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                            HSBC MUTUAL FUNDS TRUST

                         SUPPLEMENT DATED MAY 6, 1999
                      TO THE PROSPECTUS DATED MAY 6, 1999

With respect to the references to the HSBC Mutual Funds, as of the date of this
supplement, Class B and Class C shares of the Growth and Income Fund, Fixed
Income Fund and New York Tax-Free Bond Fund are not yet being offered for sale.
The Class B and Class C shares of these Funds will be offered for sale as of
July 1, 1999.

                 INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH 
                      THE PROSPECTUS FOR FUTURE REFERENCE


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                            HSBC MUTUAL FUNDS TRUST

                         SUPPLEMENT DATED MAY 6, 1999
                      TO THE PROSPECTUS DATED MAY 6, 1999

With respect to the references to the HSBC International Equity Fund, as of the 
date of this supplement, Class B and Class C shares of the Fund are not yet 
being offered for sale.  The Class B and Class C shares of the Fund will be 
offered for sale as of July 1, 1999.

                 INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH 
                      THE PROSPECTUS FOR FUTURE REFERENCE



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