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SIGNATURE W. RICHARD MASON
TITLE GENERAL COUNSEL
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND>
This schedule contains summary financial data extracted from the Registrant's
current Form NSAR, Annual Report and Prospectus and is qualified in its entirety
by reference to such source documents.
</LEGEND>
<CIK> 0001005463
<NAME> MOSAIC FOCUS FUND
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Deloitte & Touche LLP
University Square
117 Campus Drive Telephone: (609) 520-2300
Princeton, New Jersey 08540 Facsimile: (609) 520-2413
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of
Mosaic Focus Fund:
In planning and performing our audit of the financial statements of the
Mosaic Focus Fund (the "Fund") for the year ended December 31, 1998,
(on which we have issued our report dated February 10, 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, and not to provide
assurance on the Trust's internal control.
The management of the 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 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 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 Fund's 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
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 Fund's 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 Board of Trustees, and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone
other than these specified parties.
(signature)
Deloitte & Touche LLP
February 10, 1999
Deloitte Touche
Tohmatsu
International
