<PAGE> PAGE 1
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<PAGE> PAGE 2
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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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SIGNATURE DENISE CASSIDY
TITLE ADMINISTRATOR
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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INDEPENDENT AUDITORS' REPORT
To the Board of Directors and Shareholders
of The Canandaigua Funds
In planning and performing our audit of the financial statements of The
Canandaigua Funds (The Fund -comprised of the Bond and Equity Funds)
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 The Canandaigua Funds 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, errors or
irregularities 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 any specific internal control component does not reduce to a
relatively low level the risk that errors or irregularities 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 a normal course of performing their assigned functions. However, we
noted no matters involving internal control, including controls over
safeguarding securities, that we consider to be material weaknesses as
defined above as of December 31, 1999.
This report is intended solely for the information and use of management
and the Securities and Exchange Commission.
Canandaigua, New York
February 4, 2000
EFP
ELDREDGE, FOX & PORRETTI, LLP
Certified Public Accountants
