REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of LaCrosse Funds, Inc.:
We have examined management's assertion about LaCrosse Funds, Inc.'s (a
Wisconsin corporation that includes the LaCrosse Large Cap Stock Fund) (the
"Company's") compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 ("the Act") as of August 18,
2000, included in the accompanying Management Statement Regarding Compliance
with Certain Provisions of the Investment Company Act of 1940. Management is
responsible for the Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of June 2, 2000, and with respect to agreement of security
purchases and sales, for the period from October 29, 1999 (the date of our last
examination) through June 2, 2000:
- Confirmation of all securities held by institutions in book entry form
(State Street Bank and Trust Company and Federated Services Company);
- Reconciliation of all such securities to the books and records of the
Company and the Custodian;
- Agreement of three security purchases and three security sales since our
last report from the books and records of the Company to broker
confirmations.
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Company's
compliance with specified requirements.
In our opinion, management's assertion that LaCrosse Funds, Inc. was in
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 as of June 2, 2000, with respect to securities
reflected in the investment account of the Company is fairly stated, in all
material respects.
This report is intended solely for the information and use of management of
LaCrosse Funds, Inc. and the Securities and Exchange Commission and should not
be used for any other purpose.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin
July 30, 2000
<PAGE>
Management Statement Regarding Compliance With Certain Provisions of
---------------------------------------------------------------------
the Investment Company Act of 1940
----------------------------------
We, as members of management of LaCrosse Funds, Inc. (the "Company"), are
responsible for complying with the requirements of subsections (b) and (c) of
Rule 17f-2, "Custody of Investments by Registered Management Investment
Companies," of the Investment Company Act of 1940. We are also responsible
for establishing and maintaining effective internal controls over compliance
with those requirements. We have performed an evaluation of the Company's
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as
of June 2, 2000 and from October 29, 1999 through June 2, 2000.
Based on this evaluation, we assert that the Company was in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of June 2, 2000 and from October 29, 1999 through June
2, 2000, with respect to securities reflected in the investment account of
the Company.
LaCrosse Funds, Inc.
By:
-----------------------------------
Steven J. Hulme
President - La Crosse Funds
<PAGE>
REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS
To the Board of Directors of LaCrosse Funds, Inc.:
We have examined management's assertion about LaCrosse Funds, Inc.' s (a
Wisconsin corporation that includes the LaCrosse Large Cap Stock Fund) (the
"Company's") compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 ("the Act") as of
August 18, 2000 included in the accompanying Management Statement Regarding
Compliance with Certain Provisions of the Investment Company Act of 1940.
Management is responsible for the Company's compliance with those requirements.
Our responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about the Company's compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of August 18, 2000, and with respect to agreement of security
purchases and sales, for the period from June 2, 2000 (the date of our last
examination) through August 18, 2000:
- Confirmation of all securities held by institutions in book entry form
(State Street Bank and Trust Company and Federated Services Company);
- Reconciliation of all such securities to the books and records of the
Company and the Custodian;
- Agreement of three security purchases and three security sales since our
last report from the books and records of the Company to broker
confirmations.
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Company's
compliance with specified requirements.
In our opinion, management's assertion that LaCrosse Funds, Inc. was in
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 as of August 18, 2000 with respect to securities
reflected in the investment account of the Company is fairly stated, in all
material respects.
This report is intended solely for the information and use of management of
LaCrosse Funds, Inc. and the Securities and Exchange Commission and should not
be used for any other purpose.
ARTHUR ANDERSEN LLP
Milwaukee, Wisconsin
August 31, 2000
<PAGE>
Management Statement Regarding Compliance With Certain Provisions of
--------------------------------------------------------------------
the Investment Company Act of 1940
----------------------------------
We, as members of management of LaCrosse Funds, Inc. (the "Company"), are
responsible for complying with the requirements of subsections (b) and (c) of
Rule 17f-2, "Custody of Investments by Registered Management Investment
Companies," of the Investment Company Act of 1940. We are also responsible
for establishing and maintaining effective internal controls over compliance
with those requirements. We have performed an evaluation of the Company's
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 as
of August 18, 2000 and from June 2, 2000 through August 18, 2000.
Based on this evaluation, we assert that the Company was in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of August 18, 2000 and from June 2, 2000 through
August 18, 2000, with respect to securities reflected in the investment
account of the Company.
LaCrosse Funds, Inc.
By:
-------------------------------------
Steven J. Hulme
President - La Crosse Funds
<PAGE>
