HSBC HOLDINGS PLC Hedge Fund

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SHY	ISHARES TR	8,050	$679	0.7%	$84.33	—	BARCLYS 1-3 YR	464287457
XLP	SELECT SECTOR SPDR TR	7,300	$255	0.3%	$34.71	—	SBI CONS STPLS	81369Y308
XLV	SELECT SECTOR SPDR TR	6,300	$251	0.3%	$37.51	—	SBI HEALTHCARE	81369Y209
XLF	SELECT SECTOR SPDR TR	9,000	$148	0.2%	$15.77	—	SBI INT-FINL	81369Y605
HON	HONEYWELL INTL INC	1,700	$108	0.1%	$59.82	—	COM	438516106
—	ITC HLDGS CORP	1,400	$108	0.1%	$69.97	—	COM	465685105
KLAC	KLA-TENCOR CORP	2,200	$105	0.1%	$51.98	—	COM	482480100
KO	COCA COLA CO	2,900	$105	0.1%	$48.24	—	COM	191216100
TROW	PRICE T ROWE GROUP INC	1,600	$104	0.1%	$65.30	—	COM	74144T108
—	KINDER MORGAN ENERGY PARTNER	1,300	$104	0.1%	$82.70	—	UT LTD PARTNER	494550106
UPS	UNITED PARCEL SERVICE INC	1,400	$103	0.1%	$78.38	—	CL B	911312106
PM	PHILIP MORRIS INTL INC	1,200	$100	0.1%	$88.15	—	COM	718172109
—	WINDSTREAM CORP	12,000	$100	0.1%	$11.14	—	COM	97381W104
ABT	ABBOTT LABS	1,600	$50	0.1%	$62.92	—	COM	002824100
NRG	NRG ENERGY INC	191	$4	0.0%	$20.07	—	COM NEW	629377508

Increased Positions (8)

— COSAN LTD 37.7%

Value ($000) $36,278 (+22.6%) Shares 2,095,800 (+12.3%) Est. Cost $14.23 Unrealized —

CSCO CISCO SYS INC 0.2%

Value ($000) $151 (+387.1%) Shares 7,700 (+381.3%) Est. Cost $18.95 Unrealized —

CVX CHEVRON CORP NEW 0.2%

Value ($000) $151 (+221.3%) Shares 1,400 (+250.0%) Est. Cost $108.46 Unrealized —

XOM EXXON MOBIL CORP 0.3%

Value ($000) $276 (+51.6%) Shares 3,186 (+60.4%) Est. Cost $87.60 Unrealized —

MSFT MICROSOFT CORP 0.2%

Value ($000) $179 (+72.1%) Shares 6,700 (+91.4%) Est. Cost $31.41 Unrealized —

— GENERAL ELECTRIC CO 0.2%

Value ($000) $147 (+77.1%) Shares 7,000 (+90.7%) Est. Cost $20.59 Unrealized —

AAPL APPLE INC 0.1%

Value ($000) $65 (+333.3%) Shares 122 (+454.5%) Est. Cost $636.67 Unrealized —

— CABOT MICROELECTRONICS CORP 1.7%

Value ($000) $1,650 (+2.7%) Shares 46,453 (+1.6%) Est. Cost $35.17 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
—	COSAN LTD	2,095,800 (+12.3%)	$36,278 (+22.6%)	37.7%	$14.23	—	SHS A	G25343107
CSCO	CISCO SYS INC	7,700 (+381.3%)	$151 (+387.1%)	0.2%	$18.95	—	COM	17275R102
CVX	CHEVRON CORP NEW	1,400 (+250.0%)	$151 (+221.3%)	0.2%	$108.46	—	COM	166764100
XOM	EXXON MOBIL CORP	3,186 (+60.4%)	$276 (+51.6%)	0.3%	$87.60	—	COM	30231G102
MSFT	MICROSOFT CORP	6,700 (+91.4%)	$179 (+72.1%)	0.2%	$31.41	—	COM	594918104
—	GENERAL ELECTRIC CO	7,000 (+90.7%)	$147 (+77.1%)	0.2%	$20.59	—	COM	369604103
AAPL	APPLE INC	122 (+454.5%)	$65 (+333.3%)	0.1%	$636.67	—	COM	037833100
—	CABOT MICROELECTRONICS CORP	46,453 (+1.6%)	$1,650 (+2.7%)	1.7%	$35.17	—	COM	12709P103

Exited Positions (16)

DUK DUKE ENERGY CORP NEW 0.1%

Value ($000) $89 Shares 1,370 Est. Cost $64.25 Unrealized —

IGSB ISHARES TR 0.1%

Value ($000) $53 Shares 500 Est. Cost $104.95 Unrealized —

T AT&T INC 0.0%

Value ($000) $38 Shares 1,000 Est. Cost $32.99 Unrealized —

VZ VERIZON COMMUNICATIONS INC 0.0%

Value ($000) $36 Shares 800 Est. Cost $41.84 Unrealized —

KMB KIMBERLY CLARK CORP 0.0%

Value ($000) $34 Shares 400 Est. Cost $78.71 Unrealized —

WY WEYERHAEUSER CO 0.0%

Value ($000) $32 Shares 1,221 Est. Cost $24.61 Unrealized —

IT GARTNER INC 0.0%

Value ($000) $23 Shares 498 Est. Cost $43.36 Unrealized —

MRK MERCK & CO INC NEW 0.0%

Value ($000) $23 Shares 500 Est. Cost $40.14 Unrealized —

CLX CLOROX CO DEL 0.0%

Value ($000) $22 Shares 300 Est. Cost $69.20 Unrealized —

NFG NATIONAL FUEL GAS CO N J 0.0%

Value ($000) $22 Shares 400 Est. Cost $51.32 Unrealized —

— KRAFT FOODS INC 0.0%

Value ($000) $21 Shares 500 Est. Cost $38.20 Unrealized —

DEM WISDOMTREE TRUST 0.0%

Value ($000) $16 Shares 300 Est. Cost $54.01 Unrealized —

— COMMONWEALTH REIT 0.0%

Value ($000) $16 Shares 1,075 Est. Cost $18.62 Unrealized —

KMPR KEMPER CORP DEL 0.0%

Value ($000) $6 Shares 200 Est. Cost $30.29 Unrealized —

GM GENERAL MTRS CO 0.0%

Value ($000) $4 Shares 189 Est. Cost $22.99 Unrealized —

— SEARS HLDGS CORP 0.0%

Value ($000) $1 Shares 314 Est. Cost $2.67 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
DUK	DUKE ENERGY CORP NEW	1,370	$89	0.1%	$64.25	—	—	26441C204
IGSB	ISHARES TR	500	$53	0.1%	$104.95	—	—	464288646
T	AT&T INC	1,000	$38	0.0%	$32.99	—	—	00206R102
VZ	VERIZON COMMUNICATIONS INC	800	$36	0.0%	$41.84	—	—	92343V104
KMB	KIMBERLY CLARK CORP	400	$34	0.0%	$78.71	—	—	494368103
WY	WEYERHAEUSER CO	1,221	$32	0.0%	$24.61	—	—	962166104
IT	GARTNER INC	498	$23	0.0%	$43.36	—	—	366651107
MRK	MERCK & CO INC NEW	500	$23	0.0%	$40.14	—	—	58933Y105
CLX	CLOROX CO DEL	300	$22	0.0%	$69.20	—	—	189054109
NFG	NATIONAL FUEL GAS CO N J	400	$22	0.0%	$51.32	—	—	636180101
—	KRAFT FOODS INC	500	$21	0.0%	$38.20	—	—	50075N104
DEM	WISDOMTREE TRUST	300	$16	0.0%	$54.01	—	—	97717W315
—	COMMONWEALTH REIT	1,075	$16	0.0%	$18.62	—	—	203233101
KMPR	KEMPER CORP DEL	200	$6	0.0%	$30.29	—	—	488401100
GM	GENERAL MTRS CO	189	$4	0.0%	$22.99	—	—	37045V100
—	SEARS HLDGS CORP	314	$1	0.0%	$2.67	—	—	812350114

Decreased Positions (4)

CBT CABOT CORP 15.5%

Value ($000) $14,889 (+7.5%) Shares 374,207 (-1.2%) Est. Cost $36.57 Unrealized —

PFE PFIZER INC 0.1%

Value ($000) $52 (-31.6%) Shares 2,076 (-32.5%) Est. Cost $23.37 Unrealized —

JNJ JOHNSON & JOHNSON 0.4%

Value ($000) $358 (-5.5%) Shares 5,100 (-7.3%) Est. Cost $66.09 Unrealized —

BMY BRISTOL MYERS SQUIBB CO 0.1%

Value ($000) $65 (-22.6%) Shares 2,000 (-20.0%) Est. Cost $34.32 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
CBT	CABOT CORP	374,207 (-1.2%)	$14,889 (+7.5%)	15.5%	$36.57	—	COM	127055101
PFE	PFIZER INC	2,076 (-32.5%)	$52 (-31.6%)	0.1%	$23.37	—	COM	717081103
JNJ	JOHNSON & JOHNSON	5,100 (-7.3%)	$358 (-5.5%)	0.4%	$66.09	—	COM	478160104
BMY	BRISTOL MYERS SQUIBB CO	2,000 (-20.0%)	$65 (-22.6%)	0.1%	$34.32	—	COM	110122108

Unchanged Positions (59)

IBM INTERNATIONAL BUSINESS MACHS 13.3%

Value ($000) $12,823 Shares 66,942 Est. Cost $208.53 Unrealized —

— CA INC 1.6%

Value ($000) $1,577 Shares 72,393 Est. Cost $25.66 Unrealized —

— CAS MED SYS INC 1.1%

Value ($000) $1,075 Shares 500,000 Est. Cost $1.75 Unrealized —

GLD SPDR GOLD TRUST 2.5%

Value ($000) $2,448 Shares 15,110 Est. Cost $162.12 Unrealized —

SPY SPDR S&P 500 ETF TR 10.0%

Value ($000) $9,640 Shares 67,666 Est. Cost $140.53 Unrealized —

CL COLGATE PALMOLIVE CO 3.9%

Value ($000) $3,763 Shares 36,000 Est. Cost $98.83 Unrealized —

EZU ISHARES INC 0.8%

Value ($000) $778 Shares 23,246 Est. Cost $30.12 Unrealized —

PEP PEPSICO INC 1.6%

Value ($000) $1,553 Shares 22,700 Est. Cost $67.37 Unrealized —

— SOTHEBYS 0.6%

Value ($000) $605 Shares 18,000 Est. Cost $37.09 Unrealized —

MCO MOODYS CORP 0.2%

Value ($000) $192 Shares 3,820 Est. Cost $43.25 Unrealized —

EEM ISHARES TR 0.3%

Value ($000) $323 Shares 7,290 Est. Cost $42.30 Unrealized —

— ISHARES INC 0.3%

Value ($000) $262 Shares 26,866 Est. Cost $9.95 Unrealized —

EXC EXELON CORP 0.1%

Value ($000) $69 Shares 2,325 Est. Cost $38.44 Unrealized —

SRE SEMPRA ENERGY 0.1%

Value ($000) $142 Shares 2,000 Est. Cost $61.01 Unrealized —

CTSH COGNIZANT TECHNOLOGY SOLUTIO 0.2%

Value ($000) $221 Shares 2,988 Est. Cost $69.33 Unrealized —

AIG AMERICAN INTL GROUP INC 0.2%

Value ($000) $177 Shares 5,024 Est. Cost $33.81 Unrealized —

DIS DISNEY WALT CO 0.2%

Value ($000) $224 Shares 4,500 Est. Cost $45.96 Unrealized —

IWF ISHARES TR 0.5%

Value ($000) $477 Shares 7,300 Est. Cost $66.04 Unrealized —

F FORD MTR CO DEL 0.0%

Value ($000) $39 Shares 3,000 Est. Cost $12.40 Unrealized —

BAC BANK OF AMERICA CORPORATION 0.0%

Value ($000) $28 Shares 2,401 Est. Cost $10.26 Unrealized —

JPM JPMORGAN CHASE & CO 0.1%

Value ($000) $69 Shares 1,565 Est. Cost $42.49 Unrealized —

CTRA CABOT OIL & GAS CORP 0.1%

Value ($000) $60 Shares 1,200 Est. Cost $34.98 Unrealized —

IWD ISHARES TR 0.6%

Value ($000) $587 Shares 8,200 Est. Cost $70.17 Unrealized —

BA BOEING CO 0.1%

Value ($000) $75 Shares 1,000 Est. Cost $73.77 Unrealized —

GIS GENERAL MLS INC 0.3%

Value ($000) $259 Shares 6,400 Est. Cost $39.41 Unrealized —

PG PROCTER & GAMBLE CO 0.2%

Value ($000) $176 Shares 2,590 Est. Cost $67.80 Unrealized —

CAT CATERPILLAR INC DEL 0.1%

Value ($000) $90 Shares 1,000 Est. Cost $99.40 Unrealized —

ORCL ORACLE CORP 0.1%

Value ($000) $71 Shares 2,136 Est. Cost $29.69 Unrealized —

CNP CENTERPOINT ENERGY INC 0.0%

Value ($000) $39 Shares 2,000 Est. Cost $20.86 Unrealized —

WU WESTERN UN CO 0.0%

Value ($000) $14 Shares 1,000 Est. Cost $17.57 Unrealized —

— SEARS HLDGS CORP 0.0%

Value ($000) $13 Shares 314 Est. Cost $66.23 Unrealized —

— PRICELINE COM INC 0.8%

Value ($000) $796 Shares 1,281 Est. Cost $702.99 Unrealized —

FE FIRSTENERGY CORP 0.1%

Value ($000) $56 Shares 1,334 Est. Cost $46.33 Unrealized —

A AGILENT TECHNOLOGIES INC 0.0%

Value ($000) $41 Shares 1,000 Est. Cost $41.38 Unrealized —

— DU PONT E I DE NEMOURS & CO 0.0%

Value ($000) $22 Shares 500 Est. Cost $52.76 Unrealized —

LQD ISHARES TR 0.2%

Value ($000) $232 Shares 1,919 Est. Cost $115.79 Unrealized —

MCD MCDONALDS CORP 0.1%

Value ($000) $53 Shares 600 Est. Cost $94.47 Unrealized —

— UNITED TECHNOLOGIES CORP 0.0%

Value ($000) $33 Shares 400 Est. Cost $81.60 Unrealized —

MSI MOTOROLA SOLUTIONS INC 0.0%

Value ($000) $24 Shares 428 Est. Cost $49.35 Unrealized —

USB US BANCORP DEL 0.0%

Value ($000) $19 Shares 600 Est. Cost $32.36 Unrealized —

— CHESAPEAKE ENERGY CORP 0.0%

Value ($000) $12 Shares 750 Est. Cost $20.65 Unrealized —

— HEWLETT PACKARD CO 0.0%

Value ($000) $10 Shares 700 Est. Cost $23.83 Unrealized —

NEM NEWMONT MINING CORP 0.0%

Value ($000) $9 Shares 200 Est. Cost $52.19 Unrealized —

— DUN & BRADSTREET CORP DEL NE 0.1%

Value ($000) $75 Shares 955 Est. Cost $81.06 Unrealized —

ALL ALLSTATE CORP 0.1%

Value ($000) $74 Shares 1,854 Est. Cost $35.13 Unrealized —

— COACH INC 0.0%

Value ($000) $33 Shares 600 Est. Cost $66.99 Unrealized —

HD HOME DEPOT INC 0.0%

Value ($000) $25 Shares 400 Est. Cost $54.68 Unrealized —

TGT TARGET CORP 0.0%

Value ($000) $24 Shares 400 Est. Cost $59.30 Unrealized —

MMM 3M CO 0.0%

Value ($000) $19 Shares 200 Est. Cost $90.12 Unrealized —

EWH ISHARES INC 0.0%

Value ($000) $18 Shares 917 Est. Cost $17.45 Unrealized —

GD GENERAL DYNAMICS CORP 0.0%

Value ($000) $14 Shares 200 Est. Cost $72.69 Unrealized —

ZBH ZIMMER HLDGS INC 0.0%

Value ($000) $13 Shares 200 Est. Cost $64.58 Unrealized —

— MEDTRONIC INC 0.0%

Value ($000) $12 Shares 300 Est. Cost $39.91 Unrealized —

INTC INTEL CORP 0.0%

Value ($000) $10 Shares 500 Est. Cost $27.66 Unrealized —

— ISHARES INC 0.0%

Value ($000) $30 Shares 1,697 Est. Cost $17.22 Unrealized —

AMGN AMGEN INC 0.0%

Value ($000) $17 Shares 200 Est. Cost $76.63 Unrealized —

— DELL INC 0.0%

Value ($000) $15 Shares 1,500 Est. Cost $13.59 Unrealized —

— 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 —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
IBM	INTERNATIONAL BUSINESS MACHS	66,942	$12,823	13.3%	$208.53	—	COM	459200101
—	CA INC	72,393	$1,577	1.6%	$25.66	—	COM	12673P105
—	CAS MED SYS INC	500,000	$1,075	1.1%	$1.75	—	COM PAR $0.004	124769209
GLD	SPDR GOLD TRUST	15,110	$2,448	2.5%	$162.12	—	GOLD SHS	78463V107
SPY	SPDR S&P 500 ETF TR	67,666	$9,640	10.0%	$140.53	—	TR UNIT	78462F103
CL	COLGATE PALMOLIVE CO	36,000	$3,763	3.9%	$98.83	—	COM	194162103
EZU	ISHARES INC	23,246	$778	0.8%	$30.12	—	MSCI EMU INDEX	464286608
PEP	PEPSICO INC	22,700	$1,553	1.6%	$67.37	—	COM	713448108
—	SOTHEBYS	18,000	$605	0.6%	$37.09	—	COM	835898107
MCO	MOODYS CORP	3,820	$192	0.2%	$43.25	—	COM	615369105
EEM	ISHARES TR	7,290	$323	0.3%	$42.30	—	MSCI EMERG MKT	464287234
—	ISHARES INC	26,866	$262	0.3%	$9.95	—	MSCI JAPAN	464286848
EXC	EXELON CORP	2,325	$69	0.1%	$38.44	—	COM	30161N101
SRE	SEMPRA ENERGY	2,000	$142	0.1%	$61.01	—	COM	816851109
CTSH	COGNIZANT TECHNOLOGY SOLUTIO	2,988	$221	0.2%	$69.33	—	CL A	192446102
AIG	AMERICAN INTL GROUP INC	5,024	$177	0.2%	$33.81	—	COM NEW	026874784
DIS	DISNEY WALT CO	4,500	$224	0.2%	$45.96	—	COM DISNEY	254687106
IWF	ISHARES TR	7,300	$477	0.5%	$66.04	—	RUSSELL1000GRW	464287614
F	FORD MTR CO DEL	3,000	$39	0.0%	$12.40	—	COM PAR $0.01	345370860
BAC	BANK OF AMERICA CORPORATION	2,401	$28	0.0%	$10.26	—	COM	060505104
JPM	JPMORGAN CHASE & CO	1,565	$69	0.1%	$42.49	—	COM	46625H100
CTRA	CABOT OIL & GAS CORP	1,200	$60	0.1%	$34.98	—	COM	127097103
IWD	ISHARES TR	8,200	$587	0.6%	$70.17	—	RUSSELL1000VAL	464287598
BA	BOEING CO	1,000	$75	0.1%	$73.77	—	COM	097023105
GIS	GENERAL MLS INC	6,400	$259	0.3%	$39.41	—	COM	370334104
PG	PROCTER & GAMBLE CO	2,590	$176	0.2%	$67.80	—	COM	742718109
CAT	CATERPILLAR INC DEL	1,000	$90	0.1%	$99.40	—	COM	149123101
ORCL	ORACLE CORP	2,136	$71	0.1%	$29.69	—	COM	68389X105
CNP	CENTERPOINT ENERGY INC	2,000	$39	0.0%	$20.86	—	COM	15189T107
WU	WESTERN UN CO	1,000	$14	0.0%	$17.57	—	COM	959802109
—	SEARS HLDGS CORP	314	$13	0.0%	$66.23	—	COM	812350106
—	PRICELINE COM INC	1,281	$796	0.8%	$702.99	—	COM NEW	741503403
FE	FIRSTENERGY CORP	1,334	$56	0.1%	$46.33	—	COM	337932107
A	AGILENT TECHNOLOGIES INC	1,000	$41	0.0%	$41.38	—	COM	00846U101
—	DU PONT E I DE NEMOURS & CO	500	$22	0.0%	$52.76	—	COM	263534109
LQD	ISHARES TR	1,919	$232	0.2%	$115.79	—	IBOXX INV CPBD	464287242
MCD	MCDONALDS CORP	600	$53	0.1%	$94.47	—	COM	580135101
—	UNITED TECHNOLOGIES CORP	400	$33	0.0%	$81.60	—	COM	913017109
MSI	MOTOROLA SOLUTIONS INC	428	$24	0.0%	$49.35	—	COM NEW	620076307
USB	US BANCORP DEL	600	$19	0.0%	$32.36	—	COM NEW	902973304
—	CHESAPEAKE ENERGY CORP	750	$12	0.0%	$20.65	—	COM	165167107
—	HEWLETT PACKARD CO	700	$10	0.0%	$23.83	—	COM	428236103
NEM	NEWMONT MINING CORP	200	$9	0.0%	$52.19	—	COM	651639106
—	DUN & BRADSTREET CORP DEL NE	955	$75	0.1%	$81.06	—	COM	26483E100
ALL	ALLSTATE CORP	1,854	$74	0.1%	$35.13	—	COM	020002101
—	COACH INC	600	$33	0.0%	$66.99	—	COM	189754104
HD	HOME DEPOT INC	400	$25	0.0%	$54.68	—	COM	437076102
TGT	TARGET CORP	400	$24	0.0%	$59.30	—	COM	87612E106
MMM	3M CO	200	$19	0.0%	$90.12	—	COM	88579Y101
EWH	ISHARES INC	917	$18	0.0%	$17.45	—	MSCI HONG KONG	464286871
GD	GENERAL DYNAMICS CORP	200	$14	0.0%	$72.69	—	COM	369550108
ZBH	ZIMMER HLDGS INC	200	$13	0.0%	$64.58	—	COM	98956P102
—	MEDTRONIC INC	300	$12	0.0%	$39.91	—	COM	585055106
INTC	INTEL CORP	500	$10	0.0%	$27.66	—	COM	458140100
—	ISHARES INC	1,697	$30	0.0%	$17.22	—	MSCI UTD KINGD	464286699
AMGN	AMGEN INC	200	$17	0.0%	$76.63	—	COM	031162100
—	DELL INC	1,500	$15	0.0%	$13.59	—	COM	24702R101
—	NATIONAL OILWELL VARCO INC	42	$3	0.0%	$78.41	—	COM	637071101
C	CITIGROUP INC	50	$2	0.0%	$32.34	—	COM NEW	172967424