INDEPENDENT AUDITORS' REPORT
To the Directors and Shareholders of The Amidex 35TM Mutual Fund:
In planning and performing our audit of the financial statements of The Amidex
35TM Mutual Fund (the "Company") for the period June 8, 1999 (commencement of
operations) through May 31, 2000 (on which we have issued our report dated July
14, 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, and not to provide assurance on the Company's
internal control.
The management of the Company 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 accounting principles generally accepted
in the United States of America. Those controls include the safeguarding of
assets against unauthorized acquisition, use, or disposition.
Because of inherent limitations in any internal control, misstatements 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 Company's 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, 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
Company's internal control and its operation, including controls for
safeguarding securities, that we consider to be material weaknesses as defined
above as of May 31, 2000.
This report is intended solely for the information and use of management, the
Board of Directors and Shareholders of the Amidex 35TM Mutual Fund, and the
Securities and Exchange Commission and is not intended to be and should not be
used by anyone other than these specified parties.
DELOITTE & TOUCHE LLP
New York, New York
July 14, 2000
