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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]
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OMB APPROVAL
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OMB Number: 3235-0360
Expires: July 31, 1994
Estimated average burden
hours per response ..............0.05
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1. Investment Company Act File Number: 811-6526 Date examination completed:
June 30, 1999
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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:
The Coventry Group, Boston Balanced Fund
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4. Address of principal executive office (number, street, city, state, zip
code):
3435 Stelzer Road, Columbus, Ohio 43219
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INSTRUCTIONS
This From 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 of administrator(s),
if applicable.
THIS FROM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNANT
SEC 2198 (11-91)
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Report of Independent Public Accountants
To the Board of Directors of the United States Trust Company
and the Securities and Exchange Commission:
We have examined management's assertion about the Boston Balanced Fund's (the
Fund) compliance with certain rules under the Investment Company Act of 1940
(the Act) as of June 30, 1999 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 June 30, 1999:
. Confirmation of all securities, other than money market funds, held by the
Bank of New York;
. Confirmation of money market fund shares with SEI Shareholder Services;
. Confirmation of all securities purchased or sold but not received or
delivered;
. Reconciliation of all such securities to books and records maintained by the
United States Trust Company utilizing SEI;
. Agreement of five security purchases and five security sales or maturations
since out last report 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
certain provisions of Rule 17f-2 of the Act as of June 30, 1999, is fairly
stated, in all material respects.
This report is intended solely for the information and use of management of the
Fund and the Securities and Exchange Commission and should not be used for any
other purpose.
Boston, Massachusetts ARTHUR ANDERSEN LLP
October 14, 1999
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Management Statement Regarding Certain Provisions
Of the Investment Company Act of 1940
We, as members of management and custodian of Boston Balanced Fund (the Fund),
formerly Boston Managed Growth 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 Custody Act of
1940. We are also responsible for establishing and maintaining effective
internal controls over compliance with those requirements. We have performed an
evaluation of the Fund's compliance with the requirements of subsections (b) and
(c) of Rule 17f-2 as of June 30, 1999 and from January 31, 1999 through June 30,
1999. Based on this evaluation, we assert that the Fund was in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2, of the Investment
Company Act of 1940 as of June 30, 1999 with respect to the securities reflected
in the investment account of the Fund.
United States Trust Company
By:
/s/ Lucia Santini
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Lucia Santini
Senior Vice President
