HSBC Investment Funds Trust Interim Report 2021 Contents

Page 1. HSBC INVESTMENT FUNDS TRUST 1.1 HSBC ASIAN BOND FUND 1.2 HSBC CHINA MOMENTUM FUND 1.3 HSBC CHINA GROWTH FUND 1.4 HSBC ASIAN HIGH YIELD BOND FUND Statement of Financial Position 1 Statement of Comprehensive Income 5 Statement of Changes in Net Assets Attributable to Unitholders 7 Cash Flow Statement 19 Portfolio Statement 21 Statement of Movements in Portfolio Holdings 47 Details in Respect of Financial Derivative Instruments 51 Performance Record 55 Distribution Disclosure 70

2. ADMINISTRATION 77 Statement of Financial Position

HSBC Investment Funds Trust as at 31 January 2021

As at 31 January 2021 HSBC HSBC HSBC China Asian Asian Bond Momentum HSBC China High Yield Fund Fund Growth Fund Bond Fund USD USD USD USD

ASSETS Financial assets at fair value through profit or loss 2,661,069,057 64,795,108 182,984,987 2,486,429,710 Interest receivable 26,321,274 1 451 36,527,224 Subscriptions receivable 18,498,544 – 298,696 63,191,520 Amounts due from brokers 21,259,559 1,256,566 4,133,395 37,239,006 Other receivables 2,200,000 – – 1,730,000 Cash and cash equivalents 19,530,665 1,992,607 4,211,229 16,052,641

2,748,879,099 68,044,282 191,628,758 2,641,170,101

LIABILITIES Financial liabilities at fair value through profit or loss 482,792 – – 295,853 Bank overdraft – – 331 – Redemptions payable 20,749,286 33,098 1,055,135 12,613,972 Amounts due to brokers 37,088,486 1,063,059 2,738,558 107,645,907 Taxes payable 32,306 – – 31,993 Distributions payable 5,908,644 – – 9,629,682 Other payables 3,854,249 117,941 259,979 4,110,662

68,115,763 1,214,098 4,054,003 134,328,069

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2,680,763,336 66,830,184 187,574,755 2,506,842,032

Representing

Financial liabilities 2,680,763,336 – 187,574,755 2,506,842,032 Equity – 66,830,184 – –

Total number of units in issue

– “AC – USD” class 995,636 607,368 7,441,080 11,025,078 – “AC – HKD” class – – 11,660,968 3,396,788 – “AC – SGD” class – – – 493,644 – “AM – HKD” class 488,463,381 – – 315,447,574 – “AM – SGD” class – – – 2,760,149 – “AM – USD” class 156,253,874 – – 119,764,572 – “AMH – AUD” class 19,812,493 – – 12,164,084 – “AMH – EUR” class 1,621,975 – – 2,387,469 – “AMH – RMB” class 7,019,146 – – 26,413,647 – “AMH – SGD” class – – – 9,327,625 – “BC – HKD” class 59,959 – – 511,411 – “BC – RMB” class 150,336 – – 3,382,006 – “BC – USD” class 354,709 – – 1,919,822

1 Statement of Financial Position

HSBC Investment Funds Trust as at 31 January 2021

As at 31 January 2021 HSBC HSBC HSBC China Asian Asian Bond Momentum HSBC China High Yield Fund Fund Growth Fund Bond Fund USD USD USD USD

– “BCH – RMB” class 736,390 – – 28,947,463 – “BM2 – HKD” class 352,799 – – 2,489,398 – “BM2 – RMB” class 340,666 – – 10,713,303 – “BM2 – USD” class 539,898 – – 4,731,275 – “BM3H – AUD” class 93,303 – – 292,255 – “BM3H – RMB” class 1,869,889 – – 18,578,032 – “IC – USD” class 4,481,691 – – 14,594,953 – “ID – USD” class 12,592,716 – – – – “IM – USD” class 100,000 – – 4,870,402 – “ZD – USD” class 10,523,184 – – 778,430

Net asset value per unit

– “AC – USD” class 15.306 110.032 20.923 17.824 – “AC – SGD” class – – – 7.677 – “AC – HKD” class – – 2.735 2.292 – “AM – HKD” class 1.350 – – 1.296 – “AM – SGD” class – – – 7.726 – “AM – USD” class 9.485 – – 10.072 – “AMH – AUD” class 7.654 – – 7.501 – “AMH – EUR” class 11.976 – – 11.694 – “AMH – RMB” class 1.570 – – 1.543 – “AMH – SGD” class – – – 7.781 – “BC – HKD” class 1.374 – – 1.472 – “BC – RMB” class 1.503 – – 1.605 – “BC – USD” class 10.757 – – 11.444 – “BCH – RMB” class 1.693 – – 1.807 – “BM2 – HKD” class 1.348 – – 1.420 – “BM2 – RMB” class 1.476 – – 1.543 – “BM2 – USD” class 10.520 – – 10.981 – “BM3H – AUD” class 8.030 – – 8.405 – “BM3H – RMB” class 1.621 – – 1.699 – “IC – USD” class 15.820 – – 12.634 – “ID – USD” class 10.800 – – – – “IM – USD” class 10.166 – – 10.326 – “ZD – USD” class 11.214 – – 10.926

Note: Interim report has applied the same accounting policies and methods of computation as are applied in the annual reports of the Sub-Fund.

2 Statement of Financial Position

HSBC Investment Funds Trust as at 31 January 2021

As at 31 July 2020 HSBC HSBC HSBC China Asian Asian Bond Momentum HSBC China High Yield Fund Fund Growth Fund Bond Fund USD USD USD USD

ASSETS Financial assets at fair value through profit or loss 2,330,095,730 53,732,131 172,148,440 1,300,683,959 Interest receivable 21,556,524 1 448 17,365,358 Dividends receivable – – 221,059 – Subscriptions receivable 30,848,886 60,540 157,663 29,434,165 Amounts due from brokers 33,803,884 340,445 2,490,766 43,171,766 Other receivables – – – – Cash and cash equivalents 5,693,797 633,922 1,208,938 8,335,277

2,421,998,821 54,767,039 176,227,314 1,398,990,525

LIABILITIES Financial liabilities at fair value through profit or loss 46,033 – – 110,813 Bank overdraft – – 350 – Redemptions payable 8,312,968 69,470 2,443,940 3,948,638 Amounts due to brokers 52,731,316 398,375 2,159,620 66,087,733 Taxes payable 29,914 – – 29,615 Distributions payable 11,805,635 – – 6,753,655 Other payables 2,060,903 108,314 272,874 1,483,936

74,986,769 576,159 4,876,784 78,414,390

NET ASSETS ATTRIBUTABLE TO UNITHOLDERS 2,347,012,052 54,190,880 171,350,530 1,320,576,135

Representing

Financial liabilities 2,347,012,052 – 171,350,530 1,320,576,135 Equity – 54,190,880 – –

Total number of units in issue

– “AC – USD” class 881,152 638,697 8,773,499 3,782,132 – “AC – HKD” class – – 14,288,393 2,037,022 – “AC – SGD” class – – – 385,052 – “AM – HKD” class 410,066,197 – – 217,821,625 – “AM – SGD” class – – – 972,369 – “AM – USD” class 146,435,936 – – 78,274,841 – “AMH – AUD” class 18,254,481 – – 7,770,816 – “AMH – EUR” class 1,267,208 – – 866,649 – “AMH – RMB” class – – – 782,818 – “AMH – SGD” class – – – 1,444,992 – “BC – HKD” class 18,177 – – 264,097 – “BC – RMB” class 135,142 – – 1,505,713 – “BC – USD” class 132,675 – – 679,618

3 Statement of Financial Position

HSBC Investment Funds Trust as at 31 January 2021

As at 31 July 2020 HSBC HSBC HSBC China Asian Asian Bond Momentum HSBC China High Yield Fund Fund Growth Fund Bond Fund USD USD USD USD

– “BCH – RMB” class 503,277 – – 3,225,705 – “BM2 – HKD” class 69,178 – – 498,478 – “BM2 – RMB” class 356,996 – – 2,302,092 – “BM2 – USD” class 334,134 – – 1,773,087 – “BM3H – AUD” class 69,668 – – 115,350 – “BM3H – RMB” class 725,894 – – 5,160,101 – “IC – USD” class 6,880,001 – – 3,609,632 – “ID – USD” class 2,790,102 – – – – “IM – USD” class – – – 1,207,991 – “ZD – USD” class 9,603,488 – – 441,592

Net asset value per unit

– “AC – USD” class 15.033 84.849 16.104 17.072 – “AC – SGD” class – – – 7.352 – “AC – HKD” class – – 2.105 2.190 – “AM – HKD” class 1.348 – – 1.281 – “AM – SGD” class – – – 7.637 – “AM – USD” class 9.467 – – 9.950 – “AMH – AUD” class 7.147 – – 6.933 – “AMH – EUR” class 11.633 – – 11.242 – “AMH – RMB” class – – – 1.413 – “AMH – SGD” class – – – 7.448 – “BC – HKD” class 1.350 – – 1.410 – “BC – RMB” class 1.479 – – 1.537 – “BC – USD” class 10.566 – – 10.962 – “BCH – RMB” class 1.519 – – 1.584 – “BM2 – HKD” class 1.345 – – 1.403 – “BM2 – RMB” class 1.474 – – 1.529 – “BM2 – USD” class 10.502 – – 10.848 – “BM3H – AUD” class 7.492 – – 7.755 – “BM3H – RMB” class 1.497 – – 1.553 – “IC – USD” class 15.502 – – 12.076 – “ID – USD” class 10.584 – – – – “IM – USD” class – – – 10.180 – “ZD – USD” class 10.959 – – 10.400

Note: Interim report has applied the same accounting policies and methods of computation as are applied in the annual reports of the Sub-Fund.

4 Statement of Comprehensive Income

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2020 to 31 January 2021 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD

Interest income 2,202 17 194 3,861 Dividend income 21,233 77,953 225,917 23,695 Net gains from financial instruments at fair value through profit or loss 70,532,519 16,055,435 47,721,945 104,447,934 Net foreign exchange gain/(loss) 175,027 (19,711) (48,206) 269,707 Other income 59,242 21,924 22,251 59,269

Total revenue 70,790,223 16,135,618 47,922,101 104,804,466

Management fees Note 2 11,945,693 508,638 1,298,092 11,531,689 Transaction costs Note 1 11,152 10,772 328,045 28,812 Trustee’s fees Note 1 905,682 20,346 60,578 663,642 Registrar’s fees Note 1 85,800 2,760 8,800 150,707 Auditor’s remuneration 7,787 11,303 14,846 5,998 Legal and professional fees Note 1 25,355 6,045 6,045 24,878 Safe custody fees, bank charges and miscellaneous expenses Note 1 111,513 33,129 45,101 115,873

Total operating expenses 13,092,982 592,993 1,761,507 12,521,599

Net profit from operations before taxation 57,697,241 15,542,625 46,160,594 92,282,867

Tax refund/(taxation) 29,443 (8,099) (20,934) –

Net profit from operations before distributions 57,726,684 – – 92,282,867

Distributions to unitholders (36,730,246) – – (51,153,192)

Increase in net assets attributable to unitholders for the period 20,996,438 – 46,139,660 41,129,675 Total comprehensive income for the period – 15,534,526 – –

Note 1 During the periods ended 31 January 2021 and 2020, other than Trustee’s fees and Registrar’s fees that were paid to Trustee/connected person, other respective amounts paid to the Trustee/connected person were as follows:

Transaction costs 8,182 10,771 328,044 21,174 Legal and professional fees 914 127 127 914 Safe custody fees, bank charges and miscellaneous expenses 104,639 31,140 27,161 97,267

Note 2 During the periods ended 31 January 2021 and 2020, other than Management fees that paid to the Manager, no other amounts paid to the Manager/connected person of the Manager.

5 Statement of Comprehensive Income

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2019 to 31 January 2020 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD

Interest income 90,527 216 1,493 20,311 Dividend income – 161,528 1,097,278 50,819 Net gains from financial instruments at fair value through profit or loss 90,982,813 3,380,155 4,760,052 40,035,698 Net foreign exchange gain/(loss) 31,400 (549) (47,200) (46,679) Other income 59,359 51 51 61,449

Total revenue 91,164,099 3,541,401 5,811,674 40,121,598

Management fees Note 2 9,774,719 434,512 1,587,823 5,330,314 Transaction costs Note 1 7,412 23,977 438,616 9,702 Trustee’s fees Note 1 736,971 17,380 74,099 300,228 Registrar’s fees Note 1 65,706 2,316 9,242 64,022 Auditor’s remuneration 11,744 16,629 20,797 5,017 Legal and professional fees Note 1 19,902 13,059 23,266 20,298 Safe custody fees, bank charges and miscellaneous expenses Note 1 107,704 39,878 71,583 80,970

Total operating expenses 10,724,158 547,751 2,225,426 5,810,551

Net profit from operations before taxation 80,439,941 2,993,650 3,586,248 34,311,047

Tax refund/(taxation) (45,009) (10,695) (58,032) (18,516)

Net profit from operations before distributions 80,394,932 – – 34,292,531

Distributions to unitholders (34,338,979) – – (24,433,762)

Increase in net assets attributable to unitholders for the period 46,055,953 – 3,528,216 9,858,769 Total comprehensive income for the period – 2,982,955 – –

Note 1 During the periods ended 31 January 2021 and 2020, other than Trustee’s fees and Registrar’s fees that were paid to Trustee/connected person, other respective amounts paid to the Trustee/connected person were as follows:

Transaction costs 5,368 23,972 438,616 8,651 Legal and professional fees 7,473 13,059 9,485 7,869 Safe custody fees, bank charges and miscellaneous expenses 100,271 38,810 54,772 75,297

Note 2 During the periods ended 31 January 2021 and 2020, other than Management fees that paid to the Manager, no other amounts paid to the Manager/connected person of the Manager.

6 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2020 to 31 January 2021 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD

Balance at the beginning of the period 2,347,012,052 54,190,880 171,350,530 1,320,576,135

Increase in net assets attributable to unitholders for the period 20,996,438 – 46,139,660 41,129,675

Total comprehensive income for the period – 15,534,526 – –

Subscriptions of units (excluding equalisation)

– "AC – HKD” class – – 621,254 9,603,877 – "AC – SGD” class – – – 1,030,247 – "AC – USD” class 2,001,902 – 7,040,468 135,335,617 – "AM – HKD” class 326,729,644 – – 214,402,353 – “AM – USD” class 492,771,961 – – 640,152,381 – “AM – SGD” class – – – 14,726,576 – "AMH – AUD" class 57,161,464 – – 64,949,438 – “AMH – EUR” class 7,577,034 – – 20,658,578 – "AMH – RMB" class 11,113,090 – – 40,420,282 – "AMH – SGD" class – – – 63743307 – "BC – HKD" class 64,442 – – 549,876 – "BC – RMB" class 240,915 – – 3,825,924 – "BC – USD" class 2,575,250 – – 17,212,991 – "BCH – RMB" class 878,474 – – 47,957,221 – "BM2 – HKD" class 383,984 – – 2,959,788 – "BM2 – RMB" class 528,046 – – 14,862,323 – "BM2 – USD" class 2,564,530 – – 36,245,741 – "BM3H – AUD" class 231,351 – – 1,422,987 – "BM3H – RMB" class 2,024,955 – – 25,963,317 – “IC – USD” class 6,756,781 – – 183,404,994 – "ID – USD" class 104,541,869 – – – – "IM – USD" class 1,000,000 – – 54,323,168 –"ZD – USD” class 14,445,990 – – 4,570,659

Redemptions of units (excluding equalisation)

– "AC – HKD” class – – (6,850,672) (5,605,608) – "AC – SGD” class – – – (223,053) – “AC – USD” class (279,475) (2,903,001) (30,822,740) (18,320,943) – “AM – HKD” class (220,948,130) – – (87,627,477) – “AM – USD” class (399,505,597) – – (219,832,140) – "AM – SGD” class – – – (777,515)

7 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2020 to 31 January 2021 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD – “AMH – AUD” class (46,441,093) – – (33,929,332) – “AMH – EUR” class (3,438,705) – – (3,322,362) – "AMH – RMB" class (13,200) – – (276,549) – "AMH – SGD" class – – – (1,687,245) – "BC – HKD" class (7,906) – – (195,454) – "BC – RMB" class (221,038) – – (902,921) – "BC – USD" class (220,801) – – (3,502,085) – "BCH – RMB" class (524,974) – – (5,151,687) – "BM2 – HKD" class – – – (123,977) – "BM2 – RMB" class (552,618) – – (1,764,921) – "BM2 – USD" class (407,699) – – (3,662,660) – "BM3H – AUD" class (57,899) – – (36,986) – "BM3H – RMB" class (211,381) – – (3,613,706) – “IC – USD” class (44,164,552) – – (57,315,754) – “IM – USD” class – – – (16,408,644) – “ZD – USD” class (4,281,136) – – (994,033)

Equalisation on subscriptions and redemptions 439,368 7,779 96,255 12,089,629

312,754,846 (2,895,222) (29,915,435) 1,145,136,222

Balance at the end of the period 2,680,763,336 66,830,184 187,574,755 2,506,842,032

“AC – USD” class units

Units at the beginning of the period 881,152 638,697 8,773,499 3,782,132 Units issued 133,130 – 466,570 14,155,745 Units redeemed (18,646) (31,329) (1,798,989) (6,912,799)

Units at the end of the period 995,636 607,368 7,441,080 11,025,078

“AC – HKD” class units

Units at the beginning of the period – – 14,288,393 2,037,022 Units issued – – 273,096 4,494,552 Units redeemed – – (2,900,521) (3,134,786)

Units at the end of the period – – 11,660,968 3,396,788

8 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2020 to 31 January 2021 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD “AC – SGD” class units

Units at the beginning of the period – – – 385,052 Units issued – – – 903,105 Units redeemed – – – (794,513)

Units at the end of the period – – – 493,644

“AM – HKD” class units

Units at the beginning of the period 410,066,197 – – 217,821,625 Units issued 242,767,029 – – 165,783,244 Units redeemed (164,369,845) – – (68,157,295)

Units at the end of the period 488,463,381 – – 315,447,574

“AM – USD” class units

Units at the beginning of the period 146,435,936 – – 78,274,841 Units issued 52,219,914 – – 85,462,186 Units redeemed (42,401,976) – – (43,972,455)

Units at the end of the period 156,253,874 – – 119,764,572

“AM2 – SGD” class units

Units at the beginning of the period – – – 972,369 Units issued – – – 5,516,528 Units redeemed – – – (3,728,748)

Units at the end of the period – – – 2,760,149

“AMH – AUD” class units

Units at the beginning of the period 18,254,481 – – 7,770,816 Units issued 7,918,146 – – 10,199,178 Units redeemed (6,360,134) – – (5,805,910)

Units at the end of the period 19,812,493 – – 12,164,084

9 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2020 to 31 January 2021 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD “AMH – EUR” class units

Units at the beginning of the period 1,267,208 – – 866,649 Units issued 651,145 – – 2,331,762 Units redeemed (296,378) – – (810,942)

Units at the end of the period 1,621,975 – – 2,387,469

“AMH – RMB” class units

Units at the beginning of the period – – – 782,818 Units issued 7,027,470 – – 26,627,408 Units redeemed (8,324) – – (996,579)

Units at the end of the period 7,019,146 – – 26,413,647

“AMH – SGD” class units

Units at the beginning of the period – – – 1,444,992 Units issued – – – 19,042,401 Units redeemed – – – (11,159,768)

Units at the end of the period – – – 9,327,625

“BC – HKD” class units

Units at the beginning of the period 18,177 – – 264,097 Units issued 47,559 – – 382,972 Units redeemed (5,777) – – (135,658)

Units at the end of the period 59,959 – – 511,411

“BC – RMB” class units

Units at the beginning of the period 135,142 – – 1,505,713 Units issued 163,558 – – 2,455,954 Units redeemed (148,364) – – (579,661)

Units at the end of the period 150,336 – – 3,382,006

10 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2020 to 31 January 2021 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD “BC – USD” class units

Units at the beginning of the period 132,675 – – 679,618 Units issued 242,803 – – 1,554,478 Units redeemed (20,769) – – (314,274)

Units at the end of the period 354,709 – – 1,919,822

“BCH – RMB” class units

Units at the beginning of the period 503,277 – – 3,225,705 Units issued 558,104 – – 28,719,496 Units redeemed (324,991) – – (2,997,738)

Units at the end of the period 736,390 – – 28,947,463

“BM2 – HKD” class units

Units at the beginning of the period 69,178 – – 498,478 Units issued 283,621 – – 2,076,060 Units redeemed – – – (85,140)

Units at the end of the period 352,799 – – 2,489,398

“BM2 – RMB” class units

Units at the beginning of the period 356,996 – – 2,302,092 Units issued 357,823 – – 9,537,238 Units redeemed (374,153) – – (1,126,027)

Units at the end of the period 340,666 – – 10,713,303

“BM2 – USD” class units

Units at the beginning of the period 334,134 – – 1,773,087 Units issued 244,281 – – 3,286,530 Units redeemed (38,517) – – (328,342)

Units at the end of the period 539,898 – – 4,731,275

“BM3H – AUD” class units

Units at the beginning of the period 69,668 – – 115,350 Units issued 30,879 – – 181,440 Units redeemed (7,244) – – (4,535)

Units at the end of the period 93,303 – – 292,255

11 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2020 to 31 January 2021 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD “BM3H – RMB” class units

Units at the beginning of the period 725,894 – – 5,160,101 Units issued 1,276,534 – – 15,539,693 Units redeemed (132,539) – – (2,121,762)

Units at the end of the period 1,869,889 – – 18,578,032

“IC – USD” class units

Units at the beginning of the period 6,880,001 – – 3,609,632 Units issued 436,484 – – 16,618,231 Units redeemed (2,834,794) – – (5,632,910)

Units at the end of the period 4,481,691 – – 14,594,953

“ID – USD” class units

Units at the beginning of the period 2,790,102 – – – Units issued 9,899,947 – – – Units redeemed (97,333) – – –

Units at the end of the period 12,592,716 – – –

“IM – USD” class units

Units at the beginning of the period – – – 1,207,991 Units issued 100,000 – – 5,657,488 Units redeemed – – – (1,995,077)

Units at the end of the period 100,000 – – 4,870,402

“ZD – USD” class units

Units at the beginning of the period 9,603,488 – – 441,592 Units issued 1,312,852 – – 431,313 Units redeemed (393,156) – – (94,475)

Units at the end of the period 10,523,184 – – 778,430

12 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2019 to 31 January 2020 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD

Balance at the beginning of the period 2,215,954,265 48,924,337 219,859,384 866,003,184

Increase in net assets attributable to unitholders for the period 46,055,953 – 3,528,216 9,858,769

Total comprehensive income for the period – 2,982,955 – –

Subscriptions of units (excluding equalisation)

– "AC – HKD” class – – 4,083,610 363,737 – "AC – SGD” class – – – – – "AC – USD” class 435,687 – 10,531,876 9,068,839 – "AM – HKD” class 176,237,038 – – 43,970,025 – “AM – USD” class 271,535,038 – – 140,976,332 – “AM – SGD” class – – – – – "AMH – AUD" class 34,650,640 – – 11,317,555 – “AMH – EUR” class 2,838,201 – – 7,672,412 – "AMH – RMB" class – – – – – "AMH – SGD" class – – – – – "BC – HKD" class – – – – – "BC – RMB" class – – – – – "BC – USD" class – – – – – "BCH – RMB" class – – – – – "BM2 – HKD" class – – – – – "BM2 – RMB" class – – – – – "BM2 – USD" class – – – – – "BM3H – AUD" class – – – – – "BM3H – RMB" class – – – – – “IC – USD” class 3,217,407 – – – – "ID – USD" class 90,219 – – – – "IM – USD" class – – – 2,930,315 –"ZD – USD” class 2,547,983 – – 35,576

Redemptions of units (excluding equalisation)

– "AC – HKD” class – – (11,167,375) – – "AC – SGD” class – – – – – “AC – USD” class (4,064,271) (3,904,383) (33,904,368) (5,224,546) – “AM – HKD” class (243,573,756) – – (35,634,088) – “AM – USD” class (392,181,907) – – (110,334,518) – "AM – SGD” class – – – –

13 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2019 to 31 January 2020 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD – “AMH – AUD” class (46,727,405) – – (14,051,062) – “AMH – EUR” class (4,611,839) – – (634,941) – "AMH – RMB" class – – – – – "AMH – SGD" class – – – – – "BC – HKD" class – – – – – "BC – RMB" class – – – – – "BC – USD" class – – – – – "BCH – RMB" class – – – – – "BM2 – HKD" class – – – – – "BM2 – RMB" class – – – – – "BM2 – USD" class – – – – – "BM3H – AUD" class – – – – – "BM3H – RMB" class – – – – – “IC – USD” class (13,519,843) – – – – “IM – USD” class – – – (10,057,324) – “ZD – USD” class (63,640,476) – – (304,920)

Equalisation on subscriptions and redemptions (1,045,207) 30,766 80,679 278,824

(277,812,491) (3,873,617) (30,375,578) 40,372,216

Balance at the end of the period 1,984,197,727 48,033,675 193,012,022 916,234,169

“AC – USD” class units

Units at the beginning of the period 715,027 757,984 13,523,105 1,129,530 Units issued 32,305 – 804,285 571,939 Units redeemed (288,300) (56,849) (2,530,406) (330,618)

Units at the end of the period 459,032 701,135 11,796,984 1,370,851

“AC – HKD” class units

Units at the beginning of the period – – 24,428,279 94,406 Units issued – – 2,386,510 176,442 Units redeemed – – (6,321,038) –

Units at the end of the period – – 20,493,751 270,848

14 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2019 to 31 January 2020 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD “AC – SGD” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“AM – HKD” class units

Units at the beginning of the period 433,423,891 – – 170,230,564 Units issued 134,611,851 – – 34,447,747 Units redeemed (185,697,361) – – (28,122,590)

Units at the end of the period 382,338,381 – – 176,555,721

“AM – USD” class units

Units at the beginning of the period 138,915,808 – – 58,965,467 Units issued 29,578,077 – – 14,337,254 Units redeemed (42,606,917) – – (11,341,497)

Units at the end of the period 125,886,968 – – 61,961,224

“AM2 – SGD” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“AMH – AUD” class units

Units at the beginning of the period 17,082,312 – – 5,145,886 Units issued 5,227,191 – – 1,715,156 Units redeemed (7,006,023) – – (2,149,327)

Units at the end of the period 15,303,480 – – 4,711,715

15 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2019 to 31 January 2020 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD “AMH – EUR” class units

Units at the beginning of the period 1,303,007 – – 611,985 Units issued 267,816 – – 766,427 Units redeemed (432,575) – – (63,483)

Units at the end of the period 1,138,248 – – 1,314,929

“AMH – RMB” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“AMH – SGD” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“BC – HKD” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“BC – RMB” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

16 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2019 to 31 January 2020 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD “BC – USD” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“BCH – RMB” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“BM2 – HKD” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“BM2 – RMB” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“BM2 – USD” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“BM3H – AUD” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

17 Statement of Changes in Net Assets Attributable to Unitholders

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2019 to 31 January 2020 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD “BM3H – RMB” class units

Units at the beginning of the period – – – – Units issued – – – – Units redeemed – – – –

Units at the end of the period – – – –

“IC – USD” class units

Units at the beginning of the period 5,039,654 – – – Units issued 221,520 – – – Units redeemed (930,164) – – –

Units at the end of the period 4,331,010 – – –

“ID – USD” class units

Units at the beginning of the period 2,687,607 – – – Units issued 8,791 – – – Units redeemed – – – –

Units at the end of the period 2,696,398 – – –

“IM – USD” class units

Units at the beginning of the period – – – 997,009 Units issued – – – 290,619 Units redeemed – – – (997,009)

Units at the end of the period – – – 290,619

“ZD – USD” class units

Units at the beginning of the period 13,287,653 – – 240,501 Units issued 239,458 – – 3,533 Units redeemed 5,990,501) – – (29,924)

Units at the end of the period 7,536,610 – – 214,110

18 Cash Flow Statement

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2020 to 31 January 2021 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD Operating activities Interest received 2,677 17 191 3,528 Dividends received 21,233 138,493 446,976 23,695 Management fees paid (11,750,572) (495,431) (1,300,827) (10,528,677) Trustee’s fees paid (890,094) (19,818) (60,706) (604,354) Payments on purchase of investments (1,938,335,799) (41,341,828) (109,455,414) (4,016,331,072) Proceeds from sale of investments (including coupon interest received from investments) 1,671,405,246 46,082,849 145,277,122 2,965,126,080 Margin deposits placed with brokers (937,226) – – (1,578,384) Taxes refund/paid 31,835 (8,099) (20,934) 2,378 Other operating expenses paid/income received (624,700) (65,904) (438,825) (162,866)

Net cash (used in)/generated from operating activities (281,077,400) 4,290,279 34,447,583 (1,064,049,672)

Financing activities Proceeds from issue of units including equalisation 1,046,962,476 – 7,489,287 1,582,130,820 Payments on redemption of units including equalisation (709,420,971) (2,931,594) (38,934,560) (462,086,619) Distributions paid (42,627,237) – – (48,277,165)

Net cash generated from/(used in) financing activities 294,914,268 (2,931,594) (31,445,273) 1,071,767,036

Net increase/(decrease) in cash and cash equivalents 13,836,868 1,358,685 3,002,310 7,717,364

Cash and cash equivalents at the beginning of the period 5,693,797 633,922 1,208,588 8,335,277

Cash and cash equivalents at the end of the period 19,530,665 1,992,607 4,210,898 16,052,641

19 Cash Flow Statement

HSBC Investment Funds Trust for the period ended 31 January 2021

1 August 2019 to 31 January 2020 HSBC HSBC HSBC China HSBC Asian High Asian Bond Momentum China Growth Yield Bond Fund Fund Fund Fund USD USD USD USD Operating activities Interest received 89,326 285 1,727 22,708 Dividends received – 220,262 1,634,543 50,819 Management fees paid (10,030,135) (438,041) (1,614,734) (5,348,793) Trustee’s fees paid (759,782) (17,521) (75,355) (301,348) Payments on purchase of investments (740,657,467) (25,038,866) (117,905,011) (1,279,926,802) Proceeds from sale of investments (including coupon interest received from investments) 1,098,846,038 29,299,698 143,686,196 1,272,607,212 Margin deposits placed with brokers (327,002) – – (251,192) Taxes refund/paid (45,200) (10,695) (58,032) (18,709) Other operating expenses paid/income received 171,862 (98,284) (626,340) (172,244)

Net cash (used in)/generated from operating activities 347,287,640 3,916,838 25,042,994 (13,338,349)

Financing activities Proceeds from issue of units including equalisation 504,945,115 – 15,765,978 215,477,692 Payments on redemption of units including equalisation (785,232,344) (3,013,978) (42,108,549) (177,591,593) Distributions paid (42,257,209) – – (24,293,845)

Net cash generated from/(used in) financing activities (322,544,438) (3,013,978) (26,342,571) 13,592,254

Net increase/(decrease) in cash and cash equivalents 24,743,202 902,860 (1,299,577) 253,905

Cash and cash equivalents at the beginning of the period 5,053,071 993,917 4,920,145 5,751,848

Cash and cash equivalents at the end of the period 29,796,273 1,896,777 3,620,568 6,005,753

20 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Financial assets CHINA HUANENG GROUP (HONG KONG) TREASURY MANAGEMENT Debt securities HOLDING LTD 2.4% 10 DECEMBER 2022 1,500,000 1,536,495 0.06 Bonds CHINA HUANENG GROUP (HONG Listed investments KONG) TREASURY MANAGEMENT HOLDING LTD 3% 10 DECEMBER Bermuda 2029 7,028,000 7,399,078 0.28 CHINA OIL AND GAS GROUP LTD CHINA RAILWAY XUNJIE CO LTD 5.5% 25 JANUARY 2023 5,325,000 5,500,672 0.21 3.25% 28 JULY 2026 5,500,000 5,909,530 0.22 CHINA RESOURCES GAS GROUP CHINA SOUTHERN POWER GRID LTD 4.5% 05 APRIL 2022 6,000,000 6,226,980 0.23 INTERNATIONAL FINANCE BVI

2018 CO LTD 4.25% 18 SEPTEMBER 2028 4,007,000 4,634,176 0.17 11,727,652 0.44 CICC HK FINANCE 2016 MTN 1.625% 26 JANUARY 2024 23,898,000 23,934,086 0.89 British Virgin Islands CICC HK FINANCE 2016 MTN 1.75% AMIPEACE LTD 1.5% 22 OCTOBER 10 AUGUST 2023 2,417,000 2,432,541 0.09 2025 10,000,000 9,968,800 0.37 CICC HK FINANCE 2016 MTN 2% 26 BLUESTAR FINANCE HOLDINGS LTD JANUARY 2026 7,883,000 7,927,854 0.30 3.5% 30 SEPTEMBER 2021 5,000,000 5,046,950 0.19 CLP POWER HONG KONG CAS CAPITAL NO1 LTD 31 FINANCING LTD 2.125% 30 JUNE DECEMBER 2049 7,880,000 7,879,842 0.29 2030 6,000,000 6,089,520 0.23 CASTLE PEAK POWER FINANCE CLP POWER HONG KONG COMPANY LTD 2.2% 22 JUNE FINANCING LTD 2.5% 30 JUNE 2030 4,841,000 4,900,109 0.18 2035 5,600,000 5,706,120 0.21 CELESTIAL DYNASTY LTD 4.25% 27 CMHI FINANCE (BVI) CO LTD 4.375% JUNE 2029 7,048,000 7,301,446 0.27 06 AUGUST 2023 3,261,000 3,498,596 0.13 CELESTIAL MILES LTD 5.75% CN HUANENG GP HK TREASURY 29 PERPETUAL 4,000,000 4,222,880 0.16 DECEMBER 2049 2,974,000 3,003,829 0.11 CHAMPION PATH HOLDINGS 4.5% CN HUANENG GP HK TREASURY 31 27 JANUARY 2026 6,190,000 6,357,873 0.24 DECEMBER 2049 3,770,000 3,810,565 0.14 CHAMPION PATH HOLDINGS 4.85% CNOOC FINANCE 2013 LTD 4.25% 09 27 JANUARY 2028 10,028,000 10,256,739 0.38 MAY 2043 3,000,000 3,238,770 0.12 CHARMING LIGHT INVESTMENTS CONTEMPRY RUIDNG LTD 4.375% 21 DECEMBER 2027 4,000,000 4,568,120 0.17 DEVELOPMENT 1.875% 17 CHINA CINDA 2020 I MANAGEMENT SEPTEMBER 2025 3,967,000 4,018,373 0.15 LTD 1.875% 20 JANUARY 2026 1,566,000 1,584,620 0.06 CONTEMPRY RUIDNG CHINA CINDA FINANCE (2017) I LTD DEVELOPMENT 2.625% 17 4.1% 9 MARCH 2024 9,000,000 9,750,240 0.36 SEPTEMBER 2030 1,199,000 1,218,064 0.04 CHINA HUADIAN OVERSEAS 31 COSCO FINANCE CO LTD 4% 3 DECEMBER 2049 2,551,000 2,612,428 0.10 DECEMBER 2022 11,550,000 12,099,087 0.45 CHINA HUADIAN OVERSEAS EASTERN CREATION II INVESTMENT DEVELOPMENT MANAGEMENT HOLDINGS LTD 4.15% 04 COMPANY LTD 4% PERPETUAL 3,500,000 3,640,385 0.14 DECEMBER 2021 6,000,000 6,155,640 0.23

21 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds HUARONG FINANCE 2019 31 Listed investments DECEMBER 2049 2,600,000 2,686,294 0.10 HUARONG FINANCE 2019 CO LTD EASTERN CREATION II INVESTMET 3.375% 24 FEBRUARY 2030 8,000,000 8,156,640 0.30 1% 10 SEPTEMBER 2023 11,807,000 11,772,878 0.44 HUARONG FINANCE 2019 CO LTD EASY TACTIC LTD 11.75% 02 AUGUST 3.75% 29 MAY 2024 2,780,000 2,951,943 0.11 2023 1,613,000 1,629,807 0.06 HUARONG FINANCE 2019 CO LTD EASY TACTIC LTD 5.75% 13 JANUARY 3.875% 13 NOVEMBER 2029 5,000,000 5,291,900 0.20 2022 2,000,000 1,927,240 0.07 HUARONG FINANCE 2019 CO LTD ELECT GLOBAL INVESTMENT LTD 4.5% 29 MAY 2029 10,314,000 11,372,113 0.42 4.85% PERP 31 DECEMBER 2049 2,152,000 2,197,149 0.08 HUARONG FINANCE II 29 ENN CLEAN ENERGY DECEMBER 2049 2,600,000 2,608,112 0.10 INTERNATIONAL INVESTMENT HUARONG FINANCE II 4.875% 22 LTD 7.5% 27 FEBRUARY 2021 1,539,000 1,542,601 0.06 NOVEMBER 2026 5,000,000 5,712,450 0.21 FORTUNE STAR (BVI) LTD 6.75% 2 HUARONG FINANCE II CO LTD 5% JULY 2023 3,000,000 3,173,520 0.12 19 NOVEMBER 2025 10,000,000 11,290,300 0.42 FORTUNE STAR (BVI) LTD 6.85% 2 HYSAN MTN LTD 2.875% 2 JUNE JULY 2024 4,000,000 4,261,600 0.16 2027 9,500,000 10,164,525 0.38 FORTUNE STAR BVI LTD 5.05% 27 INVENTIVE GLOBAL INVESTMENT JANUARY 2027 9,472,000 9,521,065 0.35 LTD 1.65% 03 SEPTEMBER 2025 5,000,000 4,990,200 0.19 FORTUNE STAR BVI LTD 5.95% 19 INVENTIVE GLOBAL INVESTMENTS OCTOBER 2025 8,439,000 8,869,727 0.33 LTD 1.5% 15 JULY 2023 9,296,000 9,331,046 0.35 FORTUNE STAR BVI LTD 5.95% 29 JGSH PHILIPPINES LTD 4.125% 9 JANUARY 2023 5,000,000 5,160,550 0.19 JULY 2030 7,409,000 7,837,833 0.29 FRANSHION BRILLIANT LTD 4% 21 JOY TREASURE ASSETS HOLDINGS JUNE 2024 1,500,000 1,556,910 0.06 1.875% 17 NOVEMBER 2025 2,461,000 2,483,641 0.09 HENGJIAN INTERNATIONAL JOY TREASURE ASSETS HOLDINGS INVESTMENT LTD 1.875% 23 JUNE 2.75% 17 NOVEMBER 2030 2,400,000 2,403,504 0.09 2025 4,205,000 4,233,300 0.16 JOY TREASURE ASSETS HOLDINGS HKT CAPITAL NO 2 LTD 3.625% 02 INC 3.5% 24 SEPTEMBER 2029 2,000,000 2,123,280 0.08 APRIL 2025 7,000,000 7,576,940 0.28 LAI FUNG BONDS (2018) LTD 5.65% HKT CAPITAL NO.5 LTD 3.25% 30 18 JANUARY 2023 5,325,000 5,073,074 0.19 SEPTEMBER 2029 6,400,000 6,842,368 0.25 LTC GB LTD 2.75% 26 MAY 2021 5,000,000 5,022,350 0.19 HONGKONG ELECTRIC FINANCE LTD NAN FUNG TREASURY III 5% PERP 2.25% 9 JUNE 2030 6,877,000 7,007,113 0.26 31 DECEMBER 2049 4,116,000 4,165,639 0.16 HUARONG FINANCE 2017 CO LTD NAN FUNG TREASURY LTD 3.625% 4% PERP 29 DECEMBER 2049 5,000,000 5,101,350 0.19 27 AUGUST 2030 2,808,000 2,841,752 0.11 HUARONG FINANCE 2017 CO LTD 4% NEW METRO GLOBAL LTD 4.8% 15 PERP 29 DECEMBER 2049 5,600,000 5,727,120 0.21 DECEMBER 2024 8,406,000 8,489,892 0.32 HUARONG FINANCE 2017 CO LTD NWD FINANCE (BVI) LTD 4.8% PERP 4.25% 07 NOVEMBER 2027 5,686,000 6,349,727 0.24 29 DECEMBER 2049 6,584,000 6,453,834 0.24 HUARONG FINANCE 2017 CO LTD NWD FINANCE (BVI) LTD 5.75% 4.75% 27 APRIL 2027 5,000,000 5,683,050 0.21 PERP 29 DECEMBER 2049 3,700,000 3,722,718 0.14 HUARONG FINANCE 2019 3.625% 30 NWD FINANCE (BVI) LTD 6.25% SEPTEMBER 2030 2,500,000 2,602,000 0.10 PERP 31 DECEMBER 2049 2,500,000 2,590,325 0.10

22 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds SINOPEC GROUP OVERSEAS Listed investments DEVELOPMENT (2018) LTD 2.7% 13 MAY 2030 12,000,000 12,393,240 0.46 PANTHER VENTURES LTD 3.5% SINOPEC GROUP OVERSEAS PERP 31 DECEMBER 2049 5,000,000 4,797,250 0.18 DEVELOPMENT (2018) LTD 2.95% PCCW-HKT CAPITAL NO.5 LTD 3.75% 8 AUGUST 2029 5,000,000 5,282,300 0.20 08 MARCH 2023 6,000,000 6,312,060 0.24 SINOPEC GROUP OVERSEAS RADIANCE CAPITAL INVESTMENT DEVELOPMENT 2016 LTD 2.75% 29 LTD 11.75% 31 OCTOBER 2021 3,400,000 3,560,820 0.13 SEPTEMBER 2026 5,000,000 5,343,300 0.20 RADIANCE CAPITAL INVESTMENTS SINOPEC GROUP OVERSEAS LTD 10.5% 16 JANUARY 2022 1,811,000 1,889,779 0.07 DEVELOPMENT 2016 LTD 4.25% RADIANCE CAPITAL INVESTMENTS 03 MAY 2046 5,000,000 5,879,200 0.22 LTD 8.8% 17 SEPTEMBER 2023 5,422,000 5,668,050 0.21 SINOPEC GROUP OVERSEAS RKPF OVERSEAS 2019 A LTD 6% 04 DEVELOPMENT 2017 LTD 4.25% SEPTEMBER 2025 3,279,000 3,396,880 0.13 12 APRIL 2047 1,700,000 2,005,898 0.07 RKPF OVERSEAS 2019 A LTD 6.7% SINOPEC GROUP OVERSEAS 30 SEPTEMBER 2024 3,318,000 3,528,826 0.13 DEVELOPMENT 4.875% 17 MAY RKPF OVERSEAS 2019 A LTD 7.875% 2042 12,000,000 15,035,520 0.56 01 FEBRUARY 2023 2,123,000 2,212,400 0.08 SPIC MTN COMPANY LTD 1.625% 27 RKPF OVERSEAS 2020 A LTD 5.2% JULY 2025 6,049,000 6,078,882 0.23 12 JANUARY 2026 6,517,000 6,529,122 0.24 STATE GRID OVERSEAS RONGSHI INTERNATIONAL FINANCE INVESTMENT (2016) LTD 3.5% 4 LTD 3.75% 21 MAY 2029 5,000,000 5,570,000 0.21 MAY 2027 8,000,000 9,009,280 0.34 RONGXINGDA DEVELOPMENT BVI STATE GRID OVERSEAS LTD 8% 24 APRIL 2022 2,191,000 2,084,605 0.08 INVESTMENT (2016) LTD 4.25% 2 SF HOLDING INVESTMENT LTD MAY 2028 3,000,000 3,488,400 0.13 2.875% 20 FEBRUARY 2030 17,000,000 17,794,750 0.66 STATE GRID OVERSEAS SHANGHAI PORT GROUP (BVI) INVESTMENT (2016) LTD NULL% 5 DEVELOPMENT CO LTD 3.375% AUGUST 2030 10,000,000 9,665,500 0.36 18 JUNE 2029 6,000,000 6,495,900 0.24 STATE GRID OVERSEAS SHANGHAI PORT GROUP BV 1.5% 13 INVESTMENT 4.85% 07 MAY 2044 3,000,000 3,997,320 0.15 JULY 2025 5,300,000 5,317,225 0.20 SUNNY EXPRESS ENTERPRISES SHANGHAI PORT GROUP BVI CORP 2.625% 23 APRIL 2025 3,000,000 3,119,160 0.12 DEVELOPMENT 2 CO LTD 2.375% SUNNY EXPRESS ENTERPRISES 13 JULY 2030 3,000,000 3,019,770 0.11 CORP 3.35% PERPETUAL 1,015,000 1,031,656 0.04 SIHC INTERNATIONAL CAPITAL LTD SUNNY EXPRESS ENTERPRISES 3.95% 26 SEPTEMBER 2021 4,846,000 4,920,386 0.18 CORP 3.5% 21 MARCH 2022 1,635,000 1,676,627 0.06 SIHC INTERNATIONAL CAPITAL LTD UHI CAPITAL LTD 3% 12 JUNE 2024 1,500,000 1,568,265 0.06 4.35% 26 SEPTEMBER 2023 5,310,000 5,670,815 0.21 VIGOROUS CHAMPION SINOPEC CAPITAL 2013 3.125% 24 INTERNATIONAL LTD 3.625% 28 APRIL 2023 10,000,000 10,439,000 0.39 MAY 2024 2,240,000 2,369,494 0.09 SINOPEC GROUP OVERSEAS VIGOROUS CHAMPION DEVELOPMENT (2018) LTD 2.15% INTERNATIONAL LTD 4.375% 10 13 MAY 2025 2,000,000 2,062,300 0.08 SEPTEMBER 2023 6,000,000 6,424,260 0.24

23 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds CHINA AOYUAN GROUP LTD 6.35% Listed investments 08 FEBRUARY 2024 1,400,000 1,457,918 0.05 CHINA AOYUAN GROUP LTD 8.5% YINGDE GASES INVESTMENT LTD 23 JANUARY 2022 6,706,000 6,858,562 0.26 6.25% 19 JANUARY 2023 5,000,000 5,144,000 0.19 CHINA AOYUAN PROPERTY GROUP YONGDA INVESTMENT LTD 2.25% LTD 7.5% 10 MAY 2021 4,000,000 4,039,200 0.15 16 JUNE 2025 7,000,000 7,139,650 0.27 CHINA HONGQIAO GROUP LTD YUNDA HOLDING INVESTMENT LTD 7.125% 22 JULY 2022 600,000 586,500 0.02 2.25% 19 AUGUST 2025 9,066,000 9,096,915 0.34 CHINA MENGNIU DAIRY CO LTD

1.875% 17 JUNE 2025 12,500,000 12,607,875 0.47 CHINA MENGNIU DAIRY CO LTD 3% 628,220,941 23.43 18 JULY 2024 4,932,000 5,170,857 0.19 CHINA OVERSEAS FINANCE Canada (CAYMAN) VIII LTD 3.05% 27 NEXEN ENERGY ULC 5.875% 10 NOVEMBER 2029 10,000,000 10,219,900 0.38 MARCH 2035 9,729,000 12,326,157 0.46 CHINA OVERSEAS FINANCE (CAYMAN) VIII LTD 3.45% 15 JULY 2029 2,357,000 2,476,500 0.09 Cayman Islands CHINA OVERSEAS FINANCE AC ENERGY FINANCE CAYMAN LTD 4.75% 26 APRIL INTERNATIONAL LTD 5.1% PERP 2028 6,000,000 6,787,440 0.25 31 DECEMBER 2049 7,000,000 7,240,030 0.27 CHINA OVERSEAS GRAND OCEANS AGILE GROUP HOLDINGS LTD 6.05% FINANCE IV (CAYMAN) LTD 13 OCTOBER 2025 5,345,000 5,532,877 0.21 4.875% 01 JUNE 2021 1,088,000 1,097,944 0.04 AGILE GROUP HOLDINGS LTD 7.75% CHINA RESOURCES LAND LTD PERPETUAL 1,562,000 1,614,655 0.06 3.75% 26 AUGUST 2024 656,000 704,728 0.03 AGILE GROUP HOLDINGS LTD 7.75% CHINA RESOURCES LAND LTD PERPETUAL 4,313,000 4,511,700 0.17 3.75% PERPETUAL 10,000,000 10,288,100 0.38 ALIBABA GROUP HOLDING LTD CHINA RESOURCES LAND LTD 3.4% 6 DECEMBER 2027 10,600,000 11,764,728 0.44 4.125% 26 FEBRUARY 2029 787,000 868,541 0.03 ALIBABA GROUP HOLDING LTD CHINA SCE GROUP HOLDINGS LTD 4.2% 6 DECEMBER 2047 8,000,000 9,473,840 0.35 5.875% 10 MARCH 2022 1,609,000 1,629,563 0.06 ALIBABA GROUP HOLDINGS LTD CHINA SCE GROUP HOLDINGS LTD 4.5% 28 NOVEMBER 2034 10,000,000 12,075,800 0.45 6% 04 FEBRUARY 2026 3,601,000 3,567,583 0.13 CCBL (CAYMAN) 1 CORPORATION CHINA SCE GROUP HOLDINGS LTD LTD 1.99% 21 JULY 2025 8,595,000 8,687,482 0.32 7% 02 MAY 2025 9,506,000 9,957,535 0.37 CDBL FUNDING 1 3% 24 APRIL 2023 1,836,000 1,900,444 0.07 CHINA SCE GROUP HOLDINGS LTD CDBL FUNDING 2 3% 1 AUGUST 7.25% 19 APRIL 2023 7,000,000 7,286,020 0.27 2022 5,000,000 5,124,700 0.19 CIFI HOLDINGS (GROUP) CO LTD CENTRAL CHINA REAL ESTATE 5.95% 20 OCTOBER 2025 4,000,000 4,306,600 0.16 7.25% 13 AUGUST 2024 3,000,000 2,916,180 0.11 CK HUTCHISON INTERNATIONAL CENTRAL CHINA REAL ESTATE LTD (19) (II) LTD 2.75% 6 SEPTEMBER 7.65% 27 AUGUST 2023 2,529,000 2,562,433 0.10 2029 8,000,000 8,528,480 0.32 CHAMPION MTN LTD 2.95% 15 CK HUTCHISON INTERNATIONAL JUNE 2030 4,500,000 4,607,415 0.17 (20) LTD 2.5% 8 MAY 2030 10,000,000 10,473,700 0.39 CHINA AOYUAN GROUP LTD 5.98% CK HUTCHISON INTERNATIONAL 18 AUGUST 2025 3,067,000 3,142,326 0.12 (20) LTD 3.375% 8 MAY 2050 1,500,000 1,671,795 0.06

24 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds JD.COM INC 3.375% 14 JANUARY Listed investments 2030 5,000,000 5,422,350 0.20 JD.COM INC 3.875% 29 APRIL 2026 8,897,000 9,893,197 0.37 COUNTRY GARDEN HOLDINGS 3.3% KAISA GROUP HOLDINGS LTD 11.5% 12 JANUARY 2031 5,237,000 5,251,611 0.20 30 JANUARY 2023 6,213,000 6,451,082 0.24 COUNTRY GARDEN HOLDINGS KAISA GROUP HOLDINGS LTD 11.95% 3.875% 22 OCTOBER 2030 3,710,000 3,856,990 0.14 22 OCTOBER 2022 5,025,000 5,286,451 0.20 COUNTRY GARDEN HOLDINGS CO KAISA GROUP HOLDINGS LTD 8.5% LTD 5.125% 14 JANUARY 2027 1,888,000 2,036,076 0.08 30 JUNE 2022 1,200,000 1,213,044 0.05 COUNTRY GARDEN HOLDINGS CO KWG GROUP HOLDINGS 5.95% 10 LTD 6.15% 17 SEPTEMBER 2025 1,257,000 1,398,840 0.05 AUGUST 2025 5,000,000 5,058,800 0.19 COUNTRY GARDEN HOLDINGS CO KWG GROUP HOLDINGS 6.3% 13 LTD 7.25% 08 APRIL 2026 3,000,000 3,394,290 0.13 FEBRUARY 2026 3,581,000 3,656,774 0.14 COUNTRY GARDEN HOLDINGS CO LOGAN GROUP CO LTD 4.85% 14 LTD NULL% 6 AUGUST 2030 1,758,000 1,896,777 0.07 DECEMBER 2026 5,321,000 5,425,238 0.20 FANTASIA HOLDINGS GROUP 6.95% LOGAN GROUP CO LTD 5.25% 19 17 DECEMBER 2021 1,601,000 1,597,366 0.06 OCTOBER 2025 3,503,000 3,644,591 0.14 FANTASIA HOLDINGS GROUP 7.95% LOGAN GROUP CO LTD 5.75% 14 05 JULY 2022 5,000,000 4,965,900 0.19 JANUARY 2025 3,000,000 3,154,410 0.12 FANTASIA HOLDINGS GROUP LONGFOR GROUP HOLDINGS LTD 9.875% 19 OCTOBER 2023 5,000,000 4,921,850 0.18 4.5% 16 JANUARY 2028 3,000,000 3,349,260 0.12 FANTASIA HOLDINGS GROUP CO MEITUAN 2.125% 28 OCTOBER 2025 2,418,000 2,471,510 0.09 LTD 11.875% 1 JUNE 2023 1,828,000 1,905,087 0.07 MELCO RESORTS FINANCE LTD FANTASIA HOLDINGS GROUP CO 5.625% 17 JULY 2027 4,000,000 4,194,240 0.16 LTD 9.25% 28 JULY 2023 1,819,000 1,787,131 0.07 MELCO RESORTS FINANCE LTD FUFENG GROUP LTD 5.875% 28 5.75% 21 JULY 2028 7,024,000 7,445,791 0.28 AUGUST 2021 1,280,000 1,308,736 0.05 MGM CHINA HOLDINGS LTD 5.25% GREENLAND HONG KONG 18 JUNE 2025 2,000,000 2,078,700 0.08 HOLDINGS LTD 6% 17 JULY 2021 1,141,000 1,130,126 0.04 MGM CHINA HOLDINGS LTD 5.375% HAIDILAO INTERNATIONAL 15 MAY 2024 3,000,000 3,094,080 0.12 HOLDING 2.15% 14 JANUARY MGM CHINA HOLDINGS LTD 5.875% 2026 6,444,000 6,490,203 0.24 15 MAY 2026 2,000,000 2,109,680 0.08 HEALTH AND HAPPINESS (H&H) MODERN LAND CHINA CO LTD INTERNATIONAL HOLDINGS LTD 11.95% 04 MARCH 2024 385,000 388,996 0.01 5.625% 24 OCTOBER 2024 1,875,000 1,963,819 0.07 NEW ORIENTAL EDUCATION & HONGHUA GROUP LTD 6.375% 01 TECHNOLOGY 2.125% 02 JULY AUGUST 2022 2,341,000 2,303,731 0.09 2025 12,272,000 12,214,812 0.46 HONGKONG LAND FINANCE POWERLONG REAL ESTATE 5.95% (CAYMAN ISLANDS) COMPANY 30 APRIL 2025 5,039,000 5,179,790 0.19 LTD 2.875% 27 MAY 2030 9,000,000 9,501,300 0.35 POWERLONG REAL ESTATE 6.25% HPHT FINANCE (19) LTD 2.875% 5 10 AUGUST 2024 3,724,000 3,856,984 0.14 NOVEMBER 2024 8,000,000 8,396,240 0.31 POWERLONG REAL ESTATE HUTCHISON WHAMPOA HOLDINGS LTD 6.95% 23 JULY INTERNATIONAL 14 LTD 3.625% 2023 4,808,000 5,022,581 0.19 31 OCTOBER 2024 2,000,000 2,212,600 0.08

25 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds SUN HUNG KAI PROPERTIES Listed investments (CAPITAL MARKET) LTD 2.75% 13 MAY 2030 5,000,000 5,231,250 0.20 POWERLONG REAL ESTATE SUN HUNG KAI PROPERTIES HOLDINGS LTD 7.125% 8 (CAPITAL MARKET) LTD 2.875% 21 NOVEMBER 2022 5,000,000 5,204,000 0.19 JANUARY 2030 7,740,000 8,172,434 0.30 RED SUN PROPERTIES GROUP 7.3% SUN HUNG KAI PROPERTIES 13 JANUARY 2025 2,093,000 2,112,381 0.08 (CAPITAL MARKET) LTD 3.75% 25 REDCO PROPERTIES GROUP 8.5% FEBRUARY 2029 3,000,000 3,349,800 0.13 19 AUGUST 2021 1,391,000 1,398,678 0.05 SUNAC CHINA HOLDINGS LTD REDCO PROPERTIES GROUP 9.9% 5.95% 26 APRIL 2024 6,706,000 6,713,175 0.25 17 FEBRUARY 2024 4,726,000 4,629,306 0.17 SUNAC CHINA HOLDINGS LTD 6.5% REDSUN PROPERTIES GROUP LTD 26 JANUARY 2026 5,353,000 5,299,095 0.20 9.7% 16 APRIL 2023 3,691,000 3,893,780 0.15 SUNAC CHINA HOLDINGS LTD 7.35% RONSHINE CHINA 7.1% 25 JANUARY 19 JULY 2021 2,000,000 2,028,560 0.08 2025 9,288,000 9,168,278 0.34 SUNAC CHINA HOLDINGS LTD RONSHINE CHINA HOLDINGS LTD 8.35% 19 APRIL 2023 10,000,000 10,482,100 0.39 11.25% 22 AUGUST 2021 758,000 782,794 0.03 TENCENT HOLDINGS LTD 2.39% 3 RONSHINE CHINA HOLDINGS LTD JUNE 2030 10,000,000 10,124,300 0.38 8.75% 25 OCTOBER 2022 6,978,000 7,182,386 0.27 TENCENT HOLDINGS LTD 3.595% 19 RONSHINE CHINA HOLDINGS LTD JANUARY 2028 10,000,000 10,962,400 0.41 NULL% 5 AUGUST 2024 3,268,000 3,246,431 0.12 TENCENT HOLDINGS LTD 3.925% 19 RONSHINE CHINA HOLDINGS JANUARY 2038 4,500,000 5,035,545 0.19 LTD8.1% 9 JUNE 2023 6,200,000 6,344,584 0.24 TENCENT HOLDINGS LTD 3.975% 11 SANDS CHINA LTD 3.8% 08 JANUARY APRIL 2029 20,000,000 22,546,000 0.84 2026 1,088,000 1,152,856 0.04 TENCENT MUSIC ENTERTAINMENT SANDS CHINA LTD 4.375% 18 JUNE GROUP 2% 03 SEPTEMBER 2030 7,610,000 7,469,367 0.28 2030 4,520,000 4,973,085 0.19 TIMES CHINA HOLDINGS LTD 6.6% SANDS CHINA LTD 4.6% 08 AUGUST 2 MARCH 2023 5,000,000 5,112,400 0.19 2023 2,374,000 2,541,794 0.09 TIMES CHINA HOLDINGS LTD 6.75% SANDS CHINA LTD 5.125% 8 16 JULY 2023 10,000,000 10,469,100 0.39 AUGUST 2025 8,000,000 8,978,320 0.33 TINGYI (C.I.) HOLDING CORP 1.625% SANDS CHINA LTD 5.4% 08 AUGUST 24 SEPTEMBER 2025 5,000,000 4,986,050 0.19 2028 14,253,000 16,506,827 0.62 WYNN MACAU LTD 5.5% 15 SEAZEN GROUP LTD 6% 12 AUGUST JANUARY 2026 9,519,000 9,838,648 0.37 2024 2,663,000 2,806,482 0.10 WYNN MACAU LTD 5.625% 26 SEAZEN GROUP LTD 6.45% 11 JUNE AUGUST 2028 2,310,000 2,389,048 0.09 2022 1,787,000 1,841,772 0.07 YUZHOU GROUP 6.35% 13 JANUARY SHIMAO GROUP HOLDINGS LTD 2027 3,320,000 3,301,607 0.12 3.45% 11 JANUARY 2031 4,212,000 4,272,695 0.16 YUZHOU GROUP 7.85% 12 AUGUST SHIMAO PROPERTY HOLDINGS LTD 2026 1,757,000 1,870,854 0.07 5.6% 15 JULY 2026 2,487,000 2,738,212 0.10 YUZHOU PROPERTIES CO LTD SHUI ON DEVELOPMENT HOLDING 7.375% 13 JANUARY 2026 3,000,000 3,154,500 0.12 5.75% 12 NOVEMBER 2023 2,500,000 2,551,050 0.10 YUZHOU PROPERTIES COMPANY SINIC HOLDINGS GROUP CO 8.5% LTD 7.9% 11 MAY 2021 3,000,000 3,035,520 0.11 24 JANUARY 2022 4,591,000 4,574,243 0.17

26 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds CHINA CONSTRUCTION BANK 4.2% Listed investments 14 SEPTEMBER 2030 46,000,000 7,116,387 0.27 CHINA CONSTRUCTION BANK CORP ZHENRO PROPERTIES GROUP (HONG KONG BRANCH) NULL% 4 5.95% 18 NOVEMBER 2021 2,215,000 2,221,224 0.08 AUGUST 2025 3,000,000 3,009,540 0.11 ZHENRO PROPERTIES GROUP CHINA CONSTRUCTION BANK CORP 6.63% 07 JANUARY 2026 4,348,000 4,336,608 0.16 2.45% 24 JUNE 2030 27,000,000 27,666,630 1.03 ZHENRO PROPERTIES GROUP 8.3% CHINA DEVELOPMENT BANK 4.88% 15 SEPTEMBER 2023 2,250,000 2,361,218 0.09 09 FEBRUARY 2028 70,000,000 11,752,011 0.44 ZHENRO PROPERTIES GROUP CHINA NATIONAL PETROLEUM 9.15% 06 MAY 2023 1,770,000 1,870,784 0.07 CORP 2.75% 23 MARCH 2023 19,300,000 2,946,169 0.11 ZHENRO PROPERTIES GROUP LTD CHINA, PEOPLE’S REPUBLIC OF 5.6% 28 FEBRUARY 2021 2,906,000 2,907,976 0.11 (GOVERNMENT) 3.16% 27 JUNE ZHENRO PROPERTIES GROUP LTD 2023 20,000,000 3,155,154 0.12 8.35% 10 MARCH 2024 6,500,000 6,845,670 0.26 CHINA, PEOPLE’S REPUBLIC OF ZHENRO PROPERTIES GROUP LTD (GOVERNMENT) 3.38% 21 9.15% 08 MARCH 2022 3,500,000 3,600,625 0.13 NOVEMBER 2024 12,000,000 1,922,042 0.07 ZHONGLIANG HOLDINGS 9.5% 29 CHINA, PEOPLE’S REPUBLIC OF JULY 2022 3,194,000 3,250,470 0.12 (GOVERNMENT) 4.1% 26 JUNE ZHONGLIANG HOLDINGS GROUP 2022 30,000,000 4,764,959 0.18 COMPANY LTD 11.5% 26 INDUSTRIAL AND COMMERCIAL SEPTEMBER 2021 2,667,000 2,726,767 0.10 BANK OF CHINA 31 DECEMBER ZHONGSHENG GROUP 3% 13 2049 12,000,000 12,283,920 0.46 JANUARY 2026 1,125,000 1,149,503 0.04 INDUSTRIAL AND COMMERCIAL

BANK OF CHINA LTD 4.875% 21 SEPTEMBER 2025 10,000,000 11,393,800 0.43 628,413,537 23.44 SHANGHAI INTERNATIONAL PORT GROUP 3.38% 14 MARCH 2022 23,000,000 3,564,598 0.13 China SHOUGANG GROUP CO LTD 4% 23 AGRICULTURAL DEVELOPMENT MAY 2024 6,000,000 6,393,000 0.24 BANK OF CHINA 2.85% 11 SICHUAN RAILWAY INVESTMENT AUGUST 2025 7,310,000 1,136,493 0.04 GROUP CO LTD 3.8% 27 JUNE AGRICULTURAL DEVELOPMENT 2022 2,903,000 2,978,768 0.11 BANK OF CHINA 3.25% 27 XIAN MUNICIPAL INFRASTRUCTURE OCTOBER 2025 18,300,000 2,889,949 0.11 CONSTRUCTION INVESTMENT AGRICULTURAL DEVELOPMENT GROUP CORP LTD 4% 24 JUNE BANK OF CHINA 3.8% 27 2022 1,948,000 1,986,142 0.07

OCTOBER 2030 84,850,000 13,766,021 0.51 BANK OF CHINA 5% 13 NOVEMBER 141,184,741 5.27 2024 10,000,000 11,257,600 0.42 CDB FINANCIAL LEASING 28 SEPTEMBER 2030 7,500,000 7,714,200 0.29 Hong Kong CGN POWER CO LTD 3.55% 24 JULY AIA GROUP LTD 3.2% 16 2022 3,900,000 605,425 0.02 SEPTEMBER 2040 5,468,000 5,708,865 0.21 CHINA (GOVERNMENT OF) 1.2% 21 AIRPORT AUTHORITY HK 1.625% 04 OCTOBER 2030 2,918,000 2,881,933 0.11 FEBRUARY 2031 6,845,000 6,773,264 0.25

27 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds YANGO JUSTICE INTERNATIONAL Listed investments LTD 6.8% 11 MARCH 2021 5,375,000 5,384,191 0.20 YANGO JUSTICE INTERNATIONAL AIRPORT AUTHORITY HK 2.625% 04 LTD 7.5% 17 FEBRUARY 2025 2,348,000 2,390,804 0.09 FEBRUARY 2051 5,233,000 5,313,745 0.20 YANGO JUSTICE INTERNATIONAL BANK OF EAST ASIA LTD 31 LTD 9.5% 03 APRIL 2021 2,620,000 2,641,851 0.10 DECEMBER 2049 5,574,000 5,937,648 0.22 YANLORD LAND HK CO LTD 6.75% BLOSSOM JOY LTD 2.2% 21 23 APRIL 2023 1,500,000 1,563,930 0.06 OCTOBER 2030 8,914,000 8,715,753 0.33 YANLORD LAND HK CO LTD 6.8% 27 CGNPC INTERNATIONAL LTD 3.75% FEBRUARY 2024 4,693,000 4,953,555 0.19

11 DECEMBER 2027 4,000,000 4,343,360 0.16 CHALIECO HONG KONG 148,707,650 5.55 CORPORATION LTD 5% PERPETUAL 5,950,000 6,048,056 0.23 CHINA CITIC BANK INTERNATIONAL India LTD 7.1% PERPETUAL 4,000,000 4,382,560 0.16 ADANI GREEN ENERGY (UP) LTD CHINA SOUTH CITY HOLDING 6.25% 10 DECEMBER 2024 6,725,000 7,496,223 0.28 10.75% 11 APRIL 2023 3,157,000 2,997,477 0.11 BANK OF BARODA/LONDON 3.875% CHONG HING BANK LTD NULL% 04 APRIL 2024 3,000,000 3,179,580 0.12 PERPETUAL 3,991,000 4,092,691 0.15 EXPORT-IMPORT BANK INDIA 2.25% CMB INTERNATIONAL LEASING 13 JANUARY 2031 11,627,000 11,247,378 0.42 1.875% 12 AUGUST 2025 2,805,000 2,792,742 0.10 GMR HYDERABAD INTERNATIONAL CMB INTERNATIONAL LEASING 2% 4.75% 02 FEBRUARY 2026 3,439,000 3,438,759 0.13 04 FEBRUARY 2026 6,241,000 6,238,504 0.23 INDIAN OIL CORPN LTD 4.75% 16 CMB INTERNATIONAL LEASING JANUARY 2024 2,200,000 2,381,698 0.09 2.75% 12 AUGUST 2030 1,646,000 1,625,606 0.06 JSW STEEL LTD 5.25% 13 APRIL CNAC HK FINBRIDGE CO LTD 2022 2,576,000 2,648,025 0.10 3.375% 19 JUNE 2024 1,500,000 1,530,735 0.06 MUTHOOT FINANCE LTD 6.125% 31 CNAC HK FINBRIDGE CO LTD OCTOBER 2022 3,194,000 3,352,327 0.12 4.875% 14 MARCH 2025 10,000,000 10,703,000 0.40 NTPC LTD 3.75% 03 APRIL 2024 11,115,000 11,738,218 0.44 HERO ASIA INVESTMENT LTD 1.5% NTPC LTD 4.25% 26 FEBRUARY 2026 7,200,000 7,860,096 0.29 18 NOVEMBER 2023 2,719,000 2,720,224 0.10 NTPC LTD 4.375% 26 NOVEMBER ICBCIL FINANCE CO LTD 1.75% 25 2024 3,700,000 4,027,931 0.15 AUGUST 2025 8,000,000 8,048,640 0.30 NTPC LTD 4.75% 03 OCTOBER 2022 6,000,000 6,321,120 0.24 ICBCIL FINANCE CO LTD 3.65% 05 OIL INDIA LTD 5.125% 04 FEBRUARY MARCH 2022 5,000,000 5,132,250 0.19 2029 15,000,000 17,152,800 0.64 VANKE REAL ESTATE HONG KONG ONGC VIDESH LTD 4.625% 15 JULY CO LTD 3.15% 12 MAY 2025 6,029,000 6,318,814 0.24 2024 12,000,000 13,130,280 0.49 VANKE REAL ESTATE HONG KONG POWER FINANCE CORP LTD 3.35% CO LTD 3.5% 12 NOVEMBER 2029 3,500,000 3,718,330 0.14 16 MAY 2031 10,111,000 10,174,598 0.38 VANKE REAL ESTATE HONG KONG POWER FINANCE CORPORATION CO LTD 3.975% 09 NOVEMBER LTD 4.5% 18 JUNE 2029 10,000,000 10,902,900 0.41 2027 4,195,000 4,641,180 0.17 REC LTD 3.5% 12 DECEMBER 2024 10,000,000 10,572,600 0.39 VANKE REAL ESTATE HONG KONG CO RELIANCE INDUSTRIES 6.25% 19 LTD 5.35% 11 MARCH 2024 12,500,000 13,863,375 0.52 OCTOBER 2040 4,500,000 6,338,475 0.24 WESTWOOD GRP HOLDING LTD RELIANCE INDUSTRIES LTD 3.667% 2.8% 20 JANUARY 2026 10,000,000 10,126,500 0.38 30 NOVEMBER 2027 6,432,000 7,254,460 0.27

28 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds INDONESIA ASAHAN ALUMINIUM Listed investments (PERSERO) PT 5.45% 15 MAY 2030 7,000,000 8,293,250 0.31 INDONESIA ASAHAN ALUMINIUM RELIANCE INDUSTRIES LTD 5.4% 14 (PERSERO) PT 5.8% 15 MAY 2050 2,500,000 3,047,275 0.11 FEBRUARY 2022 11,525,000 12,048,696 0.45 INDONESIA ASAHAN ALUMINIUM RENEW CLEAN ENERGY PVT LTD (PERSERO) PT 6.757% 15 6.67% 12 MARCH 2024 550,000 580,893 0.02 NOVEMBER 2048 1,500,000 2,008,965 0.08 RENEW POWER PVT LTD 6.45% 27 INDONESIA, REPUBLIC OF SEPTEMBER 2022 9,000,000 9,372,510 0.35 (GOVERNMENT) 3.4% 18 SHRIRAM TRANSPORT FINANCE SEPTEMBER 2029 5,000,000 5,549,500 0.21 4.4% 13 MARCH 2024 18,451,000 18,369,816 0.68 INDONESIA, REPUBLIC OF SHRIRAM TRANSPORT FINANCE (GOVERNMENT) 3.7% 30 COMPANY LTD 5.1% 16 JULY 2023 3,500,000 3,554,845 0.13 OCTOBER 2049 5,000,000 5,514,350 0.21

PERTAMINA (PERSERO) PT 3.65% 30 JULY 2029 835,000 922,700 0.04 183,144,228 6.83 PERTAMINA (PERSERO) PT 4.15% 25 FEBRUARY 2060 10,600,000 11,078,484 0.41 Indonesia PERTAMINA (PERSERO) PT 4.175% ADARO INDONESIA PT 4.25% 31 21 JANUARY 2050 10,000,000 10,738,600 0.40 OCTOBER 2024 3,320,000 3,440,449 0.13 PERTAMINA (PERSERO) PT 5.625% BANK MANDIRI (PERSERO) TBK PT 20 MAY 2043 4,000,000 4,934,160 0.18 3.75% 11 APRIL 2024 8,620,000 9,163,750 0.34 PERTAMINA (PERSERO) PT 6.45% 30 BANK RAKYAT INDONESIA MAY 2044 20,500,000 27,688,325 1.03 (PERSERO) TBK PT 3.95% 28 PERTAMINA (PERSERO) PT 6.5% 07 MARCH 2024 4,064,000 4,363,639 0.16 NOVEMBER 2048 10,000,000 13,964,200 0.52 BANK RAKYAT INDONESIA PERTAMINA (PERSERO) PT 6.5% 27 (PERSERO) TBK PT 4.625% 20 MAY 2041 4,000,000 5,341,080 0.20 JULY 2023 2,974,000 3,202,284 0.12 PERUSAHAAN LISTRIK 4.125% 15 BANK TABUNGAN NEGARA (PERSERO) TBK PT 4.2% 23 MAY 2027 1,000,000 1,105,390 0.04 JANUARY 2025 10,000,000 10,184,300 0.38 PERUSAHAAN LISTRIK NEGAR 5.25% BAYAN RESOURCES TBK PT 6.125% 24 OCTOBER 2042 4,000,000 4,642,160 0.17 24 JANUARY 2023 8,200,000 8,432,388 0.32 PERUSAHAAN LISTRIK NEGARA BUKIT MAKMUR MANDIRI UTA (PERSERO) PT 3% 30 JUNE 2030 3,500,000 3,604,790 0.14 7.75% 10 FEBRUARY 2026 5,288,000 5,220,155 0.20 PERUSAHAAN LISTRIK NEGARA INDONESIA (REP OF) 3.05% 12 (PERSERO) PT 4% 30 JUNE 2050 13,000,000 13,309,010 0.50 MARCH 2051 11,765,000 11,844,884 0.44 PERUSAHAAN LISTRIK NEGARA INDONESIA (REP OF) 3.35% 12 (PERSERO) PT 5.375% 25 MARCH 2071 2,979,000 3,035,482 0.11 JANUARY 2029 5,000,000 5,991,550 0.22 INDONESIA (REP OF) 3.85% 15 PERUSAHAAN LISTRIK NEGARA OCTOBER 2030 3,000,000 3,472,500 0.13 (PERSERO) PT 5.45% 21 MAY 2028 3,000,000 3,593,370 0.13 INDONESIA (REP OF) 4.45% 15 PERUSAHAAN LISTRIK NEGARA APRIL 2070 10,000,000 12,267,300 0.46 (PERSERO) PT 6.15% 21 MAY 2048 15,000,000 19,612,800 0.73 INDONESIA (REP OF) 4.75% 18 JULY PERUSAHAAN LISTRIK NEGARA 2047 7,300,000 9,062,658 0.34 6.25% 25 JANUARY 2049 2,510,000 3,328,938 0.12 INDONESIA (REPUBLIC OF) 7.75% 17 JANUARY 2038 15,000,000 23,617,200 0.88 PT PELABUHAN INDO II 4.25% 5 INDONESIA (REPUBLIC OF) 8.5% 12 MAY 2025 4,000,000 4,376,640 0.16 OCTOBER 2035 6,000,000 9,840,240 0.37

29 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds Mongolia Listed investments DEVELOPMENT BANK OF MONGOLIA 7.25% 23 OCTOBER PT PERTAMINA (PERSERO) SER 2023 1,723,000 1,882,757 0.07 REGS (REG) 3.1% 22JAN2030 10,000,000 10,630,800 0.40 MONGOLIA INTERNATIONAL BOND REPUBLIC OF INDONESIA 5.125% 07 APRIL 2026 644,000 690,812 0.03

(GOVERNMENT) 5.95% 08 JANUARY 2046 7,000,000 10,008,320 0.37 2,573,569 0.10

296,431,886 11.06 Netherlands DAIMLER INTERNATIONAL FINANCE Luxembourg BV 4.5% 21 SEPTEMBER 2021 10,000,000 1,568,325 0.06 SPIC LUXEMBOURG LATIN AMERICA DAIMLER INTERNATIONAL FINANCE RENEWABLE ENERGY BV 4.8% 09 APRIL 2021 16,000,000 2,490,443 0.09 INVESTMENT COMPANY SARL GREENKO DUTCH BV 4.875% 24 4.65% 30 OCT 2023 9,000,000 9,733,050 0.36 JULY 2022 3,000,000 3,022,440 0.11

LISTRINDO CAPITAL BV 4.95% 14 SEPTEMBER 2026 5,000,000 5,197,650 0.20 Malaysia MINEJESA CAPITAL BV 4.625% 10 AXIATA SPV5 LABUAN LTD 3.064% 19 AUGUST 2030 13,000,000 14,009,450 0.52 AUGUST 2050 7,000,000 6,937,980 0.26 MINEJESA CAPITAL BV 5.625% 10 PETRONAS CAPITAL LTD 3.5% 21 AUGUST 2037 4,000,000 4,381,440 0.16 APRIL 2030 4,000,000 4,512,040 0.17 ROYAL CAPITAL BV 4.875% PERP 29 PETRONAS CAPITAL LTD 4.5% 18 DECEMBER 2049 2,000,000 2,054,380 0.08 MARCH 2045 3,000,000 3,904,470 0.15 ROYAL CAPITAL BV 5% PERPETUAL 10,000,000 10,367,500 0.39 PETRONAS CAPITAL LTD 4.55% 21 APRIL 2050 5,500,000 7,105,175 0.26 RHB BANK BHD 3.766% 19 43,091,628 1.61

FEBRUARY 2024 9,000,000 9,703,800 0.36

Philippines 32,163,465 1.20 BANK OF THE PHILIPPINE ISLANDS

2.5% 10 SEPTEMBER 2024 418,000 437,650 0.02 BDO UNIBANK INC 2.125% 13 Mauritius JANUARY 2026 5,000,000 5,145,950 0.19 AZURE POWER ENERGY LTD 5.5% INTERNATIONAL CONTAINER 03 NOVEMBER 2022 2,871,000 2,944,326 0.11 TERMINAL SERVICES INC 4.75% AZURE POWER SOLAR ENERGY PVT 17 JUNE 2030 785,000 854,621 0.03 LTD 5.65% 24 DECEMBER 2024 10,000,000 10,659,200 0.40 MANILA WATER COMPANY INC GREENKO INVESTMENT CO 4.875% 4.375% 30 JULY 2030 3,000,000 3,056,370 0.11 16 AUGUST 2023 5,200,000 5,316,636 0.20 METROPOLITAN BANK AND TRUST INDIA GREEN ENERGY HOLDING CO 2.125% 15 JANUARY 2026 2,500,000 2,558,200 0.09 5.375% 29 APRIL 2024 3,518,000 3,715,606 0.14 PHILIPPINES (REPUBLIC OF) 9.5% 2 NETWORK I2I LTD 5.65% FEBERUARY 2030 5,000,000 8,220,150 0.31 PERPETUAL 5,954,000 6,330,352 0.23 PHILIPPINES, REPUBLIC OF THE (GOVERNMENT) 2.95% 5 MAY 28,966,120 1.08 2045 10,000,000 10,365,200 0.39

30 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds LLPL CAPITAL PTE LTD 6.875% 04 Listed investments FEBRUARY 2039 5,938,000 6,745,804 0.25 MARBLE II PTE LTD 5.3% 20 JUNE PHILIPPINES, REPUBLIC OF THE 2022 6,842,000 6,908,983 0.26 (GOVERNMENT) 3.7% 1 MARCH MEDCO OAK TREE PTE LTD 7.375% 2041 8,000,000 9,122,880 0.34 14 MAY 2026 15,370,000 16,407,782 0.61 PHILIPPINES, REPUBLIC OF THE ONGC VIDESH VANKORNEFT PTE (GOVERNMENT) 3.95% 20 LTD 2.875% 27 JANUARY 2022 9,800,000 9,937,396 0.37 JANUARY 2040 10,000,000 11,749,600 0.44 ONGC VIDESH VANKORNEFT PTE PLDT INC 2.5% 23 JANUARY 2031 9,030,000 9,409,170 0.35 LTD 3.75% 27 JULY 2026 8,959,000 9,697,849 0.36 REPUBLIC OF PHILIPPINES OVERSEA-CHINESE BANKING 10 (GOVERNMENT) 3.7% 02 SEPTEMBER 2030 4,388,000 4,443,289 0.17 FEBUARY 2042 3,400,000 3,881,950 0.14 OVERSEA-CHINESE BANKING REPUBLIC OF PHILIPPINES 2.65% 10 CORPORATION LTD 4.25% 19 DECEMBER 2045 10,000,000 9,927,700 0.37 JUNE 2024 4,097,000 4,506,536 0.17 SAN MIGUEL CORP 5.5% PAKUWON PRIMA PTE LTD 5% 14 PERPETUAL 8,000,000 8,205,120 0.31 FEBUARY 2024 7,604,000 7,774,482 0.29

PSA TREASURY PTE LTD 2.25% 30 APRIL 2030 3,000,000 3,159,630 0.12 82,934,561 3.09 PSA TREASURY PTE LTD 2.5% 12 APRIL 2026 8,500,000 9,110,725 0.34 Singapore TEMASEK FINANCIAL I LTD 2.25% ABJA INVESTMENT CO 5.45% 24 06 APRIL 2051 2,500,000 2,451,750 0.09 JANUARY 2028 10,255,000 10,741,395 0.40 TEMASEK FINANCIAL I LTD 2.5% 06 ABJA INVESTMENT CO 5.95% 31 OCTOBER 2070 5,500,000 5,384,995 0.20 JULY 2024 1,724,000 1,852,214 0.07 TML HOLDINGS PTE LTD 5.5% 03 BOC AVIATION LTD 2.625% 17 JUNE 2024 4,578,000 4,666,996 0.17 SEPTEMBER 2030 9,549,000 9,491,324 0.35 UNITED OVERSEAS BANK LTD 16 BOC AVIATION LTD 2.75% 2 MARCH 2031 9,911,000 9,991,081 0.37 DECEMBER 2023 6,256,000 6,481,216 0.24 UNITED OVERSEAS BANK LTD 2.88% BOC AVIATION LTD 3.25% 29 APRIL 8 MARCH 2027 5,000,000 5,090,600 0.19 2025 5,000,000 5,291,550 0.20 UNITED OVERSEAS BANK LTD 3.5% BOC AVIATION LTD 3.5% 31 16 SEPTEMBER 2026 3,500,000 3,551,240 0.13

JANUARY 2023 5,000,000 5,203,100 0.19 COSL SINGAPORE CAPITAL LTD 196,335,750 7.32 4.5% 30 JULY 2025 1,134,000 1,250,791 0.05 DBS GROUP HOLDINGS LTD 3.3% PERPETUAL 9,727,000 9,980,096 0.37 South Korea DBS GROUP HOLDINGS LTD 4.52% KOOKMIN BANK 2.5% 04 11 DECEMBER 2028 7,000,000 7,646,520 0.29 NOVEMBER 2030 8,990,000 9,211,064 0.34 INDIKA ENERGY CAPITAL IV 8.25% KOOKMIN BANK 4.35% PERPETUAL 5,582,000 5,910,389 0.22 22 OCTOBER 2025 16,882,000 18,170,434 0.68 KOOKMIN BANK 4.5% 01 FEBRUARY INDIKA ENERGY III PTE 5.875% 09 2029 3,314,000 3,873,635 0.15 NOVEMBER 2024 5,001,000 5,109,372 0.19 KOREA DEVELOPMENT BANK JUBILANT PHARMA LTD 6% 05 4.585% 13 FEBRUARY 2021 30,000,000 4,661,476 0.17 MARCH 2024 5,000,000 5,288,600 0.20 KOREA EXCHANGE BANK 4.25% 14 OCTOBER 2024 9,250,000 10,276,472 0.38

31 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds KASIKORNBANK PCL (HONG KONG Listed investments BRANCH) 3.343% 2 OCTOBER 2031 10,000,000 10,503,600 0.39 KOREA SOUTHERN POWER 0.75% KASIKORNBANK PCL HK 31 27 JANUARY 2026 7,560,000 7,525,678 0.28 DECEMBER 2049 7,364,000 7,763,202 0.29 SHINHAN BANK 3.75% 20 MINOR INTERNATIONAL PCL 3.1% PERPETUAL 10,193,000 10,312,870 0.39 SEPTEMBER 2027 5,000,000 5,577,300 0.21 MINOR INTERNATIONAL PCL SHINHAN BANK 3.875% 24 MARCH 4.661% PERPETUAL 2,500,000 2,549,150 0.10 2026 10,000,000 11,191,200 0.42 PTTEP TREASURY CENTER CO LTD SHINHAN BANK 4% 23 APRIL 2029 4,075,000 4,642,322 0.17 2.587% 10 JUNE 2027 2,545,000 2,696,529 0.10 SHINHAN BANK 4.5% 26 MARCH SIAM COMMERCIAL BANK PUBLIC 2028 8,000,000 9,222,560 0.35 COMPANY LIMITED (CAYMAN SHINHAN CARD CO LTD 1.375% 19 ISLANDS BRANCH) 3.9% 11 OCTOBER 2025 12,000,000 12,158,760 0.45 FEBRUARY 2024 3,500,000 3,785,705 0.14 SHINHAN FINANCIAL GROUP 05 TMB BANK PUBLIC COMPANY LTD FEBRUARY 2030 5,000,000 5,323,450 0.20 (CAYMAN ISLANDS BRANCH) SHINHAN FINANCIAL GROUP CO 4.9% PERPETUAL 6,270,000 6,290,064 0.23

LTD 1.35% 10 JANUARY 2026 2,000,000 2,025,680 0.08 SK HYNIX INC 2.375% 19 JANUARY 62,856,200 2.34 2031 4,506,000 4,546,239 0.17 WOORI BANK 5.125% 06 AUGUST 2028 1,375,000 1,647,181 0.06 United States

PERIAMA HOLDINGS LLC 5.95% 19 APRIL 2026 13,771,000 14,646,560 0.55 97,793,406 3.65

Unlisted but quoted investments Sri Lanka SRI LANKA, DEMOCRATIC British Virgin Islands SOCIALIST REPUBLIC OF WHARF REIC FINANCE BVI LTD 3.7% (GOVERNMENT) 5.75% 18 APRIL 16 JULY 2025 35,000,000 5,550,263 0.21 2023 1,000,000 664,050 0.03 SRI LANKA, DEMOCRATIC SOCIALIST REPUBLIC OF Cayman Islands (GOVERNMENT) 5.875% 25 JULY SUN HUNG KAI PROPERTIES LTD 2022 7,765,000 5,481,469 0.20 3.2% 14 AUGUST 2027 45,000,000 7,036,015 0.26

6,145,519 0.23 Hong Kong

HKCG FINANCE LTD 3% 30 OCTOBER 2023 70,000,000 10,910,357 0.40 Thailand HKCG FINANCE LTD 4.45% 26 BANGKOK BANK PUBLIC CO LTD SEPTEMBER 2021 20,000,000 3,136,401 0.12 (HONG KONG BRANCH) 3.733% 25 SEPTEMBER 2034 9,000,000 9,455,850 0.35 BANGKOK BANK PUBLIC CO LTD 14,046,758 0.52

(HONG KONG BRANCH) 31 DECEMBER 2049 9,000,000 9,499,230 0.35 Debt securities (Total) 2,654,029,656 99.00

32 Portfolio Statement

HSBC Asian Bond Fund as at 31 January 2021 % of net Market asset Holdings value value USD

Unit trusts Listed investments

Ireland HSBC US DOLLAR LIQUIDITY FUND Y* 4,704,807 4,704,807 0.18

Unlisted but quoted investments

Hong Kong HSBC ALL CHINA BOND ZC-USD 150,000 1,825,050 0.07

Unit trusts (Total) 6,529,857 0.25

Derivative assets

Foreign currency forward contracts 509,544 0.02

Total financial assets 2,661,069,057 99.27

Financial liabilities

Derivative liabilities

Foreign currency forward contracts (482,792) (0.02)

Total financial liabilities (482,792) (0.02)

Total net investments (Total cost of investments: US$2,556,755,635) 2,660,586,265 99.25

Other net assets 20,177,071 0.75

Total net assets 2,680,763,336 100.00

* The investment funds are not authorized in Hong Kong and not available to the public in Hong Kong.

33 Portfolio Statement

HSBC China Momentum Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Financial assets CHINA MERCHANTS BANK CO LTD 354,500 2,722,580 4.07 COUNTRY GARDEN SERVICES Equities HOLDINGS CO LTD 40,000 326,805 0.49 Listed investments GREAT WALL MOTOR COMPANY LTD 460,500 1,443,173 2.16 China HANGZHOU TIGERMED AIR CHINA LIMITED 124,700 139,380 0.21 CONSULTING CO LTD 46,500 1,023,092 1.53 BYD CO LTD 6,300 241,568 0.36 JINXIN FERTILITY GROUP LTD 166,000 335,261 0.50 CHINA TOURISM GROUP DUTY FREE JS GLOBAL LIFESTYLE CO LTD 309,000 697,395 1.04 CORP LTD 42,498 1,939,629 2.90 LI NING CO LTD 182,000 1,139,576 1.70 CONTEMPORARY AMPEREX MEITUAN DIANPING 94,300 4,327,133 6.47 TECHNOLOGY CO LTD 26,597 1,462,089 2.19 MICROPORT CARDIOFLOW EAST MONEY INFORMATION CO MEDTECH CORP 5,000 7,867 0.01 LTD 229,500 1,254,089 1.88 PHARMARON BEIJING CO LTD 64,100 1,233,416 1.85 ESTUN AUTOMATION CO LTD 102,314 537,805 0.81 PING AN INSURANCE GROUP CO H HANGZHOU TIGERMED SHARES 191,000 2,248,986 3.37 CONSULTING CO LTD 10,492 272,641 0.41 POP MART INTERNATIONAL GROUP HUBEI JUMPCAN LTD 3,200 30,540 0.05 PHARMACEUTICAL CO LTD 45 130 – SINO BIOPHARMACEUTICAL LTD 526,000 490,463 0.73 JIANGSU HENGRUI MEDICINE CO SUNNY OPTICAL TECHNOLOGY LTD 50,000 805,384 1.21 GROUP CO LTD 31,400 826,929 1.24 KWEICHOW MOUTAI CO LTD 10,185 3,345,927 5.01 TENCENT HOLDINGS LTD 72,900 6,407,314 9.59 LONGI GREEN ENERGY WUXI BIOLOGICS CAYMAN INC 111,000 1,561,818 2.34 TECHNOLOGY CO LTD 15,400 257,119 0.38 XIAOMI CORP 115,000 433,075 0.65 LUXSHARE PRECISION INDUSTRY ZIJIN MINING GROUP CO LTD H CO LTD 213,496 1,759,896 2.63 SHARES 870,000 969,428 1.45

MIDEA GROUP CO LTD 54,100 809,025 1.21 SANY HEAVY INDUSTRY CO LTD 188,200 1,182,084 1.77 28,697,778 42.94 SHANGHAI M&G STATIONERY INC 14,982 218,835 0.33 SHENZHEN MINDRAY BIO-MEDICAL ELECTRONICS CO LTD 10,496 730,605 1.09 Taiwan SUOFEIYA HOME COLLECTION CO MEDIATEK INC 34,000 1,062,405 1.59 LTD 280,060 1,378,638 2.06 TAIWAN SEMICONDUCTOR WILL SEMICONDUCTOR CO LTD 16,400 737,225 1.10 MANUFACTURING CO LTD 56,000 1,181,894 1.77 WUXI APPTEC CO LTD 18,623 480,894 0.72 UNIMICRON TECHNOLOGY CORP 195,000 602,357 0.90

YAGEO CORP 50,000 1,024,909 1.53

17,552,963 26.27

3,871,565 5.79

Hong Kong ALIBABA GROUP HOLDING LTD 17,300 550,648 0.82 United States ASM PACIFIC TECHNOLOGY LTD 66,700 972,906 1.46 ALIBABA GROUP HOLDINGS LTD 19,659 4,990,044 7.47 BEIJING KUAISHOU TECHNOLOGY BAIDU INC 7,020 1,649,840 2.47 LTD 10,200 151,280 0.23 BURNING ROCK BIOTECH LTD 20,658 623,252 0.93 CHINA CONSTRUCTION BANK 785,000 595,291 0.89 HUAZHU GROUP LTD 8,696 421,756 0.63 CHINA MENGNIU DAIRY COMPANY JD.COM INC 16,557 1,468,440 2.20 LTD 34,000 202,802 0.30 NETEASE INC 8,845 1,017,086 1.52

34 Portfolio Statement

HSBC China Momentum Fund as at 31 January 2021 % of net Market asset Holdings value value USD

Equities Listed investments

NEW ORIENTAL EDUCATION & TECHNOLOGY GROUP INC 8,574 1,436,145 2.15 PINDUODUO INC 11,352 1,881,140 2.81 TAL EDUCATION GROUP 2,228 171,289 0.26 TENCENT MUSIC ENTERTAINMENT GROUP 9,015 239,799 0.36 ZAI LAB LTD 1,213 194,165 0.29

14,092,956 21.09

Equities (Total) 64,215,262 96.09

Bond Unlisted investments

HONG KONG T-BILL SER 364 0% 27 OCTOBER 2021 4,500,000 579,846 0.87

Bond (Total) 579,846 0.87

Total financial assets 64,795,108 96.96

Total investments (Total cost of investments: USD39,427,496) 64,795,108 96.96

Other net assets 2,035,076 3.04

Total net assets 66,831,322 100.00

35 Portfolio Statement

HSBC China Growth Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Financial assets KUAISHOU TECHNOLOGY CO LTD 28,700 425,660 0.23 LI NING CO LTD 708,500 4,436,206 2.37 Equities MEITUAN (FORMERLY MEITUAN Listed investments DIANPING) 295,900 13,577,928 7.24 MICROPORT CARDIOFLOW China MEDTECH CORP 14,000 22,028 0.01 AIR CHINA LTD 369,640 413,156 0.22 PHARMARON BEIJING CO LTD 162,600 3,128,758 1.67 CHINA TOURISM GROUP DUTY FREE PING AN INSURANCE (GROUP) CO CORPORATION LIMITED 131,977 6,023,494 3.21 OF CHINA H SHARES 439,000 5,169,135 2.76 CONTEMPORARY AMPEREX POP MART INTERNATIONAL GROUP TECHNOLOGY CO LTD 84,683 4,655,189 2.48 LTD 9,400 89,710 0.05 EAST MONEY INFORMATION CO SINO BIOPHARMACEUTICAL LTD 2,526,000 2,355,344 1.26 LTD 478,300 2,613,641 1.39 SUNNY OPTICAL TECHNOLOGY ESTUN AUTOMATION CO LTD 315,286 1,657,275 0.88 GROUP CO LTD 93,400 2,459,717 1.31 HANGZHOU TIGERMED TENCENT HOLDINGS LTD 208,200 18,299,077 9.75 CONSULTING LTD A ORD 32,176 836,112 0.45 WUXI BIOLOGICS CAYMAN INC 348,000 4,896,510 2.61 JIANGSU HENGRUI MEDICINE CO XIAOMI CORPORATION 397,400 1,496,557 0.80

LTD 143,200 2,306,619 1.23 KWEICHOW MOUTAI CO LTD 27,116 8,908,018 4.75 81,731,526 43.57 LONGI GREEN ENERGY TECHNOLOGY CO LTD 87,400 1,459,233 0.78 LUXSHARE PRECISION INDUSTRY Taiwan CO LTD 655,691 5,405,012 2.88 MEDIATEK INC 132,000 4,124,632 2.20 MIDEA GROUP CO LTD 154,600 2,311,926 1.23 TAIWAN SEMICONDUCTOR MFG CO SANY HEAVY INDUSTRY CO LTD 429,600 2,698,317 1.44 LTD 202,000 4,263,262 2.27 SHANGHAI M&G STATIONERY INC 42,900 626,619 0.34 UNIMICRON TECHNOLOGY SHENZHEN MINDRAY BIO-MEDICAL CORPORATION 600,000 1,853,406 0.99 ELECTRONICS CO LTD 30,785 2,142,881 1.14 YAGEO CORPORATION 131,000 2,685,260 1.43

SUOFEIYA HOME COLLECTION CO LTD 874,172 4,303,244 2.30 WILL SEMICONDUCTOR LTD 34,600 1,555,366 0.83 12,926,560 6.89

United States 47,916,102 25.55 ALIBABA GROUP HOLDING-SP ADR 55,628 14,120,055 7.53 BAIDU INC 17,333 4,073,602 2.17 Hong Kong BURNING ROCK BIOTECH LTD 65,252 1,968,653 1.05 ALIBABA GROUP HOLDING LTD 49,600 1,578,736 0.84 HUAZHU GROUP LIMITED ADR 24,941 1,209,638 0.64 ASM PACIFIC TECHNOLOGY LTD 209,500 3,055,830 1.63 JD.COM INC 49,299 4,372,328 2.33 CHINA CONSTRUCTION BANK H NETEASE INC 27,363 3,146,471 1.68 SHARES 2,333,000 1,769,191 0.94 NEW ORIENTAL EDUCATION & CHINA MENGNIU DAIRY CO LTD 106,000 632,267 0.34 TECHNOLOGY GROUP INC 22,761 3,812,468 2.03 CHINA MERCHANTS BANK CO LTD 1,061,000 8,148,539 4.34 PINDUODUO INC 34,594 5,732,572 3.06 GREAT WALL MOTOR COMPANY TAL EDUCATION GROUP 6,824 524,629 0.28 LTD 1,111,000 3,481,793 1.86 ZAI LAB LTD 3,426 548,400 0.29

HANGZHOU TIGERMED CONSULTING LTD H ORD 147,100 3,236,490 1.72 39,508,816 21.06 JS GLOBAL LIFESTYLE CO LTD 312,000 704,166 0.37

36 Portfolio Statement

HSBC China Growth Fund as at 31 January 2021 % of net Market asset Holdings value value USD

Equities Listed investments

Equities (Total) 182,083,004 97.07

Bonds Unlisted investments

Hong Kong HONG KONG T-BILL SER 364 0% 27 OCT 2021 7,000,000 901,983 0.48

Bonds (Total) 901,983 0.48

Total financial assets 182,984,987 97.55

Total investments (Total cost of investments: USD112,290,859) 182,984,987 97.55

Other net assets 4,589,768 2.45

Total net assets 187,574,755 100.00

37 Portfolio Statement

HSBC Asian High Yield Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Financial assets HEJUN SHUNZE INVESTMENT 8.85% 10 JANUARY 2022 5,714,000 5,584,978 0.22 Debt securities JGSH PHILIPPINES LTD 4.125% 09 JULY 2030 13,410,000 14,186,171 0.57 Bonds NEW METRO GLOBAL LTD 4.5% 02 Listed investments MAY 2026 9,098,000 8,995,011 0.36 NEW METRO GLOBAL LTD 4.8% 15 Australia DECEMBER 2024 14,688,000 14,834,586 0.59 PERENTI FINANCE PTY LTD 6.5% 07 NEW METRO GLOBAL LTD 7.5% 16 OCTOBER 2025 13,307,000 14,244,877 0.57 DECEMBER 2021 1,850,000 1,901,319 0.08 NWD FINANCE (BVI) 4.8% PERP 29 DECEMBER 2049 4,099,000 4,017,963 0.16 Bermuda NWD FINANCE (BVI) 5.75% PERP 29 CHINA OIL AND GAS GROUP LTD DECEMBER 2049 10,000,000 10,061,400 0.40 5.5% 25 JANUARY 2023 6,656,000 6,875,581 0.27 NWD FINANCE (BVI) LTD 6.25% PERPETUAL 29 DECEMBER 2049 9,494,000 9,837,018 0.39 PANTHER VENTURES LTD 3.5% British Virgin Islands PERP 31 DECEMBER 2049 10,000,000 9,594,500 0.38 CAS CAPITAL NO1 LTD VAR PERP 31 RADIANCE CAPITAL INVESTMENT DECEMBER 2049 15,759,000 15,758,685 0.63 11.75% 31 OCTOBER 2021 2,700,000 2,827,710 0.11 CHAMPION PATH HOLDINGS 4.5% RADIANCE CAPITAL INVESTMENT 27 JANUARY 2026 7,642,000 7,849,251 0.31 8.8% 17 SEPTEMBER 2023 8,341,000 8,719,514 0.35 CHAMPION PATH HOLDINGS 4.85% RADIANCE CAPITAL INVESTMENTS 27 JANUARY 2028 15,522,000 15,876,057 0.63 LTD 10.5% 16 JANUARY 2022 5,572,000 5,814,382 0.23 CNRC CAPITALE LTD VAR PERP 31 RKP OVERSEAS FINANCE 2016 A LTD DECEMBER 2049 1,374,000 1,385,542 0.06 7.95% PERP 17 FEBRUARY 2022 1,778,000 1,773,359 0.07 EASY TACTIC LTD 11.75% 02 AUGUST RKPF OVERSEAS 2019 A LTD 6% 04 2023 6,492,000 6,559,647 0.26 SEPTEMBER 2025 2,541,000 2,632,349 0.10 EASY TACTIC LTD 5.75% 13 JANUARY RKPF OVERSEAS 2019 A LTD 7.875% 2022 6,900,000 6,648,978 0.27 01 FEBRUARY 2023 3,423,000 3,567,142 0.14 EASY TACTIC LTD 7% 25 APRIL 2021 10,715,000 10,727,215 0.43 RKPF OVERSEAS 2020 A LTD 5.2% EASY TACTIC LTD 9.125% 28 JULY 12 JANUARY 2026 7,785,000 7,799,480 0.31 2022 3,000,000 2,955,810 0.12 RONGXINGDA DEVELOPMENT 8% ENN CLEAN ENERGY 24 APRIL 2022 10,500,000 9,990,120 0.40 INTERNATIONAL INVESTMENT RONGXINGDA DEVELOPMENT LTD 7.5% 27 FEBRUARY 2021 2,000,000 2,004,680 0.08 8.95% 18 JANUARY 2022 7,000,000 6,805,050 0.27 FORTUNE STAR (BVI) LTD 5.25% 23 RONGXINGDA DEVELOPMENT 9% MARCH 2022 9,122,000 9,256,732 0.37 15 JULY 2021 7,500,000 7,397,475 0.29 FORTUNE STAR BVI LTD 5.05% 27 SCENERY JOURNEY LTD 11.5% 24 JANUARY 2027 14,472,000 14,546,965 0.58 OCTOBER 2022 9,500,000 9,023,765 0.36 FORTUNE STAR BVI LTD 5.95% 19 SCENERY JOURNEY LTD 9% 06 OCTOBER 2025 10,207,000 10,727,965 0.43 MARCH 2021 10,000,000 9,951,700 0.40 FORTUNE STAR BVI LTD 6.85% 02 SEAZEN HOLDINGS CO LTD 7.5% 20 JULY 2024 11,257,000 11,993,208 0.48 MARCH 2022 6,000,000 6,145,020 0.24 FPC RESOURCES 4.375% 11 STAR ENERGY GEOTHERMAL SEPTEMBER 2027 1,715,000 1,809,531 0.07 WAYANG WINDU LTD 6.75% 24 HEJUN SHUNZE INVESTMENT 11% APRIL 2033 7,500,000 7,673,084 0.31 04 JUNE 2022 5,053,000 4,994,183 0.20

38 Portfolio Statement

HSBC Asian High Yield Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds CHINA EVERGRANDE GROUP SER Listed investments EMTN 9.5% 29 MARCH 2024 3,000,000 2,621,160 0.10 CHINA HONGQIAO GROUP LTD STUDIO CITY FINANCE LTD 6% 15 7.125% 22 JULY 2022 7,500,000 7,331,250 0.29 JULY 2025 5,012,000 5,277,235 0.21 CHINA HONGQIAO GROUP LTD STUDIO CITY FINANCE LTD 6.5% 15 7.375% 02 MAY 2023 2,100,000 2,039,877 0.08 JANUARY 2028 6,000,000 6,434,100 0.26 CHINA SCE GROUP HOLDINGS LTD YINGDE GASES INVESTMENT LTD 5.875% 10 MARCH 2022 4,534,000 4,591,945 0.18 6.25% 19 JANUARY 2023 5,266,000 5,417,661 0.22 CHINA SCE GROUP HOLDINGS LTD

6% 04 FEBRUARY 2026 9,558,000 9,469,302 0.38 CHINA SCE GROUP HOLDINGS LTD 309,356,541 12.34 7% 02 MAY 2025 12,690,000 13,292,775 0.53 CHINA SCE GROUP HOLDINGS LTD Cayman Islands 7.45% 17 APRIL 2021 4,800,000 4,832,880 0.19 AC ENERGY FIN INTL LTD SER EMTN CHN AOYUAN PROPERTY GROUP 5.1% PERP 31 DECEMBER 2049 6,733,000 6,963,875 0.28 7.5% 10 MAY 2021 4,000,000 4,039,200 0.16 AGILE GROUP HOLDINGS LTD 6.05% CIFI HOLDINGS (GROUP) CO LTD 13 OCTOBER 2025 5,345,000 5,532,877 0.22 5.375% PERPETUAL 29 AGILE GROUP HOLDINGS LTD VAR DECEMBER 2049 7,400,000 7,476,810 0.30 PERP 31 DECEMBER 2049 13,224,000 13,900,890 0.56 CIFI HOLDINGS GROUP 4.375% 12 AYC FINANCE LTD 4.85% PERP 31 APRIL 2027 5,000,000 5,053,300 0.20 DECEMBER 2049 1,444,000 1,466,916 0.06 CIFI HOLDINGS GROUP 5.85% 19 CENTRAL CHN REAL ESTATE 7.25% AUGUST 2023 44,000,000 7,083,142 0.28 13 AUGUST 2024 9,000,000 8,748,540 0.35 CIFI HOLDINGS GROUP 6% 16 JULY CHINA AOYUAN GROUP LTD 5.98% 2025 2,000,000 2,133,960 0.08 18 AUGUST 2025 8,933,000 9,152,394 0.36 CIFI HOLDINGS GROUP 6.55% 28 CHINA AOYUAN GROUP LTD 6.2% MARCH 2024 4,791,000 5,108,739 0.20 24 MARCH 2026 1,500,000 1,541,265 0.06 CIFI HOLDINGS GROUP CO LTD CHINA AOYUAN GROUP LTD 6.35% 6.875% 23 APRIL 2021 2,000,000 2,020,040 0.08 08 FEBRUARY 2024 5,799,000 6,038,905 0.24 COUNTRY GARDEN HOLDINGS 4.8% CHINA AOYUAN GROUP LTD 7.95% 06 AUGUST 2030 3,919,000 4,228,366 0.17 07 SEPTEMBER 2021 2,722,000 2,775,324 0.11 DEXIN CHINA HOLDINGS CO 9.95% CHINA AOYUAN GROUP LTD 8.5% 03 DECEMBER 2022 9,988,000 10,070,301 0.40 23 JANUARY 2022 5,223,000 5,341,823 0.21 FANTASIA HOLDINGS GROUP CHINA EVERGRANDE GROUP 10% 10.875% 09 JANUARY 2023 8,905,000 9,087,374 0.36 11 APRIL 2023 14,800,000 13,663,212 0.54 FANTASIA HOLDINGS GROUP 11.75% CHINA EVERGRANDE GROUP 11.5% 17 APRIL 2022 3,450,000 3,587,620 0.14 22 JANUARY 2023 11,000,000 10,519,850 0.42 FANTASIA HOLDINGS GROUP CHINA EVERGRANDE GROUP 7.5% 11.875% 01 JUNE 2023 6,194,000 6,455,201 0.26 28JUNE 2023 4,000,000 3,479,440 0.14 FANTASIA HOLDINGS GROUP CHINA EVERGRANDE GROUP 8.25% 12.25% 18 OCTOBER 2022 5,000,000 5,238,900 0.21 23 MARCH 2022 9,132,000 8,750,191 0.35 FANTASIA HOLDINGS GROUP 15% CHINA EVERGRANDE GROUP 8.9% 18 DECEMBER 2021 4,800,000 5,119,296 0.20 24 MAY 2021 4,000,000 3,970,040 0.16 FANTASIA HOLDINGS GROUP 6.95% CHINA EVERGRANDE GROUP 9.5% 17 DECEMBER 2021 2,463,000 2,457,409 0.10 11 APRIL 2022 6,972,000 6,690,819 0.27 FANTASIA HOLDINGS GROUP 7.95% 05 JULY 2022 4,500,000 4,469,310 0.18

39 Portfolio Statement

HSBC Asian High Yield Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds LOGAN GROUP CO LTD 4.5% 13 Listed investments JANUARY 2028 2,000,000 1,981,060 0.08 LOGAN GROUP CO LTD 4.85% 14 FANTASIA HOLDINGS GROUP DECEMBER 2026 3,991,000 4,069,184 0.16 8.375% 08 MARCH 2021 2,868,000 2,871,814 0.11 LOGAN GROUP CO LTD 5.25% 19 FANTASIA HOLDINGS GROUP 9.25% OCTOBER 2025 7,379,000 7,677,259 0.31 28 JULY 2023 5,458,000 5,362,376 0.21 LOGAN GROUP CO LTD 5.75% 14 FANTASIA HOLDINGS GROUP JANUARY 2025 3,000,000 3,154,410 0.13 9.875% 19 OCTOBER 2023 6,000,000 5,906,220 0.24 LOGAN PROPERTY HOLDINGS GOLDEN EAGLE RETAIL GROUP LTD 6.875% 24 APRIL 2021 2,000,000 2,017,820 0.08 4.625% 21 MAY 2023 5,842,000 5,979,053 0.24 LOGAN PROPERTY HOLDINGS 6.9% GREENLAND HONG KONG 09 JUNE 2024 3,000,000 3,197,370 0.13 HOLDINGS LTD 6% 17 JULY 2021 3,203,000 3,172,475 0.13 LOGAN PROPERTY HOLDINGS 7.5% HONGHUA GROUP LTD 6.375% 01 27 AUGUST 2021 4,000,000 4,084,080 0.16 AUGUST 2022 4,107,000 4,041,617 0.16 MELCO RESORTS FINANCE 5.375% KAISA GROUP HOLDINGS LTD 10.5% 04 DECEMBER 2029 2,399,000 2,516,863 0.10 15 JANUARY 2025 3,470,000 3,406,117 0.14 MELCO RESORTS FINANCE 5.625% KAISA GROUP HOLDINGS LTD 17 JULY 2027 15,768,000 16,533,694 0.66 10.875% 23 JULY 2023 6,000,000 6,186,000 0.25 MELCO RESORTS FINANCE 5.75% KAISA GROUP HOLDINGS LTD 21 JULY2028 10,715,000 11,358,436 0.45 11.25% 16 APRIL 2025 7,500,000 7,507,875 0.30 MGM CHINA HOLDINGS LTD 5.25% KAISA GROUP HOLDINGS LTD 11.5% 18 JUNE 2025 7,000,000 7,275,450 0.29 30 JANUARY 2023 12,616,000 13,099,445 0.52 MGM CHINA HOLDINGS LTD 5.375% KAISA GROUP HOLDINGS LTD 15 MAY 2024 4,567,000 4,710,221 0.19 11.75% 26 FEBRUARY 2021 3,287,000 3,303,205 0.13 MGM CHINA HOLDINGS LTD 5.875% KAISA GROUP HOLDINGS LTD 15 MAY 2026 10,685,000 11,270,965 0.45 11.95% 12 NOVEMBER 2023 4,023,000 4,218,156 0.17 MODERN LAND CHINA CO LTD KAISA GROUP HOLDINGS LTD 11.8% 26 FEBRUARY 2022 3,200,000 3,302,496 0.13 11.95% 22 OCTOBER 2022 4,500,000 4,734,135 0.19 MODERN LAND CHINA CO LTD KAISA GROUP HOLDINGS LTD 6.5% 11.95% 04 MARCH 2024 1,892,000 1,911,639 0.08 07 DECEMBER 2021 6,063,000 6,049,480 0.24 MODERN LAND CHINA CO LTD 9.8% KAISA GROUP HOLDINGS LTD 8.5% 11 APRIL 2023 9,901,000 9,830,901 0.39 30 JUNE 2022 14,129,000 14,282,582 0.57 POWERLONG REAL ESTATE 5.95% KAISA GROUP HOLDINGS LTD 30 APRIL 2025 5,039,000 5,179,790 0.21 9.375% 30 JUNE 2024 17,500,000 16,664,550 0.66 POWERLONG REAL ESTATE 6.25% KAISA GROUP HOLDINGS LTD 9.75% 10 AUGUST 2024 2,861,000 2,963,166 0.12 28 SEPTEMBER 2023 9,288,000 9,318,929 0.37 POWERLONG REAL ESTATE 6.95% KAISA GROUP HOLDINGS LTD 9.95% 23 JULY 2023 8,558,000 8,939,944 0.36 23 JULY 2025 8,000,000 7,651,840 0.31 POWERLONG REAL ESTATE 7.125% KWG GROUP HOLDINGS 7.875% 09 08 NOVEMBER 2022 6,500,000 6,765,200 0.27 AUGUST 2021 2,000,000 2,043,660 0.08 RED SUN PROPERTIES GROUP KWG GROUP HOLDINGS LTD 7.875% 11.5% 04 MARCH 2021 2,600,000 2,620,072 0.10 01 SEPTEMBER 2023 17,000,000 17,711,450 0.71 RED SUN PROPERTIES GROUP 7.3% KWG GROUP HOLDINGS SER EMTN 13 JANUARY 2025 2,094,000 2,113,390 0.08 5.95% 10 AUGUST 2025 7,350,000 7,436,436 0.30 RED SUN PROPERTIES GROUP LTD KWG PROPERTY HOLDING LTD 9.7% 16 APRIL 2023 4,675,000 4,931,840 0.20 5.875% 10 NOVEMBER 2024 3,000,000 3,069,600 0.12

40 Portfolio Statement

HSBC Asian High Yield Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds SUNAC CHINA HOLDINGS LTD 6.5% Listed investments 09 JULY 2023 10,000,000 10,237,600 0.41 SUNAC CHINA HOLDINGS LTD 6.5% RED SUN PROPERTIES GROUP LTD 26 JANUARY 2026 9,354,000 9,259,805 0.37 9.95% 11 APRIL 2022 5,299,000 5,547,470 0.22 SUNAC CHINA HOLDINGS LTD REDCO PROPERTIES GROUP (SER 6.65% 03 AUGUST 2024 6,828,000 6,951,996 0.28 EMTN) 9.9% 17 FEBRUARY 2024 6,726,000 6,588,386 0.26 SUNAC CHINA HOLDINGS LTD 7% REDCO PROPERTIES GROUP 11% 06 09 JULY 2025 3,500,000 3,573,150 0.14 AUGUST 2022 6,352,000 6,541,480 0.26 SUNAC CHINA HOLDINGS LTD 7.35% REDCO PROPERTIES GROUP 8.5% 19 JULY 2021 10,700,000 10,852,796 0.43 19 AUGUST 2021 10,124,000 10,179,884 0.41 SUNAC CHINA HOLDINGS LTD 7.5% REDSUN PROPERTIES GROUP LTD 01 FEBRUARY 2024 2,194,000 2,277,855 0.09 10.5% 03 OCTOBER 2022 4,766,000 5,057,870 0.20 SUNAC CHINA HOLDINGS LTD RONSHINE CHINA 6.75% 05 7.875% 15 FEBRUARY 2022 7,500,000 7,664,100 0.31 AUGUST 2024 1,500,000 1,490,100 0.06 SUNAC CHINA HOLDINGS LTD 7.95% RONSHINE CHINA 7.1% 25 JANUARY 11 OCTOBER 2023 8,872,000 9,337,869 0.37 2025 7,152,000 7,059,811 0.28 SUNAC CHINA HOLDINGS LTD RONSHINE CHINA 7.35% 15 8.35% 19 APRIL 2023 7,600,000 7,966,396 0.32 DECEMBER 2023 8,000,000 8,072,080 0.32 TIMES CHINA HOLDING LTD 6.2% RONSHINE CHINA HOLDINGS LTD 22 MARCH 2026 6,000,000 6,258,420 0.25 10.5% 01 MARCH 2022 4,160,000 4,373,616 0.17 TIMES CHINA HOLDING LTD 6.6% RONSHINE CHINA HOLDINGS LTD 02 MARCH 2023 10,000,000 10,224,800 0.41 11.25% 22 AUGUST 2021 6,921,000 7,147,386 0.28 TIMES CHINA HOLDING LTD 6.75% RONSHINE CHINA HOLDINGS LTD 08 JULY 2025 14,800,000 15,721,300 0.63 8.1% 09JUN2023 7,500,000 7,674,900 0.31 TIMES CHINA HOLDINGS LTD 6.75% RONSHINE CHINA HOLDINGS LTD 16 JULY 2023 6,000,000 6,281,460 0.25 8.75% 25 OCTOBER 2022 7,700,000 7,925,533 0.32 WYNN MACAU LTD 5.125% 15 SEAZEN GROUP 6% 12 AUGUST DECEMBER 2029 7,000,000 7,080,570 0.28 2024 4,098,000 4,318,800 0.17 WYNN MACAU LTD SER REGS 5.5% SHIMAO GROUP HOLDINGS LT 01 OCTOBER 2027 7,250,000 7,495,123 0.30 3.45% 11 JANUARY 2031 6,325,000 6,416,143 0.26 WYNN MACAU LTD SER REGS 5.5% SHUI ON DEVELOP HOLDING VAR 15 JANUARY 2026 13,613,000 14,070,125 0.56 PERP 20 DECEMBER 2065 3,000,000 3,005,370 0.12 YUZHOU GROUP 6.35% 13 JANUARY SHUI ON DEVELOPMENT (HOLDING) 2027 4,980,000 4,952,411 0.20 LTD 6.875% 02 MARCH 2021 15,000,000 2,336,141 0.09 YUZHOU GROUP 7.85% 12 AUGUST SHUI ON DEVELOPMENT HOLDING 2026 1,757,000 1,870,854 0.07 5.75% 12 NOVEMBER 2023 2,639,000 2,692,888 0.11 YUZHOU PROPERTIES CO LTD 7.7% SHUI ON DEVELOPMENT HOLDING 20 FEBRUARY 2025 7,000,000 7,444,640 0.30 6.15% 24 AUGUST 2024 4,299,000 4,436,439 0.18 YUZHOU PROPERTIES CO LTD 8.3% SINIC HOLDINGS GROUP CO 10.5% 27 MAY 2025 4,900,000 5,236,091 0.21 18 JUNE 2022 6,689,000 6,758,632 0.27 YUZHOU PROPERTIES CO LTD 8.5% SINIC HOLDINGS GROUP CO 11.75% 04 FEBRUARY 2023 1,000,000 1,068,220 0.04 10 MARCH 2021 3,000,000 3,020,190 0.12 YUZHOU PROPERTIES CO LTD 8.5% SINIC HOLDINGS GROUP CO 8.5% 26 FEBRUARY 2024 3,556,000 3,826,754 0.15 24 JANUARY 2022 6,191,000 6,168,403 0.25 YUZHOU PROPERTIES COMPANY SUNAC CHINA HOLDINGS LTD LTD 5.375% PERP 29 DECEMBER 5.95% 26 APRIL 2024 6,706,000 6,713,175 0.27 2049 11,190,000 11,051,580 0.44

41 Portfolio Statement

HSBC Asian High Yield Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds CHINA (GOVT OF) SER INBK 2.36% Listed investments 02 JULY 2023(INTERBANK) 50,000,000 7,644,610 0.30 CHINA CONSTRUCTION BANK 4.2% YUZHOU PROPERTIES COMPANY 14 SEPTEMBER 2030(INTERBANK) 34,000,000 5,259,938 0.21 LTD 7.375% 13 JANUARY 2026 11,817,000 12,425,576 0.50 CHINA NATL PETROLEUM CO SER YUZHOU PROPERTIES COMPANY MTN 2.75% 23 MARCH LTD 7.9% 11 MAY 2021 2,133,000 2,158,255 0.09 2023(INTERBANK) 14,500,000 2,213,443 0.09 ZHENRO PROPERTIES GROUP 5.6% SHANGHAI INTL PORT GROUP SER 28 FEBRUARY 2021 1,811,000 1,812,231 0.07 MTN 3.38% 14 MARCH ZHENRO PROPERTIES GROUP 2022(INTERBANK) 17,000,000 2,634,703 0.11

5.95% 18 NOVEMBER 2021 3,691,000 3,701,372 0.15 ZHENRO PROPERTIES GROUP 19,434,038 0.78 6.63% 07 JANUARY 2026 6,446,000 6,429,111 0.26 ZHENRO PROPERTIES GROUP 7.4% 12 AUGUST 2021 23,000,000 3,574,620 0.14 Hong Kong ZHENRO PROPERTIES GROUP 8.3% AIRPORT AUTHORITY HK 2.625% 04 15 SEPTEMBER 2023 5,500,000 5,771,865 0.23 FEBRUARY 2051 7,753,000 7,872,629 0.31 ZHENRO PROPERTIES GROUP BANK OF EAST ASIA LTD SER EMTN 8.35% 10 MARCH 2024 2,805,000 2,954,170 0.12 VAR PERP 31DEC2049 7,432,000 7,916,864 0.32 ZHENRO PROPERTIES GROUP CHINA SOUTH CITY HOLDING 9.15% 06 MAY 2023 4,045,000 4,275,322 0.17 10.75% 11 APRIL 2023 10,735,000 10,192,560 0.41 ZHENRO PROPERTIES GROUP LTD CHINA SOUTH CITY HOLDING 11.5% 7.875% 14 APRIL 2024 3,000,000 3,099,960 0.12 11 AUGUST 2021 8,880,000 8,899,358 0.35 ZHENRO PROPERTIES GROUP LTD CHINA SOUTH CITY HOLDING 6.75% 8.7% 03 AUGUST 2022 1,000,000 1,042,770 0.04 13 SEPTEMBER 2021 4,600,000 4,465,312 0.18 ZHENRO PROPERTIES GROUP LTD CHINA SOUTH CITY HOLDINGS LTD 9.15% 08 MARCH 2022 4,667,000 4,801,176 0.19 11.5% 12 FEBRUARY 2022 4,000,000 4,001,600 0.16 ZHENRO PROPERTIES GROUP LTD CHONG HING BANK LTD SER EMTN 9.8% 20 AUGUST 2021 2,632,000 2,696,431 0.11 VAR PERP 29 DECEMBER 2049 9,789,000 10,038,424 0.40 ZHENRO PROPERTIES GROUP VAR CHONG HING BANK LTD VAR 26 PERP 31 DECEMBER 2049 6,146,000 6,337,264 0.25 JULY 2027 4,000,000 4,020,080 0.16 ZHONGLIANG HOLDINGS 11.5% 26 HONG KONG (GOVT OF) 2.375% 02 SEPTEMBER 2021 16,800,000 17,176,488 0.69 FEBRUARY 2051 2,667,000 2,664,066 0.11 ZHONGLIANG HOLDINGS 8.75% 16 YANGO JUSTICE INTERNATIONAL FEBRUARY 2021 3,500,000 3,505,355 0.14 7.5% 15 APRIL 2024 6,500,000 6,631,950 0.26 ZHONGLIANG HOLDINGS 9.5% 29 YANGO JUSTICE INTERNATIONAL JULY 2022 500,000 508,840 0.02 7.5% 17 FEBRUARY 2025 9,699,000 9,875,813 0.39

YANGO JUSTICE INTERNATIONAL 8.25% 25 NOVEMBER 2023 3,040,000 3,174,672 0.13 895,266,201 35.71 YANGO JUSTICE INTERNATIONAL LTD 10.25% 18 MARCH 2022 3,500,000 3,643,955 0.14 China YANGO JUSTICE INTERNATIONAL BANK OF CHINA/MACAU SER EMTN LTD 9.5% 03 APRIL 2021 6,200,000 6,251,708 0.25 3.15% 21 SEPTEMBER 2022 7,870,000 1,231,156 0.05 YANGO JUSTICE INTERNATIONAL CGN POWER CO LTD SER MTN SER EMTN 6.8% 11 MARCH 2021 425,000 425,727 0.02 3.55% 24 JULY 2022(INTERBANK) 2,900,000 450,188 0.02

42 Portfolio Statement

HSBC Asian High Yield Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds YES BANK IFSC BANKING SER EMTN Listed investments 3.75% 06 FEBRUARY 2023 14,299,000 14,078,080 0.56

YANGO JUSTICE 176,090,354 7.02 INTERNATIONAL10% 12 FEBRUARY 2023 3,000,000 3,210,720 0.13 YANLORD LAND HK CO LTD 6.8% 27 Indonesia FEBRUARY 2024 5,988,000 6,320,454 0.25 ABM INVESTAMA TBK PT 7.125% 01 ZOOMLION HK SPV CO LTD 6.125% AUGUST 2022 13,668,000 12,886,464 0.51 20 DECEMBER 2022 12,250,000 12,828,935 0.51 BAYAN RESOURCES TBK PT 6.125%

24 JANUARY 2023 16,954,000 17,434,476 0.70 BUKIT MAKMUR MANDIRI UTA 13 112,434,827 4.48 FEBRUARY 2022 16,150,000 16,428,426 0.66 BUKIT MAKMUR MANDIRI UTA India 7.75% 10 FEBRUARY 2026 8,720,000 8,608,123 0.34 ADANI GREEN ENERGY (UP) LTD INDONESIA 4.2% 15 OCTOBER 2050 7,000,000 8,393,000 0.34 6.25% 10 DECEMBER 2024 14,210,000 15,839,603 0.63 INDONESIA 4.45% 15 APRIL 2070 17,500,000 21,467,775 0.86 ADANIREN KODSOPAR WARSOM INDONESIA (REP OF) 6.75% 15 4.625% 15 OCTOBER 2039 9,687,000 9,738,501 0.39 JANUARY 2044 7,000,000 10,752,560 0.43 GMR HYDERABAD INTERNATIO INDONESIA (REPUBLIC OF) 3.5% 14 4.75% 02 FEBRUARY 2026 4,298,000 4,297,699 0.17 FEBRUARY 2050 10,000,000 10,723,880 0.43 IIFL FINANCE LIMITED 5.875% 20 INDONESIA (REPUBLIC OF) 3.7% 30 APRIL 2023 6,816,000 6,620,244 0.27 OCTOBER 2049 10,000,000 11,028,700 0.44 JSW STEEL LTD 5.25% 13 APRIL INDONESIA (REPUBLIC OF) 4.625% 2022 12,653,000 13,006,778 0.52 15 APRIL 2043 5,640,000 6,793,154 0.27 JSW STEEL LTD 5.95% 18 APRIL INDONESIA (REPUBLIC OF) 5.125% 2024 10,357,000 11,029,480 0.44 15 JANUARY 2045 18,000,000 23,121,720 0.92 MANAPPURAM FINANCE LTD SER INDONESIA (REPUBLIC OF) 5.25% EMTN 5.9% 13 JANUARY 2023 12,300,000 12,767,769 0.51 08 JANUARY 2047 14,028,000 18,575,036 0.74 MUTHOOT FINANCE LTD 4.4% 02 INDONESIA (REPUBLIC OF) 5.35% 11 SEPTEMBER 2023 9,350,000 9,542,142 0.38 FEBRUARY 2049 10,000,000 13,644,550 0.54 MUTHOOT FINANCE LTD 6.125% 31 INDONESIA (REPUBLIC OF) 5.95% OCTOBER 2022 12,756,000 13,388,315 0.53 08 JANUARY 2046 2,000,000 2,859,520 0.11 RENEW POWER LTD 6.45% 27 INDONESIA 5.25% 17 JANUARY 2042 14,000,000 18,132,800 0.72 SEPTEMBER 2022 7,912,000 8,239,478 0.33 INDONESIA ASAHAN ALUMINI 5.8% RENEW POWER SYNTHETIC 6.67% 15 MAY 2050 12,040,000 14,675,676 0.59 12 MARCH 2024 15,677,000 16,557,577 0.66 INDONESIA ASAHAN ALUMINIUM SHRIRAM TRANSPORT FIN 4.4% 13 (PERSERO) PT 6.757% MARCH 2024 14,760,000 14,695,056 0.59 15NOVEMBER 2048 7,550,000 10,111,791 0.40 SHRIRAM TRANSPORT FIN 5.1% 16 PERTAMINA (PERSERO) PT 6% 03 JULY 2023 6,200,000 6,297,154 0.25 MAY 2042 13,055,000 16,639,642 0.66 SHRIRAM TRANSPORT FIN 5.95% 24 PERTAMINA (PERSERO) PT 6.5% 07 OCTOBER 2022 13,270,000 13,635,589 0.54 NOVEMBER 2048 5,000,000 6,982,100 0.28 SHRIRAM TRANSPORT FIN SER PERTAMINA 6.5% 27 MAY 2041 7,700,000 10,281,579 0.41 EMTN 5.7% 27 FEBRUARY 2022 3,950,000 4,025,722 0.16 PERTAMINA PERSERO 5.625% 20 TATA MOTORS LTD 5.875% 20 MAY MAY 2043 2,189,000 2,700,219 0.11 2025 2,222,000 2,331,167 0.09

43 Portfolio Statement

HSBC Asian High Yield Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds Mongolia Listed investments DEVELOPMENT BANK OF MONGOLIA 7.25% 23 OCTOBER PERTAMINA PERSERO 6.45% 30 2023 1,508,000 1,647,822 0.07 MAY 2044 18,400,000 24,851,960 0.99 MONGOLIA (REPUBLIC OF) 5.125% PERUSAHAAN LISTRIK NEGAR 4% 05 DECEMBER 2022 2,880,000 2,984,342 0.12 30 JUNE 2050 8,247,000 8,443,031 0.34 MONGOLIA INTERNATIONAL BOND PERUSAHAAN LISTRIK NEGAR 5.125% 07 APRIL 2026 4,548,000 4,878,594 0.19 4.375% 05 FEBRUARY 2050 5,009,000 5,358,478 0.21 MONGOLIA INTERNATIONAL BOND PERUSAHAAN LISTRIK NEGAR 5.625% 01 MAY 2023 1,819,000 1,913,825 0.08

4.875% 17 JULY 2049 14,177,000 16,031,635 0.64 PERUSAHAAN LISTRIK NEGAR 11,424,583 0.46 6.25% 25 JANUARY 2049 4,375,000 5,802,431 0.23 PERUSAHAAN LISTRIK NEGARA (PERSERO) PT 6.15% 21 MAY 2048 28,500,000 37,264,320 1.49 Netherlands PT ADARO INDONESIA 4.25% 31 JABABEKA INTERNATIONAL 6.5% 05 OCTOBER 2024 15,610,000 16,176,331 0.65 OCTOBER 2023 12,683,000 12,443,799 0.50 PT BANK TABUNGAN NEGARA 4.2% LISTRINDO CAPITAL BV 4.95% 14 23 JANUARY 2025 9,901,000 10,083,476 0.40 SEPTEMBER 2026 9,292,000 9,659,313 0.38 PT PELABUHAN INDONESIA II MINEJESA CAPITAL BV 4.625% 10 5.375% 05 MAY 2045 4,475,000 5,383,559 0.21 AUGUST 2030 9,500,000 10,237,675 0.41 PT PERTAMINA (PERSERO) 4.15% 25 MINEJESA CAPITAL BV 5.625% 10 FEBRUARY 2060 5,000,000 5,225,700 0.21 AUGUST 2037 10,750,000 11,775,120 0.47 PT PERTAMINA (PERSERO) 4.175% ROYAL CAPITAL BV 5.875% PERP 29 21 JANUARY 2050 10,000,000 10,738,600 0.43 DECEMBER 2049 1,770,000 1,815,365 0.07 PT PERTAMINA (PERSERO) 4.7% 30 ROYAL CAPITAL BV VAR PERP 29 JULY 2049 7,000,000 7,933,170 0.32 DECEMBER 2049 2,000,000 2,054,380 0.08

ROYAL CAPITAL BV VAR PERP 31 DECEMBER 2049 8,634,000 8,951,299 0.36 415,533,882 16.58

56,936,951 2.27 Mauritius AZURE POWER ENERGY LTD 5.5% 03 NOVEMBER 2022 10,500,000 10,768,170 0.43 Pakistan GREENKO INVESTMENT CO 4.875% PAKISTAN (REPUBLIC OF) 8.25% 15 16 AUGUST 2023 13,000,000 13,291,590 0.53 APRIL 2024 1,500,000 1,663,140 0.07 GREENKO MAURITIUS LTD 6.25% 21 PAKISTAN, ISLAMIC REPUBLIC OF FEBRUARY 2023 3,500,000 3,619,910 0.14 (GOVERNMENT) 6.875% 05 GREENKO SOLAR MAURITIUS 5.95% DECEMBER 2027 2,624,000 2,810,409 0.11 29 JULY 2026 5,987,000 6,455,327 0.26 INDIA GREEN ENERGY HOLDING 4,473,549 0.18 5.375% 29 APRIL 2024 2,639,000 2,787,232 0.11 NEERG ENERGY LTD 6% 13 FEBRUARY 2022 7,837,000 7,973,129 0.32 Philippines INTERNATIONAL CONTAINER 4.75% 44,895,358 1.79 17 JUNE 2030 9,184,000 9,998,529 0.40 PHILIPPINES 2.95% 05 MAY 2045 15,000,000 15,547,800 0.62

44 Portfolio Statement

HSBC Asian High Yield Bond Fund as at 31 January 2021 % of % of net net Market asset Market asset Holdings value value Holdings value value USD USD

Bonds Listed investments Sri Lanka REPUBLIC OF SRI LANKA 5.75% 18 REPUBLIC OF PHILIPPINES 2.65% 10 APRIL 2023 9,608,000 6,380,192 0.25 DECEMBER 2045 10,000,000 9,927,700 0.40 REPUBLIC OF SRI LANKA 5.75% 18 REPUBLIC OF PHILIPPINES 3.7% 02 JANUARY 2022 1,903,000 1,506,815 0.06 FEBRUARY 2042 10,000,000 11,417,500 0.45 SRI LANKA (REPUBLIC OF) 5.875%

25 JULY 2022 8,000,000 5,647,360 0.23

46,891,529 1.87

13,534,367 0.54

Singapore ABJA INVESTMENT CO 4.95% 03 Thailand MAY 2023 8,250,000 6,354,135 0.25 KASIKORNBANK PCL HK SER EMTN ABJA INVESTMENT CO 5.45% 24 VAR PERP 31 DECEMBER 2049 5,892,000 6,211,405 0.25 JANUARY 2028 26,046,000 27,281,362 1.09 TMB BANK/CAYMAN ISLANDS SER ABJA INVESTMENT CO 5.95% 31 EMTN VAR PERP 31 DECEMBER JULY2024 15,335,000 16,475,464 0.66 2049 540,000 541,728 0.02 APL REALTY HOLDING PTE LTD 5.95% 02 JUNE 2024 12,841,000 10,239,927 0.41 INDIKA ENERGY CAPITAL IV 8.25% 6,753,133 0.27 22 OCTOBER 2025 23,884,000 25,706,827 1.03 INDIKA ENERGY III PTE 5.875% 09 NOVEMBER 2024 10,697,000 10,928,804 0.44 United Kingdom JUBILANT PHARMA LTD 6% 05 VEDANTA RESOURCES LIMITED 8% MARCH 2024 10,000,000 10,577,200 0.42 23 APRIL 2023 6,000,000 5,215,020 0.21 LLPL CAPITAL PTE LTD 6.875% 04 VEDANTA RESOURCES LTD 0.375% FEBRUARY 2039 10,000,000 11,360,397 0.45 30 JULY 2022 7,000,000 6,366,010 0.25 LMIRT CAPITAL PTE LTD 7.25% 19 VEDANTA RESOURCES LTD 7.125% JUNE 2024 3,283,000 3,311,628 0.13 31 MAY 2023 7,000,000 5,947,900 0.24 MARBLE II PTE LTD 5.3% 20 JUNE 2022 8,300,000 8,381,257 0.33 MEDCO BELL PTE LTD 6.375% 30 17,528,930 0.70

JANUARY 2027 15,063,000 15,310,485 0.61 MEDCO OAK TREE PTE LTD 7.375% United States 14 MAY 2026 29,255,000 31,230,298 1.25 PERIAMA HOLDINGS LLC/DE 5.95% MEDCO PLATINUM ROAD PTE LTD 6.75% 30 JANUARY 2025 2,000,000 2,087,500 0.08 19 APRIL 2026 27,422,000 29,165,491 1.17 TBLA INTERNATIONAL PTE LTD 7% US TREASURY N/B 1.625% 15 NOVEMBER 2050 14,777,000 14,080,865 0.56 24 JANUARY 2023 11,871,000 11,945,550 0.48 THETA CAPITAL PTE LTD 6.75% 31 OCTOBER 2026 3,571,000 3,322,030 0.13 43,246,356 1.73 THETA CAPITAL PTE LTD 8.125% 22 JANUARY 2025 19,205,000 19,233,999 0.77 TML HOLDINGS PTE LTD 5.5% 03 Debt securities (Total) 2,418,547,313 96.48 JUNE 2024 9,691,000 9,879,393 0.39

223,626,256 8.92

45 Portfolio Statement

HSBC Asian High Yield Bond Fund as at 31 January 2021 % of net Market asset Holdings value value USD

Unit Trust Listed investments

Ireland HSBC GLOBAL LIQUIDITY FUNDS – HSBC GLOBAL LIQUIDITY FUNDS PL* 64,616,847 64,616,847 2.58

Unit Trusts Unlisted but quoted investments

Hong Kong HSBC ALL CHINA BOND ZC-USD 150,000 1,825,050 0.07

Unit trusts (Total) 66,441,897 2.65

Derivative assets

Foreign currency forward contracts 1,440,500 0.06

Total financial assets 2,486,429,710 99.19

Financial liabilities

Derivative liabilities

Foreign currency forward contracts (295,853) (0.01)

Total financial liabilities (295,853) (0.01)

Total net investments (Total cost of investments: USD2,423,350,975) 2,486,133,857 99.18

Other net assets 20,708,175 0.82

Total net assets 2,506,842,032 100.00

* The investment funds are not authorized in Hong Kong and not available to the public in Hong Kong.

46 Statement of Movements in Portfolio Holdings

HSBC Asian Bond Fund for the period from 1 August 2020 to 31 January 2021

% of % of net asset net asset value value 31 January 2021 31 July 2020

Financial assets

Debt securities

Bonds Listed investments 98.01 94.52 Unlisted but quoted investments 0.99 3.57

Debt securities (Total) 99.00 98.09

Unit trusts Listed investments 0.18 – Unlisted but quoted investments 0.07 1.15

Unit trusts (Total) 0.25 1.15

Derivative assets Foreign currency forward contracts 0.02 0.03

Financial liabilities

Derivative liabilities Foreign currency forward contracts (0.02) –

Total investments 99.25 99.27

Other net assets 0.75 0.73

Total net assets 100.00 100.00

47 Statement of Movements in Portfolio Holdings

HSBC China Momentum Fund for the period from 1 August 2020 to 31 January 2021

% of % of net asset net asset value value 31 January 2021 31 July 2020

Financial assets

Debt securities Unlisted but quoted investments 0.87 0.83

Equities Listed investments China 26.27 17.63 Hong Kong 42.94 52.30 Taiwan 5.79 6.35 United States 21.09 22.04

Equities (Total) 96.09 98.32

Total investments 96.96 99.15

Other net assets 3.04 0.85

Total net assets 100.00 100.00

48 Statement of Movements in Portfolio Holdings

HSBC China Growth Fund for the period from 1 August 2020 to 31 January 2021

% of % of net asset net asset value value 31 January 2021 31 July 2020

Financial assets

Bonds Unlisted investments 0.48 –

Bonds (Total) 0.48 –

Equities Listed investments China 25.55 12.42 Hong Kong 43.57 55.82 Taiwan 6.89 6.35 United States 21.06 24.00

Equities (Total) 97.07 98.59

Equity-linked instruments Equity-linked note – 1.88

Total investments 97.55 100.47

Other net assets/(liabilities) 2.45 (0.47)

Total net assets 100.00 100.00

49 Statement of Movements in Portfolio Holdings

HSBC Asian High Yield Bond Fund for the period from 1 August 2020 to 31 January 2021

% of % of net asset net asset value value 31 January 2021 31 July 2020

Financial assets

Debt securities

Bonds Listed investments 96.48 94.82 Unlisted but quoted investments – 2.97

Debt securities (Total) 96.48 97.79

Unit trusts (Total) Listed investments 2.58 – Unlisted but quoted investments 0.07 0.67

2.65 0.67

Derivative assets Foreign currency forward contracts 0.06 0.03

Financial liabilities

Derivative liabilities Future contracts – (0.01) Foreign currency forward contracts (0.01) –

Total investments 99.18 98.48

Other net assets 0.82 1.52

Total net assets 100.00 100.00

50 Details in Respect of Financial Derivative Instruments

HSBC Asian Bond Fund as at 31 January 2021

Foreign currency forward contracts

As at 31 January 2021, the Fund held the outstanding foreign currency forward contracts as shown below:

Currency/Amount Currency/ Settlement date Counterparty Fair value bought Financial assets: Amount soldt USD

CNH440,000,000 USD67,903,330 26 February 2021 CREDIT AGRICOLE CIB 280,837 HSBC MKTS TREASURY USD25,309 AUD32,840 26 February 2021 SERVICES HK – CUR 109 HSBC MKTS TREASURY CNH68,663,497 USD10,570,979 26 February 2021 SERVICES HK – CUR 69,392 HSBC MKTS TREASURY CNH232,568 USD35,761 26 February 2021 SERVICES HK – CUR 279 HSBC MKTS TREASURY EUR16,090,969 USD19,526,986 26 February 2021 SERVICES HK – CUR 31,426 HSBC MKTS TREASURY CNH8,307,584 USD1,278,981 26 February 2021 SERVICES HK – CUR 8,396 HSBC MKTS TREASURY CNH399 USD61 26 February 2021 SERVICES HK – CUR - HSBC MKTS TREASURY USD4,056 AUD5,263 26 February 2021 SERVICES HK – CUR 17 HSBC MKTS TREASURY CNH19,795,871 USD3,047,642 26 February 2021 SERVICES HK – CUR 20,006 HSBC MKTS TREASURY USD333,208 AUD430,100 26 February 2021 SERVICES HK – CUR 3,171 HSBC MKTS TREASURY CNH24,500 USD3,779 26 February 2021 SERVICES HK – CUR 17 HSBC MKTS TREASURY USD284,286 EUR233,546 26 February 2021 SERVICES HK – CUR 413 HSBC MKTS TREASURY CNH98 USD15 26 February 2021 SERVICES HK – CUR - HSBC MKTS TREASURY USD5,162 AUD6,715 26 February 2021 SERVICES HK – CUR 9 HSBC MKTS TREASURY CNH15,789 USD2,426 26 February 2021 SERVICES HK – CUR 21 HSBC MKTS TREASURY CNH2,395 USD368 26 February 2021 SERVICES HK – CUR 3 HSBC MKTS TREASURY CNH19,600 USD3,012 26 February 2021 SERVICES HK – CUR 26 HSBC MKTS TREASURY CNH420,750 USD64,867 26 February 2021 SERVICES HK – CUR 334 HSBC MKTS TREASURY EUR158,408 USD192,130 26 February 2021 SERVICES HK – CUR 414

51 Details in Respect of Financial Derivative Instruments

HSBC Asian Bond Fund as at 31 January 2021

Foreign currency forward contracts

Currency/Amount Currency/ Settlement date Counterparty Fair value bought Financial assets: Amount soldt USD

Financial assets:

SGD105,000,000 USD79,022,826 31 March 2021 CREDIT AGRICOLE CIB 94,674

509,544

Financial liabilities:

HSBC MKTS TREASURY AUD200,123,616 USD154,044,553 26 February 2021 SERVICES HK – CUR (479,896) HSBC MKTS TREASURY AUD983,891 USD757,347 26 February 2021 SERVICES HK – CUR (2,359) HSBC MKTS TREASURY USD37,418 CNH242,584 26 February 2021 SERVICES HK – CUR (174) HSBC MKTS TREASURY AUD20 USD15 26 February 2021 SERVICES HK – CUR – HSBC MKTS TREASURY USD389,402 AUD507,689 26 February 2021 SERVICES HK – CUR (173) HSBC MKTS TREASURY USD5,927 CNH38,446 26 February 2021 SERVICES HK – CUR (31) HSBC MKTS TREASURY USD30,388 CNH197,118 26 February 2021 SERVICES HK – CUR (159)

(482,792)

52 Details in Respect of Financial Derivative Instruments

HSBC Asian High Yield Bond Fund as at 31 January 2021

Foreign currency forward contracts

As at 31 January 2021, the Fund held the outstanding foreign currency forward contracts as shown below:

Currency/Amount Currency/ Settlement date Counterparty Fair value bought Financial assets: Amount soldt USD

Financial assets:

CNH674,000,000 USD104,050,883 26 February 2021 CREDIT AGRICOLE CORPORATE 394,864 AND INVESTMENT BANK CNH59,000,000 USD9,082,445 26 February 2021 BNP PARIBAS SA PARIS 60,432 CNH231,123,594 USD35,582,263 26 February 2021 HSBC MARKETS TREASURY 233,577 SERVICES CNH4,626,855 USD711,452 26 February 2021 HSBC MARKETS TREASURY 5,544 SERVICES EUR19,469,895 USD23,627,438 26 February 2021 HSBC MARKETS TREASURY 38,025 SERVICES EUR76,068 USD92,330 26 February 2021 HSBC MARKETS TREASURY 130 SERVICES SGD94,241,215 USD70,986,205 26 February 2021 HSBC MARKETS TREASURY 24,979 SERVICES SGD330,215 USD248,526 26 February 2021 HSBC MARKETS TREASURY 293 SERVICES CNH238,968,379 USD36,789,995 26 February 2021 HSBC MARKETS TREASURY 241,505 SERVICES CNH98,909,799 USD15,209,259 26 February 2021 HSBC MARKETS TREASURY 118,200 SERVICES CNH196,677,817 USD30,279,219 26 February 2021 HSBC MARKETS TREASURY 198,766 SERVICES CNH409,001 USD62,891 26 February 2021 HSBC MARKETS TREASURY 490 SERVICES CNH14,712,475 USD2,269,549 26 February 2021 HSBC MARKETS TREASURY 10,355 SERVICES CNH3,700,638 USD570,859 26 February 2021 HSBC MARKETS TREASURY 2,607 SERVICES CNH4,225,689 USD649,289 26 February 2021 HSBC MARKETS TREASURY 5,541 SERVICES EUR3,466,266 USD4,193,342 26 February 2021 HSBC MARKETS TREASURY 19,869 SERVICES SGD805,731 USD606,435 26 February 2021 HSBC MARKETS TREASURY 687 SERVICES CNH79,739 USD12,252 26 February 2021 HSBC MARKETS TREASURY 105 SERVICES CNH933,059 USD143,367 26 February 2021 HSBC MARKETS TREASURY 1,224 SERVICES AUD313,641 USD240,587 26 February 2021 HSBC MARKETS TREASURY 85 SERVICES

53 Details in Respect of Financial Derivative Instruments

HSBC Asian High Yield Bond Fund as at 31 January 2021

Foreign currency forward contracts

Currency/Amount Currency/ Settlement date Counterparty Fair value bought Financial assets: Amount soldt USD

Financial assets:

CNH4,653,085 USD717,368 26 February 2021 HSBC MARKETS TREASURY 3,692 SERVICES EUR150 USD182 26 February 2021 HSBC MARKETS TREASURY – SERVICES SGD816,132 USD614,003 26 February 2021 HSBC MARKETS TREASURY 956 SERVICES CNH161,798 USD24,944 26 February 2021 HSBC MARKETS TREASURY 129 SERVICES SGD87,000,000 USD65,476,056 31 March 2021 CREDIT AGRICOLE CORPORATE 78,445 AND INVESTMENT BANK

1,440,500

Financial liabilities:

AUD117,789,002 USD90,667,731 26 February 2021 HSBC MARKETS TREASURY (282,458) SERVICES AUD511,580 USD394,294 26 February 2021 HSBC MARKETS TREASURY (1,733) SERVICES AUD3,218,580 USD2,477,492 26 February 2021 HSBC MARKETS TREASURY (7,718) SERVICES AUD261,269 USD202,429 26 February 2021 HSBC MARKETS TREASURY (1,944) SERVICES EUR66,174 USD80,555 26 February 2021 HSBC MARKETS TREASURY (122) SERVICES SGD626,143 USD472,750 26 February 2021 HSBC MARKETS TREASURY (949) SERVICES USD28,684 CNH185,962 26 February 2021 HSBC MARKETS TREASURY (133) SERVICES AUD414,360 USD318,534 26 February 2021 HSBC MARKETS TREASURY (575) SERVICES USD42,323 CNH274,536 26 February 2021 HSBC MARKETS TREASURY (221) SERVICES

(295,853)

54 Performance Record

HSBC Asian Bond Fund

(a) Price record (Dealing net asset value per unit)

“AC – HKD” class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 9.996 10.160 10.270 10.480 2012 6.567 10.301 6.770 10.620

“AC – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2011 9.970 10.180 10.280 10.490 2012 9.573 10.823 9.869 11.158 2013 10.369 11.442 10.968 11.796 2014 10.638 11.737 10.967 12.100 2015 10.695 12.224 12.057 12.602 2016 11.925 12.874 12.294 13.272 2017 12.416 13.028 13.028 13.420 2018 12.724 13.193 13.118 13.601 2019 12.699 14.007 12.730 14.007 2020 12.991 15.093 12.991 15.093 1 August 2020 to 31 January 2021 13.436 15.364 13.436 15.364

“AM – HKD” class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 9.940 10.100 10.240 10.410 2012 9.409 10.287 9.700 10.605 2013 9.791 10.561 10.094 10.888 2014 9.687 10.300 9.987 10.619 2015 10.131 10.418 10.441 10.743 2016 9.990 10.502 10.300 10.828 2017 10.000 10.560 10.300 10.886 2018 9.762 10.413 10.060 10.734 2019 9.565 10.234 9.587 10.234 2020 9.493 10.591 9.493 10.591 1 August 2020 to 31 January 2021 9.493 10.591 9.493 10.591

55 Performance Record

“AM - USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2011 8.800 9.220 9.080 9.520 2012 8.493 9.314 8.756 9.602 2013 8.860 9.555 9.134 9.851 2014 8.770 9.335 9.041 9.624 2015 9.176 9.439 9.460 9.731 2016 9.049 9.508 9.329 9.802 2017 9.049 9.566 9.263 9.862 2018 8.738 9.362 9.008 9.652 2019 8.585 9.187 8.601 9.187 2020 8.599 9.575 8.599 9.575 1 August 2020 to 31 January 2021 8.599 9.575 8.599 9.575

“AMH – AUD” class units

Bid Offer Year Lowest Highest Lowest Highest AUD AUD AUD AUD

2013 9.239 10.026 9.525 10.336 2014 9.194 9.823 9.478 10.127 2015 9.700 10.026 10.000 10.337 2016 9.564 10.035 9.860 10.344 2017 9.546 10.095 9.793 10.407 2018 9.229 9.890 9.514 10.195 2019 9.067 9.687 9.082 9.687 2020 9.048 10.100 9.048 10.100 1 August 2020 to 31 January 2021 8.599 9.575 8.599 9.575

“AMH – EUR” class units

Bid Offer Year Lowest Highest Lowest Highest EUR EUR EUR EUR

2013 9.391 10.138 9.681 10.452 2014 9.295 9.861 9.582 10.166 2015 9.715 10.030 10.016 10.341 2016 9.567 10.026 9.864 10.336 2017 9.512 10.080 9.724 10.392 2018 9.116 9.807 9.398 10.111 2019 8.958 9.567 8.969 9.567 2020 8.927 9.975 8.927 9.975 1 August 2020 to 31 January 2021 8.927 9.975 8.927 9.975

56 Performance Record

“AMH – RMB” class units

Bid Offer Year Lowest Highest Lowest Highest RMB RMB RMB RMB

1 August 2020 to 31 January 2021 10.000 10.231 10.000 10.231

“BC – HKD” class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2020 9.974 10.500 9.974 10.500 1 August 2020 to 31 January 2021 9.974 10.692 9.974 10.692

“BC – RMB” class units

Bid Offer Year Lowest Highest Lowest Highest RMB RMB RMB RMB

2020 9.999 10.404 9.999 10.404 1 August 2020 to 31 January 2021 9.605 10.406 9.605 10.406

“BC – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2020 9.951 10.607 9.951 10.607 1 August 2020 to 31 January 2021 9.951 10.798 9.951 10.798

“BCH – RMB” class units

Bid Offer Year Lowest Highest Lowest Highest RMB RMB RMB RMB

2020 10.000 10.642 10.000 10.642 1 August 2020 to 31 January 2021 10.000 10.941 10.000 10.941

“BM2 – HKD” class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2020 9.985 10.483 9.985 10.483 1 August 2020 to 31 January 2021 9.985 10.531 9.985 10.531

57 Performance Record

“BM2 – RMB” class units

Bid Offer Year Lowest Highest Lowest Highest RMB RMB RMB RMB

2020 10.000 10.395 10.000 10.395 1 August 2020 to 31 January 2021 9.459 10.395 9.459 10.395

“BM2 – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2020 9.951 10.558 9.951 10.558 1 August 2020 to 31 January 2021 9.951 10.606 9.951 10.606

“BM3H – AUD” class units

Bid Offer Year Lowest Highest Lowest Highest AUD AUD AUD AUD

2020 10.000 10.504 10.000 10.504 1 August 2020 to 31 January 2021 10.000 10.550 10.000 10.550

“BM3H – RMB” class units

Bid Offer Year Lowest Highest Lowest Highest RMB RMB RMB RMB

2020 9.977 10.515 9.977 10.515 1 August 2020 to 31 January 2021 9.048 10.100 9.048 10.100

“IC – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2011 10.000 10.070 10.000 10.070 2012 9.474 10.753 9.474 10.753 2013 10.613 11.407 10.613 11.407 2014 10.623 11.781 10.623 11.781 2015 11.739 12.310 11.739 12.310 2016 12.030 13.038 12.030 13.038 2017 12.596 13.255 12.596 13.255 2018 12.991 13.429 12.991 13.429 2019 12.994 14.379 12.994 14.379 2020 13.302 15.564 13.302 15.564 1 August 2020 to 31 January 2021 13.833 15.879 13.833 15.879 58 Performance Record

“ID – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2011 9.450 10.100 9.460 10.100 2012 9.150 10.395 9.150 10.395 2013 9.655 10.594 9.655 10.594 2014 9.443 10.523 9.443 10.523 2015 10.003 10.541 10.003 10.541 2016 9.903 10.759 9.903 10.759 2017 10.057 10.573 10.057 10.573 2018 9.648 10.296 9.648 10.296 2019 9.578 10.594 9.578 10.594 2020 9.805 11.024 9.805 11.024 1 August 2020 to 31 January 2021 9.813 11.024 9.813 11.024

“IM – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

1 August 2020 to 31 January 2021 9.989 10.229 9.989 10.229

“ZD – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2011 9.490 10.200 9.500 10.200 2012 9.245 10.533 9.247 10.533 2013 9.844 10.785 9.844 10.785 2014 9.634 10.723 9.634 10.723 2015 10.246 10.789 10.246 10.789 2016 10.152 11.060 10.156 11.060 2017 10.386 10.957 10.386 10.957 2018 9.986 10.678 9.986 10.678 2019 9.928 11.026 9.928 11.026 2020 10.173 11.469 10.173 11.469 1 August 2020 to 31 January 2021 10.189 11.469 10.189 11.469

(b) Total net asset value (calculated in accordance with HKFRS)

31 January 2021 2020 2019 2018 USD USD USD USD

Total net asset value 2,680,763,336 2,347,012,052 2,215,954,265 1,815,778,109

59 Performance Record

(c) Net asset value per unit (calculated in accordance with HKFRS)

Denomination currency 31 January 2021 2020 2019 2018

Net asset value per unit – “AC – USD” class USD 15.306 15.033 14.007 12.808 – “AM – HKD” class HKD 10.468 10.447 10.215 9.788 – “AM – USD” class USD 9.485 9.467 9.162 8.760 – “AMH – AUD” class AUD 10.466 9.966 9.671 9.253 – “AMH – EUR” class EUR 9.858 9.838 9.563 9.146 – “AMH – RMB” class RMB 10.113 – – – – “BC – HKD” class HKD 10.654 10.459 – – – “BC – RMB” class RMB 9.682 10.324 – – – “BC – USD” class USD 10.757 10.566 – – – “BCH – RMB” class RMB 10.906 10.603 – – – “BM2 – HKD” class HKD 10.452 10.426 – – – “BM2 – RMB” class RMB 9.508 10.285 – – – “BM2 – USD” class USD 10.520 10.502 – – – “BM3H – AUD” class AUD 6.610 10.447 – – – “BM3H – RMB” class RMB 10.442 10.445 – – – “IC – USD” class USD 15.820 15.502 14.379 13.089 – “ID – USD” class USD 10.800 10.584 10.200 9.648 – “IM – USD” class USD 10.166 – – – – “ZD – USD” class USD 11.214 10.959 10.554 9.986

60 Performance Record

HSBC China Momentum Fund

(a) Price record (dealing net asset value per unit)

“AC – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2011 35.317 43.471 37.275 45.881 2012 29.251 39.306 30.873 41.485 2013 30.119 39.427 31.789 41.613 2014 35.344 42.209 37.304 44.549 2015 40.075 60.918 42.297 64.294 2016 36.572 49.187 38.5999 51.914 2017 43.170 65.808 45.563 69.456 2018 64.556 82.863 68.134 87.455 2019 56.623 70.380 56.623 72.794 2020 57.099 86.932 57.099 86.932 1 August 2020 to 31 January 2021 57.099 118.628 57.099 118.628

(b) Total net asset value (calculated in accordance with HKFRS)

31 January 2021 2020 2019 2018 USD USD USD USD

Total net asset value 66,830,184 54,190,880 48,924,337 67,007,641

(c) Net asset value per unit (calculated in accordance with HKFRS)

Denomination currency 31 January 2021 2020 2019 2018

Net asset value per unit – “AC – USD” class USD 110.032 84.849 64.546 69.520

61 Performance Record

HSBC China Growth Fund

(a) Price record (dealing net asset value per unit)

“AC – HKD” class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 9.250 9.881 9.763 10.428 2012 6.641 9.483 7.009 10.008 2013 6.725 8.909 7.098 9.403 2014 7.508 9.571 7.924 10.101 2015 9.076 13.776 9.579 14.535 2016 8.208 10.985 8.660 11.598 2017 9.725 13.285 13.285 14.018 2018 12.907 16.644 13.619 17.566 2019 11.420 14.491 11.473 14.583 2020 11.168 16.802 11.168 16.802 1 August 2020 to 31 January 2021 11.168 22.837 11.168 22.837

“AC – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2011 8.484 10.361 8.955 10.936 2012 6.545 9.299 6.908 9.814 2013 6.626 8.780 6.993 9.266 2014 7.402 9.448 7.812 9.972 2015 8.951 13.593 9.447 14.346 2016 8.052 10.853 8.498 11.454 2017 9.591 13.015 10.122 13.736 2018 12.637 16.293 13.337 17.196 2019 11.145 14.144 11.209 14.213 2020 11.012 16.590 11.012 16.590 1 August 2020 to 31 January 2021 11.012 22.543 11.012 22.543

(b) Total net asset value (calculated in accordance with HKFRS)

31 January 2021 2020 2019 2018 USD USD USD USD

Total net asset value 187,574,755 171,350,530 219,859,384 269,511,362

(c) Net asset value per unit (calculated in accordance with HKFRS)

Denomination currency 31 January 2021 2020 2019 2018

Net asset value per unit – “AC – HKD” class HKD 21.207 16.314 13.456 13.934 – “AC – USD” class USD 20.923 16.104 13.154 13.588

62 Performance Record

HSBC Asian High Yield Bond Fund

(a) Price record (dealing net asset value per unit)

“AC – HKD” class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 9.965 10.196 10.517 10.761 2012 8.871 10.994 9.268 11.603 2013 10.997 12.136 11.606 12.808 2014 11.103 12.670 11.447 13.062 2015 11.948 12.793 12.610 13.502 2016 12.188 13.968 12.863 14.742 2017 13.684 15.013 14.592 15.848 2018 14.112 14.999 14.897 15.829 2019 14.059 15.891 14.059 15.891 2020 13.860 17.050 13.860 17.050 1 August 2020 to 31 January 2021 13.860 17.872 13.860 17.872

“AC – SGD” class units

Bid Offer Year Lowest Highest Lowest Highest SGD SGD SGD SGD

2012 10.001 10.823 10.555 11.423 2013 10.729 11.897 11.323 12.556 2014 11.137 12.386 11.482 12.770 2015 12.313 13.648 12.995 14.404 2016 13.388 14.895 14.130 15.270 2017 14.652 16.149 15.426 17.044 2018 15.418 15.854 16.271 16.733 2019 – – – – 2020 8.773 10.163 8.773 10.163 1 August 2020 to 31 January 2021 8.773 10.261 8.773 10.261

63 Performance Record

“AC – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2011 9.943 10.168 10.494 10.731 2012 8.765 11.021 9.251 11.632 2013 11.024 12.156 11.635 12.830 2014 11.128 12.702 11.473 13.095 2015 11.970 12.825 12.633 13.536 2016 12.217 13.993 12.894 14.768 2017 13.706 14.952 14.465 15.780 2018 13.980 14.903 14.755 15.729 2019 13.957 15.790 13.957 15.790 2020 13.927 17.156 13.927 17.156 1 August 2020 to 31 January 2021 13.927 17.926 13.927 17.926

“AM – HKD” class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2011 9.965 10.164 10.571 10.727 2012 8.650 10.344 9.129 10.917 2013 9.920 10.903 10.474 11.507 2014 9.800 10.553 10.104 10.880 2015 9.664 10.593 10.199 11.180 2016 9.445 10.304 9.968 10.875 2017 9.943 10.382 10.260 10.957 2018 9.450 10.378 9.976 10.956 2019 9.209 9.952 9.209 10.213 2020 8.361 10.150 8.361 10.150 1 August 2020 to 31 January 2021 8.361 10.173 8.361 10.173

“AM – SGD” class units

Bid Offer Year Lowest Highest Lowest Highest SGD SGD SGD SGD

2020 9.995 10.616 9.995 10.616 1 August 2020 to 31 January 2021 9.995 10.653 9.995 10.653

64 Performance Record

“AM – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2011 9.944 10.139 10.495 10.701 2012 8.635 10.367 9.113 10.941 2013 9.945 10.920 10.496 11.525 2014 9.821 10.584 10.125 10.912 2015 9.686 10.624 10.223 11.213 2016 9.449 10.327 9.973 10.899 2017 9.964 10.405 10.204 10.982 2018 9.354 10.329 9.872 10.901 2019 9.139 9.885 9.139 10.113 2020 8.381 10.121 8.381 10.121 1 August 2020 to 31 January 2021 8.381 10.200 8.381 10.200

“AMH – AUD” class units

Bid Offer Year Lowest Highest Lowest Highest AUD AUD AUD AUD

2014 9.887 10.281 10.193 10.599 2015 9.391 10.319 9.911 10.891 2016 9.176 10.052 9.684 10.609 2017 9.690 10.123 9.953 10.684 2018 9.131 10.075 9.637 10.634 2019 8.917 9.634 8.917 9.872 2020 8.131 9.871 8.131 9.871 1 August 2020 to 31 January 2021 8.131 9.897 8.131 9.897

“AMH – EUR” class units

Bid Offer Year Lowest Highest Lowest Highest EUR EUR EUR EUR

2014 10.009 10.334 10.319 10.654 2015 9.418 10.374 9.940 10.949 2016 9.117 9.918 9.622 10.468 2017 9.544 9.993 9.736 10.547 2018 8.884 9.849 9.376 10.394 2019 8.668 9.417 8.668 9.601 2020 8.000 9.646 8.000 9.646 1 August 2020 to 31 January 2021 8.000 9.722 8.000 9.722

“AMH – RMB” class units

Bid Offer Year Lowest Highest Lowest Highest RMB RMB RMB RMB

2020 8.324 10.000 8.324 10.000 1 August 2020 to 31 January 2021 8.324 10.094 8.324 10.094

65 Performance Record

“AMH – SGD” class units

Bid Offer Year Lowest Highest Lowest Highest SGD SGD SGD SGD

2020 10.000 10.312 10.000 10.312 1 August 2020 to 31 January 2021 10.000 10.455 10.000 10.455

“BC – HKD” class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2020 10.000 10.979 10.000 10.979 1 August 2020 to 31 January 2021 10.000 11.476 10.000 11.476

“BC – RMB” class units

Bid Offer Year Lowest Highest Lowest Highest RMB RMB RMB RMB

2020 10.000 10.830 10.000 10.830 1 August 2020 to 31 January 2021 10.000 10.858 10.000 10.858

“BC – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2020 10.000 11.015 10.000 11.015 1 August 2020 to 31 January 2021 10.000 11.510 10.000 11.510

“BCH – RMB” class units

Bid Offer Year Lowest Highest Lowest Highest RMB RMB RMB RMB

2020 10.000 11.106 10.000 11.106 1 August 2020 to 31 January 2021 10.000 11.705 10.000 11.705

“BM2 – HKD” class units

Bid Offer Year Lowest Highest Lowest Highest HKD HKD HKD HKD

2020 10.000 10.981 10.000 10.981 1 August 2020 to 31 January 2021 10.000 11.152 10.000 11.152

66 Performance Record

“BM2 – RMB” class units

Bid Offer Year Lowest Highest Lowest Highest RMB RMB RMB RMB

2020 10.000 10.835 10.000 10.835 1 August 2020 to 31 January 2021 9.965 10.835 9.965 10.835

“BM2 – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2020 10.000 10.952 10.000 10.952 1 August 2020 to 31 January 2021 10.000 11.120 10.000 11.120

“BM3H – AUD” class units

Bid Offer Year Lowest Highest Lowest Highest AUD AUD AUD AUD

2020 9.885 10.918 9.885 10.918 1 August 2020 to 31 January 2021 9.885 11.087 9.885 11.087

“BM3H – RMB” class units

Bid Offer Year Lowest Highest Lowest Highest RMB RMB RMB RMB

2020 9.985 10.956 9.985 10.956 1 August 2020 to 31 January 2021 9.985 11.117 9.985 11.117

“IC – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2011 9.947 10.175 10.498 10.739 2012 8.778 11.074 9.264 11.688 2013 11.077 11.940 11.691 12.602 2017 9.799 10.728 10.425 11.322 2018 10.019 10.728 10.574 11.322 2019 10.071 10.378 10.629 10.953 2020 9.840 12.136 9.840 12.136 1 August 2020 to 31 January 2021 9.840 12.705 9.840 12.705

67 Performance Record

“ID – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD D USD

2020 10.060 10.148 10.060 10.148 1 August 2020 to 31 January 2021 10.060 10.148 10.060 10.148

“IM – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD D USD

2020 8.561 10.334 8.561 10.334 1 August 2020 to 31 January 2021 8.561 10.454 8.561 10.454

“ZD – USD” class units

Bid Offer Year Lowest Highest Lowest Highest USD USD USD USD

2017 9.711 10.684 10.388 11.276 2018 9.629 10.720 10.163 11.314 2019 9.382 10.703 9.382 10.703 2020 8.975 11.096 8.975 11.096 1 August 2020 to 31 January 2021 8.975 11.096 8.975 11.096

(b) Total net asset value (calculated in accordance with HKFRS)

31 January 2021 2020 2019 2018 USD USD USD USD

Total net asset value 2,506,842,032 1,320,576,135 866,003,184 710,376,463

68 Performance Record

(c) Net asset value per unit (calculated in accordance with HKFRS)

Denomination currency 31 January 2021 2020 2019 2018

Net asset value per unit – “AC – HKD” class HKD 17.772 16.973 15.891 14.517 – “AC – SGD” class SGD 10.188 10.082 – – – “AC – USD” class USD 17.824 17.072 15.782 14.381 – “AM – HKD” class HKD 10.049 9.928 9.910 9.664 – “AM – USD” class USD 10.072 9.950 9.832 9.568 – “AM2 – SGD” class SGD 10.253 10.473 N/A N/A – “AMH – AUD” class AUD 9.776 9.667 9.589 9.342 – “AMH – EUR” class EUR 9.625 9.507 9.379 9.093 – “AMH – RMB” class RMB 9.939 9.862 N/A N/A – “AMH – SGD” class SGD 10.326 10.213 N/A N/A – “BC – HKD” class HKD 11.413 10.925 N/A N/A – “BC – RMB” class RMB 10.340 10.729 N/A N/A – “BC – USD” class USD 11.445 10.962 N/A N/A – “BCH – RMB” class RMB 11.640 11.055 N/A N/A – “BM2 – HKD” class HKD 11.014 10.875 N/A N/A – “BM2 – RMB” class RMB 9.945 10.674 N/A N/A – “BM2 – USD” class USD 10.981 10.848 N/A N/A – “BM3H – AUD” class AUD 10.955 10.813 N/A N/A – “BM3H – RMB” class RMB 10.950 10.836 N/A N/A – “IC – USD” class USD 12.634 12.076 – 10.363 – “IM – USD” class USD 10.327 10.180 10.027 N/A – “ZD – USD” class USD 10.926 10.400 10.088 9.629

69 Distribution Disclosure

HSBC Asian Bond Fund

“AM – HKD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution HKD HKD

First distribution 31 August 2020 09 September 2020 0.0278 12,235,938 Second distribution 30 September 2020 13 October 2020 0.0274 12,605,572 Third distribution 30 October 2020 10 November 2020 0.0275 13,017,842 Fourth distribution 30 November 2020 09 December 2020 0.0290 13,955,996 Fifth distribution 31 December 2020 12 January 2021 0.0295 13,799,188 Sixth distribution 29 January 2021 09 February 2021 0.0270 13,176,823

“AM – USD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution USD USD

First distribution 31 August 2020 09 September 2020 0.0252 3,913,555 Second distribution 30 September 2020 13 October 2020 0.0248 3,924,389 Third distribution 30 October 2020 10 November 2020 0.0249 3,997,167 Fourth distribution 30 November 2020 09 December 2020 0.0263 4,208,578 Fifth distribution 31 December 2020 12 January 2021 0.0268 4,198,250 Sixth distribution 29 January 2021 09 February 2021 0.0245 3,832,658

“AMH – AUD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution AUD AUD

First distribution 31 August 2020 09 September 2020 0.025 448,503 Second distribution 30 September 2020 13 October 2020 0.025 448,363 Third distribution 30 October 2020 10 November 2020 0.025 496,444 Fourth distribution 30 November 2020 09 December 2020 0.026 531,054 Fifth distribution 31 December 2020 12 January 2021 0.027 521,882 Sixth distribution 29 January 2021 09 February 2021 0.025 354,547

“AMH – EUR” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution EUR EUR

First distribution 31 August 2020 09 September 2020 0.0193 26,459 Second distribution 30 September 2020 13 October 2020 0.0192 26,834 Third distribution 30 October 2020 10 November 2020 0.0193 28,022 Fourth distribution 30 November 2020 09 December 2020 0.0205 30,794 Fifth distribution 31 December 2020 12 January 2021 0.0204 30,701 Sixth distribution 29 January 2021 09 February 2021 0.0112 18,166

70 Distribution Disclosure

“AMH – RMB” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution RMB RMB

First distribution 31 August 2020 09 September 2020 – – Second distribution 30 September 2020 13 October 2020 – – Third distribution 30 October 2020 10 November 2020 – – Fourth distribution 30 November 2020 09 December 2020 0.0491 33 Fifth distribution 31 December 2020 12 January 2021 0.0548 1,323 Sixth distribution 29 January 2021 09 February 2021 0.0452 308,416

“BM2 – HKD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution HKD HKD

First distribution 31 August 2020 09 September 2020 0.0278 3,998 Second distribution 30 September 2020 13 October 2020 0.0273 5,982 Third distribution 30 October 2020 10 November 2020 0.0274 7,299 Fourth distribution 30 November 2020 09 December 2020 0.0290 9,736 Fifth distribution 31 December 2020 12 January 2021 0.0295 10,335 Sixth distribution 29 January 2021 09 February 2021 0.0270 9,526

“BM2 – RMB” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution RMB RMB

First distribution 31 August 2020 09 September 2020 0.0274 11,817 Second distribution 30 September 2020 13 October 2020 0.0264 13,655 Third distribution 30 October 2020 10 November 2020 0.0263 14,439 Fourth distribution 30 November 2020 09 December 2020 0.0274 16,328 Fifth distribution 31 December 2020 12 January 2021 0.0274 11,021 Sixth distribution 29 January 2021 09 February 2021 0.0248 8,257

“BM2 – USD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution USD USD

First distribution 31 August 2020 09 September 2020 0.0280 11,001 Second distribution 30 September 2020 13 October 2020 0.0275 12,738 Third distribution 30 October 2020 10 November 2020 0.0276 14,879 Fourth distribution 30 November 2020 09 December 2020 0.0292 16,040 Fifth distribution 31 December 2020 12 January 2021 0.0297 15,918 Sixth distribution 29 January 2021 09 February 2021 0.0272 14,683

71 Distribution Disclosure

“BM3H – AUD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution AUD AUD

First distribution 31 August 2020 09 September 2020 0.0262 2,208 Second distribution 30 September 2020 13 October 2020 0.0258 2,468 Third distribution 30 October 2020 10 November 2020 0.0261 2,608 Fourth distribution 30 November 2020 09 December 2020 0.0272 2,723 Fifth distribution 31 December 2020 12 January 2021 0.0267 2,633 Sixth distribution 29 January 2021 09 February 2021 0.0187 1,745

“BM3H – RMB” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution RMB RMB

First distribution 31 August 2020 09 September 2020 0.0465 35,162 Second distribution 30 September 2020 13 October 2020 0.0475 48,153 Third distribution 30 October 2020 10 November 2020 0.0530 67,301 Fourth distribution 30 November 2020 09 December 2020 0.0505 78,764 Fifth distribution 31 December 2020 12 January 2021 0.0564 102,918 Sixth distribution 29 January 2021 09 February 2021 0.0464 86,763

“IM2 – USD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution USD USD

First distribution 31 August 2020 09 September 2020 – – Second distribution 30 September 2020 13 October 2020 – – Third distribution 30 October 2020 10 November 2020 – – Fourth distribution 30 November 2020 09 December 2020 0.0282 2,820 Fifth distribution 31 December 2020 12 January 2021 0.0287 2,870 Sixth distribution 29 January 2021 09 February 2021 0.0262 2,620

72 Distribution Disclosure

HSBC Asian High Yield Bond Fund

“AM – HKD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution HKD HKD

First distribution 31 August 2020 09 September 2020 0.0507 12,332,180 Second distribution 30 September 2020 13 October 2020 0.0499 13,320,453 Third distribution 30 October 2020 10 November 2020 0.0548 15,310,989 Fourth distribution 30 November 2020 09 December 2020 0.0536 15,736,050 Fifth distribution 31 December 2020 12 January 2021 0.0516 15,061,488 Sixth distribution 29 January 2021 09 February 2021 0.0479 15,009,265

“AM – USD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution USD USD

First distribution 31 August 2020 09 September 2020 0.0508 4,385,486 Second distribution 30 September 2020 13 October 2020 0.0501 4,710,492 Third distribution 30 October 2020 10 November 2020 0.0550 5,362,700 Fourth distribution 30 November 2020 09 December 2020 0.0537 5,465,853 Fifth distribution 31 December 2020 12 January 2021 0.0517 5,475,133 Sixth distribution 29 January 2021 09 February 2021 0.0480 5,738,948

“AM – SGD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution SGD SGD

First distribution 31 August 2020 09 September 2020 0.0535 76,355 Second distribution 30 September 2020 13 October 2020 0.0523 82,396 Third distribution 30 October 2020 10 November 2020 0.0576 100,285 Fourth distribution 30 November 2020 09 December 2020 0.0563 127,205 Fifth distribution 31 December 2020 12 January 2021 0.0531 118,734 Sixth distribution 29 January 2021 09 February 2021 0.0486 133,675

“AMH – AUD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution AUD AUD

First distribution 31 August 2020 09 September 2020 0.0479 435,806 Second distribution 30 September 2020 13 October 2020 0.0473 478,412 Third distribution 30 October 2020 10 November 2020 0.0522 577,266 Fourth distribution 30 November 2020 09 December 2020 0.0506 610,424 Fifth distribution 31 December 2020 12 January 2021 0.0476 552,715 Sixth distribution 29 January 2021 09 February 2021 0.0390 473,349

73 Distribution Disclosure

“AMH – EUR” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution EUR EUR

First distribution 31 August 2020 09 September 2020 0.0421 47,316 Second distribution 30 September 2020 13 October 2020 0.0415 58,917 Third distribution 30 October 2020 10 November 2020 0.0465 74,370 Fourth distribution 30 November 2020 09 December 2020 0.0449 75,888 Fifth distribution 31 December 2020 12 January 2021 0.0422 74,400 Sixth distribution 29 January 2021 09 February 2021 0.0321 76,625

“AMH – RMB” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution RMB RMB

First distribution 31 August 2020 09 September 2020 0.0676 319,500 Second distribution 30 September 2020 19 October 2020 0.0681 543,590 Third distribution 30 October 2020 10 November 2020 0.0776 770,679 Fourth distribution 30 November 2020 09 December 2020 0.0727 812,786 Fifth distribution 31 December 2020 12 January 2021 0.0760 1,063,946 Sixth distribution 29 January 2021 09 February 2021 0.0655 1,694,354

“AMH – SGD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution SGD SGD

First distribution 31 August 2020 09 September 2020 0.0517 125,874 Second distribution 30 September 2020 13 October 2020 0.0508 224,828 Third distribution 30 October 2020 10 November 2020 0.0559 280,896 Fourth distribution 30 November 2020 09 December 2020 10.0790 321,506 Fifth distribution 31 December 2020 12 January 2021 0.0523 379,806 Sixth distribution 29 January 2021 09 February 2021 0.0484 451,129

“BM2 – HKD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution HKD HKD

First distribution 31 August 2020 09 September 2020 0.0556 70,123 Second distribution 30 September 2020 13 October 2020 0.0548 87,261 Third distribution 30 October 2020 10 November 2020 0.0601 119,385 Fourth distribution 30 November 2020 09 December 2020 0.0587 142,039 Fifth distribution 31 December 2020 12 January 2021 0.0565 137,203 Sixth distribution 29 January 2021 09 February 2021 0.0525 130,600

74 Distribution Disclosure

“BM2 – RMB” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution RMB RMB

First distribution 31 August 2020 09 September 2020 0.0545 169,811 Second distribution 30 September 2020 13 October 2020 0.0527 211,944 Third distribution 30 October 2020 10 November 2020 0.0573 276,779 Fourth distribution 30 November 2020 09 December 2020 0.0552 284,160 Fifth distribution 31 December 2020 12 January 2021 0.0522 315,693 Sixth distribution 29 January 2021 09 February 2021 0.0478 512,096

“BM2 – USD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution USD USD

First distribution 31 August 2020 09 September 2020 0.0554 139,668 Second distribution 30 September 2020 13 October 2020 0.0546 179,876 Third distribution 30 October 2020 10 November 2020 0.0599 226,400 Fourth distribution 30 November 2020 09 December 2020 0.0586 243,266 Fifth distribution 31 December 2020 12 January 2021 0.0563 239,479 Sixth distribution 29 January 2021 09 February 2021 0.0523 244,235

“BM3H – AUD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution AUD AUD

First distribution 31 August 2020 09 September 2020 0.0536 7,745 Second distribution 30 September 2020 13 October 2020 0.0529 13,935 Third distribution 30 October 2020 10 November 2020 0.0585 16,352 Fourth distribution 30 November 2020 09 December 2020 0.0566 16,074 Fifth distribution 31 December 2020 12 January 2021 0.0533 15,424 Sixth distribution 29 January 2021 09 February 2021 0.0437 12,772

“BM3H – RMB” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution RMB RMB

First distribution 31 August 2020 09 September 2020 0.0743 547,356 Second distribution 30 September 2020 13 October 2020 0.0750 776,330 Third distribution 30 October 2020 10 November 2020 0.0855 1,055,876 Fourth distribution 30 November 2020 09 December 2020 0.0801 1,213,166 Fifth distribution 31 December 2020 12 January 2021 0.0837 1,258,058 Sixth distribution 29 January 2021 09 February 2021 0.0722 1,320,889

75 Distribution Disclosure

“IM – USD” class unit Date of Date of Distribution Total ex–distribution payment per unit distribution USD USD

First distribution 31 August 2020 09 September 2020 0.0520 80,471 Second distribution 30 September 2020 13 October 2020 0.0513 83,900 Third distribution 30 October 2020 10 November 2020 0.0563 147,920 Fourth distribution 30 November 2020 09 December 2020 0.0550 125,981 Fifth distribution 31 December 2020 12 January 2021 0.0529 128,813 Sixth distribution 29 January 2021 09 February 2021 0.0492 239,624

76 Administration

Manager HSBC Investment Funds (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Directors of the Manager Stuart Glenn BERRY (resigned on 28 August 2020) Pedro Augusto BOTELHO BASTOS Guillermo Eduardo MALDONADO-CODINA Chun Pong Stephen TAM Ka Yin Joanne LAU

Investment adviser HSBC Global Asset Management (Hong Kong) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Custodian, trustee and registrar HSBC Institutional Trust Services (Asia) Limited HSBC Main Building 1 Queen’s Road Central Hong Kong

Auditors KPMG 8th Floor, Prince’s Building 10 Chater Road Central Hong Kong

77 Issued byHSBCGlobal Asset Management(HongKong) Limited

HIFT0121I Printed in the Hong Kong SAR