Report of Independent Accountants
To the Board of Directors of
Mutual Investment Fund of Connecticut, Inc.
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 Mutual Investment Fund of Connecticut, Inc. (the "Fund")
complied with the requirements of subsections (b) and (c) of Rule 17f-2 under
the Investment Company Act of 1940 ("the Act") as of September 30, 1999.
Management is responsible for the Fund's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Fund's compliance based on our examination.
Our examination was made 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 Fund'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 September 30, 1999, and with respect to agreement of
security purchases and sales, for the period from September 1, 1999 through
September 30, 1999:
o Confirmation of all securities and similar investments held by the
Depository Trust Company in book entry form;
o Reconciliation of confirmation results as to all such securities and
similar investments to the books and records of the Fund and the Custodian;
o Confirmation of all unsettled purchases and sales of securities
transactions and short-term securities and applied alternative auditing
procedures where confirmations were not obtained; and
o Agreement of five security purchases and five security sales since our last
examination from the books and records of the Fund to trade confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Fund's compliance with
specified requirements.
In our opinion, management's assertion that Mutual Investment Fund of
Connecticut, Inc. complied with the requirements of subsections (b) and (c) of
Rule 17f-2 of the Investment Company Act of 1940 as of September 30, 1999 with
respect to securities reflected in the investment account of the Fund is fairly
stated, in all material respects.
This report is intended solely for the information and use of management of
Mutual Investment Fund of Connecticut, Inc. and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
PricewaterhouseCoopers LLP
New York, New York
October 22, 1999
<PAGE>
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]
-----------------------------------------
OMB APPROVAL
-----------------------------------------
-----------------------------------------
OMB Number: 3235-0360
Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
-----------------------------------------
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------- -------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-752 September 30, 1999
- ---------------------------------------------------------------------------------------------------
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 name of investment company as specified in registration statement:
Mutual Investment Fund of Connecticut, Inc.
- ---------------------------------------------------------------------------------------------------
5. Address of principal executive office (number, street, city, state, zip
code):
450 Church Street, Hartford, Connecticut 06103
- ---------------------------------------------------------------------------------------------------
</TABLE>
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)
<PAGE>
Management Statement Regarding Compliance With
Certain Provisions of the Investment Company Act of 1940
We, as members of management of Mutual Investment Fund of Connecticut, Inc. (the
"Fund"), 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 an effective internal control
structure over compliance with those requirements. We have performed an
evaluation of the Company's compliance with the requirements of subsection (b)
and (c) of Rule 17f-2 as of September 30, 1999.
Based on this evaluation, we assert that the Fund was in compliance with those
provisions of Rule 17f-2 of the Investment Company Act of 1940 as of September
30, 1999 with respect to securities and similar investments reflected in the
investment account of the fund.
Mutual Investment Fund of Connecticut, Inc.
By:
/s/James P. Cronin
James P. Cronin
President
Mutual Investment Fund of Connecticut, Inc.
/s/Lindsey R. Pinkham
Lindsey R. Pinkham
Secretary & Treasurer
Mutual Investment Fund of Connecticut, Inc.
