INDEPENDENT AUDITORS' REPORT
The Board of Trustees and Investors,
Global Financial Services Portfolio of
Global Financial Services Master Trust:
In planning and performing our audit of the financial
statements of Global Financial Services Portfolio of Global
Financial Services Master Trust (the "Portfolio") for the
period November 26, 1999 (commencement of operations)
to September 30, 2000 (on which we have issued our report
dated November 8, 2000), 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, and not to provide assurance on the Portfolio's
internal control.
The management of the Portfolio 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 accounting principles
generally accepted in the United States of America. Those
controls include the safeguarding of assets against
unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control,
misstatements due to error 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 the
internal control may become inadequate because of
changes in conditions, or that the degree of compliance
with policies or procedures may deteriorate.
Our consideration of the Portfolio's internal control would
not necessarily disclose all matters in the 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 the Portfolio's internal control and its
operation, including controls for safeguarding securities,
that we consider to be material weaknesses as defined
above as of September 30, 2000.
This report is intended solely for the information and use of
management, the Board of Trustees and Investors of the
Portfolio, and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone
other than these specified parties.
/s/ Deloitte & Touche LLP
November 8, 2000
