Exhibit 99.(d)(10)

                              FEE WAIVER AGREEMENT


                         HSBC INVESTOR BRIC EQUITY FUND
                         HSBC INVESTOR CHINA EQUITY FUND
                         HSBC INVESTOR INDIA EQUITY FUND



         FEE WAIVER  AGREEMENT,  effective  as of March __,  2007 by and between
HSBC  Investments  (USA) Inc. (the  "Investment  Manager") and the HSBC Investor
Funds (the  "Trust"),  on behalf of each of the HSBC  Investor BRIC Equity Fund,
HSBC  Investor  China  Equity Fund and HSBC  Investor  India Equity Fund (each a
"Fund," and collectively, the "Funds").

         WHEREAS, the Trust is a Massachusetts Business Trust, and is registered
under the  Investment  Company Act of 1940,  as amended (the "1940 Act"),  as an
open-end management company of the series type, and each Fund is a series of the
Trust; and

         WHEREAS,  the Trust and the  Investment  Manager  have  entered into an
Investment Management Agreement (the "Management Agreements"), pursuant to which
the Investment Manager provides investment  management services to each Fund for
compensation  based on the value of the  average  daily net  assets of each such
Fund; and

         WHEREAS,  the Trust and the Investment  Manager have determined that it
is appropriate  and in the best interests of each Fund and its  shareholders  to
maintain the  management fee of each Fund below the level to which each Fund may
normally be subject;

         NOW THEREFORE, the parties hereto agree as follows:

1.       FEE WAIVER.

         1.1.   APPLICABLE  FEE  WAIVER.  The  management  fee  charged  by  the
Investment Manager will be reduced by 0.20% for each Fund.

         1.2.  DURATION OF FEE WAIVER.  The Fee Waiver with respect to each Fund
shall remain in effect until March 1, 2009. The  Investment  Manager may extend,
but may not during the term of this Agreement  shorten,  the duration of the Fee
Waiver for any Fund  without  the consent of the Trust by  delivering  a revised
Agreement  to the  Trust  reflecting  such  extension.  Such an  extension  must
continue at the same Fee Waiver amount specified under Section 1.1 above.

2.       TERM AND TERMINATION OF AGREEMENT.

         This  Agreement  shall  terminate  upon  termination  of the Investment
Management  Agreement,  or it may be terminated by either party hereto,  without
payment of any penalty, upon ninety (90) days' prior written notice to the other
party at its principal place of business.





3.       MISCELLANEOUS.

         3.1.  CAPTIONS.  The  captions  in  this  Agreement  are  included  for
convenience of reference only and in no other way define or delineate any of the
provisions hereof or otherwise affect their construction or effect.

         3.2.  INTERPRETATION.  Nothing  herein  contained  shall be  deemed  to
require  the  Trust or the  Funds to take any  action  contrary  to the  Trust's
Declaration  of Trust or By-Laws,  or any  applicable  statutory  or  regulatory
requirement  to which it is  subject  or by which it is bound,  or to relieve or
deprive the Trust's Board of Trustees of its  responsibility  for and control of
the conduct of the affairs of the Trust or the Funds.

         3.3.  DEFINITIONS.  Any  question  of  interpretation  of any  term  or
provision of this Agreement  having a counterpart  in or otherwise  derived from
the terms and provisions of the Management Agreement or the 1940 Act, shall have
the same meaning as and be resolved by reference to such Management Agreement or
the 1940 Act.

         IN WITNESS WHEREOF, the parties have caused this Agreement to be signed
by their  respective  officers  thereunto duly  authorized and their  respective
corporate  seals to be  hereunto  affixed,  as of the day and year  first  above
written.

                                 HSBC INVESTOR FUNDS
                                 ON BEHALF OF
                                 HSBC INVESTOR BRIC EQUITY FUND
                                 HSBC INVESTOR CHINA EQUITY FUND AND
                                 HSBC INVESTOR INDIA EQUITY FUND



                                 By:
                                       -----------------------------------------
                                 Name:
                                 Title:


                                 HSBC INVESTMENTS (USA) INC.


                                 By:
                                       -----------------------------------------
                                 Name:
                                 Title:




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