INDEPENDENT AUDITORS' REPORT
The Board of Trustees
Polynous Growth Fund
(a series of Polynous Trust):
In planning and performing our audit of the financial statements of
Polynous Growth Fund (the "Fund") for the year ended July 31, 2000
on which we have issued our report dated September 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 Fund'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 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 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 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 Fund's internal control and its
operations, including controls for safeguarding securities, that we consider
to be material weaknesses as defined above as of July 31, 2000.
This report is intended solely for the information and use of management,
the Board of Trustees and Shareholders of the Fund, and the Securities and
Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
Deloitte & Touche LLP
San Francisco, California
September 8, 2000
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