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<PAGE> PAGE 2
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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<PAGE> PAGE 17
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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TITLE MANAGER FIN ADMIN
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[[1]]FINEDG:[18396.LTR]00003.PIP
EDGAR only EDG: 26-FEB-1997
23:59
BLK: 00-000-0000 00:00
[[1]]BISYS FUND SERVICES
A/R FUNDS/UIT R.R. Donnelley
(614) 461-6464
EDITOR V2.7-3
<PAGE>
[LETTERHEAD OF ERNST &
YOUNG LLP APPEARS HERE]
Board of Trustees
HSBC Funds Trust
In planning and performing our audit
of the financial statements of
HSBC Funds Trust (comprised of the
Cash Management Fund, Government Money
Market Fund, U.S. Treasury Money Market
Fund and New York Tax-Free Money
Market Fund) for the year ended
December 31, 1996, we considered its internal
control structure, including procedures
for safeguarding securities, in order
to determine our auditing procedures
for the purpose of expressing our opinion
on the financial statements and to comply
with the requirements of Form N-SAR,
not to provide assurance on the internal
control structure.
The management of HSBC Funds Trust
is responsible for establishing and
maintaining an internal control structure.
In fulfilling this responsibility,
estimates and judgments by management
are required to assess the expected
benefits and related costs of internal control
structure policies and
procedures. Two of the objectives of an
internal control structure are to
provide management with reasonable,
but not absolute, assurance that assets are
safeguarded against loss from unauthorized
use or disposition and that
transactions are executed in accordance
with management's authorization and
recorded properly to permit preparation
of financial statements in conformity
with generally accepted accounting principles.
Because of inherent limitations in any
internal control structure, errors or
irregularities may occur and not be
detected. Also, projection of any
evaluation of the structure to future
periods is subject to the risk that it
may become inadequate because of
changes in conditions or that the
effectiveness of the design and
operation may deteriorate.
Our consideration of the internal control
structure would not necessarily
disclose all matters in the internal control
structure that might be material
weaknesses under standards established by
the American Institute of Certified
Public Accountants. A material weakness
is a condition in which the design or
operation of the specific internal control
structure elements does not reduce
to a relatively low level the risk that errors
or irregularities in amounts
that would be material in relation to the
financial statements being audited
may occur and not be detected within a
timely period by employees in the
normal course of performing their
assigned functions. However, we noted no
matters involving the internal control
structure, including procedures for
safeguarding securities, that we consider
to be material weaknesses as defined
above as of December 31, 1996.
This report is intended solely for the
information and use of management and
the Securities and Exchange Commission.
/s/ ERNST & YOUNG LLP
ERNST & YOUNG LLP
February 10, 1997
