INDEPENDENT AUDITORS' REPORT
To The Board of Trustees and shareholders,
In planning and performing our audit of the financial statements of
Forum Investors Equity Fund, Forum Equity Index Fund, Polaris Global
Value, BIA Growth Equity Fund and BIA Small Cap Growth Fund (the
"Funds") for the year ended May 31, 2000 (on which we have issued our
report dated July 7, 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 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, errors or
fraud 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 changes in conditions or that the
effectiveness of the design and operation 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
errors 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 May 31, 2000.
This report is intended solely for the information and use of
management, 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
Boston, Massachusetts
July 7, 2000
