<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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</TABLE>
Report of Independent Auditors
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 and Income Fund, New York Tax-Free Bond
Fund, Fixed Income Fund and International Equity 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 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 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 Mutual 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
