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      <regZipOrPostalCode>02266</regZipOrPostalCode>
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      <seriesName>HSBC Opportunity Portfolio</seriesName>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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      <invstOrSec>
        <name>IDEX CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ASSURANT, 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>AVALARA, INC.</name>
        <lei>N/A</lei>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>ZEBRA TECHNOLOGIES CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>IRONWOOD PHARMACEUTICALS, INC.</name>
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        <assetCat>EC</assetCat>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>TERRENO REALTY CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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      <invstOrSec>
        <name>Madison Square Garden Sports Corp</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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          <isCashCollateral>N</isCashCollateral>
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        <name>HAEMONETICS CORPORATION</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>TELEDYNE TECHNOLOGIES INCORPORATED</name>
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        <isRestrictedSec>N</isRestrictedSec>

        <fairValLevel>1</fairValLevel>
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        <name>QUEST DIAGNOSTICS INCORPORATED</name>
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        <fairValLevel>1</fairValLevel>
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        <name>TREX COMPANY, INC.</name>
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      <invstOrSec>
        <name>TOPBUILD CORP.</name>
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        <assetCat>EC</assetCat>
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        <name>METTLER-TOLEDO INTERNATIONAL INC.</name>
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        <name>APOLLO GLOBAL MANAGEMENT, INC.</name>
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        <name>ROCKET PHARMACEUTICALS, INC.</name>
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        <name>OLD DOMINION FREIGHT LINE, INC.</name>
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        <name>JUNIPER NETWORKS, INC.</name>
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        <name>BLACK KNIGHT, INC.</name>
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        <name>SCIENCE APPLICATIONS INTERNATIONAL CORPORATION</name>
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        <name>COSTAR GROUP, INC.</name>
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        <name>WEX INC.</name>
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        <title>WEX US</title>
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        <name>J. B. HUNT TRANSPORT SERVICES, INC.</name>
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        <name>CDW CORPORATION</name>
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        <title>CDW CORP OF DELAWARE</title>
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        <name>NEXSTAR MEDIA GROUP, INC.</name>
        <lei>52990083ZRR5UT591988</lei>
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        <name>Acceleron Pharma Inc</name>
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        <name>REPLIGEN CORPORATION</name>
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        <name>NEUROCRINE BIOSCIENCES, INC.</name>
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        <name>EQUITY LIFESTYLE PROPERTIES, INC.</name>
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        <name>ETSY, INC.</name>
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        <name>LPL FINANCIAL HOLDINGS INC.</name>
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        <name>HUBSPOT, INC.</name>
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        <name>FIVE BELOW, INC.</name>
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        <name>HEICO CORPORATION</name>
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        <name>SAGE THERAPEUTICS, INC.</name>
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        <name>FMC CORPORATION</name>
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        <name>CERIDIAN HCM HOLDING INC.</name>
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        <name>GUIDEWIRE SOFTWARE, INC.</name>
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        <name>KB HOME</name>
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        <name>QORVO, INC.</name>
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        <name>REALPAGE, INC.</name>
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        <name>MERITOR, INC.</name>
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        <name>8X8, INC.</name>
        <lei>254900XWSOC5U1BRW939</lei>
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        <curCd>USD</curCd>
        <valUSD>1089171.20000000</valUSD>
        <pctVal>1.007141599862</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>FORTINET, INC.</name>
        <lei>549300O0QJWDBAS0QX03</lei>
        <title>FORTINET INC</title>
        <cusip>34959E109</cusip>
        <identifiers>
          <isin value="US34959E1091"/>
        </identifiers>
        <balance>22630.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>2438156.20000000</valUSD>
        <pctVal>2.254529440352</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>CHARLES RIVER LABORATORIES INTERNATIONAL, INC.</name>
        <lei>549300BSQ0R4UZ5KX287</lei>
        <title>CHARLES RIVER LABORATORIES INTERNATIONAL INC</title>
        <cusip>159864107</cusip>
        <identifiers>
          <isin value="US1598641074"/>
        </identifiers>
        <balance>11560.00000000</balance>
        <units>NS</units>
        <curCd>USD</curCd>
        <valUSD>1672385.20000000</valUSD>
        <pctVal>1.546431548975</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>
    </invstOrSecs>
    <signature>
      <ncom:dateSigned>2020-06-01</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>
