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      <seriesName>HSBC Opportunity Portfolio</seriesName>
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      <invstOrSec>
        <name>W. R. GRACE &amp; CO.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>REALPAGE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>Global Blood Therapeutics Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NUTANIX, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>NCR CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>ALNYLAM PHARMACEUTICALS, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>MERITOR, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>BURLINGTON STORES, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Reata Pharmaceuticals Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>OLD DOMINION FREIGHT LINE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TOPBUILD CORP.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>GUIDEWIRE SOFTWARE, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>BLACK KNIGHT, INC.</name>
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        <name>TRANSUNION</name>
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        <name>PAPA JOHN'S INTERNATIONAL, INC.</name>
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        <name>APOLLO GLOBAL MANAGEMENT, INC.</name>
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        <name>IRONWOOD PHARMACEUTICALS, INC.</name>
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        <name>CARTER'S, INC.</name>
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        <name>NEXSTAR MEDIA GROUP, INC.</name>
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        <name>FIVE BELOW, INC.</name>
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        <name>KB HOME</name>
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        <name>LINCOLN ELECTRIC HOLDINGS, INC.</name>
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        <name>REPLIGEN CORPORATION</name>
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        <name>Madison Square Garden Co</name>
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      <invstOrSec>
        <name>EXPEDIA GROUP, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>FORTINET, INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>QUEST DIAGNOSTICS INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>Acceleron Pharma Inc</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>PBF ENERGY INC.</name>
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        <isRestrictedSec>N</isRestrictedSec>

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      <invstOrSec>
        <name>MKS INSTRUMENTS, INC.</name>
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        <name>SPLUNK INC.</name>
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        <name>ARTHUR J. GALLAGHER &amp; CO.</name>
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        <name>HAEMONETICS CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>LPL FINANCIAL HOLDINGS INC.</name>
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        <fairValLevel>1</fairValLevel>
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        <name>FAIR ISAAC CORPORATION</name>
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        <fairValLevel>1</fairValLevel>
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        <name>Blueprint Medicines Corp</name>
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        <fairValLevel>1</fairValLevel>
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        <name>DIAMONDBACK ENERGY, INC.</name>
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        <name>TELEDYNE TECHNOLOGIES INCORPORATED</name>
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        <name>FMC CORPORATION</name>
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        <name>BIO-RAD LABORATORIES, INC.</name>
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        <name>8X8, INC.</name>
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        <name>TREX COMPANY, INC.</name>
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        <name>WORLD WRESTLING ENTERTAINMENT, INC.</name>
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        <name>WPX ENERGY, INC.</name>
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        <name>WEX INC.</name>
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        <title>WEX US</title>
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        <name>LUMENTUM HOLDINGS INC.</name>
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        <title>LUMENTUM HOLDINGS INC</title>
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        <name>SAGE THERAPEUTICS, INC.</name>
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        <title>SAGE THERAPEUTICS INC</title>
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        <invCountry>US</invCountry>

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        <name>Northern Institutional Funds: US Government Select Portfolio; Shares</name>
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        <title>NORTHERN INSTITUTIONAL GOVERNMENT SELECT PORTFOLIO</title>
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        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2587462.95000000</valUSD>
        <pctVal>1.951605869187</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>STIV</assetCat>
        <issuerCat>RF</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>Ascendis Pharma A/S</name>
        <lei>549300B66JN3W3J8GH73</lei>
        <title>ASCENDIS PHARMA A/S</title>
        <cusip>04351P101</cusip>
        <identifiers>
          <isin value="US04351P1012"/>
        </identifiers>
        <balance>8367.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1130381.70000000</valUSD>
        <pctVal>0.852595613066</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>DK</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>TWILIO INC.</name>
        <lei>5493004W8TRGD63APX93</lei>
        <title>TWILIO INC</title>
        <cusip>90138F102</cusip>
        <identifiers>
          <isin value="US90138F1021"/>
        </identifiers>
        <balance>11350.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1411259.00000000</valUSD>
        <pctVal>1.064448612623</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>KEYCORP</name>
        <lei>RKPI3RZGV1V1FJTH5T61</lei>
        <title>KEYCORP</title>
        <cusip>493267108</cusip>
        <identifiers>
          <isin value="US4932671088"/>
        </identifiers>
        <balance>99560.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1862767.60000000</valUSD>
        <pctVal>1.405001057538</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetCat>EC</assetCat>
        <issuerCat>CORP</issuerCat>
        <invCountry>US</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
      <invstOrSec>
        <name>WNS (HOLDINGS) LIMITED</name>
        <lei>529900RM7QHUD3W9DM42</lei>
        <title>WNS HOLDINGS LTD</title>
        <cusip>92932M101</cusip>
        <identifiers>
          <isin value="US92932M1018"/>
        </identifiers>
        <balance>29070.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2074435.20000000</valUSD>
        <pctVal>1.564652321521</pctVal>
        <payoffProfile>Long</payoffProfile>
        <assetConditional assetCat="OTHER" desc="ADR"/>
        <issuerCat>CORP</issuerCat>
        <invCountry>JE</invCountry>

        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
        <securityLending>
          <isCashCollateral>N</isCashCollateral>
          <isNonCashCollateral>N</isNonCashCollateral>
          <isLoanByFund>N</isLoanByFund>
        </securityLending>
      </invstOrSec>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-03-02</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>
  <documents>XXXX</documents>
</edgarSubmission>
