HSBC HOLDINGS PLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VWO	VANGUARD INTL EQUITY INDEX F	20,000	$858	0.8%	$43.21	—	FTSE EMR MKT ETF	922042858
BAX	BAXTER INTL INC	1,700	$123	0.1%	$51.61	-43.0%	COM	071813109
ESS	ESSEX PPTY TR INC	800	$120	0.1%	$100.24	0.0%	COM	297178105
SWK	STANLEY BLACK & DECKER INC	1,400	$113	0.1%	$73.19	-23.2%	COM	854502101
IT	GARTNER INC	498	$27	0.0%	$50.79	0.0%	COM	366651107
KMPR	KEMPER CORP DEL	200	$7	0.0%	$31.77	0.0%	COM	488401100

Increased Positions (2)

— COSAN LTD 40.1%

Value ($000) $42,077 (+16.0%) Shares 2,157,800 (+3.0%) Est. Cost $14.23 Unrealized —

LQD ISHARES TR 0.4%

Value ($000) $430 (+85.3%) Shares 3,589 (+87.0%) Est. Cost $115.97 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	COSAN LTD	2,157,800 (+3.0%)	$42,077 (+16.0%)	40.1%	$14.23	—	SHS A	G25343107
LQD	ISHARES TR	3,589 (+87.0%)	$430 (+85.3%)	0.4%	$115.97	—	IBOXX INV CPBD	464287242

Exited Positions (2)

— ITC HLDGS CORP 0.1%

Value ($000) $108 Shares 1,400 Est. Cost $69.97 Unrealized —

ABT ABBOTT LABS 0.0%

Value ($000) $50 Shares 1,600 Est. Cost $55.02 Unrealized -51.8%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	ITC HLDGS CORP	1,400	$108	0.1%	$69.97	—	—	465685105
ABT	ABBOTT LABS	1,600	$50	0.0%	$55.02	-51.8%	—	002824100

Decreased Positions (2)

XOM EXXON MOBIL CORP 0.1%

Value ($000) $117 (-57.6%) Shares 1,300 (-59.2%) Est. Cost $87.60 Unrealized -39.5%

PFE PFIZER INC 0.0%

Value ($000) $14 (-73.1%) Shares 500 (-75.9%) Est. Cost $22.70 Unrealized -32.4%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
XOM	EXXON MOBIL CORP	1,300 (-59.2%)	$117 (-57.6%)	0.1%	$87.60	-39.5%	COM	30231G102
PFE	PFIZER INC	500 (-75.9%)	$14 (-73.1%)	0.0%	$22.70	-32.4%	COM	717081103

Unchanged Positions (80)

CBT CABOT CORP 12.3%

Value ($000) $12,891 Shares 376,927 Est. Cost $36.57 Unrealized -22.2%

IBM INTERNATIONAL BUSINESS MACHS 13.6%

Value ($000) $14,279 Shares 66,942 Est. Cost $190.67 Unrealized -38.1%

SPY SPDR S&P 500 ETF TR 10.1%

Value ($000) $10,591 Shares 67,666 Est. Cost $147.15 Unrealized —

CL COLGATE PALMOLIVE CO 4.0%

Value ($000) $4,249 Shares 36,000 Est. Cost $96.88 Unrealized -57.3%

— CA INC 1.7%

Value ($000) $1,822 Shares 72,393 Est. Cost $25.63 Unrealized —

PEP PEPSICO INC 1.7%

Value ($000) $1,796 Shares 22,700 Est. Cost $64.47 Unrealized -21.7%

— CAS MED SYS INC 0.9%

Value ($000) $950 Shares 500,000 Est. Cost $1.75 Unrealized —

GLD SPDR GOLD TRUST 2.2%

Value ($000) $2,334 Shares 15,110 Est. Cost $160.04 Unrealized —

— PRICELINE COM INC 0.8%

Value ($000) $881 Shares 1,281 Est. Cost $699.20 Unrealized —

IWD ISHARES TR 0.6%

Value ($000) $666 Shares 8,200 Est. Cost $75.05 Unrealized —

— SOTHEBYS 0.6%

Value ($000) $673 Shares 18,000 Est. Cost $37.09 Unrealized —

JNJ JOHNSON & JOHNSON 0.4%

Value ($000) $416 Shares 5,100 Est. Cost $62.82 Unrealized -15.9%

GIS GENERAL MLS INC 0.3%

Value ($000) $316 Shares 6,400 Est. Cost $37.21 Unrealized -23.4%

— CABOT MICROELECTRONICS CORP 1.5%

Value ($000) $1,602 Shares 46,117 Est. Cost $35.17 Unrealized —

IWF ISHARES TR 0.5%

Value ($000) $522 Shares 7,300 Est. Cost $66.04 Unrealized —

XLV SELECT SECTOR SPDR TR 0.3%

Value ($000) $290 Shares 6,300 Est. Cost $39.00 Unrealized —

XLP SELECT SECTOR SPDR TR 0.3%

Value ($000) $290 Shares 7,300 Est. Cost $35.74 Unrealized —

DIS DISNEY WALT CO 0.2%

Value ($000) $256 Shares 4,500 Est. Cost $46.24 Unrealized +4.6%

— ISHARES INC 0.3%

Value ($000) $290 Shares 26,866 Est. Cost $10.00 Unrealized —

PG PROCTER & GAMBLE CO 0.2%

Value ($000) $200 Shares 2,590 Est. Cost $66.25 Unrealized -21.6%

CTRA CABOT OIL & GAS CORP 0.1%

Value ($000) $81 Shares 1,200 Est. Cost $29.82 Unrealized -30.4%

HON HONEYWELL INTL INC 0.1%

Value ($000) $128 Shares 1,700 Est. Cost $59.82 Unrealized -19.3%

EZU ISHARES INC 0.7%

Value ($000) $759 Shares 23,246 Est. Cost $30.28 Unrealized —

AIG AMERICAN INTL GROUP INC 0.2%

Value ($000) $195 Shares 5,024 Est. Cost $31.77 Unrealized -10.2%

SRE SEMPRA ENERGY 0.2%

Value ($000) $160 Shares 2,000 Est. Cost $59.56 Unrealized -57.1%

UPS UNITED PARCEL SERVICE INC 0.1%

Value ($000) $120 Shares 1,400 Est. Cost $78.38 Unrealized -33.0%

ALL ALLSTATE CORP 0.1%

Value ($000) $91 Shares 1,854 Est. Cost $34.93 Unrealized -1.4%

BMY BRISTOL MYERS SQUIBB CO 0.1%

Value ($000) $82 Shares 2,000 Est. Cost $33.42 Unrealized -28.1%

XLF SELECT SECTOR SPDR TR 0.2%

Value ($000) $164 Shares 9,000 Est. Cost $15.77 Unrealized —

TROW PRICE T ROWE GROUP INC 0.1%

Value ($000) $120 Shares 1,600 Est. Cost $62.95 Unrealized -27.1%

CVX CHEVRON CORP NEW 0.2%

Value ($000) $166 Shares 1,400 Est. Cost $107.18 Unrealized -36.7%

— GENERAL ELECTRIC CO 0.2%

Value ($000) $162 Shares 7,000 Est. Cost $20.89 Unrealized —

MSFT MICROSOFT CORP 0.2%

Value ($000) $192 Shares 6,700 Est. Cost $31.41 Unrealized -28.7%

— KINDER MORGAN ENERGY PARTNER 0.1%

Value ($000) $117 Shares 1,300 Est. Cost $82.70 Unrealized —

MCO MOODYS CORP 0.2%

Value ($000) $204 Shares 3,820 Est. Cost $43.25 Unrealized +2.4%

KO COCA COLA CO 0.1%

Value ($000) $117 Shares 2,900 Est. Cost $41.56 Unrealized -38.6%

EEM ISHARES TR 0.3%

Value ($000) $312 Shares 7,290 Est. Cost $42.34 Unrealized —

KLAC KLA-TENCOR CORP 0.1%

Value ($000) $116 Shares 2,200 Est. Cost $50.24 Unrealized -34.6%

PM PHILIP MORRIS INTL INC 0.1%

Value ($000) $111 Shares 1,200 Est. Cost $82.61 Unrealized -42.1%

BA BOEING CO 0.1%

Value ($000) $86 Shares 1,000 Est. Cost $71.19 Unrealized -7.7%

EXC EXELON CORP 0.1%

Value ($000) $80 Shares 2,325 Est. Cost $38.44 Unrealized -63.6%

AAPL APPLE INC 0.1%

Value ($000) $54 Shares 122 Est. Cost $441.88 Unrealized -96.8%

CSCO CISCO SYS INC 0.2%

Value ($000) $161 Shares 7,700 Est. Cost $17.98 Unrealized -21.5%

CNP CENTERPOINT ENERGY INC 0.0%

Value ($000) $48 Shares 2,000 Est. Cost $20.86 Unrealized -35.6%

CTSH COGNIZANT TECHNOLOGY SOLUTIO 0.2%

Value ($000) $229 Shares 2,988 Est. Cost $65.48 Unrealized -47.7%

MCD MCDONALDS CORP 0.1%

Value ($000) $60 Shares 600 Est. Cost $91.58 Unrealized -26.1%

— HEWLETT PACKARD CO 0.0%

Value ($000) $17 Shares 700 Est. Cost $23.84 Unrealized —

— DELL INC 0.0%

Value ($000) $21 Shares 1,500 Est. Cost $13.63 Unrealized —

— WINDSTREAM CORP 0.1%

Value ($000) $95 Shares 12,000 Est. Cost $10.00 Unrealized —

— DUN & BRADSTREET CORP DEL NE 0.1%

Value ($000) $80 Shares 955 Est. Cost $81.30 Unrealized —

JPM JPMORGAN CHASE & CO 0.1%

Value ($000) $74 Shares 1,565 Est. Cost $42.49 Unrealized -20.0%

— UNITED TECHNOLOGIES CORP 0.0%

Value ($000) $37 Shares 400 Est. Cost $82.78 Unrealized —

AMGN AMGEN INC 0.0%

Value ($000) $21 Shares 200 Est. Cost $76.63 Unrealized -18.4%

CAT CATERPILLAR INC DEL 0.1%

Value ($000) $87 Shares 1,000 Est. Cost $86.62 Unrealized -22.5%

— COACH INC 0.0%

Value ($000) $30 Shares 600 Est. Cost $66.99 Unrealized —

HD HOME DEPOT INC 0.0%

Value ($000) $28 Shares 400 Est. Cost $52.16 Unrealized -4.5%

TGT TARGET CORP 0.0%

Value ($000) $27 Shares 400 Est. Cost $57.22 Unrealized -23.9%

MSI MOTOROLA SOLUTIONS INC 0.0%

Value ($000) $27 Shares 428 Est. Cost $49.16 Unrealized -1.2%

— DU PONT E I DE NEMOURS & CO 0.0%

Value ($000) $25 Shares 500 Est. Cost $51.80 Unrealized —

— SEARS HLDGS CORP 0.0%

Value ($000) $16 Shares 314 Est. Cost $65.13 Unrealized —

— CHESAPEAKE ENERGY CORP 0.0%

Value ($000) $15 Shares 750 Est. Cost $20.65 Unrealized —

ORCL ORACLE CORP 0.1%

Value ($000) $69 Shares 2,136 Est. Cost $29.59 Unrealized -2.3%

MMM 3M CO 0.0%

Value ($000) $21 Shares 200 Est. Cost $88.05 Unrealized -35.1%

ZBH ZIMMER HLDGS INC 0.0%

Value ($000) $15 Shares 200 Est. Cost $64.55 Unrealized -0.4%

— MEDTRONIC INC 0.0%

Value ($000) $14 Shares 300 Est. Cost $42.16 Unrealized —

SHY ISHARES TR 0.6%

Value ($000) $680 Shares 8,050 Est. Cost $84.33 Unrealized —

A AGILENT TECHNOLOGIES INC 0.0%

Value ($000) $42 Shares 1,000 Est. Cost $34.28 Unrealized -19.1%

— ISHARES INC 0.0%

Value ($000) $31 Shares 1,697 Est. Cost $17.30 Unrealized —

BAC BANK OF AMERICA CORPORATION 0.0%

Value ($000) $29 Shares 2,401 Est. Cost $10.14 Unrealized -8.3%

USB US BANCORP DEL 0.0%

Value ($000) $20 Shares 600 Est. Cost $30.56 Unrealized -28.6%

WU WESTERN UN CO 0.0%

Value ($000) $15 Shares 1,000 Est. Cost $16.84 Unrealized —

INTC INTEL CORP 0.0%

Value ($000) $11 Shares 500 Est. Cost $24.36 Unrealized -37.1%

NEM NEWMONT MINING CORP 0.0%

Value ($000) $8 Shares 200 Est. Cost $51.13 Unrealized -37.7%

NRG NRG ENERGY INC 0.0%

Value ($000) $5 Shares 191 Est. Cost $20.07 Unrealized -8.4%

FE FIRSTENERGY CORP 0.1%

Value ($000) $56 Shares 1,334 Est. Cost $39.15 Unrealized -40.2%

F FORD MTR CO DEL 0.0%

Value ($000) $39 Shares 3,000 Est. Cost $11.58 Unrealized -39.7%

EWH ISHARES INC 0.0%

Value ($000) $18 Shares 917 Est. Cost $17.58 Unrealized —

GD GENERAL DYNAMICS CORP 0.0%

Value ($000) $14 Shares 200 Est. Cost $71.93 Unrealized -28.0%

— NATIONAL OILWELL VARCO INC 0.0%

Value ($000) $3 Shares 42 Est. Cost $78.41 Unrealized —

C CITIGROUP INC 0.0%

Value ($000) $2 Shares 50 Est. Cost $32.34 Unrealized -0.0%

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CBT	CABOT CORP	376,927	$12,891	12.3%	$36.57	-22.2%	COM	127055101
IBM	INTERNATIONAL BUSINESS MACHS	66,942	$14,279	13.6%	$190.67	-38.1%	COM	459200101
SPY	SPDR S&P 500 ETF TR	67,666	$10,591	10.1%	$147.15	—	TR UNIT	78462F103
CL	COLGATE PALMOLIVE CO	36,000	$4,249	4.0%	$96.88	-57.3%	COM	194162103
—	CA INC	72,393	$1,822	1.7%	$25.63	—	COM	12673P105
PEP	PEPSICO INC	22,700	$1,796	1.7%	$64.47	-21.7%	COM	713448108
—	CAS MED SYS INC	500,000	$950	0.9%	$1.75	—	COM PAR $0.004	124769209
GLD	SPDR GOLD TRUST	15,110	$2,334	2.2%	$160.04	—	GOLD SHS	78463V107
—	PRICELINE COM INC	1,281	$881	0.8%	$699.20	—	COM NEW	741503403
IWD	ISHARES TR	8,200	$666	0.6%	$75.05	—	RUSSELL1000VAL	464287598
—	SOTHEBYS	18,000	$673	0.6%	$37.09	—	COM	835898107
JNJ	JOHNSON & JOHNSON	5,100	$416	0.4%	$62.82	-15.9%	COM	478160104
GIS	GENERAL MLS INC	6,400	$316	0.3%	$37.21	-23.4%	COM	370334104
—	CABOT MICROELECTRONICS CORP	46,117	$1,602	1.5%	$35.17	—	COM	12709P103
IWF	ISHARES TR	7,300	$522	0.5%	$66.04	—	RUSSELL1000GRW	464287614
XLV	SELECT SECTOR SPDR TR	6,300	$290	0.3%	$39.00	—	SBI HEALTHCARE	81369Y209
XLP	SELECT SECTOR SPDR TR	7,300	$290	0.3%	$35.74	—	SBI CONS STPLS	81369Y308
DIS	DISNEY WALT CO	4,500	$256	0.2%	$46.24	+4.6%	COM DISNEY	254687106
—	ISHARES INC	26,866	$290	0.3%	$10.00	—	MSCI JAPAN	464286848
PG	PROCTER & GAMBLE CO	2,590	$200	0.2%	$66.25	-21.6%	COM	742718109
CTRA	CABOT OIL & GAS CORP	1,200	$81	0.1%	$29.82	-30.4%	COM	127097103
HON	HONEYWELL INTL INC	1,700	$128	0.1%	$59.82	-19.3%	COM	438516106
EZU	ISHARES INC	23,246	$759	0.7%	$30.28	—	MSCI EMU INDEX	464286608
AIG	AMERICAN INTL GROUP INC	5,024	$195	0.2%	$31.77	-10.2%	COM NEW	026874784
SRE	SEMPRA ENERGY	2,000	$160	0.2%	$59.56	-57.1%	COM	816851109
UPS	UNITED PARCEL SERVICE INC	1,400	$120	0.1%	$78.38	-33.0%	CL B	911312106
ALL	ALLSTATE CORP	1,854	$91	0.1%	$34.93	-1.4%	COM	020002101
BMY	BRISTOL MYERS SQUIBB CO	2,000	$82	0.1%	$33.42	-28.1%	COM	110122108
XLF	SELECT SECTOR SPDR TR	9,000	$164	0.2%	$15.77	—	SBI INT-FINL	81369Y605
TROW	PRICE T ROWE GROUP INC	1,600	$120	0.1%	$62.95	-27.1%	COM	74144T108
CVX	CHEVRON CORP NEW	1,400	$166	0.2%	$107.18	-36.7%	COM	166764100
—	GENERAL ELECTRIC CO	7,000	$162	0.2%	$20.89	—	COM	369604103
MSFT	MICROSOFT CORP	6,700	$192	0.2%	$31.41	-28.7%	COM	594918104
—	KINDER MORGAN ENERGY PARTNER	1,300	$117	0.1%	$82.70	—	UT LTD PARTNER	494550106
MCO	MOODYS CORP	3,820	$204	0.2%	$43.25	+2.4%	COM	615369105
KO	COCA COLA CO	2,900	$117	0.1%	$41.56	-38.6%	COM	191216100
EEM	ISHARES TR	7,290	$312	0.3%	$42.34	—	MSCI EMERG MKT	464287234
KLAC	KLA-TENCOR CORP	2,200	$116	0.1%	$50.24	-34.6%	COM	482480100
PM	PHILIP MORRIS INTL INC	1,200	$111	0.1%	$82.61	-42.1%	COM	718172109
BA	BOEING CO	1,000	$86	0.1%	$71.19	-7.7%	COM	097023105
EXC	EXELON CORP	2,325	$80	0.1%	$38.44	-63.6%	COM	30161N101
AAPL	APPLE INC	122	$54	0.1%	$441.88	-96.8%	COM	037833100
CSCO	CISCO SYS INC	7,700	$161	0.2%	$17.98	-21.5%	COM	17275R102
CNP	CENTERPOINT ENERGY INC	2,000	$48	0.0%	$20.86	-35.6%	COM	15189T107
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	2,988	$229	0.2%	$65.48	-47.7%	CL A	192446102
MCD	MCDONALDS CORP	600	$60	0.1%	$91.58	-26.1%	COM	580135101
—	HEWLETT PACKARD CO	700	$17	0.0%	$23.84	—	COM	428236103
—	DELL INC	1,500	$21	0.0%	$13.63	—	COM	24702R101
—	WINDSTREAM CORP	12,000	$95	0.1%	$10.00	—	COM	97381W104
—	DUN & BRADSTREET CORP DEL NE	955	$80	0.1%	$81.30	—	COM	26483E100
JPM	JPMORGAN CHASE & CO	1,565	$74	0.1%	$42.49	-20.0%	COM	46625H100
—	UNITED TECHNOLOGIES CORP	400	$37	0.0%	$82.78	—	COM	913017109
AMGN	AMGEN INC	200	$21	0.0%	$76.63	-18.4%	COM	031162100
CAT	CATERPILLAR INC DEL	1,000	$87	0.1%	$86.62	-22.5%	COM	149123101
—	COACH INC	600	$30	0.0%	$66.99	—	COM	189754104
HD	HOME DEPOT INC	400	$28	0.0%	$52.16	-4.5%	COM	437076102
TGT	TARGET CORP	400	$27	0.0%	$57.22	-23.9%	COM	87612E106
MSI	MOTOROLA SOLUTIONS INC	428	$27	0.0%	$49.16	-1.2%	COM NEW	620076307
—	DU PONT E I DE NEMOURS & CO	500	$25	0.0%	$51.80	—	COM	263534109
—	SEARS HLDGS CORP	314	$16	0.0%	$65.13	—	COM	812350106
—	CHESAPEAKE ENERGY CORP	750	$15	0.0%	$20.65	—	COM	165167107
ORCL	ORACLE CORP	2,136	$69	0.1%	$29.59	-2.3%	COM	68389X105
MMM	3M CO	200	$21	0.0%	$88.05	-35.1%	COM	88579Y101
ZBH	ZIMMER HLDGS INC	200	$15	0.0%	$64.55	-0.4%	COM	98956P102
—	MEDTRONIC INC	300	$14	0.0%	$42.16	—	COM	585055106
SHY	ISHARES TR	8,050	$680	0.6%	$84.33	—	BARCLYS 1-3 YR	464287457
A	AGILENT TECHNOLOGIES INC	1,000	$42	0.0%	$34.28	-19.1%	COM	00846U101
—	ISHARES INC	1,697	$31	0.0%	$17.30	—	MSCI UTD KINGD	464286699
BAC	BANK OF AMERICA CORPORATION	2,401	$29	0.0%	$10.14	-8.3%	COM	060505104
USB	US BANCORP DEL	600	$20	0.0%	$30.56	-28.6%	COM NEW	902973304
WU	WESTERN UN CO	1,000	$15	0.0%	$16.84	—	COM	959802109
INTC	INTEL CORP	500	$11	0.0%	$24.36	-37.1%	COM	458140100
NEM	NEWMONT MINING CORP	200	$8	0.0%	$51.13	-37.7%	COM	651639106
NRG	NRG ENERGY INC	191	$5	0.0%	$20.07	-8.4%	COM NEW	629377508
FE	FIRSTENERGY CORP	1,334	$56	0.1%	$39.15	-40.2%	COM	337932107
F	FORD MTR CO DEL	3,000	$39	0.0%	$11.58	-39.7%	COM PAR $0.01	345370860
EWH	ISHARES INC	917	$18	0.0%	$17.58	—	MSCI HONG KONG	464286871
GD	GENERAL DYNAMICS CORP	200	$14	0.0%	$71.93	-28.0%	COM	369550108
—	NATIONAL OILWELL VARCO INC	42	$3	0.0%	$78.41	—	COM	637071101
C	CITIGROUP INC	50	$2	0.0%	$32.34	-0.0%	COM NEW	172967424