Report of Ernst & Young LLP, Independent Auditors
Board of Trustees of
Hibernia Funds:
In planning and performing our audit of the financial statements of the
Hibernia Funds for the year ended August 31, 2000, we considered its
internal control, including control activities for safeguarding
securities, 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 internal
control.
The management of the Hibernia 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 internal control. Generally,
internal controls that are relevant to an audit pertain to the Hibernia
Funds' objective of preparing financial statements for external purposes
that are fairly presented in conformity with generally accepted
accounting principles. Those internal controls include the safeguarding
of assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements
due to error or fraud may occur and not be detected. Also, projections
of any evaluation of internal control to future periods are subject to
the risk that internal control may become inadequate because of changes
in conditions, or that the degree of compliance with the policies or
procedures 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 specific 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 internal control,
including control activities for safeguarding securities, and its
operation that we consider to be material weaknesses as defined above as
of August 31, 2000.
This report is intended solely for the information and use of the board
of trustees and management of the Hibernia Funds and the Securities and
Exchange Commission and is not intended to be and should not be used by
anyone other than these specified parties.
ERNST & YOUNG LLP
Boston, Massachusetts
October 18, 2000
