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SIGNATURE ROBERT D. CUMMINGS
TITLE ADMINISTRATOR
WITHUM, SMITH & BROWN
A Professional Corporation
Certified Public Accountants & Consultants
------------------------------------------
INDEPENDENT AUDITORS' REPORT
To the Stockholders and Board of Directors,
Bank Fiduciary (Equity) Fund and Bank Fiduciary (Fixed Income) Fund:
We have audited the accompanying statements of assets and liabilities, including
the statements of investments held, of the Bank Fiduciary (Equity) Fund and the
Bank Fiduciary (Fixed Income) Fund (the "Funds") as of April 30, 1998, and the
related statements of operations, changes in net assets and the financial
highlights for the year then ended. These financial statements and financial
highlights are the responsibility of the Funds' mangement. Our responsibility is
to express an opinion on these financial statements and financial highlights
based on our audits. The financial statements of the Funds as of April 30, 1997
and the Financial Highlights for each of the four years in the period then ended
were audited by other auditors whose report dated June 6, 1997 expressed an
unqualified opinion on these statements.
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 and financial highlights. Our procedures included confirmation of
securities owned as of April 30, 1998 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 1998 financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of the
Funds at April 30, 1998, and the results of their operations, the changes in
their net assets, and the financial highlights for the year then ended, in
conformity with generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the basic financial
statements taken as a whole. The information contained in the accompanying
schedules of investments purchased, investments sold or matured and investment
changes is presented for purposes of additional analysis and is not a required
part of the basic financial statements. Such information has been subjected to
the auditing procedures applied in our audit of the basic financial statements
and, in our opinion, is fairly stated in all material respects in relation to
the basic financial statements taken as a whole.
Withum, Smith & Brown
July 1, 1998
100 Overlook Center -- Princeton, NJ 08540 -- USA
Tel.: (609) 520-1188 -- Fax.: (609) 520-9882 -- E-Mail: [email protected]
MEMBER OF NEXIA INTERATIONAL, A WORLDWIDE NETWORK OF INDEPENDENT ACCOUNTING
FIRMS WITH OFFICES IN NEW JERSEY AND PENNSYLVANIA
