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<PAGE> PAGE 6
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<PAGE> PAGE 10
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<PAGE> PAGE 12
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<PAGE> PAGE 14
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<PAGE> PAGE 16
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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SIGNATURE WALLACE LAU
TITLE FINANCIAL ANALYST
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Report of Independent Auditors
To the Shareholders and Board of Trustees of
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, 1998, we considered its internal control, including control
activities 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, and not to provide assurance on the internal control.
The management of HSBC Funds Trust is responsible for establishing
and maintaining internal control. In fulfilling this responsibility,
estimates and judgments by management are required to assess the
expected benefits and related costs of controls. Generally, controls
that are relevant to an audit pertain to the entity's objective of
preparing financial statements for external purposes that are fairly
presented in conformity with generally accepted accounting principles.
Those controls include the safeguarding of assets against unauthorized
acquisition, use or disposition. Because of inherent limitations in
internal control, errors or fraud may occur and not be detected. Also,
projection of any evaluation of internal control 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 internal control would not necessarily disclose
all matters in internal control 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 one or more of the specific internal control
components does not reduce to a relatively low level the risk that
errors or fraud 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
internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses
as defined above at December 31, 1998.
This report is intended solely for the information and use of the
board of trustees and management of HSBC Funds Trust and the
Securities and Exchange Commission and is not intended to be and
should not be used by anyone other than these specified parties.
ERNST & YOUNG LLP
February 12, 1999
