HSBC MUTUAL FUNDS TRUST
NSAR-A, 1997-08-28
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<PAGE>      PAGE  1
000 A000000 06/30/97
000 C000000 0000861106
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 HSBC MUTUAL FUNDS TRUST
001 B000000 811-6057
001 C000000 8006342536
002 A000000 3435 STELZER ROAD
002 B000000 COLUMBUS
002 C000000 OH
002 D010000 43219
003  000000 N
004  000000 N
005  000000 N
006  000000 N
007 A000000 Y
007 B000000  5
007 C010100  1
007 C020100 GROWTH & INCOME FUND
007 C030100 N
007 C010200  2
007 C020200 NEW YORK TAX-FREE BOND FUND
007 C030200 N
007 C010300  3
007 C010400  4
007 C010500  5
007 C020500 SMALL CAP FUND
007 C030500 N
007 C010600  6
007 C020600 FIXED INCOME FUND
007 C030600 N
007 C010700  7
007 C020700 SHORT-TERM U.S. GOVERNMENT FUND
007 C030700 Y
007 C010800  8
007 C010900  9
007 C020900 INTERNATIONAL EQUITY FUND
007 C030900 N
007 C011000 10
010 A00AA01 BISYS FUND SERVICES
010 C01AA01 COLUMBUS
010 C02AA01 OH
010 C03AA01 43219
010 A00AA02 HSBC ASSET MANAGEMENT AMERICAS, INC.
010 C01AA02 NEW YORK
010 C02AA02 NY
<PAGE>      PAGE  2
010 C03AA02 10177
011 A00AA01 BISYS FUND SERVICES
011 B00AA01 8-34626
011 C01AA01 COLUMBUS
011 C02AA01 OH
011 C03AA01 43219
012 A00AA01 BISYS FUND SERVICES
012 B00AA01 85-00000
012 C01AA01 COLUMBUS
012 C02AA01 OH
012 C03AA01 43219
013 A00AA01 ERNST & YOUNG LLP
013 B01AA01 NEW YORK
013 B02AA01 NY
013 B03AA01 10019
014 A00AA01 MARINE MIDLAND SECURITIES, INC.
014 B00AA01 8-34626
018  00AA00 Y
019 A00AA00 Y
019 B00AA00    9
019 C00AA00 HSBCMUTUAL
020 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH
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020 A000002 PAINEWEBBER, INC.
020 C000002     39
020 A000003 DONALDSON, LUFKIN & JENRETTE
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020 A000004 SALOMAN BROTHERS
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020 A000005 AUTRANET
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020 A000007 UBS SECURITIES, INC.
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020 A000008 WERTHEIM & CO.
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020 A000009 CANTOR, FITZGERALD & CO.
020 C000009      8
020 A000010 CS FIRST BOSTON CORP.
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022 A000002 BANK OF NEW YORK
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022 A000003 MCDONALD & SECURITIES
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<PAGE>      PAGE  3
022 A000004 UBS SECURITIES, INC.
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022 A000009 ABN AMRO SECURITIES
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022 A000010 SMITH BARNEY, INC.
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023 D000000     183238
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054 C00AA00 N
054 D00AA00 N
054 E00AA00 N
054 F00AA00 N
054 G00AA00 N
054 H00AA00 N
054 I00AA00 N
054 J00AA00 N
<PAGE>      PAGE  4
054 K00AA00 N
054 L00AA00 N
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008 A000101 HSBC ASSET MANAGEMENT AMERICAS, INC.
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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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008 B000201 A
008 C000201 801-25999
008 D010201 NEW YORK
008 D020201 NY
008 D030201 10177
015 A000201 BANK OF NEW YORK
<PAGE>      PAGE  10
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015 C030201 10286
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030 C000200  1.00
<PAGE>      PAGE  11
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053 B000200 Y
053 C000200 N
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055 B000200 N
056  000200 Y
057  000200 N
<PAGE>      PAGE  12
058 A000200 N
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063 B000200  9.3
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064 B000200 N
066 A000200 N
067  000200 N
068 A000200 N
068 B000200 N
069  000200 N
070 A010200 Y
070 A020200 N
070 B010200 N
070 B020200 N
070 C010200 N
070 C020200 N
070 D010200 N
070 D020200 N
070 E010200 N
070 E020200 N
070 F010200 N
070 F020200 N
070 G010200 N
070 G020200 N
070 H010200 N
070 H020200 N
070 I010200 N
070 I020200 N
070 J010200 N
<PAGE>      PAGE  13
070 J020200 N
070 K010200 Y
070 K020200 Y
070 L010200 N
070 L020200 N
070 M010200 N
070 M020200 N
070 N010200 Y
070 N020200 N
070 O010200 Y
070 O020200 N
070 P010200 N
070 P020200 N
070 Q010200 N
070 Q020200 N
070 R010200 N
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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
056  000500 Y
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<PAGE>      PAGE  18
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<PAGE>      PAGE  19
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074 I000500     5961
074 J000500        0
074 K000500        0
074 L000500        6
074 M000500        2
074 N000500    55893
074 O000500        0
074 P000500       41
074 Q000500        0
074 R010500        0
074 R020500        0
074 R030500        0
074 R040500       26
074 S000500        0
074 T000500    55826
074 U010500     3279
074 U020500        0
074 V010500    17.02
074 V020500     0.00
074 W000500   0.0000
074 X000500      184
074 Y000500        0
075 A000500        0
075 B000500    65669
076  000500     0.00
008 A000601 HSBC ASSET MANAGEMENT AMERICAS INC.
008 B000601 A
008 C000601 801-25999
008 D010601 NEW YORK
008 D020601 NY
008 D030601 10177
015 A000601 BANK OF NEW YORK
015 B000601 C
015 C010601 NEW YORK
015 C020601 NY
<PAGE>      PAGE  20
015 C030601 10286
015 E010601 X
024  000600 Y
025 A000601 ABN AMRO BANK
025 C000601 D
025 D000601    3000
025 A000602 BANK OF NEW YORK
025 C000602 D
025 D000602       1
025 A000603 TEMPORARY INVESTMENT FUNDS, INC.
025 C000603 D
025 D000603    2889
025 D000604       0
025 D000605       0
025 D000606       0
025 D000607       0
025 D000608       0
028 A010600      1229
028 A020600         7
028 A030600         0
028 A040600     35209
028 B010600      1246
028 B020600         6
028 B030600         0
028 B040600       437
028 C010600       465
028 C020600         6
028 C030600         0
028 C040600      6271
028 D010600       914
028 D020600         6
028 D030600         0
028 D040600       410
028 E010600      3552
028 E020600         6
028 E030600         0
028 E040600       274
028 F010600       480
028 F020600         7
028 F030600         0
028 F040600      7096
028 G010600      7886
028 G020600        38
028 G030600         0
028 G040600     49697
028 H000600         1
029  000600 Y
030 A000600      0
030 B000600  4.75
030 C000600  1.00
031 A000600      0
<PAGE>      PAGE  21
031 B000600      0
032  000600      0
033  000600      0
042 A000600   0
042 B000600   0
042 C000600 100
042 D000600   0
042 E000600   0
042 F000600   0
042 G000600   0
042 H000600   0
043  000600      0
044  000600      0
045  000600 Y
046  000600 N
047  000600 Y
048  000600  0.000
048 A010600   400000
048 A020600 0.550
048 B010600   400000
048 B020600 0.505
048 C010600   400000
048 C020600 0.460
048 D010600   400000
048 D020600 0.415
048 E010600   400000
048 E020600 0.370
048 F010600        0
048 F020600 0.000
048 G010600        0
048 G020600 0.000
048 H010600        0
048 H020600 0.000
048 I010600        0
048 I020600 0.000
048 J010600        0
048 J020600 0.000
048 K010600  2000000
048 K020600 0.315
049  000600 N
050  000600 N
051  000600 N
052  000600 N
053 A000600 Y
053 B000600 Y
053 C000600 N
055 A000600 Y
055 B000600 N
056  000600 Y
057  000600 N
058 A000600 N
<PAGE>      PAGE  22
059  000600 Y
060 A000600 Y
060 B000600 Y
061  000600     1000
062 A000600 Y
062 B000600   0.0
062 C000600   0.0
062 D000600   0.0
062 E000600   0.0
062 F000600   0.0
062 G000600   0.0
062 H000600   0.0
062 I000600   0.0
062 J000600   0.0
062 K000600   0.0
062 L000600   0.0
062 M000600  34.5
062 N000600  36.9
062 O000600   3.2
062 P000600  20.0
062 Q000600   0.0
062 R000600   4.6
063 A000600   0
063 B000600  7.2
064 A000600 Y
064 B000600 N
066 A000600 N
067  000600 N
068 A000600 N
068 B000600 N
069  000600 N
070 A010600 Y
070 A020600 N
070 B010600 N
070 B020600 N
070 C010600 Y
070 C020600 N
070 D010600 N
070 D020600 N
070 E010600 Y
070 E020600 N
070 F010600 N
070 F020600 N
070 G010600 N
070 G020600 N
070 H010600 N
070 H020600 N
070 I010600 N
070 I020600 N
070 J010600 Y
070 J020600 N
<PAGE>      PAGE  23
070 K010600 Y
070 K020600 Y
070 L010600 Y
070 L020600 Y
070 M010600 N
070 M020600 N
070 N010600 Y
070 N020600 N
070 O010600 Y
070 O020600 N
070 P010600 N
070 P020600 N
070 Q010600 N
070 Q020600 N
070 R010600 N
070 R020600 N
071 A000600     17191
071 B000600     36660
071 C000600     64647
071 D000600   27
072 A000600  6
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072 Y000600       40
072 Z000600     2071
072AA000600        0
072BB000600      453
072CC010600      162
072CC020600        0
072DD010600     2071
<PAGE>      PAGE  24
072DD020600        0
072EE000600        0
073 A010600   0.3000
073 A020600   0.0000
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074 A000600        1
074 B000600        0
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074 D000600    59431
074 E000600        0
074 F000600        0
074 G000600        0
074 H000600        0
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074 J000600        2
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074 L000600      851
074 M000600       20
074 N000600    63194
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074 P000600       34
074 Q000600        0
074 R010600        0
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074 R040600      350
074 S000600        0
074 T000600    62810
074 U010600     6379
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074 W000600   0.0000
074 X000600       94
074 Y000600        0
075 A000600        0
075 B000600    67520
076  000600     0.00
008 A000701 HSBC ASSET MANAGEMENT AMERICAS INC.
008 B000701 A
008 C000701 801-25999
008 D010701 NEW YORK
008 D020701 NY
008 D030701 10177
015 A000701 BANK OF NEW YORK
015 B000701 C
015 C010701 NEW YORK
015 C020701 NY
015 C030701 10286
015 E010701 X
<PAGE>      PAGE  25
024  000700 N
025 D000701       0
025 D000702       0
025 D000703       0
025 D000704       0
025 D000705       0
025 D000706       0
025 D000707       0
025 D000708       0
028 A010700        34
028 A020700         1
028 A030700         0
028 A040700         3
028 B010700        49
028 B020700         1
028 B030700         0
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028 C010700        59
028 C020700         1
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028 D010700         1
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028 F030700         0
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028 G010700       143
028 G020700        16
028 G030700         0
028 G040700      9463
028 H000700         0
029  000700 Y
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031 B000700      0
032  000700      0
033  000700      0
042 A000700   0
042 B000700   0
042 C000700 100
042 D000700   0
042 E000700   0
<PAGE>      PAGE  26
042 F000700   0
042 G000700   0
042 H000700   0
043  000700      0
044  000700      0
045  000700 Y
046  000700 N
047  000700 Y
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048 A020700 0.550
048 B010700   400000
048 B020700 0.505
048 C010700   400000
048 C020700 0.460
048 D010700   400000
048 D020700 0.415
048 E010700   400000
048 E020700 0.370
048 F010700        0
048 F020700 0.000
048 G010700        0
048 G020700 0.000
048 H010700        0
048 H020700 0.000
048 I010700        0
048 I020700 0.000
048 J010700        0
048 J020700 0.000
048 K010700  2000000
048 K020700 0.315
049  000700 N
050  000700 N
051  000700 N
052  000700 N
053 A000700 N
055 A000700 N
055 B000700 N
056  000700 Y
057  000700 N
058 A000700 N
059  000700 Y
060 A000700 Y
060 B000700 Y
061  000700     1000
062 A000700 Y
062 B000700   0.0
062 C000700   0.0
062 D000700   0.0
062 E000700   0.0
062 F000700   0.0
<PAGE>      PAGE  27
062 G000700   0.0
062 H000700   0.0
062 I000700   0.0
062 J000700   0.0
062 K000700   0.0
062 L000700   0.0
062 M000700   0.0
062 N000700   0.0
062 O000700   0.0
062 P000700   0.0
062 Q000700   0.0
062 R000700   0.0
063 A000700   0
063 B000700  0.0
064 A000700 N
064 B000700 N
066 A000700 N
067  000700 N
068 A000700 N
068 B000700 N
069  000700 N
070 A010700 Y
070 A020700 N
070 B010700 N
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 N
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 N
070 F020700 N
070 G010700 N
070 G020700 N
070 H010700 N
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 Y
070 L010700 Y
070 L020700 N
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
<PAGE>      PAGE  28
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700      4026
071 B000700     11497
071 C000700      6257
071 D000700   64
072 A000700  6
072 B000700      198
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072 Q000700        1
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072BB000700      136
072CC010700       28
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073 A010700   0.2000
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073 B000700   0.0000
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<PAGE>      PAGE  29
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075 B000700     5925
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008 A000901 HSBC ASSET MANAGEMENT AMERICAS INC.
008 B000901 A
008 C000901 801-25999
008 D010901 NEW YORK
008 D020901 NY
008 D030901 10177
015 A000901 STATE STREET BANK
015 B000901 C
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015 C020901 MA
015 C030901 02105
015 E010901 X
024  000900 N
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028 A010900       608
<PAGE>      PAGE  30
028 A020900         0
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<PAGE>      PAGE  31
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<PAGE>      PAGE  32
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069  000900 N
070 A010900 Y
070 A020900 Y
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070 C020900 N
070 D010900 Y
070 D020900 N
070 E010900 Y
070 E020900 N
070 F010900 Y
070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 Y
070 M010900 Y
070 M020900 N
070 N010900 N
070 N020900 N
070 O010900 Y
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070 Q010900 N
070 Q020900 N
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<PAGE>      PAGE  33
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072EE000900        0
073 A010900   0.0000
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<PAGE>      PAGE  34
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075 A000900        0
075 B000900    26512
076  000900     0.00
SIGNATURE   PEGGY HALEEN                                 
TITLE       FINANCIAL ANALYST   
 


<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000861106
<NAME> HSBC MUTUAL FUNDS TRUST
<SERIES>
   <NUMBER> 01
   <NAME> GROWTH & INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
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<EQUALIZATION>                                       0
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<PER-SHARE-NAV-BEGIN>                            16.28
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<EXPENSE-RATIO>                                    .77
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<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000861106
<NAME> HSBC MUTUAL FUNDS TRUST
<SERIES>
   <NUMBER> 02
   <NAME> NEW YORK TAX-FREE BOND FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         36668245
<INVESTMENTS-AT-VALUE>                        38383116
<RECEIVABLES>                                   752303
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<OTHER-ITEMS-LIABILITIES>                       211841
<TOTAL-LIABILITIES>                             211841
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      38965987
<SHARES-COMMON-STOCK>                          3503911
<SHARES-COMMON-PRIOR>                          3799558
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                       1740614
<ACCUM-APPREC-OR-DEPREC>                       1714872
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<EXPENSES-NET>                                  169432
<NET-INVESTMENT-INCOME>                         992928
<REALIZED-GAINS-CURRENT>                        170233
<APPREC-INCREASE-CURRENT>                        42920
<NET-CHANGE-FROM-OPS>                          1206081
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       992928
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          56895
<NUMBER-OF-SHARES-REDEEMED>                     406393 
<SHARES-REINVESTED>                              53851
<NET-CHANGE-IN-ASSETS>                       (3034440)
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                     1910847
<GROSS-ADVISORY-FEES>                            89852
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 233348
<AVERAGE-NET-ASSETS>                          40248207
<PER-SHARE-NAV-BEGIN>                            11.05
<PER-SHARE-NII>                                    .27
<PER-SHARE-GAIN-APPREC>                            .06
<PER-SHARE-DIVIDEND>                               .27
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.11
<EXPENSE-RATIO>                                    .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> 05
   <NAME> SMALL CAP FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         51133718
<INVESTMENTS-AT-VALUE>                        55885251
<RECEIVABLES>                                     6247
<ASSETS-OTHER>                                    1193
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                55892691
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                        66399
<TOTAL-LIABILITIES>                              66399
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      47018523
<SHARES-COMMON-STOCK>                          3279107
<SHARES-COMMON-PRIOR>                          4623068
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                          199695
<ACCUMULATED-NET-GAINS>                        4255931
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       4751533
<NET-ASSETS>                                  55826292
<DIVIDEND-INCOME>                               136342
<INTEREST-INCOME>                                 4297
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  343647
<NET-INVESTMENT-INCOME>                       (203008)
<REALIZED-GAINS-CURRENT>                       4088675
<APPREC-INCREASE-CURRENT>                    (3857025)
<NET-CHANGE-FROM-OPS>                            28642
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         244125
<NUMBER-OF-SHARES-REDEEMED>                    1588581
<SHARES-REINVESTED>                                495
<NET-CHANGE-IN-ASSETS>                      (20842057)
<ACCUMULATED-NII-PRIOR>                           3313
<ACCUMULATED-GAINS-PRIOR>                       167256
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                           0
<GROSS-ADVISORY-FEES>                           228354
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 382826
<AVERAGE-NET-ASSETS>                          65669459
<PER-SHARE-NAV-BEGIN>                            16.58
<PER-SHARE-NII>                                  (.06)
<PER-SHARE-GAIN-APPREC>                            .50
<PER-SHARE-DIVIDEND>                                 0
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              17.02
<EXPENSE-RATIO>                                   1.06
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000861106
<NAME> HSBC MUTUAL FUNDS TRUST
<SERIES>
   <NUMBER> 06
   <NAME> FIXED INCOME FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         61920459
<INVESTMENTS-AT-VALUE>                        62320879
<RECEIVABLES>                                   852183
<ASSETS-OTHER>                                   20613
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                63193675
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       383689
<TOTAL-LIABILITIES>                             383689
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      65422858
<SHARES-COMMON-STOCK>                          6379260
<SHARES-COMMON-PRIOR>                         10608588
<ACCUMULATED-NII-CURRENT>                        10321
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                       3023613
<ACCUM-APPREC-OR-DEPREC>                        400420
<NET-ASSETS>                                  62809986
<DIVIDEND-INCOME>                                71410
<INTEREST-INCOME>                              2280460
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  281016
<NET-INVESTMENT-INCOME>                        2070854
<REALIZED-GAINS-CURRENT>                      (452563)
<APPREC-INCREASE-CURRENT>                       161630
<NET-CHANGE-FROM-OPS>                          1779921
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                      2070854
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                         805649
<NUMBER-OF-SHARES-REDEEMED>                    5038879
<SHARES-REINVESTED>                               3902
<NET-CHANGE-IN-ASSETS>                      (42065063)
<ACCUMULATED-NII-PRIOR>                          10321
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                     2571050
<GROSS-ADVISORY-FEES>                           184787
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 321366
<AVERAGE-NET-ASSETS>                          67519523
<PER-SHARE-NAV-BEGIN>                             9.89
<PER-SHARE-NII>                                    .30
<PER-SHARE-GAIN-APPREC>                          (.04)
<PER-SHARE-DIVIDEND>                               .30
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.85
<EXPENSE-RATIO>                                    .84
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000861106
<NAME> HSBC MUTUAL FUNDS TRUST
<SERIES>
   <NUMBER> 07
   <NAME> SHORT-TERM U.S. GOVERNMENT FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                                0
<INVESTMENTS-AT-VALUE>                               0
<RECEIVABLES>                                        0
<ASSETS-OTHER>                                       0
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                       0
<PAYABLE-FOR-SECURITIES>                             0
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                            0
<TOTAL-LIABILITIES>                                  0
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                             0
<SHARES-COMMON-STOCK>                                0
<SHARES-COMMON-PRIOR>                           967143
<ACCUMULATED-NII-CURRENT>                            0
<OVERDISTRIBUTION-NII>                             821
<ACCUMULATED-NET-GAINS>                              0
<OVERDISTRIBUTION-GAINS>                        665886
<ACCUM-APPREC-OR-DEPREC>                             0
<NET-ASSETS>                                         0
<DIVIDEND-INCOME>                                    0
<INTEREST-INCOME>                               197811
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                   40767
<NET-INVESTMENT-INCOME>                         157044
<REALIZED-GAINS-CURRENT>                      (135505)
<APPREC-INCREASE-CURRENT>                        28101
<NET-CHANGE-FROM-OPS>                            49640
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                       165594
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                          14773
<NUMBER-OF-SHARES-REDEEMED>                     983621
<SHARES-REINVESTED>                               1705
<NET-CHANGE-IN-ASSETS>                               0
<ACCUMULATED-NII-PRIOR>                           7729
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                              0
<OVERDIST-NET-GAINS-PRIOR>                      530381
<GROSS-ADVISORY-FEES>                            16298
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                  54803
<AVERAGE-NET-ASSETS>                           5925007
<PER-SHARE-NAV-BEGIN>                             9.74
<PER-SHARE-NII>                                    .34
<PER-SHARE-GAIN-APPREC>                          (.45)
<PER-SHARE-DIVIDEND>                             (.38)
<PER-SHARE-DISTRIBUTIONS>                            0
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                               9.25
<EXPENSE-RATIO>                                      0
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
        

</TABLE>

<TABLE> <S> <C>

<ARTICLE> 6
<CIK> 0000861106
<NAME> HSBC MUTUAL FUNDS TRUST
<SERIES>
   <NUMBER> 091
   <NAME> INTERNATIONAL EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         33024718
<INVESTMENTS-AT-VALUE>                        36823360
<RECEIVABLES>                                   397883
<ASSETS-OTHER>                                  890386
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                38111629
<PAYABLE-FOR-SECURITIES>                        103038
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       118207
<TOTAL-LIABILITIES>                             221245
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      33457730
<SHARES-COMMON-STOCK>                            32899<F1>
<SHARES-COMMON-PRIOR>                            38578<F1>
<ACCUMULATED-NII-CURRENT>                       139880
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         499750
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       3793024
<NET-ASSETS>                                  37890384
<DIVIDEND-INCOME>                               279749
<INTEREST-INCOME>                                39779
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  173157
<NET-INVESTMENT-INCOME>                         146371
<REALIZED-GAINS-CURRENT>                        845039
<APPREC-INCREASE-CURRENT>                      2231318
<NET-CHANGE-FROM-OPS>                          3222728
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                            465<F1>
<NUMBER-OF-SHARES-REDEEMED>                       6144<F1>
<SHARES-REINVESTED>                                  0<F1>
<NET-CHANGE-IN-ASSETS>                        16381156
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                           6491
<OVERDIST-NET-GAINS-PRIOR>                      345289
<GROSS-ADVISORY-FEES>                           117940
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 306917
<AVERAGE-NET-ASSETS>                            377994<F1>
<PER-SHARE-NAV-BEGIN>                            10.60<F1>
<PER-SHARE-NII>                                    .05<F1>
<PER-SHARE-GAIN-APPREC>                            .93<F1>
<PER-SHARE-DIVIDEND>                                 0<F1>
<PER-SHARE-DISTRIBUTIONS>                            0<F1>
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.58<F1>
<EXPENSE-RATIO>                                   1.34<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> 092
   <NAME> INTERNATIONAL EQUITY FUND
       
<S>                             <C>
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-START>                             JAN-01-1997
<PERIOD-END>                               JUN-30-1997
<INVESTMENTS-AT-COST>                         33024718
<INVESTMENTS-AT-VALUE>                        36823360
<RECEIVABLES>                                   397883
<ASSETS-OTHER>                                  890386
<OTHER-ITEMS-ASSETS>                                 0
<TOTAL-ASSETS>                                38111629
<PAYABLE-FOR-SECURITIES>                        103038
<SENIOR-LONG-TERM-DEBT>                              0
<OTHER-ITEMS-LIABILITIES>                       118207
<TOTAL-LIABILITIES>                             221245
<SENIOR-EQUITY>                                      0
<PAID-IN-CAPITAL-COMMON>                      33457730
<SHARES-COMMON-STOCK>                          3234919<F1>
<SHARES-COMMON-PRIOR>                          1988504<F1>
<ACCUMULATED-NII-CURRENT>                       139880
<OVERDISTRIBUTION-NII>                               0
<ACCUMULATED-NET-GAINS>                         499750
<OVERDISTRIBUTION-GAINS>                             0
<ACCUM-APPREC-OR-DEPREC>                       3793024
<NET-ASSETS>                                  37890384
<DIVIDEND-INCOME>                               279749
<INTEREST-INCOME>                                39779
<OTHER-INCOME>                                       0
<EXPENSES-NET>                                  173157
<NET-INVESTMENT-INCOME>                         146371
<REALIZED-GAINS-CURRENT>                        845039
<APPREC-INCREASE-CURRENT>                      2231318
<NET-CHANGE-FROM-OPS>                          3222728
<EQUALIZATION>                                       0
<DISTRIBUTIONS-OF-INCOME>                            0
<DISTRIBUTIONS-OF-GAINS>                             0
<DISTRIBUTIONS-OTHER>                                0
<NUMBER-OF-SHARES-SOLD>                        1343973<F1>
<NUMBER-OF-SHARES-REDEEMED>                      97558<F1>
<SHARES-REINVESTED>                                  0<F1>
<NET-CHANGE-IN-ASSETS>                        16381156
<ACCUMULATED-NII-PRIOR>                              0
<ACCUMULATED-GAINS-PRIOR>                            0
<OVERDISTRIB-NII-PRIOR>                           6491
<OVERDIST-NET-GAINS-PRIOR>                      345289
<GROSS-ADVISORY-FEES>                           117940
<INTEREST-EXPENSE>                                   0
<GROSS-EXPENSE>                                 306917
<AVERAGE-NET-ASSETS>                          26134032<F1>
<PER-SHARE-NAV-BEGIN>                            10.61<F1>
<PER-SHARE-NII>                                    .05<F1>
<PER-SHARE-GAIN-APPREC>                            .94<F1>
<PER-SHARE-DIVIDEND>                                 0<F1>
<PER-SHARE-DISTRIBUTIONS>                            0<F1>
<RETURNS-OF-CAPITAL>                                 0
<PER-SHARE-NAV-END>                              11.60<F1>
<EXPENSE-RATIO>                                   1.32<F1>
<AVG-DEBT-OUTSTANDING>                               0
<AVG-DEBT-PER-SHARE>                                 0
<FN>
<F1>Institutional Class
</FN>
        


</TABLE>


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