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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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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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Report of Independent Auditors
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, 1999, we considered its internal control,
including control activities for safeguarding securities, 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 internal control.
The management of the 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 internal control. Generally, internal 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 internal controls include the
safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in any internal control,
Misstatements due to errors or fraud may occur and not be
detected. Also, projections of any evaluation of internal
control to future periods are subject to the risk that internal
control may become inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures
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, including control activities for safeguarding
securities, and its operation that we consider to be material
weaknesses as defined above as of December 31, 1999.
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 23, 2000
