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SIGNATURE THEODORE G. BRADPIECE
TITLE ASSISTANT TREASURER
<TABLE> <S> <C>
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<NAME> THE DESSAUER GLOBAL EQUITY FUND
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<PERIOD-START> MAY-30-1998
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<INVESTMENTS-AT-COST> 68959745
<INVESTMENTS-AT-VALUE> 82406038
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Report of Independent Auditors
The Board of Trustees of
The Dessauer Global Equity Fund
In planning and performing our audit of the financial statements of The
Dessauer Global Equity Fund (the Fund), for the period May 30, 1997
(commencement of the Fund) to March 31, 1998, 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 the 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 internal control, errors or irregularities
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 the changes in conditions or that the effectiveness of
the design and operation may deteriorate.
Our consideration of the 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 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 and its operation, including controls
for safeguarding securities, that we consider to be material weaknesses as
defined above at March 31, 1998.
This report is intended solely for the information and use of the board of
trustees and management of The Dessauer Global Equity Fund and the Securities
and Exchange Commission.
/s/Ernst & Young LLP
Los Angeles, California
April 22, 1998
