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<PAGE> PAGE 2
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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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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<NUMBER-OF-SHARES-SOLD> 3115471
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<SHARES-REINVESTED> 3130
<NET-CHANGE-IN-ASSETS> 50632657
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 314013
<GROSS-ADVISORY-FEES> 362401
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<GROSS-EXPENSE> 595845
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</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000861106
<NAME> HSBC MUTUAL FUNDS TRUST
<SERIES>
<NUMBER> 09
<NAME> HSBC GROWTH & INCOME FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 129548737
<INVESTMENTS-AT-VALUE> 149859221
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<ACCUMULATED-NET-GAINS> 1229696
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<EXPENSES-NET> 919259
<NET-INVESTMENT-INCOME> 1555489
<REALIZED-GAINS-CURRENT> 9426589
<APPREC-INCREASE-CURRENT> 6757934
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<DISTRIBUTIONS-OF-INCOME> 1557713
<DISTRIBUTIONS-OF-GAINS> 8195067
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<NUMBER-OF-SHARES-SOLD> 5433181
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<PER-SHARE-NAV-END> 16.28
<EXPENSE-RATIO> 0.85
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000861106
<NAME> HSBC MUTUAL FUNDS TRUST
<SERIES>
<NUMBER> 101
<NAME> HSBC INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
<INVESTMENTS-AT-COST> 19550871
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<SHARES-COMMON-STOCK> 38578<F1>
<SHARES-COMMON-PRIOR> 65937<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 6491
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 345289
<ACCUM-APPREC-OR-DEPREC> 1561706
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<DIVIDEND-INCOME> 324212
<INTEREST-INCOME> 20983
<OTHER-INCOME> 0
<EXPENSES-NET> 364102
<NET-INVESTMENT-INCOME> (18907)
<REALIZED-GAINS-CURRENT> 492258
<APPREC-INCREASE-CURRENT> 741037
<NET-CHANGE-FROM-OPS> 1214388
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<DISTRIBUTIONS-OF-INCOME> 0<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
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<NUMBER-OF-SHARES-SOLD> 788991
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<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5598834
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 776197
<GROSS-ADVISORY-FEES> 160919
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 516491
<AVERAGE-NET-ASSETS> 494327<F1>
<PER-SHARE-NAV-BEGIN> 9.97<F1>
<PER-SHARE-NII> (.02)<F1>
<PER-SHARE-GAIN-APPREC> .65<F1>
<PER-SHARE-DIVIDEND> 0<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.60<F1>
<EXPENSE-RATIO> 2.10<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Service Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000861106
<NAME> HSBC MUTUAL FUNDS TRUST
<SERIES>
<NUMBER> 102
<NAME> HSBC INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1996
<PERIOD-START> JAN-01-1996
<PERIOD-END> DEC-31-1996
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<INVESTMENTS-AT-VALUE> 21108560
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<DISTRIBUTIONS-OF-INCOME> 0<F1>
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<PER-SHARE-GAIN-APPREC> .64<F1>
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<RETURNS-OF-CAPITAL> 0<F1>
<PER-SHARE-NAV-END> 10.61<F1>
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</TABLE>
[[1]]FINEDG:[18396.LTR]00002.PIP
EDGAR only EDG: 27-FEB-1997
04:50 BLK: 00-000-0000 00:00
[[1]]BISYS FUND SERVICES
A/R FUNDS/UIT R.R. Donnelley
(614) 461-6464 EDITOR A2.7-3
<PAGE>
[LETTERHEAD OF ERNST
& YOUNG LLP APPEARS HERE]
Board of Trustees
HSBC Mutual Funds Trust
In planning and performing our
audit of the financial statements of
HSBC Mutual Funds Trust (comprised
of the Growth & Income Fund, New York
Tax-Free Bond Fund, Small Cap Fund,
Fixed Income Fund and Short-Term U.S.
Government 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 Mutual
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
[[1]]FINEDG:[18396.LTR]00001.PIP
EDGAR only EDG: 27-FEB-1997
04:49 BLK: 00-000-0000 00:00
[[1]]BISYS FUND SERVICES
A/R FUNDS/UIT R.R. Donnelley
(614) 461-6464 EDITOR A2.7-3 ***
<PAGE>
[LETTERHEAD OF ERNST &
YOUNG LLP APPEARS HERE]
Board of Trustees
HSBC Mutual Funds Trust
In planning and performing our audit
of the financial statements of
HSBC International Equity Fund, a
portfolio of HSBC Mutual Funds Trust,
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 Mutual
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
