HSBC Funds NPORT-P HSBC High Yield Fund (Jan 2020 report)

HSBC OPPORTUNITY PORTFOLIO

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited)

	Shares		Value ($)
Common Stocks — 97.7%
Aerospace & Defense — 2.6%
Teledyne Technologies, Inc.(a)		9,300		3,395,058
Banks — 1.4%
KeyCorp		99,560		1,862,768
Biotechnology — 10.2%
Acceleron Pharma, Inc.(a)		25,170		2,284,932
Alnylam Pharmaceuticals, Inc.(a)		13,660		1,568,031
Ascendis Pharma AS, ADR(a)		8,587		1,160,104
Blueprint Medicines Corp.(a)		14,323		908,794
Global Blood Therapeutics, Inc.(a)		4,070		265,608
Ironwood Pharmaceuticals, Inc.(a)		54,720		661,018
Neurocrine Biosciences, Inc.(a)		17,370		1,738,390
Repligen Corp.(a)		7,050		707,750
Rocket Pharmaceuticals, Inc.(a)		43,780		896,614
Sage Therapeutics, Inc.(a)		17,320		1,147,970
Sarepta Therapeutics, Inc.(a)		19,450		2,255,422
				13,594,633
Building Products — 2.0%
Trex Co., Inc.(a)		27,000		2,652,480
Capital Markets — 2.9%
Apollo Global Management, Inc.		36,720		1,737,590
LPL Financial Holdings, Inc.		22,460		2,069,240
				3,806,830
Chemicals — 3.0%
FMC Corp.		13,220		1,263,700
Orion Engineered Carbons SA		70,660		1,109,362
W.R. Grace & Co.		25,195		1,697,135
				4,070,197
Communications Equipment — 0.4%
Lumentum Holdings, Inc.(a)		6,700		507,659
Entertainment — 1.8%
Madison Square Garden Co. (The), Class A(a)		6,163		1,825,419
World Wrestling Entertainment, Inc., Class A		12,660		618,821
				2,444,240
Equity Real Estate Investment Trusts — 1.7%
Brixmor Property Group, Inc.		113,020		2,255,879
Food & Staples Retailing — 1.5%
Performance Food Group Co.(a)		37,500		1,942,125
Health Care Equipment & Supplies — 5.4%
DexCom, Inc.(a)		14,100		3,394,575
Haemonetics Corp.(a)		18,460		1,982,419
STERIS PLC		11,405		1,718,619
				7,095,613
Health Care Providers & Services — 2.1%
Quest Diagnostics, Inc.		25,120		2,780,030
Hotels, Restaurants & Leisure — 2.8%
Eldorado Resorts, Inc.(a)		38,960		2,329,029
Papa John’s International Inc.		21,200		1,373,336
				3,702,365
Household Durables — 2.8%
KB Home		32,260		1,211,363
TopBuild Corp.(a)		21,530		2,465,400
				3,676,763
Insurance — 2.3%
Arthur J. Gallagher & Co.		29,200		2,995,044
Internet & Direct Marketing Retail — 1.5%
Expedia Group, Inc.		18,250		1,979,213
IT Services — 5.9%
Black Knight, Inc.(a)		37,700		2,522,884
Twilio, Inc., Class A(a)		11,350		1,411,259
WEX, Inc.(a)		8,455		1,834,059
WNS Holdings, Ltd., ADR(a)		29,070		2,074,435
				7,842,637
Life Sciences Tools & Services — 5.5%
BIO-RAD Laboratories, Inc., Class A(a)		9,450		3,410,693
Charles River Laboratories International, Inc.(a)		12,460		1,926,067
Mettler-Toledo International, Inc.(a)		2,526		1,912,637
				7,249,397
Machinery — 5.3%
Flowserve Corp.		38,430		1,793,912
Lincoln Electric Holdings, Inc.		20,500		1,828,190
Meritor, Inc.(a)		66,890		1,465,560
Woodward, Inc.		17,200		2,000,532
				7,088,194
Media — 1.3%
Nexstar Media Group, Inc., Class A		14,240		1,725,176
Oil, Gas & Consumable Fuels — 3.0%
Diamondback Energy, Inc.		20,300		1,510,320
PBF Energy, Inc., Class A		54,050		1,475,565
WPX Energy, Inc.(a)		80,050		956,598
				3,942,483
Pharmaceuticals — 2.2%
Catalent, Inc.(a)		30,650		1,872,715
Reata Pharmaceuticals, Inc., Class A(a)		4,590		1,004,246
				2,876,961
Professional Services — 2.6%
CoStar Group, Inc.(a)		2,338		1,526,691
TransUnion		21,440		1,966,048
				3,492,739
Road & Rail — 2.6%
J.B. Hunt Transportation Services, Inc.		20,455		2,207,708
Old Dominion Freight Line, Inc.		6,320		1,240,174
				3,447,882
Semiconductors & Semiconductor Equipment — 2.5%
MKS Instruments, Inc.		11,760		1,232,683
ON Semiconductor Corp.(a)		87,800		2,032,570
				3,265,253
Software — 15.3%
8x8, Inc.(a)		102,040		1,899,985
Ceridian HCM Holding, Inc.(a)		30,070		2,203,830
Fair Isaac Corp.(a)		5,875		2,363,983
Fortinet, Inc.(a)		24,390		2,813,630
Guidewire Software, Inc.(a)		17,670		1,987,875
HubSpot, Inc.(a)		17,318		3,133,519
Nutanix, Inc., Class A(a)		37,908		1,230,873
RealPage, Inc.(a)		40,100		2,339,835

HSBC FAMILY OF FUNDS

HSBC OPPORTUNITY PORTFOLIO

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited) (continued)

	Shares		Value ($)
Common Stocks, continued
Software, continued
Splunk, Inc.(a)		15,885		2,466,305
				20,439,835
Specialty Retail — 3.1%
Burlington Stores, Inc.(a)		8,770		1,907,212
Five Below, Inc.(a)		19,130		2,165,899
				4,073,111
Technology Hardware, Storage & Peripherals — 1.0%
NCR Corp.(a)		38,928		1,312,652
Textiles, Apparel & Luxury Goods — 1.5%
Carter’s, Inc.		19,100		2,025,937
Thrifts & Mortgage Finance — 1.5%
Essent Group, Ltd.		40,890		2,028,553
TOTAL COMMON STOCKS (COST $110,787,490)				129,571,707
Investment Company  — 2.0%
Northern Institutional Government Select Portfolio, Institutional Shares, 1.53%(b)		2,587,463		2,587,463
TOTAL INVESTMENT COMPANY (Cost $2,587,463)				2,587,463
TOTAL INVESTMENTS IN SECURITIES (Cost $113,374,953) — 99.7%				132,159,170
Other Assets (Liabilities) - 0.3%				425,881
NET ASSETS - 100%			$	132,585,051

(a)	Represents non-income producing security.
(b)	The rate represents the annualized 7-day yield that was in effect on January 31, 2020.

ADR - American Depositary Receipt

HSBC FAMILY OF FUNDS

HSBC OPPORTUNITY FUND

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited)

	Value ($)
Affiliated Portfolio — 100.2%
HSBC Opportunity Portfolio		9,246,656
TOTAL INVESTMENTS IN SECURITIES - 100.2% (COST $7,991,392)		9,246,656
Other Assets (Liabilities) - (0.2)%		(19,457	)
NET ASSETS - 100%	$	9,227,199

HSBC FAMILY OF FUNDS

HSBC OPPORTUNITY FUND (CLASS I)

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited)

	Value ($)
Affiliated Portfolio — 100.0%
HSBC Opportunity Portfolio		123,338,395
TOTAL INVESTMENTS IN SECURITIES - 100.0% (COST $106,238,143)		123,338,395
Other Assets (Liabilities) - –%		20,552
NET ASSETS - 100%	$	123,358,947

HSBC FAMILY OF FUNDS

HSBC FRONTIER MARKETS FUND

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited)

	Shares		Value ($)
Common Stocks — 94.3%
Argentina — 0.7%
Globant SA(a)		214		26,258
YPF SA, ADR		3,036		28,508
				54,766
Bahrain — 7.5%
Ahli United Bank BSC		492,943		552,408
Bangladesh — 0.8%
BRAC Bank, Ltd.(a)		15,538		9,162
Square Pharmaceuticals, Ltd.		20,961		48,871
				58,033
Colombia — 3.5%
Banco Davivienda SA		19,317		259,934
Croatia — 0.6%
Addiko Bank AG(a)		2,838		44,751
Ledo dd(a)(b)		311		–(c)
				44,751
Egypt — 13.2%
Cairo Investment & Real Estate Development Co. SAE		9,989		8,245
Cleopatra Hospital(a)		211,354		77,698
Commercial International Bank SAE, Registered, GDR		35,951		189,101
Credit Agricole SAE		53,074		148,237
Juhayna Food Industries		307,759		186,609
Medinet NASR Housing(a)		151,279		45,309
MM Group For Industry & International Trade SAE(a)		196,450		119,491
Talaat Moustafa Group		390,935		200,308
				974,998
Georgia — 3.1%
Georgia Capital PLC(a)		5,297		56,229
TBC Bank Group PLC		10,674		174,753
				230,982
Kazakhstan — 5.0%
Halyk Savings Bank of Kazakhstan JSC, Registered, GDR		20,119		292,862
Kaz Minerals PLC		13,576		78,236
				371,098
Kenya — 5.5%
Equity Group Holdings PLC		90,300		45,127
KCB Group, Ltd.		162,300		84,760
Safaricom, Ltd.		912,000		277,565
				407,452
Kuwait — 14.3%
Agility Public Warehousing Co. KSC		102,428		286,145
Humansoft Holding Co. KSC		27,703		284,700
Kuwait Finance House KSCP		47,500		130,931
National Bank of Kuwait SAKP		101,936		352,093
				1,053,869
Mauritius — 2.1%
MCB Group, Ltd.		17,000		156,420
Morocco — 1.9%
Attijariwafa Bank		2,598		136,713
Nigeria — 1.8%
Dangote Cement PLC		72,687		35,998
Guaranty Trust Bank PLC		1,176,061		97,129
				133,127
Peru — 2.9%
Alicorp SAA, Class C		28,081		75,524
Credicorp, Ltd.		675		139,442
				214,966
Philippines — 9.7%
Ayala Land, Inc.		116,900		95,175
International Container Terminal Services, Inc.		18,180		46,358
Megaworld Corp.		996,700		79,207
Metropolitan Bank & Trust Co.		51,470		57,980
Puregold Price Club, Inc.		251,539		188,406
Robinsons Retail Holdings, Inc.		103,950		158,056
SSI Group, Inc.		2,023,000		88,372
				713,554
Qatar — 3.5%
Commercial Bank PSQC (The)		155,000		203,187
Qatar National Bank QPSC		9,469		52,968
				256,155
Romania — 4.1%
Banca Transilvania SA		360,099		216,161
BRD-Groupe Societe Generale SA		22,935		85,854
				302,015
United Arab Emirates — 9.2%
Abu Dhabi National Oil Co. for Distribution PJSC		43,079		36,828
Aramex PJSC		129,126		125,873
DP World PLC		19,262		267,382
Emaar Development PJSC		22,154		22,867
Emaar Properties PJSC		72,683		79,311
Emirates NBD Bank PJSC		39,479		147,791
				680,052
Vietnam — 4.9%
Hoa Phat Group JSC(a)		49,870		51,043
Vietnam Dairy Products JSC		22,690		105,235
Vietnam Technological & Commercial Joint Stock Bank(a)		107,720		99,031
Vincom Retail JSC		83,959		107,538
				362,847
TOTAL COMMON STOCKS (COST $7,312,372)				6,964,140
Participatory Note — 1.3%
United Arab Emirates — 1.3%
Aramex PJSC, 3/15/20, (Merrill Lynch International & Co.)		94,957		92,565
TOTAL PARTICIPATORY NOTE (COST $110,597)				92,565
Investment Companies — 2.4%
Northern Institutional Government Assets Portfolio, Institutional Shares, 1.48%(d)		179,484		179,484
TOTAL INVESTMENT COMPANIES (COST $179,484)				179,484
TOTAL INVESTMENTS IN SECURITIES (COST $7,602,453) — 98.0%				7,236,189
Other Assets (Liabilities) - 2.0%				148,099
NET ASSETS - 100%			$	7,384,288

(a)	Represents non-income producing security.
(b)	Security was valued using significant unobservable inputs as of January 31, 2020.
(c)	Amounts shown as “—” are either $0 or rounds to less than $1.
(d)	The rate represents the annualized 7-day yield that was in effect on January 31, 2020.
ADR -	American Depositary Receipt
GDR -	Global Depository Receipt

HSBC FAMILY OF FUNDS

HSBC FRONTIER MARKETS FUND

Schedule of Portfolio Investments — as of January 31, 2020(Unaudited) (continued)

The Fund invested, as a percentage of net assets at value, in the following industries, as of January 31, 2020:

Industry	Percentage of Net Assets at Value (%)*
Banks		49.7
Real Estate Management & Development		8.5
Air Freight & Logistics		6.8
Food Products		5.0
Food & Staples Retailing		4.7
Transportation Infrastructure		4.2
Diversified Consumer Services		3.9
Wireless Telecommunication Services		3.8
Investment Companies		2.4
Metals & Mining		1.8
Specialty Retail		1.7
Distributors		1.6
Health Care Providers & Services		1.1
Capital Markets		0.8
Pharmaceuticals		0.7
Construction Materials		0.5
Oil, Gas & Consumable Fuels		0.4
Software		0.4
Total		98.0

* The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Schedule of Portfolio Investments.

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

Schedule of Portfolio Investments — as ofJanuary 31, 2020(Unaudited)

	Principal Amount †		Value ($)
Foreign Bonds — 1.6%
France — 0.4%
Electricite de France SA, Series E, 5.37% (EUSA12 + 379 bps), MTN, Callable 1/29/25 @ 100 (a)(b)(c)		100,000		128,749
Ireland — 0.3%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 2.13%, 8/15/26, Callable 8/15/22 @ 101.06 (a)(d)		100,000		113,474
Luxembourg — 0.6%
Ineos Group Holdings SA, Registered, 5.38%, 8/1/24, Callable 2/17/20 @ 102.69 (a)		100,000		113,382
Kleopatra Holdings 1 SCA, 8.50%, 6/30/23, Callable 3/9/20 @ 102 (a)(d)		109,464		58,872
				172,254
Netherlands — 0.3%
Trivium Packaging Finance BV, 3.75%, 8/15/26, Callable 8/15/22 @ 101.88 (a)(d)		100,000		115,939
TOTAL FOREIGN BONDS (COST $577,561)				530,416
Yankee Dollars — 18.6%
	Principal Amount ($)		Value ($)
Argentina — 0.2%
IRSA Propiedades Comerciales SA, Registered, 8.75%, 3/23/23, Callable 3/23/20 @ 104.38 (a)		23,000		21,781
Provincia de Buenos Aires, Registered, 6.50%, 2/15/23		50,000		18,625
Republic of Argentina, 4.63%, 1/11/23		20,000		9,210
Republic of Argentina, 6.88%, 1/26/27		53,000		23,744
				73,360
Australia — 1.3%
FMG Resources August 2006 pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100 (a)(d)		353,000		357,854
Mineral Resources, Ltd., 8.13%, 5/1/27, Callable 5/1/22 @ 106.09 (a)(d)		80,000		87,400
				445,254
Bahamas — 0.8%
Silversea Cruise Finance, 7.25%, 2/1/25, Callable 2/18/20 @ 105.44 (a)(d)		241,000		254,303
Bermuda — 0.7%
Viking Cruises, Ltd., 5.88%, 9/15/27, Callable 9/15/22 @ 102.94 (a)(d)		219,000		224,486
VOC Escro, Ltd., 5.00%, 2/15/28, Callable 2/15/23 @ 102.5 (a)(d)		11,000		11,385
				235,871
Canada — 4.3%
Cascades, Inc./Cascades USA, Inc., 5.13%, 1/15/26, Callable 1/15/23 @ 102.56 (a)(d)		57,000		58,853
Cascades, Inc./Cascades USA, Inc., 5.38%, 1/15/28, Callable 1/15/23 @ 102.69 (a)(d)		57,000		58,977
First Quantum Minerals, 7.50%, 4/1/25, Callable 4/1/20 @ 105.63 (a)(d)		235,000		231,475
GFL Environmental, Inc., 5.63%, 5/1/22, Callable 3/9/20 @ 102.81 (a)(d)		79,000		79,790
GFL Environmental, Inc., 7.00%, 6/1/26, Callable 6/1/21 @ 103.5 (a)(d)		69,000		71,912
GFL Environmental, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56 (a)(d)		19,000		19,567
Hudbay Minerals, Inc., 7.25%, 1/15/23, Callable 3/9/20 @ 103.63 (a)(d)		2,000		2,035
Hudbay Minerals, Inc., 7.63%, 1/15/25, Callable 3/9/20 @ 105.72 (a)(d)		117,000		119,048
Iamgold Corp., 7.00%, 4/15/25, Callable 4/15/20 @ 105.25 (a)(d)		147,000		151,410
New Gold, Inc., 6.25%, 11/15/22, Callable 2/18/20 @ 101.04 (a)(d)		198,000		198,371
Northwest Acquisitions ULC, 7.13%, 11/1/22, Callable 2/18/20 @ 103.56 (a)(d)		18,000		14,490
Nova Chemicals Corp., 4.88%, 6/1/24, Callable 3/3/24 @ 100 (a)(d)		150,000		152,250
Nova Chemicals Corp., 5.00%, 5/1/25, Callable 1/31/25 @ 100 (a)(d)		34,000		34,085
Nova Chemicals Corp., 5.25%, 6/1/27, Callable 3/3/27 @ 100 (a)(d)		253,000		257,428
				1,449,691
Cayman Islands — 1.0%
Global Aircraft Leasing Co., Ltd., 6.50%, 9/15/24, Callable 9/15/21 @ 103.25 (a)(d)		319,000		326,353
El Salvador — 0.1%
Republic of El Salvador, Registered, 7.75%, 1/24/23		35,000		38,640
Ireland — 1.1%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 5.87% (H15T5Y + 454 bps), 10/10/79, Callable 10/10/24 @ 100 (a)(c)		150,000		160,500
LCPR Senior Secured Financing DAC, 6.75%, 10/15/27, Callable 10/15/22 @ 103.38 (a)(d)		200,000		211,508
				372,008
Israel — 0.1%
Teva Pharmaceuticals, 3.15%, 10/1/26		50,000		42,685
Luxembourg — 5.3%
Altice Financing SA, 7.50%, 5/15/26, Callable 5/15/21 @ 103.75 (a)(d)		200,000		213,740
Altice Luxembourg SA, 7.63%, 2/15/25, Callable 3/9/20 @ 103.81 (a)(d)(e)		200,000		207,940

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

Schedule of Portfolio Investments — as ofJanuary 31, 2020(Unaudited) (continued)

	Principal Amount ($)		Value ($)
Yankee Dollars, continued
Luxembourg, continued
Altice Luxembourg SA, 10.50%, 5/15/27, Callable 5/15/22 @ 105.25 (a)(d)		400,000		462,520
ARD Finance SA, 6.50%, 6/30/27, Callable 11/15/22 @ 103.25 (a)(d)		200,000		206,250
Intelsat Jackson Holdings SA, 8.50%, 10/15/24, Callable 10/15/20 @ 106.38 (a)(d)		326,000		275,469
Telenet Finance Luxembourg Notes SARL, 5.50%, 3/1/28, Callable 12/1/22 @ 102.75 (a)(d)		200,000		212,000
Ypso Finance Bis SA, 6.00%, 2/15/28 (d)		200,000		197,750
				1,775,669
South Africa — 0.3%
Republic of South Africa, 5.50%, 3/9/20		100,000		100,230
Switzerland — 0.7%
UBS Group AG, 7.00% (USSW5 + 487 bps), Callable 2/19/25 @ 100 (a)(b)(c)		200,000		227,860
Turkey — 0.2%
Republic of Turkey, 7.38%, 2/5/25		62,000		70,056
United Kingdom — 2.5%
Barclays PLC, 7.88% (USSW5 + 677 bps), Callable 3/15/22 @ 100 (a)(b)(c)		200,000		216,500
eG Global Finance PLC, 6.75%, 2/7/25, Callable 5/15/21 @ 103.38 (a)(d)		200,000		202,500
eG Global Finance PLC, 8.50%, 10/30/25, Callable 10/30/21 @ 104.25 (a)(d)		200,000		212,500
Virgin Media Finance PLC, 6.00%, 10/15/24, Callable 2/18/20 @ 103 (a)(d)		200,000		206,020
				837,520
Venezuela — 0.0%NM
Petroleos de Venezuela SA, Registered, 9.00%, 11/17/21 (e)		35,000		2,800
Petroleos de Venezuela SA, Registered, 12.75%, 2/17/22 (e)		9,000		720
				3,520
TOTAL YANKEE DOLLARS (COST $6,214,750)				6,253,020
Corporate Bonds — 70.2%
United States — 70.2%
Acadia Healthcare Co., Inc., 5.63%, 2/15/23, Callable 3/9/20 @ 101.41(a)		65,000		65,866
Acadia Healthcare Co., Inc., 6.50%, 3/1/24, Callable 3/9/20 @ 103.25(a)		150,000		154,453
Adient US LLC, 7.00%, 5/15/26, Callable 5/15/22 @ 103.50(a)(d)		157,000		171,523
AK Steel Corp., 7.50%, 7/15/23, Callable 3/9/20 @ 103.75(a)		328,000		340,299
Ally Financial, Inc., 4.13%, 3/30/20		135,000		135,462
American Express Co., 5.34% (US0003M + 343 bps), Callable 5/15/20 @ 100.00(a)(b)(c)		65,000		65,406
Antero Resources Corp., 5.13%, 12/1/22, Callable 3/9/20 @ 101.28(a)		250,000		215,625
Antero Resources Finance, 5.38%, 11/1/21, Callable 3/9/20 @ 100.00(a)		161,000		153,755
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 4/1/27, Callable 4/1/22 @ 105.16(a)(d)		231,000		246,409
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/1/26, Callable 11/1/21 @ 103.50(a)(d)		42,000		29,820
Banff Merger Sub, Inc., 9.75%, 9/1/26, Callable 9/1/21 @ 104.88(a)(d)		129,000		132,360
Bank of America Corp., 4.30% (US0003M + 266 bps), Callable 1/28/25 @ 100.00(a)(b)(c)		65,000		64,864
Basuch Health Americas, Inc., 8.50%, 1/31/27, Callable 7/31/22 @ 104.25(a)(d)		45,000		50,906
Bausch Health Americas, Inc., 9.25%, 4/1/26, Callable 4/1/22 @ 104.63(a)(d)		100,000		114,125
Bausch Health Cos., Inc., 5.00%, 1/30/28, Callable 1/30/23 @ 102.50(a)(d)		87,000		88,088
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(a)(d)		165,000		168,094
Blue Cube Spinco, Inc., 9.75%, 10/15/23, Callable 10/15/20 @ 102.44(a)		88,000		93,832
Blue Cube Spinco, Inc., 10.00%, 10/15/25, Callable 10/15/20 @ 105.00(a)		28,000		30,574
Blue Racer Midstream LLC, 6.13%, 11/15/22, Callable 3/9/20 @ 101.53(a)(d)		259,000		253,069
Boyne USA, Inc., 7.25%, 5/1/25, Callable 5/1/21 @ 103.63(a)(d)		60,000		65,100
Calpine Corp., 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(a)(d)		140,000		139,300
Calpine Corp., 5.13%, 3/15/28, Callable 3/15/23 @ 102.56(a)(d)		197,000		196,015
Calpine Corp., 5.75%, 1/15/25, Callable 3/9/20 @ 102.88(a)		110,000		113,082
Capital One Financial Corp., 5.55% (US0003M + 380 bps), Callable 6/1/20 @ 100.00(a)(b)(c)		120,000		120,900
Cargo Aircraft Manageman, 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(a)(d)		99,000		100,489
Carlson Travel, Inc., 6.75%, 12/15/23, Callable 3/9/20 @ 103.38(a)(d)		300,000		309,000

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

Schedule of Portfolio Investments — as ofJanuary 31, 2020(Unaudited) (continued)

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States, continued
CCO Holdings LLC, 5.00%, 2/1/28, Callable 8/1/22 @ 102.50(a)(d)		134,000		140,350
CCO Holdings LLC, 5.13%, 5/1/23, Callable 3/9/20 @ 102.56(a)(d)		164,000		166,596
CCO Holdings LLC, 5.75%, 1/15/24, Callable 3/4/20 @ 101.92(a)		14,000		14,298
Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31(a)(d)		95,000		102,249
Centene Corp., 4.75%, 5/15/22, Callable 3/9/20 @ 102.38(a)		14,000		14,246
Centene Corp., 5.38%, 6/1/26, Callable 6/1/21 @ 104.03(a)(d)		85,000		90,419
Centene Corp., 6.13%, 2/15/24, Callable 3/9/20 @ 103.06(a)		73,000		75,373
CenturyLink, Inc., 4.00%, 2/15/27, Callable 2/15/23 @ 102.00(a)(d)		20,000		20,091
CenturyLink, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(a)(d)		58,000		59,450
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 4/15/25, Callable 4/15/20 @ 105.63(a)(d)		124,000		123,333
Citigroup, Inc., 4.70% (SOFR + 323 bps), Callable 1/30/25 @ 100.00(a)(b)(c)		105,000		106,937
Clearwater Paper Corp., 5.38%, 2/1/25(d)		363,000		377,520
Cleveland-Cliffs, Inc., 5.88%, 6/1/27, Callable 6/1/22 @ 102.94(a)(d)		337,000		310,883
CommScope Technologies LLC, 6.00%, 6/15/25, Callable 6/15/20 @ 103.00(a)(d)		147,000		140,294
CommScope, Inc., 6.00%, 3/1/26, Callable 3/1/22 @ 103.00(a)(d)		97,000		101,729
CommScope, Inc., 8.25%, 3/1/27, Callable 3/1/22 @ 104.13(a)(d)		146,000		150,015
CSC Holdings LLC, 5.25%, 6/1/24		200,000		215,999
CSC Holdings LLC, 5.38%, 2/1/28, Callable 2/1/23 @ 102.69(a)(d)		200,000		212,000
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(a)(d)		200,000		215,004
CSC Holdings LLC, 10.88%, 10/15/25, Callable 10/15/20 @ 105.44(a)(d)		200,000		221,539
Dell, Inc., 7.10%, 4/15/28		109,000		131,903
Diamond 1 Finance/Diamond 2, 5.88%, 6/15/21, Callable 2/24/20 @ 101.47(a)(d)		13,000		13,124
Diamond 1 Finance/Diamond 2, 7.13%, 6/15/24, Callable 2/24/20 @ 105.34(a)(d)		174,000		182,917
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 8/15/22 @ 102.69(a)(d)		200,000		199,220
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31(a)(d)		309,000		288,915
DISH DBS Corp., 5.00%, 3/15/23		76,000		77,142
DISH DBS Corp., 5.88%, 7/15/22		60,000		63,000
Eagle Holding Co. II LLC, 7.63%, 5/15/22, Callable 2/15/20 @ 101.00(a)(d)		293,000		295,930
Embarq Corp., 8.00%, 6/1/36		315,000		350,107
EnLink Midstream Partners LP, 6.00% (US0003M + 411 bps), Callable 12/15/22 @ 100.00(a)(b)(c)		205,000		142,988
Freeport-McMoRan, Inc., 3.88%, 3/15/23, Callable 12/15/22 @ 100.00(a)		44,000		44,880
Freeport-McMoRan, Inc., 5.00%, 9/1/27, Callable 9/1/22 @ 102.50(a)		194,000		201,033
Genesis Energy LP, 5.63%, 6/15/24, Callable 3/9/20 @ 102.81(a)		40,000		38,900
Genesis Energy LP, 6.00%, 5/15/23, Callable 3/9/20 @ 103.00(a)		100,000		100,470
Genesis Energy LP, 7.75%, 2/1/28, Callable 2/1/23 @ 105.81(a)		158,000		159,308
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/1/27, Callable 6/1/22 @ 102.63(a)(d)		237,000		248,554
Golden Nugget, Inc., 6.75%, 10/15/24, Callable 3/9/20 @ 103.38(a)(d)		150,000		154,155
Golden Nugget, Inc., 8.75%, 10/1/25, Callable 10/1/20 @ 104.38(a)(d)		133,000		139,752
Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25(a)(d)		82,000		89,282
Greif, Inc., 6.50%, 3/1/27, Callable 3/1/22 @ 103.25(a)(d)		95,000		102,303
Gulfport Energy Corp., 6.00%, 10/15/24, Callable 3/9/20 @ 104.50(a)		196,000		108,035
Gulfport Energy Corp., 6.38%, 5/15/25, Callable 5/15/20 @ 104.78(a)		77,000		38,500
HCA Healthcare, Inc., 5.88%, 2/15/26, Callable 8/15/25 @ 100.00(a)		200,000		229,510
Herc Holdings, Inc., 5.50%, 7/15/27, Callable 7/15/22 @ 102.75(a)(d)		200,000		208,940
Infor, Inc., 6.50%, 5/15/22, Callable 2/24/20 @ 101.63(a)		125,000		125,493
IQVIA, Inc., 2.25%, 1/15/28, Callable 7/15/22 @ 101.13(a)(d)	EUR	100,000		112,509
Iron Mountain, Inc., 4.88%, 9/15/29, Callable 9/15/24 @ 102.44(a)(d)		60,000		61,206
Jacobs Entertainment, Inc., 7.88%, 2/1/24, Callable 3/9/20 @ 105.91(a)(d)		264,000		279,786
Jaguar Holding Co. II, 6.38%, 8/1/23, Callable 3/9/20 @ 103.19(a)(d)		69,000		70,898
JBS USA LLC/JBS USA Finance LLC, 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(a)(d)		60,000		64,800
JBS USA LLC/JBS USA Finance LLC, 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(a)(d)		233,000		260,962
JBS USA LUX SA/JBS USA Finance, Inc., Registered, 5.88%, 7/15/24, Callable 3/9/20 @ 102.94(a)		50,000		51,250

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

Schedule of Portfolio Investments — as ofJanuary 31, 2020(Unaudited) (continued)

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States, continued
JPMorgan Chase & Co., 4.60% (SOFR + 313 bps), Callable 2/1/25 @ 100.00(a)(b)(c)		245,000		250,120
JPMorgan Chase & Co., 5.00% (SOFR + 338 bps), Callable 8/1/24 @ 100.00(a)(b)(c)		125,000		130,750
Kinetic Concepts, Inc./KCI USA, Inc., 12.50%, 11/1/21, Callable 3/9/20 @ 109.38(a)(d)		189,000		193,264
LABL Escrow Issuer LLC, 6.75%, 7/15/26, Callable 7/15/22 @ 103.38(a)(d)		143,000		153,586
Level 3 Financing, Inc., 4.63%, 9/15/27, Callable 9/15/22 @ 102.31(a)(d)		110,000		113,027
Level 3 Financing, Inc., 5.13%, 5/1/23, Callable 3/9/20 @ 101.28(a)		90,000		90,423
Level 3 Financing, Inc., 5.38%, 5/1/25, Callable 5/1/20 @ 102.69(a)		139,000		143,518
Level 3 Financing, Inc., 5.38%, 1/15/24, Callable 3/9/20 @ 101.34(a)		24,000		24,290
Manitowoc Co., Inc., 9.00%, 4/1/26, Callable 4/1/22 @ 104.50(a)(d)		122,000		129,930
Match Group, Inc., 5.63%, 2/15/29, Callable 2/15/24 @ 102.81(a)(d)		220,000		237,325
MGM Growth/MGM Finance, 5.63%, 5/1/24, Callable 2/1/24 @ 100.00(a)		38,000		41,450
MGM Growth/MGM Finance, 5.75%, 2/1/27, Callable 11/1/26 @ 100.00(a)		41,000		45,613
Moog, Inc., 4.25%, 12/15/27, Callable 12/15/22 @ 103.19(a)(d)		53,000		54,333
MPH Acquisition Holdings LLC, 7.13%, 6/1/24, Callable 3/9/20 @ 105.34(a)(d)		141,000		136,575
MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 8/1/29, Callable 8/1/24 @ 102.31(a)		233,000		243,776
MTS Systems Corp., 5.75%, 8/15/27, Callable 8/15/22 @ 102.88(a)(d)		44,000		46,200
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27, Callable 1/15/23 @ 103.00(a)(d)		89,000		90,573
Nationstar Mortgage Holdings, Inc., 8.13%, 7/15/23, Callable 7/15/20 @ 104.06(a)(d)		76,000		80,370
Navient Corp., 5.00%, 3/15/27, Callable 9/15/26 @ 100.00(a)		53,000		52,868
Navient Corp., 6.13%, 3/25/24, MTN		38,000		40,482
Navient Corp., 6.50%, 6/15/22		100,000		106,250
Navient Corp., 6.75%, 6/15/26		198,000		215,077
Navient Corp., 7.25%, 1/25/22, MTN		150,000		160,875
Navistar International Corp., 6.63%, 11/1/25, Callable 11/1/20 @ 103.31(a)(d)		85,000		89,144
NRG Energy, Inc., 5.25%, 6/15/29, Callable 6/15/24 @ 102.63(a)(d)		100,000		107,765
NRG Energy, Inc., 7.25%, 5/15/26, Callable 5/15/21 @ 103.63(a)		54,000		58,456
Owens-Brockway Glass Container, Inc., 6.38%, 8/15/25(d)		100,000		111,500
Panther BF Aggregator 2 LP, 6.25%, 5/15/26, Callable 5/15/22 @ 103.13(a)(d)		190,000		203,794
Panther BF Aggregator 2 LP, 8.50%, 5/15/27, Callable 5/15/22 @ 104.25(a)(d)		81,000		87,075
Parsley Energy LLC, 5.25%, 8/15/25, Callable 8/15/20 @ 103.94(a)(d)		69,000		70,725
Party City Holdings, Inc., 6.63%, 8/1/26, Callable 8/1/21 @ 103.31(a)(d)		140,000		99,400
PBF Logistics LP, 6.00%, 2/15/28, Callable 2/15/23 @ 103.00(a)(d)		197,000		201,452
PBF Logistics LP, 6.88%, 5/15/23, Callable 3/9/20 @ 103.44(a)		322,000		331,257
Performance Food Group, Inc., 5.50%, 10/15/27, Callable 10/15/22 @ 102.75(a)(d)		39,000		41,048
PetSmart, Inc., 5.88%, 6/1/25, Callable 6/1/20 @ 102.94(a)(d)		231,000		237,930
PetSmart, Inc., 7.13%, 3/15/23, Callable 3/9/20 @ 103.56(a)(d)		165,000		164,381
Plains All American Pipeline LP, 6.12% (US0003M + 411 bps), Callable 11/15/22 @ 100.00(a)(b)(c)		110,000		101,893
Plastipak Holdings, Inc., 6.25%, 10/15/25, Callable 10/15/20 @ 103.13(a)(d)		227,000		199,760
Polaris Intermediate Corp., 8.50%, 12/1/22, Callable 2/18/20 @ 104.00(a)(d)		248,000		231,384
Presidio Holding, Inc., 8.25%, 2/1/28, Callable 2/1/23 @ 104.13(a)(d)		256,000		263,040
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 4/15/24(d)		214,000		223,095
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28, Callable 1/15/23 @ 103.13(a)(d)		59,000		58,447
PTC, Inc., 4.00%, 2/15/28, Callable 2/15/23 @ 102.00(a)(d)		44,000		44,440
Refinitiv US Holdings, Inc., 4.50%, 5/15/26, Callable 11/15/21 @ 102.25(a)(d)	EUR	200,000		240,355
Refinitiv US Holdings, Inc., 6.25%, 5/15/26, Callable 11/15/21 @ 103.13(a)(d)		166,000		179,081
Refinitiv US Holdings, Inc., 8.25%, 11/15/26, Callable 11/15/21 @ 104.13(a)(d)		305,000		339,328
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26, Callable 12/1/21 @ 104.88(a)(d)		355,000		396,268
Reynolds Group Issuer, Inc., 5.13%, 7/15/23, Callable 3/9/20 @ 102.56(a)(d)		72,000		73,710

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

Schedule of Portfolio Investments — as ofJanuary 31, 2020(Unaudited) (continued)

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States, continued
Reynolds Group Issuer, Inc., 5.75%, 10/15/20		214,173		214,665
Scientific Games International, Inc., 5.00%, 10/15/25, Callable 10/15/20 @ 103.75(a)(d)		150,000		154,269
Scientific Games International, Inc., 7.00%, 5/15/28, Callable 5/15/23 @ 103.50(a)(d)		22,000		23,196
Scientific Games International, Inc., 8.25%, 3/15/26, Callable 3/15/22 @ 104.13(a)(d)		258,000		279,930
Select Medical Corp., 1.00%, 8/15/26, Callable 8/15/22 @ 103.13(a)(d)		445,000		480,078
Service Corp. International, 5.13%, 6/1/29, Callable 6/1/24 @ 102.56(a)		60,000		63,894
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(a)(d)		143,000		146,218
Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(a)(d)		200,000		215,230
Sprint Communications, Inc., 6.00%, 11/15/22		125,000		129,063
Sprint Corp., 7.13%, 6/15/24		30,000		30,986
Sprint Corp., 7.25%, 9/15/21		144,000		151,020
Sprint Corp., 7.63%, 3/1/26, Callable 11/1/25 @ 100.00(a)		145,000		151,329
Sprint Corp., 7.88%, 9/15/23		282,000		299,593
Talen Energy Supply LLC, 6.63%, 1/15/28, Callable 1/15/23 @ 103.31(a)(d)		240,000		240,000
Targa Resources Partners LP, 5.00%, 1/15/28, Callable 1/15/23 @ 102.50(a)		64,000		65,120
Targa Resources Partners LP, 6.75%, 3/15/24, Callable 3/9/20 @ 103.38(a)		31,000		32,005
Taylor Morrison Communities, Inc., 5.88%, 6/15/27, Callable 3/15/27 @ 100.00(a)(d)		100,000		111,250
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.50(a)(d)		137,000		138,713
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 6/1/25, Callable 6/1/20 @ 103.38(a)(d)		167,000		172,845
Tenet Healthcare Corp., 5.13%, 11/1/27, Callable 11/1/22 @ 102.56(a)(d)		101,000		106,303
Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/1/22 @ 103.13(a)(d)		127,000		134,315
Tenet Healthcare Corp., 8.13%, 4/1/22		245,000		267,672
The Chemours Co., 6.63%, 5/15/23, Callable 3/9/20 @ 103.31(a)		39,000		38,393
T-Mobile US, Inc., 6.00%, 4/15/24, Callable 2/18/20 @ 104.50(a)		5,000		5,147
T-Mobile US, Inc., 6.50%, 1/15/24, Callable 2/18/20 @ 102.17(a)		150,000		153,938
Truck Hero, Inc., 8.50%, 4/21/24, Callable 4/30/21 @ 104.25(a)(d)		157,000		162,691
Vertiv Group Corp., 9.25%, 10/15/24, Callable 3/2/20 @ 106.94(a)(d)		297,000		318,348
Viper Energy Partners LP, 5.38%, 11/1/27, Callable 11/1/22 @ 102.69(a)(d)		30,000		31,275
Warrior Met Coal, Inc., 8.00%, 11/1/24, Callable 11/1/20 @ 104.00(a)(d)		239,000		247,963
Wolverine Escrow LLC, 8.50%, 11/15/24, Callable 11/15/21 @ 106.38(a)(d)		189,000		194,354
Wolverine Escrow LLC, 9.00%, 11/15/26, Callable 11/15/22 @ 106.75(a)(d)		147,000		152,686
Wyndham Destinations, Inc., 4.63%, 3/1/30, Callable 12/1/29 @ 100.00(a)(d)		136,000		139,570
Wyndham Worldwide Corp., 6.35%, 10/1/25, Callable 7/1/25 @ 100.00(a)(c)		161,000		180,421
XPO Logistics, Inc., 6.75%, 8/15/24, Callable 8/15/21 @ 103.38(a)(d)		217,000		235,174
Yum! Brands, Inc., 4.75%, 1/15/30, Callable 10/15/29 @ 100.00(a)(d)		80,000		85,320
				23,600,890
TOTAL CORPORATE BONDS (COST $23,142,037)				23,600,890
		Shares
Exchange Traded Funds — 4.8%
iShares iBoxx High Yield Corporate Bond ETF		5,000		437,650
iShares JPMorgan USD Emerging Markets Bond ETF		10,019		1,162,004
TOTAL EXCHANGE TRADED FUNDS (COST $1,497,772)				1,599,654
Investment Companies — 3.5%
Northern Institutional Government Assets Portfolio, Institutional Shares, 1.48%(f)		1,165,452		1,165,452
TOTAL INVESTMENT COMPANIES (COST $1,165,452)				1,165,452
TOTAL INVESTMENTS IN SECURITIES (COST $32,597,572) — 98.7%				33,149,432
Other Assets (Liabilities) - 1.3%				423,322
NET ASSETS - 100%			$	33,572,754

(a)	Represents next call date. Additional subsequent call dates and amounts may apply to this security.
(b)	Securities are perpetual and, thus, do not have a predetermined maturity date.
(c)	Floating or variable rate security linked to the referenced benchmark. The rate presented represents the rate in effect on January 31, 2020. These securities are deemed to have a maturity remaining until the next adjustment of the interest rate or the longer of the demand period or time to the next readjustment.
(d)	Rule 144A security or other security which is restricted as to resale to institutional investors. This security has been deemed liquid by the Investment Adviser based on procedures approved by the Board of Trustees.
(e)	Defaulted security.
(f)	The rate represents the annualized 7-day yield that was in effect on January 31, 2020.
†	The principal amount is disclosed in local currency and the value is disclosed in U.S. Dollars.
NM	Not meaningful, amount is less than 0.05%.

bps - Basis Points

ETF - Exchange-Traded Fund

EUR - Euro

EUSA12 - Euro 12 Year Swap Rate

H15T5Y - 5 Year Treasury Constant Maturity Rate

LLC - Limited Liability Company

MTN - Medium Term Note

SOFR - Secured Overnight Financing Rate

ULC - Unlimited Liability Co.

US0003M - 3 Month US Dollar LIBOR

USSW5 - USD 5 Year Swap Rate

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

Schedule of Portfolio Investments — as ofJanuary 31, 2020(Unaudited) (continued)

The Fund invested, as a percentage of net assets at value, in the following industries, as of January 31, 2020:
Industry	Percentage of Net Assets at Value (%)*
Hotels, Restaurants & Leisure		7.6
Health Care Providers & Services		7.4
Metals & Mining		6.9
Diversified Financial Services		6.9
Oil, Gas & Consumable Fuels		6.5
Media		5.4
Exchange Traded Fund		4.9
Consumer Finance		4.0
Containers & Packaging		3.8
IT Services		3.7
Investment Companies		3.5
Wireless Telecommunication Services		3.4
Diversified Telecommunication Services		3.3
Independent Power and Renewable Electricity Producers		2.5
Banks		2.2
Auto Components		1.9
Capital Markets		1.8
Chemicals		1.8
Commercial Services & Supplies		1.7
Food Products		1.5
Specialty Retail		1.5
Pharmaceuticals		1.4
Electric Utilities		1.3
Trading Companies & Distributors		1.1
Equity Real Estate Investment Trusts		1.1
Communications Equipment		1.1
Paper & Forest Products		1.1
Air Freight & Logistics		1.0
Electrical Equipment		0.9
Technology Hardware, Storage & Peripherals		0.9
Sovereign Bond		0.8
Diversified Consumer Services		0.8
Machinery		0.7
Interactive Media & Services		0.7
Energy Equipment & Services		0.7
Health Care Equipment & Supplies		0.6
Software		0.5
Thrifts & Mortgage Finance		0.5
Real Estate Management & Development		0.3
Household Durables		0.3
Life Sciences Tools & Services		0.3
Aerospace & Defense		0.2
Electronic Equipment, Instruments & Components		0.1
Food & Staples Retailing		0.1
Total		98.7

* The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Schedule of Portfolio Investments.

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

Schedule of Portfolio Investments — as ofJanuary 31, 2020(Unaudited)

Forward Foreign Currency Exchange Contracts - Short Contracts

Description and amount of currency to be purchased		Description and amount of currency to be sold		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation) ($)
U.S. Dollar	897,197	European Euro	800,000	UBS	2/4/20		9,865
U.S. Dollar	885,643	European Euro	800,000	Goldman Sachs	3/3/20		(3,159	)
							6,706
			Total unrealized appreciation			$	9,865
			Total unrealized depreciation				(3,159	)
			Total net unrealized appreciation/(depreciation)			$	6,706

HSBC FAMILY OF FUNDS .

HSBC STRATEGIC INCOME FUND

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited)

	Principal Amount †		Value ($)
Foreign Bonds — 3.7%
France — 2.0%
BNP Paribas Cardif SA, 4.03% (EUR003M + 393 bps), Callable 11/25/25 @ 100 (a)(b)(c)		200,000		251,168
Electricite de France SA, Series E, 5.37% (EUSA12 + 379 bps), MTN, Callable 1/29/25 @ 100 (a)(b)(c)		100,000		128,749
Quatrim SASU, 5.88%, 1/31/24, Callable 11/15/21 @ 102.94 (a)(d)		200,000		231,485
				611,402
Germany — 0.4%
Commerzbank AG, Series E, 4.00%, 3/30/27		100,000		129,780
Ireland — 0.4%
Ardagh Packaging Finance PLC/Ardagh Holdings USA Inc., 2.13%, 8/15/26, Callable 8/15/22 @ 101.06 (a)(d)		100,000		113,474
Luxembourg — 0.5%
Kleopatra Holdings 1 SCA, Registered, 8.50%, 6/30/23, Callable 3/9/20 @ 102 (a)		273,660		147,179
Netherlands — 0.4%
Trivium Packaging Finance BV, 3.75%, 8/15/26, Callable 8/15/22 @ 101.88 (a)(d)		100,000		115,939
TOTAL FOREIGN BONDS (COST $1,170,710)				1,117,774
	Principal Amount ($)
Yankee Dollars — 21.6%
Argentina — 0.6%
Provincia de Buenos Aires, Registered, 6.50%, 2/15/23		174,000		64,815
Republic of Argentina, 5.88%, 1/11/28		83,000		36,396
Republic of Argentina, 6.88%, 1/11/48		170,000		71,912
				173,123
Australia — 0.8%
FMG Resources August 2006 pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100 (a)(d)		150,000		152,063
Mineral Resources, Ltd., 8.13%, 5/1/27, Callable 5/1/22 @ 106.09 (a)(d)		74,000		80,845
				232,908
Bahamas — 0.2%
Silversea Cruise Finance, 7.25%, 2/1/25, Callable 2/18/20 @ 105.44 (a)(d)		48,000		50,650
Bermuda — 1.0%
Aircastle, Ltd., 5.50%, 2/15/22		100,000		106,570
VOC Escro, Ltd., 5.00%, 2/15/28, Callable 2/15/23 @ 102.5 (a)(d)		203,000		210,105
				316,675
Canada — 3.4%
Cascades, Inc./Cascades USA, Inc., 5.13%, 1/15/26, Callable 1/15/23 @ 102.56 (a)(d)		52,000		53,690
Cascades, Inc./Cascades USA, Inc., 5.38%, 1/15/28, Callable 1/15/23 @ 102.69 (a)(d)		52,000		53,804
Enbridge, Inc., 5.50% (US0003M + 342 bps), 7/15/77, Callable 7/15/27 @ 100 (a)(c)		55,000		57,146
First Quantum Minerals, 7.50%, 4/1/25, Callable 4/1/20 @ 105.63 (a)(d)		212,000		208,820
GFL Environmental, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56 (a)(d)		18,000		18,537
Iamgold Corp., 7.00%, 4/15/25, Callable 4/15/20 @ 105.25 (a)(d)		39,000		40,170
Kinross Gold Corp., 4.50%, 7/15/27, Callable 4/15/27 @ 100 (a)		50,000		53,205
New Gold, Inc., 6.25%, 11/15/22, Callable 2/18/20 @ 101.04 (a)(d)		153,000		153,287
New Gold, Inc., 6.38%, 5/15/25, Callable 5/15/20 @ 104.78 (a)(d)		18,000		16,920
Northwest Acquisitions ULC, 7.13%, 11/1/22, Callable 2/18/20 @ 103.56 (a)(d)		162,000		130,410
Nova Chemicals Corp., 5.25%, 6/1/27, Callable 3/3/27 @ 100 (a)(d)		237,000		241,148
				1,027,137
Cayman Islands — 1.0%
Global Aircraft Leasing Co., Ltd., 6.50%, 9/15/24, Callable 9/15/21 @ 103.25 (a)(d)		300,000		306,915
Hong Kong SAR — 0.7%
CK Hutchison Capital Securities 17, Ltd., 4.00% (H15T5Y + 207 bps), Callable 5/12/22 @ 100 (a)(b)(c)(d)		200,000		202,598
Indonesia — 0.7%
Perusahaan Listrik Negara PT, Registered, 4.13%, 5/15/27, MTN		200,000		212,750
Ireland — 1.9%
AerCap Holdings NV, 3.50%, 1/15/25, Callable 11/15/24 @ 100 (a)		150,000		157,391
Avolon Holdings Funding, Ltd., 4.38%, 5/1/26, Callable 3/1/26 @ 100 (a)(d)		400,000		432,884
				590,275
Luxembourg — 0.7%
ARD Finance SA, 6.50%, 6/30/27, Callable 11/15/22 @ 103.25 (a)(d)		200,000		206,250
Mexico — 1.4%
BBVA Bancomer SA Institucion de Banca, Registered, 6.50%, 3/10/21		150,000		156,377
Petroleos Mexicanos, 4.88%, 1/24/22		110,000		115,280
Petroleos Mexicanos, 6.50%, 3/13/27		97,000		105,164
Petroleos Mexicanos, 5.35%, 2/12/28		46,000		46,662
				423,483
Netherlands — 0.7%
LYB International Finance II BV, 3.50%, 3/2/27, Callable 12/2/26 @ 100 (a)		200,000		212,492

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited) (continued)

	Principal Amount ($)		Value ($)
Yankee Dollars, continued
Oman — 1.3%
Oman Government International Bond, Registered, 5.38%, 3/8/27		400,000		413,000
Russian Federation — 0.5%
Gazprom OAO, Registered, 7.29%, 8/16/37		100,000		144,312
Saudi Arabia — 0.7%
Saudi Arabian Oil Co., 4.38%, 4/16/49 (d)		200,000		225,807
Sri Lanka — 0.3%
Republic of Sri Lanka, Registered, 6.25%, 10/4/20		100,000		101,100
Turkey — 0.9%
Republic of Turkey, 6.88%, 3/17/36		68,000		75,480
Turkiye Is Bankasi AS, 6.13%, 4/25/24, MTN		200,000		207,540
				283,020
United Kingdom — 4.8%
Barclays PLC, 4.38%, 1/12/26		200,000		220,279
eG Global Finance PLC, 8.50%, 10/30/25, Callable 10/30/21 @ 104.25 (a)(d)		200,000		212,500
Lloyds Banking Group PLC, 4.65%, 3/24/26		200,000		220,751
Nationwide Building Society, 3.62% (US0003M + 118 bps), 4/26/23, Callable 4/26/22 @ 100 (a)(c)(d)		200,000		206,736
Nationwide Building Society, 4.36% (US0003M + 139 bps), 8/1/24, Callable 8/1/23 @ 100 (a)(c)(d)		200,000		213,951
Royal Bank of Scotland Group PLC, 3.75% (H15T5Y + 210 bps), 11/1/29, Callable 11/1/24 @ 100 (a)(c)		200,000		207,805
Santander UK Group Holdings, 3.82% (US0003M + 140 bps), 11/3/28, Callable 11/3/27 @ 100 (a)(c)		200,000		215,633
				1,497,655
Venezuela — 0.0%NM
Republic of Venezuela, 11.95%, 8/5/31 (e)		30,000		3,675
TOTAL YANKEE DOLLARS (COST $6,423,263)				6,623,825
Corporate Bonds — 69.4%
United States — 69.4%
Adient US LLC, 7.00%, 5/15/26, Callable 5/15/22 @ 103.50(a)(d)		144,000		157,320
AK Steel Corp., 7.50%, 7/15/23, Callable 3/9/20 @ 103.75(a)		224,000		232,400
Alexandria Real Estate Equities, Inc., 4.00%, 1/15/24, Callable 12/15/23 @ 100.00(a)		55,000		59,276
Ally Financial, Inc., 4.13%, 3/30/20		50,000		50,171
Ally Financial, Inc., 5.75%, 11/20/25, Callable 10/21/25 @ 100.00(a)		63,000		71,613
American Express Co., 4.90% (US0003M + 329 bps), Callable 3/15/20 @ 100.00(a)(b)(c)		300,000		299,838
American Express Co., 5.34% (US0003M + 343 bps), Callable 5/15/20 @ 100.00(a)(b)(c)		48,000		48,300
Antero Resources Corp., 5.13%, 12/1/22, Callable 3/9/20 @ 101.28(a)		275,000		237,188
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 4/1/27, Callable 4/1/22 @ 105.16(a)(d)		30,000		32,001
Arconic, Inc., 5.90%, 2/1/27		34,000		38,542
AT&T, Inc., 3.07% (US0003M + 118 bps), 6/12/24(c)		40,000		40,713
AT&T, Inc., 5.25%, 3/1/37, Callable 9/1/36 @ 100.00(a)		85,000		104,219
AT&T, Inc., 5.65%, 2/15/47, Callable 8/15/46 @ 100.00(a)		75,000		97,344
Bank of America Corp., 4.30% (US0003M + 266 bps), Callable 1/28/25 @ 100.00(a)(b)(c)		60,000		59,874
Bank of America Corp., 6.50% (US0003M + 417 bps), Callable 10/23/24 @ 100.00(a)(b)(c)		35,000		39,550
Bausch Health Cos., Inc., 5.00%, 1/30/28, Callable 1/30/23 @ 102.50(a)(d)		78,000		78,975
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(a)(d)		59,000		60,106
Blue Racer Midstream LLC, 6.13%, 11/15/22, Callable 3/9/20 @ 101.53(a)(d)		164,000		160,244
Brandywine Operating Partnership LP, 3.95%, 11/15/27, Callable 8/15/27 @ 100.00(a)		35,000		37,643
Buckeye Partners, LP, 5.85%, 11/15/43, Callable 5/15/43 @ 100.00(a)		100,000		93,094
Calpine Corp., 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(a)(d)		125,000		124,375
Care Capital Properties, Inc., 5.13%, 8/15/26, Callable 5/15/26 @ 100.00(a)		145,000		158,657
Cargo Aircraft Manageman, 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(a)(d)		89,000		90,339
Celgene Corp., 5.00%, 8/15/45, Callable 2/15/45 @ 100.00(a)		60,000		73,923
Centene Corp., 4.25%, 12/15/27, Callable 12/15/22 @ 102.13(a)(d)		35,000		36,575
Centene Corp., 5.37%, 8/15/26, Callable 8/15/21 @ 104.03(a)(d)		50,000		53,063
Centene Corp., 5.38%, 6/1/26, Callable 6/1/21 @ 104.03(a)(d)		35,000		37,231
Centene Corp., 6.13%, 2/15/24, Callable 3/9/20 @ 103.06(a)		29,000		29,943
Central Garden & Pet Co., 6.13%, 11/15/23, Callable 3/9/20 @ 103.06(a)		31,000		31,927

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited) (continued)

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States, continued
CenturyLink, Inc., 4.00%, 2/15/27, Callable 2/15/23 @ 102.00(a)(d)		19,000		19,087
CenturyLink, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(a)(d)		54,000		55,350
Charles River Laboratories International, Inc., 4.25%, 5/1/28, Callable 5/1/23 @ 102.13(a)(d)		36,000		36,525
Charter Communications Operating LLC/Capital, 5.75%, 4/1/48, Callable 10/1/47 @ 100.00(a)		200,000		239,639
Cheniere Corpus Christi Holding LLC, 3.70%, 11/15/29, Callable 5/18/29 @ 100.00(a)(d)		50,000		51,925
Citigroup, Inc., 4.13%, 7/25/28		70,000		77,778
Citigroup, Inc., 4.60%, 3/9/26		40,000		44,856
Citigroup, Inc., 4.70% (SOFR + 323 bps), Callable 1/30/25 @ 100.00(a)(b)(c)		95,000		96,753
Clearwater Paper Corp., 5.38%, 2/1/25(d)		340,000		353,600
Cleveland-Cliffs, Inc., 5.88%, 6/1/27, Callable 6/1/22 @ 102.94(a)(d)		175,000		161,438
CommScope, Inc., 6.00%, 3/1/26, Callable 3/1/22 @ 103.00(a)(d)		124,000		130,045
CommScope, Inc., 8.25%, 3/1/27, Callable 3/1/22 @ 104.13(a)(d)		75,000		77,063
Continental Resources, 4.90%, 6/1/44, Callable 12/1/43 @ 100.00(a)		110,000		112,217
CSX Corp., 2.60%, 11/1/26, Callable 8/1/26 @ 100.00(a)		100,000		103,785
CSX Corp., 4.30%, 3/1/48, Callable 9/1/47 @ 100.00(a)		40,000		47,524
CSX Corp., 4.75%, 11/15/48, Callable 5/15/48 @ 100.00(a)		25,000		31,635
DCP Midstream LLC, 8.13%, 8/16/30		55,000		67,925
Dell International LLC/EMC Corp., 4.90%, 10/1/26, Callable 8/1/26 @ 100.00(a)(d)		200,000		222,703
Dell, Inc., 7.10%, 4/15/28		28,000		33,883
Diamond 1 Finance/Diamond 2, 5.88%, 6/15/21, Callable 2/24/20 @ 101.47(a)(d)		4,000		4,038
Diamond 1 Finance/Diamond 2, 6.02%, 6/15/26, Callable 3/15/26 @ 100.00(a)(d)		50,000		58,404
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 8/15/22 @ 102.69(a)(d)		185,000		184,280
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31(a)(d)		185,000		172,975
Discover Bank, 3.45%, 7/27/26, Callable 4/27/26 @ 100.00(a)		250,000		264,443
Discover Financial Services, 3.95%, 11/6/24, Callable 8/6/24 @ 100.00(a)		100,000		107,463
Eagle Holding Co. II LLC, 7.75%, 5/15/22, Callable 2/15/20 @ 101.00(a)(d)		100,000		101,000
Embarq Corp., 8.00%, 6/1/36		150,000		166,717
Enable Midstream Partners LP, 4.95%, 5/15/28, Callable 2/15/28 @ 100.00(a)		245,000		253,124
Energy Transfer Partners LP, 5.30%, 4/15/47, Callable 10/15/46 @ 100.00(a)		25,000		26,509
Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100.00(a)		25,000		28,856
Energy Transfer Partners LP, 6.25% (US0003M + 418 bps), Callable 2/15/23 @ 100.00(a)(b)(c)		50,000		47,500
EnLink Midstream Partners LP, 5.45%, 6/1/47, Callable 12/1/46 @ 100.00(a)		80,000		63,200
EnLink Midstream Partners LP, 6.00% (US0003M + 411 bps), Callable 12/15/22 @ 100.00(a)(b)(c)		51,000		35,573
Enterprise Products Operating LLC, 5.25% (US0003M + 303 bps), 8/16/77, Callable 8/16/27 @ 100.00(a)(c)		35,000		36,155
Enterprise Products Operating LLC, 5.38% (US0003M + 257 bps), 2/15/78, Callable 2/15/28 @ 100.00(a)(c)		30,000		30,450
EPR Properties, 4.50%, 6/1/27, Callable 3/1/27 @ 100.00(a)		35,000		38,486
EPR Properties, 4.75%, 12/15/26, Callable 9/15/26 @ 100.00(a)		100,000		111,331
EPR Properties, 4.95%, 4/15/28, Callable 1/15/28 @ 100.00(a)		35,000		39,187
Equifax, Inc., 2.60%, 12/1/24, Callable 11/1/24 @ 100.00(a)		55,000		56,506
Equinix, Inc., 5.88%, 1/15/26, Callable 1/15/21 @ 102.94(a)		200,000		212,000
Fifth Third Bancorp, 5.07% (US0003M + 313 bps), Callable 3/9/20 @ 100.00(a)(b)(c)		50,000		50,063
Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100.00(a)		500,000		525,191
Fortune Brands Home & Security, Inc., 4.00%, 9/21/23, Callable 8/21/23 @ 100.00(a)		35,000		37,495
Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100.00(a)(d)		225,000		262,121
Freeport-McMoRan, Inc., 5.00%, 9/1/27, Callable 9/1/22 @ 102.50(a)		100,000		103,625
General Motors Acceptance Corp., 8.00%, 11/1/31		200,000		282,112
General Motors Financial Co., Inc., 3.01% (US0003M + 110 bps), 11/6/21(c)		40,000		40,206
General Motors Financial Co., Inc., 3.55%, 7/8/22		300,000		309,984

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited) (continued)

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States, continued
General Motors Financial Co., Inc., 4.35%, 1/17/27, Callable 10/17/26 @ 100.00(a)		80,000		85,894
Genesis Energy LP, 5.63%, 6/15/24, Callable 3/9/20 @ 102.81(a)		30,000		29,175
Genesis Energy LP, 7.75%, 2/1/28, Callable 2/1/23 @ 105.81(a)		112,000		112,927
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/1/27, Callable 6/1/22 @ 102.63(a)(d)		100,000		104,875
Goldman Sachs Group, Inc., 4.22% (US0003M + 130 bps), 5/1/29, Callable 5/1/28 @ 100.00(a)(c)		40,000		45,101
Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25(a)(d)		21,000		22,865
Greif, Inc., 6.50%, 3/1/27, Callable 3/1/22 @ 103.25(a)(d)		374,000		402,750
Gulfport Energy Corp., 6.00%, 10/15/24, Callable 3/9/20 @ 104.50(a)		25,000		13,780
Gulfport Energy Corp., 6.38%, 5/15/25, Callable 5/15/20 @ 104.78(a)		136,000		68,000
HCA, Inc., 4.13%, 6/15/29, Callable 3/15/29 @ 100.00(a)		65,000		70,400
HCA, Inc., 4.50%, 2/15/27, Callable 8/15/26 @ 100.00(a)		50,000		54,924
HCA, Inc., 5.50%, 6/15/47, Callable 12/15/46 @ 100.00(a)		35,000		41,584
HCP, Inc., 3.25%, 7/15/26, Callable 5/15/26 @ 100.00(a)		60,000		63,586
HealthSouth Corp., 5.75%, 11/1/24, Callable 3/9/20 @ 100.96(a)		18,000		18,220
Herc Holdings, Inc., 5.50%, 7/15/27, Callable 7/15/22 @ 102.75(a)(d)		180,000		188,046
Hillenbrand., Inc., 4.50%, 9/15/26, Callable 7/15/26 @ 100.00(a)		300,000		322,882
Host Hotels & Resorts LP, 4.50%, 2/1/26, Callable 11/1/25 @ 100.00(a)		50,000		55,727
IQVIA, Inc., 2.25%, 1/15/28, Callable 7/15/22 @ 101.13(a)(d)	EUR	100,000		112,509
Iron Mountain, Inc., 4.88%, 9/15/29, Callable 9/15/24 @ 102.44(a)(d)		55,000		56,106
Jabil, Inc., 3.95%, 1/12/28, Callable 10/12/27 @ 100.00(a)		183,000		196,160
Jacobs Entertainment, Inc., 7.88%, 2/1/24, Callable 3/9/20 @ 105.91(a)(d)		150,000		158,969
JBS USA LLC/JBS USA Finance LLC, 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(a)(d)		180,000		201,602
JPMorgan Chage & Co., 6.10% (US0003M + 333 bps), Callable 10/1/24 @ 100.00(a)(b)(c)		40,000		44,136
JPMorgan Chase & Co., 4.60% (SOFR + 313 bps), Callable 2/1/25 @ 100.00(a)(b)(c)		220,000		224,598
Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100.00(a)		335,000		365,889
KLA- Tencor Corp., 5.00%, 3/15/49, Callable 9/15/48 @ 100.00(a)		55,000		71,330
LABL Escrow Issuer LLC, 6.75%, 7/15/26, Callable 7/15/22 @ 103.38(a)(d)		269,000		288,914
Lam Research Corp., 3.75%, 3/15/26, Callable 1/15/26 @ 100.00(a)		250,000		273,442
Level 3 Financing, Inc., 4.63%, 9/15/27, Callable 9/15/22 @ 102.31(a)(d)		100,000		102,752
Lowe’s Cos., Inc., 3.65%, 4/5/29, Callable 1/5/29 @ 100.00(a)		300,000		327,418
Manitowoc Co., Inc., 9.00%, 4/1/26, Callable 4/1/22 @ 104.50(a)(d)		34,000		36,210
Match Group, Inc., 5.63%, 2/15/29, Callable 2/15/24 @ 102.81(a)(d)		166,000		179,073
MGM Growth/MGM Finance, 4.50%, 9/1/26, Callable 6/1/26 @ 100.00(a)		25,000		26,009
Moog, Inc., 4.25%, 12/15/27, Callable 12/15/22 @ 103.19(a)(d)		49,000		50,232
Morgan Stanley, 4.35%, 9/8/26, MTN		250,000		278,637
MPT Operating Partnership LP, 5.00%, 10/15/27, Callable 10/15/22 @ 102.50(a)		53,000		55,714
MPT Operating Partnership LP/MPT Finance Corp., 4.63%, 8/1/29, Callable 8/1/24 @ 102.31(a)		103,000		107,764
MTS Systems Corp., 5.75%, 8/15/27, Callable 8/15/22 @ 102.88(a)(d)		41,000		43,050
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27, Callable 1/15/23 @ 103.00(a)(d)		64,000		65,131
Navient Corp., 5.00%, 3/15/27, Callable 9/15/26 @ 100.00(a)		48,000		47,880
Navient Corp., 5.88%, 10/25/24		250,000		263,730
Navient Corp., 6.50%, 6/15/22		150,000		159,375
NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100.00(a)(d)		70,000		76,022
Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.50(a)		250,000		254,475
Omega Healthcare Investors, Inc., 4.38%, 8/1/23, Callable 6/1/23 @ 100.00(a)		25,000		26,741
Owens-Brockway Glass Container, Inc., 5.00%, 1/15/22(d)		50,000		51,750
Owens-Brockway Glass Container, Inc., 6.38%, 8/15/25(d)		226,000		251,990
Packaging Corp. of America, 3.00%, 12/15/29, Callable 9/15/29 @ 100.00(a)		35,000		36,020
Panther BF Aggregator 2 LP, 6.25%, 5/15/26, Callable 5/15/22 @ 103.13(a)(d)		244,000		261,715
PBF Holding Co. LLC, 7.00%, 11/15/23, Callable 2/14/20 @ 103.50(a)		25,000		25,764
PBF Holding Co. LLC, 7.25%, 6/15/25, Callable 6/15/20 @ 105.44(a)		38,000		40,359
PBF Logistics LP, 6.00%, 2/15/28, Callable 2/15/23 @ 103.00(a)(d)		178,000		182,023
Peabody Finance Corp., 6.00%, 3/31/22, Callable 3/9/20 @ 103.00(a)(d)		150,000		139,125
Performance Food Group, Inc., 5.50%, 10/15/27, Callable 10/15/22 @ 102.75(a)(d)		36,000		37,890

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited) (continued)

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States, continued
PetSmart, Inc., 5.88%, 6/1/25, Callable 6/1/20 @ 102.94(a)(d)		150,000		154,500
Plains All American Pipeline LP, 6.12% (US0003M + 411 bps), Callable 11/15/22 @ 100.00(a)(b)(c)		13,000		12,042
Plastipak Holdings, Inc., 6.25%, 10/15/25, Callable 10/15/20 @ 103.13(a)(d)		159,000		139,920
PPL Capital Funding, Inc., 4.00%, 9/15/47, Callable 3/15/47 @ 100.00(a)		50,000		54,450
Prime Security Services Borrower LLC/Prime Finance, Inc., 5.25%, 4/15/24(d)		157,000		163,673
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28, Callable 1/15/23 @ 103.13(a)(d)		53,000		52,503
Prudential Financial, Inc., 5.37% (US0003M + 303 bps), 5/15/45, Callable 5/15/25 @ 100.00(a)(c)		300,000		326,100
PTC, Inc., 4.00%, 2/15/28, Callable 2/15/23 @ 102.00(a)(d)		39,000		39,390
PulteGroup, Inc., 5.50%, 3/1/26, Callable 12/1/25 @ 100.00(a)		166,000		185,505
Rayonier AM Products, Inc., 5.50%, 6/1/24, Callable 3/9/20 @ 102.75(a)(d)		124,000		93,000
Refinitiv US Holdings, Inc., 6.25%, 5/15/26, Callable 11/15/21 @ 103.13(a)(d)		136,000		146,717
Refinitiv US Holdings, Inc., 8.25%, 11/15/26, Callable 11/15/21 @ 104.13(a)(d)		204,000		226,960
Rockies Express Pipeline LLC, 4.95%, 7/15/29, Callable 4/15/29 @ 100.00(a)(d)		70,000		69,949
Sabra Health Care LP/Sabra Capital Corp., 4.80%, 6/1/24, Callable 5/1/24 @ 100.00(a)		50,000		53,631
Sabre Global, Inc., 5.25%, 11/15/23, Callable 3/9/20 @ 102.63(a)(d)		32,000		32,761
Santander Holdings USA, Inc., 3.50%, 6/7/24, Callable 5/7/24 @ 100.00(a)		225,000		234,775
SBA Communications Corp., 4.88%, 9/1/24, Callable 3/9/20 @ 103.66(a)		20,000		20,675
Scientific Games International, Inc., 5.00%, 10/15/25, Callable 10/15/20 @ 103.75(a)(d)		150,000		154,269
Select Medical Corp., 1.00%, 8/15/26, Callable 8/15/22 @ 103.13(a)(d)		178,000		192,032
Senior Housing Properties Trust, 4.75%, 2/15/28, Callable 8/15/27 @ 100.00(a)		230,000		241,012
Service Corp. International, 4.63%, 12/15/27, Callable 12/15/22 @ 102.31(a)		65,000		67,967
Service Corp. International, 5.13%, 6/1/29, Callable 6/1/24 @ 102.56(a)		55,000		58,570
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(a)(d)		131,000		133,948
Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(a)(d)		183,000		196,935
Sprint Corp., 7.63%, 3/1/26, Callable 11/1/25 @ 100.00(a)		225,000		234,821
Sprint Corp., 7.88%, 9/15/23		90,000		95,615
Sprint Spectrum Co. LLC/Sprint Spectrum Co. II LLC, 4.74%, 3/20/25(d)		300,000		314,802
Steel Dynamics, Inc., 3.45%, 4/15/30, Callable 1/15/30 @ 100.00(a)		55,000		56,589
Sunoco Logistics Partners Operations LP, 5.40%, 10/1/47, Callable 4/1/47 @ 100.00(a)		40,000		43,360
Sunoco LP/Sunoco Finance Corp., 6.00%, 4/15/27, Callable 4/15/22 @ 103.00(a)		17,000		17,934
Synchrony Financial, 3.70%, 8/4/26, Callable 5/4/26 @ 100.00(a)		30,000		31,559
Talen Energy Supply LLC, 6.63%, 1/15/28, Callable 1/15/23 @ 103.31(a)(d)		55,000		55,000
Targa Resources Partners LP, 5.00%, 1/15/28, Callable 1/15/23 @ 102.50(a)		15,000		15,263
Targa Resources Partners LP, 5.25%, 5/1/23, Callable 3/9/20 @ 100.88(a)		30,000		30,263
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.50(a)(d)		125,000		126,563
Tenet Healthcare Corp., 5.13%, 11/1/27, Callable 11/1/22 @ 102.56(a)(d)		94,000		98,935
The Chemours Co., 7.00%, 5/15/25, Callable 5/15/20 @ 103.50(a)		134,000		128,238
The Goldman Sachs Group, Inc., 4.75%, 10/12/21	EUR	100,000		119,427
Time Warner Cable, Inc., 4.50%, 9/15/42, Callable 3/15/42 @ 100.00(a)		100,000		103,858
Truck Hero, Inc., 8.50%, 4/21/24, Callable 4/30/21 @ 104.25(a)(d)		143,000		148,184
Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 7/31/22 @ 102.50(a)(d)		105,000		107,762
Warrior Met Coal, Inc., 8.00%, 11/1/24, Callable 11/1/20 @ 104.00(a)(d)		216,000		224,100
Wells Fargo & Co., 5.66% (US0003M + 377 bps), Callable 3/15/20 @ 100.00(a)(b)(c)		27,000		27,170
Welltower, Inc., 4.13%, 3/15/29, Callable 12/15/28 @ 100.00(a)		30,000		33,659
Welltower, Inc., 4.95%, 9/1/48, Callable 3/1/48 @ 100.00(a)		35,000		43,796
Western Midstream Operat, 3.10%, 2/1/25, Callable 1/1/25 @ 100.00(a)		500,000		502,671
Wolverine Escrow LLC, 8.50%, 11/15/24, Callable 11/15/21 @ 106.38(a)(d)		96,000		98,720

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited) (continued)

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States, continued
Wolverine Escrow LLC, 9.00%, 11/15/26, Callable 11/15/22 @ 106.75(a)(d)		133,000		138,144
WRK Co., Inc., 3.90%, 6/1/28, Callable 3/1/28 @ 100.00(a)		70,000		76,029
WRK Co., Inc., 4.65%, 3/15/26, Callable 1/15/26 @ 100.00(a)		50,000		56,359
Wyndham Destinations, Inc., 4.63%, 3/1/30, Callable 12/1/29 @ 100.00(a)(d)		125,000		128,281
Yum! Brands, Inc., 4.75%, 1/15/30, Callable 10/15/29 @ 100.00(a)(d)		73,000		77,854
				21,254,649
TOTAL CORPORATE BONDS (COST $20,342,473)				21,254,649
U.S. Treasury Obligations — 2.0%
U.S. Treasury Bonds — 0.4%
3.38%, 11/15/48		86,000		112,005
U.S. Treasury Notes — 1.6%
2.38%, 5/15/29		397,000		427,069
2.63%, 2/15/29		61,000		66,836
				493,905
TOTAL U.S. TREASURY OBLIGATIONS (COST $571,660)				605,910
	Shares
Investment Companies — 1.7%
Northern Institutional Government Assets Portfolio, Institutional Shares, 1.48%(f)		517,498		517,498
TOTAL INVESTMENT COMPANIES (COST $517,498)				517,498
TOTAL INVESTMENTS IN SECURITIES (COST $29,025,604) — 98.4%				30,119,656
Other Assets (Liabilities) - 1.6%				488,890
NET ASSETS - 100%			$	30,608,546

(a)	Represents next call date.  Additional subsequent call dates and amounts may apply to this security.
(b)	Securities are perpetual and, thus, do not have a predetermined maturity date.
(c)	Floating or variable rate security linked to the referenced benchmark.  The rate presented represents the rate in effect on January 31, 2020.  These securities are deemed to have a maturity remaining until the next adjustment of the interest rate or the longer of the demand period or time to the next readjustment.
(d)	Rule 144A security or other security which is restricted as to resale to institutional investors. This security has been deemed liquid by the Investment Adviser based on procedures approved by the Board of Trustees.
(e)	Defaulted security.
(f)	The rate represents the annualized 7-day yield that was in effect on January 31, 2020.
†	The principal amount is disclosed in local currency and the value is disclosed in U.S. Dollars.
NM	Not meaningful, amount is less than 0.05%.

bps - Basis Points

EUR - Euro

EUR003M - 3 Month EUR LIBOR

EUSA12 - Euro 12 Year Swap Rate

H15T5Y - 5 Year Treasury Constant Maturity Rate

LLC - Limited Liability Company

MTN - Medium Term Note

SOFR - Secured Overnight Financing Rate

ULC - Unlimited Liability Co.

US0003M - 3 Month US Dollar LIBOR

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited) (continued)

The Fund invested, as a percentage of net assets at value, in the following industries, as of January 31, 2020:

Industry	Percentage of Net Assets at Value (%)*
Oil, Gas & Consumable Fuels		10.8
Consumer Finance		9.8
Banks		8.1
Containers & Packaging		5.7
Metals & Mining		5.3
Equity Real Estate Investment Trusts		4.8
Hotels, Restaurants & Leisure		4.4
Media		3.4
Chemicals		3.0
Machinery		2.4
Sovereign Bond		2.3
Capital Markets		2.2
Wireless Telecommunication Services		2.1
Electric Utilities		2.0
U.S. Treasury Obligation		2.0
Health Care Providers & Services		2.0
Auto Components		1.9
Diversified Financial Services		1.9
Aerospace & Defense		1.7
Investment Companies		1.7
Specialty Retail		1.6
Thrifts & Mortgage Finance		1.6
IT Services		1.5
Diversified Telecommunication Services		1.5
Trading Companies & Distributors		1.4
Paper & Forest Products		1.2
Semiconductors & Semiconductor Equipment		1.1
Insurance		1.1
Technology Hardware, Storage & Peripherals		1.0
Commercial Services & Supplies		0.8
Independent Power and Renewable Electricity Producers		0.8
Food Products		0.7
Communications Equipment		0.7
Industrial Conglomerates		0.7
Electronic Equipment, Instruments & Components		0.7
Road & Rail		0.6
Interactive Media & Services		0.6
Household Durables		0.6
Pharmaceuticals		0.5
Life Sciences Tools & Services		0.5
Diversified Consumer Services		0.4
Air Freight & Logistics		0.3
Software		0.2
Biotechnology		0.2
Professional Services		0.2
Energy Equipment & Services		0.1
Household Products		0.1
Food & Staples Retailing		0.1
Building Products		0.1
Total		98.4

* The percentage shown for each investment category reflects the value of investments in that category as a percentage of net assets. Figures in the above table may not sum to 100% due to the exclusion of other assets and liabilities. The above table depicts the Fund’s investments but may not represent the Fund’s market exposure due to the exclusion of certain derivatives, if any, as listed in the Schedule of Portfolio Investments.

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

Schedule of Portfolio Investments — as of January 31, 2020 (Unaudited) (continued)

Centrally Cleared Credit Default Swap Agreements - Buy Protection(a)

Underlying Instrument	Pay Fixed Rate (%)	Payment Frequency	Implied Credit Spread at January 31, 2020 (%)(b)	Expiration Date	Notional Amount ($)(c)		Value ($)			Upfront Premiums Paid/ (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
CDX N.A. High Yield Index, Series 33	5.00	Quarterly	3.09	12/20/24		1,584,000		(132,723	)		(109,764	)		(22,959	)
CDX N.A. Investment Grade Index, Series 33	1.00	Quarterly	0.51	12/20/24		12,500,000		(293,845	)		(255,474	)		(38,371	)
								(426,568	)		(365,238	)		(61,330	)

(a)	When a credit event occurs as defined under the terms of the swap agreement, the Fund as a seller of credit protection will either (i) pay to the buyer of protection an amount equal to the par value of the defaulted reference entity and take delivery of the reference entity or (ii) pay a net amount equal to the par value of the defaulted reference entity less its recovery value. Alternatively, the Fund as a buyer of credit protection will either (i) receive from the seller of protection an amount equal to the par value of the defaulted reference entity and deliver the reference entity to the seller or (ii) receive a net amount equal to the par value of the defaulted reference entity less its recovery value.
(b)	Implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap agreements as of period end serve as an indicator of the current status of the payment/performance risk and represents the likelihood or risk of default for the credit derivative. The implied credit spread of a referenced entity reflects the cost of buying/selling protection and may include upfront or daily payments required to be made to enter into the agreement. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap agreement.
(c)	The notional amount represents the maximum potential amount of future payments that the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap agreement.  Alternatively, the notional amount represents the maximum potential amount of payment the Fund could be required to make as a seller of credit protection if a credit event occurs, as defined under the terms of the swap agreement.

Forward Foreign Currency Exchange Contracts - Short Contracts

Description and amount of currency to be purchased		Description and amount of currency to be sold		Counterparty	Settlement Date	Net Unrealized Appreciation/ (Depreciation) ($)
U.S. Dollar	1,304,107	European Euro	1,162,994	UBS AG	2/4/20		14,155
U.S. Dollar	1,287,544	European Euro	1,162,994	Goldman Sachs	3/3/20		(4,546	)
							9,609
			Total unrealized appreciation			$	14,155
			Total unrealized depreciation				(4,546	)
			Total net unrealized appreciation/(depreciation)			$	9,609

HSBC FAMILY OF FUNDS