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<PAGE> PAGE 2
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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SIGNATURE PENNI RUTKOWSKI
TITLE SUPERVISOR
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</TABLE>
To the Trustees and Shareholders of
Five Arrows International Currency Fund
Currency Fund, the Pound Sterling Fund
In planning and performing our audit of the financial statements and financial
highlights of the Five Arrows Short-Term Investment Trust and the
International Currency Fund, the Pound Sterling Fund and the U.S. Dollar
Fund for the period ended December 31, 1997, we considered its internal control
, including controls over safeguarding securities, in order to determine our
auditing procedures for the purpose of expressing our opinion on the financial
statements and financial highlights and to comply with requirements of Form
N-SAR, not to provide assurance on internal control.
The management of Five Arrows Short-Term Investment Trust and the International
Currency Fund, the Pound Sterling Fund and the U.S. Dollar 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. These 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 may not be detected. Also, projection of any evaluation of the
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 any
specific internal control component 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 and financial highlights 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, including controls over safeguarding
securities, that we consider to be material weaknesses, as defined above, as
of December 31, 1997.
This report is intended solely for the information and use of the management
of the Five Arrows Short-Term Investment Trust and the International Currency
Fund, the Pound Sterling Fund and the U.S. Dollar Fund and the Securities and
Exchange Commission.
Boston, Massachusetts
February 26, 1998
