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SIGNATURE DOUG HESS
TITLE TRUST OFFICER
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000818459
<NAME> FASCIANO FUND, INC.
<MULTIPLIER> 1
<S> <C>
<PERIOD-TYPE> 12-MOS
<FISCAL-YEAR-END> JUN-30-1999
<PERIOD-START> JUL-01-1998
<PERIOD-END> JUN-30-1999
<INVESTMENTS-AT-COST> 397,967,046
<INVESTMENTS-AT-VALUE> 426,813,645
<RECEIVABLES> 4,055,424
<ASSETS-OTHER> 61,153
<OTHER-ITEMS-ASSETS> 0
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<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,043,175
<TOTAL-LIABILITIES> 12,745,734
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 388,145,907
<SHARES-COMMON-STOCK> 13,158,108
<SHARES-COMMON-PRIOR> 2,719,851
<ACCUMULATED-NII-CURRENT> 3,739,321
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<OVERDISTRIBUTION-GAINS> 0
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</TABLE>
To the Shareholders and
Board of Directors of
Fasciano Fund, Inc.
We have audited the accompanying statement of assets and liabilities of
FASCIANO FUND, INC. (a Maryland corporation), including the schedule of
portfolio investments, as of June 30, 1999, and the related statement of
operations for the year then ended, the statements of changes in net assets for
each of the two years in the period then ended, and the financial highlights for
each of the five years in the Fund's management. Our responsibility is to
express an opinion on these financial statements and financial highlights based
on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit 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. Our procedures included confirmation of
securities owned as of June 30, 1999, by correspondence with the custodian and
brokers. As to securitiespurchased but not received, we requested confirmation
from brokers, and when replies were not received, we carried out alternative
auditing procedures. 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 financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of
Fasciano Fund, Inc. as of June 30, 1999, the results of its operations for the
year ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the five years in the
period then ended, in conformity with generally accepted accounting principles.
ARTHUR ANDERSEN LLP
Chicago, Illinois
August 18, 1999
