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<PAGE> PAGE 10
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<PAGE> PAGE 22
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<PAGE> PAGE 23
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<PAGE> PAGE 24
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<PAGE> PAGE 25
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<PAGE> PAGE 26
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<PAGE> PAGE 27
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
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062 M000900 29.5
062 N000900 9.8
062 O000900 0.0
062 P000900 41.5
<PAGE> PAGE 42
062 Q000900 17.2
062 R000900 1.5
063 A000900 0
063 B000900 4.9
070 A010900 Y
070 A020900 N
070 B010900 N
070 B020900 N
070 C010900 Y
070 C020900 N
070 D010900 N
070 D020900 N
070 E010900 N
070 E020900 N
070 F010900 N
070 F020900 N
070 G010900 N
070 G020900 N
070 H010900 N
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 N
070 J020900 N
070 K010900 Y
070 K020900 Y
070 L010900 Y
070 L020900 N
070 M010900 Y
070 M020900 N
070 N010900 Y
070 N020900 N
070 O010900 Y
070 O020900 N
070 P010900 N
070 P020900 N
070 Q010900 Y
070 Q020900 N
070 R010900 Y
070 R020900 N
071 A000900 27349
071 B000900 3131
071 C000900 23684
071 D000900 13
072 A000900 3
072 B000900 340
072 C000900 0
072 D000900 0
072 E000900 0
072 F000900 17
072 G000900 5
<PAGE> PAGE 43
072 H000900 0
072 I000900 2
072 J000900 5
072 K000900 0
072 L000900 1
072 M000900 0
072 N000900 0
072 O000900 0
072 P000900 0
072 Q000900 0
072 R000900 5
072 S000900 1
072 T000900 0
072 U000900 0
072 V000900 0
072 W000900 0
072 X000900 36
072 Y000900 13
072 Z000900 317
072AA000900 40
072BB000900 0
072CC010900 219
072CC020900 0
072DD010900 307
072DD020900 0
072EE000900 0
073 A010900 0.2600
073 A020900 0.0000
073 B000900 0.0000
073 C000900 0.0000
074 A000900 0
074 B000900 0
074 C000900 999
074 D000900 24435
074 E000900 24
074 F000900 0
074 G000900 0
074 H000900 0
074 I000900 344
074 J000900 0
074 K000900 1
074 L000900 298
074 M000900 2
074 N000900 26103
074 O000900 1108
074 P000900 0
074 Q000900 0
074 R010900 0
074 R020900 0
074 R030900 0
074 R040900 51
<PAGE> PAGE 44
074 S000900 0
074 T000900 24944
074 U010900 1231
074 U020900 0
074 V010900 20.27
074 V020900 0.00
074 W000900 0.0000
074 X000900 18
074 Y000900 0
075 A000900 0
075 B000900 23400
076 000900 0.00
029 001000 N
030 A001000 0
030 B001000 0.00
030 C001000 0.00
SIGNATURE JAMES COLANTINO
TITLE SENIOR ADMINISTRATOR
XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX
REPORT OF CERTIFIED PUBLIC ACCOUNTANTS
To the Shareholders and
Board of Trustees of
Monterey Mutual Fund
In planning and performing our audit of the financial statements of Monterey
Mutual Fund for the year ended November 30, 1998, 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, not to provide assurance on internal control.
The management of Monterey Mutual Fund 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 safeguarding of assets
against unauthorized acquisition, use, or disposition.
Because of inherent limitations in internal control, error or fraud may occur
and not be detected. Also, projection of any evaluation of internal control
to future periods is subject to the risk that it may become inadequate
because of changes in conditions or that the effectiveness of the design and
operation may deteriorate.
Our consideration of 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 caused by error or
fraud in amounts that would be material in relation to the financial
statements be 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 internal control and its
operation, including controls over safeguarding securities, that we consider
to be material weaknesses as defined above as of November 30, 1998.
This report is intended solely for the information and use of management,
the Board of Trustees of Monterey Mutual Fund and the Securities and Exchange
Commission.
McGladrey & Pullen, LLP
New York, New York
January 8, 1999
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