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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
Investment 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: Date examination completed
811-6526 July 31, 1997
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2. State identification Number: N/A
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AL AK AZ S-0041050 AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA I32419 KS 95S0000105 KY M30786
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LA 49015 ME MD MA MI MN
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MS MO 1992-00173 MT NE 015859 NV NH
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NJ NM NY NC ND OH 97012
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OK OR PA RI SC SD
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TN TX C-45803-0-83 UT VT VA WA
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WV WI 333168-03 WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in representation statement:
Brenton Mutual Funds of the Coventry Group
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4. Address of principal executive office (number, street, city, state, zip code):
3435 Stelzer Road, Columbus, Ohio 43219-3035
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INDEPENDENT ACCOUNTANT'S REPORT
Board of Trustees of the Brenton Mutual Funds
We have examined management's assertion about the Brenton Mutual Funds' of The
Coventry Group (the "Fund") compliance with the requirements of subsection (b)
and (c) of Rule 17f-2 of the Investment Company Act of 1940 ("the Act") as of
March 31, 1998 included in the accompanying Management Statement Regarding
Compliance with Certain Provisions of the Investment Company Act of 1940.
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 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 March 31, 1998, and with respect to agreement of security and
similar investment purchases and sales, for the period from November 28, 1997
(the date of last examination) through March 31, 1998;
o Confirmation of all securities and similar investments held by the
Federal Reserve Bank and Northern Trust Company in book entry form;
o Confirmation of all securities held by Goldman Sachs and Dreyfus
Service Corporation;
o Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Fund and the Custodian; and
o Agreement of three security and/or investment purchases and three
security and/or investment sales or maturities since our last
examination from the books and records of the Fund 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 Fund's compliance with
specified requirements.
In our opinion, management's assertion that the Fund was in compliance with the
requirements of subsection (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of March 31, 1998 with respect to securities and similar
investments 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 the
Brenton Mutual Funds of The Coventry Group and the Securities and Exchange
Commission and should not be used for any other purpose.
/s/ Ernst & Young LLP
Columbus, Ohio
May 12, 1998
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Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
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We, as members of management of the Brenton Funds of The Coventry Group (the
"Fund") are responsible for complying with the requirements of subsection (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 controls over compliance
with those requirements. We have performed an evaluation of the Fund's
compliance with the requirements of subsection (b) and (c) of Rule 17f-2 as of
March 31, 1998.
Based on this evaluation, we assert that the Company was in compliance with the
requirements of subsection (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of March 31, 1998 with respect to securities and similar
investments reflected in the investment accounts of the Fund.
Brenton Funds of The Coventry Group
By:
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Rick Ille
Assistant Secretary
