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<PAGE> PAGE 11
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SIGNATURE C. FRANK WATSON, III
TITLE SECRETARY
INDEPENDENT AUDITORS' REPORT
To the Board of Trustees of New Providence Investment Trust and Shareholders of
New Providence Capital Growth Fund and Wisdom Fund:
In planning and performing our audits of the financial statements of New
Providence Capital Growth Fund and Wisdom Fund (the "Funds", each a portfolio of
New Providence Investment Trust), for the year ended May 31, 1999 (on which we
have issued our reports dated June 18, 1999), we considered its internal
control, including control activities for safeguarding securities, in order to
determine our auditing procedures for the purpose of expressing our opinions on
the financial statements and to comply with the requirements of Form N-SAR, and
not to provide assurance on the Funds' internal control.
The management of the 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
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, misstatments 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 the internal
control may become inadequate because of changes in conditions, or that the
degree of compliance with policies or procedures may deteriorate.
Our consideration of the Funds' internal control would not necessarily disclose
all matters in the 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 error 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 the
Funds' internal control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined above as of
May 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of New Providence Investment Trust, and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
/s/ Deloitte & Touche LLP
Deloitte & Touche LLP
June 18, 1999
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (1,881)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (2,782)
<NET-ASSETS> 498,312
<DIVIDEND-INCOME> 1,565
<INTEREST-INCOME> 210
<OTHER-INCOME> 0
<EXPENSES-NET> 0
<NET-INVESTMENT-INCOME> 1,775
<REALIZED-GAINS-CURRENT> (1,881)
<APPREC-INCREASE-CURRENT> (2,782)
<NET-CHANGE-FROM-OPS> (2,888)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 10
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 498,312
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 700
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 33,830
<AVERAGE-NET-ASSETS> 495,890
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.02
<PER-SHARE-GAIN-APPREC> (0.08)
<PER-SHARE-DIVIDEND> 0.02
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.92
<EXPENSE-RATIO> 0.00
[AVG-DEBT-OUTSTANDING] 0
[AVG-DEBT-PER-SHARE] 0.00
</TABLE>
