To the Board of 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 May 29, 1998 and for the period from
December 31, 1997 through May 29, 1998, 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
the circumstances. Included among our procedures
were the following tests performed as of May 29, 1998
and for the period from December 31, 1997 (the date
of our last examination) through May 29, 1998, with
respect to securities transactions, without prior notice to
management:
1. Confirmation of all securities held as of May 29, 1998
by institutions in book entry form by the Federal Reserve
Bank, Bank of New York and Depository Trust
Corporation;
2. Verification of all securities purchased/sold
but not received/delivered and securities in transit as
of May 29, 1998 via examination of underlying trade
ticket or broker confirmation;
3. 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
May 29, 1998 with brokers/banks and agreement
of underlying collateral with the Huntington Trust
Company, N.A. records.; and
4. Agreement of 5 selected security purchases and
5 selected security sales since our last report date
from the books and records of the Funds to broker
confirmations during the period from December 31, 1997
through May 29,1998.
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 May 29, 1998 and for the period
from December 31, 1997 through May 29, 1998 is
fairly stated, in all material respects.
This report is intended solely for the information
and use of management of the Funds and the
Securities and Exchange Commission and should
not be used for any other purpose.
Columbus, Ohio
July 21, 1998
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