 4

CAYMAN ISLANDS

AAC ACOUSTIC

TECHNOLOGIES HLD AGILE PROPERTY HOLDINGS

LTD LIFESTYLE INTL HLD LTD

HIGHTS HENG TAI CON.12.4.06

VISION GRANDE GROUP

HOLDINGS

HKD 224,229 0 7 2

HKD 38.235 0 12

4,785 636

445 075

249 430

230 051

665 232

263,358

382 068

423 698

416.850

6911

950.039

230.780

420.659

180 775

417 177

275 742

242,103

233.942

542.921

192.563

262.247

438 231

15 33

1 4 3

0 80

0.74

2.12

0.84

1.22

1.36

1.34

0.02

3.03

0.74

1.35

0.58

1 34

0.88

o 7a

0.75

1.74

0.62

o a4

1 40

HKD 642.723 2.06

HKD 25,400 0.08

HKD 132,991 0.43

SOUTH KOREA

BANK OF PUSAN

BINGGRAE CO LTD

CHEIL INDUSTRIAL INC

CJ HOME SHOPPING

DAEWOO MOTORS SALES

CORP DONGBU INSURANCE CO LTD

DONGKUK STEEL MILL CO LTD

DOOSAN HEAVY

INDUST.&CONSTR. HANA FINANCIAL GROUP INC

HOTEL SHILLA

HYUNDAI DEPARTMENT STORE

co HYUNDAI MlPO DOCKYARD CO

LTD KOREA DEVELOPMENT CORP

KOREA INVESTMENT

HOLDINGS CO KUMHO TIRE CO INC

LG HOUSEHOLD & HEALTHCARE LTD MODETOUR NETWORK INC

NCSOFT CORPORATION

NONG SHIM CO LTD

ORION CORPORATION


LTD

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

i ,063,578 3.41

CHINA

BElJlNG CAP.INTL AIRPORT -H-

CHINA LIFE INSURANCE CO

LTD-H- CHINA NATL ELDING MATERIAL



NINE DRAGONS PAPER HLDGS

LTD

HKD 635,500 2 0 4

HKD 530,416 1 7 0

HKD 22,578 0.07

HKD 26444 0.08

HKD 454.901 1 4 6

HKD 136599 0.44

1,806,438 5.79

HONG KONG

CHEUNG KONG HOLDINGS


KOWLOON DEVELOPMENT CO

LTD LIU CHONG HlNG BANK LTD

SHANGHAI INDUSTRIAL

HOLDINGS SWIRE PACIFIC LTD - A-


HKD 360 377 1 15

US0 379,440 1.22

HKD 129,511 0 4 1

HKD 261 768 0 8 4

HKD 361.292 1.16

HKD 381 710 1.23

HKD 238,146 0.76

2,112.244 6.77



Description Quantity Currency Evaluation nct Description assets

SAMSUNG ENGINEERING CO

LTD SAMSUNG TECHWIN CO LTD

S-OIL CCRP

SI CORPORATION

TAIWAN


AU OPTRONICS CORP

CATCHE3 TECHNOLOGY CO

LTD CHONG HONG CONSTRUCTION

CO LTD CHUNG HSlN ELECTRIC

MACHINERY FAR EASTONE TELECOM CO

LTD FORMOSA INTL HOTELS CORP

HON HAIFRECISION INDCO

LTD KING SLIDE WORKS CO LTD

KINSUS INTERCONNECT

TECHN CORP MIRLE AUTOMATION CORP

POWERTECH TECHNOLOGY

INC SHlHLlN ELEC &ENGINEERING

CORP SILICONWARE PRECISION INDUSTR SUNPLUS TECHNOLOGY

TAIWAN CEMENT CORP

TAIWAN SEMICONDUCTOR

MANUFACT TRIPOD TECHNOLOGY CO LTD

WISTRON CORP

THAILAND

7.430 KRW 250.771 0.80 TOTAL INVESTMENTS

Quantity Currency Evaluation "h net assets

8.620 KRW 239046 0 7 7 760 KRW 21 a67 68 OTHER NET ASSETS LESS LIABILITIES 1,698,106 5.44

1.770 KHW 78.135 0.25

11.249 671 26.42 TOTAL NET ASSETS 31,219,270 . l O O . O O

92.180 TWO

24fi340 TWD

27000 TWD

119000 TWD

247UOO TWD

248000 TWD

99,0110 TWO

77,245 TWO

41 000 TWD

71,000 TWO

211 000 TWO

161 000 TWO

264,000 TWO

239648 TWD

127,000 TWD

427350 TWD

465.240 TWO

201 aa6 TWD

121 000 TWD

250,096

370.632

243 072

135 199

184,289

292,845

198.397

478,690

236,3ai

247,357

234.192

541.053

193.717

312.16a

175,025

329 391

920,873

656,669

145 i i a ..

0 00

1 1 9

0.78

0.43

0.59

0.94

I1 64

1.53

0 76

0.79

0 75

1 73

0.62

1 .oo

0.56

1.06

2.95

2.10

0.46

TOTAL SHARES


BERMUDA ISLANDS

29,521.164 94.58

AIRPORTS OF THAILAND PUB

/FOR REG SINO-THAI ENGIN R CONS/FOR.REG THAI OIL PUBLIC COlFOR REG

66800 THB 82,994 0.26

170500 THE 41.709 0 13

30,400 THE 51 665 0 17

176,368 0.56

MACQUARIE INTL

INFRASTRUCTURE

28.818.611 92.31

1,160.000 SGD 702 553 2.25

702,553 2.25

TOTAL INVESTMENT COMPANIES 702.553 2.25

TOTAL TRANSFERABLE SECURITIES ADMlTrED TO

AN OFFICIAL STOCK EXCHANGE LISTING 29,521.16A 9A.56

HSBC Global Investment Funds - -. . . .- . .. ..... . ... ._ -A

__ -~ ._

Portfolio of Investments and Other Net Assets -_

ASIA EX JAPAN EQUITY SMALLER COMPANIES - . _ _

Economic Division of Investment

(expressed as a percentage of net assets) ~ . -

Yo

Electronics and electrical equipment Real estate companies Mechanics, machinery Holding companies Construction, building materials Gastronomy Banks and financial institutions News transmission Other business houses Insurance Retail trade, department stores Transport Automobile industry Food Investment companies Public services Internet Software Graphic art and publishing Coal mines. heavy industries Office equipment and computers Agriculture and fishing Tyres and rubber Energy Pharmaceuticals and cosmetics Photography and optics Textile Forest products and paper industry Aerospace technology Other services Clock and watch-making industry Non-ferrous metals


Total Net Assets


18.29 14.76 7.52 6.91 4.09

3.32 3.06 2.95 2.92 2.80 2.79 2.51 2.34 2.25 2.05 1.74 1.44 1.36 1.26 1.02 0.88 0.85 0.78 0.76 0.74 0.44 0.26 0.25 0.16 0.08

3.98

5.44

100.00

I

__


I

. ._

ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND Statement of investments as at 31 March 2006 (expressed in USDl

-. .

Quantity Currency Evaluation % net assets

Description

Descripticn Quantity Currency Evaluatiuri “io net assets MAXIS COMMUNICATIONS BHD

INVESTMENTS


EXCHANGE LISTING

SHARES

CHINA

CHINA CONSTRUCTION BANK

CORP CHINA NATL BLDING MATERIAL

-H- JIANGSU EXPRESSWAY CO -H-

MAANSHAN IRON &STEEL CO

H PETROCHINA CO LTD I-H-

HONG KONG

ASM PACIFIC TECHNOLOGY

LTD BANK OF EAST ASIA LTD

CHINA MOBILE LTD

CHINA TRAVEL INTL INVESTM

ClTlC INTL FIN.HLD

CLP HOLDINGS LTD

HANG LUUG PROPERTIES LTD

HANG SENG BANK LTD

HONG KONG EXCHANGE & CLEARING HONGKONG ELECTRIC

HOLDINGS LTD HOPEWELL HIGHWAY

INFRASTR HSBC HOLDINGS PLC

IDT INTERNATIONAL LTD

ORIENTAL PRESS GR. LTD

TELEVISION BROADCASTS LTD

VARITHOUIX INTL LTD

INDONESIA

PT BANK MANDlRl PERSERO

TBK TELKOM NDONESIA ’S-B-

MALAYSIA .. .-

BERJAYA SPORTS TOTO BHD

BRITISH AMERICAN TOBACCO

2.219 000

308 000

4 760,000

1 774 000

1,026 000

264.000

1,375,600

416 500

7.898 000

7,486,000

613 500

1,428 000

132,100

494.000

750.500

4 61 1,000

399 200

7.320 000

16.752 000

672 000

1.987 no0

17 453,000

944 500

2.003 500

308 500

HKD 1,036 590 0 5 4

HKD 144872 0 0 8

HKD 3067,035 159

HKD 611 532 0 3 2

HKD 1070962 0 5 6

5 930 991 3 09

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

1.575 167

4,972,409

2.187 179

2.005 049

3,352,327

3.581 414

2,714 326

1,701,482

2.979 302

3.530 086

3.446 393

6,682 538

641 448

3 475,636

3.810 339

1.344 308

0.82

2.59

1.14

1.04

1.74

1.86

1.41

0.89

1.55

1.84

1.79

3.48

0.33

1 .81

1.98

0.7c

47 999.403 24.97

IDR 3.253 951 1.711

IDR 718.961 0.37

3 972.912 2.07

MYR 2.544468 1.32

hlYH 3,558 000 1.86

SINGAPORE

BRILLIANT MANUFACTURING

LTD CHUAN HUP HOLDINGS LTD

COMFORTDELGRO CORPORATION LTD MOBILEONE LTD

PARKWAY HOLDINGS LTD

SINGAPORE AIRPORT

1ERMIN.SERV. SINGAPORE EXCHANGE LTD

SINGAPORE FOOD INDUSTRIES

SINGAPORE PETROLEUM CO

LTD SINGAPORE POST LTD

SMRT CORPORATION LTD

SMRT UNISTEEL TECHNOLOGY LTD

UTDOVERSEASEANK/LOCAL

YELLOW PAGES (SINGAPORE)

LTD

SOUTH KOREA

BANK OF PUSAN

DONGBU INSURANCE CO LTD

HANA FINANCIAL GROUP INC

HANJIN SHIPPING CO LTD

HANSOL PAPER

KOOKMIN BANK

KUMHO TIRE CO INC

LG PETROCHEMICAL CO LTD

POSCO


LTD SK TELECOM CO LTD

S-OIL CORP

IAIWAN

1.075 000

3,121,000

1.977.000

3.353 000

3,429.950

835,000

975 000

1 159,000

1.415.000

1 079 000

6,531,000

4 596 000

1.718.750

339.000

6.644.000

194,590

188.370

21.271

57.450

153,740

26,520

49.660

144.890

5811

6.772

13,207

8.470

MYR 2,537.988 1 3 2

8,640,456 4.50

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

617.218

427,631

3,481,269

4,981,389

1 269.452

1,409,988

2,865090

1,005.655

3.467 525

4,843 460

3,181.214

2,198,760

3 268.279

fi.774 986

0.32

0.22

1.81

2.60

0.66

0.73

1.49

0.52

1.80

2.52

1.66

1.14

1.70

3.54

39,791.916 20.71

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

KRW

2.843 310

3,644 055

1,006 842

1,365.581

2,135 679

2,289.554

840 597

3.1 16,019

1,497 870

4,390.083

2,616,076

650 186

1.48

1.90

0.52

0.71

1.11

1.19

0 44

1.62

0.78

2.29

1 36

0.34

CHINA STEEL

CHUNGHWA TELECOM CO LTD

COMPAL ELECTRONICS INC

DELTA ELECTRONIC

INDUSTRIAL ELAN MICROELECTRONINCS

CORP. FAR EASTONE TELECOM. CO

LTD FU SHENG INDUSTRIAL CO LTD

FUBON FINANCIAL HOLDING

CO LTD GIANT MANUFACTURE CO LTD

HOTAI MOTOR CO LTD

LITE-ON IT CORP

2.919 050 TWD

1,456,000 TWD

911 000 TWD

980,525 TWD

3,437761 TWD

2640000 TWD

1,080000 TWD

I S 2 8 0 0 0 TWD

1132.000 TWD

132000 TWO

1,638000 TWO

26,395,852 13.74

2.735 916 1.42

2,747.264 1 43

931,085 0 4 8

2.282408 1 19

1.764 727 0 92

3.117384 1 6 2

1273,629 0 66

1.295 519 0 6 7

2073.101 1 0 8

272.669 0 14

1.830 668 0.95

HSBC Global Investment Funds ....

-.

Portfolio of Investments and Other Net Assets -..

. -....


MEGA FINANCIAL HOLDING

COMPANY NAN YA PLASTICS CORP.

PHOENIXTEC POWER

SINOPAC HOLDINGS

TAIWAN MOBILE CORP.


MANUFACT. TEST-RITE INTL

TSANNKUENENTERPRISECO LTD WISTRON C O W

THAILAND

BANGKOK EXPRESSWAY IFOR REG KlATNAKlN BANK

PUBLlCiFOR REG KRUNG THAI BANK IFOR REG

RATCHABURI

EL GEN 'FOR REG SlAM CITY BK PUBLIC'FOR REG

THAI PLAST 8 CHEMIC PUB 'FOR REG

TOTAL SHARES


BERMUDA ISLANDS

MACQUARIE INTL

INFRASTRUCTURE

HONG KONG

PROSPERITY REAL EST.

INV.TRUST THE LINK RElT

THAILAND

CPN RETAIL GROWTH

PROPERTY FD

1 376 000

682.000

2,496.000

1 970.000

3 866.000

1.092.000

1930.819

2.031.640

620.000

3.618.300

2 354,100

7.024 200

2,915.000

3.148 500

6 419.900

9,307,000

1,278.603

753.500

2,905 500

1WD

1WD

TWO

r w D

TWO

r w D

rwo

W D

TWD

1,037,254

1 014.540

2 435.600

999,125

3 683,052

2,161,450

1,040.687

3 131,874

743 582

0 54

0 53

1 27

0.52

1 9 3

1.13

0.54

1 6 3

0 39

36 571.534 19 04

THE 2,105670 1 1 0

THE 2,061,015 1.07

THB 1,971 517 1 0 3

THE 2,983684 155

THB 1,970,095 1.03

THE 2.926030 1 5 2

14,018.011 7.30

183,321,075 95.42

SGD 5,636,774 2.94

5,636.774 2.94 . - --

HKD 350136 0 1 8

HKD 1631 301 0 8 5

1981 437 103

.. .-

THE 815,501 0.42

TOTAL INVESTMENT COMPANIES

815,501 0 4 2

6,433.712 4 39

TOTAL TRANSFERABLE SECURITIES ADMITTED TO

AN OFFICIAL STOCK EXCHANGE LISTING 191,754,787 99.81


OTHER NET ASSETS LESS LIABILITIES 366,220 . 0.19


I


-


ASIA PACIFIC EX JAPAN EQUITY HIGH DIVIDEND

Economic Division of Investment . . ....... .

(expressed as a percentage of net assets)

%

Banks and financial institutions Electronics and electrical equipment News transmission Transport Graphic art and publishing Public services Investment companies Chemicals Other services Holding companies Energy Coal mines, heavy industries Photography and optics Insurance Tobacco and spirits Mechanics, machinery Real estate companies Gastronomy Forest products and paper industry Office equipment and computers Retail trade, department stores Food Tyres and rubber Automobile industry Construction, building materials

21.48 13.35 11.77 9.10 5.35 5.25 4.39 3.67 3.56 2.91 2.70 2.52 1.98 1.90 1.86 1.59 1.41 1.32 1.11 0.87 0.54 0.52 0.44 0.14 0.08

Other net assets less liabilities 0.19

Total Net Assets 100.00

HSBC Global Investment Funds -. . .-

_ _

Portfolio of Investments and Other Net Assets _ _

I

BRAZIL EQUITY Statement of investments as at 31 March 2006 (expressed in USD)

...

Description Quantity Currency Evaluation net assets

INVESTMENTS


EXCHANGE LISTING

SHARES

BRAZIL

ALL AMERICA LATINA !UNIT

AMBEV CIA DE BEBIDAS lADR

ARACRUZ CEL -E- PREF.SADR

ARCELOR BRASIL SA

BANCOBRAOESCOSA,PREF

BANCOBRADESCOjSADR

BRADESPAR SA BRASIL !PREF

CIA VALE DO RIO DOCE AiPREF

CIAVALE RIO DOCElSADR

COMGAS iPFD SHS ,-A-

COMPANY SA

CONFAB INDUSTRIAL

PR lV NOM CONTAX PARTICIPACOES SA

CONTAX PARTICIPACOES SA

COSAN SA INDUSTRIA E

COMERCIO CPFL ENERGIA SA

CYRELA BRAZIL REALTY SA

DIAGNOST DA AMERICA SA BRL

DURATEX SA iPRlV

GAFISA SA

GAFlSA SA /GDH 144A

GERDAU 'PREF

INVESTIMENTOS ITAU 'PREF

ITAU HOLDING (PFD SHS:SADR

KLABIN RIOCELL SA 'PREF

LOCALIZA RENTA A CAR

LOJAS AMERICANAS SA iPRlV

LOJAS RENNER SA

MARCOPOLO POMO PREF

NATURA COSMETICOS SA

OBRASCON HUARTE LAIN

BRASIL SA PERDIGAO SA ' PREF

PETROBRAS

PETR BRASlLElRO SA PETROBRAS GADR REP 1 SHS

PETROLEO BRASILEIRO PREF SHS

258,000

306,200

217 000

16,042

8,450

447 900

87,400

145 000

192.700

710 000

1 796.300

56,200

4 262.100

2 2 9 6 , ~ ~ ~

333 240

13.000

835 500

495.000

447 700

200.000

50 000

422 700

2 244 900

310.000

2 700

1 330.200

80 500.000

265,100

1551,700

174 700

565.600

325 000

89.000

55.000

632.600

BRL 16.091,105

USD 12,897 144

US0 11,297 020

BRL 239684

BRL 301,924

USD 16.102 005

BRL 2,891.236

BRL 6.218.449

US0 8,286.100

BRL 97971

BRL 14 445.250

BRL 109,647

BRL 5,258.004

BRL 3 725.504

BRL 22.214 980

BRL 185,324

BRL 14.506 531

BRL 12 303.753

BRL 8.589472

BRL 2,101.800

USD 1.042 000

BRL 9.386464

BRL 9,539.233

US0 9.318.600

BRL 5,922

BRL 22,366,514

BRL 3457,461

BRL 14,294 212

BRL 4,324,851

BRL 9,977838

BRL 7,168.848

BRL 10.313.098

BRL 1.918.993

US0 4,331.800

BRL 12472.213

4.58

3.67

3.22

0.07

0.09

4.59

0.82

1 77

2 36

0 03

4.11

0 03

1.50

1 06

6.33

0.05

4.13

3.50

2.45

0.60

0.30

2.67

2.72

2.65

0 00

6.38

0.98

4.07

1.23

2.84

2.04

2.94

0.55

1 23

3 55

Description Quantity Currency Evaluation O 6 net assets

PETROLEO BRASILEIRO 'SADR

PETROLEO 1PIRANGA:PREF

ROSS1 RESIDENCIAL ON

SADIA SNPREF

SOUZA CRUZ

SUZANO PETROQUIMICA SA

VALE RIO DOCE :SADR

WEG SA jPREF.

179,200

215,800

1,6A4.125

5 700.600

394.000

60.000

435.000

35.000

US0

BRL

BRL

BRL

BRL

BRL

US0

BRL

15,475 712

3 , i 5s.zsn

15 758,303

18,592.747

5 967.786

112.126

20 993.100

130,334

357,966,376

4.41

0.90

5.30

4.49

1.70

0 03

5.98

0.04

101.96

TOTAL SHARES 357,966,376 101.96


357,966,376 101.96 AN OFFICIAL STOCK EXCHANGE LISTING

TOTAL INVESTMENTS 357,966376 101.96

-~

OTHER NET ASSETS LESS LIABILITIES (6,884,298) (1.96)

TOTAL NET ASSETS . 351,102,078 100.00


Portfolio of Investments and Other Net Assets ~.

.

.-.

..- BRAZIL EQUITY

Economic Division of Investment -...

.- (expressed as a percentage of net assets)

Coal mines, heavy industries Food Energy Construction, building materials Automobile industry Holding companies Other services Tobacco and spirits Retail trade, department stores Real estate companies Banks and financial institutions Other business houses Transport Forest products and paper industry Agriculture and fishing Pharmaceuticals and cosmetics Public services Mechanics, machinery Chemicals


Total Net Assets


12.88 10.82 10.64 9.41 7.61 6.19 5.95 5.37 5.05 5.03 4.68 4.60 4.58 3.22 2.94 2.84 0.08 0.04 0.03

(1.96)

100.00

. .... . . . . . . . ... . . . A ... .. .. .. - . .

. . .. . . . .. . .

Portfolio of Investments and Other Net Assets . .. .- . . ... ... .. .. . . .. .

ERIC MARKETS Statement of investments as at 31 March 2006 (expressed in USD)

.. __ Description Quantity Currency Evaluation % net

assets

INVESTMENTS

TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

BRILLIANCE CHINA AUTOMOTIVE DIGITAL CHINA HLO LTD

GOME ELECT APPLIANCES

HOLDINGS TPV TECHNOLOGY LTD

BRAZIL

AMBEV CIA DE BEBIDAS !ADR

ARACRUZ CEL -6- PREF/SADR

BANCO ERADESCO :SADR

BANCO NOSSA CAIXA SA

BRASIL DISTR PA0 lADR

BRASlL TELECOM PARTICIPACOES ERASIL TELECOM PART !PFD

/$ADA BRASKEM lSADR

CAEMI MINERACAO E

MET :PREF CEMIG lSADR (1000 NV-PFD)

CIA DE CONCESSOES

RODOVIARIAS CIA SIDERURG NAC'SADR

(REP 1SH) CIA VALE RIO DOCEISADR

COMGAS 'PFD SHS !-A-

CONTAX PARTICIPACOES

/SADR COPEL ISADK

COTEMINAS CIA TECIDOS

/PREF CRT PART CELULAR lPREF A

CYRELA BRAZIL REALTY SA

DIAGNOST DA AMERICA SA ERL

DURATEX SA IPRIV

EDP ENERGIAS DO BRASIL SA

ELECTRIC METHOP DES lPREF

874,000

159,UOO

207 000

448,000

38 200

8.500

85.700

8.200

5.200

I I ,300,000

8,900

13,900

290,000

16.500

45.300

25,200

77 200

470,000

56.800

19,400

700.000

1100

12.000

4 400

s,noo 9.400

1,820.000

ELETROERAS !ADR (500 PFD B ) 32.400

ELETROBRAS ISADR REPS00 42,600

SH EMBRAER PREFiSADR 16,500


HKD 129,524 0.06

HKD 58,396 003

HKD 230743 0 10

HKD 493,612 0 2 2

US0

USD

US0

BRL

US0

BRL

US0

USD

BRL

USD

BRL

USD

USD

BRL

USD

USD

BRL

BRL

BRL

ERL

BRL

BRL

BRL

US0

USD

US0

912275 0.41

1 608.984

442,510

3 080.915

176 844

224 120

119,784

316,395

204,886

51 1,468

736 890

439,215

786.744

3,319 600

64,854

71,000

188,180

69.725

31 212

208,352

109.367

95,929

133,144

86.069

348,300

466,470

614,955

0.72

0 20

1.38

0.08

0.10

0.05

0.14

0.09

0.23

0.33

0 20

0 35

1.48

0.03

0 03

0 08

0 03

0 01

0 09

0.05

0 04

0.06

0.04

0.16

0.21

0.28

Oescri3tion Quantity Currency Evaluation YO net assets

EMBRATEL PARTIC !SADR

GERDAUSAISADRPFDSHS

GOL LINHAS AEREAS /AOR

ITAU HOLDING lPFD SHSiSADR

KLABIN SA ISADR

LOJAS AMERICANAS SA :PRIV


PETROBRAS iSADR REP 1 SHS

PETROLEO BRASlLElRO /SADR

SABESP ISADR

SADIA IADR

SOUZA CRUZ

TELE CENT OESTE/PREF SADR

TELE NORT LESTE TNLP IFF SADR TELEMAR

TELESP CEL PART IPREF SADR

TIM PARTICIPACOES SA /SADR

TMCPiSPONS ADR REP 20000 PREF UNIBANCO /ADR

USlM -A-/SADR(10000 PFD REG

USlMlNAS IPREF -A-

VALE RIO DOCE lSADR

VOTORANTIN CEL iSADR

WEG SA PREF

S)

16,100

37 800

9 400

97 000

10 500

7,700.000

3,900

73 200

53 100

10.900

7,400

14.300

10 600

46.900

10 300

39 500

10,100

2.100

20 100

21,400

3.400

62,700

14 800

34.000

US0

US0

US0

US0

US0

ERL

BRL

US0

US0

US0

USD

BRL

US0

USD

ERL

USD

US0

US0

US0

US0

BRL

US0

US0

BRL

172 270

841.806

237,914

2 915,820

236.250

330 714

222 745

5 765,232

4 585 716

227.810

204 314

216 597

133 136

773.850

223.074

161 555

367,640

96,138

1 504.083

759,272

120,863

3,025.902

236,800

126,611

0.08

0.38

0.11

1.30

0.1 1

0.15

0.10

2.58

2.05

0.10

0.09

0.10

0.06

0.35

0.10

0.07

0.16

0.04

0.67

0.34

0.05

1.35

0.11

0.06

37,942,024 16.97

CAYMAN ISLANDS

AGILE PROPERTY HOLDINGS

LTD CHAODA MODERN

AGRICULT.HOLD. CHINA MENGNIU DAIRY CO LTD

CHINA RESOURCES LAND

CHINA STATE CON INTL HLDGS

LI NlNG COMPANY LTD

TCL COMM.TECHN.HOLDINGS

484,000 HKD

562,000 HKD

316,000 HKD

450.000 HKD

5.333 HKD

204.000 HKD

112,000 HKD ...

402,297

441,782

352.2L5

336,3L3

1.512

195.852

4.516

1,734.577

~

CHINA

0.18

0.20

0.16

0.15

0 00

0 09

0.00

0.78

I

AIR CHINA LTD


LTD ANGANG NEW STEEL CO LTD -

H- ANHUI CONCH CEMENT CO LTD

AVlCHlNA INDUST.&TECHN I-H-

BANK OF COMMUNICATIONS CO LTD BElJlNG CAP.INTL AIRPORT -H-

BElJlNG ENTERPRISES HLD

BY0 COMPANY LIMITED -H-


CORP CHINA COSCO HOLDINGS -H-

986 000

934.000

354.000

174,000

664 000

2.270.000

460,000

78.000

68 500

9,552,000

660,500

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

381 189

986.967

333 018

251,136

50.485

1,426.074

265 2 i 3

145.2L6

141 680

4 462.1L9

300 036

0 17

0.44

0.15

0.11

0.02

0.64

0.12

0.06

0.06

1.99

0.13

A i . . .- . .-

Portfolio of Investments and Other Net Assets ......

Description Quantity Currency Evaluation Yo nct Description assets

CHINA EASTERN AIRLINES -H-

CHINA LIFE INSURANCE CO

LTD-H-

CORP -H- CHINA SHIPPING CONTAINER

LINES CHINA SHIPPING

DEVELOPMENT -H- CHINA SOUTHERN AIRLINES -H-

CHINA TELECOM CORP LTD -H-

DATANG IhT POWER

GENERATION-H- DONGFENG MOTOR -H-

GUANGSHEN RAILWAY CO LTD

-H- HUADIAN FOWER INTL CORP - H- HUANENG POWER INTL H

JIANGSU EXPRESSWAY CO -H-

JlANGXl COPPER CO LTD -H-

MAANSHAN IRON & STEEL CO H PETROCHINA CO LTD /-H-

PlCC PROPERTY & CASUALTY -

H- PING AN INSUR.fGRP)CO -H-

QlNGLlNG MOTORS CO i-H-

SHANGHAI ELECTRIC GROUP

CO -H- SHANGHAI FORTE LAND CO -H-

SHENZHEN EXPRESSWAY H

SINOPEC SHANGHAI

PETROCHEM,-H- SINOPEC YIZHENG CHE.FIBRE

CO-H SINOTRANS LTD

TRAVELSKY TECHNOLOGY LTD

-H- TSINGTAO BREWERY CO LTD

H WElCHAl POWER CO LTD I-H-

WElQlAO TEXTILE COMPANY

LTD YANZHOU COAL MINING CO -H-

ZHEJIANG EXPRESSWAY CO

LTD -H- ZlJlN MINING GROUP -H-

ZTE CORP H


FEDERATION OF RUSSIA

AFK SISTEMA !SGDR

AKSBEREGATELNYEANK

SBERBANK COMSTAR EGDR REP.REG.S

GAZPROM OAO/SADR

JSC SURGUTNEFTEGAZ !SADR

JSC SURGUTNEFTEGAZ 6 A D R

PFD LUKOIL XADR

522 000

2.6ia.000

6.576.000

739,000

528.000

438,000

5 176.000

584,000

800.000

574.000

~5o.non

1.208,000

4~8,000

565.000

698,000

7.430.000

1.002.000

403 500

322.000

1,100.000

328,000

222.000

938.000

642.000

541,000

104.000

110.000

42,000

124,500

780 000

586.000

590,000

57.800

63 450

2.500

107,000

52.650

90.950

45.500

143.000

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKO

83,413

3.306 263

3.813 432

240 463

415,055

124.1 76

1834,293

368.766

350 518

240.401

173.809

825,058

314,435

502.388

240.614

7,755,603

364 777

1,039,957

51,454

464,243

171.187

87.256

525.816

169 602

217,866

110,568

153,094

68 738

188.516

678,485

381 356

463.792

232.766

34 701.413

USD 1,548,180

USD 3.675000

US0 775,750

US0 4756,401

US0 6,921.294

USD 5278,228

USD 11 .897.599

0.04

1.48

1.71

0.1 1

0.19

0 06

0 82

0 16

0.16

0.11

0.08

0.37

0 14

0.22

0 11

3.46

0.16

0.47

0.02

0.21

o oa 0 04

0.24

0.08

0 10

0 05

0 07

0.03

0.08

0.30

0 17

0 21

0 10

15.52

0.69

1.64

0.35

2.13

3.09

2.36

5 31

MECHEL OJSC !ADR

MMC NORILSK NICKEL ISADR

MOBILE TELESYSTEMS

OJS!SADR NOVATEK OAO !SGDR

RAO UNIFIED ENERGY

SYST./GDR ROSTELECOM /SADR REP 6 SHS SIBIRTELECOM JSC

TATNEFT SADR REP 20 SHS REG.5 URALSVYAZINFORM

XADR(200ACT.) VIMPEL

COMMUNICATIONS/S.ADR WIMM-BILL-DANN FOODS /SADR

.............

.........

Quantity Currency Evaluation % net assets

15.700 USD

48.600 US0

131 100 US0

49,930 US0

48.450 US0

4n.900 USD

2.725 340 USD

43800 USD

27600 USD

43700 US0

8.400 US0

...... -

399.879

4.723.920

4335.477

1934,788

3,269.891

800.004

238.467

4 567 026

224,112

1.873 856

236,040

0 I 8

2 11

1 94

o a i 1 46

0 36

n 11

2 04

0 10

o a4

0 11

HONG KONG

CHINA EVERBRIGHT LTD

CHINA MERCHANTS HOLDINGS

CHINA MOBILE LTD

CHINA OVERSEAS LAND AND

INVESTMENT CHINA PHARMACEUTICAL

GROUP LTD CHINA RESOURCES

ENTERPRISE LTD CHINA RESOURCES POWER

HOLDINGS CHINA TRAVEL INTL INVESTM

ClTlC PACIFIC LTD

CNOOC LTD

COFCO INTL LTD

COSCO PACIFIC LTD

DENWAY hlOTORS LTD

GLOBAL BIO-CHEM

TECHNOLOGY GUANGDONG INVESTMENT LTD

GUANGZHOU INVESTMENT CO

LTD LENOVO GROUP LTD

SEMICONDUC.MANUFACT.lNTL CORP SHANGHAI INDUSTRIAL

HOLDINGS SHENZHEN INVESTMENT LTD

TCL MULTIMEDIA

TECHNOLOGY HLDS

262000 HKD

430,000 HKD

1,929.500 HKD

1.268,OOO HKD

328.000 HKD

392.000 HKD

476.000 HKD

834,000 HKD

432000 HKD

4,826,000 HKD

204,000 HKD

434,000 HKD

1.932 000 HKD

420,000 HKD

918.000 HKD

1.158000 HKD

i 348,000 HKD

2,975,000 HKD

145.000 HKD

372,000 HKD

456.000 HKD

57 455,912

140.961

1.241.247

10 132,441

866.038

56217

808,254

346 575

21 1,726

1,297.124

3.731.473

117 643

866,888

753.137

220,556

41 1.092

228.319

512,453

440.886

304 577

127,037

71.104

25 69 __

0 06

0 56

4 52

0 39

0 03

0 36

0 16

0.09

0 58

1 67

0 05

0.39

0 34

0.10

0.18

0 10

0 23

0 20

0 14

0.06

0 03

INDIA

ABB LTWDEMAT

ARVIND MILLS

!DEMATERIALISED ASHOK LEYLAND LTDOEMAT

ASIAN PAINTS iDEMAT

ASSOCCEMENTDEMAT

BAJAJ AUTO LTD :GDR REG.S

4700 INR 311,325 0.14

57,000 INR 127771 no6

i n . 6 0 0 INR 159.840 0 0 7

15.200 INR 221,402 0 10

19700 INR 346.652 0 16

14,800 USD 910361 0 4 1


_~ -. . - Portfolio of Investments and Other Net Assets

~ .

Description Quantlty Currency Evaluation “h net Description Quantity Currency Evaluation ‘lo net assets assets

BANK OF BARODA IDEMAT

BHARAT ELECTRONICS LTD

DEMAT. BHARAT FOHGE LTD rDEMAT

BHARAT PETROL.iDEMAT.

BIOCON LTD iDEMAT.

BRITANNIA INDUSTRIES

LTDIDEMAT CASTROL INDlAiDEMAT

CIPLA LTD iDEMAT

COLGATE PALMOLIVE (I) LTD’ DEMAT. OR REDDY S LABORATORIES

iADR GAIL INDIA LTD IGDH KEGS

GLAXOSMITHKLINE

PHARMA.!DEMAT. GLENMARK

PHARMACEUTICALS’DEMAT GRASIM IND.’GDR 144A

GUJARAT AMBUJA CEMENTS

/GDR HINDALCO IND./GDR 144A REG

HINDUSTAN PETR.’DEMAT

HOUSING DEVT.FIN.CORP :ADR

IClCl BK ISADR

I-FLEX SOLUTIONS LTD

IDEMAT INDIAN HOTELS iDEMAT.

INDIAN

PETROCHEM :DEMATERIALISE

D INFOSYS TECHN0L.I SADR

INFRASTRUCTURE DVPT

FINIDEMAT. ITC iGDR

JET AIRWAYS INDIA LTD

IDEMAT.

IDEMAT. KOTAK MAHINDRA BANK

LTDIDEMAT LAHSEN & TOUBRO /GDR

MAHANAGAR TELE NIGAM iADR

MAHINDRA&MAHINDRA/DEMAT

JINDAL STEEL a POWER

MARUTI UDYOG LTD IDEMAT.

MATHIX

LABORATORI ESiDEMAT MOSER BAER (INDIA) DEMAT.

NESTLE INDIA ’DEMAT

NICHOLAS PIRAMAL

INDIAIDEMAT. RANBAXY LABORAT.IGDR

(EQ.SHS).RECEIPTS R RELIANCE COMM VENT(RCVL)IDEMAT RELIANCE IND iGDR144A

SATYAM COMPUTER iADR

STATE BK OF INDIA IGDR

(REGS) SUN PHARMACEUTICAL

IND.LTD IDEMAT

11,100 INR

8 80[1 INR

33,500 INR

30.700 INR

11.500 INR

2.700 INR

14.600 INR

36000 INR

16,1100 INK

24,500 USD

20700 USD

10.700 INR

22.000 INR

17,600 USD

247600 US0

236,700 US0

16.100 INR

27.000 USD

127500 US0

18.800 INR

12700 INR

35.600 INR

85900 US0

122000 INR

509,400 US0

7500 INR

5.800 INR

41.500 INR

25000 USD

45,800 US0

50.100 INR

34.200 INR

33500 INR

17.400 INR

12.200 INR

20.500 INR

72,700 USD

100000 INR

107.500 USD

46.900 US0

10600 US0

23.200 INR

57,502

263.540

334.880

292.473

114.972

107 368

79,200

529 780

150,671

763,910

a69 400

350,255

156.033

a i 3 , w

573,071

9ia.065

115,415

1,475.280

3.558.525

560.91 1

388 279

210.355

6 533,553

182,271

2,232.914

174 076

246.030

255.544

1,320 000

389,300

705,544

667.656

212.465

8 a . m

31 8 a72

119.914

708.825

651.309

3.884.400

2.034.053

576,450

451.650

0.03

0.12

0.15

0.13

0 05

0.05

0.04

0.24

0.07

0.34

0.35

0.16

0.07

0.36

0.26

0 41

0 05

0 66

1.58

0.25

0.17

0.09

2.91

0 08

0 99

0.08

0.1 1

0.12

0.59

0.17

0.32

0 30

0 10

0.04

0.14

0.05

0.32

0.31

1.73

0 91

0.26

0.20

TATA IRON 8 STEELiDEMAT

TATA MOTORS LTD IADR

TATA POWER CO iDEMAT.

TATA TEA LTD / DEMAT.

ULTRATECH CEMENT LTD

IDEMAT. UTI BANK LTD ’GDR REGS

VIDESH SANCHAR NIGAMISADR

WIPRO LTD iSADR

ZEE TELEFILMS LTD IDEMAT

TOTAL SHARES

INDEX TRACKER

HONG KONG

ISHARE MSCl CHINA TRACKER

UNITED STATES

ISHARESlMSCl BRAZIL ANDEX

FD

65,400

85.450

25.400

14,200

14,400

55,100

14.500

80 400

101,600

546.aoo

189.200

TOTAL INDEX TRACKER

WARRANTS I EQUITY LINKED SECURITIES

GREAT BRITAIN

DEUT.BK 04-8.10.07

WRTlREL EN. 0

INDIA

DEUTSCHE BANK AG 04-

27 08.07 ION HINDUSTAN

MSDW ASIA 04-10.8.07 ION LEVER LTD

HINDUSTAN PETROLEUM

NETHERLANDS ANTILLES

MER LYN.15.5.06WRTlHERO HO.

0

UNITED STATES

MERRILL LYNCH INTL R CO 04-

23.03.05 /ON OIL R NATURAL

GASCORP 0

VIRGIN ISLANDS

MSDW ASIA SECURITIES

PRODUCTS 04-09.12.07 ION TATA CONSULTANCY 0 MSDW ASIA04-5 2 07WRT

HOUS.DEV 0

25.600

355.300

26,000

38,100

79,900

30.200

85.700

INR m . 5 i a 0 3 5

US0 1,757,545 0 80

INR 329,065 0 15

INR 276,291 0 12

INR 220143 0 1 0

US0 440800 020

USD 314390 0 14

US0 1200372 0 5 4

INR 553,652 0.25

42 479,978 i a 95

198.111.927 88 60

HKD 2 515.582 1.13

2,515.582 1.13

USD 7,537 728 3.37

7.537.726 3.37

10,053,310 4.50

USD ~06.632 0 1 8

406.632 0.18

USD 2,198.745 0.99

US0 186034 008

USD 762234 0.34

762234 0 3 4

USD 2346.423 1 0 5

2 346,423 1.05

USD 1.302295 0.58

USD 2,554,980 1 15

HSBC Global Investment Funds - __

-

Portfolio of Investments and Other Net Assets - - - - .

I

Description Quantity Currency Evaluation ' lo net assets

MSDW 05-22 08 08 ION BHARAT 28.8UU USD 1 455.775 0 65

HEAVY 0

5313,054 238

TOTAL WARRANTS I EQUITY LINKED SECURITIES 11,213,122 5 02


- -

HONG KONG

GZl REAL ESTATE INV TRUST 1.310 HKD 574 000 - .-

574 no0

TOTAL INVESTMENT COMPANIES .-

574 0.00



TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED

MARKET

SHARES


VOLGATELECOM JSC 48,850 U S 0 208101 0.09

208 101 0.09

TOTAL SHARES 208,101 0.09

TOTAL TRANSFERABLE SECURITIES TRADED ON 208,101 0.g ANOTHER REGULATED MARKET -.

OTHER TRANSFERABLE SECURITES

SHARES


POLYUS GOLD OJSC !ADR 23900 US0 956000 0 4 3

TRANSNEFT OJSC MOSCOW 1025 US0 2,337000 1 0 5

URALSVYAZINFORM JSC 713,300 US0 28.960 0 0 1

3321.960 149

TOTAL SHARES 3,321,960 1.49

TOTAL OTHER TRANSFERABLE SECURITIES 3.321.960 1.49

TOTAL INVESTMENTS 222,908,994 -99.70

OTHER NET ASSETS LESS LIABILITIES 664,951 0.30

TOTALNETASSETS 223,573,945 ioa.00


Portfolio of Investments and Other Net Assets . - - ._

BRlC MARKETS

Economic Division of Investment .~ __

(expressed as a percentage of net assets) ..

Energy News transmission Banks and financial institutions Holding companies Coal mines, heavy industries Internet Software Investment companies Non-ferrous metals Public services Transport Miscellaneous Chemicals Automobile industry Insurance Tobacco and spirits Pharmaceuticals and cosmetics Construction. building materials Electronics and electrical equipment Real estate companies Other services Food Mechanics, machinery Precious metals Forest products and paper industry Office equipment and computers Textile Retail trade, department stores Aerospace technology Photography and optics Agriculture and fishing Gastronomy Other business houses


Total Net Assets


%

26.67 11.61 10.41 5.80 5.59 4.61 4.50 3.51 3.45 2.67 2.60 2.48 2.34 2.1 1 1.88 1.73 1.12 1.03 0.95 0.64 0.61 0.54 0.43 0.42 0.37 0.36 0.34 0.28 0.25 0.20 0.17 0.03

0.30

100.00

_.

I

- ... -

Portfolio of Investments and Other Net Assets .. .. . .. .

CHINESE EQUITY Statement of investments as at 31 March 2006 (expressed in USD)

.. . ..

Description Quantity Currency Evaluation O'O net assets

INVESTMENTS


SHARES

BERMUDA ISLANDS

TPV TECHNOLOGY LTD

CAYMAN ISLANDS

AGILE PROPERTY HOLDINGS

LTD LIFESTYLE INTL HLD LTD

CHINA

AIR CHINA LTD

ALUMINUM CORP OF CHINA LTD ANHUI EXPRESSWAY CO LTD

H- BANK OF COMMUNICATIONS

CO LTD CHINA CONSTRUCTION BANK

CORP CHINA COSCO HOLDINGS -H-

CHINA LIFE INSURANCE CO LTD-H-

21 6o8.000

44.978 ooo

9 184.000

85 8o4.000

48 000 000

19 760.000

126 727.000

393 830.000

35 000 000

105,830.00U

CHINA NATL BLDING MATERIAL 4 1SZ.OUU -H- CHINA PETROLEUM 8 CHEM 331,370.000 CORP -H- CHINA SHENHUA ENERGY CO - 79 255,0[111

H- CHINA SHIPPING CONTAINER 68 616 000 LINES CHINA SHIPPING 77,498.000 DEVELOPMENT -H- CHINA TELECOM CORP LTD -H- 293,252,000

DONGFENG MOTOR -H- 65 598 000

GUANGSHEN RAILWAY CO LTD 55,080,000

-H- HUNAN NONFERROUS METALS 6,688 000 CORP-H JIANGSU EXPRESSWAY CO -H- 47 172.000

JlANGXl COPPER CO LTD -H- 18,000 000

PETROCHIUA CO LTD I-H- 258 670.000

PlCC PROPERTY 8 CASUALTY - 23,176,000 H- PING AN INSUR (GRP)CO -H- 32 339.500

HKD 23 R07.972 0.82

HKD 37.385 361 1.30

HKD 15,740 743 0.54

53.126 104

HKD 33,171.912

HKD 50,722,051

HKD 11,458,854

HKD 79 613.276

HKD 183.974.878

HKD 15 898,966

HKD 133,652,347

HKD 1.952.954

HKD 192 161.960

HKD 139,412283

HKD 22 326.904

HKD 60.920.302

HKD 103.923.890

HKD 28.741 619

HKD 23.068 482

HKD 2456308

HKD 30,394 571

HKD 16.005.281

HKD 270,005 618

HKD 8,437,206

HKD 83,349.887

1.R4

1.15

1.75

0.40

2.75

6.36

0 55

4.62

0.07

6 66

4 82

0 77

2 11

3.59

0.99

0 80

0.08

1.05

0.55

9.35

0.29

2.RH

.~


SHANGHAI ELECTRIC GROUP 82.081.120

CO -H- SHENZHEN EXPRESSWAY H 30.084.000

WElOlAO TEXTILE COMPANY 11.605,500

LTD

HKD 34,641,469

HKD 11 824 346

HKD 17 572.900

HONG KONG

CHINA MERCHANTS HOLDINGS

CHINA MOBILE LTD

CHINA NETCOM GROUP CORP

HK LTD CHINA OVERSEAS LAND AND

INVESTMENT CHINA POWER INTL

DEVELOP.LTD CHINA RESOURCES

ENTERPRISE LTD CHINA RESOURCES POWER

HOLDINGS CHINA TRAVEL INTL INVESTM.

ClTlC PACIFIC LTD

CNOOC LTD

COFCO INTL LTD

COSCO PACIFIC LTD

DENWAY MOTORS LTD

HOPEWELL HOLDINGS

1NDUSTR.AND COMM BANK OF

CHINA LENOVO GROUP LTD

SEMICONDUC MANUFACT.INTL

CORP SHANGHAI INDUSTRIAL

HOLDINGS SKYWORTH DIGITAL HLD LTD

TlNGYl HLD CORP.(CAYMAN

1%)

TOTAL SHARES

16,014.000

53 720.000

4.1 59,000

189,284,000

44,999,709

29.000 000

34.856.000

100 000 000

9,963 000

192 640.000

18 000.000

40 298.000

65.000,OOO

15 600.000

11 032.000

56,000,000

85 000.000

15 284.000

37,932.000

8 204.000

1,555688,264

HKD 46,226,345

HKD 282 101.461

HKD 7.342623

HKD 129,280.045

HKD 15,222316

HKD 59,794,288

HKD 25378603

HKD 25,386.799

HKD 29 914,915

HKD 148,949.633

HKD 10 380,237

HKD 80 492.777

HKD 25 338.474

HKD 45 232,317

HKD 15 922.600

HKD 21,288,828

HKD 12 596.749

WKD 32,104.533

HKD 6207.992

HKD 4704.651

1.20

0.41

0.61

53.81 .-

1 .EO

9.77

0.25

4.47

0.53

2.07

0.88

0.88

1.03

5.15

0.36

2.78

0.88

1.56

0.55

0.74

0.44

1.11

0.21

0.16

1.023 866,186 35.42

2,656,486,526 91-89 .~

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 2,656,488,526.. 91.89

TRANSFERABLESECURITIESTRADEOONANOTHERREGULATED MARKET

SHARES

CHINA

SHANGHAI ZHENHUA PORT 15,604,234 USD 24343,975 0 85 MACH.-6-

24,543 975 0 85

TOTAL SHARES 24,543,975 0.85

TOTAL TRANSFERABLE SECURITIES TRADED ON

ANOTHERREGULATEDMARKET 24,543,975 0.85


. ... - .

Portfolio of Investments and Other Net Assets . .. . -



SHARES

HONG KONG

JlAN EPAYMENT SYSTEM LTD 7,800,000 HKD 1,206,195 0.04

TOTAL SHARES

TOTAL OTHER TRANSFERABLE SECURITIES

TOTAL INVESTMENTS

OTHER NET ASSETS LESS LIABILITIES

TOTAL NET ASSETS

1 206.195 0.04

1,206,195 0.04

1,206,195 0.04

2.682.238.696 92.78

208,766.171 7.22

2,891,006,873 100.00


Portfolio of Investments and Other Net Assets - _ ..

b CHINESE EQUITY



Energy News transmission Banks and financial institutions Insurance Real estate companies Transport Coal mines. heavy industries Holding companies Electronics and electrlcal equipment Other services Mechanics. machinery Textile Non-ferrous metals Public services Automobile industry Office equipment and computers Retail trade, department stores Food Construction, building materials


Total Net Assets

21.16 13.61 9.66 7.79 7.33 6.86 4.82 3.74 3.24 2.95 2.89 2.72 2.38 0.88 0.88 0.74 0.54 0.52 0.07

7.22

100.00

-

HSBC Global Investment Funds . . -~ A . ...

Portfolio of Investments and Other Net Assets _ _

EMERGING EUROPE EQUITY Statement of investments as at 31 March 2006 (expressed in EUR)

Descriotion Quantity Currency Evaluation % net assets

Description ._ Quantity Currency Evaluation % ne1

RICHTER GEDEON LTD

NETHERLANDS

5,360 HUF 884354 295

7,107.919 23.71

_ _

ZENTIVA NV .-

16,300 CZK 722.436 2 4 1

722436 241

. ._

. INVESTMENTS POLAND


AGORAS A WARSZAWA

APATOR SA

BANK BPH S A

BANK HANDLOWY W WARSZAWIE SA BANK MILLENNIUM SA

BANK ZACHODNI WBK SA

WROCLAW BIOTON SA

BK POLSKA KASA OPlEKl

PEKAO BORYSZEW SA

ERE BANK SA

BUDIMEX

CERSANIT S A

COMPUTERLAND SA

ECHO INVESTMENTS A

FIRMA OPONIARSKA DEBICA

SA GETIN HOLDINGS A

GLOBETRADECENTRE

GRUPA KETY S A

GRUPA LOTOS SA

ING BANK SLASKI S A

KGHk4 POLSKA MIEDZ SA

MONDI PACKAG PAPER

SWlEClE S A NETIA SA

ORBIS SA WARSZAWA

PEG S A

PFLEIDERER GRAJEWO

POLIMEX - MOSTOSTAL SA

POLISH TELECOM WARSZAW

POLSKA GRUPA

FARMACEUTYCZNA POLSKI KONCERN MIESNY DUDA SA POLSKI KONCERN NAFTOWY

ORLEN POWSZECHNA KASA

OSZCZED POLSKI PROKOM SOFTWARE SA

RAFAKO

SOFTBANK

STALPRODUKT SA

TVN

14.150 PLN 182.635 0.61

2.297 PLN 138.316 0.46

3,000 PLN 595.681 1.99

5,000 PLN 91.L67 0.31 SHARES

58,000 PLN 106.'02 0.35

7.850 PLN 295'86 0.98

22000 PLN 100614 0.34

24.450 PLN 1,192.736 3.98

6700 PLN 47,835 0.16

3300 PLN 149244 0.50

3.87C PLN 45722 U.15

15,515 PLN 63.466 0.21

3.380 PLN 85.019 0 2 8

2.000 PLN 149,397 0.50

2 160 PLN 38.361 0 13

CROATIA

PLlVA lGDR REPR.li5 REG.S 45,000 uso 704,341 2.35

704 341 2.35

CYPRUS

BANK OF CYPRUS PUBLIC

COMPANY

205 600 EUH I ,406.304 4.69

1,406.304 4 69

CZECH REPUBLIC

CESKY TELECOM A.S

CEZ.CESKE ENERGETICKE

ZAVODY KOMERCNI BANKAAS

PHILIP MORRIS CR A.S

UNIPETROL A.S

24500 CZK 436.918

72.000 CZK 2070,018

6,600 CZK 757.899

142 CZK 79,446

17200 CZK 167200

1.46

6.90

60,000 PLN 125.005 0.42

4,500 PLN 328.139 1.09

3.480 PLN 110,523 0.37

9.600 PLN 124.152 0.41

615 PLN 97504 0.33

44400 PLN Y66,780 3.22

2,560 PLN 40.157 0.13

82,012 PLN 100.436 0.33

5,330 PLN 59857 0.20

2,000 PLN 71.141 0.24

5.340 PLN 51.693 0.17

12400 PLN 245.742 0.82

276,950 PLN 1.562.135 5.21

5.740 PLN 104.421 0.35

16.650 PLN 57.533 0.19

2.53

0.26

0.56

3511.481 11.71

ESTONIA

tESTI TELEKOM AS 9,500 EUR 74,765 0.25

74.765 0.25


GAZPROM OAO 35.000 US0 239 311 0 8 0

LUKOIL iSADR 11,000 USD 753934 2 51

MMC NORILSK NICKEL 3.200 USD 249,114 0.83

1.242359 4 14

'A

GREAT BRITAIN

KAZAKHMYS LlMlTEU 18.500 GBP 279,050 0 9 3 139,OUU PLN 2,066,021 6.90

124.900 PLN 1098.000 3.66 279050 0 9 3 . .

HUNGARY 4400 PLN 164336 0 5 5

38000 PLN 269.372 0.90

4500 PLN 43447 0 14

1500 PLN 78319 0 2 6

7.338 PLN 167.238 0 5 6

11,214.032 3740

BOHSODCHEM 20,200 HUF 186,213 0.62

DEMASZ 600 HUF 37.984 0 13

EGIS PLC 1,800 HUF 225.532 0 7 5

MAGYAR TELEKOM LTD 258.000 HUF 941.636 3.14

MOL MAGYAR :-A- 2fi,e00 HUF 2 243,658 7.48

OTP BANK LTD 91.ooo HUF 2.588.542 8.64



Description Quantity Currency Evaluatlon % net assets

-. .

TUHKEY

AKBANK 7n.oon

CIMSA CIMENTO SANAYI VE 40 no0

FINANSBANK 53.000

TUKKCELL ILETlSlM HIZMET 55.0~0

TICAR

TURKIYE GARANTI BANKASI 67 000 /NOM. TURKIYE '/AKIFLAR BANKASI 50,000 TAO

TRY 227 896 0 76

TOTAL SHARES

1.701 787 5.68

27.964,A74 93.27

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 27.964.474 93.27

TOTAL INVESTMENTS 27.964.474 93.27


TOTALNETASSETS 29.983364 100.00


~- _. _- _. _ _

Portfolio of Investments and Other Net Assets - -.

EMERGING EUROPE EQUITY

Economic Division of Investment .. .. ~ . ~

._--. . ... .- (expressed as a percentage of net assets)

%

Banks and financial institutions News transmission Energy Pharmaceuticals and cosmetics Chemicals Public services Non-ferrous metals Miscellaneous Construction, building materials Coal mines. heavy industries Graphic art and publishing Mechanics, machinery Internet Software Electronics and electrical equipment Other business houses Forest products and paper industry Office equipment and computers Tobacco and spirits Gastronomy Food Tyres and rubber


Total Net Assets


31.84 11.31 11.20 8.80 8.24 7.27 4.42 2.07 2.00 1.19 1.17 0.90 0.69 0.46 0.35 0.30 0.28 0.26 0.20 0.19 0.13

6.73

100.00

Portfolio of Investments and Other Net Assets .. .

EUROLAND EQUITY Statement of investments as at 31 March 2006 (expressed In EUR)

. -~

Description Quantity Currency Evaluation Yo net assets

Description Quantity Currency Evaluation Yo nat assets

0.87

1.96

0.93

1.41

HENKEL PREF

INFINEON TECHNOLOGIES INAM MUENCHENER RUECKVERSICHER INAM PUMA AG

SIEMENS AG 'NAM

48.800

519 000

38 000

11,400

129,500

121 000

304 000

124.000

706,000

2 788.000

489,000

1.126 000

1 781.000

433,000

376 000

144.400

360,000

179,000

265,000

675.000

292.000

296,000

185,000

370,000

197,000

1,336,000

EUR 4716,520 1 6 1

EUR 4,421,880 1 5 1

EUR 4,478,300 1 53

EUR 3,521,232 1 2 0

EUR 9,948.190 3 4 0

71.319.283 24.35 INVESTMENTS


EXCHANGE LISTING

SHARES

GREECE

BO NATIONA.GRECEiNOM:

5 CP COSMOTE MOBILE

TELECOMMUNICAT. OPAP

EUR 4.721 420 1.61

EUR 5,715,200 1.95

EUR 3,918,400 1.34

BELGIUM 14,355,020 4.90

AGFA-GEVAERT N.V MORTSEL

KBCBANCASSURANCEHLD SA

MOBISTAR

UMICORE

IRELAND

CBC GROUP PLC

161 663

64,000

45 000

36 000

197 000

105 000

182 100

216 500

40.500

114,000

335 000

1 R 9 900

72 736

267 000

47 000

75 500

102 700

130,000

25 800

291,000

82 000

118500

91,000

103 000

47.0111)

230.800

67.200

EUR 2,539726

EUR 5734400

EUR 2738250

EUR 4,136.400

EUR 3,967,720 1 3 5

3,967720 1 3 5

ITALY .. . . -~

15,148,776 5.17

ALlTALlA !POST

RAGGRUPPAMENTO BCA POPOLARE DI MILANO

CAPITALIA SPA

UNIPOL SPA CIA

ASSKURATRICE

FINLAND EUR 3,206,200 1.09

EUR 4,779.975 1.63

EUR 7,758,140 2.66

EUR 4,759,723 1.62

KEMIRA OYJ

NESTE OIL OYJ

TIETOENATOR OYJ

UPM-KYMMENE CORP

EUR 2.844680 0 9 7

EUR 5.285450 1 8 0

EUR 5,845,410 2 00

EUR 4.217420 1 4 4 20.504 038 7.00

18 192 960 6.21 NETHERLANDS

AEGON NV

BUHRMANN NV

EXACT HOLDINti NV DELFT

GETRONICS NV

HEINEKEN NV

ING GROEP NV! CERT. OF SHS

KONINKLIJKE KPN NV

OIAGEN NV

VEDIOR NV

FRANCE

EUR 6,585.930 2.25

EUR 5,497,120 1.88

EUR 3838.152 1.31

EUR 3571.200 1.22

EUR 5,590,170 1.91

EUR R 612.500 2.93

EUR 6.243.750 2.13

EUR 3.574.080 1.22

EUR 4.801.120 1.64

48.314.022 16.49

. . .~

ASSURANCES GEN.DE FRANCE

BOUYGUES

BULL ACT NOUV.PROV. DE

REGROUP. BUSINESS OBJECTS SA

CARBONE LORRAINE .LE

CREDIT AGRICOLE SA.

NEXANS PARIS

PEUGEOT SA

SANOFI-AVENTIS

THOMSOh

TOTAL SA

VIVENDI UNIVERSAL SA

EUR 4.035 825 1.38

EUR 4,998,900 1.71

EUR 3.313 150 1.13

EUR 5,740,677 1 96

EUR 3.184382 1.09

EUR 8.608,080 2.93

kUH 3.055 000 1.04

EUR 3.926 000 1.34

EUR 7.984 925 2.73

EUR 2.104,700 0 72

EUR 5.681 160 1.94

EUR 8,207,680 2.83

SPAIN

ALTADIS SAIREG

CORPORACION MAPFRE

SAIREG HkPSOL YPF SA MADRID

EUR 6800.600 2 3 2

EUR 6,227,100 2 13

EUR 4,623590 1.58

60.920 479 20.80

GERMANY

17.651.290 6.03 ALLIANZ AG :NAM

BASF AG

BlLFlNGER BERGER AG

BOSS

AG HUGOiVORZUGSAKTlE DEUTSCHE BOERSE AG !NAM

DEUTSCHE POST AG BONN

FRESENIUS MEDICAL CARE AG

EUR 11.311,079 3 86

EUR 7,690,650 2 63

EUR 4 783,870 1.63

EUR 3,539,080 1.21

EUH 5,577.4911 1 90

EUR 4772.944 1 6 3

EUR 6,558.04R 2 24

SWEDEN

ERICSSON TEL. -8- SEK 4,251286 1 4 5

HSBC Global Investment Funds .. ...

.

.-

Portfolio of Investments and Other Net Assets ..

Descrlptlon Quantity Currency Evaluation YO net assets

NORDEA BANK AB 708,000 EUR 7,172,040 2 4 5

11.423 326 3 90

TOTAL SHARES 281,796,914 96.20

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 281,796,914 96.20



GERMANY

DT BK 06-15 12 11 WRT’OKO 389000 EUR 5212,600 1 7 8 BANK 0 DT BK 06-16 12 11 WRT jELISA 0 345.000 EUR 5 654,550 1 93

10 867.150 3 71

TOTAL WARRANTS / EQUITY LINKED SECURITIES 10,867,150 3.71

TOTAL OTHER TRANSFERABLE SECURITIES 10,667,150 3.71



TOTAL NET ASSETS 292.922.023 100.00

.


Portfolio of Investments and Other Net Assets __

EUROLAND EQUITY



Banks and financial institutions Insurance News transmission Electronics and electrical equipment Internet Software Tobacco and spirits Pharmaceuticals and cosmetics Holding companies Chemicals Energy Construction, building materials Office equipment and computers Transport Textile Other services Consumer goods Forest products and paper industry Non-ferrous metals Automobile industry Gastronomy Index Options Photography and optics


Total Net Assets


%

19.88 12.77 9.29 7.76 6.49 5.58 4.97

3.60 3.38 3.34 3.01 2.72 2.41 1.64 1.61 1.44 1.41 1.34 1.34 1.22 0.87

3.84

0.09

100.00

.. . . . - . ..

I

- . . -.

Portfolio of Investments and Other Net Assets &-- . . . - _ -_ ._

EUROLAND VALUE CREATION Statement of investments as at 31 March 2006 (expressed in EUR)

Descrlprlon Ouantity Currency Evaluamn Yo net assets

. .. --_ .- . . ...

Description Quantity Currency Evaluation 'lo not assets OPAP 20 100

130 000

122 500

375 000

209 062

50 000

53 S6H

27 000

58,000

24,200

25 320

63 500

42.90A

22.000

47 000

216 000

EUR 635,160 2.20

1,343.920 4.65

IRELAND

C&C GROUP PLC EUR 730,600 2 53

730 600 2 53

INVESTMENTS


EXCHANGE LISTING

ITALY __ CAPlTALlA SPA

TELECOM ITALIA SPAiRlSP N-

cv UNIPOL SPA CIA

ASSKURATRICE

EUR 844025 2 9 2

EUR 828.750 2 8 7

EUR 558718 1 9 3 SHARES

2231 L93 7 7 2 BELGlUlvl

KBCBANCASSURANCEHLD SA

MOBISTAR

NETHERLANDS

8 602

6.691

1 600

40,000

25.200

26.641

12 922

64 000

27,310

25,300

4 860

10 370

6 650

29 152

5.990

7.034

35.600

8.500

7,596

7 961

6.100

2 455

11,050

37 700

EUR 770.740 2.67

EUR 407.147 1 4 1 AEGON NV

EUHRMANNNV

EXACT HOLDING NV DELFT

GETRONICS NV

HEINEKEN NV

ING GROEP NVI CERT. OF SHS

KONINKLIJKE KPN NV

VEDIOR NV

EUR 760500 2 6 3

EUR 783 164 2 7 1

EUR 717660 2 4 8

EUR 575560 1 9 9

EUR 755,766 2 6 1

EUR 822 goo 2 86

EUR 587 375 2 03

EUR 695.903 2.41

5 698,628 19 72

FINLAND

ELlSA CORPORATION A

KEMIRA OYJ

NESTE OIL OYJ

TIETOENATOH OYJ

EUR 26224 0 0 9

EUR 577.600 2 0 0

EUR 719,964 2.49

EUR 855.176 2 9 6

2.178 964 7.54 SPAIN

FKANCE

EOUYGUES

BULL ACT NOUV.PROV DE

REGROUP. BUSINESS OBJECTS SA

CREDIT AGRICOLE SA.

IPSO$ SA PARIS

SANOFCAVENTIS

SCHNEIDER ELECTRIC SA


ALTADIS SAiREG

CORPORACION MAPFRE

SkREG.

EUR 808.720 2.79

EUR 791 010 2.74 EUR 566630 1.96

EUR 632.960 2.19

1,599 730 5 5 3 ~- EUR 825,581 2 8 6

EUH n15,fi72 2 8 2

EUR 573480 1 9 8

EUR 806268 2.79

EUR 591,850 2 0 5

EUR 830.248 2 8 7

SWEDEN

ERICSSON TEL. -E- SEK 687,334 2 3 8

687 334 2.38

TOTAL SHARES 28,147,842 97.39

5,642.689 19 52 .. .. ...


OTHER TRANSFERABLE SECURITES GERMAhY -.

ALLIANZ AG (NAM

DEUTSCHE BOERSE AG 'NAM


FRESENIUS MEDICAL CARE AG

HENKEL PREF

LINDE A G

MUENCHENER

RUECKVERSICHER 'NAM PUMA AG

SIEMENS AG :NAM

EUR 826,261 2.86

EUR 834,725 2.89

EUR 736,208 2.55

EUR 829 515 2.87

EUR 734,153 2.54

EUR 569689 1.97

EUR 718.885 2.49

WARRANTS / EQUITY LINKED SECURITIES

GERM ANY

DT.BK 06-16.12.1 1 WRT lELlSA 0 48,400 EUR 793.276 2.74

793276 2 7 4

TOTAL WARRANTS I EQUITY LINKED SECURITIES 793,276 2.74

793.276 2.7h TOTAL OTHER TRANSFERABLE SECURITIES

TOTAL INVESTMENTS 28,941.118 100.13

EUR 758.300 2 6 2

EUR 848,861 2.93

6,856,597 23 72

GREECE

COSMOTE MOBILE

TELECOMMUNICAT

OTHER NET ASSETS LESS LIABILITIES (38,406) (0.13)

EUR 708760 2 4 5


. ...._.

Portfolio of Investments and Other Net Assets .- . -~ -..

-~ Description Quantity Currency Evaluation YO net

assets

- TOTALNETASSETS

.

28,902,712 ino.00


..

Portfolio of Investments and Other Net Assets __

EUROLAND VALUE CREATION



News transmission Banks and financial institutions Insurance Internet Software Tobacco and spirits Pharmaceuticals and cosmetics Electronics and electrical equipment Office equipment and computers Holding companies Textile Transport Consumer goods Energy Other services Gastronomy Chemicals Graphic art and publishing Mechanics: machinery Construction, building materials


Total Net Assets


14.01 14.01 12.65 10.29 7.93 5.66

4.90 2.89 2.62 2.55 2.54 2.49 2.41 2.20 2.00 1.98 1.97 1.96

5-07

(0.13)

100.00

Portfolio of Investments and Other Net Assets ~.

SUSTAINABILITY LEADERS Statement of investments as at 31 March 2006 (expressed in EUR)

Description Quantity Currency Evaluation 'h net assets

Descriptior Quantity Currency Evaluation "h net assets

..

IRELAND

CRH PLC 16.499 EUR 474.346 4.83

474 346 4.83

SPAIN

GRUPO FERROVIAL SA FER 6.983 EUR 469.956 4.78 INVESTMENTS


SHARES

469,956 4.78

SWEDEN

HENNES & MAURITZ AB 7.696 SEK 234,656 239

234.656 2 39

SWITZERLAND

BELGIUM CREDIT SUISSE GROUP /NOM 4844 CHF 222092 226

HOLCIM LTD /NAM 3741 CHF 245842 250

ROCHE HOLDING AG 3,222 CHF 395.907 403 'GENUSSSCHEIN UBS SA 'NOM 2627 CHF 236229 240

1100,070 1 1 19 -

DEXIA SA

SOLVAY SA

FIN LAND

11,285

2.307

13,773

6 699

15.243

4,586

4.586

3,462

4.630

8.165

6.500

4 141

8,175

3,290

20,000

2,516

23,944

16.264

53,788

17 383

19,floo

29,543

21,274

44,072

EUR 241,612 2.46

EUR 219.165 223

460,777 4.69

NOKIA OY

FRANCE

EUR 235,381 2.39 TOTAL SHARES 9,788,835 99.58

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 9,788,835--_99:58

235.381 2.39

TOTALINVESTMENTS 9,788,635 99.58 ACCOR SA

AXA

CAP GEMINI SA

GROUPE CANONE

L' OREAL

MlCHELlN B /NOM.

SAINT-GOBAIN

SANOFCAVENTIS

SCHNEIDER ELECTRIC SA


EUR 321 016 327

EUR 441 742 449

EUR 206,370 2 10

EUR 457912 466

EUR 253418 258

EUR 240.760 245

EUR 472.346 480

EUR 505.376 5 14

EUR 368,549 375

EUR 232.824 2.37


TOTAL NET ASSETS 9,830,322 100.00

3,500,313 35 61 .- . -

GERMANY

ALLIANZ AG /NAM.

DEUTSCHE TELEKOM /NAM

HENKEL PREF

EUR 453823 462

EUR 277,200 282

EUR 243,171 247

974 194 991

GREAT BRITAIN

BARCLAYS PLC

BHP BILLITON PLC

BP PLC

DIAGEO PLC

HSBC HOLDINGS PLC

MARKS AND SPENCER

PEARSON PLC

SCOTTISH POWER PLC

GBP 232.532 2.37

GBP 246.607 2.51

GBP 519,389 5.27

GBP 227.133 2.31

GEP 262,827 2.67

GBP 237551 2.42

GBP 243339 2.48

GBP 369,564 3.76

2.338.942 23 79

HSBC Global Investment Funds ... . L-

.-

Portfolio of Investments and Other Net Assets .

SUSTAINABILITY LEADERS

Economic Division of Investment . .-

...


%

Construction, building materials Pharmaceuticals and cosmetics Banks and financial institutions Insurance News transmission Energy Retail trade, department stores Food Public services Electronics and electrical equipment Gastronomy Precious metals Graphic art and publishing Consumer goods Tyres and rubber Miscellaneous Holding companies Chemicals Internet Software


16.91 11.75 9.76 9.1 1 7.58 5.27 4.81 4.66 3.76 3.75 3.27 2.51 2.48 2.47 2.45 2.40 2.31 2.23 2.10

0.42


HSBC Global Investment Funds - .. .. . . .

-- ....

Portfolio of Investments and Other Net Assets .- _.

EUROPE EX UK EQUITY Statement of investments as at 31 March 2006 (expressed in EUR)

Quanlily Currency Evaluation YO net assets

Description

Description Quantity Currency Evaluation “b net assets

. .

E.ON AG

LANXESS AG

MAN AG

PORSCHE AG /VZ.A. SDV

SIEMENS AG INAM.

18.409

53.232

38.442

2.162

50.790

252.719

58 530

73.130

53.175

37.475

l o a 475

62.130

117.460

31 882

136 838

836,125

316.209

6.590

70 278

59,288

37,579

56.836

48,365

16,012

28.936

162.555

EUR 1,659,571 1 45

EUR 1648,063 1 4 4

EUR 2229252 1 9 4

EUR 1686,836 1 4 7

EUR 3901 687 3 4 0 ~-

19094384 1665

INVESTMENTS


EXCHANGE LISTING

tiREAT BRITAIN

JAZZTELPLC

GREECE

207.230 0 18

SHARES

BANK OF PIRAEUS

HELLENIC TELECOM

MARFIN FINANCIAL GROUP HLD

SA OPAP

EUR 1470273 1 2 9

EUR 1,323.653 1 15

EUR i 349582 1 18

BELGIUM

UCB 9 442

22,469

78,993

56 142

124 139

11 1.962

37,534

4,002

90,481

19,017

21.102

14.936

450.628

27.583

28 246

20,677

14.185

22,983

1901

31,753

29.852

19.350

80 714

13 739

96 831

EUR 1184.210 1.03

5,327.718 4.65 DENMARK

IRELAND NOVO NORDISK A S B DKK 1 162.368 1.01

BANK OF IRELAND

ITALY

1,659 668 1.45 FINLAND

FORTUM CORPORATION

NESTE OIL OYJ

NOKIA OY

EUR 1,634 365 1.43

EUR 1,603977 140

EUR 2.121 536 1 84

BCA POPOLARE DI MILANO

CAPlTALlA SPA

CREDIT0 EMILIANO SPA

CREDEM EN1 SPA ROMA

TELECOM ITALIA SPA

UNlCREDlTO ITALIAN0 SPA

EUR 607321 053

EUR 809,299 0 7 1

EUR 358991 0 3 1

EUR 3254.008 2 8 4

EUR 2 L100.429 1 74

EUR I 886,187 I 65

5,359.878 4.67

FRANCE

AXA

BNP PARIFAS

BNP PARIBAS ASS 06

FRANCE TELECOM SA

GROUPE CANONE

LAFARGE SA

LVMH MOET HENNESSY

RHODIA

SAINT-GOBAIN

SANOFI-AVENTIS

SCHNEIDE? ELECTRIC SA

STE GEN PARIS -A-

TOTAL SA

VALLOUREC

VEOLIA ENVIRONNEMENT


EUR 3,244658 2.82

EUR 2,863,843 2.50

EUR 305353 0 2 7

EUR 1,673.899 1.46

EUR 1898,847 1 6 6

EUR 1969.872 1 7 2

EUR 1206.829 1 0 5

EUK 950.825 0 8 3

EUR 1595.677 1 3 9

EUR 2196127 1.92

EUR 1,840.253 1.61

EUR 1.753 266 1.53

EUR 5060856 4.40

EUR 1,499,889 1.31

EUR 1,452 382 1.27

EUR 850 185 0 7 4

8,916.235 7.78

LUXEMBOURG

TENARIS :ADR US0 990.753 0.86

990.753 0.86

NETHERLANDS

BUHRMANNNV

ING GHOEP NV! CERT OF SHS

KONINKLIJKE NUMICO NV

EUR 1,027464 0 9 0

EUR 1.926860 1 6 7

EUR 1.371 258 1 2 0

4 325582 3 7 7

NORWAY

BERGESEN WORLDWIDE GAS

ASAi-A- STATOIL ASA

NOK 613,840 0.54

NOK 1,147,958 1.00 30.362 761 26.48

GERMANY

ALLIANZ AG iNAM

COMMERZ3ANK AG

DEUTSCHE BANK AG INAM

DEUTSCHE TELEKOM INAM

1 761,798 1.54

SPAIN EUR 2669.139 2 3 3

EUR 2 664.369 2 32

EUR 1.293389 I 13

EUR 1342,078 1 17

ACCIONA SA

ALTADIS SAREG

BANCO BILBAO

VIZ ARGENTARIA !NAM

EUR 2048,735 1 7 9

EUR 1063.687 0 9 3

EUR 2.765.061 2 41


-.

Portfolio of Investments and Other Net Assets __ . -_

Description Ouantity Currency Evaluatian % net assets

BCO SANTANDER CENTR HlSP 237.051 EUR 2.839 872 2 47

/REG TELEFONICA MOVILES SA 90,279 EUR 961 471 0 8 4

9.678.826 8.44

SWEDEN

ERICSSON TEL. -E-

SWITZERLAND

ADECCO !ACT.NOM.

CIE SUISSE DE REASSURANCE /NOM CREDIT SUISSE GROUP INOM

JULIUS BAER HOLDING

INAMENAKT. NESTLEiNOM

NOVARTIS AG BASEL INAM

ROCHE HOLDING AG

IGENUSSSCHEIN SYNGENTA AG INAM.

ZURICH FINANCIAL SERVICES

INAM

387 344 SEK 1,232,567 108

1232567 1 0 8

.. - __

14,595

25.810

72,801

23,454

17 736

95 065

29,164

15,646

8 791

TOTAL SHARES


SWITZERLAND

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

CHF

677,026

1494,125

3.337 845

1.758.296

4 341,246

4,367.660

3,583.564

1 823,372

1.707.493

0.59

1.30

2.91

1.53

3.79

3.81

3 13

1.59

1 49

23,090,627 20.14

113.559,028 99.04

SYNGENTA- 8.024 CHF 8.288 0.01

23.5.06WRT/SYNGENT 234

8,288 0.01

TOTAL WARRANTS / EQUITY LINKED SECURITIES 8,288 0.01




TOTAL NET ASSETS 114,656.209 100.00

HSBC Global Investment Funds ... "

-. ..

Portfolio of Investments and Other Net Assets - .

EUROPE EX UK EQUITY

Economic Division of Investment .- .. _ _

(expressed as a percentage of net assets) - -- -

%

Banks and financial institutions News transmission Pharmaceuticals and cosmetics Insurance Energy Food Electronics and electrical equipment Construction, building materials Holding companies Chemicals Mechanics, machinery Public services Automobile industry Graphic art and publishing Textile Gastronomy Tobacco and spirits Office equipment and computers Miscellaneous Other services


24.68 10.20 10.21 7.94 7.21 6.65 5.01 4.90 4.40 3.87 3.25 2.72 1.47 1.18 1.05 1.03 0.93 0.90 0.86 0.59

0.95



Portfolio of Investments and Other Net Assets - . ___

GLOBAL EMERGING MARKETS EQUITY Statement of investments as at 31 March 2006 (expressed in USD)

. .. ....

Description Quantity Currency Evaluation 96 net assets

Description Quantity Currency Evaluation YO net assets CHINA TELECOM CORP LTD -H-

PETROCHINA CO LTD I-H-

3,399,744

2,445,363

13.902

49 225

42.751

73.183

45.679

31.800

424.500

1,080,880

3 349 221

639 835

1613456

6,486,000

5,372

46.610

62,041

33,522

14.669

107,409

32.075

771.984

200,000

63 500

6.454

HKD 1.204.816 0 52

HKD 2,552,524 1 10

9 186.361 3 9 5

.- -


JSC SURGUTNEFTEGAZ iSADR PFD LUKOIL !SADR

MOBILE TELESYSTEMS

OJSISADR NOVOLIPETSK STEEL GDR

REGS RAO UNIFIED ENERGY

SYST lGDR VIMPEL

COMMUNICATIONS!S.ADR

USD 1,612.702 0 69

USD 4095519 1 7 6

US0 1.413.776 0 61

USD 1,492,933 0 64

USD 3,082,876 1 32

USD 1,363.584 0 59

INVESTMENTS


EXCHANGE LISTING

SHARES

BRAZIL

13.061.390 5.61 ALL AMERICA LATINA,UNIT

AMBEV CIA DE BEBIDAS rADR

ARCELOR BRASIL SA

CIA VALE HI0 DOCESADR

DIAGNOSTICOS DA AM

IADRIREG DURATEX SA F R I V

GAFISA SA rGDR 144A

GERDAE :PREF

ITAU HOLDING lPFD SHSISADR

ITAU HOLDING SA !PREF

PETROBRAS (SADR REP 1 SHS

PETROLEO BRASlLElRO GADR

ROSSI RkSlDENClAL ON

SADlA SAPREF

TELEMAR A !PFD SHS

VIVAX UNITS ( I S H + 2 PFO SHS

24,207

48 700

1

96 800

15,171

46 250

23 522

41.538

10.900

74,360

12.237

71.525

94 059

368 249

41,800

56 766

BRL

USD

BRL

USD

US0

BRL

USD

BRL

US0

BRL

US0

USD

BRL

BRL

BRL

BRL

1,509,757

2.051 244

15

4 162.401

1,034.662

887,342

490.198

922,392

327.654

2,224.412

963 786

6,176 900

1,063 675

1,017 959

1,059.992

679.553

0 65

0 88

0 00

1 79

n 44

0 38

0 21

0 40

0 14

0 96

0.41

2 64

0 46

0 44

0 46

0 29

HONG KONG

CHINA MOBILE LTD

CHINA NETCOM GROUP CORP HK LTD CHINA OVERSEAS LAND AND

INVESTMENT CHINA RESOURCES

ENTERPRISE LTD CNOOC LTD

DENLVAY MOTORS LTD

HKD 2229,'90 0 9 6

HKD 1,908,270 0 82

HKD 2.287 502 0 9 8

HKD 1.319258 0 5 7

HKD 1.247 527 0 54

HKD 2,528,389 1 08

11 520,136 4.95

HUNGARY

MOL MAGYAR I-A-

OTP BANK LTD

HUF 545,935 0.23

HUF 1,609,443 0.70

2,155 378 0.93

INDIA

24 571.942 10.55 EVRAZ GROUP SA SGDR

REP.SEG-S IClCl BK lSADR

LARSEN & TOUBRO !GDR

MAHINDRA & MAHINDRA lGDR

REGS STATE BK OF INDIA/GDR

(REGS)

USD 1,551,025 (1 67

USD 935,599 0 4 0

USD 774 523 0 33

USD 1515307 0 6 5

USD 1712.004 0 7 4

CAYMAN ISLANDS

AAC ACOUSTIC


LTD FUJI FOOD & CATERING SERV.

KINGDOM HOTEL INV.!SGDR

REGS RIGHTS HENG TAI CON.12.4.06

2,946,000

1 134 695

558.000

73,503

1,300,000

35 400

1 274 000

4.742.000

1 145,708

HKD 2,752,405 1.18

HKD 943150 0.41

HKD 1,150,525 0.49

US0 661.527 0.28

HKD 18,093 0.01

5,525.700 2 37

...... ~

6.488.458 2.79

ISRAEL

BANK HAPOALIM B.M

M A INDUSTRIES LTD

TEVA PHARMACEUTICAL./ADR

ILS 3,583.315 1.54

ILS 1,041,969 0.45

US0 2,594610 1.11

CHILE .-

EMPR.NAC EL ISP ADR (30A) USD 1 085.364 0.47

7,219,894 3 10 1.085364 0 47

LUXEMBOURG CHINA

TENARIS /ADR ANGANG NEW STEEL CO LTD - H- CHINA CONSTRUCTION BANK

CORP CHINA SHENHUA ENERGY CO -

H-

USD 1177855 0 5 1

1177.855 0 5 1

HKD 1.198489 0.51

HKD 2,215192 0 9 5

HKD 2015340 0.87

HSBC Global Investment Funds . . . ... .

Portfolio of Investments and Other Net Assets .- -

.. .

.. .

.~

Description Quantity Currcncy Evaluation % net Description Quantity Currency Evaluation Yo net assets assets

MALAYSIA


BHD:FOR REG GENTING BERHADiFOR.REG.

POS

MALAYSIA&SERV.HOLDINGS

BHD S P SETIA

TELEKOM MALAYSIA

BHD!FOR.REG.

MEXICO

ALSEA S A DE CV MEXICO

AMERICA MOVIL SA:ADR WI -L-

CORP.MOCTEZUMA SA DE CV 8 2 EMPRESAS ICA SA DE CV

GEO '-E-

GRUPOAEROPUERTODEL

PAClFlADR GRUPO M3DELO SA DE CV C

GRUPO TELEVISA 'GDS

NETHERLANDS

ZENTIVA NV

PHILIPPINES

AYALA LAND INC

SOUTH AFRICA

BARLOWORLD LTD

BIDVEST GROUP LTD

EDGARS CONSOL STORES LTD

GOLD FIELDS 'OPA'E-

IMPALA PLAT HOLDINGS

MTN GROUP LTD

MURRAY AND ROBERTS

HOLDINGS SASOL LTD 'REG

STANDARD BK GROUP LTD

TIGER BRANDS LTD

SOUTHKOREA


DAEGU BANK

DAELIM IhDUSTHlAL CO LTD

HALLA CLIMATE CONTROL

CORP HlTE BREWERY CO LTD

HYUNDAI DEVELOPM.CO-

ENG.&CONS.

1114300

327,400

610 000

953 808

521.300

310,494

36 880

989.996

252 849

649.500

54,228

319400

66 000

31 .1 10

6 023 719

110.353

100.905

448 537

106 074

18 935

140 563

352 161

123.846

264.996

60 887

5 607

115.137

12 270

50 504

15 680

25 660

MYR 1 905,042 0.82

hlYR 2.114.548 0 90

MYR 738289 0 3 2

MYR 973219 0.42

hlYR 1,322,699 0.57

7 053,797 3.03

MXN 1.075 211 0.46

USD 1.246.913 0.54

MXN 1901 570 0.81

MXN 764 119 0.33

MXN 2,367.375 1.01

US0 1 734.754 0.75

MXN 1,180,255 0.51

USD 1305,480 0 5 6

11 575.677 4 97

CZK 1673,767 0 7 2

1673.767 0 72

PHP 1,325.113 0 5 7

1.325.113 0 5 7

.

ZAR 2 384,087 1.02

ZAR 1 876.472 0.81

ZAR 2.767 097 1.19

ZAR 2,296,103 0 99

ZAR 3 551,852 1.53

ZAR 1,409.270 0.61

ZAR 1571.744 0 6 8

ZAR 4 766399 2.04

ZAR 3683127 1.57

ZAR 1.693.497 0.73

25 999.648 11 17

KRW 2.192 449 0.94

KRW 2 150.339 0.92

KRW 972.189 0 4 2

KRW 481,749 021

KRW 2234,659 0 9 6

KRW 1.173.664 0 50

HYUNDAI MOTOR CO LTD

INDUSTRIAL BK.KOREA;SGDR-

144A- KOOKMIN BANK

KTB G CORP

LG ELECTRONICS INC

LOTTE CONFECTIONERY CO

LTD POSCO

POSCO 5 A D R


LTD SHINHAN FINANCIAL GKOJP

WOORI FINANCE HOLDINGS CO

LTD

30,380

61.625

52.903

42,460

35.730

1.742

3.850

24,552

20 000

47,290

51.300

KRW

US0

KRW

KRW

KRW

KRW

KRW

US0

KRW

KRW

KRW

2 554,025

1.141.615

4.567.280

2.394.285

2,897.1 74

2.192 250

992.393

1,552.177

12.965 400

2,116,771

1018 803

1 1 0

0.49

1 96

1.03

1 24

0 94

0 43

0 67

5.56

0.91

0 44

43.597 222 _.

TAIWAN

ASUSTEK COMPUTER

(GDR(REG S) AU OPTHONICS CORP

CATCHER TECHNOLOGY CO

LTD CAIHAY FINANCIAL HOLDING

CHINATRUST FINANCIAL HLDG

CO CHUNGHWA TELECOM CO 5 A D R I A R EASTERN TEXTILE LTD

FORMOSA INTL HOTELS CORP

HON HA1 PRECISION IND CO

LTD LITE-ON IT CORP

MEDIA TEK INCORPORATION

NOVATEK MICROELECTRONICS

CORP PHOENIX PRECISION

TECHNOLOGY SILICONWARE PRECISION INDUSTR IAIWAN CEMENT CORP

TAIWAN FERTILIZER CO LTD


MANUFACT

364,830 USD

1.296 460 TWD

203.000 TWD

1.352000 TWD

1847.000 TWO

62,201 USD

2645000 TWD

167 000 TWD

839.902 TWD

1296.000 TWD

73,000 TWD

241,636 TWD

669.000 TWD

1,548.871 TWD

2.628150 TWD

1 132 000 TWD

2312.549 TWD

977 744

1,950 593

I ,827 538

2,417,644

1 312 579

1217.896

1,855,217

334 671

5,204 899

1 448 440

845 124

1717 197

1 480 942

2 017 574

2.025 712

1.361 127

4 577 344

THAILAND

AMATA CORP PUBLIC CO

/FOR REG ITALIAN THAI

DEVELOPMENTiNVDR ITALIAN-THAI DEV PUB !FOR

REG KASIKORNBANK

PUBL COM LTDiNVDR KIATNAKIN BANK PUBLIC CO-

iNVDR KIATNAKIN BANK

PUBLIC'FOR REG

18.72

0.42

0.84

0.79

1.04

0.56

0 52

0 80

0.14

2.23

0.62

0.36

0 74

0 64

0 87

0.87

0.58

1.96

32 572 241 13 98

3 268.31 1 THE 1,481.199 0.64

1 150.900 THE 205.968 0.09

9,301,800 THE 1,664,673 0.72

1 [155,Y79 THE 1.794 636 0.76

985.800 THE 837.684 0.36

476.900 THE 417,526 0.18

._

6401,686 2 7 5 . . .


I

__ -. -



. .

TURKEY

CIMSA CIMENTO SANAYI VE 52.720 TRY 393,491 0.17

TICAR. FINANSBANK 0 TRY 3 0.00 SABANCI HOLDING 275.575 TRY 1.964 738 0.84

TUPRAS TURKIYE PETROL 31,972 TRY 569.868 0.24 RAFINEL TURKIYE GARANTI BANKASI 615.336 TRY 2.330645 1.01 INOM.

5,256 745 2.26

TOTAL SHARES 217,450,374 93.40


GREAT BRITAIN

DEUTSCHE BANK AG 04- 30516 US0 546,892 0 2 3

26 03 07 /ON RELIANCE

INDUSTRIES LTD 0 DT BK LO 04- 53.751 US0 1,028,962 045 15 03 07WRTISATYAM 0

1575,854 0 6 8 .- ..

INDIA

DEUTSCHE BANK AG 04- 11.400 USD 763,300 0.33 05 04.07 /ON INFOSYS TECHNOLOGIES LTD DEUTSCHE BANK AG 04- 86,660 US0 353,545 0.15 06.08.07 /ON HCL-

INFOSYSTEMS LTD

1 116,845 0.48

TOTAL WARRANTS I EQUITY LINKED SECURITIES 2,692,699 1.16


AN OFFICIAL STOCK EXCHANGE LISTING 220,143.073 94.56


~


GERMANY

DT BK 06-2 2 11 WRT GAZPROM 6 US0 5,004000 2 1 5

0

5.004,OOO 2.15

TOTAL WARRANTS / EQUITY LINKED SECURITIES 5.004,OOO 2.15


TOTAL INVESTMENTS 225,147,073- 96.71

OTHER NET ASSETS LESS LIABILITIES - . 7,653,434 3.29


I

HSBC Global Investment Funds - -. .. .

-

Portfolio of Investments and Other Net Assets - . __- - - -_

GLOBAL EMERGING MARKETS EQUITY

Economic Division of Investment - - -_

(expressed as a percentage of net assets) . - -

%

Electronics and electrical equipment Banks and financial institutions Energy News transmission Coal mines, heavy industries Holding companies Construction. building materials Real estate companies Automobile industry Tobacco and spirits Precious metals States, provinces and municipalities Food Gastronomy Pharmaceuticals and cosmetics Public services Other services Chemicals Miscellaneous Retail trade, department stores Textile Transport Office equipment and computers


Total Net Assets

17.03 13.88 9.65 7.05 5.98 5.91 5.80 4.10 3.85 3.38 2.52 2.15 2.12 1.99 1.83 1.79 1.70 1.52 1.40 1.19 0.80 0.65 0.42

3.29

100.00


I - ._ _.

Portfolio of Investments and Other Net Assets - - _- __

GLOBAL EQUITY Statement of investments as at 31 March 2006 (expressed in USD]

Descriution Ouantity Currency Evaluation Yo net assets

Description Ouantity Currency Evaluation % net assets UNITE0 UTILITIES PLC 124476 GBP 1.496287 0 91

7486,073 4 5 4 ~. -

HONG KONG

SWIRE PACIFIC LTD - A- 204,500 HKD 2001,533 1 2 1

2,001.533 1.21

- .

INVESTMENTS INDIA

HOUSING DEVT.FIN.CORP iADR 18.206 US0 994,776 0.60 TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING 994,776 0.60

INDOhESlA SHARES

TELKOM INDONESIA is-6-

ISRAEL

1,454,500

30,850

130 000

80 900

289

86 201

14.600

138.229

58 300

157,700

116061

90,000

68

544,000

89 789

66,000

82,500

237 000

476

249

53 000

11,500

60.400

104 400

239.242

52 100

37,142

19.942

IDR 1 107,177 0.67

BRAZIL 1.107177 0 6 7

PETROLEO BRASILEIRO ISADR 22.000

26 400

85,156

74.384

13.541

15 222

25 679

28.022

3,800

37 607

10 259

31 401

19 213

12,133

16440

21,819

30.787

22 877

144.469

40,565

97 768

27 989

i lSD 1,899,920 1.15

1,899,920 1.15 NICE SYSTEMS LTD I SADR US0 1 552.681 0.94

DENMARK 1.552 681 0.94

NOVO NORDISKAIS B JAPAN

BK OF YOKOHAMA

CAS10 COMPUTER CO LTD

DAIKEN CORP

EIGHTEENTH BANK LTD

JAFCO CO LTD

KlTZ CORP

MARUI CO LTD

MEDICEO PALTAC HOLDINGS

CO LTD MIE BANK LTD

MlTSUBlSHl CORP

MlTSUBlSHl UFJ FINANCIAL

GROUP MIZUHO TRUST & BANKING CO

LTD NEOMAX CO LTD

NGK SPARK PLUG CO LTD

NIKKO CORDIAL CORPORATION

NIPPON EXPRESS CO.LTD

NTT DATA CORP

RESONA HOLDINGS INC

SEVEN & I HOLDINGS CO LTD

SHIN-ETSU CHEMICAL CO

SONY CORP

SUZUKI MOTOR CORP

TOSHIBA CORP

TOYOTA MOTOR CORP

DKK 1657,856 100

1,657,856 1 .OO JPY

J PY

JPY

JPY

JPY

JPY

JPY

J PY

J PY

JPY

JPY

JPY

J PY

JPY

JPY

J PY

JPY

JPY

J PY

J PY

JPY

JPY

J PY

JPY

1,067,144

1 443,228

1,115

532,907

1 103.998

1 327.733

1,154.234

2 556,826

687 857

2,053.902

1,042.279

1,764.926

2 729.568

1,542 726

1,369 907

1.348 116

2,294 172

858,730

2 103 121

625 750

2 803.083

2,404,752

1,393 465

2,852 667

0.65

0.87

0.00

0.32

0.67

0.80

0.70

1.55

0.42

1.24

0.63

1.07

1.66

0.94

0 83

0 82

1 3 9

0.52

1.27

0.38

1.71

1 46

0.84

1.74


NOVOLIPETSK STEEL GDR

REGS USD 1,737,182 1.05

1,737,182 1.05

FRANCE

M A

CLAHINS SA

GROUPE DANONE

REMY COINTREAU SA

SUEZ

TOTAL SA

VEOLIA ENVIRONNEMENT

EUR 2.616.742 1 58

EUR 884.333 0 5 4

EUR 1845,027 1 1 2

EUR 1279288 0 7 8

EUR 1.108.238 0 6 7

EUR 1 015.74:j n f i2

EUR 2088.083 1 2 6

10,837,454 6 57 ..

GERMANY

BASF AG

COMMERZBANK AG

CONTINENTAL AG

DEUTSCHE BANK AG 'NAM.

HENKEL PREF

LlNDE A G

MAN AG

SIEMENS AG !NAM

EUR 808.226 0 4 9

EUR 1258,264 0 7 6

EUR 2132.857 1 2 9

EUR 1,386.517 0 8 4

EUR 1,928,737 1 17

EUR 1895.344 1 1 5

EUR 2 167.223 1 3 2

EUR 2 133,322 1 2 9

13 710.550 8.31 37 062.206 22.48

GREAT BRITAIN MEXICO

BARCLAYS PLC

GLAXOSMITHKLINE PLC

KAZAKHMYS LIMITED

RIO TINTO PLC /REG

GBP 1703 111 1 0 3

GBP 1,075,420 0 65

GBP 1790,153 1 0 9

GBP 1421,102 0 8 6

AMERICA MOVIL SA IADR WI -L-

CEMEX :ADR

USD 1255771 0 7 6

USD 1.291 245 0 7 8

2 547,0'6 1.54

HSBC Global Investment Funds . . . . . . . -_ ...

.. . . - _.

)olio of Investments ... . and Other Net Assets . ..

. .. ~ ~.

Description Quantity Currency Evaluation 'A net Description Quantity Currency Evaluation % net assets assets

NETHERLANDS

BUHRMANN NV

ROYAL PHILIPS ELECTRONICS NV ZENTIVA 3DR /REG

SPAIN - ACCIONA SA

BANKINTER INOM.

BCO SANTANDER CENTR HlSP !REG.

SWITZERLAND

CIE FIN RICHEMONT UNITS -A-

GIVAUDAN SA ,REG

NESTLEINOM

NOVARTIS AG EASEL lNAM

ROCHE HOLDING AG IGENUSSSCHEIN UBS SA INOM

TAIWAN - FAR EASTERN TEXTILE LTD

iGDRS

TURKEY

ClMSA CIMENTO SANAYI VE

TICAR TURKCELL ILETIS ISADR

TURKIYE GARANTI BANKASI :NOM TURKIYE I$ BANKASI AS C

UNITED STATES

ADVANCED MICRO DEVICES INC AFLAC INC.

AKAMAI TECHNOLOGIES INC

ALTRIA GROUP

APPLE COMPUTER INC

APPLIED MATERIALS INC

BANK OF AMERICA CORP

BJ SERVICES CO

BOEING CO

CATERPILLAR INC

COACH INC

CORNING INC.

COSTCO WHOLESALE CORP

EEAY INC

ELECTRONIC ARTS

63 340

30 292

32 941

9 220

15,936

153.351

25 509

1,718

3,048

27.867

9.263

22 102

1

159.531

55 362

378,167

133,763

36.655

27 171

50,Y45

25 720

27 432

45.083

39,493

36 936

23.028

47.648

59 627

63,758

26.446

38,191

17 869

EUR 1.124 109 068

EUR 1301.514 0 7 9

US0 1764,910 1 0 7

4,130,533 2.54

EUR 1,432,037 0.87

EUH 1.095878 0.66

EUR 2,230.110 1.35

4 758.025 2.80

CHF 1.235.208 0 75

CHF 1,316,302 0.80

CHF 905642 0.55

CHF 1.554.180 0.94

CHF 1 381,665 0.84

CHF 2.412.610 1 4 6

8805.607 5 3 4

U S 0 7 0.00

7 0.00

TRY 1 190 706 0 7 2

USD 928974 056

TRY 1432,344 0 8 7

TRY 1 102 688 0 6 7

USD

USD

USD

USD

USD

USD

USD

US0

USD

US0

US0

USD

US0

USD

USD

4.654 712 2.82

1,231 241

I ,228 401

1.567 578

1,844.638

1721 358

801.125

1 801.276

1,322,309

1,805,856

3.449 715

2.082.771

1.733 580

1.433 902

1 500 524

968.321

0.75

0.74

0.95

1 1 2

1 04

0 49

1.09

0 80

1 0 9

2.09

1.26

1.05

0.87

0.91

0.59

EXXON MOBlL GORP

FISHER SCIENTIFIC INTL

GENERAL ELECTRIC CO

GOLDMAN SACHS GROUP INC

MERRILL LYNCH a co INC

METLIFE INC

MORGAN STANLEY

NABORS INDUSTRIES LTD

NVlDlA CORP.

PRUDENTIAL FINANCIAL INC

SCHLUMBERGER LTD

TEXAS INSTRUMENTS INC

VERIZON COMMUNICATIONS

INC WALT DISNEY lDlSNEY SER.

WELLPOINT INC

3M CO

76.690

12 150

45 639

16 961

30 994

33.762

29.358

20.037

43 792

11 879

16 442

33 617

38 612

29 953

23,543

14 412

USD

USD

USD

US0

US0

usw USD USD

US0

USD

USD

US0

US0

USD

USD

USD

-

4.687 293

830,817

1,581 391

2 659,654

2 425,281

1.645 560

1.867 756

1 478,330

2 516 726

910 763

2,108.358

1 112.050

1331,728

834.790

1.817 755

1 102,806

2.85

0.50

0 96

1.61

1.47

1 .oo 1.13

0.90

1 53

0 55

1 28

0 67

0.81

0.51

1.10

0.67

53 403,653 32 38

158,406,981 96.02 . .

TOTAL SHARES


TOTAL INVESTMENTS 158,405,961 96 02

OTHER NET ASSETS LESS LIABILITIES -. . 6,565.196 3.98

164.972.157 100.00 TOTAL NET ASSETS

HSBC Global Investment Funds - . .. ..

- - _- Investments and Other Net Assets

I

GLOBAL EQUITY

Economic Division of Investment --.

_. (expressed as a percentage of net assets)

%

Banks and financial institutions Holding companies Electronics and electrical equipment Energy Pharmaceuticals and cosmetics Mechanics, machinery Internet Software News transmission Insurance Public services Office equipment and computers Retail trade, department stores Automobile industry Construction, building materials Coal mines. heavy industries Miscellaneous Tobacco and spirits Food Chemicals Tyres and rubber Textile Other business houses Consumer goods Healthcare, education and social services Aerospace technology Non-ferrous metals Transport Gastronomy


12.61 12.35 8.73 6.98 6.59 5.36 4.46 4.23 3.32

2.56 2.48 2.40 2.37 2.14 2.02 1.90 1.67 1.67 1.29 1.26 1.24 1.17 1.10 1.09 0.86 0.82 0.51

2.84

3.98


HSBC Global Investment Funds __ .. . ..

.. . ___

Portfolio of Investments and Other Net Assets . _. . . _

GLOBAL EQUITY SRI Statement of investments as at 31 March 2006 (expressed in USD)


Description Quantity Currency Evaluation “h net assets STE GEN. PARIS -A-

GERMANY

900 EUR 135,035 1.25

ADIDAS-SALOMON AG

DEUTSCHE BANK AG INAM.

DEUTSCHE LUFTHANSA lNAM


THYSSENKRUPP AG

DUESSELDORF VOLKSWAGEN AG

i ao 750

2,250

1,100

3.700

EUR 35.603 0.33

EUR 85,707 0.79

EUR 40,177 0.37

EUR 27.614 0.25

EUR 106,671 0.99

INVESTMENTS


EXCHANGE LISTING 1,100 EUR 82.935 0.76

378.707 3.49

~.

SHARES

GREAT BRITAIN

AUSTRAL A AVIVA PLC

BG GROUP PLC

BHP BILLITON PLC

BP PLC

CADBURY SCHWEPPES PLC

FIRST CHOICE HOLIDAYS

GLAXOSMITHKLINE PLC

HSBC HOLDINGS PLC

ISOFT GROUP PLC ORD 1OP

LAND SECURITIES GROUP PLC

LONDONSTOCKEXCHANGE

PLC NEXT PLC

OLD MUTUAL PLC

ROYAL DUTCH SHELL -E-

TAYLOR WOODROW PLC

2.600

10,600

1,750

11.060

9,800

17,700

1 000

2.500

4.200

3,400

4.350

2.450

23,500

1 600

14 390

GBP 36.486 0.34

GBP 133,487 1 2 3

GBP 32211 0.30

GBP 129.642 1 2 0

GBP 98.133 0 9 0

GBP 67 178 0 6 2

GBP 26.511 0 24

GBP 41,980 0 39

GBP 11.072 0 1 0

GBP 115,442 1 0 6

GBP 77943 0 7 2

GBP 70,760 0.65

GBP 82,740 0 7 6

GBP 52653 0 4 9

GBP 101,080 0 9 3

RIO TINTO LIMITED 1,700 AUD 95.936 0.88

WESTPAC BANKING CORP 2 100 AUD 35,801 0 3 3

131.737 1 2 1 . ~ ._

AUSTRIA

VOESTAL2INE AG 230 EUR 32,177 0.30

32 177 0 3 0 . -

BELGIUM

DEXlA SA 3.000 EUR 77.969 0.72

77969 0 7 2 . .

CANADA

ALIANT INC 2.700 CAD 81.677 0 7 5

ENCANA CORP 2.310 CAD 111.191 1 0 2

INCO LTD 2.000 CAD 102.3~0 0 9 4

PETRO-CANADA 2.300 CAD 111 917 1 0 4

ROYAL BANK OF CANADA 1.700 CAD 72,919 0 6 7 ‘OPA‘ SUNCOR ENERGY INC 600 CAD 46,907 0 4 3

TELUS CORP /NON-VOTING 1.700 CAD 65.779 0 6 1

1,077,318 9.93

ITALY

EN1 SPA ROMA

JAPAN

4,300 EUR 124,126 114

124.126 114

592,770 5 4 6 ~. AlSlN SElKl CO LTD

CANON INC

EAST JAPAN RAILWAY CO

ElSAl CO LTD

FUJI ELECTRIC HOLDINGS CO

LTD JFE HOLDINGS INC

KlRlN BREWERY CO LTD

KOMATSU LTD

MlTSUBlSHl ELECTRIC CORP

MlTSUl OSK LINES LTD

NIPPON OIL CORP

NIPPON YUSEN K K

NISSAN MOTOR CO LTD

OMRON CORP

SONY CORP

2,100

600

9

600

7 000

JPY 81,901 0.75

JPY 39.801 0.37

JPY 66,828 0.62

JPY 26,210 0.24

JPY 38,268 0.35

FINLAND

NOKIA OY

SAMPOPLC A

TIETOENATOR OYJ

7100 EUR 147,294 1.36

3.500 EUR 74.521 0.69

400 EUR 15,586 0.14

237,401 2 19 __ FRANCE

2 200

9,000

7,000

10.000

12,000

1 1,000

14.000

7.100

1,000

2,900

JPY 88985 0.82

JPY 122.774 1.13

JPY 133,819 1 2 3

JPY 85,068 0.78

JPY 81.339 0.75

JPY 86,456 0.80

JPY 84,522 0.78

JPY 28,782 0.27

JPY 85.716 0.79

JPY 134.585 1.24

AXA 990 EUR 34,827 0 3 2

BNP PARIBAS 500 EUR 46,310 0.43

BNP PARIBAS JSS.06 50 EUR 4 631 0.04

PUBLICIS GROUPE SA 1.800 EUR 70,904 0.65

SANOFI-AVENTIS 60 EUR 5,663 0.05

SCHNEIDER ELECTRIC SA 760 EUR 82.108 0.76

SODEXHO ALLIANCE SA 720 EUR 35.039 0.32

HSBC Global Investment Funds ~ . .

Portfolio of Investments and Other Net Assets .~ __

. .... _.

._ .

Doscripticn Quantity Currency Evaluation “10 net Description Quantity Currency Evaluation net assets assets

__ TOKYO ELECTRIC POWER

TOKYO ELECrKON CO LTD

NE1 HEHLANDS

ABN AMRO HOLDING

ING GROEP NV’CERT OF SHS

OCE NV

STMICROELECTRONICS NV

UNILEVER NV, CERT. OF SHS

NORWAY

STOREBRAND AS :EUNDNA

TELENOR AS

SINGAPORE

NEPTUNE ORIENT LINES

SPAIN

BANCO BILBAO

VI2 ARGENTARIA :NAM BCO SANTANDER CENTR HlSP

/REG ENDESA SA

INDITEX (REG.

REPSOL YPF SA MADRID

SWEDEN

ATLAS COPCO AB - A -

SKANDINAV ENSK BANKEN A

SSAB SWEDISH STEEL B

SWITZERLAND

HOLCIM LTD :NAM

UNITED STATES

ABBOTT LABORATORIES INC

ACCENTURE LTD !-A-

ADOEE SYSTEMS INC

ALCOA INC

ALLSTATI CORP

AMBAC FINANCIAL GROUP INC

AMERICAN EXPRESS CO

AMERICAN INTERNATIONAL GP

BAKER HUGHES INC


BECTON DICKINSON & CO.

3 900

1 6110

1.000

3 500

900

4 200

1,030

3 000

9,000

5.000

5.200

6.550

3.500

2.780

1,500

1.000

3.200

4u11

ROO

900

3.100

2.800

1.100

1,800

700

2 100

1,200

190

2.004

1 500

.

JPY 97,471 0.90

JPY 110,631 1 0 2

1.393 156 12.84

EUR 30,080 0.28

EUR 138.082 1 2 8

EUR 16541 0 15

EUR 78209 0 7 2

EUR 72.018 0 6 6

334,930 3.09

NOK 33,729 0.31

NOK 98099 0.91

131,828 1.22

SGD 6 736 006

6.736 0.06

__

EUR 107,372 0 9 9

EUR 95.254 0.88

EUR 112.376 1.03

EUR 107,010 0.99

EUR 42,735 0 3 9

464,747 4.28

SEK 28,099 0.26

SEK 78,960 0.73

SEK 17828 0.16

124,887 1 1 5 .. . .~

CHF 63,818 0 5 9

63.818 0 5 9

. . .. . .-. ~

USD 38.376 (135

US0 93.186 0 8 6

US0 98.868 0 9 1

USD 33,792 0 3 1

US0 93852 0 8 7

USD 55.615 0 5 1

USD 109473 1 0 1

USD 79284 0.73

US0 13,197 0 1 2

USD 91 402 0 8 4

USD 92790 0 8 6

BELLSOUTH CORP

BOEING CO

CISCO SYSTEMS INC

ClTlGROUP INC

COCA-COLA CO

COMPUTER SCIENCES CORP

COUNTRYWIDE FINANCIAL

CORP CSX CORP

DIRECTV GROUP INC ‘OPA’

DONNELLEY AND SONS RR

DUKE ENERGY CORP

ECOLAB INC

GENERAL ELECTRIC CO

GENZYME CORP (GENERAL

DIVISION GOOGLE INC A

HEWLETT-PACKARD CO

IBM CORP

JOHNSONgJOHNSON

JOHNSON CONTROLS INC

KEYSPAN CORP

LlLLY (ELI) & CO

MANPOWER INC

MATTEL INC

MOTOROLA INC

OMNICOM GROUP INC

PEPSICO INC

PFIZER INC

PITNEY BOWES INC

PPL CORP

PROCTER 8 GAMBLE CO

ROHM + HAAS CO

SAFECO CORP

SCHLUMBERGER LTD

SPRINT NEXTEL C0RP:FON

SER 1 STARBUCKSCORP

STATE STREET CORP

SUNOCO INC

SYSCO CORP

TARGET CORP

TIME WARNER INC

TXU

UNITED TECHNOLOGIES CORP

WALT DISNEY ,DISNEY SER

WELLS FARGO 4 CO

WEYERHAEUSER CO

WHIRLPOOL CORP

1,200 USD

400 US0

7.800 US0

2.900 USD

3.300 US0

1.800 US0

2,860 USD

2,000 US0

6,200 USD

2300 US0

3.400 USD

2,400 USD

3.500 USD

1.400 USD

110 USD

4500 USD

1520 USD

2960 USD

1.300 US0

1300 USD

600 USD

1.300 USD

4200 US0

5200 US0

1,000 USD

2.300 US0

7,220 USD

1.730 US0

2,4011 USD

1,910 US0

1,970 USD

1,500 USD

300 USD

1.590 US0

1.080 US0

1,600 USD

1.300 US0

960 US0

2,030 US0

6,900 US0

2400 USD

2.040 US0

4.000 US0

2.000 USD

1,100 USD

7HU US0

41,520

31,368

171,366

137,112

138.996

100,170

102,216

119960

100.626

75 624

100,53H

92.568

121 275

93 982

42.728

146,565

126 454

175 676

99.541

53 131

33 630

72 839

75 180

119,332

82 900

133.653

181.945

74.373

71,064

110,073

95,693

76.335

38,459

41,054

40.532

95.424

103.298

30,912

107,083

116.265

109 536

118.361

11 1.480

128,260

80410

71,339

0 38

0.29

1.59

1.26

1 28

0.92

u.94

1 1 1

0.93

0.70

0 93

0.85

1 1 2

0.87

0.39

1 3 5

1.17

1 6 3

0.92

0.49

0.31

0.67

0.69

1.10

0.76

1 2 3

1.69

0 69

0 66

1 0 1

0 88

0 70

0 35

0.38

0 37

0 88

0.95

0.28

0.99

1.07

1 0 1

1.09

1.03

1 1 8

0.74

0 66

5,190.751 47 86

TOTAL SHARES 10,777.575 99.35



A HSBC Global Investment Funds ..

- _. .- ._

Portfolio of Investments and Other Net Assets -~ -

Description Quantity Currency Evaluation VQ net assets

TOTAL INVESTMENTS .. .10,!77,575 99.35



HSBC Global Investment Funds . . -

.-

Portfolio of Investments and Other Net Assets .-. . . _ _ .

GLOBAL EQUITY SRI

Economic Division of Investment -. . - ._ . -

(expressed as a percentage of net assets) - .- __

%

Banks and financial institutions Energy Public services Electronics and electrical equipment Pharmaceuticals and cosmetics Holding companies Insurance Office equipment and computers News transmission Transport Graphic art and publishing Food Consumer goods Internet Software Automobile industry Non-ferrous metals Gastronomy Other services Construction, building materials Mechanics, machinery Coal mines, heavy industries Aerospace technology Textile Tobacco and spirits Real estate companies Retail trade, department stores Chemicals Biotechnology Forest products and paper industry Miscellaneous Precious metals Other business houses


Total Net Assets

13.83 7.50 6.68 6.24 6.22 6.05 5.23 4.80 4.74 3.95 3.18 3.17 3.03 2.46 2.45 2.13 2.02 1.61 1.52 I .49 1.45 1.38 1.32 1.13 1.06 0.99 0.88 0.87 0.74 0.65 0.30 0.28

0.65

100.00

HSBC Global Investment Funds - -.

--

Portfolio of Investments and Other Net Assets =-..- ..

GLOBAL EQUITY TECHNOLOGY Statement of Investments as at 31 March 2006 (expressed in USD)


.... Description Quantity Currency Evaluation "lo net

assets WINCOR NIXDORF AG 150 EUR 19183 0.24

123.304 1.56

GREAT BRITAIN

AEGIS GROUP PLC 8900 GBP 21 446 0 2 7

BRITISH SKY BROADCASTING 6,700 GBP 63.322 0 8 0 - -

GROUP ET GROUP PLC

EMAP PLC

SAGE GROUP PLC

UTD BUSINESS MEDIA

VODAFONE GROUP PLC

WPP GROUP PLC /ISS.O5

YELL GKOUP PLC

INVESTMENTS


EXCHANGE LISTING

SHARES

5300 GBP 20.657

3.100 GBP 47981

10.500 GBP 50.878

1.600 GBP 20,247

99,000 GBP 207.500

2,200 GBP 26507

1.900 GBP 18.082

476.620

0.26

0.61

0.64

0.26

2.62

0 33

0.23 AUSTRALIA

6 02 TELSTRA CORPORATION LTD

BELGIUM

E 800

600

540

1.300

500

2.200

40 200

7.550

600

1,100

540

1.458

1700

1 300

640

3 u10

2 700

1,200

130

AUD 18,202 223 GREECE

0.23 ~

18,202 COSMOTE MOBILE

TELECOMMUNICAT.

2,000

5,100

5,000

87 200

33 200

1,500

1,300

2,300

3,000

100

6,000

900

10

2,000

400

200

24

32

800

4,000

600

1,000

800

400

11 000

EUR 45,643 0.58

-~

45.643 0.58 BELGACOM SA

MOBISTAR

EUR 19228 0.24

EUR 39.888 0.51 HONG KONG

59.116 0.75 ASM PACIFIC TECHNOLOGY LTD TELEVISION BROADCASTS LTD

HKD 30.429 0.38

CANADA -.

OPEN TEXT CORP

THOMSON CORP.

HKD 28.351 0.36

58.780 0 7 4 CAD 21.593 0 2 7

CAD 18.891 0.24 ITALY

40.484 0.51 SEAT PAGINE GIALLE SPA

TELECOM ITALIA SPA

EUR 42,129 0.53

EUR 96,421 1.22 CAYMAN ISLANDS

SEAGATE 'ECHNOLOGY

SOLOMON SYSTECH (INTL) LTD

US0 57926 0 73

HKD 19,427 0.25 138,550 175

JAPAN -

ALPS ELECTRIC CO

CANON INC

CITIZEN WATCH CO LTD

DAlNlPPON SCREEN

MANUFACT HIROSE ELECTRIC CO LTD

HlTACHl LTD

HOYA CORP

KDDl COHP

MlTSUMl ELECTRIC CO

NlDEC CORP

NINTENDO CO LTD

NIPPON TEL & TEL

NTT DOCOMO INC

OMRON CORP

RICOH CO LTD

ROHM CO LTD

TAIYO YUDEN CO LTD

TIS INC

TOKYO ELECTRON CO LTD

TOSHIEA COKP

77.353 0 9 8 JPY 24,230 0.31

JPY 86.235 1.09

JPY 21 759 0.27

JPY 31.856 0.40

JPY 14.093 0.18

JPY 42.560 0.54

JPY 36,403 0.46

JPY 53562 0.68

JPY 26,210 0.33

JPY 32.903 0 4 2

JPY 29.974 0.38

JPY 103.206 1.31

JPY 47413 0.60

JPY 23026 0 2 9

JPY 78.341 0 9 9

JPY 63,610 0.80

JPY 15,924 0.20

JPY 21.663 0.27

JPY 27,658 0.35

JPY 64069 0.81

FINLAND

NOKIA OY

TIETOENATOR OYJ

EUR 156,629 1.97

EUR 23.380 0.30

180009 2 2 7

FRANCE

BOUYGUES

BUSINESS OBJECTS SA

FRANCE TELECOM SA

PAGESJAUNES PARIS

PUBLICIS GROUPE SA

TELEVISION FRANCAISE 1


EUR 58.552 0.74

EUR 19.816 0 2 5

EUR 32.743 0 4 1

EUR 48144 061

EUR 51 208 0.65

EUR 19,741 0.25

EUR 104.062 1.31

334.266 4.22

.-

GERMANY

DEUTSCHE TELEKOM INAM.

PROSIEBEN SAT 1 MED.NOR2.

SAP AG

EUR 45427 0.57

EUR 30488 0 3 9

EUR 28206 0 3 6


- -_ -

Portfolio of Investments and Other Net Assets - - -

Description Ouantity Currency Evaluation YO net Description Quantity Currency Evaluation YO net assets assets

UNIDEN CORP.

NETHERLANDS

GETROkICS NV

KONINKLIJKE KPN NV

OCE NV

STMICROELECTRONICS NV

NORWAY

TELENOR AS

SINGAPORE

SINGAPORE

TELECOMMUNICATIONS

SPAIN

ANTENA 3 DE TELEVISION SA

GRUPO PRlSA

TELEFONICA SA

SWEDEN

ENIRO AB

ERICSSON TEL -6-

MODERN TIMES GROUP AB -E-

SWITZERLAND

KUDELSKI SA (NOMIO)

UNITED STATES

ACCENTURE LTD I-A-

ADVANCED MICRO DEVICES

INC AFFILIATED COMPUTER SERV

ALLTEL CORP

APPLE COMPUTER INC


A T & T

AUTOMATIC DATA PHOCES

BELLSOUTH CORP

CBS CORP -B- !WHEN ISSUED

COW CORP

CEHlDlAN

CISCO SYSTEMS INC

ClTRlX SYSTEMS INC

COMCAST CORP i-A-SPECIAL

COMCAST CORPi-A-

1,000

1,600

7.000

1 400

1.200

5,000

36 000

1,540

2 300

5 463

1,900

16,800

600

500

2.400

2,200

a i 0

300

2.000

5,100

7.451

390

1,950

705

1,100

1 700

12,800

1,500

700

900

JPY 16,077 0 20

EUR 19.267 0.24

EUR 78.600 0.99

EUR 25,730 0.33

EUH 22,345 0.28

145,942 1.84

NOK 54499 0.69

54.499 0 6 9

SGD 58,958 0 7 4

58958 0.74

EUR 39,183 0.50

EUR 42298 0.53

EUR 85,348 I on . .. . ~

166,829 2.11

SEK 22,275 0.28

SEK 64.895 0.82

SEK 27.672 0.35

CHF 14289 0.18

USD

USD

USD

US0

US0

US0

USD

USD

US0

USD

USD

US0

US0

US0

USD

USD

14,289

72.144

73.898

48,373

19 320

125,500

90.627

201,326

18.006

67,470

17.089

65.945

43,146

281 216

I 8.494

54,975

23,877


0.18

0.91

0.93

0.61

0 24

1 59

1.15

2.54

0.23

0.85

0.22

0.83

0.55

3 56

0.69

0.23

0.30

COMPUTER SCIENCES CORP

CONVERGYS CORP

CORNING INC.

DELL INC

DST SYSTEMS INC

EBAY INC

EMC CORP

FIDELITY NATIONAL INFORM

SERV FIRST DATA CORP

FISERV INC.

GOOGLE INC A

HEWLETT-PACKARD CO

IBM CORP

INTEL CORP

INTUIT

LAM RESEARCH CORP

MCGRAW HILL COMPANIES INC

MICRON TECHNOLOGY INC

MICROSOFT CORP

MOTOROLA INC.

NATIONAL SEMICONDUCTOR

CORP NEWS CORP -A-

NVlDlA CORP.

OMNICOM GROUP INC.

ORACLE CORP

PAYCHEX INC.

OUALCOMM INC.

QWEST COMMUNICATIONS

INTL SANDISK CORP

SPRINT NEXTEL CORPlFON

SER.l SYMBOL TECHNOLOGIES INC

SYNOPSYS INC.

TELLABS INC.


TIME WARNER INC


INC VIACOM INC

WALT DISNEY 'DISNEY SER.

YAHOO INC

1090

1.850

900

3 000

no0 940

6 320

1100

600

1,500

440

6.600

3,690

12 400

1100

1,100

1 400

3 500

16,490

6.300

8oa

1,300

1,200

1.060

5 400

I 9ao

2,280

a goo

950

3,387

3.600

2,000

I aoo 4.300

9,500

4 300

705

2.170

1 400

u50

USD

USD

USD

u50

USD

u50

USD

u50

u50

USD

u50

USD

USD

USD

USD

USD

u50

u50

u50

USD

u50

USD

u50

USD

USD

u50

USD

USD

u50

USD

USD

USD

u50

u50

u50

USD

USD

USD

60 659

33.504

24.471

90,480

45.848

36 933

85 320

44.187

27,918

63 525

170.914

214.962

307,007

244 280

58 102

47,443

80 024

51,870

449,022

144.648

22 480

21,632

68.964

87,874

a i 517

115,938

74 412

60,787

56,088

87 452

39.024

43 860

28,710

142,244

160.075

148 307

27,460

60.47a

45 388

0.77

0 42

0 31

1 1 4

0.58

I .oa 0.47

0.56

0.35

0.80

2.16

2 72

3 89

3 10

0.73

0 60

1.01

0.66

5.68

1.83

0 28

0 27

0.87

1 1 1

0.94

1.03

1.46

u.77

0.71

1.11

0 49

0.55

0.36

I .ao 2.02

1.87

0 35

0.76

0.57

TOTAL SHARES 7,843,871 99.11

.

._

Portfolio of Investments and Other Net Assets -t Description Quantity Currency Evaluation "h net

assets

.

INDEX TRACKER

UNITED STATES

ISHARESISBP 3,660 US0 205875 2 6 0 GL INF TECH S IND

205875 2 6 0

TOTAL INDEX TRACKER 205,875 2.60


AN OFFICIAL STOCK EXCHANGE LISTING 8 , 0 4 9 , 5 4 6 10171

TOTALINVESTMENTS 8,049,546 101 71


TOTALNETASSETS 7.914.102 100.00


.. . -

Portfolio of Investments and Other Net Assets .- A- ..

b GLOBAL EQUITY TECHNOLOGY

Economic Division of Investment . .. -

.. . (expressed as a percentage of net assets)

.. -

News transmission Internet Software Electronics and electrical equipment Office equipment and computers Graphic art and publishing Investment companies Other services Retail trade, department stores Gastronomy Construction, building materials Photography and optics Clock and watch-making industry Miscellaneous States, provinces and municipalities


Total Net Assets


30.88 20.61 17.41 16.23 8.13 2.60 1.91 1.30 0.76 0.74 0.36 0.27 0.27 0.24

(1.71)

100.00

I

__ -

Portfolio of Investments and Other Net Assets _. . .

GLOBAL EX EUROLAND EQUITY Statement of investments as at 31 March 2006 (expressod in EUR)

_.


. . .

Description Quantity Currency Evaluation 263.657

7,830

18.238

31 073

1.415

3.598

13 755

4 450

9,000

147,560

C net VODAFONE GROUP PLC

WHITBREAD PLC

WPP GROUP PLC IlSS.05

GBP 455.238 0.77

GBP 133,790 0.23

GBP 181,020 0.31

7 329,513 12.41

~ NORWAY .- -

DNB NOR ASA

NORSK HYDHO AS

ORKLAAS A

STOLT OFFSHORE SA

NOK 345350 0.58

NOK 162.507 0 2 8

NOK 148433 0 2 5

NOK 177.923 030

INVESTMENTS


EXCHANGE LISTING

SHARES 834.213 1 4 1

SWEDEN

CAP10 AB

ELEKTA AB

ERICSSON TEL -E- 0.79

CANADA SEK 68.197 0.12

SEK 121.165 0 2 1

SEK 469,550 0.78 CANADIAN NATIONAL RAILWAY

co 12.526 CAD 468.895

6.983 SEK 212,916 0.36

7.261 SEK 74.764 0.13

10,641 SEK 145.522 0.25

11.617 SEK 155,160 0.26

.~ 468 895 79 HENNES 8 MAURITZ AB

NOHDEA BANK AB

SKANSKA B

10 DKK 71.031 0 1 2 SKFAB B

2,1144 DKK 134778 0 2 3

205,809 0 35 SWITZERLAND

ALCON INC /NOM

60,000 GBP 113.936 0 1 Y CREDITSUISSE GROUP 'NOM ~-

19 NESTLEINOM 11 3.936

NOVARTIS AG EASEL jNAM.

DENMARK

A.P MOELLER - MAERSK AIS B

DANISCO AIS 1,247,274 2.1 1

~ . ...

GIBRALTAR 3743 USD 321.3e.e 0.54

4.590 CHF 210.446 0 3 6

1,590 CHF 389,185 0.66

8,996 CHF 413.312 0.70

PARTYGAMING PLC

GREAT BRITAIN PHONAK HOLDING AG INOM.

ROCHE HOLDING AG

iGENUSSSCHElN SYNGENTA AG jNAM.

UBS SA /NOM

ZURICH FINANCIAL SERVICES INAM

3.670

2 939

1.332

4,215

1,072

8,366

18.360

9,600

21 492

16,246

27.188

24,023

29 705

18,253

19.5UU

46.781

29,277

13,708

15 337

51,395

CHF

CHF

CHF

CHF

CHF

-

-

USD

USD

USD

u50

USD

u50

USD u50

USD

USD

u50

u50

USD

u50

USD

175.010

361,133

155,230

379,027

208 217

0.30

0.61

0.26

0.64

0.35

ASTRAZENECAPLC

BAE SYSTEMS PLC

BG GROUP PLC

BHP BILLITON PLC

BP PLC

BRAMBLES INDUSTRIES PLC

BRITISH AMERICAN 'TOBACCO

BRITISH SKY BROADCASTING

GROUP ET GROUP PLC

CABLE 8 WIRELESS PLC :GBP

u 25 COMPASS GHOUP PLC

GALLAHER GROUP PLC

GLAXOSMITHKLINE PLC

HSEC HOLDINGS PLC

INTERNATIONAL POWER PLC

LAND SECJRITIES GROUP PLC

PRUDENTIAL PLC

RIO TINTO PLC /REG

ROYAL BK OF SCOTLAND PLC

ROYAL DUTCH SHELL -B-

SCHRODEqS PLC

SCOTTISH POWER PLC

SEVERN T3ENT PLC

7599 GBP

49136 GBP

16832 GBP

11 611 GBP

82,535 GBP

34621 GBP

16 894 GBP

21.804 GBP

40419 GBP

51 229 GBP

:ji 660 GBP

9492 GBP

26420 GBP

62,065 GBP

36 323 GBP

5477 GBP

14,704 GBP

10173 GBP

20663 GBP

15216 GEP

9856 GBP

7715 GBP

7948 GBP

317,515

300 767

174.618

176.055

796.975

212 351

341,486

169,760

129,778

79.994

103,875

115.372

577.001

858 545

147 729

153.196

141.563

425.504

559 905

412,493

170 531

64 694

129 758

0.54

0 51

0.30

0.30

1.34

0.36

0.58

0 29

0.22

0.14

0.lR

0.20

0.97

1.44

0.25

0.26

0.24

0.72

0.94

0.7U

0.29

0.1 1

0.22

2,612,948 4.42

0.35

0.90

0.41

2.15

1.65

1.29

0.91

1.89

1.39

0.63

1.43

1.93

0.67

0.76

2.14

UNITED STATES

ACCENTURE LTD I-A-

ADOBE SYSTEMS INC

AKAMAI TECHNOLOGIES INC

ALTRIA GROUP

AMGEN INC

ARCHER-DANIELS MIDLAND

CO A T R T


BEST BUY CO INC

BOSTON SCIENTIFIC CORP.

CISCO SYSTEMS INC

ClTlGROUP INC

COACH INC


CORP CVS CORPORATION

207,169

534,057

243.341

1,269,797

971 896

759,266

534 724

1,116 109

823,708

374.61 1

846.675

1,140,305

394,448

451,556

1.261 695

HSBC Global Investment Funds .. - . ... -

- ._

.. m e n t s , ~ Other Net Assets

.-

Description Quantity Currency Evaluation Yo net Description Quantity Currency Evaluation % net assots assets

DEAN FOODS CO

DEERE R CO

DOW CHEMICAL CO

EMC CORP

EXELON CORP

EXXON MOBlL CORP

FREESCALE SEMICONDUCTOR

-E- GENERAL ELECTRIC CO

GOLDMAN SACHS GROUP INC

GOOGLE INC A

HEWLETT-PACKARD CO

HOME DEPOT INC

IBM CORP

ITT INDUSTRIES

MCDONALD S CORP

METLIFE INC

MICROSOFT CORP

MOTOROLA INC

PEPSICO INC

PFIZER INC

PHELPS DODGE CORP

PROCTER & GAMBLE CO


RED HAT INC

REPUBLIC SERVICES INC

REVLON INC '-A-

ROCKWELL AUTOMATION

SPRINT NEXTEL CORPlFON SER 1 TEXAS INSTRUMENTS INC

TREEHOUSE FOODS /WHEN

ISSUED UNITED HEALTH GROUP INC


VALERO ENER

CORPWH ISSUED VERIZON COMMUNICATIONS

INC WASHINGTON MUTUAL INC

XTO ENERGY INC

3M CO

TOTAL SHARES

INDEX TRACKER

HONG KONG

ISHARE5:MSCI HONG KONG

INDEX

7 147 USD

5,555 USD

16.736 USD

16,135 USD

14360 USD

35497 USD

1.438 USD

55749 USD

13,809 USD

1 150 US0

23,037 USD

11.388 US0

11 122 us0 15.316 USD

13.722 USD

29.132 US0

41.673 US0

9.821 US0

22.875 US0

85.833 US0

5,282 US0

16.307 US0

18979 US0

16,600 USD

8.775 USD

137,101 USD

5,625 US0

11,933 US0

49,635 USD

1 US0

0.164 US0

9753 USD

18537 USD

19814 USD

9.457 USD

37,559 US0

4,062 US0

233.680

365,086

566.644

179,440

629,219

1.787 278

33.205

1.591 320

1,703,028

367 992

618.103

397,581

762 295

731 292

390,555

1,169,696

934.802

185,757

1.095.038

1.701,853

354,541

774,176

1 198,715

379.61 6

303,030

348,993

336,184

253,818

1 352,604

22

370.373

466,158

921 124

562 966

329.542

1 370,985

256.054

0.40

0.62

0.96

0.30

1.07

3.04

0.06

2.69

3.03

0.62

1.05

0 67

1.29

1 24

0 66

1.98

1 58

0.31

1 .85

3.02

0.60

1.31

2.03

0 64

0.51

0.59

0 57

0.43

2 29

0 00

0.64

0.79

1 56

0 95

0.56

2.32

0 43

36,120,922 61.16

48,933,510 82.84

63200 US0 708,586 1 2 0

ISHARES lMSCl JAPAN INDEX 300 000 USD 3,571,134 6.04

FD -

4,785,740 8 10

TOTAL INDEX TRACKER 5,494,326 9.30


SWITZERLAND

1.376 0.00 SYNGENTA- 1332 CHF

23.5.06WRTiSYNGENT 234

1.376 0.00

TOTAL WARRANTS / EQUITY LINKED SECURITIES 1.376 0.00


. .- .

AN OFFICIAL STOCK EXCHANGE LISTING 5 4 , 4 2 9 9 2 1 2 . 92-14

TOTAL INVESTMENTS . . 54,429,212 92.14


TOTALNETASSETS

4,641,025 7.86

59,070,237 100.00

708,586 1.20

UNITED STATES

ISHARES INC/MSCI AUSTRALIA

IND 73,500 US0 1,214,606 2 0 6

HSBC Global Investment Funds .. . .

._ - - ._ ..

Portfolio of Investments and Other Net Assets -

GLOBAL EX EUROLAND EQUITY

Economic Division of Investment -. .~

(expressed as a percentage of net assets) .

Banks and financial institutions Pharmaceuticals and cosmetics Investment companies Energy Holding companies News transmission Retail trade. department stores Food Internet Software Office equipment and computers Tobacco and spirits Electronics and electrical equipment Insurance Mechanics, machinery Public services Chemicals Non-ferrous metals Consumer goods Aerospace technology Gastronomy States, provinces and municipalities Healthcare. education and social services Textile Other services Miscellaneous Environmental services & recycling Transport Precious metals Real estate companies Construction. building materials Agriculture and fishing Leisure


Total Net Assets

HSBC Global Investment Funds . ..

11.15 9.76 9.30 9.26 5.91

4.56 4.45 4.15 4.07 2.93 2.86 2.57 2.12 1.95 1.50 1.32 1.31 1.30 1.07 0.79 0.76 0.67 0.66 0.64 0.51

0.30 0.26 0.25 0.23 0.19

4.86

0.48

7.86

100.00

A . .

- .. ._ - ._

Portfolio of Investments and Other Net Assets . -_

HONG KONG EQUITY Statement of investments as at 31 March 2006 (expressed in USD)

Descriotion Quantity Currency Evaluation YO net assets

...


0 16

1 24

0 68

1 40

COSCO PACIFIC LTD

DENWAY MOTORS LTD

ESPRIT HOLDINGS

GREAT EAGLE HOLDINGS LTO

HANG LUNG PROPERTIES LTD

HANG SENG BANK LTD

HENDERSON LAND DEV.

HONGKONG 8 CHINA GAS


HSBC HOLDINGS PLC

HUTCHISON WHAMP

HYSAN DEVELOPMENT CO

KINGBOARD CHEMICALS

HOLDINGS LI 8 FUNG LTD

MASS TRANSIT RAILWAY CORP

NEW WORLD DEVELOPMENT

CO. LTD PCCn' LTD

SHUN TAK HOLDINGS LTD

SUN HUNG KAI PROPERTIES LTD SWIRE PACIFIC LTD ~ A-


WHARF HLD

WING LUNG BANK LTD

750,000

2.540,OOO

713 500

302,000

2,459 000

423.500

398.000

1,884,000

1 509,000

1,06A,272

1424,261

1,561,000

1.389 500

1 618.000

1,751,500

2 281,000

1924,000

1,202 000

787.700

504 500

137,000

589 000

462,100

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

USD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

1,498.079

990,150

5.553,575

1.050.782

4.674.038

5,454.789

2.205.430

4.552.227

5,613.480

17 815.724

13,058 887

4,445.667

4 198,973

3 648,859

3,949,935

3 997,fiBl

1,252,098

1,719 369

7.998 873

4,937,768

776,810

2.1 63,226

4.466.208

0 77

0 51

2 86

0 54

2 A I

2 81

1 1 4

2 34

2 89

9 16

6 72

2 29

2 16

1 88

2 03

2 U6

0 64

0 89

4 12

2 54

0 40

1 1 1

2 30

INVESTMENTS


SHARES

BERMUDA ISLANDS

CHINA LOTSYNERGY HLDS LTD 1.032.000

CHINA YURUN FOOD GROUP 2,965,000

LTD PEACE MARK (HOLDINGS) 3,140.000

LIMITED SIM TECHNOLOGY GROUP LTD 5 756,000

HKD 302.554

HKD 2,407,171

HKD 1,325,204

HKD 2725,962

6,760891 3 4 8

CAYMAN ISLANDS

LIFESTYLE INTL HLD LTD 1 537.000

VISION GRANDE GROUP 1,954 00[1

HOLDINGS

HKD 2634,312 1 3 6

HKD 2 165.533 Ill

. .-

4799.845 2 4 7

_ _ -~

155,998 463 80 30

TOTAL SHARES


183,489,338 94.45 CHINA .. ... . ...


LTD ANGANG NEW STEEL CO LTD -

H- BElJlNG CAPITAL LAND LTD -H-

CHINA CONSTRUCTION BANK CORP CHINA NATL BLDING MATERIAL


CORP-H NINE DRAGONS PAPER HLDGS

LTD PETROCHINA CO LTD /-H-

WElOlAO TEXTILE COMPANY

LTD YANZHOU COAL MINING CO -H-

1.844,OOO

4.010,OOO

3,874.000

4 051,000

302.000

464,000

1 901,000

2.108 000

580,500

1 974 000

HKD 1,948.572 1.00

HKD 3,772.323 1.95

HKD 1,909.558 0.98

HKD 1892.396 0.97

HKD 142.050 0.07

HKD 170,414 0.09

HKD 1.298374 0.67

HKD 2,200,378 1.14

HKD 878,986 0.45

HKD 1,717088 0.88

HONG KONG

THE LINK RElT 813.500 HKD 1.761.200 0 9 1

1.761.200 0 91

TOTAL INVESTMENT COMPANIES 1,761,200 0.91


TOTAL INVESTMENTS 185.250.538 95.36

OTHER NET ASSETS LESS LIABILITIES . . . 9,019,983 . 4.64


15,930.139 8.20

HONG KONG -

BANK OF EAST ASIA LTD 309,800

BOC HONG KONG HOLDINGS 3 658,000

LTD CATHAY PACIFIC AIRWAYS 740 000

CHEUNG KONG HOLDINGS 830.000

CHINA MOBILE LTD 3.630,OOO

CHINA UNICOM LTD 3.796 000

CNOOC LTD 11,981 000

HKD 1119840 0 5 8

HKD 7353770 3 7 9

HKD 1296917 0 6 7

HKD 8797428 4 5 3

HKD 19062,328 9 8 0

HKD 3,081 829 1 5 9

HKD 9263733 4 7 7


Portfolio of Investments and Other Net Assets . _._ . __

HONG KONG EQUITY



Real estate companies Banks and financial institutions News transmission Holding companies Energy Transport Textile Coal mines, heavy industries Public services Electronics and electrical equipment Other business houses Retail trade. department stores Food Graphic art and publishing Non-ferrous metals Construction. building materials Investment companies Clock and watch-making industry Forest products and paper industry Automobile industry Photography and optics


%

19.98 19.61 13.43 10.37 5.91 4.36 3.31 2.83 2.34 2.32 1.88 1.36 1.24 1.11 1.09 1-05 0.91 0.68 0.67 0.51 0.40

4.64



.~ -.

Portfolio of Investments and Other Net Assets ._ . -

- -

INDIAN EQUITY Statement of investments a s at 31 March 2006 (expressed in USD)

-. . .

Description OuantityIFace Currency Evaluamn % net Value assets

Description Ouantity'Face Currency Evaluation Value

C net assets 5,561.528

147 904

INR 29 695,730

INR 212,187

0.49

0 00

CUMMINS INDIA LTD iDEMAT

DATAMATICS TECHNOLOGIES

LTD /DEMAT DHAHPUR SUGAR MILLS LTD

/SGDR DR REDDY S LABORATORIES

/ADR DR REDDY S LABORATORIES

IDEMAT ERA CONSTRUCTION INDIA

iSGDR EVEREAOY INDISGDR REGS

EVEREADY INDUSTRIES

(1)IDEMAT FEDERAL BANK LIMITED iGDH

FINANCIAL TECHNO INDIA

IDEMAT GAMMON INDIA LTD IDEMAT

GAMMON INDIA LTD 'SGDR

GATEWAY DlSTRlPACKS ISGDI

GRASIM IND IGDR 144A

GRASIM INDUST iDEMAT

GUJARAT AMBUJA CEMENT iDEMAT GUJARAT AMBUJA CEMENTS

:GDR GUJARAT NRE COKE LTD I

DEMAT GUJARAT STATE PETRONET

IDEMAT GVK POWER 8 INFRASTR LTD/DEMAT H D F C BANK 'DEMAT

HAVELL S INDIA LTD IDEMAT

1 246 500

1 519 900

USD 6.001 924

US0 47.390.482

INR 93,647,760

0 10

0 79 .. . ...

INVESTMENTS

2,915 3fi6 1 55

1 000 000

3,500,000

3 440 000

1,000.000

169 493

USD 6.590451

USD I O 309.34a

INR 10.151.668

0 11

0 17

0.17


EXCHANGE LISTING

SHARES USD 4,502.354

INR 6,420,810

0.07

0 11

INDIA 2,170,000

1,482,000

2.350,OOO

20,000

2,371 037

7.879.316

INR 26,357,058

US0 17 972.697

USD 13.3ao.409

INK in9 753,027

INR 18 4 3 0 . ~ a 4

USD 924C30

0.44

0 30

0.22

0 02

1 82

0 31

ABB LTD.DEMAT

ABG SHIPYARD LTD IDEMAT.

ADITYA BIRLA NUVO

LTD,DEMATER ALLAHABAD BANK IDEMAT

ALOK IND LTD'DEMAT

AMBIKA COTTON MILLS LTD

lDEMAT AMTEK AUTO LTD rDEMAT

ANDHRA BANK I DEMAT

APOLLO TYRES LTD I DEMAT

ASSOC CEMENT 'DEMAT

BAJAJ AUTO LTD IDEMAT

BAJAJ HINDUSTAN LTD 'GDR

BAJAJ HINDUSTHAN LTD IDEMAT BALLARPUR INDUSTRIES

LTDiGDR BALRAMPUR CHIN1 MILLS

/DEMAT BALRAMPUR CHIN1 MILLS rGDR

BANK OF BARODA IDEMAT

BANK OF INDIAIDEMAT

BHARAT ELECTRONICS LTD

iDEMAT BHARAT FORGE LTD 'DEMAT

BHARAT HEAVY EL IDEMAT

179.755

259.353

386.778

INR

INR

INR

11,906 842

2,209.1 90

6 456 127

0.20

0.04

0.1 1

?

5,567.952

6 389.159

257,575

6,322 600

5,917.089

761.168

8 600,000

659 416

567,200

1,010,179

175 000

INR

INR

INR

INR

INR

INR

INR

INR

USD

INR

USD

9,903,770

10.562 430

1 362.617

44.686 650

10.743.635

4.913.954

151 330416

40,575.133

6 422,612

11,446.629

2 696,985

10 177.884

0.16

0.18

0.02

0.74

0.18

0.08

2.51

0.67

0.1 1

0 19

0 04

500.000 USD 1.157252 0.02

1,283.000

19.000 000

INR 2,821 229

INR 15,609.C.82

INR 383C87

0.05

0 26

67 844 0 01

2.020 577

304 000

13,092,078

9,589 194

216.000

INR 34,966,592

INR 3,734 326

INR 52,824,564

INR 140 lfi9.790

INR 4318C36

0 58

0 06

0 88

2 32

0 07

HCL INFOSYSTEMS LTD

IDEMAT HCL TECHNOLOGIES :DEMAT

HEROHONDAMOTORS

IDEMAT. HEXAWARE TECHIDEMAl

HINDALCO INDIDEMATPARTLY

PAID HINDALCO IND./GDR 144A REG

HINDALCO INDISGDR 144A

HINDALCO INDUSTRIES /

DEMAT HINDUJA TMT LTD IDEMAT

2.430 000 INR 0 17

3.000 000

4.300.727

INR 11 190.C67

INR 9505543

0 19

0.16

2 616,300

4 033 831

9 810,971

54 964

3 680.000

1722,165

USD

INR

INR

INR

INR

INR

10 967,229

20 896,606

29.249 723

1.646 050

36 786.808

87 fil5.753

0.18

0 35

0.49

0.03

0.61

1 4 5

5,688.000

1 108,750

17,367.000

USD 22,061,477

US0 4,523482

INR 71,008,C.78

INR 10.453 578

INR 3249352

US0 15,462.920

INR 4,517

INR 43,289 572

INR 35,029,C63

INR 15451.038

0.37

0.08

1.18

932.689

835,486

0.17

0.05 BHARTI TELE-VENTURES 13 598 964 INR 126.049.015 2.09 HINDUSTAN CONSTR, LTD LTDiDENAT BIOCON LTD IDEMAT. 1,190,266 INR 11,899,727 0.20 IDEMAT' HINDUSTAN CONSTRUCTION 4.000.000

805

7.087.004

0.26

0.00

0.72

BIRLA GLOBAL FINANCE LTD 1 151 325 INR 5,806 823 0.10 !$GDR

IDEMAT HINDUSTAN LEVER BOMBAY DYEING 8 713.031 INR 9,573,998 0.16 LEVER LTD

MANUFACTIDEMAT. CADILA HEALTHCARE LTD 1,235 953 INK 18.700,958 0.31 HINDUSTAN PETR IDEMAT.

IDEMAT.

IDEMAT

CANARA BANK iDEMAT. ~I .WI 000 INR 52,290 924 o 87 HOTEL LEELA VENTURE LTD

CENTURION BANK LIMITED 26.695.148 INR 15,49a.520 0.26 'DEMAT.

HOUSING DEVT iDEMAT. IDEMAT. CLSC LTD IDEMAT. 3,392 5fi7 INR 25.757 384 0.43 HT LTD ;OEMAT

CESC LTD GDR 2 580.000 USD 19.548.085 0.32 TELECoM lNTL

4 886,433

1,975,147

0.58

0.26

210.000

86.204

7.039 100

INR 6,307.862

INR 902.214

US0 177 385,320

HKD 11 067,936

0.10

0.01

2.94 033 iSADR

HUTCHISON CHENNAI PETROLEUM CORP 3 988.156 INR 19 770,479 IDEMAT CORPOHATION EK'DEMAT 605023 INR 5.133291

o9 TELECOMM INTERNAT

6.482 000 0.18


-. .. . .. ..

Portfolio of Investments and Other Net Assets ... . ... ... . . . . . . . ._ _. . . .. . . . .

Descriuticn

.- . . __ _. .

QuantitylFace Currency Evaluation % net Description Quantity/Face Currency Evaluation net Value assets Value assets

IBP CO LTD IDEMAT

IClCl BK LTD 'DEMAT

I FLEX SOLUTIONS LTD rDEMAT IND SWIFT

LABORATORIES'DEMAT IND DEV BK INDlAiDEMAT

INDIA CEMENTS LTDIDEMAT

INDIABULLS FINANCIAL

SERVICES IDEMAT INDIAN OIL CORPiDEMAT

INDIAN

PETROCHEM 'DEMATERIALISE

D INDO GULF

FERTILISERS/DEMAT"- INFOSYS TECH LTD rDEMAT

INFOSYS TECHNOL I SADR

INFRASTRUCTURE DVPT

FINIDEMAT ITC rGDR

ITC LTD DEMAT

JAlN IRRIGATION

SYSTEMS'DEMAT JAMMU 8. KASHMIR BK LTD

IDEMAT JET AIRWAYS INDIA LTD 'DEMAT JINDAL IRON&STEEL CO LTD'DEMAT JINDAL SOUTH WEST HLDGS

'DEMAT JINDAL STEEL & POWER

IDEMAT KEC INTERNATIONAL LTD

IDEMAT KEC INTERNATIONAL

LTD/DEMAT KESORAM IND LTD'DEMAT

KOCH1 REFINERIES 'DEMAT

LARSEN & TOUBRO 'GDR

LARSEN & TOUBRO LTD ' DEMAT LUPIN LIMITED lDEMAT

MADHUCON PROJECTS LTD lGDR MAHANAGAK TELEPH rDEMAT

MAHINDRA & MAHINDRA 'GDR

REG S MAHINDRA AND MAHINDRA FIN

SECS / DEMAT MAHINDRA GESCO lDEMAT

MAHINDRA&MAHINDRA!DEMAT

MARUTI LDYOG LTD lDEMAT

MASTEK 'DEMAT

MATRIX

LABORATORIES'DEMAT MCDOWELL 8. CO LTD :GDR

MICRO INKS LTD 'DEMAT

MONNET

ISPATgENERGY'DEMATERIA MOSER B4ER (INDIA) DEMAT

1.91 3 472

12,056,645

1,007 606

201,045

17,300 000

1,852,400

947.067

6,738,285

8,024 500

1.061 534

3,610,000

802.281

22.954 209

6.750,OOO

31,551,000

2.831 924

50 000

2.403.926

8,:300.000

842 049

2 255,000

932 831

932,831

1.507 412

9.124 508

321 000

1,316.440

1.600 000

1,102.400

3,051,800

2.150 000

3,150 000

2.505.529

12 909,501

9,515.000

1 532.082

2,278,702

4 039,500

720.665

736,606

1,560.000

INR 24.315.695

INR 1 6 o . i m o w

INR 30,062,626

INK 531 782

INR 30.713 507

INR 6.867,970

INK 5,360,437

INR 8n,097.228

INR 47.415 628

INR 5.353953

INR 242,615,574

US0 61 021.493

INR 34.294 194

US0 29.588.078

INR 138 903.353

INR 15,784,404

INR 507722

INR 52 970.336

INR 57 071.696

INR 3630,677

INR 95 654,659

INR 777.865

INR 9,095.998

INK 7.204059

INR 35.773 166

USD 16.948 800

INR 71.512.884

INH 35,863,607

USD 9.511 628

INR 12.043.818

USD 30,331,819

INR 17.264 243

INR 26003903

INK 181 903,874

INR 185,752.727

INR 12226.161

INR 14 281.796

LED 36976682

INR 7334 110

INR 4,814.829

INR 7.902.985

0.40

2.66

0.50

0.01

0.51

0.11

0.09

1 46

0.79

0 09

4.01

1 0 1

0.57

0.49

2 30

0 26

0.01

0.88

I1 9s

0 06

1.59

0.01

0.15

0.12

0.59

0.28

1.19

0.59

0.16

0 21

0 50

0 29

0 43

3 02

3.08

0 20

0 24

0 61

0.12

0.08

0.13

MPHASIS BFL 'DEMAT

NAGARJUNA

CONSTRUCT'SGDR REGS NATL ALUMINIUM CO LTD'DEMAT NATL THERMAL POWER CORP

lDEMAT NESTLE INDIA IDEMAT

NEYVELI LIGNITE CORP

LTD'DEMAT NICHOLAS PIRAMAL

INDlAiDEMAT NllT LTD 'DEMAT

NllT TECHNOLOGIES

LTD'DEMAT NOlDA TOLL BRIDGE CO GDR REGS OIL&NATURAL GASiDEMAT

ORCHID CHEMICALS 8 PHARMAC'GDR ORCHID CHEMICALS PHARMA

(DEMAT ORIENT BK COMMERCE'DEMAT PANTALOON

RETAIL(IND1A)'DEMAT PATNl COMPUTER SYSTEMS

'ADR PATNl COMPUTERS SYSTEMS

LTD 'DEMAT PETRONET LNG LTD 'DEMAT

PUNJAB NATIONAL

BANK:DEMAT RADICO KHAITAN LTD 'DEMAT

RANBAXY LABORAT 'GDR

(EO SHS) RECEIPTS R RANBAXY LABS 'DEMAT

RELIANCE CAP

VENT(RCAVL)rDEMAT RELIANCE CAPITAL LTD

'DEMAT RELIANCE COMM VENT(RCVL)'DEMAT RELIANCE

EN VENT (REVL)lDEMAT RELIANCE IND rGDR144A

RELIANCE INDUS 'DEMAT

RELIANCE INDUSTRIES LTD

RELIANCE NATURAL

RESOURCES DEMAT RUCHI SOYA INDIDEMAT

RUCHI SOYA IND LTD 'GDR

REG S S KUMARS NATIONWIDE LTD

/DEMAT SASKEN COMMC TECHN LTD

!DEMAT SATYAM COMPUTER SERVICES

SATYAM COMPUTER SERVICES /DEMAT SHREEPRECOATEDSTEELS

LTD I DEMAT STATE BK OF INDIA 'GDR

(REGS) STEEL AUTHORITY OF

INDIA,DEMAT

8,640.000

3,700 000

1,326 753

7.000 000

1.292.094

610.782

2,144 000

657,031

1,612,988

2.778 000

7 026.815

3,450,000

317,891

900,000

86,626

712.838

7,720.000

3294112

1,171.616

887,320

1 478,526

451,805

42 031 242

4 249.084

9,606.659

14.517 980

1 109.387

7,150,000

50

30,000,000

207,100

1,183,200

8.800.000

493.500

1,200

500

383,044

991,667

31,000,000

INR 40 574.753

US0 30.356.421

INR 8,856.719

INR 21 167.429

INR 33.771.533

INR 1.029.585

INR 12.541.232

INR 4433.130

INR 8,137.074

US0 12 639.900

INR 206,302.762

US0 28 614,659

INR 2,640,125

INR 4751,071

INR 3,790.895

USD 14862672

INR 79,776 751

INR 4,057.553

INR 12.572 071

INK 3.268949

USD 14.415 629

INR 4,375 150

INR 23,271 656

INR 48.928.624

INR 66,411.741

INR 14221,511

US0 39,937.932

INR 130,581 606

INR 901

INR 22,460.032

INR 1648.036

USD 9 389.213

INR 9.971.533

INR 3849 126

INR 23.085

INR 9,619

INR 2.274085

USD 52,930.226

INR 58.406.009

0.67

0.50

0.15

0.35

0.56

0.02

0.21

0.07

0.13

0 21

3.A1

0 47

0.04

0.08

0 06

0 25

1 32

0.07

0.21

0.05

0.24

0.07

0.39

0.81

1.10

0.24

0 66

2 17

0 00

0.37

0 03

0 16

0.17

0.06

0.00

0 00

0.04

0.88

0.97


.

Portfolio of Investments and Other Net Assets __. ...

-. .

Description QuantityIFace Currency Evaluation Yo net Description Value assets

STERLITE INDUSTR (INDIA) IO$

/DEMAT SUN PHARMACEUTICAL

IND LTD IDEMAT SYNDICATE BANK LTD IDEMAT

TASC PHARMACEUTICALS

LTWDEMAT TATA CHEMICALS LTDIDS

IDEMAT TATA CONSULTANCY

SERVIDEMAT TATA IRON 8 STEEL!DEMAT

TATA MOTORS LTD :ADR

TATA MOTORS LTDIDEMAT

TATA POWER CO IDEMAT

TATA TEA LTD I DEMAT

TRlVENl

ENGINEER INDUSTRIDEMAT ULTRA TECH CEMENT LTD IDEMAT ULTRATECH CEMENT ISGDR

UNION BANK OF INDIAIDEMAT

USHA MA3TIN ISGDR /REGS

UTV SOFTWARE COMM LTD

iDEMAT VIDEOCON INDUSTRIES LTD

/DEMAT VIDESH SANCHAR DEMAT

VIDESH SANCHAR NlGAMiSADR

VIJAYA BANK LTDiDEMAT

WELSPUN GUJARAT STAHL

iDEMAT WELSPUN INDIA LTD IDEMAT

WIPRO LTD IDEMAT

WOCKHARDT LTD IDEMAT

WYETH LTD IDEMATERIALISED

YES BANK iDEMAT

ZEE TELEFILMS LTD /DEMAT

TOTAL SHARES

1,611,922

996 a60

9,087.773

1,207,918

958,589

1,727,093

18,874.840

400.000

8.640 000

875,685

1191.724

10.000,000

1,798,367

38.053

9 YO, 103

4,420.000

156 541

1,091 775

726.909

240,100

7 500.000

3.553 047

720.433

1,261 219

300,000

301 617

1,193.665

15.334 658

INR 63,590,191

INR 19,408 283

INR 18.313.666

INR 6,184,316

INR 5,543,835

INR 74.680.303

INR 227 859.650

US0 8,040,000

INR i a o 136.411

INR 23 187.479

INR 11,344.786

INR 28,378,656

INR 27,492,917

US0 1,163,512

INR 2,719 a93

US0 18.478.592

INR 637,239

INR 10.335 044

INR 7.741 466

US0 5,066,110

INR 8,843 112

INR 6.929124

INR 1,889459

INR 16.042 654

INR 3,412,836

INR 4,306787

INR a3 583,606

INR 2,693.112

1.05

0.32

0.30

0.10

0.09

1.24

3.77

0.13

2.99

0.19

0.38

0.47

0.46

0.02

0.05

0.31

0.01

0.17

0.13

0.08

0.15

0.1 1

0.03

0.27

0.06

0.07

0.04

1 39


INDIA

DEUTSCHE BANK AG 04- 2 167 525 06 OR 07 ION HCL-

INFOSYSTEMS LTD DEUTSCHE BANK AG 04-

l a 06 07 /ON BHARAT HEAVY i a0 740

ELECTRICAL5 LTD DEUTSCHE BANK AG 04-

31 05 07 :ON MAHINDRA & MAHINDRA LTD DT BK LO 04-30 3 07 WRT !ICICI

JP MORGAN INTERNATIONAL

DERIVATIVES LTD 7 4 08 /ON

MAHINDRA MERRILL LYNCH INTL 04-

22 06 09 ION AMTEK

300 000

320 000

1 355 244

100 000

5.677 656.735 94 16

5,677:656,735

US0 8842.817

USD 9,135,997

USD 4,2392a5

USD 4,245382

US0 19,150,884

US0 706323

94.16

0.15

0.15

0.07

0.07

0.31

0.01

QuantityiFace Currency Evaluation “10 net Value assets

MERRILL LYNCH 05-oe.01.10 ION MAHINDRA UGINE STEEL

co MERR.L.04-13.3.09WTIPATNI COMPUTER SYSTEMS LTD

0.000001

/ON GRASIM

/ON MAHINDRA

HINDUSTAN PETROLEUM

MORGAN STANLEY 05-08 08.08

MORGAN STANLEY 05-73 06.08

MSDW ASIA 04-10.8.07 ;ON

NETHERLANDS

ABN AMRO 05-18.12.06WRT/HCL

INF 0


MER LY 04-

8.1O.OBWRTIINDIABULL 0 MERR.03-29.9.06WRTIGRAS.lND 0

UNITED STATES

M.L.INTL 04-

9.1 1.OSWRTIINFOSYS 0

VIRGIN ISLANDS

MSDW AS.SEC 05- 19.9.08WRTiICIC 0 MSDW 05-22.08.[18 /ON BHARAT

HEAVY 0

15,029

144 331

63.940

665.442

I 307.133

71.769

I .ooo,ooo

100,000

25 000

1.797 044

132 325

US0 45210 000

USD 1,490,018 0 0 2

USD 2,959701 nos

US0 9,403,327 0 16

US0 9,352,717 0 16

69,571 661 1 15

US0 292795 000

292.795 0 0 0

US0 5,633,102 0.09

US0 4,628,872 0.08

10,261 974 0.17

US0 1673903 0.03

1,673.933 0.03

USD 23,841,055 0 40

USD 6.688 729 0 11

30,529,734 0.51

TOTAL WARRANTS I EQUITY LINKED SECURITIES 112,330,117 1 86


AN OFFICIAL STOCK EXCHANGE LISTING 5,789,986,852 96.02

TRANSFERABLESECURITIESTRADEDONANOTHERREGULATED MARKET

BONDS

INDIA

UTD PHOSPH 0%05-7 1 11 CV 15 000,000 USD 17 925,030 0 30

S A

17 925.000 0 30

TOTAL BONDS 17,925,000 0.30


ANOTHERREGULATEDMARKET 17.925.000 0.30

HSBC Global Investment Funds . . . . .


~ . ... . ...

Description Ouanlity/Face Currency Evaluation % riet Descriplion Ouantity/Face Currency Evaluation % not Value assets Value assets

OTHERTRANSFERABLESECURITES

SHARES

INDIA

BROOKE BOND LIPTON INRlO 60

KESORAM TEXT.MILLS LTD / OM 1.014 882

TOTAL SHARES

BONDS

GREAT B?ITAIN

INR 0.00 0.00

INK 5 687 0.00

5.687 0 00

5.687 0.00

UBS LO 0% 05-15 12 OGRCVIJSW

UBS LON 0% 05- 19 12 061REDDYS UBS LON 0% 05-19 12 OBISTEEL 479.700,OOO

UBS LDN 0% 05-19 12,06!TATA 5.000 000

UBS LN 0% 05-19 12 06 jJINDAL 2,275,200

84,483,200

44 012 000

USD 5,727,961 0.09

USD 14.040224 0 2 2

USD 8243,645 0.14

US0 2,123685 0 0 4

USD 931,717 0 0 2

31.067.232 0.51

INDIA ~

HINDUSTAN LEVER NCD 4 530

UBS LDN 0% 05-19 12 OGIINDIAN 50 000,000

UBS LN 0% OS- 45.000,OOO 15 12 OGRCV/INDIA

INR 0 0 0 0 0 0

US0 2803.750 0 0 5

US0 2343.645 0 0 4

~

5147.395 0 0 9

TOTAL BONDS


GREAT BRITAIN

UBS LDN OS- 21 .1Z.O6WRT/ALLAHAB 0 UBS LON-2.3.06 WRT/PATNI CO

UBS LN 05-21.12.06

WRTlHlNDUJA 0

INDIA

CLSA FINANCIAL PRODUCT LTD 06-20.07."01 ON BHARAT HEAVY

ELECTRICAL$ LTD

NETHERLANDS

ABN AMRO 05-6 9 07

WRTIWIP3O 0 ABN AMRO 05- 7 12 OGWRTIINDIA 0 ABN AMRO 05- 7 12 OGWRTI'JIND P 0 ABN AMRO -7 12 O6WRT JSW

STEEL 0

338.030

280 000

100 000

27 954

329.865

230.500

19.743

33 500

36,214,627 0.60

USD 594527 0.01

USD 2.819 740 0.05

US0 1.113220 0.02

4.527 487 0.08

US0 1.413325 0 0 2

1,413325 0 02

USD 4 157391 007

USD 1298430 0 0 2

USD 840.856 0 0 1

USD 23008s 0110

.-- -~

ABN AMR OS-7 12 OGWRTISTEEL 244 353 US0 458 730 0 01

AU 0 -

6 985,492 0 11

UNITED STATES

MORGAN STAN 06-02 01 09 660,786 USD 3421 590 006 WRT 0

3421,590 006

TOTAL WARRANTS I EQUITY LINKED SECURITIES 16,347,894 0.27

TOTAL OTHER TRANSFERABLE SECURITIES ~ 52,568,208 0.87

TOTAL INVESTMENTS 5,860,480,060 -!?I9

OTHER NET ASSETS LESS LIABILITIES 169,225,588- 2.81

TOTAL NET ASSETS 6,029,705,648 100.00

HSBC Global Investment Funds .- . -

-. _

Portfolio of Investments and Other Net Assets . _ .- . __ _.

INDIAN EQUITY

Economic Division of Investment -


Automobile industry Internet Software Banks and financial institutions Coal mines, heavy industries News transmission Construction. building materials Chemicals Energy Pharmaceuticals and cosmetics Holding companies Electronics and electrical equipment Food Non-ferrous metals Office equipment and computers Tobacco and spirits Other business houses Photography and optics Miscellaneous Public services Mechanics, machinery Transport Textile Gastronomy Healthcare, education and social services Agriculture and fishing Tyres and rubber Forest products and paper industry


%

11.49 10.47 10.39 7.56 6.73 6.44 5.83 5.24 4.82 3.73 3.19 2.99 2.99 2.88 2.79 2.14 1.39 1.38 1.32 1.22 0.92 0.62 0.26 0.19 0.09 0.08 0.04

2.81



. . .. .. .

Portfolio of Investments and Other Net Assets -. . . -. . . .. . . . .. . . . .- . . ..

JAPANESE EQUITY Statement of investments as at 31 March 2006 (expressed in JPY)


. .

Descriptio1 Quantlty Currency Evaluation >/. riel KOBE STEEL LTD 495,000

KOMATSU LTD 150,000

KONAMI CORP 15.000

KYOCERA CORP 25,800

LAWSON INC 3.000

LEOPALACE21 CORP 16,400

MARUI CO LTD 62.800

MA’ISUSHITA ELECTH IND. 193,000

.-

INVESTMENTS


SHARES

JAPAN ~

ACOM CO LTD

AEON CO LTD

AEON CREDIT SERVICE LTD

AJINOMOTO CO INC

AMADA CO LTD

ASAHI EREWEHIES

ASAHl GLASS CO LTD

ASAHI KASEl CORP

BRIDGESTONE CORP

CANON INC

CHUBU ELECTRIC POWER C

JPY500 DAllCHl SANKYO CO LTD

DAIMARU INC

DAITO TRUST CONSTRUCT

DENS0 CORP

DENTSU INC TOKYO

EAST JAPAN RAILWAY CO

ElSAl CO LTD

FANUC LTD

FAST RET41LING CO LTD

FUJI PHOTO FILM CO LTD

FUJI TELEVISION NETWORK

INC HlTACHl CABLE LTD

HlTACHl LTD

HONDA MOTOR CO LTD

HOYA CORP

IT0 EN LTD

ITOCHU CORP

JAPAN TOBACCO INC

JFE HOLD NGS INC

JS GROUP CORP

KAJIMA CORP

KANSAI ELECTR. POWER CORP

KAO CORP

KAWASAKI KlSEN

KlRlN BREWERY CO LTD

12.090

34 100

14 500

44,000

58 000

27,700

168 000

226,000

58 000

120,000

28 100

50.100

43.0UU

7 200

45.900

475

742

19.300

30 000

10,600

45,300

154

28.000

508 000

68.300

67.800

4,41111

251.000

335

102.700

44 400

150 000

36.700

29,000

110,000

59 000

HSBC Global Investment Funds - ~.

JPY

JPY

JPY

JPY

J PY

J PY

J PY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

J PY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

J PY

JPY

JPY

JPY

JPY

JPY

JPY

83 541.900

97,355,500

51,620 000

55,308 ooo 74.472 000

46,259 000

295,512 000

189,614,000

142,390 000

934 800,000

fl2.flY5,UOO

134 518.500

74,562.000

44 208,000

213 435.000

202.825 000

647.024,OOO

99 009 000

339,YUO 000

122.006 000

178.029,OOO

45.276 000

18,704,000

423 164.000

497 907.000

322 050.000

18,128.000

253.761 000

138.690,UOO

407,825 ooo 112.332,ooo

110.250,000

95,970,500

09,900,000

76 450.000

94.518.000

0 26

0.30

0.16

0.17

0.23

0.14

0 91

0.58

0 44

2 a7

0 25

0 41

0.23

0.14

0 66

0.62

1.99

0.30

1.04

0.37

0.55

0.14

0.06

1 30

1 5 3

0 99

0.06

0.78

0.43

1.50

0.35

0.34

0 29

0 28

0 23

0 29

MEITEC

MILLEA HOLDINGS INC

MINEBEA CO LTD

MlTSUBlSHl CORP

MlTSUBlSHl ELECTRIC CORP

MlTSUBlSHl ESTATE CO

MlTSUBlSHl HEAVY

INDUSTRIES MlTSUBlSHl UFJ FINANCIAL

GROUP MlTSUl& CO LTD

MlTSUl OSK LINES LTD

MITSUI SUMITOMO INSURANCE

CO MIZUHO FINANCIAL GROUP INC

MURATA MANUFACTURING CO

LTD NAMCO BANDAI HLDG

NEC CORP

NINTENDO CO.LTD

NIPPON EXPRESS CO.LTD

NIPPON OIL CORP

NIPPON STEEL CORP

NIPPON TEL 8 TEL

NIPPON YUSEN K K

NISSAN MOTOR CO LTD

NlSSHlN STEEL CO LTD

NlSSlN FOOD PRODUCTS

CO LTD NITTO DENKO COKP

NOMURA HOLDINGS INC

NSK LTD

NTT DOCOMO INC

OBAYASHI CORP.

OJI PAPER CO LTD

OLYMPUS CORP

ONWARD KASHIYAMA

ORIENTAL LAND CO LTD

OHlX CORP

PIONEER CORP

PHOMISE CO LTD

RAKUTEN INC TOKYO

HESONA HOLDINGS INC

RICOH CO LTD

ROHM CO LTD

RYOHIN KEIKAKU CO LTD

ia . i oo 168

57 000

223,800

322 000

152,000

506,000

1.104

257 000

237 000

138,000

1.246

32,200

19 300

301.000

15.900

174.000

388,000

1 128,000

709

228 000

195,600

156,000

6,700

30,40U

297,700

74.000

2.326

102,000

147.000

29 000

13,000

20.500

14,160

14.200

14 800

830

590

106,000

20.700

4 aoo

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

JPY

221,265.000

336 750.000

44 475.000

268 836,000

13 290 000

72 488.000

146,010,000

504 695 000

70 047 000

391.440 000

JPY 46,341.000

JPY 599.784 000

JPY 321.678.000

JPY 424.080,OOO

JPY 283.360 000

JPY 1,987.200,000

JPY 437.414.000

JPY 188 652.000

JPY 220 Y38.000

JPY 1.199 898.000

JPY 256,634.000

JPY 31 11 1,600

JPY 248,927 ooo JPY 279,840 000

JPY 116.232 000

JPY 358.124,OOO

JPY 514,368 000

JPY 35a.045.000

JPY 163,932.000

JPY 273,448.800

JPY 63 648.000

JPY 24.388.000

JPY 303 696.000

JPY 781 462 500

JPY 75 628.000

JPY 404,724.000

JPY 97,716,000

JPY 106.428.000

JPY 100,34ti,OUO

JPY 27.040.000

JPY 140,015.000

JPY 518.964,OOO

JPY 27 008,400

JPY 105.376.000

JPY 88,810 000

JPY 238,950,000

JPY 243.800 000

JPY 257,715 000

JPY 47,376 000

0 68

1 0 3

0 14

0 83

0.04

0.22

0 45

1 5 5

0.22

1.20

0.14

i .a4

0.99

1.30

0.87

6.12

1.34

o 58

0.68

3 69

11 79

0 10

0 76

0.86

0.36

1 1 0

1.58

1.10

0.50

0.84

0.20

0.07

0 93

2 40

0 23

1.24

0.30

0.33

0.31

0.08

0.43

1.59

0 08

0.32

0.27

0.73

0.75

0.79

0.15

...

- - . __


. .

Descriptiun Quantity Currency Evaluation O% net assets

-

SEKlSUl CHEMICAL CO LTD

SEKlSUl HOUSE LTD

SEVEN & I HOLDINGS CO LTD

SHARP CORP

SHlSElDO CO LTD

SOFTBANK

SONY CORP

SUMITOMO CHEMICAL CO LTD

SUMITOMO CORP

SUMITOMO ELECTRIC

INDUSTRIES SUMITOMO METAL INDUSTRIES

SUMITOMO MlTSUl FINANCIAL

GR SUMITOMO

REALTY+DEVELOPMENT SUMITOMO TR + BANKING

TAlSEl CORP

TAKEDA PHARMACEUTICAL CO

LTD TAKEFUJI CORP

TERUMO CORP

TOKYO ELECTRIC POWER

TOKYO ELECTRON CO LTD

TOKYO TATEMONO CO LTD

TONENGENERAL SEKIYU KK

TOKYO TOPPAN PRINTING CO LTD

TOKAY INDUSTRIES INC

TOSHIBA CORP

TOYOTA MOTOR CORP

WEST JAPAN RAILWAY CO

YAMADA DENKI CO LTD

42.000

46.000

42.200

87 000

20,000

118600

92 700

274 000

177 000

120,200

752,000

766

52.000

163 000

151,000

67,900

16,587

21.600

54 800

31 400

34,000

92 000

293.000

245 000

460 000

249,900

371

15 600

JPY 41,874 000

JPY 80.776 000

JPY 196.652,OOO

JPY 181,395,000

JPY 43,800 000

JPY 409,170,000

JPY 505.215 no0

JPY 262.492 000

JPY 296,652 000

JPY 224,173.000

JPY 379.760,OOO

JPY 995,800 000

JPY 169 520,000

JPY 222,006,000

JPY 85.164 000

JPY 455.609.000

JPY 137 729,670

JPY 83.592.000

JPY 160 838,000

JPY 254,968.000

JPY 43 656.000

JPY 110.216.000

JPY 478,176.000

JPY 236 180.000

JPY 314.640,OOO

JPY 1.606,857.000

JPY 184,387,000

JPY 211.692 000

29,299587 370

. .. - ._ .

TOTAL SHARES 29,299,587,370

0.13

0.25

0 60

0.56

0.13

1.26

1.55

0.81

0.91

0.69

1.17

3.06

0.52

0.68

0.26

1.40

0 42

0.26

0 49

0.78

0 13

0 34

1 4 7

0 73

0.97

4.95

0.57

0.65

90.03

90.03 ~



TOTALINVESTMENTS 29,299,587,370 90.03


TOTALNETASSETS 32,542,790,513 100.00

.A . . -. -. .- HSBC Global Investment Funds

-. .

__ _.

Portfolio of Investments and Other Net Assets ._

JAPANESE EQUITY

Economic Division of investment ... .. . .- -

(expressed as a percentage of net assets) . ..

%

Holding companies Electronics and electrical equipment Other business houses Transport Banks and financial institutions Coal mines, heavy industries Automobile industry Construction, building materials Mechanics, machinery News transmission Pharmaceuticals and cosmetics Retail trade, department stores Real estate companies Chemicals Office equipment and computers Internet Software Graphic art and publishing Energy Public services Other services Tobacco and spirits Photography and optics Insurance Tyres and rubber Gastronomy Forest products and paper industry Food Text i I e Non-ferrous metals

24.35 17.35 4.87 4.23 3.84 3.63 3.03 2.68 2.50

2.37 2.19 2.17 2.12 I .73 1.62 1.47 1.44 1.03 0.89 0.86 0.86 0.68 0.44 0.43 0.33 0.30 0.08 0.06

2.48

Other net assets less liabilities 9.97



- . ..


KOREAN EQUITY Statement of investments as at 31 March 2006 (expressed In USD)

Descrlpt on ...

Quantity Currency Evaluation YO net assets

INVESTMENTS


EXCHANGE LISTING

SHARES

SOUTHKOREA


BANK OF PUSAN

BINGGRAE CO LTD

BSE HOLDING CO LTD

CHElL INDUSTRIAL INC

CJ CORPORATION

CJ ENTERTAINMANT INC

CJ HOME SHOPPING

DAEWOO MOTORS SALES

CORP DONGBU INSUHANCE CO LTD

DONGKUK STEEL MILL CO LTD

DOOSAN HEAVY

INDUST &CONSTR. GS

ENGlNEERlNG&CONSTRUCT.

CORP HAN KOOK TIRE

MANUFACTURING CO HANA FINANCIAL GROUP INC

HANA TOUR SERVICE INC

HANJIN HEAVY IND CO LTO

HlTE BREWERY CO LTD

HOTEL SHILLA

HYUNDAI DEVELOPM.CO-

ENG &CONS. HYUNDAI FIRE & MARINE INS

CO HYUNDAI MOTOR GO LTD

INTELLIGENT DIGITAL

INTEGRAT. KOOKMIN BANK

KOREA EXCHANGE BANK

KOREA INVESTMENT

HOLDINGS CO LG CARD CO LTD

LG CORP

LG ELECTHONICS INC

MEGASTUDY CO LTD

MODETOUR NETWORK INC

NCSOFT CORPORATION

NHN CORPORATION

10,400 KRW

251 190 KRW

64,450 KRW

119587 KRW

98600 KRW

22270 KRW

100.140 KRW

24572 KRW

133180 KRW

168.650 KRW

150,550 KRW

101.710 KRW

56.250 KRW

168,070 KRW

519 KRW

12,247 KRW

114520 KRW

19,771 KRW

183000 KRW

50.810 KRW

128,380 KRW

28,120 KRW

117330 KRW

156,200 KRW

200200 KRW

123.00U KRW

63.990 KRW

94.530 KRW

43.700 KRW

48,266 KRW

80,090 KRW

51,090 KRW

7 136 KRW


4.066 608

3.670.338

3,183,314

1,433 591

3.61 1 955

2,578.031

i.g88,750

3,398,647

2 654.882

3 262.568

2,982,132

3.359 573

3,345.536

2 542,277

24 566

945,162

3.287.766

2.817 694

2.542 145

2.324.001

1.605.052

2.364.029

1,690,256

13,485 230

2,533,871

4 404,532

3,443,731

3,282.909

3,543,423

3.561 032

2.867 959

3 748,356

2 202.883

2.67

2.41

2.09

0.94

2.37

1.69

1.30

1.74

2 23

2.14

1.96

2.20

2.19

1 67

0 02

0 62

2.16

1.85

1.67

1.52

1 05

1.55

1.11

8.86

1 Si6

2.89

2 26

2 15

2 32

2.34

1 .88

2.46

1.45

Descriptian

ORION CORPORATION

POSCO


LTD SAMSUNG ENGINEERING CO LTD SAMSUNG HEAVY INDUSTRIES

SAMSUNG TECHWIN CO LTD

SHINSEGAE CO LTD

SK TELECOM CO LTD

S-OIL CORP

$1 CORPORATION

-. ..

Quantity Currency Evaluation C net assets

14 212

26,912

22.721

147.380

127 000

148,600

8,236

17,140

44,920

32,760

KRW 4197.130 275

KRW 6,936958 4.55

KRW 14729343 9.67

KRW 4,974.252 3.26

KRW 2 , 2 7 3 . a ~ 1.49

KRW 4,120,908 2.70

KRW 3.754.356 2.46

KRW 3,395 134 2 2 3

KRW 3,448,212 2 26

KRW 1.446 161 0 9 5

152.029 137 99.74

TOTAL SHARES 152,029.137 99.74


AN OFFICIAL STOCK EXCHANGE LISTING - 152,029,137 99.74

TOTAL INVESTMENTS 152p29.137 99.74



.

- _- .

Portfolio of Investments and Other Net Assets - .. _ _ _

KOREAN EQUITY

Economic Division of Investment ... ..


Electronics and electrical equipment Banks and financial institutions Mechanics, machinery Food Coal mines. heavy industries Internet Software News transmission Construction, building materials Insurance Gastronomy Holding companies Chemicals Retail trade, department stores Textile Energy Pharmaceuticals and cosmetics Transport Tobacco and spirits Tyres and rubber Other services Automobile industry Office equipment and computers


Total Net Assets

17.95 15.19 8.08 6.53 6.51 6.25 5.08 3.71 3.19 2.97 2.91 2.67 2.46 2.37 2.26 2.15 1.88 1.85 1.67 1.57 1.55 0.94

0.26

100.00

HSBC Global Investment Funds . . . . .

Portfolio of Investments and Other Net Assets _

PAN-EUROPEAN EQUITY Statement of investments as at 31 March 2006 (expressed in EUR)

Description Quantity Currency Evaluation “h net asscts

.


. - . .. .. . .

172,351 EUR 13,240,004 2.33

63 9 13.973 11.24

SIEMENS AG /NAM.

GREAT BRITAIN

ASTRAZENECAPLC

BAE SYSTEMS PLC

BARCLAYSPLC

BP PLC

CARPHONEWAREHOUSE

GROUP FKI PLC

GKN PLC

GLAXOSMITHKLINE PLC

HAYS PLC

HILTON GROUP PLC

HSBC HOLDINGS PLC

JAZZTELPLC

RESOLUTION PLC


TESCO PLC

VODAFONE GROUP PLC

144,352 GBP 6031.569 1 0 6

3.088.102 GBP 18,902.597 3.32

865.243 GBP 8402,789 1 4 6

2,540,647 GBP 24,533,028 4 30

1.840 274 GBP 8.396.196 1 4 8

INVESTMENTS


SHARES

3.309.308

1,398,972

602,465

2.881.677

935.374

1,236.730

1,183,114

524,000

434,506

1.725 320

3,218,880

GBP

GBP

GBP

GBP

GEP

GBP

EUR

GEP

GBP

GBP

GBP

5 942.038

6.749.363

13,157.566

6 713.431

5 211.931

17,107,697

970,153

5,074.903

11,773.808

8,170 959

5 557.819

1.04

1.19

2.31

1.18

0.92

3.01

0.17

0 89

2.07

1 44

0.98

BELGIUhI

UCB 50.600

132.808

243,249

328,533

362 751

338.742

162 260

16 226

62,722

71 125

83 019

66 362

1891.665

127.309

92,841

63.392

83.748

11.163

223 881

71,422

106.1 34

334,530

165,366

9 030

EUR 2.090.928 0.37

2090,928 0 3 7

. -

DENMARK

NOVO NORDISK AIS B DKK 6,870,434 1 21

6.870.434 1 21

-

152.695 847 26 84 FINLAND

GREECE FORTUM CORPORATION

NESTE OIL OYJ

NOKIA OY

EUR 5,032.822 0.89

EUR 9,386.187 1 6 5

EUR 6199.415 1 0 9

BANK OF PIRAEUS

HELLENIC TELECOM

MARFIN FINANCIAL GROUP HLD

SA OPAP

223998 EUR 5.626830 0 9 9

425,473 EUR 7,701,061 1 3 6

220.410 EUR 5594.006 0.98

196,502 EUR 6,209.463 1 09

20,618,424 3.63

FRANCE

25.131.360 4.42 AXA

BNP PARIBAS

BNP PARIBAS ASS 06

GROUPE DANONE

LAFARGE SA

LVMH MOET HENNESSY

NEOPOST

RHODIA

SAINT-GOBAIN

SANOFCAVENTIS

STE GEN PARIS -A-

TOTAL SA

VALLOUREC

EUR 9,816,743 1.73

EUR 12,380 437 2.17

EUR 1.238.044 0.22

EUR 6,262,792 1.10

EUR 6,639 519 1.17

EUR 6.707.935 1.18

EUR 5.965.944 1.05

EUR 3991,422 070

EUR 7,364,826 1 3 0

EUR 7218,388 1 2 7

EUR 10,307.251 1 8 1

EUR 18,441.309 3.23

EUR 8807,607 1.55

105.142 217 18.48

. .

ITALY

BCA POPOLARE 01 MILANO

CAPlTALlA SPA

CREDIT0 EMILIANO SPA

CREDEM EN1 SPA ROMA

TELECOM ITALIA SPA

UNICREDITO ITALIAN0 SPA

261.509 EUR 2,556.250 0 4 5

494.399 EUR 3,406.409 0 60

134193 EUR 1.511 013 0 2 7

614613 EUR 14,615.497 2 5 6

2,391,400 EUR 5,721,425 1 01

2.1 15 956 EUR 12.621.678 2 22

40,432.272 7.11

LUXEMBOURG

TENARIS iADR

NETHERLANDS

29448 USD 4427.267 0.78

4,427.267 0.78

GERMANY

COMMERZBANK AG

DEUTSCHE BANK AG INAM.

E.ON AG

LANXESS AG

MAN AG

PORSCHE AG N Z A. SDV

BUHRMANNNV

KONINKLIJKE NUMICO NV

365,518 EUR 5 343,873 0.94

267,348 EUR 9,755.529 1.72

EUR 7.390312 1 3 0

EUR 6.723667 1 1 8

EUR 9,567980 1.68

EUR 10.357049 1 82

EUR 9,589.574 1 69

EUR 7045387 1.24

15,099.402 2.66

NORWAY

BERGESEN WORLDWIDE GAS

ASAI-A-

236 110 NOK 2.550034 0 4 5

2,550.034 0 45


-


Descripliuri

SPAIN

. ...

Quantity Currency Evaluation net assets

ACCIONA SA 152 973 EUR 19572.894 3.44

ALTADIS SAIREG. 145 727 EUR 5.356.925 0.94

BANCO BILBAO 716 192 EUR 12,182,426 2.14

VIZARGENTARIA iNAM BCO SANTANDER CENTR. HISP 762 141 EUH 9.130 449 1.61

/REG. ENAGAS 315,Y93 EUR 5163,326 0 9 1

TELEFONICA MOVILES SA 454,067 EUR 4,835.814 0.85

5fi.241 834 9.89

SWEDEN

ERICSSON TEL -6-

SWITZERLAND

CREDIT SUISSE GROUP /NOM

JULIUS BAER HOLDING

!NAMENAKT NESTLEINOM

NOVARTIS AG EASEL :NAM

ROCHE HOLDING AG

!GENUSSSCHEIN SYNGENTA AG !NAM

ZURICH FINANCIAL SERVICES 'NAM

1,176 048 SEK 3,742,302 0 . M

212,528 CHF

92814 CHF

40.409 CHF

257,165 CHF

74,772 CHF

79.934 CHF

40.430 CHF

3,742 302 0.66

9,744,172 1 71

6958065 1.22

9.890 923 1.74

11 815.173 2 08

9,187,705 1.62

9,315 443 1.64

7.852 799 1.38

64.764 280 I I .39

TOTAL SHARES 563,720,574 99.13


SW ITZER LAN 0

SYNGENTA- 45,902 CHF 47,414 0.01 23 5 OGWRTISYNGENT 234 . - . ..

47414 001

TOTAL WARRANTS I EQUITY LINKED SECURITIES 47,414 0.01


AN OFFICIAL STOCK EXCHANGE LISTING 563,767,980. .99.14 TOTAL INVESTMENTS 563.767,988 99.14

OTHER NET ASSETS LESS LIABILITIES 4,862,372. 0.86


HSBC Global Investment Funds . ._ . . d-

_- .

Portfolio of Investments and Other Net Assets -. -

I

PAN-EUROPEAN EQUITY ..


(expressed as a percentage of net assets) . ~ __

Banks and financial institutions Pharmaceuticals and cosmetics Energy News transmission Construction, building materials Food Electronics and electrical equipment Mechanics. machinery Chemicals Insurance Aerospace technology Holding companies Retail trade, department stores Public services Gastronomy Automobile industry Other services Textile Graphic art and publishing Tobacco and spirits Office equipment and computers Miscellaneous


24.45 9.92 9.85 6.12 5.91 4.56 4.42 4.43 4.17 4.00 3.32 3.23 2.92 2.59 2.01 1.24 1.18 1.18 0.98 0.94 0.94 0.78

0.86


HSBC Global Investment Funds -. .

-_ .. -


PAN-EUROPEAN EQUITY HIGH DIVIDEND Statement of investments as at 31 March 2006 (axpressed in EUR)

__ Quantity Currency Evaluation YO net

assets Description

Descrlpllor Quantity Currency Evaluation '10 net assets GIBRALTAK

678,000 GEP I 287,478 I 55 PARTYGAMING PLC

1.287478 1 5 5

GREAT BRITAIN .

CARNIVAL PLC

COMPASS GROUP PLC

DSG INTERNATIONAL PLC

HSBC HOLDINGS PLC


SCOTTISH POWER PLC

VODAFONE GROUP PLC

. ..

31,000 GBP 1,254,346 1.51

468.000 GBP 1.535.489 1.84

687,394 GEP 1,821.028 2.18

156216 GBP 2,160,937 2.58

61 036 GBP 1,653,892 1.99

143 014 GBP 1,199,239 1.44

854,000 GBP 1,474,543 1.77

INVESTMENTS

TRANSFERABLE SECURITIES AOMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING

SHARES

AUSTRIA 11,099474 1331 .

GREECE 1 5 5 ~.

1 72 B a NATIONA GRECE~NOM -

s CP 2.23 COSMOTE MOBILE

TELECOMMUNICAT 2 EFG EUROBANK ERGASIA$ SA

TELEKOM 4USTRIA AG

WIENER STAEDTICHE

ALLG.VERS. WIENERBERGER AG

66.940 EUR 1,289,418

28183 EUR 1.434515 37.273 EUR 1454,392 1 7 5

83.222 EUR 1,564,574 I 88

49,886 EUR 1550457 1 8 6

54.299 EUR 1.715.848 2 0 5

8,285271 7 54

. .

45253 EUR 1,858,088

4.582 021

BELGIUM OPAP

18.887 EUR 1.692.275 2.03 KBCBANCASSURANCEHLD SA

MOBlSTAFi 18.762 EUR 1,141,668 1.37

2,833,943 3 40

... ITALY

BCA POPOLARE Dl MILANO

CAPlTALlA SPA

MEDIASET SPA

TELECOM ITALIA SPA/RISP.N-

CV UNIPOL SPA .CIA

ASSICURATRICE

128006 EUR 1251 259 1 5 0

26.1.614 EUR 1823190 2 1 9

208,291 EUR 2,036.044 2 44

805109 EUR 1779.291 214

572056 EUR I 528,820 I 84

DENMARK

GN GHEAT NOHOIC LTD

FINLAND

1[16,600 DKK 1214.364 1 4 6

1.214364 1 4 6 ... ~

KEMIRA OIJ

NESTE OIL OYJ

UPM-KYMMENE CORP

8,418.604 10 11 88,518 EUR 1.278,200 153

75355 EUR 2.152892 2 5 9

106441 EUR 2073.471 2 4 9

NETHERLANDS

ABN AhlRO HOLDING

BUHRMANN NV

GETRONICS NV

ING GROEP NV/ CERT. OF SHS

KONINKLIJKE BAM GROEP NV

MITTAL STEEL CLASS A

TNT NV

VEDIOR NV

68 000

92 120

130.000

47 486

19632

43.000

57.998

77.949

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

1 685,041

1,346.794

1 289 600

1,543.295

1 635,346

1,362.670

1,640,763

1.264.333

I I 767.842

2 01

1 62

1 55

1 85

1 9 6

1 64

1 9 7

1 52

14 12

5.504563 6 6 1 . . ~-

FRANCE

AXA

CREDIT AGRICOLE SA.

FRANCE T!LECOM SA

GAZ DE FRANCE

VIVENDI UUIVEHSAL SA

46,881 EUR 1358611 1 6 3

48,239 EUR 1555,225 187

83500 EUR 1544.750 1 8 5

57,110 EUR 1712,730 2 0 6

57,851 EUH 1,647596 1 9 8

7,818,912 Y.39 NORWAY

GERMANY

TELENOR AS 158.330 NOK 1,*21.682 1.71 ADIDAS-SALOMON AG

COMMERZBANK AG

DEUTSCHE LUFTHANSA !NAM

HYPO REAL ESTATE HOLDING

AG MOBILCOM

RWE AG (NEU). ESSEN A

7,700 EUR 1254.638 1 5 1

57,594 EUR 1,901,178 2.27

97.807 EUR 1438,741 1 7 3

28,189 EUR 1.588 732 1 9 1

1.421.682 1 71

SPAIN

BCO SANTANDER CENTR HlSP /REG CORPOHACION MAPFRE SA,REG

142.645 EUR 1708,887 2 0 5

114,115 EUR 1920555 2 3 1 69391 EUR 1.380881 1 6 6

23,356 EUR 1.646.364 198

9.210.534 11.06

~

3,629.443 4 36 _ _ .-



Quantity Currency Evaluatlon % net assets

. .-

SWEDEN

ENIRO AB 134.000 SEK 1,294,178 1.55

HENNES R MAURITZ AB 53,205 SEK 1.622.257 1.95

2,916,435 3.50

SWITZERLAND

JULIUS BAER HOLDING 22300 CHF 1,671 783 201 /NAMENAKT

I 671 783 201

UNITED STATES ~. -

AUTOLIV INC/SWEDISH 32000 SEK 1501,866 1 8 0

DEFT RECPT -.

1501,866 1 8 0

TOTAL SHARES 81,164,215 9743




-


GERMANY

DT.BK 06-15.12.1 1 WRT/OKO 101 000 EUR 1,353.400 1 6 2 BANK 0 DT.BK 06-16.12 11 WRT lELlSA 0 88,931 EUR 1,457,579 1.75

DT.BK 06-16.12.11 WRT 38.947 SEK 1.371.970 165 HOLMEN-B 0

4 182,949 5.02

TOTAL WARRANTS / EQUITY LINKED SECURITIES 4.182.948 5.02

TOTAL OTHER TRANSFERABLE SECURITIES 4.182.949 5.02


OTHER NET ASSETS LESS LIABILITIES (2,042,914) (2.45)


HSBC Global Investment Funds ... ... .. .

... .. .

)en& and .~

PAN-EUROPEAN EQUITY HIGH DIVIDEND

Economic Division of Investment __ ..

(expressed as a percentage of net assets) ~ . ..

%

Banks and financial institutions News transmission Insurance Public services Gastronomy Construction, building materials Retail trade. department stores Transport Energy Forest products and paper industry Holding companies Automobile industry Coal mines, heavy industries Office equipment and computers Graphic art and publishing Internet Software Le is u re Chemicals Other services Textile


Total Net Assets

30.98 18.35 7.50 6.94 5.40 4.19 4.13 3.70 2.59 2.49 1.91 1.80 1.64 1.62 1.55 1.55 1.55 1.53 1.52 1.51

(2.45)

100.00


_ _


PAN-EUROPEAN EQUITY SMALLER COMPANIES Statement of investments as at 31 March 2006 (expressed in EUR)

Description Quantity Currcncy Evaluation "h net assets

Descrlpllon Quantity Currency Evaluation X net assets

0.95

0.88

0.92

1.12

GROUPE STERAVELIZY

VI LLAC . MAISONS FRANCE CONFORT

MANITOU BF SA

NEOPOST

SOITEC. BERNIN

VALLOUREC

17000 EUR

15,745 EUR

12,460 EUR

9,000 EUR

48.000 EUR

2,800 EUR

843 880

910,061

443.576

809.100

1317,120

2,209.201

11,277.129

857 000

1 033 380

772.100

972,300

946,000

366.268

990 300

a54 760

1 020.000

991.070

920,100

1 200 759

788 700

0 95

1.03

0 50

0.91

1.49

2.49

12.74 . .

0.97

1.17

0 87

1.10

1.07

0.41

1 1 2

0.97

1.15

1.12

1.04

1.35

0.89

INVESTMENTS


SHARES

GERMANY

DAB BANK AG

DEUTSCHE EUROSHOP

lNAMENAKTlE EPCOS AG MUENCHEN

GEA GROUP AG

GERRY WEBER INTL AG

INTERSEROH AH. KOELN

K B S A G

NORODEUTSCHE AFFlNERlE AG QSC AG

RHEINMETALL AG

DUESSELDORF SALZGITTER AG

SOLARWORLD AG BONN

VIVACON AG KOELN

100000 EUR

18.000 EUR

70,000 EUR

70.000 EUR

55,000 EUR

11,950 EUR

15,000 EUR

34000 EUR

200,000 EUR

15,500 EUR

15000 EUR

5,500 EUR

22000 EUR

AUSTRIA

AUSTRIAMICROSYSTEMS AG

CONWERT IMMOBILIEN INVEST

IMMOEAST IMMOBILIEN ANLAGEN AG WIENEHBERGER AG

17358 CHF 841,495

52.500 EUR 782.250

90000 EUR 815.400

24,000 EUR 985.440

3.424 585 3.87

BELGIUM

CUMERIO SA

OPTION INTERNATIONAL NV

UMICORE

40,000 EUR 860,000 0 9 7

8000 EUR 666,400 0 7 5

8.400 EUR 965.160 1 0 9 11 712.737 13.23

2,491.560 2 81 GREAT BRITAIN

BERMUDA ISLANDS BALFOUR BEATTY PLC

CSR PLC

HOMESERVE

HUNTING PLC

INFORMA PLC

INTERTEK GROUP PLC

KENSINGTON GROUP PLC

MCCAHTHY 8 STONE PLC

REDROW PLC

SIG PLC

THE GO-AHEAD GROUP PLC

VENTURE PRODUCTION PLC

WOLFSON

MICROELECTRONICS PLC WOLVERHAMPTON 8 DUDLEY

BREWER. WS ATKINS PLC

150 000

70 no0

45,000

100 000

128,040

75,000

50,000

80.000

150.000

70,000

36,000

100.000

150 000

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

n(17 137

1,168,940

932 297

562,sfin

880.635

883.059

857.213

909,192

1.216.897

907,612

945.950

976,330

949.288

423.050

0 91

1.33

1 0 5

0 64

0 99

1 .oo 0.97

1.03

1.38

1 03

1.07

1.10

1.07

HAL TRUST -UNITS(EX HOLL AMER)

1.232 EUR 75,768 009

75,768 009 ~.

DENMARK

GN GREAT NORDIC LTD

TRYGVESTA A:S

65000 DKK 740466 0 84

17000 DKK 820208 092

1 560.674 1.76

FINLANU

OK0 OSUUSPANKK.

KESKUSPANKKI A RAMIRENT OYJ

TIETOENATOH OYJ

WARTSILA CORPORATION

YIT OYJ

60000 EUR 804.000 0.91

22,200 EUR 613 164 069

29,000 EUR 930900 1.05

32,000 EUR 987200 1 12

40000 EUR 887600 100

23 000 GBP 0.48

59.363 GBP 685,339 0.77

4.222 864 4.77 13 105,829 14.82

FRANCE GREECE

BAIL INVESTISSEM FONCIERE

ETABLISSEMENT MAUREL B PROM GEN DE GEOPHYSIQUE.CIE

GEODIS (EX-CALBERSON) SA

GROUPE BOUHBON

GERMANOS SA !REG

HELLENIC EXCHANGE

HOLDING SA

18,000 EUR 925,200 1.05

50000 EUR 863500 098

8.084 EUR 970.888 1.10

8,264 EUR 1105,723 1 2 5

9.600 EUR 878,880 0.99

44,000 EUR 770.830 0.87

75.000 EUR 975.030 1.10

1,745.880 1.97

HSBC Global Investment Funds ~ .. .

Portfolio of Investments and Other Net Assets -. .. _.

. . . .. -. .

Description Quantity Currency Evaluatlon "h net Description Quantity Currency Evaluation 'A net assets assets

IRELAND

INDEPENDENT NEWS AND

MEDIA PLC

SAABAB B

WM-DATAAB B 300,ooo EUR 78fi.000 0 8 9

-~

47.000 SEK 985.387 1 11

320.000 SEK 861.615 0.97

6.693.557 7.79

~. ~

ITALY

AMPLIFON SPA

BANCA ITALEASE

BCA POPOLARE 01 MILANO

C I R CIE INDUSTRIAL1 RlUNlTE

ENGINEERING

ING.INFORMATICA FASTWEB

MARIELLA BURANI FASHION

GR SPA VALENTlhO FG

12 796

30,000

95 975

400.000

26.000

20,000

40 000

40,000

EUR 920.800

EUR 1234800

EUR 938.156

EUR 993.000

EUR 952,900

EUR 841.000

EUR 739,200

EUR l .0 l f i 400

NETHERL4NDS

0.89 ..

1 04

1.39

1 06

1.12

I on

0 95

0 84

1.15

7,636,256 8.63 FRANCE


HUNTER DOUGLAS (EUR 0 24)

NORWAY

SWITZERLAND

FISCHER GEORG AGjNAM.

KOMAX HOLDING AG

LINDT & SPRUENGLI lPARTlZ

PHONAK HOLDING AG !NOM.

SIKASA BAAR

SULZER AG !NAM. (CHFGO)

2500 CHF 921 255 1 0 4

13000 CHF 999.297 1 1 3

450 CHF 690965 0 7 6

22,000 CHF 1049106 1 1 8

1.200 CHF i 022.807 I 16

1,550 CHF 860.942 0 9 7

9.156 582 10.34

SPAIN

TOTAL SHARES


AALBERTS INDUSTRIES

ASM INTERNATIONAL NV

FUGRO Nd

KON.BOSKALIS WESTMINSTER NV KONINKLIJKE BAM GROEP NV

KON.VOPAK NV

ORDINA hV EUR 0.1

SBM OFFSHORE NV

USG PEOPLE GROUP NV

15 543

55,000

28 000

17.000

13 094

30.000

50 000

10.000

30,000

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

940 352

921.800

862.000

902.700

1,090.730

840.000

946.500

832.500

1.800.000

106

1 04

1 .oo 1 02

1.23

0 95

1 07

0 94

2 03

22,000 EUR 1.210.000 137

1,210 000 1.37

.- . . . . .

AKERYARDSASA

FAST SEARCH 8 TRANSFER

PETROLEUM GEO-SERVICES

ASA PROSAFE ASA

TANDBERG TELEVISION ASA

20 000 NOK 1.230.720 1.39

320,000 NOK 980 557 1.11

30.000 NOK 1.141.555 1 29

24.500 NOK 1 066.110 1.23

73,000 NOK 1,281 174 1.44

5.720,116 6.46

~

SOL MELIA SA 70.000 EUR 894.600 1.01

SWEDEN

ALFALAVALAB

BOSS MEDIA AB

ENIRO AB

KUNGSLEDEN

Q-MED AB

894,600 1 0 1

50.000 SEK 1,125,441 128

440000 SEK 1034.874 117

100000 SEK 965605 109

30,000 SEK 929,088 1 05

30,000 SEK 991 347 1 1 2

5,544,372 6.26

87,456,509 98.81 ~.

3,000 EUR 12,*50 001 ET5 MAURELLPROM 04-28.7.6

WRT 89.65

12.450 001

TOTAL WARRANTS / EQUITY LINKED SECURITIES 12,450 0.01



OTHER NET ASSETS LESS LIABILITIES .. 1.046.740 1.18



. . . .

of Investments and Other Net Assets - -~ - _ -

PAN-EUROPEAN EQUITY SMALLER COMPANIES


(expressed as a percentage of net assets) -_ .. -

Mechanics, machinery Construction, building materials Internet Software Energy Other services Banks and financial institutions Electronics and electrical equipment Real estate companies News transmission Holding companies Transport Public services Textile Non-ferrous metals Graphic art and publishing Aerospace technology Chemicals Pharmaceuticals and cosmetics Retail trade, department stores Index Options Coal mines. heavy industries Gastronomy Insurance Food Tobacco and spirits Environmental services & recycling Investment companies


Total Net Assets

%

12.06 9.41 8.55 7.65 5.78 5.43 5.38 5.07 4.47 4.10 3.91 3.24 3.06 3.03 2.97 2.50 2.28 2.22 1.86 1.12 1.04 1.01 0.92

0.48 0.41 0.09

0.78

1.18

100.00

HSBC Global Investment Funds - .- -. . ~ . - -. -.

SINGAPORE EQUITY Statement of Investments a s at 31 March 2006 (expressed in USD)

-. . . . -. . .

Description Quantity Currency Evaluation 9t net %sets

.- ._ -.

INVESTMENTS


EXCHANGE LISTING

SHARES

ISRAEL

SARIN TECHNOLOGIES LTD

SINGAPORE ~.

FIRST ENGINEERING LTD

HI-P INTERNATLIONAL LTD

HO BEE IhVESTMENT LTD

HOTEL PROPERTIES

HTL INTERNATL HLDGS LTD

JARDINE CYCLE &CARRIAGE

LTD MEIBAN GROUP

MMI HOLCINGS LTD

OSlM INTERNATIONAL LTD


SIA ENGINEERING CO LTD

SINGAPORE AIRLINES LTD

SINGAPORE

TELECOMMUNICATIONS STRAITS TRADING CO STCL

UNISTEEL TECHNOLOGY LTD

UTDOVERSEASBANKlLOCAL

VENTURE CORPORATION LTD

WHEELOCK

PROPERT(SINGAP0RE) LTD WING TAI HLDS

YELLOW PAGES (SINGAPORE) LTD

TOTAL SHARES


BERMUDA ISLANDS

MACQUARIE INTL

INFRASTRUCTURE

402.000

615.000

210.000

2 831,000

1044.000

750.000

94.000

1.700,000

1.700,OOO

825.000

516,000

525,000

112,000

1,300,000

340.000

471,250

105 000

70,000

2,274.000

1,960 000

1,050 000

1.754.000

SGD 273.284 104

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

SGD

433.286

202 460

1 749,583

1 212 979

750 881

644.831

383,475

798 468

994.222

2 136.580

1,012.299

969.038

2.129.041

706,013

602.860

1.012 299

553 736

2.136 135

2301,465

1.070 701

1 65

0.77

6.67

4.62

2.86

2.46

1.46

3.04

3 79

8 14

3.86

3 69

8.11

2.69

2.30

3.86

2.11

8.14

8.77

4.08

~.

21,800,352 83.07

22.073.636 84.11

SGD 1062 308 4.05


1062,308 405

1,062,308 4 05 ~

..



SINGAPORE

CITY DEVELOPMENTS LTD WRT 220.000 SGD 1.128.484 4.30 04-10.05 06 2.5

1128.484 430

TOTAL WARRANTS I EQUITY LINKED SECURITIES 1.128.484 4.30



SHARES

SINGAPORE -

AXIS SYSTEMS HOLDINGS LTD 1.270,OOO SGD 270.781 1.03

270,781 1.03

TOTAL SHARES 270,781 1.03 ~-

270,781 1.03 TOTAL OTHER TRANSFERABLE SECURITIES


OTHER NET ASSETS LESS LIABILITIES 1,707,313- 6.51


HSBC Global Investment Funds .. . . .. - .

Portfolio of Investments and Other Net Assets _. .

SINGAPORE EQUITY


. _ . .. (expressed as a percentage of net assets)

- _.

Real estate companies Gastronomy Banks and financial institutions News transmission Transport Other business houses Mechanics, machinery Electronics and electrical equipment Graphic art and publishing Investment companies Forest products and paper industry Automobile industry Non-ferrous metals Precious metals Internet Software


Total Net Assets


%

19.74 12.76 12.00 8.1 1 7.55 6.48 5.27 4.41 4.08 4.05 2.86 2.46 1.65 1.04 1.03

6.51

100.00

. . __ .

.. . -- . .. . . . . . . .

Portfolio of Investments and Other Net Assets . . .. . ..

-. .. .

THAI EQUITY Statement of investments as at 31 March 2006 (expressed in USD)

Descridion Quantity Currency Evaluation % net assets

. . . . -. . .- -.

Descrlptioi Quantity Currency Evaluation Yo nct assets PREUKSA REAL ESTATE 3,829,300 THE 690,231 0 26

PUBLIC CO PTT CHEMICAL PUBLIC 1,268.100 THE 2 840,861 1 0 7

COiFORElGN PTT EXPLO.RPROD.:FOR REG. 1 350.800 THB 19.200 271 7.25

PTT PLC CO LTD :FOR.REG. 4,006.200 THE 2A,139.358 9 12

QUALITY HOUSES PUBLIC 13,967,100 THE 663 257 0.25

:FOR.REG INVESTMENTS SEAFRESH INDUSTRY 2 820,300 THE 230 940 0 0 9

PUB/FOR.REG SlAM CEMENT PUBLIC 1158.800 THE 7638810 2.88

CO,FOR.REG.

--


SHARES

THAILAND

AAPICO HITECH PCL :FOR.REG 6 617,000

AAPICO HITECH PCL,FOH REG 1,536,100

ADVANCED INFO SERV PUB

:FOR REG AIRPORTS OF THAILAND PUB

:FOR REG ASIA PLUS SECURITIES ’FOR REG BANGCHAK PETROLEUM PCL

/FOR REG BANGKOK BANK PUBLIC (FOR

REG BANK OF AYUDHYA!N-

VOT DEP REC BANPU PUBLIC CO

LTD’FOR REG BK OF AYUDHYA PUBLIC ’FOR REG CENTRAL PATTANA PUBLIC CO LTD CHAROONG

THAILWIREIFOR REG DELTA ELECTRONICS PUB /FOR REG HANA MICROELECTRONICS

/FOR REG HEMARAJ LAND

DEVEL FOREIG REG ITALIAN-THAI DEV PUB ’FOR

REG KASIKORNBANK

PUB COMP :FOR REG KRUNG THAI BANK ’FOR REG

LAGUNA RESORTS

RHOTELSiFOR REG LPN DEVELOPMENT

PUB IFOR REG MCOT PUBLIC CO

LTD’FOREIGN REG MILLENNIUM STEEL PCL /FOR REG MURAMOTO ELECTRON (THAI)

PLC’FOR REG NAT FINANCE PUBLIC

CO!FOR REG PHATRA SEC.PUBLIC CO LTD

IFOR REG PHATRA SECURITIES PUB’NON

VOT

6,654,700

6,999,500

34.536.250

4 829.000

7 389.100

15 R81.5[10

600.000

5,320 000

5,840,000

6.304 800

9.844.700

8,399,900

27 651.700

57,838.800

4,244.1 00

15,857,800

261 000

30.572,600

2.680 400

73,716,800

320,000

3 59a.4m)

1 959,400

1,200.000

THE

THB

THB

THB

THB

THE

THE

THE

THE

THE

THE

THB

THE

THB

THE

THE

THE

THB

THB

THE

THB

THE

THE

THE

THB

THE

4,600,469

1.067.974

15,679,305

8 696.441

3 966.316

1,728.420

22,071.242

7,483.760

2,317 500

2.589 11 1

2.842.182

1 193.262

4 993.970

6 542.997

761.873

10 350 976

7.486 062

4 450.888

349 479

3.227.702

2.415.711

2 144.375

2 224,800

1,482.541

2.163 546

1.328 700

1.74

0 40

5.92

3 28

1 50

0.65

8.34

2.83

0.87

0.98

1 0 7

0.15

1 89

2 47

0 29

3.91

2.83

1 68

0.13

1 22

0.91

0.81

0.84

0.56

0.82

0.50

SlAM CEMENT PUBLIC ’NVDR

SlAM CITY BANK ’NON-VOTING

SlAM COMMERC BANK

PUBL :FOR REG SINO-THAI ENGIN 8 CONS,FOR REG SRlTHAl SUPERWARE

PUB ’FOR REG SUPALAI PUBLIC CO

LTD’FOREIGN THAI AIRWAYS INTL’FOR REG

THAI CANE PAPER :FOR REG

THAI OIL PUBLIC COiFOR REG

THAI PETROCHEM

IND (FOREIGN THAI PLAST R CHEMIC PUB ’FOR REG THE ERAWAN GROUP

’FOR REG TISCO BANK PUBL COiNON-

VOT /FOR REG TPI POLENE PUBLIC !FOR REG

TRUE COHP PUBLIC :FOR

REG YARNAPUND PUBLIC CO LTD

:FOR REG

1,063,000

5,800 ooo 4 069.800

35.776 100

10.680 000

30.464 400

8 458.900

10,161,329

1,532.100

XI 17s,600

11 260,500

37 980,000

5 374,700

4.400 000

14.094,700

4.068 800

THE

THE

THE

THE

THE

THE

THE

THB

THE

THE

THE

THE

THE

THE

THB

THE

6.459.851

3,629 205

6,759 429

8.751 728

2.337.585

2.573.023

10 128.475

3,872,482

2,603 804

7 274 361

5 132,254

3 775 022

3.840 559

2.243.340

3.810.855

1,309.645

2.44

1 37

2.55

3 30

0 88

0 97

3 82

1 46

0 98

2 75

1 94

1 4 3

1 45

0 85

1 44

0 49

TOTAL SHARES


THAILAND

254 071,548 95 93

254,071,548 95.93 _ _ .~

CPN RETAIL GROWTH 9380100 THE 2.632760 0 9 9

PROPERTY FD

2.632 760 0 9 9

TOTAL INVESTMENT COMPANIES 2,632,760 0.99


256!704,308 96.92 AN OFFICIAL STOCK EXCHANGE LISTING


__..

OTHER NET ASSETS LESS LIABILITIES 8,157,251 .. 3.08

TOTAL NET ASSETS 264.861.559 100.00

HSBC Global Investment Funds -. -. ...

Portfolio of Investments and Other Net Assets __ . . - -_ _- --

THAI EQUITY



%

Banks and financial institutions Energy Construction, building materials News transmission Chemicals Electronics and electrical equipment Real estate companies Holding companies Transport Aerospace technology Mechanics. machinery Forest products and paper industry Investment companies Consumer goods Public services Coal mines, heavy industries Tyres and rubber Gastronomy Food


20.58 18.00 12.53

6.61 5.65 5.20 4.83 3.82 3.28 2.63 1.46 0.99 0.88 0.87 0.81 0.29 0.13 0.09

8.27

3.08


HSBC Global Investment Funds ... . . .... 7

. -.


UKEQUITY Statement of Investments as at 31 March 2006 [expressed in GBP)

Descriptiun

.

Quantity Currency Evaluation Yo net assets

Description Quantity Currency Evaluation "A, net assets

INVESTMENTS


EXCHANGE LISTING

SHARES

GREAT BRITAIN

ALLIANCE & LEICESTER PLC

ALPHAPYRENEESTRUSTLTD

ANGLO AMERICAN PLC

ASTRAZENECAPLC

AVIVA PLC

BAA PLC

BAE SYSTEMS PLC

EARCLAYS PLC

BBA GROUP PLC

EG GROUP PLC

BHP BILLITON PLC

BP PLC

BRIT INSURANCE HOLDINGS

PLC BRITISH AMERICAN TOBACCO

ET GROUP PLC


CENTRICA PLC

CLIMATE EXCHANGE PLC

COLLINS STUART TULLET PLC

DAILY MAIL & GENERAL TR. -A-

DOMESTIC & GENERAL GROUP

PLC ECONERGY INTERNATIONAL

PLC FKI PLC

GKN PLC

GLAXOSMITHKLINE PLC

HANSON PLC

HAYS PLC

HBOS PLC

HELPHiRE GROUP LONDON

HOMESERVE

HSBC HOLDINGS PLC

INCHCAPE PLC

JOHNSON MATTHEY PLC

LEGAL 8. GENERAL GROUP PLC

LLOYDS TSB GHOUP PLC

MARKS AND SPENCER

85 666

653.155

163 936

151,264

225 784

109 380

1,742 575

853 483

1 033.228

428,138

166.904

2 399,847

488.241

125,486

1.497616

226 267

426,400

69,492

279.042

795 351

216.409

262,000

698 720

774,087

445.777

117.479

1034,110

521 864

1 182 190

135,894

1 169.295

145,483

142 089

1.363 838

264 639

206,231

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GEP

GBP

GBP

GBP

GBP

GBP

GBP

GEP

GEP

GBP

GEP

GBP

GEP

GBP

GBP

GEP

GBP

GBP

GBP

GEP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

1.052.929

744,597

3,644.297

4.401 782

1.817 821

910,151

7,428,597

5 772.524

2911.120

3,093.297

1 762.506

16,138 970

471 153

1,766,530

3,348.894

1 299.904

1214.856

237.246

2.032.821

5,527,689

2.008 276

288,200

873.749

2 600.932

6,780.268

891.666

1.677 843

5.081 912

4,415,480

1 960.774

11,264,871

3,765.1 00

1.978 319

1,943,196

1,457.237

1 154 894

0.64

0.45

2.21

2.67

1.10

0.55

4 50

3 50

1 77

1 .88

1.07

9.79

0.29

1.07

2 03

0 79

0 74

0.14

1 23

3.35

1.22

0.17

0 53

1 58

4 11

0.54

1.02

3.08

2 68

1 1 9

6 83

2.28

1.20

1.18

0.88

0.70

MEGGITT PLC

OMEGA UNDERWRITING

HLDGS PLC PEARSON PLC

RECKITT BENCKISER PLC

RENSBURGSHEPPARDSPLC

RESOLUTION PLC

HEXAM PLC

RIO TINTO PLC /REG


ROYAL DUTCH SHELL -E-

ROYAL DUTCH SHELL PLC -A-

SCOTTISH POWER PLC

SEVERN TRENT PLC

SHIRE PLC

STANDARDCHARTEREDPLC

TAYLORNELSONSOFRESPLC

TELENT PLC

TESCO PLC

TRADING EMISSIONS PLC

UTD BUSINESS MEDIA

VODAFONE GROUP PLC

WILLIAM HILL PLC

31 GROUP PLC

220.663

468,922

382.189

41 838

67,506

534 E03

306,114

58.992

379.621

342,109

38.000

196.354

94 515

139.763

55 776

156 721

60,810

700,657

1,375 861

194,979

3,449,471

92.000

482,602

GBP

GBP

GBP

GEP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GEP

GBP

GEP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

766.363

611,943

3 044.575

848 475

536.673

3.605 897

1,672,913

1.718 437

7.164.022

6.459.01 8

689.320

1 146.707

1 074.636

1.243.891

802 059

397 28R

303 442

2,310,970

2,614 136

1.415.548

4,147.989

551.080

4 604,023

~

0.46

0.37

1 8 5

0.51

0.33

2 19

1.01

1.04

4.34

3.92

0.42

0.70

0.65

0.75

0.49

0 24

0.18

1.40

1.59

0.86

2.52

0.33

2 79

GUERNSEY

RAVEN RUSSIA PLC 681 340 GBP 790 354 0.48

790,354 0.48

ISLE OF MAN

DAWNAY DAY TREVERIA PLC 485.985 EUR 412.922 0 25

TOTAL SHARES


JERSEY

412,922 0 2 5

162,653,082 98.63 -. .. . -. ..

MEDICAL PROPERTY 275265 GBP 574.616 0.35

INVEST.FUND

574.616 0.35

TOTAL INVESTMENT COMPANIES 574.616 0.35 . - .~


AN OFFICIAL STOCK EXCHANGE LISTING


163,227,698 98 98

SHARES

GREAT BRITAIN

COOKSON GROUP DEFERRED 1,700,000 GBP 0.00 0.00


. _-

Portfolio of Investments and Other Net Assets . ~-


TI AUTOMOTIVE LTD -A- 100,000 GBP 0.00 0.00

0.00 0 00

TOTAL SHARES 0.00 0.00

TOTAL OTHER TRANSFERABLE SECURITIES ~ 0.00 0.00




HSBC Global Investment Funds - -.

-

Portfolio of Investments and Other Net Assets ._ . _. ...

UKEQUITY

Economic Division of Investment - ..

-. -. . (expressed as a percentage of net assets) __

%

Banks and financial institutions Energy Pharmaceuticals and cosmetics Public services Graphic art and publishing Holding companies Insurance Aerospace technology News transmission Mechanics, machinery Other business houses Precious metals Coal mines. heavy industries Retail trade, department stores Other services Tobacco and spirits Non-ferrous metals Package and container industry Investment companies Transport Electronics and electrical equipment Consumer goods Miscellaneous


Total Net Assets

22.77 14.13 7.53 6.75 6.30 6.14 5.98 4.96 4.73 3.35 2.28 2.27 2.21 2.10 1.49 1.07 1.04 1.01 0.80 0.55 0.53 0.51 0.48

1.02

100.00

HSBC Global Investment Funds . .

- ._

Portfolio of Investments and Other Net Assets ._ ._

USEQUITY Statement of investments as at 31 March 2006 (expressed in USD)

. . . . . . . .

Description . . . .. . . ..

Quantity Currency Evaluation ‘% net assets

Description Quantity Currency Evaluation YO net assets

INVESTMENTS


EXCHANGE LISTING

SHARES

UNITED STATES __ ABBOTT LABORATORIES INC

ADOBE SYSTEMS INC


INC ALLEGHENY

TECHNOLOGlESlWHEN ISS AMERICAN INTERNATIONAL GP

AMERIPRISE FINANCIAL

INC!WH I AMGEN INC

ANADARKO PETROL CORP

AON CORP

APPLE COMPUTER INC



co A T L T

AUTODESK INC

AUTOMATIC DATA PROCES


BEAR STEARNS COMPANIES

BROADCOM CORP -A-

CAREMARK RX INC

CATERPILLAR INC

CBS CORP -6- /WHEN ISSUED

CENTURYTEL

CHEVRON CORPORATION

CIRCUIT CITY STORES

CISCO SYSTEMS INC

ClTlGROUP INC

COACH INC

COCA-COLA CO

COMVERSE TECHNOLOGY INC

CONOCOPHILLIPS

DOW CHEMICAL CO

DUKE ENERGY CORP

EBAY INC

EDISON INTERNATIONAL

EXXON MOBIL CORP

38000 USD

14354 US0

14500 USD

15,300 US0

10.898 US0

16365 US0

18.732 US0

9,800 US0

18816 US0

18.315 USD

38000 US0

15000 USD

74,022 USD

16,592 US0

15699 USD

37964 US0

11 153 USD

7010 USD

7787 USD

8.000 US0

23,635 US0

14.099 US0

41,869 US0

31,000 USD

106863 US0

43798 USD

17,000 USD

10164 USD

25.455 USD

33183 US0

21 651 USD

27300 US0 20,611 USD

13.332 US0

81 195 US0

1,620.320

506,840

487 055

939,267

720,031

733 152

1,360 318

1 009.400

775 784

1,149,266

675 260

508.500

2 000,074

631,657

724 823

1,731.538

1,544 133

304.444

382.342

579,200

572,912

549,297

2,449,155

753,300

2,347.780

2,070.769

593,810

428 108

592 592

2.139.640

889,856

807.26”

809.806

557.678

4.962.637

1 1 7

0 37

0 35

0.68

0 52

0.53

0.99

0 73

0.56

0.83

0.49

0.37

1.45

0.46

0.53

1.26

1.12

0.22

0.28

0 42

0 42

0 40

1 78

0.55

1.70

1 S O

0.43

0.31

0.43

1.55

0.65

0.59

0.59

0 40

3.59

FEDEX CORP

FISERV INC

FRANKLIN RESOURCES INC

FREESCALE SEMICONDUCTOR

-0- GENERAL DYNAMICS CORP

GENERAL ELECTRIC CO

GENUINE PARTS CO

GILEAD SCIENCES INC

GRAINGER INC WW

HALLIBURTON CO

HOME DEPOT INC

IBM CORP

ILLINOIS TOOL WORKS

INTEL CORP

JOHNSON&JOHNSON

J P MORGAN CHASER CO

KERR-MC-GEE CORP

KEYCORP

KING PHARMACEUTICALS INC

LEHMAN BROTHERS HOLD INC

LlLLY (ELI) 8 CO

LOCKHEED MARTIN CORP

LOUISIANA-PACIFIC CO

MARRIOTT INTL INC -A-

MCDONALD S CORP


MEDTRONIC INC

MERRILL LYNCH & CO INC

METLIFE INC

MICROSOFT CORP

MOLEX INC

MOTOROLA INC



CORP NEWS CORP -A-

NlKE INC -E-

NORDSTROM INC

NORFOLK SOUTHERN CORP

NORTHERN TRUST CORP

OCCIDENTAL PETROLEUM

CORP OFFICE DEPOT INC

OMNICOM GROUP INC

PENNEY (J C ) CO INC

PEPSICO INC

PFIZER INC

PHELPS DODGE CORP

PITNEY BOWES INC

PNC FINANCIAL SERVICES

GROUP PROCTER R GAMBLE CO


5.900 USD

10 345 USD

13.735 USD

30.000 USD

16,734 USD

139961 USD

16,200 USD

25.456 USD

6,100 USD

16,784 USD

38.181 USD

31,933 USD

10,863 USD

38 361 USD

41,791 US0

68896 USD

6.880 USD

37000 USD

40.000 US0

11 421 US0

31.900 USD

7300 US0

21 700 USD

9.070 USD

38555 US0

19,966 US0

15.193 US0

29,519 USD

29,043 US0

115,290 US0

10,200 USD

57.119 US0

10,629 USD

24,300 USD

75,354 USD

6,442 USD

19,033 USD

15,000 US0

13,484 US0

16.485 US0

16.000 US0

9.100 US0

19,000 US0

18.618 US0

61.404 US0

10.312 USD

9,313 USD

21,000 USD

21,027 USD

17758 USD

657 614

438111

1 296 996

840 900

1 075 327

4,849,648

709 560

1 569 872

462,136

1,247 051

1618111

2,656 826

1 036 656

755 712

2,480,296

2 861 251

684 629

1 367 520

692 400

1 639 370

1 787 995

549 179

598 052

628 732

1 332 075

1,141 257

783 655

2,309 862

1 415 556

3 139 346

334 866

1,311 452

784 208

682 830

1 253 891

547 570

754 849

807 000

709 663

1,553 876

593 280

754 390

1 162800

1,081 892

1 547 381

840 222

400 366

1 406 790

1,211 786

1361 506

0 48

0 32

0.94

0.61

0 78

3 51

0 51

1 1 4

0.33

0.90

1 1 7

1.93

0 75

0 55

1.80

2.07

0.50

0.99

0.50

1.19

1.30

0.40

0.43

0.46

0.97

0.83

0.57

1.67

1.03

2.27

0 24

0 95

0.57

0 49

0.91

0.40

0.55

0.58

0.51

1.13

0.43

0.55

0.84

0.78

1.12

0 61

0.29

1 02

0.88

0 99


. -

Portfolio of Investments and Other Net Assets ~ -

Description Quaniity Currency Evaluatlon % net assets

PULTE HOMES INC

QUALCOMM INC

ROHM + HA4S CO

SCHLUMBERGER LTD

STARBUCKS CORP

STARWOOD HOTELS 8 RES

:SEI " 8 SUNTRUST BANKS INC

TARGET CORP


TIME WARNER INC

TRANSOCEAN INC

UNITED HEALTH GROUP INC


UNlVlSlON COMMUNICAT INC

UTD PARCEL SERVICE INC "6"

VALERO ENER

CORP'WH ISSUED VERIZON CDMMUNICATIONS

INC WACHOVIA CORP

WAL- MART STORES INC

WALT DISNEY :DISNEY SER.

WASTE MANAGEMENT INC

WELLPOINT INC

WYETH

YAHOO INC

3M CO

14.803

36.700

15,000

13.746

12 000

11,000

15.704

27.840

102 488

31.602

11 000

16 469

26 324

20,000

13.450

23,278

48.095

36.332

24.122

35,000

14.800

9,215

39 658

16,703

18.833

US0 574.504 0 4 2

US0 1866.195 1 3 5

USD 728550 0.53

US0 1762,650 1 2 8

USD 450360 0 3 3

US0 749 100 0 5 4

USD 1 147.962 0.83

US0 1.468 560 1.06

USD 1.045 394 0.76

USD 1,726923 1 2 5

USD 901.011) 0 6 5

USD 926.546 0.67

US0 1527.:318 1 11

US0 694,000 0.51)

USD 1.069 544 0.78

USD 1.404.129 1.02

USD 1,658,797 1 20

USD 2,028,779 1 4 7

US0 1149.655 0 8 3

US0 975450 0.71

USD 516.520 0.37

US0 711 490 0.52

USD 1929.760 1 4 0

US0 541.511 0 39

US0 1,441,101 1 0 4

129.630 726 93.97

- ... .

TOTAL SHARES 129,630.726 93.97


129,630,726 93.97 TOTAL INVESTMENTS ~-

OTHER NET ASSETS LESS LIABILITIES 8,322,971-. 6.03


HSBC Global Investment Funds --L

-

Portfolio of Investments and Other Net Assets -. -

USEQUITY



%

Energy Holding companies Pharmaceuticals and cosmetics Banks and financial institutions News transmission Retail trade. department stores Office equipment and computers Internet Software Electronics and electrical equipment Gastronomy Graphic art and publishing Aerospace technology Insurance Transport Food Public services Healthcare, education and social services Chemicals Mechanics. machinery Biotechnology Other services Miscellaneous Consumer goods Textile Non-ferrous metals Automobile industry Forest products and paper industry Construction, building materials


Total Net Assets

HSBC Global Investment Funds ...

13.70 12.46 8.85 8.18 7.31 6.02 4.75 4.34 3.43 3.01 2.63 2.29 2.1 1 1.84 1.46 I .36 1.19 1.18 1.17 1.14 0.96 0.91 0.88 0.83 0.61 0.51 0.43 0.42

6.03

100.00

I

I

.. .

Portfolio of Investments and Other Net Assets 7 b US INDEX

Statement of investments as at 31 March 2006 (expressed in USD)

Description Quantity Currency Evaluation % net assek

.- .

INVESTMENTS


EXCHANGE LISTING

SHARES

BERMUDA ISLANDS

WEATHEKFORD

INTERNATIONAL LTD

UNITED STATES

ABBOTT LABORATORIES INC

ACE LTD

ADC TELECOMMUNICATIONS

INC ADOBE SYSTEMS INC


INC AES CORP

AETNA INC

AFFILIATED COMPUTER SERV

AFLAC INC

AGILEN7 -ECHNOLOGIES

AIR PRODUCTS 8 CHEMICALS

ALBERT0 CULVER CO

ALBERTSON S INC

ALCOA INC

ALLEGHENY ENERGY INC

ALLEGHENY

TECHNOLOGIES'WHEN ISS ALLERGAN INC

ALLIED WASTE INDUSTRIES

INC ALLSTATE CORP

ALLTEL CORP

ALTERA CORP

ALTRIA GROUP

AMAZON COM INC

AMBAC FINANCIAL GROUP INC

AMERADAHESS

AMEREN CORP

AMERICAN ELECTRIC POWER

CO INC AMERICAN EXPRESS CO.

AMERICAN INTERNATIONAL GP

AMERICAN POWER

CONVERSION CORP

2.740

12 430

2.460

914

4.900

3 910

5,620

4 740

1010

4,010

3,640

1,950

720

2,810

7.380

1.380

750

1 240

1,020

5 130

3.060

2 940

17.280

2.478

9 60

670

1.640

3 330

9,900

21,420

1.640

USD 125.629 0.12

125.629 0.12

USD

USD

USD

USD

US0

USD

US0

USD

USD

US0

USD

USD

USD

USD

USD

USD

USD

USD

USD

US0

USD

US0

US0

US0

US0

US0

US0

US0

US0

USD

530 015

128.412

23.883

173,019

131 337

95,090

236,953

60,317

181 292

135 772

129 051

31.867

72,105

226 714

47 527

46.043

134,540

12.179

267.478

197.064

61 387

1,239322

90 868

76 272

95 582

82.508

114 119

516,087

1415.219

38 196

0.52

0.13

0 02

0 17

0 13

0 09

0.23

0 06

0.18

0.13

0 13

0.03

0.[17

0.22

0.05

0.05

0.13

0 01

0.26

0.19

0 06

1 22

0 09

0.07

0.09

0 UB

0 11

0 51

1 39

0.04

.. - -. .


AMERICAN STANDARD ClES

INC AMERlPRlSE FINANCIAL

INCIWH I AMERISOURCEBERGEN CORP

AMGEN INC

AMSOUTH BANCORP

ANADARKO PETROL CORP

ANALOG DEVICES INC

ANDREW CORP

ANHEUSER-BUSCH COS INC

AON CORP

APACHE CORP

APAKTMENT INV +MANAG A

APOLLO GROUP INC A

APPLE COMPUTER INC

APPLERA !APPLIED

BIOSYSTEMS GR APPLIED MATERIALS INC

APPLIED MICRO CIRCUITS


co ARCHSTONE SMITH TRUST

ASHLAND INC

AT R T

AUTODESK INC

AUTOMATIC DATA PROCES

AUTONATION INC

AUTOZONE INC

AVAYA INC

AVERY DENNISON CORP

AVONPRODUCTSINC

BAKER HUGHES INC

BALL CORP


BANK OF NEW YORK CO

BARD (C R ) INC

BARR PHARMACEUTICALS INC

BAUSCH R LOME INC

BAXTER INTL INC

BB&T CORPORATION

BEAR STEARNS COMPANIES

BECTON DICKINSON 8 CO

BED BATH R BEYOND INC

BELLSOUTH CORP

BEMIS CO INC

BEST BUY CO INC

BIG LOTS

BIOGEN IDEC INC

BIOMET INC

BJ SERVICES CO

BLACK 8 DECKER CORP

BLOCKlNC H+R

BMC SOFTWARE INC

1 640

2 086

1,780

9 400

3,000

1 826

2.890

1270

6 290

2.700

2,736

750

730

7.050

I 600

13,090

2.480

5.350

1,700

560

32.108

1 800

4 570

1,560

380

3.580

870

3.240

2.836

890

38.368

5 960

730

900

420

5 520

3,990

1 020

2,080

2.481

14.680

850

3,255

910

2.853

2,110

2,760

580

2,600

1760

US0

US0

USD

USD

US0 USD

US0

USD

USD

US0

US0

USD

USD

USD

USD

USD

USD

USD

USD

USD

US0

US0

US0

US0

USD

US0

US0

US0

US0

USD

USD

USD

USD

USD

USD

USD

US0

USD

USD

USD

US0

USD

USD

US0

US0

USD

USD

US0

US0

US0

70.389

93,453

85.013

682,628

81.300

188,078

110 687

15.837

269 023

11 1,321

182.026

35 273

38 274

442.388

43,824

232 609

10.193

181 365

82,467

39 525

867.558

E8 526

210,997

33.930

37 802

40.705

51 295

100.310

196.989

39.276

1,749 964

214.083

49.720

56.376

27.161

212 189

15fi.408

141,219

128 669

97,330

507,928

27 175

178.309

12.685

134,662

76 044

98,808

51,318

57,382

38.034

0.07

0.09

0.08

0 67

0.08

0.18

0 11

0.02

0 26

0.11

0.18

0.03

0.04

0.43

0.04

0.23

0.01

0.18

0.08

0.04

0.85

0.07

0 21

0.03

0.04

0.04

0 05

0.10

0.19

0.04

1.73

0.21

0.05

0.06

0.03

0.21

0.15

0.14

0.13

0.10

0 50

0 03

0.18

0 01

0 13

0.07

0.10

0 05

0.06

0.U4


Portfolio of Investments and Other Net Assets .-

I

.~ . .... .

Description Quantity Currency Evaluation % net Descriplion Quantity Currency Evaluation net assets assets

BOEING CO

BOSTON SCIENTIFIC CORP.

BRISTOL MYERS SQUIBB CO

BROADCOM CORP -A-

BROWN-FORMAN CORP. B

/NON-VOT BRUNSWICK CORP

BURLINGTON NORTHERN SANTA FE BURLINGTON RESOURCES

CAMPBELL SOUP CO

CAPITAL ONE FINANCIAL CORP

CARDINAL HEALTH INC

CAHEMARK RX INC

CARNIVAL CORP

CATEKPILLAR INC

CBS CORP -B- :WHEN ISSUED

CENDANT CORPORATION

CENTERPOINT ENERGY INC

CENTEX CORP

CENTURYTEL

CHARLES SCHWAB CORP

CHESAPEAKEENERGY

CHEVRON CORPORATION

CHIRON CORP

CHUBB CORP

CIENA CORP

CIGNA CORP

CINCINNATI FINANCIAL CORP

CINEHGY CORP

CINTAS

CIRCUIT CITY STORES

CISCO SYSTEMS INC

CIT GROUP INC

ClTlGROUP INC

CITIZENS COMMUNICATIONS

CO ClTRlX SYSTEMS INC

CLEAR CHANNEL

COMMUNICATIONS CLOROX CO

CMS ENERGY CORP

COACH INC

COCA COLA ENTERPRISE

COCA-COLA CO

COLGATE-PALMOLIVE CO

COMCAST CORPj-A-

COMEHICA INC

COMPASS BANCSHARES INC

COMPUTER ASSOCIATES INTL

INC COMPUTER SCIENCES CORP

COMPUWARE COHP

COMVERSE TECHNOLOGY INC

6.590

4 410

16 290

3 645

680

760

3.100

2 870

1,650

2 490

3 360

3 590

3 460

5 480

6.270

8.350

2 430

i ,080

8 230

1 070

3.100

18 446

980

1612

4,500

1 020

1,397

i ,680

1160

770

50.840

1 760

41.190

3.120

1 340

4.420

1 270

1.850

3 180

2 560

17.040

4,150

17,786

1.404

1 000

3 230

1 590

3,060

1,550

US0

US0

USD

USD

USD

USD

USD

US0

USD

USD

USD

USD

USD

USD

USD

US0

USD

US0

USD

US0

USD

USD

USD

USD

USD

USD

USD

US0

US0

US0

USD

US0

US0

USD

USD

US0

USD

USD

USD

USD

USD

US0

US0

USD

US0

USD

US0

US0

USD

516,788

102.841

406,436

158.302

52,856

29.746

257.641

266.508

53 345

201.441

251.362

176 269

163.001

396,752

151 985

143 787

29.525

68.137

41.687

143.770

98 270

1,079 275

44 825

154,139

23 670

135 925

59,666

77.498

49,810

18711

1 116.955

94.582

1.947.462

41.278

49111

129,506

77 000

24,069

111 077

51.891

717,725

241,862

471.863

81.151

50 860

87,791

88 484

24.021

36 084

0.51

0.10

0 40

0.16

0.05

0.03

0.25

0.26

0 05

0 20

0.25

0.17

0.16

0 39

0.15

0.14

0.03

0.07

0.04

0.14

0.10

1.06

0.04

0.15

0.02

0.13

0.08

0.06

0.05

0 02

1 1 0

0 09

1 92

0.04

0 05

0.13

0.08

0.02

0.1 1

0.05

0.71

0.24

0.46

0.08

0 05

0.09

0 09

0.02

0.04

CONAGRA FOODS INC

CONOCOPHILLIPS

CONSOLIDATED EDISON INC

CONSTELLATION BRAND -A-

CONSTELLATION ENERGY

GROUP INC CONbERGYS CORP

COOPER INDUSTRIES LTD -A-

COOPER TIRE 8. RUBBER CO

CORNING INC

COSTCO WHOLESALE CORP


CORP COVENTRYHEALTHCAREINC

CSX CORP

CUMMINS INC

CVS CORPORATION

DANAHER GORP

DARDEN RESTAURANTS

DEAN FOODS CO

DEERE & CO

DELL INC

DEVONENERGYCORP(NEW)

DILLARDS INC A

DOLLAR GENERAL CORP

DOMINION RESOURCES INC

DONNELLEY AND SONS RR

DOVER CORP

DOW CHEMICAL CO

DOW JONES + CO INC

OR HORTON INC

DTE ENERGY COMPANY

DU PONT (E I ) D E NEMOURS

DUKE ENERGY CORP

E TRADE FINANCIAL CORP

EASTMAN CHEMICAL CO

EASTMAN KODAK CO

EATON CORP

EBAY INC

ECOLAE INC

EDISON INTERNATIONAL

EL PAS0 ENERGY CORP

ELECTRONIC ARTS

ELECTRONIC DATA SYSTEMS

EMC CORP

EMERSON ELECTRIC CO.

ENGELHARD CORP

ENTERGY CORP

EOG RESOURCES INC

EQUIFAX INC

EQUITY OFF PROPERTIES TRT

EQUITY RESIDENTIAL SBI

ESTEE LAUDER COS A


4,280 US0

11.346 USD

1760 US0

1,650 USD

1.540 US0

1.130 USD

750 USD

590 USD

12.880 US0

3800 US0

5010 US0

1,275 US0

1.790 USD

350 US0

6,720 USD

1990 USD

1 150 USD

1,500 USD

2.060 US0

19,490 US0

3620 US0

660 USD

2,700 USD

2840 US0

1,730 USD

1.610 USD

7650 US0

300 USD

1,800 USD

1380 US0

7.725 US0

7.520 US0

3650 US0

620 US0

2,470 USD

1 150 US0

9,210 US0

1.540 USD

2710 US0

5,770 USD

2,500 US0

4.450 USD

19.930 USD

3.380 USD

980 USD

1,700 US0

2.010 US0

1,080 USD

3.390 US0

2,220 US0

750 US0

91 078

731 590

76,894

41 250

84.130

20.464

65.018

8.437

350,207

206.036

179,057

69,194

107 364

36,421

200 256

126 703

47.162

59.535

164.347

587.818

226,467

17 312

47,952

197,948

56.882

78 133

314,415

11,853

60.228

56,180

328.390

222.366

97.638

31 787

71 432

84 284

361 .861

59 338

113.359

70 452

135.475

120,239

269 055

283 548

38.926

117,623

148.800

40.090

114,345

103.7a5

27 990

0 09

0 72

0.08

0.08

0.04

0.02

0 06

0.01

0 34

0.20

0.18

0.07

0.1 1

0.04

0.20

0 12

0 05

0.06

0 16

0.58

0.22

0.02

0.05

0.19

0.06

0.08

0.31

0 01

0.06

0 06

0 32

0 22

0 10

0 03

0.07

0.08

0.36

0.06

0.1 1

0.07

0 13

0.12

0.26

0.28

0.04

0 12

0 15

0.04

0.1 1

0.10

0.03

. -.

Portfolio of Investments and Other Net Assets .- -

.. .

Doscription Quantity Currency Evaluation % net Description Quantity Currency Evaluatton % net assets assets

-. . .. .. . .. ..

E W. SCRIPPS CO A

EXELONCORP

EXPRESS SCRIPTS INC - A-

EXXON MOBIL CORP

FAMILY DOLLAR STORES INC.

FANNIE MAE

FEDERATED

DEPARTM STORES FEDERATED INVESTORS INC.

B FEDEX CORP.

FIFTH THIRD BANCORP

FIRST DAT4 CORP

FIRST HORIZON NATL CORP

FIHSTENEKGY CORP

FISERV INC

FISHER SCIENTIFIC INTL

FLUOR CORP (NEW)

FORD MOTOR CO

FOREST LABORATORIES

FORTUNE BRANDS

FPL GROUP INC

FRANKLIN RESOURCES INC.

FREDDIE MAC

FREEPORT hlCMO COPP&GOLD

-E- FREESCALE SEMICONDUCTOR

-B- GANNETT CO INC

GAP INC.

GENERAL DYNAMICS CORP

GENERAL ELECTRIC CO

GENERAL MILLS INC

GENERAL MOTORS C O W

GENUINE PARTS CO

GENWAORTH FINANCIAL i -A-

GENZYME CORP.(GENERAL DIVISION GILEAD SCIENCES INC.

GOLDEN WEST FINANCIAL

CORP GOLDMAN SACHS GROUP INC

GOODRICH CORP

GOODYEAR TIRE & RUBBER

GOOGLE INC A

GRAINGER INC WW

GUIDANT

HALLIBURTON CO

HARLEY DAVIDSON INC.

HARMAN INTL INDUSTRIES INC

HARRAHS ENTERTAINMENT

INC HARTFORD FIN.SERV.GROUP

HASERO INC.

HCA INC

HEALTH MGT ASSOC.-A-

....

700

5,420

1 220

50,330

1,330

8.090

2,240

860

2 450

4 410

6.180

980

2 710

1 540

1,010

660

15 640

2 630

1,040

3.290

1.270

5.538

1 .5(1lI

3 265

1 960

5.050

3,360

85 940

2 913

4.000

1,380

3 250

1,950

3 360

2.170

3.600

940

1.390

1350

520

2 840

4 340

2,140

550

1,540

2.520

1 400

3 020

1,930

USD

US0

USD

US0

USD

USD

USD

USD

USD

USD

USD

USD

US0

USD

US0

US0

USD

USD

US0

USD

US0

USD

US0

USD

US0

USD

US0

US0

US0

US0

USD

US0

USD

USD

USD

USD

USD

USD

USD

US0

USD

USD

USD

USD

USD

USD

USD

USD

US0

31 283

2A8 290

107 323

3,076,169

35 179

419.062

164.81 9

33.832

273 077

173,710

287 555

40 425

135,473

65 219

69 064

57,215

127.622

116.404

84.250

132.455

11 9.926

345.848

91.725

91.518

117,482

92.617

215 914

2 977,820

147 427

84,240

60 444

109 753

130,904

207 21 1

145.412

564,516

41 087

19 849

524 394

39,395

221 662

322 462

113227

60.17U

120 936

203 717

29 526

138 407

41,997

0.03

0.28

0.1 1

3.03

0 03

0 41

0.16

0 03

0.27

0 17

0 28

0 04

0 13

0 06

0.07

0 06

0 13

0 11

0 OR

0 13

0 12

0 34

0 09

0 09

0 12

0 09

0.21

2 94

0 14

0.08

0 06

0.11

0 13

0.20

0 14

0.55

0.04

0.02

0.52

0.04

0.22

0.32

0.11

0.06

0.12

0.20

0.03

0.14

0.04

HEINZ (H J ) CO

HERCULES INC

HEWLETT-PACKARD CO

HILTON HOTELS CORP

HOME DEPOT INC

HONEYWELL INTERNATIONAL

INC HOSPIRA INC

HUMANA INC

HUNTINGTONBANCSHARES

INC IBM CORP

ILLINOIS TOOL WORKS

IMS HEALTH

INGERSOLL-RAND COMPAUY -

A- INTEL CORP

INTERNATIONAL PAPER CO

INTERPUBLIC GROUP

INTL FLAVORS & FRAGR

INTL GAME TECHNOLOGY

INTUIT

ITT INDUSTRIES

JABIL CIRCUIT INC

JANUS CAPITAL GROUP INC

JDS UNIPHASE CORP

JEFFERSON-PILOT CORP

JOHNSONBJOHNSON

JOHNSON CONTROLS INC

JONES APPAREL GROUP LTD

J P MORGAN CHASE & CO

KB HOME

KELLOGG CO

KERR-MC-GEE CORP

KEYCORP

KEYSPAN CORP

KIMBERLY CLARK CORP

KINDER MORGAN INC

KING PHARMACEUTICALS INC

KLA TENCOR CORPORATION

KNIGHT RIDDER

KOHL'S CORP

KROGER CO

LABORATORY CORP OF AMER HLD LEGGETT + PLATT INC

LEHMAN EHOTHEHS HOLD INC

LENNAR CORP -A-

LLXMAKK INTL INC

LlLLY (ELI) & CO

LIMITED BRANDS INC

LINCOLN NATIONAL CORP

LINEAH TECHNOLOGY

LIZ CLAIBORNE INC

2 330

880

23,494

2 800

17 660

6,580

1,236

1 260

1 820

13010

1,700

1.850

2 640

48.730

3.950

3 340

750

2.890

1 520

1,460

1.190

1 890

11 400

1180

24.540

1,610

990

28 776

590

2 169

900

3.415

1470

3 760

830

2.310

1350

610

2,950

6 040

950

1 520

2 250

1,100

975

9.360

3,090

1,390

2.630

850

USD

u50

u50

u50

u50

u50

u50

u50

u50

u50

u50

USD

USD

u50

u50

u50

u50

u50

u50

u50

u50

u50

u50

u50

u50

u50

u50

u50

u50

u50

USD

USD

u50

USD

u50

u50

USD

u50

USD

u50

USD

USD

USD

USD

USD

USD

USD

USD

USD

USD

87 655

12,258

7 6 5.2 0 0

71,400

748,431

278.597

48.612

66,100

44.171

1.082.432

162 231

47,730

11 1,302

959.981

136.828

31 763

25 973

102.422

80.286

84 622

50 658

43,243

47,082

66 056

1 456.449

123,278

35 046

1,195,067

38 692

95 826

89 559

126 218

60 079

218 757

76,617

39 986

66 407

38.631

157 383

120.740

55 851

37 346

322 965

66,605

44 119

524 628

75,365

74.796

93.312

34 629

0 09

0 01

0 75

[I 07

0 74

0 27

0.05

0.06

0.04

1.06

0.16

0.05

0.1 1

0.Y4

0.13

0.03

0.03

0 10

0.08

0.08

0.05

0 04

0.05

0.06

1 4 3

0 12

0.03

1.17

0.04

0.09

0 09

0.12

0 06

0.21

0 08

0.04

0.07

0.04

0 15

0 12

0 05

0.04

0.32

0.07

0 04

0 52

0.07

0.07

0.09

0.03

HSBC Global Investment Funds . ....

- -. -

Portfolio of Investments and Other Net Assets _ - . -... -_ _

Descriptian Quantity Currency Evaluatior Sb net Description Quantity Currency Evaluation ner assets assets

.

LOCKHEED MARTIN CORP

LOEWS CORP

LOUISIANA-PACIFIC CO.

LOWE S COMPANIES INC

LSI LOGIC CORP.

LUCENT TECHNOLOGIES INC

L-3 COMMUNICATIONS HLDS INC MANOR CARE INC

MARATHON OIL CORP.

MARRIOTT INTL INC. -A-

MARSH & MC-LENNAN COS INC

MARSHALL 8 ILSLEY CORP.

MASCO CORP.

MATTEL INC

MAXIM INTEGRATED

PRODUCTS MAYTAG CORP

MBlA INC.

MC-CORMICK&CO:N.VOTING

MCDONALD S CORP.


MCKESSON CORP

MEADWESTVACO CORP

MEDCOHEALTH SOLUTIONS

MEDIMMUNE INC

MEDTRONIC IN[:

MELLON FINANCIAL CO

MERCK 8 CO INC

MEREDITH CORP.

MERRILL LYNCH & CO INC

METLIFE INC

MGlC INVESTMENT CORP

MICRON TECHNOLOGY INC

MICROSOFT CORP

MILLIPORE CORP

MOLEX INC

MOLSON COORS BREW.-B-

INON-VOT MONSANTO CO

MONSTER WORLDWIDE INC

MOODY S CORP, WHEN

ISSUED MORGAN STANLEY

MOTOROLA INC

M8T BANK CORPORATION

MURPHY OIL CORP.

MYLAN LABORATORIES INC


NATIONAL CITY CORP.

NATIONAL OILWELL VARCO INC


CORP NAVISTAR INTL CORP.

2,870 US0

1.170 USD

860 US0

6,360 US0

3050 USD

37,400 USD

1,000 US0

690 USD

3122 USD

1310 USD

4 166 USD

1.730 USD

3,080 USD

3280 US0

2.670 USD

fi20 USD

9ao USD

1.280 USD

10490 USD

2,710 USD

2475 USD

1,100 USD

2602 USD

2.120 USD

9,720 USD

3 100 USD

17 990 USD

400 USD

7480 USD

6240 USD

780 USD

4.740 USD

73320 USD

390 USD

1,1100 USD

500 USD

2010 USD

940 USD

1.9411 USD

8690 USD

211 740 USD

680 USD

1300 USD

1.380 USD

1,280 US0

4,440 USD

1.400 USD

2.980 USD

550 US0


21 5.91 0

119855

23.702

41 1.937

35,197

115 566

85.700

30,884

240.425

90 809

122 105

75 653

99 392

58,712

99,938

13,262

59 574

43,136

362 430

154 904

129 467

30 327

149 849

78.482

501.358

109,244

640,624

22,356

585 310

304.138

52 034

70,247

1 996 503

2a 369

32,830

34,345

169 724

46,549

137.449

552.a5a

476,190

77 343

65 533

32 485

94,438

154.645

92 232

83.738

15,301

0.21

0.12

0.02

0 40

0 03

0 11

0.08

0 03

0 24

0 09

0.12

0.07

0 IO

0.06

0 10

0.01

0.06

0.04

0.36

0.15

0.13

0.03

0.15

0 08

0.49

0.1 1

0.63

0.02

0.58

0.30

0.05

0.07

1.97

0.03

0 03

0.03

0.17

0.05

0 14

0.54

0 47

0.00

0.06

0.03

0.09

0.15

0.09

0 08

0.02

NCR CORP

NETWORK APPLIANCE CORP

NEW YORK TIMES -A-

NEWELL RUBBERMAID INC

NEWMONT MINING CORP

NEWS CORP -A-

NICOR INC

NlKE INC -6-

NISOURCE INC

NOBLE CORP

NORDSTROM INC

NORFOLK SOUTHERN CORP

NORTH FORK

BANCORPORATION INC NORTHERN TRUST CORP

NORTHROP GRUMMAN CORP

NOVELL INC

NOVELLUS SYSTEMS INC

NUCOR CORP

NVlDlA CORP

OCCIDENTAL PETROLEUM

CORP OFFICE DEPOT INC

OFFICEMAX INC

OMNICOM GROUP INC

ORACLE CORP

PACCAR INC.

PACTIV CORP

PALL CORP

PARAMETRIC TECHNOLOGY

CORP PARKER-HANNIFIN

PATTERSON COMPANIES INC

PAYCHEX INC

PENNEY (J C ) CO INC

PEOPLES ENERGY CORP

PEPS1 BOTTLING GROUP INC

PEPSICO INC

PERKINELMER INC

PFIZER INC

PGSE CORP (HOLDING CO)

PHELPS DODGE CORP

PINNACLE WEST CAP CORP

PITNEY BOWES INC

PLUhl CREEK TIMBER CO INC

PMC-SIERRA INC

PNC FINANCIAL SERVICES

GROUP PPG INDUSTRIES INC

PPL CORP

PRAXAIR

PRINCIPAL FINANCIAL GROUP

INC PROCTER &GAMBLE CO

1.480 USD

2.990 US0

1,160 USD

2330 US0

3.560 US0

19750 USD

350 US0

1.687 US0

2480 US0

1,060 US0

1870 US0

3220 US0

4 105 US0

1240 USD

2,804 US0

3.060 US0

1.130 USD

1260 USD

1,320 US0

3.480 USD

2,480 US0

700 USD

1,480 US0

31 430 USD

1 4 7 5 USD

1,190 USD

990 US0

852 USD

1040 USD

1,114 USD

2,540 US0

I a30 USD

300 USD

1.210 USD

13 360 USD

1,010 USD

60 760 USD

2,760 USD

1640 US0

720 USD

1730 USD

1,550 US0

1400 USD

2.530 USD

1,260 USD

3200 US0

2,670 US0

2.180 USD

27,154 US0

..

62.160

108,208

29.348

59,601

188.431

328.640

13.860

143.395

50 642

87.450

74 164

173.236

118.635

65 261

191 177

23.562

27.482

134 379

75,860

328,025

91,958

21,252

122.692

433 105

103 973

29,322

30,898

13 a02

84 053

39.335

104,572

111 996

10.674

36.808

776.350

23,503

1531,152

108 716

133,627

28.318

74 373

57,288

17 276

169.485

79,594

94,752

147 251

107.692

1,564.885

0 06

0 11

0 03

0 06

0 19

0.32

0 01

0.14

0.05

0.09

0.07

0.17

0.12

0.06

0 19

0.02

0.03

0.13

0.07

0.32

0.09

0.02

0.12

0.43

0.10

0.03

0.03

0.01

0.08

0.04

0.10

0.11

0.01

0.04

0.76

0.02

1.50

0.11

0 13

0.03

0.07

0.06

0.02

0.17

0.08

0.09

0.14

0.1 1

1.55

.. .. . .

. _

Portfolio of Investments and Other Net Assets ~ -.- - ._

. .- .

Dnscription Quantity Currency Evaluation '/c net Description Quantity Currency Evaluation % net assets assets

PROGRESS ENERGY INC

PROGRESSIVE CORP

PR0LOGIS:SHS OF BENEF INT


PUBLIC STORAGE INC

PUBL SERV ENTERPRISE

PULTE HOMES INC

Q LOGIC CORP

OUALCOMM INC

W E S T DIAGNOSTICS INC

QWEST COMMUNICATIONS INTL RADIOSHACK CORP

RAYTHECN COMPANY

REGIONS FINANCIAL COHP

REYNOLDS AMERICAN INC

ROBERT HALF INTL INC

ROCKWELL AUTOMATION

ROCKWELL COLLINS

ROHM + HAAS CO

ROWAN COMPANIES INC

RYDER SYSTEM INC

SABRE HOLDINGS CORP

SAFECO CORP

SAFEWAY INC

SANMINA SCI CORP

SARA LEE CORP

SCHERING-PLOUGH CORP

SCHLUMEERGER LTD

SEALED AIR CORP (NEW)

SEARS HOLDINGS CORP

SEMPHA ENERGY

SHERWIN-WILLIAMS CO

SIGMA-ALDRICH CORP

SIMON PROPERTYiPAlRED SHS

SLM CORP

SNAP-ON INC

SOLECTRON CORP

SOUTHEFNCO

SOUTHWEST AIRLINES CO

SOVEREIGN BANCORP INC

SPRINT NEXTEL CORP!FON

SER 1 ST JUDE MEDICAL INC

STANLEY WORKS

STAPLES INC

STARBUCKS CORP

STARWOOD HOTELS RES ISEl 6'' STATE STREET CORP

ST PAUL TRAVELERS COMP

STRYKER CORP

SUN MICROSYSTEMS

2.150 US0

1,580 US0

1860 US0

4.130 US0

700 US0

1,880 US0

1800 USD

1,460 US0

13,530 US0

1270 US0

13,460 USD

1,260 US0

3530 US0

3,760 US0

720 USD

1.360 USD

1.360 USD

1.500 USD

1,230 USD

840 US0

510 USD

1.090 US0

1,100 US0

3.440 US0

4 120 USD

6080 US0

11.810 US0

4,794 JSD

660 JSD

850 USD

1,710 USD

yno us0 550 USD

1,550 US0

3,500 US0

460 US0

7.610 US0

5,940 U S 0

5 150 US0

3,020 US0

24,110 US0

3,050 USD

650 USD

6 160 USD

6,100 USD

1850 US0

2.760 US0

5.345 US0

2,530 US0

27.320 US0

94.858

165,695

99,138

316,647

56.882

121.31fi

69.858

28,674

688.001

65 519

91,932

24.570

160,650

132.051

76 658

52,156

98.668

84 135

59,741

37.792

22.828

26.204

55.979

85.759

16 892

1119.744

226 988

614.735

:w 069

111 325

79 566

48,618

36.306

130,479

184415

17.fiR2

30.136

192,278

91,722

65.987

622,520

126.240

33,261

160.1 60

228 933

1 Z5,Y 85

164 606

225.452

113.496

140.698

0.09

0.16

0 10

0 31

0 06

0 12

0 07

0.03

0 68

0 06

0.09

0.02

0 16

0 13

0.08

0.05

0.10

0.08

0.06

U 04

0.02

0 03

0.06

0.08

0 02

11 11

0 22

0.60

0 04

0.1 1

0.08

0.05

0.04

0.13

0.18

0.02

0 03

0.19

0.09

0 06

0.61

0 12

0.03

0.16

0.22

0.12

0 16

0 22

0 11

0 14

SUNOCO INC

SUNTRUST BANKS INC

SUPERVALU INC

SYMANTEC CORP

SYMBOL TECHNOLOGIES INC

SYNOVUS FINANCIAL CORP

SYSCO CORP

T ROWE PRICE GROUP INC

TARGET CORP

TECO ENERGY INC

TEKTRONIX INC

TELLAES INC

TEMPLE-INLAND INC

TENET HEALTHCAKE COHP

TERADYNE INC

'TEXAS INSTRUMENTS INC

TEXTRON INC

THEHERSEYCO

THERMO-ELECTRON CORP

TIFFANY a co TIME WARNER INC

TJX COS INC

TORCHMARK CORP

TRANSOCEAN INC

TRIBUNE CO

TXU

TYCO INTL LTD (NEW)

TYSON FOODS INC -A-

UNION PACIFIC CORP

UNISYS CORP

UNITED HEALTH GROUP INC

UNITED STATES STEEL


UNlVlSlON COMMUNICAT INC

UNUMPROVIDENT CORP

US EANCORP

UST INC

UTD PARCEL SERVICE INC "E"

VALERO ENER

CORPlWH ISSUED VERlSlGN INC


INC VF CORP

VIACOM INC

VORNADO REAL TRUST'BEN IN

VULCAN MATERIALS CO

WACHOVIA CORP

WAL- MART STORES INC

WALGREEN CO

WALT DISNEY IDISNEY SER

WASHINGTON MUTUAL INC

WASTE MANAGEMENT INC

1.100

3,030

1,080

8.103

1 .E90

2,650

5,056

1.010

6 970

1,570

730

3.990

980

3 690

1,540

13 210

1.147

1,050

1 290

1.160

36 430

3 386

870

2,640

1 770

3,640

16.730

2.450

2.150

2,650

10.970

900

8 150

2,020

2.350

14,170

1.310

9,110

4.940

2.100

24 250

680

6.270

950

810

13,413

20.680

8 050

15.660

8.029

4.690

u50

USD

USD

USD

USD

USD

USD

u50

USD

USD

USD

USD

u50

u50

u50

u50

USD

u50

u50

USD

USD

USD

USD

u50

USD

USD

u50

USD

u50

u50

USD

u50

USD

u50

USD

u50

USD

USD

USD

u50

u50

u50

u50

USD

USD

USD

USD

USD

USD

u50

u50

87.406

221 493

33 296

138 156

20.488

71.603

162,803

75.063

367 668

25.403

25.667

63.641

43 933

27 158

2A,147

436.987

108.197

55 283

47 859

43 523

613.846

84,955

50 277

Z l f i 242

48,675

166 130

456,896

33.271

199.21 9

18.338

617,172

55 809

472 863

70,094

48 598

433 fi02

53,880

724 427

297 981

50.841

836 383

38 556

244.217

90.81 1

71 086

748 982

985 609

350 336

436.444

339,627

163.681

0.09

0 22

0.03

0.14

0.02

0.07

0 16

0 07

0.36

0.02

0 03

0.06

0.04

0.03

0.02

0.43

0.1 1

0.05

0.05

0.04

0.60

0.08

0 05

0 21

0.05

0.16

0.45

0.03

0.20

0.02

0.61

0 05

0 46

0.07

0 05

0 43

0.05

0.71

0.29

0.05

0.82

0.04

0.24

0 09

0 07

0.74

0.97

0.34

0.43

0.33

0.16


Portfolio of Investments and Other Net Assets _ -

Description QuanMy Currency Evaluation % net assets

WATERS CORPORATION

WATSON PHARMACEUTICALS

INC WELLPOINT INC

WELLS FARGO 8 CO

WENDY S INTERNATIONAL INC

WEYEHHAEUSER CO

WHIRLPOOL CORP

WHOLE FOODS MARKET INC

WILLIAMS COMPANIES INC

WRIGLEY JR CO WM

WYETH

XCEL ENERGY INC

XEROX CORP.

XlLlNX INC

XL CAPITAL LTD -A-

XTO ENERGY INC

YAHOO INC

YUM BRANDS

ZIMMER HOLDINGS INC

ZIONS BANCORP

3M CO

TOTAL SHARES

INDEX TRACKER

UNITED STATES

ISHARES TRUSTjSBP 500 INDEX

FD

740 US0

E70 USD

5.330 US0

13 920 USD

900 US0

1 Y94 US0

520 US0

1100 USD

4800 US0

1,230 US0

10.850 USD

3410 US0

6.840 US0

2950 US0

1490 US0

3.150 USD

9670 US0

2098 US0

2040 US0

Y10 US0

6140 US0

3960 US0

31 879

24 943

41 1,529

892 690

55 602

145.761

47 559

73,436

102.864

79.446

527 961

61,755

103,284

76 228

96 507

139,577

313 501

102 340

137 190

74711

469.833

96,102,560

96,228,189

514 523

0.03

0.02

0.40

0.88

0.05

0 14

0 05

0 07

0.10

0.08

0.52

0.06

0.10

0.07

0.09

0.14

0.31

0.10

0.13

0.07

0 46

94 44

94.56

0.51

... ~

514.523 0.51

TOTAL INDEX TRACKER 514.523 0.51




SHARES

UNITED STATES

SEAGATE TECHNOLOGY

(ESCROW)

390 USD 0.00 0 00

TOTAL SHARES


TOTAL INVESTMENTS


TOTALNETASSETS


000 0 0 0

000 0 0 0

0.00 0.00

96,742,712 95.07

.

5,011,990 4.93

101,754,702 100.00

..

Portfolio of Investments and Other Net Assets _. ..

USINDEX

Economic Division of Investment - .- . ___ .. .- -


%

Banks and financial institutions Pharmaceuticals and cosmetics Energy Holding companies News transmission Retail trade, department stores Internet Software Office equipment and computers Electronics and electrical equipment Insurance Public services Food Consumer goods Gastronomy Aerospace technology Tobacco and spirits Transport Healthcare, education and social services Other services Mechanics, machinery Graphic art and publishing Chemicals Biotechnology Miscellaneous Real estate companies Automobile industry Construction, building materials Investment companies Forest products and paper industry Textile Non-ferrous metals Precious metals Package and container industry Coal mines, heavy industries Other business houses Photography and optics Tyres and rubber Environmental services & recycling


Total Net Assets


10.55 9-44 8.99 8.63 6.00

5.06 4.65 3.83 3.70 3.35 2.57 2.31 1.99 1.86 1.81 1.82 1.74 1.59 1.49 1.31 1.16 0.62 0.63 0.62 0.58 0.59 0.57 0.52 0.40 0.35 0.28 0.23 0.18 0.16 0.07 0.03 0.01

5.38

4.93

100.00

.. A -. . .

_ . ~.

Portfolio of Investments and Other Net Assets __ . . ___ .

Description Quantity Currency Evaluation Ob net assets

ASIA FREESTYLE Statement of investments as at 31 March 2006 ,expressed in USD)

Description Quantity Currency Evaluation 70 net assets

INVESTMENTS


EXCHANGE LISTING

TELKOM INDONESIA E-B-

MALAYSIA

4,836,000

3 759 900

1.852.200

2 ~ 1 7 , a o u

1,357 700

3,081 000

802 000

9.085 000

1,475 000

7.500 [iuo

423.950

3 844

221,410

117.620

450.000

125.1 10

93,260

31 291

22,113

1.210 700

4,077.960

6 718,500

2 301,400

1.225,OOO

5 128 000

5 512.000

1 959.542

606,000

1.103.000

1.704.000

3 996.000

4.1 66,388

IDR 3,681,202 0.98

11,466 679 3 06


BHD/FOR.REG. GAMUDA BHD/FOR REG.

SlME DARBY EERHAD

TELEKOM MALAYSIA

BHDiFOR.REG.

MYR 6.428042 1 7 2

MYR 1889.894 0 5 0

MYR 4664.455 1 2 5

MYR 3.444905 0 9 2

16,427 306 4.39

SINGAPORE SHARES

HYFLUX LTD

KEPPEL CORP. LTD

MEIBAN GROUP


UNISTEEL TECHNOLOGY LTD

SGD 4.988735 1 3 3

SGD 6.839 876 1 8 3

SGD 2.04Y 333 0 5 5

SGD 6,107474 1 6 3

SGD 9.594 59U 2 56

BERMUDA ISLANDS

CHINA YURUN FOOD GROUP

LTD TAI CHEUNG HOLDINGS LTD

3 937 000

9,089,000

6 41 1 000

9 936 000

17 863.000

610,000

924,000

950 000

1691.500

1.639,000

5 374 000

8 920 000

3 352,000

339 016

1 128 000

138 400

2,259,500

1 424 500

40 400

4 738 000

10.218 500

HKD 3.196 301 0.85

HKD 5,153,598 1.38

8,349.899 2 23 29 579,978 7.90

CHINA SOUTY KOREA

DAEWOO SHIPBLDG+MARINE

ENGIN. HANA FINANCIAL GROUP INC

HANJIN SHIPPING CO LTD

HYUNDAI MOBIS

KT CORPORATION SADR

KT& G CORP

NCSOFT CORPORATION


LTD SHINSEGAE CO LTD

BANK OF COMMUNICATIONS

CO LTD BElJlNG CAP INTL AIRPORT -H-


CORP CHINA NATL BLDING MATERIAL

-H- HUNAN NONFERROUS METALS CORP-H NINE DRAGONS PAPER HLDGS

LTD PING AN INSUR.(GRP)CO -H-

HKD 4.027.561 1.08

HKD 5.729.891 1.53

HKD 8,344.574 2 23

HKD 286,922 0 0 8

HKD 339,358 0 0 9

HKD 648845 0.17

HKD 4 359,571 1.16

23.736 722 6.34

KRW

KRW

KRW

KRW

USD

KRW

KRW

KRW

KRW

11 233,237

181,932

5 262,834

10 408 664

9 468.000

7 054 853

6,842 272

20 285 016

10,080,115

3 00

0 05

1 4 1

2.78

2 53

1 89

1 83

5 42

2.69

80,817.0P3 21.60 HONG KONG

SRI LANKA

CHINA MOBILE LTD

CHINA OVERSEAS LAND AND

INVESTMENT CNOOC LTD


HSBC HOLDINGS PLC

HUTCHISON WHAMP

JARDINE MATHESON HLDGS

KINGBOARD CHEMICALS

HOLDINGS SWlRE PACIFIC LTD - A -

HKD 8,606 930 2.30

HKD 3,670416 0.98

HKD 6,896.962 1.84

US0 12.469440 3 3 3

HKD 5,675 068 1.52

HKD 10342,505 2 7 6

US0 2,546,560 0.68

HKD 6,828 053 1.82

HKD 13942.220 3.74

HEMAS HOLDINGS LTD

JOHN KEELLS HOLDINGS

LANKA IOC LIMITED

LKR 1.307 195 0.35

LKR 6,281.453 1.68

LKR 1 915,836 0.51

9.504.484 2.54

TAIWAN


AU OPTRONICS CORP

CATHAY FINANCIAL HOLDING

CHANG HWA COMMERCIAL

BANK HON HA1 PRECISION IND.CO

LTD KINSUS INTERCONNECT

TECHN.CORP POWERTECH TECHNOLOGY

INC SILICONWARE PRECISION INDUSTR. SINOPAC HOLDINGS


MANUFACT.

TWO

TWD

TWD

TWD

TWD

TWD

TWD

TWD

TWO

TWD

6 243.993

1,843,077

9 169 879

3 016 443

12.143 343

2 111 245

3 706 719

2 219.647

2 026.651

8,246 741

1 67

0 49

2 45

0.81

3 25

0 56

0.99

0 59

0.54

2 20

70,978.154 18.97

INDIA -

IClCl BK SADR USD 1127564 0.30

1127.564 0 3 0

INDONESIA

P l ASY RA INTERNATIONAL TBK

PT BANK MANDlRl PERSERO

TBK

IDR 5,880.332 1.57

IDR 1 YO5145 0 5 1



-. - . . .

Description Quantity Currency Evaluation >/. net assets

TRIPOD TECHNOLOGY CO LTD 1,721.000

WISTRON GORP 2,731,000

TWO 5597,846 1.50

TWO 3275,359 0 8 8

59 600 943 15 93

THAILAND

BANGKOK BANK PUBLIC /FOR 1.983 800

REG SlAM COMMERC BANK 3,221 300

PUBL :FOR REG SINO-THAI ENGIN & 2.518,300 CONS’FOR REG

TOTAL SHARES


BERMUDA ISLANDS

MACQUARIE INTL 14,265.000 INFRASTRUCTURE



GREAT BRITAIN

JP MORGAN INTERNATIONAL 54,000

DERIVATIVES LTD 04-23 03 07

!ON INFOSYS TECHNOLOGIES

LTD 0

INDIA

THE 5,925610 1 5 9

THE 5,350.177 1 43

THE 616.039 0.16

11 891.826 3 18

323.480.648 86.44

SGD 8639580 2.31

8639.580 2 3 1

8,639,580 2.31

USD 3,615,631 0.97

3.615.631 0 97

DEUTSCHF BANK AG 04-

05 04 07 :ON INFOSYS

TECHNOLOGIES LTD DEUTSCHE BANKAG 04- 155 000 18 06 07 :ON BHARAT HEAVY

ELECTRICALS LTD DT BK LDN 04- 145,595 9 7 07WT’HOUS DEV JP MORGAN INTERNATIONAL 2,385,000

DERIVATIVES LTD 04-30 04 07

:ON ITC LTD

40 346 USD 2 701,412 0.72

US0 7.834 898 2.09

US0 4.340.635 1.16

USD 10,454,454 2.79

25331 399 6 7 6

TOTAL WARRANTS / EQUITY LINKED SECURITIES 28.9A7.030 7.73

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 361,067,258 96 48

TOTAL INVESTMENTS 361,067,258 96 48

.-


TOTALNETASSETS 374,242,601 IOOe


ASIA FREESTYLE



%

Banks and financial institutions Electronics and electrical equipment Holding companies News transmission Mechanics, machinery Automobile industry Real estate companies Transport Retail trade, department stores Office equipment and computers Investment companies Tobacco and spirits Energy Internet Software Public services Insurance Other services Food Construction, building materials Forest products and paper industry Non-ferrous metals


Total Net Assets

.-

Portfolio of Investments and Other Net Assets . -

19.58 19.38 14.25 6.73 6.63 4.35 4.31 2.94 2.69 2.55 2.31 1.89

1.83 1.33 1.16 0.86 0.85 0.74 0.17 0.09

I .a4

3.52

100.00

HSBC Global Investment Funds A.. ....

. .- ...


I

BRlC FREESTYLE Statement of investments as at 31 March 2006 (expressed in USD)

. . .. .. .

Description Ouanlily/Face Currency Evaluation % net Value assets

Description QuantitylFace Currency Evaluation YO net Value assets

INVESTMENTS


EXCHANGE LISTING

SHARES

BERMUDA 'SLANDS

CHINA YURUN FOOD GROUP 51,000.000 LTD

HKD 41.404967 1.23

41,404,967 1 23

BRAZIL

ALL AMERICA LATINA /UNIT

AMBEV CIA DE BEBIDAS iADR

ARACRUZ CEL -8- PREF'SADR

BANCOBRADESCOSAPREF

BANCO BRADESCO ISADR

BRADESPAR SA BRASIL iPREF

CIA VALE RIO DOCEiSADR

CONFAB INDUSTRIAL

/PRIV NOM COSAN SA INDUSTRIA E

COMERCIO CYRELA BRAZIL REALTY SA


DIAGNOSTIC05 DA AM

!ADRIREG ITAU HOLDING IPFD SHSISADR

LOJAS AMERICANAS SA IPRIV

MARCOPOLO POMO IPREF


PETROBRAS lSADR REP 1 SHS

PETROLEO BRASILEIRO iSADR

PETROLEO IPIRANGAPREF

ROSS1 HESIDENCIAL ON

SADIA SAlPREF

VALE RIO DOCE /SADR

713.502

569.000

524,000

240 000

1,273 300

802,600

1.138.700

3.583 600

846 100

2.868.1 60

780 I [IO

231,955

1.529 435

45,200 000

644,700

417,000

2,337.400

573,300

295,000

2.102.000

11,511.000

1,342,600

BRL 44 500.138

US0 23,966.280

US0 27,279,440

BRL 8.575343

USD 45.775 135

BRL 26,550,410

USD 48.964.100

EHL 6,991,670

BRL 56.404.078

BRL 49 798.984

BRL 19,390,218

USD 15819,331

USD 45.974 816

BRL 1.941 332

BRL 1,796,888

BRL 23.816.590

USD 184 093,625

US0 49 510.188

BRL 4,313,259

BRL 23,770 670

BRL 31,820.130

USD 64.793 877

1.32

0.71

o.ni 0.25

1.36

0.79

1.45

(1.21

1 6 7

1.47

0.57

0.47

1.36

0.06

0.05

0.71

5.44

1 47

0 13

0.70

0.94

1.92

805,846.502 23.06

CAYMAN ISLANDS

CHINA RESOURCES LAND 33.544.000

LI NlNG COMPANY LTD 6.228.000

HKD 25071.745 0 7 4

HKD 5979.248 0 18

31,050,993 0 92 -. -

CHINA

AIR CHINA LTD 56 716.000


HKD 21 926462 0.65


LTD BANK OF COMMUNICATIONS

CO LTD BElJlNG CAP.INTL AIRPORT -H-

BElJlNG CAPITAL LAND LTD -H-

CHINA CONSTRUCTION BANK CORP CHINA LIFE INSURANCE CO

LTD-H- CHINA NATL BLDING MATERIAL

-H-

CORP -H- CHINA SHENHUA ENERGY CO - H- CHINA SHIPPING

DEVELOPMENT -H- CHINA TELECOM CORP LTD -H-

DONGFENG MOTOR -H-

HUNAN NONFERROUS METALS


NINE DRAGONS PAPER HLDGS

LTD PETHOCHINA CO LTD I -H-

SHANGHAI ELECTRIC GROUP

CO -H-


SINOPEC SHANGHAI PETR0CHEM:H- SINOPEC ZHENHAI

REF1 &CHEMICAL SINOTRANS LTD


GAZPROM OAO

GAZPROM OAOiSADR

JSC SURGUTNEFTEGAZ /SADR

JSC SURGUTNEFTEGAZ ISADR

PFD LUKOIL 'SADR



SYST IGDR TATNEFT iSADR REP 20 SHS

REG S TNK-BP HOLDING

HONG KONG

CHINA MOBILE LTD


INVESTMENT CHINA RESOURCES

ENTERPRISE LTD CHINA RESOURCES POWER HOLDINGS

17,992,000

37.903.000

21,800.000

32,960,000

126,199.000

45 398,000

1444,000

130,784.000

25,925,000

8,692.000

142,330.000

43.158.000

2,464 000

22.706 000

1,966,000

128.530,OOO

33,433,l 87

44,520.000

11,952,000

30 940.000

7,500,000

40,220

1,502,745

786.909

2,372 184

663 742

1.081,410

769.435

19.237 193

30 119,500

14,776,500

72 210,000

14 760.000

24,586.000

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

HKD

u50

USD

u50

USD

USD

u50

u50

USD

USD

HKD

HKD

HKD

HKD

HKD

19 012,316

23,811.674

12,571,620

16.246 520

58,952 964

57.332 980

679 206

75,841.838

45,602.971

6,832,683

50,439,510

18,909,583

912,894

14.630 271

1,342,768

134,162,531

14,110,123

24,956,641

16,249,304

12 459,828

0.56

0.70

0 37

0 48

1 75

1.70

0.02

2.25

1.35

0.20

1.49

0.56

0.03

0 43

0.04

3 97

0.42

0.74

0.48

0.37

626 984,687 18.56

62.250,OOO

3.633 475

114,358,894

91,285,379

197 365,708

13 540,337

72,984.361

80.228 987

58,673 439

1.84

0.1 1

3.39

2.70

5.84

0.40

2.16

2.38

1 74

694.320,580 20.56

158 167,441

26.087.584

49,319,076

30.433 231

17.901,031

4.68

0.77

1.46

0.90

0.53

.. . . .. .

Portfolio of Investments and Other Net Assets -. .. . .. .- __

. -.

Descriplion

CNOOC LTD

INDIA

AMTEK AUTO LTD IDEMAT

ANDHRA BANK i DEMAT

BAJAJ HINDUSTAN LTD IGDR

BALRAMPUR CHIN1 MILLS IGDR

BANK OF BARODA 'DEMAT

BANK OF INDIAIDEMAT

BIOCON LTD IDEMAT

BIRLA GLOBAL FINANCE LTD

iDEMAT BRITANNIA INDUSTRIES

LTD/DEMAT CANARABANKiDEMAT

CESC LTD rDEMAT

CESC LTD GDR

CROMPTON GREAVES LTD

iDEMAT DHAMPUR SUGAR MILLS LTD

iSGDR OR REDDY S LABORATORIES

iADR OR REDDY S LABORATORIES

iDEMAT DWARIKESH SUGAR IND LTD

ELECTROSTEEL CASTING

LTD!DEMAT EVRAZ GROUP SAiSGDR

REP REG-S GAMMON INDIA LTD IDEMAT

GAMMON INDIA LTD /SGDR

GEODESIC INFO SYSTEMS

iDEMAT GODREJ INDUSTRIES LTD

/DEMAT GRASIM INDUSTiDEMAT

GUJARAT ALKALIES d CHEMICALS I DEMAT GVK POWER & INFRASTR LTDlDEMAT H D F C BANK IDEMAT

HCL INFOSYSTEMS LTD

/DEMAT HINDALCO INDUSTRIES I

DEMAT HINDUJA TMT LTD (DEMAT

HINDUSTAN OIL

EXPLORAT rDEMAT HINDUSTAN PETR :DEMAT

HUTCHISON TELECOM INTL

ISADR HUTCHISON

TELECOMM INTERNAT IBP CO LTD IDEMAT

lClCl BK L I D IDEMAT

IGATE GLOBAL SOLUTIONS LTD

i DEMAT IND DE\'BK INDIA'DEMAT.

INDIA CEMENTS iSGDR REG S

. . . .. . . .- .

0uaritity;Face Currency Evaluation ?b net Description Quantity:Face Currency Evaluation Yo nat Value assets Value assets

14,490,000

800 000

364 218

170,100

1 308 200

79 454

1,470.333

642.964

107 081

379 748

300,000

272 204

442,600

60 000

415 500

19.300

388.028

820 971

540.000

1.112.000

500.000

114,100

82,487

11 272

480 000

200 000

67.844

400,000

964.652

250.000

430,323

1 144.000

566.802

68 300

7 109 000

300,000

3,087 081

205.468

750 000

238 100

HKD 34,399.757 1.02

31 6,308.120

INR 5.654212

INR 661 309

US0 1,926,104

USD 5.483824

INR 411,599

INR 4,383.545

INR 6,428.056

INR 540.074

INR 15,101,053

INR 1.824.102

INR 2.066.654

USD 3.353.482

INR 1412 141

US0 2.000508

USD 601.774

INR 12,464,285

INR 4.78475G

INR 4533793

US0 27 799.999

INR 6,073,055

USD 1383.728

INR 407,249

INR 152.539

INR 22,218,739

INR 687723

INR 383.087

INR 6.922061

INR 3892,255

INR 1022,170

INR 4823060

INR 3.846.586

INR 4.063.198

US0 1.721 160

HKD 12.138 530

INR 3,812,289

INR 41.001.004

INR 1,116.899

INR 1331,510

USD 1,760,264

9 36

0.17

0.02

0.06

0.16

0.01

0 13

0 19

0 02

0 45

0.05

0 06

0 10

0.04

0.06

0.02

0.37

0.14

0.13

0.83

0 18

0 04

0 01

0.00

0.67

0.02

0.01

0.2u

0.12

0 03

0 14

0.11

0.12

0.05

0.36

0.1 1

1.22

0.03

0.04

0 05

INDIABULLS FINANCIAL SERVICES 'DEMAT INDIAN OIL CORPiDEMAT

INDIAN PETROCHEM rDEMATERlALlSE

D INDO RAMA SYNTHETICS

LTD!DEMAT INFOSYS TECH LTD iDEMAT

INFRASTRUCTURE DVPT

FlNiDEMAT IPCA LABORATORIES

LTDlDEMAT ITC LTD /DEMAT

JET AIRWAYS INDIA LTD

IDEMAT JINDAL IRONBSTEEL CO LTDDEMAT JINDAL SOUTH WEST HLDGS

IDEMAT JINDAL STAINLESS LTDiDEMAT

JINDAL STEEL & POWER

/DEMAT J K CEMENT LTD

KEI INDUSTRIES LTD /GDR

KOCH1 REFINERIES IDEMAT

KPlT CUMMINS

INFOSYSTEMSIDEMAT. MAHINDRA AND MAHlNDRA.FIN SECS / DEMAT MAHINDRA UGINE STEEL

IDEMAT MAHINDRABMAHINDRAiDEMAT

MATRIX

LABORATORlESlDEMAT MICRO INKS LTD IDEMAT

MOSER BAER (INDIA) DEMAT

MPHASIS BFL IDEMAT

NAGARJUNA CONSTRUCTION iDEMAT NATL THERMAL POWER CORP /DEMAT OlLgNATURAL GASlDEMAT

ORCHID CHEMICALS & PHARMACIGDR ORCHID CHEMICALS PHARMA

iDEhlAT PATNl COMPUTER SYSTEMS

iADR PATNI COMPUTERS SYSTEMS

LTD /DEMAT POLARIS SOFTWARE LAB LTD I

DEMAT RANBAXY LABORAT /GDR

(EQ SHS) RECEIPTS R RAYMOND LTD 'DEMAT

RELIANCE CAP

VENT(RCAVL)/DEMAT RELIANCE

COMM VENT(RCVL)IDEMAT RELIANCE EN VENT (REVL)/DEMAT RELIANCE IND iGDR144A

RELIANCE NATURAL

RESOURCES/ DEMAT

1,402 105

156 665

920.000

1 341.457

100 000

6,066.050

50.001)

288 000

296.450

1.807.033

24.976

1 200.000

52.869

2 444,227

600.000

287.859

69,062

190,346

2 31 1 587

226,000

900.000

633 372

254 762

956.000

309.600

4.880 ooo

520.331

575 00u

300 000

6.254

1 067.000

400,000

25.000

663.595

1 508 995

1,344 776

1,508,995

115018

1 000.000

INR

INR

INR

INR

INR

INR

INR

INR

INR

INR

INR

INR

INR

INR

u50

INR

INR

INR

INR

INR

INR

INR

INR

INR

INR

INR

INR

USD

INR

USD

INR

INR

u50

INR

INR

INR

INR

USD

INR

7,935,970

2,048 259

5.436 149

1.816 234

6,720 653

9,062.839

392.280

1.267 921

6,532.254

12,425.354

107,689

3,093.408

2.242 646

9 464,937

5 016.812

1 128.568

606,698

1,043,232

6,943416

3.1 84,498

5 640,762

6 445,741

1,290.628

4,489.521

2 546.978

14.756.722

15 276.583

4.769 110

2,491 538

130 396

11,026,139

1 058 035

243 750

7,700 863

835 493

9.296 563

1,478 180

4,140 648

748 694

0.23

0 06

0.16

0 05

0 20

0.27

0.01

0 04

0.19

0.37

0.00

0.09

0.07

0.28

0 15

0.03

0 02

11 u3

0 21

0.09

0.17

0.19

0.04

0.13

0.08

0.44

0 45

0 14

0.07

0.00

0.33

0.03

0.01

0 23

0.02

n 28

0 04

0 12

0.02


~

Portfolio of Investments and Other Net Assets _ _ - __ -

.

Description Quantity'Face Currency Evaluation YO net DQSCrlptiOn Value assets

-. . .- . .

SASKEN COMMC.TECHN.LTD 37.589

iDEMAT. STATE BK OF INDIA IGDR 75.000

(REGS) STEEL AU-HORITY OF 4 049.31 1

1NDIA:DEMAT. TAMILNADJ 460.083

NEWSPRINT+PAPER LTD ! DEMAT. TATA lROh 8 STEEL'DEMAT 1.822 517

TATA POWER CO DEMAT. 864 540

TATA TEA -TD 1 DEMAT. 375 000

TRlVENl 2 400,000

ENGINEER INDUSTROEMAT TVS MOTORCOMPANY LTD: 2 173,155

DEMAT. UTV SOFTWARE COMM LTD 343.967

:DEMAT. VISA STEEL LTD IDEMAT 3,112 135

ZEE TELEFILMS LTD IDEMAT. 1.320.802

INR 293.181

USD 4.003.125

INR 7629.164

INR 1196334

INR 22.001 675

INR 11,200,399

INR 7296408

INK 6,810,877

INR 6.836932

INR 1.400202

INR 3.739.223

INR 7 197.485

0 01

0 12

0 23

0 04

0 66

0 33

0 22

0 20

0 20

0 04

0 11

0 21

TOTAL SHARES


INDIA

480.629 536 14 23

2,996,545,385

DEUTSCHE BANK AG 04-

06 OR 07 ION HCL- INFOSYSTEMS LTD DEUTSCHE BANK AG 04-

20 07 07 ION INDIAN OIL CORP

LTD DEUTSCHE BANK AG 04-

22 10 07 !ON IND-SWIFT LABORATORIES LTD DEUTSCHE BANK AG 04-

31 05 07 :ON MAHINDRA & MAHINDRA LTD DEUTSCHE BANK AG 05- 29.04 OR ION BRITAIN

INDUSTRIES LTD JP MORGAN INTERNATIONAL DERIVATIVES LTD 04-03 12 07

ION BRITAIN INDUSTRIES LTD JP MORGAN INTERNATIONAL

DERIVATIVES LTD 04-03 12 07 :ON JINDAL IRON 8 STEEL CO LTD JP MORGAN INTERNATIONAL

DERIVATIVES LTD 7 4 08 ION MAHINDRA MERRILL LYNCH INTL 05-

07 01 10 :ON BRITANNIA INDUSTRIES LTD MERRILL LYNCH INTL 04-

22 06 09 ION AMTEK MERRILL LYNCH 04-17 U3 09

/ON IBP CO LTD MERRILL LYNCH 04-22 01 07 /ON INDUS DVLP BANK OF

INDIA MERRILL LYNCH 115-U8 01 10

/ON MAHINDRA UGINE STEEL

co

734 500

98.500

104.OU11

160 000

27,656

29 600

205 402

190,000

5,018

100 000

285.386

546 479

590,002

US0

US0

US0

USD

USD

USD

USD

USD

USD

USD

USD

US0

US0

2 996.528

1.289.339

276.020

2,260 952

1,103,480

i . i a i 046

1,Y61.589

2 684.880

200.219

706 323

3,614 400

971 409

I .774.848

88.72

0 09

n 04

0.01

0.07

0.03

0.03

U 06

o oa

(1.01

0.02

0.10

0.03

0 05

. .

QuantitylFace Currency Evaluation "/o net Value assets

. ..

MERRILL LYNCH 05-11.02.10 191.000

'ON KESORAM INDUSTRIES MERR L.04-13.3 OYWT!PATNI 637.500

COMPUTER SYSTEMS LTD

0.000001 MORGAN STANLEY 05-08 08.08 71.313

:ON GRASIM MORGAN STANLEY 05-13 06.08 100,000

:ON MAHINDRA MSDW ASIA 04-10.8.07 !ON 169.618

HINDUSTAN PETROLEUM MSDW ASIA 05-25.01.08 ION 264,100

CANARA BANK

NETHERLANDS

USD 904,023 0.03

USD 6,581,305 0.18

USD 3,300,988 0.10

USD 1.413.095 0.04

US0 1,213,640 0.04

USD 1,601,071 0.05

.... .~

36,035,155 l.Ofi

ABN AMRO 05-18 12 OGWRTI'HCL 928 767 US0 3,789.076 0 12 INF 0 ABN AMRO 05- 27862 US0 120,132 000

22 12 OGWRT'JINDAL 0

3.909.208 0.12


MERRILL LYNCH 05-28 11 10 ON 100,000 US0 416.935 0.01

USHA MARTIN LTD WRT 0

416.935 0.01





SHARES


TRANSNEFT OJSC MOSCOW 27.889 USD 63.586.920 1.88

TOTAL SHARES

BONDS

INDIA

63,586,920 1.88

63,586,920 1.88

UBS LON 0% 05-19.12.06I1NDIAN 20,000.000 US0 1,121.500 0.03

UBS LN 0% 05- 7,000.000 US0 364,567 0 0 1

15 12 06RCV;lNDIA

1486,067 0 0 4

TOTAL BONDS 1,486,067 0.04


GERMANY

DT.BK 06-2.2.1 1 WRT GAZPROM 147 USD 122,598,000 3.64

0

122,598,000 3.64

GKEAT BRITAIN

UBS LON 06- 200000 US0 541,960 0 0 2

8 2.07WRTiEVEREADY 0

A- __ __ HSBC Global Investment Funds

-

-. .. ..


Description . .. .. .

Quantity:Face Currency Evaluation % net Value assets

UBS LDN-2.3.06 WRTPATNI CO 100,000 USD 1,007,050 0.03

UBS LN 05-21.12.06 137.200 USD 1 527,338 0.04 WRTiHlNDUJA 0

3.076.348 0.09

INDIA

CALYON 04-09 03 09 /ON IBP 39.000 USD 493.933 001 CO LTD

493.933 001

UNITED STATES

JP MORG.INT.OSC OS-08 S. JNSW 51,350 US0 2.214 0 00

0

2,214 0.00



TOTAL INVESTMENTS 3,228,l 50,165 95.57


TOTALNETASSETS 3,377,707,464 100.00

HSBC Global Investment Funds . .. . .. ..

Portfolio of Investments and Other Net Assets . .~ ~-

ERIC FREESTYLE



Energy Coal mines, heavy industries News transmission Banks and financial institutions Holding companies Food Transport Real estate companies States, provinces and municipalities Public services Chemicals Other services Construction, building materials Insurance Pharmaceuticals and cosmetics Electronics and electrical equipment Mechanics, machinery Forest products and paper industry Miscellaneous Tobacco and spirits Non-ferrous metals Automobile industry Office equipment and computers Textile Internet Software Other business houses Retail trade, department stores Photography and optics


%

31.25

7.63 6.48 5.72

7.85

4.83 4.41 3.67 3.64 3.34 1.97 1.84 1.79 1.70 1.48 1.27 0.99 0.89 0.79 0.75 0.62 0.54 0.53 0.43 0.41 0.30 0.24 0.21

4.43


-. .. .. HSBC Global Investment Funds

. ... . A

_ _ __ -_

Portfolio of Investments and Other Net Assets - - ~ __

GLOBAL EMERGING MARKETS EQUITY FREESTYLE Statement of investments as at 31 March 2006 (expressed in USD)

........ .-

Description Ouanrlty Currency Evaluation % net assets

.-

Yo net assets

0.65

0 95

0.83

0 14

0 30

0 86

1 05

2 86

0.15

1 02

0 58

9.39

.-

Description Ouanllty Currency Evaluation FEDERATION OF RUSSIA

GAZPROM OAO

GAZPROM OAOlSADR

LUKOIL /SADR



SYST./GDR VIMPEL

COMMUNICATIONSlS.ADR

1,600,000

94,630

198,010

437 836

180 906

270,600

6.981.500

8,622,000

12.618 000

88,721

317.889

406.324

168,520

1.598 709

143 390

76,876

1,576,400

1 800,700

153.196

262,000

485 771

569 427

1,532,625

128 500

36,000

USD 13280,000 2 0 1

US0 8,54H,574 1 29

US0 16.474.433 2 50

USD 8,931,854 1.35

US0 12209.346 1 8 5

US0 11.603.328 1.76

... . . -.

INVESTMENTS


SHARES

71,047.835 10 76 -

HONG KONG - . -.


INVESTMENT DENWAY MOTORS LTD

HKD 12 325,883 1 8 7

HKD 5.888.784 0.89

HKD 4.918783 0 7 4

BRAZIL

ALL AMERICA LATINA (UNIT

AMBEV CIA DE BEBIDAS lADR

CIA VALE RIO DOCElSADR


DIAGNOSTICOS DA AM

IADRiREG GERDAU SA / SADR PFD SHS

ITAU HOLDING lPFD SHSiSADR

PETKOBRAS XADR REP 1 SHS

PETROLEO BRASlLElRO !SADR

TELEMAR A !PFD SHS

VIVAX UNITS :ISH + 2 PFD SHS

68.522

148.500

127.100

38,000

29 068

255.90(1

231.100

240.348

11,800

264.400

319,799

5,604,000

3,727,000

830 946

6.360,OOO

25.160,OOO

7.284 000

8 458.000

141 606

52 816

BRL 4,273623

USD 6254.820

US0 5465,300

BRL 944.531

US0 1,982,438

23,133.250 3.50

HUNGARY . . . . .

MOL MAGYAR /-A-

OTP BANK LTO

HUF 9,016359 1 3 6

HUF 10.976706 1 6 7 US0 5,698.893

US0 6946,866

US0 18 929.808

US0 1019.048

BRL E 704,833

BRL 3828.352

62.048 512

-

19 993,065 3.03

INDIA

IClCl BK XADR

INDONESIA

USD 11.340 503 1 7 2

11 340,503 1.72

CAYMAN ISLANDS PT TELEKOM.INDONESIA

!SP ADR US0 5,011.785 0.76

AAC ACOUSTIC


LTD KINGDOM HOTEL INV !SGDR

REGS

HKD 5.235.737 0 79

HKD 3,097,853 0.A7

US0 7,478,514 1 13

5011,785 076 -

ISRAEL

BANK HAPOALIM B M ILS 7,420720 1 1 2

15.H12.104 2.39 7 420.720 1 . I2

CHINA MEXICO

ANGANG NEW STEEL CO LTD -

H- CHINA CONSTRUCTION BANK

CORP CHINA SHENHUA ENERGY CO - H- PETROCHINA CO LTD I-H-

AMERICA MOVIL SA lADR WI -L-

CEMEX /ADR

EMPRESAS ICA SA DE CV

GEO !-B-

GRUPO AEROPUERTO DEL

PAClFiADR GRUPO TELEVISA !GDS

HKD 5,983,037 0.91

HKD 11.753.315 1.78

HKD 12.812,808 1 9 3

HKD 8.828.652 1 34

39,377,812 5.96

...........

USD 4,848016 0 7 3

USD 4,977.721 0.75

MXN 4,763,939 0.72

MXN 6,563,407 1.00

USD 4900 740 0 74

USD 5.182360 0 7 9

31,236.183 4 73

- .. - __. __ CZECH REPUBLIC

SOUTH AFRICA CEZ.CESKE ENERGETICKE ZAVODY

CZK 4,942.039 0 75

4.942 039 0.75 ABSA GROUP LTD

BIDVEST GROUP LTD

EDGARS CONSOL STORES LTD

GOLD FIELDS iSPONS.ADR

IMPALA PLAT. HOLDINGS

ZAR 9,171,069 1 3 9

ZAR 10.589.304 1 60

ZAR 9,455,009 1 43

USD 2,850,130 0 43

ZAR 6,752326 1 0 2

EGYPl

ORASCOM TELECOM

HLDIGDR(REG S) US0 2,867,909 0 43

.......

2.867909 0 4 3


-. ~


.~ . - .. ~. -. Description Quantity Currency Evaluation net Description Quantity Currency Evaluation '/. net

assets assets

MURRAY AND ROBERTS

HOLDINGS SASOL LTD !REG

STANDARD BK GROUP L

TIGER BRANDS LTD

583,935 ZAR 2606.184 0 3 9

241,683 ZAR 9 301,534 141

864414 ZAR I~.IJI~.:QO 1 a3

110386 ZAR 3.070251 0.46

INDEX TRACKER

UNITED STATES TO

ISHARES INClMSCl TAIWAN 744,000 US0 9,374,400 1 4 2

INDEX ._

9 374.400 1.AZ 65.n10.727 9 96

~

1.51

0.39

1 70

0.92

0.39

I .ne 1 02

0.82

0.44

2 50

i .ni -

SOUTHKOREA TOTAL INDEX TRACKER 9,374,400 1.42


TOTAL INVESTMENTS 573,337.904 86.80

-


DAEGU BANK

DAELIM INDUSTRIAL CO LTD

HALLA CLIMATE CONTROL

CORP HYUNDAI MlPO DOCKYARD CO

LTD HYUNDAI MOTOK CO LTD

INDUSTRIAL BK KOREAISGDR-

144A- KOOKMIN BANK lSADR

LOTTE CONFECTIONERY CO

LTD SAMSUNG ELECTRONICS CO

LTD SHlNSEGAf CO LTD

25.444

136.533

141.680

636 200

29.865

146.520

365,000

64,900

2 308

25 400

26,190

KRW 9.949.113

KRW 2549,938

KRW 11,225.731

KRW 6.068604

87,212,010 13.20 OTHER NET ASSETS LESS LIABILITIES KRW 2569,119

KRW 12 317.833

US0 6,761,694

USD 5402925

KRW 2.904.542

TOTALNETASSETS 660,549,914 ?OO.OO

KRW 16.466 057

KRW 11.938 633

TAIWAN -. .

CATCHER TECHNOLOGY CO LTD CATHAY FIN HLD!GDR REG-S

FAR EASTERN TEXTILE LTD

HON HA1 P?ECISION IND /GDR

HON HA1 P3ECISION IND CO

LTD PHOENIX PRECISION

TECHNOLOGY SILICONWARE PREC IND.

lSADR TAIWAN

SEMICONDUCT MANUFISADR TAIWAN SEMICONDUCTOR

MANUFACT

I la6 ooo

275 000

9 379.000

625,000

1 580 000

T'ND 10,677,146

4.867 500

6,s78,4ao

7 750.000

9,791 309

7 535 318

1.61

USD

TWO

U S 0

T'ND

T'ND

0.74

1 .oo 1 1 7

I 40

1.14 3,404.000

1,146 300 USD 7 531.191 1 1 4

842 700 US0 8,469,135 1 28

0.79 2 625,000 TWD 5.195.794

6n 395,873 10.35

THAILAND

KASIKORNBANK PUBL.CON.LTDINVDR

4291.329 THE 7.293 114 1.10

7 293.114 1.10 - ~

TURKEY -

CIMSA CIMENTO SANAYI VE TICAR SABANCI HOLDING

TURKIYE GARANTI BANKASI

;NOM TURKIYE IS BANKASI AS C

136523 TRY 1018,979 0 15

1.523 563 TRY 10.862.385 1 64

4.539544 TRY 17,193,Y62 2 61

I 334.680 TRY 11.002 558 1 67

40.077 a84 6.07

TOTAL SHARES 563,983,504 85.38

-A HSBC Global Investment Funds

Portfolio of Investments and Other Net Assets --t GLOBAL EMERGING MARKETS EQUITY FREESTYLE

Economic Division of Investment - .- -

(expressed as a percentage of net assets) -

%

-. -

Banks and financial institutions Energy Electronics and electrical equipment News transmission Coal mines, heavy industries Automobile industry Construction. building materials Real estate companies Holding companies Retail trade, department stores Public services Chemicals Precious metals Investment companies Textile Tobacco and spirits Food Other services Transport Mechanics, machinery Miscellaneous


Total Net Assets

17.12 12.92 11.90 7.94 5.88 5.12 3.71 3.49 3.43 3.24 2.60 1.51 1.45 1.42 1 .oo 0.95 0.90 0.88 0.65 0.39 0.30

13.20

100.00

-.


Portfolio of Investments and Other Net Assets -. . ... - . .-. . -. . .

UK FREESTYLE Statement of investments as at 31 March 2006 (expressed in GBP)

Dcscription Ouantity Currency Evaluation % nct assets

. . . .. .~ -

Description Quantity Currency Evaluation % net assets TOTAL NET ASSETS 14,691,270 100.00

- -. . - . -.

INVESTMENTS


SHARES

GREAT BRITAIN

ALPHA PYRENEES TRUST LTD

ASTRAZENECAPLC

BAE SYSTEMS PLC

BARCLAYS PLC

BBA GROUP PLC

BG GROUP PLC

BP PLC

ET GROUP PLC


COLLINS STUART TULLET PLC

DAILY MAIL & GENERAL TR. -A-

DOMESTIC & GENERAL GROUP

PLC GKN PLC

GLAXOSM THKLINE PLC

HBOS PLC

HELPHIRE GROUP LONDON

HOMESERVE

HSBC HOLDINGS PLC

INCHCAPE PLC

JOHNSON MATTHEY PLC

LEGAL & GENERAL GROUP PLC

PEARSON PLC

RESOLUTION PLC

REXAM PLC

RIO TINTO PLC !REG


ROYAL DUTCH SHELL -6-

31 GROUP PLC

278.760 GBP

14365 GBP

305.107 GBP

125.575 GBP

133,305 GBP

66 956 GBP

192.874 GBP

204044 GBP

52,800 GBP

42151 GBP

104.292 GBP

51.269 GBP

140.515 GBP

28.990 GBP

48.341 GBP

261 766 GBP

20500 GBP

119400 GBP

21,267 GBP

22279 GBP

219,679 GBP

59000 GBP

90 998 GBP

56.501 GBP

11,45Y GBP

36359 GBP

2 GBP

83200 GBP

317,786

418,022

1,300 670

849 325

375 587

483 757

1,297 078

456 273

303 336

307 070

724 829

475.776

472,130

440.938

470 745

977 696

295 788

1.150288

550 390

310 193

312,999

470,003

61 3 782

308 778

333 801

686 149

38

793 728

2.16

2.85

8.86

5.78

2.56

3.29

8.84

3.1 1

2.06

2 09

4 Y3 3 24

3.21

3.00

3.20

6.65

2.01

7.83

3.75

2.11

2.13

3.20

4.10

2.10

2.27

4.67

0 00

5.40

15,496.955 105.48

TOTAL SHARES 15.496355 105.A8

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 15,496,955 105.A8

TOTALINVESTMENTS 15,A96,955 105.48



._

Portfolio of Investments and Other Net Assets -. .-

.. ...

UK FREESTYLE


(expressed as a percentage of net assets) ~ ..

%

Banks and financial institutions Holding companies Insurance Aerospace technology Energy Graphic art and publishing Pharmaceuticals and cosmetics Mechanics, machinery Public services Other business houses News transmission Non-ferrous metals Investment companies Precious metals Package and container industry


Total Net Assets

28.13 9.55 9.55 8.86 8.84 8.13 5.85 5.77 5.30 3.75 3.11 2.27 2.16 2.11 2.10

(5.48)

100.00

~


....

Portfolio of Investments and Other Net Assets -. .

EURO CORPORATE BOND Statement of investments as at 31 March 2006 (expressed in EURI

.. .. - .~

Face Value Currency Evaluation net assets

Description

-. . . . .

Description . . .

Face Value Currency Evaluation 'lo net assets

.-

0.42

0.79

0.17

0.20

0.69

0.40

0.04

0.18

1.15

1 02

1.47

0.47

0.35

0.55

0.70

0.51

n 27

0.25

0.28

0.25

0.25

0.08

0.12

0.14

0.49

0.51

0 39

FHANCE

AGF 4.62S10(TV) 05-PERP

ALCATEL 6 375% 04-7.4.14 EMTN AUCHAN 3 5% 03-22 07 08 EMTN

AXA6"a 01-18.6 13 EMTN

CARHEFOUR 4.375% 03-1 1

EMTN CLF 4.3"/dTV)OS-PERP

CNCEP4.75%01-21.11 11 EMTN

CNCEP 5.25% 03- ... EMTN

CROWN EUR 6 25% 05-01.09.11

FRANCE TELECOM 7 25% 03-13

EMTN FR TELECOM 6 759; 01-14.03 08

REGS GIE PSA TRES 5 875C01-

27 09.1 1 GIE SUEZ ALLIANCE 4.25% 03- 10 LAFARGE 5.875% 01-6 11.08

EMTN LVMH 5% 03-ZY.4 10 EMTN

REhlY COINTR 6 5 % 03-1.7 10

RENAULT 6 125"/002-26 06 09

SCHNEID ELECT.3 1259005-

11.8.10 SODEXHO ALL.5.87S0002-

25.03.09 THALES 4.375% 04-22.07 11

EMTN VALEO 3.75% 05-24.06 13

VALEO 5.625COI-13 07.06

VEOLIA ENV.4.375% 05-1 1 12.20

VEOLIA ENV.5.375'%03-18 CAT2

VEOLIA ENV 6 125% 03-33 EMTN

VIVENDI UNlV 3.625% 05-6.4.10

3CIF 5.875% 02.5 4 2012 EMTN

210000 EUR

355000 EUR

85,000 EUR

330,000 EUR

85000 EUR

200000 EUR

20,000 EUR

85,000 EUR

520000 EUR

420.000 EUR

670,000 EUR

210,000 EUR

i7oonn EUR

255000 EUR

330 000 EUR

235,000 EUR

125,000 EUR

125000 EUR

130000 EUR

120000 EUR

125000 EUR

40,000 EUR

60000 EUR

65,000 EUR

210000 EUR

2 s s n m EUR

170,000 EUR

205 183

384.248

84 692

95,329

336,221

194 862

20.931

89,223

554 475

491 614

708.881

228.094

172 467

268,061

342 458

248 513

133 296

120,993

137,309

121,993

120.879

40.259

57,106

69.126

237 548

249 566

187.488

INVESTMENTS


EXCHANGE LISTING

BONDS

AUSTRALIA

TELSTRA COHP 3% 05-28 6.10

AUSTRIA

100 000 EUR 96,073 0.2(1

96,073 0 2 0

TELEKOM =.3.375% 05-10 EMTN

BELGIUM

155000 EUR 151,265 0 3 1

151.265 0 3 1

BARRY CALLEBAUT 9.25"; 03-10

REG FORTIS BANK 4.625% 04-PERP.

125,000 EUH 136.575 0.28

4oo.000 EUR 399.712 0.82 .

536,287 110

CAYMAN ISLANDS

BCP FIN 5 543% 04-

BES FIN 6 1725% 02- EMTN

BES FIN LTD 4 55: 04-PERP

BNP PARIBAS 6 625% 01-PEHP

MUFG CAP FIN 2 4 85%TV 06-

PERP

85.000 EUR 88.941 0.IH

40,000 EUR 44.470 0.09

125,000 EUR 121 H34 0.25

210000 EUR 235381 049

210.000 EUR 207.651 0.43

5,900.815 12 14 698,277 144 . ..

DENMARK GERMANY

DANSK NATURGAS A'S 5 S%O5- PERP DANSKE B4NK 4 25% 03-20 6 16

IS5 GLOB 4 75% 03-18 9 10 EMTN

BAYER AG 5"/o(TV) 05-29.7.2015

BERTELSMANN 3 625% 05- 06 10.15 BMW FIN.3.875"; 04-6.4.1 1

EMTN COMMZBK 4 75%99-21 04.09

DEGUSSA 5 125% 03-

10.12 13EMTN ESCADA 7.Y" 05-1 04.12 REGS

EWE AG 4.875% 04-14.10.19

GERLING LEBEN.6.75%(TV)05-

PERP HENKEL 5 375 05-2104 STEP-UP

HORNBACH BAU 6.125% 04-14

REGS KABFL DEUTSCHL.10.75% 04-

14REG KLOECKNER PENTAPL.9.375%

02-12

300.000

50,000

395 000

380 000

2gs,nno

360,000

85,000

550.000

315.000

100 000

1 80 000

230,000

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

274,176

46.226

394,340

390.249

291 885

390 587

e7 i o 6

591.156

299 874

103.871

204,281

245.094

0.56

0.10

0.81

0.80

0.60

0.80

0.18

123

0 62

0 21

0.42

0.50

20nooo EUR 198786 0 4 1

170.000 EUR 170,903 0 3 5

480000 EUR 451 843 0 9 3

. .

821 532 169

FIN LAND -

FORTUM OYJ 4 62500 03- 19 11 10 M-REAL TV 06-01 04 13 SEN

NORDEA BK FIN 5 75"/o(TV) 02-

14 SAMPO OYJ 4 62S0m(TV)[14-l4 REG STORA ENS0 5 125% 04-23 6 14

40,000 EUR 41.110 0.08

450,000 EUR 443.277 0.92

17oooo EUR 179.314 037

125000 EUR 127.143 0 2 6

125,000 EUR 127,049 (126

917,893 1.89

I HSBC Global Investment Funds -. .

Portfolio of Investments and Other Net Assets -pli-- . -. ..

Face Value Currency Evaluation ne1 Description Face Value Currency Evaluation "lo net assets assets

Description

MTU AERO 8.25% 04-1.4 14

REGS-1 4.14 SNR MUNICH RE FIN.6.75%03-

21 06.23 PER1 5 625% 04-15.12 11 REGS

PROSIEBEN 11.25"/0 02-31.7.09 REG TALANX 4.5% (TV) 05-30 6 25

TCHIBO HLDG 4.5% 04-13.10 14

TU1 5 125% 05-10 12.12 REGS

330 000 EUR 378015 0.78

I80000 EUR 204539 0 4 2

230.000 EUR 239,344 0 4 9

290000 EUR 328,425 0 6 8

I80000 EUR 169 816 035

85,000 EUR 84200 0 17

600000 EUR 573,462 1.18

HONG KONG

HUTCHINSON WHAMPOA

F.5.875 O h 03-R.7.13 STD CHART.5.375% 99-6.5.09

EMTN

125000 EUR 135.110 0.28

85.000 EUR 88,958 0.18

224.368 0.46

HUNGARY

BINA-ISTRA 8% 03-15.12.22 500000 EUH 566,325 1.17

5,296,646 10.90 566,325 1.17 GREAT BRITAIN -

ANGLO AMERICAN 3 . m % n 3 -

5.6.08 BAA4.5% 04-30.9 14 EM'TN

BARCLAYS 4.875% 04-PERP

BAT INTL FIN 5.125'~ 03-13

EMTN CADBURY SCHW 4 25% 04-

30.06.09 COMPASS GR.6% 02-29.5.09

EMTN CORLJS 7 5% 04-1.10.11 SENIOR

EM1 GR.PLC 8 62590 03-13 REGS

GALLAHER 4.625% 04-

10.6.1 IEMTN HBOS PLC 5.125% (TV) 03-

HOUSEHLD.FIN 5 125%99-

24.06 09 IMP TOBACCO 6.25% 02-07 EMTN INEOS GROUP 7 875% 06-16

REG MMO2 6.375% 02-25 1 07 EMTN

NATIONAL GRID 5% 03-2.7.18

NAT.WESTMINST 5 125%99-

l l E M T N NORTH WEST WATER 4 8753:

99-09 OTE PLC 5% 03-5 8 13 EMTN

RENTOKIL INl l lAL 5.75% 02-07

ROYAL RK SCOTL 5 5% 04- PERP. TESCO PLC 3.875% 06-24.03.1 1

VODAFONE GRP 4 25% 03

27.5.09

IRELAND

125,000 EUR

125.000 EUR

210000 EUR

250.000 EUR

8500(1 EUR

100000 EUR

390,000 EUR

325000 EUR

250.000 EUR

500000 EUR

210.000 EUR

335000 EUR

600000 EUR

235.000 EUR

180,000 EUR

85.000 EUR

410.000 EUR

255000 EUR

125000 EUR

415,000 EUR

150000 EUR

555000 EUR

124,951

122 613

204 204

258 058

86 006

105,653

421.808

367 747

255,825

522 669

218 705

345,465

579 622

240.741

183.746

90.146

422.571

258 417

127 893

420 429

149 222

561,787

0 26

0.25

0.42

0.53

0.18

0.22

0.87

0.76

0.53

1.07

0.45

0.71

1.18

0 50

0.38

0 19

0.87

0.53

0.26

0.87

0.31

1.15

RK IRELAND 7.4'ioOl-PERP

MTN1 VALENTIA TELEC.7.25%03-13

EMTN

165.000 EUR 188702 0 3 9

285.000 EUR 311 678 0 64

500380 103 .

ITALY

AUTOSTRADE 5% 04-9.6 14

EMTN BCA INTESA 3.5% 06-24.02.11

EDISON 5.125% 03-10.12 10

EMTN ENECO 4.125% 03-10.6.10 EMTN

ENEL 5.25% 04-20.05.24 EMTN

HERA SPA 4.125% 06-16.02.16

UNICREDITO ITAL 4 5% 04-2019

UNICREDITO 3.95% 06-1.2.16

300,000 EUR

500.000 EUR

125.000 EUR

125000 EUR

85.000 EUR

110000 EUR

210,000 EUR

200.000 EUR

311.262 0 6 4

491,708 1 0 1

130806 0 2 7

125806 0 2 6

89.759 0 18

107,518 0 2 2

212,804 0 4 4

189.724 0 3 9

1.659 387 3 4 1

JAPAN

BK TOKYO MlTSUB 3.5% 05-15

JERSEY

I00000 EUR 97.470 0.20

97.470 0.20

HSEC CAP.FDG 5.3687%03- PERP PROSECURE FD 4 668% 06- 30 6 16 RESPARCS FD II LSH 7 5%03 PERF

295000 EUR 311,334 0.63

200000 EUR 197202 0 4 1

210000 EUR 226,174 0 4 7

734,710 1 5 1

LUXEMBOURG 6.068 278 12.49

GREECE CLARIANT FIN.4 375% 06-5.4.13

FIAT FIN.6.625% 06-15 02.13

FINMECCANICA 5 75%03-

12.12.18 GAZ CAPITAL 7.8% 03-27.9.10

GLENCORE FIN.5.375% 04-

30.9 11 HANNOVER FIN.S%(TV) 05- PERP HOLCIM FIN.LUX 4.375%-23.6.10

SOGERIM 7"t01-20.04.11

160 000

920.000

125,000

655 000

100 000

170 000

125,000

380.000

EUR

EUR

EUR

EUR

EUR

EUH

EUR

EUR

158 752

945 106

136.301

737,306

102 798

165,429

126.491

430.848

0.33

1 .94

0.28

1.52

0 21

0.34

0.26

0.89

FAGE DAIRY 7.5%05-15.1 15 REGS PUBLIC POWER 6.25% 00- 8.11.10

130.000 EUR 120,055 0 2 5

165.000 EUR 179.946 0.37

300.001 0 6 2

GUERNSEY

ABR INT.FIN.6.5°/o 03-1 1 EMTN-

TERM NOTES 2

610000 EUR 670,738 1.38

670 738 1 3 8

HSBC Global Investment Funds _. .... ...

Portfolio of Investments and Other Net Assets .- - ._

Oescription Face Value Currency Evaluation % net Description assets

WIND ACOJISIT.9.75% 05- 1 12.15

NETHERLANDS

ABN AMRO 4,31'%(TV) 06-PERF.

AKZO NOBEL 4.25% 03-14 6 11

ALLIANZ FIN TV 05-PERP

ALTADIS FlN.4.25"/0 03-2.10.08

CARMEUSE LIME 10 75% 02-12

REGS DTTEL.INT F.7 125%01-11

STEPPD EADS FIN.4625% 03-3.3.10

EDP FINANCE 3.75% 05-22 06.15

EUREKO 5,125% 05-29.06.49

FRESENIUS FIN.5.5% 06-16

REG.S IBERDROLA I 4 875% 03-18 2.13

ING BK NV 3 5% 05-16.09 20

ING VERZEKERING 6.25% 01-21

INTL ENDESA 4.375% 99-09

EMTN KON PHILIPS 6 125%01-16.05.11

KON PHILIPS5.75"C01-16.5.08

EMTN KPN NV 4.5% 04-21 7.1 1 EMTN

METRO FIN.4.625% 04-1 1 EMTN

OLlVETTl 6 575%99-09 B S2/STEP PORTUGAL TELE.INTL

4.375%05- 17 RED ELECTRICA4.75:b 03-13 EMTN REPSOL INTL 5% 03-

22.7.13EMTN RWE FIN.4.625% 04-23.7.14

SAINT GOGAIN NED.4.75"Io 99-09

TELEFONICA EUR 5.125% 03-13

TNT NV 5.125%01- 05.12 08SENlOR TPSA EURO FIN 6.50b 00.13 3.07

WOLTERS KLUW.5.125% 03-

27 1 1 4

SPAIN

BCO BILBAO VIZCAYS TV 04-19

SANTANDEH TV 04- PERP

TELEFONICA 3 75% 06-2 02 11

SWEDEN

SCA FINANS AB5 375%02-

25 06 07 SCA FINANS 3 875% 06-7 03 11

SCANIA6°/L01-17 1208EMTN

SECURITAS 6 125%01-14.03 08

SKAND ENSK BANK TV 02-6 6 12

3o0.000

100,000

65.000

330 000

200 000

260,000

685.000

125,000

210 000

90 000

600,000

100,000

300.000

510.000

170,000

80,000

265,000

4fin,oo0

85.000

670.000

50.000

a5 ooo

250.000

6x1 no0

255,000

125.OOU

350 000

250,000

125,000

200 000

300.000

90,000

125,000

65.000

40 000

210.000

170,000

EUK 321,752 0.66

EUR

EUR

EUR

EUR

EUH

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUK

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

3 124.783

96,915

65,190

31 5,120

201 816

293 1 so

766 41 1

128,503

200 691

91,429

597,648

104,012

282.474

561.000

172.892

ti7 888

276.302

455,584

86 743

723.264

45 087

88 812

259 215

650,305

261,712

129.664

361,376

257.131

127.385

6 43

0.20

0.13

0.65

0.42

0.60

1.59

0.26

0.41

0 19

123

0 21

0 58

1 1 5

11 36

0 18

0.57

0.94

0.18

1.49

0.09

0.18

0 53

1 34

0 54

(1 27

0 74

0 53

0 26

7 687.719 15 82

EUR zn2258 042

EUR 88.216 018

EUR 298875 061

589349 1 2 1 _ _

EUR 127.833 0.26

EUR 64.381 0 13

EUR 42,266 009

EUR 219,162 0 4 5

EUR 174.313 0 3 6

-

TELIASONERA 4 125% 05- 11 5 1 5 VATTENF TSY 5 25?/a(TV)05

PERP.

UNITED STATES

AM GEN.FIN 3.25% 05-16 1 05- 16.1 13 BK OF AMER1.4 625%04-18.02.14

BNP PARIBAS 5.868%03-PERP.

CA PREF TRUST 1 1 1 6'X 03-PERP

CITIGAOUP 4.25% 05- 25 2 3OEMTN CITIGR.4 75% 04-10 2 19 INTL

COMMZBK CAP.S.O12%(TV!06-

PERP CS GRP(US)J 6259o(TV)05-

14.9 20 DAIMLER CHRYS 4 25%04-

10.04.11 DEUTSCHE CAP.5.33% 03-

... EMTN EUROHYPO CAP 6.445% 03-

PERP FORD MOT.CREDIT4.875%03-

07EMTN GMAC 5 375% 04-6.6.1 1 EMTN

GOLDMAN SACHS 4% 05- 02.02.1 5 HERTZ CORP 7.875%05-

1.1.14REGS JP MORG.4 25% 04-Y.6.11 EMTN

KRONOS INTL.8 875% 02-09

LEHMAN BROTH 4 75% 04-14 EMTN M LYNCH 4 625'm 03-2.10.13

EMTN M STAN D WITTER 5.75% 02-09

PEMEX PA FDM MSTR5 5%05-

25REG PROCTERAGAMB 4.125% 05-

7 12.20 SANPAOLO IMI CAP 8.126O/. 00-

F A )

SLM CORP 3 125"/. 05-17 9 12

SN STE GEN CAP TR I 7 875% 00-

UBS PREF FD TV 05-PERP

UNICRED ITAL 8 048% 00.49

REGS

Face Value Currency Evaluation YO net assets

125.000

160 000

290.000

210 000

330 000

85.000

290 000

330 000

ZOO 000

495 000

295,000

560,000

85.000

300.000

350 000

505.000

250.000

170,000

430,000

210.000

125 000

380.000

125 000

125 000

200 000

300.000

210 000

210 000

85 000

EUR 120141 0 2 5

EUR 157661 0 3 2

905757 1 8 6

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

273,841

217,880

358 199

89,076

271 373

342 329

197.586

465.716

294.699

587.484

92,939

295 875

31 8 500

494 823

264 I 0 9

172,907

450 031

217,079

128.769

401.485

120,776

120,923

233 138

282 066

238 659

206,422

98,425

0 56

0.45

0.74

0.18

0.56

0.70

0.41

0.96

0.61

1.20

0.19

0 61

0.66

1 02

0 54

0.36

0.93

0.45

0.26

0.83

0.25

0.25

0 48

0.58

0.49

0.42

0 20

TOTAL BONDS

7,235,209 14.89

44,783,262 92.15

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING . 44,783,262 - 92.1:


OTHER NET ASSETS LESS LlAQlLlTlES 3,a17,11a..- 7.85

TOTAL NET ASSETS 48 ,60030 100.00


~. _ -

Portfolio of Investments and Other Net Assets - . - ... . - .. ...

EURO CREDIT BOND Statement of investments as at 31 March 2006 (expressed in EUR)

.. ...

Description Quantity'Face Currency Evaluation % net Value assets

.. .

Description Quantity:Facc Currency Evaluation ab net Value assets GERMANY

COMMZBK 6.125 01-11 EMTN

5360 GERMANY 5% 02-04 01.2012

HENKEL 5.375 05-2104 STEP-UP

1 600 000

1,500 000

1.500,OOO

2.500 000

500 000

1 200.000

1.200.000

1,500.000

1 757 000

1 400.000

2,100.000

2 950,000

1.400,OOO

750 000

2.000.000

750 000

2 400.000

1,400 000

700.000

1,000,000

2,450 000

1 200.000

1.900.000

EUR 1.753168 1 9 4

EUR 1,604250 1 7 7

EUR 1,427,970 1.58

4 785388 5.29

. . . .

INVESTMENTS


BONDS

CAYMAN ISLANDS

GREAT BRITAIN

ANGLIAN WATER 4 625% 03-13

BAA PLC 4 5 % 06-15.2 18

BAT INTL FIN.5 125% 03-13

EMTN CARGILL INC 4.5%04-29.9.14

EMTN HSBC FIN.3.75% 05-4.11.15

OTE PLC 3.75% 05-1 1.1 1 201 1

VODAPHONE GRP 3.625%5-

29.11 12

EUR 2.574800 2 8 6

EUR 4HO525 053

EUR 1,238 676 1 3 7

EUR 1.213.109 1.34

EUR 1,441.995 1.59

EUR 1.700653 188

EUR 1 349.348 1.49 BCP FINANCE TV 05-PEHP

MIZUHO FIN 4 75% 04-

1 5 4 14REG SANTANDER C HlSP 4 5%04

19EMTN

500 000

3 000,000

400.000

500,000

2,000,000

4,000,000

1,000 000

1.000 oon 1 100 000

1,428.000

1 000,000

550 000

5 000.000

2 OSO,000

4 490.000

750 000

1 300 000

900 000

eo0 ooo

2 000 000

600 000

500 000

1 400 000

EUR 472610 0 5 2

EUR 3069,780 3 4 0

9399.106 11.(16 EUR 408,184 0 4 5

GREECE

GREECE 3.10% 05-20.04 10

GREECE 3.6% 06-20.7.16

3,950.574 4 37 EUR 2,os8.000 2.28

EUR 2 829.050 3.12 DENMARK

DANSK NATURGAS A S 3 5% 05-

12

EUR 484.010 0 5 4

484010 0.54

4,887,950 5 40

HONG KONG

HUTCHINSON WHAMPOA

F.5.875 Yo 03-8.7.13

F I NLAN 0 EUR 1.516.597 1 6 8

FORTUM OYJ 4.625% 03- 19 11 10 SAMPO OYJ 4.625?a(TV)04-14

REG

EUR 2,055,480 2.27

EUR 4.068.583 4.50

1.516597 1 6 8 .. -

ITALY

ClRlNT 5.75% 04-16.12.2024

EDISON 5.125"k 03-10 12.10

EMTN HERA SPA 4.125% 06-16.02 16

LOTTOMATICA SPA 4.8% 03-

22.12.08 TERNA SPA 4 9% 04-28.10.24

EUR 690.960 0 7 6

EUR 2,092.900 2.31

EUR 733,079 0 8 1

EUR 2446 101 2 7 1

6,124.063 6.77

FRANCE

AGF 4.625WTV) 05-PERP.

BFCM 4 471Yb(TV) OS-PERF

CDEE 4.625% 04-PERP.

CNCEP 5.6% 99-5.11.2011

COFIROUTE 5.875% 01-9.10.16

CREDIT LOGEM.4.604%(TV)06-

PERP CRH 4.25Ob 03-25.10 14

FRANCE 3% 05-25.10 15 OAT

FRANCE 3 25% 05-25 4 16 OAT

FRANCE 3 7590 05-25 04.21 OAT

FRANCE 4% 02-25.10 13 OAT

FRANCE 4% 02-25.4.13 OAT

FRANCE 5.75% 01-25.10 32

BTAN FR TELECOM 7% 02-23 12.09

EMTN FR TELECOM 8.125°/003-28.01.33

KLEPIERRE 4 25% 06-16 3.16

UNlBAlL HLU 4% 04-1 1 EMTN

EUR 977.060 1.08

EUR 980400 1.08

EUR 1,099 197 1.22

EUR 1,537026 1 7 0

EUR 1123,010 1.24

EUR 546.662 0 6 0

EUR 5.119.306 5.65

EUR 1922,490 2 13

EUR 4.282.562 4.74

EUR 733.575 0 8 1

EUR 1,323,140 1.46

EUR 916650 1.01

EUR 1.020640 1.13

EUR 2.212 460 2.45

EUR 823770 0.91

EUR 485.96A 0.54

EUR 1.383.578 1.53

EUR 1.434650 1 5 9

7 397.690 8.18

JAPAN

BK TOKYO MITSUB.3.5% 05-15

SHlNSEl BK 3 75%06-

23 02.16iRG

EUR 682,290 0.75

EUR 978.960 1.09

1.661 250 1 84

JERSEY

AIG SUN 4 75% 03-1 1 9 13 EMTN EUR 2.558.486 2 83

2.558186 2 8 3

LUXEMBOURG

BANOUE DU LUXEMBOURG TV

02-PERP. FINMECCANICA 5 75%03-

12.12.18

EUR 1.387 740 1.53

EUR 2,071.779 2.30

26,487,492 29.28


....

Portfolio of Investments and Other Net Assets .. -. . .-

Description (3uantity:Face Currency Evaluation 06 net EURO INVESTMENT GRADE BOND Value assets

Statement of investments as at 31 March 2006 (expressed in EUR)

Description PuantitylFace Currency Evaluation % net Value assets MERCK FIN.? 75% 05-07.12 12

NETHERLANDS

1.420 oon

490.000

1,000.000

3,000 000

1.700,OOO

930 000

750 000

1,400 000

1 600.000

700.000

1.600 000

1,000 000

EUR 1,375,776 1 52

4,835.295 5 35 . . . ._ . .

ABN AMRC 4 31"'o(TV) 06-PERP

BAT HOLDINGS BV4 375%

15 09 14 ING VERZ 3.5% 05-28 11 12

OLlVETTl FIN 7 25%02-24 04 12

URENCO FINANCE 3 375% 05-10

EUR 474.884 0 5 3

EUR 973.690 1 0 8

EUR 2917169 3.22

EUR I,YS2,Y60 2 16

EUR 906786 100

INVESTMENTS


EXCHANGE LISTING 7.225.489 7.99

SOUTH AFRICA BONDS

ESKOM 4% 06-07.03.13 EUR 732,238 0 8 1 CAYMAN ISLANDS

732.238 0 8 1 BCP FINANCE TV 05-PERP 300000 EUR 283.566 0 2 0

MlZUHO FIN 4 75% 04- 900,000 EUR 920,934 0 6 5

15 4 14HEG SANTANDER C HlSP 4 5%04- 400.000 EUR 408.184 0 2 9

19EMTN

1,612,684 1 14

FINLAND

SPAIN

TELEFONICA 3.7570 06-2 02.11 EUR 1,372.252 1.52

1372.252 1 5 2

. .. ...

UNITED STATES

CL CAP TRUST 1 CRYL TV-

PERP COMMZBK CAP 5 012%(TV)06-

PERP CS GRP FlN(US)3.1259'0 05-12

CS GRP(US)3 625°btTV)05.

14 9 20

EUR 1834.976 2 0 4

SAMPO OYJ 4.625:b(TV)04-14 900,000 EUR 915.431 0.65

REG

915.431 0.65

EUR 691,551 0 7 6

EUR 1.520640 1 6 8

EUR 940,840 1 0 4 FRANCE

AGF 4 625Ob(TV) 05-PERP.

CDEE 4.625% 04-PERP

CIE FIN FONC.2.375°b 05-29.1 09

CIF EUROMORTG 4.75"/001-

29 10.08 CNCEP 5.6% 99-5 11 201 1

CREDIT LOGEM.4.604%(TV)06-

PERP FRANCE 0% 91-19 OAT

FRANCE 3.15% 02-25.7.32 OAT

FRANCE 5.25% 98-25 4 08 OAT

FRANCE 5.5% ynwu2y OAT

KLEPIERRE 4.25% 06-16.3.16

UNlBAlL HLD 4% 04-1 1 EMTN

VAUBAN MOB 4.501" 01-28 m o a

300.000

400 000

4,500 000

4,300.000

500.000

200.000

5,500 000

3,200,000

9,900 000

1,150,000

200,000

500 000

4,400 000

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

293.118

399 708

4,361 587

4,430.559

53n.175

1 9 8 . m

3,254.900

4,382 589

10,271,251

1,401 215

194,385

494 135

4,499.1 30

0 21

0 28

3 08

3 13

0 38

0 14

2 30

3 09

7 24

0 99

U 14

0 35

3 16

4 988,007 5 52

89,004,987 98.43 ~

TOTAL BONDS


AN OFFICIAL STOCK EXCHANGE LISTING 89,00A,987 98.43

TRANSFERABLESECURITIESTRAOEDONANOTHERREGULATED MARKET

OPTIONS ON FUTURES

GERMANY

CALL EURO BUND 21/04/06 118 40 EUR 5,600

CALL EURO BUND 21:04/06 119 (40) EUR (1.200)

PUT EURO BUND 21,04106 117 (40) EUR (17 600)

(13 200)

.

0.01

0 00

(0.02)

(0.01)

.....

34 719 598 24.49 (0.01) TOTAL OPTIONS ON FUTURES (13,200)


ANOTHER REGULATED MARKET (13.200)

TOTAL INVESTMENTS

GERMANY

GERMANY 4 5 % 03-4 1 13 12.600 000

GERMANY 4.75% 98-28 4,135,000

HENKEL 5 375 05-2104 STEP-UP 750,000

(0.01)

98.42 ~. ..

EUR 13.204.800 9.32

EUR 4.576618 3 2 3

EUR 713,985 0.50

18.495.403 13.05

.~

OTHER NET ASSETS LESS LIABILITIES 1 ,A30.3*7 1.58

GREAT BRITAIN

TOTAL NET ASSETS 90,A22,13A 100.00 ANGLIAN WATER 4 625"/. 03-13

BAA PLC 4 5 % 06-15 2 18

BAT INTL FIN 5 125O0 03-13 EMTN

400,000

150,000

400 000

EUR 411,968 0.29

EUR 144,158 0.10

EUR 412892 0.29


-. ___

Portfolio of Investments and Other Net Assets ... . .... ... . ...

-. ~ . .. . .

Description Quantity/Face Currency Evaluation % net Description QuantityIFace Currency Evaluatlon net Value assets Value assets

CARGILL INC 4 5%04-29 9 14

EMTN HBOS TRS SERV 3 5% 04-

12.2.09 HSBC FIN.3.75% 05-4.11.15

OTE PLC 3.75% 05-1 1 11.201 1

VODAPHONE GRP 3.625%5- 29.11 12

3x1 000

3,200 000

400.000

400 000

500.000

700,000

20.600,OOO

500 000

300,000

500,000

200.000

700 000

500,000

200.000

500,000

925,000

400.000

300 000

430 000

XI0 000

300.000

340.000

1.000 000

8,000 000

2.600 000

10,000,000

EUR 353,824 0 2 5

EUR 3.196218 2 2 6

EUR 384532 0.27

EUR 387 172 0 27

EUR 481 910 0 3 4

OLlVETTl FIN.7.25"~o02-24.04.12

URENCO FINANCE 3 375% 05-10

600,000

600.000

400.000

300.000

500.000

800.000

600.000

400,000

350.000

500.000

850.000

1.930,OOO

600,000

EUR 689280 0.49

EUR 585,023 0.41

24 165,487 17.05

NETHERLANDS ANTILLES ..

BTM CURACAO 3 5% 05-19 04 15 EUR 391 860 0.28

5.772 674 4.07 SOUTH AFRICA

GREECE

ESKOM 4% 06-07.03.13

SPAIN

EUR 292895 0.21 GREECE 3.10% 05-20.04.10

GREECE 3.6% 06-20.7.16

EUR 686000 0.48

EUR 19,755,400 13.94

20,441.400 14.42

292.395 0.21

TELEFONICA 3.75% 06-2 02.1 1

UNITED STATES

HONG KONG EUR 490090 0 3 5

HUTCHINSON WHAMPOA

F 5 875% 03-8 7 13

490 090 0.35 EUR 541,642 0.38

541 642 0.38 BANK AMERICA CORP 4% 05-15

CIT CR CD IS 5 375% 01-10 04 13

ClTlGROUP 5% 04-2 8 2019

COMMZBK CAP 5 012"/o(TV)06-

PERF CS GRP FIN(US)3 125% 05-12

FHLMC 4 375% 04-15 1 14 EMTN

MBNA CR 4 5% 04-17 1 14

S 04A1 M STANLEY 4 375% 03-1 3 10

EUR 795.416 0.56

EUR 642,034 0.45

EUR 428.072 0 3 0

EUR 345776 0 2 4

ITALY

ClRlNT 5 75% 04-16.12.2024

EDISON 5.12590 03-10.12.10

EMTN HERASPA4 125%06-1602.lfi

LOTTOMATICA SPA 4.8% 03-

22.12.08 TERNA SPA 4.9% 04-28 10.24

EUR 276,384 0.20

EUR 523,225 0.37

EUR 195,488 0.14

EUR 713446 0.50

EUR 512,375 0.36

EUR 475.200 0 3 4

EUR 877912 0 6 2

EUR 2,000,049 1.42

EUR 611 772 0 4 3 2,220,918 1 57

6,176,231 4.36 JAPAN

TOTAL BONDS 119,093,003 84.03 BK TOKYO MITSUB.3.5"h 05-15

SHlNSEl BK 3.75%06-

23.02.161RG

EUR 194940 0.14

EUR 489,480 0.3A TOTAL TRANSFERABLE SECURITIES ADMITTED TO


TRANSFERABLESECURITIESTRADEOONANOTHERREGULATEO MARKET

684.420 0.48

JERSEY

OPTIONS ON FUTURES AIG SUN 4.75% 03-11.9.13 EMTN EUR 965.959 0.68

965.959 0.68

..

GERMANY

LUXEMBOURG CALL EURO BUND 21/04/06 118 115 EUR 16.100 0.01

CALL EURO BUND 21/04/06 119 (115) EUR (3.450) 0.00

PUT EURO BUND 21/04/06 117 (115) EUR (50.600) (0.04)

B A N W E DU LUXEMBOURG TV

02-PERF. FINMECCANICA 5.75"/.03-

12.12.18 MERCK FIN.3.75% 05-07.12.12

EUR 462580 0.33

EUR 327123 0 2 3

EUR 416608 0 2 9 (37,950) (0.03)

TOTAL OPTIONS ON FUTURES (37,950) (0.03)


ANOTHERREGULATEDMARKET (37,950) (0.03)

1206,311 0 8 5

NETHERLANDS

ABN AMRO 4.31%(TV) 08-PERF

BAT HOLDINGS BV4.375"/0-

15.09.14 ING BK NV 3.5% 05-16.09.20

ING VERZ.3 5% 05-28.1 1 12

NETHERLANDS 3% 04-15.01 10

NETHERLANDS 4% 05-15.01 37

NETHERLANDS 5% 01-15.07.11

EUR 193830 0.14

EUR 292.107 0.21

EUR 320.137 0.23

EUR 972,390 0.69

EUR 7.858400 5 54

EUR 2,595.320 1.83

EUR 10,659,000 7.51


. .. -


.. ..

Description QuantityjFace Currency Evaluation "/"net EURO INVESTMENT GRADE CORPORATE BOND Value assets


Description Face Value Currency Evaluation "h net assets FINANCIAL INSTRUMENTS

TREASURY BILLS

FRANCE

FRANCE 0% 06-1.6.06 BTF 8,000 000 EUR 7.964 000 5.62 . .. . . . . -. - .- .

INVESTMENTS 7964,000 562

7,964,000 5.62

~- 7.964,OOO 5.62

127,019,053. *,62

~. - TOTAL TREASURY BILLS

TOTAL FINANCIAL INSTRUMENTS

TOTAL INVESTMENTS


EXCHANGE LISTING

BONDS


AUSTRALIA

TOTAL NET ASSETS 141,727.068 100.00 TELSTRA CORF 3% 05-28.6.10 50 000

35.000

150,000

25 000

5 000

35.000

60.000

60 000

35.000

50,000

55,000

5.000

60 000

35,000

35.000

60 000

10,000

EUR 48.037 0.45

48.037 0.45

AUSTRIA

TELEKOM F.3 375% 05-10 EMTN EUR 34,157 0 3 2

34157 0 3 2

BELGIUM

FORTIS BANK 4.625% 04-PERP. EUR 149.892 1.41

149,892 1.41

CAYMAN ISLANDS

BCF FIN.5.543"h 04-..

BE$ FIN 6 625% 02- ... EMTN

BES FIN.LTD 4.5% 04-PERP.

BNP PARIBAS 6.625% 01-PERF

MUFG CAP FIN.2 4.85"/uTV 06-

PERF

EUR 26159 0 2 5

EUR 5559 0 0 5

EUR 34.113 032

EUR 67.252 0 6 3

EUR 59.329 056

192.412 1.81

DENMARK

DANSK NATURGAS Ais 5 5%05-

PERP DANSKE BANK 4.25% 03-20.6.16

ELSAM 4.625% 04-21 06.1 1

EMTN

EUR 34788 0 3 3

EUR 50,266 0.47

EUR 56.804 0.53

141.858 1.33

FINLAND

FORTUM OYJ 4 625% 03- 1911 10 NORDEA BK FIN 5 75%(TV) 02-

14 SAMPO OYJ 4.625%(TV)04-14

REG STORA ENS0 5 125% 04-23 6 14

EUR 5.139 0 05

EUR 63.287 0.60

EUR 35,600 0.33

EUR 35,574 0.33

139.600 1.31

-.

FRANCE

AGF 4.625%(lV) 05-PERF.

AUCHAN 3.5% 03-22.07 08 EMTN

EUR 58,624 0.55

EUR 9.964 0.09

HSBC Global Investment Funds ~~

- . ~- - Portfolio of Investments and Other Net Assets

.

Dnscription Fact: Value Currency Evaluation Yo net Description assets

AXA 6 % 01-18 6.13 EMTN

CARREFOUR 4.375% 03-1 1

EMTN CLF 4.3%(TV)05-PERP

CNCEP4.75"b 01-21.11.11 EMTN

CNCEP 5 25% 03.. EMTN

FRANCE TELECOM 7.25% 03-13 EMTN FR.TELECOM 6 75% 01-14.03 08

REGS FR.TELECOM 7% 02-23 12 09

EMTN GIE PSA TRES 5 875C01-

27 09.1 1 GIE SUEZ ALLIANCE 4 25%; 03-

10 LAFARGE 5.875% 01-E 11.08

EMTN LVMH 5 !c 03-29.4 10 EMTN

RENAULT 6.125"102-26.06 09

SCHNEID.ELECT 3 125%05-

11.8.10 SODEXHO ALL.5.875°/u02-

25.03.09 THALES 4.375% 04-22 07.1 1

EMTN VALEO 3 75% 05-24 06.13

VALEO 5.625°,001-13 07.06

VEOLIA ENV.4 375% 05-1 1 12 20

VEOLIA ENV.5.375%03-18 CAT2

VEOLIA ENV 6.125% 03-33 EMTN

VIVENDI UNIV. 3.625% 05-6 4.10

3CIF 5.875:b 02-5.4.2012 EMTN

GERMANY

BAYER AG 5O/.(TV) 05-29 7 2015

BERTELSMANN 3 625% 05-

06.10.15 BMW FIN,3.875"/0 04-6.4.1 1

EMTN COMMZBK 4 75O'c99-21 04 09

DEGUSSA 5 1255; 03-

10.12.13EMTN DEUTSCHE TELEKOM INTL

5.875'X 01-11.7.06 EWE AG 4 87SY6 114-14.10 19

HENKEL 5.375 05-2104 STEP-UP

MUNICH RE FIN.6.75%03-

21.06.23 NORDDT LB 5.75% 02-15 EMTN

TALANX 4.5% (TV) 05-30.6.25

TCHIBO HLDG 4.5% 04-13 10 14

WESTF.LIPP BK 4 375C04-

24.9.14

GHEAl BRITAIN

ANGLIAN WATER 4 625% 03-13

ANGLO AMERICAN 3 625'633-

5 6.08

10.000

90.000

50.000

30.000

25.000

125,000

180,000

70.000

55,000

45 000

65 000

90,000

35.000

50,000

40.000

35,000

35,000

10 000

20 000

15.000

55,000

65,000

20.000

65.000

50 000

110000

115000

80.000

170.0OU

25 000

70,000

115000

75,000

60.000

25.000

50.000

35.000

35 000

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

11.215

91,697

48.716

31,396

26 242

146,314

190,445

77.436

59,739

45,653

68 329

93.398

37.323

48 397

42.249

35.581

33 846

10.065

19.035

15.Y52

62.215

63.615

22 057

0.1 1

0.86

0.46

0.29

0.25

1.37

1 80

0.73

0.56

0.43

0.64

0.88

0.35

0.45

0 40

0 33

0 32

0 09

0.18

0.15

0.58

0.60

0.21

1 349.503 12 68

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

59,405 0 56

46226 0.43

109816 103

118102 1 1 1

79.155 074

171,189 1 6 2

25620 024

66,639 0 6 3

130678 1.23

84.542 0.79

56,605 053

24,765 023

51,317 0 4 8

1,024,059 Y.62

36.047 0.34

34.986 0 33

. . . . . . .

Face Value Currency Evaluation "A net assets

BAA 4.5% 04-30.9.14 EMTN

BARCLAYS 4 875% 04-PERP

BAT INTL FIN.5.125% 03-13

EMTN CADBURY SCHW 4 25% 04-

30.06.09 CARGILL INC 4.5O/.04-29 9 14

EMTN COMPASS GR.69.b 02-29.5.09

EMTN GALLAHER 4.625% 04-

10.6 11EMTN HBOS PLC 5 125% (TV) 03-

HOUSEHLD.FIN.5.125%99-

24.06 09 IMP.TOBA FIN 6 375%99-

27 09.06 MM02 6 375% 02-25.1.07 EMTN

NATIONAL GRID 5% 03-2.7.1 8

NAT WESTMINST.5.125c/099-

11 EMTN NORTH WEST WATER 4.87570

99-09 OTE PLC 5Yb 03-5.8.13 EMTN

RENTOKIL INITIAL 5.754'. 02-07

ROYAL BK SCOTL.5.5% 04- PERP. TESCO PLC 3.875% 06-24.03 11

VODAFONE GRP 4.25% 03-

27.5.09

GREECE

PUBLIC POWER 6.25% 00- 8.11 10

HONG KONG

HUTCHINSON WHAMPOA

F.5.875 Yo 03-8.7.13 STD CHART.5.375% 99-6.5.09

EMTN

IRELAND

BK IRELAND 7 4CO1-PERP

MTNI

ITALY

AUTOSTRADE 5% 04-9.6 14

EMTN EDISON 5.125% 03-10 12.10

EMTN ENECO4.125C03-I06 10EMTN

ENEL 5.25% 04-20.05.24 EMTN

HERA SPA4.125"/0 06-16.02.16

UNICREDITO ITAL. 4.5% 04-2019

UNlCREDlTO 3 95% 06-1 2.16

35,000

EO OCO

65 000

25 000

50 000

25,000

65,000

140 000

75,000

90,000

45 000

35,000

25 000

11 0.000

65,000

35.000

115.000

50 ouo 170,000

45 000

35 000

25 000

45,000

100 000

35,000

35.000

50 000

50 000

60 000

50 000

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUH

EUR

EUR

EUR

EUR

34.332

58,344

67 095

25 296

50.546

26,413

66.515

146 348

78,109

91,394

46.099

35,728

26 514

113373

65 871

35,810

11 6.504

49,741

172,078

0 32

0.55

0 63

0 24

0.47

0.25

0.62

1.37

0.73

0.86

0.43

0.34

0.25

1 07

0.62

0.34

1.09

0.47

1.62

1,377,143 12 94

EUR 49.076 0.46

49.076 0.46

EUR 37915 0 3 5

EUR 2E 164 0 2 5

64 1179 0.60 - .. .

EUR 51.464 0 4 8

51,464 0 4 8 ~.

EUR 103.753 0.97

EUR 36.626 0.34

EUR 35226 0 3 3

EUR 52800 0.50

EUR 48872 046

EUR 60,801 057

EUR 47,431 0 4 5

385.509 3 6 2

-~


Portfolio of Investments and Other Net Assets - .-

. . . . . .

Description Face Value Currency Evaluation % riel Descriptiori Face Value Currency Evaluation YO net assets assets

JAPAN

BK TOKYO MITSUB 3.5% 05-15

JERSEY

50000 EUR 48735 0 4 6

48.735 0.46

HSBC CAP FOG 5.3687°/003-

PERP. PROSECURE FD 4.668:: 06-

30.6.16 RESPARCS FD II LSH 7 5%03-

PERP

80,000 EUR

70.000 EUR

60,000 EUR

84.430 o 79

69.021 0 6 5

64.621 061

218072 2.05

LUXEMBOURG

CLARIANT FlN.4.375Vc 06-5.4 13

FINMECCANICA 5.75"/003-

12.12.18 HANNOVER FIN.S%(TV) 05- PERP HOLCIM FIN.LUX.4.375%-23.6 10

SOGERIM i%01-20.04.11

50.000 EUR

35.000 EUR

45.000 ELJR

35.000 EUR

170.000 EUR

NETHERLANDS

AEN AMRO 4.31WTV) 06-PERP

AKZO NOBEL 4.25% 03-14.6.1 1

ALLIANZ FIN TV 05-PERP

ALLIANZ FIN.II 6.125?:02-

22EMTN ALLIANZ FIN 5.625% 02-29.1 1 12

ALTADIS FIN.4.25% 03-2 10.08

DT.TEL INT.F.7.125%UI-11

STEPPD EADS FIN.4 625O'O 03-3.3.10

EDP FINANCE 3.75% 05-22.06 15

EUREKO 5.125% 05-29.06.49

IBERDROLA 1.4 875% 03-18.2 13

ING BK NV 3 5% 05-16 09 20

ING VERZEKERING 6.25% 01-21

INTL ENDESA 4 375% 9Y-0Y

EMTN KON.PHILIPS 6 125%01-16 05.1 1

KPN NV 4.5% 04-21.7.11 EMTN

METRO FIN 4.625% 04-11 EMTN

OLlVETTl 6 575%99-09 E S2jSTEP PORTUGAL TELE.INTL

4 375CO5-17 RED ELECTRICA 4.75% 03-13 EMTN REPSOL INTL 5% 03-

22.7.13EMTN RWE FIN 4.625?/, 04-23.7.14

SAINT GOBAIN NED.4.7570 99-09

TELEFONICA EUR 5.125% 03-13

TNT NV 5.125"/001-

05.12 OBSENIOR

60000 EUR

70000 EUR

90,000 EUR

60000 EUR

10000 EUR

100,000 EUR

225,000 EUR

35.000 EUR

55.OUU EUR

30.000 EilR

100000 ELIH

75.000 EUR

130000 EUR

45,000 EUR

451100 EUR

125.000 EUR

25000 EUR

180,000 EUR

50.000 EUR

25,000 EUR

70.000 EUR

17UUOO EUR

70.000 EUR

35000 EUR

90000 EUH


49,610 0.47

38 164 0.36

43790 0.41

35.418 0.33

192748 1.81

359730 3.38

58,149

70.204

85 942

66.260

10,Y73

100,908

251,740

35 981

52,562

30,476

104 1112

70,619

143 000

45 765

49 437

123,800

25.513

194,310

45.087

26.121

72.580

175 479

71.842

36.306

92.925

0 55

0 66

0 81

0 62

0 10

0 95

2 37

0 34

0 49

0 29

0 9R

0 66

1 34

0 43

0 46

116

0 24

1 83

0 42

0 25

0 68

1 65

0 67

0 34

0.87

WOLTERS KLUW.5.125% 03- 27.1.14

35.000 EUR 35668 034

2,075.659 19 50

SPAIN

BCO BILBAO VIZCAYS TV 04-19

SANTANDER TV 04- PERP

TELEFONICA 3 75% 06-2 02 11

100,000 EUR 101 129 095

100000 EUR 99.625 0 9 4

50.000 EUR 49.009 0.46

249,763 2 3 5 . . ..

SWEDEN

SCA FINANS AB5 375C02-

25 06 07 SCANIA 6% 01-17.12.08 EMTN

SECURITAS 6 125%01-14.03.08

5KAND.ENSK.BANK.TV 02-6.6.12

TELIASONERA 4.125% 05- 11 5 15 VATTENF.TSY 5 25%(TV)05-

PERF

35000 EUR 35,793 0.34

5.283 0 05

55000 EUR 57400 O S *

20,000 EUR 20,5117 0 19

35000 EUR 33,640 0 3 2

5.000 EUR

70000 EUR 68.977 0.64

221 600 2.08

UNITED STATES

AM.GEN.FIN.3 25% 05-16 1.05-

16.1.13 BK OF AMER1.4.625C04-I8 02.14

BNP PARIBAS 5 868%03-PERP.

CA PREF.TRUST 111 6% 03-PERP

ClTlGROUP 4 25% 05- 25.2.3UEMTN ClTlGR 4.75% 04-10.2 1Y INTL

COMMZBK CAP 5 012%(TV)06-

PERP CS GRP(US)3 625%(TV)05-

14.9 20 DAIMLER CHRYS.4.25%04-

100411 DEUTSCHE CAP.5.33% 03-

... EMTN EUROHYPO CAP 6 445% 03-

.PERP GECC 4.125% 05-19 9 35

GOLDMAN SACHS 4% 05-

02.02.15 JP MORG.4.25% 04-9.6.1 1 EMTN

LEHMAN BROTH 4 75% 04-14

EMTN M.LYNCH 4.625'b 03-2.10.13

EMTN M.5TAN.D.WITTER 5.75% 02-09

PEMEX PR.FDM MSTR5 5°/005-

25REG PROCTERBGAMB.4.125% 05- 7.12 20 SANPAOLO IMI CAP.@ 126% 00-

SLM CORP 3 125% 05-17 9 12

SN STE GEN CAP TR I 7 875% 00

UBS PREF FD TV 05-PERP

70,000 EUR

60,000 EUR

YO000 EUR

25,000 EUR

80.000 EUR

90,000 EUR

50,000 EUR

120,000 EUR

80000 EUR

145.000 EUR

2500U EUR

60,000 EUR

135.000 EUR

45,000 EUR

60,000 EUR

35.000 EUR

100.000 EUR

35,000 EUR

50.000 EUR

100,000 EUR

50000 EUR

60000 EUR

60.000 EUR

66.100

62 280

97 691

26,199

74,862

93.362

49 397

112 900

79 918

152 116

27 335

55 183

132,279

45,770

62,023

36.055

105,654

33 817

48 369

116,568

47 01 1

68 188

58 978

0.62

0.59

0 92

0.25

0 70

0.88

0 46

1.06

0.75

1.43

0.26

0.52

1.24

0 43

0.58

0.34

0.99

0 32

0.45

1.10

0.44

0 64

0.55

~- _ _ ~ - - ._ _

Portfolio of Investments and Other Net Assets _- -

Descriptiuri Facevalue Currency Evaluatlun %net EURO HIGH YIELD BOND assets


Description Face Value Currency Evaluation '10 net assets UNICRED.ITAL 8.048% 00-48 25,000 EUR 28.949 0 2 7

REGS

1,681,004 1579

TOTAL BONDS 9,861,352 92.64



TOTAL INVESTMENTS 9861,352 92,64

. .-

INVESTMENTS

OTHER NET ASSETS LESS LIABILITIES 783,300 7.36 TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK

EXCHANGE LISTING

TOTAL NET ASSETS 10,644,652 100.00 BONDS

BELGIUM

1.525000 EUR 1.666.215 1.34 BARRY CALLEBAUT 9 25% 03-10

REG TELENET COM.9"h 03-15.12.13

REGS

1.878 706 EUR 2.090.764 1.68

. . . . . .

3.756 979 3.02

BERMUDA ISLANDS

CEN.EURO MEDIA 8.25%05 12REG.S

1,200.000 EUR 1,338,429 1 OR

.~

1,338.429 1 OR

DENMARK

DANSK NATURGAS AIS 5.5%05- PERP ISS GLOBAL AIS 4.5% 04-14

EMTN TDC 6.5%02-19 04.12

1400,000 EUR 1,391 502 1 1 2

2 700.000 EUR 2239946 1 8 0

1250,000 EUR 1263,480 1 0 2

4.894.928 3.94

FRANCE

ALCATEL 6 375% 04-7 4 14

EMTN ALSTOM TV 05-13.3 09

ALSTOM fi 25% 05-3 3 10

CROWN EUR 6 25% 05-01 09 11

FG4 8 375% 05-30 4 15 REG S

KAUFMAN ET BR 8 75% 02-09

REGS RAY ACQ SCA 9 375% 05-1 5

REG S RHODIA 8 % 03-1 6.10 SENIOR

THOMSON 5 75O/,(TV) 05-

VlNCl 6 25% 06-PERF PERP

1,908 000 EUR 2.065.200 1.66

750,000 EUR 777,750 0.63

3,050 000 EUR 3,210,765 2.58

1,950,000 EUR 2.079.285 1.67

1.700.000 EUR 1,967.750 1.58

2450,000 EUR 2.780750 2 2 4

2.050.000 EUR 2,200,867 1 77

1,950.000 EUR 2,073,825 1 fi7

2.600.000 EUR 2 11 5.523 1.70

1,300,000 EUR 1,273 051 1 02

20 544.766 16 52 .

GERMANY

ATU AUTO-TEILE TV 04-1.10.14

ESCADA 7 5% 05-1 04 12 REGS

FLENDER HLDG 11% 03-1 8 10 REGS GERRESHEIMER 7 875% 05-15

REGS

750.000 EUR 793.359 0.64

800.000 EUR 867,971 0.70

675000 EUR 796.500 0.64

1450000 EUR 1.453625 1 1 7

HSBC Global Investment Funds ... .

. . -


.- ..

Face Value Currency Evaluation ‘In net aSSBtS assets

Descrlpllon Face Value Currency Evaluation “ 0 net Description

-

THIEL LOGIST.8% 04-

15 12 12REG WIND ACQUISIT.9.75% 05

1.12.15

750.000 EUR 749,063 0.60

1325.000 EUR 1,421,071 1.14

HENKEL 5 375 05-2104 STEP-UP

HORNBACH BAU 6 125% 04-14

REGS IESY REPOS 10 125% 05-15

REGS KABEL DEUTSCHL 10 75% 04-

14REG MTU AERO 0 25% 04-1 4 14 REGS-I 4 14 SNR PER1 5 625% 04-15 12 11 REGS

SCHEFENACKER 9 5% 04- 11 2 14 SGL CARBON 8 5% 04-1 2 12

EMTN TU1 AG 6 625% 04-16 05 11 REG

1.000 000

1.600.000

600.000

1850.000

2 100.000

1 450 000

825.000

2,575.000

2 300.000

EdR 951 980 0.77

EUR 1,661933 1.34

EUR 612.563 0.49

EUR 2,099.557 1 69

EUR 2405,550 1 9 4

EUR 1508906 1.21

EUR 752.125 0 6 1

EUR 2833.681 2 2 7

EUR 2395.588 1 9 3

17.825 606 14 34

NETHERLANDS

CARMEUSE LIME 10 75% 02-12

REGS COGNIS 9 5‘, 04-15 5 14 EhlTN

FHESENIUS FIN 5 5% 06-16

REG S IFCO SYSTEMS 10 375% 03-10

REG KON AHOLD 5 875%01-08 S 014

UPC HLDG e 6 2 ~ ~ 0 5 - 1 5 I 14

REGS VICTORIA ACQ 7 875% 04-14

REG YELL FIN 10 75% 01-1 8 11

EMTN

1,747625 1 4 1

1.883 063 1.52

348628 0 2 8

1550,000 EUR

1,650,(1110 EUR

350,000 EUR

400,000 EUR

562000 EUR

1.200,OOO EUR

2.000000 EUR

342000 GBP

455,000 0 37

579928 0 4 7

i ie4,819 0 9 5

2224.999 1 78

19.133 33H 1540

3 08

1.75

0.54

0.63

1 4 7

2.10

0.45

10.02

1.84

GREAT BRITAIN

COHUS 7 5’/004-1.10 11 SENIOK

ECO-BAT 1 3 125CO3-31.1.13

REGS

REG INVENSYS 3 875% 04-15 3.1 1

LUCITE 10.25% 03-15.5.10HEG S

NTL CABLE 8.75% 04-15 4 14

WRG ACQUISIT.TV 04-1 1 REGS

INEOS GROUP 7.875% (16-16

3 550.0011 EUR 3 839.535

1900000 EUR 2 169563 531.334 0 4 3

8,955,396 7.21 70U U00 kUH 676226

NOHWAY 700,000 EUR 777,964

1.750.000 EUH 1 828.7511

2.450 000 EUR 2.603 547

375.000 GBP 553.769

AKER KVAERN 8 3759.04

1 5 6 1 1

2.650.000 EUR

2.968 000 239

SOUTH AFRICA 12 449 354

FOODCORP 8.875%05-15 6.12

REGS SAVCIO HLDS LTD H% 06-13 REG.S

GUERNSEY . .

ABB INT FIN 6.5% 03-11 EMTN-

TERM NOTES 2

600,000 EUR 660750 0.53

350.000 EUR 368.760 0.30 2 075.000 EJR 2.281 608

2,281.608 1 .84 1029 510 0.83

IRELAND UNITED STATES

AGCO 6 875% 04-15 4 14

AHOLD FIN USA5.875% 01-12

BCP CRYST.US 10 375% 04-

14EMTN CENTRAL EUR.DIST 8% 05- 25.7 12 EB HOLDING I O ’ % 05-15 2.15

REGS FRESENIUS MED.7.37593 01- 11 REG. GMAC 5.375% 04-6.6.1 1 EMTN

KRONOS INTL.8 875’ia 02-09

W A ) MANITOWOC 10 375%01-

11SUQRTA) NALCO COMPANY 9% 03- 15.11 13 NALCO 7 75% 02-15 11.11 EMTN

OWENS-BROCKWAY 6.75%04-

1.12 14 ROCKWOOD SPEC 7.625% 04-

14

EIRCOM FUND.8.25”h 03-15.8 13

MDP AQUISIT 10 125Oc 03-12

REG VALENTIA TELEC 7 25?~03-13

EMTN

950 000

2 fi25.om

935,000

850 000

1,200 000

550.000

1,625 OUO

2 850,000

2 600 000

1 000.000

2 100.000

1,850 000

750.000

EUR 1,059.250 0.85

EUK 2921 953 2.36

EUR 1022522 0.82

575 000

950 000

864,500

500.000

735.000

1,525.000

1.000 000

390.000

650.000

560.000

300 000

700.000

950 000

EUR

EUR

EUR

EUR

EUH

EUH

EUR

EUR

EUR

EUR

EUR

EUR

EUR

598 958

989,207

1 040 282

551 250

721 546

1.687 920

910,000

408 168

685 750

609 560

321 300

720 125

987 406

0.48

0.HO

0.84

0.44

0.58

1.36

0.73

0.33

0.55

0.49

0.26

0 58

0.79

5003.725 4 0 3

ITALY

ClRlNT 5.75% 04-16.12 2024 EdR 783088 0.63

LUXEMBOURG

CABLECOM LUX 9 375% 04-14

CULLIGAN FIN 8% 04-1 10.14

REGS FIAT FIN 6.625% 06-15 02.13

FIAT FIN 6.75%01-25 05.1 1

GAZ CAPIT4L 7.8% 03-27 9.10

HELLAS TELECOM TV 05- 15.10.12 LIGHTHOUSE INTL 8% 04-14

REGS NELL AF 8.37593 05-15 REGS.

ODYSSEE FIN 8.375%-14

REG(RTA)

EUR 1.363500 1.10

EUR 591.488 0 4 8

EUR 1,669.346 134

EUR 2997,316 2 4 1

EUR 2926710 2.36

EUR 1,018.350 0 82

EUR 2268,754 1 8 3

EUR 1,931 708 1.55

EUR 888.300 0.71


-_


- -. . Description Face Value Currency Evaluation YO net GLOBAL EMERGING MARKETS BOND

assets Statement of investments as at 31 March 2006 (expressed in USD)

Quantity/Face Currency Evaluarlon % net Value assets

Description XEROX 9.75% 03-15.01 09 1,400000 EUR 1,604451 1 2 9

11,835,923 9.52

TOTAL BONDS 112.800.650 90.77


AN OFFICIAL STOCK EXCHANGE LISTING 112.800.650 90.77 ..


MARKEl

BONDS

INVESTMENTS


NETHERLANDS

SHARES 1,550.000 EUR 1 797.031 1 45

1,797,031 1.45 BRAZIL

ASPROP.CAP.9.625% 03-1.10.13

UNITED STATES 40000 BRL 321.666 0.27

16.200 BRL 310810 0 2 6

5.500 USD 265430 0 2 2

COMPANY SA

800.000 EUR 852,000 0 69 DURATEX SA PRIV

346000 EUR 403.090 0 3 2

27Y.000 EUR 315.619 0.25

VALE RIO DOCE iSADR

SOUTH KOREA

HUNTSMAN LLC 8% 04-

15REGS/STEP TRW AUTOMATIVE.11.75"h 03-13

TRW AUT.l0.125% 03- 1 5 2 l3EMTN

897906 0 7 5 - ... -.

1570,709 1 2 6

3,367,740 2.71 KOOKMIN BANK 'SADR . . .. . 2.000 USD 166,500 0 14

TOTAL BONDS

166500 0.14 TOTAL TRANSFERABLE SECURITIES TRADED ON

ANOTHER REGULATED MARKET 3,367,740 2.71 TOTAL SHARES

OTHER TRANSFERABLE SECURITES BONDS

1,064,406 0.89

BONDS ARGENTINA

UNITED STATES -

CANANDAIGUA BR.8.5'0 00-09 900,000

s c

ARGENTINA TV 02-3 8 12 'FLAT

ARGENTINA TV 05-15 12 35 GDP

ARGENTINA 7% 06-28 OJ 11

SER V ARGENTINA 8 28'm 03- 31 12 33PIK BCO DE GALlClA TV04-

1 1 lOlREG BCO GALlClA 5% 04-14REGS

ST-UP PETROBRAS ENERG 90/,02- 1 5 09-H-

1,600.000

6.676.558

500,000

1 ,I 50,000

350,000

300,000

soo.oon

1,200,000

1 .ooo.ooo 1,000,000

500.000

2,500.000

2.100.000

2,250,000

2 000.000

USD 1,317,402 1 1 0

US0 599.191 0 5 0

USD 477,375 0.40

US0 1,229,424 1.03

US0 349,513 0.29

US0 261.180 0 2 2

US0 525,000 0.44

GBP 1,400 057 1 13

1400057 1 1 3

1.400.057 1.13

-. 1.,400,057 1.13

TOTAL BONDS


FINANCIAL INSTRUMENTS

TREASURY BILLS

4,759,085 3.98 FRANCE

BAHAMAS

FRANCE 0% 05-27 04 06 900 000 BTF(RBG) FRANCE 0% 06-6.4.06 BTF 1,600.000

(REG)

EUR 8982OC 0.72

EUR 1,599.360 1.29

BANCO VOTORANTIM 9.25% 05-

12

BRL 564.744 0 4 7

564,744 0.47

2,497,560 2 01 BRAZIL

TOTAL TREASURY BILLS


TOTAL INVESTMENTS

2,497,560 2.01

2,497,560 2.01

120.066.007 96.62

4,205,631 3.38

124.271.638 100.00

BRAZIL 10% 03-7 8.1 1

BRAZIL 10.25% 03-17.6 13

BRAZIL 10.5"/0 04-14.7.14

BRAZIL 7.875% 05-7.3 15

GLOBAL BRAZIL 8% 05-15.1 18

BRAZIL 8.25% 04-20.1.34

BRAZIL 8.759; 05-4.2.25 GLOBAL

US0 1173.000 0 9 8

US0 1.221.300 1.02

US0 625.000 0 52

USD 2.700.251 2 26

OTHER NET ASSETS LESS LIABILITIES USD 2,275.350 1.90

US0 2.489.625 2.08

US0 2,292.400 1.92 TOTAL NET ASSETS


.-. ..


- . .

Description OuantityiFace Currency Evaluation '10 nct Description QuantitylFace Currency Evaluation "/o net Value assets Value assets

1 .ooo,ooo

1,000.000

500,000

500 000

500.000

250 000

500.000

3,345 813

750 000

447,516

1 .000,000

1,000 000

1,500.000

10.000.000

1,000.000

3.250.000

17,484,000

500 000

1 .000,000

mo.000

2.000 000

1,000.000

US0 1 007.400 0.84 ELECTROBRAS 7.75% 05-15

REG S

400,(100

300,000

2.290,OOO

750,000

950 000

560 000

750,000

940.353

737,282

750,000

3511.000

1 000,000

400.000

943.693

1.200,000

1 ,z5o,u00

1.000 000

6 3sn,ono

1.500.000

US0 416400 0.35 DRESD KLEINW 7.75%04-23.9.09

GUATEMELA

2,880,900 2.41 13 193.326 11.03

CAYMAN ISLANDS

GUATEMALA 10.25% 01-11

REGS

USD 1.188 500 0.99 AUTOPIST UORDEST KY

9 39°/u06-26 BCO ABN AM REAL TV 04-

13 12 07 BOSPHORUS FIN TV 05-15 2.12

BOSPHORUS TV 05-12 05-A

REGS CERRO NE3RO FIN 7 33% 98-

OYREG CSN ISLANJS IX 10% 04-14 REGS INDOCOAL EXP 7 134% 05-12

REGS PETROL EXP 5 265% 05-1 1 C1

A-S

US0 301,500 0 2 5

ERL 1088,184 091

US0 755.572 0 6 3

US0 957980 0 80

US0 553000 0 4 6

USD 870975 0 7 3

USD 968563 0 8 1

USD 727712 0 6 1

1188.500 0 9 9

INDONESIA

INDONESIA 7 5'0 05-15 1 I 6 REGS INDONESIA 7 5'0 05-15 1 16

144A INDONESIA 8 5% 05- 12 10 35REGS INDONESIA 8 57005-12 10 35

144A

US0 518,250 0 4 3

US0 518.260 0.43

USD 557.150 0.48

US0 279,113 0.23

1.872773 157 -~

IRELAND

MAGNOLIA 4%(TV) 06-

PERP.REG-S

6.223.486 5 20

COLOMBIA EUR 622.852 OS2

BAVARIA a 8750~ 03-10

REGS(RTA! COLOMBIA 10 5% 02-9 7 10

US0 810.000 0 6 8

US0 407.750 0 3 4

622.852 0.52

LUXEMBOURG

1.217 750 1.02 GAZPROM 5.625% 05-22 7 13 REG MOBILE TELESYS.8.3759.kO3-10

REG RUSSIA INTL CARD 9.75% C4-09

UBS(LUX)6 23"MTV) -1 1.02.15

VTB CAP.7 5% 04-12.10 11 REGS

USD 3294.287 2 7 6

COSTA RlCA USD 775.950 0.65

COSTA RlCA 8.335% 99-09

REG.S

us0 1.090000 0.91 US0 469,355 0 3 9

US0 997,400 0 8 3

US0 1055,200 0 8 8

6.592 192 551

-

1,090.000 0.91

DOMINICAN REPUBLIC

REP.DOMINIC.8.625°h 06-27

REG.S REP.DOMINIC.Y.54o05-27.9.11 REG

USD 411.700 0.34

USU 1 021,736 0.86

MALAYSIA

SARAWAK INTL 5 5% 05- 03.08 15

USD 1.432 050 1.20

1433,436 1 2 0

USD 1 192.020 1 0 0

1,432.050 1 20 .. ECUADOR

MEXICO

ECUADOR 9% 00-30 (ST-UP)

REG.S AMERICA MOVIL 9'0 05-15 1 16

MEXICO 6 7570 04-27 9 34 GLOB

TELEFONOS MEX 5 5% 05

2 7 1 15

MXN 897.281 0 7 5

USD 1.033 800 0 8 6

USD 3097575 2.59 1.192.020 1.00

EL SALVACOR

EL SALVAGOR7.65%05-

15.6.35REGS

5,028.656 4.20 USD 1,315625 110

1.315625 1.10

NETHERLANDS ~

ING BK NV 8 04% 06-

23 8 07REGS KAZKOMMERTS 8% 05-3 11 15

REGS KAZKOMMERTSBK 8 5% 03-13

REGS TEMlR CAP 9 25% 06-23 03 09

TUHANALEhl FIN BV 8% 04-14

REGS TURAN FIN 7 875% 3-2 6 10

REGSIUM-TERM N

RUB 629.928 0 5 3 FEDERATION OF RUSSIA

US0 517.166 0 4 3

US0 1064,500 0 8 9

US0 298.080 0 2 5

US0 2,029,795 169

USD 1,026,200 0 86

RUSSIA 12 75% 98-28 REG S

RUSSIA 5%00-31 .J.:KJREG/STEP UP

US0 1.787.000 1.49

USU 6.969 761 5.83

8,756 761 7.32

USD 1 873.500 1.57

GERMANY

ARIES VERMOEGEN.9 6% 04

14REG. 5.565 673 4.65


.- ..


-. -. .

Description QuantityIFace Currency Evaluation YO net Description Quantity/Face Currency Evaluatlon % net Value assets Value assets

PANAMA VENEZUELA 8.5% 04-8.10.14

GLOB VENEZUELA 9.25% 97-27

VENEZUELA 9 375% OA-13.1.34

1.500000 US0 1.67Y 700 1.39

1,250.000 US0 1586500 1 3 3

600,000 US0 767040 0.64

PANAMA TV 96-14 314,800 INT REDUCTION PANAMA 8 125% 04-28 4 34 1 000,000

REP PANAMA 7 125% 05-29 1 26 400 000

US0 310078 0.26

US0 1.118.800 0 94

USD 409.920 0.34 6.424 486 5.37

VIETNAM .. .-

VIETNAM TV -2016 ST-UP

1.838.798 1 54

PERU 1.678.261 USD 1.665 655 1.39

PERU 5% 97-17 REG S STEP-UP

PERU 8.75% 03-21.1 1 33

1.212.500

400,000

1665655 1 3 9 - US0 1,149 850 0.96

US0 452,117 0.38 YOUGOSLAVIA ~

REP SERBIA 3 75% 04-24 STEP- UP

1.601 967 1.34 1.250.000 USD 1.128,500 0.94

1.128,500 0 94

PHILIPPINES -.

NATIONAL POWER TV 05-1 1 1,250.000 REG S PHILIPPINES 7 75% 06-14.1 31 1,400.000

PHILIPPINES 8% 05-15.1.16 1,000 000

PHILIPPINES 8.375% 04-15 2.11 750 000

PHILIPPINES 8.875% 04-17.03.15 1 500.000

PHILIPPINES 9% 02-15.02 13 500.000

PHILIPPINES 9.875% 00-16.3 10 1 000,000

USD 1380,208 1 1 5

USD 1407560 1 1 8

USD 1,075936 0 9 0

USD 812,850 0.68

US0 1,685 701 1 4 1

US0 561 650 0 4 7

US0 1,135,100 0.95

TOTAL BONDS

INDEX TRACKER

103,806,192 86.77

UNITED STATES

ISHARES INCiMSCl TAIWAN

INDEX ISHARES SHSlFTSElXlN CHINA

25 ISHARESIMSCI SOUTH KOREA IND

12.500 US0 157.500 0 1 3

4600 US0 342,930 0 2 9

20.700 US0 947232 1179 8,059,005 6.74

TURKEY

1,447,662 1.21 TURKEY 6.875% 06-17.3.36 500.000

TURKEY 7% 05-05.06 20 250 000

TURKEY 7.375% 05-05.02.25 2.850 000

TURKEY 9% 04-30.6.11 3.000 000

US0 484.900 0.41

USD 252,550 0.21

USD 2.964000 2 4 8

US0 3.362400 2 8 0

TOTAL INDEX TRACKER 1,447,662 1.21


AN OFFICIAL STOCK EXCHANGE LISTING IOE,~I~.,~EO 86.87

TRANSFERABLESECURITIESTRADEDONANOTHERREGULATED MARKET

BONDS

COLOMBIA

7063,850 5 9 0

UNITED STATES

EDEL CAPSINEK 7.7"/005- 500 000 03.08 15 GECC 9.5% 05-04 08.10 12.000.000 SENIORDIUM-TERM NO GECC 9 5% 05-1 1.12 14 SENIOR 8,000.000

PEMEX PROJ FD 9 125% 01-10 2,000 000

PEMEX PROJ FDG 6.625% 05-35 2.000 000

PEMEX PROJ 5.75% 05-15 12.15 2.250,OOO

US0 501 2.50 0 4 2

MXN 1107.470 0 9 3

MXN 723.459 060

USD 2,250.201 1 88

USD 1.934832 1 6 2

USD 2,155050 1 8 0

TRANSGAS OCCID Y.7Y0:o95-l0

144A 500,000

500.000

10,000 000

1.100.000

USD 298.296 0 2 5

298,296 0 2 5

USD 494.900 0.41

INDONESIA

INDONESIA 6 875%06-

09.3.17REGS 8672,262 7 2 5

URUGUAY 494.900 0.41

REP URUGUAY 8% 05-18 11 22

URUGUAY 7 5% 03-15 3.15

URUGUAY 9 25% 05-17 5 17

1 fiOO.IlO0

500,000

200.000

USD 1,667,040 1.39

US0 523000 0 4 4

US0 231 800 0 19

MEXICO

TELMEX 8 75% 06-16 MULTICP MXN 882,555 0.74

882,555 0.74 2.421 840 2.02

.- . PERU VENEZUELA

TEL PERU7 48% 98-15 12 08

144A USD 1.017,401 0.85

... .

1.017401 0 8 5

2,683,152 2.25 -.

PETROZUATA F 7 63%97-O9A 270.733 144A VENEZUELA 5 375% 03-7 8 10 600.000

VENEZUELA 5 75% 05- 500.000 26 2 16REGS

21 04 25:RBG)

VENEZUELA 7 65%. 1 O~O,LIUII

US0 270,056 0.23

US0 581.340 0 4 9

USD 460,650 0.39

USD 1.079.200 0.90

TOTAL BONDS


ANOTHER REGULATED MARKET 2,693,152 2.25


~

Portfolio of Investments and Other Net Assets . .

Descriptior Ouantity/Face Currency Evaluation "0 net GLOBAL INVESTMENT GRADE BOND Value assets

Statement of investments as at 31 March 2006 (expressed in US01

~


BONDS

ARGENTINA ~-

PROV MENDOZA 5 5Oh.04- 291.948 USD 242.609 020

4 9 IBREGS ~. .-

242609 0 2 0

MEXICO

JP MORGAN5 39% 05-4 8 33 11,000 MXN 364.525 0 30

S.05U .~

364 525 030

VENEZUELA

PETROZ 8 37% 97-1.10.22 C 700.000 USD 664.999 0 5 6

144A ~

664,999 0 56

TOTAL BONDS 1,272,133 1.06


VENEZUELA

VENEZUELA 90-15 04 20 OIL 5355 USD 54 000

CERT. 0 ~

54 0 0 0

TOTAL WARRANTS / EQUITY LINKED SECURITIES 54 0 0 0

TOTAL OTHER TRANSFERABLE SECURITIES 1,272.187 1 0 6

TOTAL INVESTMENTS 110,283,539 . 92.18

- .-. - Description Face Value Currency Evaluation Yo riel

assets

. . - ~.

INVESTMENTS


BONDS

ARGENTINA

ARGENTINA 2%02-3 1.16

BON CS4

AUSTRIA

AUSTRIA 4.3% 03-15 7.14

BELGIUM

841.044 ARS 489956 0.56

.-

489.956 0.56

1.000.000 EUR 1.261 363 1 4 3

1.261.363 1.43

-

BELGIUM 5:a 04-28.3.35 S44

OLO

985000 EUR 1.386046 1.57

1,386.046 1 57 - BRAZIL

BRAZIL 12.504 05-5 1.16 INT USD 1,150,000 BRL 525,450 0 60

OTHER NET ASSETS LESS LIABILITIES 9,350,651 7.82 525450 0 6 0

CAYMAN ISLANDS

TOTAL NET ASSETS 119,634,250 100.00 BCO ABN A M 15 8607%05-

13.12 07 BCP FIN 5 543% 04-

650.000 BRL 301.448 0 34

500,000 EUR 635.477 0 7 2

936 925 106

~- -


EUROPEAN UNION

BE1 1.4% 05-20.06 17

BE1 1.9% 06-26.01.26

122,000,000 JPY 987344 1 1 3

90000,000 JPY 743,927 0 8 4

1.731 271 197 -.

FRANCE

AVENTIS SA4.25O4 03-15.9.10

CASINO 5 875%. 02-23.1 1.07

EMTN FRANCE 4.5% 00-12 7 06 BTAN

FRANCE 5% 00-25.10 16 OAT

FRANCE 5.75% 01-25 10 32

BTAN FR TELECOM 4.625% 04-12

EMTN PINAULT PRINTEMPS 5% 03-

23 1.09 REG

415,000 EUR 511,476 0.58

550.000 EUR 689.410 0 7 8

1750.000 EUR 2,134.522 2 4 2

1715000 EUR 2295,644 2 6 1

600000 EUR 929,799 106

385.000 EUR 478381 0 5 4

375,000 EUR 468550 0 5 3

7.507 782 8.52

8

-


~.

Descriptlon Face Value Currency Evaluation % net Description Face Value Currency Evaluation Yo net assets assets

. -

GERMANY FANNIE MAE4.75% 03-21.2 13 1,600,000 US0 1.554.640 1.77

GECC 9 5% 05-11.12.14 SENIOR 1,700.000 MXN 153.735 0 17

KFW INT. FIN 1.75% 00-23 3 10 224,000.000 JPY 1,948,639 2.22 :REGS PEMEX FUND.MASTER 6.375% 420.000 EUR 556,080 0.63 04-16 USA 5.25% 99-29 BONDS 420.000 US0 431 419 0.49

5.518 979 6 2 7

TOTAL BONDS 50,001,088 56.76




MARKET

- . . .~

BhlW Flh 5% 03-6.8.18 EMTN 210.000 EUR 268761 0.31

GERMANY 3.5% 05-04 01.16 2,240.000 EUR 2,663.395 3 02

GERMANY 5.625% 98-4.1 28 1,335,000 EUR 1.991 fi64 2.26

KFW 2.05% 06-16.02.06 GLOBAL 108 000,000 JPY 913,680 1.04

MUNICH RE FIN.6.75%03- 450000 EUR 620600 0.70 21 06.23 RWE FIN 6 125% 02-26.10.12 200,0110 EUR 271.379 0 31 EMTN

6.729.479 7.64

GREAT BRITAIN -.

BBC 5 0636% 03-10 08.2033

REG BRITISH TELEC 8 375% 00-10

STEP GREAT BRITAIN 4% 03-7 3 09

TSY STOCK GREAT BRITAIN 4 75% 03-7 9.15

TSY STOCK MBNA EUR TV 05-07 09 07 144A

499,300 GBP 909.442 1 0 3

500 000 USD 557.500 0 6 3

4250000 GBP 7.315152 8 3 0

800,000 GBP 1,432,607 1 63

400000 USD 400.401 0 4 5

10 615 102 12 04

-

BONDS

CANADA _ _ CANADA 9% 94-25 1,000 000

950.000

890 000

850.000

1,852 981

X400,OOO

3 313.748

1 600,000

2,400 000

445 000

260 000

1,600 000

890.000

1 250,000

1 015 000

760 000

925.000

380.000

175 000

1 405.000

3 580.000

CAD 1 378,303 1.56

1,378.303 1.56

CAYMAN ISLANDS

PREFERR.TERM XXI TV 06-38

REG.S

ITALY US0 950,000 1 0 8

OLlVETTl FIN.6.5% 02-07 EMTN 525000 EUR 657,309 0 7 5

657.309 0 7 5 950.000 1 OB

0 98

1 0 1

2.08

3 86

3 67

1 74

2.78

0 51

0.26

1 84

0 98

1 44

1 1 2

0 83

1 04

0 49

0 19

1 69

3 95

UNITED STATES JAPAN

BACM 5 182% 05-10.9.47 05-E AM COX COMM 7.125% 02-1.10.12

FHLMC 4.14% 04- 1.12.34P.lB2655 FHLMC 6 % (30Y) 06-1.4.36 *TEA*

FNMA 5.5% 05-UI ,0235 P.735224

FNMA(15Y)4.5% 06-1.4.21 'TBA'

FNMA(30Y)6 546 06-1.4.36 *TEA*

GEORGIA PAC 7.7% 95-15 6.15

GMAC 6 75% 04-1.12.14

GNMA(30Y)6% 05-1.4.35

LBUBS 5.156% 06-31 06-C1 A4

MAY DEPARTMENT 6.65% 04-

15 7.24 MORG.STA 5.162%06-52/06-T21-

A4 NEWS AMERICA 6.4% 05-35

144A RESIDENTIAL CAP 6 % OB- 22.2.11 TIME WARNER ENTMT.8.37596

93-23 USA TSY 4.25% 05-15 8 15 E- 2015 USA 2 375% 04-15.1 25 TSY INFL

USA 4 5% 05-15.1 1 . I 5 TBO

US0

US0

USD

US0

US0

US0

USD

US0

USD

USD

US0

US0

USD

USD

USD

USD

USD

USD

US0

865 170

892.186

1 831,t'95

3,400 COO

3.234 529

1.529.250

2 446,125

452.788

230,496

1.618 COO

8fi1.900

1.270.388

982.483

730 095

919.524

433,606

166 660

1,486,483

3.473.718

DEV. BK JAPAN 1.05% 03-23 78 000,000 JPY 569 682 0.65 EMTN JAPAN 2 3% 06-20 12 35 N.21 100,000 000 JPY 859.880 0 98

JAPAN 3 2% 96-20 9.06 N0.lHH 1,000,000.00 JPY 8.644 782 9 80

10.074 344 11.43 -

LUXEMBOURG

BANQUE DU LUXEMBOURG TV 02-PERP.

450.000 EUR 632.345 0 7 2

632.345 0.72 .~ -

MEXICO

AMERICA MOVIL 9% 05-15.1.16

MEXICO 9.50% 04-18 12 14

BONOS

5.000.000 MXN 448,641 0.51

8200,000 MXN 790,521 0 9 0

1,239,162 1.41 .~ -

NETHERLANDS

ING BK NV 8.04% 06- 23 8 07REGS KAZKOMMERTS 8% 05-3.11.1s

REGS TURANALEM FIN.8.5% 05-15 REG.$

6,345.000 RUB 228.603 0.26

225.000 USD 232,725 0 2 6

225000 USD 234247 0 2 7

695575 0.79

UNITED STATES

AOL TIME 7.7% 02-1.5.32

AT&T BROADBD 8.375% 02-

15.3.1 3

26 824,496 30.46

29,152,799 33.10 -.

TOTAL BONDS 385.000 USD 425,094 0 4 8

400000 US0 449372 0 5 1 TOTAL TRANSFERABLE SECURITIES TRADED ON

ANOTHERREGULATEDMARKET 29,152,799 33.10

-2- HSBC Global Investment Funds . .. .-

Portfolio of Investments and Other Net Assets ~ ~. -- E-

- Description FaceValuo Currency Evaluation >/,net GLOBAL INVESTMENT GRADE BOND (US

DOLLAR-HEDGED) Statement of Investments as at 31 March 2006 (expressed in USDl

assets


BONDS

UNITED STATES

MS CAP TL 04-38 2004-187 A4 920,000 US0 912.290 1.04

TULANEUNTV05-15.11.12 144A 920000 USD 920000 1.04

1832.290 2.08

TOTAL BONDS 1,832,290 2.08

. .-

__


TOTAL INVESTMENTS 80,986,177

OTHER NET ASSETS LESS LIABILITIES 7,095,488 E,@



.~ .~ - Description Face Value Currency Evaluation % net

assets

INVESTMENTS


BONDS

BELGIUM -

BELGIUM svo 04-28.3.35 544 15000 EUR 21,115 4 6 6

OLO -

21.115 4.66

EUROPEAN UNION .~

BE1 1.9:3 06-26.01.26 2.000 000 JPY 16 519 3.64

16.519 364

~ .~

FRANCE

FRANCE 5 % 00-25 10 16 OAT 30,000 EUR 40 i o 6 8 8 5

40,106 885 -

~~

GREAT BRITAIN

GREAT BRITAIN 4% 03-7 3 09 35,000 GBP 60.181 1328

TSY STOCK ~

60181 1328 ~ .-

UNITED STATES

USA 1 5% 04-31.3 06 M-06 IRBG) 40,000 USD 39.994 8 82

39.994 8 8 2

177,915 3925

- -

- TOTAL BONDS

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 177,915 39.25

TRANSFERABLESECURITIESTRADEOONANOTHERREGULATED

MARKET

BONDS

UNITED STATES

USATSY 425%05-15.8.15E- 40000 USD 38 125 8 . ~ 1

201 5 USA 2.25% 04-30.4.06 S.N-2006 70,000 USD 69 891 15.42

USA 2 375% 04-15.1.25 TSY INFL 25,000 USD 26.458 5.84

USA 2.75% 04-31.7.06 TSY R-06 40.000 USD 39,756 8 77

A --

~. ~~ .~ ~-

Portfolio of Investments and Other Net Assets .~ -~ .~ ~

.-

Description Face Value Currency Evaluation $6 net PAN-EUROPEAN GOVERNMENT BOND assets

USA 4 375% 05-10jR-2010 TBO 15000 USD 14.714 3 2 5

188.944 41 69

TOTAL BONDS 188,944 41.69

TOTAL TRANSFERABLE SECURITIES TRADED ON ANOTHERREGULATEDMARKET 188,944 41.69

-- -

-

TOTAL INVESTMENTS . . 366.859 80.94

OTHER NET ASSETS LESS LIABILITIES 86.387 19,OS

TOTAL NET ASSETS 453.246 100.00


QuantityIFace Currency Evaluation % net Value assets

Description

.- .~ -

INVESTMENTS


EXCHANGE LISTING

BONDS

AUSTRIA -

AUSTRIA 3.5% 05-15.07 15

AUSTRIA 3 8% 03-20.10.13 MTN

AUSTRIA 4.3% 03-15.7.14

AUSTRIA 5% 98-08 A.l

AUSTRIA 6 25% 97-27 A.6

CYPRUS -

CYPRUS 5.5% 02-27.2.12EMTN

CZECH REPUBLIC

TCHEQUE REP 4 125% 05-

18.3.20

DENMARK

DENMARK 3% 03-15.11 06

DENMARK 4% 01-15 08.08

DENMARK 6% 99-15.11.2011

EUROPEAN UNION

B.E I 5.375% 98-2021

B.E.I. 6.25% 99-14

B E.I. 8 759’0 95-17

FRANCE

ERAP 3.759.0 03-25 04.10 EMTN

FRANCE 3 1590 02-25.7.32 OAT

FRANCE 4.75% 04-25.4.35 OAT

FRANCE 5.25Y: 98-25.4.08 OAT

FRANCE 5 5% 98-2029 OAT

FRANCE 5 75% 01-25 10.32 BTAN

640.000

805.000

1 300 000

2.030,OOO

150,001)

1.647,OOC

155 000

2,300,000

4 000.000

6,000 000

2,132 000

925 000

459 000

410.000

2.600,000

1,970 000

1 895,000

1,105,000

3 160 000

EUR 626,368 0 5 3

EUR 809.267 0.69

EUR 1350.180 1.15

EUR 2.089.479 1 77

EUR 197.280 0.17

5 072,574 4.31 ~. .-

EUR 1,793698 1 5 2

1 793 698 1.52

~

.-

EUR 154.831 0.13

~

154,831 0 1 3 -. .~

DKK 307,909 0.26

DKK 542,045 0.46

DKK 897605 0.76

- 1,747 559 1.48

GBP 3,314.437 2 8 1

GBP 1460 730 1 2 4

GBP 890.329 0 7 6

5 665.496 A.81 ~. .~

EUR 412.616 0 3 5

EUR 3560852 3.02

EUR 2,205415 1 8 7

EUR 1966.063 1 6 7

EUR 1,346,443 1 14

EUR 4,031 527 3 4 2

13.522 916 11 47

HSBC Global Investment Funds - .. A -

1


Description Ouantity!Face Currency Evaluation o/n net Description OuantitylFace Currency Evaluation 9.b net Value assets Value assets

GERMANY ITALY 7 25:; 96-26 BTP

LITHUANIA

255,000 EUR 358,556 0.30

8.145 323 6.91

-

EUROHYPO 3.25%05- 26.10.15121.34 GERMANY 4% 05-4 1 37

GERMANY 4.25:; 03-04.01 . I4

GERMANY 4.75% 98-28

GERMANY 5% 02-4.7.12

GERMANY 5.5% 00-4.1 31

GEHMANY 5 625% 98-4.1 28

KFW 4.125c4, 03-7 6 06

400,000 EUR 377.480 0.32

2.215 000

1 80,(100

200.000

Y83.000

40,000

1.820.000

2,840,000

290 on0

EUR

EUR

EUR

EUR

EUR

EUR

GBP

GBP

2,217,658

186 264

221 ,361)

1055.152

49,172

2,239 146

4.073 217

433 932

1.88

0.16

0 19

0.90

0.04

1.90

3.45

0.37

LITHUANIA 3.75% 05-10 02 16

LITHUANIA 4 5% 03-5 3 13 EMTN

150.000 EUR 146887 0.12

1,290,000 EUR 1 336.495 1.14

1,483,382 1.26

NETHERLANDS

BNG 7 375% 97-6.8.07 EMTN

NETHERLAND 3.75% 04-15.7 14

NETHERLANDS 2 5% 05- 1501.OH NETHERLANDS 3.25Oi 05- 15 7.15 NETHERLANDS 4% 05-15.01.37

NETHERLANDS 5% 01-15 07.11

NETHERLANDS 5 5% 98-28

160000 GBP 237504 0 2 0

3 750.000 EUR 3.751 500 3.19

1,900,000 EUR 1 874,350 1.60

i ,700,ooo EUR I ,630,470 1.38

725,000 EUR 723.695 0.61

1.720 000 EUR 1 833,348 1.56

150000 EUR 181.830 0.15

KFW 5 375% 04-29.1.14 EMTN

10 853.381 9 21

GREAT BRITAIN

EBRD 0% 98-2048 EMTN

GREAT BRITAIN 4.25% 03-36 TSY GREAT BRITAIN 7 25% 97-07 TSY GREAT BRITAIN 8% 96-21 TSY

8000000.00 ITL 500,274 0 4 2

1,256.000 GBP 1.852 865 1 57

130.000 GEP 194932 0 17 ~~

10,232,697 8 69 ~

100,000 GBP 200907 0.17 POLAND

POLAND U% 04-12 08.06 OK

0806 POLAND 3.625"'~ 06-1.2.16

POLAND 3.875% 04-15 01.09 EMTN POLAND 4 5O/, 03-5.2.13 EMTN

POLAND 5 5% 01-14.2.11

POLAND 5.570 02-12.3.12

REP.OF POLAND 4.2% 05-

15.4.20

2.748.978 2 33 5,900 000 PLN 1 478,062 1.25

GREECE

1,510000 EUR 1.443.862 1 2 3

1,590,000 EUR 1,599 858 1 36

200000 EUR 205,700 0 17

4,470.000 EUR 4.792 734 4 0 7

410.000 EUR 443374 0 3 8

1410,000 EUR 1390,260 1 1 8

GREECE 3 I O ? & 05-20.04 10

GREECE 3.25% 04-21.06 07

GREECE 3.5% 03-18.4.08

GREECE 3.5% 04-20 04.09

GREECE 3.6% 06-20.7.16

GREECE 3 7% 05-20.7 15 EMTN

GREECE 4 5'm 04-20.05 14

GREECE 4.5% 05-20.9.37 (30Y)

GREECE 5.25% 02-18.5 2012

GREECE 5 90% 02-22.10.22

GREECE 6.5% 99-22 10.2019

1010,000

1,330 000

1.235,OOO

2.500 000

9,800 000

1 480 000

790.000

500.000

2 062.000

360 000

100 000

EUR

EUR

EUH

EUR

EUR

EUR

EUR

EUR

EUR

EUR

EUR

989.800

1330,133

1,236 482

2,495,500

9.398 199

1,443,444

820,257

507.150

2 222.424

429,948

123.910

0 84

113

1 0 5

2 11

7.97

1 2 3

0 70

0.43

1.88

0 36

0.11

11,353,850 9.64

PORTUGAL .-

PORTUGAL 3.2% 05-15.4.1 1

PORTUGAL 3.95%, 99-09

520000 EUR 509.080 0 4 3

3.200,OOO EUR 3.244.480 2 76

3 753560 3 19 20 997.247 17.81

HUNGARY SLOVAKIA

HUNGARY 3 5% 06-18.7.16

HUNGARY 3.625% 04-28.10 11

HUNGARY 3.875% 05-24.02.20

HUNGARY 4% 03-27.9 10

HUNGARY 4.5% 04-29 1 14

300,000 EUR 280.461 0 2 4

600.000 EUR 588.702 0 5 0

60000 EUR 56.612 0.05

4.550.000 EUR 4.575.267 3 88

3oo.000 EUR 3nfi860 0.26

SLOVAKIA 4% 06-26 3.21

SPAIN

500.000 EUR 490.214 0 4 2

490,214 0.42

BCO SANT.CTR 4% 03-10.9 10

SPAIN 4.2% 03-30 7.13

SPAIN 4.2% 05-31.1.37

SPAlN44% 04-31 1.15

SPAIN 5% 02-30.7.12

SPAIN 5 490 00-30 7 11

300.000 EUR 303.443 0.26

4.957.000 EUR 5,111 163 4.34

265000 EUR 272,367 0.23

100,000 EUR 104650 0.09

440,000 EUR 472,472 0.40

1.030000 EUR 1117 550 0.95

5,807 902 . ...

2,238 845

1 934 200

1372,7110

948.900

5117 H70

409 600

31,089

343 563

4.93

1.84

1 64

1.17

0.81

0 43

0.35

0.03

0.29

-

EUR

EUR

CUR

EUR

EUR

EUR

EUR

EUR

ITALY ~

ITALY 11% 05-28.9.07 CTZ

ITALY 0:; 05-30.04.07 CTZ

ITALY 3% 05-15 1.10 BTP

ITALY 3.75% 06-01.(1H 21 B l P

ITALY 4% 05-1.2 37 BTP

ITALY 4.25% 04-1 2 15 BTP

ITALY 4.5% 04-1 2.20 BTP

ITALY 6% 97-1.11.07 BTP

2 350.000

2 000,~1110

1.400.000

1 000.000

540,000

400 000

30.000

330.000

7 381.645 6.27

SWEDEN

SWEDEN 5 25% 00-15 03 11

S 104

1.200.000 SEK 137.850 0.12

137850 0.12

HSBC Global Investment Funds ._ . .. .

- -


. . ~ ..

Description QuantityiFdce Currency Evaluatlon 01" net STERLING INVESTMENT GRADE BOND

Statement of investments as at 31 March 2006 (expressed in GBP) Value assets

-~ Description Face Value Currency Evaluation 9b net

assets UNITED STATES -

KFW INTL 5 375% 01- 500.000 GBP 740.657 0 63 7 12.11EMTN

740.657 0.63

TOTAL BONDS 112.083.760 95.13

TREASURY BILLS

-.. .

INVESTMENTS

PORTUGAL


EXCHANGE LISTING IGCP 0% 05-17 05 06 TB (RBG) 800.000 EUR 797 440 0 68

797440 0 6 8

. .~ -.

BONDS

TOTAL TREASURY BILLS 797.440 0.68



TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKET

CAYMAN ISLANDS

AIG SUNAMER II 5 625O0 02-12 EMTN LUNAR FD 6.442% 05-

18 9 32EMTN LUNAR FDG 5.75% 04-

18.10 335 4 STH WATER SV 5%05- 31 3 21EMTN

300.000

95,000

140 000

420 000

150 000

120 000

500,000

350,000

200 000

130,000

150,000

290 000

190 000

150 000

320.000

300,000

230,000

290,000

1 330,000

140,000

710 000

700,000

GBP 308.565 1.43

GBP 118.978 0.55

GBP 163571 0.76

GBP 424,973 1.97

.~

1.016 387 4.71

BONDS

SWEDEN

SWEDEN 3 50% 98-20.4.06 144A 14.580 000 SEK 1,552.604 1.32

1 552.604 1.32

TOTAL BONDS 1,552,604 1.32

OPTIONS ON FUTURES

..

-. .

EUROPEAN UNION

BE1 5.5% 00-2025

BE1 5.625% 00-32

BE1 6% 98-2028 PARALLEL BDS

GBP 169.125 0 7 8

GBP 143400 066

GBP 610,250 2 8 4

EUROPEAN UNION -

CALL EURIBOR 3 MONTHS

19!06/06 97 125 PUT EURIBOR 3 MONTHS

19I06/OB 97 PUT EURIBOR 3 MONTHS

19'06106 97 125 PUT EURIBOR 3 MONTHS

19'06106 97 25

923375 4.28 FRANCE EUR (1,250) 000

EUR 85,000 0 0 7

EUR (307500) (026)

EUR 162500 0 1 4

BNP PAR.5.7596 02-24,' 22

EMTN CREDIT AGRICOLE 5.36% 06- PERP

GBP 377,937 1 7 5

GBP 195.448 0.91

-~ .. ..

573.385 2.66

GREAT BRITAIN (61.250) (0.05)

ABBEY NATL 7.125% 00-PERP.

REG.TR4 ABBEY NATI 7.5% 00-PERP

TR.2 AVIVA 5.90219b(TV) 04-PERP

BAA 5.125% 06-15.2.23

BAA 5.75% 03-27.1 1 13 EMTN

BARCLAYS BK 6YdTV) 05-PERP.

EGG BANK 7 5% 03-PERP EMTN

STEP-UP FIRSTGROUP 6.125% 03-18.1.19

FRIENDS PROVID. 6.292% 05-

PERP. GREAT BRITAIN 4.25% 03-36

TSY GREAT BRITAIN 4.75% 03-7.9.15

TSY STOCK GREAT BRITAIN 4 75% 04-

7.12.38 TSY STOCK GREAT BRITAIN 5% 01-7.3 12 TSY STOCK

GERMANY -~

CALL EURO BUND 21:04:06 118

CALL EURO BUND 21104!06 119

CALL EURO-SCHATZ 21104:OE

104 6 PUT EURO BUND 21i04!06 117

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

163,014

173,246

293 057

1 82.848

151 101

322,522

332 874

238,027

297.183

1.366.441

143.668

796 691

719 810

0 76

0 80

1.36

0.85

0.70

1.49

1.54

1.10

1 38

6 33

0.67

3.69

3.34

EUR 12,320 0 0 1

EUR (2640) 000

EUR (1 750) 000

EUR (38,720) (0.04)

(30.790) (0.03)

TOTAL OPTIONS ON FUTURES (92,040) (0.08)


ANOTHER REGULATED MARKET 1,460,564 1 24




HSBC Global Investment Funds -_

~ -- - ~ - ~ -----

Portfolio of Investments and Other Net Assets ~ ~ _ p - . ~ ~ ~ ~ - -

~ .- .- - ~. ~ ~. .~

Description Face Value Currency Evaluation 'X net Description Face Value Currency Evaluation % net assets assets

GREAT BRITAIN 5% 02-7 3 08 TSY STOCK GREAT BRITAIN 6% 98-28 TSY STOCK GREAT BR TAlN 7 75O0 93-06 TSY STOCK GREAT BR TlAN 5% 02-7 9 14 TSY STOCK GREAT-BRITAIN 5% 01-7 3 25 TSY STOCK HAMMERS3N 7 25% 98-21 4 28

HBOS PLC TV 05-PERP

LAND SECJRIT 4 875%(TV) 05- 19 METRONET TV 03-15 3 32 EMTN

OLD MUTLAL 6 376YdTV) 05- PERP ROYAL SUN ALLIANCE 8 5%04-

PERP SLOUGH EST 6 75% 00- 23 2 2024 ZURICH FINANCE 6 625% 03-

PERP

IRELAND

4 250 ooo

640 000

174,000

2 500 000

176,000

1 ou 000

250.000

100 000

55 000

200.000

300,ono

180 000

130 000

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GBP

GRP

GBP

GBP

GBP

GBP

4,291 224

808.mo

176 419

2.598 749

193.019

119340

254,273

99,725

58.746

207 630

349 101

204,750

142,475

1Y 87

3 75

0 82

12 04

0 89

0 55

1 1 8

0 46

0 27

0.96

1 6 2

0 95

0 66

-.

14,685,373 68.03 ~p

GE CAPITAL 4.875% 05-16.6.08

JERSEY

500000 GEP 500.835 232

500.835 2 32

-

.~ __

CRED.S.CAP.III 8.514°/u 00- PERP. HSBC BANK 5 844% 03-PERP

EMTN

NETHERLANDS

ING GROEP NV 5 14"o(TV)06- PERP KONINKL KPN 5 75% 06-18 03 16

SPAIN

250000 GBP 300.502 1 4 0

170000 GEP 182.300 084

-~ 482,802 224

~~

200000 GBP 195,802 090

130.000 GBP 128.651 0 6 0

324453 150

-

~~

TELEFONICA 5.375% Ofi-02 02.18 220.000 GBP 213 279 0.99

UNITED STATES ~

ClTlGROUP 4 5% 06- 3.3.2031 EMTN COMMZBK CAP 5 9059o(TV)06-

PERP GECC 6 125% 02-17 5 12 EMTN

KFW INTL FIN 6% 00-7 12 28 T16

RABOBK CAP 5 556% 04-PERP.

REG

213,279 099 -.

100000 GEP 93.367 (143

100000 GBP 99257 046

150,00(1 GBP 159,047 0 74

320000 GBP 389801 181

210000 GBP 217694 101

WAL MART STOR 5 75% 00-30 100 000 GBP 112 757 0 52

EMTN ~- 1.071 923 4 9 7

19,791,212 91 70 ~. -.

TOTAL BONDS

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 19,791.212 91.70


CERTIFICATE OF DEPOSIT

GREAT BRITAIN - -

BARCLAYS BK 4 5% 06-12 5 06 500 000 GBP 500,000 2 31

CD LLOYDS TSB 4 48% 06-20 4 06 500 000 GEP 500.000 2 32

CD ~- 1,000,000 4 63

TOTAL CERTIFICATE OF DEPOSIT 1,000,000 4.63

TOTAL FINANCIAL INSTRUMENTS 1,000,000 4.63


~- 0

~

792,119 3.57 OTHER NET ASSETS LESS LIABILITIES - ~.

TOTAL NET ASSETS 21,583.331 100.00

A- - HSBC Global Investment Funds .~

- -- ~- ~ .-

Portfolio of Investments and Other Net Assets - -

US DOLLAR HIGH YIELD BOND Statement of investments as at 31 March 2006 (oxpressed in USD)

~ .- ~- ~ - Description Face Value Currency Evaluation % net

assets

INVESTMENTS


EXCHANGE LISTING

BONDS

UNITED STATES ~.

CHESAPEAKE EN 6 875'Yo 03-16 150,000 US0 151 030

FORD MO CR7 375%09GL LAND 100 000 USD 93.344

GMAC 6 875% 02-28 8 12 250,000 USD 226716

471 090

- -

TOTAL BONDS 471,090



TRANSFERABLESECURITIESTRAOEDONANOTHERREGULATED MARKET

4 7 1 , 0 9 L

BONDS

BAHAMAS

KERSZNER INT 6.75% 05- 01.10 15

CANADA

COMPTON PET.7.625% 05- 01.12.13 JEAN COUTU GR 8 5% 04-1.8.14

LUXEMBOURG

NELL AF 8.375% 05-15.8.15 144A

~. .

UNITED STATES

AK STEEL CORP 7 75% 02-

15.6.12 ALLIED WASTE 7.375C 04- 1 5 4 14 CABLEVISION 8% 05-15.4 12

SR.B CASE NEW HOLL.7.125%06-14

144A CCM MERGER 896 05-8.1.13 144A CENTENNIAL COM.lO% 05-

1 1.13 CINCINNATI BELL 8 375% 03-

14;s

150 000

150 000

I 50 o w

200,000

150.000

250,000

250 000

50.000

200,000

200,000

250 000

2.92

1 .80

4.39

9.1 1

9.11

-

-

9.11

USD 158.625 3 0 7

-. ~

158,625 3.07 -

Description Face Valile Currency Evaluation Yo net assets

CMS ENERGY 6.875% 05- 15.12 15 COPANO ENERGY 8.125%06-I6 144A GEORGIA PAC.7.7% 95-15.6.15

GIBRALTAR IND 8%05-15 -144A-

GREEKTOWN HOG 10.75%05-

13/144A HERTZ CRP 8.8757005- 1 .I .14/144A ISLE OF CAPRI CAS.7% 04-14 WI

K2 7.375% 04-1 7.2014

LANDRY S REST 7.5% 04- 15 12.14 MEDIACOM LLC 7 875% 99-11

MlLLENlUM AMER.9.25%01-

15 6.08 MIRANT NTH AM 7.375%05-13

144A OMNICARE 6.75% 05-15.12.13

PLY GEM IND.9"h 04-15 2 12

PQ CORP 7.5% 05-15.2.13 144A

RH 00NNEL.6.875%06-13/A2-

144A- RURAL CELLUL.9.75"/e 02-

15.1.10 SOLO CUP 8 5% 04-15.2 14

STRIPE AC su.10 m ~ ~ o 5 - 13/144A WILLIAMS 6.375"%05-1.10 10 144A

250.000 USD

20.000 US0

150,000 USD

150,000 US0

150000 USD

150,000 US0

150,000 US0

91,000 US0

150,000 USD

250,000 USD

25.000 US0

150000 USD

150,000 US0

100,000 USD

50,000 US0

10000 US0

50000 US0

150.000 USD

150.000 US0

50.000 US0

254,161

20.723

152 531

151.500

154.500

156,102

148.029

91 686

144 707

236 374

25,474

152 893

150,363

93.127

48 241

9.393

50.i49

142,310

157,123

49,827

A.91

0.40

2.95

2.93

2.99

3.02

2 a6

1.77

2.80

4.57

0.49

2.96

2.91

1.80

0 93

0.18

0 98

2 75

3.04

0.96

TOTAL BONDS


ANOTHERREGULATEDMARKET


BONDS

US0 150,375 2 9 1

USD 137.584 2 66

287.959 5 5 7

-~

-. ..

USD 199.120 3.85

199,120 3.85

~~

-.

USD 150.233 2 9 0

US0 247729 4.79

USD 245,946 4.75

US0 49375 0 9 5

USD 199,000 3.85

US0 208.750 4.04

US0 255838 4.94

UNITED STATES -. ~

EXOPAC 11 25% 06-1.2 14 REGS 50.000

MASSEY 6.875% 05-15.12.13 15n.ooo 144A

TOTAL BONDS


TOTAL INVESTMENTS


TOTAL NET ASSETS

USD 51 290 0.99

USD 148,339 2 8 7

.~

- 199,589 386

199,589 3.86

199.589 . 3.88

5,063,067 97.88

- 109,543 2.12

5,172.610 . 100.00

- - 3,746.684 72.42

4,392.388 84.91 -

4,392,388 64.91

HSBC Global Investment Funds - - A . - .-

-. -

Portfolio of Investments and Other Net Assets . _... ..

US DOLLAR INVESTMENT GRADE BOND Statement of investments as at 31 March 2006 (expressed in USD)

Description Face Value Currency Evaluation 'YO net assets

INVESTMENTS


BONDS

UNITED STATES

AOL TIME 7 7% 02-1.5 32

ATBT WIRELESS 8.75% 01-

1.3 31 DAIMLERCHRY.4.U5% 03-4.6.08

FHLMC 6 25% 02-15.7.32

FORD MOTOR CR 5 8% 12.1.09

GMAC 4.5% 03-15.7 2006

LOUISANA LOC.GOVT BDS 6.3% 05-30 MBNA CR.C.TV 02-09 CL.A 5.02-5

USA TSY 5.5% 98-2028

VERIZON PENN.5.65"h 01-

15 11 11

55n.ooo

300.000

725.000

noo.ooo 600 000

1,000 000

285 000

1,000.000

1.625 000

500 000

US0

US0

US0

US0

USD

US0

USD

USD

USD

USD

607.277

379.092

702 163

903.200

543 300

989 800

308.866

1,005.000

1.722 499

492 755

7.653 952

1 29

0 81

1.50

1 92

1 1 6

2.1 1

0 66

2.14

3.66

1.05

16.30

TOTAL BONDS 7,653,952

TOTAL TRANSFERABLE SECURITIES ADMITTED TO AN OFFICIAL STOCK EXCHANGE LISTING 7,653.952

TRANSFERABLE SECURITIES TRADED ON ANOTHER REGULATED MARKEl

BONDS

UNITED STATES

ABFC 3.684% 05-33 03-AHLI A I

AMER GN.FIN.4.875% 05-1311 404

BACM 5 182% 05-10 9.47 05-6

AM BURLINGTON 4.83% 05-01.15.23

CARAT 1.96% 03-09 20(13-2 A4A

CARAT 5.03'k 06-08 2006-1 A2A

CCCIT TV 05-1 1 2005-A6 A6

CHAlTTV05-15 10.12 05-A8A8

CMLTI 4.922% 05-35 05-WF2 AF2

COMCAST 6 5% 03-15.1.15

CWHL 5 4139Ob 05-35 05-HYB8

2A1 FHLMC 4.14% 04-

I .I 2.34P.182655 FHLMC 5 125% 06-13 ROO4 AL

FHLMC 5 S t 05-1.4.25 P.C90893

442 459

700,000

375 000

652 531

4 5 9 , ~ s ~

930.000

1,000,000

600.000

404.309

750,000

739,137

7s4.yin

859,1113

862.353

USD

USD

USD

US0

US0

US0

US0

us0 USD

U S 0

US0

US0

US0

USD

427 135

682 542

364 538

620 802

452,523

928 838

600.285

999.688

400.121

768.073

733,156

746.002

mi ,i f in

848 232

16.30

16.30

0.91

1.45

0.78

1.32

0.96

1.98

2 13

I 28

0 85

1.64

1.56

1.59

1 n i 1.81

Description Face Value Currency Evaluation % net assets

FHLMC 5.5% 115-15 11 23 2962

CJ FHLMC 8% 00-1.2.2030

FHLMC 8% 00-1.4.30 POOL

COO972 FNMA4 487% 04-1.10.34

P781560 FNMA 5 % 04-01 01.34 P 770415

FNMA 5.5% 03-1 4.33 P 254693

FNMA 5 5% 05-01.07.25 P c90909 FNMAl30YJ5.5% 05-1 4.35'TE.A'

FNMA(30Y)6% 06-1 4 36 P 15044

FRED MEYER 7 45% 98-08

FREDDIE MAC 7.3% 99- 8.12.2014 GCCFC TV 05-37 !2005-GG5 - A2S- JPALT 6% 05-25 12 35 05-SI 2A9

JPMCC 5 22124%05-44 05-LOP5

AM LBUBS 5.156% 06-31 06-C1 A4

MAY DEPARTMENT 6.65% 04-

1s 7.24 MET LIFE GLOB 4.5% 05-10 144A

MORG.STA.5.162Yo06-52~06-T21- A4 MSM 5.91935% 06-36 06-3AR 2A3 NAA 5.515% 06-36 06-AP1 A2

PROGRESS ENGY TV05-

14.11 08-A- RESIDENT.CAP.G.lZS'hO5-

21 11 08 SBCCOMM.5 1% 04-3.11.14

GLOB. SOVEREIGN BK 5.125"/03- 15 3 13 SPRINT CAP.CORP 8.75% 02-32

TIME WARNER ENTMT.8.375%

93-23 USA TSY 4% 115-15 2.15 S 6-2015

USA45°~n05-15.11.15TB0

USA 4 5% 06-28.02 11 S E-201 1

USA 5.375% 01-31 BONDS

VERIZON GL.FDG 7.75%01-

1.12.30 VW.AUT0 LEA 2.84%04-071C4-A-

A3

962464 USD

277824 USD

131 967 USD

686975 USD

2461 326 US0

2 117.827 US0

1,227,972 US0

2000.000 US0

I ,850.000 USD

500.000 US0

2.500,OOO l lS0

530,000 US0

1,139,372 US0

535.000 US0

600000 USD

950000 USD

550000 USD

630000 USD

761,579 USD

320000 USD

450000 US0

500,000 US0

750,000 US0

450.000 US0

450000 USD

525.000 US0

3,190000 US0

1,005,000 USD

1.225000 USD

500,000 USD

350000 USD

852752 US0

963 224

296 040

140,498

676,859

2,343 258

2,071,577

1,207 864

1 952.188

1,849.422

514,375

2,534,677

524.070

1 126.797

522.415

581 056

963,972

530 190

609,817

766 458

314 276

450 104

500,870

710,100

433.165

559 814

599.061

2,988.630

975,164

1,206 816

526,484

388 320

847 558

2 05

0.63

0.30

1.44

4.98

4.41

2.57

4.16

3.94

1.10

5.39

1.12

2.40

1.11

1.24

2 05

1 1 3

I 30

1 63

0.67

0.96

1.07

1.51

0.92

1 1 9

I .2n

6 35

2 08

2.57

1.12

0.83

1.80

TOTAL BONDS

40,099,022 85.37

40,099,022 85.37


ANOTHER REGULATED MARKET 40,099,022 85.37


BONDS

UNITED STATES - .

GL SIGNAL 5 45% 06-36 SO6-1 420000 US0 415842 0 8 9

A2 TULANE UN TV 05-15 11 12 144A 800,000 US0 800,000 1 70


-_ .__ ..

Portfolio of Investments and Other Net Assets .-

Descrietian .......

Face value Currency Evaluation % net EURO RESERVE a s s m

Statement of Investments a5 at 31 March 2006 [expressed in EUR)

....... ._ . .

Description Face Value Currency Evaluation % net assets UNION PAC 5 082"'o 05-1.2 29 500,000 US0 493,125 1.05

1,708 967 3.64

TOTAL BONDS


TOTAL INVESTMENTS

1,708,967 3.64

1.708.967 3.64

49,461.941 105.31

(2.A96.069) (5.31)

. 46,965,872 100.00 .~

INVESTMENTS OTHER NET ASSETS LESS LIABILITIES


TOTAL NET ASSETS

BONDS

FRANCE -.

3CIF TV 01-5 6.06 1000,000 EUR 1000383 2 10

1,000 383 2 10

1,000,383 2 I O -. ..

TOTAL BONDS




1,000,383 2.10

EUR 994600 2.09

COMMERCIAL PAPER

AUSTRIA

OEST KONTRBK 0% 06-13.6.06

CP

1,000 000

2,000 000

2,000.000

2,000,000

2.000 000

2,000.000

2 000,000

1,000 000

1 500,000

2.000,000

994,600 2 0 9

FRANCE

DANONE FIN 0% 06-07 04 06 CP

THESE LIMITED O'X 06-31.3.06

CP THESEE LTD 0% 06-28.04.06 CP

UNEDIC 0% 08-11 04 06 CP

EUR 1.998998 4 19

EUR 2,000001 4.20

EUR 1.995917 4.19

EUR 1,998515 4 19

7,993,431 16 77

GREAT BRITAIN

BRITANNIA BUIL.O% 06- 24.4.0fiCP HBOS TSY 0% 06-13.04 06 CP

EUR 1996.688 4 19

EUR 1998.226 4 19

3.994 914 8.38

IRELAND

ANGLO IRISH BK 0% 06-5.5.06

CP DZ BK IRLD 0% 06-15 06 06 CP

EUR 997565 2.09

EUR 1491,504 3.13

2,489,069 5 22

SWEDEN

SPINTAB AB 0% 06-1.6.06 CP EUR 1,991,010 4 18

i , w i , o i o 4.18

TOTAL COMMERCIAL PAPER 17,463,024 36.64

HSBC Global Investment Funds . -

~

Portfolio of Investments and Other Net Assets -~

Dcscriptian Face Value Currency Evaluation 31, net US DOLLAR RESERVE

TREASURY BILLS

FRANCE -

AXA 0% 06-27.04 06 TB

FRANCE 0% 06-6 4.06 BTF

(RBG) HEXAGON FIN 0% 06-27 4 06 TB

SNCF 0% 06-10 04.06 TB

JAPAN -

MORGAN STAN.O"h 06-13.4.06

TE


CERTIFICATE OF DEPOSIT

FRANCE

AGF BANQUE 0% 06-27 4 06 CD

AG FR DEVEL 2 5802O/uO6- 3 4 06CD ENP PARIBAS 0% 06-2 6 06 CD

CALYON EONIA 0% 06-10 4 06 CD CIC EONIA 0% 06-9 05 06 CD

CNCEP On, 06-28 04 06 CD

CRED NORD 0'0 06-10 U4 06 CD

CR M BRETAGNE 0% 06-22 5 06 CD HSBC FRANCE 0% 06-3 4 06 CD

1x1s C0RP"blNVEST 0%06- 13 6 6CD

assets

2.000 000

2 000.000

2,000 000

2,000.000

2 000 000

2.000,000

2 000,000

2,000.000

1.000 000

1,000 000

2 oou [loo

1 000 000

2.000,ooo

2.000 000

1 000.000

EUR 1,996.110 4.19

EUR 1.999213 4.20

EUK 1996071 4.19

EUR 1,998.549 4 19

7 989.943 16.77 . .-

EUR l.YY8,103 419

- 1998.103 4.19

9,988,046 20.96

EUH 2 000,000 4.19

EUR 2.000.000 4.19

EUR 2000.000 4 19

EUR 1.000.000 2 10

EUR 1.OOO.l)0U 2 10

EUR 2.000000 4.2U

EUR lUUO000 210

EUR 2000,000 420

EUR 2.000.000 4.20

EUR 1,000 000 2.10

-_ __ 16,000 000 33.57

TOTAL CERTIFICATE OF DEPOSIT


TOTAL INVESTMENTS


TOTAL NET ASSETS

16,000,000 33.57

43,451,070 91.17

-. 44,451,453 93.27

3.209.832 6.73

47,661.285 100.00


Statement of investments as at 31 March 2006 (expressed in USD)

. . - -.

Description Face Value Currency Evaluation % net assets

INVESTMENTS


COMMERCIAL PAPER

CAYMAN ISLANDS

SILVER TOWEH 0'" 06-24 04 06 CP STARBIRD FOG 0% 06-15 5 I16 CP

UNITED STATES

ALTAMIRA FOG 0% 06-15 6 06 CP AMER.HONDA FIN.U0006-

24.04.06CP AMSTEL FD. 0% 06-18.4 06 CP

APRECO 0% 06-15 6 06 CP

ATONIUM FDG 0% 06-13.4 OB CP

BARTON CAP.O% 06-6.4 06 CP

CLIPPER REC.O% 06-13.4.06 CP

COBBLER FOG 0% 06-25.04 06 CP GIRO EAL.O% 06-15 6.06 CP

GOLDEN FISH 0% 06-11.04.06 CP INT.LEASE FIN Oo/r 06-12.4 OB CP

KITTY HA.FDG 4.65%06- 18.5 06CP LIBERTY STREET 0%06-6.04 06 CP MANE FUNDING On; 06-12.4 06 CP MANHATTAN ASS.O% 06-8 5.06 CP MAXlMlLlAN CAP 0% 06- 15.5.06CP MKT STREET FOG 0%06-25 5.6 CP RANGER FUNDING 0% 06-6.4.06 CP ROMULUS FUND 0% 06-16 6.06 CP SOUTHERN CO 4.66"/006-18 5 06 CP SYDNEY CAP.CORP 0°/006- 12 5 06CP TASMAN FUNDING 0% 06- 13.4.06CP WINDMILL FOG 0% 06-12 4.06 CP

950.000

950,000

950 000

950.000

950.000

818,000

950,000

350 000

950.000

852 ooo

676 000

558.000

950.000

950 000

508.000

640.000

950.000

835.000

1.142,OOU

909 000

950.000

950,000

950 000

950.000

950,000

USD 947074 4.17

US0 944371 4 17

-

1.891 445 834

USD

US0

USD

USD

US0

US0

USD

USD

U S 0

USD

USD

USD

USD

USD

US0

USD

USD

US0

USD

US0

US0

USD

USD

940.313

947,106

947 820

809,694

948.456

349 740

948,469

849,284

669.150

557 21 1

948.562

944.110

507 621

639 U42

945.227

830 032

1 133 730

908.31 1

940 206

944 097

944.835

948 470

948 550

4 15

4.18

4.18

3 57

4 18

1.54

4.18

3 75

2.95

2.46

4 18

4.16

2.24

2.82

4 17

3.66

5.01

4.01

4.15

4.16

4 17

4.18

4.18

19,550,036 86.23 ~ .-

-A

~-


- Doscriptlop Face Value currency Evaluation 01" net TURKISH CONVERGENCE

assets Statement of investments as at 31 March 2006 (expressed in EUR)

Description QuantityiFace Currency Evaluation "Ib net .

VIRGIN ISLANDS

PARADIGM FDG 0% 06-13.4 06 CP

950.000

TOTAL COMMERCIAL PAPER


TOTAL INVESTMENTS


TOTAL NET ASSETS

US0 948,408 418

-

948,408 4.18

22,389,889 96.75

22,389,889 98.75

. 22,389.889 98.75

~. .~

-282,940 . I .25

22,672.829 100.00

Value

INVESTMENTS


SHARES

TURKEY

ADANA CIMENTO SANAYI A

AKBANK

AKCANSA CIMENTO SANAYI - NEW AKCANSA CIMENTO SANAYI VE

TIC AKSIGORTA

AKSIGORTA AS

ALARKO GAYRIMENKUL

YATlRlM ALARKO HLD

ANADOLU CAM SANAYII AS

ANADOLU EFES BlRAClLlK VE MALT ANADOLU SIGORTA

ARCELIK AS

AYAN ENERJI AS

BOLU CIMENTO SANAYI AS

CIMSA CIMENTO SANAYI VE TICAR. DOGAN SIRKETLER GRUBU HOLDINGS DOGAN YAYIN HOLDING

DOGUS OTOMOTIV SERVIS VE

TICAR FORD OTOMOTIV SANAYI AS

HURRIYET GAZETE

KOC HLD AS

MIGROS TURKEY T.A S.

NORTEL NETWORKS NETAS

TELEKOM REYSAS TASlMAClLlK VE

LOJlSTlK SABANCI HOLDING

TRAKYA CAN SANAYII AS

TUPRAS TURKIYE PETROL

RAF I N EL TURK EKONOMI BANKASI AS

TURK HAVA YOLLARI A 0

TURK SlSE CAM

TURK TRAKTOR VE ZIRAAT

MAKINEL TURKCELL ILETISIM HIZMET

34,622

570 000

3,000

20.000

20,000

50.000

32.957

25,000

30,000

15,000

50,000

179 995

300.000

150,000

88.515

470,000

A5.000

200.000

30,000

120,000

51.250

100,000

20,000

18 000

70.000

270.000

70,000

20,000

20,000

40 000

50,000

50,000

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

TRY

235.118

3.905 743

15,784

105.230

79,534

192718

1,169,462

8 18,285

110 124

401,495

122,360

1.233.358

576,317

275.31 1

544,244

1,739,658

169,316

1.113.479

222 ORA

378 093

224 187

1,040 063

474.146

56 163

411 131

933.303

1.027 827

308,960

86,876

141.938

520,031

267.663

assets

0.35

5 79

0.02

0.16

0 12

0.29

1.74

1.21

0 16

0 60

0.18

183

0.86

0.41

0.81

2 58

0 25

1.65

0 33

0.56

0 33

1.54

0.70

0 08

0.61

1.39

1.53

0 46

0.13

0.21

0.77

0.40

A- HSBC Global Investment Funds -

.-


.- -__ Description QuantitylFace Currency Evaluation C net

Value assets

. . . . .... - .

TURKIYE IS BANKASI AS C 300,000 TRY 2 037.299 3.01

TURKIYE VAKIFLAR BANKASI 400000 TRY 1.823.169 2 7 1

TAO YAW KREDI BANKASA 400,000 TRY 1.749.753 2 fiO

TOTAL SHARES

BONDS

TURKEY

TURKEY TV 04-13 9 06



TURKEY TV05-18 8 10

TURKEY 0% 05-08 11 06

TURKEY O Y 05-24 1 07

TURKEY 15% 5-10 2 10

TOTAL BONDS

TREASURY BILLS

12 000000 TRY

3 OOO.OOf1 TRY

17 000,000 TRY

8000,000 TRY

150.000 TRY

500.000 TRY

1 1 ono.ooo TRY -

24.510 222 36.37

24,510,222 36.37

7,545 171

1 859,771

11 195 737

5 302 843

84 878

275.623

7 172,087

33.436 110

33,438,l I O

11 20

2 76

16 61

7.87

0 13

0.41

10 64

49 62

49.62

.. ..

~

TURKEY

TURKEY 09? 04-24.5.06 TB 5 100000 TRY 3.061 748 4.55

(REG) TURKEY 0% 05-04 10.06 TB 5.000000 TRY 2,864 547 4.25

TURKEY O"4 05-5.4.06 TB (RBG) 100,000 TRY 61.072 0.09


5,987.367 8.89

5,987,367 8.89






Ah HSBC Global Investment Funds

-

)vestments and Other Net Assets __

The detailed list of movements in the investment portfolio can be obtained free of charge upon request at the registered office of the Company. The current prospectus, the articles of association as well as the interim report and the audited annual report are available free of charge upon request from the German payment and information office.

HSBC Global Investment Funds - .._ . -_-_ -. A . .. .

To help shareholders to calculate the performance of their individual investment, in the relevant reference currency, we have produced the following table. It shows the value of one US Dollar against various currencies (as at the given dates).

AUD

CAD

HKD J PY GBP

SGD

CHF EUR

31 March 2005

USD 1.2938 1.21 59 7.7993

107.1201 0.5324 1.651 0 1.1982 0.7730

31 March 2006

USD 1.3975 1.1619 7.7599

I 17.4349 0.5737 1.6181 1.2999 0.8238

A- HSBC Global Investment Funds .~ -

Dealing for Shares of the Company will take place on any Business Day (a day on which banks are open for normal banking business in Luxembourg) other than days during a period of suspension of dealing in Shares provided that, for sub-funds materially invested in markets other than North or South American markets, such Business Day is a day where stock exchanges and regulated markets in countries where the sub-fund is materially invested are open for normal trading. For sub-funds materially invested in North or South American markets, dealing for Shares of the sub-fund will take place on any Business Day (other than days during a period of suspension of dealing in Shares ) except a Business Day following the day where stock exchanges and regulated markets in such countries were closed for normal trading.

Shareholders who deal through the Company's local distributor or representative should note that there will be no dealing for the Shares of the Company in the jurisdiction in which such distributor or representative operates on a day which is not a business day in such jurisdiction.

The Company will determine the dealinglnon-dealing calendar according to the latest market information obtained by the Company from time to time. Shareholders can obtain the latest dealinglnon-dealing calendar of the Company from the registered office of the Company or from the Company's local distributor or representative.

A HSBC Global Investment Funds . .~ ~

FUND NON-DEALING DAYS FOR 2006

All HSBC Global Investment Funds sub-funds will have non-dealing days on the following days:

e all Saturdays and Sundays

and

on the following dates:

14 April 17 April 01 May 25 May 05 June 23 June 15 August 01 November 25 December 26 December

(Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday) (Luxembourg public holiday)

In addition the following sub-funds will have non-dealing days on the .Jlowing dates (reason in brac..:ts):

Asia ex Japan Equity, Asia ex Japan Equity Smaller Companies, Asia Freestyle (Public holiday in Hong Kong, Korea, and Taiwan)

02 January 26 January 27 January 30 January 31 January 01 February 02 February 28 February 01 March 05 April 05 May 31 May 06 June I 7 July 02 October 03 October 05 October 06 October 10 October 30 October 29 December

Hong Kong Taiwan Taiwan Hong Kong, Korea, Taiwan Hong Kong, Taiwan Taiwan Taiwan Taiwan Korea Hong Kong, Taiwan Hong Kong, Korea Hong Kong, Taiwan Korea Korea Hong Kong Korea Korea Korea, Taiwan Taiwan Hong Kong Korea

Asia Pacific ex Japan Equity High Dividend (Public holiday in Hong Kong, Korea, Singapore, and Taiwan)

02January Hong Kong, Singapore 0 I O January Singapore

26January Taiwan e 27January Taiwan

30January Hong Kong, Korea, Singapore, Taiwan 31 January Hong Kong, Singapore, Taiwan 01 February Taiwan

HSBC Global Investment Funds ~. ~. .~

02 February 28 February 01 March 05 April 05 May 12 May 31 May 06 June 17 July 09 August 02 October 03 October 05 October 06 October 10 October 24 October 30 October 29 December

Taiwan Taiwan Korea Hong Kong, Taiwan Hong Kong, Korea Singapore Hong Kong, Taiwan Korea Korea Singapore Hong Kong Korea Korea Korea, Taiwan Taiwan Singapore Hong Kong Korea

Brazil Equity, Global Emerging Markets Bond (Public holiday in Brazil)

26January 28February 01 March 24 April 02May 16 June 08 September 13 October 03November 16November 21 November

Brazil Brazil Brazil Brazil Brazil Brazil Brazil Brazil Brazil Brazil Brazil

BRlC Freestyle, BRlC Markets (Public holiday in Brazil, Hong Kong, India, Russia, and in the United States)

02 January 03January 04January 05January 06January

c OSJanuary 0 11 January

17 January 26January 30January 31 January 09February 21 February 23February 24 February 28February 01 March 08 March 15 March 05April 06 April 1 1 April

Hong Kong, Russia United States, Russia Russia Russia Russia Russia India United States Brazil, India Hong Kong Hong Kong India United States Russia Russia Brazil Brazil Russia India Hong Kong India India

HSBC Global Investment Funds .~

--- ~. -

-~ Dealing Day of the Fund (continued)

-~ ~ ~. -.

24 April 02May

0 05May 08May

0 09May 0 30May

31 May 0 12June 0 16June

05 July 05 September

0 08 September 02October 10 October 13 October 24October 25 October

0 30October 03November 06November 13 November 16 November 21 November 24November

Brazil Brazil Hong Kong Russia Russia United States Hong Kong Russia Brazil United States United States Brazil Hong Kong, India United States Brazil India India Hong Kong Brazil Russia United States Brazil Brazil United States

Chinese Equity, Hong Kong Equity (Public holiday in Hong Kong)

02January 30January

0 31 January 05 April 05May 31 May

0 02 October 30October

Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong Hong Kong

Emerging Europe Equity (Public holiday in Czech Republic, Hungary, and Poland)

0 15 March 0 03May 0 08May 0 15 June

05 July 0 06 July 0 28 September

23October 17 November

Hungary Poland Czech Republic Poland Czech Republic Czech Republic Czech Republic Hungary Czech Republic

Euro Corporate Bond, Euro Investment Grade Corporate Bond, Euroland Equity, Euroland Value Creation (Public holiday in Germany)

15June Germany 03October Germany

HSBC Global Investment Funds .- -

-

~- ) x a l i n g Day of the Fund (continued)

.~

Euro Credit Bond, Euro Investment Grade Bond, Pan-European Equity (Public holiday in Great Britain)

02 January Great Britain 29May Great Britain 28August Great Britain

Europe ex UK Equity (Public holiday in Germany)

15 June Germany 03October Germany

Euro High Yield Bond, UK Equity, UK Freestyle, Sterling Investment Grade Bond (Public holiday in the Great Britain)

02 January Great Britain 29May Great Britain 28August Great Britain

Global Emerging Markets Equity (Public holiday in Korea, and Taiwan)

26January 27Janualy 30January 31 January 01 February 02February 28February 01 March 05 April 05May 31 May 06 June 17 July 03October 05October 06October 10 October

Taiwan Taiwan Korea, Taiwan Taiwan Taiwan Taiwan Taiwan Korea Taiwan Korea Taiwan Korea Korea Korea Korea Korea, Taiwan Taiwan

Global Emerging Markets Equity Freestyle (Public holiday in Korea, Great Britain, and in the United States)

05May 29May

0 30May O6June 05 July 17 July 28August 05 September 03October 05October 06 October 10 October 13November 24November 29December

Korea Great Britain United States Korea United States Korea Great Britain United States Korea Korea Korea United States United States United States Korea


Dealing Day of the Fund (continued) - _

Global Equity (Public holiday in Japan, and in the United States)

e 02January 03January OSJanuary 17 January 21 February

0 21 March 0 03May

04May 0 05May e 30May

05 July 17 July 05 September 18 September 09October

0 10 October 0 03November e 13 November 0 23November e 24November

Japan Japan, United States Japan United States United States Japan Japan Japan Japan United States United States Japan United States Japan Japan United States Japan United States Japan United States

Global Equity SRI, Global Equity Technology, Global ex Euroland Equity, US Dollar High Yield Bond, US Dollar Investment Grade Bond, US Dollar Reserve, US Equity, US Index (Public holiday in the United States)

03 January 17 January 21 February 30 May 05 July 05 September 10 October 13 November 24 November

United States United States United States United States United States United States United States United States United States

Global Investment Grade Bond, Global Investment Grade Bond (US Dollar-Hedged) (Public holiday in Germany, Italy, Japan, and in the United States)

02January 0 O3January e OGJanuary

OSJanuary 0 17 January 0 21 February e 21 March e 25 April e 03May e 04May

05May 30May

e 15 June 05 July 17 July

e 05 September 18 September

0 03October

Japan Japan, United States Italy Japan United States United States Japan Italy Japan Japan Japan United States Germany United States Japan United States Japan Germany


.-

Dealing Day of the Fund (continued) --b .~

09October Japan 0 10October United States 0 03 November Japan 0 13 November United States

23 November Japan 0 24 November United States

Indian Equity (Public holiday in India)

0 11 January 0 26 January

9February 0 15 March 0 06 April

11 April 0 02October 0 24October

25October

India India India India India India India India India

Japanese Equity (Public holiday in Japan)

0

0

0

0

0

0

0

0

0

0

02 January 03 January 09 January 21 March 03 May 04 May 05 May 17 July 18 September 09 October 03 November 23 November

Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan Japan

Korean Equity (Public holiday in Korea)

30 January 01 March 05 May 06 June 17 July 03 October 05 October 06 October 29 December

Korea Korea Korea Korea Korea Korea Korea Korea Korea

Pan-European Equity High Dividend (Public holiday Germany, and Great Britain)

0 02January Great Britain 0 29May Great Britain

15 June Germany 28August Great Britain 03 October Germany

HSBC Global Investment Funds . - A

Pan European Equity Smaller Companies * (Public holiday in Great Britain)

0 02January Great Britain 29May Great Britain

’ with effect from 1 June 2006, the fund was re-named Euroland Equity Smaller Companies and the investment policy was revised such that investment in the UK fell below the threshold required for inclusion in this list.

Singapore Equity (Public holiday in Singapore)

02January Singapore 0 10 January Singapore

30January Singapore 31 January Singapore 12May Singapore 09August Singapore

0 24October Singapore

Sustainability Leaders (Public holiday in Germany, Switzerland and Great Britain)

0 02January Great Britain, Switzerland 29May Great Britain

0 15 June Germany, Switzerland 01 August Switzerland 28August Great Britain 03October Germany

Thai Equity (Public holiday in Thailand)

1

0

0

0

0

0

0

02 January 13 February 06 April 13 April 05 May 12 May 12 June 13 June I 1 July 14 August 23 October 05 December 11 December

Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand Thailand

Turkish Convergence (Public holiday in Turkey)

OSJanuary Turkey 0 10 January Turkey 0 11 January Turkey 0 12 January Turkey 0 13 January Turkey

19May Turkey 30August Turkey

~ -- A - HSBC Global Investment Funds .-

~

HSBC 4Xb - Fundsquare

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