REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Directors and Shareholders
of Conseco StockCar Stocks Index Fund
In our opinion, the accompanying statement of assets and liabilities, including
the schedule of investments, and the related statements of operations and of
changes in net assets and the financial highlights present fairly, in all
material respects, the financial position of Conseco StockCar Stocks Index Fund
(the "Fund") at September 30, 2000, the results of its operations, the changes
in its net assets and the financial highlights for the year then ended, in
conformity with accounting principles generally accepted in the United States of
America. These financial statements and financial highlights (hereafter referred
to as "financial statements") are the responsibility of the Fund's management;
our responsibility is to express an opinion on these financial statements based
on our audit. We conducted our audit of these financial statements in accordance
with auditing standards generally accepted in the United States of America,
which require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements, assessing the accounting principles
used and significant estimates made by management, and evaluating the overall
financial statement presentation. We believe that our audit, which included
confirmation of securities at September 30, 2000 by correspondence with the
custodian, provides a reasonable basis for our opinion. The financial statements
of the Fund as of September 30, 1999 and for the period then ended were audited
by other independent accountants whose report dated October 29, 1999 expressed
an unqualified opinion on those statements.
PricewaterhouseCoopers LLP
Indianapolis, Indiana
November 17, 2000
