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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 15
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<PAGE> PAGE 18
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076 000400 0.00
SIGNATURE KELLY O'NEILL
TITLE CORP. COMPLIANCE ADM
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Board of Trustees
Trainer, Wortham First Mutual Funds
New York, New York
In planning and performing our audits of the financial statements of
Trainer, Wortham First Mutual Fund and Trainer, Wortham Total Return
Bond Fund, each a series of shares of Trainer, Wortham First Mutual
Funds for the year ended June 30, 1998, we considered their internal
control structure, including procedures 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 the internal
control structure.
The management of the Trust is responsible for establishing and maintaining
an internal control structure. In fulfilling this responsibility, estimates
and judgments by management are required to assess the expected benefits
and related costs of internal control structure policies and procedures.
Two of the objectives of an internal control structure are to provide
management with reasonable, but not absolute, assurance that assets are
safeguarded against loss from unauthorized use or disposition, and that
transactions are executed in accordance with management's authorization
and recorded properly to permit preparation of financial statements in
conformity with generally accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected. Also, projection
of any evaluation of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 structure
elements 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 the internal
control structure, including procedures for safeguarding securities,
that we consider to be material weaknesses, as defined above, as of
June 30, 1998.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission, and should not be used for
any other purpose.
/s/ Briggs, Bunting & Dougherty, LLP
Briggs, Bunting & Dougherty, LLP
Philadelphia, Pennsylvania
July 17, 1998
