EXHIBIT 99
[ERNST & YOUNG LETTERHEAD]
Report of Independent Auditors
To the Shareholders and
Board of Trustees of OLDE Custodian Fund
We have audited the accompanying statements of assets and liabilities, including
the schedule of investments, of OLDE Custodian Fund, comprised of OLDE Money
Market Series, OLDE Premium Money Market Series, and OLDE Premium Plus Money
Market Series, as of October 31, 2000 and the related statements of operations,
the statements of changes in net assets and the financial highlights for the
period presented. These financial statements and financial highlights are the
responsibility of 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 at October
31, 2000 by correspondence with the custodian and brokers. 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 each
of the Series comprising OLDE Custodian Fund as of October 31, 2000, and the
results of their operations and the changes in their net assets and the
financial highlights for the period referred to above in conformity with
generally accepted accounting principles.
/s/ ERNST & YOUNG LLP
November 22, 2000
Ernst & Young LLP is a member of Ernst & Young International, Ltd.
