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Report of Independent Accountants
To the Board of Trustees of
Brenton Mutual Funds of The Coventry Group
We have examined management's assertion, included in the accompanying "Report of
Management on Compliance with Rule 17f-2 of the Investment Company Act of 1940,"
that Brenton Mutual Funds (the "Funds") complied with the requirements of
subsections (b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 (the
"Act") as of March 31, 2000 with respect to securities and similar investments
reflected in the investment account of the Funds. Management is responsible for
the Funds' compliance with those requirements. Our responsibility is to express
an opinion on the Funds' compliance based on our examination.
Our examination was conducted in accordance with attestation 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 March 31, 2000, and with respect to
agreement of security and similar investments purchases and sales, for the
period from November 30, 1999 (the date of last examination) through March 31,
2000;
. Confirmation of all securities and similar investments held by institutions
in book entry form with the Federal Reserve Bank of Chicago, The Northern
Trust Company, and Goldman Sachs;
. Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Funds and the Custodian;
. 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 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.
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In our opinion, Brenton Mutual Funds complied, in all material respects, with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of March 31, 2000, with respect to securities and similar
investments reflected in the investment accounts of the Funds.
This report is intended solely for the information and use of the board of
trustees and management of Brenton Mutual Funds and the Securities and Exchange
Commission and is not intended to be and should not be used by anyone other than
these specified parties.
/s/ ERNST & YOUNG LLP
Columbus, Ohio
May 15, 2000
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Report of Management on Compliance With Rule 17f-2 of the Investment
Company Act of 1940
May 15, 2000
We, as members of management of Brenton Mutual 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 also are responsible for
establishing and maintaining effective internal control over compliance with
those requirements. We have performed an evaluation of the Funds' compliance
with the requirements of subsections (b) and (c) of Rule 17f-2 as of March 31,
2000.
Based on this evaluation, we assert that the Funds were in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of March 31, 2000 with respect to securities and similar
investments reflected in the investment accounts of the Funds.
/s/ Walter Grimm
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Walter Grimm, President
Brenton Mutual Funds of The Coventry Group
