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SIGNATURE ELLEN M. BRUNO
TITLE VICE PRESIDENT
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REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
Shareholders and Board of Trustees
Weston Portfolios
Wellesley, Massachusetts
In planning and performing our audit of the financial
statements of Weston Portfolios (comprising,
respectively, New Century Capital Portfolio and New Century I Portfolio)
for the year ended October 31, 1997, we considered its
internal control structure, including procedures 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 the internal control structure.
The management of the Trust is responsible for establishing
and maintaining an internal control structure. In fulfilling this
responsibility, estimates and judgments by management are required
to assess the expected benefits and related costs of internal control
structure policies and procedures. Two of the objectives of an internal
control structure are to provide management with reasonable, but not
absolute, assurance that assets are safeguarded against loss from
unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to
permit preparation of financial statements in conformity with generally
accepted accounting principles.
Because of inherent limitations in any internal control structure,
errors or irregularities may occur and not be detected.
Also, projection of any evaluation of the structure 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 internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal
control structure elements 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 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 internal control structure, including procedures for
safeguarding securities, that we consider to be material
weaknesses, as defined above, as of October 31, 1997.
This report is intended solely for the information and use of
management and the Securities and Exchange Commission, and should
not be used for any other purpose.
Philadelphia, Pennsylvania
December 4, 1997
SUB-ITEM 77K: Changes in registrant's certifying accountant.
Effective July 17, 1997, the Registrant's Board of Trustees
selected the accounting firm of Briggs, Bunting & Dougherty,
LLP to serve as the Registrant's independent certified public
accountants for the fiscal year ended October 31, 1997 to fill a
vacancy in such position in accordance with Section 32(a)(2)
of the Investment Company Act of 1940 resulting from
Tait, Weller & Baker's resignation on July 17, 1997.
Tait, Weller & Baker had served as the Registrant's independent
certified public accountants for each of the Registrant's two
most recent fiscal years in the period ended October 31, 1996.
Tait, Weller & Baker's report on the financial statements of
the Registrant for each of those years did not contain an
adverse opinion or disclaimer of opinion or was not qualified
or modified as to uncertainty, audit scope, or accounting
principles. There were no disagreements with Tait, Weller
& Baker on any matter of accounting principles or practices,
financial statement disclosure, or auditing scope of procedure
during the two years in the period ended October 31, 1996 or for
the interim period from November 1, 1996 through July 17, 1997.
The Registrant represents that it had not consulted with Briggs, Bunting
& Dougherty, LLP at any time prior to their engagement with respect to the
application of accounting principles to a specified transaction,
either completed or proposed; or the type of audit opinion that might
be rendered on the Registrant's financial statements.
TAIT, WELLER & BAKER
Certified Public Accountants
December 16, 1997
Securities and Exchange Commission
Washington, DC 20549
RE: Weston Portfolios
File No. 811-5646
Dear Sir or Madam:
We have read item 77K of the Form N-SAR of Weston Portfolios for the period
ended October 31, 1997, and agree with the statements contained therein.
Very truly yours,
/s/ Tait, Weller & Baker
TAIT, WELLER & BAKER
