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SIGNATURE DARLA BALL
TITLE MANAGER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000068693
<NAME> M.S.B. FUND, INC.
<SERIES>
<NUMBER> 010
<NAME> M.S.B. FUND, INC.
<S> <C>
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</TABLE>
To the Board of Directors of
M.S.B. Fund, Inc.
In planning and performing our audit of the financial
statements of M.S.B. Fund, Inc. for the year ended
December 31, 1999, 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 of M.S.B. Fund, Inc. 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 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, 1999.
This report is intended solely for the information and use
of management, the Board of Directors of M.S.B. Fund,
Inc., and the Securities and Exchange Commission and
is not intended to be, and should not be, used for anyone
other than these specified parties.
Cincinnati, Ohio,
February 10, 2000
