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SECURITIES AND EXCHANGE COMMISSION ------------------------
WASHINGTON, D.C. 20549 OMB Approval
FORM N-17f-2 ------------------------
OMB Number 3235-0360
Certificate of Accounting of Securities and Similar Expires: July 31, 1994
Investments in the Custody of Estimated average burden
Management Investment Companies hours per response. 0.05
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number:
811-05010
Date examination completed: September 16, 1997
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2. State identification Number: N/A
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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:
Monitor Funds
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4.Address of principal executive office (number, street, city, state,
zip code)
41 South High Street, Columbus, OH 43287
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EXHIBIT 23
To the Trustees of
The Monitor Funds
and the
Securities and Exchange Commission:
We have examined management's assertion about The Monitor Funds' (the Funds)
compliance with the requirements of subsections (b) and (c) of Rule 17f-2
under the Investment Company Act of 1940 (the Act) as of June 30, 1997 and
for the period from May 31, 1997 through June 30, 1997, included in the
accompanying Management Statement Regarding Compliance With Certain
Provisions of the Investment Company Act of 1940. Management is responsible
for the Funds' compliance with those requirements. Our responsibility is
to express an opinion on management's assertion about the Funds' 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 Funds' 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 June 30, 1997 and for the period from May 31, 1997
(the date of our last examination) through June 30, 1997, with respect to
securities transactions, without prior notice to management:
* Confirmation of all securities held as of June 30, 1997 by institutions
in book entry form by the Federal Reserve Bank, Bank of New York, and
Depository Trust Corporation;
* Verification of all securities purchased/sold but not received/delivered
and securities in transit as of June 30, 1997 via examination of
underlying trade ticket or broker confirmation;
* Reconciliation of all such securities to the books and records of the
Funds and The Huntington Trust Company, N.A.;
* Confirmation of all repurchase agreements as of June 30, 1997 with
brokers/banks and agreement of underlying collateral with The
Huntington Trust Company, N.A. records; and
* Agreement of selected security purchases, sales or maturities since our
last report date from the books and records of the Funds to broker
confirmations.
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Funds'
compliance with specified requirements.
In our opinion, management's assertion that the Funds were in compliance
with the above mentioned provisions of Rule 17f-2 of the Investment Company
Act of 1940 as of June 30, 1997 and for the period from May 31, 1997
through June 30, 1997 is fairly stated, in all material respects.
This report is intended solely for the information and use of management of
The Monitor Funds and the Securities and Exchange Commission and should
not be used for any other purpose.
/s/ KPMG PEAT MARWICK LLP
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KPMG PEAT MARWICK LLP
Columbus, Ohio
September 16, 1997
MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF
THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of The Monitor Funds ("the Funds") 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 Rule 17f-2 requirements. We have performed an evaluation of
the Funds' compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 as of June 30, 1997.
Based on the evaluation, we assert that the Funds were in compliance with
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of June 30, 1997, with respect to securities reflected
in the investment accounts of the Company.
The Monitor Funds
By:
/s/ ROBERT DELLACROCE
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Robert Dellacroce
Treasurer
