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<PAGE> PAGE 2
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013 B02AA01 NY
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014 A00AA02 WASHINGTON SQUARE SECURITIES, INC.
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<PAGE> PAGE 3
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SIGNATURE GUY NORDAHL
TITLE VICE PRESIDENT
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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REPORT OF INDEPENDENT ACCOUNTANTS
______________
To the Shareholders and Trustees
of Northstar Equity Trust:
In planning and performing our audit of the financial statements and financial
highlights of
Northstar Mid-Cap Growth Fund of Northstar Equity Trust (the "Trust") for the
period August
20, 1998 (commencement of operations) through December 31, 1998, we considered
its internal
control, including control activities for safeguarding securities, in order to
determine our auditing
procedures for the purposes of expressing our opinion on the financial
statements and financial
highlights and to comply with the requirements of Form N-SAR, not to provide
assurance on
internal control.
The management of the Trust is responsible for establishing and maintaining
internal control. In
fulfilling this responsibility, estimates and judgements 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
include the safeguarding of assets against unauthorized acquisition, use or
disposition.
Because of inherent limitations in internal control, error or fraud 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 one or more of the internal control components does not reduce to
a
relatively low
level the risk that misstatements caused by error 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 and its operation, including
controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
December 31, 1998.
This report is intended solely for the information and use of management, the
Trustees of
Northstar Equity Trust, and the Securities and Exchange Commission.
New York, New York
February 5, 1999
