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<PAGE> PAGE 2
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SIGNATURE DEAN B. HARRIS
TITLE 2VP
October 14, 1997
To the Trustees of
Mutual Fund Select Trust
In planning and performing our audit of the financial
statements of Mutual Fund Select Trust (the "Fund")
for the period January 1,1997 through August 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 internal control.
The management ofthe Fund 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 control activities. Generally, control activities
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 control
activities include the safeguarding of assets
against unauthorized acquisition, use or disposition.
Because of inherent limitations in internal control, errors
or irregularities 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 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 any specific internal control components
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
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 safe-
guarding securities, that we consider to be material
weaknesses as defined above as of August 31, 1997.
This report is intended solely for the information and use of
management and the Board of Directors of the Fund and the
Securities and Exchange Commission.
PRICE WATERHOUSE LLP
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