This table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.

Operating Expenses Caption [Optional Text]

Annual Fund Operating Expenses (expenses that you pay as a percentage of the value of your investment)

Expense Heading [Optional Text]

Fees and Expenses of the Fund

Expense Breakpoint Discounts [Text]

You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.

Annual Fund Operating Expenses [Table]

Annual Fund Operating Expenses (expenses that you pay as a percentage of the value of your investment)	Class A	Class I	Intermediary Service Class	Class P	Class Y
Management Fee	0.10%	0.10%	0.10%	0.10%	0.10%
Distribution (12b-1) Fee	0.00%	0.00%	0.00%	0.00%	0.00%
Other Expenses:
Shareholder Servicing Fee ⁽¹⁾	0.25%	0.00%	0.00%	0.00%	0.00%
Other Operating Expenses	0.15%	0.05%	0.15%	0.15%	0.15%
Total Other Expenses	0.40%	0.05%	0.15%	0.15%	0.15%
Total Annual Fund Operating Expenses ⁽¹⁾	0.50%	0.15%	0.25%	0.25%	0.25%
Fee Waiver and/or Expense Reimbursement ⁽²⁾	-	0.01%	0.07%	0.07%	-
Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement	0.50%	0.14%	0.18%	0.18%	0.25%

⁽¹⁾

Effective September 11, 2026, there is no longer a Shareholder Servicing Fee for the Intermediary Service Class and Class P Shares of the Fund. Total Annual Fund Operating Expenses have been restated to reflect the removal of the Shareholder Servicing Fee for the Intermediary Service Class and Class P Shares of the Fund.

⁽²⁾

HSBC Global Asset Management (USA) Inc., the Fund’s investment adviser (the “Adviser”), has entered into a contractual expense limitation agreement with the Fund (“Expense Limitation Agreement”) under which it will limit total expenses of the Fund (excluding interest, taxes, brokerage commissions, extraordinary expenses and estimated indirect expenses attributable to the Fund’s investments in investment companies) to an annual rate of 0.14%, 0.18% and 0.18% for Class I Shares, Intermediary Service Shares and Class P Shares, respectively. Any amounts contractually waived or reimbursed by the Adviser will be subject to repayment by the Fund to the Adviser within three years, calculated monthly from when the waiver or reimbursement was recorded, to the extent that the repayment will not cause the Fund’s operating expenses to exceed the contractual expense limit that was in effect at the time of such waiver or reimbursement. The expense limitation shall be in effect until February 28, 2027. The Expense Limitation Agreement shall terminate upon the termination of the Investment Advisory Contract between the Fund and the Adviser, or it may be terminated upon written notice to the Adviser by the Trust’s Board of Trustees.