UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number  811-07583

HSBC ADVISOR FUNDS TRUST

(Exact name of registrant as specified in charter)

452 Fifth Avenue, New York, NY 10018

(Address of principal executive offices) (Zip code)

Citi Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, Ohio 43219

(Name and address of agent for service)

Registrant’s telephone number, including area code: 1-800-782-8183

Date of fiscal year end: October 31

Date of reporting period: January 31, 2016

Item 1. Schedule of Investments.

HSBC OPPORTUNITY FUND
Schedule of Portfolio Investments — as of January 31, 2016 (Unaudited)

Affiliated Portfolio — 100.0%
	Shares	Value ($)
HSBC Opportunity Portfolio			210,943,326
TOTAL INVESTMENT SECURITIES – 100.0%
(COST $214,200,150)			210,943,326
Other Assets (Liabilities) -0.0%			(39,639	)
NET ASSETS - 100%		$	210,903,687

HSBC FAMILY OF FUNDS See notes to schedules of portfolio investments.

HSBC OPPORTUNITY PORTFOLIO
Schedule of Portfolio Investments — as of January 31, 2016 (Unaudited)

Common Stocks — 94.9%
	Shares	Value ($)
Aerospace & Defense — 1.6%
TransDigm Group, Inc. (a)	16,025	3,601,298
Airlines — 1.6%
Allegiant Travel Co.	22,287	3,576,395
Banks — 2.0%
First Republic Bank	67,170	4,567,560
Biotechnology — 7.4%
ACADIA Pharmaceuticals, Inc. (a)	112,540	2,328,453
Anacor Pharmaceuticals, Inc. (a)	23,165	1,740,386
ARIAD Pharmaceuticals, Inc. (a)	615,350	3,089,057
Medivation, Inc. (a)	120,390	3,936,752
Merrimack Pharmaceuticals, Inc. (a)	263,060	1,623,080
Neurocrine Biosciences, Inc. (a)	53,940	2,295,147
PTC Therapeutics, Inc. (a)	73,095	1,741,123
		16,753,998
Building Products — 3.4%
A.O. Smith Corp.	16,900	1,180,465
Builders FirstSource, Inc. (a)	203,030	1,630,331
Lennox International, Inc.	39,945	4,786,210
		7,597,006
Capital Markets — 2.0%
Affiliated Managers Group, Inc. (a)	13,005	1,745,141
Raymond James Financial, Inc.	62,230	2,726,296
		4,471,437
Chemicals — 2.3%
PolyOne Corp.	60,800	1,645,248
W.R. Grace & Co. (a)	44,610	3,628,577
		5,273,825
Commercial Services & Supplies — 1.4%
Knoll, Inc.	175,490	3,220,242
Communications Equipment — 4.2%
Ciena Corp. (a)	122,200	2,171,494
CommScope Holding Co., Inc. (a)	105,820	2,372,484
Palo Alto Networks, Inc. (a)	32,600	4,873,374
		9,417,352
Diversified Consumer Services — 2.5%
Nord Anglia Education, Inc. (a)	136,090	2,347,553
Service Corp. International	137,400	3,323,706
		5,671,259
Diversified Financial Services — 1.4%
MSCI, Inc.	45,170	3,109,503
Electronic Equipment, Instruments & Components — 2.1%
Ingram Micro, Inc.	94,320	2,659,824
VeriFone Systems, Inc. (a)	89,440	2,092,002
		4,751,826
Health Care Equipment & Supplies — 4.8%
Align Technology, Inc. (a)	73,640	4,870,549
DENTSPLY International, Inc.	60,365	3,554,895
Wright Medical Group NV (a)	124,348	2,480,743
		10,906,187
Health Care Providers & Services — 3.7%
Quest Diagnostics, Inc.	70,130	4,605,437
Team Health Holdings, Inc. (a)	91,850	3,753,910
		8,359,347
Health Care Technology — 1.5%
Allscripts Healthcare Solutions, Inc. (a)	251,870	3,470,769
Hotels, Restaurants & Leisure — 7.2%
Aramark	115,440	3,688,308
Jack in the Box, Inc.	54,000	4,192,560
Sonic Corp.	104,920	3,082,550
Vail Resorts, Inc.	41,755	5,219,374
		16,182,792
Household Durables — 2.7%
Jarden Corp. (a)	114,322	6,064,782
Insurance — 2.4%
Assurant, Inc.	65,520	5,327,431
Internet Software & Services — 1.9%
Costar Group, Inc. (a)	24,360	4,272,013
IT Services — 3.5%
Genpact Ltd. (a)	70,480	1,685,882
Sabre Corp.	116,910	2,994,065
Total System Services, Inc.	82,060	3,295,530
		7,975,477
Life Sciences Tools & Services — 2.3%
Mettler-Toledo International, Inc. (a)	16,869	5,277,467
Machinery — 3.8%
Middleby Corp. (a)	37,530	3,391,211
Snap-on, Inc.	32,100	5,186,076
		8,577,287
Media — 2.1%
Interpublic Group of Cos., Inc.	56,810	1,274,816
Nexstar Broadcasting Group, Inc., Class A	78,250	3,537,683
		4,812,499
Oil, Gas & Consumable Fuels — 1.6%
Tesoro Corp.	42,140	3,676,715
Pharmaceuticals — 3.6%
Jazz Pharmaceuticals plc (a)	49,913	6,425,800
Pacira Pharmaceuticals, Inc. (a)	30,400	1,806,368
		8,232,168
Professional Services — 2.6%
IHS, Inc., Class A (a)	36,110	3,777,828
Robert Half International, Inc.	50,260	2,199,880
		5,977,708
Real Estate Investment Trusts — 2.7%
Digital Realty Trust, Inc.	30,500	2,442,440
Starwood Property Trust, Inc.	186,800	3,556,672
		5,999,112
Real Estate Management & Development — 1.4%
Jones Lang LaSalle, Inc.	22,390	3,150,721
Semiconductors & Semiconductor Equipment — 2.2%
On Semiconductor Corp. (a)	464,420	3,975,435
Qorvo, Inc. (a)	23,420	927,432
		4,902,867
Software — 6.0%
Fortinet, Inc. (a)	128,620	3,619,367
QLIK Technologies, Inc. (a)	89,550	2,242,332
ServiceNow, Inc. (a)	69,360	4,314,885
Splunk, Inc. (a)	74,540	3,450,457
		13,627,041
Specialty Retail — 5.2%
Restoration Hardware Holdings, Inc. (a)	57,070	3,516,653
Signet Jewelers Ltd.	27,880	3,234,080

Common Stocks, continued
	Shares	Value ($)
Specialty Retail, continued
Ulta Salon, Cosmetics & Fragrance, Inc. (a)	26,775		4,850,827
			11,601,560
Textiles, Apparel & Luxury Goods — 0.8%
Lululemon Athletica, Inc. (a)	30,220		1,875,755
Trading Companies & Distributors — 1.0%
HD Supply Holdings, Inc. (a)	85,380		2,242,933
TOTAL COMMON STOCKS
(COST $217,985,680)			214,524,332
Investment Company — 5.1%
Northern Institutional Government
Select Portfolio, Institutional
Shares, 0.09% (b)	11,585,820		11,585,820
TOTAL INVESTMENT COMPANY
(Cost $11,585,820)			11,585,820
TOTAL INVESTMENT SECURITIES
(Cost $229,571,500) — 100.0%			226,110,152
Other Assets (Liabilities) - 0.0%			91,352
NET ASSETS - 100%		$	226,201,504

____________________

(a)	Represents non-income producing security.
(b)	The rate represents the annualized one-day yield that was in effect on January 31, 2016.

Notes to Schedules of Portfolio Investments
(Unaudited)	January 31, 2016

1. Organization:

The HSBC Advisor Funds Trust (the "Advisor Trust"), a Massachusetts business trust organized on April 5, 1996, is registered under the Investment Company Act of 1940, as amended (the "Act"), as an open-end management investment company. The Advisor Trust is compromised of one operational fund, which is a diversified series of the HSBC Family of Funds which also includes the HSBC Portfolios (the "Portfolios Trust") and the HSBC Funds (collectively the "Trusts"). The Advisor Trust contains the following fund ("Feeder Fund"):

Fund	Short Name
HSBC Opportunity Fund	Opportunity Fund

Schedule of Portfolio Investments (the "Schedule") for all other funds of the Trusts are published separately.

The HSBC Opportunity Portfolio ("Portfolio") is a diversified series of the Portfolios Trust. The Portfolios Trust is an open-end management investment company organized as a master trust fund under the laws of the State of New York on November 1, 1994. The Portfolio operates as a master fund in a master-feeder arrangement, in which other funds invest all or part of their investable assets in the Portfolio. The Declaration of Trust permits the Board of Trustees (the "Board") to issue an unlimited number of beneficial interests in the Portfolio.

The Opportunity Fund utilizes the master-feeder fund structure and seeks to achieve its investment objective by investing all of its investable assets in its Portfolio (as defined below):

		Proportionate Ownership
		Interest on
Feeder Fund	Portfolio	January 31, 2016
Opportunity Fund	HSBC Opportunity Portfolio	93.3%

The Portfolio's Schedule is published separately and should be read in conjunction with the Schedule of the Feeder Fund.

2. Significant Accounting Policies:

The following is a summary of the significant accounting policies followed by the Opportunity Fund and the Portfolio in the preparation of their Schedules. The policies are in conformity with U.S. generally accepted accounting principles (“GAAP’’). The preparation of the Schedules require management to make estimates and assumptions that affect the reported amounts. Actual results could differ from these estimates.

Securities Valuation:

The Opportunity Fund and Portfolio record their investments at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The valuation techniques used to determine fair value are further described in Note 3 below.

Investment Transactions:

A. Opportunity Fund

The Opportunity Fund records investments into the Portfolio on a trade date basis.

B. Portfolio

Investment transactions are accounted for no later than one business day after trade date. However, for financial reporting purposes, investment transactions are accounted for on trade date.

3. Investment Valuation Summary:

The valuation techniques employed by the Opportunity Fund and the Portfolio, as described below, maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Opportunity Fund’s and the Portfolio’s investments are summarized in the three broad levels listed below:

● Level 1—quoted prices in active markets for identical assets
  

● Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayments speeds, credit risk, etc.)
  

● Level 3—significant unobservable inputs (including the Opportunity Fund's and Portfolio's own assumptions in determining the fair value of investments)

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Opportunity Fund and the Portfolio determine transfers between fair value hierarchy levels at the reporting period end. The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Opportunity Fund

The Opportunity Fund records its investments in the Portfolio at fair value, which is typically categorized as Level 2 in the fair value hierarchy. The underlying securities of the Portfolio are recorded at fair value, as more fully discussed below.

Portfolio

Exchange traded, domestic equity securities are valued at the last sales price on a national securities exchange, or in the absence of recorded sales, at the readily available closing bid price on such exchanges, or at the quoted bid price in the over-the-counter market and are typically categorized as Level 1 in the fair value hierarchy.

Shares of exchange traded and closed-end registered investment companies are valued in the same manner as other equity securities and are typically categorized as Level 1 in the fair value hierarchy. Mutual funds are valued at their net asset values, as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Securities or other assets for which market quotations are not readily available, or are deemed unreliable due to a significant event or otherwise, are valued pursuant to procedures adopted by the Trusts’ Board (“Procedures”). Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy. Examples of potentially significant events that could affect the value of an individual security and thus require pricing under the Procedures include corporate actions by the issuer, announcements by the issuer relating to its earnings or products, regulatory news, natural disasters, and litigation. Examples of potentially significant events that could affect multiple securities held by a Portfolio include governmental actions, natural disasters, and armed conflicts. Fair value pricing may require subjective determinations about the value of a security. While the Portfolios Trust's policy is intended to result in a calculation of a Portfolio's NAV that fairly reflects security values as of the time of pricing, the Portfolios Trust cannot ensure that fair values determined would accurately reflect the price that a Portfolio could obtain for a security if it were to dispose of that security as of the time of pricing. The prices used by a Portfolio may differ from the value that would be released if the securities were sold and the differences could be material to the financial statements.

For the quarter ended January 31, 2016, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the valuation inputs used as of January 31, 2016 in valuing the Opportunity Fund’s and Portfolio’s investments based upon three levels defined above. The breakdown of investment categorization is disclosed in the Schedule of Portfolio Investment for the Portfolio:

Opportunity Fund
Investment Securities:	LEVEL 1($)	LEVEL 2 ($)	LEVEL 3 ($)	Total ($)
Affiliated Portfolio(a)	–	210,943,326	–	210,943,326
Total Investment Securities	–	210,943,326	–	210,943,326
Opportunity Portfolio
Investment Securities:	LEVEL 1($)	LEVEL 2 ($)	LEVEL 3 ($)	Total ($)
Common Stocks	214,524,332	–	–	214,524,332
Investment Company	11,585,820	–	–	11,585,820
Total Investment Securities	226,110,152	–	–	226,110,152

(a)       Investments in Affiliated Portfolios represent ownership interests in the Portfolios. Due to the Funds' master-feeder structure, the inputs used for valuing the instruments are categorized as Level 2.

4. Federal Income Tax Information:

At January 31, 2016, the cost basis of securities for federal income tax purposes, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation/depreciation were as follows:

Fund Name	Tax Cost	Gross Tax Unrealized Appreciation	Gross Tax Unrealized (Depreciation)	Net Unrealized Appreciation (Depreciation)
Opportunity Portfolio	230,545,433	20,215,689	(24,650,970)	(4,435,281)

Item 2. Controls and Procedures.

(a) The registrant’s principal executive officer and principal financial officer have concluded, based on theirevaluation of the registrant's disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications pursuant to Rule 30a-2(a) are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)      HSBC Advisor Funds Trust

By (Signature and Title)	/s/ Richard A. Fabietti
	Richard A. Fabietti, President

Date      March 23, 2016

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)	/s/ Richard A. Fabietti
	Richard A. Fabietti, President

Date      March 23, 2016

By (Signature and Title)	/s/ Scott Rhodes
	Scott Rhodes, Treasurer

Date      March 23, 2016