Change in Independent Accountants
On August 13, 1999, McGladrey & Pullen, LLP (McGladrey) resigned as independent
auditors of New York Equity Fund, (hearafter referred to as the Fund) pursuant
to an agreement by PricewaterhouseCoopers LLP (PwC) to acquire McGladrey's
investment company practice. The McGladrey partners and professionals serving
the Funds at the time of the acquisition joined PwC. The reports of McGladrey on
the financial statements of the Fund during 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 principles. In connection with its
audits for the two most recent fiscal years and through August 13, 1999, there
were no disagreements with McGladrey on any matter of accounting principle or
practices, financial statement disclosure, or auditing scope or procedure, which
disagreements, if not resolved to the satisfaction of McGladrey would have
caused it to make reference to the subject matter of disagreement in connection
with its report. On March 16, 2000, the Fund, with the approval of its Board of
Trustees and its Audit Committee, engaged PwC as its independent auditor.
