<PAGE> PAGE 1
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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 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 15
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<PAGE> PAGE 16
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SIGNATURE BLANK
TITLE SECRETARY
[ERNST & YOUNG LLP LETTERHEAD]
Independent Auditor's Report
To the Shareholders and 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, 1999, 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 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 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 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 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 for safeguarding securities, that
we consider to be material weaknesses as defined above as of October 31, 1999.
This report is intended solely for the information and use of management, the
Board of Trustees of OLDE Custodian Fund, and the Securities and Exchange
Commission.
Ernst & Young LLP
Detroit, Michigan
November 24, 1999
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<NAME> OLDE MONEY MARKET SERIES
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<NAME> OLDE PREMIUM MONEY MARKET
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