<PAGE> PAGE 1
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008 C00AA01 801-33955
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008 D04AA01 5354
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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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SIGNATURE ANNE D. FONTAINE
TITLE TREASURER
[Coopers & Lybrand Letterhead]
REPORT OF INDEPENDENT ACCOUNTANTS
To the Shareholders and Board of Trustees of The Fontaine Trust,
comprised of:
Fontaine Capital Appreciation Fund,
Fontaine Global Growth Fund, and
Fontaine Global Income Fund
In planning and performing our audits of the financial statements and
financial highlights of the Fontaine Trust, comprised of: Fontaine
Capital Appreciation Fund, Fontaine Global Growth Fund, and Fontaine
Global Income Fund (the "Funds") for the year ended December 31, 1995,
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 financial highlights and to comply with the requirements of Form N-
SAR, not to provide assurance on the internal control structure.
The management of the Funds is responsible for establishing and
maintaining and 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 general
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 and financial highlights 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 Funds' internal control
structure, including procedures for safeguarding securities, that we
consider to be material weaknesses, as defined above, as of December 31,
1995.
This report is intended solely for the information and use of management
and Board of Trustees of the Funds and the Securities and Exchange
Commission.
/s/ Coopers & Lybrand L.L.P.
COOPERS & LYBRAND L.L.P.
Baltimore, Maryland
February 19, 1996
