<PAGE> PAGE 1
000 B000000 04/30/99
000 C000000 0000914714
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001 A000000 PAUZE FUNDS
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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 9
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<PAGE> PAGE 10
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<PAGE> PAGE 11
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SIGNATURE PAUL GIORGIO
TITLE TREASURER
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
SHAREHOLDERS AND BOARD OF TRUSTEES
PAUZE FUNDS
HOUSTON, TEXAS
In planning and performing our audits of the financial statements of Pauze U.S.
Government Intermediate Bond Fund, Pauze U.S. Government Short-Term Bond Fund,
Pauze U.S. Total Return Bond Fund and Pauze Tombstone Fund, each a series of
shares of Pauze Funds, for the year ended April 30, 1999, we considered their
internal control structure, including procedures 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 the internal control structure.
The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the normal
course of performing their assigned functions. However, we noted the following
matters involving the accounting system and control procedures and their
operation that we consider to be material weaknesses as defined above. These
conditions were considered in determining the nature, timing and extent of the
procedures to be performed in our audit of the financial statements of the Pauze
Funds for the year ended April 30, 1999, and this report does not affect our
reports thereon dated June 23, 1999.
Material weaknesses in the internal control structure existed at the Funds'
accounting agent and administrator. These material weakness were related to poor
cash reconciliation preparation and review procedures. Additionally, procedures
to analyze balances in various asset and liability accounts were not performed.
Outstanding items were not researched and corrected on a timely basis.
The Funds' management has taken action to correct all of the above weaknesses.
At the request of management, in March 1999, the Board of Trustees approved a
change in the Funds' administrator and accounting agent effective July 1, 1999.
The new administrator and accounting agent is an affiliate of the investment
adviser. The new accounting agent has instituted daily and monthly control
procedures to provide assurance that the daily net asset value is properly
computed. The adviser has also hired an outside mutual fund consultant to assist
in the design and implementation of control procedures.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
PHILADELPHIA, PENNSYLVANIA
JUNE 23, 1999
<PAGE>
REPORT OF INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS
ON INTERNAL CONTROL STRUCTURE
SHAREHOLDERS AND BOARD OF TRUSTEES
PAUZE FUNDS
HOUSTON, TEXAS
In planning and performing our audit of the financial statements of Pauze U.S.
Government Intermediate Term Bond Fund, Pauze U.S. Government Short-Term Bond
Fund, Pauze U.S. Government Total Return Bond Fund, and Pauze Tombstone Fund,
each a series of shares of Pauze Funds, for the year ended April 30, 1998, we
considered their internal control structure, including procedures 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 the internal control
structure.
The management of the Funds is responsible for establishing and maintaining an
internal control structure. In fulfilling this responsibility, estimates and
judgments by management are required to assess the expected benefits and related
costs of internal control structure policies and procedures. Two of the
objectives of an internal control structure are to provide management with
reasonable, but not absolute, assurance that assets are safeguarded against loss
from unauthorized use or disposition, and that transactions are executed in
accordance with management's authorization and recorded properly to permit
preparation of financial statements in conformity with generally accepted
accounting principles.
Because of inherent limitations in any internal control structure, errors or
irregularities may occur and not be detected. Also, projection of any evaluation
of the structure 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 the internal control structure would not necessarily
disclose all matters in the internal control structure 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 the specific internal control structure elements 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 the normal
course of performing their assigned functions. However, we noted no matters
involving the internal control structure, including procedures for safeguarding
securities, that we consider to be material weaknesses, as defined above, as of
April 30, 1998.
This report is intended solely for the information and use of management and the
Securities and Exchange Commission, and should not be used for any other
purpose.
PHILADELPHIA, PENNSYLVANIA
JUNE 11, 1998
PAUZE' FUNDS
Results of Special Meeting of Shareholders on November 18, 1998
(Unaudited)
A special meeting of the shareholders of the Pauze' Funds(tm) was held on
November 18, 1998. Several matters were submitted for shareholder vote.
The first matter voted upon was the approval of new distribution plans pursuant
to Rule 12b-1 under the Investment Company Act of 1940. The plans were approved
for all classes (except Class C of the Pauze' U.S. Government Intermediate Term
Bond Fund(tm), where no shares were outstanding) and the results of the voting
were as follows:
Fund For Against Abstain
- ---- --- ------- -------
Pauze' U.S. Government
Total Return Bond Fund(TM)
No Load 7,109,827 0 0
Class B 124,778 0 0
Class C 4,421 0 0
Pauze' U.S. Government
Intermediate Term Bond Fund(TM)
No Load 722,488 0 0
Class B 69,725 0 0
Class C No Eligible Votes 0 0
Pauze' U.S. Goverment
Short Term Bond Fund(TM)
No Load 566,066 0 0
Class B 10,389 0 0
Class C 15,952 0 0
The next matter voted upon was the ratification of the seleciton of Tait, Weller
& Baker as independent accountants for the Trust for the fiscal year ending
April 30, 1999. The shareholders ratified the selection and the results of the
voting, presented by Fund, were as follows:
Fund For Against Abstain
- ---- --- ------- -------
Pauze' U.S. Government
Total Return Bond Fund(TM) 7,239,026 0 0
Pauze' U.S. Government
Intermediate Term Bond Fund(TM) 792,213 0 0
Pauze' U.S. Goverment
Short Term Bond Fund(TM) 592,407 0 0
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<NAME> PAUZE U.S. GOVERNMENT TOTAL RETURN BOND FUND
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<TOTAL-LIABILITIES> 180,568
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<NET-ASSETS> 57,475,686
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3,707,639
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<EXPENSES-NET> 1,160,540
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<REALIZED-GAINS-CURRENT> (4,518,213)
<APPREC-INCREASE-CURRENT> (608,816)
<NET-CHANGE-FROM-OPS> (2,579,930)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 2,516,522
<DISTRIBUTIONS-OF-GAINS> 1,290,917
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,011,996
<NUMBER-OF-SHARES-REDEEMED> 2,706,198
<SHARES-REINVESTED> 160,663
<NET-CHANGE-IN-ASSETS> (21,153,581)
<ACCUMULATED-NII-PRIOR> 3,234,085
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<GROSS-ADVISORY-FEES> 414,189
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1,160,540
<AVERAGE-NET-ASSETS> 69,080,000
<PER-SHARE-NAV-BEGIN> 9.60
<PER-SHARE-NII> 0.35
<PER-SHARE-GAIN-APPREC> (0.79)
<PER-SHARE-DIVIDEND> 0.35
<PER-SHARE-DISTRIBUTIONS> 0.19
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 8.62
<EXPENSE-RATIO> 1.68
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 2
<NAME> PAUZE U.S. GOVT INTERMEDIATE TERM BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 9,623,444
<INVESTMENTS-AT-VALUE> 9,623,444
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<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 378,515
<OVERDISTRIBUTION-GAINS> 0
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<NET-ASSETS> 9,623,248
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<NET-INVESTMENT-INCOME> 238,674
<REALIZED-GAINS-CURRENT> (263,090)
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<NET-CHANGE-FROM-OPS> (14,378)
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<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 709,351
<NUMBER-OF-SHARES-REDEEMED> 60,255
<SHARES-REINVESTED> 22,005
<NET-CHANGE-IN-ASSETS> 6,458,951
<ACCUMULATED-NII-PRIOR> 81,096
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<PER-SHARE-NAV-BEGIN> 10.10
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<PER-SHARE-NAV-END> 9.77
<EXPENSE-RATIO> 1.66
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 3
<NAME> PAUZE U.S. GOVT SHORT TERM BOND FUND
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 1,625,589
<INVESTMENTS-AT-VALUE> 1,624,715
<RECEIVABLES> 526,315
<ASSETS-OTHER> 12,258
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 2,163,288
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 9,332
<TOTAL-LIABILITIES> 9,332
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,154,502
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 328
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (874)
<NET-ASSETS> 2,153,956
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 187,191
<OTHER-INCOME> 0
<EXPENSES-NET> 67,598
<NET-INVESTMENT-INCOME> 119,593
<REALIZED-GAINS-CURRENT> 50,479
<APPREC-INCREASE-CURRENT> (6,819)
<NET-CHANGE-FROM-OPS> 163,253
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 127,977
<DISTRIBUTIONS-OF-GAINS> 45,939
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 708,291
<NUMBER-OF-SHARES-REDEEMED> 704,284
<SHARES-REINVESTED> 8,095
<NET-CHANGE-IN-ASSETS> 127,432
<ACCUMULATED-NII-PRIOR> 2,407
<ACCUMULATED-GAINS-PRIOR> 5,561
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 19,205
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 37,598
<AVERAGE-NET-ASSETS> 3,907,000
<PER-SHARE-NAV-BEGIN> 10.06
<PER-SHARE-NII> 0.29
<PER-SHARE-GAIN-APPREC> 0.19
<PER-SHARE-DIVIDEND> 0.33
<PER-SHARE-DISTRIBUTIONS> 0.12
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 10.09
<EXPENSE-RATIO> 1.73
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER> 4
<NAME> Tombstone
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> APR-30-1999
<PERIOD-START> MAY-01-1998
<PERIOD-END> APR-30-1999
<INVESTMENTS-AT-COST> 1,455,606
<INVESTMENTS-AT-VALUE> 1,144,584
<RECEIVABLES> 16,992
<ASSETS-OTHER> 30,261
<OTHER-ITEMS-ASSETS> 11,966
<TOTAL-ASSETS> 1,203,803
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 110,865
<TOTAL-LIABILITIES> 110,865
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,054,732
<SHARES-COMMON-STOCK> 0
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> (650,772)
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (311,022)
<NET-ASSETS> 1,092,938
<DIVIDEND-INCOME> 12,875
<INTEREST-INCOME> 31,622
<OTHER-INCOME> 0
<EXPENSES-NET> 63,600
<NET-INVESTMENT-INCOME> (19,103)
<REALIZED-GAINS-CURRENT> (341,054)
<APPREC-INCREASE-CURRENT> (815,278)
<NET-CHANGE-FROM-OPS> (1,175,435)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 305,987
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 17,923
<NUMBER-OF-SHARES-REDEEMED> 298,395
<SHARES-REINVESTED> 36,421
<NET-CHANGE-IN-ASSETS> (3,801,984)
<ACCUMULATED-NII-PRIOR> (93,970)
<ACCUMULATED-GAINS-PRIOR> (3,731)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 12,651
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 63,600
<AVERAGE-NET-ASSETS> 3,087,378
<PER-SHARE-NAV-BEGIN> 10.71
<PER-SHARE-NII> (0.03)
<PER-SHARE-GAIN-APPREC> (3.95)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> (1.59)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 5.14
<EXPENSE-RATIO> 2.06
</TABLE>
