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SIGNATURE LISA FILDES
TITLE PRESIDENT
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<AVERAGE-NET-ASSETS> 321,236
<PER-SHARE-NAV-BEGIN> 1
<PER-SHARE-NII> 0.052
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.052)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1
<EXPENSE-RATIO> 0.50
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 5
<NAME> OLDE PREMIUM PLUS MONEY MARKET
<MULTIPLIER> 1000
<CURRENCY> U.S. DOLLARS
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> OCT-31-1998
<PERIOD-START> NOV-01-1997
<PERIOD-END> OCT-31-1998
<EXCHANGE-RATE> 1
<INVESTMENTS-AT-COST> 2,386,893
<INVESTMENTS-AT-VALUE> 2,386,893
<RECEIVABLES> 13,460
<ASSETS-OTHER> 105
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,400,458
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1,314
<TOTAL-LIABILITIES> 1,314
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 0
<NET-ASSETS> 2,399,144
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 125,394
<OTHER-INCOME> 0
<EXPENSES-NET> 4,417
<NET-INVESTMENT-INCOME> 120,977
<REALIZED-GAINS-CURRENT> 0
<APPREC-INCREASE-CURRENT> 0
<NET-CHANGE-FROM-OPS> 120,977
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 120,977
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 3,921,475
<NUMBER-OF-SHARES-REDEEMED> 3,707,015
<SHARES-REINVESTED> 117,405
<NET-CHANGE-IN-ASSETS> 331,865
<ACCUMULATED-NII-PRIOR> 310
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3,313
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5,731
<AVERAGE-NET-ASSETS> 2,208,336
<PER-SHARE-NAV-BEGIN> 1
<PER-SHARE-NII> 0.055
<PER-SHARE-GAIN-APPREC> 0
<PER-SHARE-DIVIDEND> (0.055)
<PER-SHARE-DISTRIBUTIONS> 0
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 1
<EXPENSE-RATIO> 0.20
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
Supplementary Report of Independent Auditors
Board of Trustees
OLDE Custodian Fund
In planning and performing our audit of the financial statements of OLDE
Custodian Fund for the year ended October 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, and not to provide assurance on the internal control.
The management of OLDE Custodian 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 internal 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, errors 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 specific 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 internal control and its operation,
including controls for safeguarding securities, that we consider to be
material weaknesses as defined above at October 31, 1998.
This report is intended solely for the information and use of the Board of
Directors and management of OLDE Custodian Fund and the Securities and
Exchange Commission and is not intended to be and should not be used by
any one other than these specified parties.
Detroit, Michigan
November 25, 1998 Ernst & Young LLP
