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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 5
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 8
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<PAGE> PAGE 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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<PAGE> PAGE 13
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SIGNATURE WILLIAM F. CASEY, JR.
TITLE EXEC. VICE PRESIDENT
BANK INVESTMENT FUND
FUND ONE
INDEPENDENT AUDITOR'S REPORT ON
INTERNAL CONTROL
YEAR ENDED DECEMBER 31, 1999
INDEPENDENT AUDITOR'S REPORT ON
INTERNAL CONTROL
BOARD OF DIRECTORS
BANK INVESTMENT FUND - FUND ONE
Boston, Massachusetts
In planning and performing our audit of the financial statements of Bank
Investment Fund - Fund One for the year ended December 31, 1999, we considered
its internal control, including controls over 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 Bank Investment Fund - Fund One 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
inconformity with generally accepted accounting principles. Those controls
include the safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, error or fraud may occur
and may 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 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
December 31, 1999.
We consent to the use of this opinion in connection with the filing of the
report of Bank Investment Fund - Fund One with the Securities and Exchange
Commission on Form N-SAR.
This report is intended solely for the information and use of management, the
Board of Drectors of Bank Investment Fund - Fund One and the Securities and
Exchange Commission and is not intended to be and should not be used by anyone
other than these specified parties.
Certified Public Accountants
Parent McLaughlin & Nangle
January 27, 2000
BANK INVESTMENT FUND
LIQUIDITY FUND
INDEPENDENT AUDITOR'S REPORT ON
INTERNAL CONTROL
YEAR ENDED DECEMBER 31, 1999
INDEPENDENT AUDITOR'S REPORT ON
INTERNAL CONTROL
BOARD OF DIRECTORS
BANK INVESTMENT FUND - LIQUIDITY FUND
Boston, Massachusetts
In planning and performing our audit of the financial statements of Bank
Investment Fund - Liquidity Fund for the year ended December 31, 1999, we
considered its internal control, including controls over 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 Bank Investment Fund - Liquidity 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 the safeguarding of assets against unauthorized acquisition, use, or
disposition.
Because of inherent limitations in internal control, error or fraud may occur
and may 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 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 December 31, 1999.
We consent to the use of this opinion in connection with the filing of the
report of Bank Investment Fund - Fund One with the Securities and Exchange
Commission on Form N-SAR.
This report is intended solely for the information and use of management, the
Board of Directors of Bank Investment Fund - Liquidity 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.
Certified Public Accountants
Parent McLaughlin & Nangle
January 27, 2000
