EXHIBIT I


                                April 26, 2001

Securities and Exchange Commission
450 Fifth Street, NW
Washington, D.C. 20549

          Re:  HSBC MUTUAL FUNDS TRUST (File Nos. 33-33734 and 811-6057)
               ---------------------------------------------------------

Dear Sir/Madam:

          As counsel to HSBC Mutual Funds Trust (the "Trust"), we have reviewed
Post-Effective Amendment No. 26 to the Trust's Registration Statement on Form N-
1A (the "Amendment").  The Amendment is being filed pursuant to Rule 485 of the
1933 Act and it is proposed that it will become effective on April 30, 2001
pursuant to paragraph (b).

          Based upon our review, we advise you that the Amendment does not
include disclosure which we believe would render it ineligible to become
effective under paragraph (b) of Rule 485.

          It is our opinion that the securities being registered will when sold,
be legally issued, fully paid and non-assessable and we hereby consent to the
reference to our firm as Counsel in Post-Effective Amendment No. 26 to
Registration No. 33-33734.

                                         Sincerely,

                                         PAUL, WEISS, RIFKIND
                                         WHARTON & GARRISON