HSBC Funds NPORT-P HSBC Radiant U.S. Smaller Companies Fund Class I (Jan 2024 report)

HSBC Funds

Quarterly Report

January 31, 2024

HSBC RADIANT U.S. SMALLER COMPANIES PORTFOLIO

Schedule of Portfolio Investments — as of January 31, 2024 (Unaudited)

	Shares		Value ($)
Common Stocks — 98.4%
Biotechnology — 10.8%
Alkermes PLC (a)		13,530		365,986
Dynavax Technologies Corp. (a)		16,340		211,113
Halozyme Therapeutics, Inc. (a)		10,710		362,533
Ironwood Pharmaceuticals, Inc. (a)		22,800		323,532
MannKind Corp. (a)		60,470		201,970
MiMedx Group, Inc. (a)		28,520		220,745
Neurocrine Biosciences, Inc. (a)		750		104,828
RAPT Therapeutics, Inc. (a)		9,370		231,907
Vericel Corp. (a)		6,960		299,141
				2,321,755
Building Products — 7.0%
Apogee Enterprises, Inc.		2,900		153,149
Builders FirstSource, Inc. (a)		450		78,179
Griffon Corp.		5,870		341,986
JELD-WEN Holding, Inc. (a)		3,500		65,100
Masonite International Corp. (a)		2,730		251,296
Owens Corning		2,570		389,432
Quanex Building Products Corp.		7,030		219,477
				1,498,619
Capital Markets — 2.4%
Donnelley Financial Solutions, Inc. (a)		4,670		290,101
Victory Capital Holdings, Inc. Class A		6,710		226,328
				516,429
Commercial Banks — 3.4%
East West Bancorp, Inc.		930		67,713
SouthState Corp.		2,980		247,638
Synovus Financial Corp.		6,010		226,337
Zions Bancorp NA		4,470		187,293
				728,981
Communications Equipment — 1.0%
Extreme Networks, Inc. (a)		15,120		204,271
Construction & Engineering — 3.2%
Sterling Infrastructure, Inc. (a)		3,830		287,633
WillScot Mobile Mini Holdings Corp. (a)		8,460		400,158
				687,791
Consumer Staples Distribution & Retail — 1.5%
Sprouts Farmers Market, Inc. (a)		6,240		314,309
Diversified Consumer Services — 4.4%
Coursera, Inc. (a)		16,360		313,130
Frontdoor, Inc. (a)		7,970		261,097
H&R Block, Inc.		7,970		373,315
				947,542
Electrical Equipment — 3.3%
Atkore, Inc. (a)		2,780		424,034
Vertiv Holdings Co. Class A		5,140		289,536
				713,570
Electronic Equipment, Instruments & Components — 3.5%
Jabil, Inc.		3,790		474,849
Vontier Corp.		7,790		269,456
				744,305
Financial Services — 1.6%
WEX, Inc. (a)		1,640		335,200
Health Care Equipment & Supplies — 7.0%
AtriCure, Inc. (a)		5,130		174,728
CONMED Corp.		3,000		286,800
Glaukos Corp. (a)		3,640		324,069
Haemonetics Corp. (a)		3,280		250,789
Inari Medical, Inc. (a)		4,290		244,315
Lantheus Holdings, Inc. (a)		4,200		218,106
				1,498,807
Health Care Providers & Services — 7.6%
AMN Healthcare Services, Inc. (a)		2,510		185,765
Brookdale Senior Living, Inc. (a)		39,050		213,604
Ensign Group, Inc.		3,570		404,195
Option Care Health, Inc. (a)		9,260		289,282
Progyny, Inc. (a)		3,580		136,362
RadNet, Inc. (a)		7,500		277,275
Select Medical Holdings Corp.		4,850		126,052
				1,632,535
Health Care REITs — 1.0%
Omega Healthcare Investors, Inc. REIT		7,430		215,470
Household Durables — 3.7%
Installed Building Products, Inc.		2,090		407,237
Tempur Sealy International, Inc.		7,680		383,155
				790,392
Insurance — 1.1%
Everest Group Ltd.		640		246,381

HSBC FAMILY OF FUNDS 1

HSBC RADIANT U.S. SMALLER COMPANIES PORTFOLIO

Schedule of Portfolio Investments — as of January 31, 2024 (Unaudited) (continued)

	Shares		Value ($)
Common Stocks, continued
Interactive Media & Services — 0.8%
Cars.com, Inc. (a)		9,680		168,722
Metals & Mining — 1.1%
Constellium SE Class A (a)		13,080		245,250
Office REITs — 1.0%
Boston Properties, Inc. REIT		3,390		225,435
Professional Services — 5.8%
Paylocity Holding Corp. (a)		2,210		350,086
Robert Half, Inc.		2,620		208,395
TriNet Group, Inc. (a)		2,650		301,305
Verra Mobility Corp. (a)		15,870		379,451
				1,239,237
Semiconductors & Semiconductor Equipment — 1.8%
Rambus, Inc. (a)		5,700		390,621
Software — 13.2%
Elastic NV (a)		4,020		470,581
Gen Digital, Inc.		17,470		410,196
Guidewire Software, Inc. (a)		1,980		221,126
Manhattan Associates, Inc. (a)		2,050		497,248
Nutanix, Inc. Class A (a)		8,000		449,600
PROS Holdings, Inc. (a)		7,730		266,067
Smartsheet, Inc. Class A (a)		6,410		288,258
Teradata Corp. (a)		4,990		230,438
				2,833,514
Specialized REITs — 2.7%
EPR Properties REIT		5,470		242,157
Iron Mountain, Inc. REIT		4,840		326,797
				568,954
Specialty Retail — 3.9%
Abercrombie & Fitch Co. Class A (a)		3,870		394,353
Dick’s Sporting Goods, Inc.		1,620		241,493
Gap, Inc.		10,490		196,058
				831,904
Technology Hardware, Storage & Peripherals — 2.3%
Pure Storage, Inc. Class A (a)		12,540		501,475
Textiles, Apparel & Luxury Goods — 1.9%
Kontoor Brands, Inc.		6,790		398,030
Trading Companies & Distributors — 1.4%
Boise Cascade Co.		2,150		291,239
TOTAL COMMON STOCKS
(Cost $17,539,690)				21,090,738
TOTAL INVESTMENTS IN SECURITIES
(Cost $17,539,690) — 98.4%				21,090,738
Other Assets (Liabilities) — 1.6%				341,234
NET ASSETS — 100.0%			$	21,431,972

^(a) Represents non-income producing security

2 HSBC FAMILY OF FUNDS

HSBC RADIANT U.S. SMALLER COMPANIES FUND

Schedule of Portfolio Investments — as of January 31, 2024 (Unaudited)

	Value ($)
Affiliated Portfolio — 99.9%
HSBC Radiant U.S. Smaller Companies Portfolio		7,974,606
TOTAL AFFILIATED PORTFOLIO
(Cost $6,794,053)		7,974,606
TOTAL INVESTMENTS IN SECURITIES
(Cost $6,794,053) — 99.9%		7,974,606
Other Assets (Liabilities) — 0.1%		9,876
NET ASSETS — 100.0%	$	7,984,482

Affiliated Investment Transactions:

A summary of each Fund’s investment in the Portfolio for the three-month period January 31, 2024 is as follows:

	Value 10/31/2023 ($)	Contributions ($)	Withdrawals ($)	Net Realized Gains/(Losses) ($)	Change in Unrealized Appreciation /Depreciation ($)	Net Income/(Loss) ($)	Value 01/31/2024 ($)
Radiant U.S. Smaller Companies Fund
HSBC Radiant U.S. Smaller Companies Portfolio	6,837,927	198,896	(249,376)	88,698	1,169,277	(70,816)	7,974,606
Total	6,837,927	198,896	(249,376)	88,698	1,169,277	(70,816)	7,974,606

HSBC FAMILY OF FUNDS 1

HSBC RADIANT U.S. SMALLER COMPANIES FUND (CLASS I)

Schedule of Portfolio Investments — as of January 31, 2024 (Unaudited)

	Value ($)
Affiliated Portfolio — 99.9%
HSBC Radiant U.S. Smaller Companies Portfolio		13,457,366
TOTAL AFFILIATED PORTFOLIO
(Cost $11,086,871)		13,457,366
TOTAL INVESTMENTS IN SECURITIES
(Cost $11,086,871) — 99.9%		13,457,366
Other Assets (Liabilities) — 0.1%		18,993
NET ASSETS — 100.0%	$	13,476,359

Affiliated Investment Transactions:

A summary of each Fund’s investment in the Portfolio for the three-month period January 31, 2024 is as follows:

	Value 10/31/2023 ($)	Contributions ($)	Withdrawals ($)	Net Realized Gains/(Losses) ($)	Change in Unrealized Appreciation /Depreciation ($)	Net Income/(Loss) ($)	Value 01/31/2024 ($)
Radiant U.S. Smaller Companies Fund (Class I)
HSBC Radiant U.S. Smaller Companies Portfolio	12,749,551	470,589	(1,934,155)	143,663	2,152,345	(124,627)	13,457,366
Total	12,749,551	470,589	(1,934,155)	143,663	2,152,345	(124,627)	13,457,366

HSBC FAMILY OF FUNDS 1