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SIGNATURE BERNADETTE N. FINN
TITLE SECRETARY
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<LEGEND> The schedule contains summary financial information
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<TOTAL-ASSETS> 1131349724
<PAYABLE-FOR-SECURITIES> 14992818
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1097232
<TOTAL-LIABILITIES> 16090050
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<PAID-IN-CAPITAL-COMMON> 1117019531
<SHARES-COMMON-STOCK> 1117019531
<SHARES-COMMON-PRIOR> 1603107376
<ACCUMULATED-NII-CURRENT> 53503
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (2295160)
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 1115259674
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 79992315
<OTHER-INCOME> 0
<EXPENSES-NET> 13546770
<NET-INVESTMENT-INCOME> 66445545
<REALIZED-GAINS-CURRENT> 30820
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 66476365
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 65938439
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 5129631191
<NUMBER-OF-SHARES-REDEEMED> 5681721046
<SHARES-REINVESTED> 66002010
<NET-CHANGE-IN-ASSETS> (485549919)
<ACCUMULATED-NII-PRIOR> 28197
<ACCUMULATED-GAINS-PRIOR> (2325980)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10788822
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 14122243
<AVERAGE-NET-ASSETS> 1410516995
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.91
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 759699
<NAME> Cortland Trust, Inc.
<SERIES> Municipal Money Market Fund
<NUMBER> 3
<NAME> Cortland Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 285573572
<INVESTMENTS-AT-VALUE> 285573572
<RECEIVABLES> 1843297
<ASSETS-OTHER> 594972
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 288011841
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 219611
<TOTAL-LIABILITIES> 219611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 287816893
<SHARES-COMMON-STOCK> 287816893
<SHARES-COMMON-PRIOR> 212141050
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (24663)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 287792230
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9048653
<OTHER-INCOME> 0
<EXPENSES-NET> 2244489
<NET-INVESTMENT-INCOME> 6804164
<REALIZED-GAINS-CURRENT> 21
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6804185
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6804164
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1053022400
<NUMBER-OF-SHARES-REDEEMED> 984144586
<SHARES-REINVESTED> 6798029
<NET-CHANGE-IN-ASSETS> 75675864
<ACCUMULATED-NII-PRIOR> 14494
<ACCUMULATED-GAINS-PRIOR> (24684)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1853830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2434978
<AVERAGE-NET-ASSETS> 241278792
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
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<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0
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<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 1.01
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 759699
<NAME> Cortland Trust, Inc.
<SERIES> Municipal Money Market Fund
<NUMBER> 4
<NAME> Live Oak Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 285573572
<INVESTMENTS-AT-VALUE> 285573572
<RECEIVABLES> 1843297
<ASSETS-OTHER> 594972
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 288011841
<PAYABLE-FOR-SECURITIES> 0
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<OTHER-ITEMS-LIABILITIES> 219611
<TOTAL-LIABILITIES> 219611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 287816893
<SHARES-COMMON-STOCK> 287816893
<SHARES-COMMON-PRIOR> 212141050
<ACCUMULATED-NII-CURRENT> 0
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<ACCUMULATED-NET-GAINS> (24663)
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<NET-ASSETS> 287792230
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9048653
<OTHER-INCOME> 0
<EXPENSES-NET> 2244489
<NET-INVESTMENT-INCOME> 6804164
<REALIZED-GAINS-CURRENT> 21
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6804185
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6804164
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1053022400
<NUMBER-OF-SHARES-REDEEMED> 984144586
<SHARES-REINVESTED> 6798029
<NET-CHANGE-IN-ASSETS> 75675864
<ACCUMULATED-NII-PRIOR> 14494
<ACCUMULATED-GAINS-PRIOR> (24684)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1853830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2434978
<AVERAGE-NET-ASSETS> 241278792
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.90
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 759699
<NAME> Cortland Trust, Inc.
<SERIES> Municipal Money Market Fund
<NUMBER> 5
<NAME> Bradford Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 285573572
<INVESTMENTS-AT-VALUE> 285573572
<RECEIVABLES> 1843297
<ASSETS-OTHER> 594972
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 288011841
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 219611
<TOTAL-LIABILITIES> 219611
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 287816893
<SHARES-COMMON-STOCK> 287816893
<SHARES-COMMON-PRIOR> 212141050
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (24663)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 287792230
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 9048653
<OTHER-INCOME> 0
<EXPENSES-NET> 2244489
<NET-INVESTMENT-INCOME> 6804164
<REALIZED-GAINS-CURRENT> 21
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 6804185
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 6804164
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1053022400
<NUMBER-OF-SHARES-REDEEMED> 984144586
<SHARES-REINVESTED> 6798029
<NET-CHANGE-IN-ASSETS> 75675864
<ACCUMULATED-NII-PRIOR> 14494
<ACCUMULATED-GAINS-PRIOR> (24684)
<OVERDISTRIB-NII-PRIOR> 0
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<GROSS-ADVISORY-FEES> 1853830
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2434978
<AVERAGE-NET-ASSETS> 241278792
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> 0.01
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 759699
<NAME> Cortland Trust, Inc.
<SERIES> U.S. Government Fund
<NUMBER> 6
<NAME> Cortland Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 165763764
<INVESTMENTS-AT-VALUE> 165763764
<RECEIVABLES> 468551
<ASSETS-OTHER> 389787
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166622102
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 139849
<TOTAL-LIABILITIES> 139849
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 166740572
<SHARES-COMMON-STOCK> 166740572
<SHARES-COMMON-PRIOR> 220163851
<ACCUMULATED-NII-CURRENT> 427277
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (685596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 166482253
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10785224
<OTHER-INCOME> 0
<EXPENSES-NET> 1513219
<NET-INVESTMENT-INCOME> 9272005
<REALIZED-GAINS-CURRENT> 7240
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9279245
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8894728
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 698628353
<NUMBER-OF-SHARES-REDEEMED> 760952362
<SHARES-REINVESTED> 8900729
<NET-CHANGE-IN-ASSETS> (53038763)
<ACCUMULATED-NII-PRIOR> 50000
<ACCUMULATED-GAINS-PRIOR> (692835)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1493237
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1977933
<AVERAGE-NET-ASSETS> 195045720
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.81
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 759699
<NAME> Cortland Trust, Inc.
<SERIES> U.S. Government Fund
<NUMBER> 7
<NAME> Live Oak Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 165763764
<INVESTMENTS-AT-VALUE> 165763764
<RECEIVABLES> 468551
<ASSETS-OTHER> 389787
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166622102
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 139849
<TOTAL-LIABILITIES> 139849
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 166740572
<SHARES-COMMON-STOCK> 166740572
<SHARES-COMMON-PRIOR> 220163851
<ACCUMULATED-NII-CURRENT> 427277
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (685596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 166482253
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10785224
<OTHER-INCOME> 0
<EXPENSES-NET> 1513219
<NET-INVESTMENT-INCOME> 9272005
<REALIZED-GAINS-CURRENT> 7240
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9279245
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8894728
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 698628353
<NUMBER-OF-SHARES-REDEEMED> 760952362
<SHARES-REINVESTED> 8900729
<NET-CHANGE-IN-ASSETS> (53038763)
<ACCUMULATED-NII-PRIOR> 50000
<ACCUMULATED-GAINS-PRIOR> (692835)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1493237
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1977933
<AVERAGE-NET-ASSETS> 195045720
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .05
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .05
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.68
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<LEGEND> The schedule contains summary financial information
extracted from the financial statements and supporting
schedules as of the end of the most current period and is
qualified in its entirety by reference to such financial
statements.
</LEGEND>
<CIK> 759699
<NAME> Cortland Trust, Inc.
<SERIES> U.S. Government Fund
<NUMBER> 8
<NAME> Bradford Shares
<S> <C>
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> MAR-31-1998
<PERIOD-TYPE> 12-mos
<INVESTMENTS-AT-COST> 165763764
<INVESTMENTS-AT-VALUE> 165763764
<RECEIVABLES> 468551
<ASSETS-OTHER> 389787
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 166622102
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 139849
<TOTAL-LIABILITIES> 139849
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 166740572
<SHARES-COMMON-STOCK> 166740572
<SHARES-COMMON-PRIOR> 220163851
<ACCUMULATED-NII-CURRENT> 427277
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (685596)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 166482253
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 10785224
<OTHER-INCOME> 0
<EXPENSES-NET> 1513219
<NET-INVESTMENT-INCOME> 9272005
<REALIZED-GAINS-CURRENT> 7240
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 9279245
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 8894728
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 698628353
<NUMBER-OF-SHARES-REDEEMED> 760952362
<SHARES-REINVESTED> 8900729
<NET-CHANGE-IN-ASSETS> (53038763)
<ACCUMULATED-NII-PRIOR> 50000
<ACCUMULATED-GAINS-PRIOR> (692835)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1493237
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1977933
<AVERAGE-NET-ASSETS> 195045720
<PER-SHARE-NAV-BEGIN> 1.00
<PER-SHARE-NII> .03
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> .03
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1.00
<EXPENSE-RATIO> 0.86
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
ERNST & YOUNG LLP
787 Seventh Avenue
New York, New York 10019
(212) 773-3000
To the Shareholders and Board of Directors of
Cortland Trust, Inc.
In planning and performing our audit of the financial statements of Cortland
Trust, Inc. for the year ended March 31, 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 the internal control structure.
The management of Cortland Trust, Inc. 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, controlls 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
principals. Those controls include the safeguarding of assets against
unauthorized acquisition, use or disposition
Because of inherent limitations in internal control, errors or fraud may occur
and not be detected. Also, projection of any evaluation of the 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 the internal control would not necessarily disclose all
matters in the 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 errors 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 internal control
and its operation, including procedures for safeguarding securities, that we
consider to be material weaknesses as defined above as of March 31, 1998.
This report is intended solely for the information and use of the board of
directors and management of Cortland Trust, Inc. and the Securities and Exchange
Commission.
ERNST & YOUNG LLP
May 8, 1998
