The Board of Trustees
DEVCAP Trust
In planning and performing our audit of the financial
statements of DEVCAP Shared Return Fund (the Fund)
for the year
ended July 31, 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, not to provide assurance
on the 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 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 risks 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
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 and its
operation, including
controls for safeguarding securities, that we
consider to be material weaknesses as defined above
as of July 31, 2000.
This report is intended solely for the information
and use of management, the Board of Trustees and the
Securities and
Exchange Commission, and is not intended to be and
should not be used by anyone other than those
specified parties.
Boston, Massachusetts
September 15, 2000
