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SIGNATURE MICHELLE WHALEN
TITLE COMPLIANCE ADMIN
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<NAME> BEACON GLOBAL ADVISORS TRUST
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<NAME> THE CRUELTY FREE VALUE FUND
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<PERIOD-START> APR-29-1997
<PERIOD-END> NOV-30-1997
<INVESTMENTS-AT-COST> 1010066
<INVESTMENTS-AT-VALUE> 1079866
<RECEIVABLES> 46294
<ASSETS-OTHER> 67108
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<TOTAL-ASSETS> 1193268
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REPORT OF INDEPENDENT ACCOUNTANTS
The Board of Trustees
The Cruelty Free Value Fund
McLean, Virginia
We have audited the accompanying statement of assets and liabilities
and schedule of investments of The Cruelty Free Value Fund ("the Fund"), as
of November 30, 1997 and the related statement of operations, changes in
net assets and financial highlights for the period from April 29, 1997
(commencement of operations) through November 30, 1997. These financial
statements are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements based
on our audits.
We conducted our audits in accordance with generally accepted
auditing standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial statements
and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements and financial highlights. Our
procedures included confirmation of securities owned as of November 30,
1997, by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe our audits provide a reasonable basis for our
opinion.
In our opinion the financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of The Cruelty Free Value Fund as of November 30, 1997 and the
results of operations, changes in net assets and financial highlights for
the period from April 29, 1997 (commencement of operations) through
November 30, 1997 in conformity with generally accepted accounting
principles.
JOHNSON LAMBERT & CO.
Bethesda, Maryland
December 12, 1997
