HSBC Global Funds ICAV Annual Report and Audited Financial Statements

For the year ended 31 December 2019 HSBC GLOBAL FUNDS ICAV (An open-ended umbrella type Irish Collective Asset-management Vehicle with segregated liability between Sub-Funds with registration number C173463)

HSBC Global Funds ICAV - US Government Bond Index Fund HSBC Global Funds ICAV - Global Government Bond Index Fund HSBC Global Funds ICAV - Global Corporate Bond Index Fund HSBC Global Funds ICAV - Global Aggregate Bond Index Fund HSBC Global Funds ICAV - Global Equity Index Fund HSBC Global Funds ICAV - Multi Factor Worldwide Equity Fund HSBC Global Funds ICAV - US Equity Index Fund HSBC Global Funds ICAV - Global Emerging Markets Government Bond Index Fund HSBC Global Funds ICAV - China Government Local Bond Index Fund

Annual Report and Audited Financial Statements For the year ended 31 December 2019 Additional notes for Hong Kong residents in relation to HSBC Global Funds ICAV:

The following sub-funds of HSBC Global Funds ICAV referred to in this document are not authorised in Hong Kong and not available to the public in Hong Kong during the financial report year of this report:

US Government Bond Index Fund

Multi Factor Worldwide Equity Fund

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

General Information…………………………………………………………………………………………………..1 Director’s Report……………………………………………………………………………………………………...2 Investment Manager’s Report……………………………………………………………………………………….8 Annual Depositary Report to the Shareholders…………………………………………………………………..15 Independent Auditor’s Report………………………………………………………………………………………16 Statement of Financial Position…………………………………………………………………………………....19 Statement of Comprehensive Income…………………………………………………………………………….23 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares……….27 Statement of Cash Flows…………………………………………………………………………………………...31 Notes to the Financial Statements…………………………………………………………………………………38 Schedule of Investments and Portfolio Changes ………………………………………………………………134 Other Additional Disclosures ……………………………………………………………………………………..342 General Information

Registered office Secretary of the ICAV 25/28 North Wall Quay Goodbody Secretarial Limited IFSC 25/28 North Wall Quay Dublin 1 IFSC Ireland Dublin 1 Ireland Directors Cleo Bensignor Independent Auditor Peter Blessing* KPMG Julien Coquet (resigned 10 January 2020) 1 Harbourmaster Place Eimear Cowhey* IFSC Simon Ellis (resigned 26 July 2019) Dublin 1 Anthony Jeffs* (appointed 1 September 2019) Ireland * Independent Non-executive director Paying Agent – Switzerland Management Company and Global Distributor HSBC Private Bank (Suisse) SA HSBC Investment Funds (Luxembourg) S.A. Quai des Bergues 9 - 17 16, Boulevard d’Avranches P.O. Box 2888 L-1160 Luxembourg CH 1211 Geneva 1 Grand Duchy of Luxembourg Switzerland

Investment Manager HSBC Global Asset Management (UK) Limited 8 Canada Square London E14 5HQ United Kingdom

Depositary^ HSBC France, Dublin Branch 1 Grand Canal Square Grand Canal Harbour Dublin 2 Ireland

Administrator HSBC Securities Services (Ireland) DAC 1 Grand Canal Square Grand Canal Harbour Dublin 2 Ireland

Legal Adviser as to Irish Law A&L Goodbody 25/28 North Wall Quay IFSC Dublin 1 Ireland

^ With effect from 1 April, 2019 HSBC Institutional Trust Services (Ireland) DAC merged with and into HSBC France and its business now operates from the Dublin Branch of HSBC France.

1 Director’s Report

The Directors present their report for HSBC Global Funds ICAV (the “ICAV”), along with the annual report and audited financial statements for the year ended 31 December 2019.

Principal activities, business review & future prospects The ICAV was incorporated as an open-ended umbrella type Irish collective asset-management vehicle with limited liability and segregated liability between Sub-Funds to carry on business under the Irish Collective Asset-management Vehicles Act 2015 (the “ICAV Act”) on 28 November 2017 with registration number C173463. The ICAV is authorised by the Central Bank of Ireland as an ICAV pursuant to Part 2, Chapter 1 of the ICAV Act, the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”) and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015 (the “Central Bank UCITS Regulations”).

The ICAV is structured as an umbrella fund and may comprise of several portfolios of assets. The share capital of the ICAV may be divided into different classes of shares (“Shares”) with one or more classes representing a separate Sub-Fund comprising a separate pool of assets and which pursues its investment objective through separate investment policies.

As at the date of this report the ICAV comprised of 20 Sub-Funds.

Fixed Income Sub-Funds HSBC Global Funds ICAV - Euro Corporate Bond Index Fund HSBC Global Funds ICAV - Euro Government Bond Index Fund HSBC Global Funds ICAV - Global Aggregate Bond Index Fund HSBC Global Funds ICAV - Global Corporate Bond Index Fund HSBC Global Funds ICAV - Global Government Bond Index Fund HSBC Global Funds ICAV - Global Securitised Bond Index Fund HSBC Global Funds ICAV - US Corporate Bond Index Fund HSBC Global Funds ICAV - US Government Bond Index Fund HSBC Global Funds ICAV - Global Emerging Market Government Local Bond Index Fund HSBC Global Funds ICAV - Global Emerging Market Government Bond Index Fund HSBC Global Funds ICAV - China Government Local Bond Index Fund

Equity Sub-Funds HSBC Global Funds ICAV - Asia Equity Index Fund HSBC Global Funds ICAV - Asia (ex Japan) Equity Index Fund HSBC Global Funds ICAV - Global Emerging Markets Equity Index Fund HSBC Global Funds ICAV - Europe ex UK Equity Index Fund HSBC Global Funds ICAV - Eurozone Equity Index Fund HSBC Global Funds ICAV - Global Equity Index Fund HSBC Global Funds ICAV - US Equity Index Fund HSBC Global Funds ICAV - Japan Equity Index Fund HSBC Global Funds ICAV - Multi Factor Worldwide Equity Fund

The assets of each Sub-Fund will be invested separately on behalf of the Sub-Fund in accordance with the investment objective and policies of each Sub-Fund.

The investment objective of the Sub-Funds is to achieve regular income and capital growth.

As at 31 December 2019, 9 Sub-Funds had launched, namely, HSBC Global Funds ICAV - US Government Bond Index Fund, HSBC Global Funds ICAV - Global Government Bond Index Fund, HSBC Global Funds ICAV - Global Corporate Bond Index Fund, HSBC Global Funds ICAV - Global Aggregate Bond Index Fund, HSBC Global Funds ICAV - Global Equity Index Fund, HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund, HSBC Global Funds ICAV – US Equity Index Fund, HSBC Global Funds ICAV – Global Emerging Markets Government Bond Index Fund and HSBC Global Funds ICAV – China Government Local Bond Index Fund (the “Sub-Funds”) on 18 April 2018, 3 May 2018, 17 May 2018, 14 November 2018, 24 April 2019, 14 May 2019, 15 October 2019, 17 October 2019 and 28 October 2019 respectively and the ICAV had in issue seventy five classes of shares in the Sub-Funds.

A detailed business review is outlined in the Investment Manager’s Report on pages 8 to 14. 2 Director’s Report (continued)

Principal risks and uncertainties Investment in the ICAV carries with it a degree of risk including, but not limited to, the risks referred to in the prospectus of the ICAV dated 24 May 2019 (the “Prospectus”) and as described in Note 7 of this financial statements including price risk, credit risk and liquidity risk.

Results and dividends The results for the financial year are shown in the Statement of Comprehensive Income on page 23. The Board of Directors may declare at its discretion, dividends in respect of each distribution share class of each Sub-Fund. Dividend distributions during the financial year are set out in Note 12 of this financial statements.

Directors The Directors of the ICAV are detailed on page 1.

Directors’ and ICAV Secretary’s interests None of the Directors nor the ICAV Secretary or their respective families held any interest, beneficial or otherwise, in the share capital of the ICAV during or at the end of the financial year.

The Board of Directors are not aware of any contracts or arrangements of any significance in relation to the business of the ICAV in which the Directors had any interest at any time during the year ended 31 December 2019, other than those described in Note 10, ‘Related Parties’.

Accounting Records The measures taken by the Directors to secure compliance with the ICAV’s obligation to keep adequate accounting records are the use of appropriate systems and procedures and the employment of competent service providers. The accounting records are kept at HSBC Securities Services (Ireland) DAC, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland.

Withdrawal of the UK from the EU Following the UK Government’s notification to the European Union (EU) of its intention to leave the Union (“Brexit”), on 23 January 2020, the UK Government enacted the European Union (Withdrawal Agreement) Act 2020 (WAA). The WAA implemented the withdrawal agreement into UK law. The EU also ratified the withdrawal agreement in accordance with its procedures, with the European Parliament consenting to the Withdrawal Agreement on 29 January 2020.

As part of the Withdrawal Agreement, the UK and the EU agreed a Transition Period in order to provide continuity and certainty. During this time, the UK will generally continue to apply EU law as it does now. UK domiciled UCITS will continue to be referred to as UCITS and enjoy the rights conferred by the UCITS Directive during the Transition Period. EU UCITS will continue to use their cross-border passporting rights to passport into the UK.

Currently, the Transition Period will run from 12:00 midnight CET on 31 January 2020 until 12:00 midnight CET on 31 December 2020. Under the Withdrawal Agreement, before 1 July 2020, the UK Government and the EU are able to agree to extend the Transition Period for up to one or two years. However, the UK Government's stated policy is that it will not seek an extension and so it is highly likely that the Transition Period will end on 31 December 2020.

Investors should note that during the Transition Period references to the EU in this document shall be taken to include the UK.

Once the Transition period expires, all cross-border passporting rights to the UK for EU UCITS funds will cease; however, the UK’s commitment to a Temporary Permission Regime will mitigate the cliff-edge risks associated with a no-deal end of the Transition Period. The UK Government has also committed to bringing forward domestic legislation to streamline the process to allow overseas (including EU) investment funds to be sold in the UK post-Brexit.

3 Director’s Report (continued)

Withdrawal of the UK from the EU (continued) Notwithstanding the above, the UK’s future economic and political relationship with the EU (and with other non-EU countries by PL agreement) continues to remain uncertain. This uncertainty is likely to generate further global currency and asset price volatility. This may negatively impact the returns of a Fund and its investments resulting in greater costs if a Fund decides to employ currency hedging policies. Ongoing uncertainty could adversely impact the general economic outlook and as such, this may impact negatively on the ability of a Fund and its investments to execute their strategies effectively, and may also result in increased costs to the Company.

It is possible that there will be more divergence between UK and EU regulations post-Brexit, limiting what cross-border activities can take place. However it is unlikely to affect a Fund’s ability to receive portfolio management services. At the date of this document, the Funds continue to be recognised by the FCA and can be marketed to UK investors. The nature and extent of the impact of any Brexit related changes are uncertain, but may be significant.

The information provided in this section is correct as at the 22 April 2020.

Significant events during the financial year

A revised supplement to the Prospectus was approved by the Central Bank of Ireland on 7 March 2019. The main update was an addition of two new Sub-Funds, HSBC Global Funds ICAV – Global Emerging Market Government Local Bond Index Fund and HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund.

A revised supplement to the Prospectus was approved by the Central Bank of Ireland on 24 May 2019. The main update was an addition of one new Sub-Fund, HSBC Global Funds ICAV – China Government Local Bond Index Fund.

There were 5 new Sub-Funds launched during the year ended 31 December 2019 i.e., HSBC Global Funds ICAV - Global Equity Index Fund on 24 April 2019 and HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund on 14 May 2019, HSBC Global Funds ICAV – US Equity Index Fund on 15 October 2019, HSBC Global Funds ICAV – Global Emerging Markets Government Bond Fund on 17 October 2019 and HSBC Global Funds ICAV – China Government Local Bond Index Fund on 28 October 2019.

On 1 September 2019, Anthony Jeffs was appointed as Chairperson and Non Executive Director of the ICAV.

On 26 July 2019, Simon Ellis stepped down as a Director of the ICAV.

There were no other material significant events other than those mentioned above during the financial year ended 31 December 2019.

Subsequent events The recent outbreak of the coronavirus disease 2019 (abbreviated as “COVID-19”) continues to impact global markets in several ways, including: (i) slowing down or stopping international, national, and local travel; (ii) impeding regular business operations across many different businesses, including manufacturers and service providers; and (iii) adding uncertainty to global markets with regard to how long and how serious COVID-19 may prove over time. All of these factors and more regarding COVID-19’s impact on global markets may materially adversely affect the Fund’s performance, including to the extent that the Fund makes investments in certain businesses or industries suffering downturns or impediments caused or exacerbated by COVID-19.

Following the impact of COVID19, while the financial markets have seen increased volatility, the funds have been able to track the indices without any material deviation and continue to invest / disinvest in line with requirements.

4 Director’s Report (continued)

Subsequent events (continued) The financial impact of the outbreak to date, cannot be estimated reliably. The Company performance is down across all the Equity sub-funds and two out of six Fixed Income sub-funds in Q1 2020. The other Fixed Income sub-funds remained positive for the period. All funds have registered positive month-to-date performance up to April 20, 2020. The three Equity sub-funds remain negative for the year and only one Fixed Income sub-funds has also a negative year-to-date performance (Global Corporate Bond Index Fund -0.92% YTD). Despite the challenging environment the Company had net inflows of USD 1bn in the quarter. The AUM increased by USD 780m in the period and by a further USD 108m up to April 20, 2020 taking the AUM to USD 6.7bn. Principal material changes There have been no material changes in the objectives and strategies of the ICAV since inception. Independent auditors In accordance with Section 125 of the ICAV Act, the Directors have appointed KPMG, Chartered Accountants and Registered Auditors, as the ICAV’s auditor. Soft commission There were no soft commission arrangements affecting the ICAV during the financial year from 01 January to 31 December 2019. Corporate Governance Code The ICAV is subject to the requirements of the ICAV Act, the UCITS Regulations, 2011 and the Central Bank UCITS Regulations. The ICAV is subject to corporate governance practices imposed by: 1. The ICAV Act which is available for inspection at the registered office of the ICAV at 25/28 North Wall Quay, IFSC, Dublin 1, Ireland; and may also be obtained at:- http://www.irishstatutebook.ie/home.html;

2. The Instrument of Incorporation of the ICAV (“the Instrument”) which may be obtained at the ICAVs Registration Office in Ireland and is available for inspection at the registered office of the ICAV; and

3. The Central Bank UCITS Regulations and Guidance Notes which can be obtained from the Central Bank of Ireland website at:- http://www.centralbank.ie/regulation/industry-sectors/funds/Pages/default.aspx The ICAV has adopted the voluntary Irish Funds Industry Association (Irish Funds) Corporate Governance Code for Irish domiciled Collective Investment Schemes and Management Companies (the “IF Code”). The Board of Directors have reviewed and assessed the measures included in the IF Code and consider its corporate governance practices and procedures since the adoption of the IF Code as consistent therewith. Connected Persons The Board of Directors is satisfied that there are arrangements in place (evidenced by written procedures) to ensure that the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations, (i) any transaction carried out with the ICAV by a Connected Person must be carried out as if negotiated at arm’s length and (ii) transactions must be in the best interests of the shareholders, are applied to all transactions with connected persons, and is satisfied that transactions with connected persons entered into during the year complied with the obligations set out in Regulation 41(1) of the Central Bank UCITS Regulations that (i) any transaction carried out with the ICAV by a Connected Party must be carried out as if negotiated at arm’s length and (ii) transactions must be in the best interests of the shareholders. Connected party transactions are detailed in Note 10, ‘Related Parties’. Transactions with parties with significant influence The Management Company, Investment Manager, Administrator and Depositary are all wholly owned subsidiaries of HSBC Holdings plc and are therefore considered as related parties to the ICAV. HSBC Holdings plc is the parent company of the above parties and therefore considered as a related party to the ICAV. Fees and charges to these parties are disclosed in Note 5 to the financial statements. HSBC Global Asset Management held Nil (31 December 2018: 2,000,003) shares in US Government Bond Index Fund, 873 (31 December 2018: 4,745) shares in Global Government Bond Index Fund, Nil (31 December 2018: 6,756) shares in Global Corporate Bond Index Fund, Nil (31 December 2018: 636,502) shares in Global Aggregate Bond Index Fund, 3,006,199 shares in US Equity Index Fund, 7,500,044 shares in Global Emerging Market Government Bond Index Fund and 5,006,800 shares in China Government Local Bond Index Fund. 5 Director’s Report (continued)

Transactions with key management personnel Key management personnels are Directors of the ICAV. Ms Cleo Bensignor is Head of Products for HSBC Global Asset Management (France), Mr Julien Coquet is the Chief Operating Officer of HSBC Global Asset Management (France) and Mr Simon Ellis is the Global Head of Client Segments at HSBC Global Asset Management (UK). Directors’ fees paid to the Directors of the ICAV are disclosed in Note 5. The Directors had no direct or indirect interest in any shares in issue by the ICAV during the financial year ended 31 December 2019.

Transactions with connected persons In their purchases and sales of investments, the Sub-Funds utilise the services of members of HSBC Group. Details of such transactions executed during the year ended 31 December 2019 are shown below.

Percentage of Total such aggregate transactions in value of such value to total Commission transactions transactions paid for the Average rate of Sub-fund Currency for the year for the year year commission

Global Government Bond Index Fund USD 9,469,800 2.33% - 0.00% Global Corporate Bond Index Fund USD 165,169,323 27.76% 705 0.00% Global Aggregate Bond Index Fund USD 1,100,860,035 7.95% 5,543 0.00% Global Equity Index Fund* USD 3,091,505 8.90% 89 0.00% Multi Factor Worldwide Equity Fund** USD 101,055,829 16.56% 27,749 0.03% US Equity Index Fund*** USD 162025 0.53% 2 0.00% Global Emerging Markets Government Bond Fund**** USD 39,717,302 33.51% 26 0.00% China Government Local Bond Index Fund***** USD 4,231,307 8.72% - 0.00%

The management fee for the financial year ended 31 December 2019 amounted to USD 1,311,001 (31 December 2018: USD 184,454) of which USD 406,566 (31 December 2018: USD 64,346) is payable at 31 December 2019. The Investment Manager’s fee payable by the Management Company out of the OCF for the financial year ended 31 December 2019 is USD Nil (31 December 2018: USD Nil) of which USD Nil (31 December 2018: USD Nil) is payable at 31 December 2019. There are no performance fees.

Soft dollar arrangement

There were no soft commission arrangements affecting the ICAV during the financial year from 01 January to 31 December 2019.

6 Director’s Report (continued)

Statement of Directors’ responsibilities in respect of the Directors’ report and the financial statements

The Directors are responsible for preparing the Directors’ Report and financial statements, in accordance with applicable law and regulations.

The ICAV Act requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the EU and applicable law.

The financial statements are required to give a true and fair view of the assets, liabilities and financial position of the ICAV at the end of the financial year and of the increase in net assets attributable to holders of redeemable participating shares in the ICAV for the financial year. In preparing these financial statements, the Directors are required to:

 select suitable accounting policies and then apply them consistently;  make judgements and estimates that are reasonable and prudent;  state whether they have been prepared in accordance with IFRS as adopted by the EU;  assess the ICAV’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and  use the going concern basis of accounting unless they either intend to liquidate the ICAV or to cease operations, or have no realistic alternative but to do so.

The Directors confirm that they have complied with the above requirements in preparing the financial statements.

The Directors are responsible for keeping adequate accounting records, which disclose with reasonable accuracy at any time the assets, liabilities, financial position and increase in net assets attributable to holders of redeemable participating shares in the ICAV and to enable them to ensure that the financial statements are prepared in accordance with the ICAV Act, the UCITS Regulations and Central Bank UCITS Regulations. They are also responsible for safeguarding the assets of the ICAV and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Under the Central Bank UCITS Regulations, the Directors are required to entrust the assets of the ICAV to the Depositary for safe-keeping. In carrying out this duty, the Directors have delegated custody of the ICAV’s assets to HSBC Institutional Trust Services (Ireland) DAC, 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, Ireland. They are responsible for such internal controls as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and to prevent and detect fraud and other irregularities. The Directors are also responsible for preparing a Directors’ Report that complies with the requirements of the ICAV Act.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the ICAV’s website. Legislation in the Republic of Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed on behalf of the Board

Director Director

22 April 2020

Investment Manager’s Report for the year ended 31 December 2019

HSBC Global Aggregate Bond Index Fund 1 January 2019 to 31 December 2019

Government bonds yields fell and credit markets tightened as central banks moved to a dovish bias. This led to very solid performances for global bonds amidst the challenges throughout the year.

Trade tensions erupted between the US and China but dissipated later in the year. Concerns for global growth emerged as the current cycle aged further, but 2019 ended on an improving fundamental note.

Yields moved lower during the year with a strong rally over June to August as the US Federal Reserve (Fed) and the European Central Bank (ECB) moved to ease driven by concerns of a global growth slump. While the current economic cycle is elderly in historic terms, the trade tensions between China and US drove these slowdown concerns even further. Worsening manufacturing data across developed and emerging economies – driven partly by the worsening trade environment – did not help. Yields moved higher after the summer with markets less concerned about a global growth collapse. The year ended with some positive developments, including a “phase one” trade deal agreed between the US and China.

Over the year, the main government markets showed significantly falling yields despite a small recovery towards the end of the year. The 10-year Treasury yields fell from 2.69% to 1.92%, while the Euro 10-year yields decreased into negative territory (from 0.24% to -0.19%), however, clearly up from the very low levels seen in late summer when new lows were reached (e.g. end of August 2019 they were at -0.70%). The 10 -year yield in the United Kingdom fell by 46 bps, while the Japanese 10-year yield started and ended the year around 0%.

On top of the government bonds, also the high quality corporates had a strong year. In early 2019, valuations recovered from the strong sell-off in Q4 2018 that had been driven by the Fed’s tightening policy, negative trade rhetoric and rising geopolitical concerns particularly around Brexit and Italy. The shift towards monetary stimulus by the Fed and the ECB supported markets and helped reduce global recession fears amid weaker economic data. Global corporate spreads rallied to their 2019 highs in December following positive developments in the US-China trade tension and a gradual rebound in economic data.

These developments were reflected in a credit spread tightening for global investment grade credits (based on the Bloomberg Barclays Global Aggregate Corporate index) of 57 basis points (from 1.55 to 0.98), from the main markets led by the US with 60 bps, followed closely by the Euro spreads with a tightening of 59 bps.

In a world of slow and steady economic growth, interest rates are likely to remain at relatively low levels over the medium-term. However, in the absence of further economic deterioration, any additional interest rate cuts will be minimal, removing a performance driver for government bonds.

We are now ending the year with low yields across bond markets. With corporate earnings growth slowing and debt levels creeping up, corporate defaults may begin to increase from current very low levels.

8 Investment Manager’s Report (continued) for the year ended 31 December 2019

HSBC Global Corporate Bond Index Fund 1 January 2019 to 31 December 2019

Government bonds yields fell and credit markets tightened as central banks moved to a dovish bias. This led to very solid performances for global bonds amidst the challenges throughout the year.

HSBC Global Government Bond Index Fund 1 January 2019 to 31 December 2019

Government bonds yields fell as central banks moved to a dovish bias. This led to solid performances for global government bonds amidst the challenges throughout the year.

9 Investment Manager’s Report (continued) for the year ended 31 December 2019

HSBC Global Government Bond Index Fund (continued) 1 January 2019 to 31 December 2019

HSBC US Government Bond Index Fund 1 January 2019 to 31 December 2019

Yields moved lower during the year with a strong rally over June to August as the US Federal Reserve (Fed) moved to ease driven by concerns of a global growth slump. While the current economic cycle is elderly in historic terms, the trade tensions between China and US drove these slowdown concerns even further. Worsening manufacturing data across developed and emerging economies – driven partly by the worsening trade environment – did not help.

Yields moved higher after the summer especially at the longer end of the curve when concerns about a global growth collapse lessened. The year ended with some positive developments, including a “phase one” trade deal agreed between the US and China.

Over the year, the main government markets showed significantly falling yields despite a small recovery towards the end of the year. One of the main drivers were the US 10-year Treasury yields which fell from 2.69% to 1.92%. This was led by significantly falling yields at the shorter end with the US 2-year and US 5- year Treasury yields falling by 92 and 82 basis points respectively while the 30-years “only” fell by 63 basis points. However, this was also related to the fact that the recent recovery was stronger at the longer end.

10 Investment Manager’s Report (continued) for the year ended 31 December 2019

HSBC Global Equity Index Fund 24 April 2019 to 31 December 2019

Global stocks moved upwards over the review period, after rallying strongly in the final quarter. Concerns about the US-China trade war – and its damaging effect on global growth – continued to shape global markets, with increased tariffs from both sides dampening investor sentiment for most of the period. However, trade tensions eased by year-end, and a ‘phase one’ trade deal between the two nations was announced, which led to a rise in world equities. Elsewhere, geopolitical uncertainty continued to affect markets, with fears over the Brexit outcome, tensions in the Middle East and Italian politics making investors increasingly risk averse. Nevertheless, the improving US-China trade relationship, upbeat corporate earnings and increasingly supportive global central banks helped several global indices reach all-time highs by the end of the year.

Although concerns over global growth persisted throughout the period, these lessened somewhat by year- end. While the US economy is starting to slow, economic indicators continued to be reasonably resilient. Other developed markets such as Europe, the UK and Japan, while slowing, have also seen some stabilisation in reported data. Meanwhile, emerging markets remained ahead of their developed-market peers in terms of their GDP growth, with measures to stimulate the Chinese economy starting to bear fruit. Although headwinds remain for the global economy, chiefly because of increased global protectionism, investor sentiment has recently improved, with the US-China ‘phase one’ trade agreement and uncertainty around Brexit diminished after the announcement that the UK would leave the European Union by 31 January 2020.

However, on the plus side, major central banks adopted a more dovish stance to monetary policy throughout the period. In particular, the Federal Reserve (Fed) cut its benchmark interest rate three times to a range of 1.50–1.75%, citing concerns over moderating domestic growth. However, Chairman Jerome Powell affirmed the central bank’s pledge to maintain policy throughout 2020 as growth risks have subsided somewhat and as the Fed looks to gauge the effects of recent interest-rate cuts. Moreover, the European Central Bank reduced interest rates to an all-time low of -0.5% and restarted its bond-purchasing programme in November, as eurozone growth remains sluggish and inflation remains below target. The Bank of Japan is also persisting with its easing monetary policy but maintained a cautious note given the impact of slower global growth on Japanese exports. In the UK, the Bank of England kept rates unchanged, at 0.75%, but shifted to a more dovish stance by stating that it would be prepared to cut rates, if required.

HSBC Multi Factor Worldwide Equity Fund 14 May 2019 to 31 December 2019

11 Investment Manager’s Report (continued) for the year ended 31 December 2019

HSBC Multi Factor Worldwide Equity Fund (continued) 14 May 2019 to 31 December 2019

HSBC Global Funds ICAV – US Equity Index Fund 15 October 2019 to 31 December 2019

US equities rose over the review period, with all major indices surpassing record highs in December. Markets were helped by a more dovish stance by the Federal Reserve (Fed), a de-escalation in the trade war with China and more resilient global economic data. Moreover, a weaker US dollar proved supportive to export-oriented companies. US corporate earnings also proved resilient, with three-quarters of companies beating consensus expectations in the reporting season. Profit growth is easing, though, as companies grapple with the effects of a slowing global economy.

The improving headlines around the US-China trade relationship culminated in the announcement of a ‘phase one’ trade deal between the two nations on 13 December. The agreement will see China increase its purchases of US agricultural products and commit to improving intellectual property rights, while the US will refrain from imposing additional tariffs. However, the removal or reduction of existing duties is yet to be finalised. Nevertheless, hopes have risen of further reconciliation in 2020, although any major developments are unlikely before the US presidential election.

As expected, the Fed reduced rates for the third time this year at the end of October to a range of 1.5– 1.75%. Chairman Jerome Powell affirmed the central bank’s pledge to maintain policy throughout 2020 as growth risks have subsided somewhat and as the Fed looks to gauge the effects of recent interest-rate cuts.

12 Investment Manager’s Report (continued) for the year ended 31 December 2019

HSBC Global Funds ICAV – US Equity Index Fund (continued) 15 October 2019 to 31 December 2019

In the economy, figures continued to be robust, despite a slight slowdown. For the third quarter, GDP growth rose by 2.1% (annualised), down from 2.3% in the previous quarter but marginally above the first estimate. The US labour market also posted positive figures, with November seeing a higher-than-expected 266,000 jobs added to the economy. In addition, the unemployment rate fell back to a generational low of 3.5% and annual wage growth (as measured by average hourly earnings) remained robust at 3.1%. Conversely, the manufacturing sector was a weak spot over the period, with the Institute for Supply Management’s purchasing manager’s index reading for November falling to 48.1, showcasing a contraction for the fourth month in a row.

HSBC Global Funds ICAV – Global Emerging Markets Government Bond Index Fund 17 October 2019 to 31 December 2019

Emerging market debt assets rallied since the launch of the fund given the supportive risk backdrop driven by positive developments in the US-China trade deal, improving growth, ample liquidity and support from developed and emerging market central banks. One of the main drivers to the strong finish was the agreement between the US and China to a “phase one” trade deal in December. In addition, the US announced an agreement on the USMCA trade deal which reduced uncertainty around NAFTA and US- Mexican-Canadian trade relations, further reducing outstanding risks. End of October, the Fed cut rates while keeping them unchanged in December given diminished global risks and positive US data prints.

Emerging markets central banks mostly held rates steady, with one main exception in Brazil. Brazil saw two rate cuts to a record low of 4.5% in December and has now signalled a possible pause in its next meeting due to an increase in their inflation.

In this environment of reduced uncertainty, emerging market hard currency assets surged. While US 10- year Treasuries increased again towards the end of the year, the spread level on hard currency assets compressed, driving the positive return.

We remain constructive for emerging markets assets given the supportive global monetary policy, low developed market rates and ample global liquidity.

HSBC Global Funds ICAV – China Government Local Bond Index Fund 28 October 2019 to 31 December 2019

Since the launch of the fund the RMB bond market registered positive returns in both local currency and USD terms. The onshore bond yields declined due to ongoing monetary policy support on the back of economic growth slowdown.

Beginning of November, the central bank trimmed medium term lending facilities (MLF) rates and 14-day and 7-day reverse day repo rates for the first time in few years. Meanwhile, the authority also conducted open market operations and early MLF rollover to inject liquidity. As such, the loan prime rate (LPR), the new benchmark interest rates used by banks, were guided lower. Conversely, some upward yield pressure rose from the fiscal front, as the government announced part of the special purpose bond issuance quota for next year and encouraged local governments to issue bonds sooner. Furthermore, the policymakers also lowered capital requirement ratios for infrastructure projects.

13 Investment Manager’s Report (continued) for the year ended 31 December 2019

HSBC Global Funds ICAV – China Government Local Bond Index Fund (continued) 28 October 2019 to 31 December 2019

In the annual Central Economic Work Conference, the government reiterated its preference for stability for 2020, and to do so it would underpin growth momentum with targeted policies and focus on credit transmission to private businesses, keeping financial risk contained.

The RMB currency rallied strongly against the USD as China and the US forged agreement over the “phase one” trade deal and made concessions by halting and rolling back some tariffs. Meanwhile, foreign inflows into the onshore bond and equity markets have remained supportive over the period, with foreign ownership of domestic bonds hitting new historic highs.

Update At the time of writing, many major countries have announced significant packages to meet the extraordinary challenge of the COVID-19 pandemic. Policymakers so far have relied on monetary policy measures to do the heavy lifting, while the slow progress towards a comprehensive US fiscal package is a cause for concern. If the economic outlook deteriorates dramatically, policymakers will need to take further actions to stabilise economies and markets, some of which could mobilise considerable resources.

In a worst-case scenario, governments need to be prepared to play the role of “buyer of last resort”, covering business expenses across the economy to allow firms to keep hold of staff and avoid unnecessary bankruptcies. An era of ultralow global interest rates and subdued inflation has provided many governments with the space to scale up fiscal spending measures with confidence, but if necessary with carefully considered support from their central banks.

Investment implications Global policymakers are clearly pushing the boundaries to help mitigate the economic damage of the outbreak. However, even in this new era of ever more accommodative policy, the economic outlook remains very challenging and highly uncertain, while financial market volatility is elevated. We believe a more cautious investment strategy is warranted in the short term.

Investor psychology remains caught between concerns over the impact of COVID-19 on corporate fundamentals and optimism that policy measures – both fiscal and monetary – can mitigate the economic costs. We believe an aggressive and innovative mix of policy action could allay some of the fears about the economic effect of COVID-19, while setting the stage for a rebound in economic activity once the pandemic subsides. Meanwhile, amid hugely improved valuations for risky asset classes following recent market action, we want to maintain a pro-risk investment strategy on a strategic (6-month+) basis.

HSBC France, Dublin Branch 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, D02 P820, Ireland Tel: +353-1-635-6000 Website: www.hsbc.ie

HSBC France, Dublin Branch is a registered business name of HSBC France, a branch registered in Ireland (registration number 908966) having its registered office at 1 Grand Canal Square, Grand Canal Harbour, Dublin 2, D02 P820 and regulated by the Central Bank of Ireland for conduct of business rules. The branch is registered by HSBC France, a company incorporated under the laws of France as a société anonyme (registered number 775 670 284 RCS Paris), having its registered office at 103, avenue des Champs- Ely sées, 75008 Paris, France. HSBC France is supervised by the European Central Bank, as part of the Single Supervisory Mechanism, the French Prudential Supervisory and Resolution Authority (l’Autorité de Contrôle Prudentiel et de Résolution) as the French National Competent Authority and the French Financial Markets Authority (l’Autorité des Marchés Financiers) for the activities carried out over financial instruments or in f inancial markets. INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF HSBC GLOBAL FUNDS ICAV

Report on the audit of the financial statements

Opinion

We have audited the financial statements of HSBC Global Funds ICAV (‘the ICAV’) for the period ended 31 December 2019, which comprise the statement of financial position, statement of comprehensive income, statement of changes in net assets attributable to holders of redeemable participating shares, statement of cash flows and related notes, including the summary of significant accounting policies set out in note 2. The financial reporting framework that has been applied in their preparation is Irish Law and International Financial Reporting Standards (IFRS) as adopted by the European Union.

In our opinion, the accompanying financial statements:

• give a true and fair view of the assets, liabilities and financial position of the ICAV as at 31 December 2019 and of its increase in net assets attributable to holders of redeemable participating shares for the period then ended;

• have been properly prepared in accordance with IFRS as adopted by the European Union; and

• have been properly prepared in accordance with the requirements of the Irish Collective Asset - management Vehicles Act 2015 and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2015.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the ICAV in accordance with ethical requirements that are relevant to our audit of financial statements in Ireland, including the Ethical Standard issued by the Irish Accounting and Auditing Supervisory Authority, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We have nothing to report on going concern

We are required to report to you if we have concluded that the use of the going concern basis of accounting is inappropriate or there is an undisclosed material uncertainty that may cast significant doubt over the use of that basis for a period of at least twelve months from the date of approval of the financial statements. We have nothing to report in these respects.

16 INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF HSBC GLOBAL FUNDS ICAV (continued)

Other information

The directors are responsible for the other information presented in the Annual Report together with the financial statements. The other information comprises the information included in the directors’ report, investment manager’s report, annual depositary report to shareholders, schedule of investments and portfolio changes and other additional disclosures . The financial statements and our auditor’s report thereon do not comprise part of the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as explicitly stated below, any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether, based on our financial statements audit work, the information therein is materially misstated or inconsistent with the financial statements or our audit knowledge. Based solely on that work we have not identified material misstatements in the other information.

Opinion on other matter prescribed by the Irish Collective Asset-management Vehicles Act 2015

In our opinion, the information given in the Directors’ Report is consistent with the financial statements.

Matters on which we are required to report by exception

The Irish Collective Asset-management Vehicles Act 2015 requires us to report to you, if in our opinion, the disclosures of Directors’ remuneration specified by law are not made. We have nothing to report in this regard.

Respective responsibilities and restrictions on use

Responsibilities of directors for the financial statements

As explained more fully in the directors’ responsibilities statement set on page 7, the directors are responsible for: the preparation of the financial statements including being satisfied that they give a true and fair view; such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error; assessing the ICAV’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and using the going concern basis of accounting unless they either intend to liquidate the ICAV or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A fuller description of our responsibilities is provided on IAASA’s website at https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f- a98202dc9c3a/Description_of_auditors_responsiblities_for_audit.pdf.

17 INDEPENDENT AUDITOR’S REPORT TO THE SHAREHOLDERS OF HSBC GLOBAL FUNDS ICAV (continued)

The purpose of our audit work and to whom we owe our responsibilities

Our report is made solely to the shareholders of the ICAV, as a body, in accordance with the Section 120 of the Irish Collective Asset-management Vehicles Act 2015. Our audit work has been undertaken so that we might state to the ICAVs shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the ICAV and the ICAV’s shareholders, as a body, for our audit work, for this report, or for the opinions we have formed.

Signature:

Date: 24 April 2020

John Ahern for and on behalf of

KPMG

Chartered Accountants, Statutory Audit Firm 1 Harbourmaster Place International Financial Services Centre Dublin 1 Ireland

Statement of Financial Position as at 31 December 2019

HSBC Global HSBC Global HSBC Global Funds ICAV - Funds ICAV - Funds ICAV - US Global Global Government Government Corporate Bond Index Bond Index Bond Index Total Fund Fund Fund Note USD USD USD USD Assets Financial assets at fair value through profit or loss - Transferable securities 3,4 6,095,067,930 21,802,162 437,430,810 488,341,847 - Financial derivative instruments 3,4 66,137,058 - 14,653,694 3,789,036

Cash and cash equivalents 2(e) 31,171,293 13,776 1,020,884 724,993 Due from broker 7(e) 87,821,089 257,240 3,913,612 169,123 Due from Shareholders 24,790,125 - 1,121,351 2,380,570 Dividends receivable 562,592 - - - Interest receivable 33,143,923 133,164 2,902,563 4,227,950 Other receivables 34,442 - 6,581 2,060 Total assets 6,338,728,452 22,206,342 461,049,495 499,635,579

Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instruments 3,4 60,629,262 - 8,181,356 4,466,840 Due to broker 7(e) 507,939,009 271,987 9,181,956 3,266 Due to Shareholders 4,299,308 - 220,875 83,827 Due to Management Company 5 406,566 7,344 29,369 46,571 Other payable 271,371 - 15,708 3,493 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 573,545,516 279,331 17,629,264 4,603,997

Net assets attributable to holders of redeemable participating shares 5,765,182,936 21,927,011 443,420,231 495,031,582

Signed on behalf of the Board

Director

22 April 2020

The accompanying notes are an integral part of the financial statements.

Statement of Financial Position (continued) as at 31 December 2019

HSBC Global Funds HSBC Global Funds ICAV - Global HSBC Global Funds ICAV - Multi Factor Aggregate Bond ICAV - Global Equity Worldwide Equity Index Fund Index Fund* Fund** Note USD USD USD Assets Financial assets at fair value through profit or loss - Transferable securities 3,4 4,617,396,472 32,359,975 341,116,427 - Financial derivative instruments 3,4 47,633,886 34,756 3,994 Cash and cash equivalents 2(e) 23,220,950 695,550 3,695,528 Due from broker 7(e) 81,847,830 27,115 1,112,865 Due from Shareholders 20,987,651 41,505 166,169 Dividends receivable - 38,220 491,189 Interest receivable 24,074,544 1,328 - Other receivables 15,065 1,067 9,669 Total assets 4,815,176,398 33,199,516 346,595,841

Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instruments 3,4 47,935,380 14,974 30,112 Due to broker 7(e) 498,085,001 169 - Due to Shareholders 3,172,384 - 822,222 Due to Management Company 5 136,490 13,474 129,538 Other payable 74,448 9,460 157,588 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 549,403,703 38,077 1,139,460

Net assets attributable to holders of redeemable participating shares 4,265,772,695 33,161,439 345,456,381

*Commenced operations on 24 April 2019 **Commenced operations on 14 May 2019

The accompanying notes are an integral part of the financial statements.

20 Statement of Financial Position (continued) as at 31 December 2019

HSBC Global HSBC Global Funds HSBC Global Funds Funds ICAV – US ICAV - Global Emerging ICAV – China Equity Index Market Government Government Local Fund* Bond Index Fund** Bond Index Fund*** Note USD USD USD Assets Financial assets at fair value through profit or loss - Transferable securities 3,4 32,005,080 74,802,746 49,812,411 - Financial derivative instruments 3,4 21,692 - - Cash and cash equivalents 2(e) 435,688 228,481 1,135,443 Due from broker 7(e) 23 493,277 4 Due from Shareholders 55,789 28,337 8,753 Dividends receivable 33,183 - - Interest receivable - 1,116,854 687,520 Other receivables - - - Total assets 32,551,455 76,669,695 51,644,131

Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instruments 3,4 475 125 - Due to broker 7(e) - 396,630 - Due to Shareholders - - - Due to Management Company 5 7,924 18,869 16,987 Other payable 10,674 - - Liabilities (excluding net assets attributable to holders of redeemable participating shares) 19,073 415,624 16,987

Net assets attributable to holders of redeemable participating shares 32,532,382 76,254,071 51,627,144

*Commenced operations on 15 October 2019 **Commenced operations on 17 October 2019 ***Commenced operations on 28 October 2019

The accompanying notes are an integral part of the financial statements. 21 Statement of Financial Position as at 31 December 2018

HSBC Global HSBC Global HSBC Global HSBC Global Funds ICAV - Funds ICAV - Funds ICAV - Funds ICAV - US Global Global Global Government Government Corporate Aggregate Bond Index Bond Index Bond Index Bond Index Total Fund* Fund** Fund*** Fund**** Note USD USD USD USD USD Assets Financial assets at fair value through profit or loss - Transferable securities 3,4 940,348,716 20,763,741 261,789,707 133,363,337 524,431,931 - Financial derivative instruments 3,4 6,065,378 - 2,886,663 307,468 2,871,247 Cash and cash equivalents 2(e) 57,180,854 30,147 804,099 2,113,198 54,233,410 Due from broker 7(e) 11,687,030 65,901 5,069,023 1,219,173 5,332,933 Due from Shareholders 5,155,131 - 111,970 2,396,613 2,646,548 Interest receivable 6,299,281 121,406 1,889,145 1,355,116 2,933,614 Other receivables 5,137 - 3,077 2,060 - Total assets 1,026,741,527 20,981,195 272,553,684 140,756,965 592,449,683

Liabilities Financial liabilities at fair value through profit or loss - Financial derivative instruments 3,4 10,073,196 - 5,415,844 223,021 4,434,331 Due to broker 7(e) 64,343,952 416,754 - 1,028,816 62,898,382 Due to Shareholders 3,535,207 - 371,707 2,732,508 430,992 Due to Management Company 5 64,346 6,755 18,800 11,445 27,346 Distribution payable 12 1,734,920 - 740,458 921,846 72,616 Other payable 41,695 - 35,930 - 5,765 Liabilities (excluding net assets attributable to holders of redeemable participating shares) 79,793,316 423,509 6,582,739 4,917,636 67,869,432

Net assets attributable to holders of redeemable participating shares 946,948,211 20,557,686 265,970,945 135,839,329 524,580,251

*Commenced operations on 18 April 2018 **Commenced operations on 03 May 2018 ***Commenced operations on 17 May 2018 ****Commenced operations on 14 November 2018

The accompanying notes are an integral part of the financial statements.

22 Statement of Comprehensive Income for the year ended 31 December 2019

HSBC Global HSBC Global HSBC Global Funds ICAV - Funds ICAV - Funds ICAV - US Government Global Global Bond Index Government Corporate Bond Total Fund Bond Index Fund Index Fund Note USD USD USD USD Investment income Dividend income 4,363,106 - - - Interest income 2(g) 54,015,201 562,075 4,936,861 7,823,374 Other income 3,259 - 2,585 353 Net gain on financial assets and liabilities at fair value through profit or loss 3 180,172,197 852,335 27,366,546 23,698,196 Net (loss)/gain on foreign exchange (4,006,748) (2,190) (95,744) (306,330) Total investment income 234,547,015 1,412,220 32,210,248 31,215,593

Operating expenses Management fees 5 1,311,001 42,884 131,899 155,714 Other expense 375,833 - 76,871 7,363 Total operating expense 1,686,834 42,884 208,770 163,077

Net investment income before finance costs and tax 232,860,181 1,369,336 32,001,478 31,052,516

Finance costs Distributions to redeemable participating shareholders (11,038,911) - (2,277,799) (6,087,541) Interest expense 2(g) (19,902) (11) (3,916) (2,735) Net investment income before tax 221,801,368 1,369,325 29,719,763 24,962,240

Capital gains tax (92,917) - - - Withholding tax (998,110) - (6,003) -

Increase in net assets attributable to holders of redeemable participating shares from operations 220,710,341 1,369,325 29,713,760 24,962,240

The accompanying notes are an integral part of the financial statements. 23 Statement of Comprehensive Income (continued) for the year ended 31 December 2019

HSBC Global HSBC Global HSBC Global Funds Funds ICAV - Funds ICAV - ICAV – Multi Factor Global Aggregate Global Equity Worldwide Equity Bond Index Fund Index Fund* Fund** Note USD USD USD Investment income Dividend income - 502,475 3,727,894 Interest income 2(g) 39,731,785 6,295 18,654 Other income 183 - 138 Net gain on financial assets and liabilities at fair value through profit or loss 3 93,414,823 2,659,537 28,082,437 Net (loss)/gain on foreign exchange (3,586,646) 6,351 3,487 Total investment income 129,560,145 3,174,658 31,832,610

Operating expenses Management fees 5 521,231 52,533 355,833 Other expense 291,599 - - Total operating expense 812,830 52,533 355,833

Net investment income before finance costs and tax 128,747,315 3,122,125 31,476,777

Finance costs Distributions to redeemable participating shareholders - - (2,673,571) Interest expense 2(g) (9,421) (311) (3,471)

Net investment income before tax 128,737,894 3,121,814 28,799,735

Capital gains tax - - (92,917) Withholding tax (109,678) (99,424) (745,010)

Increase in net assets attributable to holders of redeemable participating shares from operations 128,628,216 3,022,390 27,961,808

*Commenced operations on 24 April 2019 **Commenced operations on 14 May 2019

The accompanying notes are an integral part of the financial statements.

24 Statement of Comprehensive Income (continued) for the year ended 31 December 2019

HSBC Global Funds HSBC Global HSBC Global ICAV - Global Funds ICAV – Funds ICAV – US Emerging Market China Government Equity Index Government Bond Local Bond Index Fund* Index Fund** Fund*** Note USD USD USD Investment income Dividend income 132,737 - - Interest income 2(g) 183 658,107 277,867 Other income - - - Net gain on financial assets and liabilities at fair value through profit or loss 3 2,353,729 439,821 1,304,773 Net (loss)/gain on foreign exchange (28) (38) (25,610) Total investment income 2,486,621 1,097,890 1,557,030

Operating expenses Management fees 5 9,914 23,183 17,810 Other expense - - - Total operating expense 9,914 23,183 17,810

Net investment income before finance costs and tax 2,476,707 1,074,707 1,539,220

Finance costs Distributions to redeemable participating shareholders - - - Interest expense 2(g) - (37) -

Net investment income before tax 2,476,707 1,074,670 1,539,220

Capital gains tax - - - Withholding tax (37,995) - -

Increase in net assets attributable to holders of redeemable participating shares from operations 2,438,712 1,074,670 1,539,220

*Commenced operations on 15 October 2019 **Commenced operations on 17 October 2019 ***Commenced operations on 28 October 2019

The accompanying notes are an integral part of the financial statements.

25 Statement of Comprehensive Income for the period from 28 November 2017 (date of incorporation) to 31 December 2018

HSBC HSBC HSBC HSBC Global Global Global Global Funds ICAV - Funds ICAV Funds ICAV Funds ICAV US - Global - Global - Global Government Government Corporate Aggregate Bond Index Bond Index Bond Index Bond Index Total Fund* Fund** Fund*** Fund**** Note USD USD USD USD USD Investment income Interest income 2(g) 4,390,527 383,348 1,857,481 1,522,877 626,821 Other income 2,061 - - 2,061 - Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 3 292,773 202,356 (5,748,030) (483,370) 6,321,817 Net gain/(loss) on foreign exchange (876,173) 253 (394,641) 133,958 (615,743) Total investment income 3,809,188 585,957 (4,285,190) 1,175,526 6,332,895

Operating expenses Management fees 5 184,454 28,209 70,058 58,841 27,346 Other expense 40,119 3 35,928 3 4,185 Total operating expense 224,573 28,212 105,986 58,844 31,531

Net investment income/(expense) before finance costs and tax 3,584,615 557,745 (4,391,176) 1,116,682 6,301,364

Finance costs Distributions to redeemable participating shareholders (2,438,751) - (1,444,543) (921,846) (72,362) Interest expense 2(g) (4,991) (59) (3,828) (1,081) (23) Net investment income/(expense) before tax 1,140,873 557,686 (5,839,547) 193,755 6,228,979

Withholding tax (2,188) - (578) - (1,610)

Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 1,138,685 557,686 (5,840,125) 193,755 6,227,369

*Commenced operations on 18 April 2018 **Commenced operations on 03 May 2018 ***Commenced operations on 17 May 2018 ****Commenced operations on 14 November 2018

The accompanying notes are an integral part of the financial statements.

26 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the year ended 31 December 2019

HSBC Global HSBC Global HSBC Global Funds ICAV – Funds ICAV – Funds ICAV – Global Global US Government Government Corporate Bond Index Bond Index Bond Index Total Fund Fund Fund USD USD USD USD

Net assets attributable to holders of redeemable participating shares at the beginning of the year 946,948,211 20,557,686 265,970,945 135,839,329

Increase in net assets attributable to holders of redeemable participating shares from operations 220,710,341 1,369,325 29,713,760 24,962,240

Proceeds from redeemable participating shares issued 5,058,673,870 - 234,794,345 352,411,987

Payment on redemption of redeemable participating shares (461,149,486) - (87,058,819) (18,181,974)

Net assets attributable to holders of redeemable participating shares at the end of the year 5,765,182,936 21,927,011 443,420,231 495,031,582

The accompanying notes are an integral part of the financial statements.

27 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (continued) for the year ended 31 December 2019

HSBC Global Funds HSBC Global Funds ICAV – Global HSBC Global Funds ICAV – Multi Factor Aggregate Bond Index ICAV - Global Equity Worldwide Equity Fund Index Fund* Fund** USD USD USD

Net assets attributable to holders of redeemable participating shares at the beginning of the year 524,580,251 - -

Increase in net assets attributable to holders of redeemable participating shares from operations 128,628,216 3,022,390 27,961,808

Proceeds from redeemable participating shares issued 3,952,303,747 30,152,306 333,650,490

Payment on redemption of redeemable participating shares (339,739,519) (13,257) (16,155,917)

Net assets attributable to holders of redeemable participating shares at the end of the year 4,265,772,695 33,161,439 345,456,381

*Commenced operations on 24 April 2019 **Commenced operations on 14 May 2019

The accompanying notes are an integral part of the financial statements.

28 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares (continued) for the year ended 31 December 2019

HSBC Global Funds ICAV - Global HSBC Global Funds HSBC Global Funds Emerging Market ICAV – China ICAV – US Equity Government Bond Government Local Index Fund* Index Fund** Bond Index Fund*** USD USD USD

Net assets attributable to holders of redeemable participating shares at the beginning of the year - - -

Increase in net assets attributable to holders of redeemable participating shares from operations 2,438,712 1,074,670 1,539,220

Proceeds from redeemable participating shares issued 30,093,670 75,179,401 50,087,924

Payment on redemption of redeemable participating shares - - -

Net assets attributable to holders of redeemable participating shares at the end of the year 32,532,382 76,254,071 51,627,144

*Commenced operations on 15 October 2019 **Commenced operations on 17 October 2019 ***Commenced operations on 28 October 2019

The accompanying notes are an integral part of the financial statements.

29 Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares for the period from 28 November 2017 (date of incorporation) to 31 December 2018

HSBC HSBC HSBC Global Global Global HSBC Global Funds ICAV Funds ICAV Funds ICAV Funds ICAV – – US – Global – Global Global Government Government Corporate Aggregate Bond Index Bond Index Bond Index Bond Index Total Fund* Fund** Fund*** Fund**** USD USD USD USD USD

Net assets attributable to holders of redeemable participating shares at the beginning of the year - - - - -

Increase/(decrease) in net assets attributable to holders of redeemable participating shares from operations 1,138,685 557,686 (5,840,125) 193,755 6,227,369

Proceeds from redeemable participating shares issued 1,148,593,555 20,000,000 303,871,707 200,034,329 624,687,519

Payment on redemption of redeemable participating shares (202,784,029) - (32,060,637) (64,388,755) (106,334,637)

Net assets attributable to holders of redeemable participating shares at the end of the year 946,948,211 20,557,686 265,970,945 135,839,329 524,580,251

*Commenced operations on 18 April 2018 **Commenced operations on 03 May 2018 ***Commenced operations on 17 May 2018 ****Commenced operations on 14 November 2018

The accompanying notes are an integral part of the financial statements.

30 Statement of Cash Flows for the year ended 31 December 2019

HSBC Global HSBC Global Funds ICAV – HSBC Global Funds ICAV – Global Funds ICAV – US Global Corporate Government Government Bond Index Total Bond Index Fund Bond Index Fund Fund USD USD USD USD

Cash flows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 220,710,341 1,369,325 29,713,760 24,962,240 Distributions to redeemable participating shareholders 11,038,911 - 2,277,799 6,087,541 Increase in financial assets at fair value through profit or loss (5,214,790,894) (1,038,421) (187,408,134) (358,460,078) Increase in financial liabilities at fair value through profit or loss 50,556,066 - 2,765,512 4,243,819 Net realised and unrealised foreign exchange (loss)/gain (102,747) 2,189 (36,940) 85,904 (Increase)/decrease in due from broker (76,134,059) (191,339) 1,155,411 1,050,050 Increase/(decrease) in due to broker 443,595,057 (144,767) 9,181,956 (1,025,550) (Increase)/decrease in interest receivable (26,844,642) (11,758) (1,013,418) (2,872,834) Increase in dividend receivable (562,592) - - - Net increase in other receivables and accrued expenses 542,591 589 (13,157) 38,619 Net cash used in operating activities (4,591,991,968) (14,182) (143,377,211) (325,890,289)

Cash flows from financing activities Distributions paid (12,773,831) - (3,018,257) (7,009,387) Proceeds from redeemable participating shares issued 5,039,038,876 - 233,784,964 352,428,030 Payment on redemption of redeemable participating shares (460,385,385) - (87,209,651) (20,830,655) Net cash provided by financing activities 4,565,879,660 - 143,557,056 324,587,988

Net (decrease)/increase in cash and cash equivalent (26,112,308) (14,182) 179,845 (1,302,301) Cash and cash equivalents at beginning of the financial year 57,180,854 30,147 804,099 2,113,198 Effect of foreign exchange rate changes 102,747 (2,189) 36,940 (85,904) Cash and cash equivalents at end of the financial year 31,171,293 13,776 1,020,884 724,993

The accompanying notes are an integral part of the financial statements.

31 Statement of Cash Flows (continued) for the year ended 31 December 2019

HSBC Global Funds HSBC Global HSBC Global Funds ICAV – Global Funds ICAV - ICAV - Multi-Factor Aggregate Bond Index Global Equity Worldwide Equity Fund Index Fund* Fund** USD USD USD

Cash flows from operating activities

Increase in net assets attributable to holders of redeemable participating shares from operations 128,628,216 3,022,390 27,961,808 Distributions to redeemable participating shareholders - - 2,673,571 Increase in financial assets at fair value through profit or loss (4,137,727,180) (32,394,731) (341,120,421) Increase in financial liabilities at fair value through profit or loss 43,501,049 14,974 30,112 Net realised and unrealised foreign exchange (loss)/gain (94,909) (6,041) (52,996) (Increase)/decrease in due from broker (76,514,897) (27,115) (1,112,865) Increase/(decrease) in due to broker 435,186,619 169 - (Increase)/decrease in interest receivable (21,140,930) (1,328) -

Increase in dividend receivable - (38,220) (491,189) Net increase in other receivables and accrued expenses 162,762 21,867 277,457 Net cash used in operating activities (3,627,999,270) (29,408,035) (311,834,523)

Cash flows from financing activities Distributions paid (72,616) - (2,673,571) Proceeds from redeemable participating shares issued 3,933,962,644 30,110,801 333,484,321 Payment on redemption of redeemable participating shares (336,998,127) (13,257) (15,333,695) Net cash provided by financing activities 3,596,891,901 30,097,544 315,477,055

Net (decrease)/increase in cash and cash equivalent (31,107,369) 689,509 3,642,532 Cash and cash equivalents at beginning of the financial year 54,233,410 - - Effect of foreign exchange rate changes 94,909 6,041 52,996 Cash and cash equivalents at end of the financial year 23,220,950 695,550 3,695,528

*Commenced operations on 24 April 2019 **Commenced operations on 14 May 2019

The accompanying notes are an integral part of the financial statements.

32 Statement of Cash Flows (continued) for the year ended 31 December 2019

Cash flows from operating activities

Increase in net assets attributable to holders of redeemable participating shares from operations 2,438,712 1,074,670 1,539,220 Distributions to redeemable participating shareholders - - - Increase in financial assets at fair value through profit or loss (32,026,772) (74,802,746) (49,812,411) Increase in financial liabilities at fair value through profit or loss 475 125 - Net realised and unrealised foreign exchange (loss)/gain - 23 23 (Increase)/decrease in due from broker (23) (493,277) (4) Increase/(decrease) in due to broker - 396,630 - (Increase)/decrease in interest receivable - (1,116,854) (687,520)

Increase in dividend receivable (33,183) - - Net increase in other receivables and accrued expenses 18,598 18,869 16,987 Net cash used in operating activities (29,602,193) (74,922,560) (48,943,705)

Cash flows from financing activities Distributions paid - - - Proceeds from redeemable participating shares issued 30,037,881 75,151,064 50,079,171 Payment on redemption of redeemable participating shares - - - Net cash provided by financing activities 30,037,881 75,151,064 50,079,171

Net (decrease)/increase in cash and cash equivalent 435,688 228,504 1,135,466 Cash and cash equivalents at beginning of the financial year - - - Effect of foreign exchange rate changes - (23) (23) Cash and cash equivalents at end of the financial year 435,688 228,481 1,135,443

*Commenced operations on 15 October 2019 **Commenced operations on 17 October 2019 ***Commenced operations on 28 October 2019

The accompanying notes are an integral part of the financial statements.

33 Statement of Cash Flows (continued) for the year ended 31 December 2019

HSBC Global HSBC Global HSBC Global Funds ICAV – Funds ICAV – Funds ICAV – US Global Global Government Government Corporate Bond Index Bond Index Bond Index Total Fund Fund Fund USD USD USD Supplemental disclosures of cash flow information: Dividend received 2,918,085 - - - Interest received 28,429,903 550,317 3,917,440 4,950,540 Interest paid (19,902) (11) (3,916) (2,735)

The accompanying notes are an integral part of the financial statements.

34 Statement of Cash Flows (continued) for the year ended 31 December 2019

HSBC Global Funds HSBC Global HSBC Global Funds ICAV – Global Funds ICAV - ICAV – Multi Factor Aggregate Bond Index Global Equity Worldwide Equity Fund Index Fund* Fund** USD USD USD Supplemental disclosures of cash flow information: Dividend received - 364,831 2,491,695 Interest received 18,481,177 4,967 18,654 Interest paid (9,421) (311) (3,471)

HSBC Global Funds ICAV - Global Emerging HSBC Global Funds HSBC Global Funds Market ICAV – China ICAV – US Equity Government Bond Government Local Index Fund*** Index Fund**** Bond Index Fund***** USD USD USD Supplemental disclosures of cash flow information: Dividend received 61,559 - - Interest received 183 320,005 186,620 Interest paid - (37) -

*Commenced operations on 24 April 2019 **Commenced operations on 14 May 2019 ***Commenced operations on 15 October 2019 ****Commenced operations on 17 October 2019 *****Commenced operations on 28 October 2019

The accompanying notes are an integral part of the financial statements. 35 Statement of Cash Flows for the period from 28 November 2017 (date of incorporation) to 31 December 2018

HSBC Global HSBC Global HSBC Global HSBC Global Funds ICAV Funds ICAV – Funds ICAV – Funds ICAV – – US Global Global Global Government Government Corporate Aggregate Bond Index Bond Index Bond Index Bond Index Total Fund* Fund** Fund*** Fund**** USD USD USD USD USD

Cash flows from operating activities Increase in net assets attributable to holders of redeemable participating shares from operations 1,138,685 557,686 (5,840,125) 193,755 6,227,369 Distributions to redeemable participating shareholders 2,438,751 - 1,444,543 921,846 72,362 Increase in financial assets at fair value through profit or loss (946,414,094) (20,763,741) (264,676,370) (133,670,805) (527,303,178) Increase in financial liabilities at fair value through profit or loss 10,073,196 - 5,415,844 223,021 4,434,331 Net realised and unrealised foreign exchange loss (78,825) (1,024) (45,233) 2,186 (34,754) Increase in due from broker (11,687,030) (65,901) (5,069,023) (1,219,173) (5,332,933) Increase in due to broker 64,343,952 416,754 - 1,028,816 62,898,382 Increase in interest receivable (6,299,281) (121,406) (1,889,145) (1,355,116) (2,933,614) Net increase in other receivables and accrued expenses 101,158 6,755 51,653 9,385 33,365 Net cash used in operating activities (886,383,488) (19,970,877) (270,607,856) (133,866,085) (461,938,670)

Cash flows from financing activities Distributions paid (704,085) - (704,085) - - Proceeds from redeemable participating shares issued 1,143,438,424 20,000,000 303,759,737 197,637,716 622,040,971 Payment on redemption of redeemable participating shares (199,248,822) - (31,688,930) (61,656,247) (105,903,645) Net cash provided by financing activities 943,485,517 20,000,000 271,366,722 135,981,469 516,137,326

Net increase in cash and cash equivalent 57,102,029 29,123 758,866 2,115,384 54,198,656 Cash and cash equivalents at beginning of the financial period - - - - - Effect of foreign exchange rate changes 78,825 1,024 45,233 (2,186) 34,754 Cash and cash equivalents at end of the financial period 57,180,854 30,147 804,099 2,113,198 54,233,410

The accompanying notes are an integral part of the financial statements. 36 Statement of Cash Flows for the period from 28 November 2017 (date of incorporation) to 31 December 2018

HSBC HSBC HSBC HSBC Global Global Global Global Funds ICAV Funds ICAV Funds ICAV Funds ICAV – US – Global – Global – Global Government Government Corporate Aggregate Bond Index Bond Index Bond Index Bond Index Total Fund* Fund** Fund*** Fund**** USD USD USD USD USD Supplemental disclosures of cash flow information: Interest received 2,680,999 261,942 1,744,729 167,761 506,567 Interest paid (4,991) (59) (3,828) (1,081) (23)

*Commenced operations on 18 April 2018 **Commenced operations on 03 May 2018 ***Commenced operations on 17 May 2018 ****Commenced operations on 14 November 2018

The accompanying notes are an integral part of the financial statements.

37 Notes to Financial Statements for the year ended 31 December 2019

1. General

HSBC Global Funds ICAV (the “ICAV”) was incorporated as an open-ended umbrella type Irish collective asset-management vehicle with segregated liability between Sub-Funds to carry on business under the ICAV Act 2015 on 28 November 2017 with registration number C173463. The ICAV is authorised by the Central Bank of Ireland as an ICAV pursuant to Part 2, Chapter 1 of the ICAV Act, the UCITS Regulations and the Central Bank UCITS Regulations.

As at 31 December 2019, the ICAV comprised of nine launched Sub-Funds, HSBC Global Funds ICAV – US Government Bond Index Fund, HSBC Global Funds ICAV – Global Government Bond Index Fund, HSBC Global Funds ICAV – Global Corporate Bond Index Fund, HSBC Global Funds ICAV – Global Aggregate Bond Index Fund, HSBC Global Funds ICAV - Global Equity Index Fund, HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund, HSBC Global Funds ICAV – US Equity Index Fund, HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund and HSBC Global Funds ICAV – China Government Local Bond Index Fund (the “Sub-Funds”). The Sub- Funds commenced its operations on 18 April 2018, 3 May 2018, 17 May 2018, 14 November 2018, 24 April 2019, 14 May 2019, 15 October 2019, 17 October 2019 and 28 October 2019 respectively.

The assets of each sub –fund will be invested separately in accordance with the investment objective and policies of each sub-fund. Moreover, any liability incurred on behalf of or attributable to any sub- fund may only be discharged solely out of the assets of that sub-fund and the assets of the other sub- funds may not be used to satisfy the liability.

The investment objective of the Sub-Funds is to achieve regular income and capital growth.

The ICAV appointed HSBC Investment Funds (Luxembourg) S.A. as Management Company and HSBC Investment Funds (Luxembourg) S.A. appointed HSBC Global Asset Management (UK) Limited to act as Investment Manager for all of the Sub-Funds.

2. Significant accounting policies

The significant accounting policies adopted by the ICAV in the preparation of these financial statements are set out below.

(a) Basis of accounting

The financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted for use in the European Union, and applied in accordance with the ICAV Act and the UCITS Regulations and the Central Bank UCITS Regulations.

The comparative figures included for the Statement of Financial Position relate to the balances as at 31 December 2018, while the comparative figures included for the Statement of Comprehensive Income, Statement of Changes in Net Assets Attributable to Holders of Redeemable Participating Shares and Statement of Cash Flows relate to the period from 28 November 2017 (date of incorporation) to 31 December 2018.

(b) Basis of measurement

The financial statements have been prepared on a going concern basis, applying the historical cost convention, except for the non-derivative financial instruments at fair value through profit or loss and derivative financial instruments which have been valued at fair value through profit or loss.

Going Concern These financial statements have been prepared on a going concern basis as the Directors have made an assessment of the ICAV’s ability to continue as a going concern and are satisfied that the ICAV has the resources to continue for the foreseeable future. 38 Notes to Financial Statements for the year ended 31 December 2019 (continued)

2. Significant accounting policies (continued)

(i) Consistency of accounting policies

The accounting policies have been applied consistently by the ICAV throughout the year presented in these financial statements.

(ii) Functional and presentation currency

These financial statements are presented in USD, which is the Sub-Funds’ functional currency. All amounts have been rounded to the nearest USD, unless otherwise indicated. Functional currency is the currency of the primary economic environment in which the Sub-Funds operate. If indicators of the primary economic environment are mixed, then the management uses its judgement to determine the functional currency that most faithfully represents the economic effect of the underlying transactions, events and conditions. The Sub-Funds’ investments and transactions are denominated in USD. Investor subscriptions and redemptions are determined based on the net asset value, and received and paid in USD. The expenses (including management fees, custodian fees and administration fees) are denominated and paid mostly in USD. Accordingly, management has determined that the functional currency of the Sub-Funds is USD.

(d) Financial assets and financial liabilities fair value through profit or loss

(i) Classification of financial assets and financial liabilities

On initial recognition, the Sub-Funds classifies financial assets as measured at amortised cost or FVTPL.

A financial asset is measured at amortised cost if it meets both of the following conditions and is not designated as at FVTPL:

- it is held within a business model whose objective is to hold assets to collect contractual cash flows; and - its contractual terms give rise on specified dates to cash flows that are SPPI.

All other financial assets of the Sub-Funds are measured at FVTPL.

39 Notes to Financial Statements for the year ended 31 December 2019 (continued)

2. Significant accounting policies (continued)

(d) Financial assets and financial liabilities at fair value through profit or loss (continued)

(i) Classification of financial assets

Business model assessment

In making an assessment of the objective of the business model in which financial asset is held, the ICAV considers all of the relevant information about how the business is managed, including:

- the documented investment strategy and the execution of this strategy in practice. This includes whether the investment strategy focuses on earning contractual interest income, maintaining a particular interest rate profile, matching the duration of the financial assets to the duration of any related liabilities or expected cash outflows or realising cash flows through the sale of the assets; - how the performance of the portfolio is evaluated and reported to the ICAV’s management; - the risks that affect the performance of the business model (and the financial assets held within that business model) and how those risks are managed; - how the management company is compensated: e.g. whether compensation is based on the fair value of the assets managed or the contractual cash flows collected; and - the frequency, volume and timing of sales of financial assets in prior periods, the reasons for such sales and expectations about future sales activity.

Transfers of financial assets to third parties in transactions that do not qualify for derecognition are not considered sales for this purpose, consistent with the ICAV’s continuing recognition of the assets.

The ICAV has determined that it has two business models.

- Held-to-collect business model: this includes cash and cash equivalents, balances due from brokers and receivables from reverse sale and repurchase agreements. These financial assets are held to collect contractual cash flow. - Other business model: this includes debt securities, equity investments, investments in unlisted open-ended investment funds, and derivatives. These financial assets are managed and their performance is evaluated, on a fair value basis, with frequent sales taking place.

Assessment whether contractual cash flows are SPPI For the purposes of this assessment, ‘principal’ is defined as the fair value of the financial asset on initial recognition. ‘Interest’ is defined as consideration for the time value of money and for the credit risk associated with the principal amount outstanding during a particular period of time and for other basic lending risks and costs (e.g. liquidity risk and administrative costs), as well as a profit margin.

In assessing whether the contractual cash flows are SPPI, the ICAV considers the contractual terms of the instrument. This includes assessing whether the financial asset contains a contractual term that could change the timing or amount of contractual cash flows such that it would not meet this condition. In making this assessment, the ICAV considers:

- contingent events that would change the amount or timing of cash flows; - leverage features; - prepayment and extension features; - terms that limit the ICAV’s claim to cash flows from specified assets (e.g. non-recourse features); and - features that modify consideration of the time value of money (e.g. periodical rest of interest rates).

40 Notes to Financial Statements for the year ended 31 December 2019 (continued)

2. Significant accounting policies (continued)

(d) Financial assets and financial liabilities at fair value through profit or loss (continued)

(i) Classification of financial assets

For a reconciliation of line items in the statement of financial position to the categories of financial instruments, as defined by IFRS 9, see note 3.

Reclassifications Financial assets are not reclassified subsequent to their initial recognition unless the ICAV were to change its business model for managing financial assets, in which case all affected financial assets would be reclassified on the first day of the first reporting period following the change in the business model.

Financial liabilities

Financial liabilities at FVTPL: - Held for trading: derivatives sold short - Redeemable shares of the Sub-Funds

A financial liability is measured at FVTPL if it meets the definition of held for trading. The ICAV includes in this category derivative contracts in a liability position and equity and debt instruments sold sort since they are classified as held for trading.

The redeemable shares are also included in this category. See note 2 (j) below for further details on accounting policy in that respect.

- Financial liabilities at amortised cost: - Other liabilities: balances due to brokers, Distribution payable, interest payable, management fees payable and operating fees payable.

This category includes all financial liabilities, other than those measured at FVPL.

(ii) Recognition and initial measurement Financial assets and liabilities at fair value through profit and loss are recognised initially on the trade date at which the ICAV becomes a party to contracted provisions of the instruments. Other financial assets and liabilities are recognised on the date they are originated.

Financial instruments categorised at fair value through profit or loss are recognised initially at fair value, which is usually the purchase price, with transaction costs for such instruments being recognised directly in the Statement of Comprehensive Income. Financial assets and financial liabilities, other than those at fair value through the profit or loss, are recognised initially at fair value plus transaction costs that are directly attributable to their acquisition or issue.

(iii) Subsequent measurement After initial measurement, the ICAV measures financial instruments which are classified as at fair value through profit or loss, at their fair value.

41 Notes to Financial Statements for the year ended 31 December 2019 (continued)

2. Significant accounting policies (continued)

(d) Financial assets and financial liabilities at fair value through profit or loss (continued)

(iii) Subsequent measurement (continued)

Subsequent measurement of financial assets

Financial assets at fair value through profit or loss

These assets are subsequently measured at fair value. Net gains and losses, excluding any interest expense and includes foreign exchange gains and losses, are recognised in profit or loss in 'net income from financial instruments at FVTPL' in the statement of comprehensive income. Debt securities, and derivative financial instruments are included in this category.

Financial assets at amortised cost These assets are subsequently measured at amortised cost using the effective interest method. Interest income is recognised in 'interest income calculated using the effective interest method', foreign exchange gains and losses are recognised in 'net foreign exchange loss' and impairment is recognised in 'impairment losses on financial instruments' in the Statement of Comprehensive Income. Any gain or loss on derecognition is also recognised in profit or loss. Cash and cash equivalents, balances due from brokers and receivables from reverse sale and repurchase agreements are included in this category.

Financial liabilities - Classification, subsequent measurement and gains and losses Financial liabilities are classified as measured at amortised cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Other financial liabilities are subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and losses are recognised in profit or loss. Any gain or loss on derecognition is also recognised in profit or loss.

“Fair value” is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the ICAV has access at that date. The fair value of a liability reflects its non-performance risk. When available, the ICAV measures the fair value of an instrument using the quoted price in an active market for that instrument. A market is regarded as active if transactions for the asset or liability take place with sufficient frequency and volume to provide pricing information on an on-going basis. The ICAV measured instruments quoted in an active market at a closing price or last known market price, because this price provides a reasonable approximation of the exit price.

42 Notes to Financial Statements for the year ended 31 December 2019 (continued)

2. Significant accounting policies (continued)

(d) Financial assets and liabilities at fair value through profit or loss (continued)

(iii) Subsequent measurement (continued)

If there is no quoted price in an active market, then the ICAV uses valuation techniques that maximise the use of relevant observable inputs and minimise the use of unobservable inputs. The chosen valuation techniques incorporates all of the factors that market participant would take into account in pricing a transaction.

The ICAV recognises transfers between the levels of fair value hierarchy as at the end of the reporting year during which the change has occurred.

(iv) Amortised cost measurement The amortised cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured on initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method of any difference between the initial amount recognised and the maturity amount, minus any reduction of impairment.

(v) Derecognition The ICAV derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the ICAV neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset.

The ICAV derecognises a financial liability when its contractual obligations are discharged or cancelled or expire.

On derecognition of a financial asset, the difference between the carrying amount of the asset (or the carrying amount allocated to the portion of the asset derecognised) and consideration received (including any new asset obtained less any new liability assumed) is recognised in the Statement of Comprehensive Income.

(vi) Impairment of financial assets measured at amortised cost At each reporting date, the ICAV shall measure the loss allowance on amounts due from brokers and other debtors at an amount equal to the lifetime expected credit losses if the credit risk has increased significantly since initial recognition. If, at the reporting date, the credit risk has not increased significantly since initial recognition, the ICAV shall measure the loss allowance at an amount equal to 12-month expected credit losses. The ICAV measures credit risk and expected credit losses using probability of default, exposure at default and loss given default. Management considers both historical analysis and forward looking information in determining any expected credit loss. Significant financial difficulties of a debtor, probability that a debtor will enter bankruptcy or financial reorganisation, and default in payments are all considered indicators that a loss allowance may be required. If the credit risk increases to the point that it is considered to be credit impaired, interest income will be calculated based on the gross carrying amount adjusted for the loss allowance. A significant increase in credit risk is defined by management as any contractual payment which is more than 30 days past due or a counterparty credit rating which has fallen below BBB/Baa. Any contractual payment which is more than 90 days past due is considered credit impaired.

43 Notes to Financial Statements for the year ended 31 December 2019 (continued)

2. Significant accounting policies (continued)

(d) Financial assets and liabilities at fair value through profit or loss (continued)

Measurement of ECLs ECLs are a probability-weighted estimate of credit losses. Credit losses are measured as the present value of all cash shortfalls (i.e. the difference between the cash flows due to the entity in accordance with the contract and the cash flows that the ICAV expects to receive). ECLs are discounted at the effective interest rate of the financial asset.

Credit-impaired financial assets At each reporting date, the ICAV assesses whether financial assets carried at amortised cost are credit- impaired. A financial asset is 'credit-impaired' when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred.

Evidence that a financial asset is credit-impaired includes the following observable data: - significant financial difficulty of the borrower or issuer; - a breach of contract such as a default or being more than 90 days past due; or - it is probable that the borrower will enter bankruptcy or other financial reorganisation.

Presentation of allowance for ECLs in the statement of financial position Loss allowances for financial assets measured at amortised cost are deducted from the gross carrying amount of the assets.

Write-off The gross carrying amount of a financial asset is written off when the ICAV has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof.

(vii) Use of estimates and judgements The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the financial year. Actual results may differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. The key judgements and estimates relate to investments and further information on this is disclosed in Note 7.

(viii) Derivative financial instruments Forward contracts Forward contracts are contractual agreements to buy or sell a specified financial instrument at a specific price and date in the future. Forwards are customised contracts transacted in the OTC market. The ICAV may enter into forward foreign exchange contracts to manage the currency risk arising from the ICAV’s investment or anticipated investment in investments denominated in foreign currencies. Forward contracts may be used for hedging and currency management of both local and foreign currencies.

Realised and unrealised gains and losses on all derivative contracts are recognised in the Statement of Comprehensive Income.

Futures Futures are valued at fair value based on the settlement price on the relevant valuation date. Gains and losses on futures are recorded by the ICAV based on market fluctuations and are recorded as realised or unrealised gains/(losses) dependent upon settlement terms of the contracts held. The ICAV includes bond futures, currency futures, index futures and interest rate futures.

Realised and unrealised gains and losses on all derivative contracts are recognised in the Statement of Comprehensive Income.

44 Notes to Financial Statements for the year ended 31 December 2019 (continued)

2. Significant accounting policies (continued)

(d) Financial assets and liabilities at fair value through profit or loss (continued)

(viii) Derivative financial instruments (continued)

Contracts for difference Contracts for difference (“CFD”) are agreements between the ICAV and third parties which allow the ICAV to acquire an exposure to the price movement of specific securities without actually purchasing the securities. Upon entering into a CFD, the ICAV is required to deposit with a broker initial cash margin equal to a certain percentage of the contract amount. Variation margin payments are made or received by the ICAV depending upon the fluctuation in the value of the underlying securities. The changes in contract values are recorded as unrealised gains or losses and the ICAV recognises a realised gain or loss when the contract is closed or when the contract is re-set. CFDs are fair valued as the change in market value of the underlying security applied to the notional amount of the CFD held at the end of the year, representing the unrealised gain or loss on these CFDs. The market value of the underlying security is determined by reference to the quoted market price available on a recognised stock exchange.

All income accruing to the underlying securities in the CFDs and the financing charges associated with the CFD trading are accrued by the ICAV on an accruals basis and is recognised in the Statement of Comprehensive Income as part of the net gain/(loss) on financial assets and financial liabilities at fair value through profit or loss.

(ix) Offsetting financial instruments Financial assets and liabilities are offset and the net amount is presented in the Statement of Financial Position when and only when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the asset and settle the liability simultaneously.

The ICAV holds a master netting or similar agreements with all key trading counterparties. The ICAV considers that it has a current legally enforceable right to set off the recognised amounts as further described in Note 7 to the financial statements, however is not expected to realise the relevant assets and settle the liabilities simultaneously and therefore has not offset the relevant financial assets and liabilities under such agreements.

(x) Transaction costs Transaction costs are incremental costs, which are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument. When a financial asset or financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability.

Transaction costs on the purchase of fixed income securities are included on the purchase and sale price of the investment. They cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed.

(e) Cash and cash equivalents

Cash and cash equivalents are valued at its face value with interest accrued, where applicable, recorded as interest receivable. Cash & cash equivalents include current and call accounts with maturities of three months or less, to which the ICAV is exposed to credit risk. Cash comprises of cash held with HSBC Bank Plc and money market fund managed by a HSBC entity.

45 Notes to Financial Statements for the year ended 31 December 2019 (continued)

2. Significant accounting policies (continued)

(f) Foreign currency transactions

Transactions in foreign currencies are translated into USD at the spot exchange rate of the transaction date. Monetary assets and liabilities denominated in foreign currencies are revalued at each reporting date using the year end exchange rate. The realised and unrealised gains/losses on foreign currency transactions are accounted for in the Statement of Comprehensive Income.

(g) Interest income and interest expense

Interest income and expense are recognised in Statement of Comprehensive Income, for all interest bearing financial instruments using the effective interest method.

(h) Expenses

All expenses, including management fees and performance fees, are recognised in the Statement of Comprehensive Income on an accruals basis.

(i) Dividend income

Dividends are credited to the Statement of Comprehensive Income on the dates on which the relevant securities are listed as “ex-dividend”. Dividend income is shown gross of any non-recoverable withholding taxes, in the Statement of Comprehensive Income, and net of any tax credits.

(j) Redeemable participating shares

Redeemable participating shares are redeemable at the shareholder’s option and are classified as financial liabilities. The participating shares can be put back to the ICAV on any dealing day for cash equal to a proportionate share of the relevant Sub-Fund’s Net Asset Value.

(k) Income tax expense

Interpretation 23 – Uncertainty over Income Tax Treatments

The IFRS Interpretations Committee (“IFRIC”) published a new interpretation IFRIC 23 ‘Uncertainty over Income Tax Treatments’, specifying how entities should reflect uncertainty in accounting for income taxes. IFRIC 23 addresses the previous lack of guidance in IAS 12 ‘Income Taxes’, which specifies how to account for current and deferred tax, but not how to reflect the effects of uncertainty. The Investment Manager evaluated the effect of IFRIC 23 and deemed that it did not have a significant impact on the financial statements since the majority of the Fund’s financial instruments are, in the opinion of the Investment Manager, not subject to material uncertain tax treatment.

Under current law and practice the ICAV qualifies as an investment undertaking as defined in Section 739B of the Taxes Consolidation Act, 1997, as amended. As such, it is not chargeable to Irish tax on its income or gains.

46 Notes to Financial Statements for the year ended 31 December 2019 (continued)

2. Significant accounting policies (continued)

(k) Income tax expense (continued)

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments to shareholders or any encashment, redemption, cancellation or transfer of shares.

No Irish tax will arise on the ICAV regarding chargeable events.

A Chargeable Event does not include: (i) any transaction in relation to Shares held in a recognised clearing system;

(ii) any exchange by a Shareholder effected by way of a bargain made at arm’s length by the ICAV, of Shares in the ICAV for other Shares in the ICAV;

(iii) certain transfers of Shares between spouses or civil partners and former spouses or former civil partners;

(iv) an exchange of Shares arising on a qualifying amalgamation or reconstruction of the ICAV with another Irish investment undertaking; or

(v) the cancellation of Shares in the ICAV arising from an exchange in relation to a scheme of amalgamation.

Income, interest and capital gains (if any) received on investments made by the ICAV may be subject to withholding taxes imposed by the country from which the investment income/gains are received and such taxes may not be recoverable by the ICAV or its shareholders.

(l) Changes in accounting policies and disclosures

New standards, amendments and interpretations adopted by the ICAV

Amendments to IFRS 9: Prepayment Features with Negative Compensation The amendments to IFRS 9 clarify that a financial asset passes the Solely Payments of Principal and Interest (SPPI) criterion regardless of the event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. The amendments are intended to apply where the prepayment amount approximates to unpaid amounts of principal and interest plus or minus an amount that reflects the change in a benchmark interest rate. This implies that prepayments at current fair value or at an amount that includes the fair value of the cost to terminate an associated hedging instrument, will normally satisfy the SPPI criterion only if other elements of the change in fair value, such as the effects of credit risk or liquidity, are small.

The amendment applies to businesses acquired in annual reporting periods beginning on or after 1 January 2019. The standard did not have a significant impact on the financial statements of the ICAV.

47 Notes to Financial Statements for the year ended 31 December 2019 (continued)

2. Significant accounting policies (continued)

(l) Changes in accounting policies and disclosures (continued)

Amendments to IAS 28 – Long term interests in Associates and Joint Ventures The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interests). This implies that the expected credit loss model in IFRS 9 applies to such long-term interests.

This amendment is effective for annual periods beginning on or after 1 January 2019. Early application of the amendments is permitted and must be disclosed. This standard did not have a significant impact on the financial statements of the ICAV.

The ICAV will not expect the application of the Interpretation 23 to result in significant changes on its financial statements. Please see page 46 for the ICAV’s interpretation of IFRIC 23.

Accounting standards and amendments to existing accounting standards in issue but not yet effective

IFRS 3: Definition of Business On 22 October 2018, the IFRS Interpretations Committee of the International Accounting Standards Board (“IASB”) issued a narrow-scope amendments to the definition of business in IFRS 3 Business combinations. The amendments are intended to assist entities to determine whether a transaction should be accounted for as a business combination or as an asset acquisition. The IASB provided guidance on option to use a concentration test which is a simplified assessments that results in an asset acquisition of substantially all of the fair value of the gross assets is concentrated in a single identifiable asset or a group of similar identifiable assets.

The amendment applies to businesses acquired in annual reporting periods beginning on or after 1 January 2020. Earlier application is permitted. The standard is not expected to have a significant impact on the financial statements of the ICAV.

Amendments to IAS 1 and IAS 8: Definition of Material On 31 October 2018, the International Accounting Standards Board (“IASB”) issued amendments to IAS 1 Presentation of Financial Statements and IAS 8 to align the definition of ‘material’ across the standards and to clarify certain aspects of the definition. The new definition states that, ’Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.’

This amendment is effective for annual periods beginning on or after 1 January 2020. Early application of the amendments is permitted and must be disclosed. This standard is not expected to have a significant impact on the financial statements of the ICAV.

48 Notes to Financial Statements for the year ended 31 December 2019 (continued)

3. Financial assets and liabilities at fair value through profit or loss

HSBC Global Funds ICAV – US Government Bond Index Fund 31 December 2019 31 December 2018 USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt Securities 21,802,162 20,763,741 Total financial assets at fair value through profit or loss 21,802,162 20,763,741

Realised gain/(loss) on financial assets and liabilities at fair value through profit or loss Gain/(loss) on Debt Securities 98,408 (2,611)

Net realised gain/(loss) on financial assets and liabilities at fair value through profit or loss 98,408 (2,611)

Unrealised gain on financial assets and liabilities at fair value through profit or loss

Gain on Debt Securities 753,927 204,967

Net unrealised gain on financial assets and liabilities at fair value through profit or loss 753,927 204,967

Net gain on financial assets and liabilities at fair value through profit or loss 852,335 202,356

49 Notes to Financial Statements for the year ended 31 December 2019 (continued)

3. Financial assets and liabilities at fair value through profit or loss (continued)

HSBC Global Funds ICAV – Global Government Bond 31 December Index Fund 2019 31 December 2018 USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt Securities 437,430,810 261,789,707 Held for trading: Financial derivatives - Forwards 14,653,694 2,886,663 Total financial assets at fair value through profit or loss 452,084,504 264,676,370

Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Forwards (8,181,356) (5,415,844) Total financial liabilities at fair value through profit or loss (8,181,356) (5,415,844)

Realised gain/(loss) on financial assets and liabilities at fair value through profit or loss Gain/(loss) on Debt Securities 2,800,652 (37,716) Gain/(Loss )on Forwards 5,916,064 (3,539,998) Loss on Futures (3,454) (13,568)

Net realised gain/(loss) on financial assets and liabilities at fair value through profit or loss 8,713,262 (3,591,282)

Unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss

Gain on Debt Securities 9,651,765 372,433 Gain/(loss) on Forwards 9,001,519 (2,529,181)

Net unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss 18,653,284 (2,156,748)

Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 27,366,546 (5,748,030)

50 Notes to Financial Statements for the year ended 31 December 2019 (continued)

3. Financial assets and liabilities at fair value through profit or loss (continued)

HSBC Global Funds ICAV – Global Corporate Bond Index Fund 31 December 2019 31 December 2018 USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt Securities 488,341,847 133,363,337 Held for trading: Financial derivatives - Forwards 3,660,229 307,468 - Futures 128,807 - Total financial assets at fair value through profit or loss 492,130,883 133,670,805

Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Forwards 4,442,152 (223,021) - Future 24,688 - Total financial liabilities at fair value through profit or loss 4,466,840 (223,021)

Realised gain on financial assets and liabilities at fair value through profit or loss Gain on Debt Securities 205,486 11,565 Gain on Forwards 6,088,589 1,250,020 (Loss)/gain on Futures (88,582) 15,816

Net realised gain on financial assets and liabilities at fair value through profit or loss 6,205,493 1,277,401

Unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss

Gain/(loss) on Debt Securities 18,254,954 (1,845,218) (Loss)/gain on Forwards (866,370) 84,447 Gain on Futures 104,119 -

Net unrealised gain/(loss) on financial assets and liabilities at fair value through profit or loss 17,492,703 (1,760,771)

Net gain/(loss) on financial assets and liabilities at fair value through profit or loss 23,698,196 (483,370)

51 Notes to Financial Statements for the year ended 31 December 2019 (continued)

3. Financial assets and liabilities at fair value through profit or loss (continued)

HSBC Global Funds ICAV – Global Aggregate Bond Index Fund 31 December 2019 31 December 2018 USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt Securities 4,617,396,472 524,431,931 Held for trading: Financial derivatives - Forwards 47,556,459 2,817,516 - Futures 77,427 53,731 Total financial assets at fair value through profit or loss 4,665,030,358 527,303,178

Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Forwards 47,452,411 (4,434,331) - Futures 482,969 Total financial liabilities at fair value through profit or loss 47,935,380 (4,434,331)

Realised gain on financial assets and liabilities at fair value through profit or loss Gain on Debt Securities 10,040,235 145,971 (Loss)/gain on Forwards (11,607,179) 10,661 Gain on Futures 2,811,119 131,631

Net realised gain on financial assets and liabilities at fair value through profit or loss 1,244,175 288,263

Unrealised gain on financial assets and liabilities at fair value through profit or loss

Gain on Debt Securities 90,909,058 7,596,638 Gain/(loss) on Forwards 1,720,863 (1,616,815) (Loss)/gain on Futures (459,273) 53,731

Net unrealised gain on financial assets and liabilities at fair value through profit or loss 92,170,648 6,033,554

Net gain on financial assets and liabilities at fair value through profit or loss 93,414,823 6,321,817

52 Notes to Financial Statements for the year ended 31 December 2019 (continued)

3. Financial assets and liabilities at fair value through profit or loss (continued)

HSBC Global Funds ICAV – Global Equity Index Fund* 31 December 2019 USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Equity Securities 32,359,976 Held for trading: Financial derivatives - Contracts for Difference 32,676 - Futures 2,080 Total financial assets at fair value through profit or loss 32,394,732

Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Contracts for Difference 14,974 Total financial liabilities at fair value through profit or loss 14,974

Realised loss on financial assets and liabilities at fair value through profit or loss Loss on Equity Securities (1,977) Loss on Contracts for Difference (5,433) Loss on Futures (29,864)

Net realised loss on financial assets and liabilities at fair value through profit or loss (37,274)

Unrealised gain on financial assets and liabilities at fair value through profit or loss

Gain on Equity Securities 2,677,029 Gain on Contracts for Difference 17,702 Gain on Future 2,080

Net unrealised gain on financial assets and liabilities at fair value through profit or loss 2,696,811

Net gain on financial assets and liabilities at fair value through profit or loss 2,659,537

*Commenced operations on 24 April 2019

53 Notes to Financial Statements for the year ended 31 December 2019 (continued)

3. Financial assets and liabilities at fair value through profit or loss (continued)

HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund** 31 December 2019 USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Equity Securities 341,116,427 Held for trading: Financial derivatives - Futures 3,994 Total financial assets at fair value through profit or loss 341,120,421

Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Futures 30,112 Total financial liabilities at fair value through profit or loss 30,112

Realised gain on financial assets and liabilities at fair value through profit or loss Gain on Equity Securities 625,583 Gain on Futures 468,262

Net realised gain on financial assets and liabilities at fair value through profit or loss 1,093,845

Unrealised gain on financial assets and liabilities at fair value through profit or loss

Gain on Equity Securities 27,014,710 Loss on Futures (26,118)

Net unrealised gain on financial assets and liabilities at fair value through profit or loss 26,988,592

Net gain on financial assets and liabilities at fair value through profit or loss 28,082,437

**Commenced operations on 14 May 2019

54 Notes to Financial Statements for the year ended 31 December 2019 (continued)

3. Financial assets and liabilities at fair value through profit or loss (continued)

HSBC Global Funds ICAV – US Equity Index Fund*** 31 December 2019 USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Equity Securities 32,005,080 Held for trading: Financial derivatives - Contracts for Difference 21,692 Total financial assets at fair value through profit or loss 32,026,772

Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Contracts for Difference 475 Total financial liabilities at fair value through profit or loss 475

Realised gain on financial assets and liabilities at fair value through profit or loss Gain on Equity Securities 24,059 Loss on Contracts for Difference (1,430) Loss on Futures (2)

Net realised gain on financial assets and liabilities at fair value through profit or loss 22,627

Unrealised gain on financial assets and liabilities at fair value through profit or loss

Gain on Equity Securities 2,309,885 Gain on Contracts for Difference 21,692 Loss on Futures (475)

Net unrealised gain on financial assets and liabilities at fair value through profit or loss 2,331,102

Net gain on financial assets and liabilities at fair value through profit or loss 2,353,729

***Commenced operations on 15 October 2019

55 Notes to Financial Statements for the year ended 31 December 2019 (continued)

3. Financial assets and liabilities at fair value through profit or loss (continued)

HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund **** 31 December 2019 USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt Securities 74,802,746 Total financial assets at fair value through profit or loss 74,802,746

Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Future 125 Total financial liabilities at fair value through profit or loss 125

Realised loss on financial assets and liabilities at fair value through profit or loss Gain on Debt Securities 310 Loss on Futures (20,669)

Net realised (loss)/gain on financial assets and liabilities at fair value through profit or loss (20,359)

Unrealised gain on financial assets and liabilities at fair value through profit or loss

Gain on Debt Securities 460,305 Loss on Futures (125)

Net unrealised gain on financial assets and liabilities at fair value through profit or loss 460,180

Net gain on financial assets and liabilities at fair value through profit or loss 439,821

****Commenced operations on 17 October 2019

56 Notes to Financial Statements for the year ended 31 December 2019 (continued)

3. Financial assets and liabilities at fair value through profit or loss (continued)

HSBC Global Funds ICAV – China Government Local Bond Index Fund***** 31 December 2019 USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt Securities 49,812,411 Total financial assets at fair value through profit or loss 49,812,411

Unrealised gain on financial assets and liabilities at fair value through profit or loss

Gain on Debt Securities 1,304,773

Net unrealised gain on financial assets and liabilities at fair value through profit or loss 1,304,773

Net gain on financial assets and liabilities at fair value through profit or loss 1,304,773

*****Commenced operations on 28 October 2019

4. Fair value measurement

The following table presents the financial instruments carried on the Statement of Financial Position by caption and by level within the valuation hierarchy as at 31 December 2019 and 31 December 2018.

HSBC Global Funds ICAV – US 31 December 2019 Government Bond Index Fund Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt securities - 21,789,264 - 21,789,264 - Investment fund 12,898 - - 12,898 Total financial assets at fair value through profit or loss 12,898 21,789,264 - 21,802,162

HSBC Global Funds ICAV – US 31 December 2018 Government Bond Index Fund Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt securities 723,342 20,040,399 - 20,763,741 Total financial assets at fair value through profit or loss 723,342 20,040,399 - 20,763,741

57 Notes to Financial Statements for the year ended 31 December 2019 (continued)

4. Fair value measurement (continued)

HSBC Global Funds ICAV – Global 31 December 2019 Government Bond Index Fund Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt securities - 435,490,882 - 435,490,882 - Investment fund 1,939,928 - - 1,939,928 Held for trading: Financial derivatives -Forwards - 14,653,694 - 14,653,694 Total financial assets at fair value through profit or loss 1,939,928 450,144,576 - 452,084,504

31 December 2019 Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives -Forward - (8,181,356) - (8,181,356) Total financial liabilities at fair value through profit or loss - (8,181,356) - (8,181,356)

HSBC Global Funds ICAV – Global 31 December 2018 Government Bond Index Fund Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt securities 647,549 261,142,158 - 261,789,707 Held for trading: Financial derivatives -Forward - 2,886,663 - 2,886,663 Total financial assets at fair value through profit or loss 647,549 264,028,821 - 264,676,370

31 December 2018 Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives -Forward - (5,415,844) - (5,415,844) Total financial liabilities at fair value through profit or loss - (5,415,844) - (5,415,844) 58 Notes to Financial Statements for the year ended 31 December 2019 (continued)

4. Fair value measurement (continued)

HSBC Global Funds ICAV – Global 31 December 2019 Corporate Bond Index Fund Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt securities - 474,293,975 - 474,293,975 - Investment fund 14,047,872 - - 14,047,872 Held for trading: Financial derivatives - Forwards - 3,660,229 - 3,660,229 - Futures 128,807 - - 128,807 Total financial assets at fair value through profit or loss 14,176,679 477,954,204 - 492,130,883

31 December 2019 Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Forwards - (4,442,152) - (4,442,152) - Futures (24,688) - - (24,688) Total financial liabilities at fair value through profit or loss (24,688) (4,442,152) - (4,466,840)

HSBC Global Funds ICAV – Global 31 December 2018 Corporate Bond Index Fund Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt securities - 133,363,337 - 133,363,337 Held for trading: Financial derivatives - Forwards - 307,468 - 307,468 Total financial assets at fair value through profit or loss - 133,670,805 - 133,670,805

59 Notes to Financial Statements for the year ended 31 December 2019 (continued)

4. Fair value measurement (continued)

31 December 2018 Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Forwards - (223,021) - (223,021) Total financial liabilities at fair value through profit or loss - (223,021) - (223,021)

HSBC Global Funds ICAV – Global 31 December 2019 Aggregate Bond Index Fund Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt securities 138,544,675 4,076,322,701 - 4,214,867,376 - Investment Fund 402,529,096 - - 402,529,096 Held for trading: - Financial derivatives - - Forwards - 47,556,459 - 47,556,459 - Futures 77,427 - - 77,427 Total financial assets at fair value through profit or loss 541,151,198 4,123,879,160 - 4,665,030,358

31 December 2019 Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Forwards - (47,452,411) - (47,452,411) - Futures (482,969) - - (482,969) Total financial liabilities at fair value through profit or loss (482,969) (47,452,411) - (47,935,380)

60 Notes to Financial Statements for the year ended 31 December 2019 (continued)

4. Fair value measurement (continued)

HSBC Global Funds ICAV – Global 31 December 2018 Aggregate Bond Index Fund Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt securities 20,951,488 503,480,443 - 524,431,931 Held for trading: Financial derivatives - Forwards - 2,817,516 - 2,817,516 - Futures 53,731 - - 53,731 Total financial assets at fair value through profit or loss 21,005,219 506,297,959 - 527,303,178

31 December 2018 Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Forwards - (4,434,331) - (4,434,331) Total financial liabilities at fair value through profit or loss - (4,434,331) - (4,434,331)

HSBC Global Funds ICAV - Global 31 December 2019 Equity Index Fund* Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Equity securities 32,359,975 - - 32,359,975 Held for trading: Financial derivatives - Contract for Difference - 32,676 - 32,676 - Futures 2,080 - - 2,080 Total financial assets at fair value through profit or loss 32,362,055 32,676 - 32,394,731

61 Notes to Financial Statements for the year ended 31 December 2019 (continued)

4. Fair value measurement (continued)

31 December 2019 Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Contract for Difference - (14,974) - (14,974) Total financial liabilities at fair value through profit or loss - (14,974) - (14,974)

HSBC Global Funds ICAV – 31 December 2019 Multi Factor Worldwide Equity Fund** Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Equity securities 341,116,427 - - 341,116,427 Held for trading: Financial derivatives - Futures 3,994 - - 3,994 Total financial assets at fair value through profit or loss 341,120,421 - - 341,120,421

31 December 2019 Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Futures (30,112) - - (30,112) Total financial liabilities at fair value through profit or loss (30,112) - - (30,112)

62 Notes to Financial Statements for the year ended 31 December 2019 (continued)

4. Fair value measurement (continued)

HSBC Global Funds ICAV – 31 December 2019 US Equity Index Fund*** Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Equity securities 32,005,080 - - 32,005,080 Held for trading: Financial derivatives - Contract for Difference - 21,692 - 21,692 Total financial assets at fair value through profit or loss 32,005,080 21,692 - 32,026,772

31 December 2019 Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Futures (475) - - (475) Total financial liabilities at fair value through profit or loss (475) - - (475)

HSBC Global Funds ICAV – Global Emerging Market Government 31 December 2019 Bond Index Fund**** Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt securities - 74,346,320 - 74,346,320 - Investment Funds 456,426 - - 456,426 - Total financial assets at fair value through profit or loss 456,426 74,346,320 - 74,802,746

63 Notes to Financial Statements for the year ended 31 December 2019 (continued)

4. Fair value measurement (continued)

31 December 2019 Level 1 Level 2 Level 3 Total USD USD USD USD Financial liabilities at fair value through profit or loss Held for trading: Financial derivatives - Futures (125) - - (125) Total financial liabilities at fair value through profit or loss (125) - - (125)

HSBC Global Funds ICAV – China Government Local Bond Index 31 December 2019 Fund***** Level 1 Level 2 Level 3 Total USD USD USD USD Financial assets at fair value through profit or loss Mandatorily at fair value: Transferable securities - Debt securities - 49,812,411 - 49,812,411 Total financial assets at fair value through profit or loss - 49,812,411 - 49,812,411

The ICAV recognises transfers between levels of the fair value hierarchy as at the end of the reporting year during which the change occurred.

There were no transfers between levels during the financial year.

64 Notes to Financial Statements for the year ended 31 December 2019 (continued)

4. Fair value measurement (continued)

IFRS 13 establishes a fair value hierarchy that prioritises the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The three levels of the fair value hierarchy are described in the table below.

Level 1 Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the ICAV has the ability to access at the measurement date; Level 2 Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 Inputs that are unobservable.

Inputs are used in applying the various valuation techniques and broadly refer to the assumptions that market participants use to make valuation decisions, including assumptions about risk. Inputs may include price information, volatility statistics, specific and broad credit data, liquidity statistics, and other factors. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. However, the determination of what constitutes “observable” may require significant judgement by the Directors. The Directors consider observable data to be that market data which is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The categorisation of a financial instrument within the hierarchy is based upon the pricing transparency of the instrument and does not necessarily correspond to the Directors’ perceived risk of that instrument.

Transferable securities Transferable securities whose values are based on quoted market prices in active markets are classified within level 1. These include active listed equity and debt securities. The Directors do not adjust the quoted price for such instruments, even in situations where the ICAV holds a large position and a sale could reasonably impact the quoted price.

Transferable securities that trade in markets that are not considered to be active, but are valued based on quoted market prices, dealer quotations or alternative pricing sources supported by observable inputs are classified within level 2.

Transferable securities classified within level 3 have significant unobservable inputs, as they trade infrequently or not at all. There are no level 3 investments held at financial year end.

Derivative instruments Derivative instruments can be exchange-traded or privately negotiated over-the-counter (“OTC”). Exchange-traded derivatives, such as contracts for difference, futures contracts and exchange traded option contracts, are typically classified within level 1 or level 2 of the fair value hierarchy depending on whether or not they are deemed to be actively traded. OTC derivatives, such as forward foreign exchange contracts have inputs which can generally be corroborated by market data and are therefore classified within level 2.

65 Notes to Financial Statements for the year ended 31 December 2019 (continued)

4. Fair value measurement (continued)

The ICAV has not disclosed the fair values for financial instruments measured at amortised cost, due to/from broker and short-term receivables and payables because their carrying amounts are a reasonable approximations of fair values.

No investments have been classified within Level 3 at any time during the year, consequently no reconciliation of Level 3 fair value measurements is required.

For the year ended 31 December 2019, all other assets and liabilities, other than investments at fair value, whose carrying amounts approximate fair value would have been considered to be classified within Level 2 of the fair value hierarchy if such classification was required.

The ICAV redeems and issues redeemable participating shares at the amount equal to the proportionate share of net assets of the ICAV at the time of subscription or redemption, calculated on a basis consistent with that used in the financial statements. Accordingly, the carrying amount of Net assets attributable to holders of participating shares approximates their fair value. The shares are categorised into Level 2 of the fair value hierarchy.

The Sub-Funds may invest in Financial Derivatives Instruments (“FDI”) for investment purposes, for hedging purposes and for efficient portfolio management purposes.

Financial assets at amortised cost Financial assets at amortised cost includes cash and cash equivalents, due from broker, due from shareholders, interest receivable and other receivables.

Financial liabilities at amortised cost Financial liabilities at amortised cost includes due to broker, due to shareholders, management fees payable, distributions payable and other payable.

5. Fees and expenses

(a) Management fees

The ICAV has a fee structure where, in respect of each of the Sub-Funds, all of the fees and expenses (except for transaction costs and taxes or duty charges for portfolio re-balancing, all of which will be paid separately out of the assets of the relevant Sub-Funds) are paid as one single fee. This is referred to as the “Ongoing Charges Figure” or “OCF” in the prospectus of the ICAV and is being disclosed in these financial statements as “Management fee”.

The OCF is paid to HSBC Investment Funds (Luxembourg) S.A (the “Management Company”) to cover its fees for providing investment management, distribution, marketing and advice services in respect of all Sub-Funds. The Management Company is responsible for paying out of the OCF the fees of the HSBC Global Asset Management (UK) Limited (the “Investment Manager”), the Distributors, the operating, administrative and services expenses and may pay part of such fee to recognised intermediaries or such other person as the Management Company may determine, at its discretion. This includes, but is not limited to, fees and expenses of the Directors, Investment Manager, HSBC France, Dublin Branch (the “Depositary”), HSBC Securities Services (Ireland) DAC (the “Administrator”), KPMG (the “Auditor”) and Goodbody Secretarial Limited (the “ICAV Secretary”).

66 Notes to Financial Statements for the year ended 31 December 2019 (continued)

5. Fees and expenses (continued)

(a) Management fees (continued) The OCF covers all of the following operating, administrative and services expenses (but is not an exhaustive list):

 Custody, depositary and safekeeping charges  Sub-custodian fees and transaction charges (which will be at normal commercial rates)  For Hedged Share Classes, fees to third parties to cover the execution of the share class currency hedging policy. An additional fee for this service will apply to Hedged Share Classes as detailed in the relevant Sub-Fund’s Supplement.  Transfer, registrar and payment agency fees  Administration, domiciliary and fund accounting services  Legal expenses for advice on behalf of the ICAV  Audit fees  Registration fees  Listing fees (if applicable)  Directors’ fees and expenses. Those Directors who are not associated with the Management Company will be entitled to remuneration for their services as directors.  Documentation costs – preparing, printing, translating and distributing documents including, but not limited to, the Prospectus, Key Investor Information Documents and annual reports made available directly or through intermediaries to its shareholders in markets in which the Sub-Funds are registered for sale in compliance with local regulations  Costs associated with the collection, reporting and publication of data about the ICAV, its investments and shareholders as required by laws and regulations from time to time  Fees charged by third party vendors for publishing fund performance data  Financial index licensing fees  Any fees charged for Sub-Fund expense data analysis if specifically requested by the ICAV to be obtained from an independent third party  Collateral management services  Any industry association fees for the benefit of the ICAV

The OCF is calculated and accrued daily from the Net Asset Value of each Sub-Fund and payable monthly in arrears. The OCF of each Sub-Fund of the ICAV is as listed in the relevant Sub-Fund Supplement and is disclosed in the Other Additional Disclosure section of these financial statements on page 342.

If the Sub-Funds’ expenses exceed the OCF outlined above in relation to operating the funds, the Management Company will cover any shortfall from its own assets.

(b) Investment Manager’s fees The Investment Manager shall be entitled to receive from the Management Company a fee in relation to each Sub-Fund or Class (the “Investment Management Fee”). Such fee shall be calculated and accrued at each Valuation Point and payable monthly in arrears. The Investment Manager shall also be entitled to be repaid out of the assets of the relevant Sub-Fund for all of its reasonable out-of-pocket expenses incurred on behalf of the relevant Sub-Fund. The Investment Manager’s fee payable by the Management Company out of the OCF for the financial year ended 31 December 2019 is USD Nil (31 December 2018: USD Nil) of which USD Nil (31 December 2018: USD Nil) is payable at 31 December 2019. There are no performance fees.

67 Notes to Financial Statements for the year ended 31 December 2019 (continued)

5. Fees and expenses (continued)

(c) Administrator’s fees The Management Company is responsible for the payment to the Administrator out of the OCF, an annual fee, payable monthly in arrears at a rate which shall not exceed 0.02% per annum of the Net Asset Value of the Sub-Fund, subject to a total minimum fee per annum of EUR 250,000. The Administrator’s fee payable by the Management Company out of the OCF for the financial year ended 31 December 2019 is USD 617,570 (31 December 2018: USD 53,691) of which USD Nil (31 December 2018: USD Nil) is payable at 31 December 2019.

(d) Depositary’s fees The Management Company is responsible for the payment to the Depositary out of the OCF, an annual fee, payable monthly in arrears, at which shall not exceed 0.0075% per annum of the Net Asset Value of the Sub-Fund, subject to a total minimum fee per annum of EUR 105,000. The Depositary’s fee payable by the Management Company out of the OCF for the financial year ended 31 December 2019 is USD 229,698(31 December 2018: USD 20,871) of which USD Nil (31 December 2018: USD Nil) is payable at 31 December 2019.

(e) Directors’ fees and expenses The Directors’ fees which is paid out of OCF for the financial year ended 31 December 2019 amounted to USD 78,317 (31 December 2018: USD 84,066).

Directors’ out of pocket expenses for financial year 31 December 2019 is USD Nil (31 December 2018: USD Nil). All payments for Directors fees and remuneration, to the extent waived are met from the OCF charge detailed above, levied by the Management Company.

(f) Auditor’s fees Fees for the statutory auditors, KPMG, in respect of the financial year 31 December 2019, relate entirely to the audit of the financial statements of the ICAV. Auditors’ fees for the financial year end amounted to EUR 62,500 (31 December 2018: EUR 27,500) excluding VAT of which EUR 62,500 (31 December 2018: EUR 27,500) was payable as at 31 December 2019. All payments for statutory auditor are met from the OCF charge detailed above, levied by the Management Company.

Transaction costs Transaction costs include fees and commissions paid to brokers and agents. Transaction costs on the purchase of fixed income securities are included on the purchase and sale price of the investment. They cannot be practically or reliably gathered as they are embedded in the cost of the investment and cannot be separately verified or disclosed. Any transaction costs incurred during the financial year ended 31 December 2019 are included in “Net gain on financial assets and liabilities at fair value through profit or loss”.

6. Share capital and redeemable participating shares

The authorised share capital of the ICAV is 1,000,000,000,000,000 shares of no par value which are available for issue as shares on such terms and conditions as the Directors may determine. The issued share capital of the ICAV is €2 represented by 2 Subscriber Shares issued at an issue price of €1 per Share which are fully paid up.

Capital Management Participating shares in the ICAV provide an investor with the right to request redemption of their shares for cash at value proportionate to the investors’ shares in the ICAV’s net assets and are classified as liabilities. ICAV’s objective, in managing the participating shares, is to ensure a stable base to maximise returns to investors and to manage liquidity and to manage liquidity risk arising from redemptions. 68 Notes to Financial Statements for the year ended 31 December 2019 (continued)

6. Share capital and redeemable participating shares (continued)

The movement in the number of redeemable participating shares for the financial year ended 31 December 2019 are as follows:

HSBC Global Funds ICAV – US Government Bond Index Fund

At 31 December Shares Shares At 31 December Currency 2018 Issued Redeemed 2019

Class AC USD 1,000 - - 1,000 Class SC USD 1,000 - - 1,000 Class BC USD 1,000 - - 1,000 Class XC USD 1,997,003 - - 1,997,003

HSBC Global Funds ICAV – Global Government Bond Index Fund

At 31 December Shares Shares At 31 December Currency 2018 Issued Redeemed 2019

Class ACH USD 1,000 - - 1,000 Class BCH USD 1,000 633,750 - 634,750 Class SCH USD 1,000 - - 1,000 Class XCH USD 1,000 - - 1,000 Class ZCHGBP* GBP 1,734 125,032 (9,110) 117,656 Class ZQHGBP GBP 16,544,187 6,592,131 (5,051,498) 18,084,820 Class S4CHGBP* GBP 4,153,715 7,241,309 (654,793) 10,740,231 Class BDHGBP2** GBP - 57,004 (36,326) 20,678 Class S2CHGBP1* GBP - 1,263,113 (792,721) 470,392 Class S2QHGBP1*** GBP - 63,440 (18,016) 45,424 Class S2CH3 USD - 100 - 100 Class S2QH3 USD - 1,800,526 (10,706) 1,789,820 Class ZCHEUR4* EUR - 270,300 - 270,300 Class HCH5* USD - 100 - 100 Class HSCH (HUSD)5* HKD - 773 - 773

1launched on 24 January 2019 2launched on 12 February 2019 3launched on 9 May 2019 4launched on 5 August 2019 5launched on 4 November 2019

* Accumulating Hedged Class ** Annually Distributing Hedged Class *** Quarterly Distributing Hedged Class

69 Notes to Financial Statements for the year ended 31 December 2019 (continued)

6. Share capital and redeemable participating shares (continued) HSBC Global Funds ICAV – Global Corporate Bond Index Fund

At 31 Shares Shares At 31 December Currency December 2018 Issued Redeemed 2019

Class ACH* USD 1,000 - - 1,000 Class BCH* USD 1,000 364,000 (3,610) 361,390 Class SCH* USD 1,000 - - 1,000 Class XCH* USD 1,000 - - 1,000 Class S5CH* USD 1,000 - - 1,000 Class S5DH** USD 1,000 18 - 1,018 Class ZQH USD 13,667,559 19,146,468 (851,923) 31,962,104 Class ZCHGBP* GBP 2,972 262,984 (12,998) 252,958 Class S2CH2 USD - 100 - 100 Class S2QH2 USD - 4,434,342 (59,137) 4,375,205 Class S2CHGBP1* GBP - 3,338,441 (396,194) 2,942,247 Class S2QHGBP1*** GBP - 3,044,278 (211,238) 2,833,040 Class HCH3* USD - 100 - 100 Class HSCH (HUSD)3* HKD - 53,872 (19,456) 34,416 Class SDHEUR4* EUR - 496,600 (11,092) 485,508 Class ZCHEUR5* EUR - 301,100 - 301,100

HSBC Global Funds ICAV – Global Aggregate Bond Index Fund

At 31 December Shares Shares At 31 December Currency 2018 Issued Redeemed 2019

Class ACH* USD 1,000 - - 1,000 Class BCH* USD 1,000 - - 1,000 Class SCH* USD 1,000 - - 1,000 Class S5DH** USD 4,922,122 14,245,086 (2,183,701) 16,983,507 Class S5CH* USD 24,119,208 176,358,115 (13,199,531) 187,277,792 Class XCH* USD 630,234 - (629,234) 1,000 Class S5CHEUR* EUR 17,051,727 145,748,144 (11,197,747) 151,602,124 Class S5DHEUR** EUR 362,433 6,573,440 (2,038,851) 4,897,022 Class S5DHGBP** GBP 1,647,118 10,307,111 (892,894) 11,061,335 Class HCH3* USD - 100 - 100 Class HSCH (HUSD)3* HKD - 19,899 (513) 19,386

1 launched on 24 January 2019 2launched on 9 May 2019 3 launched on 29 May 2019 4 launched on 26 July 2019 5 launched on 5 August 2019

* Accumulating Hedged Class ** Annually Distributing Hedged Class *** Quarterly Distributing Hedged Class 70 Notes to Financial Statements for the year ended 31 December 2019 (continued)

6. Share capital and redeemable participating shares (continued)

HSBC Global Funds ICAV - Global Equity Index Fund*

At 31 December Shares Shares At 31 December Currency 2018 Issued Redeemed 2019

Class AC1 USD - 999 - 999 Class BC1 USD - 999 - 999 Class SC1 USD - 999 - 999 Class XC1 USD - 999 - 999 Class ZC1 USD - 2,991,506 (209) 2,991,297 Class HC3 USD - 100 - 100 Class HCHKD3 HKD - 106,588 (9,079) 97,509

HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund **

At 31 December Shares Shares At 31 December Currency 2018 Issued Redeemed 2019

Class XC2 USD - 100 - 100 Class XS2 USD - 100 - 100 Class ZQ2 USD - 32,465,380 (1,556,055) 30,909,325

HSBC Global Funds ICAV – US Equity Index Fund***

At 31 December Shares Shares At 31 December Currency 2018 Issued Redeemed 2019

Class BC4 USD - 1,000 - 1,000 Class SC4 USD - 1,000 - 1,000 Class XC4 USD - 1,000 - 1,000 Class ZC4 USD - 2,993,401 - 2,993,401 Class HC4 USD - 1,000 - 1,000 Class HCHKD4 HKD - 76,120 - 76,120 Class AC4 USD - 1,000 - 1,000

1launched on 24 April 2019 2launched on 14 May 2019 3launched on 29 May 2019 4launched on 15 October 2019

*Commenced operations on 24 April 2019 **Commenced operations on 14 May 2019 ***Commenced operations on 15 October 2019

71 Notes to Financial Statements for the year ended 31 December 2019 (continued)

6. Share capital and redeemable participating shares (continued)

HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund ****

At 31 December Shares Shares At 31 December Currency 2018 Issued Redeemed 2019

Class ZQ1 USD - 7,488,255 - 7,488,255 Class BC1 USD - 999 - 999 Class XC1 USD - 999 - 999 Class SC1 USD - 999 - 999 Class HC1 USD - 999 - 999 Class HCHKD1 HKD - 147,048 - 147,048

HSBC Global Funds ICAV – China Government Local Bond Index Fund*****

At 31 December Shares Shares At 31 December Currency 2018 Issued Redeemed 2019

Class BC2 USD - 1,000 - 1,000 Class XC2 USD - 1,000 - 1,000 Class ZQ2 USD - 4,995,000 - 4,995,000 Class SC2 USD - 1,000 - 1,000 Class HC2 USD - 1,000 - 1,000 Class HKD2 HKD - 75,618 - 75,618

1launched on 17 October 2019 2launched on 28 October 2019

****Commenced operations on 17 October 2019 *****Commenced operations on 28 October 2019

The movement in the number of redeemable participating shares for the financial year ended 31 December 2018 are as follows:

HSBC Global Funds ICAV – US Government Bond Index Fund

At 28 November 2017(date of Shares Shares At 31 December Currency incorporation) Issued Redeemed 2018

Class AC USD - 1,000 - 1,000 Class SC USD - 1,000 - 1,000 Class BC USD - 1,000 - 1,000 Class XC USD - 1,998,000 (997) 1,997,003

72 Notes to Financial Statements for the year ended 31 December 2019 (continued)

6. Share capital and redeemable participating shares (continued)

HSBC Global Funds ICAV – Global Government Bond Index Fund

At 28 November 2017(date of Shares Shares At 31 December Currency incorporation) Issued Redeemed 2018

Class ACH USD - 1,000 - 1,000 Class BCH USD - 1,000 - 1,000 Class SCH USD - 1,000 - 1,000 Class XCH USD - 1,995,000 (1,994,000) 1,000 Class ZCHGBP GBP - 1,734 - 1,734 Class ZQHGBP GBP - 17,478,312 (934,125) 16,544,187 Class S4CHGBP GBP - 4,153,765 (50) 4,153,715

HSBC Global Funds ICAV – Global Corporate Bond Index Fund

At 28 November 2017(date of Shares Shares At 31 December Currency incorporation) Issued Redeemed 2018

Class ACH USD - 1,000 - 1,000 Class BCH USD - 1,000 - 1,000 Class SCH USD - 1,000 - 1,000 Class XCH USD - 4,992,601 (4,991,601) 1,000 Class S5CH USD - 1,000 - 1,000 Class S5DH USD - 1,000 - 1,000 Class ZQH USD - 15,103,629 (1,436,070) 13,667,559 Class ZCHGBP GBP - 2,972 - 2,972

HSBC Global Funds ICAV – Global Aggregate Bond Index Fund

At 28 November 2017(date of Shares Shares At 31 December Currency incorporation) Issued Redeemed 2018

Class ACH USD - 1,000 - 1,000 Class BCH USD - 1,000 - 1,000 Class SCH USD - 1,000 - 1,000 Class S5DH USD - 5,048,199 (126,077) 4,922,122 Class S5CH USD - 24,588,211 (469,003) 24,119,208 Class XCH USD - 9,986,907 (9,356,673) 630,234 Class S5CHEUR EUR - 17,081,823 (30,096) 17,051,727 Class S5DHEUR EUR - 365,621 (3,188) 362,433 Class S5DHGBP GBP - 2,067,717 (420,599) 1,647,118

73 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments

The ICAV’s activities expose it to a variety of financial risks: market risk (including price risk, currency risk and interest rate risk), credit risk and liquidity risk. The ICAV’s overall risk management process focuses on the unpredictability of financial markets and seeks to mitigate potential adverse effects on the ICAV’s financial performance.

The Management Company seeks to mitigate the financial risk in the ICAV in its daily risk management process. From year to year, the ICAV’s exposure to risk will alter as market conditions change and as the components of the portfolio change and are adjusted through trading, subscriptions and redemptions. With regard to the objectives, policies and processes for managing the risk, whilst adapting to the current market conditions, the approach will remain consistent from year to year. The ICAV uses the commitment approach to calculate the sub – funds’ global exposure.

(a) Market risk

The potential for changes in the fair value or cash flows of the Sub-Funds’ investment portfolios is referred to as Market Risk. Categories of Market Risk include price risk, currency risk and interest rate risk.

(i) Price risk

Price risk is the risk that the value of instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or currency risk), whether caused by factors specific to an individual investment, its issuer or all factors affecting all instruments traded in the market. It represents the potential loss the ICAV might suffer through holding market positions in the face of price movements. The securities held by the Sub-Funds are held at fair value with fair value changes recognised in the Statement of Comprehensive Income. All changes in market conditions will therefore directly affect net investment income for the Sub-Funds. The Sub-Funds manages this exposure to individual price movements of underlying positions by only making investments which are in line with the investment restrictions.

A 5% increase in bond, equity prices and derivatives as at 31 December 2019 would have increased the net assets attributable to holders of redeemable shares for HSBC Global Funds ICAV – US Government Bond Index Fund by USD 1,090,108 (31 December 2018: USD 1,038,187), HSBC Global Funds ICAV – Global Government Bond Index Fund by USD 22,195,157 (31 December 2018: USD 12,963,026), HSBC Global Funds ICAV – Global Corporate Bond Index Fund by USD 24,383,202 (31 December 2018: USD 6,672,389), HSBC Global Funds ICAV – Global Aggregate Bond Index Fund by USD 230,854,749 (31 December 2018: USD 26,143,442), HSBC Global Funds ICAV - Global Equity Index Fund by USD 1,618,988, HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund by USD 17,054,515, HSBC Global Funds ICAV – US Equity Index Fund by USD 1,601,315, HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund by USD 3,740,131 and HSBC Global Funds ICAV – China Government Local Bond Index Fund by USD 2,490,621. An equal change in the opposite direction would have decreased the net assets attributable to holders of redeemable participating shares by an equal but opposite amount.

74 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk

Currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Sub-Funds may hold assets or liabilities denominated in currencies other than the functional currencies of the Sub-Funds. The Sub-Funds may, therefore, be exposed to currency risk as the value of the assets and liabilities denominated in other currencies other than the functional currency may fluctuate as a result of movements in the exchange rates.

Any financial instruments used to implement such strategies with respect to one or more classes shall be assets/liabilities of the Sub-Funds as a whole but will be attributable to the relevant class. The gains/losses of financial instruments and the costs of the relevant financial instruments will accrue solely to the relevant class.

The Sub-Funds may invest in securities and financial instruments denominated in currencies other than its functional currency. Consequently, the Sub-Funds may be exposed to risks that the exchange rate of its currency relative to other currencies may change in a manner which may have a favourable or unfavourable effect on the value of that portion of the Sub-Funds assets which are denominated in currencies other than its own currency. However, the Sub-Funds may seek to hedge this currency risk through FX transactions in the spot, forward, currency swaps or futures markets. The US Government Bond Index Fund, US Equity Index Fund and Global Emerging Markets Government Bond Index Fund invest in securities and financial instruments denominated in its functional currency.

The table below outlines the net foreign currency risk exposure of the Sub-Funds as at 31 December 2019 and 31 December 2018.

HSBC Global Funds ICAV – Global Government Bond Index Fund Net As at 31 December 2019 Monetary Non-monetary Currency asset/(liabilities) asset/(liabilities) Exposure USD USD USD Australian Dollar (333,759) 145,316 (188,443) Canadian Dollar 63,967 (71,754) (7,787) Danish Krone 29,700 (119,452) (89,752) Euro (952,210) 1,197,916 245,706 Pound Sterling (239,175) 415,128,353 414,889,178 Hong Kong Dollar (1) - (1) Japanese Yen 114,532 (575,932) (461,400) Mexican Peso 210,514 (217,909) (7,395) Malaysian Ringgit - (100,277) (100,276) Norwegian Krone 6,761 (5,252) 1,509 Polish Zloty 9,029 19,827 28,856 Swedish Krona 5,729 4,156 9,885 Singapore Dollar 24,855 32,495 57,350 South African Rand 53,223 3,357 56,580 (1,006,835) 415,440,844 414,434,010

75 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

The Sub-Fund has entered into a number of forwards exchange contracts for currencies other than USD. The impact of the hedging have been included in the above table. At 31 December 2019 if any non-functional currencies had strengthened by 5% in relation to the respective functional currency of the Sub-Fund, with all other variables held constant, net assets attributable to holders of redeemable participating shares would have increased/decreased by the amounts shown below.

HSBC Global Funds ICAV – Global Government Bond Index Fund As at 31 December 2019 USD Australian Dollar (9,422) Canadian Dollar (389) Danish Krone (4,488) Euro 12,285 Pound Sterling 20,744,459 Hong Kong Dollar - Japanese Yen (23,070) Mexican Peso (370) Malaysian Ringgit (5,014) Norwegian Krone 76 Polish Zloty 1,443 Swedish Krona 494 Singapore Dollar 2,868 South African Rand 2,829 20,721,701

A 5% decrease in non-functional currencies in relation to the respective functional currency with all other variables held constant, would lead to a corresponding decrease/increase in the net assets attributable to holders of redeemable participating shares by the approximate amounts as shown in the above tables. The estimated movement is based on management’s determination of a reasonably possible change in foreign exchange rates. In practice, the actual results may differ from the sensitivity analysis above and the difference could be material.

76 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

HSBC Global Funds ICAV – Global Government Bond Index Fund Net As at 31 December 2018 Monetary Non-monetary Currency asset/(liabilities) asset/(liabilities) Exposure USD USD USD Australian Dollar 55,669 80,233 135,902 Canadian Dollar 61,681 54,734 116,415 Danish Krone 25,054 80 25,134 Euro 2,228,944 (2,465,517) (236,573) Japanese Yen 2,536,413 (2,313,121) 223,292 Malaysian Ringgit - (738) (738) Mexican Peso 274,377 (291,997) (17,620) Norwegian Krone 2,268 (2,725) (457) Polish Zloty 32,139 7,236 39,375 Pound Sterling 494,768 265,690,168 266,184,936 Singapore Dollar 14,654 6,211 20,865 South African Rand 46,666 (16,902) 29,764 Swedish Krona 10,300 (10,814) (514) 5,782,933 260,736,848 266,519,781

The Sub-Fund has entered into a number of forwards exchange contracts for currencies other than USD. The impact of the hedging have been included in the above table. At 31 December 2018 if any non-functional currencies had strengthened by 5% in relation to the respective functional currency of the Sub-Fund, with all other variables held constant, net assets attributable to holders of redeemable participating shares would have increased/decreased by the amounts shown below.

HSBC Global Funds ICAV – Global Government Bond Index Fund As at 31 December 2018 USD Australian Dollar 6,795 Canadian Dollar 5,821 Danish Krone 1,257 Euro (11,829) Japanese Yen 11,165 Malaysian Ringgit (37) Mexican Peso (881) Norwegian Krone (23) Polish Zloty 1,969 Pound Sterling 13,309,247 Singapore Dollar 1,043 South African Rand 1,488 Swedish Krona (26) 13,325,989

77 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

HSBC Global Funds ICAV – Global Corporate Bond Index Fund Net As at 31 December 2019 Monetary Non-monetary Currency assets/(liabilities) assets/(liabilities) Exposure USD USD USD Canadian Dollar 310,991 (481,807) (170,816) Euro 45,814 (1,807,510) (1,761,696) Pound Sterling 126,700 86,366,113 86,492,813 483,505 84,076,796 84,560,301

The Sub-Fund has entered into a number of forwards exchange contracts for currencies other than USD. The impact of the hedging have been included in the above table. At 31 December 2019, if any non-functional currencies had strengthened by 5% in relation to the respective functional currency of the Sub-Fund, with all other variables held constant, net assets attributable to holders of redeemable participating shares would have increased/decreased by the amounts shown below.

HSBC Global Funds ICAV – Global Corporate Bond Index Fund As at 31 December 2019 USD Canadian Dollar (8,541) Euro (88,085) Pound Sterling 4,324,641 4,228,015

78 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

HSBC Global Funds ICAV – Global Corporate Bond Index Fund Net As at 31 December 2018 Monetary Non-monetary Currency assets/(liabilities) asset/(liabilities) Exposure USD USD USD Canadian Dollar 208,094 (207,728) 366 Euro (63,435) (286,590) (350,025) Pound Sterling 177,312 (192,451) (15,139) 321,971 (686,769) (364,798)

The Sub-Fund has entered into a number of forwards exchange contracts for currencies other than USD. The impact of the hedging have been included in the above table. At 31 December 2018, if any non-functional currencies had strengthened by 5% in relation to the respective functional currency of the Sub-Fund, with all other variables held constant, net assets attributable to holders of redeemable participating shares would have increased/decreased by the amounts shown below.

HSBC Global Funds ICAV – Global Corporate Bond Index Fund As at 31 December 2018 USD Canadian Dollar 18 Euro (17,501) Pound Sterling (757) (18,240)

79 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

HSBC Global Funds ICAV – Global Aggregate Bond Index Fund Net As at 31 December 2019 Monetary Non-monetary Currency assets/(liabilities) assets/(liabilities) Exposure USD USD USD Australian Dollar (1,702,371) (471,104) (2,173,475) Canadian Dollar 928,937 (1,521,442) (592,505) Chilean Peso - (8,675) (8,675) Chinese Yuan 684,115 (2,135,644) (1,451,529) Czech Koruna 31,453 34,849 66,302 Danish Krone 93,585 21,667 115,252 Euro (1,828,338) 1,851,313,808 1,849,485,470 Hong Kong Dollar 91,283 (55,752) 35,531 Hungarian Forint 96,387 (29,838) 66,549 Indonesian Rupiah - 216,371 216,371 Israeli Shekel 4,258 403,326 407,584 Japanese Yen 7,706,048 (12,313,275) (4,607,227) Malaysian Ringgit - 115,372 115,372 Mexican Peso 785,121 497,257 1,282,378 New Zealand Dollar 125,410 (108,007) 17,403 Norwegian Krone 5,893 (3,264) 2,629 Polish Zloty (1,368,217) 1,542,662 174,445 Pound Sterling 165,514 151,543,966 151,709,480 Russian Ruble 190,191 200,826 391,017 Singapore Dollar 51,897 239,157 291,054 South Korean Won 1,652,306 45,928,056 47,580,362 Swedish Krona 41,628 (293,641) (252,013) Swiss Franc 25,409 (216,873) (191,464) Thai Baht - 616,100 616,100 7,780,509 2,035,515,902 2,043,296,411

The Sub-Fund has entered into a number of forwards exchange contracts for currencies other than USD. The impact of the hedging have been included in the above table. At 31 December 2019, if any non-functional currencies had strengthened by 5% in relation to the respective functional currency of the Sub-Fund, with all other variables held constant, net assets attributable to holders of redeemable participating shares would have increased/decreased by the amounts shown below.

80 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

HSBC Global Funds ICAV – Global Aggregate Bond Index Fund As at 31 December 2019 USD Australian Dollar (108,674) Canadian Dollar (29,625) Chilean Peso (434) Chinese Yuan (72,576) Czech Koruna 3,315 Danish Krone 5,762 Euro 92,474,274 Hong Kong Dollar 1,777 Hungarian Forint 3,327 Indonesian Rupiah 10,819 Israeli Shekel 20,379 Japanese Yen (230,361) Malaysian Ringgit 5,769 Mexican Peso 64,119 New Zealand Dollar 870 Norwegian Krone 131 Polish Zloty 8,722 Pound Sterling 7,585,474 Russian Ruble 19,551 Singapore Dollar 14,553 South Korean Won 2,379,018 Swedish Krona (12,601) Swiss Franc (9,573) Thai Baht 30,805 102,164,821

81 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

HSBC Global Funds ICAV – Global Aggregate Bond Index Fund Net As at 31 December 2018 Monetary Non-monetary Currency assets/(liabilities) assets/(liabilities) Exposure USD USD USD Australian Dollar (613,476) 684,692 71,216 Canadian Dollar 49,360 61,548 110,908 Czech Koruna - 5,661 5,661 Danish Krone 11 2,709 2,720 Euro 35,359 201,087,203 201,122,562 Hong Kong Dollar 247 4,363 4,610 Hungarian Forint 3 (3,347) (3,344) Indonesian Rupiah - (2,692) (2,692) Israeli Shekel 15,258 (6,852) 8,406 Japanese Yen 3,971,685 (3,667,393) 304,292 Malaysian Ringgit - (4,203) (4,203) Mexican Peso 38,132 (8,343) 29,789 New Zealand Dollar 114 (4,535) (4,421) Norwegian Krone 8 (1,495) (1,487) Polish Zloty 206 7,407 7,613 Pound Sterling 146,137 21,108,807 21,254,944 Russian Ruble 201,166 (198,645) 2,521 Singapore Dollar 3,279 10,914 14,193 South Korean Won 35,562 5,389,120 5,424,682 Swedish Krona 6 1,188 1,194 Swiss Franc 5 16,588 16,593 Thai Baht 7,205 (3,321) 3,884 3,890,267 224,479,374 228,369,641

The Sub-Fund has entered into a number of forwards exchange contracts for currencies other than USD. The impact of the hedging have been included in the above table. At 31 December 2018, if any non-functional currencies had strengthened by 5% in relation to the respective functional currency of the Sub-Fund, with all other variables held constant, net assets attributable to holders of redeemable participating shares would have increased/decreased by the amounts shown below.

82 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

HSBC Global Funds ICAV – Global Aggregate Bond Index Fund As at 31 December 2018 USD

Australian Dollar 3,561 Canadian Dollar 5,545 Czech Koruna 283 Danish Krone 136 Euro 10,056,128 Hong Kong Dollar 230 Hungarian Forint (167) Indonesian Rupiah (135) Israeli Shekel 420 Japanese Yen 15,215 Malaysian Ringgit (210) Mexican Peso 1,489 New Zealand Dollar (221) Norwegian Krone (74) Polish Zloty 381 Pound Sterling 1,062,747 Russian Ruble 126 Singapore Dollar 710 South Korean Won 271,234 Swedish Krona 60 Swiss Franc 830 Thai Baht 194 11,418,482

83 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

HSBC Global Funds ICAV – Global Equity Index Fund* Non Net As at 31 December 2019 Monetary -monetary Currency assets assets Exposure USD USD USD Australian Dollar 22,131 740,538 762,669 Canadian Dollar 17,120 1,125,004 1,142,124 Danish Krone 1,597 212,040 213,637 Euro 68,929 3,451,231 3,520,160 Hong Kong Dollar 11,796 347,057 358,853 Israeli New Shekel 1,947 17,697 19,644 Japanese Yen 76,347 2,663,941 2,740,288 New Zealand Dollar 5,917 12,504 18,421 Norwegian Krone 1,849 63,758 65,607 Pound Sterling 41,939 1,704,970 1,746,909 Singapore Dollar 3,380 124,444 127,824 Swedish Krona 4,481 278,545 283,026 Swiss Franc 9,295 1,035,595 1,044,890 266,728 11,777,324 12,044,052

The Sub-Fund has entered into a number of forwards exchange contracts for currencies other than USD. The impact of the hedging have been included in the above table. At 31 December 2019, if any non-functional currencies had strengthened by 5% in relation to the respective functional currency of the Sub-Fund, with all other variables held constant, net assets attributable to holders of redeemable participating shares would have increased/decreased by the amounts shown below.

HSBC Global Funds ICAV – Global Equity Index Fund* As at 31 December 2019 USD Australian Dollar 38,134 Canadian Dollar 57,106 Danish Krone 10,682 Euro 176,008 Hong Kong Dollar 17,943 Israeli New Shekel 982 Japanese Yen 137,014 New Zealand Dollar 921 Norwegian Krone 3,280 Pound Sterling 87,346 Singapore Dollar 6,391 Swedish Krona 14,151 Swiss Franc 52,245 602,203

84 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund** Net As at 31 December 2019 Monetary Non-monetary Currency assets assets Exposure USD USD USD Australian Dollar 113,480 4,875,257 4,988,737 Brazilian Real 116,923 2,835,718 2,952,641 Canadian Dollar 374,487 7,123,907 7,498,394 Chilean Peso - 225,672 225,672 Chinese Yuan 14,442 816,684 831,126 Colombian Peso 4,668 983,151 987,819 Czech Koruna 61,933 - 61,933 Danish Krone 43,389 4,538,843 4,582,232 Euro 285,551 27,498,380 27,783,931 Hong Kong Dollar 41,364 15,271,256 15,312,620 Hungarian Forint 19,110 - 19,110 Indonesian Rupiah - 932,919 932,919 Israeli Shekel 1,882 51,976 53,858 Japanese Yen 500,915 21,488,126 21,989,041 Malaysian Ringgit - 478,797 478,797 Mexican Peso 21,444 631,331 652,775 New Zealand Dollar 70,469 1,557,929 1,628,398 Norwegian Krone 38,527 1,942,779 1,981,306 Polish Zloty 21,247 361,253 382,500 Pound Sterling 498,303 17,072,270 17,570,573 Russian Ruble 10,814 4,857,012 4,867,826 Singapore Dollar 85,341 1,659,192 1,744,533 South African Rand 424,286 710,310 1,134,596 South Korean Won 149,108 8,752,262 8,901,370 Swedish Krona 1,248 544,535 545,783 Swiss Franc 112,988 12,382,758 12,495,746 Taiwan Dollar 11,661 8,091,367 8,103,028 Thai Baht 21,298 1,958,771 1,980,069 Turkish lira 4,594 1,226,289 1,230,883 UAE Dirham 130,811 - 130,811 3,180,283 148,868,744 152,049,027

85 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

The Sub-Fund has entered into a number of forwards exchange contracts for currencies other than USD. The impact of the hedging have been included in the above table. At 31 December 2019, if any non-functional currencies had strengthened by 5% in relation to the respective functional currency of the Sub-Fund, with all other variables held constant, net assets attributable to holders of redeemable participating shares would have increased/decreased by the amounts shown below.

HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund** As at 31 December 2019 USD Australian Dollar 249,437 Brazilian Real 147,632 Canadian Dollar 374,920 Chilean Peso 11,284 Chinese Yuan 41,556 Colombian Peso 49,391 Czech Koruna 3,097 Danish Krone 229,112 Euro 1,389,197 Hong Kong Dollar 765,631 Hungarian Forint 955 Indonesian Rupiah 46,646 Israeli Shekel 2,693 Japanese Yen 1,099,452 Malaysian Ringgit 23,940 Mexican Peso 32,639 New Zealand Dollar 81,420 Norwegian Krone 99,065 Polish Zloty 19,125 Pound Sterling 878,529 Russian Ruble 243,391 Singapore Dollar 87,227 South African Rand 56,730 South Korean Won 445,068 Swedish Krona 27,289 Swiss Franc 624,787 Taiwan Dollar 405,151 Thai Baht 99,003 Turkish lira 61,544 UAE Dirham 6,540 7,602,451

86 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(ii) Currency risk (continued)

HSBC Global Funds ICAV – China Government Local Bond Index Fund*** Net As at 31 December 2019 Monetary Non-monetary Currency assets assets Exposure USD USD USD Chinese Yuan 1,122,112 49,812,411 50,934,523 1,122,112 49,812,411 50,934,523

The Sub-Fund has entered into a number of forwards exchange contracts for currencies other than USD. The impact of the hedging have been included in the above table. At 31 December 2019, if any non-functional currencies had strengthened by 5% in relation to the respective functional currency of the Sub-Fund, with all other variables held constant, net assets attributable to holders of redeemable participating shares would have increased/decreased by the amounts shown below.

HSBC Global Funds ICAV – China Government Local Bond Index Fund*** As at 31 December 2019 USD Chinese Yuan 2,546,726 2,546,726

There is no foreign currencies exposure for HSBC Global Funds ICAV – US Government Bond Index Fund as at 31 December 2019, HSBC Global Funds ICAV – US Equity Index Fund and HSBC Global Funds ICAV – Global Emerging Market Government Bond Fund.

*Commenced operations on 24 April 2019 **Commenced operations on 14 May 2019 ***Commenced operations on 28 October 2019

87 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(iii) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

HSBC Global Funds ICAV – US Government Bond Index Fund as at 31 December 2019

Non- Interest interest bearing bearing Total USD USD USD Assets Financial assets at fair value through profit or loss 21,802,162 - 21,802,162 Cash and cash equivalents 13,776 - 13,776 Due from brokers - 257,240 257,240 Interest receivable - 133,164 133,164 Assets 21,815,938 390,404 22,206,342

Interest Non-interest bearing bearing Total USD USD USD Liabilities Due to brokers - 271,987 271,987 Due to Management Company - 7,344 7,344 Liabilities - 279,331 279,331

Interest sensitivity gap 21,815,938

The following tables detail the effect on net assets should interest rates have increased/decreased by 50 basis points (bps) with all other variables remaining constant, assuming that a 50bps increase/decrease in the base interest rate would result in a correlating 50bps increase/decrease in the value of net assets. In reality, an increase/decrease of 50bps would not result in a direct correlating increase/decrease in the fair value of net assets, as the movement in the value of the net assets would depend on the individual asset class and/or market sentiment towards any sensitivity in the interest rate. The majority of the portfolio of the Sub-Fund is of fixed rate interest nature and therefore interest income received would not be affected by the fluctuation of interest.

Interest bearing USD Effect on net assets after 50 bps decrease 21,925,018 Effect on net assets after 50 bps increase 21,706,858

88 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(iii) Interest rate risk (continued)

HSBC Global Funds ICAV – US Government Bond Index Fund as at 31 December 2018

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Non- Interest interest bearing bearing Total USD USD USD Assets Financial assets at fair value through profit or loss 20,763,741 - 20,763,741 Cash and cash equivalents 30,147 - 30,147 Due from brokers - 65,901 65,901 Interest receivable - 121,406 121,406 Assets 20,793,888 187,307 20,981,195

Interest Non-interest bearing bearing Total USD USD USD Liabilities Due to brokers - 416,754 416,754 Due to Management Company - 6,755 6,755 Liabilities - 423,509 423,509

Interest sensitivity gap 20,793,888

Interest bearing USD Effect on net assets after 50 bps decrease 20,897,857 Effect on net assets after 50 bps increase 20,689,919

89 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(iii) Interest rate risk (continued)

HSBC Global Funds ICAV – Global Government Bond Index Fund as at 31 December 2019

Interest Non-interest bearing bearing Total USD USD USD Assets Financial assets at fair value through profit or loss 437,430,810 14,653,694 452,084,504 Cash and cash equivalents 1,020,884 - 1,020,884 Due from brokers - 3,913,612 3,913,612 Due from Shareholders - 1,121,351 1,121,351 Interest receivable - 2,902,563 2,902,563 Other receivable - 6,581 6,581 Total Assets 438,451,694 22,597,801 461,049,495

Interest Non-interest bearing bearing Total USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 8,181,356 8,181,356 Due to Brokers - 9,181,956 9,181,956 Due to Shareholders - 220,875 220,875 Due to Management Company - 29,369 29,369 Other payable - 15,708 15,708 Total Liabilities - 17,629,264 17,629,264

Total Interest sensitivity gap 438,451,694

Interest bearing USD Effect on net assets after 50 bps decrease 440,643,952 Effect on net assets after 50 bps increase 436,259,436

90 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(iii) Interest rate risk (continued)

HSBC Global Funds ICAV – Global Government Bond Index Fund as of 31 December 2018

Interest Non-interest bearing bearing Total USD USD USD Assets

Financial assets at fair value through profit or loss 261,789,707 2,886,663 264,676,370 Cash and cash equivalents 804,099 - 804,099 Due from brokers - 5,069,023 5,069,023 Due from Shareholders - 111,970 111,970 Interest receivable - 1,889,145 1,889,145 Other receivable - 3,077 3,077 Total Assets 262,593,806 9,959,878 272,553,684

Interest Non-interest bearing bearing Total USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 5,415,844 5,415,844 Due to Shareholders - 371,707 371,707 Due to Management Company - 18,800 18,800 Dividends payable - 740,458 740,458 Other payable - 35,930 35,930 Total Liabilities - 6,582,739 6,582,739

Total Interest sensitivity gap 262,593,806

Interest bearing USD Effect on net assets after 50 bps decrease 263,906,775 Effect on net assets after 50 bps increase 261,280,837

91 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(iii) Interest rate risk (continued)

HSBC Global Funds ICAV – Global Corporate Bond Index Fund as of 31 December 2019

Non- HSBC Global Funds ICAV – Global Interest interest Corporate Bond Index Fund bearing bearing Total USD USD USD Assets Financial assets at fair value through profit or loss 488,341,847 3,789,036 492,130,883 Cash and cash equivalents 724,993 - 724,993 Due from brokers - 169,123 169,123 Due from Shareholders - 2,380,570 2,380,570 Interest receivable - 4,227,950 4,227,950 Other receivable - 2,060 2,060 Total Assets 489,066,840 10,568,739 499,635,579

Non- Interest interest bearing bearing Total USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 4,466,840 4,466,840 Due to Brokers - 3,266 3,266 Due to Shareholders - 83,827 83,827 Due to Management Company - 46,571 46,571 Other payable - 3,493 3,493 Total Liabilities - 4,603,997 4,603,997

Total Interest sensitivity gap 489,066,840

Interest bearing USD Effect on net assets after 50 bps decrease 491,512,174 Effect on net assets after 50 bps increase 486,621,506

92 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(iii) Interest rate risk (continued)

HSBC Global Funds ICAV – Global Corporate Bond Index Fund as of 31 December 2018

Non- Interest interest bearing bearing Total USD USD USD Assets Financial assets at fair value through profit or loss 133,363,337 307,468 133,670,805 Cash and cash equivalents 2,113,198 - 2,113,198 Due from brokers - 1,219,173 1,219,173 Due from Shareholders - 2,396,613 2,396,613 Interest receivable - 1,355,116 1,355,116 Other receivable - 2,060 2,060 Total Assets 135,476,535 5,280,430 140,756,965

Interest Non-interest bearing bearing Total USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 223,021 223,021 Due to broker - 1,028,816 1,028,816 Due to Shareholders - 2,732,508 2,732,508 Due to Management Company - 11,445 11,445 Dividends payable - 921,846 921,846 Other payable - - - Total Liabilities - 4,917,636 4,917,636

Total Interest sensitivity gap 135,476,535

Interest bearing USD Effect on net assets after 50 bps decrease 136,153,918 Effect on net assets after 50 bps increase 134,799,152

93 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(iii) Interest rate risk (continued)

HSBC Global Funds ICAV – Global Aggregate Bond Index Fund as of 31 December 2019

Interest Non-interest bearing bearing Total USD USD USD Assets Financial assets at fair value through profit or loss 4,617,396,472 47,633,886 4,665,030,358 Cash and cash equivalents 23,220,950 - 23,220,950 Due from brokers - 81,847,830 81,847,830 Due from Shareholders - 20,987,651 20,987,651 Interest receivable - 24,074,544 24,074,544 Other receivable - 15,065 15,065 Total Assets 4,640,617,422 174,558,976 4,815,176,398

Interest Non-interest bearing bearing Total USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 47,935,380 47,935,380 Due to broker - 498,085,001 498,085,001 Due to Shareholders - 3,172,384 3,172,384 Due to Management Company - 136,490 136,490 Other payable - 74,448 74,448 Total Liabilities - 549,403,703 549,403,703

Total Interest sensitivity gap 4,640,617,422

Interest bearing USD Effect on net assets after 50 bps decrease 4,663,820,509 Effect on net assets after 50 bps increase 4,617,414,335

94 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(iii) Interest rate risk (continued)

HSBC Global Funds ICAV – Global Aggregate Bond Index Fund as of 31 December 2018

Interest Non-interest bearing bearing Total USD USD USD Assets Financial assets at fair value through profit or loss 524,485,662 2,817,516 527,303,178 Cash and cash equivalents 54,233,410 - 54,233,410 Due from brokers - 5,332,933 5,332,933 Due from Shareholders - 2,646,548 2,646,548 Interest receivable - 2,933,614 2,933,614 Total Assets 578,719,072 13,730,611 592,449,683

Interest Non-interest bearing bearing Total USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 4,434,331 4,434,331 Due to broker - 62,898,382 62,898,382 Due to Shareholders - 430,992 430,992 Due to Management Company - 27,346 27,346 Dividends payable - 72,616 72,616 Other payable - 5,765 5,765 Total Liabilities - 67,869,432 67,869,432

Total Interest sensitivity gap 578,719,072

Interest bearing USD Effect on net assets after 50 bps decrease 581,612,667 Effect on net assets after 50 bps increase 575,825,477

95 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(iii) Interest rate risk (continued)

HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund as of 31 December 2019*

Interest Non-interest bearing bearing Total USD USD USD Assets Financial assets at fair value through profit or loss 74,802,746 - 74,802,746 Cash and cash equivalents 228,481 - 228,481 Due from brokers - 493,277 493,277 Due from Shareholders - 28,337 28,337 Interest receivable - 1,116,854 1,116,854 Total Assets 75,031,227 1,638,468 76,669,695

Interest Non-interest bearing bearing Total USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 125 125 Due to broker - 396,630 396,630 Due to Management Company - 18,869 18,869 Total Liabilities - 415,624 415,624

Total Interest sensitivity gap 75,031,227

Interest bearing USD Effect on net assets after 50 bps decrease 75,406,383 Effect on net assets after 50 bps increase 74,656,071

96 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(a) Market risk (continued)

(iii) Interest rate risk (continued)

HSBC Global Funds ICAV – China Government Local Bond Index Fund as of 31 December 2019**

Interest Non-interest bearing bearing Total USD USD USD Assets Financial assets at fair value through profit or loss 49,812,411 - 49,812,411 Cash and cash equivalents 1,135,443 - 1,135,443 Due from brokers - 4 4 Due from Shareholders - 8,753 8,753 Interest receivable - 687,520 687,520 Total Assets 50,947,854 696,277 51,644,131

Interest Non-interest bearing bearing Total USD USD USD Liabilities Due to Management Company 16,987 16,987 Total Liabilities 16,987 16,987

Total Interest sensitivity gap 50,947,854

Interest bearing USD Effect on net assets after 50 bps decrease 51,202,593 Effect on net assets after 50 bps increase 50,693,115

*Commenced operations on 17 October 2019 ** Commenced operations on 28 October 2019

97 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(b) Credit risk

Credit risk is the risk of financial loss to the ICAV if a counterparty to a financial instrument fails to discharge an obligation or commitment that it has entered into with the ICAV. Credit risk is generally higher when a non-exchange traded financial instrument is involved because the counterparty for non- exchange traded financial instruments is not backed by an exchange clearing house.

This exposure exists between trade date and settlement date for asset purchase and sale transactions, for securities re-used by counterparty and for the lifetime of derivative transactions. This exposure also exists for collateral held at counterparties. The counterparties and brokers of the Sub-Funds have the right to re-use assets, which may increase counterparty risk. Assets that are re-used by the counterparties are subject to the risk of the counterparty defaulting on its obligations. It is the policy of the Sub-Funds to transact the majority of its securities and contractual commitment activity and its derivative transactions with brokers, counterparties and banks that the Directors considers to be well established. The securities traded by the Sub-Funds also include counterparty risk as to the solvency of the issuer of the securities. The counterparties, brokers and bankers of the Sub-Funds hold cash as bankers and the Sub-Funds is thus in a position of general creditor to such counterparties also for such amounts.

HSBC Bank Plc, the holding company of the Depositary, HSBC France, Dublin Branch, was rated as AA- (31 December 2018: AA-) by Standard and Poor’s as at 31 December 2019.

The below table provides an analysis of the ICAV’s counterparty’s credit rating as reported by Standard and Poor’s.

Credit Rating Credit Rating Counterparty 31 December 2019 31 December 2018

Citi Bank A+ A+ Credit Suisse International - A Goldman Sachs BBB+ BBB+ HSBC Bank Plc AA- AA- JP Morgan Securities A+ A+ Royal Bank of Scotland BBB BBB- State Street A A UBS A- A-

The ICAV will also be exposed to a credit risk in relation to the counterparties with whom it transacts or places margin or collateral in respect of transactions in financial derivative instruments and may bear the risk of counterparty default. Bonds or other debt securities involve credit risk to the issuer which may be evidenced by the issuer’s credit rating. Securities which are subordinated and/or have a lower credit rating are generally considered to have a higher credit risk and a greater possibility of default than more highly rated securities. The investments in bonds or other debt securities will be subject to the credit risk of the issuers of the bonds or debt securities in which it invests. In the event that any issuer of bonds or other debt securities in which the assets of a Sub-Fund are invested defaults, becomes insolvent or experiences financial or economic difficulties, this may adversely affect the value of the relevant securities (which may be zero) and any amounts paid on such securities (which may be zero), which may in turn adversely affect the Net Asset Value of the Sub-Funds. The carrying amounts of financial assets represents the maximum exposure to credit risk. 98 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(b) Credit risk (continued)

Investments in debt securities

At 31 December 2019, the ICAV was invested in corporate debt securities with the following credit quality. The ratings are based on average credit rating which is an average of the vendors: S&P, Fitch, Moody’s, and Sovereign Rating. The average fund and benchmark rating does not include securities rated NR or NA.

Market Value Market Value Market Value Market Value Weight Weight Weight Weight Global Global Aggregate Bond US Government Global Corporate Government Index Fund Bond Index Fund Bond Index Fund Bond Index Fund AAA 41.30 99.96 1.43 49.99 AA 13.80 - 8.20 16.85 A 30.55 - 38.19 24.92 BBB 15.09 - 48.85 7.26 BB 0.05 - 0.11 0.48 Cash (0.79) 0.04 3.23 0.50 Total 100.00 100.00 100.00 100.00

Market Value Weight Market Value Weight Global Emerging Market China Government Local Bond Government Bond Index Fund* Index Fund** AAA 0.00 - AA 6.18 - A 13.07 98.62 BBB 35.23 - BB 13.98 - B 26.51 - CCC 1.60 - CC 2.02 - NR 0.31 - Cash 1.09 1.38 Total 100.00 100.00

*Commenced operations on 17 October 2019 ** Commenced operations on 28 October 2019

99 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(b) Credit risk (continued)

Investments in debt securities Concentration of credit risk As at 31 December 2019, the ICAV’s debt securities exposures were concentrated in the following industries. Market Value Market Value Market Value Market Value Weight Weight Weight Weight Sector Global Global Aggregate Bond US Government Global Corporate Government Index Fund Bond Index Fund Bond Index Fund Bond Index Fund Treasuries 55.15 99.96 0.39 99.50 Supra/Agencies 12.45 - 0.10 - Local Authority - - 0.02 - US Agency MBS 10.91 - - - Collateralised 3.32 - - - Corporate Finance 7.14 - - - Corporate Non-Finance 11.83 - - - Financial Institutions - - 35.99 - Utility - - 7.62 - Communications - - 7.71 - Consumer Cyclical - - 7.55 - Consumer Non Cyclical - - 13.65 - Energy - - 6.99 - Technology - - 5.60 - Transportation - - 2.97 - Basic Industry - - 3.15 - Capital Goods - - 4.20 - Others - 0.04 0.85 - Cash (0.79) - 3.23 0.50 Total 100.00 100.00 100.00 100.00 Market Value Weight Market Value Weight Sector Global Emerging Market China Government Local Government Bond Index Fund* Bond Index Fund** Treasuries 83.83 72.63 Government Owned - 25.99 Financial Institutions 1.32 - Utility 2.52 - Energy 8.53 - Industrial 0.33 - Basic Materials 2.39 - Cash 1.09 1.38 Total 100.00 100.00 *Commenced operations on 17 October 2019 ` ** Commenced operations on 28 October 2019

100 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(b) Credit risk (continued)

Average maturity allocation

Average Maturity is the average time (in years) to maturity; the time (in years) to principal repayment for securitised; the time (in years) to probable call/put for non-securitised.

Market Value Market Value Market Value Market Value Weight Weight Weight Weight Global Global Global Average Maturity Aggregate US Government Corporate Government Bond Index Bond Index Bond Index Bond Index Fund Fund Fund Fund

0-1 years - 0.04 - - 0-2 years 11.39 - 11.40 14.08 1-3 years - 34.42 - - 2-5 years 37.07 - 31.65 27.13 3-5 years - 20.15 - - 5-10 years 27.38 26.89 32.69 25.24 10+ years 24.16 18.50 24.26 33.55 Total 100.00 100.00 100.00 100.00

Market Value Weight Market Value Weight Global Emerging Market China Government Local Average Maturity Government Bond Index Fund* Bond Index Fund**

0-2 years 3.44 8.43 1-3 years - - 2-5 years 28.38 44.27 3-5 years - - 5-10 years 36.24 30.64 10+ years 31.94 16.66 Total 100.00 100.00

*Commenced operations on 17 October 2019 ** Commenced operations on 28 October 2019

101 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(b) Credit risk (continued)

Concentration of credit risk

Investments in debt securities

At 31 December 2018, the ICAV was invested in corporate debt securities with the following credit quality. The ratings are based on average credit rating which is an average of the vendors: S&P, Fitch, Moody’s, and Sovereign Rating. The average fund and benchmark rating does not include securities rated NR or NA.

Market Value Market Value Market Value Market Value Weight Weight Weight Weight Global Global Global Aggregate US Government Corporate Government Bond Index Bond Index Bond Index Bond Index Fund Fund Fund Fund AAA 41.39 99.94 1.94 48.51 AA 15.15 - 9.83 17.24 A 29.84 - 35.83 25.97 BBB 14.53 - 51.26 7.40 BB 0.26 - 0.30 0.46 Cash (1.18) 0.06 0.84 0.42 Total 100.00 100.00 100.00 100.00

Concentration of credit risk

As at 31 December 2018, the ICAV’s debt securities exposures were concentrated in the following industries. UK Bespoke Sectors are used for sector analysis.

Market Value Market Value Market Value Market Value Weight Weight Weight Weight Global Sector Global Government Aggregate Bond US Government Global Corporate Bond Index Index Fund Bond Index Fund Bond Index Fund Fund

Treasuries 56.27 99.94 0.84 99.33 Supra/Agencies 12.71 - - - US Agency MBS 11.76 - - - Collateralised 2.66 - - - Corporate Finance 6.06 - 42.96 - Corporate Non-Finance 11.72 - 43.98 - Others - - 11.38 0.26 Cash (1.18) 0.06 0.84 0.42 Total 100.00 100.00 100.00 100.00

102 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(b) Credit risk (continued)

Average maturity allocation

Average Maturity is the average time (in years) to maturity; the time (in years) to principal repayment for securitised; the time (in years) to probable call/put for non-securitised.

Market Value Market Value Market Value Market Value Weight Weight Weight Weight Global Global Average Maturity Global Corporate Government Aggregate Bond US Government Bond Index Bond Index Index Fund Bond Index Fund Fund Fund

0-2 years 10.89 0.06 8.17 12.38 2-5 years 34.12 59.18 34.93 32.43 5-10 years 32.22 21.90 36.77 26.83 10+ years 22.77 18.86 20.13 28.36 Total 100.00 100.00 100.00 100.00

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The ICAV is exposed to daily cash redemptions of redeemable participating shares and monitors this activity to ensure that funds are available to meet the redemption requirements.

The ICAV’s actively traded securities are considered to be readily realisable as they are actively traded on recognised stock exchanges.

The ICAV’s financial instruments also comprise investments in derivative contracts traded over-the- counter, which are not traded in an organised public market and which generally may be illiquid. As a result, the ICAV may not be able to liquidate quickly some of its investments in these instruments at an amount close to its fair value in order to meet its liquidity requirements, or to respond to specific events such as a deterioration in the credit worthiness of any particular issuer.

The table below analyses the ICAV’s financial liabilities into relevant maturity groupings based on the remaining year at the Statement of Financial Position date to the contractual maturity date. Balances due within 12 months equal their carrying balances, as the impact of discounting is not significant.

103 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

HSBC Global Funds ICAV - US Government Bond Index Fund As at 31 December 2019

Less than 1 month No stated 1 month -6 months maturity Total USD USD USD USD Liabilities Due to Management Company 7,344 - - 7,344 Due to broker 271,987 - - 271,987 Net assets attributable to holders of redeemable participating shares 21,927,011 - - 21,927,011 Total Liabilities 22,206,342 - - 22,206,342

HSBC Global Funds ICAV - US Government Bond Index Fund As at 31 December 2018

Less than 1 month No stated 1 month -6 months maturity Total USD USD USD USD Liabilities Due to broker 416,754 - - 416,754 Due to Management Company 6,755 - - 6,755 Net assets attributable to holders of redeemable participating shares 20,557,686 - - 20,557,686 Total Liabilities 20,981,195 - - 20,981,195

HSBC Global Funds ICAV - Global Government Bond Index Fund As at 31 December 2019

Less than 1 month- No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss 7,069,043 1,112,313 - 8,181,356 Due to broker 9,181,956 - - 9,181,956 Due to Shareholders 220,875 - - 220,875 Due to Management Company 29,369 - - 29,369 Accrued expenses 15,708 - - 15,708 Net assets attributable to holders of redeemable participating shares 443,420,231 - - 443,420,231 Total Liabilities 459,937,182 1,112,313 - 461,049,495

104 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

HSBC Global Funds ICAV - Global Government Bond Index Fund As at 31 December 2018

Less than 1 month- No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss 5,085,507 330,337 - 5,415,844 Due to broker - - - - Due to Shareholders 371,707 - - 371,707 Due to Management Company 18,800 - - 18,800 Dividends payable 740,458 - - 740,458 Accrued expenses 35,930 - - 35,930 Net assets attributable to holders of redeemable participating shares 265,970,945 - - 265,970,945 Total Liabilities 272,223,347 330,337 - 272,553,684

HSBC Global Funds ICAV - Global Corporate Bond Index Fund As at 31 December 2019

Less than 1 month No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss 3,708,061 758,779 - 4,466,840 Due to broker 3,266 - - 3,266 Due to Shareholders 83,827 - - 83,827 Due to Management Company 46,571 - - 46,571 Dividends payable - - - - Accrued expenses 3,493 - - 3,493 Net assets attributable to holders of redeemable participating shares 495,031,582 - - 495,031,582 Total Liabilities 498,876,800 758,779 - 499,635,579

105 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

HSBC Global Funds ICAV - Global Corporate Bond Index Fund As at 31 December 2018

Less than 1 month No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss 199,844 23,177 - 223,021 Due to broker 1,028,816 - - 1,028,816 Due to Shareholders 2,732,508 - - 2,732,508 Due to Management Company 11,445 - - 11,445 Dividends payable 921,846 - - 921,846 Net assets attributable to holders of redeemable participating shares 135,839,329 - - 135,839,329 Total Liabilities 140,733,788 23,177 - 140,756,965

HSBC Global Funds ICAV - Global Aggregate Bond Index Fund As at 31 December 2019

Less than 1 month No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss 37,901,872 10,033,508 - 47,935,380 Due to broker 498,085,001 - - 498,085,001 Due to Shareholders 3,172,384 - - 3,172,384 Due to Management Company 136,490 - - 136,490 Dividends payable - - - - Accrued expenses 74,448 - - 74,448 Net assets attributable to holders of redeemable participating shares 4,265,772,695 - - 4,265,772,695 Total Liabilities 4,805,142,890 10,033,508 - 4,815,176,398

106 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

HSBC Global Funds ICAV - Global Aggregate Bond Index Fund As at 31 December 2018

Less than 1 month No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss 3,572,877 861,454 - 4,434,331 Due to broker 62,898,382 - - 62,898,382 Due to Shareholders 430,992 - - 430,992 Due to Management Company 27,346 - - 27,346 Dividends payable 72,616 - - 72,616 Accrued expenses 5,765 - - 5,765 Net assets attributable to holders of redeemable participating shares 524,580,251 - - 524,580,251 Total Liabilities 591,588,229 861,454 - 592,449,683

HSBC Global Funds ICAV - Global Equity Index Fund* As at 31 December 2019

Less than 1 month No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 14,974 - 14,974 Due to broker 169 - - 169 Due to Shareholders - - - - Due to Management Company 13,474 - - 13,474 Dividends payable - - - - Accrued expenses 9,460 - - 9,460 Net assets attributable to holders of redeemable participating shares 33,161,439 - - 33,161,439 Total Liabilities 33,184,542 14,974 - 33,199,516

107 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

HSBC Global Funds ICAV - Multi-Factor Worldwide Equity Fund** As at 31 December 2019

Less than 1 month No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 30,112 - 30,112 Due to broker - - - - Due to Shareholders 822,222 - - 822,222 Due to Management Company 129,538 - - 129,538 Dividends payable - - - - Accrued expenses 157,588 - - 157,588 Net assets attributable to holders of redeemable participating shares 345,456,381 - - 345,456,381 Total Liabilities 346,565,729 30,112 - 346,595,841

HSBC Global Funds ICAV – US Equity Index Fund*** As at 31 December 2019

Less than 1 month No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 475 - 475 Due to broker - - - - Due to Shareholders - - - - Due to Management Company 7,924 - - 7,924 Dividends payable - - - - Accrued expenses 10,674 - - 10,674 Net assets attributable to holders of redeemable participating shares 32,532,382 - - 32,532,382 Total Liabilities 32,550,980 475 - 32,551,455

108 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued) (c) Liquidity risk (continued)

HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund**** As at 31 December 2019 Less than 1 month No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss - 125 - 125 Due to broker 396,630 - - 396,630 Due to Shareholders - - - - Due to Management Company 18,869 - - 18,869 Dividends payable - - - - Accrued expenses - - - - Net assets attributable to holders of redeemable participating shares 76,254,071 - - 76,254,071 Total Liabilities 76,669,570 125 - 76,669,695

HSBC Global Funds ICAV – China Government Local Bond Index Fund***** As at 31 December 2019

Less than 1 month No stated 1 month 6 months maturity Total USD USD USD USD Liabilities Financial liabilities at fair value through profit or loss - - - - Due to broker - - - - Due to Shareholders - - - - Due to Management Company 16,987 - - 16,987 Dividends payable - - - - Accrued expenses - - - - Net assets attributable to holders of redeemable participating shares 51,627,144 - - 51,627,144 Total Liabilities 51,644,131 - - 51,644,131

The principal investment strategies that involve foreign securities, derivatives or securities with substantial market and/or credit risk tend to have the greatest exposure to liquidity risk. The Management Company monitors The Sub-Funds liquidity position on a daily basis, focusing on both the requirements for liquidity and that suitable assets are able to meet such requirements.

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments

None of the financial assets or financial liabilities are offset in the Statement of Financial Position. The disclosures set out in the tables below include financial assets and financial liabilities that are subject to an enforceable master netting arrangement or similar agreement that covers similar financial instruments.

The International Swaps and Derivatives Association (“ISDA”) and similar master netting arrangements do not meet the criteria for offsetting in the Statement of Financial Position. This is because they create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Sub-Fund or the counterparties. In addition, the Sub-Funds and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously.

The following tables represent the Sub-Funds financial assets and liabilities subject to offsetting, enforceable master netting and similar agreements.

HSBC Global Funds ICAV - Global Government Bond Index Fund as at 31 December 2019

Financial assets which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Net amount Gross amount of Financial Gross amounts not offset of Financial Asset in the Statement of Gross Liabilities presented in Financial Position amount of offset in the the recognised Statement of Statement of Cash Description of Financial Financial Financial Financial Collateral type of Financial Asset Position Position Instruments received Net amount Assets USD USD USD USD USD USD

Citi Bank 13,177 - 13,177 (13,177) - - Goldman Sachs 420,595 - 420,595 (420,595) - - HSBC Bank Plc 13,542,861 - 13,542,861 (3,768,691) - 9,774,170 JP Morgan Securities 4,803 - 4,803 (4,803) - - Royal Bank of Scotland 54,393 - 54,393 (54,393) - - State Street 357,946 - 357,946 (357,946) - - UBS 259,919 - 259,919 (259,919) - -

14,653,694 - 14,653,694 (4,879,524) - 9,774,170

110 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

HSBC Global Funds ICAV - Global Government Bond Index Fund as at 31 December 2019 (continued)

Financial liabilities which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Citi Bank 458,963 - 458,963 (13,177) - 445,786 Goldman Sachs 546,755 - 546,755 (420,595) - 126,160 HSBC Bank Plc 3,768,691 - 3,768,691 (3,768,691) - - JP Morgan Securities 39,177 - 39,177 (4,803) - 34,374 Royal Bank of Scotland 88,708 - 88,708 (54,393) - 34,315 State Street 2,647,282 - 2,647,282 (357,946) - 2,289,336 UBS 631,780 - 631,780 (259,919) - 371,861 8,181,356 - 8,181,356 (4,879,524) - 3,301,832

111 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

HSBC Global Funds ICAV - Global Government Bond Index Fund as at 31 December 2018

Financial assets which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Citi Bank 236,034 - 236,034 (106,676) - 129,358 Goldman Sachs 12,364 - 12,364 (12,364) - -

HSBC Bank Plc 1,882,432 - 1,882,432 (1,882,432) - - JP Morgan Securities 573,940 - 573,940 (573,940) - - Royal Bank of Scotland 56,332 - 56,332 (56,332) - - State Street ------UBS 125,561 - 125,561 (14,326) - 111,235 2,886,663 - 2,886,663 (2,646,070) - 240,593

112 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

Financial liabilities which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Citi Bank 106,676 - 106,676 (106,676) - - Goldman Sachs 232,968 - 232,968 (12,364) - 220,604 HSBC Bank Plc 2,904,168 - 2,904,168 (1,882,432) - 1,021,736 JP Morgan Securities 2,082,110 - 2,082,110 (573,940) - 1,508,170 Royal Bank of Scotland 72,461 - 72,461 (56,332) - 16,129 State Street 3,135 - 3,135 - - 3,135 UBS 14,326 - 14,326 (14,326) - - 5,415,844 - 5,415,844 (2,646,070) - 2,769,774

113 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

HSBC Global Funds ICAV - Global Corporate Bond Index Fund as at 31 December 2019

Financial assets which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table. Gross amount of Net amount of Gross amounts not offset Financial Financial in the Statement of Gross Liabilities Asset Financial Position amount of offset in the presented in recognised Statement of the Statement Cash Description of Financial Financial of Financial Financial Collateral Net type of Financial Asset Position Position Instruments received amount Assets USD USD USD USD USD USD

Goldman Sachs 382,288 - 382,288 (382,288) - -

HSBC Bank Plc 2,926,291 - 2,926,291 (1,661,660) - 1,264,631 Royal Bank of Scotland 3,788 - 3,788 (3,788) - - State Street - - - - - UBS London 347,862 - 347,862 (347,862) - -

3,660,229 - 3,660,229 (2,395,598) - 1,264,631

Financial liabilities which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table. Gross Net amount amount of of Financial Gross amounts not offset Financial Liabilities in the Statement of Gross Assets offset presented in Financial Position amount of in the the Description recognised Statement of Statement of Cash of type of Financial Financial Financial Financial Collateral Financial Liabilities Position Position Instruments pledged Net amount Liabilities USD USD USD USD USD USD

Goldman Sachs 384,254 - 384,254 (382,288) - 1,966 HSBC Bank Plc 1,661,660 - 1,661,660 (1,661,660) - - JP Morgan Securities 7,897 - 7,897 (3,788) - 4,109 Royal Bank of Scotland 1,996,694 - 1,996,694 - - 1,996,694 UBS 391,647 - 391,647 (347,862) - 43,785

4,442,152 - 4,442,152 (2,395,598) - 2,046,554

114 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

HSBC Global Funds ICAV - Global Corporate Bond Index Fund as at 31 December 2018

Citi Bank 30,626 - 30,626 (1,187) - 29,439 Goldman Sachs 750 - 750 (750) - - HSBC Bank Plc 2,254 - 2,254 (2,254) - - JP Morgan Securities 101,934 - 101,934 (98,747) - 3,187 Royal Bank of Scotland 28,163 - 28,163 (23,177) - 4,986 UBS 143,741 - 143,741 (8,720) - 135,021 307,468 - 307,468 (134,835) - 172,633

Financial liabilities which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Gross Net amount amount of of Financial Gross amounts not offset Financial Liabilities in the Statement of Gross Assets offset presented in Financial Position amount of in the the Description recognised Statement of Statement of Cash of type of Financial Financial Financial Financial Collateral Financial Liabilities Position Position Instruments pledged Net amount Liabilities USD USD USD USD USD USD Citi Bank 1,187 - 1,187 (1,187) - - Goldman Sachs 88,783 - 88,783 (750) - 88,033 HSBC Bank Plc 2,407 - 2,407 (2,254) - 153 JP Morgan Securities 98,747 - 98,747 (98,747) - - Royal Bank of Scotland 23,177 - 23,177 (23,177) - - UBS 8,720 - 8,720 (8,720) - - 223,021 - 223,021 (134,835) - 88,186

115 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

HSBC Global Funds ICAV - Global Aggregate Bond Index Fund as at 31 December 2019

Financial assets which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Gross Net amount amount of of Financial Gross amounts not offset in Financial Asset the Statement of Financial Gross Liabilities presented in Position amount of offset in the the Description recognised Statement of Statement of Cash of type of Financial Financial Financial Financial Collateral Financial Asset Position Position Instruments received Net amount Assets USD USD USD USD USD USD

Citi Bank 1,066,507 - 1,066,507 (1,066,507) - - Goldman Sachs 1,037,210 - 1,037,210 (1,037,210) - - HSBC Bank Plc 37,905,226 - 37,905,226 (18,659,289) - 19,245,937 JPM Securities 284,333 - 284,333 (284,333) - - Royal Bank of Scotland 1,438,005 - 1,438,005 (1,438,005) - - State Street 1,032,747 - 1,032,747 (1,032,747) - - UBS London 4,792,431 - 4,792,431 (4,792,431) - - 47,556,459 - 47,556,459 (28,310,522) - 19,245,937

116 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

HSBC Global Funds ICAV - Global Aggregate Bond Index Fund as at 31 December 2019 (continued)

Financial liabilities which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Gross Net amount amount of of Financial Gross amounts not offset in Financial Liabilities the Statement of Financial Gross Assets offset presented in Position amount of in the the Description recognised Statement of Statement of Cash of type of Financial Financial Financial Financial Collateral Net Financial Liabilities Position Position Instruments pledged amount Liabilities USD USD USD USD USD USD

Citi Bank 2,732,458 - 2,732,458 (1,066,507) - 1,665,951 Goldman Sachs 1,733,358 - 1,733,358 (1,037,210) - 696,148 HSBC Bank Plc 18,659,289 - 18,659,289 (18,659,289) - - JPM Securities 453,518 - 453,518 (284,333) - 169,185 Royal Bank of Scotland 8,418,893 - 8,418,893 (1,438,005) - 6,980,888 State Street 6,758,332 - 6,758,332 (1,032,747) - 5,725,585 UBS London 8,696,563 - 8,696,563 (4,792,431) - 3,904,132

47,452,411 - 47,452,411 (28,310,522) - 19,141,889

117 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

HSBC Global Funds ICAV - Global Aggregate Bond Index Fund as at 31 December 2018

Financial assets which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Gross Net amount amount of of Financial Gross amounts not offset in Financial Asset the Statement of Financial Gross Liabilities presented in Position amount of offset in the the Description recognised Statement of Statement of Cash of type of Financial Financial Financial Financial Collateral Net Financial Asset Position Position Instruments received amount Assets USD USD USD USD USD USD

Citi Bank 150,156 - 150,156 (146,209) - 3,947 Credit Suisse International 786 - 786 - - 786 Goldman Sachs 234,825 - 234,825 (234,825) - - HSBC Bank Plc 1,168,083 - 1,168,083 (615,426) - 552,657 JP Morgan Securities 857,901 - 857,901 (857,901) - - Royal Bank of Scotland 153,065 - 153,065 (153,065) - - State Street 129,071 - 129,071 (8,731) - 120,340 UBS 123,629 - 123,629 (63,471) - 60,158 2,817,516 - 2,817,516 (2,079,628) - 737,888

118 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

HSBC Global Funds ICAV - Global Aggregate Bond Index Fund as at 31 December 2018 (continued)

Financial liabilities which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Citi Bank 146,209 - 146,209 (146,209) - - Goldman Sachs 1,424,178 - 1,424,178 (234,825) - 1,189,353 HSBC Bank Plc 615,426 - 615,426 (615,426) - - JP Morgan Securities 1,545,852 - 1,545,852 (857,901) - 687,951 Royal Bank of Scotland 630,464 - 630,464 (153,065) - 477,399 State Street 8,731 - 8,731 (8,731) - - UBS 63,471 - 63,471 (63,471) - - 4,434,331 - 4,434,331 (2,079,628) - 2,354,703

119 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

HSBC Global Funds ICAV - Global Equity Index Fund as at 31 December 2019*

Financial assets which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Gross Net amount amount of of Financial Gross amounts not offset in Financial Asset the Statement of Financial Gross Liabilities presented in Position amount of offset in the the Description recognised Statement of Statement of Cash of type of Financial Financial Financial Financial Collateral Net Financial Asset Position Position Instruments received amount Assets USD USD USD USD USD USD

Goldman Sachs 32,676 - 32,676 (14,974) - 17,702 32,676 - 32,676 (14,974) - 17,702

Financial liabilities which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Gross Net amount amount of of Financial Gross amounts not offset in Financial Asset the Statement of Financial Gross Liabilities presented in Position amount of offset in the the Description recognised Statement of Statement of Cash of type of Financial Financial Financial Financial Collateral Net Financial Asset Position Position Instruments received amount Assets USD USD USD USD USD USD

Goldman Sachs 14,974 - 14,974 (14,974) - - 14,974 - 14,974 (14,974) - -

120 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(d) Offsetting financial instruments (continued)

HSBC Global Funds ICAV – US Equity Index Fund**

Financial assets which are subject to enforceable master netting arrangements or similar agreements are detailed in the following table.

Gross Net amount amount of of Financial Gross amounts not offset in Financial Asset the Statement of Financial Gross Liabilities presented in Position amount of offset in the the Description recognised Statement of Statement of Cash of type of Financial Financial Financial Financial Collateral Net Financial Asset Position Position Instruments received amount Assets USD USD USD USD USD USD

Goldman Sachs 21,692 - 21,692 - - 21,692 21,692 - 21,692 - - 21,692

*Commenced operations on 24 April 2019 ** Commenced operations on 15 October 2019 *** Commenced operations on 17 October 2019 ****Commenced operations on 28 October 2019

121 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(e) Balance due from brokers and due to brokers as at 31 December 2019 US Global Global Global Government Government Corporate Aggregate Bond Index Bond Index Bond Index Bond Index Fund Fund Fund Fund USD USD USD USD Balance due from broker Margin accounts - - 169,123 2,072,811 Sales transactions awaiting settlement 257,240 3,913,612 - 79,775,019 257,240 3,913,612 169,123 81,847,830 Balance due to broker Purchases transactions awaiting settlement # 271,987 9,181,956 3,266 498,085,001 271,987 9,181,956 3,266 498,085,001

Global Emerging Multi-Factor Markets Worldwide US Equity Government Global Equity Equity Index Bond Index Fund* Fund** Fund*** Fund**** USD USD USD USD Balance due from broker Margin accounts 27,115 1,112,865 23 426,841 Sales transactions awaiting settlement - - - 66,436 27,115 1,112,865 23 493,277 Balance due to broker Purchases transactions awaiting settlement 169 - - 396,630 169 - - 396,630

* Commenced operations on 24 April 2019 ** Commenced operations on 14 May 2019 *** Commenced operations on 15 October 2019 **** Commenced operations on 17 October 2019 # Includes To Be Announced (“TBA”) securities of USD 407,019,163 in respect of the Global Aggregate Bond Index Fund.

122 Notes to Financial Statements for the year ended 31 December 2019 (continued)

7. Risks associated with financial instruments (continued)

(e) Balance due from brokers and due to brokers as at 31 December 2019 (continued)

China Government Local Bond Index Fund* USD Balance due from broker Margin accounts - Sales transactions awaiting settlement 4 4 Balance due to broker Purchases transactions awaiting settlement - - * Commenced operations on 28 October 2019

Balance due from Brokers and due to Brokers as at 31 December 2018

US Global Global Global Government Government Corporate Aggregate Bond Index Bond Index Bond Index Bond Index Fund Fund Fund Fund USD USD USD USD Balance due from broker Margin accounts - 49,172 61,281 160,452 Sales transactions awaiting settlement 65,901 5,019,851 1,157,892 5,172,481 65,901 5,069,023 1,219,173 5,332,933 Balance due to broker Purchases transactions awaiting settlement* 416,754 - 1,028,816 62,898,382 416,754 - 1,028,816 62,898,382 *Includes To Be Announced (“TBA”) securities of USD 60,928,778 in respect of the Global Aggregate Bond Index Fund.

8. Net asset value

The following table discloses the dealing Net Asset Value, the shares in issue and Net Asset Value per Share for each Share Class of the Sub-Funds as at 30 June 2019 and 31 December 2018.

HSBC Global Funds ICAV - US Government Bond Index Fund

Net Net Asset Value Asset Value Shares per Share Currency 31 December 2019 in Issue 31 December 2019

Class AC USD 10,917 1,000 10.92 Class BC USD 10,963 1,000 10.96 Class XC USD 21,894,178 1,997,003 10.96 Class SC USD 10,953 1,000 10.95 123 Notes to Financial Statements for the year ended 31 December 2019 (continued)

8. Net asset value (continued)

Net Net Asset Value Asset Value Shares per Share Currency 31 December 2018 in Issue 31 December 2018

Class AC USD 10,261 1,000 10.26 Class BC USD 10,279 1,000 10.28 Class XC USD 20,526,891 1,997,003 10.28 Class SC USD 10,255 1,000 10.26

HSBC Global Funds ICAV - Global Government Bond Index Fund

Net Net Asset Value Asset Value Shares per Share Currency 31 December 2019 in Issue 31 December 2019

Class ACH USD 10,957 1,000 10.96 Class BCH USD 6,983,533 634,750 11.00 Class SCH USD 11,026 1,000 11.03 Class XCH USD 11,008 1,000 11.01 Class ZCHGBP GBP 1,271,414 117,656 10.81 Class ZQHGBP GBP 190,010,373 18,084,820 10.51 Class S4CHGBP GBP 116,176,747 10,740,231 10.82 Class BDHGBP2 GBP 217,135 20,678 10.50 Class S2CHGBP1 GBP 4,955,823 470,392 10.54 Class S2QHGBP1 GBP 473,772 45,424 10.43 Class S2CH3 USD 1,047 100 10.47 Class S2QH3 USD 18,625,142 1,789,820 10.41 Class ZCHEUR4 EUR 2,663,114 270,300 9.85 Class HCH5 USD 994 100 9.94 Class HSCH (HUSD)5 HKD 7,640 773 9.89

1launched on 24 January 2019 2launched on 12 February 2019 3launched on 19 May 2019 4launched on 5 August 2019 5launched on 4 November 2019

Net Net Asset Value Asset Value Shares per Share Currency 31 December 2018 in Issue 31 December 2018

Class ACH USD 10,223 1,000 10.22 Class BCH USD 10,239 1,000 10.24 Class XCH USD 10,244 1,000 10.24 Class SCH USD 10,248 1,000 10.25 Class ZQHGBP GBP 166,313,816 16,544,187 10.05 Class ZCHGBP GBP 17,720 1,734 10.22 Class S4CHGBP GBP 42,470,278 4,153,715 10.23

124 Notes to Financial Statements for the year ended 31 December 2019 (continued)

8. Net asset value (continued)

HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Net Net Asset Value Asset Value Shares per Share Currency 31 December 2019 in Issue 31 December 2019

Class ACH USD 11,329 1,000 11.33 Class BCH USD 4,110,743 361,390 11.38 Class SCH USD 11,394 1,000 11.39 Class XCH USD 11,381 1,000 11.38 Class S5CH USD 11,407 1,000 11.41 Class S5DH USD 11,407 1,018 11.21 Class ZQH USD 348,993,290 31,962,104 10.92 Class ZCHGBP GBP 2,793,566 252,958 11.04 Class S2CH2 USD 1,068 100 10.68 Class S2QH2 USD 46,214,653 4,375,205 10.56 Class S2CHGBP1 GBP 32,223,883 2,942,247 10.95 Class S2QHGBP1 GBP 30,417,709 2,833,040 10.74 Class HCH3 USD 1,060 100 10.60 Class HSCH (HUSD)3 HKD 362,254 34,416 10.53 Class SDHEUR4 EUR 4,921,181 485,508 10.14 Class ZCHEUR5 EUR 3,027,267 301,100 10.05 1launched on 24 January 2019 2launched on 09 May 2019 3launched on 29 May 2019 4launched on 26 July 2019 5launched on 5 August 2019

Net Net Asset Value Asset Value Shares per Share Currency 31 December 2018 in Issue 31 December 2018

Class ACH USD 10,110 1,000 10.11 Class BCH USD 10,125 1,000 10.13 Class S5DH USD 9,961 1,000 9.96 Class S5CH USD 10,136 1,000 10.14 Class XCH USD 10,131 1,000 10.13 Class SCH USD 10,132 1,000 10.13 Class ZQH USD 135,740,933 13,667,559 9.93 Class ZCHGBP GBP 29,681 2,972 9.99

125 Notes to Financial Statements for the year ended 31 December 2019 (continued)

8. Net asset value (continued) HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Net Net Asset Value Asset Value Shares per Share Currency 31 December 2019 in Issue 31 December 2019

Class ACH USD 10,946 1,000 10.95 Class BCH USD 10,978 1,000 10.98 Class SCH USD 10,993 1,000 10.99 Class S5DH USD 186,648,879 16,983,507 10.99 Class S5CH USD 2,060,010,308 187,277,792 11.00 Class XCH USD 10,977 1,000 10.98 Class S5CHEUR EUR 1,606,271,611 151,602,124 10.60 Class S5DHEUR EUR 51,844,024 4,897,022 10.59 Class S5DHGBP GBP 119,123,004 11,061,335 10.77 Class HCH1 USD 1,036 100 10.36 Class HSCH (HUSD)1 HKD 199,298 19,386 10.28

1launched on 29 May 2019 2launched on 01 August 2019 Net Net Asset Value Asset Value Shares per Share Currency 31 December 2018 in Issue 31 December 2018

Class ACH USD 10,178 1,000 10.18 Class BCH USD 10,181 1,000 10.18 Class S5DH USD 50,077,701 4,922,122 10.17 Class S5CH USD 245,616,017 24,119,208 10.18 Class SCH USD 10,183 1,000 10.18 Class XCH USD 6,416,369 630,234 10.18 Class S5CHEUR EUR 172,313,825 17,051,727 10.11 Class S5DHEUR EUR 3,659,641 362,433 10.10 Class S5DHGBP GBP 16,705,052 1,647,118 10.14 HSBC Global Funds ICAV - Global Equity Index Fund* Net Net Asset Value Asset Value Shares per Share Currency 31 December 2019 in Issue 31 December 2019

Class AC1 USD 10,989 999 11.01 Class BC1 USD 11,008 999 11.03 Class SC1 USD 11,014 999 11.03 Class XC1 USD 11,008 999 11.03 Class ZC1 USD 32,973,208 2,991,297 11.02 Class AC1 USD 10,989 999 11.01 Class HC2 USD 1,152 100 11.52 Class HCHKD2 HKD 1,114,687 97,509 11.43 1 launched on 24 April 2019 2 launched on 29 May 2019 *Commenced operations on 24 April 2019 126 Notes to Financial Statements for the year ended 31 December 2019 (continued)

8. Net asset value (continued)

HSBC Global Funds ICAV - Multi-Factor Worldwide Equity Fund **

Net Net Asset Value Asset Value Shares per Share Currency 31 December 2019 in Issue 31 December 2019

Class XC1 USD 1,126 100 11.28 Class XS1 USD 1,126 100 11.23 Class ZQ1 USD 345,454,129 30,909,325 11.18

1 launched on 14 May 2019 **Commenced operations on 14 May 2019

HSBC Global Funds ICAV – US Equity Index Fund***

Net Net Asset Value Asset Value Shares per Share Currency 31 December 2019 in Issue 31 December 2019

Class AC1 USD 10,807 1,000 10.81 Class BC1 USD 10,812 1,000 10.81 Class SC1 USD 10,814 1,000 10.82 Class XC1 USD 10,812 1,000 10.81 Class ZC1 USD 32,373,413 2,993,401 10.82 Class HC1 USD 10,809 1,000 10.81 Class HCHKD1 HKD 817,476 76,120 10.74 1launched on 15 October 2019 ***Commenced operations on 15 October 2019

HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund **** Net Net Asset Value Asset Value Shares per Share Currency 31 December 2019 in Issue 31 December 2019

Class BC3 USD 10,139 999 10.15 Class SC3 USD 10,141 999 10.15 Class XC3 USD 10,139 999 10.15 Class ZQ3 USD 76,023,339 7,488,255 10.15 Class HC3 USD 10,136 999 10.15 Class HCHKD3 HKD 1,481,827 147,048 10.08

3launched on 17 October 2019 ****Commenced operations on 17 October 2019

127 Notes to Financial Statements for the year ended 31 December 2019 (continued)

8. Net asset value (continued) HSBC Global Funds ICAV – China Government Local Bond Index Fund***** Net Net Asset Value Asset Value Shares per Share Currency 31 December 2019 in Issue 31 December 2019

Class BC2 USD 10,304 1,000 10.30 Class XC2 USD 10,304 1,000 10.30 Class ZQ2 USD 51,486,562 4,995,000 10.31 Class SC2 USD 10,306 1,000 10.31 Class HC2 USD 10,301 1,000 10.30 Class HKD2 HKD 774,248 75,618 10.24

2launched on 28 October 2019 *****Commenced operations on 28 October 2019 9. Exchange rates The following exchange rates were used to translate assets and liabilities into the functional currency USD for the Sub-Funds: 31 December 31 December 2019 2018 Australian Dollar 1.4226 1.4205 Brazilian Real 4.0227 - Canadian Dollar 1.2968 1.3658 Chilean Peso 751.9500 - Chinese Yuen 6.9657 - Columbian Peso 3,281.5000 - Czech Koruna 22.6406 22.5141 Danish Krone 6.6570 6.5280 Euro 0.8909 0.8748 Hong Kong Dollar 7.7918 7.8294 Hungarian Forint 294.6192 280.6281 Indonesian Rupiah 13,882.5000 14,380.0000 Israeli Shekel 3.4540 3.7368 Japanese Yen 108.6750 109.7150 Malaysian Ringgit 4.0905 4.1325 Mexican Peso 18.8840 19.6938 New Taiwanese Dollar 29.9770 - New Zealand Dollar 1.4823 1.4913 Norwegian Krone 8.7873 8.6592 Polish Zloty 3.7873 3.7568 Pound Sterling 0.7549 0.7852 Russian Roubles 62.1113 69.3725 Singapore Dollar 1.3447 1.3630 South African Rand 13.9835 14.3850 South Korean Won 1,156.4500 1115.8000 Swedish Krona 9.3611 8.8659 Swiss Franc 0.9684 0.9858

128 Notes to Financial Statements for the year ended 31 December 2019 (continued)

9. Exchange rates (continued)

31 December 31 December 2019 2018 Thai Baht 29.9538 32.5600 Turkish Lira 5.9510 - UAE Dirham 3.6732 -

10. Related parties (a) Transactions with parties with significant influence The Management Company, Investment Manager, Administrator and Depositary are all wholly owned subsidiaries of HSBC Holdings plc and are therefore considered as related parties to the ICAV. HSBC Holdings plc is the parent company of the above parties and therefore considered as a related party to the ICAV. Fees and charges to these parties are disclosed in Note 5 to the financial statements. HSBC Global Asset Management held Nil (31 December 2018: 2,000,003) shares in US Government Bond Index Fund, 873 (31 December 2018: 4,745) shares in Global Government Bond Index Fund, Nil (31 December 2018: 6,756) shares in Global Corporate Bond Index Fund, Nil (31 December 2018: 636,502) shares in Global Aggregate Bond Index Fund, 3,006,199 shares in US Equity Index Fund, 7,500,044 shares in Global Emerging Market Government Bond Index Fund and 5,006,800 shares in China Government Local Bond Index Fund.

(b) Transactions with key management personnel

Key management personnels are Directors of the ICAV. Ms Cleo Bensignor is Head of Products for HSBC Global Asset Management (France), Mr Julien Coquet is the Chief Operating Officer of HSBC Global Asset Management (France) and Mr Simon Ellis is the Global Head of Client Segments at HSBC Global Asset Management (UK). Directors’ fees paid to the Directors of the ICAV are disclosed in Note 5. The Directors had no direct or indirect interest in any shares in issue by the ICAV during the financial year ended 31 December 2019. (c) Investment transactions with related parties In their purchases and sales of investments, the Sub-Funds utilise the services of members of HSBC Group. Details of such transactions executed during the year ended 31 December 2019 are shown below.

Global Government Bond Index Fund USD 9,469,800 2.33% - 0.00% Global Corporate Bond Index Fund USD 165,169,323 27.76% 705 0.00% Global Aggregate Bond Index Fund USD 1,100,860,035 7.95% 5,543 0.00%

129 Notes to Financial Statements for the year ended 31 December 2019 (continued)

10. Related parties (continued)

Global Equity Index Fund* USD 3,091,505 8.90% 89 0.00% Multi Factor Worldwide Equity Fund** USD 101,055,829 16.56% 27,749 0.03% US Equity Index Fund*** USD 162025 0.53% 2 0.00% Global Emerging Markets Government Bond Fund**** USD 39,717,302 33.51% 26 0.00% China Government Local Bond Index Fund***** USD 4,231,307 8.72% - 0.00%

* Commenced operations on 24 April 2019 ** Commenced operations on 14 May 2019 ***Commenced operations on 15 October 2019 ****Commenced operations on 17 October 2019 *****Commenced operations on 28 October 2019

Details of transactions executed during the year ended 31 December 2018 are shown below.

Percentage of Total such aggregate transactions in value of such value to total Commission transactions transactions paid for the Average rate of Sub-Fund Currency for the year for the year year commission

US Government Bond Index Fund USD 1,340,056 5.18% - 0.00% Global Government Bond Index Fund USD 43,128,155 13.76% - 0.00% Global Corporate Bond Index Fund USD 172,690,324 51.94% - 0.00% Global Aggregate Bond Index Fund USD 109,895,912 15.81% - 0.00%

The cash and cash equivalents includes USD Nil (31 December 2018: USD 50,016,664) and Financial assets at fair value through profit or loss includes USD 418,986,220 (31 December 2018: USD Nil) in HSBC managed funds. 130 Notes to Financial Statements for the year ended 31 December 2019 (continued)

11. Efficient portfolio management for investment purposes

Subject to the conditions and within the limits from time to time laid down by the Central Bank of Ireland, and except as otherwise stated in the investment objective and policies of the ICAV, the Management Company may employ, investment techniques and instruments such as futures, options, forward foreign currency contracts and other derivatives for investment purposes or efficient portfolio management. Furthermore, new techniques and instruments may be developed which may be suitable for use by the ICAV in the future and may employ such techniques and instruments subject to the prior approval of, and any restrictions imposed by, the Central Bank of Ireland.

Realised and unrealised gains and losses on exchange traded derivatives and over the counter markets are recognised in the Statement of Comprehensive Income.

12. Distributions

The Sub-Funds declared and paid the following dividends during the year ended 31 December 2019.

Sub-Funds Class Currency Dividend Ex-Date Dividend Rate Per Share HSBC Global Funds ICAV - Global S2QHGBP GBP 22 March 2019 0.0432 Corporate Bond Index Fund HSBC Global Funds ICAV - Global ZQH USD 22 March 2019 0.0821 Corporate Bond Index Fund HSBC Global Funds ICAV - Global S2QHGBP GBP 22 March 2019 0.0199 Government Bond Index Fund HSBC Global Funds ICAV - Global ZQHGBP GBP 22 March 2019 0.0376 Government Bond Index Fund HSBC Global Funds ICAV - Global S2QH USD 24 July 2019 0.0224 Government Bond Index Fund HSBC Global Funds ICAV - Global S2QHGBP GBP 24 July 2019 0.0478 Government Bond Index Fund HSBC Global Funds ICAV - Global ZQHGBP GBP 24 July 2019 0.0473 Government Bond Index Fund HSBC Global Funds ICAV - Global S2QH USD 24 July 2019 0.0414 Corporate Bond Index Fund HSBC Global Funds ICAV - Global S2QHGBP GBP 24 July 2019 0.0925 Corporate Bond Index Fund HSBC Global Funds ICAV - Global ZQH USD 24 July 2019 0.0891 Corporate Bond Index Fund HSBC Global Funds ICAV – Multi XS USD 24 July 2019 0.0453 Factor Worldwide Equity Fund HSBC Global Funds ICAV – Multi ZQ USD 24 July 2019 0.0464 Factor Worldwide Equity Fund HSBC Global Funds ICAV - Global ZQHGBP GBP 24 October 2019 0.0382 Government Bond Index Fund HSBC Global Funds ICAV - Global S2QH USD 24 October 2019 0.0376 Government Bond Index Fund HSBC Global Funds ICAV - Global S2QHGBP GBP 24 October 2019 0.0380 Government Bond Index Fund

131 Notes to Financial Statements for the year ended 31 December 2019 (continued)

12. Distributions (continued)

Sub-Funds Class Currency Dividend Ex-Date Dividend Rate Per Share HSBC Global Funds ICAV - Global ZQH USD 24 October 2019 0.0739 Corporate Bond Index Fund HSBC Global Funds ICAV - Global S2QH USD 24 October 2019 0.0709 Corporate Bond Index Fund HSBC Global Funds ICAV - Global S2QHGBP GBP 24 October 2019 0.0743 Corporate Bond Index Fund HSBC Global Funds ICAV – Multi ZQ USD 24 October 2019 0.0536 Factor Worldwide Equity Fund

The Sub-Funds declared and paid the following dividends during the year ended 31 December 2018.

Sub-Funds Class Currency Dividend Ex-Date Dividend Rate Per Share HSBC Global Funds ICAV - Global ZQHGBP GBP 21 September 2018 0.0320 Government Bond Index Fund

The Sub-Funds have the following dividends payable for the year ended 31 December 2018.

Sub-Funds Class Currency Dividend Ex-Date Dividend Rate Per Share

HSBC Global Funds ICAV - Global S5DH USD 18 December 2018 0.1750 Corporate Bond Index Fund HSBC Global Funds ICAV - Global ZQH USD 18 December 2018 0.0677 Corporate Bond Index Fund HSBC Global Funds ICAV - Global ZQHGBP GBP 18 December 2018 0.0351 Corporate Bond Index Fund HSBC Global Funds ICAV - Global S5DH USD 18 December 2018 0.0094 Aggregate Bond Index Fund HSBC Global Funds ICAV - Global S5DHEUR EUR 18 December 2018 0.0086 Aggregate Bond Index Fund HSBC Global Funds ICAV - Global S5DHGBP GBP 18 December 2018 0.0087 Aggregate Bond Index Fund

13. Significant events subsequent to the financial year end

With effect from 10 January 2020, Julien Coquet stepped down as a Director of the ICAV. The recent outbreak of the coronavirus disease 2019 (abbreviated as “COVID-19”) continues to impact global markets in several ways, including: (i) slowing down or stopping international, national, and local travel; (ii) impeding regular business operations across many different businesses, including manufacturers and service providers; and (iii) adding uncertainty to global markets with regard to how long and how serious COVID-19 may prove over time. All of these factors and more regarding COVID-19’s impact on global markets may materially adversely affect the Fund’s performance, including to the extent that the Fund makes investments in certain businesses or industries suffering downturns or impediments caused or exacerbated by COVID-19. 132 Notes to Financial Statements for the year ended 31 December 2019 (continued)

13. Significant events subsequent to the financial year end (continued)

The financial impact of the outbreak to date, cannot be estimated reliably. The Company performance is down across all the Equity sub-funds and two out of six Fixed Income sub-funds in Q1 2020. The other Fixed Income sub-funds remained positive for the period. All funds have registered positive month-to-date performance up to April 20, 2020. The three Equity sub-funds remain negative for the year and only one Fixed Income sub-funds has also a negative year-to-date performance (Global Corporate Bond Index Fund -0.92% YTD). Despite the challenging environment the Company had net inflows of USD 1bn in the quarter. The AUM increased by USD 780m in the period and by a further USD 108m up to April 20, 2020 taking the AUM to USD 6.7bn.

There were no other material significant events that have occurred in respect of the ICAV subsequent to the financial year end.

14. Approval of financial statements

The financial statements were approved and authorised for issue by the Board of Directors on 22 April 2020.

133 HSBC Global Funds ICAV - US Government Bond Index Fund

Schedule of Investments as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (31 December 2018: 20,763,741, 101.00%) 21,789,264 99.37 125,000 US Treasury Bond 2.25% 15/08/2046 121,836 0.56 210,000 US Treasury Bond 2.75% 15/11/2047 225,853 1.03 185,000 US Treasury Bond 2.875% 15/11/2046 203,493 0.93 356,000 US Treasury Bond 2.875% 15/05/2049 393,561 1.79 775,000 US Treasury Bond 3% 15/11/2044 866,168 3.95 367,000 US Treasury Bond 3% 15/02/2048 413,764 1.89 606,000 US Treasury Bond 3.125% 15/08/2044 691,136 3.15 245,000 US Treasury Bond 3.625% 15/08/2043 301,168 1.37 284,000 US Treasury Bond 3.75% 15/11/2043 356,004 1.62 325,000 US Treasury Bond 4.75% 15/02/2041 456,260 2.09 768,000 US Treasury Bond 6.125% 15/08/2029 1,054,980 4.81 1,365,000 US Treasury Note 1.25% 31/10/2021 1,357,082 6.19 373,000 US Treasury Note 1.625% 31/08/2022 373,386 1.70 870,000 US Treasury Note 1.625% 15/02/2026 862,574 3.93 1,645,000 US Treasury Note 1.75% 28/02/2022 1,651,490 7.53 413,000 US Treasury Note 1.75% 31/05/2022 414,710 1.89 322,000 US Treasury Note 1.75% 30/06/2022 323,402 1.47 450,000 US Treasury Note 1.875% 31/07/2022 453,278 2.07 505,000 US Treasury Note 2% 15/01/2021 506,923 2.31 349,000 US Treasury Note 2% 31/10/2022 352,898 1.61 394,000 US Treasury Note 2% 30/11/2022 398,533 1.82 500,000 US Treasury Note 2% 15/02/2023 505,996 2.31 550,000 US Treasury Note 2% 15/02/2025 558,121 2.55 564,000 US Treasury Note 2% 15/08/2025 571,887 2.61 291,000 US Treasury Note 2.125% 31/12/2022 295,496 1.35 551,000 US Treasury Note 2.125% 30/11/2023 560,933 2.56 597,000 US Treasury Note 2.125% 15/05/2025 609,476 2.78 750,000 US Treasury Note 2.25% 15/02/2021 755,127 3.44 619,000 US Treasury Note 2.25% 15/11/2024 635,394 2.90 440,000 US Treasury Note 2.25% 15/11/2025 452,109 2.06 532,000 US Treasury Note 2.25% 15/02/2027 547,077 2.50 753,000 US Treasury Note 2.25% 15/11/2027 774,590 3.53 625,000 US Treasury Note 2.375% 15/03/2021 630,518 2.88 904,000 US Treasury Note 2.375% 15/08/2024 931,915 4.25 306,000 US Treasury Note 2.5% 31/03/2023 314,552 1.43 315,000 US Treasury Note 2.625% 28/02/2023 324,813 1.48 63,000 US Treasury Note 2.625% 15/02/2029 66,828 0.30 415,000 US Treasury Note 2.75% 30/04/2023 430,109 1.96 660,000 US Treasury Note 2.75% 15/02/2024 688,591 3.14 335,000 US Treasury Note 2.75% 15/02/2028 357,233 1.63

134 HSBC Global Funds ICAV - US Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investment fund 12,988 0.06 12,716 HSBC Global US Dollar Liquidity Fund # 12,898 0.06

Total investments in securities at fair value - fixed income* 21,789,264 99.37

Total financial assets designated at fair value through profit or loss 21,802,162 99.43

Cash and other net assets 124,849 0.57

Total net assets attributable to redeemable participating shareholders 21,927,011 100.00

Total cost of financial assets designated at fair value through profit or loss (31 December 2018: 20,558,774) 20,843,268

Fair Value % of Total Analysis of Total Assets USD Assets

*Transferable securities admitted to an official stock exchange listing 21,789,264 98.12 Investment fund 12,898 0.06 Other current assets 404,180 1.82 Total 22,206,342 100.00

# HSBC Global US Dollar Liquidity Fund is not authorised in Hong Kong and not available to the public in Hong Kong during the financial report year of this report.

135 HSBC Global Funds ICAV - US Government Bond Index Fund

Portfolio Changes (unaudited) for the year ended 31 December 2019

Cost in Proceeds in Purchases USD Sales USD US Treasury Note 2.75% 15/02/2024 669,846 US Treasury Note 1.875% 15/12/2020 (924,424) US Treasury Bond 6.125% 15/08/2029 659,000 US Treasury Note 2.25% 31/03/2020 (747,127) US Treasury Note 2.375% 15/08/2024 657,790 US Treasury Note 1.5% 31/10/2019 (723,270) US Treasury Note 1.75% 28/02/2022 637,409 US Treasury Note 2.25% 29/02/2020 (673,713) US Treasury Note 2.25% 15/02/2027 555,732 US Treasury Note 1.75% 31/12/2020 (528,306) US Treasury Bond 2.875% 15/05/2049 404,671 US Treasury Note 2% 31/01/2020 (497,363) US Treasury Note 1.25% 31/10/2021 314,146 US Treasury Bond 4.625% 15/02/2040 (265,085) HSBC Global US Dollar Liquidity Fund 240,344 HSBC Global US Dollar Liquidity Fund (227,738) US Treasury Note 2% 31/10/2022 200,609 US Treasury Note 2.375% 15/08/2024 (210,522) US Treasury Note 1.625% 15/02/2026 198,146 US Treasury Note 2% 31/10/2022 (161,788) US Treasury Bond 3% 15/02/2048 149,867 US Treasury Bond 3.125% 15/08/2044 (158,795) US Treasury Note 2.25% 15/11/2025 133,358 US Treasury Bond 4.75% 15/02/2041 (102,624) US Treasury Note 2.25% 15/11/2024 129,126 US Treasury Note 2.125% 31/12/2022 (95,452) US Treasury Note 2.75% 15/02/2028 128,571 US Treasury Bond 3% 15/11/2044 (12,151) US Treasury Bond 2.75% 15/11/2047 79,760 US Treasury Bond 3% 15/02/2048 (5,858) US Treasury Bond 3.75% 15/11/2043 68,900 US Treasury Note 2.625% 15/02/2029 68,114 US Treasury Note 2.125% 15/05/2025 53,540 US Treasury Note 1.625% 31/08/2022 49,854 US Treasury Note 2% 15/02/2025 20,456

The Portfolio Changes reflect the aggregate purchases of a security exceeding one percent of the total value of purchases and aggregate disposals of a security greater than one percent of the total sales for the year. At a minimum the largest 20 purchases and largest 20 sales must be given. Where there are less than 20 purchases and sales during the year that meets the above criteria, all of the purchases and sales have been disclosed.

136 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

Australian Dollar (31 December 2018: 4,338,086, 1.63%) 7,267,096 1.64 500,000 Australia (Govt of) 2.5% 21/05/2030 389,247 0.09 895,000 Australia (Govt of) 2.75% 21/06/2035 726,510 0.16 480,000 Australia (Govt of) 2.75% 21/05/2041 389,223 0.09 583,000 Australia (Govt of) 3.25% 21/04/2025 455,991 0.10 1,911,000 Australia (Govt of) 3.25% 21/04/2029 1,564,006 0.35 1,556,000 Australia (Govt of) 4.25% 21/04/2026 1,299,931 0.29 972,000 Australia (Govt of) 4.75% 21/04/2027 851,042 0.19 1,067,000 Australia (Govt of) 5.5% 21/04/2023 860,940 0.20 975,000 Australia (Govt of) 5.75% 15/05/2021 730,206 0.17

Canadian Dollar (31 December 2018: 4,274,134, 1.61%) 6,835,916 1.54 510,000 Canada (Govt of) 0.75% 01/09/2021 387,219 0.09 977,000 Canada (Govt of) 1% 01/09/2022 740,083 0.17 1,570,000 Canada (Govt of) 1.5% 01/09/2024 1,200,610 0.27 375,000 Canada (Govt of) 1.5% 01/06/2026 285,821 0.06 730,000 Canada (Govt of) 2% 01/06/2028 575,308 0.13 600,000 Canada (Govt of) 2% 01/12/2051 491,257 0.11 1,069,000 Canada (Govt of) 2.5% 01/06/2024 852,743 0.19 1,248,000 Canada (Govt of) 2.75% 01/06/2022 986,543 0.22 400,000 Canada (Govt of) 3.5% 01/12/2045 418,761 0.09 126,000 Canada (Govt of) 5.75% 01/06/2029 130,849 0.03 457,000 Canada (Govt of) 5.75% 01/06/2033 523,695 0.12 220,000 Canada (Govt of) 8% 01/06/2027 243,027 0.06

Danish Krone (31 December 2018: 1,129,312, 0.43%) 1,802,553 0.41 5,746,000 Denmark (Govt of) 0.5% 15/11/2027 918,101 0.21 600,000 Denmark (Govt of) 1.5% 15/11/2023 97,302 0.02 1,495,000 Denmark (Govt of) 3% 15/11/2021 240,084 0.06 1,950,000 Denmark (Govt of) 4.5% 15/11/2039 547,066 0.12

Euro (31 December 2018: 82,144,879, 30.88%) 133,235,619 30.05 855,000 Austria (Govt of) 0% 15/07/2023 976,336 0.22 270,000 Austria (Govt of) 0.75% 20/02/2028 323,089 0.07 270,000 Austria (Govt of) 1.2% 20/10/2025 329,017 0.07 290,000 Austria (Govt of) 1.5% 20/02/2047 396,303 0.09 220,000 Austria (Govt of) 1.5% 02/11/2086 308,830 0.07 100,000 Austria (Govt of) 3.15% 20/06/2044 179,507 0.04 800,000 Austria (Govt of) 3.5% 15/09/2021 961,026 0.22 608,000 Austria (Govt of) 4.15% 15/03/2037 1,112,200 0.25 476,000 Belgium (Govt of) 0.8% 22/06/2025 565,583 0.13 2,100,000 Belgium (Govt of) 0.9% 22/06/2029 2,537,738 0.57

137 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 80,000 Belgium (Govt of) 2.15% 22/06/2066 123,298 0.03 265,000 Belgium (Govt of ) 2.25% 22/06/2057 408,564 0.09 1,106,000 Belgium (Govt of) 2.6% 22/06/2024 1,408,265 0.32 580,000 Belgium (Govt of) 4.25% 28/09/2021 706,462 0.16 506,000 Belgium (Govt of) 4.25% 28/03/2041 965,098 0.22 677,000 Belgium (Govt of) 5% 28/03/2035 1,269,039 0.29 467,000 Belgium (Govt of) 5.5% 28/03/2028 764,493 0.17 678,000 Bonos Y Oblig Del Estado 1.6% 30/04/2025 826,270 0.19 200,000 Bonos Y Oblig Del Estado 1.95% 30/07/2030 257,332 0.06 571,000 Bonos Y Oblig Del Estado 2.15% 31/10/2025 719,287 0.16 470,000 Bonos Y Oblig Del Estado 2.35% 30/07/2033 638,277 0.14 1,083,000 Bonos Y Oblig Del Estado 2.75% 31/10/2024 1,381,438 0.31 370,000 Bonos Y Oblig Del Estado 3.45% 30/07/2066 660,009 0.15 206,000 Bonos Y Oblig Del Estado 3.8% 30/04/2024 270,310 0.06 633,000 Bonos Y Oblig Del Estado 4.4% 31/10/2023 835,208 0.19 250,000 Bonos Y Oblig Del Estado 5.15% 31/10/2044 519,449 0.12 1,070,000 Bonos Y Oblig Del Estado 5.4% 31/01/2023 1,411,346 0.32 2,194,000 Bonos Y Oblig Del Estado 5.75% 30/07/2032 3,993,030 0.90 150,000 Bundesobligation (Govt of) 0% 09/04/2021 169,755 0.04 125,000 Bundesobligation (Govt of) 0% 14/04/2023 142,999 0.03 400,000 Bundesobligation (Govt of) 0% 05/04/2024 458,956 0.10 740,000 Bundesrepublik Deutschland 0% 15/08/2026 851,925 0.19 100,000 Bundesrepublik Deutschland 0.25% 15/02/2029 117,155 0.03 1,500,000 Bundesrepublik Deutschland 0.5% 15/02/2026 1,778,771 0.40 2,000,000 Bundesrepublik Deutschland 1% 15/08/2024 2,402,662 0.54 1,485,000 Bundesrepublik Deutschland 1.5% 04/09/2022 1,761,449 0.40 300,000 Bundesrepublik Deutschland 1.5% 15/05/2024 366,763 0.08 2,487,000 Bundesrepublik Deutschland 1.75% 04/07/2022 2,957,497 0.67 300,000 Bundesrepublik Deutschland 2.5% 04/07/2044 516,294 0.12 200,000 Bundesrepublik Deutschland 2.5% 15/08/2046 351,453 0.08 884,000 Bundesrepublik Deutschland 3.25% 04/07/2021 1,050,557 0.24 650,000 Bundesrepublik Deutschland 3.25% 04/07/2042 1,219,132 0.27 665,000 Bundesrepublik Deutschland 4.75% 04/07/2034 1,265,423 0.29 1,636,000 Bundesrepublik Deutschland 5.5% 04/01/2031 2,990,947 0.67 550,000 Finland (Govt of) 0.75% 15/04/2031 659,183 0.15 50,000 Finland (Govt of) 1.375% 15/04/2047 67,800 0.02 610,000 Finland (Govt of) 1.625% 15/09/2022 725,437 0.16 827,000 Finland (Govt of) 2.75% 04/07/2028 1,148,462 0.26 1,495,000 France (Govt of) 0% 25/02/2021 1,689,854 0.38 2,160,000 France (Govt of) 0% 25/05/2021 2,445,086 0.55

138 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019 Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 1,830,000 France (Govt of) 0% 25/03/2023 2,089,988 0.47 680,000 France (Govt of) 0.25% 25/11/2026 784,517 0.18 639,000 France (Govt of) 0.5% 25/05/2025 748,460 0.17 936,000 France (Govt of) 0.5% 25/05/2026 1,097,850 0.25 170,000 France (Govt of) 0.5% 25/05/2029 198,394 0.04 740,000 France (Govt of) 0.75% 25/05/2028 884,092 0.20 270,000 France (Govt of) 0.75% 25/11/2028 322,343 0.07 460,000 France (Govt of) 1.25% 25/05/2034 578,374 0.13 612,000 France (Govt of) 1.25% 25/05/2036 767,616 0.17 376,000 France (Govt of) 1.5% 25/05/2031 483,515 0.11 1,454,000 France (Govt of) 1.75% 25/05/2023 1,759,280 0.40 183,000 France (Govt of) 1.75% 25/05/2066 256,014 0.06 1,660,000 France (Govt of) 2% 25/05/2048 2,391,380 0.54 1,164,000 France (Govt of) 2.25% 25/05/2024 1,461,693 0.33 824,000 France (Govt of) 2.5% 25/05/2030 1,150,220 0.26 727,000 France (Govt of) 2.75% 25/10/2027 997,982 0.22 2,114,000 France (Govt of) 3.25% 25/10/2021 2,540,630 0.57 430,000 France (Govt of) 3.25% 25/05/2045 756,175 0.17 924,000 France (Govt of) 3.5% 25/04/2026 1,282,499 0.29 570,000 France (Govt of) 4% 25/10/2038 1,033,321 0.23 35,000 France (Govt of) 4% 25/04/2060 77,992 0.02 371,000 France (Govt of) 4.25% 25/10/2023 492,510 0.11 2,319,000 France (Govt of) 4.5% 25/04/2041 4,595,366 1.04 398,000 France (Govt of) 4.75% 25/04/2035 734,523 0.17 813,000 France (Govt of) 5.5% 25/04/2029 1,376,930 0.31 471,000 France (Govt of) 5.75% 25/10/2032 895,158 0.20 462,000 France (Govt of) 6% 25/10/2025 708,623 0.16 2,620,000 Germany (Govt of) 0.5% 15/02/2028 3,134,007 0.71 710,000 Germany (Govt of) 1.25% 15/08/2048 999,248 0.23 400,000 Irish Treasury 0.9% 15/05/2028 481,140 0.11 443,000 Irish Treasury 1% 15/05/2026 532,921 0.12 180,000 Irish Treasury 1.3% 15/05/2033 225,553 0.05 40,000 Irish Treasury 1.7% 15/05/2037 53,202 0.01 280,000 Irish Treasury 2% 18/02/2045 401,114 0.09 170,000 Irish Treasury 3.4% 18/03/2024 220,955 0.05 259,000 Irish Treasury 5.4% 13/03/2025 375,640 0.08 1,150,000 Italy (Govt of) 1.5% 01/06/2025 1,342,743 0.30 905,000 Italy (Govt of) 2% 01/02/2028 1,085,311 0.24 200,000 Italy (Govt of) 2.8% 01/03/2067 233,930 0.05 829,000 Italy (Govt of) 3.75% 01/03/2021 974,115 0.22 600,000 Italy (Govt of) 3.75% 01/05/2021 708,694 0.16

139 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 824,000 Italy (Govt of) 4.75% 01/09/2021 999,444 0.23 445,000 Italy (Govt of) 5% 01/03/2022 553,521 0.12 641,000 Italy (Govt of) 5% 01/03/2025 877,498 0.20 665,000 Italy BTP 3.75% 01/08/2021 792,099 0.18 235,000 Italy BTP 4% 01/02/2037 339,324 0.08 614,000 Italy BTP 5% 01/08/2039 1,001,925 0.23 1,149,000 Italy BTP 5.25% 01/11/2029 1,750,630 0.39 3,213,000 Italy BTP 6% 01/05/2031 5,292,741 1.19 1,263,000 Italy BTP 6.5% 01/11/2027 1,989,383 0.45 925,000 Italy Buoni Poliennali Del Tesoro 0.05% 15/04/2021 1,041,485 0.23 1,175,000 Italy Buoni Poliennali Del Tesoro 0.65% 15/10/2023 1,336,178 0.30 500,000 Italy Buoni Poliennali Del Tesoro 3.35% 01/03/2035 669,395 0.15 675,000 Italy Buoni Poliennali Del Tesoro 3.45% 01/03/2048 922,320 0.21 675,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 883,257 0.20 3,329,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 4,326,683 0.98 614,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 998,479 0.23 610,000 Italy Buoni Poliennali Del Tesoro 5% 01/08/2034 962,128 0.22 765,000 Italy Buoni Poliennali Del Tesoro 5% 01/09/2040 1,248,823 0.28 632,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/11/2022 816,265 0.18 312,000 Italy Buoni Poliennali Del Tesoro 5.75% 01/02/2033 516,183 0.12 525,000 Netherlands (Govt of) 0% 15/01/2022 596,411 0.13 800,000 Netherlands (Govt of) 0% 15/01/2024 915,091 0.21 200,000 Netherlands (Govt of) 0.25% 15/07/2025 231,936 0.05 300,000 Netherlands (Govt of) 0.5% 15/01/2040 349,396 0.08 331,000 Netherlands (Govt of) 0.75% 15/07/2027 398,149 0.09 690,000 Netherlands (Govt of) 0.75% 15/07/2028 833,526 0.19 100,000 Netherlands (Govt of) 1.75% 15/07/2023 121,429 0.03 600,000 Netherlands (Govt of) 2.5% 15/01/2033 885,246 0.20 360,000 Netherlands (Govt of) 2.75% 15/01/2047 654,508 0.15 463,000 Netherlands (Govt of) 5.5% 15/01/2028 757,796 0.17 560,000 Netherlands (Govt of) 7.5% 15/01/2023 784,804 0.18 255,000 Spain (Govt of) 0.05% 31/01/2021 287,791 0.06 345,000 Spain (Govt of) 1.45% 31/10/2027 422,625 0.10 245,000 Spain (Govt of) 2.7% 31/10/2048 365,500 0.08 248,000 Spain (Govt of) 4.65% 30/07/2025 349,859 0.08 547,000 Spain (Govt of) 4.7% 30/07/2041 1,040,844 0.23 990,000 Spain (Govt of) 5.15% 31/10/2028 1,572,652 0.35 1,335,000 Spain (Govt of) 5.85% 31/01/2022 1,693,855 0.38 261,000 Spain (Govt of) 5.9% 30/07/2026 403,065 0.09 1,208,000 Spain (Govt of) 6% 31/01/2029 2,034,993 0.46

140 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Japanese Yen (31 December 2018: 50,290,449, 18.91%) 80,582,057 18.17 75,000,000 Japan (Govt of) 0.1% 20/06/2021 692,528 0.16 532,000,000 Japan (Govt of) 0.1% 20/03/2023 4,933,666 1.11 225,200,000 Japan (Govt of) 0.1% 20/03/2028 2,103,617 0.47 70,000,000 Japan (Govt of) 0.1% 20/09/2028 653,333 0.15 80,700,000 Japan (Govt of) 0.1% 20/03/2029 752,067 0.17 652,000,000 Japan (Govt of) 0.4% 20/06/2025 6,174,115 1.39 103,500,000 Japan (Govt of) 0.4% 20/03/2056 942,481 0.21 2,000,000 Japan (Govt of) 0.5% 20/03/2059 18,815 - 210,000,000 Japan (Govt of) 0.6% 20/12/2023 1,988,892 0.45 345,000,000 Japan (Govt of) 0.7% 20/12/2022 3,253,302 0.73 328,100,000 Japan (Govt of) 0.8% 20/09/2022 3,095,740 0.70 110,000,000 Japan (Govt of) 0.8% 20/03/2048 1,121,194 0.25 147,500,000 Japan (Govt of) 1% 20/09/2021 1,383,814 0.31 30,000,000 Japan (Govt of) 1% 20/12/2021 282,211 0.06 203,700,000 Japan (Govt of) 1.1% 20/03/2021 1,902,457 0.43 127,000,000 Japan (Govt of) 1.1% 20/06/2021 1,189,813 0.27 85,000,000 Japan (Govt of) 1.2% 20/06/2021 797,474 0.18 111,400,000 Japan (Govt of) 1.2% 20/03/2035 1,186,219 0.27 141,800,000 Japan (Govt of) 1.3% 20/03/2021 1,327,500 0.30 351,300,000 Japan (Govt of) 1.4% 20/09/2034 3,828,685 0.86 218,000,000 Japan (Govt of) 1.4% 20/03/2055 2,642,294 0.60 96,600,000 Japan (Govt of) 1.5% 20/03/2034 1,062,076 0.24 252,400,000 Japan (Govt of) 1.7% 20/09/2032 2,799,636 0.63 127,700,000 Japan (Govt of) 1.7% 20/12/2032 1,420,421 0.32 30,000,000 Japan (Govt of) 1.7% 20/06/2033 335,305 0.08 98,500,000 Japan (Govt of) 1.7% 20/09/2033 1,103,469 0.25 102,000,000 Japan (Govt of) 1.7% 20/03/2044 1,235,463 0.28 92,200,000 Japan (Govt of) 1.8% 20/12/2031 1,025,225 0.23 94,400,000 Japan (Govt of) 1.8% 20/03/2032 1,052,628 0.24 83,000,000 Japan (Govt of) 1.8% 20/03/2043 1,014,749 0.23 50,000,000 Japan (Govt of) 1.9% 20/06/2022 483,210 0.11 57,700,000 Japan (Govt of) 1.9% 20/06/2031 644,066 0.15 133,500,000 Japan (Govt of) 1.9% 20/09/2042 1,653,769 0.37 40,000,000 Japan (Govt of) 1.9% 20/06/2043 498,351 0.11 62,000,000 Japan (Govt of) 2% 20/06/2022 600,589 0.14 106,500,000 Japan (Govt of) 2% 20/09/2040 1,316,194 0.30 452,800,000 Japan (Govt of) 2% 20/09/2041 5,646,150 1.27 103,000,000 Japan (Govt of) 2% 20/03/2042 1,290,245 0.29 146,400,000 Japan (Govt of) 2% 20/03/2052 1,988,176 0.45 139,000,000 Japan (Govt of) 2.1% 20/09/2024 1,413,943 0.32

141 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019 Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Japanese Yen (continued) 159,800,000 Japan (Govt of) 2.1% 20/12/2027 1,729,320 0.39 177,300,000 Japan (Govt of) 2.1% 20/12/2029 1,975,226 0.45 155,600,000 Japan (Govt of) 2.1% 20/03/2030 1,740,226 0.39 64,100,000 Japan (Govt of) 2.1% 20/12/2030 724,209 0.16 115,000,000 Japan (Govt of) 2.2% 20/03/2041 1,471,159 0.33 78,600,000 Japan (Govt of) 2.2% 20/03/2049 1,079,507 0.24 122,600,000 Japan (Govt of) 2.2% 20/03/2051 1,715,739 0.39 46,400,000 Japan (Govt of) 2.3% 20/03/2039 588,356 0.13 72,800,000 Japan (Govt of) 2.3% 20/03/2040 934,776 0.21 50,000,000 Japan (Govt of) 2.4% 20/03/2037 630,157 0.14 42,000,000 Japan (Govt of) 2.5% 20/09/2036 532,902 0.12 47,000,000 Japan (Govt of) 2.5% 20/03/2038 606,598 0.14

Malaysian Ringgit (31 December 2018: 1,042,727, 0.40%) 1,662,063 0.37 277,000 Malaysia (Govt of) 3.899% 16/11/2027 70,231 0.01 4,930,000 Malaysia (Govt of) 3.955% 15/09/2025 1,248,739 0.28 1,250,000 Malaysia (Govt of) 4.762% 07/04/2037 343,093 0.08

Mexican Peso (31 December 2018: 1,525,007, 0.57%) 2,895,843 0.65 109,000 Mexico (Govt of) 5.75% 05/03/2026 547,424 0.12 103,000 Mexico (Govt of) 7.75% 29/05/2031 582,389 0.13 73,000 Mexico (Govt of) 7.75% 23/11/2034 414,292 0.09 35,000 Mexico (Govt of) 7.75% 13/11/2042 196,739 0.05 192,000 Mexico (Govt of) 10% 05/12/2024 1,154,999 0.26

Norwegian Krone (31 December 2018: 433,772, 0.16%) 848,719 0.19 1,600,000 Norway (Govt of) 1.75% 17/02/2027 185,732 0.04 2,000,000 Norway (Govt of) 1.75% 06/09/2029 231,741 0.05 3,715,000 Norway (Govt of) 2% 24/05/2023 431,246 0.10

Polish Zloty (31 December 2018: 1,305,151, 0.49%) 2,081,140 0.47 1,300,000 Poland (Govt of) 2.5% 25/04/2024 353,464 0.08 922,000 Poland (Govt of) 2.5% 25/07/2027 250,667 0.06 900,000 Poland (Govt of) 2.75% 25/04/2028 249,217 0.05 4,290,000 Poland (Govt of) 4% 25/10/2023 1,227,792 0.28

142 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019 Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Singapore Dollars (31 December 2018: 772,032, 0.29%) 1,500,903 0.34 386,000 Singapore (Govt of) 2.625% 01/05/2028 307,712 0.07 150,000 Singapore (Govt of) 2.75% 01/04/2042 125,853 0.03 585,000 Singapore (Govt of) 2.875% 01/07/2029 478,513 0.11 760,000 Singapore (Govt of) 3.125% 01/09/2022 588,825 0.13

South African Rand (31 December 2018: 1,201,053, 0.45%) 2,061,056 0.47 1,600,000 South Africa (Govt of) 8.5% 31/01/2037 101,486 0.02 14,420,00 South Africa (Govt of) 8.75% 28/02/2048 910,874 0.21 13,100,00 South Africa (Govt of) 10.5% 21/12/2026 1,048,696 0.24

Sterling Pound (31 December 2018: 14,020,664, 5.27%) 23,079,999 5.21 1,171,000 UK Treasury Gilt 0.5% 22/07/2022 1,550,345 0.35 2,645,000 UK Treasury Gilt 0.75% 22/07/2023 3,525,130 0.80 806,000 UK Treasury Gilt 1.25% 22/07/2027 1,113,139 0.25 732,000 UK Treasury Gilt 1.5% 22/07/2047 1,009,830 0.23 75,000 UK Treasury Gilt 1.625% 22/10/2071 116,300 0.03 630,000 UK Treasury Gilt 2% 07/09/2025 900,935 0.20 215,000 UK Treasury Gilt 2.5% 22/07/2065 412,840 0.09 355,000 UK Treasury Gilt 2.75% 07/09/2024 516,986 0.12 477,000 UK Treasury Gilt 3.25% 22/01/2044 881,427 0.20 505,000 UK Treasury Gilt 3.5% 22/01/2045 979,090 0.22 829,000 UK Treasury Gilt 3.5% 22/07/2068 2,018,443 0.46 389,000 UK Treasury Gilt 3.75% 07/09/2021 543,073 0.12 363,000 UK Treasury Gilt 4% 07/03/2022 517,100 0.12 250,000 UK Treasury Gilt 4% 22/01/2060 622,073 0.14 875,000 UK Treasury Gilt 4.25% 07/12/2027 1,479,525 0.33 902,000 UK Treasury Gilt 4.25% 07/03/2036 1,741,621 0.39 603,000 UK Treasury Gilt 4.25% 07/12/2046 1,327,591 0.30 250,000 UK Treasury Gilt 4.25% 07/12/2049 571,383 0.13 894,000 UK Treasury Gilt 4.25% 07/12/2055 2,212,228 0.50 308,000 UK Treasury Gilt 4.5% 07/09/2034 597,201 0.13 205,000 UK Treasury Gilt 4.5% 07/12/2042 443,739 0.10

Swedish Krona (31 December 2018: 769,751, 0.29%) 1,209,480 0.27 1,940,000 Sweden (Govt of) 0.75% 12/05/2028 219,769 0.05 4,100,000 Sweden (Govt of) 2.5% 12/05/2025 501,063 0.11 3,480,000 Sweden (Govt of) 3.5% 01/06/2022 406,274 0.09 500,000 Sweden (Govt of) 3.5% 30/03/2039 82,374 0.02

143 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (31 December 2018: 98,542,690, 37.05%) 170,428,438 38.43 1,410,000 US Treasury Bond 2.25% 15/08/2046 1,374,309 0.31 1,135,000 US Treasury Bond 2.5% 15/02/2045 1,161,291 0.26 1,188,000 US Treasury Bond 2.875% 15/08/2045 1,302,159 0.29 3,450,000 US Treasury Bond 2.875% 15/05/2049 3,814,001 0.86 1,246,000 US Treasury Bond 3% 15/11/2044 1,392,575 0.31 1,234,000 US Treasury Bond 3% 15/05/2045 1,381,285 0.31 1,373,000 US Treasury Bond 3% 15/11/2045 1,540,120 0.35 650,000 US Treasury Bond 3% 15/05/2047 732,354 0.17 220,000 US Treasury Bond 3% 15/02/2048 248,033 0.06 1,335,000 US Treasury Bond 3.125% 15/08/2044 1,522,552 0.34 1,600,000 US Treasury Bond 3.125% 15/05/2048 1,847,594 0.42 1,062,000 US Treasury Bond 3.375% 15/05/2044 1,259,943 0.28 2,506,000 US Treasury Bond 3.375% 15/11/2048 3,032,358 0.68 1,352,000 US Treasury Bond 3.625% 15/08/2043 1,661,957 0.37 2,045,000 US Treasury Bond 3.625% 15/02/2044 2,519,304 0.57 1,341,000 US Treasury Bond 3.75% 15/11/2043 1,680,991 0.38 1,800,000 US Treasury Bond 4.25% 15/05/2039 2,373,504 0.54 500,000 US Treasury Bond 4.5% 15/02/2036 664,014 0.15 750,000 US Treasury Bond 4.75% 15/02/2041 1,060,239 0.24 2,320,000 US Treasury Bond 5.375% 15/02/2031 3,117,364 0.70 671,000 US Treasury Note 1.125% 28/02/2021 667,147 0.15 649,000 US Treasury Note 1.125% 30/06/2021 644,601 0.15 1,837,000 US Treasury Note 1.25% 31/03/2021 1,828,855 0.41 1,418,000 US Treasury Note 1.375% 31/01/2021 1,414,206 0.32 1,442,000 US Treasury Note 1.375% 30/04/2021 1,437,804 0.32 649,000 US Treasury Note 1.375% 31/05/2021 647,111 0.15 599,000 US Treasury Note 1.5% 15/08/2026 587,441 0.13 2,684,000 US Treasury Note 1.625% 31/08/2022 2,686,778 0.61 1,695,000 US Treasury Note 1.625% 15/11/2022 1,696,490 0.38 1,996,000 US Treasury Note 1.625% 15/02/2026 1,978,964 0.45 2,906,000 US Treasury Note 1.625% 15/05/2026 2,877,394 0.65 3,640,000 US Treasury Note 1.625% 15/08/2029 3,549,569 0.80 3,790,000 US Treasury Note 1.75% 15/05/2023 3,805,619 0.86 4,167,000 US Treasury Note 1.875% 28/02/2022 4,193,451 0.95 5,872,000 US Treasury Note 1.875% 31/03/2022 5,910,649 1.33 943,000 US Treasury Note 1.875% 31/07/2022 949,870 0.21 1,689,000 US Treasury Note 1.875% 30/09/2022 1,702,228 0.38 1,200,000 US Treasury Note 1.875% 31/10/2022 1,209,211 0.27 10,100,00 US Treasury Note 1.875% 31/07/2026 10,146,554 2.29

144 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 2,591,000 US Treasury Note 2% 15/11/2021 2,612,102 0.59 3,863,000 US Treasury Note 2% 31/12/2021 3,894,689 0.88 1,683,000 US Treasury Note 2% 31/10/2022 1,701,802 0.38 1,422,000 US Treasury Note 2% 30/11/2022 1,438,358 0.32 1,144,000 US Treasury Note 2% 15/02/2023 1,157,719 0.26 171,000 US Treasury Note 2% 31/05/2024 173,398 0.04 6,977,000 US Treasury Note 2% 15/02/2025 7,080,021 1.59 1,955,000 US Treasury Note 2% 15/08/2025 1,982,339 0.45 1,782,000 US Treasury Note 2% 15/11/2026 1,803,022 0.41 2,118,000 US Treasury Note 2.125% 15/08/2021 2,136,119 0.48 2,790,000 US Treasury Note 2.125% 31/12/2022 2,833,103 0.64 2,581,000 US Treasury Note 2.125% 15/05/2025 2,634,939 0.59 826,000 US Treasury Note 2.25% 15/02/2021 831,646 0.19 15,000,00 US Treasury Note 2.25% 30/04/2021 15,129,784 3.41 3,499,000 US Treasury Note 2.25% 15/11/2024 3,591,668 0.81 2,013,000 US Treasury Note 2.25% 15/11/2025 2,068,397 0.47 1,272,000 US Treasury Note 2.25% 15/02/2027 1,308,048 0.29 1,261,000 US Treasury Note 2.25% 15/08/2027 1,297,303 0.29 1,401,000 US Treasury Note 2.25% 15/11/2027 1,441,169 0.33 808,000 US Treasury Note 2.375% 15/03/2021 815,133 0.18 820,000 US Treasury Note 2.375% 15/04/2021 828,008 0.19 1,205,000 US Treasury Note 2.375% 31/01/2023 1,232,583 0.28 2,817,000 US Treasury Note 2.375% 15/08/2024 2,903,986 0.65 1,356,000 US Treasury Note 2.375% 15/05/2027 1,406,876 0.32 1,850,000 US Treasury Note 2.5% 31/03/2023 1,901,706 0.43 1,204,000 US Treasury Note 2.5% 15/08/2023 1,240,402 0.28 5,020,000 US Treasury Note 2.5% 15/05/2024 5,195,602 1.17 607,000 US Treasury Note 2.625% 15/05/2021 615,429 0.14 1,201,000 US Treasury Note 2.625% 28/02/2023 1,238,414 0.28 2,350,000 US Treasury Note 2.625% 30/06/2023 2,429,680 0.55 1,447,000 US Treasury Note 2.75% 15/11/2023 1,506,434 0.34 2,106,000 US Treasury Note 2.75% 15/02/2024 2,197,232 0.50 2,228,000 US Treasury Note 2.75% 15/02/2028 2,375,866 0.54 900,000 US Treasury Note 2.875% 15/10/2021 920,373 0.21 62,000 US Treasury Note 2.875% 15/05/2028 66,792 0.01 2,200,000 US Treasury Note 2.875% 15/08/2028 2,373,250 0.54 1,000,000 US Treasury Note 3% 15/08/2048 1,129,492 0.25 29,000 US Treasury Note 3.125% 15/11/2028 31,915 0.01 1,285,000 US Treasury Note 3.625% 15/02/2021 1,313,260 0.30 1,950,000 WI Treasury Securities 2% 31/07/2022 1,970,490 0.44 Total investments in securities at fair value – fixed income 435,490,882 98.21

145 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investment fund 1,939,928 0.44 1,912,616 HSBC Global US Dollar Liquidity Fund# 1,939,928 0.44

Forward contracts** (31 December 2018: 2,886,663, 1.09%) 14,653,694 3.31 Buy GBP 191,977,286 / Sell USD 247,843,0601 6,501,063 1.47 Buy GBP 112,603,149 / Sell USD 145,370,8911 3,813,160 0.86 Buy GBP 190,093,502 / Sell USD 250,364,9281 1,700,885 0.39 Buy GBP 116,227,583 / Sell USD 153,078,9321 1,039,961 0.24 Buy EUR 120,052,000 / Sell USD 134,370,3023 420,595 0.10 Buy JPY 8,805,666,000 / Sell USD 80,681,0416 350,973 0.08 Buy GBP 17,582,000 / Sell USD 23,084,2177 209,572 0.05 Buy GBP 4,835,492 / Sell USD 6,242,6291 163,748 0.04 Buy GBP 3,920,934 / Sell USD 5,073,8061 120,905 0.03 Buy CAD 8,956,000 / Sell USD 6,857,2027 49,406 0.01 Buy GBP 4,957,997 / Sell USD 6,529,9891 44,362 0.01 Buy GBP 1,165,103 / Sell USD 1,504,1501 39,455 0.01 Buy AUD 10,123,000 / Sell USD 7,083,7515 32,741 0.01 Buy EUR 1,244,605 / Sell USD 1,381,6991 15,707 0.01 Buy GBP 456,178 / Sell USD 588,9271 15,448 - Buy ZAR 28,900,000 / Sell USD 2,052,7865 13,111 - Buy EUR 619,451 / Sell USD 683,6221 11,879 - Buy GBP 1,271,972 / Sell USD 1,675,2661 11,381 - Buy PLN 7,806,000 / Sell USD 2,052,5845 8,541 - Buy MYR 7,195,000 / Sell USD 1,752,3146 6,973 - Buy EUR 342,000 / Sell USD 377,6301 6,357 - Buy GBP 174,953 / Sell USD 225,8651 5,925 - Buy USD 1,210,617 / Sell SEK 11,265,0002 5,293 - Buy GBP 167,786 / Sell USD 217,0291 5,265 - Buy DKK 12,766,000 / Sell USD 1,912,9292 5,144 - Buy SEK 2,735,000 / Sell USD 287,3441 4,881 - Buy SGD 406,000 / Sell USD 297,2001 4,744 - Buy SGD 1,974,000 / Sell USD 1,463,3841 4,689 - Buy GBP 141,277 / Sell USD 182,7401 4,433 - Buy GBP 473,979 / Sell USD 624,2601 4,241 - Buy DKK 2,134,000 / Sell USD 317,1404 3,491 - Buy GBP 183,838 / Sell USD 240,5221 3,038 - Buy USD 3,116,463 / Sell MXN 59,106,0001 2,711 - Buy EUR 2,666,314 / Sell USD 2,996,4911 2,630 - Buy GBP 217,231 / Sell USD 286,1061 1,944 - Buy EUR 817,076 / Sell USD 915,5321 1,857 -

# HSBC Global US Dollar Liquidity Fund is not authorised in Hong Kong and not available to the public in Hong Kong during the financial report year of this report.

146 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy USD 204,221 / Sell GBP 153,0002 1,516 - Buy NOK 7,500,000 / Sell USD 852,2044 1,312 - Buy JPY 23,000,000 / Sell USD 210,4282 1,224 - Buy USD 796,660 / Sell JPY 86,470,0007 941 - Buy GBP 29,541 / Sell USD 38,2671 872 - Buy GBP 56,444 / Sell USD 73,9211 860 - Buy GBP 35,482 / Sell USD 46,1631 847 - Buy GBP 25,906 / Sell USD 33,5581 764 - Buy GBP 54,969 / Sell USD 72,1461 680 - Buy GBP 36,887 / Sell USD 48,2611 610 - Buy GBP 109,118 / Sell USD 143,9631 604 - Buy GBP 19,251 / Sell USD 24,9011 604 - Buy GBP 75,379 / Sell USD 99,2801 588 - Buy GBP 23,620 / Sell USD 30,7991 494 - Buy USD 56,714 / Sell GBP 42,4601 461 - Buy GBP 36,504 / Sell USD 47,9431 419 - Buy GBP 64,628 / Sell USD 85,2171 407 - Buy USD 46,958 / Sell GBP 35,1831 344 - Buy GBP 10,844 / Sell USD 14,0261 340 - Buy GBP 17,343 / Sell USD 22,6491 329 - Buy GBP 16,529 / Sell USD 21,5851 313 - Buy GBP 11,991 / Sell USD 15,6361 251 - Buy GBP 20,436 / Sell USD 26,8401 235 - Buy GBP 19,687 / Sell USD 25,8561 226 - Buy GBP 9,296 / Sell USD 12,0941 222 - Buy GBP 39,883 / Sell USD 52,6191 221 - Buy GBP 25,745 / Sell USD 33,9061 203 - Buy GBP 18,023 / Sell USD 23,7361 142 - Buy GBP 5,507 / Sell USD 7,1651 131 - Buy GBP 8,538 / Sell USD 11,1811 130 - Buy GBP 16,390 / Sell USD 21,5851 129 - Buy GBP 11,585 / Sell USD 15,2311 117 - Buy GBP 5,933 / Sell USD 7,7621 98 - Buy USD 11,936 / Sell GBP 8,9361 97 - Buy GBP 7,245 / Sell USD 9,5091 90 - Buy GBP 4,897 / Sell USD 6,4381 50 - Buy GBP 3,035 / Sell USD 3,9711 50 - Buy GBP 3,516 / Sell USD 4,6151 44 - Buy GBP 5,460 / Sell USD 7,1911 43 - Buy GBP 1,367 / Sell USD 1,7851 26 - Buy GBP 3,113 / Sell USD 4,1001 24 - Buy GBP 4,372 / Sell USD 5,7681 24 - Buy GBP 715 / Sell USD 9261 21 -

147 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial liabilities at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy GBP 1,376 / Sell USD 1,8021 21 - Buy GBP 1,198 / Sell USD 1,5721 15 - Buy GBP 951 / Sell USD 1,2481 12 - Buy GBP 846 / Sell USD 11131 9 - Buy GBP 208 / Sell USD 2701 6 - Buy GBP 122 / Sell USD 1581 4 - Buy GBP 147 / Sell USD 1911 4 - Buy GBP 160 / Sell USD 2101 2 - Buy GBP 156 / Sell USD 2041 2 - Buy GBP 70 / Sell USD 921 1 - Buy GBP 103 / Sell USD 1361 1 - Buy GBP 151 / Sell USD 1991 1 - Buy GBP 75 / Sell USD 981 1 - Buy USD 178 / Sell GBP 1331 1 - Buy GBP 81 / Sell USD 1061 1 - Buy GBP 77 / Sell USD 1011 1 - Buy USD 8 / Sell GBP 71 - - Buy GBP 6 / Sell USD 81 - - Buy GBP 5 / Sell USD 71 - - Buy USD 2 / Sell GBP 21 - - Buy USD 17 / Sell GBP 131 - - Buy GBP 33 / Sell USD 441 - - Buy USD 69 / Sell GBP 521 - - Buy USD 47 / Sell GBP 361 - - Buy GBP 6 / Sell USD 81 - - Buy GBP 20 / Sell USD 261 - - Buy USD 3 / Sell GBP 21 - - Buy GBP 3 / Sell USD 41 - - Buy USD 18 / Sell GBP 141 - - Buy USD 3 / Sell GBP 21 - - Buy GBP 61 / Sell USD 801 - - Buy USD 70 / Sell GBP 531 - - Buy USD 45 / Sell GBP 341 - - Buy USD 13 / Sell GBP 101 - - Buy GBP 33 / Sell USD 451 - - Buy GBP 12 / Sell USD 161 - - Buy GBP 10 / Sell USD 131 - - Buy GBP 5 / Sell USD 61 - - Buy USD 10 / Sell GBP 81 - - Buy GBP 5 / Sell USD 71 - -

148 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial liabilities at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy GBP 12 / Sell USD 161 - - Buy GBP 12 / Sell USD 161 - - Buy GBP 13 / Sell USD 171 - - Buy GBP 33 / Sell USD 431 - - Total financial assets designated at fair value through profit or loss 452,084,504 101.96

Forward contracts** (31 December 2018: (5,415,844), (2.04%)) (8,181,356) (1.85) Buy USD 129,151,411 / Sell EUR 117,061,0006 (2,281,278) (0.51) Buy USD 250,737,473 / Sell GBP 190,548,3831 (1,713,546) (0.39) Buy USD 153,306,079 / Sell GBP 116,505,2241 (1,047,698) (0.24) Buy USD 21,801,870 / Sell GBP 16,884,0001 (567,162) (0.13) Buy USD 134,614,068 / Sell EUR 120,052,0003 (422,757) (0.11) Buy USD 78,023,980 / Sell JPY 8,522,610,0002 (403,280) (0.09) Buy USD 80,804,630 / Sell JPY 8,805,666,0006 (353,359) (0.08) Buy USD 6,580,944 / Sell AUD 9,702,0007 (239,585) (0.05) Buy USD 23,103,240 / Sell GBP 17,582,0007 (210,661) (0.05) Buy USD 6,739,185 / Sell CAD 8,956,0001 (167,422) (0.04) Buy USD 3,013,283 / Sell MXN 59,106,0003 (115,225) (0.03) Buy USD 1,963,479 / Sell ZAR 28,900,0007 (102,419) (0.02) Buy USD 1,595,509 / Sell PLN 6,270,0001 (60,045) (0.01) Buy USD 6,857,937 / Sell CAD 8,956,0007 (49,732) (0.01) Buy USD 6,539,311 / Sell GBP 4,969,5611 (44,690) (0.01) Buy USD 2,200,884 / Sell DKK 14,900,0004 (37,819) (0.01) Buy USD 7,088,833 / Sell AUD 10,123,0005 (32,947) (0.01) Buy USD 1,296,017 / Sell MYR 5,418,0005 (28,766) (0.01) Buy USD 1,742,456 / Sell SGD 2,380,0001 (27,561) (0.01) Buy USD 593,596 / Sell NOK 5,450,0001 (26,625) (0.01) Buy USD 1,470,712 / Sell SEK 14,000,0002 (25,138) (0.01) Buy USD 1,302,978 / Sell GBP 1,001,9241 (24,437) (0.01) Buy USD 1,986,941 / Sell EUR 1,790,0001 (22,819) (0.01) Buy USD 764,073 / Sell GBP 587,5341 (14,330) - Buy USD 2,044,611 / Sell ZAR 28,900,0005 (13,087) - Buy USD 1,677,764 / Sell GBP 1,275,0201 (11,466) - Buy USD 1,091,378 / Sell EUR 982,0007 (11,183) - Buy USD 1,752,527 / Sell MYR 7,195,0006 (9,814) - Buy USD 224,278 / Sell NOK 2,053,0007 (9,358) - Buy USD 287,122 / Sell AUD 421,0007 (8,842) - Buy USD 2,052,526 / Sell PLN 7,806,0005 (8,787) - Buy USD 425,731 / Sell MYR 1,777,0003 (8,773) -

149 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial liabilities at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy USD 396,960 / Sell PLN 1,536,0002 (8,612) - Buy USD 377,024 / Sell GBP 291,0002 (8,512) - Buy USD 328,684 / Sell GBP 254,0001 (7,832) - Buy SEK 11,265,000 / Sell USD 1,208,9462 (5,321) - Buy USD 1,916,809 / Sell DKK 12,766,0002 (5,195) - Buy USD 1,463,792 / Sell SGD 1,974,0001 (4,616) - Buy USD 625,229 / Sell GBP 475,1441 (4,273) - Buy USD 167,162 / Sell GBP 129,0461 (3,807) - Buy USD 506,479 / Sell EUR 454,0005 (3,259) - Buy USD 608,925 / Sell JPY 66,487,0002 (2,905) - Buy USD 2,990,390 / Sell EUR 2,665,9781 (2,892) - Buy USD 149,215 / Sell GBP 114,6921 (2,737) - Buy MXN 59,106,000 / Sell USD 3,131,2281 (2,720) - Buy USD 286,590 / Sell GBP 217,7941 (1,959) - Buy USD 118,274 / Sell EUR 107,0005 (1,862) - Buy USD 69,589 / Sell GBP 53,7771 (1,658) - Buy USD 1,214,243 / Sell JPY 132,117,0006 (1,532) - Buy USD 852,271 / Sell NOK 7,500,0004 (1,358) - Buy USD 191,783 / Sell JPY 20,982,0006 (1,299) - Buy USD 142,172 / Sell GBP 108,1351 (1,093) - Buy USD 101,967 / Sell GBP 77,7561 (1,049) - Buy USD 72,051 / Sell GBP 55,1721 (1,045) - Buy USD 52,972 / Sell GBP 40,4881 (669) - Buy USD 105,886 / Sell GBP 80,4011 (635) - Buy USD 33,001 / Sell GBP 25,3761 (619) - Buy USD 28,846 / Sell GBP 22,1721 (529) - Buy USD 20,024 / Sell GBP 15,4751 (478) - Buy GBP 30,220 / Sell USD 40,3651 (328) - Buy USD 27,188 / Sell GBP 20,7141 (256) - Buy GBP 24,015 / Sell USD 32,0521 (235) - Buy USD 26,499 / Sell GBP 20,1761 (232) - Buy USD 46,546 / Sell GBP 35,2801 (195) - Buy USD 7,915 / Sell GBP 6,0861 (148) - Buy USD 11,381 / Sell EUR 10,2671 (146) - Buy USD 28,261 / Sell GBP 21,4331 (135) - Buy USD 19,079 / Sell GBP 14,4861 (113) - Buy USD 14,630 / Sell GBP 11,1281 (112) - Buy USD 5,425 / Sell EUR 4,8871 (62) - Buy USD 3,098 / Sell GBP 2,3821 (58) - Buy USD 5,377 / Sell GBP 4,0981 (52) - Buy USD 2,103 / Sell GBP 1,6251 (50) - Buy GBP 3,617 / Sell USD 4,8281 (35) - Buy USD 2,058 / Sell GBP 1,5781 (33) - Buy GBP 2,672 / Sell USD 3,5701 (29) -

150 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial liabilities at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy USD 1,336 / Sell GBP 1,0271 (25) - Buy USD 635 / Sell GBP 4881 (12) - Buy USD 465 / Sell GBP 3561 (6) - Buy USD 204 / Sell GBP 1571 (5) - Buy USD 181 / Sell GBP 1391 (3) - Buy USD 176 / Sell GBP 1341 (2) - Buy USD 119 / Sell GBP 911 (2) - Buy USD 32 / Sell GBP 241 (1) - Buy USD 113 / Sell GBP 861 (1) - Buy USD 299 / Sell GBP 2271 (1) - Buy GBP 95 / Sell USD 1271 (1) - Buy USD 58 / Sell GBP 441 (1) -

Total financial liabilities designated at fair value through profit or loss (8,181,356) (1.85)

Total financial assets and liabilities designated at fair value through profit or loss 443,903,148 100.11

Cash and other net liabilities (482,917) (0.11)

Total net assets attributable to redeemable participating shareholders 443,420,231 100.00

Total cost of financial assets designated at fair value through profit or loss (31 December 2018: 259,495,024) 425,000,383

Fair Value % of Net Financial assets at fair value through profit or loss USD Asset Value

1 The counterparty for the forward contracts is HSBC Bank Plc. 2 The counterparty for the forward contracts is Citi Bank. 3 The counterparty for the forward contracts is Goldman Sachs. 4 The counterparty for the forward contracts is JP Morgan Securities. 5 The counterparty for the forward contracts is Royal Bank of Scotland. 6 The counterparty for the forward contracts is State Street. 7The counterparty for the forward contracts is UBS.

151 HSBC Global Funds ICAV - Global Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

% of Analysis of Total Assets Fair value USD Total Assets

*Transferable securities admitted to an official stock exchange listing 435,490,882 94.46 **Financial derivative instruments traded over-the-counter 1,939,928 0.42 Investment fund 6,472,338 1.40 Other current assets 17,146,347 3.72 Total 461,049,495 100.00

152 HSBC Global Funds ICAV - Global Government Bond Index Fund

Portfolio Changes (unaudited) for the year ended 31 December 2019

Cost in Proceeds in Purchases USD Sales USD US Treasury Note 2.25% 30/04/2021 15,136,328 HSBC Global US Dollar Liquidity Fund (5,868,440) US Treasury Note 1.875% US Treasury Note 2015 1.25% 31/07/2026 10,218,359 31/01/2020 (2,910,873) HSBC Global US Dollar Liquidity Fund 7,798,158 Japan (Govt of) 0.8% 20/09/2020 (2,538,638) Japan (Govt of) 0.4% 20/06/2025 6,223,712 Japan (Govt of) 0.4% 20/03/2025 (2,343,006) US Treasury Note 2% 15/02/2025 5,962,150 US Treasury Note 1.75% 31/10/2020 (2,245,522) US Treasury Bond 2.875% 15/05/2049 5,797,644 US Treasury Bond 3.125% 15/02/2043 (2,233,358) Japan (Govt of) 2% 20/09/2041 5,390,751 US Treasury Note 1.750% 31/12/2020 (1,975,834) Italy BTP 6% 01/05/2031 4,675,572 Finland (Govt of) 3.375% 15/04/2020 (1,974,961) US Treasury Note 2.5% 15/05/2024 4,397,488 Italy BTP 4.5% 01/02/2020 (1,945,773) US Treasury Note 1.875% Netherlands (Govt of) 3.5% 31/03/2022 4,173,145 15/07/2020 (1,941,669) US Treasury Note 1.625% 15/08/2029 3,587,675 US Treasury Bond 2.875% 15/05/2049 (1,898,045) US Treasury Bond 5.375% 15/02/2031 3,553,367 US Treasury Note 1.375% 31/10/2020 (1,779,554) France OAT 4.5% 25/04/2041 3,539,543 US Treasury Note 1.375% 29/02/2020 (1,692,175) UK Treasury Gilt 0.75% 22/07/2023 3,392,454 Japan (Govt of) 2.1% 20/03/2030 (1,673,140) Bonos Y Oblig Del Estado 5.75% 30/07/2032 3,323,714 US Treasury Bond 2.875% 15/05/2043 (1,629,654) Japan (Govt of) 0.8% Bundesrepublik Deutschland 2.5% 20/09/2022 3,119,957 04/01/2021 (1,619,826) US Treasury Note 3.375% 15/11/2048 3,118,721 Japan (Govt of) 1.2% 20/12/2020 (1,582,569) Bundesrepublik Deutschland 5.5% 04/01/2031 3,043,183 US Treasury Note 1.375% 15/01/2020 (1,572,239) US Treasury Note 1.75% Netherlands (Govt of) 2.75% 15/05/2023 2,917,898 15/01/2047 (1,544,287) Japan (Govt of) 1.4% 20/09/2034 2,907,449 UK Treasury Gilt 1.5% 22/01/2021 (1,528,007)

153 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

Canadian Dollar (31 December 2018: 4,610,964, 3.40%) 16,038,446 3.24 100,000 407 International 4.3% 26/05/2021 79,017 0.02 150,000 Alimentation Couche Tard 3.056% 26/07/2024 117,220 0.02 300,000 Apple 2.513% 19/08/2024 233,903 0.05 200,000 AT & T 5.1% 25/11/2048 171,440 0.04 300,000 Atandt 4.85% 25/05/2047 246,427 0.05 300,000 Aviva 4.5% 10/05/2021 237,474 0.05 325,000 Bank of America 2.932% 25/04/2025 253,539 0.05 250,000 Bank of Montreal 2.27% 11/07/2022 193,296 0.04 300,000 Bank of Montreal 2.85% 06/03/2024 235,061 0.05 350,000 Bank of Montreal 3.19% 01/03/2028 284,969 0.06 850,000 Bank of Nova Scotia 2.49% 23/09/2024 654,013 0.13 260,000 Bank of Nova Scotia 2.58% 30/03/2027 201,422 0.04 200,000 Bank of Nova Scotia 3.1% 02/02/2028 161,638 0.03 400,000 Bell Canada 2.75% 29/01/2025 309,355 0.06 150,000 Bell Canada 6.1% 16/03/2035 148,317 0.03 200,000 BP Capital Markets 3.47% 15/05/2025 161,360 0.03 150,000 Brookfield Asset Management 3.8% 16/03/2027 120,619 0.03 200,000 Brookfield Infrastructure Finance 4.193% 11/09/2028 161,484 0.03 150,000 Bruce Power 4.132% 21/06/2033 122,482 0.03 355,000 Canada (Govt of) 4% 01/06/2041 381,536 0.08 300,000 Canadian Imperial Bank 2.47% 05/12/2022 233,016 0.05 300,000 Canadian Imperial Bank 3.29% 15/01/2024 238,869 0.05 300,000 Canadian National Railway 3.6% 01/08/2047 253,683 0.05 250,000 Canadian Natural Resources 3.42% 01/12/2026 197,105 0.04 465,000 Choice Properties Real Estate I 4.178% 08/03/2028 380,201 0.08 250,000 CI Financial 3.215% 22/07/2024 192,007 0.04 200,000 Citigroup 3.39% 18/11/2021 157,369 0.03 200,000 Crombie Real Estate Investment 3.677% 26/08/2026 153,695 0.03 200,000 CU 2.963% 07/09/2049 150,629 0.03 300,000 CU 3.95% 23/11/2048 270,595 0.06 500,000 Enbridge 2.99% 03/10/2029 380,696 0.08 250,000 Enbridge 3.95% 19/11/2024 203,708 0.04 200,000 Enbridge Gas 3.01% 09/08/2049 153,415 0.03 100,000 Enbridge Pipelines 4.13% 09/08/2046 83,280 0.02 400,000 General Motors 3% 26/02/2021 309,272 0.06 200,000 Greater Toronto Airports Authority 2.75% 17/10/2039 152,780 0.03 550,000 Greater Toronto Airports Authority 3.26% 01/06/2037 451,320 0.09 600,000 HSBC Bank Canada 2.253% 15/09/2022 461,959 0.09 150,000 Husky Energy 3.6% 10/03/2027 118,630 0.02 500,000 Hydro One 2.54% 05/04/2024 390,551 0.08 400,000 Hydro One 3.63% 25/06/2049 343,215 0.07

154 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Canadian Dollar (continued) 250,000 Igm Financial 3.44% 26/01/2027 198,328 0.04 900,000 Laurentian Bank of Canada 3.45% 27/06/2023 711,085 0.14 250,000 Metro 2.68% 05/12/2022 194,667 0.04 400,000 Metropolitan Life Global Funding 3.027% 11/06/2020 309,777 0.06 275,000 National Bank of Canada 2.105% 18/03/2022 211,987 0.04 250,000 Nissan Canada Financial Services 2.42% 19/10/2020 193,158 0.04 200,000 North West Redwater 4.75% 01/06/2037 181,886 0.04 350,000 OMERS Realty Corporation 3.244% 04/10/2027 282,665 0.06 150,000 Pembina Pipeline 2.99% 22/01/2024 117,335 0.02 150,000 Pembina Pipeline 3.62% 03/04/2029 118,703 0.02 50,000 Pepsico 2.15% 06/05/2024 38,389 0.01 200,000 Rogers Communications 5.34% 22/03/2021 159,938 0.03 650,000 Royal Bank of Canada 2.352% 02/07/2024 499,278 0.10 125,000 Royal Bank of Canada 2.36% 05/12/2022 96,873 0.02 300,000 Royal Bank of Canada 3.296% 26/09/2023 238,931 0.05 650,000 Saputo 3.603% 14/08/2025 519,519 0.11 200,000 Shaw Communications 3.8% 01/03/2027 161,426 0.03 400,000 Telus Corporation 2.75% 08/07/2026 306,387 0.06 150,000 Telus Corporation 3.625% 01/03/2028 120,461 0.03 150,000 Toronto Dominion Bank 1.693% 02/04/2020 115,596 0.02 275,000 Toronto Dominion Bank 3.224% 25/07/2029 215,969 0.04 50,000 Toyota Credit Canada 2.02% 28/02/2022 38,418 0.01 200,000 TransAlta Corporation 5% 25/11/2020 157,454 0.03 400,000 Transcanada Pipelines 3% 18/09/2029 307,644 0.06 150,000 Transcanada Pipelines 3.39% 15/03/2028 119,235 0.02 130,000 Union Gas 2.88% 22/11/2027 103,360 0.02 400,000 VW Credit Canada 2.85% 26/09/2024 308,994 0.06 325,000 Wells Fargo 3.874% 21/05/2025 260,416 0.05

Euro (31 December 2018: 33,354,256, 24.55%) 121,606,492 24.56 150,000 2i Rete Gas SPA 3% 16/07/2024 188,761 0.04 200,000 Abertis Infraestructuras 2.5% 27/02/2025 244,800 0.05 200,000 ABN AMRO Bank 1% 16/04/2025 233,837 0.05 150,000 Aegon 4% 25/04/2044 187,799 0.04 400,000 Ageas 3.25% 02/07/2049 499,251 0.10 1,100,000 AIB Group 1.25% 28/05/2024 1,270,650 0.26 250,000 Air Liquide Finance 3.889% 09/06/2020 285,880 0.06 500,000 Airbus Group Finance 2.375% 02/04/2024 613,403 0.12 150,000 Akelius Residential 1.5% AB 23/01/2022 173,339 0.04 100,000 Akzo Nobel 1.125% 08/04/2026 118,482 0.02

155 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 1,100,000 Allianz Finance 0.25% 06/06/2023 1,247,787 0.25 200,000 Amadeus IT Group 1.5% 18/09/2026 241,062 0.05 876,000 America Movil 3% 12/07/2021 1,030,134 0.21 134,000 Anglo American Capital 3.5% 28/03/2022 161,814 0.03 500,000 Anheuser Busch InBev Worldwide 1.15% 22/01/2027 590,974 0.12 103,000 Annington Funding 1.65% 12/07/2024 120,019 0.02 150,000 ANZ New Zealand International 0.625% 01/06/2021 170,239 0.03 1,000,000 Apple 1.375% 17/01/2024 1,186,485 0.24 169,000 APT Pipelines 2% 22/03/2027 204,794 0.04 267,000 Arcelor Mittal 0.95% 17/01/2023 302,148 0.06 250,000 ArcelorMittal 1% 19/05/2023 282,907 0.06 150,000 Archer Daniels Midland 1.75% 23/06/2023 178,875 0.04 100,000 Aroundtown 1.875% 19/01/2026 119,632 0.02 300,000 Assicurazioni Generali 3.875% 29/01/2029 398,120 0.08 250,000 AT&T 1.8% 05/09/2026 300,629 0.06 152,000 Atlantia (Govt of) 4.375% 16/09/2025 188,101 0.04 500,000 Autoroutes du Sud de la France 1.375% 21/02/2031 602,052 0.12 173,000 Aviva 0.625% 27/10/2023 198,165 0.04 100,000 AXA 5.125% 04/07/2043 130,039 0.03 150,000 Babcock International Group 1.75% 06/10/2022 174,600 0.03 100,000 Banco Bilbao Vizcaya Argentaria 0.625% 17/01/2022 113,923 0.02 600,000 Banco Bilbao Vizcaya Argentaria 1% 21/06/2026 693,865 0.14 200,000 Banco Bilbao Vizcaya Argentaria 1.125% 28/02/2024 231,198 0.05 500,000 Banco Santander 1.125% 17/01/2025 580,716 0.12 200,000 Banco Santander 1.375% 14/12/2022 233,596 0.05 300,000 Banco Santander 2.125% 08/02/2028 361,550 0.07 333,000 Bank of America 0.58% 08/08/2029 371,465 0.08 500,000 Bank of America 0.75% 26/07/2023 573,629 0.12 250,000 Bank of America 1.662% 25/04/2028 302,320 0.06 300,000 Bank of Ireland 0.75% 08/07/2024 339,401 0.07 400,000 Bank of Ireland 1.375% 29/08/2023 464,066 0.09 500,000 Bankia 0.875% 25/03/2024 574,347 0.12 100,000 Bankia 1.125% 12/11/2026 112,717 0.02 800,000 Bankinter 0.875% 05/03/2024 923,702 0.19 500,000 Bankinter 0.875% 08/07/2026 566,075 0.11 500,000 Banque Federative du Credit Mutuel 0.5% 16/11/2022 569,268 0.12 600,000 Banque Federative du Credit Mutuel 1.75% 15/3/2029 738,371 0.15 1,000,000 Banque Federative du Credit Mutuel 1.875% 18/06/2029 1,194,082 0.24 300,000 Barclays 0.625% 14/11/2023 340,111 0.07 123,000 BASF 1.875% 04/02/2021 141,300 0.03

156 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 500,000 Bayer Capital 2.125% 15/12/2029 620,194 0.13 500,000 Berlin Hyp 1% 05/02/2026 585,112 0.12 500,000 Bertelsmann 1.25% 29/09/2025 591,391 0.12 100,000 Bertelsmann 3% 23/04/2075 119,261 0.02 129,000 BHP Billiton Finance 2.25% 25/09/2020 147,509 0.03 250,000 Blackstone Holdings Finance 1% 05/10/2026 288,633 0.06 132,000 BMW Finance 0.375% 10/07/2023 149,821 0.03 220,000 BMW Finance 0.625% 06/10/2023 251,952 0.05 68,000 BMW Finance 2.625% 17/01/2024 84,168 0.02 100,000 BNP Paribas 0.5% 04/06/2026 112,546 0.02 500,000 BNP Paribas 1.375% 28/05/2029 592,939 0.12 167,000 BNP Paribas 1.5% 25/05/2028 203,529 0.04 600,000 BNP Paribas 2.125% 23/01/2027 735,631 0.15 550,000 BNP Paribas SA 1.125% 22/11/2023 638,285 0.13 700,000 BorgWarner 1.8% 07/11/2022 820,056 0.17 300,000 BP Capital Markets 1.104% 15/11/2034 338,578 0.07 525,000 BP Capital Markets 1.109% 16/02/2023 609,343 0.12 300,000 BPCE 0.625% 26/09/2024 340,784 0.07 400,000 BPCE 1% 05/10/2028 469,890 0.10 400,000 Bpost 1.25% 11/07/2026 471,932 0.10 100,000 British Telecommunications 1.75% 10/03/2026 118,661 0.02 159,000 British Telecommunications 2.125% 26/09/2028 194,198 0.04 5,000 Bundesrepublik Deutschland 0% 15/08/2026 5,756 - 12,000 Bundesrepublik Deutschland 4% 04/01/2037 22,429 - 122,000 Cadent Finance 0.625% 22/09/2024 138,777 0.03 400,000 CaixaBank 0.625% 01/10/2024 448,759 0.09 200,000 CaixaBank 1.75% 24/10/2023 235,154 0.05 100,000 Canal Isabel II Gestion 1.68% 26/02/2025 118,433 0.02 250,000 Carnival Corporation 1.625% 22/02/2021 286,293 0.06 200,000 Carrefour 0.875% 12/06/2023 229,582 0.05 150,000 Celanese 1.125% 26/09/2023 172,054 0.03 400,000 Chubb INA Holdings 1.4% 15/06/2031 469,536 0.09 600,000 Cie de Saint Gobain 0.625% 15/03/2024 685,356 0.14 200,000 Cie Generale des Michelin 2.5% 03/09/2038 283,116 0.06 500,000 Citigroup 0.5% 08/10/2027 556,082 0.11 400,000 Citigroup 1.25% 10/04/2029 470,745 0.10 650,000 Citigroup 1.5% 24/07/2026 769,790 0.16 500,000 CK Hutchison Europe 1.25% 13/04/2025 578,704 0.12 220,000 CK Hutchison Telecom Finance 0.375% 17/10/2023 247,659 0.05 300,000 CK Hutchison Telecom Finance 1.5% 17/10/2031 336,185 0.07 300,000 Coca Cola 1.25% 08/03/31 360,793 0.07

157 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 250,000 Coca Cola HBC Finance 1.625% 14/05/2031 300,542 0.06 340,000 Colgate Palmolive 0.5% 06/03/2026 390,463 0.08 250,000 Commerzbank 1.125% 24/05/2024 289,357 0.06 271,000 Cooperatieve Rabobank 0.5% 06/12/2022 309,347 0.06 400,000 Cooperatieve Rabobank 1.125% 07/05/2031 467,732 0.09 400,000 Credit Agricole 1.75% 05/03/2029 491,383 0.10 500,000 Credit Agricole 2% 25/03/2029 600,218 0.12 103,000 Credit Agricole London 2.625% 17/03/2027 129,872 0.03 200,000 Credit Mutuel Arkea SA 1% 26/01/2023 231,164 0.05 600,000 Credit Suisse Group 0.65% 10/09/2029 663,166 0.13 400,000 Credit Suisse Group 1% 24/06/2027 458,935 0.09 100,000 CRH Finance 1.375% 18/10/2028 119,276 0.02 210,000 Daimler 1.125% 06/11/2031 233,468 0.05 450,000 Daimler 2% 27/02/2031 554,361 0.11 142,000 Daimler 2.125% 03/07/2037 178,223 0.04 600,000 Daimler International Finance 0.25% 06/11/2023 673,375 0.14 200,000 Daimler International Finance 0.625% 27/02/2023 227,692 0.05 500,000 Danone 1% 26/03/2025 587,509 0.12 400,000 Danone 1.75% Perp 462,743 0.09 150,000 Danske Bank AS 0.5% 06/05/2021 169,798 0.03 1,000,000 Dassault Systems 0.375% 16/09/2029 1,101,161 0.22 150,000 Dell Bank International 0.625% 17/10/2022 169,869 0.03 100,000 Deutsche Ann Fin 4% Perp 120,368 0.02 300,000 Deutsche Bank 2.375% 11/01/2023 351,426 0.07 350,000 Deutsche Boerse 1.125% 26/03/2028 420,360 0.09 300,000 Deutsche Post 1.625% 05/12/2028 370,628 0.07 300,000 Deutsche Telekom 1.75% 09/12/2049 320,569 0.06 89,000 Deutsche Telekom 7.5% 24/01/2033 175,883 0.04 400,000 DH Europe Finance 0.45% 18/03/2028 444,050 0.09 500,000 DH Europe Finance 1.35% 18/09/2039 531,352 0.11 150,000 DH Europe Finance 1.7% 04/01/2022 174,748 0.04 425,000 Diageo Finance 2.375% 20/05/2026 542,548 0.11 400,000 DS Smith 0.875% 12/09/2026 441,806 0.09 100,000 DVB Bank SE 1% 25/04/2022 114,471 0.02 120,000 E.ON International Finance 5.75% 07/05/2020 137,483 0.03 128,000 Eastman Chemical 1.875% 23/11/2026 155,031 0.03 500,000 Eaton Capital 0.021% 14/05/2021 562,134 0.11 200,000 Edenred 1.875% 06/03/2026 242,973 0.05 250,000 EDP Finance 0.375% 16/09/2026 277,343 0.06 150,000 EDP Finance 1.5% 22/11/2027 178,683 0.04 200,000 Eli Lilly 0.625% 01/11/2031 224,972 0.05

158 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 100,000 Eli Lilly 1.70% 01/11/2049 111,679 0.02 200,000 Elia System Operator 1.5% 05/09/2028 242,043 0.05 100,000 Enagas Financiaciones SAU 1.25% 06/02/2025 117,916 0.02 400,000 Enel 2.5% 24/11/2078 468,479 0.09 171,000 Enel 3.5% 24/05/2080 209,028 0.04 300,000 Enel Finance International 0.375% 17/06/2027 333,305 0.07 120,000 Enel Finance International 1.125% 17/10/2034 133,715 0.03 180,000 Enel Finance International 4.875% 11/03/2020 203,991 0.04 800,000 Engie 0% 04/03/2027 878,176 0.18 400,000 Engie 0.5% 24/10/2030 443,276 0.09 100,000 Engie SA 1.375% 22/06/2028 120,993 0.02 300,000 ENI 3.625% 29/01/2029 429,586 0.09 600,000 Erste Group Bank 0.875% 22/05/2026 690,162 0.14 700,000 Essilorluxottica 1.75% 09/04/2021 801,897 0.16 200,000 Euroclear Bank 0.5% 10/07/2023 228,211 0.05 150,000 Fca Bank Spa Ireland 1% 15/11/2021 171,451 0.03 500,000 FedEx 0.45% 05/08/2025 555,566 0.11 200,000 Ferrovial Emisiones 1.375% 31/03/2025 234,859 0.05 172,000 Fidelity National Information 0.4% 15/01/2021 194,065 0.04 300,000 Fiserv 0.375% 01/07/2023 339,252 0.07 150,000 Flowserve Corporation 1.25% 17/03/2022 170,781 0.03 800,000 Ford Motor Credit 1.514% 17/02/2023 907,467 0.18 300,000 Gas Natural Fenosa Finance 1.5% 29/01/2028 359,354 0.07 400,000 GDF Suez 0.5% 13/03/2022 454,800 0.09 225,000 Ge Capital Euro Funding 2.25% 20/07/2020 256,055 0.05 200,000 General Electric Cap 4.125% 19/09/2035 282,518 0.06 400,000 Givaudan 1.125% 17/09/2025 470,198 0.09 143,000 GlaxoSmithKline Capital 1.375% 02/12/2024 171,089 0.03 400,000 Goldman Sachs 0.125% 19/08/2024 444,917 0.09 400,000 Goldman Sachs 2% 01/11/2028 494,098 0.10 600,000 Grand City Properties 2.5% VRN Perp 697,621 0.14 300,000 Groupe Auchan 2.25% 06/04/2023 357,184 0.07 300,000 Hannover Rueck 1.125% 09/10/2039 330,254 0.07 Heidelberg Cement Finance Luxemborg 1.125% 200,000 01/12/2027 227,958 0.05 Heidelberg Cement Finance Luxemborg 1.625% 125,000 07/04/2026 147,803 0.03 201,000 Heineken 2.875% 04/08/2025 260,054 0.05 150,000 Honeywell International 1.3% 22/02/2023 174,988 0.04 300,000 HSBC France 0.2% 04/09/2021 338,603 0.07 400,000 HSBC Holdings 0.875% 06/09/2024 461,101 0.09 150,000 Huarong Finance 1.625% 05/12/2022 167,243 0.03

159 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 200,000 Iberdrola Finanzas 1% 07/03/2025 233,687 0.05 200,000 Iberdrola International 2.625% VRN Perp 240,156 0.05 100,000 Iberdrola International 2.875% 11/11/2020 115,310 0.02 200,000 Iberdrola International 3.25% VRN Perp 247,140 0.05 500,000 Icade Sante SAS 0.875% 04/11/2029 551,385 0.11 100,000 Illinois Tool Works 3% 19/05/2034 144,480 0.03 500,000 ING Bank 0.375% 26/11/2021 566,880 0.11 400,000 ING Groep 1% 13/11/2030 447,694 0.09 300,000 ING Groep 2% 22/03/2030 356,001 0.07 500,000 ING Groep 2.5% 15/11/2030 664,187 0.13 300,000 Inli 1.125% 02/07/2029 341,432 0.07 200,000 Inmobiliaria Colonial SA 2.728% 05/06/2023 244,283 0.05 250,000 International Business Machines 1.25% 29/01/2027 297,691 0.06 169,000 International Business Machines 1.5% 23/05/2029 206,474 0.04 166,000 International Flavors And Fragrances 1.75% 14/3/2024 195,024 0.04 187,000 Intesa Sanpaolo 0.75% 04/12/2024 210,878 0.04 231,000 Intesa Sanpaolo 0.875% 27/06/2022 263,742 0.05 150,000 Intesa Sanpaolo 1.125% 04/03/2022 171,842 0.03 300,000 Investor 1.5% 20/06/2039 354,051 0.07 600,000 ISS Global 0.875% 18/06/2026 669,777 0.14 200,000 JAB Holdings 1% 20/12/2027 225,252 0.05 300,000 JAB Holdings 2.25% 19/12/2039 335,627 0.07 300,000 JAB Holdings 2.5% 25/06/2029 374,821 0.08 200,000 JCDecaux 1% 01/06/2023 231,066 0.05 278,000 Johnson Controls 1% 15/09/2023 321,287 0.06 300,000 JPMorgan Chase 1.001% 25/07/2031 342,487 0.07 250,000 JPMorgan Chase 1.047% 04/11/2032 283,832 0.06 500,000 JPMorgan Chase 1.09% 11/03/2027 582,729 0.12 400,000 JPMorgan Chase 2.875% 24/05/2028 541,752 0.11 400,000 KBC Group 0.5% 03/12/2029 442,238 0.09 400,000 Kering 1.25% 10/05/2026 477,813 0.10 100,000 Klepierre 1.375% 16/02/2027 119,536 0.02 500,000 Koninklijke Ahold Delhaize 0.25% 26/06/2025 560,865 0.11 200,000 Koninklijke KPN 1.125% 11/09/2028 231,427 0.05 300,000 Koninklijke Philips 0.5% 22/05/2026 341,744 0.07 200,000 LeasePlan Corporation 1% 25/02/2022 228,756 0.05 150,000 Leeds Building Society 1.375% 05/05/2022 173,557 0.04 600,000 LEG Immobilien 1.25% 23/01/2024 694,920 0.14 100,000 Legrand 1.875% 06/07/2032 128,481 0.03 263,000 Lloyds Banking 0.625% 15/01/2024 298,025 0.06 150,000 Lloyds Banking Group 0.5% 12/11/2025 168,063 0.03

160 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 100,000 Logicor Financing 1.5% 14/11/2022 115,875 0.02 195,000 Logicor Financing 1.625% 15/07/2027 221,811 0.04 155,000 Luxottica Group Spa 2.625% 10/02/2024 192,295 0.04 500,000 LVMH Moet Hennessy Louis Vuitton 0% 28/02/2021 562,990 0.11 150,000 Macquarie Bank Limited 1.125% 20/01/2022 172,487 0.03 486,000 Magna International 1.5% 25/09/2027 577,880 0.12 300,000 McDonalds 1.6% 15/03/2031 364,548 0.07 200,000 Merck 1.625% 25/06/2079 231,877 0.05 200,000 Merck 2.5% 15/10/2034 280,336 0.06 500,000 Merck Financial Services 0.875% 05/07/2031 564,960 0.11 400,000 Metropolitan Life Global Funding 0% 23/09/2022 448,839 0.09 167,000 Mfinance France 1.398% 26/09/2020 189,333 0.04 200,000 Microsoft 2.625% 02/05/2033 285,422 0.06 480,000 Molnlycke Holding 0.875% 05/09/2029 524,017 0.11 400,000 Mondi Finance 1.625% 27/04/2026 472,182 0.10 500,000 Morgan Stanley 0.637% 26/07/2024 570,081 0.12 250,000 Mylan 3.125% 22/11/2028 319,313 0.06 200,000 National Australia Bank 0.625% 18/09/2024 229,316 0.05 500,000 National Grid 0.75% 08/08/23 572,407 0.12 160,000 Nationwide Building Society 1.125% 03/06/2022 184,882 0.04 400,000 Natwest Markets 1% 28/05/2024 458,192 0.09 310,000 Natwest Markets 1.125% 14/06/2023 357,283 0.07 181,000 Ne Property Cooperatief 1.75% 23/11/2024 207,100 0.04 150,000 NN Group 4.625% 08/04/2044 194,028 0.04 150,000 Nordea Bank 0.3% 30/06/2022 170,090 0.03 300,000 Nordea Bank 4.5% 26/03/2020 340,290 0.07 374,000 Novartis Finance 1.7% 14/08/2038 473,821 0.10 400,000 OMV 0% 03/07/2025 445,013 0.09 400,000 OMV 5.25% Perp 491,141 0.10 400,000 Orange 0% 04/09/2026 436,813 0.09 500,000 Orange 0.5% 15/01/2022 567,750 0.11 300,000 Orange 1.2% 11/07/2034 333,273 0.07 121,000 Orange 5% Perp 165,650 0.03 200,000 Pernod Ricard 0% 24/10/2023 224,327 0.05 100,000 Pernod Ricard 0.5% 24/10/2027 112,453 0.02 100,000 Pernod Ricard 0.875% 24/10/2031 112,549 0.02 400,000 Pernod Ricard 1.5% 18/05/2026 482,655 0.10 100,000 Pernod Ricard 2% 22/06/2020 113,470 0.02 350,000 Philip Morris International 1.45% 01/08/2039 362,609 0.07 117,000 Philip Morris International 2.75% 19/03/2025 147,431 0.03 116,000 Philip Morris International 2.875% 03/03/2026 149,173 0.03

161 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 117,000 Philip Morris International 2.875% 30/05/2024 146,924 0.03 163,000 Pohjola Bank 2% 03/03/2021 187,788 0.04 150,000 Powszechna Kasa Bank 0.75% 25/07/2021 170,266 0.03 250,000 PPG Industries 1.4% 13/03/2027 294,596 0.06 300,000 Prologis Euro Finance 0.625% 10/09/2031 325,425 0.07 150,000 Rabobank Nederland 2.5% 26/05/2026 173,825 0.04 375,000 Rci Banque 0.5% 15/09/2023 420,693 0.08 200,000 Renault 1.125% 04/10/2027 215,472 0.04 100,000 Roadster Finance Design 1.625% 09/12/2024 114,988 0.02 108,000 Roche Holdings 6.5% 04/03/2021 131,076 0.03 125,000 Rolls Royce 0.875% 09/05/2024 141,528 0.03 550,000 Royal Bank of Scotland 0.625% 02/03/2022 624,329 0.13 328,000 Royal Mail 1.25% 08/10/2026 371,336 0.08 150,000 Ryanair 1.125% 10/03/2023 172,573 0.03 700,000 Sampo 2.25% 27/09/2030 895,991 0.18 500,000 Sampo Oyj 3.375% 23/05/2049 631,781 0.13 100,000 Sanofi 0% 13/01/2020 112,258 0.02 300,000 Sanofi 1.375% 21/03/2030 370,767 0.07 100,000 Sanofi SA 1.875% 04/09/2020 113,304 0.02 200,000 Santander Consumer Finance SA 0.875% 30/05/2023 229,668 0.05 300,000 Scentre Group 1.75% 11/04/2028 361,486 0.07 150,000 SES 0.875% 04/11/2027 164,639 0.03 131,000 Shell International 1.625% 24/03/2021 150,534 0.03 500,000 Shell International Finance 0.125% 08/11/2027 551,827 0.11 240,000 Shell International Finance 0.5% 08/11/2031 264,179 0.05 400,000 Shell International Finance 0.875% 08/11/2039 429,958 0.09 100,000 Shougang Group 1.35% 07/08/2020 113,008 0.02 250,000 Siemens Financieringsmaatschappij 0% 05/09/2024 280,403 0.06 250,000 Siemens Financieringsmaatschappij 0.5% 5/9/2034 266,769 0.05 150,000 Skandinaviska Enskilda Banken 0.3% 17/02/2022 169,624 0.03 234,000 Sky 2.5% 15/09/2026 299,328 0.06 300,000 Snam 1% 12/09/2034 326,576 0.07 400,000 Societe Generale 0.5% 13/01/2023 453,109 0.09 300,000 Solvay 0.5% 06/09/2029 326,132 0.07 250,000 SSE 0.875% 06/09/2025 288,159 0.06 150,000 Standard Chartered 0.75% 03/10/2023 170,525 0.03 200,000 Stryker 0.25% 03/12/2024 224,436 0.05 300,000 Stryker 0.75% 01/03/2029 337,222 0.07 300,000 Stryker 1% 03/12/2031 334,514 0.07 600,000 Suez 0.5% 14/10/2031 653,803 0.13

162 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 150,000 Svenska Handelsbanken 0.25% 28/02/2022 169,697 0.03 170,000 Swedbank 0.625% 04/01/2021 192,370 0.04 150,000 Swiss Life AG 4.375% Perp 195,631 0.04 200,000 Sydbank 1.25% 04/02/2022 229,185 0.05 400,000 Takeda Pharmaceutical 1.125% 21/11/2022 462,708 0.09 168,000 Talent Yield 1.435% 07/05/2020 189,430 0.04 200,000 Telefonica Emisiones 0.318% 17/10/2020 225,459 0.05 400,000 Telefonica Emisiones 1.069% 05/02/2024 465,577 0.09 350,000 Telia 3% 04/04/2078 414,915 0.08 300,000 Terna Spa 4.9% 28/10/2024 413,117 0.08 250,000 Thermo Fisher Scientific 1.875% 01/10/2049 259,798 0.05 100,000 Thermo Fisher Scientific 2.875% 24/07/2037 135,831 0.03 400,000 TOTAL 1.75% Perp 466,252 0.09 250,000 TOTAL 2.25% Perp 287,245 0.06 250,000 TOTAL 3.369% Perp 321,204 0.06 300,000 Total Capital International 2.125% 19/11/2021 351,661 0.07 100,000 Toyota Motor Credit Corporation 1% 10/09/2021 114,542 0.02 200,000 UBS Group Funding 2.125% 04/03/2024 242,526 0.05 300,000 Unibail Rodamco 1.125% 28/04/2027 350,797 0.07 700,000 Unibail Rodamco 2.5% 12/06/2023 851,236 0.17 100,000 Unibail Rodamco SE 2.25% 14/05/2038 128,686 0.03 125,000 Unilever 1.75% 05/08/2020 142,038 0.03 300,000 United Parcel Service 1.625% 15/11/2025 364,030 0.07 100,000 United Utilities Water 4.25% 24/01/2020 112,532 0.02 300,000 Veolia Environnement 0.892% 14/01/2024 346,619 0.07 150,000 Veolia Environnement 4.247% 06/01/2021 176,086 0.04 880,000 Verizon Communications 0.875% 08/04/2027 1,014,594 0.20 200,000 Verizon Communications 0.875% 19/03/2032 221,373 0.04 600,000 Verizon Communications 1.25% 08/04/2030 704,481 0.14 600,000 Verizon Communications 1.5% 19/09/2039 660,892 0.13 700,000 Vesteda Finance 1.5% 24/05/2027 820,819 0.17 470,000 Vicinity Centres Trust 1.125% 07/11/2029 520,437 0.11 400,000 Vier Gas Transport 0.5% 10/09/2034 423,777 0.09 500,000 Vinci 1.625% 18/01/2029 618,369 0.12 400,000 Vodafone 1.625% 24/11/2030 474,730 0.10 500,000 Volkswagen International Finance 1.875% 30/03/2027 594,617 0.12 150,000 Volkswagen International Finance 2.5% Perp 173,280 0.04 300,000 Volkswagen International Finance 4.125% 16/11/2038 434,580 0.09 700,000 Volkswagen Leasing 1.5% 19/06/2026 813,964 0.16 500,000 Volvo Treasury 0.1% 24/05/2022 561,927 0.11 200,000 Vonovia Finance 0.5% 14/09/2029 214,222 0.04

163 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 100,000 Vonovia Finance 0.75% 25/01/2022 114,034 0.02 450,000 Wal Mart Stores 1.9% 08/04/2022 527,807 0.11 200,000 Wells Farg 2.625% 16/08/22 239,818 0.05 200,000 Worldline France 0.25% 18/09/2024 223,287 0.05 600,000 Wuerth Finance International 1% 19/05/2022 689,369 0.14 200,000 Zurich Finance Ireland 1.625% 17/06/2039 239,456 0.05

Sterling Pound (31 December 2018: 6,535,680, 4.81%) 25,047,480 5.06 100,000 America Movil 5% 27/10/2026 159,966 0.03 300,000 Anglian Water Services Financing 2.75% 26/10/2029 428,014 0.09 300,000 Anglo American Capital 3.375% 11/03/2029 417,194 0.08 209,000 Anheuser Busch InBev Worldwide1.75% 07/03/2025 281,111 0.06 220,000 Annington Funding 3.685% 12/07/2034 323,363 0.07 250,000 Aroundtown 3.625% 10/04/2031 349,587 0.07 300,000 Aroundtown 4.75% VRN Perp 418,109 0.08 100,000 AT & T 4.875% 01/06/2044 169,269 0.03 270,000 Aviva 4.375% 12/09/2049 394,380 0.08 200,000 Banco Santander 2.75% 12/09/2023 276,883 0.06 300,000 Bank of America 2.3% 25/07/2025 412,000 0.08 330,000 Bank of Nova Scotia 1.375% 05/12/2023 437,994 0.09 625,000 Barclays 3.25% 17/01/2033 872,077 0.18 100,000 BAT International Finance 2.25% 09/09/2052 96,919 0.02 100,000 BG Energy Capital 5.125% 01/12/2025 160,653 0.03 100,000 BP Capital Markets 2.03% 14/02/2025 137,372 0.03 200,000 Cadent Finance 3.125% 21/03/2040 289,302 0.06 300,000 Citigroup 2.75% 24/01/2024 416,108 0.08 100,000 Citigroup 7.375% 01/09/2039 233,729 0.05 200,000 CK Hutchison Telecom Finance 2% 17/10/2027 260,322 0.05 300,000 CK Hutchison Telecom Finance 2.625% 17/10/2034 387,375 0.08 115,000 Close Brothers 2.75% 19/10/2026 160,898 0.03 220,000 Connect Plus M25 Issuer 2.607% 31/03/2039 310,135 0.06 300,000 Daimler International Finance 1.625% 11/11/2024 394,773 0.08 100,000 Daimler International Finance 2% 04/09/2023 134,745 0.03 191,000 Deutsche Telekom 1.25% 06/10/2023 253,622 0.05 100,000 Discovery Communications 2.5% 20/09/2024 135,851 0.03 270,000 DNB Bank 1.375% 12/06/2023 359,043 0.07 172,000 Experian Finance 2.125% 27/09/2024 236,317 0.05 300,000 Fidelity National Info Services 2.602% 21/05/2025 416,553 0.08 100,000 Gatwick Funding 2.875% 05/07/2051 138,318 0.03

164 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Sterling Pound (continued) 221,000 Gatwick Funding 5.25% 23/01/2024 337,237 0.07 50,000 GDF Suez 5% 01/10/2060 115,294 0.02 150,000 GE Capital UK Funding 8% 14/01/2039 314,383 0.06 100,000 GlaxoSmithKline Capital 4.25% 18/12/2045 184,174 0.04 80,000 Goldman Sachs 3.125% 25/07/2029 114,868 0.02 100,000 Heathrow Funding 4.625% 31/10/2046 188,471 0.04 100,000 Heathrow Funding 7.125% 14/02/2024 160,671 0.03 400,000 Henkel 1.25% 30/09/2026 525,127 0.11 100,000 HSBC Holdings 2.175% 27/06/2023 134,841 0.03 200,000 HSBC Holdings 3% 29/05/30 280,112 0.06 50,000 Imperial Brands Finance 8.125% 15/03/2024 82,531 0.02 500,000 ING Groep 3% 18/02/2026 708,422 0.14 94,000 Innogy Finance BV 5.625% 06/12/2023 145,313 0.03 300,000 LafargeHolcim Sterling Finance 3% 12/05/2032 418,280 0.08 151,000 Land Securities Capital 1.974% 08/02/2026 204,178 0.04 400,000 Lloyds Bank Corporate Markets 1.75% 11/07/2024 534,668 0.11 232,000 Logicor 1.875% 17/11/2026 308,602 0.06 113,000 London And Quadrant 2.625% 05/05/2026 156,947 0.03 300,000 London Power Networks 2.625% 01/03/2029 419,933 0.09 104,000 Marks & Spencer 4.75% 12/06/2025 151,300 0.03 125,000 Morgan Stanley 2.625% 09/03/2027 174,867 0.04 270,000 Morhomes 3.4% 19/02/2038 387,390 0.08 250,000 Motability Operations Group 1.75% 03/07/2029 332,579 0.07 200,000 National Express Group 2.375% 20/11/2028 266,310 0.05 300,000 National Grid 2.75% 06/02/2035 434,017 0.09 400,000 National Grid Electricity Transmission 2% 16/09/2038 518,506 0.10 100,000 Nestle Finance 2.25% 30/11/2023 139,729 0.03 200,000 Nestle Holdings 1% 11/06/2021 265,686 0.05 700,000 New York Life Global Funding 1.75% 15/12/2022 945,541 0.19 200,000 Orange 3.25% 15/01/2032 294,416 0.06 100,000 Orbit Capital 3.375% 14/06/2048 152,078 0.03 153,000 Pfizer 2.735% 15/06/2043 221,687 0.04 125,000 Prudential 5.7% 19/12/2063 200,716 0.04 500,000 RSA Insurance Group 1.625% 28/08/2024 664,801 0.13 150,000 Santander UK Group Holdings 3.625% 14/01/2026 217,344 0.04 100,000 Severn Trent Water Utilities 3.625% 16/01/2026 147,212 0.03 50,000 Southern Gas Networks 6.375% 15/05/2040 108,280 0.02 102,000 SP Transmission 2% 13/11/2031 135,528 0.03 100,000 Thames Water Utilities Cayman 7.738% 09/04/2058 269,893 0.05 105,000 Time Warner Cable 5.25% 15/07/2042 165,997 0.03 300,000 Total Capital International 1.405% 03/09/2031 385,151 0.08

165 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Sterling Pound (continued) 5,000 UK Treasury Gilt 4.25% 07/06/2032 9,166 - 500,000 United Utilities Water Finance 2% 03/07/2033 674,768 0.14 400,000 United Utilities Water Finance 2.625% 12/02/2031 577,629 0.12 200,000 Vodafone 3% 12/08/2056 265,787 0.05 200,000 Volkswagen Financial Services 1.875% 03/12/2024 264,599 0.05 100,000 Volkswagen Financial Services 1.875% 07/09/2021 133,601 0.03 282,000 Volkswagen Financial Services 2.25% 12/04/2025 380,103 0.08 200,000 Wells Fargo 2.125% 20/12/2023 272,488 0.06 150,000 Welltower 4.8% 20/11/2028 237,062 0.05 291,000 Western Power Distribution Holding 3.875% 17/10/2024 426,072 0.09 100,000 Westpac Banking Corporation 2.125% 02/05/2025 137,619 0.03 213,000 Whitbread Group 3.375% 16/10/2025 293,524 0.06

United States Dollar (31 December 2018: 88,862,437, 65.42%) 311,601,557 62.95 150,000 3M 1.625% 19/09/2021 149,658 0.03 700,000 3M 1.75% 14/02/2023 696,610 0.14 500,000 3M 4% 14/09/2048 550,708 0.11 570,000 Abbott Laboratories 3.4% 30/11/2023 599,249 0.12 600,000 AbbVie 2.3% 21/11/2022 603,452 0.12 350,000 Abbvie 3.6% 14/05/2025 369,532 0.08 300,000 AbbVie 4.875% 14/11/2048 346,165 0.07 254,000 ABN AMRO Bank 3.4% 27/08/2021 259,514 0.05 181,000 Ace Ina Holdings 3.35% 03/05/2026 192,478 0.04 197,000 Activision Blizzard 3.4% 15/09/2026 206,872 0.04 300,000 AEP Transmission 3.15% 15/09/2049 291,107 0.06 300,000 AerCap Ireland Capital 3.65% 21/07/2027 308,940 0.06 250,000 AerCap Ireland Capital 4.45% 01/10/2025 269,404 0.06 250,000 AerCap Ireland Capital 4.5% 15/05/2021 258,297 0.05 136,000 Aetna 3.5% 15/11/2024 142,197 0.03 200,000 Aflac 3.625% 15/11/2024 213,997 0.04 700,000 AIA Group 3.6% 09/04/2029 737,520 0.15 250,000 Air Lease Corporation 3.875% 03/07/2023 263,603 0.05 200,000 Air Liquide Finance 1.75% 27/09/2021 199,353 0.04 199,000 Alabama Power 3.75% 01/03/2045 211,864 0.04 300,000 Alabama Power 4.3% 15/07/2048 348,211 0.07 400,000 Alexandria Real Estate Equities 4.85% 15/04/2049 489,147 0.10 500,000 Alexandria Real Estate Equities 3.8% 15/04/2026 534,992 0.11 216,000 Alibaba Group Holding 4% 06/12/2037 233,231 0.05

166 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 121,000 Alimentation Couche Tard 3.55% 26/07/2027 124,568 0.03 150,000 Alimentation Couche Tard 4.5% 26/07/2047 161,144 0.03 500,000 Allergan Funding 4.55% 15/03/2035 546,922 0.11 200,000 Allstate Corporation 3.15% 15/06/2023 208,129 0.04 200,000 Allstate Corporation 4.2% 15/12/2046 232,290 0.05 200,000 Alphabet 3.375% 25/02/2024 212,666 0.04 500,000 Altria Group 3.8% 14/02/2024 526,230 0.11 200,000 Altria Group 4.8% 14/02/2029 222,482 0.05 100,000 Altria Group 5.375% 31/01/2044 112,868 0.02 200,000 Altria Group 5.95% 14/02/2049 241,455 0.05 409,000 Amazon 3.875% 22/08/2037 465,549 0.09 225,000 Amcor Finance 3.625% 28/04/2026 231,039 0.05 250,000 Ameren Illinois 3.7% 01/12/2047 268,878 0.05 312,000 American Airlines 3.375% 01/05/2027 249,189 0.05 800,000 American Airlines 4.95% 15/01/2023 414,362 0.08 200,000 American Campus 3.625% 15/11/2027 211,148 0.04 600,000 American Express 2.75% 20/05/2022 610,468 0.12 809,000 American Express Credit 2.25% 05/05/2021 813,484 0.16 152,000 American Honda Finance Corporation 2% 14/02/2020 151,997 0.03 300,000 American Honda Finance Corporation 2.05% 10/01/2023 301,286 0.06 200,000 American International 3.3% 01/03/2021 202,983 0.04 324,000 American International 3.9% 01/04/2026 347,172 0.07 400,000 American International 4.25% 15/03/2029 444,409 0.09 600,000 American Tower 2.95% 15/01/2025 612,656 0.12 170,000 American Water Capital 3.75% 01/09/2047 179,315 0.04 300,000 Ameriprise Financial 2.875% 15/09/2026 306,904 0.06 195,000 Amerisourcebergen Corporation 3.45% 15/12/2027 203,494 0.04 250,000 Amgen 3.875% 15/11/2021 257,898 0.05 301,000 Amgen 4.663% 15/06/2051 354,319 0.07 200,000 Analog Devices 3.5% 05/12/2026 209,950 0.04 600,000 Anheuser Busch InBev Worldwide 4.15% 23/01/2025 654,320 0.13 232,000 Anheuser Busch InBev Worldwide 4.7% 01/02/2036 269,245 0.06 748,000 Anheuser Busch InBev Worldwide 4.9% 01/02/2046 888,595 0.18 700,000 Anheuser Busch InBev Worldwide 5.45% 23/01/2039 882,388 0.18 300,000 Anheuser Busch InBev Worldwide 5.55% 23/01/2049 390,358 0.08 100,000 Anheuser Busch InBev Worldwide 8% 15/11/2039 159,336 0.03 154,000 Anthem 3.65% 01/12/2027 162,608 0.03 200,000 Anthem 4.55% 01/03/2048 226,064 0.05 353,000 Apache 4.375% 15/10/2028 368,913 0.08 700,000 Appalachian Power 4.5% 01/03/2049 811,886 0.16 600,000 Apple 1.8% 11/09/2024 594,998 0.12

167 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 200,000 Apple 2.05% 11/09/2026 198,188 0.04 200,000 Apple 2.2% 11/09/2029 196,294 0.04 450,000 Apple 3% 09/02/2024 467,118 0.10 150,000 Apple 3.75% 12/09/2047 167,351 0.03 200,000 Apple 4.5% 23/02/2036 242,918 0.05 213,000 Apple 4.65% 23/02/2046 266,503 0.05 250,000 Applied Materials 3.3% 01/04/2027 265,263 0.05 148,000 Aptiv 4.25% 15/01/2026 160,051 0.03 150,000 Archer Daniels Midland 2.5% 11/08/2026 151,381 0.03 500,000 Ares Capital Corporation 3.5% 10/02/2023 508,754 0.10 200,000 Arrow Electronics 3.875% 12/01/2028 207,088 0.04 350,000 Ascension Health 3.945% 15/11/2046 389,286 0.08 300,000 Ashtead Capital 5.25% 01/08/2026 321,854 0.07 100,000 Astrazeneca 6.45% 15/09/2037 141,499 0.03 500,000 AT & T 2.8% 17/02/2021 504,627 0.10 400,000 AT & T 3.55% 01/06/2024 417,949 0.09 100,000 AT & T 4.1% 15/02/2028 108,808 0.02 500,000 AT & T 4.85% 01/03/2039 577,438 0.12 180,000 AT & T 4.85% 15/07/2045 206,950 0.04 170,000 AT & T 5.15% 15/03/2042 199,658 0.04 250,000 AT & T 5.3% 15/08/2058 304,491 0.06 100,000 AT & T 5.55% 15/08/2041 123,397 0.03 143,000 AT & T 6% 15/08/2040 183,276 0.04 300,000 AT & T 6.25% 29/03/2041 391,314 0.08 450,000 AT & T 6.375% 01/03/2041 601,045 0.12 300,000 Atmos Energy 3.375% 15/09/2049 304,699 0.06 250,000 Australia and New Zealand Banking 2.55% 23/11/2021 252,626 0.05 400,000 Avolon Holdings Funding 3.95% 01/07/2024 417,340 0.08 200,000 AXA 5.125% 17/01/2047 220,469 0.05 400,000 AXA Equitable Holdings 3.9% 20/04/2023 419,640 0.09 200,000 Baidu 4.375% 29/03/2028 216,683 0.04 200,000 Baker Hughes 2.773% 15/12/2022 204,057 0.04 144,000 Baker Hughes 3.337% 15/12/2027 150,337 0.03 600,000 Bank of America 2.456% 22/10/2025 602,927 0.12 910,000 Bank of America 2.884% 22/10/2030 920,505 0.19 500,000 Bank of America 3.335% 25/01/2023 513,823 0.10 250,000 Bank of America 3.499% 17/05/2022 255,071 0.05 500,000 Bank of America 3.974% 07/02/2030 547,424 0.11 800,000 Bank of America 4.078% 23/04/2040 908,818 0.18 250,000 Bank Of America 4.2% 26/08/2024 268,676 0.05 1,012,000 Bank of America 4.244% 24/04/2038 1,168,524 0.24

168 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 200,000 Bank of America 4.33% 15/03/2050 241,474 0.05 218,000 Bank of America 4.443% 20/01/2048 266,305 0.05 90,000 Bank of Montreal 1.9% 27/08/2021 90,192 0.02 164,000 Bank of Montreal 2.35% 11/09/2022 166,054 0.03 600,000 Bank of Montreal 2.9% 26/03/2022 611,463 0.12 800,000 Bank of Montreal 4.8% VRN Perp 826,750 0.17 700,000 Bank of New York Mellon 1.95% 23/08/2022 701,816 0.14 400,000 Bank of New York Mellon 2.1% 24/10/2024 399,791 0.08 197,000 Bank of New York Mellon 2.6% 07/02/2022 199,833 0.04 300,000 Bank Of New York Mellon 3.45% 11/08/2023 314,705 0.06 500,000 Bank of Nova Scotia 2% 15/11/2022 500,709 0.10 200,000 Bank of Nova Scotia 2.7% 07/03/2022 203,623 0.04 500,000 Bank of Nova Scotia 3.125% 20/04/2021 508,383 0.10 700,000 Bank of Nova Scotia 3.4% 11/02/2024 732,038 0.15 100,000 Bank of Nova Scotia 4.65% PERP 101,438 0.02 211,000 Banque Federative du Credit Mutuel 2.7% 20/07/2022 214,393 0.04 900,000 Barclays 4.338% 16/05/2024 948,016 0.19 200,000 Barrick Australia 5.95% 15/10/2039 253,844 0.05 350,000 BAT Capital 2.764% 15/08/2022 355,033 0.07 500,000 BAT Capital 3.215% 06/09/2026 503,870 0.10 500,000 BAT Capital 3.557% 15/08/2027 512,184 0.10 500,000 BAT Capital 4.54% 15/08/2047 502,089 0.10 500,000 Baxter International 2.6% 15/08/2026 503,718 0.10 400,000 Bayer US Finance 3.5% 25/06/2021 407,394 0.08 500,000 Bayer US Finance 4.25% 15/12/2025 540,028 0.11 500,000 Bayer US Finance 4.375% 15/12/2028 546,251 0.11 200,000 Bayer US Finance 4.875% 25/06/2048 229,700 0.05 216,000 BDO Unibank 2.95% 06/03/2023 218,447 0.04 153,000 Becton Dickinson 3.7% 06/06/2027 162,993 0.03 181,000 Berkshire Hathaway 2.75% 15/03/2023 185,479 0.04 162,000 Berkshire Hathaway 3.125% 15/03/2026 170,838 0.04 170,000 Berkshire Hathaway Energy 3.8% 15/07/2048 182,776 0.04 153,000 Berkshire Hathaway Energy 4.45% 15/01/2049 181,144 0.04 Berkshire Hathaway Finance Corporation 4.25% 300,000 15/01/2049 354,783 0.07 376,000 BHP Billiton Finance 5% 30/09/2043 483,876 0.10 200,000 Blackrock 3.5% 18/03/2024 212,369 0.04 349,000 BMW US Capital 3.1% 12/04/2021 354,324 0.07 300,000 BMW US Capital 3.45% 12/04/2023 311,468 0.06 200,000 BNP Paribas 4.375% 01/03/2033 216,254 0.04 500,000 BNP Paribas 5.198% 10/01/2030 588,460 0.12 169 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 259,000 Booking Holdings 3.6% 01/06/2026 276,499 0.06 400,000 Boston Properties 2.75% 01/10/2026 404,652 0.08 150,000 Boston Properties 3.85% 01/02/2023 157,198 0.03 200,000 Boston Scientific Corporation 4.7% 01/03/2049 242,983 0.05 341,000 BP Capital Markets 2.315% 13/02/2020 341,083 0.07 189,000 BP Capital Markets 3.062% 17/03/2022 193,950 0.04 500,000 BP Capital Markets 3.245% 06/05/2022 516,303 0.10 200,000 BP Capital Markets 3.643% 14/05/2023 208,217 0.04 250,000 BPCE 2.75% 02/12/2021 253,606 0.05 250,000 BPCE 2.75% 11/01/2023 254,230 0.05 1,100,000 Branch Banking Trust 2.636% 17/09/2029 1,097,418 0.22 250,000 Branch Banking And Trust 2.85% 01/04/2021 252,855 0.05 500,000 Brighthouse Financial 4.7% 22/06/2047 462,844 0.09 500,000 Bristol Myers Squibb 2.55% 14/05/2021 505,098 0.10 300,000 Bristol Myers Squibb 2.75% 15/02/2023 306,614 0.06 600,000 Bristol Myers Squibb 2.9% 26/07/2024 619,949 0.13 600,000 Bristol Myers Squibb 3.4% 26/07/2029 642,675 0.13 900,000 Bristol Myers Squibb 3.9% 20/02/2028 993,161 0.20 300,000 Bristol Myers Squibb 4.125% 15/06/2039 346,909 0.07 178,000 Bristol Myers Squibb 5% 15/08/2045 227,496 0.05 700,000 Broadcom 3.125% 15/10/2022 713,395 0.14 700,000 Broadcom 3.625% 15/10/2024 728,394 0.15 400,000 Broadcom 4.75% 15/04/2029 437,782 0.09 500,000 Broadcom Corporation 3% 15/01/2022 507,171 0.10 122,000 Broadcom Corporation 3.875% 15/01/2027 126,611 0.03 100,000 Brookfield Finance 4.7% 20/09/2047 115,198 0.02 200,000 Brookfield Finance 4.85% 29/03/2029 229,676 0.05 400,000 Brooklyn Union Gas 3.865% 04/03/2029 434,745 0.09 157,000 Brooklyn Union Gas 4.273% 15/03/2048 176,210 0.04 200,000 BrownForman Corporation 3.5% 15/04/2025 213,460 0.04 300,000 Burlington Northern Santa Fe 3.55% 15/02/2050 317,013 0.06 399,000 Burlington Northern Santa Fe 4.15% 01/04/2045 453,790 0.09 250,000 Campbell 3.65% 15/03/2023 260,438 0.05 219,000 Campbell 4.15% 15/03/2028 237,885 0.05 73,000 Canadian Imperial Bank 2.55% 16/06/2022 73,985 0.02 462,000 Canadian Imperial Bank 3.5% 13/09/2023 485,442 0.10 500,000 Canadian National Railway 4.45% 20/01/2049 620,580 0.13 148,000 Canadian Natural Resources 3.85% 01/06/2027 157,849 0.03 250,000 Capital One 2.25% 13/09/2021 251,096 0.05 200,000 Capital One Financial Corporation 3.8% 31/01/2028 214,856 0.04

170 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 500,000 Capital One Financial Corporation 3.9% 29/01/2024 530,087 0.11 250,000 Capital One NA Mclean 2.65% 08/08/2022 253,852 0.05 127,000 Cardinal Health 3.41% 15/06/2027 130,019 0.03 144,000 Carlisle Cos 3.75% 01/12/2027 150,946 0.03 150,000 Caterpillar 3.803% 15/08/2042 168,223 0.03 800,000 Caterpillar Financial Services 2.1% 10/01/2020 800,022 0.16 450,000 Caterpillar Financial Services 3.45% 15/05/2023 470,857 0.10 366,000 CBS 4% 15/01/2026 391,410 0.08 250,000 Cenovus Energy 4.25% 15/04/2027 265,106 0.05 300,000 Cenovus Energy 5.4% 15/06/2047 349,960 0.07 400,000 CenterPoint Energy 2.95% 01/03/2030 395,252 0.08 465,000 Charter Communications 5.375% 01/04/2038 529,671 0.11 149,000 Charter Communications Operating 3.579% 23/07/2020 149,964 0.03 550,000 Charter Communications Operating 5.05% 30/03/2029 624,565 0.13 800,000 Charter Communications Operating 5.125% 01/07/2049 872,110 0.18 250,000 Chevron 2.498% 03/03/2022 254,265 0.05 700,000 China Mengniu Dairy 3% 18/07/2024 704,023 0.14 700,000 Chugoku Electric Power 2.701% 16/03/2020 700,392 0.14 140,000 Cigna 3.4% 01/03/2027 145,704 0.03 500,000 Cigna 3.4% 17/09/2021 511,682 0.10 350,000 Cigna 4.375% 15/10/2028 388,316 0.08 160,000 Cigna 4.8% 15/08/2038 186,536 0.04 700,000 Cimarex Energy 4.375% 15/03/2029 740,349 0.15 150,000 Cisco Systems 2.5% 20/09/2026 153,054 0.03 400,000 CIT Bank 2.969% 27/09/2025 400,820 0.08 800,000 Citibank 2.844% 20/05/2022 809,870 0.16 614,000 Citibank 3.4% 23/07/2021 627,092 0.13 400,000 Citigroup 2.976% 05/11/2030 406,318 0.08 250,000 Citigroup 3.2% 21/10/2026 259,369 0.05 613,000 Citigroup 3.878% 24/01/2039 675,566 0.14 500,000 Citigroup 4.075% 23/04/2029 547,961 0.11 300,000 Citigroup 4.65% 23/07/2048 375,716 0.08 200,000 Citigroup 4.65% 30/07/2045 246,177 0.05 250,000 Citizens Bank 2.55% 13/05/2021 251,472 0.05 200,000 CK Hutchison Capital Securities 4% Perp 201,899 0.04 145,000 CME Group 3% 15/03/2025 150,760 0.03 198,000 CNH Industrial Capital 4.375% 06/11/2020 201,465 0.04 600,000 Coca Cola 1.75% 06/09/2024 596,495 0.12 300,000 Coca Cola 2.2% 25/05/2022 303,221 0.06 914,000 Comcast Corporation 2.65% 01/02/2030 918,457 0.19

171 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 109,000 Comcast Corporation 3.25% 01/11/2039 110,586 0.02 1,000,000 Comcast Corporation 3.7% 15/04/2024 1,067,239 0.22 276,000 Comcast Corporation 3.9% 01/03/2038 305,325 0.06 250,000 Comcast Corporation 4.15% 15/10/2028 281,578 0.06 736,000 Comcast Corporation 4.6% 15/10/2038 877,444 0.18 500,000 Comcast Corporation 4.7% 15/10/2048 618,203 0.13 202,000 Comcast Corporation 4.75% 01/03/2044 245,661 0.05 900,000 Comerica 4% 01/02/2029 984,118 0.20 200,000 Cometa Energia 6.375% 24/04/2035 212,005 0.04 500,000 CommonSpirit Health 4.187% 01/10/2049 506,063 0.10 108,000 Commonwealth Bank of Australia 2% 06/09/2021 108,266 0.02 363,000 Commonwealth Bank of Australia 2.5% 18/09/2022 367,954 0.07 79,000 Commonwealth Bank of Australia 2.75% 10/03/2022 80,422 0.02 500,000 Commonwealth Bank of Australia 3.35% 04/06/2024 525,089 0.11 100,000 Commonwealth Edison 3.7% 15/08/2028 109,000 0.02 350,000 Commonwealth Edison 4% 01/03/2048 391,451 0.08 500,000 Conagra Brands 4.6% 01/11/2025 552,666 0.11 300,000 Conagra Brands 4.85% 01/11/2028 343,826 0.07 112,000 Concho Resources 3.75% 01/10/2027 117,688 0.02 149,000 Conoco Phillips 4.3% 15/11/2044 175,111 0.04 350,000 Conoco Phillips 6.5% 01/02/2039 509,243 0.10 150,000 Conoco Phillips 6.95% 15/04/2029 204,125 0.04 350,000 Consolidated Edison 4.125% 15/05/2049 398,341 0.08 124,000 Constellation Brands 3.6% 15/02/2028 130,319 0.03 500,000 Constellation Brands 5.25% 15/11/2048 608,050 0.12 500,000 Continental Resources 4.375% 15/01/2028 531,999 0.11 250,000 Cooperat Rabobank 2.75% 10/01/2023 254,324 0.05 600,000 Cooperatieve Rabobank 3.75% 21/07/2026 626,233 0.13 500,000 Corning 3.9% 15/11/2049 509,555 0.10 250,000 Cox Communications 4.6% 15/08/2047 278,068 0.06 126,000 Cox Communications 4.8% 01/02/2035 139,623 0.03 300,000 Credit Agricole 3.75% 24/04/2023 313,448 0.06 1,300,000 Credit Suisse Group 2.593% 11/09/2025 1,304,579 0.26 250,000 Credit Suisse Guernsey 4.875% 15/05/2045 314,947 0.06 250,000 Credit Suisse New York 3.625% 09/09/2024 265,694 0.05 233,000 CRH America Finance 3.95% 04/04/2028 251,781 0.05 300,000 Crown Castle International 3.1% 15/11/2029 304,264 0.06 200,000 Crown Castle International 5.25% 15/01/2023 217,319 0.04 359,000 CSX Corporation 3.8% 01/03/2028 391,503 0.08 560,000 CSX Corporation 4.3% 01/03/2048 635,627 0.13

172 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 150,000 CSX Corporation 4.5% 15/03/2049 176,062 0.04 300,000 CVS Health 3.7% 09/03/2023 312,533 0.06 231,000 CVS Health 4.78% 25/03/2038 263,038 0.05 776,000 CVS Health 5.05% 25/03/2048 919,041 0.19 152,000 Daimler Finance North America 2.25% 02/03/2020 152,041 0.03 150,000 Daimler Finance North America 2.3% 06/01/2020 149,997 0.03 500,000 Daimler Finance North America 2.55% 15/08/2022 503,950 0.10 352,000 Danone 2.077% 02/11/2021 352,457 0.07 300,000 Dayton Power Light 3.95% 15/06/2049 308,820 0.06 400,000 Deere 2.875% 07/09/2049 377,772 0.08 1,000,000 Dell International 4% 15/07/2024 1,048,386 0.21 880,000 Dell International 4.9% 01/10/2026 969,797 0.20 177,000 Delta Air Lines 3.625% 15/03/2022 181,293 0.04 299,000 Demeter 5.625% 15/08/2052 333,453 0.07 500,000 Deutsche Bank 4.1% 13/01/2026 508,978 0.10 700,000 Deutsche Bank 5% 14/02/2022 730,742 0.15 212,000 Deutsche Telekom 3.6% 19/01/2027 223,450 0.05 600,000 DH Europe Finance 2.05% 15/11/2022 601,176 0.12 400,000 DH Europe Finance 2.20% 15/11/2024 400,720 0.08 200,000 Diamond Finance Corporation 2 5.45% 15/06/2023 217,069 0.04 500,000 Diamondback Energy 3.5% 01/12/2029 509,725 0.10 200,000 Digital Realty Trust 4.45% 15/07/2028 221,667 0.04 1,000,000 Discover Bank 2.45% 12/09/2024 997,569 0.20 200,000 Discover Financial Services 3.75% 04/03/2025 211,804 0.04 177,000 Discovery Communications 5% 20/09/2037 200,364 0.04 350,000 Discovery Communications 5.3% 15/05/2049 412,718 0.08 500,000 DNB Bank 2.15% 02/12/2022 502,629 0.10 250,000 DNB Bank 2.375% 02/06/2021 251,728 0.05 176,000 Dollar Tree 4.2% 15/05/2028 188,792 0.04 800,000 Dominion Energy 2.45% 15/01/2023 803,380 0.16 327,000 Dominion Energy 3.9% 01/10/2025 351,650 0.07 195,000 Dominion Energy 5.75% 01/10/2054 210,252 0.04 500,000 Dow Chemical 3.15% 15/05/2024 516,154 0.10 111,000 Dow Chemical 4.25% 01/10/2034 122,409 0.03 500,000 DowDuPont 4.205% 15/11/2023 534,962 0.11 500,000 DowDuPont 5.319% 15/11/2038 596,548 0.12 267,000 Duke Energy 2.65% 01/09/2026 268,681 0.05 162,000 Duke Energy 3.15% 15/08/2027 167,985 0.03 177,000 Duke Energy 3.75% 01/09/2046 182,329 0.04 250,000 Duke Energy Carolinas 3.95% 15/03/2048 279,215 0.06

173 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 400,000 Duke Energy Corporation 4.2% 15/06/2049 444,215 0.09 272,000 Ebay 3.6% 05/06/2027 285,500 0.06 200,000 Ecolab 2.375% 10/08/2022 202,113 0.04 220,000 EDP Finance 3.625% 15/07/2024 229,041 0.05 200,000 El Paso Pipeline Partners 5% 01/10/2021 208,344 0.04 203,000 Electronic Arts 3.7% 01/03/2021 206,810 0.04 200,000 Eli Lilly 3.375% 15/03/2029 215,686 0.04 700,000 Eli Lilly 3.875% 15/03/2039 792,906 0.16 700,000 Eli Lilly 3.95% 15/03/2049 808,041 0.16 222,000 Emaar Sukuk 3.635% 15/09/2026 223,106 0.05 209,000 EMD Finance 2.4% 19/03/2020 209,072 0.04 492,000 EMD Finance 2.95% 19/03/2022 498,819 0.10 200,000 EMG Sukuk 4.564% 18/06/2024 210,380 0.04 328,000 Enable Midstream Partners 4.95% 15/05/2028 332,528 0.07 153,000 Enbridge 3.7% 15/07/2027 162,053 0.03 1,100,000 Enel Finance International 2.65% 10/09/2024 1,104,921 0.22 242,000 Enel Finance International 4.75% 25/05/2047 272,997 0.06 700,000 Energy Transfer Operating 5.5% 01/06/2027 789,912 0.16 1,200,000 Energy Transfer Operating 5.875% 15/01/2024 1,327,346 0.27 700,000 Energy Transfer Operating 6.25% 15/04/2049 845,944 0.17 202,000 Energy Transfer Partners 6.125% 15/12/2045 234,588 0.05 300,000 ENI 4% 12/09/2023 316,674 0.06 250,000 Enstar Group 4.95% 01/06/2029 268,533 0.05 201,000 Entergy 2.95% 01/09/2026 204,169 0.04 650,000 Entergy 4% 15/07/2022 677,757 0.14 500,000 Enterprise Products Operating 4.25% 15/02/2048 538,043 0.11 100,000 Enterprise Products Operating 4.875% 16/08/2077 98,902 0.02 150,000 EOG Resources 4.15% 15/01/2026 165,115 0.03 300,000 EPR Properties 4.95% 15/04/2028 328,086 0.07 350,000 EQT Corporation 3.9% 01/10/2027 326,050 0.07 250,000 Eqt Midstream Partners 4.75% 15/07/2023 249,991 0.05 290,000 Eqt Midstream Partners 5.5% 15/07/2028 284,998 0.06 500,000 Equinix 3.2% 18/11/2029 503,258 0.10 491,000 Erac USA Finance 3.8% 01/11/2025 519,402 0.11 250,000 ERAC USA Finance 7% 15/10/2037 354,081 0.07 200,000 ERP Operating 4.625% 15/12/2012 209,000 0.04 250,000 Estee Lauder 4.15% 15/03/2047 292,581 0.06 300,000 ETRADE Financial Corporation 2.95% 24/08/2022 305,205 0.06 259,000 Exelon Corporationoration 4.45% 15/04/2046 290,648 0.06 227,000 Expedia Group 3.8% 15/02/2028 231,865 0.05

174 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 400,000 Exxon Mobil Corporation 2.275% 16/08/2026 401,788 0.08 200,000 Exxon Mobil Corporation 3.095% 16/08/2049 199,388 0.04 250,000 Exxon Mobil Corporation 4.114% 01/03/2046 291,847 0.06 122,000 FedEx 5.1% 15/01/2044 135,019 0.03 200,000 Fidelity National Information 4.25% 15/05/2028 224,365 0.05 200,000 Fifth Third Bank 2.875% 01/10/2021 203,027 0.04 200,000 Fifth Third Bank 3.85% 15/03/2026 212,461 0.04 167,000 Firstenergy 4.85% 15/07/2047 198,956 0.04 500,000 Fiserv 2.75% 01/07/2024 509,359 0.10 200,000 Fiserv 3.5% 01/07/2029 210,632 0.04 200,000 Flextronics International 4.75% 15/06/2025 216,788 0.04 150,000 Florida Power And Light 4.125% 01/06/2048 175,661 0.04 113,000 Ford Motor 5.291% 08/12/2046 107,865 0.02 463,000 Ford Motor Credit 4.389% 01/08/2026 470,878 0.10 300,000 Ford Motor Credit 5.085% 07/01/2021 307,124 0.06 400,000 Ford Motor Credit 5.584% 18/03/2024 433,280 0.09 217,000 Formosa Group 3.375% 22/04/2025 222,966 0.05 177,000 Fortis 3.055% 04/10/2026 180,652 0.04 495,000 Fortive 2.35% 15/06/2021 496,437 0.10 300,000 Fox Corporation 5.476% 25/01/2039 367,691 0.07 400,000 GATX Corporation 4.7% 01/04/2029 446,901 0.09 200,000 GE Capital 4.418% 15/11/2035 213,351 0.04 300,000 General Dynamics 3.75% 15/05/2028 330,272 0.07 500,000 General Electric 3.375% 11/03/2024 517,797 0.10 400,000 General Mills 4% 17/04/2025 433,504 0.09 127,000 General Mills 4.2% 17/04/2028 141,690 0.03 150,000 General Motors 4.35% 09/04/2025 159,489 0.03 800,000 General Motors 5.1% 17/01/2024 866,714 0.18 300,000 General Motors 5.95% 01/04/2049 332,801 0.07 300,000 Gerdau Trade 4.875% 24/10/2027 322,620 0.07 150,000 Gilead Sciences 4.75% 01/03/2046 179,881 0.04 300,000 GlaxoSmithKline Capital 3.375% 15/05/2023 312,998 0.06 200,000 GlaxoSmithKline Capital 3.875% 15/05/2028 220,867 0.05 200,000 Glencore Finance Canada 4.95% 15/11/2021 209,216 0.04 126,000 Glencore Funding 4% 27/03/2027 131,076 0.03 200,000 Global Bank Corporation 4.5% 20/10/2021 206,887 0.04 200,000 Global Logistic Properties 3.875% 04/06/2025 204,237 0.04 700,000 Global Payments 3.2% 15/08/2029 714,954 0.15 400,000 GLP Capital 4% 15/01/2030 409,209 0.08 220,000 GLP Capital LP / GLP Financing II 5.375% 15/04/2026 241,715 0.05 200,000 Gohl Capital 4.25% 24/01/2027 209,518 0.04

175 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 669,000 Goldman Sachs 2.876% 31/10/2022 678,103 0.14 250,000 Goldman Sachs 3.272% 29/09/2025 258,691 0.05 1,000,000 Goldman Sachs 3.625% 20/02/2024 1,050,188 0.21 279,000 Goldman Sachs 4.017% 31/10/2038 303,272 0.06 300,000 Goldman Sachs 4.223% 01/05/2029 331,032 0.07 538,000 Goldman Sachs 4.411% 23/04/2039 611,840 0.12 200,000 Goldman Sachs 5.15% 22/05/2045 245,584 0.05 600,000 Grupo Bimbo 4% 06/09/2049 561,270 0.11 500,000 Grupo Televisa 5.25% 24/05/2049 541,730 0.11 131,000 Halliburton 4.85% 15/11/2035 147,301 0.03 200,000 Hanwha Life Insurance 4.7% 23/04/2048 204,025 0.04 300,000 Harborwalk Funding Trust 5.077% 15/02/2069 354,608 0.07 187,000 Harris Corporation 4.4% 15/06/2028 208,724 0.04 1,900,000 HCA 5.125% 15/06/2039 2,100,715 0.42 500,000 HCP 3.25% 15/07/2026 518,728 0.11 71,000 HCP 4.25% 15/11/2023 75,803 0.02 500,000 Healthpeak Properties 3% 15/01/2030 500,482 0.10 300,000 Hershey Company 3.375% 15/05/2023 313,777 0.06 101,000 Hess 4.3% 01/04/2027 107,871 0.02 250,000 Hewlett Packard Enterprise 6.2% 15/10/2035 300,774 0.06 400,000 Hillenbrand 4.5% 15/09/2026 418,746 0.09 200,000 Hkt Capital 4 3% 14/07/2026 197,716 0.04 200,000 Home Depot 2.7% 01/04/2023 205,021 0.04 316,000 Home Depot 4.25% 01/04/2046 372,581 0.08 400,000 Honeywell International 2.3% 15/08/2024 405,882 0.08 200,000 Honeywell International 2.5% 01/11/2026 203,348 0.04 220,000 Hong Kong Electric Finance 2.875% 03/05/2026 218,602 0.04 500,000 HSBC Holdings 2.633% 07/11/2025 500,898 0.10 1,076,000 HSBC Holdings 3.033% 22/11/2023 1,101,175 0.22 300,000 HSBC Holdings 3.803% 11/03/2025 315,106 0.06 200,000 HSBC Holdings 4.292% 12/09/2026 216,428 0.04 850,000 HSBC Holdings 4.583% 19/06/2029 949,855 0.19 200,000 HSBC Holdings 5.25% 14/03/2044 253,536 0.05 200,000 Humana 4.95% 01/10/2044 235,731 0.05 600,000 Huntington National Bank 3.55% 06/10/2023 629,861 0.13 200,000 IBM Credit 3% 06/02/2023 205,703 0.04 200,000 ICICI Bank Dubai 4% 18/03/2026 208,228 0.04 400,000 IHS Markit 4.25% 01/05/2029 432,030 0.09 200,000 IHS Markit 5% 01/11/2022 213,451 0.04 213,000 Imperial Tobacco Finance 4.25% 21/07/2025 224,182 0.05

176 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 250,000 Indiana Michigan Power 4.55% 15/03/2046 292,409 0.06 200,000 ING Groep 3.15% 29/03/2022 204,737 0.04 500,000 ING Groep 3.55% 09/04/2024 523,932 0.11 300,000 Ingersoll-Rand Luxembourg Finance 3.5% 21/03/2026 314,323 0.06 400,000 Intel Corporation 3.15% 11/05/2027 422,159 0.09 115,000 Intel Corporation 4.9% 29/07/2045 146,567 0.03 206,000 Intercontinental Exchange 2.75% 01/12/2020 207,342 0.04 100,000 International Business Machines 4.15% 15/05/2039 112,781 0.02 109,000 International Paper 5% 15/09/2035 128,007 0.03 200,000 Intesa Sanpaolo 3.875% 14/07/2027 200,255 0.04 200,000 Inversiones CMPC 4.375% 04/04/2027 211,083 0.04 300,000 Invesco Finance 3.75% 15/01/2026 320,881 0.07 250,000 Invesco Finance 5.375% 30/11/2043 305,608 0.06 300,000 Jackson National Life Global Funding 2.375% 15/09/2022 302,899 0.06 300,000 JetBlue 2.75% 15/11/2033 304,423 0.06 264,000 JM Smucker 3.5% 15/03/2025 277,448 0.06 300,000 John Deere Capital Corporation 3.05% 06/01/2028 315,332 0.06 200,000 John Deere Capital Corporation 3.15% 15/10/2021 204,722 0.04 500,000 John Deere Capital Corporation 3.45% 13/03/2025 532,467 0.11 400,000 Johnson & Johnson 3.4% 15/01/2038 428,397 0.09 295,000 Johnson & Johnson 3.625% 03/03/2037 325,641 0.07 250,000 Johnson Controls 4.5% 15/02/2047 270,852 0.06 750,000 JPMorgan Chase 2.95% 01/10/2026 773,134 0.16 1,300,000 JPMorgan Chase 3.207% 01/04/2023 1,328,965 0.27 200,000 JPMorgan Chase 3.25% 23/09/2022 206,743 0.04 243,000 JPMorgan Chase 3.559% 23/04/2024 253,350 0.05 800,000 JPMorgan Chase 3.702% 06/05/2030 862,595 0.17 264,000 JPMorgan Chase 3.797% 23/07/2024 278,331 0.06 220,000 JPMorgan Chase 3.882% 24/07/2038 243,905 0.05 900,000 JPMorgan Chase 3.96% 29/01/2027 976,324 0.20 600,000 JPMorgan Chase 4.203% 23/07/2029 670,285 0.14 176,000 JPMorgan Chase 4.26% 22/02/2048 208,317 0.04 168,000 JPMorgan Chase 4.95% 01/06/2045 212,471 0.04 400,000 JPMorgan Chase 8.75% 01/09/2030 583,899 0.12 200,000 Kaiser Foundation Hospitals 3.266% 01/11/2049 201,306 0.04 350,000 Kaiser Foundation Hospitals 4.15% 01/05/2047 400,319 0.08 254,000 Kellogg 3.25% 01/04/2026 264,199 0.05 296,000 Keurig 4.597% 25/05/2028 332,964 0.07 400,000 Keurig Dr Pepper 4.057% 25/05/2023 422,129 0.09 100,000 Kimberly Clark Corporation 3.2% 30/07/2046 100,522 0.02

177 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 300,000 KimberlyClark Corporation 3.2% 25/04/2029 319,372 0.07 250,000 Kinder Morgan 3.15% 15/01/2023 255,974 0.05 148,000 Kinder Morgan Energy Partners 5.5% 01/03/2044 171,875 0.04 500,000 Kirby Corporation 4.2% 01/03/2028 527,422 0.11 700,000 KLA Tencor 4.1% 15/03/2029 767,173 0.16 400,000 KLATencor Corporation 5% 15/03/2049 492,298 0.10 350,000 Kraft Heinz Foods 5.2% 15/07/2045 379,478 0.08 126,000 Kroger 5.15% 01/08/2043 144,855 0.03 150,000 Lafarge 7.125% 15/07/2036 194,095 0.04 800,000 Lam Research 3.75% 15/03/2026 858,367 0.17 800,000 Lam Research 4.875% 15/03/2049 1,004,034 0.20 300,000 Las Vegas Sands Corporation 2.9% 25/06/2025 303,346 0.06 1,000,000 Las Vegas Sands Corporation 3.5% 18/08/2026 1,026,878 0.21 213,000 Latam Airlines 4.2% 15/08/2029 171,707 0.04 150,000 Lazard Group 4.5% 19/09/2028 166,154 0.03 90,000 Lear 3.8% 15/09/2027 90,988 0.02 150,000 Leggett & Platt 4.4% 15/03/2029 164,172 0.03 500,000 LG Chemical 3.25% 15/10/2024 514,029 0.10 600,000 Liberty Mutual Group 4.569% 01/02/2029 671,087 0.14 765,000 Lloyds Bank 3.3% 07/05/2021 778,644 0.16 200,000 Lloyds Banking 3.574% 07/11/2028 208,710 0.04 200,000 Loews Corporation 3.75% 01/04/2026 214,760 0.04 400,000 Longfor Properties 3.9% 16/04/2023 408,851 0.08 300,000 Louisville Gas Electric 4.25% 01/04/2049 346,170 0.07 300,000 Lowes Cos 3.65% 05/04/2029 320,501 0.07 200,000 Macquarie Bank 6.625% 07/04/2021 210,653 0.04 310,000 Marathon Oil 4.4% 15/07/2027 337,126 0.07 500,000 Marathon Petroleum 4.5% 01/04/2048 532,901 0.11 1,400,000 Marathon Petroleum 4.75% 15/12/2023 1,522,385 0.31 264,000 Marriott International 3.125% 15/06/2026 272,441 0.06 400,000 Marsh McLennan 4.75% 15/03/2039 484,457 0.10 600,000 Marvell Technology Group 4.2% 22/06/2023 632,638 0.13 200,000 MassMutual Global Funding 2.5% 13/04/2022 202,883 0.04 300,000 MassMutual Global Funding 3.4% 08/03/2026 316,478 0.06 500,000 Mastercard 2% 03/03/2025 499,128 0.10 350,000 Mastercard 3.375% 01/04/2024 370,726 0.08 400,000 Mastercard 3.5% 26/02/2028 431,836 0.09 500,000 Mastercard 3.65% 01/06/2049 554,857 0.11 400,000 McDonalds 3.625% 01/09/2049 408,466 0.08 287,000 McDonalds 4.875% 09/12/2045 347,533 0.07

178 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 100,000 Medtronic 2.75% 01/04/2023 102,110 0.02 402,000 Medtronic 4.625% 15/03/2045 507,033 0.10 250,000 Merck 2.75% 10/02/2025 258,989 0.05 300,000 Merck 2.9% 07/03/2024 311,549 0.06 900,000 Merck 3.9% 07/03/39 1,031,447 0.21 500,000 Methanex 5.25% 15/12/2029 517,674 0.10 150,000 Metropolitan Life Global Funding 3.45% 18/12/2026 161,156 0.03 400,000 Metropolitan Life Global Funding 3.6% 11/01/2024 423,746 0.09 600,000 Microchip Technology 3.922% 01/06/2021 613,678 0.12 1,000,000 Microsoft 2.4% 06/02/2022 1,014,158 0.21 350,000 Microsoft 3.125% 03/11/2025 370,220 0.08 200,000 Microsoft 3.3% 06/02/2027 213,839 0.04 250,000 Microsoft 4.25% 06/02/2047 306,944 0.06 200,000 Minejesa Capital 5.625% 10/08/2037 218,008 0.04 500,000 Minera Mexico 4.5% 26/01/2050 509,688 0.10 200,000 Mitsubishi Corporation 2.625% 14/07/2022 201,713 0.04 169,000 Mitsubishi UFJ Financial 3.287% 25/07/2027 175,850 0.04 600,000 Mitsubishi UFJ Financial 4.286% 26/07/2038 693,380 0.14 500,000 Mizuho Financial 3.477% 12/04/2026 524,716 0.11 336,000 Molson Coors Brewing 3% 15/07/2026 339,116 0.07 200,000 Mondelez 2% 28/10/2021 200,077 0.04 200,000 Moodys Corporation 5.25% 15/07/2044 253,180 0.05 229,000 Morgan Stanley 3.737% 24/04/2024 239,397 0.05 320,000 Morgan Stanley 3.875% 27/01/2026 344,452 0.07 114,000 Morgan Stanley 3.971% 22/07/2038 126,425 0.03 200,000 Morgan Stanley 4.375% 22/01/2047 239,498 0.05 500,000 Morgan Stanley 4.431% 23/01/2030 565,323 0.11 899,000 Morgan Stanley 4.457% 22/04/2039 1,061,480 0.21 350,000 Morgan Stanley 5% 24/11/2025 394,747 0.08 250,000 Mosaic 3.25% 15/11/2022 256,613 0.05 900,000 MPLX 3.5% 01/12/2022 927,266 0.19 139,000 MPLX 4.5% 15/04/2038 141,527 0.03 350,000 MPLX 4.9% 15/04/2058 356,265 0.07 500,000 MPLX 5.2% 01/12/2047 534,473 0.11 350,000 Mylan 3.15% 15/06/2021 354,579 0.07 121,000 Mylan NV 3.95% 15/06/2026 125,935 0.03 250,000 National Australia Bank 2.8% 10/01/2022 253,931 0.05 800,000 National Rural Utilities Cooperation 3.7% 15/03/2029 877,495 0.18 200,000 Nationwide Building Society 3.9% 21/07/2025 215,903 0.04

179 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 250,000 Nationwide Building Society 4.125% 18/10/2032 260,558 0.05 300,000 Nestle Holdings 3.35% 24/09/2023 314,020 0.06 200,000 Nestle Holdings 4% 24/09/2048 235,457 0.05 1,000,000 New York Life Global Funding 2.25% 12/07/2022 1,010,176 0.20 200,000 New York Life Global Funding 2.35% 14/07/2026 200,524 0.04 350,000 Newell Rubbermaid 5.5% 01/04/2046 375,801 0.08 250,000 Newmont Goldcorp 3.625% 09/06/2021 254,893 0.05 600,000 Newmont Goldcorp 3.7% 15/03/2023 628,057 0.13 142,000 NextEra Energy Capital Hold 3.55% 01/05/2027 150,998 0.03 202,000 NiSource 4.375% 15/05/2047 224,444 0.05 208,000 Nissan Motor Acceptance 2.25% 13/01/2020 207,995 0.04 500,000 Norfolk Southern 5.1% 01/08/2118 593,451 0.12 350,000 Northern States Power 3.6% 15/09/2047 375,359 0.08 400,000 NorthWestern Mutual 6.063% 30/03/2040 546,540 0.11 250,000 Novartis Capital 3% 20/11/2025 262,241 0.05 400,000 Novolipetsk Steel Via Steel Funding 4.7% 30/05/2026 436,523 0.09 910,000 NRG Energy 3.75% 15/06/2024 941,742 0.19 350,000 NSTAR Electric 3.2% 15/05/2027 367,370 0.07 167,000 Nutrien 3.625% 15/03/2024 174,546 0.04 150,000 Nutrien 5% 01/04/2049 178,223 0.04 500,000 Nuveen 4% 01/11/2028 557,263 0.11 200,000 NXP BV NXP Funding 4.3% 18/06/2029 216,691 0.04 800,000 NXP BV NXP Funding 4.875% 01/03/2024 873,349 0.18 300,000 Occidental Petroleum 2.9% 15/08/2024 304,855 0.06 200,000 Occidental Petroleum 4.4% 15/04/2046 202,876 0.04 181,000 Occidental Petroleum 6.6% 15/03/2046 233,454 0.05 133,000 Omnicom 3.6% 15/04/2026 140,433 0.03 400,000 Oncor Electric Delivery 2.75% 01/06/2024 409,586 0.08 410,000 Oneok 4.55% 15/07/2028 450,487 0.09 500,000 Oracle 2.625% 15/02/2023 510,293 0.10 211,000 Oracle 3.8% 15/11/2037 230,655 0.05 224,000 Oracle 4% 15/07/2046 248,919 0.05 206,000 Orient Huizhi 3.625% 30/11/2022 207,888 0.04 500,000 PacifiCorp 3.5% 15/06/2029 540,201 0.11 400,000 Park Aerospace Holdings 5.25% 15/08/2022 427,285 0.09 500,000 Parker Hannifin 2.7% 14/06/2024 508,847 0.10 200,000 Parker Hannifin 3.25% 14/06/2029 208,864 0.04 500,000 PartnerRe Finance 3.70% 02/07/2029 525,504 0.11 300,000 PayPal Holdings 2.85% 01/10/2029 302,552 0.06

180 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 300,000 Pennsylvania Electric 3.6% 01/06/2029 316,626 0.06 135,000 Penske Truck Leasing 3.4% 15/11/2026 137,949 0.03 600,000 Pepsico 2% 15/04/2021 601,847 0.12 300,000 Pepsico 2.875% 15/10/2049 289,907 0.06 137,000 Pepsico 4.45% 14/04/2046 168,718 0.03 1,000,000 Pfizer 2.95% 15/03/2024 1,036,721 0.21 150,000 Pfizer 3.2% 15/09/2023 156,391 0.03 226,000 Pfizer 4% 15/12/2036 256,455 0.05 350,000 Philip Morris International 2.375% 17/08/2022 353,341 0.07 200,000 Philip Morris International 2.75% 25/02/2026 202,718 0.04 119,000 Phillips 66 4.65% 15/11/2034 139,831 0.03 350,000 Pine Street Trust 4.572% 15/02/2029 377,314 0.08 250,000 Plains All Amer Pipeline 4.9% 15/02/2045 248,918 0.05 389,000 Plains All American Pipeline 4.5% 15/12/2026 413,682 0.08 250,000 PNC Bank 2.15% 29/04/2021 250,731 0.05 250,000 PNC Bank 2.55% 09/12/2021 253,031 0.05 400,000 PNC Bank 2.7% 22/10/2029 399,558 0.08 900,000 PNC Financial Services Group 2.6% 23/07/2026 912,204 0.18 300,000 PPL Electric Utilities 3% 01/10/2049 287,678 0.06 1,100,000 Principal Financial Group 3.7% 15/05/2029 1,200,628 0.24 400,000 Principal Life Global Funding 2.5% 16/09/2029 398,903 0.08 118,000 Principal Life Global Funding 3% 18/04/2026 122,135 0.03 150,000 Procter And Gamble 2.15% 11/08/2022 151,780 0.03 200,000 Procter Gamble 3.5% 25/10/2047 223,904 0.05 400,000 Prudential 3.7% 13/03/2051 420,141 0.09 573,000 Prudential Financial 3.878% 27/03/2028 630,067 0.13 168,000 Prudential Financial 3.905% 07/12/2047 181,191 0.04 150,000 Public Service Electric Gas 3.7% 01/05/2028 163,045 0.03 131,000 Public Service Enterprise Group 2.65% 15/11/2022 133,132 0.03 419,000 QIB Sukuk 3.251% 23/05/2022 424,119 0.09 100,000 Qualcomm 4.65% 20/05/2035 119,295 0.02 272,000 Rabobank Nederland 2.75% 10/01/2022 276,231 0.06 250,000 Rabobank Nederland 3.375% 21/05/2025 265,163 0.05 100,000 Raymond James Financial 4.95% 15/07/2046 117,089 0.02 150,000 Realty Income 3.25% 15/10/2022 154,956 0.03 200,000 Reckitt Benckiser Treasury Service 3% 26/06/2027 205,143 0.04 600,000 Regions Financial Corporation 3.8% 14/08/2023 632,769 0.13 400,000 Relx Capital 3.5% 16/03/2023 415,629 0.08 170,000 Republic Services 3.375% 15/11/2027 179,734 0.04

181 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 202,000 Rio Tinto Finance 3.75% 15/06/2025 217,248 0.04 250,000 Roche Holding 4% 28/11/2044 292,380 0.06 231,000 Rockwell Collins 3.5% 15/03/2027 245,560 0.05 250,000 Rockwell Collins 4.35% 15/04/2047 294,902 0.06 183,000 Rogers Communications 4.3% 15/02/2048 204,212 0.04 300,000 Roper Technologies 2.95% 15/09/2029 301,887 0.06 533,000 Roper Technologies 4.2% 15/09/2028 584,689 0.12 700,000 Royal Bank of Canada 2.25% 01/11/2024 704,190 0.14 162,000 Royal Bank of Canada 2.75% 01/02/2022 164,956 0.03 207,000 Royal Bank of Canada 3.2% 30/04/2021 210,717 0.04 600,000 Royal Bank of Canada 3.7% 05/10/2023 633,717 0.13 200,000 Royal Bank of Scotland 4.892% 18/05/29 226,073 0.05 250,000 RPM International 4.55% 01/03/2029 271,144 0.06 206,000 S and P Global 4.4% 15/02/2026 227,907 0.05 100,000 Sabal Trail Transmission 4.246% 01/05/2028 109,068 0.02 414,000 Sabine Pass Liquefaction 5.875% 30/06/2026 476,220 0.10 190,000 Sabine Pass Liquefaction 6.25% 15/03/2022 204,218 0.04 500,000 Sabra Health Care 3.9% 15/10/2029 504,274 0.10 369,000 Sands China 5.4% 08/08/2028 417,768 0.08 200,000 Santander Holdings 3.244% 05/10/2026 202,514 0.04 212,000 Santander UK 2.125% 03/11/2020 212,282 0.04 855,000 Santander UK 2.375% 16/03/2020 855,506 0.17 200,000 Santander UK 2.875% 05/08/2021 202,096 0.04 350,000 SASOL Financing USA 6.5% 26/09/2028 390,472 0.08 10,000 Schlumberger 4% 21/12/2025 10,779 - 470,000 Schlumberger Finance Canada 2.2% 20/11/2020 470,803 0.10 200,000 Schlumberger Holdings 3.75% 01/05/2024 210,906 0.04 146,000 Schlumberger Holdings 3.9% 17/05/2028 155,683 0.03 268,000 Seagate HDD Cayman 4.25% 01/03/2022 276,933 0.06 150,000 Sempra Energy 3.8% 01/02/2038 156,770 0.03 800,000 Shanghai Port Group 2.875% 18/06/2024 810,462 0.16 240,000 Shell International Finance 2.125% 11/05/2020 240,158 0.05 250,000 Shell International Finance 3.5% 13/11/2023 263,607 0.05 195,000 Shell International Finance 4.375% 11/05/2045 232,960 0.05 180,000 Sherwin Williams 2.75% 01/06/2022 183,208 0.04 600,000 SherwinWilliams 3.8% 15/08/2049 611,972 0.12 700,000 Shimao Property Holdings 6.125% 21/02/2024 746,619 0.15 129,000 Shire Acquisitions Investment Ireland 3.2% 23/09/2026 132,968 0.03 300,000 Siemens Financieringsmaatschappij 4.2% 16/03/2047 357,955 0.07

182 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 250,000 Siemens Financieringsmaatschappij 4.4% 27/05/2045 297,559 0.06 500,000 Sigma Alimentos 4.125% 02/05/2026 521,563 0.11 400,000 Simon Property Group 2% 13/09/2024 397,705 0.08 200,000 Simon Property Group 2.625% 15/06/2022 203,218 0.04 150,000 Simon Property Group 3.375% 01/10/2024 157,735 0.03 333,000 Skandinaviska Enskilda Banken 2.2% 12/12/2022 333,877 0.07 200,000 SMBC Aviation Capital Finance 3.55% 15/04/2024 207,888 0.04 100,000 Smithfield Foods 3.35% 01/02/2022 100,344 0.02 211,000 Societe Generale 2.5% 08/04/2021 212,238 0.04 400,000 Societe Generale 3.875% 28/03/2024 420,966 0.09 200,000 Societe Generale 4% 12/01/2027 213,096 0.04 300,000 Southern California Edison 4% 01/04/2047 315,709 0.06 329,000 Southern California Edison 4.65% 01/10/2043 372,243 0.08 200,000 Southern California Gas 3.95% 15/02/2050 224,574 0.05 200,000 Southern California Gas 4.3% 15/01/2049 229,799 0.05 135,000 Southern Copper 5.875% 23/04/2045 169,031 0.03 300,000 Southwestern Public Service 3.75% 15/06/2049 323,679 0.07 200,000 Sprint Spectrum 5.152% 20/03/2028 218,500 0.04 200,000 SSE 4.75% 16/09/2077 206,075 0.04 200,000 Standard Chartered 3.885% 15/03/2024 207,215 0.04 600,000 Standard Chartered 4.247% 20/01/2023 621,829 0.13 650,000 Starbucks 3.1% 01/03/2023 671,317 0.14 200,000 Starbucks 4.5% 15/11/2048 232,120 0.05 812,000 State Street Corporation 1.95% 19/05/2021 813,930 0.16 150,000 Steel Dynamics 2.8% 15/12/2024 151,133 0.03 40,000 Steel Dynamics 3.45% 15/04/2030 40,561 0.01 250,000 Stryker 4.625% 15/03/2046 301,505 0.06 475,000 Sumitomo Mitsui Financial 2.784% 12/7/2022 483,297 0.10 186,000 Sumitomo Mitsui Financial 3.352% 18/10/2027 194,011 0.04 800,000 Sun Hung Kai Properties Capital 3.75% 25/02/2029 844,088 0.17 120,000 Suncor Energy 4% 15/11/2047 131,201 0.03 150,000 Sunoco Logistics Partner 5.95% 01/12/2025 171,270 0.03 200,000 Suntory Holdings 2.55% 28/06/2022 201,153 0.04 207,000 SunTrust Bank 2.59% 29/01/2021 207,500 0.04 1,300,000 SunTrust Bank Atlanta 2.8% 17/05/2022 1,324,217 0.27 500,000 SunTrust BankAtlanta 3.2% 01/04/2024 520,044 0.11 150,000 SURA Asset Management SA 4.375% 11/04/2027 160,473 0.03 300,000 Suzano Austria 6% 15/01/2029 339,840 0.07 250,000 Swire Pacific MTN Finance 4.5% 09/10/2023 265,951 0.05

183 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 137,000 Sydney Airport Finance 3.625% 28/04/2026 143,714 0.03 200,000 Synchrony Financial 3.95% 01/12/2027 210,395 0.04 148,000 Sysco Corporation 3.25% 15/07/2027 155,252 0.03 350,000 Target Corporation 3.5% 01/07/2024 374,684 0.08 150,000 Teacher Insur And Anuity Association 4.27% 15/05/2047 170,858 0.03 400,000 Telefonica Emisiones 4.665% 06/03/2038 445,336 0.09 242,000 Telefonica Emisiones 5.213% 08/03/2047 286,230 0.06 149,000 Telstra Corporation 3.125% 07/04/2025 153,465 0.03 225,000 Telus Corporation 2.8% 16/02/2027 225,934 0.05 500,000 Tencent Holdings 3.28% 11/04/2024 515,341 0.10 268,000 Tencent Holdings 3.925% 19/01/2038 284,120 0.06 200,000 Tengizchevroil Finance 4% 15/08/2026 207,917 0.04 150,000 Texas Instruments 1.85% 15/05/2022 150,170 0.03 170,000 Thermo Fisher Scientific 3.2% 15/08/2027 177,663 0.04 190,000 Thomson Reuters Corporation 4.3% 23/11/2023 204,025 0.04 500,000 Time Warner Cable 4.5% 15/09/42 502,926 0.10 200,000 Time Warner Cable 7.3% 01/07/2038 262,492 0.05 100,000 Toronto Dominion Bank 1.8% 13/07/2021 100,038 0.02 400,000 Toronto Dominion Bank 1.9% 01/12/2022 400,032 0.08 113,000 Toronto Dominion Bank 2.125% 07/04/2021 113,450 0.02 1,000,000 Toronto Dominion Bank 2.65% 12/06/2024 1,021,768 0.21 300,000 Toronto Dominion Bank 3.25% 11/03/2024 313,562 0.06 400,000 Toronto Dominion Bank 3.25% 11/06/2021 408,455 0.08 172,000 Toronto Dominion Bank 3.5% 19/07/2023 181,215 0.04 300,000 Total Capital International 2.829% 10/01/2030 308,785 0.06 500,000 Total Capital International 3.883% 11/10/2028 559,182 0.11 205,000 Total System Services 3.8% 01/04/2021 209,093 0.04 450,000 Toyota Motor Corporation 2.358% 02/07/2024 457,370 0.09 150,000 Toyota Motor Corporation 2.76% 02/07/2029 154,459 0.03 151,000 Toyota Motor Credit Corporation 2.2% 10/01/2020 151,000 0.03 350,000 Toyota Motor Credit Corporation 3.45% 20/09/2023 368,763 0.07 500,000 Transcanada Pipelines 4.25% 15/05/2028 555,841 0.11 185,000 Transcanada Pipelines 4.625% 01/03/2034 211,969 0.04 200,000 Transcanada Pipelines 4.75% 15/05/2038 228,828 0.05 200,000 Travelers 4.05% 07/03/2048 229,837 0.05 300,000 Trust Fibra 6.95% 30/01/2044 349,650 0.07 Trustees of the University of Pennyslvania 3.61% 300,000 15/02/2119 308,827 0.06 100,000 Tyco Electronics 3.125% 15/08/2027 103,090 0.02 131,000 Tyson Foods 3.55% 02/06/2027 139,123 0.03

184 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 200,000 UBS Group Funding 2.65% 01/02/2022 202,269 0.04 257,000 UBS Group Funding Switzerland 2.859% 15/08/2023 260,488 0.05 400,000 UniCredit 6.572% 14/01/2022 429,738 0.09 500,000 Unilever Capital Corporation 2.125% 06/09/2029 485,923 0.10 150,000 Unilever Capital Corporation 2.2% 05/05/2022 151,137 0.03 174,000 Union Pacific 4.05% 01/03/2046 189,538 0.04 400,000 Union Pacific 4.5% 10/09/2048 473,179 0.10 160,000 United Air 2014 1 A PTT 4% 11/10/2027 128,038 0.03 407,000 United Overseas Bank 3.2% 23/04/2021 413,177 0.08 226,000 United Parcel Service 3.75% 15/11/2047 243,958 0.05 500,000 United Technologies Corporation 3.65% 16/08/2023 527,519 0.11 200,000 United Technologies Corporation 4.125% 16/11/2028 225,319 0.05 188,000 United Technologies Corporation 4.15% 15/05/2045 215,806 0.04 245,000 United Technologies Corporation 4.45% 16/11/2038 288,793 0.06 374,000 UnitedHealth Group 2.125% 15/03/2021 375,210 0.08 219,000 UnitedHealth Group 2.375% 15/10/2022 221,640 0.04 228,000 UnitedHealth Group 3.35% 15/07/2022 236,146 0.05 1,400,000 UnitedHealth Group 3.5% 15/08/2039 1,470,652 0.30 300,000 UnitedHealth Group 3.875% 15/08/2059 324,473 0.07 400,000 UnitedHealth Group 3.875% 15/12/2028 443,266 0.09 122,000 UnitedHealth Group 4.625% 15/07/2035 147,809 0.03 200,000 UnitedHealth Group 4.75% 15/07/2045 245,526 0.05 202,000 Universal Health Services 4.75% 01/08/2022 204,525 0.04 200,000 US BanCorporation 2.625% 24/01/2022 203,088 0.04 500,000 US BanCorporation 3.375% 05/02/2024 525,377 0.11 200,000 US BanCorporation 3.9% 26/04/2028 224,522 0.05 1,000,000 US Bank NA Cincinnati 2.65% 23/05/2022 1,018,386 0.21 500,000 US Treasury Bond 3.5% 15/02/2039 600,459 0.12 660,000 US Treasury Bond 4.5% 15/02/2036 876,498 0.18 400,000 Vale Overseas 6.25% 10/08/2026 470,000 0.09 406,000 Valero Energy 4.35% 01/06/2028 447,722 0.09 750,000 Vanke Real Estate Hong Kong 3.15% 12/05/2025 750,557 0.15 300,000 Vanke Real Estate Hong Kong 3.5% 12/11/2029 298,041 0.06 500,000 Vanke Real Estate Hong Kong 4.2% 07/06/2024 521,423 0.11 250,000 Ventas Realty 4.4% 15/01/2029 275,207 0.06 700,000 Verizon Communications 3.125% 16/03/22 718,392 0.15 500,000 Verizon Communications 3.875% 08/02/2029 552,015 0.11 600,000 Verizon Communications 4.016% 03/12/2029 669,863 0.14 150,000 Verizon Communications 4.5% 10/08/2033 174,746 0.04

185 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 400,000 Verizon Communications 4.812% 15/03/2039 484,172 0.10 167,000 Verizon Communications 5.25% 16/03/2037 209,717 0.04 200,000 Viacom 4.25% 01/09/2023 213,635 0.04 250,000 Visa 2.75% 15/09/2027 260,939 0.05 164,000 Visa 4.3% 14/12/2045 201,684 0.04 1,000,000 Vistra Operations 3.55% 15/07/2024 1,014,056 0.20 80,000 Vistra Operations 3.7% 30/01/2027 79,724 0.02 150,000 Vodafone 5.25% 30/05/2048 180,471 0.04 500,000 Volkswagen Group of America 2.4% 22/05/2020 500,700 0.10 700,000 Volkswagen Group of America 4.25% 13/11/2023 746,445 0.15 200,000 Vulcan Materials 4.5% 15/06/2047 219,411 0.04 142,000 Wabtec 3.45% 15/11/2026 143,006 0.03 200,000 Wabtec 4.7% 15/09/2028 220,135 0.04 189,000 Wal Mart Stores 3.625% 15/12/2047 210,687 0.04 250,000 Walgreens Boots Alliance 3.45% 01/06/2026 253,936 0.05 350,000 Walmart 3.05% 08/07/2026 369,047 0.07 350,000 Walmart 3.25% 08/07/2029 375,979 0.08 215,000 Walmart 3.95% 28/06/2038 249,445 0.05 300,000 Walt Disney 2.75% 01/09/2049 283,381 0.06 1,000,000 Walt Disney 3.7% 15/09/2024 1,068,066 0.22 200,000 Walt Disney 4.95% 15/10/2045 261,761 0.05 138,000 Walt Disney 5.4% 01/10/2043 189,453 0.04 500,000 Walt Disney 6.9% 15/08/2039 770,613 0.16 400,000 Waste Management 2.95% 15/06/2024 413,213 0.08 500,000 Waste Management 3.2% 15/06/2026 524,244 0.11 200,000 Waste Management 4% 15/07/2039 224,514 0.05 250,000 Waste Management 4.15% 15/07/2049 285,675 0.06 400,000 WEA Finance 2.875% 15/01/2027 399,034 0.08 400,000 Wells Fargo 2.879% 30/10/2030 402,951 0.08 500,000 Wells Fargo 2.897% 27/05/2022 506,175 0.10 400,000 Wells Fargo 3.196% 17/06/2027 414,870 0.08 700,000 Wells Fargo 3.55% 14/08/2023 734,090 0.15 200,000 Wells Fargo 3.75% 24/01/2024 211,310 0.04 600,000 Welltower 4.125% 15/03/2029 654,206 0.13 154,000 Welltower 4.25% 15/04/2028 169,064 0.03 150,000 Welltower 6.5% 15/03/2041 203,609 0.04 250,000 Western Gas Partners 5.3% 01/03/2048 218,954 0.04 200,000 Westpac Banking Corporation 2.8% 11/01/2022 203,234 0.04 350,000 Westpac Banking Corporation 4.322% 23/11/2031 370,844 0.07

186 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019 Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 400,000 Westpac Banking Corporation 4.421% 24/07/2039 440,920 0.09 320,000 WestRock 4% 15/03/2028 344,387 0.07 250,000 Weyerhaeuser 4% 15/11/2029 271,605 0.06 329,000 Williams Companies 3.6% 15/03/2022 338,195 0.07 300,000 Williams Companies 4.85% 01/03/2048 329,666 0.07 114,000 Williams Companies 5.1% 15/09/2045 126,798 0.03 200,000 Woori Bank 4.75% 30/04/2024 214,757 0.04 142,000 WPP Finance 2010 3.75% 19/09/2024 149,903 0.03 300,000 WRKCo 4.65% 15/03/2026 330,452 0.07 600,000 Xcel Energy 2.6% 01/12/2029 595,085 0.12 143,000 Xcel Energy 3.3% 01/06/2025 149,420 0.03 500,000 Xcel Energy 3.5% 01/12/2049 507,769 0.10 200,000 ZF NA Capital 4.5% 29/04/2022 206,256 0.04 250,000 Zhengzhou Real Estate Group 3.95% 09/10/2022 250,463 0.05 135,000 Zimmer Holdings 3.55% 01/04/2025 142,138 0.03 418,000 Zoetis 4.5% 13/11/2025 463,065 0.09

Total investments in securities at fair value – fixed income 474,293,975 95.81

Investment fund 14,047,872 2.84 13,850,093 HSBC Global US Dollar Liquidity Fund # 14,047,872 2.84

Forward contracts** (31 December 2018: 307,468, 0.22%) 3,660,229 0.74 Buy GBP 32,811,059 / Sell USD 42,359,1421 1,111,104 0.22 Buy GBP 29,128,611 / Sell USD 37,605,0951 986,403 0.20 Buy EUR 109,118,000 / Sell USD 122,132,2312 382,288 0.08 Buy GBP 32,262,700 / Sell USD 42,491,9761 288,674 0.06 Buy GBP 30,454,348 / Sell USD 40,110,2641 272,494 0.06 Buy GBP 19,271,000 / Sell USD 25,301,7824 229,705 0.05 Buy CAD 21,419,000 / Sell USD 16,399,5554 118,157 0.02 Buy EUR 4,930,022 / Sell USD 5,440,7431 94,543 0.02 Buy GBP 2,357,443 / Sell USD 3,043,4631 79,832 0.02 Buy GBP 2,796,931 / Sell USD 3,683,7311 25,026 0.01 Buy GBP 835,411 / Sell USD 1,090,9841 15,823 - Buy EUR 854,590 / Sell USD 948,7241 10,785 - Buy EUR 4,927,585 / Sell USD 5,537,7831 4,861 - Buy EUR 392,666 / Sell USD 436,2961 4,578 - # HSBC Global US Dollar Liquidity Fund is not authorised in Hong Kong and not available to the public in Hong Kong during the financial report year of this report.

187 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019 Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy EUR 206,000 / Sell USD 227,5035 3,788 - Buy USD 514,286 / Sell GBP 385,3341 3,770 - Buy EUR 1,471,693 / Sell USD 1,649,0291 3,345 - Buy EUR 3,034,013 / Sell USD 3,409,7241 2,993 - Buy EUR 154,921 / Sell USD 170,9701 2,971 - Buy GBP 119,250 / Sell USD 155,4971 2,494 - Buy GBP 72,709 / Sell USD 94,0481 2,282 - Buy EUR 156,764 / Sell USD 174,2621 1,749 - Buy GBP 61,053 / Sell USD 79,4301 1,457 - Buy GBP 73,864 / Sell USD 96,6391 1,221 - Buy GBP 135,178 / Sell USD 178,0391 1,054 - Buy GBP 31,811 / Sell USD 41,1471 998 - Buy GBP 45,447 / Sell USD 59,3511 861 - Buy GBP 41,389 / Sell USD 54,0511 784 - Buy GBP 22,199 / Sell USD 28,7561 655 - Buy GBP 52,760 / Sell USD 69,2941 606 - Buy GBP 64,458 / Sell USD 84,8891 509 - Buy GBP 56,115 / Sell USD 73,9071 437 - Buy GBP 24,026 / Sell USD 31,4651 366 - Buy GBP 12,069 / Sell USD 15,6341 356 - Buy GBP 51,537 / Sell USD 67,9941 285 - Buy GBP 35,670 / Sell USD 46,9761 281 - Buy GBP 25,438 / Sell USD 33,4441 257 - Buy GBP 19,428 / Sell USD 25,4991 240 - Buy GBP 7,243 / Sell USD 9,3821 214 - Buy GBP 12,277 / Sell USD 16,0781 187 - Buy GBP 5,476 / Sell USD 7,0831 172 - Buy GBP 16,656 / Sell USD 21,8991 168 - Buy GBP 29,443 / Sell USD 38,8451 163 - Buy GBP 6,223 / Sell USD 8,0971 148 - Buy GBP 4,246 / Sell USD 5,4951 131 - Buy GBP 8,895 / Sell USD 11,6711 114 - Buy GBP 17,514 / Sell USD 23,0941 110 - Buy GBP 15,602 / Sell USD 20,5721 98 - Buy GBP 7,403 / Sell USD 9,7141 94 - Buy USD 11,994 / Sell GBP 8,9861 88 - Buy GBP 5,726 / Sell USD 7,5001 87 - Buy GBP 2,622 / Sell USD 3,3931 81 - Buy GBP 3,174 / Sell USD 4,1391 66 - Buy GBP 4,368 / Sell USD 5,7331 54 - Buy GBP 3,242 / Sell USD 4,2421 54 - Buy GBP 5,122 / Sell USD 6,7341 52 - Buy USD 6,264 / Sell GBP 4,6901 51 -

188 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019 Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy EUR 2,391 / Sell USD 2,6571 28 - Buy USD 1,544 / Sell GBP 1,1561 13 - Buy GBP 675 / Sell USD 8861 8 - Buy GBP 434 / Sell USD 5731 3 - Buy GBP 133 / Sell USD 1741 3 - Buy GBP 202 / Sell USD 2661 2 - Buy USD 257 / Sell GBP 1921 2 - Buy GBP 119 / Sell USD 1561 2 - Buy GBP 17 / Sell USD 221 1 - Buy GBP 21 / Sell USD 271 1 - Buy GBP 119 / Sell USD 1571 1 - Buy GBP 78 / Sell USD 1011 1 - Buy USD 13 / Sell GBP 101 - - Buy USD 6 / Sell GBP 51 - - Buy USD 12 / Sell GBP 101 - - Buy USD 20 / Sell GBP 151 - - Buy GBP 4 / Sell USD 51 - - Buy GBP 33 / Sell USD 431 - - Buy USD 9 / Sell GBP 71 - - Buy USD 9 / Sell EUR 81 - - Buy GBP 5 / Sell USD 61 - - Buy GBP 35 / Sell USD 451 - - Buy USD 8 / Sell GBP 61 - - Buy USD 17 / Sell GBP 131 - - Buy GBP 32 / Sell USD 421 - - Buy GBP 2 / Sell USD 31 - - Buy USD 5 / Sell GBP 41 - - Buy USD 9 / Sell GBP 71 - - Buy USD 4 / Sell GBP 31 - - Buy USD 18 / Sell GBP 141 - -

Future contracts*** 128,807 0.02 (51) EUX Euro Future March 20206 128,807 0.02

Total financial assets designated at fair value through profit or loss 492,130,883 99.41

189 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019 Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Forward contracts** (31 December 2018: (223,021), (0.16%)) (4,442,152) (0.90) Buy USD 112,879,090 / Sell EUR 102,312,0003 (1,993,850) (0.40) Buy USD 24,341,806 / Sell GBP 18,851,0001 (633,237) (0.13) Buy USD 122,353,795 / Sell EUR 109,118,0002 (384,254) (0.08) Buy USD 15,346,019 / Sell CAD 20,394,0001 (381,243) (0.08) Buy USD 42,380,496 / Sell GBP 32,207,1321 (289,630) (0.06) Buy USD 40,007,465 / Sell GBP 30,403,7431 (273,412) (0.06) Buy USD 25,322,634 / Sell GBP 19,271,0004 (230,898) (0.05) Buy USD 16,401,313 / Sell CAD 21,419,0004 (118,939) (0.02) Buy USD 2,890,204 / Sell EUR 2,600,0004 (29,000) (0.01) Buy USD 3,674,164 / Sell GBP 2,792,1871 (25,109) (0.01) Buy USD 1,103,186 / Sell EUR 993,0001 (11,725) - Buy USD 1,425,869 / Sell EUR 1,280,0004 (11,278) - Buy USD 413,786 / Sell GBP 320,0001 (10,171) - Buy USD 401,015 / Sell CAD 533,0001 (10,019) - Buy USD 1,227,151 / Sell EUR 1,100,0005 (7,897) - Buy USD 372,483 / Sell CAD 492,0001 (6,933) - Buy USD 5,523,570 / Sell EUR 4,924,3461 (5,343) - Buy USD 544,213 / Sell EUR 489,0001 (4,823) - Buy USD 3,398,470 / Sell EUR 3,029,7871 (3,287) - Buy USD 146,991 / Sell GBP 112,9831 (2,696) - Buy USD 110,433 / Sell EUR 100,0003 (1,845) - Buy USD 503,715 / Sell EUR 450,0004 (1,532) - Buy USD 131,488 / Sell GBP 100,0003 (999) - Buy USD 113,271 / Sell GBP 86,2441 (991) - Buy USD 64,606 / Sell GBP 49,2391 (629) - Buy USD 122,481 / Sell GBP 92,8361 (514) - Buy USD 31,739 / Sell GBP 24,2591 (401) - Buy USD 63,575 / Sell GBP 48,2701 (376) - Buy GBP 26,206 / Sell USD 35,0041 (284) - Buy USD 8,079 / Sell GBP 6,2431 (193) - Buy USD 16,537 / Sell GBP 12,6111 (170) - Buy USD 15,476 / Sell GBP 11,8011 (159) - Buy USD 5,382 / Sell GBP 4,1271 (86) - Buy USD 9,392 / Sell GBP 7,1511 (82) - Buy USD 6,288 / Sell EUR 5,6681 (77) - Buy USD 3,491 / Sell EUR 3,1451 (40) - Buy USD 881 / Sell GBP 6771 (16) - Buy GBP 401 / Sell USD 5351 (4) - Buy USD 313 / Sell GBP 2391 (3) - Buy USD 122 / Sell GBP 931 (1) - Buy USD 104 / Sell EUR 941 (1) -

190 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019 Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy USD 90 / Sell GBP 681 (1) - Buy USD 289 / Sell GBP 2191 (1) - Buy USD 94 / Sell GBP 721 (1) - Buy USD 57 / Sell GBP 441 (1) - Buy GBP 19 / Sell USD 241 (1) -

Future contracts*** (24,688) - 43 CBT US 10 Year Note March 20206 (24,688) -

Total financial liabilities designated at fair value through profit or loss (4,466,840) (0.90)

Total financial assets and liabilities designated at fair value through profit or loss 487,664,043 98.51

Cash and other net assets 7,367,539 1.49

Total net assets attributable to redeemable participating shareholders 495,031,582 100.00

Total cost of financial assets designated at fair value through profit or loss (31 December 2018: 134,180,203) 471,714,635

1 The counterparty for the forward contracts is HSBC Bank Plc. 2 The counterparty for the forward contracts is Goldman Sachs. 3 The counterparty for the forward contracts is State Street. 4 The counterparty for the forward contracts is UBS. 5 The counterparty for the forward contracts is Royal Bank of Scotland. 6 The counterparty for the future contracts is HSBC Bank Plc. % of Analysis of Total Assets Fair Value USD Total Assets

*Transferable securities admitted to an official stock exchange listing 474,293,975 94.93 **Financial derivative instruments traded over-the-counter (781,923) (0.16) ***Financial derivative instruments dealt on a regulated market 104,119 0.02 Investment fund 14,047,872 2.81 Other current assets 11,971,536 2.40 Total 499,635,579 100.00

191 HSBC Global Funds ICAV - Global Corporate Bond Index Fund

Portfolio Changes (unaudited) for the year ended 31 December 2019

Cost in Proceeds in Purchases USD Sales USD HSBC Global US Dollar Liquidity HSBC Global US Dollar Liquidity Fund 41,962,371 Fund (28,006,519) Bundesrepublik Deutschland 0% HCA 5.125% 15/06/2039 2,062,757 15/08/2026 (1,525,315) Marathon Petroleum 4.75% CVS Health Corporation 3.125% 15/12/2023 1,519,182 09/03/2020 (807,706) UnitedHealth Group 3.5% 15/08/2039 1,448,954 S&P Global 3.3% 14/08/2020 (711,775) Energy Transfer Operating 5.875% 15/01/2024 1,332,878 Esselunga Spa 0.875% 25/10/2023 (340,017) JP Morgan Chase 3.207% US Treasury Bond 3.5% 01/04/2023 1,329,185 15/02/2039 (330,527) SunTrust Bank Atlanta 2.8% 17/05/2022 1,324,030 UBS 1.25% 10/12/2020 (302,131) Credit Suisse Group 2.593% 11/09/2025 1,295,747 ITV 2% 01/12/2023 (290,344) Verizon Communications 5.012% AIB Group 1.25% 28/05/2024 1,259,471 21/08/2054 (281,570) Apple 1.375% 17/01/2024 1,194,825 Anheuser Busch 2% 16/12/2019 (281,371) Banque Federative du Credit Mutuel 1.875% 18/06/2029 1,177,128 Orange SA 4.25% (280,134) Principal Financial Group 3.7% 15/05/2029 1,174,947 Medtronic 4.625% 15/03/2045 (276,274) Enel Finance International 2.65% 10/09/2024 1,105,667 Kraft Heinz Foods 4% 15/06/2023 (261,340) Dassault Systems 0.375% 16/09/2029 1,097,211 Arcelormittal 5.5% 01/03/2021 (260,124) Branch Banking Trust 2.636% 17/09/2029 1,094,578 Key Bank 2.5% 15/12/2019 (250,000) Walt Disney 3.7% 15/09/2024 1,064,204 Gas Natural 1.375% 21/01/2025 (236,556) Comcast Corporation 3.7% 15/04/2024 1,046,346 General Electric 4.5% 11/03/2044 (228,678) Sherwin Williams 2.75% Pfizer 2.95% 15/03/2024 1,041,072 01/06/2022 (225,194) Xerox Corporation 3.625% Dell International 4% 15/07/2024 1,033,001 15/03/2023 (220,471) Verizon Communications 0.875% 08/04/2027 1,022,954 Vodafone 6.25% 03/10/2078 (215,272)

192 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

Australian Dollar (31 December 2018: 6,741,073, 1.28%) 51,968,262 1.22 900,000 Asian Development Bank 2.45% 17/01/2024 659,571 0.02 1,000,000 Australia (Govt of) 1.5% 21/06/2031 709,289 0.02 193,000 Australia (Govt of) 1.75% 21/11/2020 136,644 - 847,000 Australia (Govt of) 2% 21/12/2021 607,873 0.01 3,749,000 Australia (Govt of) 2.25% 21/11/2022 2,735,859 0.06 836,000 Australia (Govt of) 2.25% 21/05/2028 630,984 0.01 1,144,000 Australia (Govt of) 2.5% 21/05/2030 890,597 0.02 1,934,000 Australia (Govt of) 2.75% 21/04/2024 1,459,959 0.03 1,596,000 Australia (Govt of) 2.75% 21/11/2027 1,245,127 0.03 3,012,000 Australia (Govt of) 2.75% 21/11/2028 2,365,999 0.05 2,107,000 Australia (Govt of) 2.75% 21/11/2029 1,669,259 0.04 916,000 Australia (Govt of) 3% 21/03/2047 780,799 0.02 3,792,000 Australia (Govt of) 3.25% 21/04/2025 2,965,895 0.07 1,467,000 Australia (Govt of) 3.25% 21/04/2029 1,200,627 0.03 2,502,000 Australia (Govt of) 3.25% 21/06/2039 2,178,986 0.05 3,592,000 Australia (Govt of) 4.25% 21/04/2026 3,000,868 0.07 2,173,000 Australia (Govt of) 4.5% 21/04/2033 2,082,472 0.05 3,700,000 Australia (Govt of) 4.75% 21/04/2027 3,239,562 0.08 2,000,000 Australia (Govt of) 5.5% 21/04/2023 1,613,758 0.04 2,777,000 Australia (Govt of) 5.75% 15/05/2021 2,079,776 0.05 1,135,000 Australia (Govt of) 5.75% 15/07/2022 894,348 0.02 1,743,000 BNG Bank 3.3% 17/07/2028 1,362,724 0.03 700,000 Commonwealth Bank of Australia 2.75% 17/11/2021 505,493 0.01 International Bank for Reconstruction and Development 500,000 2.2% 27/02/2024 363,127 0.01 International Bank for Reconstruction and Development 523,000 2.5% 12/03/2020 368,642 0.01 1,120,000 International Finance 2.7% 05/02/2021 800,816 0.02 1,000,000 International Finance 3.15% 26/06/2029 784,388 0.02 782,000 International Finance 4% 03/04/2025 619,389 0.01 1,570,000 KFW 2.75% 16/04/2020 1,108,884 0.03 1,600,000 KFW 5% 19/03/2024 1,291,665 0.03 500,000 New South Wales Treasury 2% 20/03/2031 354,326 0.01 1,562,000 New South Wales Treasury 4% 08/04/2021 1,139,090 0.03 839,000 New South Wales Treasury 5% 20/08/2024 688,371 0.02 Northern Territory Treasury Corporation 2.75% 1,000,000 21/04/2027 748,037 0.02

193 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Australian Dollar (continued) 500,000 Queensland Treasury 2.5% 06/03/2029 373,009 0.01 500,000 Queensland Treasury 2.75% 20/08/2027 379,731 0.01 1,404,000 Queensland Treasury 3.25% 21/07/2026 1,094,602 0.03 500,000 Queensland Treasury 3.25% 21/08/2029 395,960 0.01 300,000 Queensland Treasury 3.5% 21/08/2030 243,546 0.01 474,000 Queensland Treasury 4.25% 21/07/2023 368,387 0.01 776,000 Queensland Treasury 4.75% 21/07/2025 643,756 0.01 793,000 Treasury Corporation of Victoria 2.25% 29/10/2021 569,710 0.01 1,500,000 Treasury Corporation of Victoria 2.25% 20/11/2034 1,064,380 0.02 500,000 Treasury Corporation of Victoria 2.5% 22/10/2029 374,268 0.01 1,492,000 Treasury Corporation of Victoria 3% 20/10/2028 1,162,997 0.03 750,000 Treasury Corporation of Victoria 5.5% 17/12/2024 634,105 0.01 808,000 Western Australia (Govt of) 2.5% 23/07/2024 598,331 0.01 462,000 Western Australia (Govt of) 5% 23/07/2025 387,795 0.01 Western Australian Treasury Corporation 3.25% 500,000 20/07/2028 394,481 0.01

Canadian Dollar (31 December 2018: 10,159,383, 1.94%) 109,156,305 2.56 500,000 55 School Board Trust 5.9% 02/06/2033 521,697 0.01 229,000 Alectra 2.488% 17/05/2027 177,695 - 100,000 Altagas 4.12% 07/04/2026 81,459 - 100,000 Altagas 4.5% 15/08/2044 80,693 - 1,132,000 Anheuser Busch InBev Finance 2.6% 15/05/2024 873,244 0.02 231,000 Apple 2.513% 19/08/2024 180,105 - 2,000,000 Bank of America 2.932% 25/04/2025 1,560,239 0.04 226,000 Bank of America 3.301% 24/04/2024 178,494 - 733,000 Bank of Montreal 1.88% 31/03/2021 564,264 0.01 229,000 Bank of Montreal 2.7% 11/09/2024 179,664 - 1,977,000 Bank of Montreal 2.89% 20/06/2023 1,559,738 0.04 600,000 Bank of Nova Scotia 1.9% 02/12/2021 461,238 0.01 232,000 Bank of Nova Scotia 2.29% 28/06/2024 179,050 - 231,000 Bank of Nova Scotia 2.36% 08/11/2022 178,852 - 1,625,000 Bank of Nova Scotia 2.98% 17/04/2023 1,283,396 0.03 727,000 Bell Canada 3% 03/10/2022 571,038 0.01 1,176,000 Bell Canada 3.35% 12/03/2025 935,690 0.02 350,000 Bell Canada 3.8% 21/08/2028 284,336 0.01 726,000 BHP Billiton Finance 3.23% 15/05/2023 572,399 0.01 471,000 British Columbia 3.2% 18/06/2044 413,187 0.01 British Columbia Muncipal Finance Authority 4.15% 500,000 01/06/2021 398,072 0.01

194 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Canadian Dollar (continued) 4,449,000 Canada (Govt of) 0.5% 01/03/2022 3,344,838 0.08 1,600,000 Canada (Govt of) 0.75% 01/09/2021 1,214,803 0.03 2,759,000 Canada (Govt of) 1% 01/09/2022 2,089,957 0.05 2,807,000 Canada (Govt of) 1% 01/06/2027 2,056,822 0.05 1,135,000 Canada (Govt of) 1.35% 01/09/2021 868,456 0.02 471,000 Canada (Govt of) 1.35% 08/03/2022 359,347 0.01 1,000,000 Canada (Govt of) 1.5% 01/06/2026 762,190 0.02 645,000 Canada (Govt of) 1.55% 05/09/2021 495,204 0.01 461,000 Canada (Govt of) 1.55% 04/05/2022 352,756 0.01 1,192,000 Canada (Govt of) 1.6% 01/09/2022 912,281 0.02 334,000 Canada (Govt of) 1.75% 01/05/2021 257,729 0.01 312,000 Canada (Govt of) 1.75% 01/03/2023 241,126 0.01 1,065,000 Canada (Govt of) 1.95% 02/06/2022 821,448 0.02 312,000 Canada (Govt of) 2% 01/06/2028 245,885 0.01 1,848,000 Canada (Govt of) 2% 01/12/2051 1,513,073 0.04 2,579,000 Canada (Govt of) 2.25% 01/03/2024 2,034,959 0.05 1,700,000 Canada (Govt of) 2.5% 01/06/2024 1,356,093 0.03 400,000 Canada (Govt of) 2.65% 05/02/2025 317,319 0.01 887,000 Canada (Govt of) 2.75% 01/12/2048 836,964 0.02 304,000 Canada (Govt of) 2.75% 01/12/2064 307,821 0.01 869,000 Canada (Govt of) 2.9% 02/12/2046 719,673 0.02 3,545,000 Canada (Govt of) 3.25% 01/06/2021 2,791,576 0.07 3,329,000 Canada (Govt of) 3.45% 02/06/2045 3,011,003 0.07 241,000 Canada (Govt of) 3.5% 01/06/2031 204,837 - 1,604,000 Canada (Govt of) 3.5% 01/12/2045 1,588,833 0.04 251,000 Canada (Govt of) 3.5% 02/06/2062 241,504 0.01 766,000 Canada (Govt of) 3.9% 01/12/2033 683,620 0.02 1,560,000 Canada (Govt of) 4% 01/06/2041 1,676,608 0.04 5,112,000 Canada (Govt of) 5.75% 01/06/2033 5,858,054 0.14 500,000 Canada Housing Trust 1.25% 15/06/2021 382,711 0.01 400,000 Canada Housing Trust 1.75% 15/06/2022 307,927 0.01 1,950,000 Canada Housing Trust 2.1% 15/09/2029 1,504,947 0.04 3,250,000 Canada Housing Trust 2.35% 15/06/2023 2,543,058 0.06 500,000 Canada Housing Trust 2.35% 15/06/2027 392,678 0.01 1,000,000 Canada Housing Trust 2.55% 15/03/2025 792,396 0.02 500,000 Canada Housing Trust 2.65% 15/12/2028 403,100 0.01 231,000 Canadian Imperial Bank 2.47% 05/12/2022 179,422 - 900,000 Canadian National Railway 3.6% 08/02/2049 763,409 0.02

195 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Canadian Dollar (continued) 2,000,000 City of Toronto Canada 2.65% 09/11/2029 1,557,525 0.04 883,000 City of Toronto Canada 3.5% 02/06/2036 749,830 0.02 850,000 CU 4.085% 02/09/2044 771,824 0.02 727,000 Enbridge 3.19% 05/12/2022 572,750 0.01 1,780,000 European Investment Bank 1.125% 18/02/2020 1,372,415 0.03 734,000 Federation Des Caisses 2.091% 17/01/2022 566,002 0.01 1,000,000 FinancementQuebec 5.25% 01/06/2034 1,014,505 0.02 1,031,000 Ford Credit Canada 3.742% 08/05/2023 798,106 0.02 1,100,000 Greater Toronto Airports Authority 2.73% 03/04/2029 865,872 0.02 235,000 HSBC Bank Canada 2.253% 15/09/2022 180,934 - 1,082,000 HSBC Bank Canada 2.542% 31/01/2023 839,646 0.02 227,000 HSBC Bank Canada 3.245% 15/09/2023 179,713 - 228,000 HSBC Holdings 3.196% 5/12/2023 179,465 - 228,000 Hydro One 2.54% 05/04/2024 178,091 - 1,000,000 Hydro One 3.02% 05/04/2029 801,959 0.02 700,000 Hydro One 3.63% 25/06/2049 600,626 0.01 1,000,000 HydroQuebec 5% 15/02/2050 1,179,996 0.03 800,000 Keyera Corporation 3.934% 21/06/2028 644,359 0.02 1,460,000 Kreditanstalt fuer Wiederaufbau 2% 07/02/2022 1,129,798 0.03 606,000 Labrador-Island Link Funding Trust 3.76% 01/06/2033 545,683 0.01 230,000 Morgan Stanley 3% 07/02/2024 179,507 - 500,000 Municipal Finance Authority 3.05% 23/10/2028 406,667 0.01 Municipal Finance Authority of British Columbia 2.15% 3,466,000 03/06/2024 2,682,619 0.06 Municipal Finance Authority of British Columbia 2.8% 500,000 3/12/2023 397,085 0.01 810,000 Muskrat Falls 3.83% 01/06/2037 753,039 0.02 393,000 North West Redwater 3.65% 01/06/2035 317,496 0.01 299,768 Nouvelle Autoroute 30 Financement 4.115% 30/06/2042 253,722 0.01 752,000 Ontario (Govt of) 2.85% 02/06/2023 597,396 0.01 1,000,000 Ontario (Govt of) 4.6% 02/06/2039 1,013,650 0.02 1,000,000 Ontario Electricity Financial 0% 11/04/2031 576,275 0.01 300,000 Ontario Power Generation 4.248% 18/01/2049 272,065 0.01 1,162,000 Ontario Province 4.2% 02/06/2020 905,011 0.02 3,005,000 OPB Finance Trust 2.98% 25/01/2027 2,399,655 0.06 200,000 Pembina Pipeline 2.99% 22/01/2024 156,447 - 233,000 Pepsico 2.15% 06/05/2024 178,892 -

196 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Canadian Dollar (continued) 490,000 Province of Alberta Canada 2.55% 01/06/2027 384,431 0.01 480,000 Province of Alberta Canada 2.9% 20/09/2029 386,610 0.01 996,000 Province of Alberta Canada 3.05% 01/12/2048 835,004 0.02 500,000 Province of Alberta Canada 3.1% 01/06/2050 425,356 0.01 475,000 Province of Alberta Canada 3.3% 01/12/2046 413,026 0.01 463,000 Province of Alberta Canada 3.45% 01/12/2043 408,233 0.01 1,200,000 Province of British Columbia 2.2% 18/06/2030 918,515 0.02 500,000 Province of British Columbia 2.95% 18/06/2050 430,164 0.01 469,000 Province of New Brunswick Canada 3.55% 03/06/2043 412,897 0.01 2,000,000 Province of Nova Scotia Canada 3.15% 01/12/2051 1,746,474 0.04 582,000 Province of Ontario Canada 2.4% 02/06/2026 455,327 0.01 500,000 Province of Ontario Canada 2.6% 08/09/2023 394,081 0.01 819,000 Province of Ontario Canada 2.6% 02/06/2025 648,019 0.02 524,000 Province of Ontario Canada 2.6% 02/06/2027 414,145 0.01 696,000 Province of Ontario Canada 2.8% 02/06/2048 568,968 0.01 524,000 Province of Ontario Canada 2.9% 02/06/2028 423,103 0.01 505,000 Province of Ontario Canada 2.9% 02/06/2049 421,867 0.01 817,000 Province of Ontario Canada 3.5% 02/06/2024 669,212 0.02 519,000 Province of Quebec Canada 2.5% 01/09/2026 409,016 0.01 579,000 Province of Quebec Canada 2.75% 01/09/2025 462,285 0.01 476,000 Province of Quebec Canada 2.75% 01/09/2027 380,778 0.01 478,000 Province of Quebec Canada 2.75% 01/09/2028 382,971 0.01 2,000,000 Province of Quebec Canada 3.1% 01/12/2051 1,762,992 0.04 447,000 Province of Quebec Canada 3.5% 01/12/2048 417,448 0.01 1,293,000 Province of Quebec Canada 3.75% 01/09/2024 1,073,915 0.03 300,000 Province of Quebec Canada 6.25% 01/06/2032 325,261 0.01 1,600,000 Province of Saskatchewan Canada 3.1% 02/06/2050 1,369,417 0.03 416,000 PSP Capital 1.73% 21/06/2022 319,750 0.01 680,000 PSP Capital 3% 05/11/2025 549,884 0.01 635,000 Quebec (Govt of) 3% 01/09/2023 507,927 0.01 247,000 Regional Municipality of Peel Ontario 2.3% 02/11/2026 190,006 - 1,000,000 Regional Municipality of York 2.65% 18/04/2029 784,947 0.02 300,000 Rogers Communications 3.25% 01/05/2029 234,782 0.01 231,000 Royal Bank of Canada 2.36% 05/12/2022 179,021 - 1,476,000 Royal Bank of Canada 2.949% 01/05/2023 1,165,104 0.03 730,000 Royal Bank of Canada 3.31% 20/01/2026 569,203 0.01 229,000 Suncor Energy 3% 14/09/2026 180,484 - 250,000 Suncor Energy 3.1% 24/05/2029 195,683 -

197 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Canadian Dollar (continued) 1,640,000 Toronto Dominion Bank 1.68% 08/06/2021 1,259,085 0.03 934,000 Toronto Dominion Bank 2.045% 08/03/2021 720,266 0.02 226,000 Toronto Dominion Bank 3.005% 30/05/2023 178,950 - 2,127,000 Toronto Dominion Bank 3.589% 14/09/2028 1,694,137 0.04 723,000 Transcanada Pipelines 3.69% 19/07/2023 580,742 0.01 500,000 Transcanada Pipelines 4.18% 03/07/2048 402,768 0.01 826,000 VW Credit Canada 3.25% 29/03/2023 648,968 0.02 200,000 Westcoast Energy 3.43% 12/09/2024 160,083 - 200,000 Westcoast Energy 7.15% 20/03/2031 207,398 0.01

Chilean Peso (31 December 2018: Nil) 1,599,307 0.04 100,000,000 Bono Bco Cent Chile Pes 6% 01/03/2022 146,586 - 500,000,000 Bonos de la Tesoreria de la Republi 4% 01/03/2023 708,990 0.02 500,000,000 Chile (Govt of) 4.5% 01/03/2026 743,731 0.02

Chinese Yuan (31 December 2018: Nil) 114,789,469 2.69 Agricultural Development Bank of China 3.51% 95,000,000 03/04/2024 13,766,469 0.32 Agricultural Development Bank of China 3.63% 45,000,000 19/07/2026 6,506,759 0.15 Agricultural Development Bank of China 3.74% 20,000,000 12/07/2029 2,878,877 0.07 150,000,000 China (Govt of) 2.75% 08/08/2022 21,584,263 0.51 85,000,000 China (Govt of) 3.19% 11/04/2024 12,380,324 0.29 80,000,000 China (Govt of) 3.25% 06/06/2026 11,617,336 0.27 15,000,000 China (Govt of) 3.29% 23/05/2029 2,177,269 0.05 35,000,000 China (Govt of) 3.86% 22/07/2049 5,160,285 0.12 25,000,000 China (Govt of) 4% 24/06/2069 3,765,182 0.09 30,000,000 China Development Bank 3.18% 17/05/2022 4,339,011 0.10 50,000,000 China Development Bank 3.42% 02/07/2024 7,222,174 0.17 20,000,000 China Development Bank 3.5% 13/08/2026 2,869,219 0.07 30,000,000 China Development Bank 3.65% 21/05/2029 4,292,384 0.10 20,000,000 China Development Bank 3.68% 26/02/2026 2,902,254 0.07 20,000,000 China Development Bank 4.01% 09/01/2037 2,901,958 0.07 20,000,000 Export Import Bank of China 3.28% 11/02/2024 2,874,620 0.07 25,000,000 Export Import Bank of China 3.37% 03/06/2022 3,630,899 0.08 27,000,000 Export Import Bank of China 3.86% 20/05/2029 3,920,186 0.09

198 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Czech Koruna (31 December 2018: 415,088, 0.08%) 3,507,476 0.08 6,250,000 Czech (Govt of) 0% 10/02/2020 276,141 0.01 32,000,000 Czech (Govt of) 0.75% 23/02/2021 1,401,209 0.03 18,600,000 Czech (Govt of) 0.95% 15/05/2030 770,066 0.02 22,900,000 Czech (Govt of) 2.4% 17/09/2025 1,060,060 0.02

Danish Krone (31 December 2018: 1,380,218, 0.26%) 9,055,059 0.21 14,440,000 Denmark (Govt of) 0.5% 15/11/2027 2,307,238 0.05 29,500,000 Denmark (Govt of) 1.5% 15/11/2023 4,783,994 0.11 7,000,000 Denmark (Govt of) 4.5% 15/11/2039 1,963,827 0.05

Euro (31 December 2018: 129,254,676, 24.64%) 991,262,935 23.24 500,000 2i Rete Gas SPA 2.195% 11/09/2025 609,316 0.01 156,000 ABB Finance 0.625% 03/05/2023 178,620 - 600,000 Abbott Ireland Financing 1.5% 27/09/2026 729,151 0.02 200,000 Abertis Infraestructuras 2.5% 27/02/2025 244,800 0.01 1,153,000 ABN AMRO Bank 0.875% 15/01/2024 1,333,737 0.03 1,400,000 ABN AMRO Bank 1% 13/04/2031 1,697,034 0.04 500,000 ABN AMRO Bank 1.125% 23/04/2039 614,665 0.01 1,000,000 ABN AMRO Bank 1.375% 12/01/2037 1,276,172 0.03 1,000,000 Adif Alta Velocidad 1.25% 04/05/2026 1,188,188 0.03 300,000 Adif Alta Velocidad 1.875% 28/01/2025 365,001 0.01 257,000 Aeroporti Di Roma 1.625% 08/06/2027 293,883 0.01 448,000 African Development Bank 0.25% 24/01/2024 513,722 0.01 Agence Francaise de Developpement 0.875% 400,000 25/05/2031 470,757 0.01 300,000 Agence Francaise de Developpement 1.375% 05/7/2032 371,542 0.01 300,000 Agence Francaise de Developpement 1.5% 31/10/2034 374,871 0.01 500,000 Agence France Locale 0.25% 20/03/2023 569,851 0.01 500,000 Agence France Locale 0.375% 20/03/2022 569,722 0.01 400,000 Agence France Locale 0.5% 20/06/2024 461,383 0.01 456,000 Albemarle 1.875% 08/12/2021 529,946 0.01 100,000 Allergan Funding SCS 2.125% 01/06/2029 124,207 - 3,400,000 Allianz Finance 0.25% 06/06/2023 3,856,797 0.09 700,000 Amadeus 0.875% 18/09/2023 807,117 0.02 822,000 America Movil 0.75% 26/06/2027 935,944 0.02 940,000 America Movil 1.5% 10/03/2024 1,111,617 0.03 243,000 America Movil 2.125% 10/03/2028 306,886 0.01 1,016,000 America Movil 3% 12/07/2021 1,194,768 0.03 354,000 America Movil 4.75% 28/06/2022 445,338 0.01 235,000 America Movil Sab De CV 6.375% 06/09/2073 317,712 0.01

199 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 365,000 American Honda Finance Corporation 0.75% 17/01/2024 420,382 0.01 1,000,000 American International 1.875% 21/06/2027 1,200,861 0.03 637,000 American Tower 1.95% 22/05/2026 770,087 0.02 154,000 Amgen 1.25% 25/02/2022 177,122 - 100,000 Anglo American Capital 1.625% 18/09/2025 117,167 - 500,000 Anheuser Busch InBev Worldwide 1.65% 28/03/2031 612,323 0.01 537,000 Anheuser Busch InBev Worldwide 4% 02/06/2021 639,578 0.01 906,000 ANZ New Zealand International 0.625% 27/01/2022 1,035,203 0.02 151,000 AP Moeller Maersk 1.5% 24/11/2022 176,247 - 220,000 Aptiv 1.6% 15/09/2028 261,011 0.01 205,000 Arcelor Mittal 0.95% 17/01/2023 231,986 0.01 250,000 Arcelor Mittal 1% 19/05/2023 282,907 0.01 698,000 Arcelor Mittal 2.25% 17/01/2024 819,810 0.02 479,000 Archer Daniels Midland 1% 12/9/2025 558,277 0.01 400,000 Arkea Home Loans 0.375% 04/03/2024 458,892 0.01 200,000 Aroundtown 1.875% 19/01/2026 239,264 0.01 1,000,000 Asian Development Bank 0.2% 25/05/2023 1,142,869 0.03 250,000 ASML Holding 1.625% 28/05/2027 307,603 0.01 500,000 Assicurazioni Generali 4.125% 04/05/2026 661,916 0.02 200,000 ATF Netherlands 3.75% Perp 240,439 0.01 144,000 Atlantia (Govt of) 4.375% 16/09/2025 178,201 - 600,000 Atos 1.75% 07/05/2025 718,627 0.02 700,000 ATT 0.25% 04/03/2026 769,962 0.02 152,000 Aurizon Network 3.125% 01/06/2026 195,139 - 1,599,000 Austria (Govt of) 0% 20/09/2022 1,822,488 0.04 714,000 Austria (Govt of) 0% 15/07/2023 815,326 0.02 388,000 Austria (Govt of) 0.5% 20/04/2027 455,742 0.01 1,498,000 Austria (Govt of) 0.75% 20/10/2026 1,789,747 0.04 1,344,000 Austria (Govt of) 0.75% 20/02/2028 1,608,266 0.04 2,946,000 Austria (Govt of) 1.2% 20/10/2025 3,589,944 0.08 700,000 Austria (Govt of) 1.5% 20/02/2047 956,594 0.02 250,000 Austria (Govt of) 1.5% 02/11/2086 350,943 0.01 1,037,000 Austria (Govt of) 1.65% 21/10/2024 1,277,022 0.03 1,590,000 Austria (Govt of) 1.75% 20/10/2023 1,936,641 0.05 428,000 Austria (Govt of) 2.1% 20/09/2117 761,326 0.02 760,000 Austria (Govt of) 2.4% 23/05/2034 1,105,435 0.03 240,000 Austria (Govt of) 3.15% 20/06/2044 430,816 0.01 941,000 Austria (Govt of) 3.4% 22/11/2022 1,177,817 0.03 880,000 Austria (Govt of) 4.15% 15/03/2037 1,609,763 0.04

200 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 515,000 Autoliv 0.75% 26/06/2023 584,251 0.01 769,000 Autonomous Community of Andalus 1.875% 31/10/2028 960,015 0.02 377,000 Autonomous Community of Madrid 1.773% 30/04/2028 467,761 0.01 620,000 Aviva 0.625% 27/10/2023 710,187 0.02 122,000 Aviva 6.125% 05/07/2043 161,375 - 900,000 AXA 3.25% 28/05/2049 1,152,590 0.03 450,000 AXA Bank Europe 0.375% 23/03/2023 514,721 0.01 150,000 Bacardi 2.75% 03/07/2023 181,246 - 500,000 Banca Monte dei Paschi di Siena 2.875% 16/07/2024 616,490 0.01 500,000 Banco Bilbao Vizcaya Argentaria 1% 21/06/2026 578,221 0.01 900,000 Banco Comercial Portugues 0.75% 31/05/2022 1,029,467 0.02 500,000 Banco Santander 0.875% 09/05/2031 591,596 0.01 1,300,000 Banco Santander 1.375% 09/02/2022 1,501,588 0.04 2,200,000 Banco Santander 1.375% 14/12/2022 2,569,555 0.06 500,000 Banco Santander 2.125% 08/02/2028 602,583 0.01 667,000 Bank of America 0.58% 08/08/2029 744,045 0.02 600,000 Bank of Ireland Mortgage Bank 0.625% 14/03/2025 697,588 0.02 100,000 Bank of Montreal 0.25% 22/01/2020 112,296 - 900,000 Bank of Nova Scotia 0.375% 06/04/2022 1,019,245 0.02 469,000 Bank of Nova Scotia 0.375% 23/10/2023 536,903 0.01 700,000 Bankia 1% 14/03/2023 814,391 0.02 300,000 Bankia 1% 25/09/2025 353,300 0.01 1,800,000 Bankia 1.125% 05/08/2022 2,089,715 0.05 200,000 Bankia 1.125% 12/11/2026 225,435 0.01 400,000 Bankinter 1% 05/02/2025 471,576 0.01 800,000 Banque Federative du Credit Mutuel 0.5% 16/11/2022 910,829 0.02 1,000,000 Banque Federative du Credit Mutuel 0.75% 15/06/2023 1,148,833 0.03 100,000 Banque Federative du Credit Mutuel 2.375% 24/03/2026 122,821 - 313,000 Barclays 0.625% 14/11/2023 354,849 0.01 850,000 Barclays 1.375% 24/01/2026 984,063 0.02 511,000 Barclays 6.625% 30/03/2022 656,068 0.02 730,000 BASF 0.875% 22/05/2025 857,689 0.02 137,000 BASF 2.5% 22/01/2024 168,558 - 156,000 BAT International Finance 1% 23/05/2022 178,915 - 184,000 Bayer 1.875% 25/01/2021 210,053 0.01 200,000 Belfius Bank 0.625% 30/08/2023 228,823 0.01 600,000 Belfius Bank 0.75% 10/02/2025 702,107 0.02

201 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 2,400,000 Belgium (Govt of) 0.2% 22/10/2023 2,760,399 0.07 1,619,000 Belgium (Govt of) 0.5% 22/10/2024 1,890,242 0.04 500,000 Belgium (Govt of) 0.625% 30/05/2025 581,586 0.01 2,179,000 Belgium (Govt of) 0.8% 22/06/2025 2,589,086 0.06 1,195,000 Belgium (Govt of) 0.8% 22/06/2027 1,429,087 0.03 1,554,000 Belgium (Govt of) 0.8% 22/06/2028 1,860,875 0.04 336,000 Belgium (Govt of) 0.9% 22/06/2029 406,038 0.01 743,000 Belgium (Govt of) 1% 22/06/2026 897,874 0.02 556,000 Belgium (Govt of) 1% 22/06/2031 678,785 0.02 2,939,000 Belgium (Govt of) 1.25% 22/04/2033 3,695,794 0.09 2,675,000 Belgium (Govt of) 1.45% 22/06/2037 3,435,675 0.08 554,000 Belgium (Govt of) 1.6% 22/06/2047 736,563 0.02 312,000 Belgium (Govt of) 1.7% 22/06/2050 421,097 0.01 576,000 Belgium (Govt of) 1.9% 22/06/2038 791,719 0.02 270,000 Belgium (Govt of) 2.15% 22/06/2066 416,129 0.01 2,131,000 Belgium (Govt of) 2.25% 22/06/2023 2,623,668 0.06 393,000 Belgium (Govt of ) 2.25% 22/06/2057 605,909 0.01 1,468,000 Belgium (Govt of) 2.6% 22/06/2024 1,869,199 0.04 521,000 Belgium (Govt of) 3% 22/06/2034 799,520 0.02 1,234,000 Belgium (Govt of) 3.75% 22/06/2045 2,330,307 0.05 1,000,000 Belgium (Govt of) 4% 28/03/2032 1,630,599 0.04 889,000 Belgium (Govt of) 4.25% 28/09/2022 1,131,010 0.03 2,200,000 Berlin Hyp 0.01% 29/08/2022 2,488,183 0.06 155,000 Bharti Airtel International 3.375% 20/05/2021 180,576 - 653,000 BHP Billiton Finance 2.25% 25/09/2020 746,691 0.02 159,000 BMW Finance 0.125% 13/07/2022 179,230 - 157,000 BMW Finance 0.5% 22/11/2022 178,847 - 291,000 BMW Finance 1% 29/08/2025 340,671 0.01 200,000 BMW Finance 1.125% 22/05/2026 236,430 0.01 602,000 BMW Finance 1.125% 10/01/2028 711,404 0.02 100,000 BMW Finance 2% 04/09/2020 113,979 - 200,000 BMW US Capital 1% 20/04/2027 235,421 0.01 309,000 BNG Bank 1.5% 29/03/2038 402,079 0.01 400,000 BNP Paribas 0.5% 04/06/2026 450,182 0.01 100,000 BNP Paribas 0.75% 11/11/2022 114,767 - 161,000 BNP Paribas 1.125% 15/01/2023 186,871 - 1,214,000 BNP Paribas 1.5% 25/05/2028 1,479,543 0.04

202 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 500,000 BNP Paribas 2.125% 23/01/2027 613,026 0.01 500,000 BNP Paribas 2.375% 20/11/2030 606,031 0.01 305,000 BNP Paribas 2.625% 14/10/2027 363,512 0.01 177,000 BNP Paribas 2.875% 26/09/2023 219,611 0.01 340,000 BNZ International Funding London 0.125% 17/06/2021 383,866 0.01 1,981,000 Bonos Y Oblig Del Estado 0.75% 30/07/2021 2,265,601 0.05 779,000 Bonos Y Oblig Del Estado 1.3% 31/10/2026 941,798 0.02 1,035,000 Bonos Y Oblig Del Estado 1.4% 30/07/2028 1,264,469 0.03 3,707,000 Bonos Y Oblig Del Estado 1.6% 30/04/2025 4,517,673 0.11 1,158,000 Bonos Y Oblig Del Estado 1.95% 30/04/2026 1,450,259 0.03 2,732,000 Bonos Y Oblig Del Estado 1.95% 30/07/2030 3,515,156 0.08 717,000 Bonos Y Oblig Del Estado 2.15% 31/10/2025 903,203 0.02 4,714,000 Bonos Y Oblig Del Estado 2.35% 30/07/2033 6,401,779 0.15 1,087,000 Bonos Y Oblig Del Estado 2.75% 31/10/2024 1,386,540 0.03 962,000 Bonos Y Oblig Del Estado 2.9% 31/10/2046 1,476,384 0.03 1,262,000 Bonos Y Oblig Del Estado 3.45% 30/07/2066 2,251,164 0.05 1,679,000 Bonos Y Oblig Del Estado 4.4% 31/10/2023 2,215,346 0.05 1,508,000 Bonos Y Oblig Del Estado 5.15% 31/10/2044 3,133,318 0.07 704,000 Bonos Y Oblig Del Estado 5.4% 31/01/2023 928,587 0.02 1,288,000 Bonos Y Oblig Del Estado 5.75% 30/07/2032 2,344,131 0.05 570,000 BorgWarner 1.8% 07/11/2022 667,760 0.02 500,000 BP Capital Markets 1.104% 15/11/2034 564,296 0.01 350,000 BP Capital Markets 1.573% 16/02/2027 424,492 0.01 400,000 BPCE 0.375% 21/02/2024 459,286 0.01 500,000 BPCE 0.625% 22/09/2027 583,741 0.01 1,000,000 BPCE 0.625% 29/05/2031 1,154,958 0.03 500,000 BPCE 1.75% 27/06/2024 609,486 0.01 100,000 BPCE 2.75% 30/11/2027 120,090 - 200,000 BPCE 4.625% 18/07/2023 258,525 0.01 755,000 BPER Banca 0.5% 22/07/2020 850,848 0.02 600,000 Bpifrance Financement 0.1% 19/02/2021 677,270 0.02 400,000 Bpifrance Financement 0.125% 25/11/2020 450,957 0.01 300,000 Bpifrance Financement 1% 25/05/2027 358,498 0.01 400,000 Bpifrance Financement 1.875% 25/05/2030 521,261 0.01 300,000 Bpifrance Financement 2.75% 25/10/2025 390,597 0.01 542,000 Bright Food Singapore Holdings 1.125% 18/07/2020 611,674 0.01 955,000 British Telecommunications 0.875% 26/09/2023 1,097,330 0.03 489,000 British Telecommunications 1.75% 10/03/2026 580,252 0.01 128,000 British Telecommunications 2.125% 26/09/2028 156,335 -

203 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 1,580,000 Bundesobligation (Govt of) 0% 08/10/2021 1,793,208 0.04 5,214,000 Bundesobligation (Govt of) 0% 08/04/2022 5,934,482 0.14 1,316,000 Bundesobligation (Govt of) 0% 14/04/2023 1,505,491 0.04 434,000 Bundesobligation (Govt of) 0.25% 16/10/2020 490,659 0.01 2,824,000 Bundesrepublik Deutschland 0% 15/08/2026 3,251,129 0.08 1,277,000 Bundesrepublik Deutschland 0.25% 15/08/2028 1,497,528 0.04 3,549,000 Bundesrepublik Deutschland 0.25% 15/02/2029 4,157,830 0.10 1,750,000 Bundesrepublik Deutschland 0.5% 15/02/2025 2,063,049 0.05 4,723,000 Bundesrepublik Deutschland 0.5% 15/02/2026 5,600,756 0.13 4,622,000 Bundesrepublik Deutschland 1% 15/08/2024 5,552,551 0.13 1,041,000 Bundesrepublik Deutschland 1% 15/08/2025 1,264,250 0.03 2,529,000 Bundesrepublik Deutschland 1.5% 04/09/2022 2,999,801 0.07 902,000 Bundesrepublik Deutschland 1.5% 15/02/2023 1,078,844 0.03 1,342,000 Bundesrepublik Deutschland 1.5% 15/05/2023 1,612,664 0.04 2,620,000 Bundesrepublik Deutschland 1.75% 04/07/2022 3,115,658 0.07 4,350,000 Bundesrepublik Deutschland 1.75% 15/2/2024 5,345,836 0.13 1,786,000 Bundesrepublik Deutschland 2% 15/08/2023 2,192,091 0.05 1,847,000 Bundesrepublik Deutschland 2.5% 04/07/2044 3,178,648 0.07 2,812,000 Bundesrepublik Deutschland 2.5% 15/08/2046 4,941,427 0.12 1,500,000 Bundesrepublik Deutschland 3.25% 04/07/2021 1,782,620 0.04 2,340,000 Bundesrepublik Deutschland 3.25% 04/07/2042 4,388,874 0.10 2,673,000 Bundesrepublik Deutschland 4% 04/01/2037 4,996,103 0.12 1,780,000 Bundesrepublik Deutschland 4.75% 04/07/2034 3,387,146 0.08 1,000,000 Bundesrepublik Deutschland 4.75% 04/07/2040 2,167,895 0.05 312,000 Bundesrepublik Deutschland 5.5% 04/01/2031 570,401 0.01 312,000 Bundesrepublik Deutschland 5.625% 04/01/2028 518,479 0.01 500,000 Bundesrepublik Deutschland Bundesan 0% 15/08/2050 504,139 0.01 3,530,000 Bundesschatzanweisungen 0% 11/12/2020 3,987,422 0.09 885,000 Buoni Poliennali 4.5% 01/03/2026 1,211,865 0.03 500,000 Caisse Centrale du Credit Immobilier 0% 22/01/2023 566,054 0.01 800,000 Caisse Centrale du Credit Immobilier 0.125% 05/02/2020 898,404 0.02 800,000 Caisse Centrale du Credit Immobilier 0.125% 01/03/2021 903,204 0.02 700,000 Caisse Centrale du Credit Immobilier 0.125% 26/10/2022 795,045 0.02 600,000 Caisse Centrale du Credit Immobilier 0.375% 31/07/2020 676,417 0.02 300,000 Caisse D'Amort Dette Soc 0.125% 25/10/2023 342,459 0.01 480,000 Caisse D'Amort Dette Soc 1.375% 25/11/2024 581,377 0.01 340,000 Caisse D'Amort Dette Soc 2.375% 25/01/2024 423,619 0.01

204 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 500,000 Caisse D'Amortissement de la Dette 0.05% 25/11/2020 563,709 0.01 600,000 Caisse D'Amortissement de la Dette 0.125% 25/11/2022 683,841 0.02 500,000 Caisse D'Amortissement de la Dette 0.5% 25/05/2023 577,718 0.01 653,000 Caisse D'Amortissement de la Dette 2.5% 25/10/2022 793,589 0.02 549,000 Caisse D'Amortissement Dette Soc 4% 15/12/2025 768,797 0.02 600,000 Caisse des Depots et Consignatio 0.75% 18/09/2028 707,547 0.02 1,500,000 Caisse Francaise de Financement 0.5% 16/01/2025 1,736,882 0.04 500,000 Caisse Francaise de Financement 5.375% 08/07/24 702,170 0.02 610,000 Caisse Refinance 2.4% 17/01/2025 771,864 0.02 300,000 Caixa Geral de Depositos 1% 27/01/2022 344,636 0.01 700,000 CaixaBank 0.75% 18/04/2023 799,541 0.02 200,000 CaixaBank 1% 08/02/2023 232,749 0.01 122,000 Canada (Govt of) 2.375% 22/01/2024 151,121 - 100,000 Canadian Imperial Bank 0.25% 28/01/2020 112,306 - 484,000 Canadian Imperial Bank 0.75% 22/03/2023 556,552 0.01 100,000 Cargill 2.5% 15/02/2023 121,025 - 175,000 Carlsberg Breweries 2.5% 28/05/2024 215,920 0.01 100,000 Carnival Corporation 1.875% 07/11/2022 118,430 - 200,000 Carrefour 0.875% 12/06/2023 229,582 0.01 500,000 Cassa Depositi e Prestiti 1.5% 09/04/2025 578,117 0.01 102,000 Celanese 1.125% 26/09/2023 116,996 - 133,000 Cetin Finance 1.423% 06/12/2021 153,316 - 500,000 China (Govt of) 0.5% 12/11/2031 551,925 0.01 500,000 China (Govt of) 1% 12/11/2039 548,046 0.01 400,000 Cie de Saint Gobain 0.875% 21/09/2023 461,725 0.01 500,000 Cie de Saint Gobain 1.125% 23/03/2026 582,960 0.01 700,000 Cie Financement Foncier 0.25% 11/04/2023 798,106 0.02 500,000 Cie Financement Foncier 0.375% 09/04/2027 573,859 0.01 200,000 Cie Financement Foncier 0.625% 10/02/2023 230,539 0.01 100,000 Cie Financement Foncier 2% 07/05/2024 122,791 - 500,000 Cie Financement Foncier 4.875% 25/05/2021 602,299 0.01 300,000 Cie Generale des Michelin 2.5% 03/09/2038 424,674 0.01 1,057,000 Citigroup 0.5% 29/01/2022 1,200,313 0.03 150,000 Citigroup 1.5% 24/07/2026 177,644 - 220,000 CK Hutchison Telecom Finance 0.375% 17/10/2023 247,659 0.01 400,000 CK Hutchison Telecom Finance 1.5% 17/10/2031 448,246 0.01 500,000 CNP Assurances 1.875% 20/10/2022 587,404 0.01

205 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 194,000 Coca Cola 1.875% 22/09/2026 242,312 0.01 1,600,000 Coentreprise de Transport d'Elec SA 2.125% 29/7/2032 2,046,653 0.05 950,000 Commerzbank 0.05% 01/08/2022 1,075,789 0.03 500,000 Commerzbank 0.25% 23/07/2020 563,170 0.01 780,000 Commerzbank 0.5% 28/08/2023 885,036 0.02 819,000 Commerzbank 4% 23/03/2026 1,036,499 0.02 500,000 Commonwealth Bank of Australia 0.375% 24/04/2023 571,133 0.01 850,000 Commonwealth Bank of Australia 1.936% 03/10/2029 992,696 0.02 246,000 Commonwealth Bank of Australia 2% 22/04/2027 286,443 0.01 1,596,000 Cooperatieve Rabobank 0.5% 06/12/2022 1,821,835 0.04 800,000 Cooperatieve Rabobank 0.875% 01/02/2029 956,304 0.02 2,000,000 Council of Europe Development Bank 0% 10/04/2026 2,262,907 0.05 500,000 Council of Europe Development Bank 0.125% 25/05/2023 570,174 0.01 442,000 CPPIB Capital 0.375% 20/06/2024 506,866 0.01 200,000 Credit Agricole 5.125% 18/04/2023 263,566 0.01 300,000 Credit Agricole Cariparma 0.875% 16/06/2023 347,593 0.01 200,000 Credit Agricole Italia 0.25% 30/09/2024 226,643 0.01 800,000 Credit Agricole London 0.05% 29/08/2022 906,244 0.02 200,000 Credit Agricole London 0.75% 01/12/2022 229,878 0.01 1,600,000 Credit Agricole London 0.875% 11/08/2028 1,907,249 0.05 100,000 Credit Agricole London 3.125% 17/07/2023 124,851 - 300,000 Credit Agricole Public Sector S 1.875% 07/06/2023 361,397 0.01 196,000 Credit Mutuel CIC Home Loan 0.375% 12/09/2022 223,888 0.01 700,000 Credit Mutuel CIC Home Loan 0.75% 15/09/2027 824,770 0.02 163,000 Credit Suisse 1% 07/06/2023 188,915 - 155,000 Credit Suisse Group 1% 24/06/2027 177,838 - 341,000 Credito Emiliano 0.875% 05/11/2021 390,178 0.01 500,000 Cyprus (Govt of) 4.25% 04/11/2025 692,442 0.02 381,000 Czech (Govt of) 3.875% 24/05/2022 471,063 0.01 350,000 Daimler 1.125% 06/11/2031 389,114 0.01 352,000 Daimler 1.5% 03/07/2029 420,797 0.01 500,000 Daimler International Finance 0.25% 06/11/2023 561,146 0.01 200,000 Daimler International Finance 0.875% 09/04/2024 230,032 0.01 800,000 Danone 1.75% Perp 925,487 0.02 1,318,000 Danske Bank 2.75% 19/05/2026 1,525,999 0.04 150,000 Dell Bank International 0.625% 17/10/2022 169,869 - 400,000 Deutsche Ann Fin 4% Perp 481,471 0.01 500,000 Deutsche Apothekerund Aerztebank 0.05% 02/02/2022 565,225 0.01

206 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 500,000 Deutsche Bank 0.25% 08/03/2024 571,061 0.01 824,000 Deutsche Bank 1.125% 30/08/2023 950,653 0.02 200,000 Deutsche Bank 1.5% 20/01/2022 227,700 0.01 200,000 Deutsche Bank 1.875% 14/02/2022 229,466 0.01 100,000 Deutsche Bank 2.375% 11/01/2023 117,142 - 800,000 Deutsche Bank 2.625% 12/02/2026 960,007 0.02 800,000 Deutsche Bank SA Espanola 0.625% 25/11/2020 905,111 0.02 1,010,000 Deutsche Boerse 1.625% 08/10/2025 1,243,545 0.03 152,000 Deutsche Boerse 2.7482% 05/02/2041 175,578 - 556,000 Deutsche Telekom 0.625% 03/04/2023 635,698 0.02 700,000 Deutsche Telekom 1.75% 09/12/2049 747,995 0.02 350,000 Dexia Credit Local 0.625% 03/02/2024 404,920 0.01 600,000 DH Europe Finance 0.75% 18/09/2031 658,017 0.02 120,000 DH Europe Finance 2.5% 08/07/2025 151,555 - 157,000 Diageo Finance 2.375% 20/05/2026 200,424 0.01 500,000 DNB Boligkreditt 0.375% 14/11/2023 572,851 0.01 1,500,000 DNB Boligkreditt 0.625% 14/01/2026 1,746,943 0.04 1,375,000 DP World 2.375% 25/09/2026 1,662,757 0.04 152,000 DS Smith 2.25% 16/09/2022 179,489 - 500,000 DZ HYP 0.05% 29/06/2029 555,538 0.01 500,000 DZ HYP AG 0.5% 13/11/2025 580,585 0.01 630,000 Eastman Chemical 1.875% 23/11/2026 763,042 0.02 151,000 EasyJet 1.75% 09/02/2023 176,973 - 265,000 Ecolab 2.625% 08/07/2025 336,342 0.01 500,000 EDP Finance 1.125% 12/02/2024 581,109 0.01 250,000 EFSF 0.375% 11/10/2024 288,429 0.01 275,000 EFSF 1.75% 27/06/2024 336,241 0.01 250,000 EFSF 2.125% 19/02/2024 308,513 0.01 161,000 EFSF 2.75% 03/12/2029 227,532 0.01 312,000 EFSF 3% 04/09/2034 480,432 0.01 300,000 EFSF 3.375% 03/04/2037 496,225 0.01 445,000 EFSF 3.875% 30/03/2032 718,634 0.02 409,000 Eika Boligkreditt 2.125% 30/01/2023 492,405 0.01 200,000 Electricite de France 1.875% 13/10/2036 242,999 0.01 200,000 Electricite de France 3% VRN Perp 231,955 0.01 300,000 Eli Lilly 0.625% 01/11/2031 337,457 0.01 160,000 Eli Lilly 1.70% 01/11/2049 178,686 - 234,000 Eli Lilly 2.125% 03/06/2030 303,432 0.01

207 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 500,000 Elia System Operator 2.75% VRN Perp 592,322 0.01 250,000 Emerson Electric 1.25% 15/10/2025 295,406 0.01 500,000 Enel Finance International 0.375% 17/06/2027 555,509 0.01 180,000 Enel Finance International 1.125% 17/10/2034 200,572 0.01 500,000 Enel Finance International 1.5% 21/07/2025 597,331 0.01 400,000 Engie 0% 04/03/2027 439,088 0.01 500,000 Engie 1.375% Perp 568,258 0.01 500,000 Engie 1.875% 19/09/2033 639,165 0.01 252,000 ENI 3.625% 29/01/2029 360,853 0.01 500,000 ENI 3.75% 12/09/2025 672,322 0.02 543,000 Equinor 0.75% 9/11/2026 632,405 0.02 300,000 Erste Group Bank 0.75% 17/01/2028 354,075 0.01 256,000 Euro Stability Mechanism 2.125% 20/11/2023 314,757 0.01 250,000 Euronet Worldwide 1.375% 22/05/2026 279,311 0.01 362,000 European Financial Stability 0% 29/3/2021 408,554 0.01 3,500,000 European Financial Stability 0% 19/04/2024 3,969,510 0.09 1,750,000 European Financial Stability 0.2% 17/01/2024 2,001,330 0.05 1,800,000 European Financial Stability 0.875% 10/04/2035 2,152,671 0.05 1,000,000 European Financial Stability 0.95% 14/02/2028 1,207,069 0.03 477,000 European Financial Stability 1.25% 24/05/2033 600,321 0.01 346,000 European Financial Stability 1.45% 05/09/2040 452,468 0.01 159,000 European Financial Stability 1.7% 13/02/2043 218,792 0.01 294,000 European Financial Stability 1.8% 10/7/48 420,223 0.01 262,000 European Financial Stability 2.35% 29/07/2044 407,866 0.01 429,000 European Investment Bank 0% 16/10/2023 487,583 0.01 300,000 European Investment Bank 0% 15/03/2024 340,739 0.01 1,500,000 European Investment Bank 0.05% 24/05/2024 1,708,247 0.04 1,750,000 European Investment Bank 0.2% 15/07/2024 2,004,488 0.05 431,000 European Investment Bank 0.25% 14/10/2024 496,030 0.01 536,000 European Investment Bank 0.375% 15/03/2022 612,339 0.01 155,000 European Investment Bank 0.5% 15/01/2027 181,482 - 391,000 European Investment Bank 0.875% 13/09/2024 462,183 0.01 1,349,000 European Investment Bank 0.875% 14/01/2028 1,624,015 0.04 2,000,000 European Investment Bank 1% 14/11/2042 2,463,534 0.06 450,000 European Investment Bank 1.125% 13/04/2033 561,243 0.01 345,000 European Investment Bank 1.125% 15/09/2036 431,468 0.01 335,000 European Investment Bank 1.375% 15/09/2021 387,805 0.01 486,000 European Investment Bank 1.5% 15/07/2020 551,358 0.01

208 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 487,000 European Investment Bank 1.625% 15/03/2023 581,540 0.01 477,000 European Investment Bank 2% 14/04/2023 579,406 0.01 379,000 European Investment Bank 2.125% 15/01/2024 467,184 0.01 563,000 European Investment Bank 2.25% 14/10/2022 678,930 0.02 442,000 European Investment Bank 2.75% 15/09/2025 579,035 0.01 336,000 European Investment Bank 3% 14/10/2033 514,860 0.01 1,500,000 European Stability Mechanism 0% 17/01/2022 1,697,444 0.04 180,000 European Stability Mechanism 0.125% 22/04/2024 205,348 0.01 726,000 European Stability Mechanism 0.5% 02/03/2026 846,344 0.02 192,000 European Stability Mechanism 0.75% 15/03/2027 228,065 0.01 300,000 European Stability Mechanism 1.625% 17/11/2036 401,004 0.01 290,000 European Stability Mechanism 1.8% 02/11/2046 418,050 0.01 1,000,000 European Union 1.25% 04/04/2033 1,260,415 0.03 373,000 European Union 3.375% 04/04/2032 575,018 0.01 281,000 European Union 3.75% 04/04/2042 523,488 0.01 4,400,000 ExportImport Bank of Korea 0.375% 26/03/2024 5,011,458 0.12 979,000 ExportImport Bank of Korea 0.5% 30/05/2022 1,115,872 0.03 1,100,000 ExportImport Bank of Korea 0.625% 11/07/2023 1,263,776 0.03 1,100,000 Fade Fondo de Amortizacion Del 0.5% 17/03/2023 1,259,584 0.03 800,000 Fade Fondo de Amortizacion Del 0.625% 17/03/2022 915,744 0.02 1,101,000 FCA Bank 1% 21/02/2022 1,259,390 0.03 391,000 Fca Bank Spa Ireland 1% 15/11/2021 446,915 0.01 700,000 Ferrovial Emisiones 0.375% 14/09/2022 792,734 0.02 300,000 Ferrovial Emisiones 1.375% 31/03/2025 352,289 0.01 656,000 Fidelity National Information 0.75% 21/05/2023 752,093 0.02 312,000 Finland (Govt of) 0% 15/04/2022 354,888 0.01 791,000 Finland (Govt of) 0.375% 15/09/2020 894,096 0.02 312,000 Finland (Govt of) 0.5% 15/09/2027 366,143 0.01 652,000 Finland (Govt of) 0.75% 15/04/2031 781,432 0.02 1,312,000 Finland (Govt of) 0.875% 15/09/2025 1,569,241 0.04 903,000 Finland (Govt of) 1.125% 15/04/2034 1,130,533 0.03 1,750,000 Finland (Govt of) 1.5% 15/04/2023 2,095,418 0.05 312,000 Finland (Govt of) 2% 15/04/2024 386,832 0.01 337,000 Finland (Govt of) 2.625% 04/07/2042 555,604 0.01 500,000 Finland (Govt of) 3.5% 15/04/2021 591,121 0.01 558,000 Fiserv 0.375% 01/07/2023 631,010 0.02 1,157,000 Fomento Economico Mexicano 1.75% 20/03/2023 1,363,769 0.03 1,700,000 Fondo De Titulizacion Del Deficit 0.5% 17/06/2023 1,947,826 0.05 300,000 Fondo De Titulizacion Del Deficit 0.85% 17/12/2023 348,792 0.01

209 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 5,698,000 France (Govt of) 0% 25/02/2021 6,440,659 0.15 2,579,000 France (Govt of) 0% 25/05/2021 2,919,388 0.07 4,218,000 France (Govt of) 0% 25/02/2022 4,796,025 0.11 4,658,000 France (Govt of) 0% 25/05/2022 5,301,449 0.12 5,723,000 France (Govt of) 0% 25/03/2023 6,536,066 0.15 2,458,000 France (Govt of) 0% 25/03/2024 2,810,444 0.07 2,403,000 France (Govt of) 0.25% 25/11/2026 2,772,344 0.06 10,722,000 France (Govt of) 0.5% 25/05/2025 12,558,667 0.29 4,188,000 France (Govt of) 0.5% 25/05/2026 4,912,176 0.12 3,520,000 France (Govt of) 0.75% 25/05/2028 4,205,412 0.10 3,839,000 France (Govt of) 0.75% 25/11/2028 4,583,242 0.11 4,833,000 France (Govt of) 1% 25/11/2025 5,826,832 0.14 1,749,000 France (Govt of) 1% 25/05/2027 2,123,652 0.05 6,386,000 France (Govt of) 1.25% 25/05/2034 8,029,344 0.19 1,975,000 France (Govt of) 1.25% 25/05/2036 2,477,193 0.06 8,629,000 France (Govt of) 1.5% 25/05/2031 11,096,418 0.26 3,688,000 France (Govt of) 1.75% 25/05/2023 4,462,329 0.10 5,310,000 France (Govt of) 1.75% 25/11/2024 6,582,403 0.15 4,474,000 France (Govt of) 1.75% 25/06/2039 6,066,401 0.14 777,000 France (Govt of) 1.75% 25/05/2066 1,087,012 0.03 3,302,000 France (Govt of) 2% 25/05/2048 4,756,830 0.11 4,170,000 France (Govt of) 2.25% 25/05/2024 5,236,476 0.12 5,629,000 France (Govt of) 2.5% 25/05/2030 7,857,508 0.18 1,595,000 France (Govt of) 3.25% 25/05/2045 2,804,881 0.07 2,000,000 France (Govt of) 3.75% 25/04/2021 2,374,532 0.06 1,741,000 France (Govt of) 4% 25/04/2055 3,717,168 0.09 684,000 France (Govt of) 4% 25/04/2060 1,524,184 0.04 4,501,000 France (Govt of) 5.5% 25/04/2029 7,623,079 0.18 160,000 Fresenius 2.875% 15/02/2029 208,273 0.01 1,500,000 GAS Networks 0.125% 04/12/2024 1,673,888 0.04 100,000 GDF Suez 6.375% 18/01/2021 120,125 - 639,000 General Electric 0.375% 17/05/2022 718,255 0.02 798,000 General Electric Capital 4.125% 19/09/2035 1,127,247 0.03 1,804,000 Germany (Govt of) 0% 07/10/2022 2,058,319 0.05 3,623,000 Germany (Govt of) 0.25% 15/02/2027 4,244,976 0.10 1,479,000 Germany (Govt of) 0.5% 15/08/2027 1,766,846 0.04 1,176,000 Germany (Govt of) 0.5% 15/02/2028 1,406,715 0.03 588,000 Germany (Govt of) 1.25% 15/08/2048 827,546 0.02

210 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 170,000 GlaxoSmithKline Capital 1% 12/09/2026 200,698 0.01 660,000 GlaxoSmithKline Capital 1.25% 21/05/2026 788,452 0.02 130,000 GlaxoSmithKline Capital 1.375% 12/09/2029 159,343 - 124,000 GlaxoSmithKline Capital 1.75% 21/05/2030 155,222 - 135,000 GlaxoSmithKline Capital 4% 16/06/2025 183,746 - 1,302,000 Goldman Sachs 1.625% 27/07/2026 1,558,958 0.04 1,227,000 Goldman Sachs 3% 12/02/2031 1,680,313 0.04 300,000 Grand City Properties 1.375% 03/08/2026 347,948 0.01 369,000 Great-West Lifeco 2.5% 18/04/2023 446,873 0.01 200,000 Groupe Auchan 2.25% 06/04/2023 238,123 0.01 900,000 Hamburg Commercial Bank 0.25% 25/04/2022 1,021,627 0.02 148,000 Heidelberg Cement 2.25% 30/03/2023 175,908 - 158,000 Heidelberg Cement Finance 0.5% 09/08/2022 178,699 - Heidelberg Cement Finance Luxemborg 1.625% 200,000 07/04/2026 236,484 0.01 533,000 Heineken 3.5% 19/03/2024 687,031 0.02 500,000 Hera 0.875% 05/07/2027 572,780 0.01 152,000 Holcim Finance 1.375% 26/05/2023 178,444 - 152,000 Honeywell International 1.3% 22/02/2023 177,321 - 600,000 HSBC France 0.6% 20/03/2023 685,539 0.02 300,000 HSBC France 1.375% 04/09/2028 361,663 0.01 153,000 HSBC Holdings 1.5% 15/03/2022 177,333 - 150,000 HSBC Holdings 1.5% 04/12/2024 176,508 - 713,000 HSBC Holdings 3.125% 07/06/2028 938,383 0.02 485,000 Huarong Finance 1.625% 05/12/2022 540,751 0.01 200,000 Iberdrola Finanzas 1.621% 29/11/2029 247,203 0.01 200,000 Iberdrola International 1.125% 21/04/2026 236,324 0.01 600,000 Iberdrola International 1.875% 08/10/2024 729,020 0.02 500,000 Ile de France (Region Of) 0.5% 14/06/2025 579,890 0.01 1,000,000 ING Bank 0% 08/04/2022 1,124,816 0.03 600,000 ING Bank 0.875% 11/04/2028 715,773 0.02 600,000 ING Groep 2% 20/09/2028 750,377 0.02 600,000 ING Groep 2% 22/03/2030 712,001 0.02 100,000 ING Groep 3.0% 11/04/2028 121,029 - 200,000 Inmobiliaria Colonial SA 2.728% 05/06/2023 244,283 0.01 155,000 Innogy Finance 0.75% 30/11/2022 177,161 - 376,000 Innogy Finance 5.75% 14/02/2033 663,603 0.02 1,998,000 Instituto de Credito Oficial 0.05% 30/07/2020 2,248,056 0.05 1,879,000 Instituto de Credito Oficial 0.25% 30/04/2022 2,137,111 0.05 700,000 Instituto de Credito Oficial 0.75% 31/10/2023 811,670 0.02 1,963,000 Instituto de Credito Oficial 4.75% 30/04/2020 2,240,273 0.05 211 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) International Bank for Reconstruction and Development 1,700,000 0.5% 21/06/2035 1,932,030 0.05 500,000 International Consolidated Airline 1.5% 04/07/2027 560,188 0.01 1,500,000 Intesa Sanpaolo 0.5% 05/03/2024 1,725,619 0.04 313,000 Intesa Sanpaolo 0.75% 04/12/2024 352,967 0.01 664,000 Intesa Sanpaolo 2.125% 30/08/2023 788,515 0.02 423,000 Investor 1.5% 20/06/2039 499,211 0.01 871,000 Ipic GMTN 3.625% 30/05/2023 1,099,503 0.03 1,038,000 Irish Treasury 0% 18/10/2022 1,178,909 0.03 1,000,000 Irish Treasury 0.8% 15/03/2022 1,153,585 0.03 314,000 Irish Treasury 0.9% 15/05/2028 377,695 0.01 1,703,000 Irish Treasury 1% 15/05/2026 2,048,680 0.05 300,000 Irish Treasury 1.3% 15/05/2033 375,922 0.01 350,000 Irish Treasury 1.35% 18/03/2031 440,098 0.01 775,000 Irish Treasury 1.5% 15/05/2050 996,887 0.02 338,000 Irish Treasury 1.7% 15/05/2037 449,554 0.01 337,000 Irish Treasury 2% 18/02/2045 482,770 0.01 1,006,000 Irish Treasury 2.4% 15/05/2030 1,384,792 0.03 304,000 Irish Treasury 3.4% 18/03/2024 395,120 0.01 304,000 Irish Treasury 3.9% 20/03/2023 388,928 0.01 385,000 Irish Treasury 5.4% 13/03/2025 558,384 0.01 500,000 Italgas 0.875% 24/04/2030 565,779 0.01 1,045,000 Italy (Govt of) 0.2% 15/10/2020 1,177,281 0.03 735,000 Italy (Govt of) 0.35% 01/11/2021 831,435 0.02 867,000 Italy (Govt of) 0.45% 01/06/2021 981,786 0.02 4,349,000 Italy (Govt of) 0.9% 01/08/2022 4,979,403 0.12 1,089,000 Italy (Govt of) 0.95% 01/03/2023 1,248,964 0.03 1,695,000 Italy (Govt of) 0.95% 15/03/2023 1,946,093 0.05 2,865,000 Italy (Govt of) 1.5% 01/06/2025 3,345,181 0.08 757,000 Italy (Govt of) 1.85% 15/05/2024 899,760 0.02 901,000 Italy (Govt of) 2% 01/02/2028 1,080,514 0.03 1,193,000 Italy (Govt of) 2.45% 01/09/2033 1,458,009 0.03 2,943,000 Italy (Govt of) 2.5% 15/11/2025 3,621,208 0.09 1,976,000 Italy (Govt of) 2.8% 01/03/2067 2,311,227 0.05 2,636,000 Italy (Govt of) 2.95% 01/09/2038 3,350,406 0.08 818,000 Italy (Govt of) 3.75% 01/05/2021 966,186 0.02 1,039,000 Italy (Govt of) 4.75% 01/09/2021 1,260,221 0.03 882,000 Italy (Govt of) 5% 01/03/2022 1,097,092 0.03 1,027,000 Italy (Govt of) 5% 01/03/2025 1,405,914 0.03 4,298,000 Italy (Govt of) 5.5% 01/09/2022 5,515,924 0.13

212 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 6,019,000 Italy BTP 3.75% 01/08/2021 7,169,389 0.17 1,912,000 Italy BTP 6% 01/05/2031 3,149,617 0.07 550,000 Italy BTP 6.5% 01/11/2027 866,319 0.02 1,816,000 Italy Buoni Poliennali Del Tesoro 0.05% 15/04/2021 2,044,689 0.05 1,000,000 Italy Buoni Poliennali Del Tesoro 0.05% 15/01/2023 1,116,573 0.03 836,000 Italy Buoni Poliennali Del Tesoro 0.65% 01/11/2020 945,427 0.02 761,000 Italy Buoni Poliennali Del Tesoro 0.65% 15/10/2023 865,388 0.02 1,650,000 Italy Buoni Poliennali Del Tesoro 1% 15/07/2022 1,894,359 0.04 4,159,000 Italy Buoni Poliennali Del Tesoro 1.2% 01/04/2022 4,788,912 0.11 3,291,000 Italy Buoni Poliennali Del Tesoro 1.25% 01/12/2026 3,776,813 0.09 756,000 Italy Buoni Poliennali Del Tesoro 1.35% 15/04/2022 873,151 0.02 1,721,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/09/2022 2,000,486 0.05 3,223,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/11/2024 3,767,610 0.09 2,792,000 Italy Buoni Poliennali Del Tesoro 1.45% 15/05/2025 3,251,954 0.08 789,000 Italy Buoni Poliennali Del Tesoro 1.6% 01/06/2026 926,410 0.02 1,143,000 Italy Buoni Poliennali Del Tesoro 1.65% 01/03/2032 1,297,582 0.03 1,831,000 Italy Buoni Poliennali Del Tesoro 2% 01/12/2025 2,198,306 0.05 3,270,000 Italy Buoni Poliennali Del Tesoro 2.05% 01/08/2027 3,927,194 0.09 827,000 Italy Buoni Poliennali Del Tesoro 2.15% 15/12/2021 967,873 0.02 2,200,000 Italy Buoni Poliennali Del Tesoro 2.2% 01/06/2027 2,669,148 0.06 1,001,000 Italy Buoni Poliennali Del Tesoro 2.25% 01/09/2036 1,179,186 0.03 1,023,000 Italy Buoni Poliennali Del Tesoro 2.3% 15/10/2021 1,196,583 0.03 1,196,000 Italy Buoni Poliennali Del Tesoro 2.45% 01/10/2023 1,445,815 0.03 822,000 Italy Buoni Poliennali Del Tesoro 2.5% 01/12/2024 1,005,468 0.02 1,264,000 Italy Buoni Poliennali Del Tesoro 2.7% 01/03/2047 1,528,803 0.04 829,000 Italy Buoni Poliennali Del Tesoro 2.8% 01/12/2028 1,053,075 0.03 1,171,000 Italy Buoni Poliennali Del Tesoro 3.25% 01/09/2046 1,552,764 0.04 1,483,000 Italy Buoni Poliennali Del Tesoro 3.35% 01/03/2035 1,985,426 0.05 2,681,000 Italy Buoni Poliennali Del Tesoro 3.45% 01/03/2048 3,663,318 0.09 1,059,000 Italy Buoni Poliennali Del Tesoro 3.5% 01/03/2030 1,424,533 0.03 830,000 Italy Buoni Poliennali Del Tesoro 3.75% 01/09/2024 1,067,139 0.03 2,199,000 Italy Buoni Poliennali Del Tesoro 3.85% 01/09/2049 3,191,766 0.08 1,840,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/05/2023 2,353,145 0.06 926,000 Italy Buoni Poliennali Del Tesoro 4.5% 01/03/2024 1,211,698 0.03 1,038,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/08/2023 1,349,083 0.03 1,241,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2028 1,798,263 0.04 2,223,000 Italy Buoni Poliennali Del Tesoro 4.75% 01/09/2044 3,615,015 0.09 1,700,000 Italy Buoni Poliennali Del Tesoro 5% 01/09/2040 2,775,161 0.07 3,671,000 Italy Buoni Poliennali Del Tesoro 5.5% 01/11/2022 4,741,311 0.11 1,900,000 Italy Buoni Poliennali Del Tesoro 5.75% 01/02/2033 3,143,421 0.07

213 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 656,000 Italy Certificati di Credito del 0% 27/11/2020 737,514 0.02 300,000 JAB Holdings 1% 20/12/2027 337,878 0.01 500,000 JAB Holdings 2.25% 19/12/2039 559,378 0.01 402,000 Johnson Controls 1% 15/09/2023 464,595 0.01 250,000 JPMorgan Chase 1.047% 04/11/2032 283,832 0.01 700,000 JPMorgan Chase 1.09% 11/03/2027 815,821 0.02 151,000 JPMorgan Chase 1.5% 26/10/2022 176,748 - 204,000 JT International Financial Service 1.125% 28/09/2025 237,945 0.01 976,000 Junta de Castilla y Leon 0.7% 03/06/2021 1,110,925 0.03 1,497,000 Junta de Castilla y Leon 4% 30/04/2024 1,966,899 0.05 200,000 KBC 1.875% 11/03/2027 232,368 0.01 132,000 Kerry Group Financial Services 2.375% 10/09/2025 164,206 - 332,000 KFW 0.375% 23/04/2030 382,185 0.01 318,000 KFW 0.5% 15/09/2027 371,589 0.01 316,000 KFW 0.625% 07/01/2028 372,942 0.01 1,315,000 KFW 0.75% 15/01/2029 1,569,595 0.04 250,000 KFW 1.25% 04/07/2036 318,166 0.01 175,000 KFW 1.375% 31/07/2035 225,834 0.01 253,000 Kimberly Clark Corporation 0.625% 07/09/2024 291,323 0.01 600,000 Klepierre 1% 17/04/2023 693,513 0.02 157,000 Knorr Bremse 0.5% 08/12/2021 177,819 - 249,000 Knorr Bremse 1.125% 13/06/2025 292,394 0.01 142,000 Koninklijke KPN 4.25% 01/03/2022 174,501 - 859,000 Koninklijke Philips 1.375% 02/05/2028 1,036,743 0.02 1,300,000 Kreditanstalt fuer Wiederaufbau 0% 25/05/2021 1,468,647 0.03 220,000 Kreditanstalt fuer Wiederaufbau 0% 28/04/2022 249,501 0.01 1,000,000 Kreditanstalt fuer Wiederaufbau 0% 30/06/2022 1,134,544 0.03 500,000 Kreditanstalt fuer Wiederaufbau 0% 02/04/2024 568,114 0.01 1,500,000 Kreditanstalt fuer Wiederaufbau 0.125% 15/01/2024 1,712,401 0.04 700,000 Kreditanstalt fuer Wiederaufbau 0.375% 23/04/2025 810,090 0.02 313,000 Kreditanstalt fuer Wiederaufbau 0.75% 28/06/2028 373,255 0.01 331,000 Kreditanstalt fuer Wiederaufbau 1.125% 15/09/2032 411,873 0.01 200,000 Kreditanstalt fuer Wiederaufbau 1.125% 09/05/2033 249,105 0.01 220,000 Kreditanstalt fuer Wiederaufbau 1.125% 15/06/2037 275,432 0.01 900,000 Kutxabank 1.25% 22/09/2025 1,079,379 0.03 500,000 Land Berlin 1.3% 13/06/2033 627,074 0.01

214 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 1,500,000 Land Nordrhein Westfalen 0.95% 13/03/2028 1,808,852 0.04 322,000 Land Nordrhein Westfalen 1.25% 12/05/2036 401,382 0.01 1,457,000 Land Nordrhein Westfalen 1.55% 16/06/2048 1,957,512 0.05 299,000 Land Nordrhein Westfalen 1.65% 22/02/2038 396,578 0.01 1,000,000 Land Nordrhein Westfalen 1.875% 15/03/2024 1,222,781 0.03 301,000 Land Nordrhein-Westfalen 2.375% 13/05/2033 424,570 0.01 900,000 Landesbank Baden Wuerttemberg 0.375% 27/02/2025 1,036,715 0.02 1,327,000 Landesbank Baden Wurttemberg 0.625% 16/01/2025 1,551,202 0.04 1,000,000 Landesbank Hessen Thueringen Girozen 0% 18/07/2022 1,130,593 0.03 1,000,000 Landwirtschaftliche Rentenbank 0.05% 12/06/2023 1,137,545 0.03 1,300,000 Landwirtschaftliche Rentenbank 0.5% 06/03/2025 1,511,399 0.04 1,500,000 Landwirtschaftliche Rentenbank 0.625% 18/05/2027 1,766,063 0.04 796,000 Latvia (Govt of) 2.625% 21/01/2021 921,883 0.02 225,000 Latvia (Govt of) 2.875% 30/04/2024 286,431 0.01 100,000 Latvia Government International 1.375% 16/05/2036 126,295 - 382,000 Lithuania (Govt of) 3.375% 22/01/2024 490,651 0.01 292,000 Lithuania Government International 1.25% 22/10/2025 350,947 0.01 1,500,000 Lloyds Bank 0.25% 25/03/2024 1,701,528 0.04 150,000 Lloyds Bank 0.5% 12/11/2025 168,063 - 390,000 Lloyds Bank 0.625% 15/01/2024 441,938 0.01 815,000 Lloyds Bank 0.625% 26/03/2025 942,184 0.02 153,000 Lloyds Bank 1.375% 08/09/2022 177,874 - 559,000 Lloyds Bank 1.5% 12/09/2027 669,471 0.02 455,000 Logicor Financing 1.625% 15/07/2027 517,559 0.01 1,451,000 Luxembourg (Govt of) 2.25% 21/03/2022 1,731,325 0.04 330,000 Luxottica Group Spa 2.625% 10/02/2024 409,402 0.01 601,000 LYB International Finance 1.875% 02/03/2022 698,495 0.02 246,000 Magna International 1.5% 25/09/2027 292,507 0.01 156,000 Magna International 1.9% 24/11/2023 186,535 - 500,000 Mapfre 1.625% 19/05/2026 604,186 0.01 240,000 McKesson 1.625% 30/10/2026 281,225 0.01 500,000 Medtronic Global Holdings 1% 02/07/2031 578,053 0.01 574,000 Merck 1.375% 02/11/2036 696,524 0.02 243,000 Merck 1.875% 15/10/2026 303,768 0.01 146,000 Merck 2.5% 15/10/2034 204,645 0.01 500,000 Merck Financial Services 0.375% 05/07/2027 560,114 0.01 482,000 Merlin Properties Socimi 2.225% 25/04/2023 573,065 0.01 334,000 Mexico (Govt of) 3% 06/03/2045 425,586 0.01 437,000 Mexico (Govt of) 4% 15/03/2115 551,563 0.01

215 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 2,450,000 Mfinance France 1.398% 26/09/2020 2,777,639 0.07 250,000 Microsoft 2.625% 02/05/2033 356,778 0.01 500,000 Microsoft 3.125% 06/12/2028 706,708 0.02 156,000 Mitsubishi UFJ Financial Group 0.68% 26/01/2023 177,961 - 153,000 Mitsubishi UFJ Financial Group 0.98% 09/10/2023 176,693 - 153,000 Mizuho Financial 1.02% 11/10/2023 176,892 - 299,000 MOL Hungarian Oil Gas 2.625% 28/04/2023 359,747 0.01 180,000 Molnlycke Holding 0.875% 05/09/2029 196,506 - 123,000 Moodys 1.75% 09/03/2027 149,218 - 1,000,000 Morgan Stanley 0.637% 26/07/2024 1,140,162 0.03 154,000 Morgan Stanley 1% 02/12/2022 177,586 - 145,000 Morocco (Govt of) 3.5% 19/06/2024 185,435 - 800,000 Muenchener Hypothekenbank 1% 18/04/2039 967,930 0.02 800,000 Muenchener Rueckversicherung 3.25% VRN 26/05/2049 1,048,953 0.02 750,000 National Australia Bank 0.25% 28/03/2022 851,274 0.02 260,000 National Australia Bank 0.625% 30/08/2023 297,849 0.01 433,000 National Bank of Canada 0.5% 26/01/2022 493,890 0.01 300,000 National Bank of Greece 2.75% 19/10/2050 343,870 0.01 700,000 National Grid 1% 12/07/2024 809,169 0.02 384,000 National Westminster Bank 0.5% 15/05/24 440,502 0.01 1,000,000 Nationwide Building Society 0.05% 03/06/2024 1,125,634 0.03 363,000 Nationwide Building Society 0.5% 23/02/2024 416,729 0.01 153,000 Nationwide Building Society 0.625% 19/04/2023 175,104 - 385,000 Nationwide Building Society 0.75% 26/10/2022 443,145 0.01 507,000 Nationwide Building Society 2% 25/07/2029 591,979 0.01 368,000 Natwest Markets 1.125% 14/06/2023 424,130 0.01 433,000 Nederlandse Waterschapsbank 0.125% 25/09/2023 493,675 0.01 2,364,000 Nederlandse Waterschapsbank 0.125% 17/01/2024 2,693,724 0.06 469,000 Nederlandse Waterschapsbank 0.25% 07/06/2024 537,939 0.01 318,000 Nederlandse Waterschapsbank 1.25% 27/05/2036 396,526 0.01 312,000 Nederlandse Waterschapsbank 1.5% 15/06/2039 404,783 0.01 500,000 Nederlandse Waterschapsbank 1.625% 29/01/2048 688,928 0.02 1,892,000 Netherlands (Govt of) 0% 15/01/2022 2,149,350 0.05 766,000 Netherlands (Govt of) 0% 15/01/2024 876,199 0.02 995,000 Netherlands (Govt of) 0.25% 15/07/2025 1,153,884 0.03 2,243,000 Netherlands (Govt of) 0.5% 15/07/2026 2,647,822 0.06 1,857,000 Netherlands (Govt of) 0.25% 15/07/2029 2,144,853 0.05 1,774,000 Netherlands (Govt of) 0.75% 15/07/2027 2,133,887 0.05

216 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 1,761,000 Netherlands (Govt of) 0.75% 15/07/2028 2,127,303 0.05 2,216,000 Netherlands (Govt of) 1.75% 15/07/2023 2,690,858 0.06 1,749,000 Netherlands (Govt of) 2% 15/07/2024 2,182,041 0.05 1,171,000 Netherlands (Govt of) 2.25% 15/07/2022 1,410,421 0.03 2,820,000 Netherlands (Govt of) 2.5% 15/01/2033 4,160,656 0.10 1,277,000 Netherlands (Govt of) 2.75% 15/01/2047 2,321,685 0.05 1,000,000 Netherlands (Govt of) 3.75% 15/01/2042 1,956,816 0.05 400,000 Norddeutshe Landsbank 3.25% 18/01/2021 465,882 0.01 350,000 Nordea Bank 1% 07/09/2026 397,866 0.01 900,000 Nordea Mortgage Bank 0.025% 24/01/2022 1,017,328 0.02 1,000,000 Nordea Mortgage Bank 0.25% 18/03/2026 1,141,611 0.03 161,000 Novartis Finance 0.125% 20/09/2023 182,370 - 388,000 Novartis Finance 1.7% 14/08/2038 491,557 0.01 1,000,000 NRW Bank 0.125% 07/07/2023 1,138,769 0.03 750,000 Obrigacoes Do Tesouro 2.25% 18/04/2034 1,006,036 0.02 282,000 Obrigacoes Do Tesouro 3.875% 15/02/2030 421,958 0.01 1,099,000 Obrigacoes Do Tesouro 5.65% 15/02/2024 1,527,810 0.04 600,000 OMV 0% 03/07/2025 667,519 0.02 200,000 OMV 0.75% 04/12/2023 230,758 0.01 139,000 OMV 5.25% Perp 170,671 - 700,000 OP Mortgage Bank 0.625% 15/02/2029 817,773 0.02 300,000 Orange 0% 04/09/2026 327,610 0.01 700,000 Orange 1.125% 15/07/2024 818,701 0.02 250,000 Orange 5% Perp 342,251 0.01 100,000 Orange 5.25% Perp 131,588 - 198,000 Orange 8.125% 28/01/2033 410,721 0.01 223,000 Orlen Capital 2.5% 30/06/2021 259,412 0.01 1,000,000 Orsted 1.75% 09/12/3019 1,135,198 0.03 350,000 PACCAR Financial Europe 0.125% 07/03/2022 394,927 0.01 400,000 Parker Hannifin 1.125% 01/03/2025 464,605 0.01 504,000 Pepsico 2.625% 28/04/2026 655,157 0.02 400,000 Pernod Ricard 0% 24/10/2023 448,655 0.01 100,000 Pernod Ricard 0.5% 24/10/2027 112,453 - 200,000 Pernod Ricard 0.875% 24/10/2031 225,097 0.01 100,000 Pernod Ricard 1.5% 18/05/2026 120,664 - 400,000 Pernod Ricard 2.125% 27/09/2024 490,692 0.01 661,000 Peru (Govt of) 3.75% 01/03/2030 956,588 0.02 836,000 Petroleos Mexicanos 3.75% 21/02/2024 1,003,629 0.02

217 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 147,000 Peugeot 2.375% 14/04/2023 176,610 - 100,000 Pfizer 1% 06/03/2027 117,609 - 184,000 Philip Morris International 2.75% 19/03/2025 231,857 0.01 130,000 Philip Morris International 2.875% 30/05/2024 163,249 - 758,000 Philip Morris International 2.875% 03/03/2026 974,772 0.02 204,000 Philip Morris International 2.875% 14/05/2029 268,313 0.01 600,000 PKO Bank Hipoteczny 0.25% 23/11/2021 678,275 0.02 597,000 Poland (Govt of) 2.375% 18/01/2036 828,011 0.02 500,000 Portugal (Govt of) 2.125% 17/10/2028 645,836 0.02 1,050,000 Portugal (Govt of) 4.1% 15/04/2037 1,754,561 0.04 2,814,000 Portugal Obrigacoes do Tesouro 2.2% 17/10/2022 3,384,825 0.08 740,000 Portugal Obrigacoes do Tesouro 2.875% 15/10/2025 964,305 0.02 671,000 Portugal Obrigacoes do Tesouro 2.875% 21/07/2026 885,476 0.02 397,000 Portugal Obrigacoes do Tesouro 4.125% 14/04/2027 569,523 0.01 404,000 Powszechna Kasa Bank 0.75% 25/07/2021 458,582 0.01 202,000 PPG Industries 1.4% 13/03/2027 238,034 0.01 153,000 Praxair 1.625% 01/12/2025 186,791 - 496,000 Procter Gamble 1.875% 30/10/2038 663,719 0.02 400,000 Prologis Euro Finance 1.5% 10/09/2049 405,454 0.01 330,000 Province of Quebec Canada 0.875% 04/05/2027 390,880 0.01 200,000 Proximus 2.375% 04/04/2024 246,341 0.01 165,000 Rabobank Nederland 4.125% 14/07/2025 226,024 0.01 347,000 Rci Banque 0.5% 15/09/2023 389,282 0.01 156,000 Rci Banque 0.75% 26/09/2022 177,027 - 400,000 Region of Ile De France 2.375% 24/04/2026 515,804 0.01 300,000 Renault 1.125% 04/10/2027 323,208 0.01 800,000 Renault 2% 28/09/2026 931,192 0.02 200,000 Repsol International Finance 2.25% 10/12/2026 254,452 0.01 600,000 Richemont International Holding 1% 26/03/2026 704,457 0.02 200,000 Robert Bosch Investment Nederland 2.625% 24/05/2028 269,059 0.01 487,000 Roche Holdings 6.5% 04/03/2021 591,055 0.01 400,000 Rolls Royce 0.875% 09/05/2024 452,891 0.01 350,000 Rolls Royce 1.625% 09/05/2028 407,163 0.01 500,000 Romania (Govt of) 4.625% 03/04/2049 696,195 0.02 1,500,000 Royal Bank of Canada 0.25% 29/01/2024 1,709,522 0.04 157,000 Royal Bank of Scotland 0.625% 02/03/2022 178,218 - 820,000 Royal Bank of Scotland 1.75% 02/03/2026 965,968 0.02 152,000 Royal Bank of Scotland 2% 08/03/2023 176,949 -

218 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 151,000 Royal Bank of Scotland 2% 04/03/2025 179,309 - 148,000 Royal Bank of Scotland 2.5% 22/03/2023 177,597 - 328,000 Royal Mail 1.25% 08/10/2026 371,336 0.01 RTE Reseau de Transport d'electricite 1.875% 200,000 23/10/2037 258,981 0.01 136,000 Ryanair 1.125% 10/03/2023 156,467 - 347,000 Ryanair 1.125% 15/08/2023 400,410 0.01 748,000 RZD Capital 3.3744% 20/05/2021 879,515 0.02 1,800,000 SA de Gestion de Stocks de 4% 24/01/2024 2,368,345 0.06 1,144,000 Sampo Oyj 1.625% 21/02/2028 1,385,446 0.03 700,000 Sanofi 0.5% 21/03/2023 801,196 0.02 400,000 Sanofi 1.875% 21/03/2038 534,633 0.01 400,000 Sanofi 2.5% 14/11/2023 491,790 0.01 1,134,000 Santander UK 0.5% 10/01/2025 1,303,256 0.03 200,000 SAP 0.75% 10/12/2024 232,049 0.01 500,000 Saudi (Govt of) 2% 09/07/2039 592,235 0.01 247,000 Scentre Group Trust 3.25% 11/09/2023 308,083 0.01 155,000 Schaeffler 1.125% 26/03/2022 177,829 - 900,000 Schneider Electric 0.25% 09/09/2024 1,019,658 0.02 150,000 SES 0.875% 04/11/2027 164,639 - 169,000 SES 1.625% 22/03/2026 198,155 - 900,000 SFIL 0.1% 18/10/2022 1,021,127 0.02 500,000 Shell International Finance 0.125% 08/11/2027 551,827 0.01 360,000 Shell International Finance 0.5% 08/11/2031 396,268 0.01 400,000 Shell International Finance 0.875% 08/11/2039 429,958 0.01 250,000 Siemens Financieringsmaatschappij 0% 05/09/2024 280,404 0.01 400,000 Siemens Financieringsmaatschappij 0.375% 06/09/2023 456,621 0.01 132,000 Siemens Financieringsmaatschappij 0.5% 5/9/2034 140,854 - 516,000 Siemens Financieringsmaatschappi 1.75% 28/02/2039 646,138 0.02 146,000 Sigma Alimentos 2.625% 07/02/2024 176,437 - 820,000 Sika Capital 0.875% 29/04/2027 949,122 0.02 1,660,000 Sinopec Group Overseas 1% 28/04/2022 1,896,309 0.04 587,000 Skandinaviska Enskilda Banken 0.25% 20/06/2024 670,202 0.02 153,000 Skandinaviska Enskilda Banken 1.375% 31/10/2028 175,484 - 122,000 Sky 2.5% 15/09/2026 156,060 - 143,000 Slovakia (Govt of) 0% 13/11/2023 161,764 - 30,000 Slovakia (Govt of) 1.625% 21/01/2031 38,614 - 215,000 Slovakia (Govt of) 1.875% 09/03/2037 286,973 0.01 1,241,000 Slovakia (Govt of) 3% 28/02/2023 1,537,859 0.04

219 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 549,000 Slovakia (Govt of) 3.625% 16/01/2029 811,488 0.02 1,140,000 Slovenia (Govt of) 2.25% 25/03/2022 1,359,521 0.03 2,910,000 Slovenia (Govt of) 3% 08/04/2021 3,414,684 0.08 350,000 Snam 1% 12/09/2034 381,005 0.01 300,000 SNCF Mobilites EPIC 1.5% 02/02/2029 372,946 0.01 400,000 SNCF Reseau 1% 09/11/2031 474,590 0.01 300,000 SNCF Reseau 1.125% 25/05/2030 361,965 0.01 300,000 SNCF Reseau 1.875% 30/03/2034 392,100 0.01 300,000 SNCF Reseau EPIC 1.5% 29/05/2037 374,467 0.01 300,000 SNCF Reseau EPIC 3.125% 25/10/2028 420,145 0.01 350,000 Societa Iniziative 1.625% 08/02/2028 393,311 0.01 400,000 Societe Des Autoroutes 1.125% 09/01/2026 473,724 0.01 500,000 Societe Du Grand Paris 1.125% 22/10/2028 606,552 0.01 2,300,000 Societe Generale 0.75% 26/05/2023 2,641,457 0.06 500,000 Societe Generale 0.75% 18/10/2027 589,914 0.01 200,000 Societe Generale 1.375% 23/02/2028 229,200 0.01 200,000 Societe Generale 4% 07/06/2023 251,912 0.01 1,067,000 Spain (Govt of) 0.05% 31/01/2021 1,204,208 0.03 2,319,000 Spain (Govt of) 0.05% 31/10/2021 2,624,340 0.06 1,800,000 Spain (Govt of) 0.25% 30/07/2024 2,051,057 0.05 2,043,000 Spain (Govt of) 0.35% 30/07/2023 2,339,532 0.06 3,119,000 Spain (Govt of) 0.4% 30/04/2022 3,565,038 0.08 2,090,000 Spain (Govt of) 0.45% 31/10/2022 2,398,040 0.06 1,860,000 Spain (Govt of) 1.4% 30/04/2028 2,271,642 0.05 4,354,000 Spain (Govt of) 1.45% 31/10/2027 5,333,645 0.13 600,000 Spain (Govt of) 1.45% 30/04/2029 736,055 0.02 3,993,000 Spain (Govt of) 1.5% 30/04/2027 4,898,228 0.12 709,000 Spain (Govt of) 2.08% 12/03/2030 905,026 0.02 918,000 Spain (Govt of) 2.7% 31/10/2048 1,369,508 0.03 1,324,000 Spain (Govt of) 3.8% 30/04/2024 1,737,332 0.04 1,000,000 Spain (Govt of) 4.2% 31/01/2037 1,713,442 0.04 818,000 Spain (Govt of) 4.65% 30/07/2025 1,153,969 0.03 2,362,000 Spain (Govt of) 4.8% 31/01/2024 3,185,981 0.07 1,850,000 Spain (Govt of) 4.9% 30/07/2040 3,563,509 0.08 883,000 Spain (Govt of) 5.15% 31/10/2028 1,402,679 0.03 937,000 Spain (Govt of) 5.9% 30/07/2026 1,447,018 0.03 850,000 Spain (Govt of) 6% 31/01/2029 1,431,908 0.03 700,000 SpareBank 1 Boligkreditt 1% 30/01/2029 840,391 0.02

220 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 500,000 SPP Infrastructure Financing 3.75% 18/07/2020 573,039 0.01 300,000 Stadshypotek 0.375% 22/02/2023 343,125 0.01 634,000 Stadshypotek 0.375% 06/12/2024 728,034 0.02 500,000 Stadshypotek 0.375% 13/03/2026 573,577 0.01 405,000 Standard Chartered 0.75% 03/10/2023 460,419 0.01 191,000 Standard Chartered 0.9% 02/07/2027 217,228 0.01 967,000 Standard Chartered 1.625% 03/10/2027 1,149,964 0.03 684,000 State Grid Europe 1.5% 26/01/2022 788,097 0.02 6,076,000 State of Hesse 0.375% 06/07/2026 7,022,830 0.16 850,000 State of Lower Saxony 0.125% 07/03/2023 967,309 0.02 5,200,000 State of North RhineWestphalia 0.25% 13/03/2026 5,962,901 0.14 300,000 State of North RhineWestphalia 2.15% 21/03/2119 459,233 0.01 150,000 State of SchleswigHolstein 0.25% 27/02/2026 172,044 - 600,000 Stryker 0.25% 03/12/2024 673,308 0.02 500,000 Stryker 0.75% 01/03/2029 562,037 0.01 900,000 Stryker 1% 03/12/2031 1,003,542 0.02 500,000 Stryker 2.125% 30/11/2027 629,305 0.02 200,000 Suez 0.5% 14/10/2031 217,934 0.01 300,000 Suez 1.25% 19/05/2028 358,882 0.01 200,000 Suez Environnement 1.75% 10/09/2025 243,744 0.01 248,000 Sumitomo Mitsui Financial 0.819% 23/07/2023 284,253 0.01 357,000 Svenska Handelsbanken 0.375% 03/07/2023 405,760 0.01 950,000 Swedbank Hypotek 0.125% 18/07/2022 1,076,882 0.03 398,000 Swedbank Hypotek 0.4% 08/05/2024 457,247 0.01 543,000 Sweden (Govt of) 0.125% 24/04/2023 620,130 0.01 800,000 Telefonica Emisiones 1.957% 01/07/2039 943,062 0.02 300,000 Telefonica Emisiones 3.961% 26/03/2021 354,266 0.01 139,000 Teliasonera AB 3% 07/09/2027 185,204 - 200,000 Temasek Financial 0.5% 20/11/2031 224,364 0.01 600,000 Temasek Financial 1.25% 20/11/2049 687,762 0.02 251,000 Terna Spa 4.9% 28/10/2024 345,641 0.01 465,000 Tesco Corporate Treasury Services 1.375% 24/10/2023 543,406 0.01 200,000 Thales 0.75% 07/06/2023 229,476 0.01 700,000 Thermo Fisher Scientific 0.875% 01/10/2031 773,234 0.02 100,000 Thermo Fisher Scientific 2.875% 24/07/2037 135,831 - 394,000 Three Gorges Finance II Cayman 1.7% 10/06/2022 458,996 0.01 1,000,000 Toronto Dominion Bank 0% 09/02/2024 1,128,080 0.03 594,000 Toronto Dominion Bank 0.625% 20/07/2023 681,978 0.02

221 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 800,000 TOTAL 1.75% Perp 932,504 0.02 377,000 TOTAL 3.369% Perp 484,375 0.01 145,000 TOTAL 3.875% Perp 176,372 - 400,000 Total Capital International 1.535% 31/05/2039 490,243 0.01 100,000 Total Capital International 2.125% 19/11/2021 117,220 - 250,000 Toyota Finance Australia 0% 09/04/2021 281,336 0.01 406,000 Toyota Motor Credit Corporation 0.625% 21/11/2024 467,312 0.01 149,000 Toyota Motor Credit Corporation 2.375% 01/02/2023 180,141 - 700,000 Transport et Infrastructures 2.2% 05/08/2025 858,522 0.02 187,000 Transurban Finance 1.75% 29/03/2028 224,754 0.01 319,000 Tyco Electronics 1.1% 01/03/2023 368,373 0.01 300,000 Unedic Asseo 0.875% 25/05/2028 358,108 0.01 300,000 Unedic Asseo 1.25% 25/05/2033 372,258 0.01 300,000 Unedic Asseo 1.25% 28/03/2027 366,539 0.01 400,000 Unedic Asseo 1.25% 21/10/2027 490,577 0.01 400,000 Unedic Asseo 1.5% 20/04/2032 509,401 0.01 500,000 Unibail Rodamco 2.125% Perp 576,734 0.01 888,000 Unibail Rodamco 2.5% 12/06/2023 1,079,854 0.03 281,000 Unibail Rodamco 2.5% 26/02/2024 347,123 0.01 500,000 UniCredit 0.125% 01/03/2022 566,575 0.01 888,000 UniCredit 2.75% 31/01/2020 999,302 0.02 121,000 Unilever 1.125% 12/02/2027 144,896 - 225,000 Unilever 1.375% 31/07/2029 276,685 0.01 300,000 Unilever 1.5% 11/06/2039 356,828 0.01 400,000 Valeo 1.625% 18/03/2026 473,564 0.01 100,000 Veolia Environnement 4.625% 30/03/2027 147,564 - 106,000 Veolia Environnement 6.125% 25/11/2033 199,845 - 800,000 Verizon Communications 0.875% 08/04/2027 922,358 0.02 800,000 Verizon Communications 1.5% 19/09/2039 881,190 0.02 530,000 Vicinity Centres Trust 1.125% 07/11/2029 586,875 0.01 400,000 Vier Gas Transport 1.5% 25/09/2028 488,217 0.01 150,000 Vodafone 5.375% 06/06/2022 190,374 - 500,000 Volksbank Wien 0.125% 19/11/2029 553,168 0.01 768,000 Volkswagen 3.75% PERP 896,704 0.02 200,000 Volkswagen Bank 1.25% 01/08/2022 230,625 0.01 650,000 Volkswagen Financial Services 2.25% 01/10/2027 787,125 0.02 400,000 Volkswagen International Finance 1.875% 30/03/2027 475,694 0.01 200,000 Volkswagen International Finance 4.125% 16/11/2038 289,720 0.01

222 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Euro (continued) 158,000 Volkswagen Leasing 0.5% 20/06/2022 178,621 - 900,000 Vonovia Finance 0.5% 14/09/2029 964,000 0.02 202,000 Walmart 4.875% 21/09/2029 322,958 0.01 500,000 Wendel 1.375% 26/04/2026 579,462 0.01 1,300,000 Westpac Securities 0.5% 17/01/2024 1,492,762 0.03 177,000 Whirlpool Finance 1.1% 09/11/2027 204,817 0.01 219,000 WPP Finance Deutschland 1.625% 23/03/2030 261,435 0.01 148,000 Xylem 2.25% 11/03/2023 176,476 - 500,000 Yorkshire Building Society 0.125% 08/05/2024 564,272 0.01 844,000 Zurich Finance Ireland Designated 1.625% 17/06/2039 1,010,503 0.02

Hong Kong Dollar (31 December 2018: 787,493, 0.15%) 6,371,836 0.15 Hong Kong Government Bond Progra 1.16% 50,300,000 18/05/2022 6,371,836 0.15

Hungarian Forint (31 December 2018: 461,909, 0.09%) 3,369,909 0.08 195,750,000 Hungary (Govt of) 1.75% 26/10/2022 691,260 0.02 393,250,000 Hungary (Govt of) 3.5% 24/06/2020 1,356,564 0.03 266,000,000 Hungary (Govt of) 5.5% 24/06/2025 1,116,252 0.03 50,000,000 Hungary (Govt of) 6% 24/11/2023 205,833 -

Indonesian Rupiah (31 December 2018: 1,080,040, 0.21%) 13,149,330 0.31 9,859,000,000 Indonesia (Govt of) 5.625% 15/05/2023 696,752 0.02 1,899,000,000 Indonesia (Govt of) 6.375% 15/04/2042 113,974 - 3,600,000,000 Indonesia (Govt of) 7% 15/05/2022 265,245 0.01 22,072,000,000 Indonesia (Govt of) 7.5% 15/05/2038 1,578,010 0.04 10,539,000,000 Indonesia (Govt of) 8.125% 15/05/2024 810,590 0.02 59,332,000,000 Indonesia (Govt of) 8.25% 15/05/2029 4,616,848 0.11 23,599,000,000 Indonesia (Govt of) 8.25% 15/05/2036 1,782,356 0.04 10,000,000,000 Indonesia (Govt of) 8.375% 15/04/2039 769,026 0.02 15,000,000,000 Perusahaan Penerbit 6.5% 15/05/2021 1,091,262 0.02 19,690,000,000 Perusahaan Penerbit 6.9% 10/03/2020 1,425,267 0.03

223 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Israeli Shekel (31 December 2018: 1,065,142, 0.20%) 5,039,318 0.12 4,780,000 Israel (Govt of) 0.5% 31/01/2021 1,395,735 0.03 1,500,000 Israel (Govt of) 0.75% 31/07/2022 441,510 0.01 4,054,000 Israel (Govt of) 1.75% 31/08/2025 1,259,569 0.03 4,696,000 Israel (Govt of) 3.75% 31/03/2047 1,942,504 0.05

Japanese Yen (31 December 2018: 87,902,176, 16.76%) 654,510,356 15.34 233,700,000 Japan (Govt of) 0.1% 01/02/2021 2,155,789 0.05 160,900,000 Japan (Govt of) 0.1% 01/03/2021 1,484,496 0.03 651,900,000 Japan (Govt of) 0.1% 20/03/2021 6,015,657 0.14 70,500,000 Japan (Govt of) 0.1% 01/04/2021 650,599 0.02 1,082,300,000 Japan (Govt of) 0.1% 20/06/2021 9,993,639 0.23 588,100,000 Japan (Govt of) 0.1% 20/09/2021 5,434,035 0.13 845,900,000 Japan (Govt of) 0.1% 20/12/2021 7,820,250 0.18 1,378,300,000 Japan (Govt of) 0.1% 20/03/2022 12,749,995 0.30 1,424,600,000 Japan (Govt of) 0.1% 20/06/2022 13,185,933 0.31 729,400,000 Japan (Govt of) 0.1% 20/09/2022 6,756,361 0.16 945,500,000 Japan (Govt of) 0.1% 20/12/2022 8,762,099 0.21 815,350,000 Japan (Govt of) 0.1% 20/03/2023 7,561,400 0.18 698,550,000 Japan (Govt of) 0.1% 20/06/2023 6,482,029 0.15 636,550,000 Japan (Govt of) 0.1% 20/09/2023 5,909,834 0.14 690,100,000 Japan (Govt of) 0.1% 20/12/2023 6,409,305 0.15 200,000,000 Japan (Govt of) 0.1% 20/03/2024 1,858,572 0.04 755,500,000 Japan (Govt of) 0.1% 20/03/2026 7,045,642 0.17 703,400,000 Japan (Govt of) 0.1% 20/06/2026 6,566,274 0.15 869,900,000 Japan (Govt of) 0.1% 20/09/2026 8,122,902 0.19 901,200,000 Japan (Govt of) 0.1% 20/12/2026 8,416,771 0.20 954,000,000 Japan (Govt of) 0.1% 20/03/2027 8,908,075 0.21 1,032,900,000 Japan (Govt of) 0.1% 20/06/2027 9,649,687 0.23 757,600,000 Japan (Govt of) 0.1% 20/09/2027 7,079,716 0.17 528,900,000 Japan (Govt of) 0.1% 20/12/2027 4,942,252 0.12 336,900,000 Japan (Govt of) 0.1% 20/03/2028 3,147,019 0.07 452,500,000 Japan (Govt of) 0.1% 20/06/2028 4,225,571 0.10 405,800,000 Japan (Govt of) 0.1% 20/09/2028 3,787,465 0.09 359,300,000 Japan (Govt of) 0.1% 20/12/2028 3,350,298 0.08 600,000,000 Japan (Govt of) 0.1% 20/03/2029 5,591,575 0.13 100,000,000 Japan (Govt of) 0.17% 15/10/2027 932,106 0.02

224 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Japanese Yen (continued) 378,950,000 Japan (Govt of) 0.2% 20/06/2036 3,493,943 0.08 528,700,000 Japan (Govt of) 0.3% 20/12/2024 4,969,227 0.12 805,600,000 Japan (Govt of) 0.3% 20/12/2025 7,601,070 0.18 200,000,000 Japan (Govt of) 0.3% 20/06/2039 1,849,403 0.04 195,200,000 Japan (Govt of) 0.3% 20/06/2046 1,764,474 0.04 386,300,000 Japan (Govt of) 0.4% 20/03/2025 3,653,258 0.09 366,900,000 Japan (Govt of) 0.4% 20/06/2025 3,474,360 0.08 594,300,000 Japan (Govt of) 0.4% 20/09/2025 5,635,123 0.13 488,250,000 Japan (Govt of) 0.4% 20/03/2036 4,649,471 0.11 212,600,000 Japan (Govt of) 0.4% 20/06/2049 1,952,017 0.05 282,700,000 Japan (Govt of) 0.4% 20/03/2056 2,574,293 0.06 429,750,000 Japan (Govt of) 0.5% 20/09/2024 4,072,411 0.10 1,119,700,000 Japan (Govt of) 0.5% 20/12/2024 10,626,952 0.25 308,200,000 Japan (Govt of) 0.5% 20/09/2036 2,976,649 0.07 266,000,000 Japan (Govt of) 0.5% 20/03/2038 2,559,770 0.06 359,300,000 Japan (Govt of) 0.5% 20/06/2038 3,456,033 0.08 242,100,000 Japan (Govt of) 0.5% 20/12/2038 2,324,973 0.05 347,700,000 Japan (Govt of) 0.5% 20/09/2046 3,301,800 0.08 172,300,000 Japan (Govt of) 0.5% 20/03/2059 1,620,913 0.04 731,550,000 Japan (Govt of) 0.6% 20/03/2023 6,891,498 0.16 598,000,000 Japan (Govt of) 0.6% 20/09/2023 5,653,409 0.13 706,700,000 Japan (Govt of) 0.6% 20/12/2023 6,693,094 0.16 721,200,000 Japan (Govt of) 0.6% 20/03/2024 6,842,519 0.16 355,000,000 Japan (Govt of) 0.6% 20/06/2024 3,373,496 0.08 386,700,000 Japan (Govt of) 0.6% 20/12/2036 3,792,671 0.09 263,900,000 Japan (Govt of) 0.6% 20/06/2037 2,586,292 0.06 470,600,000 Japan (Govt of) 0.6% 20/09/2037 4,608,029 0.11 207,600,000 Japan (Govt of) 0.6% 20/12/2037 2,033,034 0.05 205,450,000 Japan (Govt of) 0.6% 20/12/2046 1,997,839 0.05 504,400,000 Japan (Govt of) 0.7% 20/03/2037 5,025,205 0.12 274,900,000 Japan (Govt of) 0.7% 20/09/2038 2,733,774 0.06 191,650,000 Japan (Govt of) 0.7% 20/06/2048 1,906,732 0.04 1,471,000,000 Japan (Govt of) 0.8% 20/06/2022 13,848,104 0.32 673,000,000 Japan (Govt of) 0.8% 20/09/2022 6,349,994 0.15 1,161,300,000 Japan (Govt of) 0.8% 20/06/2023 11,034,742 0.26 490,000,000 Japan (Govt of) 0.8% 20/09/2023 4,666,077 0.11 92,550,000 Japan (Govt of) 0.8% 20/03/2046 943,937 0.02 182,650,000 Japan (Govt of) 0.8% 20/03/2047 1,862,306 0.04

225 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Japanese Yen (continued) 204,450,000 Japan (Govt of) 0.8% 20/06/2047 2,086,296 0.05 185,450,000 Japan (Govt of) 0.8% 20/09/2047 1,891,577 0.04 151,600,000 Japan (Govt of) 0.8% 20/12/2047 1,545,585 0.04 288,900,000 Japan (Govt of) 0.8% 20/03/2048 2,944,663 0.07 183,000,000 Japan (Govt of) 0.8% 20/03/2058 1,898,648 0.04 21,700,000 Japan (Govt of) 0.9% 28/02/2022 203,619 - 18,100,000 Japan (Govt of) 0.9% 18/03/2022 169,904 - 713,000,000 Japan (Govt of) 0.9% 20/03/2022 6,711,101 0.16 92,400,000 Japan (Govt of) 0.9% 20/09/2048 965,042 0.02 238,700,000 Japan (Govt of) 0.9% 20/03/2057 2,549,172 0.06 430,550,000 Japan (Govt of) 1% 20/12/2035 4,477,203 0.10 584,300,000 Japan (Govt of) 1.1% 20/12/2021 5,507,121 0.13 390,100,000 Japan (Govt of) 1.1% 20/03/2033 4,065,660 0.10 150,000,000 Japan (Govt of) 1.2% 28/12/2020 1,397,050 0.03 130,000,000 Japan (Govt of) 1.2% 15/02/2021 1,212,571 0.03 17,000,000 Japan (Govt of) 1.2% 26/02/2021 158,628 - 391,750,000 Japan (Govt of) 1.2% 20/12/2034 4,169,257 0.10 414,900,000 Japan (Govt of) 1.2% 20/03/2035 4,417,973 0.10 552,250,000 Japan (Govt of) 1.2% 20/09/2035 5,897,371 0.14 473,350,000 Japan (Govt of) 1.3% 20/06/2035 5,113,495 0.12 24,500,000 Japan (Govt of) 1.4% 20/12/2032 263,798 0.01 205,950,000 Japan (Govt of) 1.4% 20/09/2034 2,244,571 0.05 276,900,000 Japan (Govt of) 1.4% 20/09/2045 3,198,819 0.07 181,200,000 Japan (Govt of) 1.4% 20/12/2045 2,097,077 0.05 313,000,000 Japan (Govt of) 1.4% 20/03/2055 3,793,752 0.09 140,200,000 Japan (Govt of) 1.5% 20/06/2032 1,519,343 0.04 134,300,000 Japan (Govt of) 1.5% 20/03/2033 1,464,255 0.03 97,200,000 Japan (Govt of) 1.5% 20/03/2034 1,068,673 0.03 198,700,000 Japan (Govt of) 1.5% 20/06/2034 2,187,719 0.05 237,000,000 Japan (Govt of) 1.5% 20/12/2044 2,779,591 0.07 256,600,000 Japan (Govt of) 1.5% 20/03/2045 3,015,401 0.07 50,000,000 Japan (Govt of) 1.6% 20/06/2030 536,999 0.01 190,400,000 Japan (Govt of) 1.6% 20/03/2032 2,080,633 0.05 89,100,000 Japan (Govt of) 1.6% 20/06/2032 975,711 0.02 86,700,000 Japan (Govt of) 1.6% 20/03/2033 955,693 0.02 110,250,000 Japan (Govt of) 1.6% 20/12/2033 1,223,566 0.03 185,900,000 Japan (Govt of) 1.6% 20/06/2045 2,229,277 0.05 250,000,000 Japan (Govt of) 1.7% 20/09/2031 2,745,094 0.06 73,350,000 Japan (Govt of) 1.7% 20/12/2031 807,594 0.02 230,400,000 Japan (Govt of) 1.7% 20/03/2032 2,543,444 0.06 226 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Japanese Yen (continued) 364,400,000 Japan (Govt of) 1.7% 20/06/2032 4,031,907 0.09 42,500,000 Japan (Govt of) 1.7% 20/09/2032 471,413 0.01 398,100,000 Japan (Govt of) 1.7% 20/12/2032 4,428,111 0.10 127,350,000 Japan (Govt of) 1.7% 20/06/2033 1,423,370 0.04 36,600,000 Japan (Govt of) 1.7% 20/09/2033 410,020 0.01 488,000,000 Japan (Govt of) 1.7% 20/12/2043 5,897,349 0.14 350,000,000 Japan (Govt of) 1.7% 20/03/2044 4,239,334 0.10 200,000,000 Japan (Govt of) 1.7% 20/09/2044 2,430,922 0.06 186,000,000 Japan (Govt of) 1.7% 20/03/2054 2,403,462 0.06 200,000,000 Japan (Govt of) 1.8% 27/12/2020 1,873,563 0.04 274,400,000 Japan (Govt of) 1.8% 20/12/2031 3,051,213 0.07 190,500,000 Japan (Govt of) 1.8% 20/03/2032 2,124,213 0.05 36,100,000 Japan (Govt of) 1.8% 20/12/2032 405,808 0.01 382,200,000 Japan (Govt of) 1.8% 20/03/2043 4,672,733 0.11 300,000,000 Japan (Govt of) 1.9% 20/09/2022 2,913,429 0.07 450,000,000 Japan (Govt of) 1.9% 20/12/2023 4,476,428 0.10 209,000,000 Japan (Govt of) 1.9% 20/03/2024 2,088,367 0.05 300,000,000 Japan (Govt of) 1.9% 20/12/2028 3,245,854 0.08 200,000,000 Japan (Govt of) 1.9% 20/03/2031 2,225,370 0.05 230,000,000 Japan (Govt of) 1.9% 20/06/2031 2,567,333 0.06 555,100,000 Japan (Govt of) 1.9% 20/09/2042 6,876,458 0.16 503,600,000 Japan (Govt of) 1.9% 20/06/2043 6,274,235 0.15 196,050,000 Japan (Govt of) 1.9% 20/03/2053 2,628,798 0.06 400,000,000 Japan (Govt of) 2% 20/06/2022 3,874,771 0.09 70,000,000 Japan (Govt of) 2% 20/12/2024 712,453 0.02 200,000,000 Japan (Govt of) 2% 20/06/2030 2,225,001 0.05 200,000,000 Japan (Govt of) 2% 20/12/2030 2,239,483 0.05 128,400,000 Japan (Govt of) 2% 20/12/2033 1,489,837 0.04 128,850,000 Japan (Govt of) 2% 20/09/2040 1,592,409 0.04 416,750,000 Japan (Govt of) 2% 20/03/2042 5,220,482 0.12 177,000,000 Japan (Govt of) 2% 20/03/2052 2,403,738 0.06 211,000,000 Japan (Govt of) 2.1% 20/03/2024 2,124,779 0.05 610,000,000 Japan (Govt of) 2.1% 20/09/2024 6,205,074 0.15 370,000,000 Japan (Govt of) 2.1% 20/12/2024 3,782,814 0.09 150,000,000 Japan (Govt of) 2.1% 20/03/2026 1,571,268 0.04 471,750,000 Japan (Govt of) 2.1% 20/12/2026 5,014,585 0.12 731,650,000 Japan (Govt of) 2.1% 20/03/2030 8,182,751 0.19 404,750,000 Japan (Govt of) 2.1% 20/09/2033 4,735,980 0.11 117,000,000 Japan (Govt of) 2.2% 20/03/2024 1,182,749 0.03 150,000,000 Japan (Govt of) 2.2% 20/03/2026 1,579,894 0.04 227 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Japanese Yen (continued) 557,650,000 Japan (Govt of) 2.2% 20/06/2026 5,906,037 0.14 575,000,000 Japan (Govt of) 2.2% 20/06/2029 6,412,520 0.15 517,650,000 Japan (Govt of) 2.2% 20/12/2029 5,814,426 0.14 225,000,000 Japan (Govt of) 2.2% 20/03/2051 3,148,787 0.07 600,000,000 Japan (Govt of) 2.3% 20/06/2027 6,518,873 0.15 200,000,000 Japan (Govt of) 2.3% 20/06/2035 2,442,315 0.06 200,000,000 Japan (Govt of) 2.3% 20/12/2035 2,455,658 0.06 244,700,000 Japan (Govt of) 2.3% 20/12/2036 3,038,388 0.07 271,750,000 Japan (Govt of) 2.3% 20/03/2040 3,489,361 0.08 305,050,000 Japan (Govt of) 2.4% 20/06/2024 3,124,906 0.07 200,000,000 Japan (Govt of) 2.4% 20/03/2028 2,218,498 0.05 357,800,000 Japan (Govt of) 2.4% 20/03/2037 4,509,405 0.11 115,000,000 Japan (Govt of) 2.4% 20/03/2048 1,624,253 0.04 214,700,000 Japan (Govt of) 2.5% 20/09/2036 2,724,143 0.06 525,000,000 Japan (Govt of) 2.8% 20/09/2029 6,152,199 0.14 150,000,000 Japan (Govt of) 2.9% 20/11/2030 1,813,253 0.04 100,000,000 Japan (Govt of) R 1% 31/08/2020 926,411 0.02 200,000,000 Japan Expressway Holding 0.09% 30/09/2027 1,853,672 0.04 100,000,000 Japan Expressway Holding 0.155% 31/08/2027 931,406 0.02 100,000,000 Japan Expressway Holding 0.363% 30/07/2049 897,277 0.02 120,000,000 Japan Expressway Holding 0.45% 31/03/2025 1,130,844 0.03 150,000,000 Japan Expressway Holding 0.805% 30/11/2022 1,413,012 0.03 Japan Finance Organization for Muncipalities 0.801% 400,000,000 15/08/2022 3,758,791 0.09 Japan Finance Organization for Muncipalities 2.29% 100,000,000 25/04/2028 1,088,872 0.03 Major Joint Local Government Bond 0.08% 57,000,000 24/04/2026 526,358 0.01 100,000,000 Major Joint Local Government Bond 0.1% 25/03/2026 924,629 0.02 Major Joint Local Government Bond 0.145% 200,000,000 25/12/2026 1,855,444 0.04 Major Joint Local Government Bond 0.145% 100,000,000 24/09/2027 927,537 0.02 Major Joint Local Government Bond 0.19% 100,000,000 24/03/2028 930,390 0.02 Major Joint Local Government Bond 0.22% 100,000,000 25/02/2026 931,432 0.02 Major Joint Local Government Bond 0.245% 22,300,000 25/08/2028 208,445 0.01 Major Joint Local Government Bond 0.25% 27,500,000 25/09/2028 257,129 0.01

228 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Japanese Yen (continued) 100,000,000 Major Joint Local Government Bond 0.8% 25/10/2022 940,405 0.02 100,000,000 Shoko Chukin Bank 0.04% 27/05/2021 919,724 0.02 200,000,000 Tokyo Metropolitan Government 0.86% 20/03/2023 1,890,614 0.04

Malaysian Ringgit (31 December 2018: 951,378, 0.18%) 11,561,648 0.27 1,966,000 Malaysia (Govt of) 3.492% 31/03/2020 481,599 0.01 2,600,000 Malaysia (Govt of) 3.699% 15/11/2022 645,442 0.02 9,000,000 Malaysia (Govt of) 3.726% 31/03/2026 2,246,375 0.05 4,550,000 Malaysia (Govt of) 3.795% 30/09/2022 1,133,434 0.03 6,500,000 Malaysia (Govt of) 3.882% 10/03/2022 1,618,783 0.04 2,000,000 Malaysia (Govt of) 3.885% 15/08/2029 511,717 0.01 1,130,000 Malaysia (Govt of) 3.948% 14/04/2022 281,359 0.01 2,060,000 Malaysia (Govt of) 4.181% 15/07/2024 524,940 0.01 3,553,000 Malaysia (Govt of) 4.498% 15/04/2030 943,484 0.02 2,186,000 Malaysia (Govt of) 4.724% 15/06/2033 592,780 0.01 1,250,000 Malaysia (Govt of) 4.736% 15/03/2046 336,534 0.01 3,574,000 Malaysia (Govt of) 4.895% 08/05/2047 982,589 0.02 60,000 Malaysia (Govt of) 4.921% 06/07/2048 16,668 - 4,470,000 Malaysia (Govt of) 4.935% 30/09/2043 1,245,944 0.03

Mexican Peso (31 December 2018: 1,619,577, 0.31%) 10,900,136 0.26 58,000 Mexico (Govt of) 5.75% 05/03/2026 291,290 0.01 361,200 Mexico (Govt of) 7.25% 09/12/2021 1,930,423 0.05 176,000 Mexico (Govt of) 7.75% 23/11/2034 998,840 0.02 30,000 Mexico (Govt of) 7.75% 13/11/2042 168,633 - 672,000 Mexico (Govt of) 8% 11/06/2020 3,580,916 0.08 635,000 Mexico (Govt of) 8% 07/11/2047 3,686,738 0.09 35,000 Mexico (Govt of) 8.5% 31/05/2029 206,438 0.01 6,100 Mexico (Govt of) 8.5% 18/11/2038 36,858 -

New Zealand Dollar (31 December 2018: 506,056, 0.10%) 3,672,334 0.09 International Bank for Reconstruction and Development 504,000 3.75% 10/02/2020 340,808 0.01 231,000 New Zealand (Govt of) 2.75% 15/04/2025 166,912 - 303,000 New Zealand (Govt of) 3% 15/04/2020 205,544 0.01 1,863,000 New Zealand (Govt of) 4.5% 15/04/2027 1,514,669 0.04 602,000 New Zealand (Govt of) 5.5% 15/04/2023 456,528 0.01 1,572,000 New Zealand Local Government Fund 1.5% 20/04/2029 987,873 0.02

229 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Norwegian Krone (31 December 2018: 1,074,939, 0.20%) 4,400,777 0.10 9,000,000 DNB Boligkreditt 1.65% 16/02/2022 1,016,718 0.02 7,907,000 Norway (Govt of) 2% 26/04/2028 935,098 0.02 12,280,000 Norway (Govt of) 3% 14/03/2024 1,488,936 0.04 8,161,000 Norway (Govt of) 3.75% 25/05/2021 960,025 0.02

Polish Zloty (31 December 2018: 1,502,686, 0.28%) 8,540,603 0.20 3,611,000 Poland (Govt of) 1.5% 25/04/2020 955,236 0.02 5,450,000 Poland (Govt of) 2.5% 25/01/2023 1,474,636 0.04 6,282,000 Poland (Govt of) 2.5% 25/04/2024 1,708,048 0.04 2,128,000 Poland (Govt of) 2.5% 25/07/2026 579,604 0.01 8,205,000 Poland (Govt of) 2.75% 25/04/2028 2,272,032 0.05 5,490,000 Poland (Govt of) 3.25% 25/07/2025 1,551,047 0.04

Russian Rouble (31 December 2018: 195,762, 0.04%) 7,335,825 0.17 94,874,000 Russia (Govt of) 6.9% 23/05/2029 1,610,748 0.04 53,751,000 Russia (Govt of) 7% 15/12/2021 888,323 0.02 58,705,000 Russia (Govt of) 7.4% 07/12/2022 991,491 0.02 95,800,000 Russia (Govt of) 7.6% 20/07/2022 1,614,107 0.04 30,293,000 Russia (Govt of) 7.7% 23/03/2033 544,422 0.01 68,330,000 Russia (Govt of) 7.95% 07/10/2026 1,210,960 0.03 27,400,000 Russian Federal Bond OFZ 7.25% 10/05/2034 475,774 0.01

Singapore Dollars (31 December 2018: 737,085, 0.14%) 7,936,769 0.19 1,227,000 Singapore (Govt of) 1.25% 01/10/2021 908,308 0.02 619,000 Singapore (Govt of) 2% 01/07/2020 461,125 0.01 736,000 Singapore (Govt of) 2.125% 01/06/2026 564,616 0.01 312,000 Singapore (Govt of) 2.25% 01/06/2021 234,394 0.01 1,086,000 Singapore (Govt of) 2.25% 01/08/2036 850,793 0.02 642,000 Singapore (Govt of) 2.375% 01/06/2025 498,105 0.01 1,000,000 Singapore (Govt of) 2.625% 01/05/2028 797,182 0.02 3,000,000 Singapore (Govt of) 2.75% 01/07/2023 2,322,448 0.06 138,000 Singapore (Govt of) 2.75% 01/04/2042 115,785 - 928,000 Singapore (Govt of) 2.75% 01/03/2046 781,949 0.02 457,000 Singapore (Govt of) 3.375% 01/09/2033 402,064 0.01

Sterling Pound (31 December 2018: 24,125,032, 4.60%) 194,009,607 4.55 684,000 Affordable Housing Finance 2.893% 11/08/2043 1,137,685 0.03 107,000 Affordable Housing Finance 3.8% 20/05/2044 200,190 - 148,000 Akelius Residential Property 2.375% 15/08/25 200,185 -

230 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Sterling Pound (continued) 100,000 America Movil 4.375% 07/08/2041 172,381 - 150,000 Amgen 5.5% 07/12/2026 246,556 0.01 154,000 Anheuser Busch InBev Worldwide 1.75% 07/03/2025 207,135 0.01 412,000 Annington Funding 2.646% 12/07/2025 564,996 0.01 863,000 Apple 3.6% 31/07/2042 1,483,925 0.03 500,000 Aroundtown 3.625% 10/04/2031 699,174 0.02 990,000 Bank of Nova Scotia 1.375% 05/12/2023 1,313,981 0.03 150,000 Barclays 10% 21/05/2021 221,463 0.01 326,000 Barclays 3.25% 17/01/2033 454,875 0.01 211,000 BASF 1.75% 11/03/2025 287,500 0.01 100,000 BAT International Finance 4% 23/11/2055 137,727 - 216,000 BG Energy Capital 5.125% 01/12/2025 347,010 0.01 168,000 BP Capital Markets 2.03% 14/02/2025 230,785 0.01 468,000 BP Capital Markets 2.274% 03/07/2026 653,866 0.02 100,000 British Telecommunications 5.75% 07/12/2028 169,681 - 144,000 Bunzl Finance 2.25% 11/06/2025 194,745 - 100,000 BUPA Finance 2% 05/04/2024 136,478 - 823,000 Cadent Finance 2.75% 22/09/2046 1,124,726 0.03 3,000,000 Canary Wharf 6.455% 22/10/2033 998,064 0.02 100,000 Catalyst Housing 3.125% 31/10/2047 148,467 - 750,000 Citigroup 2.75% 24/01/2024 1,040,269 0.02 200,000 CK Hutchison Telecom Finance 2% 17/10/2027 260,322 0.01 287,000 Commonwealth Bank of Australia 3% 04/09/2026 421,399 0.01 136,000 CPUK Finance 3.588% 28/02/2042 193,384 - 700,000 Daimler International Finance 1.625% 11/11/2024 921,136 0.02 600,000 Deutsche Bahn Finance 2.75% 20/06/2022 829,710 0.02 396,000 Deutsche Bahn Finance 3.125% 24/07/2026 584,650 0.01 300,000 Deutsche Bank 1% 04/12/2020 397,109 0.01 76,000 Deutsche Telekom 1.25% 06/10/2023 100,918 - 460,000 Deutsche Telekom 2.5% 10/10/2025 638,713 0.01 400,000 Dexia Credit Local 2% 17/06/2020 532,319 0.01 400,000 Dexia Credit Local 2.125% 12/02/2025 552,698 0.01 773,000 DNB Bank 1.375% 12/06/2023 1,027,926 0.02 100,000 Electricite de France 6% 23/01/2114 220,177 0.01 600,000 Electricite de France 6.125% 02/06/2034 1,153,570 0.03 231,000 European Investment Bank 1% 21/09/2026 305,145 0.01 400,000 European Investment Bank 1.375% 07/03/2025 540,131 0.01 416,000 European Investment Bank 3.75% 07/12/2027 662,278 0.02 2,080,000 European Investment Bank 3.875% 08/06/2037 3,778,894 0.09 300,000 European Investment Bank 4.5% 07/03/2044 634,442 0.01

231 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Sterling Pound (continued) 117,000 Eversholt Funding 6.359% 02/12/2025 190,062 - 100,000 Experian Finance 2.125% 27/09/2024 137,394 - 500,000 FMS Wertmanagement 1% 07/09/2022 665,230 0.02 2,000,000 FMS Wertmanagement 1.125% 20/03/2023 2,671,207 0.06 100,000 Gatwick Airport 6.125% 02/03/2028 166,069 - 250,000 GDF Suez 5% 01/10/2060 576,470 0.01 375,000 GE Capital UK 5.375% 18/12/2040 636,412 0.01 750,000 GE Capital UK 5.875% 18/01/2033 1,281,327 0.03 2,000,000 Greene King 5.318% 15/09/2031 2,069,434 0.05 400,000 Heathrow Funding 5.875% 13/05/2041 833,131 0.02 476,000 Heathrow Funding 6.75% 03/12/2026 836,898 0.02 100,000 Heathrow Funding 7.125% 14/02/2024 160,671 - 500,000 HSBC Holdings 2.175% 27/06/2023 674,204 0.02 1,000,000 HSBC Holdings 3% 22/07/2028 1,399,931 0.03 139,000 Informa 3.125% 05/07/2026 193,971 - 500,000 Inter American Development Bank 1.25% 15/12/2023 670,937 0.02 208,000 InterContinental Hotels 2.125% 24/8/2026 277,445 0.01 1,500,000 KFW 1% 15/12/2022 1,997,757 0.05 200,000 Kommunalbanken 1.125% 30/11/2022 266,616 0.01 1,500,000 Kreditanstalt fuer Wiederaufbau 0.875% 15/09/2026 1,968,480 0.05 429,000 Land Securities Capital 1.974% 08/02/2026 580,082 0.01 400,000 Landwirtschaftliche Rentenbank 0.625% 15/12/2022 526,279 0.01 294,000 Lloyds Bank 4.875% 30/03/2027 483,145 0.01 500,000 Lloyds Bank 7.625% 22/04/2025 845,767 0.02 348,000 Logicor 1.875% 17/11/2026 462,903 0.01 464,000 London And Quadrant 2.625% 05/05/2026 644,454 0.02 300,000 London Power Networks 2.625% 01/03/2029 419,933 0.01 100,000 Marks & Spencer 4.75% 12/06/2025 145,480 - 764,000 Met Life Global Funding 3.5% 30/09/2026 1,148,537 0.03 370,000 Motability Operations 3.625% 10/03/2036 593,504 0.01 458,000 Motability Operations 3.75% 16/07/2026 696,865 0.02 400,000 National Express Group 2.375% 20/11/2028 532,619 0.01 500,000 New York Life Global Funding 1.75% 15/12/2022 675,387 0.02 138,000 NGG Finance 5.625% 18/06/2073 207,324 - 540,000 Northumbrian Water Finance 1.625% 11/10/2026 712,048 0.02 958,000 Orsted 2.125% 17/05/2027 1,316,124 0.03 900,000 Pfizer 2.735% 15/06/2043 1,304,040 0.03 821,000 Procter and Gamble 1.375% 03/05/2025 1,104,950 0.03 549,000 Province of Alberta Canada 1% 15/11/2021 727,543 0.02 400,000 Prudential 5.625% 20/10/2051 608,844 0.01

232 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Sterling Pound (continued) 500,000 Rabobank Nederland 4.625% 23/05/2029 791,664 0.02 324,000 Royal KPN 5% 18/11/2026 498,770 0.01 233,000 Santander UK 5.25% 16/02/2029 406,172 0.01 500,000 Severn Trent 6.25% 07/06/2029 909,062 0.02 100,000 Siemens Financieringsmaatschappij 2.75% 10/09/2025 144,389 - 188,000 Southern Gas 2.5% 03/02/2025 262,195 0.01 121,000 SP Transmission 2% 13/11/2031 160,773 - 186,000 Thames Water Utilities 4% 19/06/2025 274,136 0.01 309,000 Time Warner Cable 5.25% 15/07/2042 488,506 0.01 500,000 Total Capital International 1.405% 03/09/2031 641,919 0.02 365,000 Total Capital International 1.75% 07/07/2025 495,993 0.01 250,000 UBS 1.25% 10/12/2020 332,104 0.01 1,102,000 UK Treasury Gilt 0.5% 22/07/2022 1,458,992 0.03 2,940,000 UK Treasury Gilt 0.75% 22/07/2023 3,918,292 0.09 2,338,000 UK Treasury Gilt 1% 22/04/2024 3,150,865 0.07 2,548,000 UK Treasury Gilt 1.25% 22/07/2027 3,518,956 0.08 2,608,000 UK Treasury Gilt 1.5% 22/07/2026 3,650,327 0.09 4,185,000 UK Treasury Gilt 1.5% 22/07/2047 5,773,413 0.14 3,956,000 UK Treasury Gilt 1.625% 22/10/2028 5,638,772 0.13 1,082,000 UK Treasury Gilt 1.625% 22/10/2071 1,677,815 0.04 900,000 UK Treasury Gilt 1.75% 07/09/2022 1,230,786 0.03 2,348,000 UK Treasury Gilt 1.75% 07/09/2037 3,369,683 0.08 2,604,000 UK Treasury Gilt 1.75% 22/01/2049 3,804,051 0.09 2,390,000 UK Treasury Gilt 1.75% 22/07/2057 3,655,737 0.09 1,224,000 UK Treasury Gilt 2% 07/09/2025 1,750,388 0.04 1,120,000 UK Treasury Gilt 2.25% 07/09/2023 1,574,324 0.04 1,673,000 UK Treasury Gilt 2.5% 22/07/2065 3,212,472 0.08 1,673,000 UK Treasury Gilt 2.75% 07/09/2024 2,436,387 0.06 1,476,000 UK Treasury Gilt 3.25% 22/01/2044 2,727,434 0.06 1,581,000 UK Treasury Gilt 3.5% 22/01/2045 3,065,231 0.07 1,904,000 UK Treasury Gilt 3.5% 22/07/2068 4,635,845 0.11 4,434,000 UK Treasury Gilt 3.75% 07/09/2021 6,190,198 0.15 5,649,000 UK Treasury Gilt 4% 07/03/2022 8,047,100 0.19 2,007,000 Uk Treasury Gilt 4% 22/01/2060 4,994,003 0.12 4,100,000 UK Treasury Gilt 4.25% 07/06/2032 7,516,052 0.18 6,759,000 UK Treasury Gilt 4.25% 07/03/2036 13,050,575 0.31 1,733,000 UK Treasury Gilt 4.25% 07/12/2040 3,548,561 0.08 1,136,000 UK Treasury Gilt 4.25% 07/12/2046 2,501,066 0.06 1,650,000 UK Treasury Gilt 4.25% 07/12/2049 3,771,129 0.09

233 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Sterling Pound (continued) 2,435,000 UK Treasury Gilt 4.5% 07/12/2042 5,270,760 0.12 3,660,000 UK Treasury Gilt 4.75% 07/12/2030 6,822,836 0.16 312,000 UK Treasury Gilt 5% 07/03/2025 505,621 0.01 507,000 UK Treasury Gilt 6% 07/12/2028 977,924 0.02 100,000 United Utilities Water 2% 14/02/2025 136,212 - 833,000 United Utilities Water 2% 03/07/2033 1,124,164 0.03 153,000 University of Oxford 2.544% 08/12/2117 238,103 0.01 739,000 Verizon Communications 3.375% 27/10/2036 1,112,428 0.03 152,000 Vodafone 4.875% 03/10/2078 218,654 0.01 600,000 Volkswagen Financial Services 1.875% 03/12/2024 793,797 0.02 401,000 Volkswagen Financial Services 2.25% 12/04/2025 540,501 0.01 100,000 Walgreens Boots Alliance 3.6% 20/11/2025 137,789 - 250,000 Wells Fargo 2% 28/07/2025 337,822 0.01 500,000 Western Power Distribution 2.375% 16/05/2029 684,697 0.02 329,000 Western Power Distribution 3.5% 16/10/2026 465,147 0.01 140,000 Western Power Distribution 3.625% 06/11/2023 197,340 - 312,000 Westfield America Management 2.125% 30/03/2025 422,806 0.01 164,000 Westpac Banking Corporation 1% 30/06/2022 216,402 0.01 126,000 Whitbread Group 3.375% 16/10/2025 173,634 - 600,000 Yorkshire Building Society 3% 18/04/2025 822,574 0.02

Swedish Krona (31 December 2018: 2,286,903, 0.44%) 18,109,892 0.42 6,000,000 Danske Hypotek 1% 21/12/2022 653,987 0.01 6,640,000 European Investment Bank 1.25% 12/05/2025 739,688 0.02 15,970,000 Kommuninvest 0.75% 16/02/2020 1,707,384 0.04 20,000,000 Kommuninvest 1% 13/11/2023 2,195,957 0.05 8,000,000 Landshypotek Bank 0.7% 09/05/2022 861,213 0.02 2,600,000 Lansforsakringar Hypotek 1.25% 17/09/2025 287,282 0.01 4,700,000 Lansforsakringar Hypotek 2.25% 21/09/2022 528,838 0.01 5,900,000 Nordea Hypotek 1% 08/04/2022 641,072 0.01 9,400,000 Nordea Hypotek 1% 18/09/2024 1,026,025 0.02 7,000,000 Stadshypotek 1.5% 01/03/2024 780,202 0.02 6,000,000 Stadshypotek 1.5% 01/06/2023 665,852 0.02 8,000,000 Sveriges Sakerstallda Obligationer 1% 21/06/2023 873,571 0.02 5,000,000 Swedbank Hypotek 1% 15/03/2023 545,613 0.01 11,300,000 Swedbank Hypotek 1% 18/09/2024 1,232,852 0.03 8,120,000 Sweden (Govt of) 0.75% 12/05/2028 919,856 0.02 2,815,000 Sweden (Govt of) 0.75% 12/11/2029 318,407 0.01

234 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

Swedish Krona (continued) 2,000,000 Sweden (Govt of) 1.5% 13/11/2023 228,222 0.01 11,000,000 Sweden (Govt of) 2.25% 01/06/2032 1,450,909 0.03 2,000,000 Sweden (Govt of) 2.5% 12/05/2025 244,421 0.01 15,185,000 Sweden (Govt of) 3.5% 01/06/2022 1,772,781 0.04 2,645,000 Sweden (Govt of) 3.5% 30/03/2039 435,760 0.01

Swiss Franc (31 December 2018: 1,672,006, 0.31%) 22,553,519 0.53 800,000 Basellandschaftliche Kantonalban 0.25% 25/01/2027 852,171 0.02 855,000 Deutsche Bahn Finance 0.45% 08/11/2030 923,716 0.02 1,110,000 European Investment Bank 1.5% 02/08/2024 1,256,609 0.03 1,000,000 Korea Gas Corporation 0% 28/11/2023 1,043,507 0.02 300,000 Pfandbriefbank schweizerischer 0% 15/06/2027 314,984 0.01 415,000 Pfandbriefbank schweizerischer 0.125% 25/03/2024 438,754 0.01 300,000 Pfandbriefbank schweizerischer 0.25% 15/04/2030 319,766 0.01 1,070,000 Pfandbriefbank schweizerischer 0.75% 23/08/2024 1,165,180 0.03 665,000 Pfandbriefbank schweizerischer 0.875% 05/10/2021 704,130 0.02 440,000 Pfandbriefbank schweizerischer 0.875% 07/05/2035 506,325 0.01 335,000 Pfandbriefbank schweizerischer 1.5% 14/02/2040 436,351 0.01 355,000 Pfandbriefzentrale der schweizerr 0.125 12/03/2024 375,292 0.01 1,180,000 Pfandbriefzentrale der schweizer 0.25% 21/02/2020 1,220,097 0.03 400,000 Pfandbriefzentrale der schweizer 0.3% 09/04/2029 428,894 0.01 485,000 Pfandbriefzentrale der schweizer 0.75% 15/04/2024 526,613 0.01 1,000,000 Province of Alberta Canada 0.375% 07/02/2029 1,079,248 0.03 4,390,000 Switzerland (Govt of) 0% 22/06/2029 4,755,113 0.11 848,000 Switzerland (Govt of) 0.5% 27/05/2030 965,127 0.02 1,012,000 Switzerland (Govt of) 0.5% 28/06/2045 1,235,072 0.03 2,700,000 Switzerland (Govt of) 1.25% 11/06/2024 3,029,688 0.07 75,000 Switzerland (Govt of) 2% 25/06/2064 149,900 - 800,000 Valiant Bank 0% 31/07/2029 826,982 0.02

Thai Baht (31 December 2018: 1,562,827, 0.30%) 14,116,490 0.33 11,490,000 Bank of Thailand 1.34% 26/02/2020 383,686 0.01 55,000,000 Bank of Thailand 1.43% 26/08/2021 1,843,158 0.04 10,900,000 Bank of Thailand 1.95% 26/11/2020 366,363 0.01 74,100,000 Thailand (Govt of) 1.875% 17/06/2022 2,515,938 0.06 77,625,000 Thailand (Govt of) 2.125% 17/12/2026 2,724,363 0.06 12,000,000 Thailand (Govt of) 2.55% 26/06/2020 403,275 0.01 66,970,000 Thailand (Govt of) 2.875% 17/06/2046 2,642,816 0.06 50,762,000 Thailand (Govt of) 3.4% 17/06/2036 2,100,935 0.05 31,459,000 Thailand (Govt of) 3.625% 16/06/2023 1,135,956 0.03

235 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (31 December 2018: 248,950,482, 47.46%) 1,947,950,214 45.66 1,200,000 3M 3.375% 01/03/2029 1,275,232 0.03 226,000 Abbott Laboratories 4.75% 30/11/2036 282,508 0.01 173,000 AbbVie 3.2% 14/05/2026 179,125 - 853,000 AbbVie 4.25% 14/11/2028 944,281 0.02 448,000 AbbVie 4.3% 14/05/2036 492,828 0.01 296,000 AbbVie 4.5% 14/05/2035 332,387 0.01 200,000 ABN AMRO Bank 3.4% 27/08/2021 204,342 0.01 200,000 ABN AMRO Bank 4.4% 27/03/2028 208,194 0.01 1,000,000 Abu Dhabi (Govt of) 2.125% 30/09/2024 998,275 0.02 1,001,000 Abu Dhabi National Energy 3.625% 12/01/2023 1,030,004 0.02 815,000 Ace Ina Holdings 3.35% 03/05/2026 866,681 0.02 949,000 Ace Ina Holdings 4.35% 03/11/2045 1,145,869 0.03 1,000,000 AEP Texas 4.15% 01/05/2049 1,111,678 0.03 700,000 AEP Transmission 3.8% 15/06/2049 751,125 0.02 350,000 AerCap Ireland Capital 3.95% 01/02/2022 361,743 0.01 169,000 AerCap Ireland Capital 4.625% 30/10/2020 172,403 - 1,000,000 AerCap Ireland Capital 4.875% 16/01/2024 1,084,392 0.03 500,000 Aeropuerto Internacional de Tocumen 6% 18/11/2048 621,325 0.01 260,000 Aetna 2.8% 15/06/2023 264,170 0.01 250,000 Aflac 4.75% 15/01/2049 305,012 0.01 500,000 African Development Bank 3% 20/09/2023 521,357 0.01 600,000 Agence Francaise de Developpement 2.75% 22/01/2022 611,721 0.01 500,000 Agilent Technologies 2.75% 15/09/2029 496,927 0.01 500,000 Agilent Technologies 3.875% 15/07/2023 525,140 0.01 500,000 Air Lease Corporation 3.25% 01/03/2025 514,391 0.01 173,000 Air Lease Corporation 3.375% 01/06/2021 176,020 - 672,000 Air Lease Corporation 3.5% 15/01/2022 689,571 0.02 600,000 Air Liquide Finance 1.75% 27/09/2021 598,058 0.01 850,000 Aircastle 4.4% 25/09/2023 901,747 0.02 450,000 Alexandria Real Estate Equities 3.375% 15/08/2031 468,436 0.01 1,500,000 Alexandria Real Estate Equities 4% 15/01/2024 1,598,853 0.04 560,000 Alibaba Group Holding 4% 06/12/2037 604,673 0.01 278,000 Alibaba Group Holding 4.2% 06/12/2047 310,531 0.01 790,000 Alimentation Couche Tard 2.7% 26/07/2022 798,933 0.02 239,000 Alimentation Couche Tard 3.55% 26/07/2027 246,047 0.01 200,000 Alleghany 4.9% 15/09/2044 233,246 0.01 365,000 Allergan Funding 3.45% 15/03/2022 373,440 0.01 1,000,000 Alphabet 1.998% 15/08/2026 994,434 0.02

236 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 600,000 Altria Group 3.875% 16/09/2046 560,703 0.01 400,000 Altria Group 4% 31/01/2024 424,176 0.01 500,000 Altria Group 4.4% 14/02/2026 543,320 0.01 697,000 Amazon 3.875% 22/08/2037 793,369 0.02 184,000 Amazon 4.05% 22/08/2047 216,859 0.01 181,000 Amazon 4.25% 22/08/2057 221,144 0.01 500,000 America Movil 6.125% 30/03/2040 674,209 0.02 576,000 American Airlines 3.375% 01/05/2027 460,040 0.01 171,000 American Express 3.375% 17/05/2021 174,203 - 669,000 American Express 3.4% 22/02/2024 699,283 0.02 204,000 American Express Credit 2.2% 03/03/2020 204,008 0.01 170,000 American Express Credit 2.7% 03/03/2022 172,677 - 350,000 American Express Credit 3.3% 03/05/2027 372,989 0.01 100,000 American Honda Finance Corporation 2% 14/02/2020 99,998 - 502,000 American International 5.75% 01/4/2048 552,213 0.01 560,000 American Tower 5% 15/02/2024 616,786 0.01 500,000 American Water Capital 3.45% 01/06/2029 526,752 0.01 249,000 American Water Capital 3.75% 01/09/2047 262,643 0.01 472,000 Amerisourcebergen Corporation 3.45% 15/12/2027 492,559 0.01 673,000 Amgen 2.65% 11/05/2022 682,885 0.02 251,000 Amgen 4.563% 15/06/2048 292,240 0.01 200,000 Amgen 4.663% 15/06/2051 235,428 0.01 480,000 Analog Devices 3.5% 05/12/2026 503,881 0.01 117,000 Anheuser Busch InBev Finance 4.9% 01/02/2046 138,417 - 284,000 Anheuser Busch InBev Worldwide 4.375% 15/04/2038 320,035 0.01 368,000 Anheuser Busch InBev Worldwide 4.7% 01/02/2036 427,078 0.01 1,397,000 Anheuser Busch InBev Worldwide 4.75% 23/01/2029 1,618,351 0.04 422,000 Anheuser Busch InBev Worldwide 4.9% 01/02/2046 501,320 0.01 300,000 Anheuser Busch InBev Worldwide 4.95% 15/01/2042 355,025 0.01 295,000 Anheuser Busch InBev Worldwide 5.45% 23/01/2039 371,863 0.01 267,000 Anheuser Busch InBev Worldwide 5.55% 23/01/2049 347,419 0.01 100,000 Anthem 2.95% 01/12/2022 102,263 - 500,000 AON 3.5% 14/06/2024 523,631 0.01 1,337,000 Apache 4.375% 15/10/2028 1,397,270 0.03 500,000 Apollo Management Holdings 4.872% 15/02/2029 562,102 0.01 500,000 Apple 2.05% 11/09/2026 495,471 0.01 1,000,000 Apple 3% 13/11/2027 1,051,366 0.02 203,000 Apple 3.75% 13/11/2047 226,269 0.01 540,000 Apple 4.25% 09/02/2047 644,436 0.02 314,000 Apple 4.65% 23/02/2046 392,872 0.01

237 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 184,000 Applied Materials 4.35% 01/04/2047 222,705 0.01 623,000 APT Pipelines 4.25% 15/07/2027 671,378 0.02 500,000 Aqua America 4.276% 01/05/2049 563,657 0.01 501,000 Arab Petroleum Investments 4.125% 18/09/2023 533,244 0.01 174,000 Arcelor Mittal 3.6% 16/07/2024 178,580 - 169,000 Arcelor Mittal 4.55% 11/03/2026 181,044 - 500,000 Archer Daniels Midland 2.5% 11/08/2026 504,602 0.01 1,685,000 Asian Development Bank 1.625% 05/05/2020 1,684,217 0.04 180,000 Asian Development Bank 1.75% 08/06/2021 180,134 - 1,000,000 Asian Development Bank 2.25% 20/01/2021 1,005,633 0.02 405,000 Asian Development Bank 2.5% 02/11/2027 421,693 0.01 530,000 Asian Development Bank 2.75% 17/03/2023 547,511 0.01 449,000 Asian Development Bank 2.75% 19/01/2028 474,284 0.01 594,000 Asian Development Bank 3.125% 26/09/2028 649,022 0.02 665,000 AstraZeneca 2.375% 12/06/2022 671,632 0.02 167,000 AstraZeneca 3.375% 16/11/2025 177,384 - 255,000 AstraZeneca 4.375% 17/08/2048 298,469 0.01 400,000 AT & T 0% 15/06/2022 412,753 0.01 1,000,000 AT & T 4.85% 01/03/2039 1,154,876 0.03 839,000 AT & T 4.85% 15/07/2045 964,618 0.02 356,000 AT & T 4.9% 15/08/2037 410,268 0.01 175,000 AT & T 5.15% 15/03/2042 205,530 0.01 475,000 AT & T 5.15% 15/11/2046 567,060 0.01 700,000 AT & T 5.15% 15/02/2050 848,268 0.02 330,000 AT & T 5.25% 01/03/2037 395,638 0.01 675,000 AT & T 5.7% 01/03/2057 872,921 0.02 552,000 AT & T 6% 15/08/2040 707,469 0.02 147,000 AT & T 6.375% 01/03/2041 196,341 - 540,000 Athene Global Funding 3% 01/07/2022 549,630 0.01 500,000 Atmos Energy 4.125% 15/03/2049 575,496 0.01 277,000 Australia and New Zealand Banking 2.25% 09/11/2020 277,989 0.01 250,000 Australia and New Zealand Banking 2.55% 23/11/2021 252,626 0.01 175,000 Aviation Capital Group 2.875% 20/01/2022 176,313 - 169,000 Aviation Capital Group 3.875% 01/05/2023 174,732 - 1,172,000 Avolon Holdings Funding 3.625% 01/05/2022 1,202,296 0.03 400,000 AXA 5.125% 17/01/2047 440,938 0.01 517,000 AXA Equitable Holdings 3.9% 20/04/2023 542,385 0.01

238 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 500,000 Bacardi 4.45% 15/05/2025 538,656 0.01 193,000 Bacardi 4.7% 15/05/2028 211,048 0.01 459,000 BAE Systems 3.85% 15/12/2025 487,603 0.01 373,000 Baker Hughes 2.773% 15/12/2022 380,566 0.01 215,000 Baker Hughes 4.08% 15/12/2047 221,359 0.01 1,600,000 Banco Santander 3.306% 27/06/2029 1,651,033 0.04 200,000 Banco Santander 5.95% 01/10/2028 214,822 0.01 175,000 Bank of America 2.328% 01/10/2021 175,519 - 1,000,000 Bank of America 2.456% 22/10/2025 1,004,878 0.02 174,000 Bank of America 2.625% 19/10/2020 175,019 - 1,315,000 Bank of America 2.738% 23/01/2022 1,324,621 0.03 910,000 Bank of America 2.884% 22/10/2030 920,505 0.02 872,000 Bank of America 3.004% 20/12/2023 893,340 0.02 100,000 Bank of America 3.366% 23/01/2026 104,640 - 350,000 Bank of America 3.419% 20/12/2028 367,395 0.01 500,000 Bank of America 3.55% 05/03/2024 519,214 0.01 831,000 Bank of America 3.946% 23/01/2049 946,994 0.02 386,000 Bank of America 3.97% 05/03/2029 420,669 0.01 1,800,000 Bank of America 4.078% 23/04/2040 2,044,841 0.05 423,000 Bank of America 4.244% 24/04/2038 488,425 0.01 300,000 Bank of America 4.33% 15/03/2050 362,211 0.01 272,000 Bank of America 4.443% 20/01/2048 332,270 0.01 Bank of America Commercial Mortgage 3.705% 1,485,000 15/09/2048 1,582,072 0.04 347,000 Bank of China Hong Kong 5.9% Perp 375,937 0.01 50,000 Bank of Montreal 1.9% 27/08/2021 50,106 - 1,000,000 Bank of Montreal 2.05% 01/11/2022 1,003,293 0.02 378,000 Bank of Montreal 2.1% 15/06/2020 378,473 0.01 151,000 Bank of Montreal 2.35% 11/09/2022 152,891 - 705,000 Bank of Montreal 2.5% 11/01/2022 714,474 0.02 1,000,000 Bank of Montreal 3.3% 05/02/2024 1,041,897 0.02 168,000 Bank of New York Mellon 2.6% 07/02/2022 170,416 - 858,000 Bank of New York Mellon 2.661% 16/05/2023 871,597 0.02 768,000 Bank of New York Mellon 3.45% 11/08/2023 805,645 0.02 313,000 Bank of Nova Scotia 2.15% 14/07/2020 313,357 0.01 40,000 Bank of Nova Scotia 2.45% 19/09/2022 40,619 - 131,000 Bank of Nova Scotia 2.7% 07/03/2022 133,373 - 500,000 Bank of Nova Scotia 2.7% 03/08/2026 510,133 0.01 200,000 Bank of the Philippine Islands 4.25% 04/09/2023 211,707 -

239 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 485,000 Banque Federative du Credit Mutuel 2.2% 20/07/2020 485,486 0.01 343,000 Banque Federative du Credit Mutuel 2.7% 20/07/2022 348,515 0.01 200,000 Barclays 4.338% 16/05/2024 210,670 0.01 1,542,000 Barclays 4.61% 15/02/2023 1,609,378 0.04 800,000 BAT Capital 2.789% 06/09/2024 807,091 0.02 500,000 BAT Capital 3.222% 15/08/2024 511,602 0.01 653,000 BAT Capital 3.557% 15/08/2027 668,912 0.02 436,000 BAT Capital 4.39% 15/08/2037 442,289 0.01 270,000 BAT Capital 4.54% 15/08/2047 271,128 0.01 255,000 Baxter International 2.6% 15/08/2026 256,896 0.01 450,000 Bayer US Finance 3.875% 15/12/2023 472,690 0.01 200,000 Bayer US Finance 4.25% 15/12/2025 216,011 0.01 567,000 Bayer US Finance 4.375% 15/12/2028 619,449 0.01 228,000 Bayer US Finance 4.4% 15/07/2044 231,507 0.01 421,000 Bayer US Finance 4.625% 25/06/2038 458,375 0.01 260,000 Bayer US Finance 4.875% 25/06/2048 298,610 0.01 2,000,000 BBT Corporation 2.2% 16/03/2023 2,014,042 0.05 174,000 BDO Unibank 2.95% 06/03/2023 175,971 - 829,000 Becton Dickinson 2.894% 06/06/2022 842,736 0.02 564,000 Becton Dickinson 3.7% 06/06/2027 600,838 0.01 190,000 Becton Dickinson 4.669% 06/06/2047 225,666 0.01 189,000 Bell Canada 4.464% 01/04/2048 218,986 0.01 363,000 Berkshire Hathaway 3.125% 15/03/2026 382,803 0.01 191,000 Berkshire Hathaway Energy 3.8% 15/07/2048 205,354 0.01 150,000 Berkshire Hathaway Energy 4.45% 15/01/2049 177,592 - Berkshire Hathaway Finance Corporation 4.2% 295,000 15/08/2048 346,637 0.01 200,000 BHP Billiton Finance 6.25% 19/10/2075 206,160 0.01 679,000 BHP Billiton Finance 6.75% 19/10/2075 798,294 0.02 200,000 Bk Nederlandse Gemeenten 2.375% 01/02/2022 202,647 0.01 200,000 Bk Tokyo Mitsubishi 2.75% 14/09/2020 201,041 0.01 500,000 Black Sea Trade Development Bank 3.5% 25/06/2024 512,098 0.01 600,000 Blackstone Holdings Finance 2.5% 10/01/2030 593,514 0.01 280,000 Bluestar Finance 3.5% 30/09/2021 282,988 0.01 500,000 BMW 3.15% 18/04/2024 517,557 0.01 100,000 BMW US Capital 3.1% 12/04/2021 101,525 - 500,000 BNG Bank 1.5% 06/09/2022 497,063 0.01 1,000,000 BNG Bank 2.625% 27/02/2024 1,032,939 0.02 1,000,000 BNG Bank 3% 20/09/2023 1,045,675 0.02

240 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 900,000 BNP Paribas 3.5% 01/03/2023 931,945 0.02 558,000 BNP Paribas 4.375% 01/03/2033 603,350 0.01 600,000 BNP Paribas 5.198% 10/01/2030 706,152 0.02 200,000 BOC Aviation 3% 30/03/2020 200,234 0.01 417,000 Booking Holdings 3.6% 01/06/2026 445,174 0.01 500,000 Boston Properties 2.9% 15/03/2030 499,411 0.01 404,000 Boston Properties 4.5% 01/12/2028 455,940 0.01 150,000 BP Capital Markets 2.112% 16/09/2021 150,665 - 172,000 BP Capital Markets 2.75% 10/05/2023 175,995 - 150,000 BP Capital Markets 3.062% 17/03/2022 153,929 - 168,000 BP Capital Markets 3.224% 14/04/2024 175,100 - 166,000 BP Capital Markets 3.79% 06/02/2024 176,777 - 162,000 BP Capital Markets 3.796% 21/09/2025 175,478 - 250,000 BPCE 2.75% 02/12/2021 253,606 0.01 250,000 BPCE 2.75% 11/01/2023 254,230 0.01 889,000 BPCE 3% 22/05/2022 905,472 0.02 693,000 BPCE 4% 12/09/2023 731,480 0.02 250,000 Branch Banking And Trust 2.625% 15/01/2022 253,295 0.01 400,000 Braskem Netherlands Finance 4.5% 31/01/2030 397,913 0.01 250,000 Brighthouse Financial 3.7% 22/06/2027 249,643 0.01 600,000 Bristol Myers Squibb 3.2% 15/06/2026 630,856 0.02 500,000 Bristol Myers Squibb 3.25% 20/02/2023 518,905 0.01 303,000 Bristol Myers Squibb 3.25% 27/02/2027 324,075 0.01 1,000,000 Bristol Myers Squibb 3.4% 26/07/2029 1,071,124 0.03 250,000 Bristol Myers Squibb 4.55% 20/02/2048 306,182 0.01 153,000 Bristol Myers Squibb 5% 15/08/2045 195,544 - 500,000 Broadcom 3.125% 15/04/2021 506,194 0.01 1,500,000 Broadcom 3.125% 15/10/2022 1,528,704 0.04 476,000 Broadcom 4.75% 15/04/2029 520,961 0.01 194,000 Broadcom Corporation 3% 15/01/2022 196,782 - 172,000 Broadcom Corporation 3.625% 15/01/2024 178,175 - 490,000 Broadcom Corporation 3.875% 15/01/2027 508,519 0.01 164,000 Brookfield Asset Management 4% 01/04/2024 175,860 - 500,000 Brooklyn Union Gas 3.865% 04/03/2029 543,431 0.01 850,000 Burlington Northern Santa Fe 3.55% 15/02/2050 898,204 0.02 259,000 Burlington Northern Santa Fe 3.9% 01/08/2046 285,401 0.01 375,000 Burlington Northern Santa Fe 4.15% 01/04/2045 426,494 0.01 450,000 Camden Property Trust 3.15% 01/07/2029 468,623 0.01

241 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 962,000 Campbell 3.65% 15/03/2023 1,002,166 0.02 268,000 Campbell 4.15% 15/03/2028 291,110 0.01 73,000 Canada (Govt of) 2.05% 30/11/2020 73,147 - 680,000 Canada (Govt of) 2.4% 08/02/2022 688,519 0.02 226,000 Canada (Govt of) 2.55% 12/02/2021 227,929 0.01 500,000 Canada (Govt of) 2.6% 16/04/2024 514,263 0.01 175,000 Canadian Imperial Bank 2.1% 05/10/2020 175,211 - 1,125,000 Canadian Imperial Bank 2.35% 27/07/2022 1,136,596 0.03 500,000 Canadian Imperial Bank 3.1% 02/04/2024 517,039 0.01 200,000 Canadian National Railway 3.65% 03/02/2048 221,168 0.01 594,000 Canadian Natural Resources 2.95% 15/01/2023 605,711 0.01 361,000 Canadian Natural Resources 3.85% 01/06/2027 385,023 0.01 250,000 Canadian Natural Resources 4.95% 01/06/2047 305,554 0.01 1,224,000 Canadian Pacific Railway 4.8% 01/08/2045 1,526,775 0.04 184,000 Capital One Financial Corporation 3.05% 09/03/2022 187,683 - 1,351,000 Capital One Financial Corporation 3.45% 30/04/2021 1,375,496 0.03 167,000 Capital One Financial Corporation 3.9% 29/01/2024 177,049 - 850,000 Capital One Financial Corporation 4.25% 30/04/2025 925,809 0.02 1,669,000 Capital One Multi-Asset Execution 1.66% 17/06/24 1,664,342 0.04 173,000 Cardinal Health 3.079% 15/06/2024 177,898 - 731,000 Cardinal Health 3.41% 15/06/2027 748,376 0.02 296,000 Caterpillar Financial Services 1.7% 9/08/2021 295,581 0.01 800,000 Caterpillar Financial Services 2.15% 08/11/2024 802,902 0.02 173,000 Caterpillar Financial Services 2.55% 29/11/2022 176,269 - 173,000 Caterpillar Financial Services 2.65% 17/05/2021 175,039 - 173,000 Caterpillar Financial Services 2.95% 26/02/2022 176,897 - 663,000 Caterpillar Financial Services 3.15% 07/09/2021 677,776 0.02 389,000 CBS 2.9% 15/01/2027 389,922 0.01 706,000 CBS 4% 15/01/2026 755,016 0.02 262,000 CCCI Treasure 3.5% Perp 262,660 0.01 500,000 CDP Financial 2.75% 07/03/2022 510,587 0.01 400,000 Celulosa Arauco y Constitucion 4.2% 29/01/2030 402,900 0.01 200,000 Cenovus Energy 4.25% 15/04/2027 212,085 - 200,000 Cenovus Energy 5.4% 15/06/2047 233,307 0.01 800,000 CenterPoint Energy 2.95% 01/03/2030 790,505 0.02 214,000 CF Industries 4.5% 01/12/2026 233,255 0.01 279,000 Charles Schwab Corporation 2.65% 25/01/2023 284,972 0.01 300,000 Charles Schwab Corporation 3.55% 01/02/2024 316,742 0.01 421,000 Charming Light Investments 2.375% 30/08/2021 418,525 0.01

242 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 850,000 Charter Communications 4.5% 01/02/2024 915,349 0.02 389,000 Charter Communications 5.375% 01/04/2038 443,102 0.01 500,000 Charter Communications Operating 5.05% 30/03/2029 567,787 0.01 432,000 Charter Communications Operating 6.384% 23/10/2035 544,767 0.01 168,000 Chevron 2.954% 16/05/2026 175,617 - 170,000 Chevron 3.191% 24/06/2023 177,236 - 500,000 Chile (Govt of) 3.24% 06/02/2028 526,937 0.01 1,375,000 Chile (Govt of) 3.86% 21/06/2047 1,529,007 0.04 784,000 China (Govt of) 2.125% 02/11/2022 790,670 0.02 450,000 China Cinda Finance 3.875% 08/02/2023 463,297 0.01 328,000 China Development Bank 2.125% 01/06/2021 327,822 0.01 403,000 China Overseas Finance 4.25% 26/04/2023 420,682 0.01 133,000 Chubb INA Holdings 2.875% 03/11/2022 136,517 - 200,000 Cigna 3.25% 15/04/2025 207,243 0.01 190,000 Cigna 3.4% 17/09/2021 194,439 - 387,000 Cigna 3.4% 01/03/2027 402,767 0.01 838,000 Cigna 4.125% 15/11/2025 908,916 0.02 162,000 Cigna 4.5% 25/02/2026 180,061 - 405,000 Cigna 4.8% 15/08/2038 472,169 0.01 193,000 Cigna 4.9% 15/12/2048 230,479 0.01 239,000 Cimarex Energy 3.9% 15/05/2027 247,545 0.01 200,000 Cintas Corporation 2.9% 01/04/2022 204,088 0.01 241,000 Cintas Corporation 3.7% 01/04/2027 261,672 0.01 376,000 Cisco Systems 2.5% 20/09/2026 383,656 0.01 533,000 Citibank 3.05% 01/05/2020 534,630 0.01 400,000 Citibank Credit Card Issuance 3.29% 23/05/2025 416,137 0.01 1,500,000 Citigroup 2.312% 04/11/2022 1,506,345 0.04 244,000 Citigroup 2.876% 24/07/2023 248,402 0.01 500,000 Citigroup 2.976% VRN 05/11/2030 507,897 0.01 1,300,000 Citigroup 3.3% 27/04/2025 1,365,108 0.03 600,000 Citigroup 3.352% 24/04/2025 625,232 0.02 458,000 Citigroup 3.878% 24/01/2039 504,746 0.01 700,000 Citigroup 3.98% 20/03/2030 765,902 0.02 806,000 Citigroup 4.044% 01/06/2024 853,096 0.02 191,000 Citigroup 4.45% 29/09/2027 210,474 0.01 107,000 Citigroup 4.65% 30/07/2045 131,705 - 378,000 Citigroup 4.75% 18/05/2046 450,667 0.01 400,000 Citigroup 4.65% 23/07/2048 500,955 0.01 2,650,000 Citigroup Commercial Mortgage 3.268% 15/09/2050 2,760,996 0.07 500,000 Citigroup Commercial Mortgage 4.408% 10/06/2051 552,014 0.01

243 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 879,000 Citrix Systems 4.5% 01/12/2027 954,340 0.02 1,000,000 City of New York 6.271% 01/12/2037 1,388,915 0.03 214,000 CK Hutchison Capital Securities 4% Perp 216,032 0.01 200,000 CK Hutchison International 2.25% 29/09/2020 199,944 0.01 300,000 CK Hutchison International 2.75% 06/09/2029 295,592 0.01 1,200,000 CK Hutchison International 3.25% 11/04/2024 1,232,852 0.03 700,000 CNAC HK Finbridge 3.5% 19/07/2022 712,195 0.02 850,000 CNH Industrial Capital 4.2% 15/01/2024 904,259 0.02 171,000 CNH Industrial Capital 4.375% 06/11/2020 173,993 - 166,000 CNH Industrial Capital 4.5% 15/08/2023 177,049 - 769,000 CNOOC Finance 3.5% 05/05/2025 805,496 0.02 200,000 CNOOC Finance 3.75% 02/05/2023 208,192 0.01 200,000 CNOOC Finance 4.25% 30/04/2024 213,880 0.01 269,000 CNOOC Finance 4.375% 02/05/2028 298,326 0.01 490,000 CNPC General Capital 3.4% 16/04/2023 504,870 0.01 500,000 Coca Cola 2.125% 06/09/2029 487,963 0.01 672,000 Coca Cola 3.3% 01/09/2021 689,190 0.02 500,000 Colombia (Govt of) 3.875% 25/04/2027 529,334 0.01 450,000 Colombia (Govt of) 5% 15/06/2045 524,221 0.01 1,000,000 Colombia (Govt of) 5.2% 15/05/2049 1,206,935 0.03 873,000 Colonial Pipeline 4.25% 15/04/2048 979,619 0.02 382,000 Columbia Pipeline Group 4.5% 01/06/2025 418,699 0.01 286,000 Comcast Corporation 2.65% 01/02/2030 287,395 0.01 164,000 Comcast Corporation 3.25% 01/11/2039 166,386 - 1,669,000 Comcast Corporation 3.45% 01/10/2021 1,717,741 0.04 864,000 Comcast Corporation 3.7% 15/04/2024 922,095 0.02 484,000 Comcast Corporation 3.9% 01/03/2038 535,426 0.01 500,000 Comcast Corporation 3.95% 15/10/2025 545,663 0.01 500,000 Comcast Corporation 4.15% 15/10/2028 563,157 0.01 1,083,000 Comcast Corporation 4.25% 15/10/2030 1,234,992 0.03 594,000 Comcast Corporation 4.6% 15/10/2038 708,154 0.02 266,000 Comcast Corporation 4.6% 15/08/2045 318,513 0.01 175,000 Comcast Corporation 4.7% 15/10/2048 216,371 0.01 168,000 Comcast Corporation 4.95% 15/10/2058 218,745 0.01 1,980,000 COMM 2016-COR1 Mortgage Trust 3.091% 10/10/2049 2,046,123 0.05 525,000 Commercial Mortgage Trust 3.829% 10/02/2048 546,329 0.01 177,000 Commonwealth Bank of Australia 2.05% 18/09/2020 177,154 - 947,000 Commonwealth Bank of Australia 2.25% 10/03/2020 947,559 0.02 275,000 Commonwealth Bank of Australia 2.5% 18/09/2022 278,753 0.01 195,000 Commonwealth Bank of Australia 2.75% 10/03/2022 198,510 0.01

244 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 250,000 Commonwealth Bank of Australia 3.25% 20/07/2023 261,077 0.01 575,000 Commonwealth Bank of Australia 3.9% 16/03/2028 632,199 0.02 700,000 Conagra Brands 5.3% 01/11/2038 830,849 0.02 183,000 Concho Resources 4.875% 01/10/2047 212,331 - 150,000 Connecticut Light and Power 4% 01/04/2048 171,899 - 1,095,000 Conoco Phillips 4.95% 15/03/2026 1,258,064 0.03 450,000 Consolidated Edison 4.125% 15/05/2049 512,153 0.01 687,000 Consolidated Edison 4.5% 01/12/2045 810,939 0.02 642,000 Consolidated Edison 4.5% 15/05/2058 747,667 0.02 730,000 Continental Resources 4.375% 15/01/2028 776,718 0.02 860,000 Cooperat Rabobank 2.75% 10/01/2023 874,874 0.02 274,000 Cooperatieve Rabobank 3.75% 21/07/2026 285,980 0.01 575,000 Cooperatieve Rabobank 3.875% 26/09/2023 608,371 0.01 250,000 Corning 4.375% 15/11/2057 253,429 0.01 1,000,000 Council Of Europe Development Bank 2.5% 27/02/2024 1,028,851 0.02 172,000 Cox Communications 3.15% 15/08/2024 176,984 - 132,000 Cox Communications 3.35% 15/09/2026 136,346 - 556,000 Cox Communications 3.5% 15/08/2027 580,631 0.01 1,000,000 CPPIB Capital 3.125% 25/09/2023 1,047,045 0.02 362,000 Credit Agricole 2.375% 01/07/2021 364,474 0.01 1,193,000 Credit Agricole 3.75% 24/04/2023 1,246,478 0.03 500,000 Credit Agricole 4% 10/01/2033 528,073 0.01 715,000 Credit Suisse Group 2.997% 14/12/2023 728,741 0.02 750,000 Credit Suisse Group 4.207% 12/06/2024 793,784 0.02 250,000 Credit Suisse Guernsey 4.875% 15/05/2045 314,947 0.01 433,000 CRH America Finance 3.95% 04/04/2028 467,902 0.01 280,000 CRH America Finance 4.5% 04/04/2048 306,231 0.01 342,000 Crown Castle International 3.65% 01/09/2027 362,250 0.01 95,000 Crown Castle International 4.45% 15/02/2026 103,929 - 500,000 CSAIL 2016-C7 Commercial 3.21% 15/11/2049 515,130 0.01 1,000,000 CSAIL 2016-C7 Commercial 3.9579% 15/11/2049 1,051,184 0.02 500,000 CSAIL 2017-C8 Commercial 3.9177% 15/06/2050 523,864 0.01 400,000 CSX Corporation 3.8% 01/03/2028 436,215 0.01 1,350,000 CSX Corporation 4.25% 15/03/2029 1,519,754 0.04 309,000 CSX Corporation 4.3% 01/03/2048 350,730 0.01 500,000 CSX Corporation 4.5% 15/03/2049 586,872 0.01 500,000 CubeSmart 3% 15/02/2030 495,061 0.01 400,000 CVS Health 3.7% 09/03/2023 416,711 0.01

245 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 200,000 CVS Health 4.1% 25/03/2025 214,997 0.01 1,358,000 CVS Health 4.3% 25/03/2028 1,483,793 0.04 402,000 CVS Health 4.78% 25/03/2038 457,754 0.01 392,000 CVS Health 5.05% 25/03/2048 464,258 0.01 153,000 CVS Health 5.125% 20/07/2045 181,293 - 400,000 Daiichi Life Insurance 4% Perp 414,581 0.01 200,000 Daimler Finance North America 2.2% 05/05/2020 200,114 0.01 176,000 Daimler Finance North America 2.3% 12/02/2021 176,374 - 200,000 Daimler Finance North America 2.45% 18/05/2020 200,279 0.01 175,000 Daimler Finance North America 3% 22/02/2021 176,762 - 200,000 Daimler Finance North America 3.45% 06/01/2027 207,948 0.01 168,000 Daimler Finance North America 3.7% 04/05/2023 175,073 - 194,000 Daimler Finance North America 3.75% 22/02/2028 206,238 0.01 250,000 Danaher Corporation 3.35% 15/09/2025 265,978 0.01 250,000 Danaher Corporation 4.375% 15/09/2045 295,004 0.01 732,000 Danone 2.947% 02/11/2026 748,431 0.02 700,000 Dell International 4% 15/07/2024 733,870 0.02 1,000,000 Dell International 5.3% 01/10/2029 1,128,529 0.03 828,000 Delta Air Lines 3.625% 15/03/2022 848,084 0.02 750,000 Demeter 5.625% 15/08/2052 836,420 0.02 350,000 Deutsche Bank 3.3% 16/11/2022 353,764 0.01 804,000 Deutsche Bank 3.7% 30/05/2024 817,235 0.02 195,000 Deutsche Bank 3.95% 27/02/2023 199,548 0.01 400,000 Deutsche Pfandbriefbank 3.375% 22/11/2021 409,920 0.01 240,000 Deutsche Telekom 3.6% 19/01/2027 252,963 0.01 238,000 Deutsche Telekom 4.375% 21/06/28 266,018 0.01 612,000 Development Bank of Japan 3.25% 06/09/2028 660,676 0.02 256,000 Dexia Credit Local 2.375% 20/09/2022 259,503 0.01 600,000 DH Europe Finance 2.05% 15/11/2022 601,176 0.01 1,200,000 DH Europe Finance 2.20% 15/11/2024 1,202,161 0.03 489,000 Diamond Finance Corporation 8.1% 15/07/2036 643,865 0.02 528,000 Digital Realty Trust 3.7% 15/08/2027 560,025 0.01 600,000 Discover Bank 3.35% 06/02/2023 619,070 0.01 1,000,000 Discover Card Execution 3.03% 15/08/2025 1,029,348 0.02 290,000 Discovery Communications 3.9% 15/11/2024 308,334 0.01 586,000 Discovery Communications 3.95% 20/03/2028 625,858 0.02 161,000 Discovery Communications 4.9% 11/03/2026 180,237 - 380,000 Discovery Communications 5% 20/09/2037 430,160 0.01

246 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 1,000,000 DNB Bank 2.15% 02/12/2022 1,005,257 0.02 485,000 DNB Boligkreditt 2.5% 28/03/2022 491,550 0.01 200,000 Dollar Tree 4.2% 15/05/2028 214,536 0.01 500,000 Dominion Energy 2% 15/08/2024 Step 515,637 0.01 536,000 Dominion Energy 2.579% 01/07/2020 Step 537,170 0.01 1,895,000 Dominion Energy 3.9% 01/10/2025 2,037,847 0.05 168,000 Dow Chemical 3.625% 15/05/2026 178,084 - 285,000 Dow Chemical 5.55% 30/11/2048 355,823 0.01 163,000 DowDuPont 4.205% 15/11/2023 174,398 - 159,000 DowDuPont 4.493% 15/11/2025 175,093 - 445,000 DowDuPont 4.725% 15/11/2028 504,726 0.01 162,000 DowDuPont 5.319% 15/11/2038 193,282 - 769,000 Duke Energy 1.8% 01/09/2021 767,028 0.02 450,000 Duke Energy 2.45% 15/08/2029 447,549 0.01 144,000 Duke Energy 2.65% 01/09/2026 144,907 - 406,000 Duke Energy 3.15% 15/08/2027 420,999 0.01 698,000 Duke Energy 3.75% 01/09/2046 719,015 0.02 500,000 Eaton Corporation 2.75% 02/11/2022 510,454 0.01 423,000 Ebay 3.6% 05/06/2027 443,995 0.01 349,000 Ecolab 2.7% 01/11/2026 358,892 0.01 855,000 EDP Finance 3.625% 15/07/2024 890,138 0.02 1,800,000 Electricite de France 4.5% 04/12/2069 1,842,347 0.04 500,000 Electricite de France 4.5% 21/09/2028 556,631 0.01 2,000,000 Electricite de France 5% 21/09/2048 2,389,252 0.06 1,000,000 Eli Lilly 3.875% 15/03/2039 1,132,722 0.03 1,300,000 Eli Lilly 3.95% 15/03/2049 1,500,648 0.04 300,000 Eli Lilly 4.15% 15/03/2059 352,861 0.01 350,000 Emaar Sukuk 3.635% 15/09/2026 351,744 0.01 369,000 EMD Finance 2.95% 19/03/2022 374,114 0.01 100,000 Emera US Finance 3.55% 15/06/2026 104,036 - 192,000 Emera US Finance 4.75% 15/06/2046 222,639 0.01 250,000 Emerson Electric 5.25% 15/11/2039 311,805 0.01 3,000,000 Empresa de Transmision Electrica 5.125% 02/05/2049 3,453,750 0.08 500,000 Empresa Nacional del Petroleo 5.25% 06/11/2029 560,835 0.01 172,000 Enable Midstream Partners 3.9% 15/05/2024 175,253 - 300,000 Enable Midstream Partners 4.95% 15/05/2028 304,142 0.01 243,000 Enbridge 3.7% 15/07/2027 257,378 0.01 161,000 Enbridge 4.25% 01/12/2026 177,170 - 166,000 Enbridge 5.5% 01/12/2046 212,819 -

247 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 238,000 Enel Chile 4.875% 12/06/2028 264,656 0.01 200,000 Enel Finance International 3.625% 25/05/2027 207,418 0.01 971,000 Enel Finance International 4.625% 14/09/2025 1,060,440 0.03 778,000 Enel Finance International 4.75% 25/05/2047 877,653 0.02 850,000 Energy Transfer Operating 4.5% 15/04/2024 904,763 0.02 805,000 Energy Transfer Operating 5.25% 15/04/2029 904,602 0.02 487,000 Energy Transfer Operating 5.5% 01/06/2027 549,553 0.01 158,000 Energy Transfer Operating 5.875% 15/01/2024 174,767 - 421,000 Energy Transfer Partners 5.15% 15/03/2045 441,755 0.01 200,000 Energy Transfer Partners 6% 15/06/2048 233,564 0.01 200,000 ENI 4% 12/09/2023 211,116 0.01 200,000 ENI 4.75% 12/09/2028 226,627 0.01 1,003,000 Entergy 2.95% 01/09/2026 1,018,812 0.02 500,000 Entergy 4% 15/03/2033 566,293 0.01 1,018,000 Enterprise Products Operating 3.125% 31/07/2029 1,049,644 0.02 164,000 Enterprise Products Operating 3.95% 15/02/2027 177,291 - 705,000 Enterprise Products Operating 4.15% 16/10/2028 781,015 0.02 408,000 Enterprise Products Operating 5.25% 16/08/2077 408,237 0.01 200,000 EPR Properties 4.5% 01/06/2027 214,297 0.01 180,000 EQT Corporation 3% 01/10/2022 176,544 - 212,000 EQT Corporation 3.9% 01/10/2027 197,493 - 300,000 EQT Midstream Partners 5.5% 15/07/2028 294,825 0.01 340,000 Equate Petrochemical 3% 03/03/2022 342,627 0.01 649,000 Equinor 3.625% 10/09/2028 715,244 0.02 122,000 Erac USA Finance 3.8% 01/11/2025 129,057 - 450,000 ERP Operating 2.5% 15/02/2030 447,149 0.01 1,000,000 European Bank for Reconstruction 2.75% 26/04/2021 1,013,409 0.02 500,000 European Bank for Reconstruction 2.75% 07/03/2023 516,178 0.01 1,000,000 European Investment Bank 2.375% 13/05/2021 1,009,726 0.02 718,000 European Investment Bank 2.375% 24/05/2027 740,998 0.02 2,000,000 European Investment Bank 2.5% 15/03/2023 2,051,280 0.05 180,000 European Investment Bank 2.875% 15/12/2021 184,204 - 2,000,000 European Investment Bank 2.875% 13/06/2025 2,115,116 0.05 500,000 European Stability Mechanism 3% 23/10/2020 504,971 0.01 2,002,000 Eversource Energy 2.75% 15/03/2022 2,032,547 0.05 283,000 Exelon Corporation 3.4% 15/04/2026 295,483 0.01 1,206,000 Exelon Corporation 3.497% 01/06/2022 Step 1,237,614 0.03 491,000 Exelon Corporation 4.45% 15/04/2046 550,997 0.01 200,000 Expedia Group 3.8% 15/02/2028 204,287 0.01

248 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 1,200,000 Export Development Canada 2.5% 24/01/2023 1,229,681 0.03 1,700,000 Export Development Canada 2.75% 15/03/2023 1,756,916 0.04 390,000 Export Import Bank of China 3.375% 14/03/2027 408,952 0.01 615,000 Export Import Bank of India 4% 14/01/2023 638,029 0.01 500,000 Export Import Bank of Korea 2.375% 25/06/2024 504,563 0.01 977,000 Exxon Mobil Corporation 2.275% 16/08/2026 981,367 0.02 248,000 Exxon Mobil Corporation 4.114% 01/03/2046 289,512 0.01 308,000 Fairfax Financial Holdings 4.85% 17/04/2028 333,304 0.01 375,000 Fannie Mae Aces 1.25% 17/08/2021 373,078 0.01 1,685,000 Fannie Mae Aces 2.483% 25/12/2026 1,707,355 0.04 1,500,000 Fannie Mae Aces 2.59% 25/12/2024 1,509,029 0.04 523,000 Fannie Mae Aces 2.625% 06/09/2024 544,718 0.01 1,500,000 Federal Farm Credit Banks 2.55% 11/01/2021 1,515,087 0.04 180,000 Federal Farm Credit Banks 3.05% 15/11/2021 184,765 - 180,000 Federal Home Loan Banks 1.5% 15/08/2024 178,688 - 180,000 Federal Home Loan Banks 1.875% 07/07/2021 180,800 - 180,000 Federal Home Loan Banks 1.875% 29/11/2021 181,000 - 1,365,000 Federal Home Loan Banks 2.125% 11/02/2020 1,365,734 0.03 2,180,000 Federal Home Loan Banks 2.5% 13/02/2024 2,248,665 0.05 180,000 Federal Home Loan Banks 2.75% 10/06/2022 184,984 - 2,130,000 Federal Home Loan Banks 3.25% 09/06/2028 2,323,050 0.05 180,000 Federal Home Loan Banks 3.25% 16/11/2028 197,003 - Federal Home Loan Mortgage Corporation 2.375% 180,000 16/02/2021 181,563 - Federal Home Loan Mortgage Corporation 2.75% 180,000 19/06/2023 187,010 - Federal National Mortgage Association 1.375% 375,000 07/10/2021 373,640 0.01 Federal National Mortgage Association 1.875% 371,000 05/04/2022 373,473 0.01 Federal National Mortgage Association 1.875% 548,000 24/09/2026 547,364 0.01 371,000 Federal National Mortgage Association 2% 05/01/2022 373,933 0.01 371,000 Federal National Mortgage Association 2% 05/10/2022 375,090 0.01 Federal National Mortgage Association 2.125% 542,000 24/04/2026 550,527 0.01 Federal National Mortgage Association 2.375% 372,000 19/01/2023 380,511 0.01 Federal National Mortgage Association 2.5% 180,000 13/04/2021 182,122 -

249 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) Federal National Mortgage Association 2.625% 365,000 11/01/2022 372,459 0.01 180,000 Federal National Mortgage Association 2.75% 22/6/2021 183,071 - Federal National Mortgage Association 2.875% 416,000 12/09/2023 433,907 0.01 200,000 Federation des Caisses Desjardins 2.25% 30/10/2020 200,503 0.01 1,528,000 FedEx 3.1% 05/08/2029 1,525,566 0.04 800,000 FedEx 3.4% 14/01/2022 821,975 0.02 334,000 FedEx 4.75% 15/11/2045 352,516 0.01 449,000 Ferguson Finance 4.5% 24/10/2028 491,814 0.01 454,000 Fidelity National Information 3% 15/08/2026 469,486 0.01 720,000 Fifth Third Bancorp 3.65% 25/01/2024 758,893 0.02 1,511,000 Fifth Third Bank 2.2% 30/10/2020 1,513,788 0.04 200,000 Fifth Third Bank 2.25% 14/06/2021 200,967 - 100,000 Firstenergy 3.9% 15/07/2027 107,056 - 397,000 Firstenergy 4.85% 15/07/2047 472,968 0.01 486,000 Fiserv 3.5% 01/07/2029 511,835 0.01 237,000 Fiserv 4.2% 01/10/2028 262,938 0.01 567,000 Florida Power And Light 3.95% 01/03/2048 648,765 0.02 28,940,000 FNMA 15 yrs (JAN Issue) 2.5% TBA 17/01/2020 29,206,781 0.68 51,410,000 FNMA 15 yrs (JAN Issue) 3% TBA 17/01/2020 52,693,240 1.24 11,390,000 FNMA 15 yrs (JAN Issue) 3.5% TBA 17/01/2020 11,806,886 0.28 70,600,000 FNMA 30 yrs (JAN Issue) 3% TBA 11/01/2020 71,609,347 1.68 71,790,000 FNMA 30 yrs (JAN Issue) 3.5% TBA 14/01/2020 73,856,762 1.73 25,510,000 FNMA 30 yrs (JAN Issue) 4.5% TBA 11/01/2020 26,862,221 0.63 18,480,000 FNMA 30 yrs (JAN Issue) 5% TBA 14/01/2020 19,759,157 0.46 22,920,000 FNMA 30 yrs (JAN Issue) 5.5% TBA 11/01/2020 24,685,562 0.58 563,000 Ford Credit Auto Owner Trust 1.4% 15/02/2022 561,364 0.01 1,000,000 Ford Credit Auto Owner Trust 1.92% 15/04/2022 999,626 0.02 446,000 Ford Motor 5.291% 08/12/2046 425,734 0.01 200,000 Ford Motor Credit 3.2% 15/01/2021 200,991 - 200,000 Ford Motor Credit 3.336% 18/03/2021 201,488 - 850,000 Ford Motor Credit 3.35% 01/11/2022 859,533 0.02 281,000 Ford Motor Credit 3.81% 09/01/2024 285,083 0.01 461,000 Ford Motor Credit 3.813% 12/10/2021 468,792 0.01 785,000 Ford Motor Credit 4.14% 15/02/2023 808,778 0.02 238,000 Ford Motor Credit 5.584% 18/03/2024 257,802 0.01 1,200,000 Ford Motor Credit 5.596% 07/01/2022 1,263,774 0.03

250 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 200,000 Formosa Group 3.375% 22/04/2025 205,499 0.01 376,000 Fortis 3.055% 04/10/2026 383,758 0.01 569,000 Fortive 2.35% 15/06/2021 570,652 0.01 183,000 Fortive 3.15% 15/06/2026 186,782 - 165,000 Fortune Brands Home and Security 4% 21/09/2023 173,249 - 500,000 Fox Corporation 4.709% 25/01/2029 570,630 0.01 250,000 Fox Corporation 5.476% 25/01/2039 306,409 0.01 225,000 Fox Corporation 5.576% 25/01/2049 287,035 0.01 1,530,000 Freddie Mac Multifamily 3.243% 25/04/2027 1,625,191 0.04 2,500,000 Freddie Mac Multifamily 3.43% 25/01/2027 2,680,509 0.06 1,100,000 Freddie Mac Multifamily 3.59% 25/01/2025 1,167,939 0.03 4,200,000 Freddie Mac Multifamily 3.6% 25/02/2025 4,449,792 0.10 1,000,000 Freddie Mac Multifamily 3.926% 25/07/2028 1,111,000 0.03 2,000,000 Freddie Mac Multifamily 6.25% 15/07/2032 2,883,521 0.07 1,223,000 Gazprom 4.95% 19/07/2022 1,295,405 0.03 1,000,000 Gazprom 5.15% 11/02/2026 1,116,452 0.03 200,000 GE Capital International Funding 2.342% 15/11/2020 200,203 - 400,000 General Dynamics 2.25% 15/11/2022 404,517 0.01 500,000 General Dynamics 3.5% 15/05/2025 536,221 0.01 500,000 General Electric 2.7% 09/10/2022 506,995 0.01 406,000 General Mills 3.2% 10/02/2027 426,501 0.01 415,000 General Mills 4.2% 17/04/2028 463,004 0.01 172,000 General Motors 3.55% 09/04/2021 174,707 - 1,372,000 General Motors 3.55% 08/07/2022 1,409,737 0.03 169,000 General Motors 4.15% 19/06/2023 177,818 - 169,000 General Motors 4.2% 06/11/2021 174,835 - 163,000 General Motors 5.1% 17/01/2024 176,593 - 102,000 General Motors 5.15% 01/04/2038 106,206 - 390,000 General Motors 6.6% 01/04/2036 459,838 0.01 200,000 General Motors 6.75% 01/04/2046 235,335 0.01 200,000 Gerdau Trade 4.875% 24/10/2027 215,080 0.01 675,000 Gilead Sciences 2.55% 01/09/2020 677,831 0.02 500,000 Gilead Sciences 3.65% 01/03/2026 539,022 0.01 355,000 Gilead Sciences 4% 01/09/2036 395,166 0.01 191,000 Gilead Sciences 4.75% 01/03/2046 229,048 0.01 772,000 GlaxoSmithKline Capital 3.125% 14/05/2021 785,445 0.02 200,000 GlaxoSmithKline Capital 3.875% 15/05/2028 220,867 0.01 500,000 GlaxoSmithKline Capital 6.375% 15/05/2038 722,420 0.02 575,000 Glencore Funding 4% 27/03/2027 598,164 0.01 200,000 Global Logistic Properties 3.875% 04/06/2025 204,237 0.01

251 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 200,000 GLP Capital LP GLP Financing II 5.3% 15/01/2029 222,390 0.01 1,610,000 GLP Capital LP Financing II 5.25% 01/06/2025 1,771,403 0.04 43,060,000 GNMA 30 yrs (JAN Issue) 3% TBA 22/01/2020 44,242,463 1.04 41,700,000 GNMA 30 yrs (JAN Issue) 3.5% TBA 22/01/2020 42,978,689 1.01 23,960,000 GNMA 30 yrs (JAN Issue) 4% TBA 22/01/2020 24,800,473 0.58 9,530,000 GNMA 30 yrs (JAN Issue) 4.5% TBA 22/01/2020 9,964,806 0.24 641,000 Gohl Capital 4.25% 24/01/2027 671,506 0.02 525,000 Goldman Sachs 2.6% 27/12/2020 526,157 0.01 760,000 Goldman Sachs 2.876% 31/10/2022 770,341 0.02 220,000 Goldman Sachs 2.905% 24/07/2023 223,956 0.01 223,000 Goldman Sachs 2.908% 05/06/2023 226,777 0.01 674,000 Goldman Sachs 3.2% 05/06/2020 677,717 0.02 193,000 Goldman Sachs 3.272% 29/09/2025 199,710 - 1,669,000 Goldman Sachs 3.625% 20/02/2024 1,752,763 0.04 195,000 Goldman Sachs 3.691% 05/06/2028 207,639 0.01 194,000 Goldman Sachs 3.814% 23/04/2029 208,302 0.01 482,000 Goldman Sachs 4.017% 31/10/2038 523,933 0.01 189,000 Goldman Sachs 4.223% 01/05/2029 208,550 0.01 599,000 Goldman Sachs 4.411% 23/04/2039 681,213 0.02 115,000 Goldman Sachs 4.75% 21/10/2045 140,464 - 200,000 Great West Lifeco Fin Delaware LP 4.15% 03/06/2047 219,294 0.01 500,000 Grupo Televisa 5.25% 24/05/2049 541,730 0.01 350,000 Grupo Televisa 6.125% 31/01/2046 422,584 0.01 200,000 GTL Trade Finance 7.25% 16/04/2044 252,600 0.01 188,000 Halliburton 3.8% 15/11/2025 200,881 - 409,000 Halliburton 4.85% 15/11/2035 459,894 0.01 215,000 Hanwha Life Insurance 4.7% 23/04/2048 219,327 0.01 310,000 Harris Corporation 4.4% 15/06/2028 346,013 0.01 700,000 HCA 4.125% 15/06/2029 744,183 0.02 250,000 HCA 4.5% 15/02/2027 270,010 0.01 1,350,000 HCA 5% 15/03/2024 1,475,250 0.03 700,000 Healthpeak Properties 3% 15/01/2030 700,675 0.02 357,000 Heineken 3.5% 29/01/2028 378,697 0.01 703,000 Hess 4.3% 01/04/2027 750,827 0.02 184,000 Hewlett Packard Enterprise 6.35% 15/10/2045 222,606 0.01 203,000 Hkt Capital 4 3% 14/07/2026 200,682 - 300,000 HollyFrontier Corporation 5.875% 01/04/2026 337,602 0.01 200,000 Home Depot 3.9% 15/06/2047 225,982 0.01 77,000 Home Depot 4.25% 01/04/2046 90,787 - 699,000 Home Depot 4.5% 06/12/2048 864,693 0.02

252 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 1,500,000 Honda Auto Receivables 2016 1.36% 18/01/2023 1,497,853 0.04 526,000 Honeywell International 1.85% 01/11/2021 527,054 0.01 500,000 Honeywell International 2.3% 15/08/2024 507,352 0.01 1,365,000 Hong Kong (Govt of) 3.132% 28/02/2027 1,413,425 0.03 680,000 Hong Kong Electric Finance 2.875% 03/05/2026 675,678 0.02 476,000 HSBC Bank Canada 3.3% 28/11/2021 488,307 0.01 200,000 HSBC Holdings 3.033% 22/11/2023 204,679 0.01 200,000 HSBC Holdings 3.4% 08/03/2021 203,209 0.01 800,000 HSBC Holdings 3.803% 11/03/2025 840,284 0.02 355,000 HSBC Holdings 3.9% 25/05/2026 378,695 0.01 1,025,000 HSBC Holdings 3.95% 18/05/2024 1,076,546 0.03 294,000 HSBC Holdings 4.041% 13/03/2028 314,356 0.01 513,000 HSBC Holdings 4.292% 12/09/2026 555,137 0.01 388,000 HSBC Holdings 4.375% 23/11/2026 420,182 0.01 300,000 HSBC Holdings 4.583% 19/06/2029 335,243 0.01 378,000 Huarong Finance 4.625% 03/06/2026 401,751 0.01 860,000 Hungary (Govt of) 5.75% 22/11/2023 971,087 0.02 500,000 Huntington Bancshares 2.625% 06/08/2024 507,012 0.01 700,000 Husky Energy 4.4% 15/04/2029 754,415 0.02 176,000 Hyundai Capital America 2.45% 15/06/2021 176,144 - 174,000 Hyundai Capital America 3% 30/10/2020 175,105 - 174,000 Hyundai Capital America 3.45% 12/03/2021 176,381 - 200,000 Hyundai Capital Services 3% 06/03/2022 202,088 - 200,000 Hyundai Capital Services 3.0% 29/08/2022 202,571 - 789,000 IBM Corporation 2.875% 09/11/2022 809,549 0.02 100,000 IBM Corporation 3.45% 19/02/2026 106,408 - 638,000 IBM Credit 3% 06/02/2023 656,192 0.02 1,293,000 ICBCIL Finance 2.5% 29/09/2021 1,291,458 0.03 1,800,000 ICICI Bank Dubai 4% 18/03/2026 1,874,055 0.04 456,000 IDB Trust Services 1.775% 10/03/2021 453,704 0.01 647,000 IDB Trust Services 1.831% 12/03/2020 645,460 0.02 700,000 IHS Markit 3.625% 01/05/2024 728,210 0.02 250,000 IHS Markit 4.75% 15/02/2025 272,344 0.01 248,000 Illinois Tool Works 2.65% 15/11/2026 255,151 0.01 200,000 Imperial Brands Finance 3.125% 26/07/2024 202,211 - 1,019,000 Imperial Brands Finance 3.75% 21/07/2022 1,049,517 0.02 2,500,000 Indonesia (Govt of) 3.4% 18/09/2029 2,610,943 0.06 589,000 Indonesia (Govt of) 3.75% 01/03/2023 613,429 0.01 1,044,000 Indonesia (Govt of) 5.25% 17/01/2042 1,259,838 0.03 250,000 ING Bank 2.625% 05/12/2022 255,183 0.01

253 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 200,000 ING Groep 3.15% 29/03/2022 204,737 0.01 1,000,000 ING Groep 3.55% 09/04/2024 1,047,864 0.02 762,000 ING Groep 4.7% 22/03/2028 802,027 0.02 400,000 Intel Corporation 2.875% 11/05/2024 414,708 0.01 500,000 Intel Corporation 3.734% 08/12/2047 551,363 0.01 124,000 Intel Corporation 4.9% 29/07/2045 158,037 - 680,000 Inter American Development Bank 1.25% 14/09/2021 675,273 0.02 599,000 Inter American Development Bank 2% 02/06/2026 603,055 0.01 1,000,000 Inter American Development Bank 2% 23/07/2026 1,005,945 0.02 324,000 Inter American Development Bank 2.375% 07/07/2027 334,318 0.01 1,500,000 Inter American Development Bank 2.625% 19/04/2021 1,518,072 0.04 1,000,000 Inter American Development Bank 2.625% 16/01/2024 1,033,766 0.02 1,223,000 Inter American Development Bank 3.125% 18/09/2028 1,335,536 0.03 207,000 Intercontinental Exchange 3.75% 01/12/2025 222,878 0.01 700,000 Intercontinental Exchange 4.25% 21/09/2048 830,711 0.02 International Bank for Reconstruction and Development 180,000 1.375% 20/09/2021 179,045 - International Bank for Reconstruction and Development 367,000 2.5% 29/07/2025 380,705 0.01 International Bank for Reconstruction and Development 2,289,000 2.5% 22/11/2027 2,385,177 0.06 International Bank for Reconstruction and Development 180,000 2.75% 23/07/2021 182,986 - International Bank for Reconstruction and Development 1,000,000 3% 27/09/2023 1,046,444 0.02 1,598,000 International Business Machines 2.5% 27/01/2022 1,617,007 0.04 672,000 International Business Machines 2.85% 13/05/2022 686,577 0.02 670,000 International Business Machines 3% 15/05/2024 694,264 0.02 701,000 International Business Machines 4.15% 15/05/2039 790,594 0.02 731,000 International Business Machines 4.25% 15/05/2049 837,929 0.02 2,000,000 International Finance 2.875% 31/07/2023 2,083,201 0.05 350,000 International Flavors And Fragrances 5% 26/09/2048 394,131 0.01 200,000 International Paper 4.4% 15/08/2047 213,541 0.01 350,000 International Paper 5% 15/09/2035 411,033 0.01 200,000 Intesa Sanpaolo 3.125% 14/07/2022 202,748 0.01 1,500,000 Israel (Govt of) 3.25% 17/01/2028 1,614,363 0.04 346,000 Israel (Govt of) 4.5% 30/01/2043 416,023 0.01 1,500,000 Italy (Govt of) 2.375% 17/10/2024 1,471,764 0.03 248,000 Japan (Govt of) 2% 21/04/2022 248,402 0.01 378,000 Japan (Govt of) 2.375% 13/02/2025 382,467 0.01 Japan Bank for International Cooperation 2.25% 2,128,000 24/02/2020 2,129,159 0.05

254 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 416,000 Jefferies Group 4.15% 23/01/2030 440,889 0.01 468,000 JM Smucker 3.5% 15/03/2025 491,839 0.01 582,000 John Deere Capital Corporation 2.8% 06/03/2023 597,499 0.01 1,371,000 John Deere Capital Corporation 3.2% 10/01/2022 1,408,466 0.03 685,000 John Deere Capital Corporation 3.45% 13/03/2025 729,480 0.02 226,000 Johnson & Johnson 3.4% 15/01/2038 242,044 0.01 850,000 Johnson & Johnson 3.5% 15/01/2048 928,526 0.02 181,000 Johnson & Johnson 3.55% 01/03/2036 197,681 - 223,000 Johnson & Johnson 3.625% 03/03/2037 246,163 0.01 JPMBB Commercial Mortgage Securities 3.2274% 2,837,000 15/10/2048 2,948,407 0.07 JPMDB Commercial Mortgage Securities 3.2419% 3,000,000 15/10/2050 3,118,443 0.07 JPMDB Commercial Mortgage Securities 3.558215% 900,000 15/06/2049 892,383 0.02 2,000,000 JPMorgan Chase 2.301% 15/10/2025 1,997,090 0.05 1,000,000 JPMorgan Chase 2.739% VRN 15/10/2030 1,000,312 0.02 317,000 JPMorgan Chase 3.509% 23/01/2029 336,657 0.01 169,000 JPMorgan Chase 3.514% 18/06/2022 172,693 - 972,000 JPMorgan Chase 3.559% 23/04/2024 1,013,400 0.02 850,000 JPMorgan Chase 3.625% 01/12/2027 897,864 0.02 1,800,000 JPMorgan Chase 3.702% 06/05/2030 1,940,838 0.05 384,000 JPMorgan Chase 3.882% 24/07/2038 425,725 0.01 500,000 JPMorgan Chase 3.897% 23/01/2049 561,814 0.01 1,200,000 JPMorgan Chase 3.96% 29/01/2027 1,301,766 0.03 300,000 JPMorgan Chase 3.964% 15/11/2048 340,471 0.01 285,000 JPMorgan Chase 4.26% 22/02/2048 337,331 0.01 107,000 JPMorgan Chase 4.95% 01/06/2045 135,324 - 250,000 JPMorgan Chase Bank 3.086% 26/04/2021 250,873 0.01 263,000 Kazakhstan (Govt of) 4.875% 14/10/2044 325,618 0.01 850,000 KazMunayGas National 5.375% 24/04/2030 986,921 0.02 500,000 KazMunayGas National 6.375% 24/10/2048 645,120 0.02 523,000 Kellogg 3.25% 01/04/2026 544,001 0.01 566,000 Keurig Dr Pepper 4.057% 25/05/2023 597,313 0.01 395,000 Keurig Dr Pepper 5.085% 25/05/2048 477,852 0.01 250,000 KeyBank Cleveland 2.3% 14/09/2022 252,575 0.01 200,000 Kia Motors Corporation 3% 25/04/2023 201,093 - 400,000 KimberlyClark Corporation 3.2% 25/04/2029 425,829 0.01 450,000 Kimco Realty Corporation 3.7% 01/10/2049 439,297 0.01 571,000 Kinder Morgan 3.15% 15/01/2023 584,644 0.01 1,357,000 Kinder Morgan 4.3% 01/03/2028 1,479,850 0.03

255 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 491,000 Kinder Morgan 5.2% 01/03/2048 570,484 0.01 400,000 KKR Group Finance 3.75% 01/07/2029 426,877 0.01 1,000,000 KLA Tencor 4.1% 15/03/2029 1,095,961 0.03 1,000,000 Kommunalbanken 2% 19/06/2024 1,008,623 0.02 700,000 Kommunalbanken 2.125% 23/04/2025 710,468 0.02 500,000 Kommunekredit 2.25% 16/11/2022 507,212 0.01 2,000,000 Kommuninvest 2.625% 15/09/2022 2,048,006 0.05 261,000 Korea (Govt of) 4.125% 10/06/2044 319,374 0.01 200,000 Korea East West Power 3.875% 19/07/2023 210,631 0.01 169,000 Kraft Heinz Foods 3.95% 15/07/2025 178,443 - 850,000 Kraft Heinz Foods 4.625% 30/01/2029 934,872 0.02 448,000 Kraft Heinz Foods 5% 15/07/2035 498,661 0.01 225,000 Kraft Heinz Foods 5.2% 15/07/2045 243,950 0.01 180,000 Kreditanstalt fuer Wiederaufbau 2% 30/11/2021 181,233 - 1,000,000 Kreditanstalt fuer Wiederaufbau 2.5% 15/02/2022 1,017,806 0.02 180,000 Kreditanstalt fuer Wiederaufbau 2.625% 12/04/2021 182,173 - 3,000,000 Kreditanstalt fuer Wiederaufbau 2.625% 28/02/2024 3,105,558 0.07 1,709,000 Kreditanstalt fuer Wiederaufbau 2.875% 03/04/2028 1,831,820 0.04 180,000 Kreditanstalt fuer Wiederaufbau 3.125% 15/12/2021 185,069 - 500,000 Kroger 2.65% 15/10/2026 502,531 0.01 335,000 Kroger 4.45% 01/02/2047 356,698 0.01 341,000 Kuwait (Govt of) 2.75% 20/03/2022 346,750 0.01 901,000 Kuwait (Govt of) 3.5% 20/03/2027 969,899 0.02 752,000 L3Harris Technologies 3.85% 15/12/2026 808,232 0.02 169,000 Lam Research 2.8% 15/06/2021 171,062 - 700,000 Lam Research 3.75% 15/03/2026 751,071 0.02 500,000 Lam Research 4.875% 15/03/2049 627,521 0.01 600,000 Landesbank HessenThueringen 1.625% 17/08/2020 598,670 0.01 2,000,000 Landwirtschaftliche Rentenbank 1.75% 27/07/2026 1,975,454 0.05 1,500,000 Landwirtschaftliche Rentenbank 2% 13/01/2025 1,515,656 0.04 500,000 Landwirtschaftliche Rentenbank 3.125% 14/11/2023 526,487 0.01 700,000 Las Vegas Sands Corporation 2.9% 25/06/2025 707,808 0.02 500,000 Lazard Group 4.375% 11/03/2029 545,415 0.01 344,000 Lear 3.8% 15/09/2027 347,778 0.01 200,000 Liberty Mutual Group 3.951% 15/10/2050 208,777 0.01 487,000 Liberty Mutual Group 4.569% 01/02/2029 544,699 0.01 1,000,000 Lloyds Bank 2.858% 17/03/2023 1,012,257 0.02 1,484,000 Lloyds Bank 2.907% 07/11/2023 1,507,170 0.04 692,000 Lloyds Bank 3% 11/01/2022 702,990 0.02 480,000 Lloyds Bank 3.375% 15/11/2021 493,093 0.01

256 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 243,000 Lloyds Bank 4.582% 10/12/2025 263,091 0.01 209,000 Lloyds Bank 5.3% 01/12/2045 257,436 0.01 400,000 Louisville Gas Electric 4.25% 01/04/2049 461,560 0.01 494,000 Lowes 4.05% 03/05/2047 534,582 0.01 500,000 Lowes Cos 4.55% 05/04/2049 591,297 0.01 334,000 LYB International Finance 3.5% 02/03/2027 350,266 0.01 522,000 Macquarie Group 3.189% 28/11/2023 534,311 0.01 740,000 Malaysia (Govt of) 3.043% 22/04/2025 767,653 0.02 500,000 Manulife Financial 5.375% 04/03/2046 663,995 0.02 349,000 Marathon Oil 4.4% 15/07/2027 379,539 0.01 1,000,000 Marathon Petroleum 4.75% 15/12/2023 1,087,418 0.03 200,000 Markel 5% 05/04/2046 229,880 0.01 824,000 Marriott International 2.3% 15/01/2022 826,786 0.02 800,000 Mars 3.95% 01/04/2049 906,978 0.02 700,000 Marsh McLennan 3.875% 15/03/2024 747,200 0.02 500,000 Marsh McLennan 4.375% 15/03/2029 570,223 0.01 374,000 MassMutual Global Funding 2% 15/04/2021 374,690 0.01 600,000 MassMutual Global Funding 2.75% 22/06/2024 615,999 0.01 892,000 MassMutual Global Funding II 1.95% 22/09/2020 892,489 0.02 700,000 Mastercard 2% 03/03/2025 698,779 0.02 1,789,000 MCC Holding Hong Kong Corporation 2.95% 31/05/20 1,791,426 0.04 82,000 McCormick 2.7% 15/08/2022 83,332 - 868,000 McDonalds 3.35% 01/04/2023 903,552 0.02 336,000 McDonalds 4.7% 09/12/2035 398,299 0.01 73,000 McDonalds 4.875% 09/12/2045 88,397 - 400,000 McKesson 3.796% 15/03/2024 421,035 0.01 505,000 McKesson 3.95% 16/02/2028 539,228 0.01 223,000 Medtronic 3.5% 15/03/2025 239,124 0.01 46,000 Medtronic 4.625% 15/03/2045 58,019 - 200,000 Meiji Yasuda Life Insurance 5.10% 26/04/2048 226,673 0.01 200,000 Meiji Yasuda Life Insurance 5.2% 20/10/2045 220,053 0.01 1,000,000 Merck 3.9% 07/03/39 1,146,052 0.03 300,000 Merck 4% 07/03/2049 351,204 0.01 200,000 Methanex 5.65% 01/12/2044 192,147 - 500,000 MetLife 3.6% 10/04/2024 530,144 0.01 500,000 MetLife 4.05% 01/03/2045 576,455 0.01 500,000 MetLife 5.875% 06/02/2041 680,579 0.02 283,000 Metropolitan Life Global Funding 1.95% 15/09/2021 283,355 0.01 679,000 Metropolitan Life Global Funding 3% 19/09/2027 705,051 0.02 255,000 Metropolitan Life Global Funding 3.45% 09/10/2021 262,163 0.01 650,000 Metropolitan Life Global Funding 3.45% 18/12/2026 698,344 0.02

257 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 200,000 Mexichem SAB de CV 5.5% 15/01/2048 205,200 0.01 1,000,000 Mexico (Govt of) 4.5% 22/04/2029 1,098,000 0.03 1,000,000 Mexico (Govt of) 4.5% 31/01/2050 1,083,000 0.03 1,103,000 Mexico (Govt of) 4.6% 10/02/2048 1,211,585 0.03 408,000 Mexico City Airport Trust 3.875% 30/04/2028 417,836 0.01 171,000 Microchip Technology 3.922% 01/06/2021 174,898 - 250,000 Microchip Technology 4.333% 01/06/2023 264,799 0.01 800,000 Microsoft 2.875% 06/02/2024 829,815 0.02 178,000 Microsoft 3.45% 08/08/2036 194,922 - 480,000 Microsoft 3.7% 08/08/2046 543,195 0.01 588,000 Microsoft 3.95% 08/08/2056 695,640 0.02 566,000 Microsoft 4.1% 06/02/2037 667,809 0.02 571,000 Microsoft 4.45% 03/11/2045 713,813 0.02 509,000 Microsoft 4.50% 06/02/2057 658,728 0.02 500,000 Mid America Apartment 3.95% 15/03/2029 546,199 0.01 630,000 MidAmerican Energy 3.65% 01/08/2048 682,401 0.02 1,250,000 Midwest Connector Capital 3.9% 01/04/2024 1,313,105 0.03 910,000 Minejesa Capital 5.625% 10/08/2037 991,936 0.02 820,000 Mississippi Power 3.95% 30/03/2028 894,196 0.02 232,000 Mitsubishi Financial Group 3.761% 26/07/2023 244,012 0.01 200,000 Mitsubishi UFJ Financial 2.19% 13/09/2021 200,436 - 95,000 Mitsubishi UFJ Financial 2.665% 25/07/2022 96,413 - 199,000 Mitsubishi UFJ Financial 2.998% 22/02/2022 202,832 0.01 350,000 Mitsubishi UFJ Financial 4.05% 11/09/2028 385,796 0.01 200,000 Mitsubishi UFJ Trust And Bank 2.65% 19/10/2020 201,028 - 200,000 Mitsui Sumitomo Insurance 4.95% VRN Perp 221,430 0.01 200,000 Mizuho Bank 2.7% 20/10/2020 201,263 - 243,000 Mizuho Financial 2.601% 11/09/2022 246,312 0.01 200,000 Mizuho Financial 2.953% 28/02/2022 203,530 0.01 971,000 Mizuho Financial 3.922% 11/09/2024 1,020,729 0.02 440,000 Molson Coors Brewing 4.2% 15/07/2046 437,833 0.01 1,267,000 Mondelez 2% 28/10/2021 1,267,485 0.03 1,800,000 Morgan Stanley 2.72% 22/07/2025 1,822,530 0.04 1,018,000 Morgan Stanley 3.737% 24/04/2024 1,064,219 0.02 1,550,000 Morgan Stanley 3.772% 24/01/2029 1,668,352 0.04 75,000 Morgan Stanley 3.971% 22/07/2038 83,174 - 218,000 Morgan Stanley 4.457% 22/04/2039 257,400 0.01 171,000 Mosaic 3.25% 15/11/2022 175,523 - 384,000 Mosaic 4.05% 15/11/2027 398,549 0.01 583,000 MPLX 4% 15/03/2028 605,129 0.01

258 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 448,000 MPLX 4.125% 01/03/2027 470,429 0.01 268,000 MPLX 4.25% 01/12/2027 282,643 0.01 354,000 MPLX 4.5% 15/04/2038 360,437 0.01 685,000 MPLX 4.8% 15/02/2029 750,843 0.02 503,000 Mylan 3.15% 15/06/2021 509,581 0.01 634,000 Mylan 4.55% 15/04/2028 683,700 0.02 386,000 Mylan NV 3.95% 15/06/2026 401,744 0.01 200,000 Myriad International Holdings 4.85% 06/07/2027 218,535 0.01 483,000 National Australia Bank 2.125% 22/05/2020 483,459 0.01 750,000 National Australia Bank 2.4% 07/12/2021 757,337 0.02 297,000 National Australia Bank 2.5% 22/05/2022 300,453 0.01 300,000 National Rural Utilities Cooperation 3.7% 15/03/2029 329,061 0.01 200,000 Nationwide Financial Services 5.3% 18/11/2044 228,545 0.01 500,000 Nederlandse Waterschapsbank 1.5% 27/08/2021 498,334 0.01 671,000 Nestle Holdings 3.1% 24/09/2021 686,220 0.02 724,000 Nestle Holdings 3.9% 24/09/2038 818,582 0.02 354,000 New York Life 1.7% 14/09/2021 353,753 0.01 1,000,000 New York Life Global Funding 2.875% 10/04/2024 1,032,402 0.02 500,000 New York Life Insurance 4.45% 15/05/2069 574,027 0.01 499,000 Newell Brands 3.85% 01/04/2023 518,867 0.01 417,000 Newell Rubbermaid 4.2% 01/04/2026 435,174 0.01 1,250,000 Newmont Goldcorp 3.7% 15/03/2023 1,308,451 0.03 250,000 NextEra Energy Capital Hold 3.55% 01/05/2027 265,841 0.01 170,000 NGPL PipeCo 4.375% 15/08/2022 176,684 - 200,000 Nippon Life Insurance 4% 19/09/2047 209,804 0.01 200,000 Nippon Life Insurance 4.7% 20/01/2046 215,250 0.01 100,000 NiSource 3.49% 15/05/2027 105,289 - 453,000 NiSource 4.375% 15/05/2047 503,333 0.01 175,000 Nissan Motor Acceptance 2.15% 28/09/2020 174,678 - NORD LB Luxembourg SA Covered Bond 2.875% 600,000 16/02/2021 605,784 0.01 500,000 Nordic Investment Bank 2.25% 01/02/2021 502,806 0.01 820,000 Norfolk Southern 4.05% 15/08/2052 904,191 0.02 250,000 Norfolk Southern 5.1% 01/08/2118 296,726 0.01 646,000 Northwestern Mutual Life Insurance 3.85% 30/09/2047 681,974 0.02 500,000 Novartis Capital 3.4% 06/05/2024 529,073 0.01 500,000 Novartis Capital 4.4% 06/05/2044 608,081 0.01 500,000 Novolipetsk Steel Via Steel Funding 4.7% 30/05/2026 545,654 0.01 172,000 Nutrien 3.375% 15/03/2025 178,334 - 1,045,000 Nuveen 4% 01/11/2028 1,164,679 0.03 192,000 Nvidia 3.2% 16/09/2026 201,165 -

259 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 200,000 NXP BV NXP Funding 3.875% 01/09/2022 207,769 - 384,000 NXP BV NXP Funding 4.625% 01/06/2023 410,852 0.01 670,000 NXP BV NXP Funding 4.875% 01/03/2024 731,430 0.02 175,000 Occidental Petroleum 2.7% 15/08/2022 177,064 - 400,000 Occidental Petroleum 2.7% 15/02/2023 402,916 0.01 175,000 Occidental Petroleum 2.9% 15/08/2024 177,832 - 250,000 Occidental Petroleum 4.2% 15/03/2048 248,479 0.01 200,000 Occidental Petroleum 6.6% 15/03/2046 257,961 0.01 180,000 Oesterreichische Kontrollbank 2.875% 07/09/2021 183,384 - Old Republic International Corporation 3.875% 169,000 26/08/2026 178,368 - 250,000 Omega Healthcare Investors 4.75% 15/01/2028 273,342 0.01 900,000 OMERS Finance Trust 2.5% 02/05/2024 921,365 0.02 500,000 Oncor Electric Delivery 5.75% 15/03/2029 617,866 0.01 595,000 Oneok 4.55% 15/07/2028 653,755 0.02 1,000,000 Ontario Teachers Cadillac Fairview 3.875% 20/03/2027 1,071,078 0.03 500,000 Ontario Teachers Cadillac Fairview 4.125% 01/02/2029 551,543 0.01 250,000 Ontario Teachers Finance 2.125% 19/09/2022 252,125 0.01 368,000 Ooredoo International Finance 3.25% 21/02/2023 375,672 0.01 175,000 Oracle 2.4% 15/09/2023 177,696 - 400,000 Oracle 2.95% 15/11/2024 415,684 0.01 899,000 Oracle 3.8% 15/11/2037 982,743 0.02 194,000 Oracle 3.85% 15/07/2036 213,192 - 331,000 Oracle 4% 15/07/2046 367,822 0.01 194,000 Oracle 4% 15/11/2047 216,863 0.01 320,000 O'Reilly Automotive 3.6% 01/09/2027 341,853 0.01 200,000 Orient Huizhi 3.625% 30/11/2022 201,833 - 581,000 Orix 2.9% 18/07/2022 589,546 0.01 1,000,000 Owens Corning 3.95% 15/08/2029 1,042,982 0.02 200,000 PACCAR Financial 2.8% 01/03/2021 202,403 - 1,000,000 Panama (Govt of) 3.16% 23/01/2030 1,031,500 0.02 375,000 Panama (Govt of) 4.3% 29/04/2053 437,226 0.01 1,000,000 Panama (Govt of) 4.5% 16/04/2050 1,186,935 0.03 850,000 Park Aerospace Holdings 4.5% 15/3/2023 892,428 0.02 167,000 Park Aerospace Holdings 5.25% 15/08/2022 178,391 - 1,573,000 Parker Hannifin 2.7% 14/06/2024 1,600,833 0.04 700,000 PayPal Holdings 2.85% 01/10/2029 705,954 0.02 1,000,000 Penske Truck Leasing 3.45% 01/07/2024 1,039,549 0.02 168,000 Penske Truck Leasing 3.95% 10/03/2025 178,608 -

260 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 500,000 Pepsico 2.625% 29/07/2029 510,439 0.01 400,000 Pepsico 2.875% 15/10/2049 386,542 0.01 1,000,000 Pepsico 3.45% 06/10/2046 1,065,025 0.02 124,000 Pepsico 4.45% 14/04/2046 152,708 - 494,000 Perrigo Finance 4.375% 15/03/2026 509,003 0.01 700,000 Peru (Govt of) 2.844% 20/06/2030 724,043 0.02 200,000 Peru (Govt of) 5.375% 22/03/2030 197,350 - 1,240,000 Perusahaan Penerbit 4.55% 29/03/2026 1,359,830 0.03 1,156,000 Petroleos Mexicanos 7.69% 23/01/2050 1,265,560 0.03 400,000 Pfizer 2.95% 15/03/2024 414,688 0.01 900,000 Pfizer 3.9% 15/03/2039 1,015,856 0.02 226,000 Pfizer 4% 15/12/2036 256,455 0.01 100,000 Philip Morris International 2.375% 17/08/2022 100,955 - 901,000 Philip Morris International 2.5% 02/11/2022 915,263 0.02 1,000,000 Philip Morris International 4.25% 10/11/2044 1,106,612 0.03 981,000 Philippine (Govt of) 3.7% 02/02/2042 1,111,075 0.03 817,000 Philippine (Govt of) 3.95% 20/01/2040 938,907 0.02 581,000 Phillips 3.9% 15/03/2028 634,468 0.01 534,000 Plains All American Pipeline 4.5% 15/12/2026 567,882 0.01 1,357,000 Plains All American Pipeline 4.65% 15/10/2025 1,457,274 0.03 2,150,000 PNC Bank 2% 19/05/2020 2,150,469 0.05 250,000 PNC Bank 2.45% 28/07/2022 253,352 0.01 250,000 PNC Bank 2.55% 09/12/2021 253,031 0.01 1,000,000 PNC Financial Service 3.5% 23/01/2024 1,051,076 0.02 1,000,000 PNC Financial Services 2.2% 01/11/2024 1,003,468 0.02 300,000 PNC Financial Services Group 2.6% 23/07/2026 304,068 0.01 1,000,000 PNC Financial Services Group 3.45% 23/04/2029 1,068,011 0.03 495,000 PPG Industries 3.2% 15/03/2023 511,307 0.01 500,000 PPL Electric Utilities 3% 01/10/2049 479,464 0.01 113,000 Precision Castparts Corporation 3.25% 15/06/2025 119,409 - 675,000 Procter And Gamble 2.15% 11/08/2022 683,010 0.02 431,000 Prologis 3.75% 01/11/2025 466,732 0.01 1,000,000 Province of Alberta Canada 2.95% 23/01/2024 1,041,092 0.02 750,000 Province of Alberta Canada 3.35% 01/11/2023 792,073 0.02 1,500,000 Province of Manitoba Canada 2.125% 04/05/2022 1,513,039 0.04 1,143,000 Province of Ontario Canada 3.05% 29/01/2024 1,195,396 0.03 652,000 Province of Ontario Canada 3.2% 16/05/2024 687,071 0.02 500,000 Province of Ontario Canada 3.4% 17/10/2023 529,108 0.01 2,000,000 Province of Quebec Canada 2.75% 25/08/2021 2,032,181 0.05 500,000 Prudential Financial 3.878% 27/03/2028 549,797 0.01

261 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 200,000 Prudential Financial 4.5% 15/09/2047 208,550 - 110,000 Prudential Financial 5.375% 21/06/2020 111,744 - 200,000 Prudential Financial 5.7% 15/09/2048 229,167 0.01 200,000 PSEG Power 3.85% 01/06/2023 209,678 - 600,000 Public Service Company of Colorado 3.2% 01/03/2050 599,692 0.01 1,000,000 Public Storage 3.385% 01/05/2029 1,063,373 0.02 1,000,000 Qatar (Govt of) 3.375% 14/03/2024 1,048,025 0.02 598,000 Qatar (Govt of) 4.625% 02/06/2046 726,989 0.02 500,000 Qatar (Govt of) 5.103% 23/04/2048 643,523 0.02 1,020,000 QIB Sukuk 2.754% 27/10/2020 1,021,688 0.02 178,000 Qualcomm 4.65% 20/05/2035 212,346 - 616,000 Rabobank Nederland 2.75% 10/01/2022 625,582 0.01 250,000 Rabobank Nederland 3.375% 21/05/2025 265,163 0.01 400,000 Realty Income 3.25% 15/06/2029 425,077 0.01 1,895,000 Reckitt Benckiser Treasury 2.375% 24/06/2022 1,904,578 0.04 275,000 Reckitt Benckiser Treasury 3% 26/06/2027 282,072 0.01 250,000 Reliance Industries 3.667% 30/11/2027 258,951 0.01 309,000 Republic Services 3.95% 15/05/2028 340,272 0.01 1,020,000 Rio Tinto Finance 3.75% 15/06/2025 1,096,997 0.03 1,404,000 Rockwell Collins 2.8% 15/03/2022 1,429,158 0.03 205,000 Rogers Communications 4.3% 15/02/2048 228,763 0.01 750,000 Romania (Govt of) 5.125% 15/06/2048 866,062 0.02 873,000 Roper Technologies 4.2% 15/09/2028 957,661 0.02 500,000 Royal Bank of Canada 2.55% 16/07/2024 508,103 0.01 92,000 Royal Bank of Canada 2.75% 01/02/2022 93,679 - 672,000 Royal Bank of Canada 3.2% 30/04/2021 684,065 0.02 1,255,000 Royal Bank of Scotland 3.498% 15/05/2023 1,285,235 0.03 750,000 Royal Bank of Scotland 4.519% 25/06/2024 797,810 0.02 200,000 Russia (Govt of) 5.25% 23/06/2047 250,829 0.01 400,000 Russia (Govt of) 5.625% 04/04/2042 524,298 0.01 1,000,000 Russian Foreign Bond Eurobond 5.1% 28/03/2035 1,199,741 0.03 325,000 S and P Global 4.4% 15/02/2026 359,562 0.01 237,000 SABIC Capital 4% 10/10/2023 249,744 0.01 733,000 Sabine Pass Liquefaction 4.2% 15/03/2028 777,041 0.02 195,000 Sabine Pass Liquefaction 5% 15/03/2027 214,814 0.01 158,000 Sabine Pass Liquefaction 5.625% 01/03/2025 177,648 - 324,000 Sabine Pass Liquefaction 5.875% 30/06/2026 372,694 0.01 400,000 San Diego Gas Electric 4.1% 15/06/2049 443,987 0.01 788,000 Sands China 5.125% 08/08/2025 868,524 0.02 1,222,000 Sands China 5.4% 08/08/2028 1,383,503 0.03

262 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 774,000 Santander 3.4% 01/06/2021 789,896 0.02 670,000 Santander Holdings 3.244% 05/10/2026 678,422 0.02 669,000 Santander UK 3.373% 05/01/2024 684,146 0.02 200,000 Santander UK 4.796% 15/11/2024 216,099 0.01 205,000 Santos Finance 4.125% 14/09/2027 209,892 - 200,000 SASOL Financing USA 6.5% 26/09/2028 223,127 0.01 1,190,000 Saudi (Govt of) 4.5% 17/04/2030 1,353,763 0.03 400,000 Saudi (Govt of) 5% 17/04/2049 479,014 0.01 2,000,000 Saudi (Govt of) 5.25% 16/01/2050 2,490,040 0.06 500,000 Saudi Arabian Oil 4.375% 16/04/2049 548,130 0.01 500,000 Saudi Electricity Global Sukuk 4.222% 27/01/2024 531,983 0.01 166,000 Schlumberger Holdings 3.75% 01/05/2024 175,052 - 739,000 Schlumberger Holdings 3.9% 17/05/2028 788,011 0.02 566,000 Schlumberger Investment 3.65% 01/12/2023 595,738 0.01 820,000 Seagate HDD Cayman 4.25% 01/03/2022 847,333 0.02 700,000 Selective Insurance Group 5.375% 01/03/2049 834,306 0.02 300,000 Sempra Energy 2.9% 01/02/2023 305,754 0.01 100,000 Sempra Energy 3.25% 15/06/2027 103,076 - 361,000 Sempra Energy 3.8% 01/02/2038 377,294 0.01 241,000 Sempra Energy 4% 01/02/2048 253,747 0.01 231,000 Shell International Finance 1.75% 12/09/2021 230,949 0.01 105,000 Shell International Finance 1.875% 10/05/2021 105,201 - 818,000 Shell International Finance 2.125% 11/05/2020 818,537 0.02 415,000 Shell International Finance 3.5% 13/11/2023 437,587 0.01 193,000 Shell International Finance 3.75% 12/09/2046 211,891 - 187,000 Shell International Finance 4% 10/05/2046 212,643 - 216,000 Shell International Finance 4.375% 11/05/2045 258,048 0.01 45,000 Sherwin Williams 2.75% 01/06/2022 45,802 - 700,000 Sherwin Williams 3.8% 15/08/2049 713,967 0.02 201,000 Sherwin Williams 4.5% 01/06/2047 228,846 0.01 297,000 Shire Acquisitions Investment Ireland 2.4% 23/09/2021 298,605 0.01 360,000 Shire Acquisitions Investment Ireland 3.2% 23/09/2026 371,072 0.01 250,000 Siemens Financieringsmaatschappij 2.7% 16/03/2022 254,504 0.01 250,000 Siemens Financieringsmaatschappij 4.4% 27/05/2045 297,559 0.01 501,000 Simon Property 3.25% 30/11/2026 526,446 0.01 805,000 SingTel Group Treasury 3.875% 28/08/2028 878,874 0.02 200,000 Sinopec Group Overseas 2% 29/09/2021 198,993 - 975,000 Sinopec Group Overseas 2.5% 08/08/2024 978,509 0.02 200,000 Sinopec Group Overseas 2.5% 13/9/2022 201,031 - 200,000 Sinopec Group Overseas 3.75% 12/09/2023 209,391 -

263 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 667,000 Skandinaviska Enskilda Banken 2.2% 12/12/2022 668,758 0.02 363,000 Skandinaviska Enskilda Banken 2.3% 11/03/2020 363,197 0.01 963,000 Slovakia (Govt of) 4.375% 21/05/2022 1,018,779 0.02 242,000 Slovenia (Govt of) 5.25% 18/02/2024 273,718 0.01 535,000 Societe Generale 2.5% 08/04/2021 538,139 0.01 200,000 Societe Generale 2.625% 16/09/2020 200,888 - 400,000 Solvay Finance America 4.45% 03/12/2025 433,172 0.01 100,000 Southern 3.25% 01/07/2026 104,103 - 607,000 Southern 4.4% 01/07/2046 671,517 0.02 170,000 Southern 5.50% 15/03/2057 178,209 - 300,000 Southern California Edison 4% 01/04/2047 315,709 0.01 280,000 Southern California Edison 4.125% 01/03/2048 298,993 0.01 600,000 Southern California Edison 4.2% 01/03/2029 662,451 0.02 395,000 Southern Copper 5.875% 23/04/2045 494,573 0.01 400,000 Southwestern Public Service 3.75% 15/06/2049 431,572 0.01 309,000 Spectra Energy Partners 3.375% 15/10/2026 320,180 0.01 981,000 Sprint Spectrum 4.738% 20/09/2029 1,041,719 0.02 351,000 Sprint Spectrum 5.152% 20/03/2028 383,467 0.01 359,000 SSG Resources 4.25% 04/10/2022 372,417 0.01 750,000 Stadshypotek 2.5% 05/04/2022 760,105 0.02 200,000 Standard Chartered 3.05% 15/01/2021 201,676 - 2,143,000 Standard Chartered 4.247% 20/01/2023 2,220,966 0.05 202,000 Starbucks 4.5% 15/11/2048 234,441 0.01 506,000 State Bank of India London 4.375% 24/01/2024 533,229 0.01 651,000 State Elite Global 2.75% 13/06/2022 656,164 0.02 200,000 State Grid Overseas Investment 3.75% 02/05/2023 208,658 - 1,360,000 State of California Municipal 4.5% 01/04/2033 1,530,864 0.04 1,200,000 State Street Corporation 2.354% 01/11/2025 1,206,110 0.03 164,000 State Street Corporation 2.653% 15/05/2023 166,356 - 350,000 Steel Dynamics 2.8% 15/12/2024 352,643 0.01 80,000 Steel Dynamics 3.45% 15/04/2030 81,121 - 112,000 Stryker 4.625% 15/03/2046 135,074 - 200,000 Sumitomo Life Insurance 4% 14/09/2077 211,554 - 571,000 Sumitomo Mitsui Financial 2.058% 14/07/2021 572,024 0.01 100,000 Sumitomo Mitsui Financial 2.442% 19/10/2021 100,869 - 284,000 Sumitomo Mitsui Financial 2.778% 18/10/2022 289,008 0.01 246,000 Sumitomo Mitsui Financial 2.784% 12/7/2022 250,297 0.01 193,000 Sumitomo Mitsui Financial 2.846% 11/01/2022 195,744 -

264 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 263,000 Sumitomo Mitsui Financial 3.102% 17/01/2023 269,334 0.01 194,000 Sumitomo Mitsui Financial 3.748% 19/7/2023 203,661 - 500,000 Sun Hung Kai Properties Capital 3.75% 25/02/2029 527,555 0.01 138,000 Suncor Energy 4% 15/11/2047 150,882 - 170,000 Sunoco Logistics Partners 3.9% 15/07/2026 176,590 - 500,000 Sunrise Cayman 5.25% 11/03/2024 520,993 0.01 2,750,000 SunTrust Bank 2.59% 29/01/2021 2,756,640 0.06 1,375,000 SunTrust Bank 2.9% 03/03/2021 1,389,450 0.03 450,000 Suzano Austria 6% 15/01/2029 509,760 0.01 300,000 Suzano Austria 7% 16/03/2047 353,850 0.01 1,000,000 Svensk Exportkredit 1.75% 12/12/2023 999,989 0.02 500,000 Svensk Exportkredit 2.375% 09/04/2021 503,742 0.01 400,000 Sydney Airport Finance 3.625% 28/04/2026 419,603 0.01 600,000 Synchrony Bank 3.65% 24/05/2021 612,366 0.01 167,000 Synchrony Financial 4.375% 19/03/2024 178,057 - 500,000 Synchrony Financial 5.15% 19/03/2029 568,590 0.01 367,000 Sysco Corporation 3.25% 15/07/2027 384,983 0.01 94,000 Sysco Corporation 3.75% 01/10/2025 101,065 - 200,000 Takeda Pharmaceutical 5% 26/11/2028 233,194 0.01 326,000 Takeda Pharmaceutical Co 4.4% 26/11/2023 350,302 0.01 248,000 Target Corporation 3.9% 15/11/2047 285,621 0.01 400,000 TD Ameritrade Holding 2.75% 01/10/2029 401,618 0.01 572,000 Teacher Insur And Anuity Association 4.27% 15/05/2047 651,540 0.02 250,000 Teck Resources 6.25% 15/07/2041 286,893 0.01 200,000 Telefonica Emisiones 4.103% 08/03/2027 216,427 0.01 300,000 Telefonica Emisiones 4.665% 06/03/2038 334,002 0.01 191,000 Telefonica Emisiones 5.213% 08/03/2047 225,909 0.01 500,000 Telefonica Emisiones 5.52% 01/03/2049 628,234 0.01 190,000 Telus Corporation 4.6% 16/11/2048 223,270 0.01 644,000 Tencent Holdings 3.925% 19/01/2038 682,735 0.02 500,000 Tencent Holdings 3.975% 11/04/2029 539,802 0.01 525,000 Tengizchevroil Finance 4% 15/08/2026 545,781 0.01 200,000 Tennessee Valley Authority 4.25% 15/09/2065 260,944 0.01 800,000 Tennessee Valley Authority 4.65% 15/06/2035 1,000,308 0.02 1,100,000 Texas Instruments 3.875% 15/03/2039 1,245,804 0.03 212,000 The Progressive Corporation 4.125% 15/04/2047 246,355 0.01 500,000 Toronto Dominion Bank 1.9% 01/12/2022 500,040 0.01 1,000,000 Toronto Dominion Bank 2.65% 12/06/2024 1,021,768 0.02 174,000 Toronto Dominion Bank 3.15% 17/09/2020 175,342 - 707,000 Toronto Dominion Bank 3.25% 11/06/2021 721,944 0.02

265 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 800,000 Total Capital International 2.434% 10/01/2025 810,288 0.02 1,544,000 Total System Services 3.8% 01/04/2021 1,574,826 0.04 873,000 Toyota Motor Credit Corporation 3.05% 08/01/2021 883,887 0.02 165,000 Transcanada Pipelines 4.25% 15/05/2028 195,463 - 274,000 Transcanada Pipelines 4.625% 01/03/2034 335,213 0.01 157,000 Transcanada Pipelines 4.875% 15/01/2026 175,794 - 139,000 Transcontinental Gas Pipe Line 7.85% 01/02/2026 176,489 - 925,000 Travelers 4% 30/05/2047 1,050,101 0.02 600,000 TWDC Enterprises 2.95% 15/06/2027 633,602 0.01 400,000 Tyson Foods 3.95% 15/08/2024 427,843 0.01 208,000 Tyson Foods 4.55% 02/06/2047 238,143 0.01 200,000 UBS 4.5% 26/06/2048 250,941 0.01 500,000 UBS Group 3.126% 13/08/2030 509,267 0.01 200,000 UBS Group Funding 2.95% 24/09/2020 201,424 - 1,053,000 UBS Group Funding Switzerland 2.859% 15/08/2023 1,067,291 0.03 300,000 UniCredit 1.875% 05/07/2022 299,877 0.01 400,000 UniCredit 7.296% 02/04/2034 460,749 0.01 500,000 Union Electric 3.5% 15/03/2029 537,893 0.01 572,000 Union Pacific 3.2% 08/06/2021 583,109 0.01 1,118,000 Union Pacific 3.799% 01/10/2051 1,187,801 0.03 400,000 Union Pacific 3.95% 10/09/28 441,641 0.01 496,000 Union Pacific 4.375% 10/09/2038 569,695 0.01 966,000 Union Pacific 4.5% 10/09/2048 1,139,540 0.03 166,000 United Mexican States 5.55% 21/01/2045 204,916 - 200,000 United Overseas Bank 3.5% 16/09/2026 202,938 - 400,000 United Parcel Service 2.45% 01/10/2022 406,565 0.01 1,000,000 United Parcel Service 2.5% 01/09/2029 999,041 0.02 163,000 United Parcel Service 3.75% 15/11/2047 175,952 - 500,000 United Technologies Corporation 3.65% 16/08/2023 527,519 0.01 362,000 United Technologies Corporation 4.15% 15/05/2045 415,540 0.01 852,000 United Technologies Corporation 4.45% 16/11/2038 1,004,293 0.02 260,000 United Technologies Corporation 4.625% 16/11/2048 326,303 0.01 124,000 UnitedHealth Group 2.375% 15/10/2022 125,495 - 600,000 UnitedHealth Group 2.375% 15/08/2024 608,265 0.01 154,000 UnitedHealth Group 3.35% 15/07/2022 159,502 - 190,000 UnitedHealth Group 3.5% 15/06/2023 199,188 - 1,375,000 UnitedHealth Group 3.85% 15/06/2028 1,513,617 0.04 315,000 UnitedHealth Group 4.625% 15/07/2035 381,639 0.01 497,000 Uruguay (Govt of) 4.125% 20/11/2045 535,982 0.01 665,000 Uruguay (Govt of) 4.375% 23/01/2031 744,966 0.02

266 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 553,000 US BanCorporation 2.625% 24/01/2022 561,538 0.01 500,000 US BanCorporation 3% 30/07/2029 513,398 0.01 250,000 US Bank NA Cincinnati 2.05% 23/10/2020 250,351 0.01 950,000 US Bank NA Cincinnati 3.4% 24/07/2023 993,177 0.02 1,250,000 US Bank NA Cincinnati OH 3% 04/02/2021 1,264,936 0.03 57,000,000 US Treasury Bill 0% 14/01/2020 56,972,212 1.34 75,000,000 US Treasury Bill 0% 27/02/2020 74,824,417 1.75 1,665,000 US Treasury Bond 2.25% 15/08/2046 1,622,855 0.04 5,000,000 US Treasury Bond 2.25% 15/08/2049 4,865,723 0.11 4,287,000 US Treasury Bond 2.5% 15/02/2045 4,386,304 0.10 1,360,000 US Treasury Bond 2.5% 15/02/2046 1,392,459 0.03 2,340,000 US Treasury Bond 2.5% 15/05/2046 2,395,895 0.06 1,077,000 US Treasury Bond 2.75% 15/08/2042 1,153,147 0.03 1,534,000 US Treasury Bond 2.75% 15/11/2042 1,641,170 0.04 2,720,000 US Treasury Bond 2.75% 15/08/2047 2,925,328 0.07 1,204,000 US Treasury Bond 2.75% 15/11/2047 1,294,888 0.03 1,559,000 US Treasury Bond 2.875% 15/05/2043 1,702,812 0.04 1,765,000 US Treasury Bond 2.875% 15/08/2045 1,934,605 0.05 2,400,000 US Treasury Bond 2.875% 15/11/2046 2,639,906 0.06 7,200,000 US Treasury Bond 2.875% 15/05/2049 7,959,656 0.19 1,234,000 US Treasury Bond 3% 15/05/2042 1,376,199 0.03 1,548,000 US Treasury Bond 3% 15/11/2044 1,730,102 0.04 2,499,000 US Treasury Bond 3% 15/05/2045 2,797,269 0.07 1,446,000 US Treasury Bond 3% 15/11/2045 1,622,005 0.04 2,109,000 US Treasury Bond 3% 15/05/2047 2,376,209 0.06 1,937,000 US Treasury Bond 3% 15/02/2048 2,183,816 0.05 4,500,000 US Treasury Bond 3% 15/02/2049 5,091,416 0.12 2,408,000 US Treasury Bond 3.125% 15/02/2042 2,738,065 0.06 1,096,000 US Treasury Bond 3.125% 15/02/2043 1,246,058 0.03 3,081,000 US Treasury Bond 3.125% 15/08/2044 3,513,844 0.08 5,458,000 US Treasury Bond 3.125% 15/05/2048 6,302,604 0.15 2,583,000 US Treasury Bond 3.375% 15/05/2044 3,064,437 0.07 2,500,000 US Treasury Bond 3.5% 15/02/2039 3,002,295 0.07 2,282,000 US Treasury Bond 3.625% 15/08/2043 2,805,166 0.07 1,708,000 US Treasury Bond 3.625% 15/02/2044 2,104,143 0.05 2,559,000 US Treasury Bond 3.75% 15/11/2043 3,207,796 0.08 2,312,000 US Treasury Bond 3.875% 15/08/2040 2,916,010 0.07 2,388,000 US Treasury Bond 4.25% 15/11/2040 3,167,085 0.07 4,741,000 US Treasury Bond 4.375% 15/11/2039 6,357,662 0.15 957,000 US Treasury Bond 4.375% 15/05/2040 1,287,614 0.03

267 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 2,642,000 US Treasury Bond 4.375% 15/05/2041 3,569,125 0.08 4,209,000 US Treasury Bond 4.5% 15/02/2036 5,589,667 0.13 3,000,000 US Treasury Bond 4.5% 15/08/2039 4,073,437 0.10 1,366,000 US Treasury Bond 4.625% 15/02/2040 1,892,390 0.04 2,159,000 US Treasury Bond 4.75% 15/02/2041 3,052,075 0.07 2,214,000 US Treasury Bond 5.25% 15/02/2029 2,834,439 0.07 13,913,000 US Treasury Bond 5.375% 15/02/2031 18,694,778 0.44 2,249,000 US Treasury Bond 6.125% 15/08/2029 3,089,388 0.07 4,189,000 US Treasury Bond 6.25% 15/05/2030 5,897,244 0.14 1,400,000 US Treasury Note 1.125% 28/02/2021 1,391,961 0.03 2,210,000 US Treasury Note 1.125% 30/06/2021 2,195,022 0.05 1,480,000 US Treasury Note 1.125% 31/07/2021 1,469,276 0.03 978,000 US Treasury Note 1.125% 31/08/2021 970,684 0.02 3,211,000 US Treasury Note 1.125% 30/09/2021 3,185,288 0.07 2,544,000 US Treasury Note 1.25% 31/03/2021 2,532,721 0.06 1,172,000 US Treasury Note 1.25% 31/10/2021 1,165,201 0.03 1,862,000 US Treasury Note 1.25% 31/07/2023 1,837,452 0.04 10,000,000 US Treasury Note 1.25% 31/08/2024 9,810,742 0.23 1,802,000 US Treasury Note 1.375% 31/01/2021 1,797,178 0.04 3,239,000 US Treasury Note 1.375% 30/04/2021 3,229,574 0.08 1,740,000 US Treasury Note 1.375% 31/05/2021 1,734,936 0.04 2,819,000 US Treasury Note 1.375% 30/06/2023 2,795,050 0.07 1,821,000 US Treasury Note 1.375% 31/08/2023 1,804,285 0.04 3,326,000 Us Treasury Note 1.375% 30/09/2023 3,293,001 0.08 4,952,000 US Treasury Note 1.5% 31/01/2022 4,945,617 0.12 4,763,000 US Treasury Note 1.5% 28/02/2023 4,747,464 0.11 1,093,000 US Treasury Note 1.5% 31/03/2023 1,089,264 0.03 3,955,000 US Treasury Note 1.5% 15/08/2026 3,878,683 0.09 3,413,000 US Treasury Note 1.625% 15/08/2022 3,416,933 0.08 2,850,000 US Treasury Note 1.625% 31/08/2022 2,852,950 0.07 5,246,000 US Treasury Note 1.625% 15/11/2022 5,250,610 0.12 4,804,000 US Treasury Note 1.625% 30/04/2023 4,804,844 0.11 1,101,000 US Treasury Note 1.625% 31/05/2023 1,101,279 0.03 2,900,000 US Treasury Note 1.625% 31/10/2023 2,898,018 0.07 4,036,000 US Treasury Note 1.625% 15/02/2026 4,001,552 0.09 5,216,000 US Treasury Note 1.625% 15/05/2026 5,164,655 0.12 998,000 US Treasury Note 1.75% 31/12/2020 999,131 0.02 2,743,000 US Treasury Note 1.75% 30/11/2021 2,752,054 0.06 2,590,000 US Treasury Note 1.75% 28/02/2022 2,600,218 0.06 2,540,000 US Treasury Note 1.75% 31/03/2022 2,550,071 0.06

268 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 6,616,000 US Treasury Note 1.75% 30/04/2022 6,642,231 0.16 2,170,000 US Treasury Note 1.75% 15/05/2022 2,178,476 0.05 2,270,000 US Treasury Note 1.75% 31/05/2022 2,279,399 0.05 2,040,000 US Treasury Note 1.75% 30/06/2022 2,048,885 0.05 3,532,000 US Treasury Note 1.75% 30/09/2022 3,546,969 0.08 1,802,000 US Treasury Note 1.75% 31/01/2023 1,809,884 0.04 2,560,000 US Treasury Note 1.75% 15/05/2023 2,570,550 0.06 2,817,000 US Treasury Note 1.875% 30/11/2021 2,833,836 0.07 1,212,000 US Treasury Note 1.875% 31/01/2022 1,219,362 0.03 2,272,000 US Treasury Note 1.875% 28/02/2022 2,286,422 0.05 2,415,000 US Treasury Note 1.875% 31/03/2022 2,430,895 0.06 1,820,000 US Treasury Note 1.875% 30/04/2022 1,832,228 0.04 3,670,000 US Treasury Note 1.875% 31/07/2022 3,696,736 0.09 3,515,000 US Treasury Note 1.875% 31/08/2022 3,541,500 0.08 7,178,000 US Treasury Note 1.875% 30/09/2022 7,234,218 0.17 3,595,000 US Treasury Note 1.875% 31/10/2022 3,622,594 0.08 3,651,000 US Treasury Note 1.875% 31/08/2024 3,683,303 0.09 2,180,000 US Treasury Note 2% 15/01/2021 2,188,303 0.05 2,290,000 US Treasury Note 2% 28/02/2021 2,299,661 0.05 5,393,000 US Treasury Note 2% 31/05/2021 5,423,441 0.13 1,332,000 US Treasury Note 2% 31/08/2021 1,341,027 0.03 8,756,000 US Treasury Note 2% 31/10/2021 8,823,038 0.21 1,937,000 US Treasury Note 2% 31/12/2021 1,952,889 0.05 4,450,000 US Treasury Note 2% 15/02/2022 4,488,937 0.11 2,782,000 US Treasury Note 2% 31/10/2022 2,813,080 0.07 4,603,000 US Treasury Note 2% 30/11/2022 4,655,952 0.11 1,480,000 US Treasury Note 2% 15/02/2023 1,497,748 0.04 2,962,000 US Treasury Note 2% 30/04/2024 3,003,248 0.07 6,826,000 US Treasury Note 2% 31/05/2024 6,921,723 0.16 2,709,000 US Treasury Note 2% 30/06/2024 2,747,148 0.06 4,295,000 US Treasury Note 2% 15/02/2025 4,358,418 0.10 15,750,000 US Treasury Note 2% 15/08/2025 15,970,254 0.37 3,879,000 US Treasury Note 2% 15/11/2026 3,924,760 0.09 2,200,000 US Treasury Note 2.125% 31/01/2021 2,211,730 0.05 1,158,000 US Treasury Note 2.125% 15/08/2021 1,167,906 0.03 1,187,000 US Treasury Note 2.125% 30/09/2021 1,197,850 0.03 3,450,000 US Treasury Note 2.125% 31/12/2021 3,486,993 0.08 3,370,000 US Treasury Note 2.125% 30/06/2022 3,415,218 0.08 4,199,000 US Treasury Note 2.125% 31/12/2022 4,263,871 0.10

269 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 939,000 US Treasury Note 2.125% 30/11/2023 955,928 0.02 2,254,000 US Treasury Note 2.125% 29/02/2024 2,296,306 0.05 2,185,000 US Treasury Note 2.125% 31/03/2024 2,226,011 0.05 2,658,000 US Treasury Note 2.125% 31/07/2024 2,710,329 0.06 2,879,000 US Treasury Note 2.125% 30/09/2024 2,937,198 0.07 2,829,000 US Treasury Note 2.125% 30/11/2024 2,887,403 0.07 2,560,000 US Treasury Note 2.125% 15/05/2025 2,613,500 0.06 1,360,000 US Treasury Note 2.25% 15/02/2021 1,369,297 0.03 1,996,000 US Treasury Note 2.25% 31/03/2021 2,011,672 0.05 3,090,000 US Treasury Note 2.25% 30/04/2021 3,116,736 0.07 1,480,000 US Treasury Note 2.25% 31/07/2021 1,495,234 0.04 6,922,000 US Treasury Note 2.25% 15/04/2022 7,025,019 0.16 2,934,000 US Treasury Note 2.25% 31/12/2023 3,001,390 0.07 4,910,000 US Treasury Note 2.25% 31/01/2024 5,024,790 0.12 4,864,000 US Treasury Note 2.25% 31/10/2024 4,992,345 0.12 2,996,000 US Treasury Note 2.25% 15/11/2024 3,075,347 0.07 4,853,000 US Treasury Note 2.25% 31/12/2024 4,983,329 0.12 4,911,000 US Treasury Note 2.25% 15/11/2025 5,046,148 0.12 5,877,000 US Treasury Note 2.25% 15/02/2027 6,043,553 0.14 1,856,000 US Treasury Note 2.25% 15/08/2027 1,909,432 0.04 2,868,000 US Treasury Note 2.25% 15/11/2027 2,950,231 0.07 5,708,000 US Treasury Note 2.375% 31/12/2020 5,748,915 0.13 1,944,000 US Treasury Note 2.375% 15/03/2021 1,961,162 0.05 1,110,000 US Treasury Note 2.375% 15/04/2021 1,120,840 0.03 3,029,000 US Treasury Note 2.375% 31/01/2023 3,098,336 0.07 3,244,000 US Treasury Note 2.375% 15/08/2024 3,344,171 0.08 6,383,000 US Treasury Note 2.375% 15/05/2027 6,622,487 0.16 1,519,000 US Treasury Note 2.5% 31/01/2021 1,533,122 0.04 5,369,000 US Treasury Note 2.5% 28/02/2021 5,421,956 0.13 2,956,000 US Treasury Note 2.5% 31/03/2023 3,038,618 0.07 1,350,000 US Treasury Note 2.5% 15/08/2023 1,390,816 0.03 1,319,000 US Treasury Note 2.5% 31/01/2024 1,362,718 0.03 3,287,000 US Treasury Note 2.5% 15/05/2024 3,401,981 0.08 2,854,000 US Treasury Note 2.5% 31/01/2025 2,966,543 0.07 934,000 US Treasury Note 2.625% 15/05/2021 946,970 0.02 1,919,000 Us Treasury Note 2.625% 15/06/2021 1,947,185 0.05 5,430,000 US Treasury Note 2.625% 15/07/2021 5,515,692 0.13 1,070,000 US Treasury Note 2.625% 28/02/2023 1,103,333 0.03 1,256,000 US Treasury Note 2.625% 30/06/2023 1,298,586 0.03

270 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 1,342,000 US Treasury Note 2.625% 31/12/2023 1,392,325 0.03 10,506,000 US Treasury Note 2.625% 31/03/2025 10,990,465 0.26 726,000 US Treasury Note 2.625% 31/12/2025 761,577 0.02 1,641,000 US Treasury Note 2.625% 31/01/2026 1,721,640 0.04 1,100,000 US Treasury Note 2.75% 15/08/2021 1,120,303 0.03 353,000 US Treasury Note 2.75% 15/09/2021 359,839 0.01 1,220,000 US Treasury Note 2.75% 30/04/2023 1,264,416 0.03 1,195,000 US Treasury Note 2.75% 31/05/2023 1,239,346 0.03 1,278,000 US Treasury Note 2.75% 31/07/2023 1,327,398 0.03 1,070,000 US Treasury Note 2.75% 31/08/2023 1,112,068 0.03 1,900,000 US Treasury Note 2.75% 15/11/2023 1,978,041 0.05 3,776,000 US Treasury Note 2.75% 15/02/2024 3,939,577 0.09 10,369,000 US Treasury Note 2.75% 28/02/2025 10,907,296 0.26 2,826,000 US Treasury Note 2.75% 30/06/2025 2,977,401 0.07 2,295,000 US Treasury Note 2.75% 31/08/2025 2,419,880 0.06 1,961,000 US Treasury Note 2.75% 15/02/2028 2,091,146 0.05 1,223,000 US Treasury Note 2.875% 15/10/2021 1,250,685 0.03 2,870,000 US Treasury Note 2.875% 15/11/2021 2,938,274 0.07 1,323,000 US Treasury Note 2.875% 30/09/2023 1,382,044 0.03 1,343,000 US Treasury Note 2.875% 31/10/2023 1,403,986 0.03 1,050,000 US Treasury Note 2.875% 30/11/2023 1,098,480 0.03 1,847,000 US Treasury Note 2.875% 30/04/2025 1,956,305 0.05 2,329,000 US Treasury Note 2.875% 31/05/2025 2,467,512 0.06 830,000 US Treasury Note 2.875% 31/07/2025 880,335 0.02 14,753,000 US Treasury Note 2.875% 30/11/2025 15,677,367 0.37 2,047,000 US Treasury Note 2.875% 15/05/2028 2,205,203 0.05 2,129,000 US Treasury Note 2.875% 15/08/2028 2,296,659 0.05 1,254,000 US Treasury Note 3% 30/09/2025 1,339,772 0.03 843,000 US Treasury Note 3% 31/10/2025 901,170 0.02 1,686,000 US Treasury Note 3% 15/02/2047 1,899,648 0.04 9,135,000 US Treasury Note 3% 15/08/2048 10,317,911 0.24 3,453,000 US Treasury Note 3.125% 15/11/2028 3,800,053 0.09 10,304,000 US Treasury Note 3.375% 15/11/2048 12,468,242 0.29 5,290,000 US Treasury Note 3.625% 15/02/2021 5,406,338 0.13 2,190,000 US Treasury Note 5.25% 15/11/2028 2,791,437 0.07 2,114,000 US Treasury Note 5.5% 15/08/2028 2,723,385 0.06 3,674,000 US Treasury Note 6.125% 15/11/2027 4,831,453 0.11 6,000,000 US Treasury Note 6.375% 15/08/2027 7,944,726 0.19 9,000,000 US Treasury Note 7.625% 15/02/2025 11,608,066 0.27 1,625,000 US Treasury Note 8% 15/11/2021 1,815,747 0.04 6,323,000 US Treasury Note 8.125% 15/05/2021 6,882,561 0.16

271 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 396,000 Vale Overseas 6.25% 10/08/2026 465,300 0.01 200,000 Vale Overseas 6.875% 10/11/2039 261,011 0.01 701,000 Valero Energy 3.4% 15/09/2026 736,005 0.02 194,000 Valero Energy 4.35% 01/06/2028 213,936 0.01 300,000 Valero Energy Partners 4.5% 15/03/2028 330,658 0.01 250,000 Vanke Real Estate Hong Kong 3.15% 12/05/2025 250,186 0.01 300,000 Vanke Real Estate Hong Kong 3.5% 12/11/2029 298,041 0.01 600,000 Vanke Real Estate Hong Kong 4.2% 07/06/2024 625,708 0.01 500,000 Ventas Realty 3% 15/01/2030 496,972 0.01 400,000 Ventas Realty 4.4% 15/01/2029 440,331 0.01 200,000 VEREIT Operating Partnership 4.625% 01/11/2025 218,950 0.01 1,800,000 Verizon Communications 4.016% 03/12/2029 2,009,589 0.05 220,000 Verizon Communications 4.329% 21/09/2028 249,820 0.01 207,000 Verizon Communications 4.522% 15/09/2048 247,624 0.01 188,000 Verizon Communications 4.672% 15/03/2055 232,027 0.01 433,000 Verizon Communications 4.812% 15/03/2039 524,116 0.01 168,000 Verizon Communications 5.012% 15/04/2049 215,707 0.01 402,000 Verizon Communications 5.25% 16/03/2037 504,829 0.01 226,000 Verizon Communications 5.5% 16/03/2047 307,272 0.01 1,000,000 Vinci 3.75% 10/04/2029 1,092,402 0.03 600,000 Virginia Electric And Power 2.875% 15/07/2029 612,865 0.01 771,000 Virginia Electric And Power 3.5% 15/03/2027 821,765 0.02 200,000 Visa 2.2% 14/12/2020 200,673 - 192,000 Visa 4.3% 14/12/2045 236,118 0.01 500,000 Vistra Operations 3.55% 15/07/2024 507,028 0.01 80,000 Vistra Operations 3.7% 30/01/2027 79,724 - 168,000 Vodafone 3.75% 16/01/2024 177,466 - 163,000 Vodafone 4.125% 30/05/2025 177,045 - 276,000 Vodafone 4.375% 30/05/2028 306,048 0.01 357,000 Vodafone 5% 30/05/3038 415,551 0.01 576,000 Vodafone 5.25% 30/05/2048 695,246 0.02 700,000 Vodafone 6.25% 03/10/2078 764,400 0.02 1,003,000 Volkswagen Group of America 4% 12/11/2021 1,037,139 0.02 350,000 Volkswagen Group of America 4.625% 13/11/2025 387,796 0.01 1,180,000 Volkswagen Group of America 4.75% 13/11/2028 1,331,227 0.03 500,000 Vulcan Materials 4.5% 15/06/2047 548,528 0.01 167,000 Wabtec 4.15% 15/03/2024 177,199 - 395,000 Wabtec 4.7% 15/09/2028 434,767 0.01 242,000 Wal Mart Stores 3.625% 15/12/2047 269,769 0.01 595,000 Walgreens Boots Alliance 3.45% 01/06/2026 604,367 0.01

272 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 700,000 Walmart 2.85% 08/07/2024 726,736 0.02 700,000 Walmart 3.25% 08/07/2029 751,959 0.02 260,000 Walmart 3.95% 28/06/2038 301,654 0.01 152,000 Walmart 4.05% 29/06/2048 180,428 - 500,000 Walt Disney 2% 01/09/2029 485,604 0.01 300,000 Walt Disney 2.75% 01/09/2049 283,381 0.01 850,000 Walt Disney 4.95% 15/10/2045 1,112,485 0.03 850,000 Walt Disney 6.2% 15/12/2034 1,199,786 0.03 150,000 Walt Disney 6.4% 15/12/2035 214,201 0.01 650,000 Walt Disney 6.65% 15/11/2037 973,605 0.02 800,000 Waste Connections 3.5% 01/05/2029 848,372 0.02 170,000 Waste Management 2.95% 15/06/2024 175,615 - 140,000 Waste Management 3.15% 15/11/2027 146,806 - 600,000 WEA Finance 2.875% 15/01/2027 598,551 0.01 450,000 WEA Finance 3.5% 15/06/2029 466,985 0.01 281,000 Wells Fargo 2.625% 22/07/2022 285,143 0.01 127,000 Wells Fargo 3% 23/10/2026 130,183 - 1,090,000 Wells Fargo 3.325% 23/07/2021 1,097,530 0.03 250,000 Wells Fargo 3.55% 14/08/2023 262,175 0.01 221,000 Wells Fargo 3.584% 22/05/2028 235,153 0.01 246,000 Wells Fargo 3.9% 01/05/2045 278,841 0.01 385,000 Wells Fargo 4.15% 24/01/2029 428,571 0.01 337,000 Wells Fargo 4.4% 14/06/2046 386,372 0.01 314,000 Wells Fargo 4.75% 07/12/2046 377,401 0.01 450,000 Welltower 3.1% 15/01/2030 456,167 0.01 500,000 Welltower 4.125% 15/03/2029 545,172 0.01 579,000 Welltower 4.25% 15/04/2028 635,635 0.01 172,000 Westlake Chemical Corporation 3.6% 15/08/2026 178,274 - 950,000 Westpac Banking Corporation 2.15% 06/03/2020 950,299 0.02 165,000 Westpac Banking Corporation 2.5% 28/06/2022 166,809 - 100,000 Westpac Banking Corporation 2.8% 11/01/2022 101,617 - 200,000 Westwood Group Holdings 4.875% 19/04/2021 204,814 - 500,000 Wharf REIC Finance 2.5% 16/09/2024 492,400 0.01 1,290,000 WI Treasury Securities 1.875% 31/05/2022 1,299,146 0.03 2,260,000 WI Treasury Securities 2% 31/07/2022 2,283,748 0.05 1,750,000 WI Treasury Securities 2.125% 30/06/2021 1,764,185 0.04 901,000 Williams Companies 3.75% 15/06/2027 940,567 0.02 374,000 Williams Companies 4.85% 01/03/2048 410,984 0.01

273 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar (continued) 500,000 Wisconsin Electric Power 4.3% 15/10/2048 588,740 0.01 266,000 Woodside Finance 3.7% 15/09/2026 277,125 0.01 500,000 WRKCo 4.65% 15/03/2026 550,754 0.01 863,000 WRKCo 4.9% 15/03/2029 982,992 0.02 500,000 WW Grainger 4.6% 15/06/2045 598,260 0.01 600,000 Xcel Energy 2.6% 01/12/2029 595,085 0.01 500,000 Xcel Energy 3.5% 01/12/2049 507,769 0.01 219,000 Xilinx 2.95% 01/06/2024 225,262 0.01 200,000 XLIT 5.5% 31/03/2045 254,764 0.01 195,000 Yara International 4.75% 01/06/2028 212,135 - 150,000 ZF North America Capital 4.75% 29/04/2025 157,956 - 1,346,000 Zimmer Holdings 3.15% 01/04/2022 1,373,889 0.03 500,000 Zions Bancorp 3.25% 29/10/2029 491,533 0.01 397,000 Zoetis 3% 12/09/2027 406,795 0.01 158,000 Zoetis 4.5% 13/11/2025 175,034 -

Total investments in securities at fair value - fixed income 4,214,867,376 98.81

Investment fund 396,861,907 HSBC Global US Dollar Liquidity Fund # 402,529,096 9.44

Future contracts*** (31 December 2018: 53,731, 0.01%) 77,427 - 407 KFE Korea 10 Year Bond Future March 20208 77,427 -

Forward contracts** (31 December 2018: 2,817,516, 0.54%) 47,556,459 1.11 Buy EUR 1,518,168,687 / Sell USD 1,675,441,8541 29,113,826 0.68 Buy GBP 107,484,661 / Sell USD 138,762,9121 3,639,829 0.09 Buy GBP 151,186,000 / Sell USD 198,499,0544 1,802,093 0.04 Buy EUR 1,606,954,029 / Sell USD 1,805,947,9671 1,585,177 0.04 Buy EUR 300,000,000 / Sell USD 335,761,5003 1,069,781 0.03 Buy GBP 119,160,862 / Sell USD 156,942,2431 1,066,206 0.03 Buy EUR 300,000,000 / Sell USD 335,771,7004 1,059,581 0.03 Buy EUR 296,055,000 / Sell USD 331,364,7406 1,037,210 0.03

# HSBC Global US Dollar Liquidity Fund is not authorised in Hong Kong and not available to the public in Hong Kong during the financial report year of this report.

274 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy JPY 24,350,563,000 / Sell USD 223,109,6182 970,556 0.02 Buy EUR 50,590,563 / Sell USD 55,831,4421 970,172 0.02 Buy JPY 24,000,000,000 / Sell USD 219,892,6835 961,519 0.02 Buy JPY 24,000,000,000 / Sell USD 219,898,4254 955,777 0.02 Buy CAD 143,497,000 / Sell USD 109,869,1344 791,597 0.02 Buy EUR 26,993,883 / Sell USD 29,967,2861 340,661 0.01 Buy CNY 815,039,000 / Sell USD 116,732,0267 268,139 0.01 Buy AUD 77,067,000 / Sell USD 53,929,0203 249,263 0.01 Buy EUR 40,964,453 / Sell USD 45,764,6681 229,030 0.01 Buy EUR 8,241,000 / Sell USD 9,102,3741 150,381 - Buy USD 18,484,344 / Sell SEK 172,000,0005 80,811 - Buy EUR 4,959,375 / Sell USD 5,491,1951 77,048 - Buy CHF 22,000,000 / Sell USD 22,645,6734 73,385 - Buy EUR 6,079,134 / Sell USD 6,754,5991 70,876 - Buy GBP 5,800,000 / Sell USD 7,617,5871 66,635 - Buy EUR 3,258,472 / Sell USD 3,602,4131 56,104 - Buy GBP 1,586,000 / Sell USD 2,048,6904 52,547 - Buy EUR 4,494,160 / Sell USD 4,994,0231 51,889 - Buy EUR 51,866,055 / Sell USD 58,288,7841 51,163 - Buy GBP 1,545,000 / Sell USD 1,999,7633 47,155 - Buy MYR 46,731,000 / Sell USD 11,381,1502 45,289 - Buy USD 7,176,904 / Sell RUB 444,719,0001 41,905 - Buy USD 13,540,928 / Sell THB 404,064,0004 40,538 - Buy EUR 7,069,672 / Sell USD 7,897,9621 39,660 - Buy EUR 3,047,624 / Sell USD 3,385,5781 36,206 - Buy PLN 31,774,000 / Sell USD 8,354,9593 34,766 - Buy EUR 3,225,162 / Sell USD 3,589,9471 31,171 - Buy EUR 2,477,976 / Sell USD 2,753,8401 28,360 - Buy EUR 2,046,943 / Sell USD 2,270,5881 27,660 - Buy SGD 10,348,000 / Sell USD 7,671,2771 24,578 - Buy DKK 60,000,000 / Sell USD 8,990,7355 24,177 - Buy EUR 1,757,593 / Sell USD 1,950,9341 22,441 - Buy IDR 179,397,294,000 / Sell USD 12,901,6391 22,122 - Buy EUR 1,889,298 / Sell USD 2,100,1751 21,073 - Buy NZD 5,601,000 / Sell USD 3,762,4891 16,226 - Buy GBP 2,447,088 / Sell USD 3,226,6691 15,394 - Buy ILS 15,986,000 / Sell USD 4,615,2693 13,886 - Buy GBP 1,307,738 / Sell USD 1,719,3601 13,217 - Buy USD 3,056,019 / Sell JPY 330,749,0002 12,382 - Buy AUD 2,531,000 / Sell USD 1,767,5193 11,648 - Buy JPY 252,062,000 / Sell USD 2,308,0343 11,506 -

275 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy EUR 1,851,000 / Sell USD 2,067,1754 10,698 - Buy CZK 78,617,000 / Sell USD 3,461,7971 10,622 - Buy PLN 5,274,000 / Sell USD 1,382,2581 10,290 - Buy GBP 649,150 / Sell USD 850,1491 9,888 - Buy HUF 1,000,000,000 / Sell USD 3,385,1451 9,569 - Buy USD 1,617,408 / Sell CLP 1,208,673,0007 9,427 - Buy USD 10,411,936 / Sell MXN 197,470,0001 9,057 - Buy EUR 627,875 / Sell USD 697,0361 7,924 - Buy EUR 629,296 / Sell USD 699,2181 7,337 - Buy NOK 38,694,000 / Sell USD 4,396,6937 6,767 - Buy GBP 205,519 / Sell USD 265,9471 6,337 - Buy USD 2,948,177 / Sell JPY 319,700,0004 6,215 - Buy GBP 966,135 / Sell USD 1,274,6491 5,350 - Buy EUR 569,402 / Sell USD 634,2181 5,089 - Buy USD 1,871,962 / Sell JPY 202,933,0002 4,520 - Buy GBP 412,000 / Sell USD 542,5931 3,251 - Buy GBP 86,124 / Sell USD 111,4001 2,703 - Buy USD 6,429,824 / Sell HKD 50,100,0001 2,237 - Buy EUR 135,000 / Sell USD 149,8231 1,752 - Buy EUR 200,518 / Sell USD 223,6841 1,452 - Buy EUR 87,439 / Sell USD 96,8161 1,358 - Buy EUR 60,490 / Sell USD 67,2251 692 - Buy GBP 52,144 / Sell USD 68,4401 645 - Buy GBP 58,649 / Sell USD 77,2441 457 - Buy EUR 6,617 / Sell USD 7,3431 86 - Buy EUR 8,993 / Sell USD 10,0191 78 - Buy EUR 10,766 / Sell USD 12,0631 24 - Buy EUR 646 / Sell USD 7151 11 - Buy EUR 523 / Sell USD 5811 7 -

Total financial assets designated at fair value through profit or loss 4,665,030,358 109.36

Forward contracts** (31 December 2018: (4,434,331), (0.85%)) (47,452,411) (1.11) Buy USD 321,055,353 / Sell EUR 291,000,0002 (5,670,990) (0.13) Buy USD 316,637,629 / Sell EUR 287,000,0001 (5,597,630) (0.13) Buy USD 316,650,544 / Sell EUR 287,000,0003 (5,584,715) (0.13) Buy USD 191,196,359 / Sell GBP 148,068,0001 (4,973,857) (0.12) Buy USD 104,006,640 / Sell CAD 138,219,0001 (2,583,850) (0.06) Buy USD 198,662,637 / Sell GBP 151,186,0004 (1,811,454) (0.04) Buy USD 49,571,427 / Sell AUD 73,081,0004 (1,804,689) (0.04) Buy USD 1,801,483,562 / Sell EUR 1,606,049,7881 (1,742,464) (0.04) Buy USD 211,964,316 / Sell JPY 23,153,000,0005 (1,095,574) (0.03) 276 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy USD 157,388,036 / Sell GBP 119,607,3141 (1,075,594) (0.03) Buy USD 210,589,348 / Sell JPY 23,000,000,0003 (1,062,596) (0.02) Buy USD 336,383,700 / Sell EUR 300,000,0003 (1,062,134) (0.02) Buy USD 210,594,554 / Sell JPY 23,000,000,0004 (1,057,390) (0.02) Buy USD 336,391,200 / Sell EUR 300,000,0004 (1,054,634) (0.02) Buy USD 331,965,879 / Sell EUR 296,055,0006 (1,042,542) (0.02) Buy USD 223,451,382 / Sell JPY 24,350,563,0002 (977,152) (0.02) Buy USD 220,229,007 / Sell JPY 24,000,000,0005 (968,541) (0.02) Buy USD 220,233,392 / Sell JPY 24,000,000,0004 (964,156) (0.02) Buy USD 94,423,617 / Sell CNY 663,834,0001 (870,826) (0.02) Buy USD 109,880,913 / Sell CAD 143,497,0004 (796,834) (0.02) Buy USD 20,067,326 / Sell CHF 20,000,0004 (586,363) (0.01) Buy USD 10,067,218 / Sell MXN 197,470,0006 (384,961) (0.01) Buy USD 116,640,146 / Sell CNY 815,039,0007 (284,967) (0.01) Buy USD 16,598,040 / Sell SEK 158,000,0005 (283,695) (0.01) Buy USD 6,743,380 / Sell PLN 26,500,0001 (253,779) (0.01) Buy USD 12,672,880 / Sell IDR 179,397,294,0006 (250,881) (0.01) Buy USD 53,967,708 / Sell AUD 77,067,0003 (250,825) (0.01) Buy USD 11,178,328 / Sell MYR 46,731,0003 (248,110) (0.01) Buy USD 4,882,472 / Sell RUB 315,000,0001 (184,923) (0.01) Buy USD 3,606,327 / Sell NZD 5,601,0004 (172,388) (0.01) Buy USD 15,623,107 / Sell CNY 109,974,0001 (163,839) (0.01) Buy USD 8,862,621 / Sell DKK 60,000,0007 (152,291) (0.01) Buy USD 11,151,059 / Sell EUR 10,042,0001 (123,807) (0.01) Buy USD 13,368,315 / Sell THB 404,064,0004 (122,262) (0.01) Buy USD 7,576,024 / Sell SGD 10,348,0001 (119,831) (0.01) Buy USD 1,488,752 / Sell CLP 1,208,673,0005 (118,689) (0.01) Buy USD 8,898,172 / Sell EUR 8,017,8371 (104,023) - Buy USD 2,232,794 / Sell NOK 20,500,0001 (100,150) - Buy USD 3,306,524 / Sell HUF 1,000,000,0001 (88,190) - Buy USD 1,988,526 / Sell NOK 18,194,0001 (81,990) - Buy SEK 172,000,000 / Sell USD 18,458,8275 (81,242) - Buy USD 2,007,253 / Sell RUB 129,719,00055 (79,533) - Buy USD 3,393,349 / Sell CZK 78,617,0004 (79,070) - Buy USD 22,693,116 / Sell CHF 22,000,0004 (74,179) - Buy USD 3,101,581 / Sell GBP 2,396,0001 (72,797) - Buy USD 12,580,127 / Sell EUR 11,262,0003 (64,519) - Buy USD 11,382,536 / Sell MYR 46,731,0002 (63,740) - Buy USD 12,875,712 / Sell IDR 179,397,294,0001 (57,247) - Buy USD 58,139,493 / Sell EUR 51,832,2351 (56,235) - Buy USD 9,306,271 / Sell JPY 1,017,277,0006 (54,974) - Buy USD 4,957,112 / Sell EUR 4,462,0001 (52,692) - Buy USD 1,977,361 / Sell CAD 2,629,0004 (50,048) -

277 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial liabilities at fair value through profit or loss USD Asset Value

Forward contracts** (continued) Buy THB 404,064,000 / Sell USD 13,540,2934 (49,716) - Buy USD 2,024,410 / Sell CHF 2,003,0001 (44,057) - Buy USD 4,977,323 / Sell EUR 4,472,0003 (43,709) - Buy RUB 444,719,000 / Sell USD 7,196,8691 (42,688) - Buy USD 2,929,668 / Sell CNY 20,658,0005 (35,821) - Buy USD 8,354,724 / Sell PLN 31,774,0003 (35,766) - Buy USD 4,435,926 / Sell EUR 3,981,1151 (33,955) - Buy USD 991,353 / Sell AUD 1,455,0001 (31,516) - Buy USD 6,398,708 / Sell HKD 50,100,0001 (30,922) - Buy USD 2,920,425 / Sell EUR 2,628,0003 (30,217) - Buy USD 1,228,427 / Sell GBP 950,0001 (30,195) - Buy USD 2,970,241 / Sell EUR 2,672,0004 (29,803) - Buy USD 2,014,118 / Sell CAD 2,649,0002 (28,714) - Buy USD 2,000,774 / Sell EUR 1,807,0001 (28,073) - Buy USD 10,019,538 / Sell EUR 8,947,7821 (26,771) - Buy USD 3,158,221 / Sell GBP 2,403,0005 (25,431) - Buy USD 9,008,974 / Sell DKK 60,000,0005 (24,418) - Buy USD 7,673,416 / Sell SGD 10,348,0001 (24,196) - Buy USD 4,608,876 / Sell ILS 15,986,0004 (20,280) - Buy USD 1,476,336 / Sell SEK 14,000,0005 (19,514) - Buy USD 3,763,950 / Sell NZD 5,601,0001 (16,391) - Buy USD 4,622,008 / Sell ILS 15,986,0003 (13,984) - Buy USD 12,020,737 / Sell JPY 1,307,666,0002 (12,744) - Buy USD 2,941,030 / Sell CNY 20,573,0004 (12,258) - Buy USD 1,767,618 / Sell AUD 2,531,0003 (11,682) - Buy USD 2,067,550 / Sell EUR 1,851,0004 (10,699) - Buy USD 3,461,956 / Sell CZK 78,617,0001 (10,671) - Buy USD 2,485,937 / Sell JPY 271,300,0003 (10,636) - Buy USD 1,382,212 / Sell PLN 5,274,0001 (10,355) - Buy USD 3,390,045 / Sell HUF 1,000,000,0001 (9,702) - Buy CLP 1,208,673,000 / Sell USD 1,616,6947 (9,254) - Buy MXN 197,470,000 / Sell USD 10,461,2661 (9,086) - Buy USD 4,397,036 / Sell NOK 38,694,0007 (7,006) - Buy USD 657,440 / Sell GBP 500,0002 (4,992) - Buy HKD 50,100,000 / Sell USD 6,432,5301 (2,901) - Buy USD 258,975 / Sell EUR 232,1581 (1,685) - Buy GBP 138,107 / Sell USD 184,4711 (1,499) - Buy USD 334,174 / Sell EUR 298,4281 (893) - Buy USD 111,937 / Sell EUR 100,0004 (340) - Buy USD 1089 / Sell EUR 9751 (6) - Buy USD 183 / Sell EUR 1641 (2) - Buy USD 85 / Sell EUR 771 (1) -

278 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Schedule of Investments (continued) as at 30 June 2019

Fair Value % of Net Holdings Financial liabilities at fair value through profit or loss USD Asset Value

Future contracts*** (31 December 2018: Nil) (482,969) (0.01) 198 CBT US 5 Year Note Future March 20208 (108,281) - 103 CBT US Long Bond March 20208 (374,688) (0.01)

Total financial liabilities designated at fair value through profit or loss (47,935,380) (1.12)

Total financial assets and liabilities designated at fair value through profit or loss 4,617,094,978 108.24

Cash and other net liabilities (351,322,283) (8.24)

Total net assets attributable to redeemable participating shareholders 4,265,772,695 100.00

Total cost of financial assets designated at fair value through profit or loss (31 December 2018: 519,734,742) 4,529,501,513

1 The counterparty for the forward contracts is HSBC Bank Plc. 2 The counterparty for the forward contracts is State Street. 3 The counterparty for the forward contracts is Royal Bank of Scotland. 4 The counterparty for the forward contracts is UBS. 5 The counterparty for the forward contracts is CitiBank. 6 The counterparty for the forward contracts is Goldman Sachs. 7 The counterparty for the forward contracts is JP Morgan Securities. 8 The counterparty for the future contracts is HSBC Bank Plc. % of Analysis of Total Assets Fair Value USD Total Assets

*Transferable securities admitted to an official stock exchange listing 4,214,867,376 87.53 **Financial derivative instruments traded over-the-counter 402,529,096 8.37 ***Financial derivative instruments dealt in on a regulated market 104,048 - Investment fund (405,542) (0.01) Other current assets 198,081,420 4.11 Total 4,815,176,398 100.00

279 HSBC Global Funds ICAV - Global Aggregate Bond Index Fund

Portfolio Changes (unaudited) for the year ended 31 December 2019

Cost in Proceeds in Purchases USD Sales USD HSBC Global US Dollar GNMA 30YR (Nov Issue) 3.5% TBA Liquidity Fund 414,727,632 19/11/2019 (46,355,075) GNMA 30 yrs (JAN Issue) 3% TBA 22/01/2020 74,813,475 US Treasury Bill 0% 17/12/2019 (75,000,000) GNMA 30 yrs (JAN Issue) 3.5% FNMA 30YR (Dec Issue) 3.5% TBA TBA 22/01/2020 74,772,000 13/12/2019 (67,486,148) US Treasury Bill 0% 17/12/2019 73,809,198 US Treasury Bill 0% 29/08/2019 (66,000,000) US Treasury Bill 0% 27/02/2020 71,758,941 US Treasury Bill 0% 24/10/2019 (66,000,000) FNMA 30 yrs (JAN Issue) 3.5% FNMA 30YR (Dec Issue) 3% TBA TBA 14/01/2020 67,392,289 13/12/2019 (65,560,450) FNMA 30 yrs (JAN Issue) 3% TBA 11/01/2020 65,802,880 US Treasury Bill 0% 06/06/2019 (64,926,158) FNMA 30YR (Dec Issue) 3.5% TBA 13/12/2019 65,652,062 FNMA 4% 25/03/2041 (63,215,428) US Treasury Bill 0% FNMA 30YR (Nov Issue) 3.5% TBA 24/10/2019 65,368,737 13/11/2019 (62,140,999) US Treasury Bill 0% FNMA 30YR (Nov Issue) 3% TBA 29/08/2019 64,671,837 13/11/2019 (60,246,635) FNMA 30YR (Dec Issue) 3% TBA 13/12/2019 62,193,408 US Treasury Bill 0% 21/03/2019 (60,000,000) US Treasury Bill 0% TBA 06/06/2019 60,396,372 US Treasury Bill 0% 17/09/2019 (59,983,467) FNMA 30YR (Nov Issue) 3.5% FNMA 30YR (Oct Issue) 3.5% TBA TBA 13/11/2019 59,825,442 11/10/2019 (57,623,625) FNMA 30YR (Nov Issue) 3% TBA 13/11/2019 59,810,928 US Treasury Bill 0% 29/11/2019 (57,000,000) US Treasury Bill 0% FNMA 30YR (Dec Issue) 4% TBA 17/09/2019 57,939,089 13/12/2019 (56,590,056) US Treasury Bill 0% FNMA 30YR (Oct Issue) 3% TBA 21/03/2019 57,651,488 11/10/2019 (55,895,353) FNMA 30YR (Oct Issue) 4% TBA FNMA 4% 25/03/2041 56,887,473 11/10/2019 (54,662,125) FNMA 30YR (Oct Issue) 3.5% FNMA 30YR (Nov Issue) 4% TBA TBA 11/10/19 56,805,347 13/11/2019 (52,617,568) US Treasury Bill 0% FNCL 30YR (30 Issue) 3% TBA 14/01/2020 56,614,123 13/08/2019 (48,061,888) US Treasury Bill 0% FNMA 30YR (30 Issue) 3% TBA 29/11/2019 55,917,094 12/09/2019 (47,890,598)

280 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Australia 726,364 2.19 364 ASX 20,063 0.06 2,156 Australia and New Zealand Banking 37,328 0.11 2,374 BHP Billiton 64,950 0.20 4,171 Boral 13,135 0.04 2,500 Brambles 20,596 0.06 1,282 Commonwealth Bank of Australia 72,005 0.22 922 Computershare 10,875 0.03 381 CSL 73,855 0.22 1,896 Dexus 15,594 0.05 2,303 Goodman 21,645 0.07 3,120 Insurance Australia Group 16,800 0.05 347 Macquarie 33,625 0.10 1,892 National Australia Bank 32,758 0.10 902 Newcrest Mining 19,180 0.06 1,612 QBE Insurance 14,595 0.04 290 Rio Tinto 20,467 0.06 5,789 Scentre Group 15,586 0.05 6,083 South32 11,545 0.03 1,780 Suncorp 16,216 0.05 8,418 Telstra Corporation 20,948 0.06 3,128 Transurban Group 32,785 0.10 1,006 Wesfarmers 29,277 0.09 2,351 Westpac Banking Corporation 40,043 0.12 1,107 Woodside Petroleum 26,753 0.08 1,288 Woolworths 32,739 0.10 1,208 Worleyparsons 13,001 0.04

Austria 21,795 0.07 205 Andritz 8,836 0.03 344 Erste Bank 12,959 0.04

Belgium 86,951 0.26 589 Anheuser Busch InBev Worldwide 48,072 0.14 307 KBC 23,109 0.07 324 Umicore 15,770 0.05

Canada 1,142,163 3.44 832 Alimentation Couche Tard 26,440 0.08 422 Bank of Montreal 32,751 0.10 889 Bank Of Nova Scotia 50,286 0.15

281 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Canada (continued) 1,731 Barrick Gold 32,197 0.10 302 BCE 14,011 0.04 2,934 Bombardier 4,367 0.01 706 Brookfield Asset Management 40,849 0.12 316 Canadian Imperial Bank 26,333 0.08 615 Canadian National Railway 55,712 0.17 1,093 Canadian Natural Resources 35,401 0.11 149 Canadian Pacific Railway 38,036 0.12 296 CGI 24,805 0.08 22 Constellation Software 21,396 0.06 1,670 Enbridge 66,491 0.20 35 Fairfax Financial Holdings 16,457 0.05 437 First Capital Real Estate Investment Trust 6,966 0.02 625 Fortis 25,969 0.08 76 Franco Nevada 7,859 0.02 449 Gildan Activewear 13,293 0.04 643 H&R Real Estate Real Estate Investment Trust 10,463 0.03 233 Intact Financial 25,231 0.08 93 Kirkland Lake Gold 4,105 0.01 332 Loblaw 17,154 0.05 385 Magna International 21,139 0.06 2,042 Manulife Financial 41,509 0.13 358 National Bank of Canada 19,899 0.06 569 Nutrien 27,279 0.08 465 Open Text Corporation 20,518 0.06 666 Pembina Pipeline 24,719 0.07 258 Restaurant Brands International 16,470 0.05 450 Rogers Communications 22,376 0.07 942 Royal Bank of Canada 74,641 0.23 88 Shopify 35,037 0.11 687 Smartcentres Real Estate Investment Trust 16,535 0.05 710 Sun Life Financial Services 32,419 0.10 1,440 Suncor Energy 47,262 0.14 892 TC Energy 47,573 0.14 806 Teck Resources 13,997 0.04 1,194 Toronto Dominion Bank 67,059 0.20 189 Waste Connections 17,159 0.05

Denmark 212,041 0.64 167 Carlsberg 24,931 0.08 169 Coloplast 20,980 0.06

282 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Denmark (continued) 1,019 Danske Bank 16,501 0.05 242 DSV 27,912 0.08 1,283 Novo Nordisk 74,519 0.22 244 Orsted 25,254 0.08 217 Vestas Windsystems 21,944 0.07

Finland 130,605 0.39 708 Fortum Corporation 17,484 0.05 156 Kone 10,205 0.03 381 Neste Oyj 13,266 0.04 5,060 Nokia 18,721 0.06 412 Nokian Renkaat 11,853 0.04 3,111 Nordea Bank 25,161 0.07 338 Sampo 14,763 0.04 552 UPM-Kymmene 19,152 0.06

France 1,170,951 3.53 369 Accor 17,293 0.05 292 Air Liquide 41,365 0.12 1,040 AXA 29,313 0.09 899 BNP Paribas 53,312 0.16 185 CapGemini 22,614 0.07 160 CNP Assurances 3,184 0.01 930 Credit Agricole 13,493 0.04 526 Danone 43,633 0.13 137 Dassault Systemes 22,537 0.07 397 Edenred 20,544 0.06 1,653 Engie 26,719 0.08 233 Essilor International 35,517 0.11 32 Hermes International 23,930 0.07 81 Ingenico 8,801 0.03 65 Kering 42,698 0.13 337 Legrand Promesses 27,478 0.08 196 L'Oreal 58,083 0.18 214 LVMH 99,497 0.30 178 Michelin 21,799 0.07 1,631 Orange 24,020 0.07 195 Pernod Ricard 34,891 0.11 482 Peugeot 11,524 0.03 301 Publicis 13,637 0.04

283 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

France (continued) 230 Renault 10,890 0.03 319 Safran 49,289 0.15 548 Saint Gobain 22,452 0.07 877 Sanofi 88,225 0.27 481 Schneider Elte 49,403 0.15 472 Societe Generale 16,432 0.05 171 Thales (Thomson-Csf) 17,759 0.05 1,800 TOTAL 99,409 0.30 151 Unibail Rodamco 23,840 0.07 844 Veolia Environnement 22,463 0.07 395 Vinci 43,895 0.13 1,070 Vivendi 31,012 0.09

Germany 932,107 2.81 146 Adidas 47,494 0.14 285 Allianz 69,869 0.21 217 Axel Springer 15,297 0.05 748 BASF 56,549 0.17 673 Bayer 55,004 0.17 119 Beiersdorf 14,246 0.04 292 BMW 23,973 0.07 297 Brenntag 16,162 0.05 119 Continental 15,396 0.05 255 Covestro 11,864 0.04 702 Daimler 38,903 0.12 2,130 Deutsche Bank 16,538 0.05 148 Deutsche Boerse 23,283 0.07 688 Deutsche Post 26,265 0.08 2,271 Deutsche Telekom 37,142 0.11 358 Deutsche Wohnen 14,635 0.04 2,483 E.ON 26,545 0.08 236 Fresenius 13,293 0.04 243 Fresenius Medical Care 17,992 0.05 233 GEA 7,710 0.02 221 Heidelberg Cement 16,115 0.05 233 Henkel 24,114 0.07 1,367 Infineon Technologies 31,165 0.09 87 MTU Aero Engines 24,864 0.08 78 Muenchener Ruecker 23,027 0.07 648 RWE 19,894 0.06 688 SAP 92,921 0.28

284 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Germany (continued) 38 Sartorius 8,139 0.03 441 Siemens 57,690 0.17 170 Symrise 17,899 0.05 164 Volkswagen 32,444 0.10 418 Vonovia 22,522 0.07 109 Wirecard 13,153 0.04

Hong Kong 361,248 1.09 9,147 AIA Group 96,027 0.29 4,148 BOC Hong Kong Holdings 14,400 0.04 2,560 CK Asset Holdings 18,481 0.06 2,515 CK Hutchison Holdings 23,982 0.07 2,129 CLP Holdings 22,378 0.07 2,464 Galaxy Entertainment 18,152 0.06 1,098 HK Exchanges & Clearing 35,652 0.11 12,625 Hong Kong & China Gas 24,661 0.07 324 Jardine Strategic Com 9,931 0.03 8,926 New World Development 12,235 0.04 2,464 Sands China 13,171 0.04 1,465 Sun Hung Kai Properties 22,430 0.07 2,278 The Link Real Estate Investment Trust 24,119 0.07 1,772 Wharf Real Estate Investment Trust 10,814 0.03 2,222 Wheelock 14,815 0.04

Ireland 559,168 1.69 426 Accenture 89,703 0.27 141 Allegion 17,560 0.05 240 Allergan 45,881 0.14 826 CRH 33,073 0.10 143 DCC 12,397 0.04 458 Eaton 43,382 0.13 195 Ingersoll-Rand 25,919 0.08 695 Johnson Controls 28,293 0.09 202 Kerry 25,191 0.08 363 Linde 77,283 0.23 918 Medtronic 104,147 0.31 304 Seagate Technology 18,088 0.06 354 Smurfit Kappa 13,614 0.04 122 Willis Towers Watson 24,637 0.07

285 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Israel 52,969 0.16 186 Check Point Software Technology 20,638 0.06 46 CyberArk Software 5,363 0.02 3,818 Israel Discount Bank 17,697 0.05 946 Teva Pharmaceutical ADR 9,271 0.03

Italy 186,580 0.56 786 Atlantia 18,343 0.05 6,254 Enel 49,646 0.15 1,844 ENI 28,659 0.09 824 Generali 17,014 0.05 12,856 Intesa 33,891 0.10 20,483 Telecom Italia 12,793 0.04 1,795 Unicredit 26,234 0.08

Japan 2,663,941 8.03 857 Air Water 12,617 0.04 1,276 Amada 14,677 0.04 558 Aozora Bank 14,844 0.04 448 Asahi 20,542 0.06 1,978 Asahi Kasei 22,460 0.07 1,970 Astellas Pharma 33,898 0.10 484 Benesse 12,800 0.04 174 Bridgestone 6,517 0.02 1,119 Canon 30,751 0.09 136 Central Japan Railway 27,532 0.08 269 Chugai Pharmaceutical 24,951 0.08 1,578 Dai-Ichi Mutual Life Insurance 26,376 0.08 530 Daiichi Sankyo Company 35,250 0.11 226 Daikin Industries 32,130 0.10 736 Daiwa House Industry 22,959 0.07 6 Daiwa House Residential 15,658 0.05 462 Denso 21,112 0.06 315 East Japan Railway 28,574 0.09 286 Eisai 21,590 0.06 613 Electric Power Development 14,931 0.04 176 Fanuc Corporation 32,925 0.10 50 Fast Retailing 29,906 0.09 399 FUJIFILM Holdings 19,202 0.06 214 Fujitsu 20,223 0.06 906 Hitachi 38,566 0.12 1,351 Honda Motor 38,525 0.12

286 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Japan (continued) 340 Hoya 32,694 0.10 596 IHI Corporation 14,116 0.04 1,849 Inpex Corporation 19,336 0.06 1,363 Itochu 31,788 0.10 316 Japan Airport Terminal 17,708 0.05 509 Japan Exchange 9,040 0.03 662 Japan Post Holdings 6,250 0.02 933 Japan Tobacco 20,884 0.06 3,038 JX Holdings 13,919 0.04 431 Kao 35,793 0.11 583 Kawasaki Heavy Industries 12,918 0.04 1,435 KDDI 42,954 0.13 862 Keikyu Corporation 16,736 0.05 422 Keisei Electric Railway 16,465 0.05 100 Keyence 35,418 0.11 838 Kirin Holdings 18,429 0.06 1,000 Komatsu 24,311 0.07 1,216 Kubota 19,313 0.06 359 Kyocera 24,710 0.07 1,404 Kyushu Electric Power 12,209 0.04 281 Lawson 16,005 0.05 877 LIXIL Group 15,244 0.05 412 Makita 14,444 0.04 2,194 Marubeni 16,365 0.05 5,189 Mebuki Financial 13,369 0.04 2,539 Mitsubishi Chemical Holdings 19,099 0.06 1,002 Mitsubishi Corporation 26,738 0.08 1,931 Mitsubishi Electric 26,626 0.08 1,201 Mitsubishi Estate 23,092 0.07 8,339 Mitsubishi UFJ Financial 45,518 0.14 2,604 Mitsubishi UFJ Lease & Finance 16,917 0.05 1,432 Mitsui & Company 25,642 0.08 849 Mitsui Fudosan 20,874 0.06 17,790 Mizuho Financial 27,551 0.08 624 MS & AD Insurance 20,734 0.06 442 Murata Manufacturing 27,437 0.08 204 Nidec 28,167 0.08 103 Nintendo 41,674 0.13 2 Nippon Building Fund REIT 14,631 0.04 1,209 Nippon Steel Corporation 18,401 0.06 1,152 Nippon Tel & Tel 29,225 0.09

287 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Japan (continued) 816 Nippon Yusen 14,875 0.04 2,199 Nissan Motor 12,871 0.04 620 Nisshin Seifun 10,874 0.03 311 Nitto Denko 17,686 0.05 4,230 Nomura Holding 21,929 0.07 708 Nomura Real Estate Holdings 17,069 0.05 1,155 NTT Docomo 32,288 0.10 722 Odakyu Electric Railway 16,948 0.05 1,257 Olympus Optical 19,536 0.06 165 Omron 9,747 0.03 206 Oriental Land 28,206 0.08 1,536 Orix 25,596 0.08 494 Otsuka Holdings 22,197 0.07 2,488 Panasonic Corporation 23,569 0.07 1,045 Recruit Holdings 39,415 0.12 196 Secom 17,633 0.05 1,038 Sekisui House 22,288 0.07 738 Seven & i Holdings 27,184 0.08 116 Shimano 18,968 0.06 343 Shin-Etsu Chemical 38,064 0.11 333 Shionogi 20,735 0.06 345 Shiseido 24,705 0.07 48 SMC 22,212 0.07 2,703 Softbank 76,584 0.24 980 Sony 66,740 0.20 780 Subaru Corporation 19,476 0.06 1,392 Sumitomo Corporation 20,802 0.06 1,068 Sumitomo Mitsui Financial 39,683 0.12 1,068 Takeda Pharmaceutical Company 42,573 0.13 583 Terumo 20,842 0.06 548 Tobu Railway 19,943 0.06 567 Tokio Marine Holdings 31,925 0.10 140 Tokyo Electron 30,821 0.09 1,086 Tokyu 20,176 0.06 2,635 Toray Industries 17,969 0.05 577 Toshiba 19,671 0.06 279 Toto 11,912 0.04 1,660 Toyota Motor 117,831 0.35 227 Trend Micro 11,697 0.04 9 United Urban Investment 16,861 0.05 732 Yahama Motor 14,839 0.04 4,600 Yahoo Japan 19,513 0.06 403 Yamazaki Baking 7,228 0.02 288 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Jersey 145,032 0.44 1,295 Amcor 14,174 0.04 255 Aptiv 24,217 0.07 869 Experian Group 29,379 0.09 344 Ferguson Newco 31,217 0.10 8,941 Glencore 27,876 0.08 1,286 WPP 18,169 0.06

Liberia 17,490 0.05 131 Royal Caribean Cruises 17,490 0.05

Luxembourg 13,695 0.04 780 ArcelorMittal 13,695 0.04

Netherlands 616,734 1.86 491 Airbus 71,914 0.22 251 Akzo Nobel 25,538 0.08 320 ASML Holding 94,721 0.29 1,441 CNH Industrial 15,835 0.05 118 Ferrari New 19,590 0.06 899 Fiat Chrysler Automobiles 13,314 0.04 393 Heineken 40,439 0.12 3,460 ING Groep 41,511 0.13 160 Koninklijke 20,852 0.06 1,083 Koninklijke Ahold Delhaize 27,103 0.08 797 Koninklijke Philips 38,934 0.12 292 Lyondell Basell Industries 27,588 0.08 475 NN Group 18,032 0.05 298 NXP Semiconductors 37,924 0.11 360 Prosus 26,885 0.08 506 Qiagen 17,301 0.05 1,019 Unilever 58,598 0.18 283 Wolters Kluwer 20,655 0.06

New Zealand 12,504 0.04 1,234 A2 Milk Company 12,504 0.04

Norway 63,758 0.19 799 DNB 14,912 0.04 1,068 Equinor 21,330 0.06 2,497 Norsk Hydro 9,275 0.03

289 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Norway (continued) 1,018 Telenor 18,241 0.06

Singapore 124,444 0.38 1,418 DBS Group Holdings 27,292 0.08 3,374 Oversea Chinese Banking 27,551 0.08 8,879 Sembcorp Industries 15,121 0.05 11,495 Singapore Telecommunications 28,809 0.09 1,307 United Overseas Bank 25,671 0.08

Spain 306,649 0.92 106 Aena 20,287 0.06 379 Amadeus IT Group 30,971 0.09 12,464 Banco Santander 52,186 0.16 6,194 BBV Argentaria 34,646 0.11 4,431 CaixaBank 13,917 0.04 5,252 Iberdrola 54,119 0.16 970 Industria De Diseno Textil 34,243 0.10 537 Natural Energy Group 13,502 0.04 1,609 Repsol 25,159 0.08 1,609 Repsol Rights 764 - 3,842 Telefonica 26,855 0.08

Sweden 257,342 0.78 901 Assa Abloy 21,079 0.06 858 Atlas Copco 34,243 0.10 1,197 Epiroc 14,200 0.04 2,984 Ericsson 25,999 0.08 561 Essity Aktiebolag 18,087 0.06 737 Hennes & Mauritz 14,996 0.05 97 Hexagon 5,440 0.02 550 Investor 30,035 0.09 1,294 Sandvik 25,248 0.08 877 SKF 17,744 0.05 1,208 Svenska Handelsbanken 13,021 0.04 760 Swedbank 11,321 0.03 1,547 Volvo 25,929 0.08

290 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Switzerland 1,107,418 3.34 1,669 ABB 40,279 0.12 283 Alcon 16,015 0.05 265 Chubb 41,250 0.12 471 Cie Financiere Richemont 36,995 0.11 2,289 Credit Suisse 30,978 0.09 48 Geberit 26,926 0.08 7 Givaudan 21,910 0.07 462 LafargeHolcim 25,620 0.08 76 Lonza 27,721 0.08 2,184 Nestle 236,319 0.71 1,461 Novartis 138,654 0.42 25 Partners 22,910 0.07 517 Roche Holding 167,644 0.51 8 SGS 21,901 0.07 145 SIKA 27,230 0.08 67 Sonova Holding 15,326 0.05 15 Straumann Holdings 14,722 0.04 221 Swiss Reinsurance 24,808 0.08 32 Swisscom 16,939 0.05 319 T E Connectivity 30,573 0.09 80 Temenos 12,657 0.04 57 The Swatch 15,893 0.05 2,887 UBS 36,447 0.11 96 Vifor Pharma 17,513 0.05 98 Zurich Insurance 40,188 0.12

United Kingdom 1,686,397 5.09 1,035 3I 15,055 0.05 982 Anglo American 28,269 0.09 194 AON 40,408 0.12 590 Ashtead Group 18,868 0.06 976 AstraZeneca 98,355 0.30 4,838 Aviva 26,835 0.08 3,713 BAE Systems 27,781 0.08 13,193 Barclays 31,397 0.09 1,008 BHP Group 23,726 0.07 13,870 BP 86,653 0.26 1,775 British American Tobacco 75,987 0.23 7,069 BT Group 18,021 0.05 437 Bunzl 11,955 0.04 533 Burberry 15,569 0.05

291 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United Kingdom (continued) 1,200 Compass 30,045 0.09 1,845 Diageo Finance 78,226 0.24 4,060 GlaxoSmithKline 95,683 0.29 484 IHS Markit 36,469 0.11 819 Imperial Brands 20,278 0.06 1,872 Informa 21,253 0.06 256 Intercontinetal Hotels 17,662 0.05 211 Intertek 16,358 0.05 333 Johnson Matthey 13,217 0.04 3,665 Kingfisher 10,536 0.03 1,363 Land Securities 17,876 0.05 7,074 Legal & General 28,395 0.09 45,997 Lloyds Banking 38,084 0.12 248 London Stock Exchange 25,462 0.08 2,249 M and G Prudential 7,067 0.02 2,020 Meggitt 17,576 0.05 3,296 National Grid 41,232 0.12 530 Persimmon 18,922 0.06 2,249 Prudential 43,171 0.13 533 Reckitt Benckiser 43,276 0.13 1,546 Relx 39,026 0.12 869 Rio Tinto 51,839 0.16 1,758 Rolls Royce 15,911 0.05 3,538 Royal Bank Of Scotland 11,263 0.03 3,302 Royal Dutch Shell 'A' 97,766 0.29 2,735 Royal Dutch Shell 'B' 81,141 0.24 1,523 Scottish & Southern Energy 29,023 0.09 239 Sensata Technologies 12,875 0.04 892 Smith & Nephew 21,654 0.07 859 Smiths 19,197 0.06 906 St James's Place 13,977 0.04 2,525 Standard Chartered 23,830 0.07 6,299 Taylor Wimpey 16,138 0.05 8,612 Tesco 29,115 0.09 740 Unilever 42,649 0.13 21,256 Vodafone 41,326 0.12

United States 19,761,629 59.59 424 3M 74,802 0.23 1,230 Abbott Labs 106,838 0.32 1,143 AbbVie 101,201 0.31 652 Activision 38,742 0.12

292 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 365 Adobe 120,381 0.36 86 Advance Auto Parts 13,774 0.04 793 Advanced Micro Devices 36,367 0.11 598 Aflac 31,634 0.10 271 Agilent Technologies 23,119 0.07 182 Air Products & Chemicals 42,768 0.13 205 Akamai Technologies 17,708 0.05 124 Alexandria Real Estate Equities 20,036 0.06 204 Alexion Pharmaceuticals 22,063 0.07 72 Align Technology 20,091 0.06 276 Allstate Corporation 31,036 0.09 578 Ally Financial 17,664 0.05 453 Alphabet 606,194 1.83 265 Altice USA 7,245 0.02 1,421 Altria Group 70,922 0.21 303 Amazon 559,896 1.69 252 Ameren 19,354 0.06 377 American Electric Power 35,630 0.11 460 American Express 57,265 0.17 727 American International 37,317 0.11 347 American Tower 79,748 0.24 186 American Water Works 22,850 0.07 136 Ameriprise Financial 22,655 0.07 165 Amerisourcebergen Corporation 14,028 0.04 278 Ameritrade Holding 13,817 0.04 263 Ametek 26,232 0.08 481 Amgen 115,955 0.35 278 Amphenol Corporation 30,088 0.09 287 Analog Devices 34,107 0.10 103 ANSYS 26,513 0.08 190 Anthem 57,386 0.17 437 Apache 11,183 0.03 3,366 Apple 988,426 2.98 798 Applied Materials 48,710 0.15 434 Aramark 18,836 0.06 500 Archer Daniels Midland 23,175 0.07 48 Arista Networks 9,763 0.03 5,317 AT & T 207,788 0.63 158 Atmos Energy 17,674 0.05 184 Autodesk 33,757 0.10 287 Automatic Data Processing 48,934 0.15

293 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 24 Autozone 28,591 0.09 110 Avalonbay Communities 23,067 0.07 511 Baker Hughes 13,097 0.04 315 Ball Corporation 20,371 0.06 6,806 Bank of America 239,707 0.72 757 Bank of New York Mellon 38,100 0.11 399 Baxter International 33,364 0.10 195 Becton Dickinson 53,034 0.16 908 Berkshire Hathaway 205,662 0.62 261 Best Buy 22,916 0.07 144 Biogen Idec 42,729 0.13 203 Biomarin Pharmaceutical 17,164 0.05 94 Blackrock 47,254 0.14 189 BlackStone Group 10,573 0.03 410 Boeing 133,562 0.40 33 Booking Holdings 67,773 0.20 193 Boston Properties 26,607 0.08 1,032 Boston Scientific 46,667 0.14 1,449 Bristol Myers Squibb 93,011 0.28 306 Broadcom Corporation 96,702 0.29 293 BrownForman 19,807 0.06 286 Cadence Design System 19,837 0.06 354 Capital One Financial Corporation 36,430 0.11 331 Cardinal Health 16,742 0.05 495 Carnival 25,161 0.08 365 Caterpillar 53,903 0.16 325 CBRE Group 19,919 0.06 171 Celanese 'A' 21,054 0.06 376 Centene 23,639 0.07 641 Centerpoint Energy 17,480 0.05 276 Cerner 20,256 0.06 193 CH Robinson Worldwide 15,093 0.05 132 Charter Communications 64,031 0.19 179 Cheniere Energy 10,932 0.03 1,375 Chevron 165,701 0.50 248 Chicago Mercantile Exchange 49,779 0.15 26 Chipotle Mexian Gril 21,765 0.07 263 Church & Dwight 18,499 0.06 306 Cigna 62,574 0.19 214 Cincinnati Finance 22,502 0.07 93 Cintas Corporation 25,024 0.08 3,265 Cisco Systems 156,589 0.47

294 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 1,574 Citigroup 125,747 0.38 485 Citizens Financial Group 19,696 0.06 165 Citrix Systems 18,299 0.06 124 Clorox 19,039 0.06 309 CMS Energy 19,418 0.06 2,854 Coca Cola 157,969 0.48 258 Cognex 14,458 0.04 461 Cognizant Technology Solutions 28,591 0.09 652 Colgate Palmolive 44,884 0.14 3,449 Comcast 155,102 0.47 174 Comerica 12,485 0.04 516 Conagra 17,668 0.05 188 Concho Resources 16,463 0.05 883 Conoco Phillips 57,421 0.17 262 Cons Edison 23,703 0.07 148 Constellation Brands 28,083 0.08 54 Cooper Companies 17,350 0.05 263 Copart 23,917 0.07 746 Corning 21,716 0.07 590 Corteva 17,440 0.05 38 Costar Group 22,735 0.07 327 Costco Wholesale 96,112 0.29 354 Crown Castle Real Estate Investment Trust 50,321 0.15 516 CSX 37,338 0.11 152 Cummins 27,202 0.08 863 CVS Health 64,112 0.19 438 Danaher 67,224 0.20 151 Darden Restaurants 16,461 0.05 239 Deere 41,409 0.13 272 Dentsply Sirona 15,392 0.05 547 Devon Energy New 14,206 0.04 96 DexCom 20,999 0.06 176 Diamondback Energy 16,343 0.05 179 Digital Realty Trust 21,433 0.06 267 Discover Financial Services 22,647 0.07 236 Dollar General 36,811 0.11 227 Dollar Tree Stores 21,349 0.06 537 Dominion Resources 44,474 0.13 604 Dow 33,057 0.10 385 DR Horton 20,309 0.06 166 DTE Energy 21,558 0.07 487 Duke Energy 44,419 0.13

295 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 590 Dupont De Nemours 37,878 0.11 299 DXC Technology 11,239 0.03 349 E Trade Financial 15,834 0.05 226 Eastman Chemicals 17,913 0.05 360 Eaton Vance 16,808 0.05 873 Ebay 31,524 0.10 193 Ecolab 37,247 0.11 244 Edison International 18,400 0.06 177 Edwards Lifesciences 41,292 0.12 282 Electronic Arts 30,318 0.09 674 Eli Lilly 88,584 0.27 262 Emerson Electric 19,980 0.06 180 Entergy 21,564 0.07 406 EOG Resources 34,007 0.10 136 Equifax 19,056 0.06 82 Equinix 47,863 0.14 285 Equity Residential 23,062 0.07 65 Essex Property Trust 19,556 0.06 187 Estee Lauder 38,623 0.12 280 Evergy 18,225 0.06 280 Eversource Energy 23,820 0.07 642 Exelon 29,269 0.09 136 Expedia 14,707 0.04 237 Expeditor International 18,491 0.06 183 Extra Space Storage 19,328 0.06 3,039 Exxon Mobil Corporation 212,061 0.64 1,760 FaceBook 361,240 1.09 600 Fastenal 22,170 0.07 157 FedEx 23,740 0.07 469 Fidelity National Information 65,233 0.20 710 Fifth Third Bancorp 21,825 0.07 154 First Republic Bank 18,087 0.05 475 Firstenergy 23,085 0.07 303 Fiserv 35,036 0.11 88 FleetCor Technologies 25,319 0.08 2,514 Ford Motor 23,380 0.07 173 Fortinet 18,469 0.06 264 Fortive Corporation 20,167 0.06 495 Fox Corporation 18,350 0.06 1,389 Freeport-Mcmoran Copper & Gold 18,224 0.06 196 Gallagher (Arthur J) 18,665 0.06 236 General Dynamics 41,619 0.13

296 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 6,294 General Electric 70,241 0.21 481 General Mills 25,762 0.08 896 General Motors 32,794 0.10 174 Genuine Parts 18,484 0.06 1,031 Gilead Sciences 66,994 0.20 304 Global Payments 55,498 0.17 208 Globe Life 21,892 0.07 206 GoDaddy 13,992 0.04 262 Goldman Sachs 60,242 0.18 53 Grainger W W 17,942 0.05 435 Halliburton 10,644 0.03 377 Hartford Financial Services 22,910 0.07 169 HCA 24,980 0.08 523 Healthpeak Properties 18,028 0.05 118 Henry (Jack) & Associates 17,189 0.05 159 Hershey Company 3.375% 15/05/2023 23,370 0.07 290 Hess 19,375 0.06 1,727 Hewlett Packard Enterprise 27,390 0.08 266 Hilton Worldwide Holdings 29,502 0.09 367 Hologic 19,161 0.06 839 Home Depot 183,221 0.55 490 Honeywell International 86,730 0.26 663 Host Marriott 12,299 0.04 1,640 HP 33,702 0.10 118 Humana 43,249 0.13 1,099 Huntington Bancshares 16,573 0.05 83 Huntington Ingalls Industies 20,823 0.06 87 IDEXX Laboratories 22,718 0.07 303 Illinois Tool Works 54,428 0.16 117 Illumina 38,814 0.12 203 Incyte Genomics 17,726 0.05 154 Ingredion 14,314 0.04 3,168 Intel 189,605 0.57 85 Interactive Corporation 21,174 0.06 373 Intercontinental Exchange 34,521 0.10 552 International Business Machines 73,990 0.22 155 International Flavours & Fragrances 19,998 0.06 406 International Paper 18,696 0.06 228 Intuit 59,720 0.18 90 Intuitive Surgical 53,203 0.16 151 IQVIA Holdings 23,331 0.07 122 JM Smucker 12,704 0.04

297 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 1,969 Johnson & Johnson 287,218 0.87 2,260 JPMorgan Chase 315,044 0.95 265 Kellogg 18,327 0.06 1,018 Keycorp 20,604 0.06 210 Keysight Technologies 21,552 0.07 245 Kimberly-Clark 33,700 0.10 1,251 Kinder Morgan 26,484 0.08 147 KLA Tencor 26,191 0.08 612 Kraft Heinz 19,664 0.06 695 Kroger 20,148 0.06 144 L3 Harris Technologies 28,493 0.09 133 Laboratory Corporation of Amer Holdings 22,500 0.07 132 Lam Research 38,597 0.12 187 Las Vegas Sands 12,910 0.04 363 Leggett & Platt 18,451 0.06 321 Lennar 17,909 0.05 48 Lennox International 11,711 0.04 183 Liberty Broadband 23,012 0.07 399 Liberty Global 8,696 0.03 299 Lincoln National 17,644 0.05 493 LKQ 17,600 0.05 622 Lowe's Companies 74,491 0.22 114 Lululemon Athletica 26,410 0.08 116 M&T Bank 19,691 0.06 1,041 Marathon Oil 14,137 0.04 575 Marathon Petroleum Corporation 34,644 0.10 17 Markel 19,434 0.06 172 Marriott International 26,046 0.08 426 Marsh & McLennan 47,461 0.14 79 Martin Marietta Materials 22,092 0.07 654 Marvell Technology 17,370 0.05 484 Masco 23,227 0.07 205 Maxim Integ Products 12,610 0.04 120 Mccormick 20,368 0.06 566 McDonalds 111,847 0.34 109 Mckesson HBOC 15,077 0.05 36 Mercadolibre 20,590 0.06 1,919 Merck 174,533 0.53 711 MetLife 36,240 0.11 22 Mettler Toledo International 17,452 0.05 699 MGM Resorts 23,256 0.07 218 Microchip Technology 22,829 0.07

298 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 815 Micron Technology 43,831 0.13 5,281 Microsoft 832,814 2.51 233 Molson Coors Brewing 12,559 0.04 1,063 Mondelez International 58,550 0.18 376 Monster Beverage 23,895 0.07 139 Moodys 33,000 0.10 983 Morgan Stanley 50,251 0.15 152 Motorola Solutions 24,493 0.07 90 MSCI 23,236 0.07 590 Mylan 11,859 0.04 305 National Retail Properties 16,354 0.05 246 NetApp 15,314 0.05 338 NetFlix 109,367 0.33 854 Newmont Mining 37,106 0.11 331 NextEra Energy 80,155 0.24 956 Nike 96,852 0.29 512 Nisource 14,254 0.04 573 Noble Energy 14,233 0.04 224 Norfolk Southern 43,485 0.13 207 Northern Trust 21,992 0.07 530 NortonLifeLock 13,526 0.04 355 Nucor 19,979 0.06 429 Nvidia 100,944 0.30 578 Occidental 23,819 0.07 263 Omnicom 21,308 0.06 576 ON Semiconductor 14,043 0.04 281 Oneok 21,263 0.06 1,861 Oracle 98,596 0.30 72 O'Reilly Automotive 31,555 0.10 317 Paccar 25,075 0.08 96 Palo Alto Networks 22,200 0.07 128 Parker Hannifin 26,345 0.08 240 Paychex 20,414 0.06 851 PayPal Holdings 92,053 0.28 915 Pepsico 125,053 0.38 4,239 Pfizer 166,084 0.50 1,174 Philip Morris International 99,896 0.30 359 Phillips 66 39,996 0.12 125 Pioneer Natural Resources 18,921 0.06 348 PNC Financial Services 55,551 0.17 228 PPG Industries 30,436 0.09 681 PPL 24,434 0.07

299 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 345 Principal Financial 18,975 0.06 1,775 Procter & Gamble 221,697 0.67 416 Progressive Corp Ohio 30,114 0.09 477 Prologis 42,520 0.13 358 Prudential Financial 33,559 0.10 158 PTC 11,833 0.04 407 Public Service Enterprise 24,033 0.07 110 Public Storage 23,426 0.07 923 Qualcomm 81,436 0.25 299 Realty Income 22,015 0.07 72 Regeneron Pharms 27,035 0.08 1,145 Regions Financial 19,648 0.06 98 Reinsurance Group of America 15,980 0.05 202 Republic Services 18,105 0.05 155 Resmed 24,020 0.07 50 RingCentral 8,434 0.03 116 Rockwell Automation 23,510 0.07 46 Roku 6,159 0.02 82 Roper Technologies 29,047 0.09 325 Ross Stores 37,837 0.11 185 S and P Global 50,514 0.15 677 Salesforce.com 110,107 0.33 106 SBA Communications 25,545 0.08 1,175 Schlumberger 47,235 0.14 952 Schwab 45,277 0.14 198 Sempra Energy 29,993 0.09 154 Servicenow 43,477 0.13 71 Sherwin Williams 41,431 0.13 221 Simon Property 32,920 0.10 1,993 Sirius XM Holdings 14,250 0.04 181 Skyworks Solutions 21,879 0.07 168 SL Green Realty 15,436 0.05 91 Snap-On 15,415 0.05 755 Southern 48,094 0.15 147 Splunk 22,016 0.07 297 Square 18,580 0.06 245 SS & C Technologies 15,043 0.05 163 Stanley Black & Decker 27,016 0.08 954 Starbucks 83,876 0.25 370 State Street Corporation 29,267 0.09 244 Stryker 51,225 0.15

300 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 592 Synchrony Financial 21,318 0.06 142 Synopsys 19,766 0.06 341 Sysco 29,169 0.09 232 T Rowe Price Group 28,267 0.09 289 Tapestry 7,794 0.02 423 Target Corporation 54,233 0.16 105 Tesla Motors 43,925 0.13 587 Texas Instruments 75,306 0.23 330 Thermo Fisher Scientific 107,207 0.32 156 Tiffany 20,849 0.06 967 TJX Companies 59,045 0.18 338 T-Mobile 26,506 0.08 159 Tractor Supply 14,857 0.04 56 TransDigm 31,360 0.09 139 Travelers 19,036 0.06 595 Truist Financial Corporation 33,510 0.10 642 Twitter 20,576 0.06 268 Tyson Foods 24,399 0.07 56 Ulta Beauty 14,176 0.04 491 Union Pacific 88,768 0.27 523 United Parcel Service 61,222 0.18 555 United Technologies 83,117 0.25 666 UnitedHealth Group 195,791 0.59 1,000 US BanCorporation 59,290 0.18 253 V F Corporation 25,214 0.08 360 Valero Energy 33,714 0.10 114 Varian Medical Systems 16,189 0.05 137 Veeva Systems 19,270 0.06 318 Ventas 18,361 0.06 116 Verisign 22,351 0.07 135 Verisk Analytics 20,161 0.06 2,980 Verizon 182,972 0.55 214 Vertex Pharmaceuticals 46,855 0.14 294 Viacomcbs 12,339 0.04 1,240 Visa 232,996 0.70 68 Vmware 10,322 0.03 145 Vulcan Materials 20,879 0.06 1,034 Wal Mart Stores 122,881 0.37 666 Walgreens Boots Alliance 39,267 0.12 1,357 Walt Disney 196,263 0.59 325 Waste Management 37,037 0.11

301 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 63 Waters 14,720 0.04 67 Wayfair 6,055 0.02 224 Wec Energy 20,660 0.06 54 Wellcare 17,831 0.05 3,222 Wells Fargo 173,344 0.52 313 Welltower 25,597 0.08 301 Western Digital 19,104 0.06 695 Weyerhaeuser 20,989 0.06 107 Whirlpool 15,786 0.05 1,254 Williams 29,745 0.09 139 Workday 22,859 0.07 185 WP Carey REIT 14,807 0.04 117 Wynn Resorts 16,248 0.05 433 Xcel Energy 27,491 0.08 219 Xilinx 21,412 0.06 176 XPO Logistics 14,027 0.04 204 Xylem Incorporated 16,073 0.05 269 Yum Brands 27,096 0.08 178 Zimmer Biomet Holdings 26,643 0.08 328 Zions Bancorp 17,030 0.05 403 Zoetis 53,337 0.16

Total investments in securities at fair value – equity 32,359,975 97.58

Unrealised Gain on Contracts for Difference** 32,676 0.10 615 Mastercard1 32,676 0.10

Future contracts*** 2,080 0.01 6 EUX MSCI World Index March 20202 2,080 0.01

Total financial assets designated at fair value through profit or loss 32,394,731 97.69

Unrealised Loss on Contracts for Difference** (14,974) (0.05) 13,096 HSBC Holdings1 (10,713) (0.03) 752 Hang Seng Bank1 (4,261) (0.02)

Total financial liabilities designated at fair value through profit or loss (14,974) (0.05)

302 HSBC Global Funds ICAV - Global Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Total financial assets and liabilities designated at fair value through profit or loss 32,379,757 97.64

Cash and other net assets 781,682 2.36

Total net assets attributable to redeemable participating shareholders 33,161,439 100.00

Total cost of financial assets designated at fair value through profit or loss 29,682,946

1 The counterparty for the contract for difference is Goldman Sachs. 2 The counterparty for the Future is HSBC Bank plc.

% of Fair Value Analysis of Total Assets USD Total Assets

*Transferable securities admitted to an official stock exchange listing 32,359,975 97.47 **Financial derivative instruments traded over-the-counter 17,702 0.05 ***Financial derivative instruments dealt in on a regulated market 2,080 0.01 Other current assets 819,759 2.47 Total 33,199,516 100.00

303 HSBC Global Funds ICAV - Global Equity Index Fund

Portfolio Changes (unaudited) for the year ended 31 December 2019

Cost in Proceeds in Purchases USD Sales USD Apple 709,043 Celgene (61,539) Microsoft 662,587 Worldpay (31,586) Amazon 576,149 Red Hat (31,160) Alphabet 569,977 Anadarko Petroleum (27,547) FaceBook 322,866 Suntrust Bank (27,137) Johnson & Johnson 274,140 L3 Communications (27,130) JP Morgan Chase 258,075 Keyence (20,024) Exxon Mobil Corporation 247,892 Aveva Group (15,673) Nestle 209,231 Apple (14,798) Bank of America 204,357 Arc Resources (11,110) Visa 201,741 Hugo Boss (9,757) Berkshire Hathaway 192,710 Halliburton (9,498) Cisco Systems 185,750 Tourmaline Oil (8,307) Intel 185,699 Macerich (8,217) Procter & Gamble 185,539 SNC-Lavalin (7,989) Walt Disney 183,367 Societe Generale (7,465) Home Depot 173,473 Galapagos NV (6,331) Verizon 171,674 Mitsubishi UFJ Financial (6,254) Pfizer 166,923 Insulet Corporation (6,078) AT&T 165,067 RPM International (5,967)

304 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Argentina 553,339 0.16 47,784 YPF Sociedad Anonima 553,339 0.16

Australia 4,875,257 1.41 96,530 Aurizon Holdings 354,886 0.10 132,759 Bendigo Bank 912,699 0.27 1,681 Cochlear 265,554 0.08 34,116 Crown 288,022 0.08 133,178 Harvey Norman Holdings 381,023 0.11 68,814 Sonic Healthcare 1,390,718 0.40 515,324 Telstra Corporation 1,282,355 0.37

Austria 1,427,181 0.41 25,388 OMV 1,427,181 0.41

Belgium 356,587 0.10 11,220 Proximus 321,410 0.09 442 UCB 35,177 0.01

Brazil 2,835,718 0.82 21,500 Ambev 99,785 0.03 68,500 Banco Do Brasil 899,438 0.26 16,000 BRF 140,006 0.04 1,927 Centrais Electricas Brasileiras 18,107 0.01 92,300 SABESP 1,389,536 0.40 21,800 Vale 288,846 0.08

Canada 7,123,907 2.06 42,910 CI Financial 718,393 0.21 31,245 Great West Lifeco 801,395 0.23 84,383 Husky Energy 678,057 0.20 12,785 iA Financial Corporation 703,261 0.20 8,634 Metro 356,812 0.10 69,949 Power Corporation of Canada 1,804,352 0.52 15,724 Riocan Real Estate Investment Trust 324,484 0.09 19,514 Teck Resources 338,890 0.10 36,062 Telus 1,398,263 0.41

305 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Chile 225,672 0.07 1,414,119 Colbun 225,672 0.07

China 13,966,817 4.04 2,955,000 Agricultural Bank of China 1,300,810 0.38 4,110 Alibaba Group Holding 109,293 0.03 10,964 Alibaba Group Holding ADR 2,325,464 0.67 265,500 Anhui Conch Cement 1,935,419 0.56 2,049,000 China CITIC Bank 1,228,064 0.35 299,000 China Conch Venture Holdings 1,304,705 0.38 2,074,000 China Telecom 854,429 0.25 1,098,000 Industrial & Commercial Bank of China 845,504 0.24 54,400 Jiangsu Hengrui Medicine 683,505 0.20 2,016,000 Postal Savings Bank of China 1,371,288 0.40 5,100 Shenzhen Mindray Bio Medical Electronics 133,180 0.04 38,900 Tencent Holdings 1,875,156 0.54

Colombia 983,151 0.29 36,752 Bancolombia 512,949 0.15 1,056,827 Grupo Aval Acciones 470,202 0.14

Denmark 4,538,843 1.31 11,416 Carlsberg 1,704,254 0.49 14,519 Coloplast 1,802,389 0.52 10,241 International Service System 245,910 0.07 7,597 Orsted 786,290 0.23

Finland 68,840 0.02 1,486 Orion Oyj 68,840 0.02

France 8,015,160 2.32 3,988 Casino Guichard 186,671 0.05 46,350 CNP Assurances 922,454 0.27 11,482 Dassault Systemes 1,888,816 0.55 754 Eurofins Scientific 418,273 0.12 2,028 Hermes International 1,516,557 0.44 56,688 Peugeot 1,355,367 0.39 37,687 Societe Generale 1,312,047 0.38 7,514 Total SA 414,975 0.12

306 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Germany 5,262,551 1.52 9,785 Allianz 2,398,831 0.69 9,608 Covestro 447,037 0.13 15,309 E.ON 163,664 0.05 9,052 Lufthansa 166,740 0.05 24,571 RWE 754,338 0.22 27,711 Siemens Healthineers 1,331,941 0.38

Greece 1,081,684 0.31 574,509 Eurobank Ergasias 593,295 0.17 23,455 Jumbo 488,389 0.14

Hong Kong 4,542,037 1.32 89,409 Bank of East Asia 199,661 0.06 94,000 China Mobile 790,190 0.23 330,000 China Resources Cement 420,134 0.12 1,222,000 China Unicom 1,151,143 0.33 924,000 Citic Pacific 1,235,668 0.36 16,600 Hong Kong Land Holdings 95,450 0.03 187,000 Sinotruk Hong Kong 398,873 0.12 42,000 Sunac China Holdings 250,918 0.07

Indonesia 932,919 0.27 1,992,500 Charoen Pokphand Indonesia 932,919 0.27

Ireland 4,870,044 1.41 12,455 Accenture 2,622,649 0.76 7,401 Medtronic 839,644 0.24 9,236 Steris 1,407,751 0.41

Israel 600,590 0.17 7,141 Bank Leumi Le Israel 51,976 0.01 55,981 Teva Pharmaceutical ADR 548,614 0.16

Italy 3,644,781 1.06 84,329 ENI 1,310,652 0.38 88,899 Generali 1,835,620 0.53 43,884 Poste Italiane 498,509 0.15

307 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Japan 21,472,228 6.22 17,400 Ajinomoto 290,600 0.08 8,300 Asahi Intecc 244,399 0.07 10,400 Bandai Namco Holdings 634,575 0.18 3,100 Central Japan Railway 627,559 0.18 28,000 Dai-Ichi Mutual Life Insurance 468,019 0.14 6,200 Hoya 596,181 0.17 38,300 Inpex Corporation 400,533 0.12 31,200 Japan Airlines 975,260 0.28 19,200 JTEKT Corporation 229,852 0.07 14,000 Kamigumi 309,050 0.09 61,700 KDDI 1,846,884 0.53 8,600 Konami 354,921 0.10 43,400 Kyushu Railway 1,457,649 0.42 48,700 LIXIL Group 846,508 0.25 54,200 MS & AD Insurance 1,800,931 0.52 66,200 NTT Docomo 1,850,615 0.54 31,400 Obayashi 351,634 0.10 156,100 Renesas Electronics 1,077,295 0.31 31,300 Resona 137,959 0.04 8,400 Sankyo 280,193 0.08 14,200 Seven & i Holdings 523,051 0.15 17,000 Shionogi 1,058,560 0.31 27,800 Sumco 467,107 0.14 24,300 Sumitomo Mitsui Financial 902,907 0.26 6,700 Sundrug 243,833 0.07 11,500 Suntory Beverage & Food 480,952 0.14 20,100 T & D Holdings 258,013 0.07 29,800 Tokio Marine Holdings 1,677,904 0.49 3,400 Toshiba 115,915 0.03 2,300 Toyo Suisan Kaisha 97,989 0.03 69 United Urban Investment 129,270 0.04 17,700 USS 336,491 0.10 4,600 West Japan Railway 399,619 0.12

Luxembourg 678,303 0.20 35,455 ArcelorMittal 622,524 0.18 6,224 Aroundtown 55,779 0.02

Malaysia 478,797 0.14 257,700 Malaysia Airports Holdings 478,797 0.14

308 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Mexico 631,331 0.18 61,600 Promotora y Operadora de Infraestructura 631,331 0.18

Netherlands 6,903,443 2.00 8,294 Airbus 1,214,770 0.35 19,116 EXOR Holding 1,482,298 0.43 4,881 Fiat Chrysler Automobiles 72,289 0.02 16,431 Lyondell Basell Industries 1,552,401 0.45 29,184 Randstad Holding 1,783,401 0.52 29,669 St Microelectronics 798,284 0.23

New Zealand 1,557,929 0.45 14,874 A2 Milk Company 150,722 0.04 121,236 Auckland International Airport 715,679 0.21 46,172 Fisher & Paykel Healthcare 691,528 0.20

Norway 1,942,779 0.56 11,135 Equinor 222,388 0.06 62,654 Marine Harvest 1,627,081 0.47 9,217 Orkla 93,310 0.03

Poland 361,252 0.11 85,395 Bank Millennium 131,904 0.04 109,122 Polska Grupa Energetyczna 229,348 0.07

Portugal 76,693 0.02 17,682 Energias De Portugal 76,693 0.02

Russia 4,857,012 1.41 262,800 Gazprom 1,084,859 0.32 224,100 Magnitogorsk Iron And Steel 151,357 0.04 360,550 Sberbank of Russia 1,478,800 0.43 1,871,800 Surgutneftegaz 1,136,890 0.33 126 Transneft 358,558 0.10 874,900,000 VTB Bank 646,548 0.19

Singapore 1,659,192 0.48 1,633,000 Genting Singapore 1,117,287 0.32 650,600 Yangzijiany Shipbuilding Holdings 541,905 0.16

309 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

South Africa 710,310 0.21 17,394 Kumba Iron Ore 518,766 0.15 76,923 Telkom 191,544 0.06

South Korea 8,752,262 2.53 4,572 Daelim Industrial 357,790 0.10 12,746 Doosan Bobcat 378,594 0.11 16,898 Hyundai Marine & Fire 393,792 0.12 65,478 Industrial Bank of Korea 668,114 0.19 7,258 LG Electronics 452,507 0.13 65,235 Samsung Electronics 3,147,662 0.91 28,580 Sk hynix 2,325,546 0.67 102,511 Woori Financial 1,028,257 0.30

Spain 1,494,082 0.43 114,948 Corporacion Mapfre 304,508 0.09 170,187 Telefonica 1,189,574 0.34

Sweden 544,534 0.16 2,262 Atlas Copco 90,276 0.03 17,112 Boliden 454,258 0.13

Switzerland 14,145,668 4.10 27,837 Adecco 1,759,882 0.51 1,994 Baloise Holding 360,355 0.10 18,070 Garmin 1,762,909 0.51 15,428 Nestle 1,669,382 0.48 9,786 Roche Holding 3,173,237 0.92 670 SGS 1,834,223 0.53 1,771 Sonova Holding 405,098 0.12 2,705 Swisscom 1,431,903 0.42 138,514 UBS 1,748,679 0.51

Taiwan 8,091,367 2.34 3,435,000 China Development Financial 1,114,940 0.32 2,436,000 CTBC Financial Holding 1,820,276 0.53 330,000 Nanya Technology 918,104 0.27 40,000 Phison Electronics 454,348 0.13 515,000 Taiwan High Speed Rail 659,706 0.19 177,000 Taiwan Semiconductor Manufacturing 1,954,398 0.56 991,000 United Micro Electronics 543,815 0.16

310 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Taiwan (continued) 39,000 Yageo Corporation 568,536 0.16 12,000 Zhen Ding Technology Holding 57,244 0.02

Thailand 1,958,771 0.57 675,100 Airports of Thailand 1,673,452 0.49 5,087,118 TMB Bank 285,319 0.08

Turkey 1,226,289 0.36 381,504 Eregli Demir Ve Celik Fabrik 579,532 0.17 48,831 Tav Havalimanlari 239,437 0.07 378,153 Turkiye IS Bankasi 407,320 0.12

United Kingdom 18,280,721 5.29 264,315 Aviva 1,466,084 0.43 28,627 Berkeley Group Holdings 1,842,710 0.53 89,492 British Land REIT 757,327 0.22 47,771 Burberry 1,395,427 0.40 1,299,618 Centrica 1,537,451 0.45 23,751 Coca Cola European Partners 1,208,451 0.35 61,796 Direct Line Insurance 255,826 0.07 137,215 Evraz Group 734,374 0.21 50,676 Land Securities 664,617 0.19 53,258 Meggitt 463,396 0.13 19,869 Persimmon 709,364 0.21 7,510 Relx 189,576 0.06 33,653 Royal Dutch Shell 'A' 996,404 0.29 43,685 Royal Dutch Shell 'B' 1,296,037 0.38 39,691 Sage 393,829 0.11 18,928 Smith & Nephew 459,497 0.13 674,135 Taylor Wimpey 1,727,180 0.50 9,583 Unilever 552,300 0.16 25,404 Whitbread 1,630,871 0.47

United States 179,388,386 51.92 26,256 Abbott Labs 2,280,596 0.66 4,566 Aflac 241,541 0.07 20,810 Agilent Technologies 1,775,301 0.51 1,371 Alliance Data Systems 153,826 0.04 3,337 Allstate Corporation 375,246 0.11

311 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 4,358 Alphabet 5,831,547 1.69 2,852 Amazon 5,270,040 1.53 949 Amerco 356,653 0.10 3,157 American Financial 346,165 0.10 10,156 Ameriprise Financial 1,691,787 0.49 11,039 Amgen 2,661,172 0.77 2,218 ANSYS 570,935 0.17 30,649 Apple 9,000,079 2.61 15,021 Athene Holding 706,438 0.20 92,149 AT & T 3,601,183 1.04 8,613 AXA Equitable Holdings 213,430 0.06 35,019 Bank of America 1,233,369 0.36 21,001 Baxter International 1,756,104 0.51 1,419 Berkshire Hathaway 321,404 0.09 19,924 BlackStone Group 1,114,549 0.32 12,802 Cadence Design System 887,947 0.26 16,446 Capital One Financial Corporation 1,692,458 0.49 55,779 Centerpoint Energy 1,521,093 0.44 11,885 Chevron 1,432,261 0.41 4,179 Cisco Systems 200,425 0.06 7,814 Citrix Systems 866,573 0.25 2,346 Clorox 360,205 0.10 20,521 Coca Cola 1,135,837 0.33 22,204 Cognizant Technology Solutions 1,377,092 0.40 2,795 Comcast 125,691 0.04 15,538 Danaher 2,384,772 0.69 9,576 Deere 1,659,138 0.48 25,826 Delta Air Lines 1,510,304 0.44 18,062 Discover Financial Services 1,532,019 0.44 18,758 Dow 1,026,625 0.30 1,813 DR Horton 95,636 0.03 19,722 Equity Lifestyle Properties Real Estate Investment Trust 1,388,232 0.40 40,779 Exelon 1,859,115 0.54 8,171 Exxon Mobil Corporation 570,172 0.17 9,754 F5 Networks 1,362,146 0.39 16,316 FaceBook 3,348,859 0.97 14,783 Fiserv 1,709,358 0.49 53,604 Gap 947,719 0.27 26,211 Gilead Sciences 1,703,191 0.49 31,801 HD Supply Holdings 1,279,036 0.37 10,383 Heico 1,185,219 0.34

312 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 11,506 Henry (Jack) & Associates 1,676,079 0.48 14,457 Home Depot 3,157,120 0.91 25,105 Hormel Foods 1,132,487 0.33 25,183 Host Marriott 467,145 0.14 3,914 Huntington Ingalls Industies 981,944 0.28 2,260 Ingredion 210,067 0.06 58,702 Intel 3,513,315 1.02 15,733 International Business Machines 2,108,851 0.61 7,755 Intuit 2,031,267 0.59 3,199 Intuitive Surgical 1,891,089 0.55 13,087 JB Hunt Transport Services 1,528,300 0.44 2,994 JM Smucker 311,765 0.09 8,648 Johnson & Johnson 1,261,484 0.37 10,301 Jones Lang Lasalle 1,793,301 0.52 15,311 JPMorgan Chase 2,134,353 0.62 11,956 Juniper Networks 294,476 0.09 3,067 Kansas City Southern 469,742 0.14 58,861 Kroger 1,706,380 0.49 10,439 Loews 547,943 0.16 16,158 Manpower 1,568,942 0.45 11,868 Mastercard 3,543,666 1.03 2,561 Merck 232,923 0.07 29,476 MetLife 1,502,392 0.43 1,414 Mettler Toledo International 1,121,698 0.32 39,771 Micron Technology 2,138,884 0.62 60,187 Microsoft 9,491,490 2.75 2,956 NetFlix 956,473 0.28 24,991 Nike 2,531,838 0.73 3,880 Nordstrom 158,808 0.05 378 NVR 1,439,579 0.42 5,683 Old Dominion Freight 1,078,520 0.31 4,817 Omnicom 390,273 0.11 43,076 Oracle 2,282,167 0.66 22,942 Paccar 1,814,712 0.53 4,953 Paychex 421,302 0.12 21,368 Pepsico 2,920,365 0.85 2,852 Pfizer 111,741 0.03 14,584 Phillips 66 1,624,803 0.47 7,309 Pinnacle West Capital 657,298 0.19 22,599 Principal Financial 1,242,945 0.36

313 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 3,866 Procter & Gamble 482,863 0.14 5,893 Public Storage 1,254,973 0.36 43,658 Pulte 1,693,930 0.49 12,208 Ralph Lauren Corporation 1,431,022 0.41 22,774 Realty Income 1,676,850 0.49 17,404 Regency 1,098,018 0.32 4,094 Regeneron Pharms 1,537,215 0.44 7,430 Reinsurance Group of America 1,211,536 0.35 16,041 Ross Stores 1,867,493 0.54 6,725 SEI Investments 440,353 0.13 10,188 Skyworks Solutions 1,231,525 0.36 8,793 Snap-On 1,489,534 0.43 50,342 Steel Dynamics 1,713,642 0.50 9,394 Stryker 1,972,176 0.57 5,572 SW Airlines 300,777 0.09 39,883 Synchrony Financial 1,436,187 0.42 7,303 Tapestry 196,962 0.06 7,987 Thermo Fisher Scientific 2,594,737 0.75 3,233 Tiffany 432,090 0.12 35,918 TJX Companies 2,193,153 0.63 13,429 Tractor Supply 1,254,806 0.36 19,775 Tyson Foods 1,800,316 0.52 4,132 Ulta Beauty 1,045,974 0.30 9,392 Union Pacific 1,697,980 0.49 3,225 UnitedHealth Group 948,086 0.27 2,939 Varian Medical Systems 417,367 0.12 55,474 Verizon 3,406,104 0.99 1,445 Viacomcbs 60,647 0.02 17,597 Visa 3,306,476 0.96 2,633 Walt Disney 380,811 0.11 5,344 Waters 1,248,626 0.36 17,018 Western Union Company 455,742 0.13

Total investments in securities at fair value – Equity 341,116,427 98.75

Future contracts**1 3,994 - 1 OSE MIN TPX Index Future March 2020 62 - 1 CME S&P EMI FUT March 2020 2,780 - 1 NYF MSCI Emerging Market 2020 1,152 -

314 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Total financial assets designated at fair value through profit or loss 341,120,421 98.75

Future contracts**1 (30,112) (0.01) 1 Euro Stock 50 March 2020 (382) - 59 ICF MSCI India Future March 2020 (29,730) (0.01)

Total financial liabilities designated at fair value through profit or loss (30,112) (0.01)

Total assets and liabilities at fair value through profit or loss 341,090,309 98.74

Cash and other net assets 4,366,072 1.26

Total net assets attributable to redeemable participating shareholders 345,456,381 100.00

Total cost of financial assets designated at fair value through profit or loss 314,101,717

1 The counterparty for the future contracts is HSBC Bank plc.

% of Fair value Analysis of Total Assets USD Total Assets

*Transferable securities admitted to an official stock exchange listing 341,116,427 98.41 **Financial derivative instruments dealt in on a regulated market (26,118) - Other current assets 5,505,532 1.59 Total 346,595,841 100.00

315 HSBC Global Funds ICAV – Multi Factor Worldwide Equity Fund

Portfolio Changes (unaudited) for the year ended 31 December 2019

Cost in Proceeds in Purchases USD Sales USD Microsoft 8,480,543 Persimmon (1,986,853) Alphabet 6,758,929 Entergy (1,903,870) Apple 6,352,301 General Electric (1,889,415) Amazon 5,554,827 Alphabet (1,879,205) FaceBook 4,396,765 Host Marriott (1,767,530) Mastercard 3,348,148 Costar Group (1,724,936) Verizon 3,330,854 Robert Half International (1,699,199) AT & T 3,209,182 Essilor International (1,659,713) WP Carey Real Estate Investment Home Depot 3,189,435 Trust (1,591,578) Visa 3,132,911 Healthpeak Properties (1,579,671) Intel 3,055,143 Tesla Motors (1,547,042) Pepsico 2,954,719 Singapore Exchange (1,435,697) Roche Holding 2,774,042 Boeing (1,422,632) Alibaba Group Holding 2,529,962 Aroundtown (1,409,938) Oracle 2,425,643 Walt Disney (1,405,185) Thermo Fisher Scientific 2,413,692 Synopsys (1,405,032) Accenture 2,390,088 KKR & Co. (1,401,297) Allianz 2,328,840 FaceBook (1,334,778) Host Marriott 2,306,659 Anglogold Ashanti (1,299,683) Danaher 2,272,937 Relx (1,282,315)

316 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

Bermuda 13,011 0.04 47 Everest Re Group 13,011 0.04

Ireland 810,916 2.49 769 Accenture 161,928 0.50 170 Allegion 21,172 0.06 392 Allergan 74,939 0.23 567 Eaton 53,706 0.16 337 Ingersoll-Rand 44,794 0.14 1,100 Johnson Controls 44,781 0.14 646 Linde 137,533 0.42 1,630 Medtronic 184,923 0.57 342 Pentair 15,688 0.05 155 Perrigo 8,007 0.02 279 Seagate Technology 16,601 0.05 98 Steris 14,937 0.05 158 Willis Towers Watson 31,907 0.10

Jersey 49,255 0.15 1,898 Amcor 20,574 0.06 302 Aptiv 28,681 0.09

Liberia 27,103 0.08 203 Royal Caribean Cruises 27,103 0.08

Netherlands 29,289 0.09 310 Lyondell Basell Industries 29,289 0.09

Switzerland 148,142 0.45 565 Chubb 87,948 0.27 227 Garmin 22,146 0.07 397 T E Connectivity 38,048 0.11

United Kingdom 129,683 0.40 298 AON 62,070 0.19 177 Capri Holdings 6,753 0.02 553 IHS Markit 41,669 0.13 412 Nielsen Holdings 8,364 0.03 505 TechnipFMC 10,827 0.03

317 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States 30,797,681 94.67 730 3M 128,787 0.40 290 A.O. Smith 13,816 0.04 2,150 Abbott Labs 186,749 0.57 1,784 AbbVie 157,955 0.49 48 Abiomed 8,188 0.03 915 Activision 54,369 0.17 583 Adobe 192,279 0.59 77 Advance Auto Parts 12,332 0.04 1,330 Advanced Micro Devices 60,994 0.19 780 AES 15,522 0.05 882 Aflac 46,658 0.14 364 Agilent Technologies 31,053 0.10 264 Air Products & Chemicals 62,037 0.19 185 Akamai Technologies 15,980 0.05 160 Alaska Air Group 10,840 0.03 118 Albemarle Corporation 8,619 0.03 135 Alexandria Real Estate Equities 21,813 0.07 264 Alexion Pharmaceuticals 28,552 0.09 83 Align Technology 23,160 0.07 49 Alliance Data Systems 5,498 0.02 278 Alliant Energy Corporation 15,212 0.05 406 Allstate Corporation 45,655 0.14 726 Alphabet 971,534 2.99 2,236 Altria Group 111,599 0.34 505 Amazon 933,159 2.87 291 Ameren 22,349 0.07 448 American Airlines Group 12,849 0.04 619 American Electric Power 58,502 0.18 837 American Express 104,198 0.32 1,059 American International 54,358 0.17 548 American Tower 125,941 0.39 226 American Water Works 27,764 0.09 149 Ameriprise Financial 24,820 0.08 181 Amerisourcebergen Corporation 15,389 0.05 342 Ametek 34,111 0.10 726 Amgen 175,017 0.54 352 Amphenol Corporation 38,097 0.12 440 Analog Devices 52,290 0.16 101 Ansys 25,998 0.08 310 Anthem 93,629 0.29 435 Apache 11,132 0.03

318 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 167 Apartment Investment and Management 8,626 0.03 5,069 Apple 1,488,512 4.58 1,099 Applied Materials 67,083 0.21 659 Archer Daniels Midland 30,545 0.09 687 Arconic 21,139 0.06 61 Arista Networks 12,407 0.04 221 Arthur J. Gallagher 21,046 0.06 64 Assurant 8,389 0.03 8,865 AT & T 346,444 1.06 138 Atmos Energy 15,437 0.05 262 Autodesk 48,067 0.15 519 Automatic Data Processing 88,489 0.27 28 Autozone 33,357 0.10 171 Avalonbay Communities 35,859 0.11 96 Avery Dennison Corporation 12,559 0.04 781 Baker Hughes 20,017 0.06 397 Ball Corporation 25,674 0.08 9,763 Bank of America 343,853 1.06 1,001 Bank of New York Mellon 50,380 0.15 620 Baxter International 51,844 0.16 327 Becton Dickinson 88,934 0.27 174 Berkley 12,023 0.04 2,391 Berkshire Hathaway 541,561 1.66 262 Best Buy 23,004 0.07 216 Biogen Idec 64,094 0.20 141 Blackrock 70,881 0.22 666 Boeing 216,956 0.67 52 Booking Holdings 106,794 0.33 235 BorgWarner 10,194 0.03 169 Boston Properties 23,298 0.07 1,697 Boston Scientific 76,738 0.24 2,815 Bristol Myers Squibb 180,695 0.56 478 Broadcom Corporation 151,058 0.46 128 Broadridge Financial Solutions 15,813 0.05 215 BrownForman 14,534 0.04 455 Cabot Oil & Gas 7,922 0.02 323 Cadence Design System 22,403 0.07 186 Campbell Soup 9,192 0.03 557 Capital One Financial Corporation 57,321 0.18 337 Cardinal Health 17,045 0.05 194 Carmax 17,008 0.05 484 Carnival 24,602 0.08 712 Caterpillar 105,148 0.32 319 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 133 CBOE Global Markets 15,960 0.05 420 CBRE Group 25,742 0.08 187 CDW Corporation 26,711 0.08 138 Celanese 16,991 0.05 496 Centene 31,184 0.10 583 Centerpoint Energy 15,898 0.05 1,138 CenturyLink 15,033 0.05 366 Cerner 26,861 0.08 241 CF Industries Holdings 11,505 0.04 155 CH Robinson Worldwide 12,121 0.04 198 Charter Communications 96,046 0.30 2,313 Chevron 278,740 0.86 432 Chicago Mercantile Exchange 86,711 0.27 30 Chipotle Mexian Gril 25,113 0.08 282 Church & Dwight 19,836 0.06 456 Cigna 93,247 0.29 120 Cimarex Energy 6,299 0.02 186 Cincinnati Finance 19,558 0.06 104 Cintas Corporation 27,984 0.09 5,112 Cisco Systems 245,172 0.75 2,629 Citigroup 210,031 0.65 509 Citizens Financial Group 20,670 0.06 142 Citrix Systems 15,748 0.05 147 Clorox 22,570 0.07 326 CMS Energy 20,486 0.06 4,687 Coca Cola 259,425 0.80 650 Cognizant Technology Solutions 40,313 0.12 1,039 Colgate Palmolive 71,525 0.22 5,523 Comcast 248,369 0.76 165 Comerica 11,839 0.04 552 Conagra 18,900 0.06 235 Concho Resources 20,579 0.06 1,370 Conoco Phillips 89,091 0.27 408 Cons Edison 36,912 0.11 202 Constellation Brands 38,330 0.12 58 Cooper Companies 18,635 0.06 240 Copart 21,826 0.07 907 Corning 26,403 0.08 882 Corteva 26,072 0.08 532 Costco Wholesale 156,365 0.48 290 Coty 3,263 0.01

320 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 510 Crown Castle Real Estate Investment Trust 72,496 0.22 931 CSX 67,367 0.21 210 Cummins 37,582 0.12 1,567 CVS Health 116,412 0.36 783 Danaher 120,175 0.37 145 Darden Restaurants 15,806 0.05 112 Davita Healthcare Partners 8,403 0.03 414 Deere 71,730 0.22 785 Delta Air Lines 45,907 0.14 258 Dentsply Sirona 14,600 0.04 441 Devon Energy New 11,453 0.04 195 Diamondback Energy 18,108 0.06 248 Digital Realty Trust 29,696 0.09 392 Discover Financial Services 33,249 0.10 577 Discovery 17,988 0.06 303 Dish Network Corporation 10,747 0.03 339 Dollar General 52,877 0.16 279 Dollar Tree Stores 26,240 0.08 986 Dominion Resources 81,661 0.25 236 Dover 27,201 0.08 885 Dow 48,436 0.15 393 DR Horton 20,731 0.06 223 DTE Energy 28,961 0.09 907 Duke Energy 82,727 0.25 426 Duke Realty 14,769 0.05 885 Dupont De Nemours 56,817 0.17 306 DXC Technology 11,503 0.04 263 E Trade Financial 11,932 0.04 156 Eastman Chemicals 12,365 0.04 906 Ebay 32,716 0.10 302 Ecolab 58,283 0.18 428 Edison International 32,275 0.10 249 Edwards Lifesciences 58,089 0.18 346 Electronic Arts 37,198 0.11 1,030 Eli Lilly 135,373 0.42 820 Emerson Electric 62,533 0.19 235 Entergy 28,153 0.09 721 EOG Resources 60,391 0.19 152 Equifax 21,298 0.07 103 Equinix 60,121 0.18 446 Equity Residential 36,090 0.11

321 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 80 Essex Property Trust 24,069 0.07 269 Estee Lauder 55,559 0.17 274 Evergy 17,835 0.05 402 Eversource Energy 34,198 0.10 1,189 Exelon 54,207 0.17 163 Expedia 17,627 0.05 197 Expeditor International 15,370 0.05 150 Extra Space Storage 15,843 0.05 5,148 Exxon Mobil Corporation 359,227 1.10 69 F5 Networks 9,636 0.03 2,907 Facebook 596,662 1.83 859 Fastenal 31,740 0.10 80 Federal Realty Investment Trust 10,298 0.03 285 FedEx 43,095 0.13 753 Fidelity National Information 104,735 0.32 833 Fifth Third Bancorp 25,606 0.08 195 First Republic Bank 22,903 0.07 643 Firstenergy 31,250 0.10 707 Fiserv 81,750 0.25 108 FleetCor Technologies 31,074 0.10 153 Flir Systems 7,967 0.02 286 Flowserve Corporation 14,234 0.04 150 FMC 14,973 0.05 4,637 Ford Motor 43,124 0.13 166 Fortinet 17,722 0.05 412 Fortive Corporation 31,473 0.10 273 Fortune Brands Home & Security 17,838 0.05 606 Fox Corporation 22,345 0.07 301 Frank Resources 7,820 0.02 1,826 Freeport-Mcmoran Copper & Gold 23,957 0.07 220 Gap 3,890 0.01 109 Gartner 16,797 0.05 318 General Dynamics 56,079 0.17 11,109 General Electric 123,976 0.38 720 General Mills 38,563 0.12 1,498 General Motors 54,827 0.17 169 Genuine Parts 17,953 0.06 1,519 Gilead Sciences 98,705 0.30 364 Global Payments 66,452 0.20 114 Globe Life 11,999 0.04

322 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 382 Goldman Sachs 87,833 0.27 209 H&R Block 4,907 0.02 1,053 Halliburton 25,767 0.08 417 Hanesbrands 6,192 0.02 169 Harley-Davidson 6,285 0.02 452 Hartford Financial Services 27,468 0.08 148 Hasbro 15,630 0.05 328 HCA Healthcare 48,482 0.15 569 Healthpeak Properties 19,613 0.06 106 Helmerich & Payne 4,816 0.01 179 Hershey 26,309 0.08 312 Hess 20,845 0.06 1,524 Hewlett Packard Enterprise 24,171 0.07 335 Hilton Worldwide Holdings 37,155 0.11 163 HollyFrontier Corporation 8,266 0.03 312 Hologic 16,290 0.05 1,315 Home Depot 287,170 0.88 902 Honeywell International 159,654 0.49 322 Hormel Foods 14,525 0.04 832 Host Marriott 15,434 0.05 1,759 HP 36,147 0.11 163 Humana 59,743 0.18 1,206 Huntington Bancshares 18,186 0.06 77 Huntington Ingalls Industies 19,318 0.06 128 Idex Com 22,016 0.07 104 Idexx Laboratories 27,158 0.08 392 Illinois Tool Works 70,415 0.22 175 Illumina 58,055 0.18 208 Incyte Genomics 18,163 0.06 5,274 Intel 315,649 0.97 667 Intercontinental Exchange 61,731 0.19 1,069 International Business Machines 143,289 0.44 124 International Flavours & Fragrances 15,998 0.05 460 International Paper 21,183 0.06 418 Interpublic Group 9,656 0.03 310 Intuit 81,198 0.25 139 Intuitive Surgical 82,170 0.25 414 Invesco 7,444 0.02 43 IPG Photonics Corporation 6,232 0.02

323 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 219 IQVIA 33,838 0.10 327 Iron Mountain Real Estate Investment Trust 10,421 0.03 228 Jacobs Engineering Group 20,481 0.06 89 Jack Henry & Associates 12,965 0.04 97 JB Hunt Transport Services 11,328 0.03 132 JM Smucker 13,745 0.04 3,179 Johnson & Johnson 463,721 1.43 3,817 JPMorgan Chase 532,090 1.64 353 Juniper Networks 8,694 0.03 116 Kansas City Southern 17,767 0.05 301 Kellogg 20,817 0.06 1,158 Keycorp 23,438 0.07 221 Keysight Technologies 22,681 0.07 413 Kimberly-Clark 56,808 0.17 479 Kimco Realty Corporation 9,920 0.03 2,325 Kinder Morgan 49,220 0.15 188 KLA Tencor 33,496 0.10 176 Kohls 8,967 0.03 752 Kraft Heinz 24,162 0.07 940 Kroger 27,251 0.08 298 L3 Harris Technologies 58,965 0.18 117 Laboratory Corporation of Amer Holdings 19,793 0.06 173 Lam Research 50,585 0.16 168 Lamb Weston Holdings 14,453 0.04 408 Las Vegas Sands 28,168 0.09 147 Leggett & Platt 7,472 0.02 152 Leidos Holdings 14,879 0.05 319 Lennar 17,797 0.05 243 Limited Brands 4,403 0.01 229 Lincoln National 13,513 0.04 160 Live Nation 11,435 0.04 348 LKQ 12,424 0.04 315 Loews 16,534 0.05 921 Lowe's Companies 110,299 0.34 157 M&T Bank 26,651 0.08 373 Macy's 6,341 0.02 918 Marathon Oil 12,466 0.04 774 Marathon Petroleum Corporation 46,634 0.14 48 Market Axess Holdings 18,197 0.06 328 Marriott International 49,669 0.15 629 Marsh & McLennan 70,077 0.22 79 Martin Marietta Materials 22,092 0.07

324 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 488 Masco 23,419 0.07 316 Maxim Integ Products 19,437 0.06 149 Mccormick 25,290 0.08 944 McDonalds 186,544 0.57 222 Mckesson HBOC 30,707 0.09 3,103 Merck 282,218 0.87 932 MetLife 47,504 0.15 29 Mettler Toledo International 23,005 0.07 603 MGM Resorts 20,062 0.06 279 Microchip Technology 29,217 0.09 1,316 Micron Technology 70,774 0.22 9,238 Microsoft 1,456,833 4.48 133 Mid America Apartment 17,537 0.05 67 Mohawk Industries 9,137 0.03 227 Molson Coors Brewing 12,235 0.04 1,759 Mondelez International 96,886 0.30 456 Monster Beverage 28,979 0.09 202 Moodys 47,957 0.15 1,474 Morgan Stanley 75,351 0.23 204 Motorola Solutions 32,873 0.10 103 MSCI 26,593 0.08 615 Mylan 12,362 0.04 135 Nasdaq OMX Group 14,459 0.04 454 National-Oilwell 11,373 0.03 273 NetApp 16,994 0.05 525 NetFlix 169,874 0.52 403 Newell Brands 7,746 0.02 1,026 Newmont Mining 44,580 0.14 635 News Corporation 9,057 0.03 607 NextEra Energy 146,991 0.45 1,499 Nike 151,864 0.47 428 Nisource 11,916 0.04 576 Noble Energy 14,308 0.04 113 Nordstrom 4,625 0.01 315 Norfolk Southern 61,151 0.19 251 Northern Trust 26,666 0.08 665 NortonLifeLock 16,971 0.05 247 Norwegian Cruise Line Holdings 14,427 0.04 290 NRG Energy 11,528 0.04 355 Nucor 19,979 0.06 737 Nvidia 173,416 0.53

325 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 4 NVR 15,234 0.05 1,076 Occidental 44,342 0.14 77 Old Dominion Freight 14,613 0.04 256 Omnicom 20,741 0.06 490 Oneok 37,078 0.11 2,636 Oracle 139,655 0.43 89 O'Reilly Automotive 39,005 0.12 495 Paccar 39,155 0.12 109 Packaging Corporation of America 12,207 0.04 187 Parker Hannifin 38,488 0.12 377 Paychex 32,068 0.10 1,430 PayPal Holdings 154,683 0.48 499 Peoples United Financial 8,433 0.03 1,707 Pepsico 233,296 0.72 126 Perkinelmer 12,235 0.04 6,670 Pfizer 261,331 0.80 1,878 Philip Morris International 159,799 0.49 547 Phillips 66 60,941 0.19 129 Pinnacle West Capital 11,601 0.04 204 Pioneer Natural Resources 30,879 0.09 525 PNC Financial Services 83,806 0.26 281 PPG Industries 37,511 0.12 843 PPL 30,247 0.09 290 Principal Financial 15,950 0.05 3,029 Procter & Gamble 378,322 1.16 716 Progressive Corporation 51,831 0.16 782 Prologis 69,707 0.21 484 Prudential Financial 45,370 0.14 619 Public Service Enterprise 36,552 0.11 180 Public Storage 38,333 0.12 292 Pulte 11,330 0.03 88 PVH Corporation 9,253 0.03 132 Qorvo 15,342 0.05 1,374 Qualcomm 121,228 0.37 321 Quanta Services 13,068 0.04 154 Quest Diagnostics 16,446 0.05 51 Ralph Lauren Corporation 5,978 0.02 138 Raymond James Financial 12,345 0.04 385 Realty Income 28,348 0.09 192 Regency 12,113 0.04 94 Regeneron Pharms 35,295 0.11

326 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 1,128 Regions Financial 19,356 0.06 251 Republic Services 22,497 0.07 169 Resmed 26,190 0.08 127 Robert Half International 8,020 0.02 171 Rockwell Automation 34,657 0.11 151 Rollins 5,007 0.02 142 Roper Technologies 50,301 0.15 430 Ross Stores 50,061 0.15 306 S & P Global 83,553 0.26 1,068 Salesforce.com 173,700 0.53 140 SBA Communications 33,739 0.10 164 Schein Henry 10,942 0.03 1,656 Schlumberger 66,571 0.20 1,368 Schwab 65,062 0.20 163 Sealed Air 6,492 0.02 334 Sempra Energy 50,594 0.16 226 Servicenow 63,804 0.20 99 Sherwin Williams 57,770 0.18 366 Simon Property 54,519 0.17 200 Skyworks Solutions 24,176 0.07 91 SL Green Realty 8,361 0.03 88 Snap-On 14,907 0.05 1,308 Southern 83,320 0.26 223 Stanley Black & Decker 36,960 0.11 1,478 Starbucks 129,946 0.40 431 State Street Corporation 34,092 0.10 397 Stryker 83,346 0.26 60 SVB Financial Group 15,062 0.05 639 SW Airlines 34,493 0.11 744 Synchrony Financial 26,791 0.08 177 Synopsys 24,638 0.08 615 Sysco 52,607 0.16 273 T Rowe Price Group 33,262 0.10 132 Take Two Interactive Software 16,161 0.05 322 Tapestry 8,684 0.03 634 Target Corporation 81,285 0.25 53 Teleflex 19,951 0.06 1,134 Texas Instruments 145,481 0.45 391 The Mosaic Company 8,461 0.03 486 Thermo Fisher Scientific 157,887 0.49 126 Tiffany 16,840 0.05

327 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 1,465 TJX Companies 89,453 0.27 422 T-Mobile 33,093 0.10 136 Tractor Supply 12,708 0.04 70 TransDigm 39,200 0.12 311 Travelers 42,591 0.13 1,613 Truist Financial Corporation 90,844 0.28 911 Twitter 29,198 0.09 352 Tyson Foods 32,046 0.10 328 UDR 15,318 0.05 67 Ulta Beauty 16,960 0.05 432 Under Armour 8,801 0.02 840 Union Pacific 151,864 0.47 295 United Airlines Holdings 25,987 0.08 846 United Parcel Service 99,033 0.30 129 United Rentals 21,513 0.07 1,022 United Technologies 153,055 0.47 1,160 UnitedHealth Group 341,017 1.05 94 Universal Health 13,485 0.04 228 Unum Group 6,648 0.02 1,707 US Bancorp 101,208 0.31 389 VF Corporation 38,768 0.12 491 Valero Energy 45,982 0.14 102 Varian Medical Systems 14,485 0.04 443 Ventas 25,579 0.08 122 Verisign 23,507 0.07 222 Verisk Analytics 33,153 0.10 5,002 Verizon 307,123 0.94 307 Vertex Pharmaceuticals 67,218 0.21 650 Viacom CBS 27,281 0.08 2,103 Visa 395,154 1.21 182 Vornado Realty Trust 12,103 0.04 187 Vulcan Materials 26,926 0.08 272 Wabtec 21,162 0.06 1,741 WalMart Stores 206,900 0.64 895 Walgreens Boots Alliance 52,769 0.16 2,178 Walt Disney 315,004 0.97 466 Waste Management 53,105 0.16 79 Waters 18,458 0.06 386 Wec Energy 35,601 0.11 59 Wellcare 19,482 0.06 4,638 Wells Fargo 249,524 0.77

328 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

United States (continued) 493 Welltower 40,318 0.12 347 Western Digital 22,024 0.07 491 Western Union Company 13,149 0.04 311 WestRock 13,345 0.04 861 Weyerhaeuser 26,002 0.08 72 Whirlpool 10,622 0.03 1,436 Williams 34,062 0.10 71 W.W Grainger 24,035 0.07 112 Wynn Resorts 15,553 0.05 645 Xcel Energy 40,951 0.13 223 Xerox Holdings Corporation 8,222 0.03 297 Xilinx 29,038 0.09 293 Xylem Incorporated 23,085 0.07 387 Yum! Brands 38,983 0.12 63 Zebra Technologies 16,093 0.05 246 Zimmer Biomet Holdings 36,821 0.11 193 Zions Bancorporation 10,021 0.03 579 Zoetis 76,631 0.24

Total investments in securities at fair value – equity 32,005,080 98.37

Unrealised Gain on Contracts for Difference**1 21,692 0.07 1,086 MASTERCARD CFD 21,692 0.07

Total financial assets designated at fair value through profit or loss 32,026,772 98.44

Future contracts***2 (475) - 1 CME S&P EMI FUT March 2020 (475) -

Total financial liabilities designated at fair value through profit or loss (475) -

Total financial assets and liabilities designated at fair value through profit or loss 32,026,297 98.44

Cash and other net assets 506,085 1.56

Total net assets attributable to redeemable participating shareholders 32,532,382 100.00

Total cost of financial assets designated at fair value through profit or loss 29,695,196

329 HSBC Global Funds ICAV – US Equity Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – Equity

1 The counterparty for the contract for difference is Goldman Sachs. 2 The counterparty for the Future is HSBC Bank plc.

% of Fair Value Analysis of Total Assets USD Total Assets

*Transferable securities admitted to an official stock exchange listing 32,005,080 98.32 **Financial derivative instruments traded over-the-counter 21,692 0.07 ***Financial derivative instruments dealt in on a regulated market (475) - Other current assets 525,158 1.61 Total 32,551,455 100.00

330 HSBC Global Funds ICAV – US Equity Index Fund

Portfolio Changes (unaudited) for the year ended 31 December 2019

Cost in Proceeds in Purchases USD Sales USD Microsoft 1,308,131 Celgene (92,362) Apple 1,207,904 Suntrust Bank (36,884) Alphabet 902,436 Apple (17,603) Amazon 892,781 Bank of America (16,185) FaceBook 549,248 Wells Fargo (12,958) Berkshire Hathaway 501,565 JPMorgan Chase (11,116) JPMorgan Chase 467,698 Viacom (10,050) Johnson & Johnson 423,977 Citigroup (10,049) Visa 378,489 Qualcomm (8,172) Exxon Mobil Corporation 357,446 Intel (5,777) Procter & Gamble 355,070 Nucor (4,323) AT & T 336,051 Affiliated Managers Group (4,309) Home Depot 312,023 Expedia (3,963) Bank of America 304,080 Morgan Stanley (3,751) Verizon 302,932 PNC Financial Services (3,676) Intel 282,892 US BanCorporation (3,287) Walt Disney 282,674 TripAdvisor (2,976) UnitedHealth Group 276,820 Nike (2,899) Chevron 269,079 Capital One Financial Corporation (2,894) Merck & Co 263,932 Macerich (2,832)

331 HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund

Schedule of Investments as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

United States Dollar 74,346,320 97.50 400,000 Abu Dhabi (Govt of) 2.5% 11/10/2022 404,750 0.53 400,000 Abu Dhabi (Govt of) 3.125% 11/10/2027 419,300 0.55 200,000 Abu Dhabi (Govt of) 4.125% 11/10/2047 233,469 0.31 200,000 Abu Dhabi Crude Oil Pipeline 4.6% 02/11/2047 232,000 0.30 200,000 Aeropuerto Internacional de Tocumen 6% 18/11/2048 247,000 0.32 400,000 Angola (Govt of) 8.25% 09/05/2028 432,937 0.57 200,000 Angola (Govt of) 9.125% 26/11/2049 214,506 0.28 600,000 Argentina (Govt of) 5.625% 26/01/2022 312,187 0.41 800,000 Argentina (Govt of) 7.125% 06/07/2036 387,250 0.51 800,000 Argentina (Govt of) 7.5% 22/04/2026 418,375 0.55 400,000 Azerbaijan (Govt of) 4.75% 18/03/2024 429,000 0.56 600,000 Bahrain (Govt of) 5.624% 12/02/2024 649,875 0.85 200,000 Bahrain (Govt of) 6.75% 20/09/2029 233,500 0.31 350,000 Bahrain (Govt of) 6.875% 05/10/2025 412,125 0.54 200,000 Bahrain (Govt of) 7.5% 20/09/2047 244,594 0.32 250,000 Bolivia (Govt of) 4.5% 20/03/2028 251,992 0.33 600,000 Brazil (Govt of) 2.625% 05/01/2023 601,594 0.79 400,000 Brazil (Govt of) 4.25% 07/01/2025 427,250 0.56 500,000 Brazil (Govt of) 4.625% 13/01/2028 538,750 0.71 600,000 Brazil (Govt of) 5.625% 21/02/2047 679,406 0.89 400,000 Chile (Govt of) 3.24% 06/02/2028 421,375 0.55 200,000 Chile (Govt of) 3.5% 25/01/2050 209,844 0.27 200,000 China (Govt of) 4% 19/10/2048 231,125 0.30 200,000 CNAC HK Finbridge 4.125% 14/03/2021 203,687 0.27 300,000 CNAC HK Finbridge 4.875% 14/03/2025 326,625 0.43 200,000 Codelco 4.5% 16/09/2025 217,219 0.28 300,000 Codelco 4.875% 04/11/2044 344,578 0.45 400,000 Colombia (Govt of) 2.625% 15/03/2023 402,500 0.53 600,000 Colombia (Govt of) 4.5% 28/01/2026 655,125 0.86 900,000 Colombia (Govt of) 5% 15/06/2045 1,047,094 1.37 200,000 Comision Federal De Electric 4.875% 15/01/2024 216,125 0.28 400,000 Corporation Nacional del Cobre de Chile 3.7% 30/01/2050 384,750 0.50 300,000 Costa Rica (Govt of) 7.158% 12/03/2045 320,672 0.42 600,000 Croatia (Govt of) 5.5% 04/04/2023 661,875 0.87 300,000 Development Bank of the Republic 6.75% 02/05/2024 316,969 0.42 500,000 Dominican Republic (Govt of) 5.5% 27/01/2025 540,625 0.71 800,000 Dominican Republic (Govt of) 6% 19/07/2028 893,250 1.17 400,000 Dominican Republic (Govt of) 6.4% 05/06/2049 440,500 0.58 200,000 Dubai (Govt of) 5.25% 30/01/2043 229,625 0.30

332 HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 1,000,000 Ecuador (Govt of) 7.875% 27/03/2025 913,750 1.20 600,000 Ecuador (Govt of) 10.75% 31/01/2029 589,219 0.77 700,000 Egypt (Govt of) 6.2004% 01/03/2024 756,437 0.99 600,000 Egypt (Govt of) 7.6003% 01/03/2029 657,844 0.86 400,000 Egypt (Govt of) 8.7002% 01/03/2049 448,437 0.59 300,000 El Salvador (Govt of) 7.1246% 20/01/2050 320,484 0.42 400,000 El Salvador (Govt of) 8.625% 28/02/2029 481,937 0.63 300,000 Empresa Nacional del Petroleo 4.375% 30/10/2024 318,000 0.42 400,000 Eskom Holdings SOC 8.45% 10/08/2028 434,000 0.57 400,000 Export Import Bank of China 2.625% 14/03/2022 403,470 0.53 350,000 Export Import Bank of India 3.875% 12/03/2024 365,258 0.48 200,000 Export Import Bank of India 3.875% 01/02/2028 209,687 0.27 300,000 Gabon (Govt of) 6.375% 12/12/2024 314,859 0.41 400,000 Ghana (Govt of) 7.875% 07/08/2023 440,625 0.58 400,000 Ghana (Govt of) 8.95% 26/03/2051 410,750 0.54 200,000 Guatemala (Govt of) 4.5% 03/05/2026 211,625 0.28 200,000 Guatemala (Govt of) 6.125% 01/06/2050 236,937 0.31 200,000 Hazine Mustesarligi Varlik Kiral 5.004% 06/04/2023 202,750 0.27 150,000 Honduras (Govt of) 6.25% 19/01/2027 164,273 0.21 450,000 Hungary (Govt of) 5.75% 22/11/2023 509,062 0.67 400,000 Hungary (Govt of) 6.375% 29/03/2021 422,562 0.55 200,000 Hungary (Govt of) 7.625% 29/03/2041 330,000 0.43 400,000 Indonesia (Govt of) 2.95% 11/01/2023 407,138 0.53 300,000 Indonesia (Govt of) 3.4% 29/03/2022 307,190 0.40 400,000 Indonesia (Govt of) 3.4% 18/09/2029 419,062 0.55 500,000 Indonesia (Govt of) 4.35% 08/01/2027 547,500 0.72 400,000 Indonesia (Govt of) 4.625% 15/04/2043 449,875 0.59 400,000 Instit Costa De Electric 6.95% 10/11/2021 419,437 0.55 400,000 Iraq (Govt of) 5.8% 15/01/2028 394,437 0.52 500,000 Ivory Coast (Govt of) 6.375% 03/03/2028 530,625 0.70 450,000 Jamaica (Govt of) 7.875% 28/07/2045 609,820 0.80 250,000 Jordan (Govt of) 7.375% 10/10/2047 267,148 0.35 400,000 Kazakhstan (Govt of) 5.125% 21/07/2025 460,000 0.60 400,000 Kazakhstan (Govt of) 6.5% 21/07/2045 590,500 0.77 600,000 KazMunayGas National 3.875% 19/04/2022 619,500 0.81 300,000 KazMunayGas National 5.75% 19/04/2047 359,625 0.47 600,000 Kenya (Govt of) 7% 22/05/2027 638,250 0.84 500,000 Kuwait (Govt of) 3.5% 20/03/2027 539,687 0.71

333 HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 900,000 Lebanon (Govt of) 6.65% 22/04/2024 409,078 0.54 400,000 Lebanon (Govt of) 6.85% 23/03/2027 179,875 0.24 400,000 Lebanon (Govt of) 7% 23/03/2032 180,375 0.24 425,000 Lithuania (Govt of) 6.125% 09/03/2021 445,167 0.58 300,000 Malaysia (Govt of) 3.043% 22/04/2025 311,488 0.41 300,000 Malaysia (Govt of) 3.179% 27/04/2026 312,375 0.41 250,000 Malaysia (Govt of) 4.08% 27/04/2046 295,156 0.39 400,000 MDCGMTN 4.5% 07/11/2028 455,750 0.60 400,000 Mexico (Govt of) 4% 02/10/2023 422,188 0.55 400,000 Mexico (Govt of) 4.5% 22/04/2029 439,938 0.58 350,000 Mexico (Govt of) 4.5% 31/01/2050 379,422 0.50 400,000 Mexico (Govt of) 4.75% 08/03/2044 442,188 0.58 300,000 Minmetals Bounteous Finance 4.75% 30/07/2025 326,438 0.43 450,000 Mongolia (Govt of) 5.125% 05/12/2022 462,023 0.61 300,000 Morocco (Govt of) 4.25% 11/12/2022 317,297 0.42 200,000 Namibia (Govt of) 5.25% 29/10/2025 208,594 0.27 800,000 Nigeria (Govt of) 7.143% 23/02/2030 818,500 1.07 400,000 Nigeria (Govt of) 9.248% 21/01/2049 447,875 0.59 200,000 Oil and Gas Holding 8.375% 07/11/2028 243,156 0.32 1,000,000 Oman (Govt of) 4.875% 01/02/2025 1,036,250 1.36 400,000 Oman (Govt of) 5.932% 31/10/2025 434,750 0.57 400,000 Oman (Govt of) 6.75% 17/01/2048 404,313 0.53 300,000 Pakistan (Govt of) 5.625% 05/12/2022 307,875 0.40 300,000 Pakistan (Govt of) 6.875% 05/12/2027 313,293 0.41 900,000 Panama (Govt of) 3.16% 23/01/2030 928,969 1.22 500,000 Panama (Govt of) 3.75% 16/03/2025 532,734 0.70 300,000 Panama (Govt of) 3.87% 23/07/2060 324,141 0.42 300,000 Paraguay (Govt of) 5% 15/04/2026 332,672 0.44 200,000 Paraguay (Govt of) 5.4% 30/03/2050 230,500 0.30 400,000 Pertamina Persero 4.7% 30/07/2049 428,500 0.56 1,550,000 Peru (Govt of) 2.844% 20/06/2030 1,603,281 2.10 300,000 Perusahaan Listrik Negara 3.875% 17/07/2029 313,500 0.41 300,000 Perusahaan Penerbit SBSN Indonesia 4.45% 20/02/2029 332,109 0.44 300,000 Petroleos Del Peru 5.625% 19/06/2047 349,781 0.46 500,000 Petroleos Mexicanos 5.35% 12/02/2028 496,250 0.65 100,000 Petroleos Mexicanos 5.375% 13/03/2022 105,063 0.14 600,000 Petroleos Mexicanos 6.35% 12/02/2048 582,720 0.76 400,000 Petroleos Mexicanos 7.69% 23/01/2050 439,284 0.58 300,000 Petronas Capital 3.5% 18/03/2025 315,281 0.41

334 HSBC Global Funds ICAV – Global Emerging Market Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 200,000 Petronas Capital 4.5% 18/03/2045 240,250 0.31 300,000 Philippine (Govt of) 3.7% 02/02/2042 340,688 0.45 400,000 Philippine (Govt of) 3.75% 14/01/2029 442,938 0.58 800,000 Philippine (Govt of) 4.2% 21/01/2024 864,250 1.13 500,000 Philippine (Govt of) 5% 13/01/2037 640,078 0.84 500,000 Poland (Govt of) 3% 17/03/2023 516,016 0.68 200,000 Poland (Govt of) 3.25% 06/04/2026 212,344 0.28 600,000 Poland (Govt of) 5% 23/03/2022 643,688 0.84 500,000 Qatar (Govt of) 3.375% 14/03/2024 524,531 0.69 400,000 Qatar (Govt of) 4% 14/03/2029 448,125 0.59 300,000 Qatar (Govt of) 4.5% 23/04/2028 344,063 0.45 450,000 Qatar (Govt of) 4.817% 14/03/2049 558,000 0.73 400,000 Qatar (Govt of) 5.103% 23/04/2048 515,313 0.68 600,000 Romania (Govt of) 4.375% 22/08/2023 641,156 0.84 200,000 Romania (Govt of) 6.125% 22/01/2044 260,000 0.34 400,000 Russia (Govt of) 4.25% 23/06/2027 437,600 0.57 800,000 Russia (Govt of) 4.5% 04/04/2022 841,200 1.10 200,000 Russia (Govt of) 5.1% 28/03/2035 239,400 0.31 600,000 Russia (Govt of) 5.25% 23/06/2047 751,594 0.99 300,000 Saudi (Govt of) 3.25% 26/10/2026 310,350 0.41 500,000 Saudi (Govt of) 4% 17/04/2025 539,750 0.71 600,000 Saudi (Govt of) 4.375% 16/04/2029 672,000 0.88 300,000 Saudi (Govt of) 4.625% 04/10/2047 338,317 0.44 350,000 Saudi (Govt of) 5.25% 16/01/2050 436,625 0.57 200,000 Saudi Arabian Oil 2.875% 16/04/2024 203,100 0.27 250,000 Saudi Arabian Oil 4.25% 16/04/2039 267,813 0.35 300,000 Senegal (Govt of) 6.75% 13/03/2048 303,469 0.40 250,000 Serbia (Govt of) 7.25% 28/09/2021 272,938 0.36 200,000 Sharjah (Govt of) 3.854% 03/04/2026 211,844 0.28 600,000 Sinopec Group Overseas 2.5% 08/08/2024 602,371 0.79 270,000 Sinopec Group Overseas 2.95% 08/08/2029 271,816 0.36 200,000 Slovakia (Govt of) 4.375% 21/05/2022 210,000 0.28 600,000 South Africa (Govt of) 4.665% 17/01/2024 629,250 0.82 400,000 South Africa (Govt of) 5.65% 27/09/2047 390,250 0.51 400,000 South Africa (Govt of) 5.75% 30/09/2049 390,354 0.51 300,000 Southern Gas Corridor 6.875% 24/03/2026 357,900 0.47 750,000 Sri Lanka (Govt of) 6.35% 28/06/2024 748,062 0.98 400,000 Sri Lanka (Govt of) 6.825% 18/07/2026 394,522 0.52 400,000 Sri Lanka (Govt of) 7.55% 28/03/2030 396,476 0.52

335 HSBC Global Funds ICAV - Global Emerging Market Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income (continued)

United States Dollar (continued) 250,000 State Grid Overseas Investment 3.125% 22/05/2023 256,133 0.34 245,000 State Grid Overseas Investment 3.75% 02/05/2023 256,063 0.34 300,000 Trinidad and Tobago (Govt of) 4.50% 04/08/2026 321,234 0.42 700,000 Turkey (Govt of) 5.125% 17/02/2028 671,891 0.88 200,000 Turkey (Govt of) 5.6% 14/11/2024 203,863 0.27 700,000 Turkey (Govt of) 5.75% 11/05/2047 621,250 0.81 800,000 Turkey (Govt of) 6.25% 26/09/2022 838,750 1.10 200,000 Ukraine (Govt of) 7.375% 25/09/2032 213,969 0.28 500,000 Ukraine (Govt of) 7.75% 01/09/2022 538,750 0.71 600,000 Ukraine (Govt of) 8.994% 01/02/2024 675,300 0.89 400,000 Ukraine (Govt of) 9.75% 01/11/2028 488,250 0.64 1,000,000 Uruguay (Govt of) 4.375% 23/01/2031 1,120,938 1.47 600,000 Uruguay (Govt of) 5.1% 18/06/2050 721,969 0.95 200,000 Vnesheconombank 5.942% 21/11/2023 222,906 0.29 500,000 Zambia (Govt of) 5.375% 20/09/2022 343,281 0.45

Total investments in securities at fair value - fixed income 74,346,320 97.50

Investment funds 456,426 0.60 450,000 HSBC Global US Dollar Liquidity Fund # 456,426 0.60

Total financial assets designated at fair value through profit or loss 74,802,746 98.10

Future contracts**1 (125) - 4 CBT US 10Y NOT (CBT)Mar20 (125) -

Total financial liabilities designated at fair value through profit or loss 125 -

Total Financial assets and liabilities at fair value Through profit or loss 74,802,621 98.10

Cash and other net assets 1,451,450 1.90

Total net assets attributable to redeemable participating shareholders 76,254,071 100.00

# HSBC Global US Dollar Liquidity Fund is not authorised in Hong Kong and not available to the public in Hong Kong during the financial report year of this report. 336 HSBC Global Funds ICAV - Global Emerging Market Government Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Total cost of financial assets designated at fair value through profit or loss 74,342,441

1 The counterparty for the future contracts is HSBC Bank plc.

% of Fair value Analysis of Total Assets USD Total Assets

*Transferable securities admitted to an official stock exchange listing 74,346,320 96.96 Investment Fund 456,426 0.60 **Financial derivative instruments dealt in on a regulated market (125) - Other current assets 1,867,074 2.44 Total 76,669,695 100.00

337 HSBC Global Funds ICAV – Global Emerging Markets Government Bond Fund

Portfolio Changes (unaudited) for the year ended 31 December 2019

Cost in Proceeds in Purchases USD Sales USD HSBC Global US Dollar Liquidity HSBC Global US Dollar Liquidity Fund 1,769,272 Fund (1,315,868) Peru (Govt of) 2.844% 20/06/2030 1,595,570 Codelco 4.5% 16/09/2025 (436,936) Uruguay (Govt of) 4.375% Petroleos Mexicanos 5.375% 23/01/2031 1,107,400 13/03/2022 (421,820) South Africa (Govt of) 4.665% South Africa (Govt of) 4.665% 17/01/2024 1,047,400 17/01/2024 (418,224) Colombia (Govt of) 5% 15/06/2045 1,040,760 Oman (Govt of) 4.875% 01/02/2025 1,006,250 Ecuador (Govt of) 7.875% 27/03/2025 933,000 Panama (Govt of) 3.16% 23/01/2030 930,141 Dominican Republic (Govt of) 6% 19/07/2028 882,400 Philippine (Govt of) 4.2% 21/01/2024 867,600 Russia (Govt of) 4.5% 04/04/2022 843,872 Turkey (Govt of) 6.25% 26/09/2022 814,000 Nigeria (Govt of) 7.143% 23/02/2030 802568 Sri Lanka (Govt of) 6.35% 28/06/2024 756,525 Egypt (Govt of) 6.2004% 01/03/2024 735,000 Russia (Govt of) 5.25% 23/06/2047 714,552 Uruguay (Govt of) 5.1% 18/06/2050 708,900 Saudi (Govt of) 4.375% 16/04/2029 671,100 Brazil (Govt of) 5.625% 21/02/2047 671,094 Ukraine (Govt of) 8.994% 01/02/2024 663,720

338 HSBC Global Funds ICAV – China Government Local Bond Index Fund

Schedule of Investments as at 31 December 2019

Fair Value % of Net Holdings Financial assets at fair value through profit or loss USD Asset Value

Investments in securities at fair value – fixed income

Chinese Yuan 49,812,411 96.48 Agricultural Development Bank of China 3.2% 10,000,000 03/04/2022 1,446,208 2.80 Agricultural Development Bank of China 3.51% 10,000,000 03/04/2024 1,449,187 2.81 Agricultural Development Bank of China 3.63% 10,000,000 19/07/2026 1,447,945 2.80 20,000,000 China (Govt of) 2.69% 07/03/2022 2,873,351 5.57 10,000,000 China (Govt of) 2.74% 11/07/2021 1,440,760 2.79 20,000,000 China (Govt of) 2.75% 08/08/2022 2,878,878 5.58 10,000,000 China (Govt of) 2.94% 17/10/2024 1,440,229 2.79 20,000,000 China (Govt of) 3.19% 11/04/2024 2,914,208 5.64 20,000,000 China (Govt of) 3.22% 06/12/2025 2,911,409 5.64 30,000,000 China (Govt of) 3.25% 06/06/2026 4,359,253 8.44 20,000,000 China (Govt of) 3.25% 22/11/2028 2,899,235 5.62 20,000,000 China (Govt of) 3.29% 18/10/2023 2,922,219 5.66 10,000,000 China (Govt of) 3.29% 23/05/2029 1,451,685 2.81 20,000,000 China (Govt of) 3.3% 12/07/2023 2,924,487 5.66 10,000,000 China (Govt of) 3.74% 22/09/2035 1,492,671 2.89 10,000,000 China (Govt of) 3.86% 22/07/2049 1,474,575 2.86 10,000,000 China (Govt of) 4% 24/06/2069 1,504,974 2.91 20,000,000 China (Govt of) 4.28% 23/10/2047 3,174,785 6.15 15,000,000 China Development Bank 2.85% 13/08/2021 2,155,734 4.18 10,000,000 China Development Bank 3.5% 13/08/2026 1,434,809 2.78 6,000,000 China Development Bank 4.01% 09/01/2037 872,247 1.69 10,000,000 Export Import Bank of China 3.28% 11/02/2024 1,437,235 2.78 15,000,000 Export Import Bank of China 3.37% 03/06/2022 2,178,862 4.22 5,000,000 Export Import Bank of China 3.86% 20/05/2029 727,465 1.41

Total investments in securities at fair value – fixed income 49,812,411 96.48

Total financial assets designated at fair value through profit or loss 49,812,411 96.48

Cash and other net assets 1,814,733 3.52

Total net assets attributable to redeemable participating shareholders 51,627,144 100.00

Total cost of financial assets designated at fair value through profit or loss 49,060,718

339 HSBC Global Funds ICAV – China Government Local Bond Index Fund

Schedule of Investments (continued) as at 31 December 2019

% of Fair value Analysis of Total Assets USD Total Assets

*Transferable securities admitted to an official stock exchange listing 49,812,411 96.45 Other current assets 1,831,720 3.55 Total 51,644,131 100.00

340 HSBC Global Funds ICAV – China Government Local Bond Index Fund

Portfolio Changes (unaudited) for the year ended 31 December 2019

Cost in Proceeds in Purchases USD Sales USD China (Govt of) 3.25% 06/06/2026 4,235,384 China (Govt of) 4.28% 23/10/2047 3,070,435 China (Govt of) 3.3% 12/07/2023 2,868,356 China (Govt of) 3.29% 18/10/2023 2,866,071 China (Govt of) 3.19% 11/04/2024 2,844,866 China (Govt of) 3.22% 06/12/2025 2,831,221 China (Govt of) 2.75% 08/08/2022 2,823,095 China (Govt of) 2.69% 07/03/2022 2,821,265 China (Govt of) 3.25% 22/11/2028 2,818,538 Export Import Bank of China 3.37% 03/06/2022 2,136,499 China Development Bank 2.85% 13/08/2021 2,119,369 China (Govt of) 3.74% 22/09/2035 1,446,871 Agricultural Development Bank of China 3.2% 03/04/2022 1,418,281 China (Govt of) 2.74% 11/07/2021 1,415,065 China (Govt of) 3.29% 23/05/2029 1,414,226 Agricultural Development Bank of China 3.51% 03/04/2024 1,412,325 China (Govt of) 4% 24/06/2069 1,410,042 China (Govt of) 2.94% 17/10/2024 1,408,298 China (Govt of) 3.86% 22/07/2049 1,404,031 Export Import Bank of China 3.28% 11/02/2024 1,399,560

341 Other Additional Disclosures as at 31 December 2019

Operating Charges Figure

The Operating Charges Figure (“OCF”) for each Sub-Fund for the year ended 31 December 2019 is as follows:

Sub - Fund Share Class 31 December 2019 31 December 2018 HSBC Global Funds ICAV - AC* 0.45% 0.45% US Government Bond Index Fund BC* 0.20% 0.20% SC* 0.07% 0.07% SD# 0.07% 0.07% XC* 0.20% 0.20% SCHEUR# 0.09% 0.10% SDHEUR# 0.09% 0.10% HSBC Global Funds ICAV - ACH* 0.45% 0.45% Global Government Bond Index Fund BCH* 0.20% 0.20% SCH* 0.07% 0.07% XCH* 0.20% 0.20% ZCHGBP*** 0.07% 0.08% ZQHGBP** 0.07% 0.08% S4CHGBP** 0.04% 0.05% BDHGBP**** 0.22% - S2CHGBP** 0.07% - S2QHGBP***** 0.07% - S2CH* 0.01% - S2QH*** 0.05% - ZCHEUR** 0.07% - HCH** 0.31% - HSCH (HUSD)** 0.31% - HSBC Global Funds ICAV - ACH** 0.45% 0.45% Global Corporate Bond Index Fund BCH** 0.20% 0.20% SCH** 0.10% 0.10% S5DH**** 0.03% 0.02% S5CH** 0.03% 0.02% XCH** 0.20% 0.20% ZCHGBP** 0.07% 0.08% ZQH*** 0.05% 0.05% S2CH* 0.05% - S2QH*** 0.08% - S2CHGBP** 0.10% - S2QHGBP***** 0.10% - HCH** 0.30% - HSCH (HUSD)** 0.28% - SDHEUR** 0.12% - ZCHEUR** 0.07% -

342 Other Additional Disclosures (continued) as at 31 December 2019

Operating Charges Figure (continued)

31 December Sub - Fund Share Class 2019 31 December 2018 HSBC Global Funds ICAV - ACH** 0.45% 0.45% Global Aggregate Bond Index Fund BCH** 0.20% 0.20% SCH** 0.07% 0.07% S5DH**** 0.02% 0.02% S5CH** 0.02% 0.02% XCH** 0.19% 0.20% S5CHEUR** 0.04% 0.08% S5DHEUR**** 0.04% 0.08% S5DHGBP**** 0.04% 0.08% Class HCH** 0.30% - Class HSCH (HUSD)** 0.30% - HSBC Global Funds ICAV - Class BC* 0.23% - Global Equity Index Fund Class SC* 0.15% - Class XC* 0.23% - Class ZC* 0.25% - Class AC* 0.48% - Class HC* 0.37% - Class HCHKD* 0.40% - HSBC Global Funds ICAV - Class XC* 0.30% - Multi Factor Worldwide Equity Fund Class XS****** 0.30% - Class ZQ*** 0.23% - HSBC Global Funds ICAV - Class BC* 0.17% - US Equity Index Fund Class SC* 0.10% - Class XC* 0.17% - Class ZC* 0.15% - Class HC* 0.31% - Class HCHKD* 0.31% - Class AC* 0.42% - HSBC Global Funds ICAV - Class ZQ* 0.15% - Global Emerging Market Government Class BC* 0.36% - Bond Index Fund Class XC* 0.36% - Class SC* 0.25% - Class HC* 0.51% - Class HCHKD* 0.50% -

343 Other Additional Disclosures (continued) as at 31 December 2019

Operating Charges Figure (continued)

Sub - Fund Share Class 31 December 2019 31 December 2018 HSBC Global Funds ICAV - Class BC* 0.40% - China Government Local Bond Index Class XC* 0.40% - Fund Class ZQ*** 0.20% - Class SC* 0.29% - Class HC* 0.55% - Class HKD* 0.55% -

* Accumulating Class ** Accumulating Hedged Class *** Quarterly Distributing Class **** Annually Distributing Hedged Class *****Quarterly Distributing Hedged Class ******Semi Annual Distributing Class #not yet launched as at 31 December 2019

344 Other Additional Disclosures (continued) as at 31 December 2019

Total Expense Ratio

The Total Expense Ratio (“TER”) for each Sub-Fund for the year ended 31 December 2019 is as follows:

31 December Sub - Fund Share Class 2019 31 December 2018 HSBC Global Funds ICAV - AC* 0.45% 0.45% US Government Bond Index Fund BC* 0.20% 0.20% XC* 0.20% 0.20% SC* 0.07% 0.07% HSBC Global Funds ICAV - ACH* 0.45% 0.45% Global Government Bond Index Fund BCH* 0.20% 0.20% SCH* 0.07% 0.07% XCH* 0.20% 0.20% ZQHGBP*** 0.07% 0.05% ZCHGBP** 0.07% 0.05% S4CHGBP** 0.04% 0.02% BDHGBP**** 0.22% - S2CHGBP** 0.07% - S2QHGBP***** 0.07% - S2CH* 0.01% - S2QH*** 0.05% - ZCHEUR** 0.07% - HCH** 0.31% - HSCH (HUSD)** 0.31% - HSBC Global Funds ICAV - ACH** 0.45% 0.45% Global Corporate Bond Index Fund BCH** 0.20% 0.20% SCH** 0.10% 0.10% XCH** 0.20% 0.20% S5DH**** 0.03% 0.02% S5CH** 0.03% 0.02% ZCHGBP** 0.07% 0.05% ZQH*** 0.05% 0.05% S2CH* 0.05% - S2QH*** 0.08% - S2CHGBP** 0.10% - S2QHGBP***** 0.10% - HCH** 0.30% - HSCH (HUSD)** 0.28% - SDHEUR** 0.12% - ZCHEUR** 0.07% -

345 Other Additional Disclosures (continued) as at 31 December 2019

Total Expense Ratio (continued)

The Total Expense Ratio (“TER”) for each Sub-Fund for the year ended 31 December 2019 is as follows:

31 December Sub - Fund Share Class 2019 31 December 2018 HSBC Global Funds ICAV - ACH** 0.45% 0.45% Global Aggregate Bond Index Fund BCH** 0.20% 0.20% SCH** 0.07% 0.07% S5DH**** 0.02% 0.02% S5CH** 0.02% 0.02% XCH** 0.19% 0.20% S5CHEUR** 0.04% 0.02% S5DHEUR**** 0.04% 0.02% S5DHGBP**** 0.04% 0.02% HCH** 0.30% - HSCH (HUSD)** 0.30% - HSBC Global Funds ICAV - BC* 0.23% - Global Equity Index Fund SC* 0.15% - XC* 0.23% - ZC* 0.25% - AC* 0.48% - HC* 0.37% - HCHKD* 0.40% - HSBC Global Funds ICAV - XC* 0.30% - Multi Factor Worldwide Equity Fund XS****** 0.30% - ZQ*** 0.23% - HSBC Global Funds ICAV - BC* 0.17% - US Equity Index Fund SC* 0.10% - XC* 0.17% - ZC* 0.15% - HC* 0.31% - HCHKD* 0.31% - AC* 0.42% - HSBC Global Funds ICAV - ZQ* 0.15% - Global Emerging Market Government BC* 0.36% - Bond Index Fund XC* 0.36% - SC* 0.25% - HC* 0.51% - HCHKD* 0.50% -

346 Other Additional Disclosures (continued) as at 31 December 2019 Total Expense Ratio (continued)

347 Other Additional Disclosures (continued) as at 31 December 2019

Sub-Fund Performance Data*

The percentage total return of one share of each Sub-Fund, as calculated in accordance with the Swiss Funds Association guidelines is as follows: Inception to Share 01/1/2019 to 31/12/2019 Sub-Fund Benchmark 31/12/2019 Class Fund Benchmark Fund Benchmark HSBC Global Funds AC Bloomberg 9.17% 9.96% 6.39% 6.86% ICAV - US BC Barclays US 9.63% 9.96% 6.65% 6.86% Treasury Government Bond SC 9.53% 9.59% 6.81% 6.86% Index Fund XC 9.64% 9.96% 6.66% 6.86%

HSBC Global Funds ACH FTSE World 9.57% 10.27% 7.18% 7.59% ICAV - Global BCH Government 10.02% 10.27% 7.45% 7.59% Bond Index Government Bond SCH 10.26% 10.27% 7.59% 7.59% Index Fund XCH 10.08% 10.27% 7.46% 7.59% ZCHGBP^ 8.06% - 5.75% - ZQHGBP^ 7.03% - 5.75% - S4CHGBP^ 8.17% - 5.79% - BDHGBP 5.01% - - - HCH (0.58)% (0.65)% - - HCHKD (1.15)% (1.21)% - - S2CH 4.67% 4.62% - - S2CHGBP 5.36% - - - S2QH 4.66% 4.62% - - S2QHGBP 5.36% - - -

HSBC Global Funds ACH Bloomberg 13.29% 14.27% 12.06% 12.51% ICAV – Global BCH Barclays 13.75% 14.27% 12.35% 12.51% Global Corporate Bond SCH 13.94% 14.27% 12.46% 12.51% Aggregate Index Fund S5DH Corporate 14.07% 14.27% 12.54% 12.51% S5CH Bond Index 14.07% 14.27% 12.54% 12.51% XCH 13.81% 14.27% 12.34% 12.51% ZQH 12.50% 12.74% 12.50% 12.51% ZCHGBP 10.44% - 10.59% - SDHEUR 1.36% - - - S2CHGBP 9.52% - - - S2QHGBP 9.52% - - - HCHKD 5.26% 5.41% - - HCH 6.04% 6.19% - - S2CH 6.78% - - - S2QH 6.77% - - -

348 Other Additional Disclosures (continued) as at 31 December 2019

Sub-Fund Performance Data* (continued)

Share Inception to Sub-Fund Benchmark 01/12/2019 to 31/12/2019 Class 31/12/2019 Benchmar Fund Fund Benchmark k

HSBC Global Funds ACH Bloomberg 9.45% 10.24% 7.54% 8.22% ICAV – Global BCH Barclays 9.76% 10.24% 7.81% 8.22% Global Aggregate Bond SCH 9.93% 10.24% 7.95% 8.22% Aggregate Index Fund S5DH Hedged USD 9.99% 10.24% 8.01% 8.22% S5CH 9.98% 10.24% 8.00% 8.22% XCH 9.75% 10.24% 7.80% 8.22% S5CHEUR 5.94% - 4.84% - S5DHEUR 5.96% - 4.84% - S5DHGBP 7.80% - 6.17% - HCH 3.56% 3.84% - - HCHKD 2.79% 3.07% - -

HSBC Global Funds AC MSCI World 10.06% 10.17% - - ICAV – Global BC Net 10.25% 10.17% - - Equity Index Fund HC 15.17% 15.31% - - HCHKD 14.32% 14.47% - - SC 10.31% 10.17% - - XC 10.25% 10.17% - - ZC 10.23% 10.17% - -

HSBC Global Funds XC MSCI AC 12.79% 13.49% - - ICAV – Multi XS World Net 12.79% 13.49% - - Factor Worldwide ZQ 12.83% 13.49% - - Equity Fund

HSBC Global Funds AC S&P 500 Net 8.09% 8.16% - - ICAV – US Equity BC 8.14% 8.16% - - Index Fund HC 8.11% 8.16% - - HCHKD 7.39% 7.44% - - SC 8.16% 8.16% - - XC 8.14% 8.16% - - ZC 8.15% 8.16% - -

HSBC Global Funds BC JP Morgan 1.48% 1.63% - - ICAV – Global HC EMBI Global 1.45% 1.63% - - Diversified Emerging Market HCHKD 0.77% 0.95% - - Government Bond SC 1.50% 1.63% - - Index Fund XC 1.48% 1.63% - - ZQ 1.52% 1.63% - -

349 Other Additional Disclosures (continued) as at 31 December 2019

Inception to Share 01/12/2019 to 31/12/2019 Sub-Fund Benchmark 31/12/2019 Class Fund Benchmark Fund Benchmark HSBC Global Funds BC Barclays 3.04% 3.07% - - ICAV – China XC China 3.04% 3.07% - - Treasury and Government Local HCHKD 2.39% 2.44% - - Policy Bank - - Index Fund SC 9% Capped 3.06% 3.07% HC Ind 3.01% 3.07% - - ZQ 3.08% 3.07% - -

* No performance figures are available for classes launched within one year as on 31 December 2019.

350 Other Additional Disclosures (continued) as at 31 December 2019

Inception to Share 01/12/2019 to 31/12/2019 Sub-Fund Benchmark 31/12/2019 Class Tracking Error Tracking Error HSBC Global Funds AC 0.04% 0.05% Bloomberg ICAV - US BC 0.04% 0.05% Barclays US Government Bond SC Treasury 0.05% 0.06% Index Fund XC 0.05% 0.06%

HSBC Global Funds ACH FTSE World 0.11% 0.12% ICAV - Global BCH Government 0.11% 0.12% Bond Index Government Bond SCH 0.12% 0.12% Index Fund XCH 0.11% 0.12%

HSBC Global Funds ACH Bloomberg 0.37% 0.32% ICAV - Global BCH Barclays 0.37% 0.32% Global Corporate Bond SCH 0.37% 0.32% Aggregate Index Fund S5DH Corporate 0.38% 0.33% S5CH Bond Index 0.38% 0.32% XCH 0.37% 0.33% ZQH 0.42% 0.32%

HSBC Global Funds ACH 0.12% 0.12% ICAV – Global BCH 0.12% 0.12% Aggregate Bond SCH 0.12% 0.13% Index Fund S5DH 0.11% 0.12% S5CH 0.11% 0.12% XCH 0.12% 0.13%

* No performance figures are available for classes launched within one year as on 31 December 2019.

The realised Tracking Error is within the anticipated Tracking Error range.

351 Other Additional Disclosures (continued) as at 31 December 2019

Sub-Fund Performance Data

The percentage total return of one share of each Sub-Fund, as calculated in accordance with the Swiss Funds Association guidelines is as follows:

Financial year ended Sub-Fund Share Benchmark 31 December 2018 Fund Benchmark HSBC Global Funds ICAV - AC Bloomberg 2.93% 2.91% US Government Bond Index Fund BC Barclays US 2.93% 2.91% SC Treasury 2.59% 2.56% SD - - XC 2.93% 2.91% SCHEUR - - SDHEUR - - HSBC Global Funds ICAV - ACH FTSE World 2.54% 2.49% Global Government Bond Index BCH Government Bond 2.53% 2.49% Fund SCH Index 2.53% 2.49% XCH 2.58% 2.49% ZCHGBP 2.24% - ZQHGBP 1.26% - S4CHGBP 2.26% - HSBC Global Funds ICAV - ACH Bloomberg 1.39% 1.56% Global Corporate Bond Index Fund BCH Barclays Global 1.38% 1.56% SCH Aggregate 1.38% 1.56% Corporate Bond S5DH 1.39% 1.56% Index S5CH 1.39% 1.56% XCH 1.44% 1.56% ZCHGBP^ (0.11%) - ZQH 0.03% 0.20% HSBC Global Funds ICAV - ACH Bloomberg 1.84% 1.87% Global Aggregate Bond Index Fund BCH Barclays Global 1.84% 1.87% SCH Aggregate Hedged 1.84% 1.87% USD S5DH 1.84% 1.87% S5CH 1.83% 1.87% XCH 1.84% 1.87% S5CHEUR 1.06% - S5DHEUR 1.06% - S5DHGBP 1.51% -

^ ZCHGBP share class of HSBC Global Funds ICAV – Global Corporate Bond Index Fund has a different inception date than the rest of the share classes in the same fund resulting in a slightly different return rate.

References to benchmarks are for illustrative purposes only. There is no guarantee that a Sub-Fund will outperform its benchmark.

Past performance is not an indication of current or future performance and the performance data does not take account of commissions and costs incurred on the creation and redemption of shares. The Prospectus, Sub-Fund Supplements, key investor information documents in respect of the Sub-Funds, Articles of Association of the ICAV, annual and semi-annual reports of the ICAV, as well as a list of the purchases and sales on the account of the Sub-Funds can be obtained free of charge by Swiss investors from the representative of the ICAV in Switzerland, HSBC Global Asset Management (Switzerland) AG, Gartenstrasse 26, P.O Box, CH-8002 Zurich, Switzerland. 352 Other Additional Disclosures (continued) as at 31 December 2019

Remuneration Policy

The Management Company has implemented a remuneration policy pursuant to Directive 2014/91/EU of the European Parliament and of the Council of 23 July 2014 amending Directive 2009/65/EC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) as regards to depositary functions, remuneration policies and sanctions (the “UCITS V Directive”), which was transposed into Luxembourg law on 1 June 2016 by way of the Luxembourg law of 10 May 2016.

The remuneration policy, which has been approved by the Management Company’s board of directors, includes measures to avoid conflicts of interest and seeks to promote sound and effective risk management and that neither encourage risk taking which is inconsistent with the risk profile and instrument of incorporation of the ICAV nor impair compliance with the Management Company’s duty to act in the best interest of the ICAV.

The remuneration policy, which describes how remuneration and benefits are determined, is available at www.global.assetmanagement.hsbc.com/about-us/governance-structure, or on request from the Management Company.

Total amount of remuneration paid by the Management Company to its staff during the year 31 December 2019 is as follows:

Fixed remuneration EUR 2,425,226 Variable remuneration EUR 624,384 Number of beneficiaries 26 of which, the fixed and variable remuneration of senior management is: Fixed remuneration EUR 1,483,285 Variable remuneration EUR 531,110 Number of beneficiaries 10

The annual review of the remuneration policy, including a review of the existing remuneration structure as well as implementation of the regulatory requirements and compliance with them, was completed during the year and no irregularities were identified. Furthermore, there were no material changes made to the remuneration policy in the past financial year.

Neither the Management Company nor the ICAV pay any remuneration to the identified staff of any delegate.

Securities Financing Transaction

The ICAV is subject to the Regulation (EU) 2015/2365 on Transparency of Securities Financing Transactions and of Reuse and Amending Regulation (EU) No 648/2012 of the European Parliament (“SFTR”). The regulation was issued on November 25, 2015 effective for all alternative investment funds from January 12, 2016. The disclosure requirements accompanying this regulation are effective for annual reports published after January 13, 2017. This regulation has therefore been adopted for these Financial Statements dated 31 December 2019 due to the date the financial statements are available to be issued falling after this effective date.

A Securities Financing Transaction (“SFT”) is defined per Article 3(11) of the SFTR as;

 a repurchase transaction or a reverse repurchase transaction;  a securities or commodities lending and securities or commodities borrowing;  a buy-sell back transaction or sell-buy back transaction;  a margin lending transaction.

As at 31 December 2019 the Sub-Funds did not hold any type of SFT.

353