HSBC Funds NPORTP HSBC Opportunity Fund Class I (Jul 2020 report)

HSBC OPPORTUNITY PORTFOLIO

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

	Shares		Value ($)
Common Stocks — 98.8%
Aerospace & Defense — 3.0%
HEICO Corp., Class A		16,360		1,252,358
Teledyne Technologies, Inc.(a)		8,430		2,585,481
				3,837,839
Banks — 1.0%
First Republic Bank		10,820		1,217,034

Biotechnology — 10.7%
Acceleron Pharma, Inc.(a)		22,990		2,279,918
Ascendis Pharma AS, ADR(a)		11,027		1,517,425
Blueprint Medicines Corp.(a)		25,483		1,864,846
Ironwood Pharmaceuticals, Inc.(a)		89,590		821,540
Neurocrine Biosciences, Inc.(a)		18,350		2,208,606
Rocket Pharmaceuticals, Inc.(a)		42,130		991,319
Sage Therapeutics, Inc.(a)		29,220		1,331,555
Sarepta Therapeutics, Inc.(a)		15,460		2,373,420
				13,388,629
Building Products — 5.5%
Advanced Drainage Systems, Inc.		47,271		2,316,279
The AZEK Co., Inc.(a)		34,920		1,204,740
Trex Co., Inc.(a)		24,470		3,409,405
				6,930,424
Capital Markets — 2.3%
Apollo Global Management, Inc.		27,550		1,352,705
LPL Financial Holdings, Inc.		20,360		1,608,847
				2,961,552
Chemicals — 1.5%
FMC Corp.		18,000		1,908,900

Communications Equipment — 3.8%
F5 Networks, Inc.(a)		10,052		1,366,067
Lumentum Holdings, Inc.(a)		24,180		2,244,630
Viavi Solutions, Inc.(a)		91,680		1,267,934
				4,878,631
Electrical Equipment — 1.4%
Sensata Technologies Holding PLC(a)		47,370		1,799,113

Electronic Equipment, Instruments & Components — 0.5%
CDW Corp.		5,163		600,199

Entertainment — 1.8%
Madison Square Garden Sports Corp., Class A(a)		6,753		1,037,869
Zynga, Inc., Class A(a)		132,190		1,299,427
				2,337,296
Equity Real Estate Investment Trusts — 4.2%
Equity LifeStyle Properties, Inc.		25,650		1,752,408
Essential Properties Realty Trust, Inc.		124,800		2,009,280
Terreno Realty Corp.		25,240		1,533,582
				5,295,270
Health Care Equipment & Supplies — 3.9%
Insulet Corp.(a)		14,663		2,981,868
STERIS PLC		13,155		2,099,932
				5,081,800
Health Care Providers & Services — 2.5%
Quest Diagnostics, Inc.		25,320		3,217,412

Hotels, Restaurants & Leisure — 2.1%
Darden Restaurants, Inc.		20,230		1,535,457
Extended Stay America, Inc.		101,650		1,159,827
				2,695,284
Household Durables — 3.6%
KB Home		58,090		1,954,148
TopBuild Corp.(a)		19,510		2,573,759
				4,527,907
Insurance — 3.3%
Arthur J. Gallagher & Co.		22,360		2,403,477
Assurant, Inc.		16,730		1,797,973
				4,201,450
Internet & Direct Marketing Retail — 2.7%
Etsy, Inc.(a)		29,320		3,470,902

IT Services — 5.0%
Black Knight, Inc.(a)		34,210		2,563,013
Science Applications International Corp.		23,700		1,895,526
WEX, Inc.(a)		12,225		1,936,073
				6,394,612
Life Sciences Tools & Services — 8.7%
BIO-RAD Laboratories, Inc., Class A(a)		6,210		3,259,567
Charles River Laboratories International, Inc.(a)		15,700		3,124,143
ICON PLC(a)		10,610		1,967,731
Mettler-Toledo International, Inc.(a)		1,816		1,697,960
Repligen Corp.(a)		6,180		932,624
				10,982,025
Machinery — 3.6%
IDEX Corp.		8,980		1,480,084
Lincoln Electric Holdings, Inc.		18,590		1,680,349
Meritor, Inc.(a)		60,630		1,379,333
				4,539,766
Media — 0.9%
Nexstar Media Group, Inc., Class A		12,910		1,131,562

Pharmaceuticals — 2.5%
Catalent, Inc.(a)		28,660		2,503,164
Reata Pharmaceuticals, Inc., Class A(a)		4,480		661,696
				3,164,860
Professional Services — 2.5%
CoStar Group, Inc.(a)		1,673		1,421,648
TransUnion		19,430		1,740,346
				3,161,994
Road & Rail — 2.6%
J.B. Hunt Transportation Services, Inc.		11,225		1,452,515
Old Dominion Freight Line, Inc.		10,420		1,904,984
				3,357,499
Semiconductors & Semiconductor Equipment — 2.1%
MaxLinear, Inc.(a)		22,860		579,501
MKS Instruments, Inc.		5,350		681,804
Qorvo, Inc.(a)		11,080		1,419,902
				2,681,207
Software — 13.8%
Anaplan, Inc.(a)		34,810		1,580,722
Avalara, Inc.(a)		12,300		1,653,735
Ceridian HCM Holding, Inc.(a)		19,670		1,539,964
Fair Isaac Corp.(a)		5,325		2,338,687
Fortinet, Inc.(a)		22,110		3,057,812
HubSpot, Inc.(a)		10,928		2,563,818

HSBC FAMILY OF FUNDS

HSBC OPPORTUNITY PORTFOLIO

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

	Shares		Value ($)
Common Stocks, continued
Software, continued
Nice, Ltd., ADR(a)		6,360		1,305,326
RealPage, Inc.(a)		36,350		2,290,414
Smartsheet, Inc., Class A(a)		23,990		1,145,283
				17,475,761
Specialty Retail — 3.3%
Burlington Stores, Inc.(a)		12,280		2,308,640
Five Below, Inc.(a)		17,340		1,888,499
				4,197,139
TOTAL COMMON STOCKS (COST $99,838,343)				125,436,067

Investment Company — 1.5%

Northern Institutional Government Select Portfolio, Institutional Shares, 0.11%(b)		1,854,358		1,854,358
TOTAL INVESTMENT COMPANY (Cost $1,854,358)				1,854,358

TOTAL INVESTMENTS IN SECURITIES (Cost $101,692,701) — 100.3%				127,290,425
Other Assets (Liabilities) - (0.3)%				(377,967	)
NET ASSETS - 100%			$	126,912,458

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

ADR - American Depositary Receipt

HSBC FAMILY OF FUNDS

HSBC OPPORTUNITY FUND

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

	Value ($)
Affiliated Portfolio — 100.4%
HSBC Opportunity Portfolio		9,120,496

TOTAL INVESTMENTS IN SECURITIES - 100.4% (COST $7,331,122)		9,120,496
Other Assets (Liabilities) - (0.4)%		(33,271	)
NET ASSETS - 100%	$	9,087,225

HSBC FAMILY OF FUNDS

HSBC OPPORTUNITY FUND (CLASS I)

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

	Value ($)
Affiliated Portfolio — 100.1%
HSBC Opportunity Portfolio		117,864,981

TOTAL INVESTMENTS IN SECURITIES - 100.1% (COST $94,485,331)		117,864,981
Other Assets (Liabilities) - (0.1)%		(112,442	)
NET ASSETS - 100%	$	117,752,539

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

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

	Principal Amount †		Value ($)
Foreign Bonds — 1.0%
France — 0.4%
Electricite de France SA, Series E, 5.37% (EUSA12 + 379 bps), Callable 1/29/25 @ 100 (a)(b)(c)		100,000		129,558

Luxembourg — 0.3%
Kleopatra Holdings 1 SCA, 9.25%, 6/30/23, Callable 9/9/20 @ 101 (a)(d)		114,527		99,818

Netherlands — 0.3%
Trivium Packaging Finance BV, 3.75%, 8/15/26, Callable 8/15/22 @ 101.88 (a)(d)		100,000		117,422

TOTAL FOREIGN BONDS (COST $366,234)				346,798

	Principal Amount ($)
Yankee Dollars — 12.8%
Argentina — 0.1%
IRSA Propiedades Comerciales SA, Registered, 8.75%, 3/23/23, Callable 8/18/20 @ 104.38 (a)		23,000		19,315

Australia — 1.4%
FMG Resources August 2006 pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100 (a)(d)		353,000		384,099
Mineral Resources, Ltd., 8.13%, 5/1/27, Callable 5/1/22 @ 106.09 (a)(d)		80,000		88,301
				472,400
Bahamas — 0.7%
Silversea Cruise Finance, Ltd., 7.25%, 2/1/25, Callable 8/21/20 @ 105.44 (a)(d)		241,000		232,565

Belgium — 0.6%
Telenet Finance Luxembourg Notes SARL, 5.50%, 3/1/28, Callable 12/1/22 @ 102.75 (a)(d)		200,000		210,000

Canada — 1.1%
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		58,995
GFL Environmental, Inc., 7.00%, 6/1/26, Callable 6/1/21 @ 103.5 (a)(d)		41,000		43,460
GFL Environmental, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56 (a)(d)		19,000		20,173
Hudbay Minerals, Inc., 7.25%, 1/15/23, Callable 9/10/20 @ 101.81 (a)(d)		2,000		2,025
Iamgold Corp., 7.00%, 4/15/25, Callable 9/10/20 @ 105.25 (a)(d)		147,000		152,879
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/1/22, Callable 8/21/20 @ 103.56 (a)(d)(e)		18,000		225
Nova Chemicals Corp., 5.00%, 5/1/25, Callable 1/31/25 @ 100 (a)(d)		34,000		33,193
				369,803
Cayman Islands — 0.7%
Global Aircraft Leasing Co., Ltd., 6.50%, 9/15/24, Callable 9/15/21 @ 103.25 (a)(d)		382,000		237,795

El Salvador — 0.1%
Republic of El Salvador, Registered, 7.75%, 1/24/23		35,000		34,300

Ireland — 1.3%
AerCap Holdings NV, 5.87% (H15T5Y + 454 bps), 10/10/79, Callable 10/10/24 @ 100 (a)(c)		150,000		115,022
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 4.88%, 1/16/24, Callable 12/16/23 @ 100 (a)		150,000		152,458
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100 (a)		150,000		160,940
				428,420
Israel — 0.1%
Teva Pharmaceutical Finance III BV, 3.15%, 10/1/26		50,000		45,611

Luxembourg — 3.7%
Altice Financing SA, 7.50%, 5/15/26, Callable 5/15/21 @ 103.75 (a)(d)		200,000		215,050
Altice France Holdings SA, 10.50%, 5/15/27, Callable 5/15/22 @ 105.25 (a)(d)		400,000		457,500
Altice France Holdings SA, 6.00%, 2/15/28, Callable 2/15/23 @ 103 (a)(d)		200,000		199,758
ARD Finance SA, 6.50%, 6/30/27, Callable 11/15/22 @ 103.25 (a)(d)		200,000		204,500
Intelsat Jackson Holdings SA, 8.50%, 10/15/24, Callable 10/15/20 @ 106.38 (a)(d)(e)		326,000		215,160
				1,291,968
Peru — 0.6%
Hudbay Minerals, Inc., 7.63%, 1/15/25, Callable 9/10/20 @ 105.72 (a)(d)		210,000		212,625

Turkey — 0.2%
Republic of Turkey, 7.38%, 2/5/25		62,000		62,967

United Arab Emirates — 0.2%
DAE Funding LLC, 5.00%, 8/1/24, Callable 9/10/20 @ 103.75 (a)(d)		82,000		75,902

United Kingdom — 1.3%
eG Global Finance PLC, 6.75%, 2/7/25, Callable 5/15/21 @ 103.38 (a)(d)		200,000		208,960

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

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

	Principal Amount ($)		Value ($)
Yankee Dollars, continued
United Kingdom, continued
eG Global Finance PLC, 8.50%, 10/30/25, Callable 10/30/21 @ 104.25 (a)(d)		200,000		218,484
				427,444
Zambia — 0.7%
First Quantum Minerals, 7.50%, 4/1/25, Callable 9/10/20 @ 105.63 (a)(d)		235,000		237,350

TOTAL YANKEE DOLLARS (COST $4,518,592)				4,358,465

Corporate Bonds — 77.5%
United States — 77.5%
Acadia Healthcare Co., Inc., 5.63%, 2/15/23, Callable 9/10/20 @ 101.41(a)		65,000		66,022
Acadia Healthcare Co., Inc., 6.50%, 3/1/24, Callable 9/10/20 @ 103.25(a)		185,000		190,126
Adient US LLC, 7.00%, 5/15/26, Callable 5/15/22 @ 103.50(a)(d)		157,000		169,168
Aircastle, Ltd., 4.13%, 5/1/24, Callable 2/1/24 @ 100.00(a)		162,000		158,578
American Axle & Manufacturing, Inc., 6.88%, 7/1/28, Callable 7/1/23 @ 103.44(a)		173,000		176,409
Antero Resources Corp., 5.13%, 12/1/22, Callable 9/10/20 @ 100.00(a)		250,000		200,625
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 4/1/27, Callable 4/1/22 @ 105.16(a)(d)		231,000		236,419
Arconic Corp., 6.00%, 5/15/25, Callable 5/15/22 @ 103.00(a)(d)		112,000		120,749
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/1/26, Callable 11/1/21 @ 103.50(a)(d)		128,000		81,920
Banff Merger Sub, Inc., 9.75%, 9/1/26, Callable 9/1/21 @ 104.88(a)(d)		129,000		136,531
Basuch Health Americas, Inc., 8.50%, 1/31/27, Callable 7/31/22 @ 104.25(a)(d)		45,000		50,063
Bausch Health Americas, Inc., 9.25%, 4/1/26, Callable 4/1/22 @ 104.63(a)(d)		100,000		112,470
Bausch Health Cos., Inc., 5.00%, 1/30/28, Callable 1/30/23 @ 102.50(a)(d)		87,000		87,433
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(a)(d)		165,000		168,506
Bausch Health Cos., Inc., 6.25%, 2/15/29, Callable 2/15/24 @ 103.13(a)(d)		96,000		101,981
Bausch Health Cos., Inc., 9.00%, 12/15/25, Callable 12/15/21 @ 104.50(a)(d)		176,000		194,480
Blue Cube Spinco, Inc., 9.75%, 10/15/23, Callable 10/15/20 @ 102.44(a)		88,000		91,740
Blue Cube Spinco, Inc., 10.00%, 10/15/25, Callable 10/15/20 @ 105.00(a)		28,000		29,890
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22, Callable 9/10/20 @ 101.53(a)(d)		259,000		257,058
Boxer Parent Co., Inc., 7.13%, 10/2/25, Callable 6/1/22 @ 103.56(a)(d)		12,000		13,166
Boxer Parent Co., Inc., 9.13%, 3/1/26, Callable 9/1/21 @ 104.56(a)(d)		12,000		12,720
Boyd Gaming Corp., 8.63%, 6/1/25, Callable 6/1/22 @ 104.31(a)(d)		187,000		206,145
Buckeye Partners LP, 4.13%, 3/1/25, Callable 2/1/25 @ 100.00(a)(d)		48,000		48,240
Buckeye Partners LP, 4.50%, 3/1/28, Callable 12/1/27 @ 100.00(a)(d)		229,000		227,855
Buckeye Partners LP, 5.85%, 11/15/43, Callable 5/15/43 @ 100.00(a)		37,000		34,040
Builders FirstSource, Inc., 5.00%, 3/1/30, Callable 3/1/25 @ 102.50(a)(d)		52,000		54,538
Builders FirstSource, Inc., 6.75%, 6/1/27, Callable 6/1/22 @ 103.38(a)(d)		28,000		30,800
Calpine Corp., 4.63%, 2/1/29, Callable 2/1/24 @ 102.31(a)(d)		127,000		128,267
Calpine Corp., 5.00%, 2/1/31, Callable 2/1/26 @ 102.50(a)(d)		90,000		92,239
Calpine Corp., 5.13%, 3/15/28, Callable 3/15/23 @ 102.56(a)(d)		205,000		212,944
Calpine Corp., 5.75%, 1/15/25, Callable 8/26/20 @ 102.88(a)		110,000		113,190
Cargo Aircraft Manageman, 4.75%, 2/1/28, Callable 2/1/23 @ 102.38(a)(d)		99,000		101,228
Carnival Corp., 11.50%, 4/1/23, Callable 1/1/23 @ 100.00(a)(d)		60,000		65,290
CCO Holdings LLC/CCO Holdings Capital Corp., 4.50%, 8/15/30, Callable 2/15/25 @ 102.25(a)(d)		107,000		113,409
CCO Holdings LLC/CCO Holdings Capital Corp., 5.00%, 2/1/28, Callable 8/1/22 @ 102.50(a)(d)		134,000		142,040
Centene Corp., 3.38%, 2/15/30, Callable 2/15/25 @ 101.69(a)		17,000		18,057
Centene Corp., 4.63%, 12/15/29, Callable 12/15/24 @ 102.31(a)		95,000		105,950
Centene Corp., 5.38%, 6/1/26, Callable 6/1/21 @ 104.03(a)(d)		85,000		90,900
CenturyLink, Inc., 4.00%, 2/15/27, Callable 2/15/23 @ 102.00(a)(d)		20,000		20,889
CenturyLink, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56(a)(d)		58,000		60,828
Chobani LLC/Chobani Finance Corp., Inc., 7.50%, 4/15/25, Callable 9/10/20 @ 105.63(a)(d)		124,000		129,270
CHS/Community Health System, Inc., 8.00%, 3/15/26, Callable 3/15/22 @ 104.00(a)(d)		122,000		124,961

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

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

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States , continued
Clarios Global LP, 6.75%, 5/15/25, Callable 5/15/22 @ 103.38(a)(d)		83,000		89,225
Clearwater Paper Corp., 5.38%, 2/1/25(d)		363,000		371,621
Cleveland-Cliffs, Inc., 5.88%, 6/1/27, Callable 6/1/22 @ 102.94(a)		436,000		374,952
Cleveland-Cliffs, Inc., 6.75%, 3/15/26, Callable 3/15/22 @ 105.06(a)(d)		85,000		85,425
Cleveland-Cliffs, Inc., 9.88%, 10/17/25, Callable 10/17/22 @ 107.41(a)(d)		125,000		136,563
Colt Merger Sub, Inc., 6.25%, 7/1/25, Callable 7/1/22 @ 103.13(a)(d)		139,000		145,533
Colt Merger Sub, Inc., 8.13%, 7/1/27, Callable 7/1/23 @ 104.06(a)(d)		158,000		160,963
CommScope Technologies LLC, 6.00%, 6/15/25, Callable 8/21/20 @ 103.00(a)(d)		147,000		150,190
CommScope, Inc., 6.00%, 3/1/26, Callable 3/1/22 @ 103.00(a)(d)		97,000		103,486
CommScope, Inc., 7.13%, 7/1/28, Callable 7/1/23 @ 103.56(a)(d)		99,000		104,806
CommScope, Inc., 8.25%, 3/1/27, Callable 3/1/22 @ 104.13(a)(d)		146,000		157,447
CSC Holdings LLC, 5.25%, 6/1/24		200,000		220,000
CSC Holdings LLC, 5.38%, 2/1/28, Callable 2/1/23 @ 102.69(a)(d)		200,000		216,500
CSC Holdings LLC, 5.75%, 1/15/30, Callable 1/15/25 @ 102.88(a)(d)		200,000		221,710
CSC Holdings LLC, 10.88%, 10/15/25(d)		200,000		214,420
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81(a)		33,000		34,650
DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(a)(d)		205,000		218,130
Dell International LLC/EMC Corp., 5.88%, 6/15/21, Callable 8/26/20 @ 100.00(a)(d)		13,000		13,016
Dell, Inc., 7.10%, 4/15/28		109,000		131,345
Delta Air Lines, Inc., 7.00%, 5/1/25(d)		106,000		113,288
Diamond 1 Finance/Diamond 2, 7.13%, 6/15/24, Callable 8/26/20 @ 103.56(a)(d)		174,000		180,649
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 8/15/22 @ 102.69(a)(d)		259,000		199,448
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31(a)(d)		309,000		169,178
DISH DBS Corp., 7.38%, 7/1/28, Callable 7/1/23 @ 103.69(a)(d)		317,000		335,532
Diversified Healthcare Trust, 9.75%, 6/15/25, Callable 6/15/22 @ 104.88(a)		254,000		280,352
Embarq Corp., 8.00%, 6/1/36		315,000		369,179
EnLink Midstream Partners LP, 6.00% (US0003M + 411 bps), Callable 12/15/22 @ 100.00(a)(b)(c)		205,000		77,900
Five Point Op Co. LP/Five Point Capital Corp., 7.88%, 11/15/25, Callable 11/15/20 @ 105.91(a)(d)		105,000		101,458
Ford Motor Co., 4.75%, 1/15/43		128,000		117,120
Ford Motor Co., 7.45%, 7/16/31		262,000		310,549
Ford Motor Co., 8.50%, 4/21/23		32,000		35,525
Ford Motor Co., 9.00%, 4/22/25, Callable 3/22/25 @ 100.00(a)		55,000		64,797
Ford Motor Co., 9.63%, 4/22/30, Callable 1/22/30 @ 100.00(a)		19,000		25,209
Freeport-McMoRan, Inc., 5.00%, 9/1/27, Callable 9/1/22 @ 102.50(a)		94,000		100,090
Freeport-McMoRan, Inc., 5.45%, 3/15/43, Callable 9/15/42 @ 100.00(a)		148,000		164,650
Genesis Energy LP/Genesis Energy Finance Corp., 6.00%, 5/15/23, Callable 9/10/20 @ 101.50(a)		100,000		94,000
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 2/1/28, Callable 2/1/23 @ 105.81(a)		158,000		152,377
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/1/27, Callable 6/1/22 @ 102.63(a)(d)		237,000		252,701
Golden Nugget, Inc., 6.75%, 10/15/24, Callable 9/10/20 @ 103.38(a)(d)		150,000		105,000
GPC Merger Sub, Inc., 7.13%, 8/15/28, Callable 8/15/23 @ 103.56(a)(d)		44,000		45,760
Gray Television, Inc., 7.00%, 5/15/27, Callable 5/15/22 @ 105.25(a)(d)		82,000		89,585
Greif, Inc., 6.50%, 3/1/27, Callable 3/1/22 @ 103.25(a)(d)		95,000		100,938
HCA, Inc., 5.88%, 2/15/26, Callable 8/15/25 @ 100.00(a)		200,000		234,060
Herc Holdings, Inc., 5.50%, 7/15/27, Callable 7/15/22 @ 102.75(a)(d)		163,000		172,372
International Game Technology PLC, 5.25%, 1/15/29, Callable 1/15/24 @ 102.63(a)(d)		200,000		204,358
Iron Mountain, Inc., 4.88%, 9/15/29, Callable 9/15/24 @ 102.44(a)(d)		60,000		62,505
Iron Mountain, Inc., 5.00%, 7/15/28, Callable 7/15/23 @ 102.50(a)(d)		17,000		17,595
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63(a)(d)		40,000		41,950
Jacobs Entertainment, Inc., 7.88%, 2/1/24, Callable 9/10/20 @ 105.91(a)(d)		264,000		239,579
JBS USA LUX SA/JBS USA Finance, Inc., Registered, 5.88%, 7/15/24, Callable 9/9/20 @ 101.96(a)		50,000		50,938
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 5.50%, 1/15/30, Callable 1/15/25 @ 102.75(a)(d)		60,000		66,150
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(a)(d)		233,000		263,872

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

Schedule of Portfolio Investments — as of July 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		237,062
Kaiser Aluminum Corp., 6.50%, 5/1/25, Callable 5/1/22 @ 103.25(a)(d)		32,000		33,920
Kraft Heinz Foods Co., 3.88%, 5/15/27, Callable 2/15/27 @ 100.00(a)(d)		55,000		59,234
Kraft Heinz Foods Co., 4.25%, 3/1/31, Callable 12/1/30 @ 100.00(a)(d)		90,000		99,328
Kraft Heinz Foods Co., 5.50%, 6/1/50, Callable 12/1/49 @ 100.00(a)(d)		55,000		64,497
LABL Escrow Issuer LLC, 6.75%, 7/15/26, Callable 7/15/22 @ 103.38(a)(d)		143,000		154,439
Level 3 Financing, Inc., 4.63%, 9/15/27, Callable 9/15/22 @ 102.31(a)(d)		110,000		115,638
Level 3 Financing, Inc., 5.13%, 5/1/23, Callable 9/10/20 @ 100.00(a)		90,000		90,380
Level 3 Financing, Inc., 5.38%, 1/15/24, Callable 9/10/20 @ 101.34(a)		24,000		24,411
Level 3 Financing, Inc., 5.38%, 5/1/25, Callable 9/10/20 @ 102.69(a)		139,000		143,518
LifePoint Health, Inc., 4.38%, 2/15/27, Callable 2/15/22 @ 102.00(a)(d)		77,000		78,687
Manitowoc Co., Inc., 9.00%, 4/1/26, Callable 4/1/22 @ 104.50(a)(d)		122,000		124,898
Match Group, Inc., 4.13%, 8/1/30, Callable 5/1/25 @ 102.06(a)(d)		171,000		176,130
Match Group, Inc., 5.63%, 2/15/29, Callable 2/15/24 @ 102.81(a)(d)		220,000		238,700
Mauser Packaging Solutions Holdings Co., 5.50%, 4/15/24, Callable 9/10/20 @ 102.75(a)(d)		201,000		204,935
MEDNAX, Inc., 6.25%, 1/15/27, Callable 1/15/22 @ 104.69(a)(d)		336,000		355,320
MGM Growth Properties Operating Partnership LP/MGP Finance Co- Issuer, Inc., 5.63%, 5/1/24, Callable 2/1/24 @ 100.00(a)		38,000		41,230
MGM Growth Properties Operating Partnership LP/MGP Finance Co- Issuer, Inc., 5.75%, 2/1/27, Callable 11/1/26 @ 100.00(a)		41,000		44,383
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(a)(d)		164,027		169,767
MPH Acquisition Holdings LLC, 7.13%, 6/1/24, Callable 9/10/20 @ 103.56(a)(d)		141,000		144,701
MTS Systems Corp., 5.75%, 8/15/27, Callable 8/15/22 @ 102.88(a)(d)		44,000		42,832
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27, Callable 1/15/23 @ 103.00(a)(d)		89,000		90,780
Nationstar Mortgage Holdings, Inc., 8.13%, 7/15/23, Callable 8/13/20 @ 104.06(a)(d)		73,000		76,103
Navient Corp., 6.50%, 6/15/22		100,000		104,500
Navient Corp., 6.75%, 6/15/26		198,000		205,919
Navient Corp., 7.25%, 1/25/22, MTN		150,000		157,500
Navistar International Corp., 6.63%, 11/1/25, Callable 11/1/20 @ 103.31(a)(d)		242,000		248,050
NRG Energy, Inc., 5.25%, 6/15/29, Callable 6/15/24 @ 102.63(a)(d)		100,000		110,567
NRG Energy, Inc., 7.25%, 5/15/26, Callable 5/15/21 @ 103.63(a)		54,000		58,240
Occidental Petroleum Corp., 2.70%, 8/15/22		62,000		59,854
Occidental Petroleum Corp., 2.90%, 8/15/24, Callable 7/15/24 @ 100.00(a)		33,000		31,051
Occidental Petroleum Corp., 3.40%, 4/15/26, Callable 1/15/26 @ 100.00(a)		90,000		81,450
Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100.00(a)		206,000		183,087
Occidental Petroleum Corp., 4.10%, 2/15/47, Callable 8/15/46 @ 100.00(a)		164,000		128,740
Occidental Petroleum Corp., 8.50%, 7/15/27, Callable 1/15/27 @ 100.00(a)		175,000		194,880
Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100.00(a)		175,000		196,875
Olin Corp., 9.50%, 6/1/25, Callable 3/1/25 @ 100.00(a)(d)		28,000		31,920
OneMain Finance Corp., 7.13%, 3/15/26		151,000		177,022
OneMain Finance Corp., 8.88%, 6/1/25, Callable 6/1/22 @ 104.44(a)		79,000		89,073
Owens-Brockway Glass Container, Inc., 6.38%, 8/15/25(d)		100,000		107,000
Owens-Brockway Glass Container, Inc., 6.63%, 5/13/27, Callable 5/15/23 @ 103.31(a)(d)		19,000		20,568
Parsley Energy LLC/Parsley Finance Corp., 5.25%, 8/15/25, Callable 9/10/20 @ 103.94(a)(d)		69,000		70,035
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103.00(a)(d)		197,000		158,585
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 5/15/25, Callable 5/15/22 @ 104.63(a)(d)		46,000		51,404
PBF Logistics LP/PBF Logistics Finance Corp., 6.88%, 5/15/23, Callable 9/10/20 @ 101.72(a)		322,000		311,535
PetSmart, Inc., 5.88%, 6/1/25, Callable 9/10/20 @ 102.94(a)(d)		231,000		236,775
PetSmart, Inc., 7.13%, 3/15/23, Callable 9/10/20 @ 101.78(a)(d)		298,000		300,980
Plastipak Holdings, Inc., 6.25%, 10/15/25, Callable 10/15/20 @ 103.13(a)(d)		227,000		226,715

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

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

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States , continued
Polaris Intermediate Corp., 8.50%, 12/1/22, Callable 8/21/20 @ 102.00(a)(d)		248,000		252,276
Presidio Holding, Inc., 8.25%, 2/1/28, Callable 2/1/23 @ 104.13(a)(d)		256,000		266,240
Refinitiv US Holdings, Inc., 4.50%, 5/15/26, Callable 11/15/21 @ 102.25(a)(d)	EUR	200,000		246,728
Refinitiv US Holdings, Inc., 6.25%, 5/15/26, Callable 11/15/21 @ 103.13(a)(d)		166,000		179,488
Refinitiv US Holdings, Inc., 8.25%, 11/15/26, Callable 11/15/21 @ 104.13(a)(d)		305,000		336,524
RegionalCare Hospital Partners Holdings, Inc./LifePoint Health, Inc., 9.75%, 12/1/26, Callable 12/1/21 @ 104.88(a)(d)		355,000		394,121
Reynolds Group Issuer, Inc./Reynolds Group Issuer LLC/Reynolds Group Issuer Lu, 5.13%, 7/15/23, Callable 9/10/20 @ 101.28(a)(d)		72,000		73,102
Royal Caribbean Cruises, Ltd., 9.13%, 6/15/23, Callable 3/15/23 @ 100.00(a)(d)		45,000		46,013
Sabre GLBL, Inc., 9.25%, 4/15/25, Callable 3/16/25 @ 100.00(a)(d)		15,000		16,519
Scientific Games International, Inc., 5.00%, 10/15/25, Callable 10/15/20 @ 103.75(a)(d)		150,000		148,688
Scientific Games International, Inc., 8.25%, 3/15/26, Callable 3/15/22 @ 104.13(a)(d)		161,000		161,256
Scientific Games International, Inc., 8.63%, 7/1/25, Callable 7/1/22 @ 104.31(a)(d)		44,000		44,134
Select Medical Corp., 6.25%, 8/15/26, Callable 8/15/22 @ 103.13(a)(d)		445,000		479,487
Service Corp. International, 5.13%, 6/1/29, Callable 6/1/24 @ 102.56(a)		60,000		66,300
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(a)(d)		143,000		142,957
Sirius XM Radio, Inc., 4.13%, 7/1/30, Callable 7/1/25 @ 102.06(a)(d)		122,000		128,747
Sirius XM Radio, Inc., 5.50%, 7/1/29, Callable 7/1/24 @ 102.75(a)(d)		200,000		222,750
Sprint Communications, Inc., 6.00%, 11/15/22		125,000		134,843
Sprint Corp., 7.13%, 6/15/24		30,000		34,997
Talen Energy Supply LLC, 6.63%, 1/15/28, Callable 1/15/23 @ 103.31(a)(d)		240,000		240,991
Talen Energy Supply LLC, 7.63%, 6/1/28, Callable 6/1/23 @ 103.81(a)(d)		161,000		168,245
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp., 6.00%, 3/1/27, Callable 3/1/23 @ 103.00(a)(d)		352,000		319,791
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 1/15/28, Callable 1/15/23 @ 102.50(a)		64,000		65,280
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.75%, 3/15/24, Callable 9/10/20 @ 103.38(a)		31,000		31,735
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 6.88%, 1/15/29, Callable 1/15/24 @ 103.44(a)		167,000		188,396
Taylor Morrison Communities, Inc., 5.88%, 6/15/27, Callable 3/15/27 @ 100.00(a)(d)		100,000		110,500
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.50(a)(d)		137,000		138,112
Tempo Acquisition LLC/Tempo Acquisition Finance Corp., 6.75%, 6/1/25, Callable 8/21/20 @ 103.38(a)(d)		267,000		275,678
Tenet Healthcare Corp., 4.63%, 6/15/28, Callable 6/15/23 @ 102.31(a)(d)		35,000		36,810
Tenet Healthcare Corp., 5.13%, 11/1/27, Callable 11/1/22 @ 102.56(a)(d)		101,000		107,313
Tenet Healthcare Corp., 6.25%, 2/1/27, Callable 2/1/22 @ 103.13(a)(d)		127,000		134,901
Tenneco, Inc., 5.00%, 7/15/26, Callable 7/15/21 @ 102.50(a)		174,000		116,580
The Chemours Co., 6.63%, 5/15/23, Callable 9/10/20 @ 101.66(a)		39,000		39,195
T-Mobile US, Inc., 6.00%, 4/15/24, Callable 8/21/20 @ 102.25(a)		5,000		5,118
TRI Pointe Group, Inc., 5.70%, 6/15/28, Callable 12/15/27 @ 100.00(a)		38,000		41,800
Tronox, Inc., 6.50%, 5/1/25, Callable 5/1/22 @ 103.25(a)(d)		144,000		153,180
Truck Hero, Inc., 8.50%, 4/21/24, Callable 4/30/21 @ 104.25(a)(d)		157,000		164,065
Univision Communications, Inc., 6.63%, 6/1/27, Callable 6/1/23 @ 103.31(a)(d)		159,000		159,445
Viper Energy Partners LP, 5.38%, 11/1/27, Callable 11/1/22 @ 102.69(a)(d)		30,000		31,200
Warrior Met Coal, Inc., 8.00%, 11/1/24, Callable 11/1/20 @ 104.00(a)(d)		341,000		350,698
Waste Pro USA, Inc., 5.50%, 2/15/26, Callable 2/15/21 @ 104.13(a)(d)		92,000		93,380
WESCO Distribution, Inc., 7.13%, 6/15/25, Callable 6/15/22 @ 103.56(a)(d)		50,000		54,870
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63(a)(d)		50,000		54,625
Wolverine Escrow LLC, 8.50%, 11/15/24, Callable 11/15/21 @ 106.38(a)(d)		189,000		137,025
Wolverine Escrow LLC, 9.00%, 11/15/26, Callable 11/15/22 @ 106.75(a)(d)		147,000		106,575

HSBC FAMILY OF FUNDS

HSBC HIGH YIELD FUND

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

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States , continued
WPX Energy, Inc., 5.88%, 6/15/28, Callable 6/15/23 @ 102.94(a)		87,000		89,121
Wyndham Destinations, Inc., 4.63%, 3/1/30, Callable 12/1/29 @ 100.00(a)(d)		136,000		125,120
Wyndham Worldwide Corp., 6.35%, 10/1/25, Callable 7/1/25 @ 100.00(a)(c)		161,000		168,245
XPO Logistics, Inc., 6.75%, 8/15/24, Callable 8/15/21 @ 103.38(a)(d)		217,000		233,374
				26,435,536

TOTAL CORPORATE BONDS (COST $25,581,009)				26,435,536

		Shares
Exchange Traded Funds — 4.6%
iShares iBoxx High Yield Corporate Bond ETF		5,000		426,950
iShares JPMorgan USD Emerging Markets Bond ETF		10,019		1,133,049
TOTAL EXCHANGE TRADED FUNDS (COST $1,497,772)				1,559,999

Investment Companies — 2.8%

Northern Institutional Government Assets Portfolio, Institutional Shares, 0.07%(f)		949,998		949,998
TOTAL INVESTMENT COMPANIES (COST $949,998)				949,998

TOTAL INVESTMENTS IN SECURITIES (COST $32,913,605) — 98.7%				33,650,796
Other Assets (Liabilities) - 1.3%				448,656
NET ASSETS - 100%			$	34,099,452


†	The principal amount is disclosed in local currency and the value is disclosed in U.S. Dollars.
(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 July 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 July 31, 2020.

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

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

Industry	Percentage of Net Assets at Value (%)*
Oil, Gas & Consumable Fuels		10.5
Health Care Providers & Services		8.9
Metals & Mining		7.2
Media		6.5
Hotels, Restaurants & Leisure		5.5
Diversified Financial Services		5.1
Exchange Traded Fund		4.6
IT Services		4.6
Containers & Packaging		3.8
Diversified Telecommunication Services		3.3
Independent Power and Renewable Electricity Producers		3.3
Consumer Finance		3.2
Investment Companies		2.8
Trading Companies & Distributors		2.6
Food Products		2.2
Pharmaceuticals		2.2
Auto Components		2.2
Specialty Retail		1.6
Automobiles		1.6
Communications Equipment		1.5
Equity Real Estate Investment Trusts		1.4
Commercial Services & Supplies		1.2
Interactive Media & Services		1.2
Paper & Forest Products		1.1
Electric Utilities		1.1
Machinery		1.1
Air Freight & Logistics		1.0
Technology Hardware, Storage & Peripherals		0.9
Airlines		0.8
Banks		0.7
Capital Markets		0.7
Energy Equipment & Services		0.7
Chemicals		0.7
Wireless Telecommunication Services		0.5
Real Estate Management & Development		0.5
Thrifts & Mortgage Finance		0.5
Household Durables		0.4
Building Products		0.3
Sovereign Bond		0.3
Diversified Consumer Services		0.2
Electronic Equipment, Instruments & Components		0.1
Distributors		0.1
Software		—
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 of July 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	896,424	European Euro	800,000	UBS AG	8/4/20		(45,895	)
U.S. Dollar	946,989	European Euro	800,000	Bank of America	9/2/20		4,097
							(41,798	)

			Total unrealized appreciation			$	4,097
			Total unrealized depreciation				(45,895	)
			Total net unrealized appreciation/(depreciation)			$	(41,798	)

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

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

	Principal Amount †		Value ($)
Foreign Bonds — 1.8%
France — 1.4%
Electricite de France SA, Series E, 5.37% (EUSA12 + 379 bps), Callable 1/29/25 @ 100 (a)(b)(c)		100,000		129,558
Quatrim SASU, 5.88%, 1/31/24, Callable 11/15/21 @ 102.94 (a)(d)		300,000		352,457
				482,015
Netherlands — 0.4%
Trivium Packaging Finance BV, 3.75%, 8/15/26, Callable 8/15/22 @ 101.88 (a)(d)		100,000		117,422

TOTAL FOREIGN BONDS (COST $579,324)				599,437

	Principal Amount ($)
Yankee Dollars — 16.5%
Australia — 0.7%
FMG Resources August 2006 pty, Ltd., 4.50%, 9/15/27, Callable 6/15/27 @ 100 (a)(d)		150,000		163,215
Mineral Resources, Ltd., 8.13%, 5/1/27, Callable 5/1/22 @ 106.09 (a)(d)		74,000		81,678
				244,893
Bahamas — 0.1%
Silversea Cruise Finance, Ltd., 7.25%, 2/1/25, Callable 8/21/20 @ 105.44 (a)(d)		48,000		46,320

Bermuda — 0.3%
Aircastle, Ltd., 5.50%, 2/15/22		100,000		101,457

Canada — 2.0%
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		53,820
CCL Industries, Inc., 3.05%, 6/1/30, Callable 3/1/30 @ 100 (a)(d)		200,000		209,310
Enbridge, Inc., 5.50% (US0003M + 342 bps), 7/15/77, Callable 7/15/27 @ 100 (a)(c)		55,000		51,700
GFL Environmental, Inc., 5.13%, 12/15/26, Callable 12/15/22 @ 102.56 (a)(d)		18,000		19,111
Iamgold Corp., 7.00%, 4/15/25, Callable 9/10/20 @ 105.25 (a)(d)		39,000		40,560
Kinross Gold Corp., 4.50%, 7/15/27, Callable 4/15/27 @ 100 (a)		50,000		57,094
Northwest Acquisitions ULC/Dominion Finco, Inc., 7.13%, 11/1/22, Callable 8/21/20 @ 103.56 (a)(d)(e)		162,000		2,025
Nutrien Ltd., 2.95%, 5/13/30, Callable 2/13/30 @ 100 (a)		155,000		170,394
				657,704
Cayman Islands — 0.6%
Global Aircraft Leasing Co., Ltd., 6.50%, 9/15/24, Callable 9/15/21 @ 103.25 (a)(d)		300,000		186,750

Hong Kong SAR — 0.6%
CK Hutchison Capital Securities 17, Ltd., 4.00% (H15T5Y + 207 bps), Callable 5/12/22 @ 100 (a)(b)(c)(d)		200,000		201,505

Ireland — 2.0%
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 3.50%, 1/15/25, Callable 11/15/24 @ 100 (a)		150,000		143,537
AerCap Ireland Capital DAC/AerCap Global Aviation Trust, 6.50%, 7/15/25, Callable 6/15/25 @ 100 (a)		150,000		160,940
Avolon Holdings Funding, Ltd., 4.38%, 5/1/26, Callable 3/1/26 @ 100 (a)(d)		400,000		353,851
				658,328
Luxembourg — 0.6%
ARD Finance SA, 6.50%, 6/30/27, Callable 11/15/22 @ 103.25 (a)(d)		200,000		204,500

Mexico — 1.1%
Petroleos Mexicanos, 4.88%, 1/24/22		110,000		110,413
Petroleos Mexicanos, 6.50%, 3/13/27		97,000		92,393
Petroleos Mexicanos, 5.35%, 2/12/28		196,000		171,989
				374,795
Oman — 1.1%
Oman Government International Bond, Registered, 5.38%, 3/8/27		400,000		378,332

Peru — 0.3%
Hudbay Minerals, Inc., 7.63%, 1/15/25, Callable 9/10/20 @ 105.72 (a)(d)		86,000		87,075

Saudi Arabia — 0.8%
Saudi Arabian Oil Co., 4.38%, 4/16/49 (d)		200,000		250,809

Sri Lanka — 0.3%
Republic of Sri Lanka, Registered, 6.25%, 10/4/20		100,000		97,000

Turkey — 0.8%
Republic of Turkey, 6.88%, 3/17/36		68,000		62,892
Turkiye Is Bankasi AS, 6.13%, 4/25/24, MTN		200,000		190,540
				253,432
United Kingdom — 4.6%
Barclays PLC, 4.38%, 1/12/26		200,000		227,892
eG Global Finance PLC, 8.50%, 10/30/25, Callable 10/30/21 @ 104.25 (a)(d)		200,000		218,484
Lloyds Banking Group PLC, 4.65%, 3/24/26		200,000		227,047
Nationwide Building Society, 3.62% (US0003M + 118 bps), 4/26/23, Callable 4/26/22 @ 100 (a)(c)(d)		200,000		208,738

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

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

	Principal Amount ($)		Value ($)
Yankee Dollars continued
United Kingdom, continued
Royal Bank of Scotland Group PLC, 3.75% (H15T5Y + 210 bps), 11/1/29, Callable 11/1/24 @ 100 (a)(c)		200,000		209,429
Santander UK Group Holdings, 3.82% (US0003M + 140 bps), 11/3/28, Callable 11/3/27 @ 100 (a)(c)		200,000		224,811
Vodafone Group PLC, 4.38%, 5/30/28		200,000		242,765
				1,559,166
Zambia — 0.6%
First Quantum Minerals, 7.50%, 4/1/25, Callable 9/10/20 @ 105.63 (a)(d)		212,000		214,120

TOTAL YANKEE DOLLARS (COST $5,560,684)				5,516,186

Corporate Bonds — 66.6%
United States — 66.6%
American Express Co., 3.60% (US0003M + 329 bps), Callable 9/15/20 @ 100.00(a)(b)(c)		300,000		270,750
American Express Co., 3.82% (US0003M + 343 bps), Callable 11/15/20 @ 100.00(a)(b)(c)		48,000		43,080
Antero Resources Corp., 5.13%, 12/1/22, Callable 9/10/20 @ 100.00(a)		159,000		127,598
Archrock Partners LP/Archrock Partners Finance Corp., 6.88%, 4/1/27, Callable 4/1/22 @ 105.16(a)(d)		30,000		30,704
Arconic Corp., 6.00%, 5/15/25, Callable 5/15/22 @ 103.00(a)(d)		43,000		46,359
Ascent Resources Utica Holdings LLC/ARU Finance Corp., 7.00%, 11/1/26, Callable 11/1/21 @ 103.50(a)(d)		83,000		53,120
AT&T, Inc., 2.25%, 2/1/32, Callable 11/1/31 @ 100.00(a)		500,000		512,666
AT&T, Inc., 3.50%, 6/1/41, Callable 12/1/40 @ 100.00(a)		280,000		303,835
Bank of America Corp., 4.30% (US0003M + 266 bps), Callable 1/28/25 @ 100.00(a)(b)(c)		60,000		56,658
Bank of America Corp., 6.50% (US0003M + 417 bps), Callable 10/23/24 @ 100.00(a)(b)(c)		35,000		39,176
Basuch Health Americas, Inc., 8.50%, 1/31/27, Callable 7/31/22 @ 104.25(a)(d)		100,000		111,250
Bausch Health Cos., Inc., 5.00%, 1/30/28, Callable 1/30/23 @ 102.50(a)(d)		78,000		78,388
Bausch Health Cos., Inc., 5.25%, 1/30/30, Callable 1/30/25 @ 102.63(a)(d)		59,000		60,254
Bausch Health Cos., Inc., 6.25%, 2/15/29, Callable 2/15/24 @ 103.13(a)(d)		91,000		96,669
Blue Racer Midstream LLC/Blue Racer Finance Corp., 6.13%, 11/15/22, Callable 9/10/20 @ 101.53(a)(d)		164,000		162,770
Buckeye Partners LP, 5.85%, 11/15/43, Callable 5/15/43 @ 100.00(a)		100,000		92,000
Builders FirstSource, Inc., 5.00%, 3/1/30, Callable 3/1/25 @ 102.50(a)(d)		47,000		49,294
Builders FirstSource, Inc., 6.75%, 6/1/27, Callable 6/1/22 @ 103.38(a)(d)		213,000		234,300
Calpine Corp., 4.50%, 2/15/28, Callable 2/15/23 @ 102.25(a)(d)		125,000		129,063
Calpine Corp., 4.63%, 2/1/29, Callable 2/1/24 @ 102.31(a)(d)		76,000		76,758
Care Capital Properties, Inc., 5.13%, 8/15/26, Callable 5/15/26 @ 100.00(a)		145,000		154,336
Carnival Corp., 11.50%, 4/1/23, Callable 1/1/23 @ 100.00(a)(d)		205,000		223,074
Charter Communications Operating LLC/Charter Communications Operating Capital, 5.75%, 4/1/48, Callable 10/1/47 @ 100.00(a)		200,000		262,185
Charter Communications Operating LLC/Charter Communications Operating Capital, 6.38%, 10/23/35, Callable 4/23/35 @ 100.00(a)		100,000		137,717
Citigroup, Inc., 4.70% (SOFR + 323 bps), Callable 1/30/25 @ 100.00(a)(b)(c)		95,000		92,506
Clarios Global LP, 6.75%, 5/15/25, Callable 5/15/22 @ 103.38(a)(d)		53,000		56,975
Clearwater Paper Corp., 5.38%, 2/1/25(d)		340,000		348,075
Cleveland-Cliffs, Inc., 6.75%, 3/15/26, Callable 3/15/22 @ 105.06(a)(d)		79,000		79,395
Cleveland-Cliffs, Inc., 9.88%, 10/17/25, Callable 10/17/22 @ 107.41(a)(d)		172,000		187,910
Colt Merger Sub, Inc., 6.25%, 7/1/25, Callable 7/1/22 @ 103.13(a)(d)		131,000		137,157
Comcast Corp., 1.95%, 1/15/31, Callable 10/15/30 @ 100.00(a)		335,000		349,908
CommScope, Inc., 6.00%, 3/1/26, Callable 3/1/22 @ 103.00(a)(d)		124,000		132,292
Continental Resources, 4.90%, 6/1/44, Callable 12/1/43 @ 100.00(a)		110,000		94,738
Dana Financing Luxembourg Sarl, 6.50%, 6/1/26, Callable 6/1/21 @ 103.25(a)(d)		250,000		261,875
Dana, Inc., 5.63%, 6/15/28, Callable 6/15/23 @ 102.81(a)		31,000		32,550
DaVita, Inc., 4.63%, 6/1/30, Callable 6/1/25 @ 102.31(a)(d)		124,000		131,942
DCP Midstream LLC, 8.13%, 8/16/30		55,000		64,250
Dell International LLC/EMC Corp., 4.90%, 10/1/26, Callable 8/1/26 @ 100.00(a)(d)		200,000		225,063

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

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

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States , continued
Dell International LLC/EMC Corp., 5.85%, 7/15/25, Callable 6/15/25 @ 100.00(a)(d)		250,000		291,301
Dell International LLC/EMC Corp., 5.88%, 6/15/21, Callable 8/26/20 @ 100.00(a)(d)		4,000		4,005
Delta Air Lines, Inc., 7.00%, 5/1/25(d)		99,000		105,806
Diamond Sports Group LLC/Diamond Sports Finance Co., 5.38%, 8/15/26, Callable 8/15/22 @ 102.69(a)(d)		185,000		142,463
Diamond Sports Group LLC/Diamond Sports Finance Co., 6.63%, 8/15/27, Callable 8/15/22 @ 103.31(a)(d)		185,000		101,288
Discover Bank, 3.45%, 7/27/26, Callable 4/27/26 @ 100.00(a)		250,000		274,271
Discover Financial Services, 3.95%, 11/6/24, Callable 8/6/24 @ 100.00(a)		100,000		109,783
Diversified Healthcare Trust, 9.75%, 6/15/25, Callable 6/15/22 @ 104.88(a)		315,000		347,681
Embarq Corp., 8.00%, 6/1/36		150,000		175,800
Enable Midstream Partners LP, 4.95%, 5/15/28, Callable 2/15/28 @ 100.00(a)		245,000		235,636
Encompass Health Corp., 5.75%, 11/1/24, Callable 9/10/20 @ 100.96(a)		18,000		18,200
Energy Transfer Partners LP, 6.00%, 6/15/48, Callable 12/15/47 @ 100.00(a)		25,000		26,348
Energy Transfer Partners LP, 6.25% (US0003M + 418 bps), Callable 2/15/23 @ 100.00(a)(b)(c)		50,000		35,563
EnLink Midstream Partners LP, 5.45%, 6/1/47, Callable 12/1/46 @ 100.00(a)		80,000		45,080
EnLink Midstream Partners LP, 6.00% (US0003M + 411 bps), Callable 12/15/22 @ 100.00(a)(b)(c)		51,000		19,380
Enterprise Products Operating LLC, 5.25% (US0003M + 303 bps), 8/16/77, Callable 8/16/27 @ 100.00(a)(c)		35,000		32,813
Enterprise Products Operating LLC, 5.37% (US0003M + 257 bps), 2/15/78, Callable 2/15/28 @ 100.00(a)(c)		30,000		26,393
EPR Properties, 4.50%, 6/1/27, Callable 3/1/27 @ 100.00(a)		35,000		33,362
EPR Properties, 4.75%, 12/15/26, Callable 9/15/26 @ 100.00(a)		100,000		96,825
EPR Properties, 4.95%, 4/15/28, Callable 1/15/28 @ 100.00(a)		35,000		34,408
Exxon Mobil Corp., 2.61%, 10/15/30, Callable 7/15/30 @ 100.00(a)		500,000		550,957
Ford Motor Co., 9.00%, 4/22/25, Callable 3/22/25 @ 100.00(a)		52,000		61,263
Ford Motor Co., 9.63%, 4/22/30, Callable 1/22/30 @ 100.00(a)		18,000		23,882
Ford Motor Credit Co. LLC, 5.11%, 5/3/29, Callable 2/3/29 @ 100.00(a)		500,000		533,125
Fox Corp., 4.71%, 1/25/29, Callable 10/25/28 @ 100.00(a)		225,000		274,168
General Motors Acceptance Corp., 8.00%, 11/1/31		200,000		276,568
General Motors Co., 5.40%, 10/2/23		250,000		275,668
General Motors Financial Co., Inc., 1.60% (US0003M + 110 bps), 11/6/21(c)		40,000		39,852
General Motors Financial Co., Inc., 4.35%, 1/17/27, Callable 10/17/26 @ 100.00(a)		80,000		86,610
Genesis Energy LP/Genesis Energy Finance Corp., 5.63%, 6/15/24, Callable 9/10/20 @ 101.88(a)		30,000		27,713
Genesis Energy LP/Genesis Energy Finance Corp., 7.75%, 2/1/28, Callable 2/1/23 @ 105.81(a)		112,000		108,014
GLP Capital LP/GLP Financing II, Inc., 4.00%, 1/15/31, Callable 10/15/30 @ 100.00(a)		325,000		337,269
Go Daddy Operating Co. LLC/GD Finance Co., Inc., 5.25%, 12/1/27, Callable 6/1/22 @ 102.63(a)(d)		100,000		106,625
GPC Merger Sub, Inc., 7.13%, 8/15/28, Callable 8/15/23 @ 103.56(a)(d)		42,000		43,680
Greif, Inc., 6.50%, 3/1/27, Callable 3/1/22 @ 103.25(a)(d)		374,000		397,375
HCA, Inc., 4.50%, 2/15/27, Callable 8/15/26 @ 100.00(a)		50,000		57,579
HCA, Inc., 5.50%, 6/15/47, Callable 12/15/46 @ 100.00(a)		35,000		46,916
Howmet Aerospace, Inc., 5.90%, 2/1/27		34,000		37,826
Huntington Bancshares, Inc., 5.63% (H15T10Y + 495 bps), Callable 7/15/30 @ 100.00(a)(b)(c)		250,000		275,933
Iron Mountain, Inc., 5.25%, 7/15/30, Callable 7/15/25 @ 102.63(a)(d)		288,000		302,040
Jabil, Inc., 3.95%, 1/12/28, Callable 10/12/27 @ 100.00(a)		183,000		199,599
Jacobs Entertainment, Inc., 7.88%, 2/1/24, Callable 9/10/20 @ 105.91(a)(d)		150,000		136,125
JBS USA LUX SA/JBS USA Food Co./JBS USA Finance, Inc., 6.50%, 4/15/29, Callable 4/15/24 @ 103.25(a)(d)		180,000		203,850
JPMorgan Chase & Co., 4.60% (SOFR + 313 bps), Callable 2/1/25 @ 100.00(a)(b)(c)		220,000		212,872
JPMorgan Chase & Co., 6.10% (US0003M + 333 bps), Callable 10/1/24 @ 100.00(a)(b)(c)		40,000		42,100

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

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

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States , continued
Kaiser Aluminum Corp., 6.50%, 5/1/25, Callable 5/1/22 @ 103.25(a)(d)		30,000		31,800
Kennametal, Inc., 4.63%, 6/15/28, Callable 3/15/28 @ 100.00(a)		335,000		368,445
Kraft Heinz Foods Co., 5.50%, 6/1/50, Callable 12/1/49 @ 100.00(a)(d)		50,000		58,634
LABL Escrow Issuer LLC, 6.75%, 7/15/26, Callable 7/15/22 @ 103.38(a)(d)		119,000		128,520
Level 3 Financing, Inc., 4.63%, 9/15/27, Callable 9/15/22 @ 102.31(a)(d)		100,000		105,125
LifePoint Health, Inc., 4.38%, 2/15/27, Callable 2/15/22 @ 102.00(a)(d)		28,000		28,613
Lowe’s Cos., Inc., 3.65%, 4/5/29, Callable 1/5/29 @ 100.00(a)		300,000		351,592
Manitowoc Co., Inc., 9.00%, 4/1/26, Callable 4/1/22 @ 104.50(a)(d)		34,000		34,808
Mauser Packaging Solutions Holdings Co., 5.50%, 4/15/24, Callable 9/10/20 @ 102.75(a)(d)		150,000		152,937
MEDNAX, Inc., 6.25%, 1/15/27, Callable 1/15/22 @ 104.69(a)(d)		300,000		317,251
Micron Technology, Inc., 2.50%, 4/24/23		165,000		172,248
Mileage Plus Holdings LLC/Mileage Plus Intellectual Property Assets, Ltd., 6.50%, 6/20/27, Callable 6/30/23 @ 103.25(a)(d)		78,575		81,325
Morgan Stanley, 4.08% (US0003M + 381 bps), Callable 10/15/20 @ 100.00(a)(b)(c)		300,000		291,381
MTS Systems Corp., 5.75%, 8/15/27, Callable 8/15/22 @ 102.88(a)(d)		41,000		39,911
Nationstar Mortgage Holdings, Inc., 6.00%, 1/15/27, Callable 1/15/23 @ 103.00(a)(d)		64,000		65,280
Navient Corp., 5.00%, 3/15/27, Callable 9/15/26 @ 100.00(a)		48,000		45,960
Navient Corp., 5.88%, 10/25/24		170,000		174,250
Navient Corp., 6.50%, 6/15/22		150,000		156,750
NRG Energy, Inc., 4.45%, 6/15/29, Callable 3/15/29 @ 100.00(a)(d)		70,000		76,300
Occidental Petroleum Corp., 2.70%, 8/15/22		57,000		55,027
Occidental Petroleum Corp., 3.40%, 4/15/26, Callable 1/15/26 @ 100.00(a)		84,000		76,020
Occidental Petroleum Corp., 3.50%, 8/15/29, Callable 5/15/29 @ 100.00(a)		42,000		37,328
Occidental Petroleum Corp., 4.20%, 3/15/48, Callable 9/15/47 @ 100.00(a)		61,000		49,581
Occidental Petroleum Corp., 6.20%, 3/15/40		125,000		121,250
Occidental Petroleum Corp., 8.88%, 7/15/30, Callable 1/15/30 @ 100.00(a)		168,000		189,000
Olin Corp., 5.00%, 2/1/30, Callable 2/1/24 @ 102.50(a)		250,000		235,000
Olin Corp., 9.50%, 6/1/25, Callable 3/1/25 @ 100.00(a)(d)		22,000		25,080
Owens-Brockway Glass Container, Inc., 5.00%, 1/15/22(d)		8,000		8,020
Owens-Brockway Glass Container, Inc., 6.38%, 8/15/25(d)		226,000		241,820
Owens-Brockway Glass Container, Inc., 6.63%, 5/13/27, Callable 5/15/23 @ 103.31(a)(d)		18,000		19,485
Panther BF Aggregator 2 LP, 6.25%, 5/15/26, Callable 5/15/22 @ 103.13(a)(d)		94,000		100,591
PBF Holding Co. LLC/PBF Finance Corp., 6.00%, 2/15/28, Callable 2/15/23 @ 103.00(a)(d)		178,000		143,290
PBF Holding Co. LLC/PBF Finance Corp., 7.25%, 6/15/25, Callable 9/10/20 @ 105.44(a)		38,000		34,173
PBF Holding Co. LLC/PBF Finance Corp., 9.25%, 5/15/25, Callable 5/15/22 @ 104.63(a)(d)		44,000		49,169
Peabody Finance Corp., 6.00%, 3/31/22, Callable 9/10/20 @ 101.50(a)(d)		150,000		98,250
Performance Food Group, Inc., 5.50%, 10/15/27, Callable 10/15/22 @ 102.75(a)(d)		36,000		37,170
PetSmart, Inc., 5.88%, 6/1/25, Callable 9/10/20 @ 102.94(a)(d)		150,000		153,750
Phillips 66, 3.70%, 4/6/23		250,000		268,782
Phillips 66, 3.85%, 4/9/25, Callable 3/9/25 @ 100.00(a)		200,000		224,245
Plastipak Holdings, Inc., 6.25%, 10/15/25, Callable 10/15/20 @ 103.13(a)(d)		159,000		158,801
Prime Security Services Borrower LLC/Prime Finance, Inc., 6.25%, 1/15/28, Callable 1/15/23 @ 103.13(a)(d)		53,000		55,253
Prudential Financial, Inc., 5.38% (US0003M + 303 bps), 5/15/45, Callable 5/15/25 @ 100.00(a)(c)		300,000		321,708
PulteGroup, Inc., 5.50%, 3/1/26, Callable 12/1/25 @ 100.00(a)		166,000		191,778
Rayonier AM Products, Inc., 5.50%, 6/1/24, Callable 9/10/20 @ 101.83(a)(d)		124,000		75,046
Refinitiv US Holdings, Inc., 6.25%, 5/15/26, Callable 11/15/21 @ 103.13(a)(d)		136,000		147,050
Refinitiv US Holdings, Inc., 8.25%, 11/15/26, Callable 11/15/21 @ 104.13(a)(d)		204,000		225,085
Royal Caribbean Cruises, Ltd., 9.13%, 6/15/23, Callable 3/15/23 @ 100.00(a)(d)		190,000		194,275
Sabra Health Care LP, 4.80%, 6/1/24, Callable 5/1/24 @ 100.00(a)		50,000		50,705
Sabre Global, Inc., 5.25%, 11/15/23, Callable 9/10/20 @ 102.63(a)(d)		32,000		31,400

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

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

	Principal Amount ($)		Value ($)
Corporate Bonds, continued
United States , continued
Santander Holdings USA, Inc., 3.50%, 6/7/24, Callable 5/7/24 @ 100.00(a)		225,000		241,138
Scientific Games International, Inc., 5.00%, 10/15/25, Callable 10/15/20 @ 103.75(a)(d)		150,000		148,688
Select Medical Corp., 6.25%, 8/15/26, Callable 8/15/22 @ 103.13(a)(d)		178,000		191,795
Service Corp. International, 5.13%, 6/1/29, Callable 6/1/24 @ 102.56(a)		55,000		60,775
Simon Property Group, LP, 3.80%, 7/15/50, Callable 1/15/50 @ 100.00(a)		400,000		438,906
Sinclair Television Group, Inc., 5.50%, 3/1/30, Callable 12/1/24 @ 102.75(a)(d)		131,000		130,961
Sprint Corp., 7.88%, 9/15/23		90,000		104,400
Sunoco Logistics Partners Operations LP, 5.40%, 10/1/47, Callable 4/1/47 @ 100.00(a)		40,000		40,183
Talen Energy Supply LLC, 6.63%, 1/15/28, Callable 1/15/23 @ 103.31(a)(d)		55,000		55,227
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.00%, 1/15/28, Callable 1/15/23 @ 102.50(a)		15,000		15,300
Targa Resources Partners LP/Targa Resources Partners Finance Corp., 5.25%, 5/1/23, Callable 9/10/20 @ 100.88(a)		30,000		30,201
TEGNA, Inc., 5.00%, 9/15/29, Callable 9/15/24 @ 102.50(a)(d)		75,000		75,609
Tenet Healthcare Corp., 4.63%, 6/15/28, Callable 6/15/23 @ 102.31(a)(d)		33,000		34,706
Tenet Healthcare Corp., 5.13%, 11/1/27, Callable 11/1/22 @ 102.56(a)(d)		94,000		99,875
The Goldman Sachs Group, Inc., 4.75%, 10/12/21	EUR	100,000		123,905
The Walt Disney Co., 2.65%, 1/13/31		375,000		407,623
Time Warner Cable LLC, 4.50%, 9/15/42, Callable 3/15/42 @ 100.00(a)		100,000		115,566
Tronox, Inc., 6.50%, 5/1/25, Callable 5/1/22 @ 103.25(a)(d)		30,000		31,913
Truck Hero, Inc., 8.50%, 4/21/24, Callable 4/30/21 @ 104.25(a)(d)		143,000		149,435
Vistra Operations Co. LLC, 5.00%, 7/31/27, Callable 7/31/22 @ 102.50(a)(d)		105,000		112,087
Warrior Met Coal, Inc., 8.00%, 11/1/24, Callable 11/1/20 @ 104.00(a)(d)		216,000		222,143
WESCO Distribution, Inc., 7.13%, 6/15/25, Callable 6/15/22 @ 103.56(a)(d)		50,000		54,870
WESCO Distribution, Inc., 7.25%, 6/15/28, Callable 6/15/23 @ 103.63(a)(d)		50,000		54,625
Western Midstream Operating LP, 3.10%, 2/1/25, Callable 1/1/25 @ 100.00(a)		500,000		498,799
Wolverine Escrow LLC, 8.50%, 11/15/24, Callable 11/15/21 @ 106.38(a)(d)		96,000		69,600
Wolverine Escrow LLC, 9.00%, 11/15/26, Callable 11/15/22 @ 106.75(a)(d)		133,000		96,425
				22,264,672

TOTAL CORPORATE BONDS (COST $21,418,540)				22,264,672

	Shares
Investment Companies — 7.0%
Northern Institutional Government Assets Portfolio, Institutional Shares, 0.07%(f)		2,352,527		2,352,527
TOTAL INVESTMENT COMPANIES (COST $2,352,527)				2,352,527

	Principal Amount ($)
U.S. Treasury Obligations — 3.0%
U.S. Treasury Note — 3.0%
0.25%, 5/31/25		48,000		48,098
0.25%, 6/30/25		636,000		637,018
0.63%, 5/15/30		265,000		267,143
1.50%, 2/15/30		37,000		40,379
				992,638
TOTAL U.S. TREASURY OBLIGATIONS (COST $985,752)				992,638

TOTAL INVESTMENTS IN SECURITIES (COST $30,896,827) — 94.9%				31,725,460
Other Assets (Liabilities) - 5.1%				1,713,674
NET ASSETS - 100%			$	33,439,134

†	The principal amount is disclosed in local currency and the value is disclosed in U.S. Dollars.
(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 July 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 July 31, 2020.

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

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

bps - Basis Points

EUR - Euro

EUSA12 - Euro 12 Year Swap Rate

H15T5Y - 5 Year Treasury Constant Maturity Rate

H15T10Y - 10 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

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

Industry	Percentage of Net Assets at Value (%)*
Oil, Gas & Consumable Fuels		13.3
Investment Companies		7.0
Consumer Finance		6.5
Banks		6.1
Equity Real Estate Investment Trusts		5.4
Containers & Packaging		5.0
Media		3.9
Hotels, Restaurants & Leisure		3.9
Metals & Mining		3.6
Treasury Note		2.9
Diversified Telecommunication Services		2.9
Health Care Providers & Services		2.8
Capital Markets		1.8
IT Services		1.8
Specialty Retail		1.6
Chemicals		1.6
Diversified Financial Services		1.6
Sovereign Bond		1.6
Technology Hardware, Storage & Peripherals		1.6
Trading Companies & Distributors		1.6
Entertainment		1.2
Aerospace & Defense		1.2
Machinery		1.2
Electric Utilities		1.1
Automobiles		1.1
Insurance		1.0
Wireless Telecommunication Services		1.0
Paper & Forest Products		1.0
Pharmaceuticals		1.0
Independent Power and Renewable Electricity Producers		1.0
Auto Components		1.0
Food Products		0.8
Thrifts & Mortgage Finance		0.8
Building Products		0.8
Electronic Equipment, Instruments & Components		0.7
Industrial Conglomerates		0.6
Household Durables		0.6
Airlines		0.5
Semiconductors & Semiconductor Equipment		0.5
Communications Equipment		0.4
Commercial Services & Supplies		0.3
Diversified Consumer Services		0.2
Energy Equipment & Services		0.1
Food & Staples Retailing		0.1
Software		0.1
Distributors		0.1
Total		94.9

HSBC FAMILY OF FUNDS

HSBC STRATEGIC INCOME FUND

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

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

Underlying Instrument	Pay Fixed Rate (%)	Payment Frequency	Implied Credit Spread at July 31, 2020 (%)(b)	Expiration Date	Notional Amount ($)(c)		Value ($)			Upfront Premiums Paid/ (Received) ($)			Unrealized Appreciation/ (Depreciation) ($)
CDX N.A. High Yield Index, Series 34	5.00	Quarterly	4.41	6/20/25		3,760,000		(96,443	)		(68,690	)		(27,753	)
								(96,443	)		(68,690	)		(27,753	)

* As of July 31, 2020, the CDX N.A. High Yield Index, Series 34 included securities which had defaulted and represented 7% of the Index.

(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	1,303,635	European Euro	1,162,994	UBS AG	8/4/20		(66,255	)
U.S. Dollar	1,376,794	European Euro	1,162,994	Morgan Stanley	9/2/20		6,073
							(60,182	)

			Total unrealized appreciation			$	6,073
			Total unrealized depreciation				(66,255	)
			Total net unrealized appreciation/(depreciation)			$	(60,182	)


HSBC FAMILY OF FUNDS

HSBC Funds NPORT-PHSBC Opportunity Fund Class I (Jul 2020 report)