INDEPENDENT ACCOUNTANTS' REPORT ON EXAMINATION
OF SECURITITES PURSUANT TO SEC RULE 17F-2
April 1, 1998
To the Supervisory Committee of
AVESTA Trust
We have examined the investment accounts shown by the books and records of the
AVESTA Trust (the Trust) comprised of the Equity Growth, Equity Income, Balanced
Income, Money Market, Short-Intermediate Term U.S. Government Securities, U.S.
Government Securities, Small Capitalization, Core Equity and Intermediate Term
Bond Funds for the period from the date of our last similar examination on
October 31, 1997 to December 31, 1997, as maintained by Chase Bank of Texas
National Association, formerly known as Texas Commerce Bank National
Association. It is understood that this report is solely for the use of
management and the Securities and Exchange Commission and should not be used for
any other purpose.
Securities owned as of the close of business on December 31, 1997, shown by the
books and records of the Trust examined by us, were confirmed directly with the
Trust Department of Chase Bank of Texas National Association, as custodian,
except for securities purchased but not yet settled or open futures contracts,
as to which we obtained confirmation from the related broker.
Because the above procedures do not constitute an audit made in accordance with
generally accepted auditing standards, we do not express an opinion on the
investment accounts referred to above. In connection with the procedures
referred to above, no matters came to our attention that caused us to believe
that the specified accounts should be adjusted. Had we performed additional
procedures or had we audited the financial statements in accordance with
generally accepted auditing standards, matters might have come to our attention
that would have been reported to you. This report relates only to the
investments specified above and does not extend to any financial statements of
the Trust, taken as a whole.
Price Waterhouse LLP
Houston, TX
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION -------------------------------
Washington, D.C. 20549 OMB APPROVAL
FORM N-17f-2 -------------------------------
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Certificate of Accounting of Securities and Similar OMB Number: 3235-0360
Investments in the Custody of
Management Investment Companies Expires: July 31, 1994
Pursuant to Rule 17f-2 [17 CFR 270.17F-2]
Estimated average burden
hours per response ...0.05
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1. Investment Company Act File Number: Date examination completed:
5526 December 31, 1997
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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 name of investment company as specified in registration statement:
AVESTA Trust
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5. Address of principal executive office (number, street, city, state, zip code):
7 TCT 37 , P. O. Box 1555 , Houston, TX 77251-1555
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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)
