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:
811-07843 April 30, 1999
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2. State identification Number:
<S> <C> <C> <C> <C> <C>
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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 name of investment company as specified in registration statement:
MUTUAL FUND SELECT GROUP
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5. Address of principal executive office (number, street, city, state, zip
code):
Mary Squires, 1 Chase Square - Tower 7, Rochester, New York 14643
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INSTRUCTIONS
This Form must be completed by 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 2198 (11-91)
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Report of Independent Accountants
July 23, 1999
To the Trustees of
Mutual Fund Select Group
We have examined management's assertion about Mutual Fund Select Group's (the
"Company's") compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under the Investment Company Act of 1940 ("the Act") as of April 30, 1999
included in the accompanying Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940. Management is
responsible for the Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company's compliance based on our examination.
Our examination was made in accordance with 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 April 30, 1999, and the period from August 31, 1998 (the date of
last examination) through April 30, 1999 with respect to agreement of purchases
and sales of securities and similar investments, without prior notice to
management:
o Count and inspection of domestic securities and similar investments located
in the vault of The Chase Manhattan Bank, New York (the "Custodian") at 4 New
York Plaza, 11th Floor, NY, NY;
o Testing of securities and similar investments held in book entry form by the
The Depository Trust Company via evaluation of the reconciliation procedures
used by the Custodian and disposition of any reconciling items related to the
Company's positions;
o Testing of the reconciliation of securities and similar investments, prepared
by management of the Company, between the books and records of the Company
and the Custodian;
o Agreement of securities due, but not yet received, to the books and records
of the Custodian indicating subsequent receipt of the securities at a
sub-custodian;
o Testing of selected purchases and/or sales or maturities of investment
securities since our last examination from the books and records of the
Company to trade tickets and broker confirmations;
o For global securities held in book entry form by sub-custodians outside of
the United States:
o Testing of the reconciliation of custody records, prepared by
management of the Company, between The Chase Manhattan Bank,
Bournemouth, England, the primary custodian outside of the United
States, and the corresponding sub-custodians;
o Testing of the reconciliation of securities and similar investments
from The Chase Manhattan Bank, Bournemouth, England to the records of
the Custodian;
o Where the Custodian engaged a related sub-custodian, we reviewed the
reconciliation prepared by the sub-custodian, between the
sub-custodian's positions and the local depository, and confirmed
positions with such depository, whether the positions were in
individual portfolio's name or in an omnibus account.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Company's compliance
with specified requirements.
In our opinion, management's assertion that Mutual Fund Select Group was in
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 as of April 30, 1999 with respect to securities
and similar investments reflected in the investment account of the Company is
fairly stated, in all material respects.
This report is intended solely for the information and use of management of
Mutual Fund Select Group and the Securities and Exchange Commission and should
not be used for any other purpose.
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Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of Mutual Fund Select Group (the "Company"), 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 Company's compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of April 30,
1999 and from August 31, 1998 (last examination date) through April 30, 1999.
Based on this evaluation, we assert that the Company was in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of April 30, 1999 and from August 31, 1998 (last examination
date) through April 30, 1999, with respect to securities and similar investments
reflected in the investment account of the Company.
Mutual Fund Select Group
By:
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Martin R. Dean
Treasurer
Mutual Fund Select Group
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Colleen McCoy
Vice President
Chase Manhattan Bank
