UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-17f-2
Certificate of Accounting of Securities and Similar
Investments in the Custody of
Management Investment Companies
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
1. Investment Company Act File Number: Date examination completed:
811-5536 05-31-2004
2. State Identification Number:
AL AK AZ AR CA CO
CT DE DC FL GA HI
ID IL IN IA KS KY
LA ME MD MA MI MN
MS MO MT NE NV NH
NJ NM NY NC ND OH
OK OR PA RI SC SD
TN TX UT VT VA WA
WV WI WY PUERTO RICO
Other (specify):
3. Exact number of investment company as specified in registration statement:
HIBERNIA FUNDS
4. Address of principal executive office: (number, street, city, state,
zip code)
5800 Corporate Drive
Pittsburgh, PA 15237-7010
INSTRUCTIONS
This Form must be completed by the investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
Accountant
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC's Collection of Information
An agency may not conduct or sponsor, and a person is not required to respond
to, a collection of information unless it displays a currently valid OMB control
number. Filing of Form N-17f-2 is mandatory for an investment company that has
custody of securities or similar investments. Rule 17f-2 under section 17(f) of
the Investment Company Act of 1940 requires the investment company to retain an
independent public accountant to verify the company's securities and similar
investments by actual examination three times during each fiscal year. The
accountant must prepare a certificate stating that the examination has occurred
and describing the examination, and must transmit the certificate to the
Commission with Form N-17f-2 as a cover sheet. The Commission uses the Form to
ensure that the certificate is properly attributed to the investment company.
The Commission estimates that the burden of completing Form N-17f-2 is
approximately 1.0 hours per filing. Any member of the public may direct to the
Commission any comments concerning the accuracy of the burden estimate of this
Form, and any suggestions for reducing this burden. This collection of
information has been reviewed by the Office of Management and Budget in
accordance with the clearance requirements of 44 U.S.C. ss. 3507. Responses to
this collection of information will not be kept confidential.
Independent Accountant's Report
To the Board of Directors
Hibernia Funds
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance With Certain Provisions of the Investment Company
Act of 1940, that Hibernia Funds (the "Trust") complied with the requirements of
subsections (b) and (c) of rule 17f-2 under the Investment Company Act of 1940
(the Act) as of May 31, 2004. Management is responsible for the Trust's
compliance with those requirements. Our responsibility is to express an opinion
on management's assertion about the Trust's compliance based on our examination.
Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the Trust's
compliance with those requirements and performing such other procedures as we
considered necessary in the circumstances. Included among our procedures were
the following tests performed as of May 31, 2004:
o Confirmation of all securities held by institutions in book entry form at
Marshall & Ilsley Corporation (Sub-custodian) on behalf of Hibernia
National Bank (Custodian); and
o Reconciliation of all such securities to the books and records of the Trust
and the Custodian
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Trust's compliance
with specified requirements.
In our opinion, management's assertion that Hibernia Funds complied with the
requirements of subsections (b) and (c) of rule 17f-2 of the Act as of May 31,
2004 with respect to securities reflected in the investment account of the Trust
is fairly stated, in all material respects.
This report is intended solely for the information and use of management and the
Board of Directors of Hibernia Funds and the Securities and Exchange Commission
and is not intended to be and should not be used by anyone other than these
specified parties.
Boston, Massachusetts
July 29, 2004
Management Statement Regarding Compliance With Certain Provisions of the
Investment Company Act of 1940
We, as members of management of Hibernia Funds (the "Trust"), are responsible
for complying with the requirements of subsections (b) and (c) of rule 17f-2,
"Custody of Investments by Registered Management Investment Companies," of the
Investment Company Act of 1940. We are also responsible for establishing and
maintaining effective internal controls over compliance with those requirements.
We have performed an evaluation of the Trust's compliance with the requirements
of subsections (b) and (c) of rule 17f-2 as of May 31, 2004, and from March 31,
2004 through May 31, 2004.
Based on this evaluation, we assert that the Trust was in compliance with the
requirements of subsections (b) and (c) of rule 17f-2 of the Investment Company
Act of 1940 as of May 31, 2004 with respect to securities reflected in the
investment accounts of the Trust.
By: /s/Erin C. Paul
Erin C. Paul
Hibernia Trust Services
By: /s/Richard J. Thomas
Richard J. Thomas
Senior Vice President & Treasurer
Hibernia Funds