HSBC Funds
Quarterly Report
July 31, 2024
HSBC RADIANT U.S. SMALLER COMPANIES PORTFOLIO
Schedule of Portfolio Investments — as of July 31, 2024 (Unaudited)
| | | Shares | | | Value ($) | |
| Common Stocks — 98.4% | | | | | | | | |
| Biotechnology — 8.1% | | | | | | | | |
| Alkermes PLC (a) | | | 13,530 | | | | 369,639 | |
| Dynavax Technologies Corp. (a) | | | 16,340 | | | | 182,845 | |
| Halozyme Therapeutics, Inc. (a) | | | 8,120 | | | | 448,711 | |
| MiMedx Group, Inc. (a) | | | 28,520 | | | | 212,474 | |
| Myriad Genetics, Inc. (a) | | | 10,380 | | | | 290,329 | |
| Neurocrine Biosciences, Inc. (a) | | | 2,540 | | | | 359,588 | |
| United Therapeutics Corp. (a) | | | 890 | | | | 278,828 | |
| Vericel Corp. (a) | | | 6,960 | | | | 351,619 | |
| | | | | | | | 2,494,033 | |
| Broadline Retail — 1.4% | | | | | | | | |
| Nordstrom, Inc. | | | 18,210 | | | | 415,734 | |
| | | | | | | | | |
| Building Products — 5.8% | | | | | | | | |
| Apogee Enterprises, Inc. | | | 5,830 | | | | 400,171 | |
| Fortune Brands Innovations, Inc. | | | 1,490 | | | | 120,407 | |
| Gibraltar Industries, Inc. (a) | | | 1,520 | | | | 112,891 | |
| Griffon Corp. | | | 5,870 | | | | 422,992 | |
| Owens Corning | | | 2,600 | | | | 484,588 | |
| Quanex Building Products Corp. | | | 7,030 | | | | 234,802 | |
| | | | | | | | 1,775,851 | |
| Capital Markets — 1.5% | | | | | | | | |
| Donnelley Financial Solutions, Inc. (a) | | | 7,020 | | | | 473,710 | |
| | | | | | | | | |
| Commercial Banks — 6.0% | | | | | | | | |
| East West Bancorp, Inc. | | | 5,750 | | | | 505,367 | |
| First Horizon Corp. | | | 27,420 | | | | 458,737 | |
| Pathward Financial, Inc. | | | 4,390 | | | | 296,501 | |
| SouthState Corp. | | | 2,980 | | | | 294,931 | |
| Synovus Financial Corp. | | | 6,010 | | | | 280,967 | |
| | | | | | | | 1,836,503 | |
| Construction & Engineering — 1.3% | | | | | | | | |
| Sterling Infrastructure, Inc. (a) | | | 3,320 | | | | 386,315 | |
| | | | | | | | | |
| Consumer Staples Distribution & Retail — 1.8% | | | | | | | | |
| Sprouts Farmers Market, Inc. (a) | | | 5,470 | | | | 546,398 | |
| | | | | | | | | |
| Containers & Packaging — 1.7% | | | | | | | | |
| Crown Holdings, Inc. | | | 5,730 | | | | 508,251 | |
| | | | | | | | |
| Diversified Consumer Services — 1.5% | | | | | | | | |
| Frontdoor, Inc. (a) | | | 11,760 | | | | 464,050 | |
| | | | | | | | | |
| Electrical Equipment — 3.7% | | | | | | | | |
| Atkore, Inc. | | | 2,780 | | | | 375,300 | |
| NEXTracker, Inc. Class A (a) | | | 8,210 | | | | 403,439 | |
| Vertiv Holdings Co. Class A | | | 4,460 | | | | 351,002 | |
| | | | | | | | 1,129,741 | |
| Electronic Equipment, Instruments & Components — 6.9% | | | | | | | | |
| Belden, Inc. | | | 4,330 | | | | 401,348 | |
| ePlus, Inc. (a) | | | 3,440 | | | | 316,205 | |
| Fabrinet (a) | | | 1,560 | | | | 344,073 | |
| Jabil, Inc. | | | 3,900 | | | | 439,413 | |
| Novanta, Inc. (a) | | | 1,680 | | | | 304,382 | |
| Vontier Corp. | | | 7,790 | | | | 305,602 | |
| | | | | | | | 2,111,023 | |
| Entertainment — 0.7% | | | | | | | | |
| Cinemark Holdings, Inc. (a) | | | 9,560 | | | | 225,425 | |
| | | | | | | | | |
| Financial Services — 2.9% | | | | | | | | |
| Voya Financial, Inc. | | | 5,580 | | | | 405,833 | |
| WEX, Inc. (a) | | | 2,690 | | | | 493,481 | |
| | | | | | | | 899,314 | |
| Health Care Equipment & Supplies — 6.5% | | | | | | | | |
| Glaukos Corp. (a) | | | 3,640 | | | | 426,499 | |
| Haemonetics Corp. (a) | | | 3,280 | | | | 295,364 | |
| Inspire Medical Systems, Inc. (a) | | | 1,610 | | | | 227,091 | |
| Lantheus Holdings, Inc. (a) | | | 4,200 | | | | 440,286 | |
| RxSight, Inc. (a) | | | 4,090 | | | | 187,199 | |
| Tandem Diabetes Care, Inc. (a) | | | 5,130 | | | | 189,707 | |
| TransMedics Group, Inc. (a) | | | 1,690 | | | | 240,419 | |
| | | | | | | | 2,006,565 | |
| Health Care Providers & Services — 4.3% | | | | | | | | |
| Brookdale Senior Living, Inc. (a) | | | 30,510 | | | | 235,842 | |
| Encompass Health Corp. | | | 1,450 | | | | 134,763 | |
| Ensign Group, Inc. | | | 2,930 | | | | 412,398 | |
| Option Care Health, Inc. (a) | | | 9,260 | | | | 274,930 | |
| Select Medical Holdings Corp. | | | 6,490 | | | | 258,042 | |
| | | | | | | | 1,315,975 | |
| Hotel & Resort REITs — 1.4% | | | | | | | | |
| Host Hotels & Resorts, Inc. REIT | | | 24,620 | | | | 431,096 | |
| | | | | | | | | |
| Household Durables — 4.1% | | | | | | | | |
| Installed Building Products, Inc. | | | 2,080 | | | | 562,328 | |
| Sonos, Inc. (a) | | | 13,580 | | | | 183,330 | |
| Tempur Sealy International, Inc. | | | 9,730 | | | | 509,365 | |
| | | | | | | | 1,255,023 | |
| Insurance — 4.1% | | | | | | | | |
| Axis Capital Holdings Ltd. | | | 5,590 | | | | 423,442 | |
| Everest Group Ltd. | | | 1,110 | | | | 436,086 | |
| Palomar Holdings, Inc. (a) | | | 4,410 | | | | 405,764 | |
| | | | | | | | 1,265,292 | |
HSBC RADIANT U.S. SMALLER COMPANIES PORTFOLIO
Schedule of Portfolio Investments — as of July 31, 2024 (Unaudited) (continued)
| | | Shares | | | Value ($) | |
| Common Stocks, continued | | | | | | | | |
| Machinery — 5.5% | | | | | | | | |
| Mueller Water Products, Inc. Class A | | | 19,470 | | | | 402,640 | |
| Snap-on, Inc. | | | 1,400 | | | | 401,842 | |
| Tennant Co. | | | 4,150 | | | | 446,913 | |
| Trinity Industries, Inc. | | | 12,940 | | | | 427,796 | |
| | | | | | | | 1,679,191 | |
| Media — 2.2% | | | | | | | | |
| Magnite, Inc. (a) | | | 30,820 | | | | 448,123 | |
| PubMatic, Inc. Class A (a) | | | 10,610 | | | | 232,995 | |
| | | | | | | | 681,118 | |
| Metals & Mining — 0.8% | | | | | | | | |
| Constellium SE Class A (a) | | | 13,080 | | | | 232,955 | |
| | | | | | | | | |
| Real Estate Management & Development — 1.6% | | | | | | | | |
| Jones Lang LaSalle, Inc. (a) | | | 2,000 | | | | 501,800 | |
| | | | | | | | | |
| Semiconductors & Semiconductor Equipment — 2.7% | | | | | | | | |
| Semtech Corp. (a) | | | 13,670 | | | | 433,613 | |
| SMART Global Holdings, Inc. (a) | | | 11,260 | | | | 263,484 | |
| Veeco Instruments, Inc. (a) | | | 3,430 | | | | 142,036 | |
| | | | | | | | 839,133 | |
| Software — 10.9% | | | | | | | | |
| DocuSign, Inc. (a) | | | 9,470 | | | | 525,396 | |
| Elastic NV (a) | | | 4,020 | | | | 440,873 | |
| Gen Digital, Inc. | | | 21,640 | | | | 562,424 | |
| Guidewire Software, Inc. (a) | | | 3,600 | | | | 540,252 | |
| Manhattan Associates, Inc. (a) | | | 2,050 | | | | 523,529 | |
| Nutanix, Inc. Class A (a) | | | 9,480 | | | | 478,835 | |
| Tenable Holdings, Inc. (a) | | | 6,070 | | | | 278,734 | |
| | | | | | | | 3,350,043 | |
| Specialized REITs — 2.2% | | | | | | | | |
| EPR Properties REIT | | | 5,470 | | | | 246,150 | |
| Iron Mountain, Inc. REIT | | | 4,160 | | | | 426,650 | |
| | | | | | | | 672,800 | |
| Specialty Retail — 5.5% | | | | | | | | |
| Abercrombie & Fitch Co. Class A (a) | | | 3,070 | | | | 452,764 | |
| Burlington Stores, Inc. (a) | | | 2,220 | | | | 577,910 | |
| Dick’s Sporting Goods, Inc. | | | 1,960 | | | | 424,046 | |
| Gap, Inc. | | | 10,490 | | | | 246,305 | |
| | | | | | | | 1,701,025 | |
| Technology Hardware, Storage & Peripherals — 1.9% | | | | | | | | |
| Pure Storage, Inc. Class A (a) | | | 9,650 | | | | 578,325 | |
| | | | | | | | | |
| Textiles, Apparel & Luxury Goods — 1.4% | | | | | | | | |
| Kontoor Brands, Inc. | | | 5,970 | | | | 418,796 | |
| | | | | | | | | |
TOTAL COMMON STOCKS
(Cost $24,065,802) | | | | | | | 30,195,485 | |
| | | | | | | | | |
TOTAL INVESTMENTS IN SECURITIES
(Cost $24,065,802) — 98.4% | | | | | | | 30,195,485 | |
| Other Assets (Liabilities) — 1.6% | | | | | | | 479,280 | |
| NET ASSETS — 100.0% | | | | | | $ | 30,674,765 | |
| (a) | Represents non-income producing security |
HSBC RADIANT U.S. SMALLER COMPANIES FUND
Schedule of Portfolio Investments — as of July 31, 2024 (Unaudited)
| | | Value ($) | |
| Affiliated Portfolio — 100.0% | | | | |
| HSBC Radiant U.S. Smaller Companies Portfolio | | | 8,449,263 | |
TOTAL AFFILIATED PORTFOLIO
(Cost $6,504,882) | | | 8,449,263 | |
| | | | | |
TOTAL INVESTMENTS IN SECURITIES
(Cost $6,504,882) — 100.0% | | | 8,449,263 | |
| Other Assets (Liabilities) — 0.0% | | | 1,844 | |
| NET ASSETS — 100.0% | | $ | 8,451,107 | |
Affiliated Investment Transactions:
A summary of the Fund’s investment in the Portfolio for the nine-month period ended July 31, 2024 is as follows:
| | | Value
10/31/2023
($) | | Contributions
($) | | Withdrawals
($) | | Net Realized
Gains/(Losses)
($) | | Change in
Unrealized
Appreciation/
Depreciation
($) | | Net
Income/(Loss)
($) | | Value
07/31/2024
($) |
| Radiant U.S. Smaller Companies Fund | | | | | | | | | | | | | | |
| HSBC Radiant U.S. Smaller Companies Portfolio | | 6,837,927 | | 579,362 | | (922,630) | | 230,883 | | 1,933,105 | | (209,384) | | 8,449,263 |
| Total | | 6,837,927 | | 579,362 | | (922,630) | | 230,883 | | 1,933,105 | | (209,384) | | 8,449,263 |
HSBC RADIANT U.S. SMALLER COMPANIES FUND (CLASS I)
Schedule of Portfolio Investments — as of July 31, 2024 (Unaudited)
| | | Value ($) | |
| Affiliated Portfolio — 99.7% | | | | |
| HSBC Radiant U.S. Smaller Companies Portfolio | | | 22,225,502 | |
TOTAL AFFILIATED PORTFOLIO
(Cost $18,040,200) | | | 22,225,502 | |
| | | | | |
TOTAL INVESTMENTS IN SECURITIES
(Cost $18,040,200) — 99.7% | | | 22,225,502 | |
| Other Assets (Liabilities) — 0.3% | | | 58,050 | |
| NET ASSETS — 100.0% | | $ | 22,283,552 | |
Affiliated Investment Transactions:
A summary of the Fund’s investment in the Portfolio for the nine-month period ended July 31, 2024 is as follows:
| | | Value
10/31/2023
($) | | Contributions
($) | | Withdrawals
($) | | Net Realized
Gains/(Losses)
($) | | Change in
Unrealized
Appreciation/
Depreciation
($) | | Net
Income/(Loss)
($) | | Value
07/31/2024
($) |
| Radiant U.S. Smaller Companies Fund (Class I) | | | | | | | | | | | | | | |
| HSBC Radiant U.S. Smaller Companies Portfolio | | 12,749,551 | | 7,893,676 | | (2,345,034) | | 304,589 | | 3,967,151 | | (344,431) | | 22,225,502 |
| Total | | 12,749,551 | | 7,893,676 | | (2,345,034) | | 304,589 | | 3,967,151 | | (344,431) | | 22,225,502 |
