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SIGNATURE ROBERT D. CUMMINGS
TITLE ADMINISTRATOR
WITHUM, SMITH & BROWN
A Professional Corporation
Certified Public Accountants & Consultants
INDEPENDENT AUDITORS' REPORT
To the Stockholders and Board of Directors,
Bank Fiduciary Equity Fund and Bank Fiduciary Fixed Income Fund:
We have audited the accompanying statements of assets and liabilities, including
the statements of investments held, of the Bank Fiduciary Equity Fund and the
Bank Fiduciary Fixed Income Fund (the "Funds") as of April 30, 1999 and 1998,
and the related statements of operations, changes in net assets and the
financial highlights for the years then ended. These financial statements and
financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits. The Financial Highlights of the Funds'
for each of the four years ended April 30, 1997 were audited by other auditors
whose report dated June 6, 1997 expressed an unqualified opinion.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audits to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures included confirmation of
securities owned as of April 30, 1999 and 1998 by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our opinion.
In our opinion, the 1999 and 1998 financial statements and financial highlights
referred to above present fairly, in all material respects, the financial
position of the Funds as of April 30, 1999 and 1998, and the results of their
operations, the changes in their net assets, and the financial highlights for
the years then ended, in conformity with generally accepted accounting
principles.
100 Overlook Center, Princeton, NJ 08540 USA
Tel: 609.520.1188 * Fax: 609.520.9882 * E-mail: [email protected]
Offices in New Jersey, New York & Pennsylvania
www.withum.com
<PAGE>
WITHUM, SMITH & BROWN
---------------------
*
Our audits were performed for the purpose of forming an opinion on the basic
financial statements taken as a whole. The information contained in the
accompanying schedules of investments purchased, investments sold or matured and
investment changes is presented for purposes of additional analysis and is not a
required part of the basic financial statements. Such information has been
subjected to the auditing procedures applied in our audits of the basic
financial statements and, in our opinion, is fairly stated in all material
respects in relation to the basic financial statements taken as a whole.
/s/ Withum, Smith & Brown
June 17, 1999
