<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/nport" xmlns:com="http://www.sec.gov/edgar/common" xmlns:ncom="http://www.sec.gov/edgar/nportcommon" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://www.sec.gov/edgar/nport eis_NPORT_Filer.xsd">
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    <isConfidential>false</isConfidential>
    <filerInfo>

      <filer>
        <issuerCredentials>
          <cik>0000798290</cik>
          <ccc>XXXXXXXX</ccc>
        </issuerCredentials>
      </filer>


      <seriesClassInfo>
        <seriesId>S000033240</seriesId>
        <classId>C000102227</classId>
        <classId>C000102226</classId>
      </seriesClassInfo>

    </filerInfo>
  </headerData>
  <formData>
    <genInfo>
      <regName>HSBC Funds</regName>
      <regFileNumber>811-04782</regFileNumber>
      <regCik>0000798290</regCik>
      <regLei>213800JVHAGFQYZSO120</regLei>
      <regStreet1>P.O. Box 8106</regStreet1>
      <regCity>Boston</regCity>
      <regStateConditional regCountry="US" regState="US-MA"/>
      <regZipOrPostalCode>02266</regZipOrPostalCode>
      <regPhone>800-782-8183</regPhone>
      <seriesName>HSBC Frontier Markets Fund</seriesName>
      <seriesId>S000033240</seriesId>
      <seriesLei>549300RH27MEK3TYTN59</seriesLei>
      <repPdEnd>2019-10-31</repPdEnd>
      <repPdDate>2019-10-31</repPdDate>
      <isFinalFiling>N</isFinalFiling>
    </genInfo>
    <fundInfo>
      <totAssets>7635015.73</totAssets>
      <totLiabs>143049.63</totLiabs>
      <netAssets>7491966.10</netAssets>
      <assetsAttrMiscSec>0.00000000</assetsAttrMiscSec>
      <assetsInvested>0.00000000</assetsInvested>
      <amtPayOneYrBanksBorr>0.00000000</amtPayOneYrBanksBorr>
      <amtPayOneYrCtrldComp>0.00000000</amtPayOneYrCtrldComp>
      <amtPayOneYrOthAffil>0.00000000</amtPayOneYrOthAffil>
      <amtPayOneYrOther>0.00000000</amtPayOneYrOther>
      <amtPayAftOneYrBanksBorr>0.00000000</amtPayAftOneYrBanksBorr>
      <amtPayAftOneYrCtrldComp>0.00000000</amtPayAftOneYrCtrldComp>
      <amtPayAftOneYrOthAffil>0.00000000</amtPayAftOneYrOthAffil>
      <amtPayAftOneYrOther>0.00000000</amtPayAftOneYrOther>
      <delayDeliv>0.00000000</delayDeliv>
      <standByCommit>0.00000000</standByCommit>
      <liquidPref>0.00000000</liquidPref>
      <cshNotRptdInCorD>0.00000000</cshNotRptdInCorD>
      <curMetrics>
        <curMetric>
          <curCd>MAD</curCd>
          <intrstRtRiskdv01 period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
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        <curMetric>
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        <curMetric>
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          <intrstRtRiskdv100 period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
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        <curMetric>
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          <intrstRtRiskdv100 period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
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        <curMetric>
          <curCd>BDT</curCd>
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        <curMetric>
          <curCd>VND</curCd>
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        <curMetric>
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        <curMetric>
          <curCd>KWD</curCd>
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          <intrstRtRiskdv100 period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
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        <curMetric>
          <curCd>PEN</curCd>
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          <intrstRtRiskdv100 period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
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        <curMetric>
          <curCd>MUR</curCd>
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          <intrstRtRiskdv100 period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
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        <curMetric>
          <curCd>PHP</curCd>
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          <intrstRtRiskdv100 period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
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        <curMetric>
          <curCd>KES</curCd>
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          <intrstRtRiskdv100 period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
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        <curMetric>
          <curCd>COP</curCd>
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        <curMetric>
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      <creditSprdRiskInvstGrade period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
      <creditSprdRiskNonInvstGrade period10Yr="0.00000000" period1Yr="0.00000000" period30Yr="0.00000000" period3Mon="0.00000000" period5Yr="0.00000000"/>
      <isNonCashCollateral>N</isNonCashCollateral>
      <returnInfo>
        <monthlyTotReturns>
          <monthlyTotReturn classId="C000102227" rtn1="-4.07000000" rtn2="-1.84000000" rtn3="1.14000000"/>
          <monthlyTotReturn classId="C000102226" rtn1="-4.01000000" rtn2="-1.93000000" rtn3="1.06000000"/>
        </monthlyTotReturns>
        <othMon1 netRealizedGain="-63313.27" netUnrealizedAppr="-253719.61"/>
        <othMon2 netRealizedGain="-18349.23" netUnrealizedAppr="-140527.39"/>
        <othMon3 netRealizedGain="-1753.74" netUnrealizedAppr="88841.58"/>
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      <mon1Flow redemption="-163727.06000000" reinvestment="0.00000000" sales="19838.28000000"/>
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      <mon3Flow redemption="-72335.30000000" reinvestment="0.00000000" sales="5977.64000000"/>

    </fundInfo>
    <invstOrSecs>
      <invstOrSec>
        <name>NMC HEALTH PLC</name>
        <lei>2138008YQEVWBE1V2M52</lei>
        <title>NMC HEALTH PLC</title>
        <cusip>N/A</cusip>
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        <units>NS</units>
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        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>Puregold Price Club Inc</name>
        <lei>N/A</lei>
        <title>PUREGOLD PRICE CLUB INC</title>
        <cusip>N/A</cusip>
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          <isin value="PHY716171079"/>
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        <currencyConditional curCd="PHP" exchangeRt="50.73000000"/>
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        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      </invstOrSec>
      <invstOrSec>
        <name>EMIRATES NBD BANK (P.J.S.C)</name>
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        <title>EMIRATES NBD PJSC</title>
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          <isin value="AEE000801010"/>
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        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>GEORGIA CAPITAL PLC</name>
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        <title>GEORGIA CAPITAL PLC</title>
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        <payoffProfile>Long</payoffProfile>
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        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      </invstOrSec>
      <invstOrSec>
        <name>Alicorp S.A.A.</name>
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        <title>ALICORP SAA</title>
        <cusip>N/A</cusip>
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        <units>NS</units>
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        <assetCat>EC</assetCat>
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        <invCountry>PE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>MCB GROUP LIMITED</name>
        <lei>13250000000000000107</lei>
        <title>MCB GROUP LIMITED</title>
        <cusip>N/A</cusip>
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          <isin value="MU0424N00005"/>
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        <assetCat>EC</assetCat>
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        <invCountry>MU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>NGAN HANG THUONG MAI CO PHAN KY THUONG VIET NAM</name>
        <lei>5493001XNKHV3FNIUD50</lei>
        <title>VIETNAM TECHNOLOGICAL &amp; COMM</title>
        <cusip>N/A</cusip>
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        <balance>150150.00000000</balance>
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        <assetCat>EC</assetCat>
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        <invCountry>VN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>National Bank of Kuwait S.A.K.P</name>
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        <title>NATIONAL BANK OF KUWAIT</title>
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        <assetCat>EC</assetCat>
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        <invCountry>KW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>Commercial International Bank (Egypt) S.A.E.</name>
        <lei>213800FIIXJAMEVRIH48</lei>
        <title>COMMERCIAL INTERNATIONAL BANK</title>
        <cusip>201712205</cusip>
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        <curCd>USD</curCd>
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        <assetConditional assetCat="OTHER" desc="GDR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
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          <isLoanByFund>N</isLoanByFund>
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      <invstOrSec>
        <name>EMAAR PROPERTIES (P.J.S.C)</name>
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        <title>EMAAR PROPERTIES PJSC</title>
        <cusip>N/A</cusip>
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        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
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      <invstOrSec>
        <name>KAZ MINERALS PLC</name>
        <lei>2138001H9E453FQRFY56</lei>
        <title>KAZ MINERALS PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00B0HZPV38"/>
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        <balance>11021.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77214000"/>
        <valUSD>66998.95000000</valUSD>
        <pctVal>0.894277271222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vincom Retail JSC</name>
        <lei>N/A</lei>
        <title>VINCOM RETAIL JOINT STOCK COMPANY</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VN000000VRE6"/>
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        <balance>91399.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="23202.00000000"/>
        <valUSD>130783.85000000</valUSD>
        <pctVal>1.745654588586</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Agility Public Warehousing Company K.S.C.P.</name>
        <lei>549300C16Q6C2NMAI063</lei>
        <title>AGILITY PUBLIC WAREHOUSING CO K.S.C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KW0EQ0601041"/>
        </identifiers>
        <balance>114672.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt="0.30290000"/>
        <valUSD>283935.29000000</valUSD>
        <pctVal>3.789863517935</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CONG TY CO PHAN TAP DOAN MASAN</name>
        <lei>254900M1892CMJ87XD24</lei>
        <title>MASAN GROUP CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VN000000MSN4"/>
        </identifiers>
        <balance>22650.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="23202.00000000"/>
        <valUSD>72434.70000000</valUSD>
        <pctVal>0.966831657180</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>YPF SOCIEDAD ANONIMA</name>
        <lei>5493003N7447U18U5U53</lei>
        <title>YPF SOCIEDAD ANONIMA</title>
        <cusip>984245100</cusip>
        <identifiers>
          <isin value="US9842451000"/>
        </identifiers>
        <balance>5213.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>48793.68000000</valUSD>
        <pctVal>0.651280042497</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>AR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Sphera Franchise Group SA</name>
        <lei>315700GSVZ0HSS7J1457</lei>
        <title>SPHERA FRANCHISE GROUP SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ROSFGPACNOR4"/>
        </identifiers>
        <balance>1712.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.25950000"/>
        <valUSD>8038.50000000</valUSD>
        <pctVal>0.107294932901</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Globant SA</name>
        <lei>2221008DCMSPYS42DS88</lei>
        <title>GLOBANT SA</title>
        <cusip>L44385109</cusip>
        <identifiers>
          <isin value="LU0974299876"/>
        </identifiers>
        <balance>390.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>36371.40000000</valUSD>
        <pctVal>0.485472031166</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Aramex PJSC</name>
        <lei>N/A</lei>
        <title>ARAMEX PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AEA002301017"/>
        </identifiers>
        <balance>49429.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67260000"/>
        <valUSD>52758.72000000</valUSD>
        <pctVal>0.704203933864</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BRD - GROUPE SOCIETE GENERALE SA</name>
        <lei>5493008QRHH0XCLJ4238</lei>
        <title>BRD - GROUPE SOCIETE GENERALE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ROBRDBACNOR2"/>
        </identifiers>
        <balance>39010.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.25950000"/>
        <valUSD>130048.60000000</valUSD>
        <pctVal>1.735840742792</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MERRILL LYNCH INTL &amp; CO. ARAMEX PJSC P-NOTE</name>
        <lei>N/A</lei>
        <title>MERRILL LYNCH INTL &amp; CO. ARAMEX PJSC P-NOTE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="CWN564924520"/>
        </identifiers>
        <balance>114571.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>122288.93000000</valUSD>
        <pctVal>1.632267529881</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="PARTICIPATORY NOTE"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>LU</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>EMIRATES NBD PJSC-RTS</name>
        <lei>N/A</lei>
        <title>EMIRATES NBD PJSC-RTS</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AEE000801028"/>
        </identifiers>
        <balance>4918.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67260000"/>
        <valUSD>4686.87000000</valUSD>
        <pctVal>0.062558611951</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANCA TRANSILVANIA SA</name>
        <lei>549300RG3H390KEL8896</lei>
        <title>BANCA TRANSILVANIA SA</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="ROTLVAACNOR1"/>
        </identifiers>
        <balance>402964.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="RON" exchangeRt="4.25950000"/>
        <valUSD>225156.55000000</valUSD>
        <pctVal>3.005306577668</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>RO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>BANK OF GEORGIA GROUP PLC</name>
        <lei>213800XKDG12NQG8VC53</lei>
        <title>BANK OF GEORGIA GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BF4HYT85"/>
        </identifiers>
        <balance>5728.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77214000"/>
        <valUSD>96364.29000000</valUSD>
        <pctVal>1.286234997779</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SSI Group Inc</name>
        <lei>N/A</lei>
        <title>SSI GROUP INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY8135V1053"/>
        </identifiers>
        <balance>1816000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.73000000"/>
        <valUSD>92357.19000000</valUSD>
        <pctVal>1.232749705047</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Banco Davivienda S.A.</name>
        <lei>549300P161V4IPKAQS70</lei>
        <title>BANCO DAVIVIENDA S.A.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="COB51PA00076"/>
        </identifiers>
        <balance>23958.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="COP" exchangeRt="3377.00000000"/>
        <valUSD>306480.78000000</valUSD>
        <pctVal>4.090792402277</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>CO</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Emaar Development PJSC</name>
        <lei>N/A</lei>
        <title>EMAAR DEVELOPMENT PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AEE001901017"/>
        </identifiers>
        <balance>12438.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67260000"/>
        <valUSD>13716.14000000</valUSD>
        <pctVal>0.183077977354</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cairo for Investment and Real Estate Development SAE</name>
        <lei>N/A</lei>
        <title>CAIRO INVESTMENT &amp; REAL ESTATE DEVELOPMENT CO SAE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EGS65541C012"/>
        </identifiers>
        <balance>28911.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EGP" exchangeRt="16.09000000"/>
        <valUSD>22460.38000000</valUSD>
        <pctVal>0.299792867455</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TBC BANK GROUP PLC</name>
        <lei>213800T6NS9N2WQ3B328</lei>
        <title>TBC BANK GROUP PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="GB00BYT18307"/>
        </identifiers>
        <balance>11572.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="GBP" exchangeRt="0.77214000"/>
        <valUSD>191832.57000000</valUSD>
        <pctVal>2.560510384583</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>GB</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>NAGACORP LTD.</name>
        <lei>549300MMNKN0RBJELS20</lei>
        <title>NAGACORP LTD.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KYG6382M1096"/>
        </identifiers>
        <balance>4000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HKD" exchangeRt="7.83540000"/>
        <valUSD>7289.99000000</valUSD>
        <pctVal>0.097304097518</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KY</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>CREDICORP LTD.</name>
        <lei>N/A</lei>
        <title>CREDICORP LTD.</title>
        <cusip>G2519Y108</cusip>
        <identifiers>
          <isin value="BMG2519Y1084"/>
        </identifiers>
        <balance>775.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>165881.00000000</valUSD>
        <pctVal>2.214118400775</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BM</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>QATAR NATIONAL BANK (Q.P.S.C.)</name>
        <lei>549300FFSRVBS0SQXY75</lei>
        <title>QATAR NATIONAL BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="QA0006929895"/>
        </identifiers>
        <balance>10579.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="QAR" exchangeRt="3.64000000"/>
        <valUSD>55801.32000000</valUSD>
        <pctVal>0.744815436364</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>QA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Square Pharmaceuticals Limited</name>
        <lei>254900R3NU1J5X39Y909</lei>
        <title>SQUARE PHARMACEUTICALS LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BD0473SQPH00"/>
        </identifiers>
        <balance>22341.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BDT" exchangeRt="84.50000000"/>
        <valUSD>62158.21000000</valUSD>
        <pctVal>0.829664859268</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BD</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>GUARANTY TRUST BANK PLC</name>
        <lei>0292001868F6N5VI5G15</lei>
        <title>GUARANTY TRUST BANK PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NGGUARANTY06"/>
        </identifiers>
        <balance>1479678.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NGN" exchangeRt="362.00000000"/>
        <valUSD>101778.96000000</valUSD>
        <pctVal>1.358508015672</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>ATTIJARIWAFA BANK S.A.</name>
        <lei>213800NKX83414QQZ664</lei>
        <title>ATTIJARIWAFA BANK</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="MA0000011926"/>
        </identifiers>
        <balance>2791.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="MAD" exchangeRt="9.59470000"/>
        <valUSD>136718.19000000</valUSD>
        <pctVal>1.824863969953</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>MA</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Abu Dhabi National Oil Company for Distribution PJSC</name>
        <lei>213800YI1ZIOJB3HLB11</lei>
        <title>ABU DHABI NATIONAL OIL CO FOR DISTRIBUTION PJSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AEA006101017"/>
        </identifiers>
        <balance>140400.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="AED" exchangeRt="3.67260000"/>
        <valUSD>100160.10000000</valUSD>
        <pctVal>1.336900069529</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Robinsons Retail Holdings Inc</name>
        <lei>N/A</lei>
        <title>ROBINSONS RETAIL HOLDINGS INC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY7318T1017"/>
        </identifiers>
        <balance>111410.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.73000000"/>
        <valUSD>166576.95000000</valUSD>
        <pctVal>2.223407684666</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MEGAWORLD CORP.</name>
        <lei>254900P57OOZ5AY5C521</lei>
        <title>MEGAWORLD CORP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY594811127"/>
        </identifiers>
        <balance>962700.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.73000000"/>
        <valUSD>91658.60000000</valUSD>
        <pctVal>1.223425183410</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>MM Group for Industry and International Trade SAE</name>
        <lei>254900VVWAPVJUPEKJ80</lei>
        <title>MM GROUP FOR INDUSTRY &amp; INTE</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EGS75011C014"/>
        </identifiers>
        <balance>219824.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EGP" exchangeRt="16.09000000"/>
        <valUSD>142222.99000000</valUSD>
        <pctVal>1.898340009840</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Credit Agricole Egypt S.A.E</name>
        <lei>549300EP6V6LBXH4SE65</lei>
        <title>CREDIT AGRICOLE EGYPT</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EGS60041C018"/>
        </identifiers>
        <balance>57587.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EGP" exchangeRt="16.09000000"/>
        <valUSD>157120.53000000</valUSD>
        <pctVal>2.097186878621</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Juhayna Food Industries SAE</name>
        <lei>N/A</lei>
        <title>JUHAYNA FOOD INDUSTRIES</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EGS30901C010"/>
        </identifiers>
        <balance>338620.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EGP" exchangeRt="16.09000000"/>
        <valUSD>178885.64000000</valUSD>
        <pctVal>2.387699538576</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KUWAIT FINANCE HOUSE K.S.C</name>
        <lei>2549007KX0N057S9BC98</lei>
        <title>KUWAIT FINANCE HOUSE KSCP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KW0EQ0100085"/>
        </identifiers>
        <balance>52500.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt="0.30290000"/>
        <valUSD>118553.98000000</valUSD>
        <pctVal>1.582414794962</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Joint Stock Company Halyk Savings Bank of Kazakhstan</name>
        <lei>213800NYDTVQM4SDUD67</lei>
        <title>HALYK SAVINGS BANK OF KAZAKHSTAN JSC - GDR</title>
        <cusip>46627J302</cusip>
        <identifiers>
          <isin value="US46627J3023"/>
        </identifiers>
        <balance>20908.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>279121.80000000</valUSD>
        <pctVal>3.725614828929</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="GDR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>KZ</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>2</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Talaat Mostafa Group Holding Co SAE</name>
        <lei>N/A</lei>
        <title>TALAAT MOUSTAFA GROUP</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EGS691S1C011"/>
        </identifiers>
        <balance>439179.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EGP" exchangeRt="16.09000000"/>
        <valUSD>271586.77000000</valUSD>
        <pctVal>3.625040027877</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Brac Bank Limited</name>
        <lei>254900EHCK80ARTPIK21</lei>
        <title>BRAC BANK LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BD0138BRACB9"/>
        </identifiers>
        <balance>54692.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="BDT" exchangeRt="84.50000000"/>
        <valUSD>32750.48000000</valUSD>
        <pctVal>0.437141326627</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BD</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Cleopatra Hospital SAE</name>
        <lei>N/A</lei>
        <title>CLEOPATRA HOSPITAL</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="EGS729J1C018"/>
        </identifiers>
        <balance>129470.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EGP" exchangeRt="16.09000000"/>
        <valUSD>49647.60000000</valUSD>
        <pctVal>0.662677851679</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>EG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>INTERNATIONAL CONTAINER TERMINAL SERVICES, INC.</name>
        <lei>254900FU1MWK0I0Q4J61</lei>
        <title>INTERNATIONAL CONTAINER TERMIN</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY411571011"/>
        </identifiers>
        <balance>66420.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.73000000"/>
        <valUSD>155412.06000000</valUSD>
        <pctVal>2.074382851251</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>DP World PLC</name>
        <lei>549300M3U2DNF4QVSS04</lei>
        <title>DP WORLD PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AEDFXA0M6V00"/>
        </identifiers>
        <balance>17263.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>229425.27000000</valUSD>
        <pctVal>3.062283877659</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>LEDO DD</name>
        <lei>N/A</lei>
        <title>LEDO DD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="HRLEDORA0003"/>
        </identifiers>
        <balance>311.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="HRK" exchangeRt="6.68200000"/>
        <valUSD>0.00000000</valUSD>
        <pctVal>0.000000</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>HR</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>3</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AHLI UNITED BANK B.S.C.</name>
        <lei>213800BAPPINC7OHL696</lei>
        <title>AHLI UNITED BANK B.S.C</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="BH0005508765"/>
        </identifiers>
        <balance>459210.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt="0.30290000"/>
        <valUSD>406300.03000000</valUSD>
        <pctVal>5.423142931733</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>BH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KCB Group Plc</name>
        <lei>N/A</lei>
        <title>KCB GROUP LTD</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KE0000000315"/>
        </identifiers>
        <balance>231000.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="103.20000000"/>
        <valUSD>115835.76000000</valUSD>
        <pctVal>1.546132997051</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Vietnam Dairy Products JSC</name>
        <lei>N/A</lei>
        <title>VIETNAM DAIRY PRODUCTS JSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="VN000000VNM8"/>
        </identifiers>
        <balance>30010.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="VND" exchangeRt="23202.00000000"/>
        <valUSD>168144.99000000</valUSD>
        <pctVal>2.244337304195</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>VN</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Dangote Cement PLC</name>
        <lei>029200697A0R1BH0A835</lei>
        <title>DANGOTE CEMENT PLC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="NGDANGCEM008"/>
        </identifiers>
        <balance>114773.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="NGN" exchangeRt="362.00000000"/>
        <valUSD>47367.64000000</valUSD>
        <pctVal>0.632245786589</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>NG</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>AYALA LAND INC.</name>
        <lei>254900EWT10TQ6DKTV34</lei>
        <title>AYALA LAND INC.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="PHY0488F1004"/>
        </identifiers>
        <balance>124100.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="PHP" exchangeRt="50.73000000"/>
        <valUSD>118767.10000000</valUSD>
        <pctVal>1.585259442110</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>PH</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Addiko Bank AG</name>
        <lei>529900UKZBMDBDZIXD62</lei>
        <title>ADDIKO BANK AG</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="AT000ADDIKO0"/>
        </identifiers>
        <balance>3318.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="EUR" exchangeRt="0.89670000"/>
        <valUSD>58093.68000000</valUSD>
        <pctVal>0.775413012079</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>AT</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Human Soft Holding Company KSCP</name>
        <lei>N/A</lei>
        <title>HUMAN SOFT HOLDING CO KSC</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KW0EQ0601694"/>
        </identifiers>
        <balance>30306.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KWD" exchangeRt="0.30290000"/>
        <valUSD>309163.22000000</valUSD>
        <pctVal>4.126596621946</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KW</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>SAFARICOM PLC</name>
        <lei>N/A</lei>
        <title>SAFARICOM LTD.</title>
        <cusip>N/A</cusip>
        <identifiers>
          <isin value="KE1000001402"/>
        </identifiers>
        <balance>987200.00000000</balance>
        <units>NS</units>
        <currencyConditional curCd="KES" exchangeRt="103.20000000"/>
        <valUSD>284585.27000000</valUSD>
        <pctVal>3.798539211222</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>KE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <explntrNotes>
      <explntrNote note="Monthly total returns reported under item B.5.a do not include any sales or redemption charges, as applicable." noteItem="B.5.a"/>
    </explntrNotes>
    <signature>
      <ncom:dateSigned>2019-12-02</ncom:dateSigned>
      <ncom:nameOfApplicant>HSBC Funds</ncom:nameOfApplicant>
      <ncom:signature>Lauren Stuntebeck</ncom:signature>
      <ncom:signerName>Lauren Stuntebeck</ncom:signerName>
      <ncom:title>Treasurer</ncom:title>
    </signature>
  </formData>
</edgarSubmission>
