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<PAGE> PAGE 7
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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 18
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<PAGE> PAGE 19
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<PAGE> PAGE 20
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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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SIGNATURE TOM LINE
TITLE TREASURER
Report of Independent Auditors
To the Shareholders and Board of Trustees of
HSBC Mutual Funds Trust
In planning and performing our audit of the financial statements of HSBC Funds
Trust (comprise of the Growth & Income Fund, New York Tax-Free Bond Fund, Fixed
Income Fund and International Equity Fund) for the year ended December 31,
1997, 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, not to provide assurance on the internal
control.
The management of HSBC Mutual 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 the internal control would not necessarily disclose all
matters in the 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 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
the internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above at
December 31, 1997.
This report is intended solely for the information and use of the board of
trustees and management of HSBC Mutual Funds Trust and the Securities and
Exchange Commission.
ERNST & YOUNG LLP
New York, New York
February 13, 1998
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<ACCUMULATED-NII-PRIOR> 0
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<OVERDISTRIB-NII-PRIOR> 6491
<OVERDIST-NET-GAINS-PRIOR> 345289
<GROSS-ADVISORY-FEES> 397031
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 845366
<AVERAGE-NET-ASSETS> 43942179<F1>
<PER-SHARE-NAV-BEGIN> 10.61<F1>
<PER-SHARE-NII> .04<F1>
<PER-SHARE-GAIN-APPREC> (.27)<F1>
<PER-SHARE-DIVIDEND> .03<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
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<EXPENSE-RATIO> 1.12<F1>
<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Institutional Class
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000861106
<NAME> HSBC MUTUAL FUNDS TRUST
<SERIES>
<NUMBER> 091
<NAME> INTERNATIONAL EQUITY FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> DEC-31-1997
<PERIOD-START> JAN-01-1997
<PERIOD-END> DEC-31-1997
<INVESTMENTS-AT-COST> 64673844
<INVESTMENTS-AT-VALUE> 68323978
<RECEIVABLES> 1084769
<ASSETS-OTHER> 187834
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<TOTAL-ASSETS> 69596581
<PAYABLE-FOR-SECURITIES> 70875
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1758336
<TOTAL-LIABILITIES> 1829211
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 65675154
<SHARES-COMMON-STOCK> 29868<F1>
<SHARES-COMMON-PRIOR> 38578<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 422475
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 1180096
<ACCUM-APPREC-OR-DEPREC> 3694787
<NET-ASSETS> 67767370
<DIVIDEND-INCOME> 562281
<INTEREST-INCOME> 89682
<OTHER-INCOME> 0
<EXPENSES-NET> 494422
<NET-INVESTMENT-INCOME> 157541
<REALIZED-GAINS-CURRENT> (1197928)
<APPREC-INCREASE-CURRENT> (1687823)
<NET-CHANGE-FROM-OPS> (2728210)
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<DISTRIBUTIONS-OF-INCOME> 959<F1>
<DISTRIBUTIONS-OF-GAINS> 0<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 2102501
<NUMBER-OF-SHARES-REDEEMED> 1395012
<SHARES-REINVESTED> 3815352
<NET-CHANGE-IN-ASSETS> 46258142
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 6491
<OVERDIST-NET-GAINS-PRIOR> 345289
<GROSS-ADVISORY-FEES> 397031
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 845366
<AVERAGE-NET-ASSETS> 359111<F1>
<PER-SHARE-NAV-BEGIN> 10.60<F1>
<PER-SHARE-NII> .06<F1>
<PER-SHARE-GAIN-APPREC> (.28)<F1>
<PER-SHARE-DIVIDEND> .03<F1>
<PER-SHARE-DISTRIBUTIONS> 0<F1>
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<AVG-DEBT-OUTSTANDING> 0
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<FN>
<F1>Service Class
</FN>
</TABLE>
