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<PAGE> PAGE 7
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SIGNATURE ERIC BANHAZL
TITLE ASSISTANT TREASURER
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
The Board of Trustees
Masters' Select Funds Trust
In planning and performing our audit of the financial statements of Masters'
Select Equity Fund and Masters' Select International Fund, separate series
of Masters' Select Funds Trust for the year ended December 31, 1997, we
considered its internal control, including controls over 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 internal co
The management of Masters' Select 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 inclu
Because of inherent limitations in internal control, errors or irregularities
may occur and may 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 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 the specific internal control component does not reduce to a
relatively low level the risk that errors or irregularities in amounts that
would be material in relation to the financial statements being audited may
o
imely period by employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal control,
including controls over safeguarding securities, that we consider to be
material weaknesses as defined above as of December 31, 1997.
This report is intended solely for the information and use of management and
the Securities and Exchange Commission.
McGladrey & Pullen, LLP
New York, New York
February 13, 1998
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