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SIGNATURE BARBARA A. DWYER
TITLE EDGAR DEPT. HEAD
<PAGE>
Item 77K. CHANGES IN REGISTRANT'S CERTIFYING ACCOUNTANT
---------------------------------------------
(a) Previous independent accountants
(i) On August 1, 1999, McGladrey & Pullen, LLP resigned as the
independent accountants of the Registrant.
(ii) The report of McGladrey & Pullen, LLP on the financial statements
for the past two fiscal years contained no adverse opinion or
disclaimer of opinion and were not qualified or modified as to
uncertainty, audit scope or accounting principle.
(iii) The Registrant's Audit Committee participated in and approved the
decision to change independent accountants.
(iv) In connection with its audits for the two most recent fiscal years,
there have been no disagreements with McGladrey & Pullen, LLP on
any matter of accounting principles or practices, financial
statement disclosure, or auditing scope or procedure, which
disagreements if not resolved to the satisfaction of McGladrey &
Pullen, LLP would have caused them to make reference thereto in
their report on the financial statements for such years.
(v) During the two most recent fiscal years there have been no
reportable events (as defined in Regulation S-K Item 304(a)(1)(v))
with McGladrey & Pullen, LLP.
(b) New independent accountants
(i) The Registrant engaged PricewaterhouseCoopers LLC as its new
independent accountants as of August 1, 1999. During the two most
recent fiscal years the Registrant has not consulted with
PricewaterhouseCoopers LLC on items which (1) were or should have
been subject to SAS 50 or (2) concerned the subject matter of a
disagreement or reportable event with the former auditor, (as
described in Regulation S-K Item 304(a)(2)).
<PAGE>
To the Shareholders and
Board of Trustees of the
FAM Funds
In planning and performing our audit of the financial statements of FAM Value
Fund and FAM Equity-Income Fund (the "Funds") for the year ended December 31,
1999, 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 internal control.
The management of the Funds 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 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 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
internal control and its operation, including controls for safeguarding
securities that we consider to be material weaknesses as defined above as of
December 31, 1999.
This report is intended solely for the information and use of management and
the Board of Trustees of the Funds the Securities and Exchange Commission and is
not intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
New York, New York
January 12, 2000
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