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]
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1. Investment Company Act File Number: Date examination completed:
811-5536 March 31, 2004
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2. State Identification Number:
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact number of investment company as specified in registration
statement:
HIBERNIA FUNDS
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4. Address of principal executive office: (number, street, city, state,
zip code)
5800 Corporate Drive
Pittsburgh, PA 15237-7010
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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.
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 also are 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 March 31, 2004 and from August
31, 2003 through March 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 March 31, 2004 with respect to securities reflected in the
investment accounts of the Trust.
/s/ Erin C. Paul
Erin C. Paul
Hibernia Trust Services
/s/ Richard J. Thomas
Richard J. Thomas
Treasurer
Hibernia Funds
Report of Independent Accountants
To the Board of Trustees of
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 March 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 Company'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 March 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 March 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 Trustees 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.
Ernst & Young LLP
Boston, Massachusetts
May 10, 2004