HSBC OPPORTUNITY PORTFOLIO
Schedule of Portfolio Investments—as of July 31, 2021 (Unaudited)
| Common Stocks — 99.2% | | | | | |
| | | Shares | | Value ($) | |
| Aerospace & Defense — 2.6% | | | | | |
| Hexcel Corp.(a) | | 22,400 | | 1,219,008 | |
| Teledyne Technologies, Inc.(a) | | 3,090 | | 1,399,059 | |
| | | | | 2,618,067 | |
| Banks — 1.2% | | | | | |
| Signature Bank | | 5,100 | | 1,157,547 | |
| Biotechnology — 11.0% | | | | | |
| Acceleron Pharma, Inc.(a) | | 13,870 | | 1,734,582 | |
| Ascendis Pharma AS, ADR(a) | | 12,507 | | 1,478,202 | |
| Blueprint Medicines Corp.(a) | | 20,253 | | 1,779,631 | |
| Ironwood Pharmaceuticals, | | | | | |
| Inc.(a) | | 102,950 | | 1,366,147 | |
| Mersana Therapeutics, Inc.(a) | | 7,600 | | 83,600 | |
| Neurocrine Biosciences, Inc.(a) | | 18,270 | | 1,702,947 | |
| Novavax, Inc.(a) | | 3,810 | | 683,247 | |
| Rocket Pharmaceuticals, Inc.(a) | | 22,200 | | 795,204 | |
| TG Therapeutics, Inc.(a) | | 37,620 | | 1,316,324 | |
| | | | 10,939,884 | |
| Building Products — 4.7% | | | | | |
| Advanced Drainage Systems, | | | | | |
| Inc. | | 20,241 | | 2,471,224 | |
| The AZEK Co., Inc.(a) | | 19,240 | | 699,759 | |
| Trex Co., Inc.(a) | | 15,670 | | 1,521,557 | |
| | | | 4,692,540 | |
| Capital Markets — 2.6% | | | | | |
| Ares Management Corp., | | | | | |
| Class A | | 13,860 | | 992,514 | |
| LPL Financial Holdings, Inc. | | 11,220 | | 1,582,469 | |
| | | | 2,574,983 | |
| Chemicals — 3.3% | | | | | |
| Axalta Coating Systems Ltd.(a) | | 33,110 | | 996,611 | |
| Celanese Corp., Series A. | | 5,110 | | 795,985 | |
| FMC Corp. | | 14,010 | | 1,498,369 | |
| | | | 3,290,965 | |
| Commercial Services & Supplies — 0.5% | | | |
| IAA, Inc.(a) | | 8,340 | | 504,403 | |
| Communications Equipment — 3.7% | | | |
| F5 Networks, Inc.(a) | | 9,670 | | 1,996,952 | |
| Lumentum Holdings, Inc.(a). | | 20,290 | | 1,704,157 | |
| | | | 3,701,109 | |
| Diversified Telecommunication Services — 1.5% | | | |
| Cogent Communications | | | | | |
| Holdings, Inc. | | 19,380 | | 1,504,082 | |
| Electrical Equipment — 2.9% | | | | | |
| Atkore, Inc.(a) | | 22,718 | | 1,706,349 | |
| Sensata Technologies Holding | | | | | |
| PLC(a) | | 20,240 | | 1,186,469 | |
| | | | 2,892,818 | |
| Entertainment — 1.7% | | | | | |
| Zynga, Inc., Class A(a) | | 166,180 | | 1,678,418 | |
| Equity Real Estate Investment Trusts — 2.4% | | | |
| Douglas Emmett, Inc. | | 70,280 | | 2,347,352 | |
| Health Care Equipment & Supplies — 1.5% | | | |
| Insulet Corp.(a) | | 5,273 | | 1,474,805 | |
| Health Care Providers & Services — 3.5% | | | |
| Oak Street Health, Inc.(a) | | 24,610 | | 1,551,414 | |
| Quest Diagnostics, Inc. | | 13,570 | | 1,924,226 | |
| | | | 3,475,640 | |
| Hotels, Restaurants & Leisure — 2.6% | | | | | |
| Darden Restaurants, Inc. | | 8,380 | | 1,222,475 | |
| Vail Resorts, Inc.(a) | | 4,590 | | 1,400,868 | |
| | | | 2,623,343 | |
| Household Durables — 1.2% | | | | | |
| TopBuild Corp.(a) | | 5,700 | | 1,155,333 | |
| Insurance — 2.0% | | | | | |
| American Financial Group, | | | | | |
| Inc. | | 15,480 | | 1,958,065 | |
| Internet & Direct Marketing Retail — 1.2% | | | |
| Revolve Group, Inc.(a) | | 17,323 | | 1,205,854 | |
| IT Services — 6.0% | | | | | |
| Black Knight, Inc.(a) | | 15,730 | | 1,302,601 | |
| Gartner, Inc.(a) | | 7,550 | | 1,998,712 | |
| Paya Holdings, Inc.(a) | | 97,720 | | 1,122,803 | |
| WEX, Inc.(a) | | 7,955 | | 1,509,302 | |
| | | | 5,933,418 | |
| Leisure Products — 1.4% | | | | | |
| BRP, Inc. | | 16,620 | | 1,391,925 | |
| Life Sciences Tools & Services — 5.9% | | | | | |
| BIO-RAD Laboratories, Inc., | | | | | |
| Class A(a) | | 3,410 | | 2,521,729 | |
| ICON PLC(a) | | 10,280 | | 2,500,816 | |
| Pacific Biosciences of | | | | | |
| California, Inc.(a) | | 25,490 | | 819,503 | |
| | | | 5,842,048 | |
| Machinery — 3.9% | | | | | |
| IDEX Corp. | | 7,160 | | 1,623,101 | |
| Lincoln Electric Holdings, Inc. | | 10,240 | | 1,427,763 | |
| Meritor, Inc.(a) | | 33,400 | | 812,622 | |
| | | | 3,863,486 | |
| Oil, Gas & Consumable Fuels — 1.1% | | | | | |
| Diamondback Energy, Inc. | | 14,400 | | 1,110,672 | |
| Pharmaceuticals — 2.9% | | | | | |
| Catalent, Inc.(a) | | 23,910 | | 2,864,657 | |
| Professional Services — 2.1% | | | | | |
| TransUnion | | 17,580 | | 2,110,655 | |
| Road & Rail — 3.0% | | | | | |
| Lyft, Inc., Class A(a) | | 29,370 | | 1,624,748 | |
| Saia, Inc.(a) | | 5,940 | | 1,342,440 | |
| | | | 2,967,188 | |
| Semiconductors & Semiconductor Equipment — 5.1% | |
| Cirrus Logic, Inc.(a) | | 18,310 | | 1,512,223 | |
| MKS Instruments, Inc. | | 10,650 | | 1,666,086 | |
| Silicon Motion Technology | | | | | |
| Corp., ADR | | 25,350 | | 1,900,996 | |
| | | | 5,079,305 | |
| Software — 11.6% | | | | | |
| Avalara, Inc.(a) | | 10,430 | | 1,743,583 | |
| HubSpot, Inc.(a) | | 3,988 | | 2,376,928 | |
| Nice, Ltd., ADR(a) | | 6,560 | | 1,827,944 | |
| Paylocity Holding Corp.(a) | | 8,850 | | 1,836,021 | |
| Pegasystems, Inc. | | 12,910 | | 1,647,832 | |
| Q2 Holdings, Inc.(a) | | 12,360 | | 1,276,912 | |
| Zendesk, Inc.(a) | | 6,090 | | 794,928 | |
| | | | 11,504,148 | |
| Specialty Retail — 4.1% | | | | | |
| Five Below, Inc.(a) | | 9,550 | | 1,856,711 | |
| National Vision Holdings, Inc.(a) | | 41,600 | | 2,245,568 | |
| | | | 4,102,279 | |
HSBC FAMILY OF FUNDS 1
HSBC OPPORTUNITY PORTFOLIO
Schedule of Portfolio Investments—as of July 31, 2021 (Unaudited) (continued)
| Common Stocks, continued | | | | | | |
| | | Shares | | Value ($) | |
| Textiles, Apparel & Luxury Goods — 2.0% | | | | |
| Tapestry, Inc.(a) | | 47,070 | | | 1,991,061 | |
| TOTAL COMMON STOCKS | | | | | | |
| (COST $79,273,883) | | | | | 98,556,050 | |
| Investment Company — 0.8% | | | | | | |
| Northern Institutional | | | | | | |
| Government Select | | | | | | |
| Portfolio, Institutional | | | | | | |
| Shares, 0.03%(b) | | 786,995 | | | 786,995 | |
| TOTAL INVESTMENT | | | | | | |
| COMPANY | | | | | | |
| (Cost $786,995) | | | | | 786,995 | |
| TOTAL INVESTMENTS IN | | | | | | |
| SECURITIES | | | | | | |
| (Cost $80,060,878) — | | | | | | |
| 100.0% | | | | | 99,343,045 | |
| Other Assets (Liabilities) - | | | | | | |
| 0.0% | | | | | 13,233 | |
| NET ASSETS - 100% | | | | $ | 99,356,278 | |
____________________
| (a) | Represents non-income producing security. |
| (b) | The rate represents the annualized 7-day yield that was in effect on July 31, 2021. |
ADR - American Depositary Receipt
2 HSBC FAMILY OF FUNDS
HSBC OPPORTUNITY FUND
Schedule of Portfolio Investments—as of July 31, 2021 (Unaudited)
| Affiliated Portfolio — 100.1% | | | | |
| | Value ($) | |
| HSBC Opportunity Portfolio | | | 12,111,705 | |
| TOTAL INVESTMENTS IN | | | | |
| SECURITIES - 100.1% | | | | |
| (COST $10,483,115) | | | 12,111,705 | |
| Other Assets (Liabilities) - | | | | |
| (0.1)% | | | (16,715 | ) |
| NET ASSETS - 100% | | $ | 12,094,990 | |
____________________
HSBC FAMILY OF FUNDS 1
HSBC OPPORTUNITY FUND (CLASS I)
Schedule of Portfolio Investments—as of July 31, 2021 (Unaudited)
| Affiliated Portfolio — 100.0% | | | | |
| | Value ($) | |
| HSBC Opportunity Portfolio | | | 87,244,574 | |
| TOTAL INVESTMENTS IN | | | | |
| SECURITIES - 100.0% | | | | |
| (COST $70,019,697) | | | 87,244,574 | |
| Other Assets (Liabilities) - 0.0% | | | (4,321 | ) |
| NET ASSETS - 100% | | $ | 87,240,253 | |
____________________
HSBC FAMILY OF FUNDS 1
