HSBC Holdings PLCLSE: HSBA

Corporate Money Funds - 2026 Financials

· Issued by HSBC Holdings PLC

Summary by 6ix AI

HSBC Corporate Money Funds Limited, which runs seven money market funds, released its annual report for the year ended April 30, 2026. Auditor KPMG, in a report dated October 27, 2026, said the financial statements present fairly, in all material respects, its financial position as of April 30, 2026 and results for the year, under US accounting standards (US GAAP).

Key details

  • Net assets at April 30, 2026: US Dollar Fund USD 7,067,865,142; US Treasury Fund USD 3,335,529,670; Sterling Fund GBP 285,230,433; Canadian Dollar Fund CAD 172,449,699; Euro Fund EUR 117,916,529; Sterling ESG Fund GBP 38,914,481; US Dollar ESG Fund USD 14,175,516.
  • Net investment income for the year ended April 30, 2026: US Dollar Fund USD 282,607,104; US Treasury Fund USD 115,892,520; Sterling Fund GBP 14,684,430; Canadian Dollar Fund CAD 3,511,647; Sterling ESG Fund GBP 2,336,857; Euro Fund EUR 1,885,997; US Dollar ESG Fund USD 891,892.
  • Each fund holds shares of underlying money market funds, mostly HSBC Global Liquidity Funds Plc funds; the US Treasury Fund held 55.30% of net assets in the HSBC US Treasury Liquidity Fund and 44.40% in the BNY Mellon US Treasury Fund.
  • Most share classes had a net asset value of 1.00 per share in their fund's currency at April 30, 2026.
  • In the US Dollar ESG Fund, management fees of USD 11,204 were waived. KPMG said the manager's reports on pages 1 to 10 were not audited.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/hsbc-corporate-money-funds-2026-financials

Watch HSBC's latest callHSBC Holdings (LSE:HSBA) Q3 2026 Earnings Call · Replay · Oct 27Read the transcript of HSBC Holdings (LSE:HSBA) Q3 2026 Earnings Call
HSBC Corporate Money Funds Limited

Annual Report April 2026

Contents

Canadian Dollar Fund

Manager's Report 1

Euro Fund

Manager's Report 3

Sterling Fund, Sterling ESG Fund

Manager's Report 5

US Dollar Fund, US Dollar ESG Fund, US Treasury Fund

Manager's Report 8

Independent Auditor s Report 11

Statements

Statements of Assets and Liabilities 13

Statements of Net Assets 15

Statements of Operations 18

Statements of Changes in Net Assets 19

Notes to the Financial Statements 23

Management and Administration 43

The accompanying report of KPMG

is for the sole and exclusive use of the Company. No person, other than

the Company, is authorized to rely upon the report of KPMG unless KPMG expressly so authorizes. Further, the report of KPMG is as of October 27, 2026 and KPMG has carried out no procedures of any nature subsequent to that date which in any way extends that date.

Manags Report for the year ended April 30, 2026 Canada

Canadian government bonds produced only marginal gains in local currency terms. The asset class saw higher returns in US dollars, but slightly negative ones in sterling over the period, owing to movements in currencies. It was a difficult time for bond investors as they had to contend with the uncertainty

stilities in the Middle East

in 2026.

The 10-year government bond yield rose from about 3.2% at the start of the period to end at approximately 3.5% and was very volatile over the whole period. Shorter-term yields increased even further, with the two-year government bond yield rising to 3.0% from approximately 2.5% at the start of the period, ensuring that the yield curve flattened between the 10-year and two-

The annual rate of inflation rose over the period, up from 1.7% in April 2025 to 2.4% in March 2026. The pick-pressures stemming from higher oil and gas prices, a result of the situation in the Middle East. However, core inflation (excluding food, energy and mortgage interest costs) was unchanged over the period, starting and ending at 2.5%.

own by 50 bps to 2.25%. Although the BoC recognised that inflationary pressures were building, it remained relaxed about the current level of interest rates, noting that higher energy costs had not yet fed meaningfully through into other parts of the economy, and that higher costs could be initially absorbed by some relative slackness in the economy.

energy prices. Gross shock to the economy produced by US President

in the final quarter of the year by 0.2%. For 2025 as a whole, the economy expanded by 1.7% year on year, its slowest rate for five years. Meanwhile, the manufacturing purchasing -four-year high of 53.3 in April. This was largely driven by a pick-up in new orders which was, in turn, partly a result of customers stockpiling inventory because of the crisis in the Middle East.

HSBC Canadian Dollar Liquidity Fund

Liquidity remained very high throughout the year. The sub-57 days in mid-September, then generally declined to 45 days by period-end, with a low of 39 days in mid-July. Weighted average maturity showed the same trend. It rose from 54 days at the start to 57 days in September, before easing back to 45 days at the end of the period, with a low of 39 days in July.

Manags Report for the year ended April 30, 2026 HSBC Canadian Dollar Liquidity Fund (continued) Annualised Performance

Performance (%)

YTD

1 month

3 months

6 months

1 year

3 years

ann

5 years

ann

10 years

ann

A Shares

2.08

2.07

2.07

2.11

2.32

3.66

2.81

1.82

B Shares

-

1.87

1.87

1.88

1.97

-

-

-

C Shares

-

2.07

2.04

2.08

2.32

2.06

3.01

-

F Shares

2.13

2.12

2.12

2.16

2.37

3.69

2.82

1.85

G Shares

-

2.15

2.15

2.19

2.40

2.16

2.35

-

H Shares

2.18

2.17

2.17

2.21

2.42

3.76

2.90

1.91

K Shares

2.14

2.15

2.12

2.16

2.41

3.74

2.89

-

L Shares

2.16

2.17

2.14

2.18

2.43

3.77

2.91

1.91

Z Shares

2.28

2.27

2.27

2.31

2.53

3.86

3.01

2.01

MLFI - ICE BofA Canadian Dollar Overnight Deposit bid Rate Index

2.15

2.15

2.15

2.15

2.38

3.72

2.87

1.85

HSBC Global Asset Management (Bermuda) Limited August 2026

This Manager's Report contains certain forward-looking statements with respect to the financial markets. These statements should not be considered personal financial advice.

Manags Report

for the year ended April 30, 2026

Europe

Government bond markets in Europe were weaker over the 12 months to the end of April on worries about renewed inflationary pressures and increasing borrowing requirements for already stretched national budgets.

German bond yields rose, with the German benchmark 10-year Bund yield climbing from 2.50% to just over 3.0%, its highest level since 2011. The rise in shorter-term bond yields was even greater, with the two-year bond yield climbing by approximately 85 basi

yield curve to flatten -year government

bond yield climbing from 3.2% to 3.7%. The rise in Italian yields was more modest, however, and the Italian 10-year bond yield rose by only 20 bps, from 3.65% to 3.85%. The peripheral bond yield spread (between the German and Italian benchmark bond yields) fell below 100 bps to its lowest level for 16 ye

Annual headline inflation in the eurozone remained steady for much of the period at around the 2% level. However, it picked up notably in March and April, as energy prices began to rise again. This was mainly a result of events in the Middle East that have prevented any oil or gas supplies from being moved through the Strait of Hormuz. Headline inflation, which had been 2.2% in April 2025, climbed to 3.0% in April 2026, with fears that it would continue to head higher. The April 2026 figure was the highest since September 2023, driven by an energy price rise of 10.9%. However, underlying or core inflation (which excludes volatile items such as energy and food prices) was largely unchanged over the period, ending it at 2.2% for April. The European Central Bank

it considered the risks

between inflation and economic growth to be well balanced.

Economic growth was subdued. The eurozone economy grew by 0.3% on a quarterly basis in the third quarter of 2025, followed by 0.2% in the fourth quarter and just 0.1% in the first quarter of 2026. Overall economic trends remained fragile. Various consumer confidence and business sentiment indices remained lacklustre and notably worsened towards the end of the reporting year. The manufacturing sector, however, did recover in early 2026, with the eurozone manufacturing purchasing managers index rising above the 50.0 level (that separates economic expansion from contraction) in the three months from February to April, and hitting a near-four-year high in the final month of the period.

HSBC Euro Liquidity Fund, HSBC Euro ESG liquidity Fund

The Investment Manager took a cautious approach to interest rate risk, keeping the portfolio aligned with the sub-

rage. In response to increased uncertainty linked to the conflict involving Iran, overall portfolio risk was reduced in the final quarter. This was done by shortening the maturity profile, reducing the weighted

80 days to approximately 60 days.

HSBC Euro Government Liquidity Fund

As the sub- steps, the

Investment Manager took a cautious approach. Portfolio positioning remained aligned with the sub- al preservation and liquidity objectives, with average WAL and WAM of around two weeks.

Manags Report for the year ended April 30, 2026 HSBC Euro Liquidity Fund (continued) Annualised Performance

Performance (%)

YTD

1 month

3 months

6 months

1 year

3 years

ann

5 years

ann

7 years

ann

10 years

ann

A Shares

1.97

2.14

1.98

1.94

1.99

2.99

1.85

1.15

0.67

B Shares

1.76

1.92

1.77

1.74

1.78

2.79

1.70

1.04

0.60

C Shares

1.97

2.14

1.98

1.94

1.99

2.99

1.85

1.17

0.69

D Shares

1.76

1.92

1.77

1.74

1.78

-

-

-

-

F Shares

2.02

2.20

2.03

1.99

2.04

3.04

1.88

-

-

G Shares

2.05

2.23

2.06

2.02

2.07

3.07

1.90

1.20

0.71

H Shares

2.07

2.25

2.08

2.04

2.09

3.09

1.91

1.21

0.72

I Shares

2.07

2.25

2.08

2.04

2.09

3.09

1.91

-

-

J Shares

2.02

2.20

2.03

1.99

2.04

3.04

1.88

-

-

K Shares

2.05

2.23

2.06

2.02

2.07

3.07

1.90

1.20

-

L Shares

2.07

2.25

2.08

2.04

2.09

3.09

1.91

1.21

0.72

W Shares

2.14

2.33

2.15

2.11

2.16

-

-

-

-

X Shares

2.12

2.31

2.13

2.09

2.14

3.14

1.96

-

-

Y Shares

2.14

2.33

2.15

2.11

2.16

3.17

1.98

-

-

AD Shares

1.93

1.94

1.93

1.93

1.98

2.99

-

-

-

BD Shares

1.89

1.80

1.88

1.90

1.90

2.83

-

-

-

ED Shares

1.95

1.96

1.95

1.95

2.00

2.97

-

-

-

FD Shares

1.98

1.99

1.98

1.98

2.03

3.04

-

-

-

GD Shares

2.01

2.02

2.01

2.01

2.06

3.07

-

-

-

HD Shares

2.03

2.04

2.03

2.03

2.08

3.09

-

-

-

LR Shares

2.07

2.25

2.08

2.04

2.09

-

-

-

-

XD Shares

2.10

2.20

2.13

2.06

2.15

3.15

-

-

-

YD Shares

2.10

2.11

2.10

2.10

2.15

3.16

-

-

-

ZD Shares

2.13

2.14

2.13

2.13

2.18

3.19

-

-

-

UCITS ETF (Acc)*

-

2.25

2.08

-

-

-

-

-

-

Euro Short-Term Rate**

1.96

1.96

1.96

1.97

2.00

3.05

1.90

1.19

0.67

*Launched on 24 November 2025.

**Since inception to 15 March 2020 the Benchmark was 1 week EUR LIBID. From 16 March 2020, the benchmark is Euro Short-Term Rate.

HSBC Global Asset Management (Bermuda) Limited August 2026

This Manager's Report contains certain forward-looking statements with respect to the financial markets. These statements should not be considered personal financial advice.

Manags Report for the year ended April 30, 2026 The United Kingdom

The UK government bond market produced mildly positive returns in sterling terms over the reporting year and outperformed the wider Citigroup World Government Bond Index. However, bond prices lurched downwards in the first few months of 2026 as inflation began to pick up again and the situation in the Middle East worsened. Corporate bonds did better than government bonds, benefiting from a greater risk tolerance among investors seeking the higher relative yields on offer.

se rates again. UK bonds were also unsettled by the disruption from US trade tariffs and their potential impact on inflation levels, as well as growing worries about national debt levels and large new bond issuance.

The UK benchmark 10-year gilt yield rose over the period from approximately 4.6% to just over 5%, its highest level for 18 years. Shorter-dated gilt yields also gained and the two-year gilt yield rose from about 3.9% to 4.45%. This caused the yield curve to flatten slightly from about 70 basis points ( bps ) to 55 bps. The other key concern throughout the year which kept bond yields at high levels was rising public spending and the UK s stretched fiscal position, meaning that the UK could find it increasingly costly to finance its spending plans.

Annual inflation fell from 3.5% in April 2025 to 3.3% in March 2026 but remained high relative to other G7 nations. Core inflation (excluding energy and food prices) fell from 3.8% to 3.1% over the same period. The BoE cut interest rates three times, from 4.5% to 3.75%, with the final 25 bps cut coming in December. There were hopes that the BoE would cut again in early 2026 but the events in the Middle East largely ended those hopes, with some fearing the central bank may have to raise rates again.

Investors worried about the outlook for the UK economy. This did not only reflect ongoing issues around slower growth abroad and the adaption of commerce to the new regime of US trade tariffs but also concerns about the state of domestic business activity and the high cost of living. The economy grew by just 0.1% in the third and fourth quarters of 2025, as the manufacturing sector contracted and services slowed.

Other economic data was mixed. Unemployment crept up to a more than four-year high of 5.2% in the three months to January, as companies retrenched and vacancies began to dry up, although it fell back to 4.9% in the three months to February; this latter figure, however, was influenced by a large number of people no longer seeking work and thus dropping out of the statistics. Consumer sentiment remained soggy, although retail sales figures did pick up in January after a poor Christmas season. The manufacturing purchasing managers index recovered and hit 53.7 in April 2026, its highest level since May 2022, partly driven by companies accelerating production ahead of potentially much higher energy prices due to the conflict in the Middle East.

HSBC Sterling Liquidity Fund, HSBC Sterling ESG Liquidity Fund

At the start of the period, the investment manager took a more defensive approach by keeping the sub-

-funds were already supported by strong short-term liquidity and short-dated holdings, and liquidity was increased further. As a result, WAM and WAL were gradually reduced to 24 days and 45 days, respectively.

Manag

s Report

for the year ended April 30, 2026

HSBC Sterling Liquidity Fund, HSBC Sterling ESG Liquidity Fund (continued)

HSBC Sterling Liquidity Fund

Annualised Performance

Performance (%)

YTD

1 month

3 months

6 months

1 year

3 years

ann

5 years

ann

10 years

ann

A Shares

3.73

3.69

3.70

3.80

4.00

4.66

3.28

1.79

B Shares

3.52

3.49

3.50

3.60

3.79

4.45

3.11

1.63

C Shares

3.70

3.69

3.67

3.76

4.00

4.66

3.28

1.79

D Shares

3.50

3.49

3.47

3.56

3.80

4.45

3.11

1.63

E Shares

3.75

3.71

3.72

3.82

4.02

4.68

3.30

-

F Shares

3.78

3.74

3.75

3.85

4.05

4.71

3.32

1.83

G Shares

3.81

3.77

3.78

3.88

4.08

4.74

3.35

1.86

H Shares

3.83

3.79

3.80

3.91

4.10

4.76

3.37

1.88

I Shares

3.72

3.71

3.69

3.79

4.03

-

-

-

K Shares

3.78

3.78

3.75

3.85

4.09

4.75

3.36

-

L Shares

3.80

3.80

3.77

3.87

4.11

4.77

3.38

1.88

X Shares

3.88

3.84

3.85

3.96

4.15

4.81

3.42

-

Y Shares

3.90

3.86

3.87

3.98

4.17

4.83

3.44

-

Z Shares

3.93

3.89

3.90

4.01

4.21

4.87

3.47

1.97

HR Shares

3.83

3.79

3.80

3.91

4.10

-

-

-

LR Shares

3.80

3.80

3.77

3.87

4.11

-

-

-

T Shares

3.63

3.59

3.60

3.70

-

-

-

-

UCITS ETF Shares*

-

3.80

3.77

-

-

-

-

-

Sterling Overnight Index Average**

3.75

3.74

3.75

3.83

4.03

4.72

3.37

1.82

*Launched on 24 November 2025.

**Since inception to 15 March 2020 the Benchmark was 1 week GBP LIBID. From 16 March 2020, the benchmark is Sterling Overnight Index Average.

Manags Report for the year ended April 30, 2026 HSBC Sterling Liquidity Fund, HSBC Sterling ESG Liquidity Fund (continued) HSBC Sterling ESG Liquidity Fund

Annualised Performance

Performance (%)

YTD

1 month

3 months

6 months

1 year

3 years

ann

5 years

ann

10 years

ann

A Shares

3.73

3.69

3.70

3.80

4.00

4.66

3.28

1.79

B Shares

3.52

3.49

3.50

3.60

3.79

4.45

3.11

1.63

C Shares

3.70

3.69

3.67

3.76

4.00

4.66

3.28

1.79

E Shares

3.75

3.71

3.72

3.82

4.02

4.68

3.30

-

F Shares

3.78

3.74

3.75

3.85

4.05

4.71

3.32

1.83

G Shares

3.81

3.77

3.78

3.88

4.08

4.74

3.35

1.86

H Shares

3.83

3.79

3.80

3.91

4.10

4.76

3.37

1.88

L Shares

3.80

3.80

3.77

3.87

4.11

4.77

3.38

1.88

Y Shares

3.90

3.86

3.87

3.98

4.17

4.83

3.44

-

Z Shares

3.93

3.89

3.90

4.01

4.21

4.87

3.47

1.97

Sterling Overnight Index Average*

3.75

3.74

3.75

3.83

4.03

4.72

3.37

1.82

*Since inception to 15 March 2020 the Benchmark was 1 week GBP LIBID. From 16 March 2020, the benchmark is Sterling Overnight Index Average.

HSBC Global Asset Management (Bermuda) Limited August 2026

This Manager's Report contains certain forward-looking statements with respect to the financial markets. These statements should not be considered personal financial advice.

Manags Report for the year ended April 30, 2026 The United States

The US government bond market produced mildly positive returns in US dollars, but only very marginally positive returns in sterling terms owing to the weakness in the dollar against the pound over the period. While the latter half of 2025 saw the US Feder to cut rates, the first few months of 2026 saw a marked change in the inflation outlook as the situation in the Middle East drove oil and gas prices substantially higher. Bond investors and traders were also concerned about the growing budget deficit and bond financing requirements in the US, as well as the effect of US trade tariffs on inflation. After trading in a relatively stable fashion through 2025, bond yields picked up towards the end of 2025.

The US 10-year Treasury yield ended largely unchanged over the period at 4.35%. It dipped below 4.0% in October, when concerns mounted about the US economy and a weakening labour market, but was near 4.5% at the end of April the highest level since last summer before easing slightly. The two-year Treasury note yield was also largely unchanged, starting and ending the year at around 3.85%, meaning the yield curve remained mildly upward-sloping at around a positive 50 basis points. Corporate bonds fared better than government bonds owing to the higher relative yields on offer.

The Fed was initially cautious about easing monetary policy too quickly and left rates unchanged during the spring and summer months of 2025. However, by September, the central bank had grown circumspect about the risks of inflation and become more concerned about the economic outlook, leading it to cut rates that month. Rates were lowered again in October and December, taking the Fed s funds rate down to a range of 3.50%-3.75%. Headline inflation began to pick up steadily through 2025, before leaping in March 2026 as the impact of rising energy prices, a consequence of events in the Middle East, began to be felt. Inflation rose from 2.3% in April 2025 to 3.3% in March of 2026, its highest level for almost three years. However, core inflation, which excludes food and energy prices, fell from 2.8% to 2.6% over the same period, an indication that underlying inflation remained tamed.

The US economy showed signs of a slowdown. After expanding by 4.4% on an annualised basis in the third quarter, it dropped to 0.5% in the fourth quarter. However, the weaker figure partly reflected the government slowdown, and first-quarter 2026 gross domestic product rebounded to 2.0%, with government spending recovering strongly. Job openings declined steadily through the period, with the non-farm payroll number for February, which showed 156,000 jobs lost, being the worst figure since the Covid years. US unemployment also picked up and hit 4.5% in November, the highest level for four years, before easing a little.

HSBC US Dollar Liquidity Fund, HSBC US Dollar ESG Liquidity Fund, HSBC US Treasury Liquidity Fund

Daily liquid assets in the HSBC US Dollar Liquidity Fund and the HSBC US Dollar ESG Liquidity Fund increased from 22% to 32%, ranging between a low of 19% and a high of 35%. Weekly liquid assets moved within a 39% 60% range, starting at 46% and ending at 4

days, starting at 41

days and finishing at 40 days.

The HSBC US Treasury Liquidity Fund strengthened its liquidity profile, with daily liquid assets rising from 24% to 40%. Weekly liquid assets increased slightly from 90% to 96%. WAL peaked at 84 days in May (from 83 days at the start) and then declined steadily to 50 days by period-end. WAM trended lower overall, moving from 50 days to 46 days.

Manags Report for the year ended April 30, 2026 HSBC US Dollar Liquidity Fund Annualised Performance

Performance (%)

YTD

1 month

3 months

6 months

1 year

3 years

ann

5 years ann

10 years

ann

A Shares

3.67

3.62

3.64

3.76

4.05

4.79

3.50

2.35

B Shares

3.47

3.42

3.44

3.55

3.85

4.58

3.33

2.18

C Shares

3.64

3.62

3.60

3.72

4.06

4.80

3.50

2.36

D Shares

3.44

3.42

3.40

3.52

3.85

4.59

3.33

2.18

E Shares

3.69

3.64

3.66

3.78

4.07

4.81

3.52

F Shares

3.72

3.67

3.69

3.81

4.10

4.85

3.54

2.40

G Shares

3.75

3.70

3.72

3.84

4.14

4.88

3.57

2.43

H Shares

3.77

3.72

3.74

3.86

4.16

4.90

3.59

2.45

I Shares

3.66

3.64

3.62

3.74

4.08

4.82

3.52

J Shares

3.69

3.67

3.65

3.77

4.11

4.86

3.55

K Shares

3.72

3.70

3.68

3.80

4.14

4.89

3.58

2.46

L Shares

3.74

3.72

3.70

3.82

4.16

4.91

3.60

2.45

W Shares

3.81

3.79

3.76

3.88

4.23

5.23

3.95

-

Y Shares

3.84

3.79

3.81

3.93

4.23

4.97

3.66

2.52

Z Shares

3.87

3.82

3.84

3.96

4.26

5.00

3.69

2.55

Secured Overnight Financing Rate*

3.72

3.69

3.71

3.82

4.15

4.87

3.56

2.31

*Since inception to 15 March 2020 the Benchmark was 1 week USD LIBID. From 16 March 2020, the benchmark is Secured Overnight Financing Rate.

HSBC US Dollar ESG Liquidity Fund Annualised Performance

Performance (%)

YTD

1 month

3 months

6 months

1 year

3 years

ann

5 years ann

10 years

ann

A Shares

3.66

3.62

3.64

3.75

4.04

4.79

4.73

-

B Shares

3.84

3.42

3.44

3.54

3.93

0.00

-

-

C Shares

3.64

3.63

3.60

3.70

4.04

4.24

-

-

E Shares

3.69

3.64

3.66

3.77

4.06

4.21

-

-

F Shares

3.72

3.67

3.69

3.80

4.10

4.84

4.78

-

G Shares

3.75

3.70

3.72

3.83

4.13

4.87

4.81

-

H Shares

3.77

3.72

3.74

3.85

4.15

4.90

4.83

-

K Shares

3.72

3.71

3.68

3.79

4.13

4.24

-

-

L Shares

3.74

3.73

3.70

3.76

4.13

4.42

-

-

W Shares

3.81

3.80

3.77

3.87

4.22

4.97

-

-

Y Shares

3.84

3.79

3.81

3.92

4.22

4.97

4.90

-

Z Shares

3.87

3.82

3.84

3.95

4.25

5.00

-

-

Secured Overnight Financing Rate*

3.72

3.69

3.71

3.82

4.15

4.87

-

-

*Since inception to 15 March 2020 the Benchmark was 1 week USD LIBID. From 16 March 2020, the benchmark is Secured Overnight Financing Rate.

Manags Report for the year ended April 30, 2026 HSBC US Treasury Liquidity Fund Annualised Performance

Performance (%)

YTD

1 month

3 months

6 months

1 year

3 years

ann

5 years

ann

10 years

ann

A Shares

3.53

3.49

3.51

3.62

3.91

4.64

3.39

2.65

B Shares

3.33

3.29

3.31

3.42

3.70

4.43

3.22

2.49

E Shares

4.55

3.51

3.53

3.64

3.93

3.55

0.00

0.00

F Shares

4.61

3.54

3.56

3.67

3.96

3.59

0.00

0.00

G Shares

3.62

3.57

3.59

3.70

3.99

4.72

4.72

0.00

H Shares

3.64

3.59

3.61

3.72

4.01

4.74

3.48

2.66

X Shares

3.69

3.64

3.66

3.78

4.07

4.80

3.52

2.71

Z Shares

3.74

3.69

3.71

3.83

4.12

4.85

3.57

2.76

Secured Overnight Financing Rate*

3.72

3.69

3.71

3.82

4.15

4.87

3.56

2.73

*Since inception to 15 March 2020 the Benchmark was 1 week USD LIBID. From 16 March 2020, the benchmark is Secured Overnight Financing Rate.

HSBC Global Asset Management (Bermuda) Limited August 2026

This Manager's Report contains certain forward-looking statements with respect to the financial markets. These statements should not be considered personal financial advice.

KPMG Audit Limited

Crown House

4 Par-la-Ville Road Hamilton

HM 08

Bermuda

Telephone

Fax Internet

+1 441 295 5063

+1 441 295 9132

https://www.kpmg.bm

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of HSBC Corporate Money Funds Limited Opinion

We have audited the financial statements of HSBC Corporate Money Funds Limited (comprised of Canadian Dollar Fund, Euro Fund, Sterling Fund, Sterling ESG Fund, US Dollar Fund, US Dollar ESG Fund and the US Treasury Fund) (the "Company"), which comprise the statements of assets and liabilities including the statements of net assets as of April 30, 2026 and the related statements of operations and changes in net assets for the year then ended, and the related notes to the financial statements.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as of Aprill 30, 2026 and the results of its operations for the year then ended in accordance with U.S. generally accepted accounting principles.

Basis for opinion

We conducted our audit in accordance with auditing standards generally accepted in the United States of America ("GAAS"). 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 required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Responsibilities of management for the financial statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with U.S. generally accepted accounting principles, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for one year after the date that the financial statements are available to be issued.

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 absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

kpmg

In performing an audit in accordance with GAAS, we:

Exercise professional judgment and maintain professional scepticism throughout the audit.

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Accordingly, no such opinion is expressed.

Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company's ability to continue as a going concern for a reasonable period.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control related matters that we identified during the audit.

Other information

Our audit was conducted for the purpose of forming an opinion on the financial statements as a whole. The other information in the annual report from page 1 to 10 is presented for purposes of additional analysis and is not required part of the basic financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the financial statements, and accordingly, we do not express an opinion or provide any assurance on it.

Chartered Professional Accountants Hamilton, Bermuda

October 27, 2026

HSBC Corporate Money Funds Limited Statements of Assets and Liabilities

Canadian

Dollar Fund

Euro

Fund

Sterling

Fund

Sterling

ESG Fund

US

Dollar Fund

US Dollar

ESG Fund

US

Treasury Fund

CAD

EUR

GBP

GBP

USD

USD

USD

as at April 30, 2026

Assets

Investments, at fair value (notes 2(b), 11 & 12)

172,184,359

121,423,474

285,016,700

38,645,322

7,050,141,872

14,135,074

3,325,660,418

Cash and cash equivalents (note 3)

-

-

209,181

1,101

-

-

39,400

Due from Shareholders

-

307

137,718

122,931

-

-

-

Interest and dividends receivable

318,020

201,348

1,085,366

131,639

21,445,498

43,719

10,666,698

Accounts receivable and prepaid expenses

5,580

22,077

9,675

30,460

38,220

-

28,478

172,507,959

121,647,206

286,458,640

38,931,453

7,071,625,590

14,178,793

3,336,394,994

Liabilities

Bank overdraft (note 3)

-

-

-

-

1,307,441

-

-

Redemptions payable

-

3,694,017

1,078,030

-

-

-

-

Management fees payable (notes 4 & 13)

41,485

23,351

85,763

10,204

1,715,064

1,860

526,547

Dividends payable (note 13)

9,123

12,584

55,999

6,056

677,417

1,417

316,601

Accounts payable and accrued expenses

7,652

725

8,415

712

60,526

-

22,176

58,260

3,730,677

1,228,207

16,972

3,760,448

3,277

865,324

Net assets

172,449,699

117,916,529

285,230,433

38,914,481

7,067,865,142

14,175,516

3,335,529,670

Net assets attributable to:

Class A shares

143,366,693

112,093,516

246,963,346

-

5,586,330,067

9,757,742

1,320,814,002

Class A shares Series Sweep

-

-

-

38,914,481

-

-

-

Class B shares

12,842,046

788,030

35,260,017

-

1,148,475,094

55,694

142,946,822

Class C shares

13,064,923

-

588,168

-

117,690,459

4,306,184

1,871,768,846

Class I shares

-

5,034,983

-

-

183,118,515

55,896

-

Class R shares

3,176,037

-

2,418,902

-

32,251,007

-

-

172,449,699

117,916,529

285,230,433

38,914,481

7,067,865,142

14,175,516

3,335,529,670

The accompanying notes form an integral part of these Financial Statements 13

Canadian

Dollar Fund

Euro

Fund

Sterling

Fund

Sterling

ESG Fund

US

Dollar Fund

USDoIIar

ESG Fund

US

Treasury Fund

CAD

EUR

GBP

GBP

USD

USD

USD

HSBC Corporate Money Funds Limited Statements of Assets and Liabilities (Continued) as at April 30, 2026

Share capital (note 10)

Shares authorized 19,999,880,000

of USD 0.10 each

Shares outstanding

Class A shares

143,366,693

112,093,516

246,963,346

5,586,330,067

9,757,742

1,320,814,002

Class A shares - Series Sweep

38,914,481

Class B shares

12,842,046

788,030

35,260,017

1,148,475,094

55,694

142,946,822

Class C shares Class I shares

Class R shares

13,064,923

158,078

5,034,983

588,168

101,330

117,690,459

183,118,515

1,513,549

4,306,184

55,896

1,871,768,846

Net asset value per share

Class A shares

CAD 1.00

EUR1.00

GBP 1.00

USD 1.00

USD 1.00

USD 1.00

Class A shares - Series Sweep

GBP 1.00

Class B shares

CAD 1.00

EUR1.00

GBP 1.00

USD 1.00

USD 1.00

USD 1.00

Class C shares

CAD 1.00

GBP 1.00

USD 1.00

USD 1.00

USD 1.00

Class I shares

EUR1.00

USD 1.00

USD 1.00

Class R shares

CAD 20.10

GBP 23.87

USD 21.31

Director

Director

The accompanying notes form an integral part of these Financial Statements 14

Canadian Dollar Fund

Cost Fair % of

Holdings Price Value Net

in Shares CAD CAD Assets

Money Market Fund Ireland

HSBC Global Liquidity Funds Plc -HSBC Canadian Dollar Liquidity Fund -

Class Z (note 12) 172,184,359

172,184,359

172,184,359

99.85

Other net assets

265,340

0.15

Net assets

172,449,699

100.00

Euro Fund

Holdings

Cost Price

Fair Value

% of Net

in Shares

EUR

EUR

Assets

Money Market Fund Ireland

HSBC Global Liquidity Funds Plc -HSBC Euro Liquidity Fund -

Class Z (note 12) 121,423,474

121,423,474

121,423,474

102.97

Other net assets (liabilities)

(3,506,945)

(2.97)

Net assets

117,916,529

100.00

Sterling Fund

Holdings

Cost Price

Fair Value

% of Net

in Shares

GBP

GBP

Assets

Money Market Fund Ireland

HSBC Global Liquidity Funds Plc -

HSBC Sterling Liquidity Fund -Class Z (note 12)

285,016,700

285,016,700

285,016,700

99.93

Other net assets

213,733

0.07

Net assets

285,230,433

100.00

Sterling ESG Fund

Holdings in Shares

Cost

Price GBP

Fair

Value GBP

% of

Net Assets

Money Market Fund Ireland

HSBC Global Liquidity Funds Plc -HSBC Sterling ESG Liquidity Fund -

Class Z (note 12) 38,645,322

38,645,322

38,645,322

99.31

Other net assets

269,159

0.69

Net assets

38,914,481

100.00

US Dollar Fund

Cost

Fair

% of

Holdings

Price

Value

Net

in Shares

USD

USD

Assets

Money Market Fund

Ireland

HSBC Global Liquidity Funds Plc -

HSBC US Dollar Liquidity Fund -

Class Z (note 12)

7,050,141,872

7,050,141,872

7,050,141,872

99.75

Other net assets

17,723,270

0.25

Net assets

7,067,865,142

100.00

US Dollar ESG Fund

Cost

Fair

% of

Holdings

Price

Value

Net

in Shares

USD

USD

Assets

Money Market Fund

Ireland

HSBC Global Liquidity Funds Plc -

HSBC US Dollar ESG Liquidity Fund -

Class Z (note 12)

14,135,074

14,135,074

14,135,074

99.71

Other net assets

40,442

0.29

Net assets

14,175,516

100.00

US Treasury Fund

Holdings in Shares

Cost

Price USD

Fair

Value USD

% of

Net Assets

Money Market Fund Ireland

BNY Mellon Liquidity Funds Plc -

BNY Mellon US Treasury Fund 1,481,079,713 HSBC Global Liquidity Funds Plc -

HSBC US Treasury Liquidity Fund -

Class Z (note 12) 1,844,580,705

1,481,079,713

1,844,580,705

1,481,079,713

1,844,580,705

44.40

55.30

Other net assets

9,869,252

0.30

Net assets

3,335,529,670

100.00

HSBC Corporate Money Funds Limited Statements of Operations

Canadian

Dollar Fund

Euro

Fund

Sterling

Fund

Sterling

ESG Fund

US

Dollar Fund

US Dollar

ESG Fund

US

Treasury Fund

CAD

EUR

GBP

GBP

USD

USD

USD

for the year ended April 30, 2026

Income

Dividend income

Interest income (note 3(c)) Other income

-4,025,175

-

37,810

2,115,487

-

-15,804,105

4,326

-2,540,800

-

-304,552,533

-

15,343

904,312

-

-121,538,990

-

4,025,175

2,153,297

15,808,431

2,540,800

304,552,533

919,655

121,538,990

Expenses

Management fees (notes 4 & 13)

482,549

245,378

1,102,699

183,895

21,812,961

38,965

5,528,318

Audit fees

1,018

1,623

2,170

1,010

54,001

-

46,825

Directors' fees (note 8)

428

108

550

249

24,647

-

19,935

Other expenses (note 3(c))

29,533

20,191

18,582

18,789

53,820

2

51,392

Total expenses

513,528

267,300

1,124,001

203,943

21,945,429

38,967

5,646,470

Reimbursed/waived expenses

-

-

-

-

-

(11,204)

-

Net expenses

513,528

267,300

1,124,001

203,943

21,945,429

27,763

5,646,470

Net investment income

3,511,647

1,885,997

14,684,430

2,336,857

282,607,104

891,892

115,892,520

Net increase in net assets resulting from operations

3,511,647

1,885,997

14,684,430

2,336,857

282,607,104

891,892

115,892,520

The accompanying notes form an integral part of these Financial Statements 18

Canadian Dollar Fund

Class A Class B Class C Class R

CAD CAD CAD CAD Total

Net assets at start of the year

130,109,426

10,695,434

2,625,395

3,110,981

146,541,236

Net increase in net assets resulting from operations

Net investment income

2,977,263

237,357

240,101

56,926

3,511,647

2,977,263

237,357

240,101

56,926

3,511,647

Subscriptions and redemptions Proceeds from issue of shares Payments on redemption of shares

78,536,347

(67,669,457)

3,914,373

(1,802,631)

10,200,000

-

143,493

(135,363)

92,794,213

(69,607,451)

10,866,890

2,111,742

10,200,000

8,130

23,186,762

Dividends (note 13)

Proceeds from reinvestments of dividends

(2,977,263)

2,390,377

(237,357)

34,870

(240,101)

239,528

-

-

(3,454,721)

2,664,775

Net assets at end of the year

143,366,693

12,842,046

13,064,923

3,176,037

172,449,699

Class A

Class B

Class I

EUR

EUR

EUR

Total

Euro Fund

Net assets at start of the year

69,281,280

774,092

10,643,671

80,699,043

Net increase in net assets resulting from operations

Net investment income

1,671,705

13,934

200,358

1,885,997

1,671,705

13,934

200,358

1,885,997

Subscriptions and redemptions

Proceeds from issue of shares

109,149,487

-

29,370,100

138,519,587

Payments on redemption of shares

(68,007,000)

-

(35,179,514)

(103,186,514)

41,142,487

-

(5,809,414)

35,333,073

Dividends (note 13)

(1,671,705)

(13,934)

(200,358)

(1,885,997)

Proceeds from reinvestments of dividends

1,669,749

13,938

200,726

1,884,413

Net assets at end of the year

112,093,516

788,030

5,034,983

117,916,529

Class A

Class B

Class C

Class I

GBP

GBP

GBP

GBP

Total

Sterling ESG Fund

Net assets at start of the period

49,119,760

-

1,398,438

609,036

51,127,234

Net increase in net assets resulting from operations

Net investment income

2,313,234

3,556

16,298

3,769

2,336,857

2,313,234

3,556

16,298

3,769

2,336,857

Subscriptions and redemptions

Proceeds from issue of shares

512,968,048

492,314

-

-

513,460,362

Payments on redemption of shares

(523,173,327)

(492,314)

(1,412,917)

(611,148)

(525,689,706)

(10,205,279)

-

(1,412,917)

(611,148)

(12,229,344)

Dividends (note 13) (2,313,234)

(3,556)

(16,298)

(3,769)

(2,336,857)

Proceeds from reinvestment of dividends -

-

14,479

2,112

16,591

Net assets at end of the year

38,914,481

-

-

-

38,914,481

Class A

Class B

Class C

Class R

GBP

GBP

GBP

GBP

Total

Sterling Fund

Net assets at start of the year

370,997,546

46,110,318

565,118

2,101,394

419,774,376

Net increase in net assets resulting from operations

Net investment income

12,893,718

1,691,618

23,042

76,052

14,684,430

12,893,718

1,691,618

23,042

76,052

14,684,430

Subscriptions and redemptions

Proceeds from issue of shares Payments on redemption of shares

1,505,951,258

(1,635,245,912)

261,331,926

(272,456,021)

-

-

432,200

(190,744)

1,767,715,384

(1,907,892,677)

(129,294,654)

(11,124,095)

-

241,456

(140,177,293)

Dividends (note 13)

Proceeds from reinvestment of dividends

(12,893,718)

5,260,454

(1,691,618)

273,794

(23,042)

23,050

-

-

(14,608,378)

5,557,298

Net assets at end of the year

246,963,346

35,260,017

588,168

2,418,902

285,230,433

Class A

Class B

Class C

Class I

Class R

USD

USD

USD

USD

USD

Total

US Dollar Fund

Net assets at start of the year

5,134,761,430

1,066,286,006

611,699,916

253,207,579

24,103,588

7,090,058,519

Net increase in net assets resulting from operations Net investment income

218,206,192

41,900,667

14,884,380

6,619,262

996,603

282,607,104

218,206,192

41,900,667

14,884,380

6,619,262

996,603

282,607,104

Subscriptions and redemptions

Proceeds from issue of shares

63,004,789,158

6,172,339,665

1,833,254,037

274,062,273

12,870,483

71,297,315,616

Payments on redemption of shares

(62,558,452,720)

(6,090,543,025)

(2,339,857,862)

(347,350,307)

(5,719,667)

(71,341,923,581)

446,336,438

81,796,640

(506,603,825)

(73,288,034)

7,150,816

(44,607,965)

Dividends (note 13)

(218,206,192)

(41,900,667)

(14,884,380)

(6,619,262)

-

(281,610,501)

Proceeds from reinvestment of dividends

5,232,199

392,448

12,594,368

3,198,970

-

21,417,985

Net assets at end of the year

5,586,330,067

1,148,475,094

117,690,459

183,118,515

32,251,007

7,067,865,142

Class A

Class B

Class C

Class I

USD

USD

USD

USD

Total

US Dollar ESG Fund

Net assets at start of the year

3,076,435

53,582

4,776,644

53,696

7,960,357

Net increase in net assets resulting from operations

Net investment income

358,178

2,111

529,404

2,199

891,892

358,178

2,111

529,404

2,199

891,892

Subscriptions and redemptions

Proceeds from issue of shares

24,353,230

-

56,500,000

-

80,853,230

Payments on redemption of shares

(18,029,496)

-

(57,500,000)

-

(75,529,496)

6,323,734

-

(1,000,000)

-

5,323,734

Dividends (note 13)

(358,178)

(2,111)

(529,404)

(2,199)

(891,892)

Proceeds from reinvestment of dividends

357,573

2,112

529,540

2,200

891,425

Net assets at end of the year

9,757,742

55,694

4,306,184

55,896

14,175,516

Class A

Class B

Class C

USD

USD

USD

Total

US Treasury Fund

Net assets at start of the year

1,321,035,701

70,737,946

1,856,773,284

3,248,546,931

Net increase in net assets resulting from operations

Net investment income

47,377,671

3,801,791

64,713,058

115,892,520

47,377,671

3,801,791

64,713,058

115,892,520

Subscriptions and redemptions

Proceeds from issue of shares

10,072,553,475

340,424,738

6,835,113,218

17,248,091,431

Payments on redemption of shares

(10,078,226,179)

(268,242,981)

(6,883,946,095)

(17,230,415,255)

(5,672,704)

72,181,757

(48,832,877)

17,676,176

Dividends (note 13)

(47,377,671)

(3,801,791)

(64,713,058)

(115,892,520)

Proceeds from reinvestment of dividends

5,451,005

27,119

63,828,439

69,306,563

Net assets at end of the year

1,320,814,002

142,946,822

1,871,768,846

3,335,529,670

  1. The Company

    HSBC Corporate Money Funds Limited (the "Company") is an open-ended exempted mutual fund company and was incorporated with limited liability and unlimited duration in Bermuda on December 4, 1997 in accordance with the Companies Act, 1981 of Bermuda.

    The Company is organized as an umbrella fund with more than one class of shares, one or more of which participate in a separate segregated pool of assets called a Fund. The Company operates Canadian Dollar, Euro, Sterling and US Dollar denominated Funds.

    The Company has been classified as a Standard Fund in accordance with the Bermuda Investment Funds Act 2006.

    The principal objective of the Company is to achieve a high level of current income consistent with the preservation of capital and the maintenance of liquidity by investing in a diversified portfolio of money market instruments.

    The Company is managed by HSBC Global Asset Management (Bermuda) Limited (the "Manager"), a wholly-owned subsidiary of HSBC Bank Bermuda Limited (the "Bank"), a member of the HSBC Group.

    The assets of each Fund of the Company are held exclusively for the benefit of the holders of the shares of the relevant classes. However, all assets of the Company are subject to the general creditors of the Company, in that the assets of each Fund may be exposed to the liabilities of other Funds within the Company. As at April 30, 2026, the Directors were not aware of any such specific existing or contingent liabilities. The Funds and share classes existing as at April 30, 2026 were as follows (see also Note 10):

    Date of inception

    Canadian Dollar Fund - Class A December 19, 2008

    Canadian Dollar Fund - Class B December 10, 2008

    Canadian Dollar Fund - Class C November 25, 2018

    Canadian Dollar Fund - Class R February 1, 2006

    Euro Fund - Class A February 13, 2024

    Euro Fund - Class B February 13, 2024

    Euro Fund - Class I February 13, 2024

    Sterling Fund - Class A July 2, 2001

    Sterling Fund - Class B July 2, 2001

    Sterling Fund - Class C November 26, 2018

    Sterling Fund - Class R February 1, 2006

    Sterling ESG Fund - Class A Series Sweep February 16, 2022

    Sterling ESG Fund - Class C November 27, 2023

    Sterling ESG Fund - Class I November 27, 2023

    US Dollar Fund - Class A December 4, 1997

    US Dollar Fund - Class B February 1, 1999

    US Dollar Fund - Class C July 1, 2005

    US Dollar Fund - Class I May 22, 2011

    US Dollar Fund - Class R February 1, 2006

    US Dollar ESG Fund - Class A November 27,2023

    US Dollar ESG Fund - Class B November 27,2023

    US Dollar ESG Fund - Class C November 27,2023

    US Dollar ESG Fund Class I November 27,2023

    US Treasury Fund - Class A October 1, 2010

    US Treasury Fund - Class B October 1, 2010

    US Treasury Fund - Class C October 1, 2010

  2. Significant Accounting Policies

    Basis of presentation

    Company meets the typical characteristics of an investment company and is therefore applying the accounting and reporting guidance under

    Financial Services Investment

    Companies.

    The significant accounting and reporting policies adopted by the Company are as follows:

    1. Investment transactions and income

      Investment transactions are recorded on the trade date basis.

    2. Valuation of investments

      Investments are valued at fair value. Investments in money market funds are valued based on reported net asset value per share as provided by the administrators of the money market funds.

      In accordance with U.S. GAAP, fair value is defined as the price that the Company would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date. Accounting guidelines for fair value measurements establishes a framework for measuring fair value using a three-level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs reflect the Company s own assumptions about the inputs that market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-tier hierarchy of inputs is summarized below:

      Level 1 observable prices and quoted prices in active markets for identical investments that the Company is able to access

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

      Level 3 significant unobservable inputs (including the Company s own assumptions in determining the fair value of investments)

      The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurements falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement. Investment in other Investment Funds are measured using net asset value as a practical expedient and are not categorized within the fair value hierarchy.

    3. Allocation of profits and losses

      All investment income, realized and unrealized gains and losses of each Fund are allocated to each class of shares outstanding on a daily basis in proportion to their interest in the net asset value of the Fund.

    4. Interest income

      Interest income is recorded on the accruals basis.

    5. Expenses

      The Company bears all operating expenses which are allocated between all the Funds in proportion to the respective net asset value of each Fund unless the expense is solely attributable to a specific Fund.

    6. Use of estimates

      Preparing financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions in determining the reported amounts of assets and liabilities, including the fair value of investments, and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

      1. Significant Accounting Policies (continued)

    7. Foreign currency translation

      Assets and liabilities denominated in currencies other than the base currency of each Fund are translated into the base currency at the rate prevailing at the reporting date. Transactions during the year in currencies other than the base currency have been translated at the rate of exchange prevailing on the respective date of the transaction.

    8. Dividend income

      Dividend income is recorded on the ex-dividend date and is presented net of withholding tax.

    9. Financial instruments

      The fair values of securities of the Company's assets and liabilities which qualify as financial instruments under U.S. GAAP approximates the carrying amounts presented in the statement of assets and liabilities due to their short-term nature.

    10. Capital redemption payable

      Redemptions are recognized as liabilities when the amount requested in the redemption notices becomes fixed, which generally occurs on the last day of a fiscal quarter. As a result, redemptions paid after the end of the year, based on the NAV of the Company at year-end, are included in redemptions payable at April 30, 2026. Redemption notices received for which the dollar amount is not fixed remain in net assets until the net asset values used to determine the redemption and share amounts are determined. Redemptions are paid in cash. As at April 30, 2026 there were no redemptions paid after the end of the year, based on the NAV of the Company at year-end, included in redemptions payable.

    11. New accounting pronouncements

There are no new accounting standards, amendments and interpretations to existing standards that are expected to have an impact on the financial statements of the Company.

  1. Cash, Bank Overdraft and Sweep Facility

    1. Cash and cash equivalents

      Cash and deposit balances are held with the Bank. As at April 30, 2026, the Sterling Fund has a cash balance of GBP 209,181, the Sterling ESG Fund has a cash balance of GBP 1,101 and the US Treasury Fund has a cash balance of USD 39,400.

    2. Bank overdraft

      Under an agreement dated October 16, 2006 and further amended on December 17, 2010, October 11, 2021 and September 4, 2024, the Bank made a US Dollar uncommitted multicurrency overdraft facility available to the Company. The maximum amount that may be advanced is the lesser of USD 65,000,000 or 5% of the Net Value of Assets in Custody ("NVAC") of the Company, with an accompanying USD 500,000,000 daily settlement limit. Under the terms of the agreement, all assets of the Company are pledged as security against advances made by the Bank. The

      As at April

      30, 2026, US Dollar Fund has an overdraft of USD 1,307,441.

      As of April 30, 2026 the Company also has access to various unutilized overdraft facilities across multiple currencies, which remain undrawn as of the reporting date. These facilities are available under the same agreement dated October 16, 2006, and are subject to the same terms and collateral arrangements.

      1. Cash, Bank Overdraft and Sweep Facility

    3. Sweep facility

Certain corporate customers of the Bank are provided with a sweep facility to enable an automatic transfer of funds at the end of each business day to or from their current accounts to or from the Company. The sweep transactions result in overnight balances that are reflected as cash or overdraft balances being transferred to the Company. These balances are settled through the trading of shares in the Company on the next business day. Interest is earned from or paid to shareholders on these balances at a rate equal to the previous day's daily yield of the relevant Fund, so as not to affect the position of the shareholders of the Company who do not utilize the sweep facility. Interest income for the year resulting from sweep transactions for the Sterling Fund totaled GBP 8,493 and interest expense totaled GBP 6,560 These amounts have been netted and are included in other income. Interest income for the year resulting from sweep transactions for the Sterling ESG Fund totaled GBP 34,056 and interest expense totaled GBP 93. These amounts have been netted and are included in interest income. Interest income for the year resulting from sweep transactions for the US Dollar Fund totaled USD 88,733 and interest expense totaled USD 32,064. These amounts have been netted and are included in other income. Similarly, interest income for the year resulting from sweep transactions for the US Treasury Fund totaled USD 44,159 and interest expense totaled USD 5,091. These amounts have been netted and are included in interest income.

  1. Manager

    Under the terms of the Management Agreement dated May 24, 2023, the Manager is entitled to receive from the Company in respect of each Fund, a monthly management fee of up to 1% per annum of the average of the daily value of the net assets of each Fund during the month and to be reimbursed its out-of-pocket expenses.

    As of April 30, 2026, the management fees for Class A, Class B, Class C, Class I and Class R Shares of the Canadian Dollar Fund, Euro Fund, Sterling Fund, Sterling ESG Fund, US Dollar Fund, US Dollar ESG Fund and US Treasury Fund are as follows:

    Canadian

    Dollar Fund

    Euro

    Fund

    Sterling

    Fund*

    Sterling

    ESG Fund*

    US Dollar

    Fund*

    US Dollar

    ESG Fund

    US Treasury

    Fund*

    CAD

    EUR

    GBP

    GBP

    USD

    USD

    USD

    Management Fee

    Class A

    0.30%

    0.25%

    0.25%/0.30%

    0.25%/0.30%

    0.25%/0.30%

    0.25%

    0.20%/0.25%

    Class B

    0.35%

    0.35%

    0.35%/0.40%

    0.35%/0.40%

    0.35%/0.40%

    0.35%

    0.35%/0.40%

    Class C

    0.12%

    -

    0.12%

    0.12%

    0.12%

    0.12%

    0.12%

    Class I

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    0.20%

    0.18%

    Class R

    0.65%

    0.65%

    0.65%

    0.65%

    0.65%

    0.65%

    -

    The Manager, out of the management fees paid to it for its services provided pursuant to this agreement, shall be responsible for the payment of fees and/or expenses of the Custodian and Administrator of the Company (see also note 13) .

    * The Class A shares and C Sweep

    for institutional investors only which is an investment product offered by HSBC Bank Bermuda. Institutional investors who invest in the Series Sweep Shares of each Fund will incur, with respect to their investment in such shares, a management fee which is 0.05% higher than Standard Shares in the same Fund. Class A Shares and Class B Shares will be further divided into series of shares being Class A Shares - Series Sweep and Class A Shares and Class B Shares - Series Sweep and Class B Shares to accurately track fee arrangements.

    Eligible institutional investors who are entitled to use the HSBC Global Liquidity Portal may invest in Standard Class A Shares, Class B Shares, Class

    Sweep Shares of the applicable Fund. Standard Shares are subject to lower fees, than Series Sweep Shares of each Fund in accordance with the above noted schedule. Series Sweep Shares are not available for investment by investors utilizing the HSBC Global Liquidity Portal.

    The Manager is entitled in its absolute discretion to increase (or decrease) these percentages from time to time up to a maximum management fee of 1% per annum per Fund. The Manager may also rebate any Management Fee in its sole discretion. The Manager may also waive any Management Fee for the whole of a Share Class in its sole discretion.

  2. Administrator

    Under the amended administration agreement dated February 1, 2006, May 20, 2016 and as amended and signed on November 8, 2017 between the Company and HSBC Securities Services (Bermuda) Limited (the "Administrator"), a wholly-owned subsidiary of the Bank, the Administrator agreed to act as secretary, registrar, and accountant to the Company and to provide administrative services to the Company.

    The Administrator shall be paid fees by the Company by way of remuneration for its services pursuant to this agreement at such rates as may be agreed from time to time between the Company and the Administrator out of the fees payable to the Manager by the Company.

    The Administrator is also entitled to receive from the Company, or the Company shall instruct the Manager as its delegate to pay, an amount equal to the out-of-pocket expenses incurred in carrying out its duties.

  3. Custodian

    HSBC Continental Europe, (the ustodia), a wholly-owned subsidiary of the Bank, was appointed as Custodian for the Company.

    The Custodian is entitled to receive fees from the Company for services provided at such rates as may be agreed from time to time between the Company and the Custodian out of the fees payable to the Manager.

    The Custodian is also entitled to receive from the Company an amount equal to the out-of-pocket expenses incurred in carrying out its duties.

  4. Taxation

    On December 27, 2023, Bermuda enacted the Corporate Income Tax Act 2023 "CIT Act" which provides for the taxation of in-scope entities in respect of tax years beginning on or after January 1, 2026. In-scope entities under the CIT Act are the Bermuda constituent entities of multinational enterprises that have revenue in excess of EUR 750 million for at least two of the last four fiscal years. The Company is an investment fund. It is managed by a member of MNE but it is not a constituent entity of an In Scope MNE Group and it is not a consolidated member. The Company is therefore not subject to Bermuda corporate income tax.

    d, presented and disclosed in the financial statements. ASC 740 requires the evaluation of tax positions taken or expected to be taken to determine whether the -likely-than--likely-than-not

    threshold would be derecognized and recorded as a tax expense in the current year. The Investment Manager has determined that the Company has no uncertain tax positions as of April 30, 2026 that have a material effect on the results of operations or financial position of the Company.

    Effective January 1, 2025, Bermuda enacted a 15% Corporate Income Tax ("CIT") applicable to entities that are part of a Multinational Enterprise

    Act and determined that the Fund does not fall within its scope. Consequently, the CIT Act does not impact the statutory tax assurance granted to the Fund through March 31, 2035.

  5. Each of the Directors is entitled to receive from the Company a fee at such rate as may be determined from time to time by the Board of Directors, provided such remuneration shall not exceed an aggregate amount of USD 30,000 per annum without prior consent of the Shareholders in a general meeting. The Directors may also be reimbursed for all travel, hotel and other expenses properly incurred by them in attending meetings of the Company. No such fees will be payable where the Director is employed by the Bank or any of its subsidiaries or affiliates.

    For the year ended April 30, 2026, Ms. Robin Masters and Mr. William Cooper received an annual fee of USD 8,500 each.

  6. Related Parties and

    As at April 30, 2026, the Directors do not have any interests in the Company.

    The Manager held 1 share each of Class A and B in the Canadian Dollar Fund, 2 shares of Class I in the Sterling Fund, 18,725,245 shares of Class A in the US Dollar Fund and 1 share each of Class C and I in the US Treasury Fund.

    HSBC Continental Europe, Custodian to the Company, and HSBC Securities Services (Bermuda) Limited, Administrator to the Company, are related parties, by virtue of them being wholly owned subsidiaries of HSBC Holdings plc.

    The Company invests in other investment funds which are related, by virtue of having investment managers under common control (refer to note 12).

  7. Share Capital

The present authorized share capital of USD 2,000,000,000 of the Company is divided into 19,999,880,000 voting participating common shares Shares ) of USD 0.10 par value each and 12,000 non-voting, non-participating founders' shares of USD 1.00 par value each. The Manager holds all founders' shares, nil paid. The founders' shares are not entitled to vote unless there are no other shares in issue, and are not entitled to any dividends. Participating common shares may be subscribed for and redeemed on a daily basis.

The Directors' intention is to declare dividends for all classes of shares in all Funds, except Class R shares, on each dealing day. Dividends are paid monthly and are automatically reinvested in the form of additional shares of the same class, unless the shareholder elects for payment in cash. With respect to Class R shares, shareholders do not receive dividends since their share of income or profits are accumulated and reflected in the daily net asset value per share.

The Company has a policy of maintaining a constant net asset value for the following Funds and Share Classes:

Canadian Dollar Fund - Class A, B, C

CAD 1.00

Euro Fund Class A,B,I

EUR 1.00

Sterling Fund - Class A, B, C

GBP 1.00

Sterling ESG Fund - Class A

GBP 1.00

US Dollar Fund - Class A, B, C, I

USD 1.00

US Dollar ESG Fund - Class A, B, C, I

USD 1.00

US Treasury Fund - Class A, B, C

USD 1.00

Shares of each of the distributing share classes are subject to compulsory redemption automatically as at any dealing day, from time to time in the sole and absolute discretion of the directors, where the applicable distributing share class has suffered a negative yield. Shares of a distributing share class affected by a negative yield event will be redeemed pro-rata across all shareholders in the applicable class. The proceeds of such

-rata share of such negative yield. Shareholders subject to a special redemption will have no right to receive the proceeds of such special redemption and will cease to have any rights with respect to the shares so redeemed after the close of business on the relevant dealing day as of which the special redemption is affected.

10.

Share Capital (continued)

Transactions in the Shares of the Company during the year ended April 30, 2026 are as follows:

Canadian Dollar Fund

Class A

Canadian Dollar Fund

Class B

Canadian Dollar Fund

Class C

Canadian Dollar Fund

Class R

Shares in issue May 1, 2025

130,109,426

10,695,434

2,625,395

157,696

Shares issued during the year

80,926,724

3,949,243

10,439,528

7,218

Shares redeemed during the year

(67,669,457)

(1,802,631)

-

(6,836)

Shares in issue April 30, 2026

143,366,693

12,842,046

13,064,923

158,078

Euro Fund Class A

Euro Fund Class B

Euro Fund

Class I

Shares in issue May 1, 2025

69,281,280

774,092

10,643,671

Shares issued during the year

110,819,236

13,938

29,570,826

Shares redeemed during the year

(68,007,000)

-

(35,179,514)

Shares in issue April 30, 2026

112,093,516

788,030

5,034,983

Sterling Fund

Sterling Fund

Sterling Fund

Sterling Fund

Class A

Class B

Class C

Class R

Shares in issue May 1, 2025

370,997,546

46,110,318

565,118

91,139

Shares issued during the year

1,511,211,712

261,605,720

23,050

18,352

Shares redeemed during the year

(1,635,245,912)

(272,456,021)

-

(8,161)

Shares in issue April 30, 2026

246,963,346

35,260,017

588,168

101,330

Sterling ESG Fund

Sterling ESG Fund

Sterling ESG Fund

Sterling ESG Fund

Class A

Class B

Class C

Class I

Shares in issue May 1, 2025

49,119,760

-

1,398,438

609,036

Shares issued during the year

512,968,048

492,314

14,479

2,112

Shares redeemed during the year

(523,173,327)

(492,314)

(1,412,917)

(611,148)

Shares in issue April 30, 2026

38,914,481

-

-

-

US Dollar Fund

Class A

US Dollar Fund

Class B

US Dollar Fund

Class C

US Dollar Fund

Class I

US Dollar Fund

Class R

Shares in issue May 1, 2025

5,134,761,430

1,066,286,006

611,699,916

253,207,579

1,171,808

Shares issued during the year

63,010,021,357

6,172,732,113

1,845,848,405

277,261,243

612,868

Shares redeemed during the year

(62,558,452,720)

(6,090,543,025)

(2,339,857,862)

(347,350,307)

(271,127)

Shares in issue April 30, 2026

5,586,330,067

1,148,475,094

117,690,459

183,118,515

1,513,549

US Dollar ESG Fund

US Dollar ESG Fund US Dollar ESG Fund US Dollar ESG Fund

Class A

Class B

Class C

Class I

Shares in issue May 1, 2025

3,076,435

53,582

4,776,644

53,696

Shares issued during the year

24,710,803

2,112

57,029,540

2,200

Shares redeemed during the year

(18,029,496)

-

(57,500,000)

-

Shares in issue April 30, 2026

9,757,742

55,694

4,306,184

55,896

  1. Share Capital (continued)

    US Treasury Fund

    Class A

    US Treasury Fund

    Class B

    US Treasury Fund

    Class C

    Shares in issue May 1, 2025

    1,321,035,701

    70,737,946

    1,856,773,284

    Shares issued during the year

    10,078,004,480

    340,451,857

    6,898,941,657

    Shares redeemed during the year

    (10,078,226,179)

    (268,242,981)

    (6,883,946,095)

    Shares in issue April 30, 2026

    1,320,814,002

    142,946,822

    1,871,768,846

  2. Cost of Investments

    Cost of investments as at April 30, 2026

    Canadian Dollar Fund

    CAD

    172,184,359

    Euro Fund

    EUR

    121,423,474

    Sterling Fund

    GBP

    285,016,700

    Sterling ESG Fund

    GBP

    38,645,322

    US Dollar Fund

    USD

    7,050,141,872

    US Dollar ESG Fund

    USD

    14,135,074

    US Treasury Fund

    USD

    3,325,660,418

  3. Financial Instruments and Associated Risks Price Risk

Price risk arises primarily from uncertainty around the future prices of financial instruments held by the Company and represents the loss the

Company might incur through holding such instruments in the face of price movements. The Manager allocates the Company's portfolio of investments with a view to minimizing the risk associated with particular countries and industry sectors. Each Fund s overall market position is monitored on a daily basis by the Manager.

Currency Risk

The investments of each Fund are denominated in the related base currency. Therefore, the Company is not subject to significant currency risk.

Interest Rate Risk

The Company is exposed to interest rate risk to the extent that the fair value of the Company's financial instruments may fluctuate with movements in interest rates.

Liquidity Risk

The Company invests in certain sub-funds of HSBC Global Liquidity Funds Plc HSBC GLF ) which provide daily redemptions. The Company may invest in debt securities that are not publicly traded or for which there is no liquid market. The Company is exposed to liquidity risk to the extent that it is unable to realize its positions to meet liabilities and redemptions as they fall due. The Manager manages liquidity risk by maintaining sufficient liquid assets to meet liabilities and redemptions as they fall due.

Credit Risk

Financial assets that potentially expose the Company to credit risk consist primarily of cash, investments, interest and dividends receivable and accounts receivable. The extent of the Company's exposure to credit risk in respect of these financial assets approximates the carrying values as recorded in the statements of assets and liabilities. Credit risk is managed by dealing with reputable counterparties.

12. Financial Instruments and Associated Risks Investments in Other Investment Funds

The investments in other investment funds (the "investee funds") are valued using the net asset values provided by the underlying investment companies as a practical expedient. The Company applies the practical expedient to its investee funds on an investment-by-investment basis and consistently with the entire position in a particular investment, unless it is probable that the Company will sell a portion of its investee funds at an amount different from the NAV of the investment. The Company has the ability to liquidate its investments periodically depending on the provisions of the respective investee fund's offering documents

The investee funds in which the Company has invested utilize a variety of financial instruments in their trading strategies including equity and debt securities of both U.S. and foreign issuers, options, futures contracts, forward contracts and swap contracts, which may be denominated in various currencies. Several of these financial instruments contain varying degrees of off-balance sheet risk whereby changes in market values of the securities underlying the financial instruments may be in excess of the amounts recorded on each investee fund's balance sheet. However, due to the nature of the Company's interests in the investee funds, such risks are limited to the Company's capital balance in each investee fund.

As of April 30, 2026, all Funds have investments in certain sub-funds of HSBC GLF, a related party managed by HSBC Global Asset Management (UK) Limited in connection with HSBC Canadian Dollar Liquidity Fund, HSBC Euro Liquidity Fund, HSBC Sterling Liquidity Fund, HSBC Sterling ESG Liquidity Fund, HSBC US Dollar Liquidity Fund, US Dollar ESG Liquidity Fund and HSBC US Treasury Liquidity Fund. The US Treasury Fund also has an investment in BNY Mellon U.S. Treasury Fund, a sub-fund of BNY Mellon Liquidity Funds Plc.

The objective of HSBC GLF and BNY MLF is described for each sub-fund as follows:

HSBC Canadian Dollar Liquidity Fund

The investment objective of the HSBC Canadian Dollar Liquidity Fund is to provide investors with security of capital and daily liquidity together with an investment return which is comparable to normal Canadian Dollar denominated money market interest rates.

HSBC Euro Liquidity Fund

The investment objective of the HSBC Euro Liquidity Fund is to provide investors with security of capital and daily liquidity together with an investment return which is comparable to normal Euro denominated money market interest rates.

HSBC Sterling Liquidity Fund

The investment objective of the HSBC Sterling Liquidity Fund is to provide investors with security of capital and daily liquidity together with an investment return which is comparable to normal Sterling denominated money market interest rates.

HSBC Sterling ESG Liquidity Fund

The investment objective of the HSBC Sterling ESG Liquidity Fund is to provide investors with security of capital and daily liquidity together with an investment return which is comparable to normal Sterling denominated money market interest rates.

HSBC US Dollar Liquidity Fund

The investment objective of the HSBC US Dollar Liquidity Fund is to provide investors with security of capital and daily liquidity together with an investment return which is comparable to normal US Dollar denominated money market interest rates.

HSBC US Dollar ESG Liquidity Fund

The investment objective of the HSBC US Dollar ESG Liquidity Fund is to provide investors with security of capital and daily liquidity together with an investment return which is comparable to normal US Dollar denominated money market interest rates.

HSBC US Treasury Liquidity Fund

The investment objective of the HSBC US Treasury Liquidity Fund is to provide investors with security of capital and daily liquidity together with targeting an investment return which is comparable to normal, short dated US Dollar denominated US Treasury returns.

12. Financial Instruments and Associated Risks (continued) Investments in Other Investment Funds (continued) BNY Mellon US Treasury Fund

The investment objective of the BNY Mellon US Treasury Fund is to provide investors with as high a level of current income in US Dollar terms as is consistent with the preservation of capital in US Dollar terms and the maintenance of liquidity.

The following table summarizes the proportionate share of investments of HSBC GLF HSBC Canadian Dollar Liquidity Fund of which the Canadian proportionate

% of Canadian

Description

Nominal Value

CAD

Fair Value

CAD

Dollar Fund's

Net Assets

Canadian Treasury Bill 0.00% 05/05/2026 - 24/03/2027

38,117,501

37,841,236

21.94%

Credit Agricole Group 01/05/2026

15,505,881

15,505,881

8.99%

National Bank of Canada 01/05/2026

17,191,303

17,191,303

9.97%

Royal Bank of Canada 01/05/2026

17,191,303

17,191,303

9.97%

The following table summarizes the proportionate share of investments of HSBC GLF HSBC Euro Liquidity Fund of which the Euro proportionate share is greater than 5% of the Euro

Description

Nominal Value

EUR

Fair Value

EUR

% of Euro Fund's

Net Assets

JP Morgan Securities Services 04/05/2026* - 06/05/2026

13,257,608

13,257,608

11.24%

Matchpoint Finance 1.28% 04/05/2026 - 17/08/2026

7,519,037

7,516,014

6.37%

Societe Generale SA 24/03/2026

6,343,394

6,343,394

5.38%

The following table summarizes the proportionate share of investments of HSBC GLF proportionate

Description

Nominal Value

GBP

Fair Value

GBP

% of Sterling Fund's

Net Assets

BBVA Bank

24,071,573

24,071,573

8.44%

Societe Generale SA

22,531,002

22,474,574

7.88%

Royal Bank of Canada

20,393,446

20,336,043

7.13%

United Kingdom

15,421,219

15,419,294

5.41%

The following table summarizes the proportionate share of investments of HSBC GLF HSBC Sterling ESG Liquidity Fund of which the Sterling ESG share is greater than 5% of the Sterling ESG

Description

Nominal Value

GBP

Fair Value

GBP

% of Sterling ESG

Fund's

Net Assets

BBVA Bank

2,645,343

2,645,343

6.80%

Royal Bank of Canada 01/05/2026

2,627,083

2,627,161

6.75%

Societe Generale SA 19/10/2026

3,184,343

3,177,236

8.16%

United Kingdom 01/05/2026

2,664,234

2,664,166

6.85%

12. Financial Instruments and Associated Risks (continued) Investments in Other Investment Funds (continued)

The following table summarizes the proportionate share of investments of HSBC GLF HSBC US Dollar Fund of which the

Nominal Value Fair Value

% of US Dollar

Fund's

Description USD USD Net Assets

China Construction Bank Corp 403,801,315 403,801,315 5.71%

Mizuho Financial Group Inc 434,066,063 434,066,063 6.14%

The following table summarizes the proportionate share of investments of HSBC GLF HSBC US Dollar ESG Liquidity Fund of which the US Dollar ESG Liquidity proportionate share is greater than 5% of the US Dollar ESG Liquidity

Description

Nominal Value

USD

Fair Value

USD

% of US Dollar

Fund's

Net Assets

ANZ Group Holdings Ltd

785,878

781,875

5.52%

Fixed Income Clearing Corp 01/05/2026*

1,309,796

1,309,796

9.24%

The following table summarizes the proportionate share of investments of HSBC GLF HSBC US Treasury Liquidity Fund of which the US Treasury proportionate share is greater than 5% of the US Treasury

Description

Nominal Value

USD

Fair Value

USD

% of US Treasury Fund's

Net Assets

BNP Paribas SA 01/05/2026

296,922,532

296,922,532

8.90%

BofA Securities Inc 01/05/2026

346,409,620

346,409,620

10.39%

Canadian Imperial Bank of Commerce 01/05/2026

346,409,620

346,409,620

10.39%

Fixed Income Clearing Corp 01/05/2026

225,166,253

225,166,253

6.75%

United States Treasury

2,038,967,025

2,025,986,137

60.75%

HSBC Corporate Money Funds Limited

Notes to the Financial Statements (Continued)

for the year ended April 30, 2026

12. Financial Instruments and Associated Risks (continued) Investments in Other Investment Funds (continued)

Summarized financial information pertaining to the relevant HSBC GLF sub-fund based on its April 30, 2026 audited financial statements is as follows:

HSBC Sterling

HSBC US

HSBC US

HSBC US

HSBC Canadian

HSBC Euro

HSBC Sterling

ESG Liquidity

Dollar Liquidity

Dollar ESG

Treasury

Dollar Liquidity Fund

Liquidity Fund

Liquidity Fund

Fund

Fund

Liquidity Fund

Liquidity Fund

CAD

Euro

GBP

GBP

USD

USD

USD

Assets

Cash and cash equivalents

61,015

234,822,640

738,979,102

100,792,931

2,581,350,230

74,749,647

2,850,230

Financial assets at fair value

through profit or loss

511,566,279

31,929,508,112

14,999,699,381

3,054,805,352

49,827,206,122

1,005,721,678

6,848,969,144

Accrued interest income

8,088

62,508,050

56,861,753

14,041,860

113,228,381

1,627,126

911,739

Due from brokers

-

371,893,392

-

-

-

-

-

Other assets

52,441

2,206,881

3,295,949

276,837

4,592,941

82,596

-

Total assets

511,687,823

32,600,939,075

15,798,836,185

3,169,916,980

52,526,377,674

1,082,181,047

6,852,731,113

Liabilities

Due to brokers

-

3,858,350,702

953,777,526

247,934,395

-

-

109,000,478

Accrued management fees

44,355

2,916,105

1,581,217

323,462

4,841,841

84,568

876,389

Distributions payable

838,544

27,085,816

43,002,402

9,008,792

143,237,874

2,915,112

22,595,466

Other payables

-

6,816

-

-

-

-

-

Total liabilities

882,899

3,888,359,439

998,361,145

257,266,649

148,079,715

2,999,680

132,472,333

Net assets

510,804,924

28,712,579,636

14,800,475,040

2,912,650,331

52,378,297,959

1,079,181,367

6,720,258,780

34

HSBC Corporate Money Funds Limited

Notes to the Financial Statements (Continued)

for the year ended April 30, 2026

  1. Financial Instruments and Associated Risks (continued) Investments in Other Investment Funds (continued)

    HSBC Canadian Dollar

    Liquidity Fund

    HSBC Euro Liquidity Fund

    HSBC Sterling Liquidity Fund

    HSBC Sterling ESG Liquidity

    Fund

    HSBC US Dollar Liquidity Fund

    HSBC US

    Dollar ESG Liquidity Fund

    HSBC US

    Treasury Liquidity Fund

    CAD

    Euro

    GBP

    GBP

    USD

    USD

    USD

    Income

    Interest income

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

    12,630,547

    3

    567,255,131

    1

    663,742,945

    51

    127,764,418

    (19)

    2,220,155,959

    (656)

    40,440,294

    (3,690)

    258,651,783

    894

    Negative yield expenses

    -

    (458,725)

    (2,860)

    (77)

    (97,286)

    (5,055)

    (1,325)

    Expenses

    Management fees

    (528,173)

    (29,956,551)

    (19,497,947)

    (3,962,768)

    (58,196,364)

    (929,420)

    (8,489,193)

    Net investment income from

    operations before finance costs

    12,102,377

    536,839,856

    644,242,189

    123,801,554

    2,161,861,653

    39,502,129

    250,162,159

    Finance costs

    Bank interest expense

    -

    -

    -

    (148)

    -

    -

    -

    Distribution to holders of

    redeemable participating shares

    Paid

    (10,495,718)

    (265,576,303)

    (565,927,858)

    (109,341,866)

    (1,796,158,807)

    (35,365,272)

    (220,967,266)

    Payable

    (838,544)

    (27,085,816)

    (43,002,402)

    (9,008,792)

    (143,237,874)

    (2,915,112)

    (22,595,466)

    (11,334,262)

    (292,662,119)

    (608,930,260)

    (118,350,806)

    (1,939,396,681)

    (38,280,384)

    (243,562,732)

    Change in net assets

    attributable to holders of

    redeemable participating shares

    768,115

    244,177,737

    35,311,929

    5,450,748

    222,464,972

    1,221,745

    6,599,427

    35

    1. Financial Instruments and Associated Risks (continued) Investments in Other Investment Funds (continued)

      Investment Assets

      HSBC Canadian

      Dollar Liquidity Fund

      % of Net Assets

      HSBC Euro

      Fund

      % of Net Assets

      HSBC Sterling

      Liquidity Fund

      % of Net Assets

      HSBC Sterling

      ESG Liquidity Fund

      % of Net Assets

      HSBC US Dollar

      Liquidity Fund

      % of Net Assets

      Debt Investments

      Bankers Acceptances

      18.77%

      -

      -

      -

      -

      Certificates of Deposit

      5.53%

      28.66%

      28.42%

      33.18%

      26.42%

      Commercial Paper

      2.59%

      49.65%

      37.06%

      38.31%

      40.10%

      Floating Rate Notes

      -

      7.04%

      9.39%

      3.85%

      -

      Corporate Bonds

      0.98%

      0.30%

      -

      -

      2.38%

      Government Bonds

      -

      1.11%

      -

      -

      -

      Reverse Repurchase Agreements/ Repurchase Agreements

      -

      13.75%

      6.15%

      6.63%

      4.76%

      Time Deposits

      28.93%

      9.63%

      19.92%

      22.16%

      20.76%

      Treasury Bills

      43.20%

      4.37%

      0.34%

      0.03%

      0.48%

      Total investment assets

      100.00%

      114.51%

      101.28%

      104.16%

      94.90%

      HSBC US Dollar HSBC US Treasury ESG Fund Liquidity Fund

      Certificates of Deposit

      12.47%

      -

      Commercial Paper

      60.59%

      -

      Floating Rate Notes

      -

      2.23%

      Reverse Repurchase Agreements/ Repurchase Agreements

      9.24%

      40.87%

      Time Deposits

      9.70%

      -

      Treasury Bills

      0.92%

      56.54%

      Investment Assets % of Net Assets Debt Investments

      Treasury Notes/Bonds - 1.97%

      Total investment assets 92.92% 101.61%

      Complete information about the underlying investments held by BNY Mellon US Treasury Fund is not readily available, so it is unknown whether the BNY

      et assets at April 30,

      2026.

      The Company and HSBC GLF are related parties by virtue of having managers that are under common control.

      The Company earned dividend income and interest income from the HSBC GLF funds and BNY Mellon Liquidity Fund of CAD 4,025,175 in the Canadian Dollar Fund, EUR 2,153,297 in the Euro Fund, GBP 15,808,431 in the Sterling Fund, GBP 2,540,800 in the Sterling ESG Fund, USD 304,552,533 in the US Dollar Fund, USD 919,655 in the US Dollar ESG Fund and USD 121,538,990 in the US Treasury Fund.

      Investors should refer to HSBC GLF's and audited financial statements and prospectus for more detailed information.

    2. Dividends and Management Fees

      The table below reflects the dividends declared during the year and dividends payable as at April 30, 2026.

      Dividends Declared

      Canadian Euro Sterling Sterling US Dollar US Dollar US Treasury Dollar Fund Fund Fund ESG Fund ESG Fund Fund CAD EUR GBP GBP USD USD USD

      Class A dividends declared 2,977,263 1,671,705 6,415,661 21,672 26,561,888 358,178 6,855,115

      Class A Series Sweep

      dividends declared - - 6,478,057 2,291,562 191,644,304 - 40,522,557

      Class B dividends declared 237,357 13,934 961,537 3,556 9,245,754 2,111 33,496 Class B Series Sweep

      dividends declared - - 730,081 - 32,654,913 - 3,768,295

      Class C dividends declared 240,101 - 23,042 16,298 14,884,380 529,404 64,713,057

      Class I dividends declared - 200,358 - 3,769 6,619,262 2,199 -

      Total dividends declared 3,454,721 1,885,997 14,608,378 2,336,857 281,610,501 891,892 115,892,520

      Dividends Payable

      Class A dividends payable 7,687 11,973 16,322 - 69,477 965 19,010 Class A Series Sweep

      dividends payable - - 32,741 6,060 469,945 - 104,117

      Class B dividends payable 671 77 5,167 - 25,484 5 106

      Class B Series Sweep

      dividends payable - - 1,648 - 82,435 - 12,604

      Class C dividends payable 765 - 121 (2) 11,924 441 180,764

      Class I dividends payable - 534 - (2) 18,152 6 -

      Total dividends payable 9,123 12,584 55,999 6,056 677,417 1,417 316,601

      Management Fees

      Canadian

      Dollar Fund

      Euro

      Fund

      Sterling

      Fund

      Sterling

      ESG Fund

      US Dollar

      Fund

      US Dollar

      ESG Fund

      US Treasury

      Fund

      CAD

      EUR

      GBP

      GBP

      USD

      USD

      USD

      Class A management fees 410,531

      222,106

      410,524

      1,396

      1,697,726

      22,894

      362,999

      Class A Series Sweep

      management fees -

      -

      509,424

      181,527

      14,871,652

      -

      2,727,696

      Class B management fees 39,198 Class B Series Sweep

      management fees -

      2,732

      -

      89,192

      78,605

      327

      -

      848,896

      3,452,620

      191

      -

      3,279

      429,561

      Class C management fees 12,548

      -

      691

      464

      428,932

      15,771

      2,004,783

      Class I management fees -

      20,540

      -

      181

      328,135

      109

      -

      Class R management fees 20,272

      -

      14,263

      -

      185,000

      -

      -

      Total management fees 482,549

      245,378

      1,102,699

      183,895

      21,812,961

      38,965

      5,528,318

      Management fees waiver -

      -

      -

      -

      -

      (11,204)

      -

      Net management fees 482,549

      245,378

      1,102,699

      183,895

      21,812,961

      27,761

      5,528,318

      Management fees payable 41,485

      23,351

      85,763

      10,204

      1,715,064

      1,860

      526,547

    3. Fair Value Measurements

In accordance with FASB ASC Sub-topic 820-10, certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient, and April 30, 2026

comprised solely of investments in other money market funds valued using the net asset value per share (or its equivalent) practical expedient, no fair value hierarchy has been disclosed. Cash and cash equivalents and bank overdraft are classified as level 1.

15.

Financial Highlights

Financial Highlights for Canadian Dollar Fund for year ended April 30, 2026

CAD

Class A

Class B

Class C

Class R

Selected per share data

Net asset value at beginning of the year

1.0000

1.0000

1.0000

19.7379

Income from investment operations

Net investment income

0.0218

0.0213

0.0236

0.3639

Less distributions from net investment income

(0.0218)

(0.0213)

(0.0236)

-

Net asset value at end of the year

1.0000

1.0000

1.0000

20.1018

Total return

2.18%

2.13%

2.36%

1.84%

Ratios to average net assets

Total expenses

0.32%

0.37%

0.14%

0.67%

Reimbursed/waived expenses

0.00%

0.00%

0.00%

0.00%

Net expenses

0.32%

0.37%

0.14%

0.67%

Net investment income

2.17%

2.12%

2.30%

1.83%

Supplemental data

Net assets at end of the year

143,366,693

12,842,046

13,064,923

3,176,037

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