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]
---------------------------------
OMB APPROVAL
---------------------------------
---------------------------------
OMB Number: 3235-0360
Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
---------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------- --------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-8086 May 29, 1998
- --------------------------------------------------------------------------------------------------------------------
2. State identification Number:
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
<S> <C> <C> <C> <C> <C>
AL AK AZ AR CA CO
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
CT DE DC FL GA HI
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
ID IL IN IA KS KY
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
LA ME MD MA MI MN
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
MS MO MT NE NV NH
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
NJ NM NY NC ND OH
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
OK OR PA RI SC SD
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
TN TX UT VT VA WA
----------------- ----------------- ---------------- --------------------------------------------------------
WV WI WY PUERTO RICO
-------------------------------------------------------------------------------------------------------------
Other (specify):
- --------------------------------------------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
CAPITAL GROWTH PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
5. Address of principal executive office (number, street, city, state, zip
code):
Dean Harris, 1 Chase Square - 7th Floor, Rochester, New York 14643
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS
This Form 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 administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (11-91)
<PAGE>
Report of Independent Accountants
June 24, 1998
To the Trustees of
Capital Growth Portfolio
We have examined management's assertion about Capital Growth Portfolio's (the
"Company") compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under 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 Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company'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 Company'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 the period from August 31, 1997 (the date of
last examination) through March 31, 1998 with respect to agreement of purchases
and sales of securities and similar investments, without prior notice to
management:
o Testing of securities and similar investments held in book entry form by the
Federal Reserve Bank of New York and The Depository Trust Company via
evaluation of the reconciliation procedures used by the Custodian and
disposition of any reconciling items related to the Company's positions;
o Testing of the reconciliation of securities and similar investments,
prepared by management of the Company, between the books and records of the
Company and the Custodian.
o Agreed principal amounts of time deposits due shortly after March 31, 1998
to custodian cash records subsequent to March 31, 1998;
<PAGE>
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Company's compliance
with specified requirements.
In our opinion, management's assertion that Capital Growth Portfolio was in
compliance with the above mentioned provisions of Rule 17f-2 of the Investment
Company Act of 1940 as of March 31, 1998 is fairly stated, in all material
respects.
This report is intended solely for the information and use of management of
Capital Growth Portfolio and Securities and Exchange Commission and should not
be used for any other purpose.
<PAGE>
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of Capital Growth Portfolio (the "Company"), 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 those requirements. We have performed an evaluation of the
Company's compliance with the requirements of subsections (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
those provisions 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 Company.
Capital Growth Portfolio
By:
- --------------------------------
Martin R. Dean
Treasurer
Capital Growth Portfolio
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
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]
---------------------------------
OMB APPROVAL
---------------------------------
---------------------------------
OMB Number: 3235-0360
Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
---------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------- --------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-8084 March 31, 1998
- --------------------------------------------------------------------------------------------------------------------
2. State identification Number:
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
<S> <C> <C> <C> <C> <C>
AL AK AZ AR CA CO
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
CT DE DC FL GA HI
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
ID IL IN IA KS KY
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
LA ME MD MA MI MN
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
MS MO MT NE NV NH
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
NJ NM NY NC ND OH
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
OK OR PA RI SC SD
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
TN TX UT VT VA WA
----------------- ----------------- ---------------- --------------------------------------------------------
WV WI WY PUERTO RICO
-------------------------------------------------------------------------------------------------------------
Other (specify):
- --------------------------------------------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
GROWTH & INCOME PORTFOLIO
- --------------------------------------------------------------------------------------------------------------------
5. Address of principal executive office (number, street, city, state, zip
code):
Dean Harris, 1 Chase Square - 7th Floor, Rochester, New York 14643
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS
This Form 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 administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (11-91)
<PAGE>
Report of Independent Accountants
June 24, 1998
To the Trustees of
Growth & Income Portfolio
We have examined management's assertion about Growth & Income Portfolio's (the
"Company") compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under 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 Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company'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 Company'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 the period from August 31, 1997 (the date of
last examination) through March 31, 1998 with respect to agreement of purchases
and sales of securities and similar investments, without prior notice to
management:
o Testing of securities and similar investments held in book entry form by the
Federal Reserve Bank of New York and The Depository Trust Company via
evaluation of the reconciliation procedures used by the Custodian and
disposition of any reconciling items related to the Company's positions;
o Testing of the reconciliation of securities and similar investments,
prepared by management of the Company, between the books and records of the
Company and the Custodian;
o Agreed principal amounts of time deposits due shortly after March 31, 1998
to custodian cash records subsequent to March 31, 1998;
o For global securities held in book entry form by sub-custodians outside of
the United States:
<PAGE>
o Testing of the reconciliation of custody records, prepared by
management of the Company, between The Chase Manhattan Bank,
Bournemouth, England, the primary custodian outside of the United
States, and the corresponding sub-custodians;
o Testing of the reconciliation of securities and similar investments
from The Chase Manhattan Bank, Bournemouth, England to the records of
The Chase Manhattan Bank, New York.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Company's compliance
with specified requirements.
In our opinion, management's assertion that Growth & Income Portfolio was in
compliance with the above mentioned provisions of Rule 17f-2 of the Investment
Company Act of 1940 as of March 31, 1998 is fairly stated, in all material
respects.
This report is intended solely for the information and use of management of
Growth & Income Portfolio and Securities and Exchange Commission and should not
be used for any other purpose.
<PAGE>
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of Growth & Income Portfolio (the "Company"), 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 those requirements. We have performed an evaluation of the
Company's compliance with the requirements of subsections (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
those provisions 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 Company.
Growth & Income Portfolio
By:
- --------------------------------
Martin R. Dean
Treasurer
Growth & Income Portfolio
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
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]
---------------------------------
OMB APPROVAL
---------------------------------
---------------------------------
OMB Number: 3235-0360
Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
---------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------- --------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-5526 March 31, 1998
- --------------------------------------------------------------------------------------------------------------------
2. State identification Number:
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
<S> <C> <C> <C> <C> <C>
AL AK AZ AR CA CO
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
CT DE DC FL GA HI
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
ID IL IN IA KS KY
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
LA ME MD MA MI MN
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
MS MO MT NE NV NH
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
NJ NM NY NC ND OH
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
OK OR PA RI SC SD
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
TN TX UT VT VA WA
----------------- ----------------- ---------------- --------------------------------------------------------
WV WI WY PUERTO RICO
-------------------------------------------------------------------------------------------------------------
Other (specify):
- --------------------------------------------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
MUTUAL FUND INVESTMENT TRUST
- --------------------------------------------------------------------------------------------------------------------
5. Address of principal executive office (number, street, city, state, zip
code):
Dean Harris, 1 Chase Square - 7th Floor, Rochester, New York 14643
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS
This Form 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 administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (11-91)
<PAGE>
Report of Independent Accountants
June 24, 1998
To the Trustees of
Mutual Fund Investment Trust
We have examined management's assertion about Mutual Fund Investment Trust's
(the "Company") compliance with the requirements of subsections (b) and (c) of
Rule 17f-2 under 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 Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company'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 Company'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 the period from January 1, 1998 (inception
date) through March 31, 1998 with respect to agreement of purchases and sales of
securities and similar investments, without prior notice to management:
o Count and inspection of domestic securities and similar investments located
in the vault of The Chase Manhattan Bank at 4 New York Plaza, 11th Floor,
NY, NY;
o Testing of securities and similar investments held in book entry form by the
Federal Reserve Bank of New York, The Depository Trust Company, and the
Participants Trust Company via evaluation of the reconciliation procedures
used by the Custodian and disposition of any reconciling items related to
the Company's positions;
o Testing of the reconciliation of securities and similar investments,
prepared by management of the Company, between the books and records of the
Company and the Custodian;
<PAGE>
o Confirmation of securities with the transfer agent for investments in other
mutual funds;
o Agreement of corporate actions (eg., stock dividends) due, but not yet
received, to the books and records of the Custodian indicating subsequent
receipt of the securities;
o Testing of selected purchases and/or sales or maturities of investment
securities since inception on January 1, 1998 from the books and records of
the Company to trade tickets and broker confirmations;
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Company's compliance
with specified requirements.
In our opinion, management's assertion that Mutual Fund Investment Trust was in
compliance with the above mentioned provisions of Rule 17f-2 of the Investment
Company Act of 1940 as of March 31, 1998 is fairly stated, in all material
respects.
This report is intended solely for the information and use of management of
Mutual Fund Investment Trust and Securities and Exchange Commission and should
not be used for any other purpose.
<PAGE>
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of Mutual Fund Investment Trust (the "Company"),
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 those requirements. We have performed an evaluation of the
Company's compliance with the requirements of subsections (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
those provisions 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 Company.
Mutual Fund Investment Trust
By:
- --------------------------------
Martin R. Dean
Treasurer
Mutual Fund Investment Trust
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
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]
---------------------------------
OMB APPROVAL
---------------------------------
---------------------------------
OMB Number: 3235-0360
Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
---------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------- --------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-07841 March 31, 1998
- --------------------------------------------------------------------------------------------------------------------
2. State identification Number:
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
<S> <C> <C> <C> <C> <C>
AL AK AZ AR CA CO
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
CT DE DC FL GA HI
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
ID IL IN IA KS KY
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
LA ME MD MA MI MN
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
MS MO MT NE NV NH
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
NJ NM NY NC ND OH
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
OK OR PA RI SC SD
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
TN TX UT VT VA WA
----------------- ----------------- ---------------- --------------------------------------------------------
WV WI WY PUERTO RICO
-------------------------------------------------------------------------------------------------------------
Other (specify):
- --------------------------------------------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
MUTUAL FUND SELECT TRUST
- --------------------------------------------------------------------------------------------------------------------
5. Address of principal executive office (number, street, city, state, zip
code):
Dean Harris, 1 Chase Square - 7th Floor, Rochester, New York 14643
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS
This Form 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 administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (11-91)
<PAGE>
Report of Independent Accountants
June 24, 1998
To the Trustees of
Mutual Fund Select Trust
We have examined management's assertion about Mutual Fund Select Trust's (the
"Company") compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under 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 Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company'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 Company'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 the period from August 31, 1997 (the date of
last examination) through March 31, 1998 with respect to agreement of purchases
and sales of securities and similar investments, without prior notice to
management:
o Count and inspection of domestic securities and similar investments located
in the vault of The Chase Manhattan Bank at 4 New York Plaza, 11th Floor,
NY, NY;
o Testing of securities and similar investments held in book entry form by The
Depository Trust Company via evaluation of the reconciliation procedures
used by the Custodian and disposition of any reconciling items related to
the Company's positions;
o Testing of the reconciliation of securities and similar investments,
prepared by management of the Company, between the books and records of the
Company and the Custodian;
o Confirmation of securities with the transfer agent for investments in other
mutual funds;
<PAGE>
o Confirmation of securities held at sub-custodians;
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Company's compliance
with specified requirements.
In our opinion, management's assertion that Mutual Fund Select Trust was in
compliance with the above mentioned provisions of Rule 17f-2 of the Investment
Company Act of 1940 as of March 31, 1998 is fairly stated, in all material
respects.
This report is intended solely for the information and use of management of
Mutual Fund Select Trust and Securities and Exchange Commission and should not
be used for any other purpose.
<PAGE>
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of Mutual Fund Select Trust (the "Company"), 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 those requirements. We have performed an evaluation of the
Company's compliance with the requirements of subsections (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
those provisions 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 Company.
Mutual Fund Select Trust
By:
- --------------------------------
Martin R. Dean
Treasurer
Mutual Fund Select Trust
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
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]
---------------------------------
OMB APPROVAL
---------------------------------
---------------------------------
OMB Number: 3235-0360
Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
---------------------------------
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------- --------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-8358 March 31, 1998
- --------------------------------------------------------------------------------------------------------------------
2. State identification Number:
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
<S> <C> <C> <C> <C> <C>
AL AK AZ AR CA CO
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
CT DE DC FL GA HI
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
ID IL IN IA KS KY
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
LA ME MD MA MI MN
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
MS MO MT NE NV NH
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
NJ NM NY NC ND OH
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
OK OR PA RI SC SD
----------------- ----------------- ---------------- ----------------- ------------------ -------------------
TN TX UT VT VA WA
----------------- ----------------- ---------------- --------------------------------------------------------
WV WI WY PUERTO RICO
-------------------------------------------------------------------------------------------------------------
Other (specify):
- --------------------------------------------------------------------------------------------------------------------
3. Exact name of investment company as specified in registration statement:
MUTUAL FUND TRUST
- --------------------------------------------------------------------------------------------------------------------
5. Address of principal executive office (number, street, city, state, zip
code):
Dean Harris, 1 Chase Square - 7th Floor, Rochester, New York, 14643
- --------------------------------------------------------------------------------------------------------------------
</TABLE>
INSTRUCTIONS
This Form 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 administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (11-91)
<PAGE>
Report of Independent Accountants
June 24, 1998
To the Trustees of
Mutual Fund Trust
We have examined management's assertion about Mutual Fund Trust's (the
"Company") compliance with the requirements of subsections (b) and (c) of Rule
17f-2 under 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 Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company'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 Company'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 the period from August 31, 1997 (the date of
last examination) through March 31, 1998 with respect to agreement of purchases
and sales of securities and similar investments, without prior notice to
management:
o Count and inspection of domestic securities and similar investments located
in the vault of The Chase Manhattan Bank at 4 New York Plaza, 11th Floor,
NY, NY;
o Testing of securities and similar investments held in book entry form by the
Federal Reserve Bank of New York and The Depository Trust Company via
evaluation of the reconciliation procedures used by the Custodian and
disposition of any reconciling items related to the Company's positions;
o Testing of the reconciliation of securities and similar investments,
prepared by management of the Company, between the books and records of the
Company and the Custodian;
o Confirmation of securities with the transfer agent for investments in other
mutual funds;
<PAGE>
o Confirmation of securities held at sub-custodians;
o Agreed principal amounts of repurchase agreements, time deposits and
securities out for redemption or maturity due shortly after March 31, 1998
to custodian cash records subsequent to March 31, 1998;
o Inspected custodian's photocopies of securities which were out for rollover
with brokers and/or transfer agents (photocopied by custodian prior to
shipment of security) and photocopies of returned securities;
o Testing of selected purchases and/or sales or maturities of investment
securities since our last examination from the books and records of the
Company to trade tickets and broker confirmations;
o For global securities held in book entry form by sub-custodians outside of
the United States:
o Testing of the reconciliation of custody records, prepared by
management of the Company, between The Chase Manhattan Bank,
Bournemouth, England, the primary custodian outside of the United
States, and the corresponding sub-custodians;
o Testing of the reconciliation of securities and similar investments
from The Chase Manhattan Bank, Bournemouth, England to the records of
The Chase Manhattan Bank, New York.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Company's compliance
with specified requirements.
In our opinion, management's assertion that Mutual Fund Trust was in compliance
with the above mentioned provisions of Rule 17f-2 of the Investment Company Act
of 1940 as of March 31, 1998 is fairly stated, in all material respects.
This report is intended solely for the information and use of management of
Mutual Fund Trust and Securities and Exchange Commission and should not be used
for any other purpose.
<PAGE>
Management Statement Regarding Compliance with
Certain Provisions of the Investment Company Act of 1940
We, as members of management of Mutual Fund Trust (the "Company"), 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 those requirements. We have performed an evaluation of the
Company's compliance with the requirements of subsections (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
those provisions 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 Company.
Mutual Fund Trust
By:
- --------------------------------
Martin R. Dean
Treasurer
Mutual Fund Trust
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
