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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number: Date ex
811-04782 5/31/00
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2. State identification Number:
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AL AK AZ AR
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CT DE DC FL
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ID IL IN IA
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LA ME MD MA
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MS MO MT NE
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NJ NM NY NC
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OK OR PA RI
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TN TX UT VT
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in representation statement:
HBSC Investor Funds
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5. Address of principal executive office (number, street, city, state, zip
code):
BISYS FUND SERVICES, 3435 STELZER ROAD, COLUMBUS, OHIO 43219-8001
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INSTRUCTIONS
This form must be completed by investment companies that have custody of
securities or similar investments.
Accountant
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
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To the Board of Trustees of
HSBC Investor Funds and Portfolios
and the
Securities and Exchange Commission:
We have examined management's assertion about HSBC Investor Funds' and
Portfolios' (the Funds) compliance with the requirements of subsections (b) and
(c) of Rule 17f-2 under the Investment Company Act of 1940 (the Act) as of May
31, 2000 and for the period from October 31, 1999 through May 31, 2000, included
in the accompanying Management Statement Regarding Compliance With Certain
Provisions of the Investment Company Act of 1940. Management is responsible for
the Funds' compliance with those requirements. Our responsibility is to express
an opinion on management's assertion about the Funds' compliance based on our
examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of May 31, 2000 and for the period from October 31, 1999 (the date
of the last examination) through May 31, 2000, with respect to securities
transactions, without prior notice to management:
1. Confirmation of all securities held by HSBC Bank USA (HSBC) in book
entry form;
2. Verification of all securities purchased/sold but not
received/delivered and securities in transit via examination of
underlying trade ticket or broker confirmation;
3. Reconciliation of all such securities to the books and records of the
Funds and HSBC;
4. Confirmation of all repurchase agreements with brokers/banks and
agreement of underlying collateral with HSBC's records; and
5. Agreement of 5 security purchases and 5 security sales or maturities
from the books and records of the Funds to the trade ticket or broker
confirmations.
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Funds' compliance
with specified requirements.
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2
In our opinion, management's assertion that the Funds were in compliance with
the above mentioned provisions of Rule 17f-2 of the Investment Company Act of
1940 as of May 31, 2000 and for the period from October 31, 1999 through May 31,
2000 is fairly stated, in all material respects.
This report is intended solely for the information and use of management of the
Funds and the Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
Columbus, Ohio
August 10, 2000
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HSBC Investor Funds and Portfolios
3435 Stelzer Road
Columbus, Ohio 43219
August 10, 2000
Management Statement Regarding Compliance with Certain Provisions of the
Investment Company Act of 1940
We, as members of management of the HSBC Investor Funds and Portfolios (the
Funds), are responsible for complying with the requirements of subsections (b)
and (c) of Rule 17f-2, "Custody of Investments by Registered Investment
Companies," of the Investment Company Act of 1940. We are also responsible for
establishing and maintaining effective internal controls over compliance with
Rule 17f-2 requirements. We have performed an evaluation of the Funds'
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as of
May 31, 2000.
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of May 31, 2000 and for the period from October 31, 1999 (date of
the last examination) through May 31, 2000, with respect to securities reflected
in the investment accounts of the Funds.
Sincerely,
/s/ Nadeem Yousaf
Nadeem Yousaf
Treasurer
