Report of Independent Accountants
September 29, 1997
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 May 31, 1997
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 May 31, 1997, and the period from April 30, 1997 (the date of
last examination) through May 31, 1997 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,
New York, New York;
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;
<PAGE>
o Confirmation of securities and similar investments out for transfer with
transfer agents;
o Confirmation of securities with the transfer agent for investments in other
mutual funds;
o Liquidation of repurchase agreements, time deposits and securities out for
redemption or maturity;
o Confirmation of securities and similar investments out for partial call
with transfer agents;
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 physically held or held in book entry form by
sub-custodians outside of the United States:
o Count and inspection of securities and similar investments held in
physical form in the countries of England and Malaysia;
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.
In connection with the procedures referred to above for the investment accounts
as of May 31, 1997, we were unable to complete the planned procedures with the
expected results for the four items listed below. For Provident Municipal Fund,
812,000 shares were confirmed by the fund's transfer agent as owned by the
Company. For the Master Note Agreement with CS First Boston, we were unable to
confirm any amount with the custodian or issuer. For NYS Med Facs Securities,
the custodian confirmed 745,000 and 1,275,000 shares as held by the Company:
Security Cusip # Shares/Par
-------- ------- ----------
Provident Municipal Fund 625907100 808,372
Master Note Agreement with
CS First Boston N/A $95,000,000
NYS Med Facs Securities 64988JNH9 1,480,000
NYS Med Facs Securities 64988JNG1 540,000
<PAGE>
No other matters came to our attention that caused us to believe that the
investment accounts as of May 31, 1997 should be adjusted.
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 May 31, 1997 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 May 31, 1997.
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 May
31, 1997 with respect to securities and similar investments reflected in the
investment account of the Company.
Mutual Fund Trust
By:
/s/ Martin R. Dean
- --------------------------------
Martin R. Dean
Treasurer
Mutual Fund Trust
/s/ Colleen McCoy
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
Report of Independent Accountants
September 29, 1997
To the Board of Directors of
Mutual Fund Variable Annuity Trust
We have examined management's assertion about Mutual Fund Variable Annuity
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 May
31, 1997 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 May 31, 1997, and the period from April 30, 1997 (the date of
last examination) through May 31, 1997 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,
New York, New York;
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 Liquidation of repurchase agreements;
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 at a sub-custodian;
o For global securities physically held or held in book entry form by
sub-custodians outside of the United States:
o Count and inspection of securities and similar investments held in
physical form in the countries of England and Malaysia;
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.
In connection with the procedures referred to above, for the investment accounts
as of May 31, 1997, we were unable to complete the planned procedures with the
expected results for the four items listed. For each of the Sumitomo Bank Time
Deposits, we were informed the amounts were invested jointly in a time deposit
through one of the funds in a related investment company. We agreed the cash
disbursements and subsequent day's cash receipts between the Company and the
related investment company to the Custodian's cash statements and noted that the
par amounts and the appropriate interest income were transferred into the
Company's cash accounts:
Security Cusip # Par/Shares
-------- ------- ----------
Sumitomo Bank Time Deposit N/A $793,000
Sumitomo Bank Time Deposit N/A $1,391,000
Sumitomo Bank Time Deposit N/A $538,000
Sumitomo Bank Time Deposit N/A $658,000
In addition, we were informed the following position was a fractional share
position which the sub-custodian did not have in its records:
Security Cusip # Shares
-------- ------- ------
Zions Bankcorp 989701107 0.96
No other matters came to our attention that caused us to believe that the
investment accounts as of May 31, 1997 should be adjusted.
<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 Mutual Fund Variable Annuity Trust
was in compliance with the above mentioned provisions of Rule 17f-2 of the
Investment Company Act of 1940 as of May 31, 1997 is fairly stated, in all
material respects.
This report is intended solely for the information and use of management of
Mutual Fund Variable Annuity 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 Variable Annuity 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 May 31, 1997.
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 May
31, 1997 with respect to securities and similar investments reflected in the
investment account of the Company.
Mutual Fund Variable Annuity Trust
By:
/s/ Martin R. Dean
- --------------------------------
Martin R. Dean
Treasurer
Mutual Fund Variable Annuity Trust
/s/ Colleen McCoy
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
Report of Independent Accountants
September 29, 1997
To the Board of Directors 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 May 31, 1997
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 May 31, 1997, and the period from April 30, 1997 (the date of
last examination) through May 31, 1997 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 For global securities physically held or held in book entry form by
sub-custodians outside of the United States:
o Count and inspection of securities and similar investments held in
physical form in the countries of England and Malaysia;
<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.
In connection with the procedures referred to above, for the investment accounts
as of May 31, 1997, we were unable to complete the planned procedures with the
expected results for the two items listed below. For Noble Drilling Corp Com, we
were informed that the difference was a fractional share position which the
sub-custodian did not have in its records. For the Sumitomo Bank Time Deposit,
we were informed the amount was invested jointly in a time deposit through one
of the funds in a related investment company. We agreed the cash disbursements
and subsequent day's cash receipts between the Company and the related
investment company to the Custodian's cash statements and noted that the par
amount and the appropriate interest income were transferred into the Company's
cash account:
Security Cusip Shares/Par
- -------- ----- ----------
Noble Drilling Corp Com 655042109 .3
Sumitomo Bank Time Deposit N/A $28,539,000
No other matters came to our attention that caused us to believe that the
investment accounts as of May 31, 1997 should be adjusted.
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 May 31, 1997 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 May 31, 1997.
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 May
31, 1997 with respect to securities and similar investments reflected in the
investment account of the Company.
Capital Growth Portfolio
By:
/s/ Martin R. Dean
- --------------------------------
Martin R. Dean
Treasurer
Capital Growth Portfolio
/s/ Colleen McCoy
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
Report of Independent Accountants
September 29, 1997
To the Board of Directors 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 May 31, 1997
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 May 31, 1997, and the period from April 30, 1997 (the date of
last examination) through May 31, 1997 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,
New York, New York;
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;
<PAGE>
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 at a sub-custodian;
o For global securities physically held or held in book entry form by
sub-custodians outside of the United States:
o Count and inspection of securities and similar investments held in
physical form in the countries of England and Malaysia;
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.
In connection with the procedures referred to above, for the investment accounts
as of May 31, 1997, we were unable to complete the planned procedures with the
expected results for three items listed below. For the Sumitomo Bank Time
Deposit, we were informed the amount represented a joint investment in a time
deposit for the Company and sixteen funds in related investment companies. We
agreed the cash disbursements and subsequent day's cash receipts to the
Custodian's cash statements and noted that the par amounts and the appropriate
interest income were transferred into each of the Company's and related
investment companies' cash accounts. For the Cucci International and the
Suntrust Bank Time Deposit, custody confirmed positions of $3,000,000 and
$20,000:
Security Cusip Par/Amount
- -------- ----- ----------
Sumitomo Bank Time Deposit N/A $229,829,000
Cucci International 126545AB8 0
Suntrust Bank Time Deposit 8ST99RJX1 0
No other matters came to our attention that caused us to believe that the
investment accounts as of May 31, 1997 should be adjusted.
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.
<PAGE>
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 May 31, 1997 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 May 31, 1997.
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 May
31, 1997 with respect to securities and similar investments reflected in the
investment account of the Company.
Growth & Income Portfolio
By:
/s/ Martin R. Dean
- --------------------------------
Martin R. Dean
Treasurer
Growth & Income Portfolio
/s/ Colleen McCoy
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
Report of Independent Accountants
September 29, 1997
To the Board of Directors of
International Equity Portfolio
We have examined management's assertion about International Equity 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 May 31,
1997 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 May 31, 1997, and the period from April 30, 1997 (the date of
last examination) through May 31, 1997 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 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 For global securities physically held or held in book entry form by
sub-custodians outside of the United States:
o Count and inspection of securities and similar investments held in
physical form in the countries of England and Malaysia;
<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.
In connection with the procedures referred to above, for the investment accounts
as of May 31, 1997, we were unable to complete the planned procedures with the
expected results for the item listed below. For the Sumitomo Bank Time Deposit,
we were informed that the amount was invested jointly in a time deposit through
one of the funds in a related investment company. We agreed the cash
disbursements and subsequent day's cash receipts between the Company and the
related investment company to the Custodian's cash statements and noted that the
par amount and the appropriate interest income were transferred into the
Company's cash account.
Security Cusip # Par/Shares
-------- ------- ----------
Sumitomo Bank Time Deposit N/A $596,000
No other matters came to our attention that caused us to believe that the
investment accounts as of May 31, 1997 should be adjusted.
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 International Equity Portfolio was
in compliance with the above mentioned provisions of Rule 17f-2 of the
Investment Company Act of 1940 as of May 31, 1997 is fairly stated, in all
material respects.
This report is intended solely for the information and use of management of
International Equity 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 International Equity 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 May 31, 1997.
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 May
31, 1997 with respect to securities and similar investments reflected in the
investment account of the Company.
International Equity Portfolio
By:
/s/ Martin R. Dean
- --------------------------------
Martin R. Dean
Treasurer
International Equity Portfolio
/s/ Colleen McCoy
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
Report of Independent Accountants
September 29, 1997
To the Board of Directors of
Mutual Fund Group
We have examined management's assertion about Mutual Fund Group'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 May 31, 1997
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 May 31, 1997, and the period from April 30, 1997 (the date of
last examination) through May 31, 1997 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 Liquidation of repurchase agreements;
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 at a sub-custodian;
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 physically held or held in book entry form by
sub-custodians outside of the United States:
o Count and inspection of securities and similar investments held in
physical form in the countries of England and Malaysia;
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.
In connection with the procedures referred to above for the investment accounts
as of May 31, 1997, we were unable to complete the planned procedures with the
expected results for the eight items listed below. For the Sumitomo Bank Time
Deposits, we were informed the amounts were invested jointly in a time deposit
through one of the funds in a related investment company. We agreed the cash
disbursements and subsequent day's cash receipts between the Company and the
related investment company to the Custodian's cash statements and noted that the
par amounts and the appropriate interest income were transferred into the
Company's cash accounts. For the Westinghouse Electric Corp. the custodian
confirmed 7,965 shares as held by the Company. For the Hangseng HKGE Euro Put
Option and the FNR 91-155 PD, we were unable to confirm any amount with the
custodian or broker:
Security Cusip # Par/Shares/Contracts
-------- ------- --------------------
Sumitomo Bank Time Deposit N/A $20,390,000
Sumitomo Bank Time Deposit N/A $9,281,000
Sumitomo Bank Time Deposit N/A $8,249,000
Sumitomo Bank Time Deposit N/A $2,168,000
Sumitomo Bank Time Deposit N/A $416,000
Westinghouse Electric Corp. 960402709 9,000
FNR 91-155 PD 31358KRD2 $129,289
Hangseng HKGE Euro Put Option 9PG912773 35
<PAGE>
In addition, we were informed the following two positions were fractional share
positions which the sub-custodian did not have in its records:
Security Cusip # Shares
-------- ------- ------
Zions Bankcorp 989701107 0.74
Zions Bankcorp 989701107 0.09
No other matters came to our attention that caused us to believe that the
investment accounts as of May 31, 1997 should be adjusted.
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 Group was in compliance
with the above mentioned provisions of Rule 17f-2 of the Investment Company Act
of 1940 as of May 31, 1997 is fairly stated, in all material respects.
This report is intended solely for the information and use of management of
Mutual Fund Group 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 Group (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 May 31, 1997.
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 May
31, 1997 with respect to securities and similar investments reflected in the
investment account of the Company.
Mutual Fund Group
By:
/s/ Martin R. Dean
- --------------------------------
Martin R. Dean
Treasurer
Mutual Fund Group
/s/ Colleen McCoy
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
Report of Independent Accountants
September 29, 1997
To the Board of Directors of
Mutual Fund Select Group
We have examined management's assertion about Mutual Fund Select Group'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 May 31, 1997
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 May 31, 1997, and the period from April 30, 1997 (the date of
last examination) through May 31, 1997 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,
New York, New York;
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 Liquidation of repurchase agreements;
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 at a sub-custodian;
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 physically held or held in book entry form by
sub-custodians outside of the United States:
o Count and inspection of securities and similar investments held in
physical form in the countries of England and Malaysia;
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.
In connection with the procedures referred to above, for the investment accounts
as of May 31, 1997, we were unable to complete the planned procedures with the
expected results for the six items listed below. For each of the Sumitomo Bank
Time Deposits, we were informed the amounts were invested jointly in a time
deposit through one of the funds in a related investment company. We agreed the
cash disbursements and subsequent day's cash receipts between the Company and
the related investment company to the Custodian's cash statements and noted that
the par amounts and the appropriate interest income were transferred into the
Company's cash accounts:
Security Cusip # Par
-------- ------- ---
Sumitomo Bank Time Deposit N/A $48,429,000
Sumitomo Bank Time Deposit N/A $7,627,000
Sumitomo Bank Time Deposit N/A $42,582,000
Sumitomo Bank Time Deposit N/A $4,887,000
Sumitomo Bank Time Deposit N/A $3,942,000
Sumitomo Bank Time Deposit N/A $7,786,000
<PAGE>
In addition, the following security was in the Custodian's records but not in
the investment accounts of the Company:
Security Cusip # Shares
-------- ------- ------
Echelon International Co. 278747100 4,000
No other matters came to our attention that caused us to believe that the
investment accounts as of May 31, 1997 should be adjusted.
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 Group was in
compliance with the above mentioned provisions of Rule 17f-2 of the Investment
Company Act of 1940 as of May 31, 1997 is fairly stated, in all material
respects.
This report is intended solely for the information and use of management of
Mutual Fund Select Group 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 Group (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 May 31, 1997.
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 May
31, 1997 with respect to securities and similar investments reflected in the
investment account of the Company.
Mutual Fund Select Group
By:
/s/ Martin R. Dean
- --------------------------------
Martin R. Dean
Treasurer
Mutual Fund Select Group
/s/ Colleen McCoy
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
Report of Independent Accountants
September 29, 1997
To the Board of Directors 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 May 31, 1997
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 May 31, 1997, and the period from April 30, 1997 (the date of
last examination) through May 31, 1997 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 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 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.
In connection with the procedures referred to above for the investment accounts
as of May 31, 1997, we were unable to complete the planned procedures with the
expected results for the two items listed below. For Provident Municipal Fund,
16,988,000 and 8,397,000 shares, respectively, were confirmed by the fund's
transfer agent as owned by the Company:
Security Cusip # Shares
-------- ------- ------
Provident Municipal Fund 625907100 16,430,000
Provident Municipal Fund 625907100 8,955,000
No other matters came to our attention that caused us to believe that the
investment accounts as of May 31, 1997 should be adjusted.
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 May 31, 1997 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 May 31, 1997.
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 May
31, 1997 with respect to securities and similar investments reflected in the
investment account of the Company.
Mutual Fund Select Trust
By:
/s/ Martin R. Dean
- --------------------------------
Martin R. Dean
Treasurer
Mutual Fund Select Trust
/s/ Colleen McCoy
- --------------------------------
Colleen McCoy
Vice President
Chase Manhattan Bank
<PAGE>
UNITED STATES ----------------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 ----------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
----------------------------------
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]
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------- -------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-5151 May 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
2. State identification Number:
--------------------- -------------------- --------------------- --------------------- ---------------------- --------------
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 GROUP
- ------------------------------------------------------------------------------------------------------------------------------------
5. Address of principal executive office (number, street, city, state, zip code):
101 Park Avenue, New York, New York 10178
- ------------------------------------------------------------------------------------------------------------------------------------
</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>
UNITED STATES ----------------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 ----------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
----------------------------------
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]
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------- -------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-07843 May 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
2. State identification Number:
--------------------- -------------------- --------------------- --------------------- ---------------------- --------------
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 GROUP
- ------------------------------------------------------------------------------------------------------------------------------------
5. Address of principal executive office (number, street, city, state, zip code):
101 Park Avenue, New York, New York 10178
- ------------------------------------------------------------------------------------------------------------------------------------
</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>
UNITED STATES ----------------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 ----------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
----------------------------------
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]
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------- -------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-8358 May 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
2. State identification Number:
--------------------- -------------------- --------------------- --------------------- ---------------------- --------------
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):
101 Park Avenue, New York, New York 10178
- ------------------------------------------------------------------------------------------------------------------------------------
</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>
UNITED STATES ----------------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 ----------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
----------------------------------
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]
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------- -------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-07841 May 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
2. State identification Number:
--------------------- -------------------- --------------------- --------------------- ---------------------- --------------
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):
101 Park Avenue, New York, New York 10178
- ------------------------------------------------------------------------------------------------------------------------------------
</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>
UNITED STATES ----------------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 ----------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
----------------------------------
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]
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------- -------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-7394 May 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
2. State identification Number:
--------------------- -------------------- --------------------- --------------------- ---------------------- --------------
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:
INTERNATIONAL EQUITY PORTFOLIO
- ------------------------------------------------------------------------------------------------------------------------------------
5. Address of principal executive office (number, street, city, state, zip code):
George Martinez, Esq., BISYS Fund Services, Inc., 3435 Stelzer Road, Columbus, OH 43219
- ------------------------------------------------------------------------------------------------------------------------------------
</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>
UNITED STATES ----------------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 ----------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
----------------------------------
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]
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------- -------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-8086 May 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
2. State identification Number:
--------------------- -------------------- --------------------- --------------------- ---------------------- --------------
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):
George Martinez, Esq., BISYS Fund Services, Inc., 3435 Stelzer Road, Columbus, OH 43219
- ------------------------------------------------------------------------------------------------------------------------------------
</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>
UNITED STATES ----------------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 ----------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
----------------------------------
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]
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------- -------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-8084 May 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
2. State identification Number:
--------------------- -------------------- --------------------- --------------------- ---------------------- --------------
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):
George Martinez, Esq., BISYS Fund Services, Inc., 3435 Stelzer Road, Columbus, OH 43219
- ------------------------------------------------------------------------------------------------------------------------------------
</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>
UNITED STATES ----------------------------------
SECURITIES AND EXCHANGE COMMISSION OMB APPROVAL
Washington, D.C. 20549 ----------------------------------
OMB Number: 3235-0360
FORM N-17f-2 Expires: July 31, 1994
Estimated average burden
hours per response ...0.05
----------------------------------
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]
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------- -------------------------------------
1. Investment Company Act File Number: Date examination completed:
811-8630 May 31, 1997
- ------------------------------------------------------------------------------------------------------------------------------------
2. State identification Number:
--------------------- -------------------- --------------------- --------------------- ---------------------- --------------
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 VARIABLE ANNUITY TRUST
- ------------------------------------------------------------------------------------------------------------------------------------
5. Address of principal executive office (number, street, city, state, zip code):
101 Park Avenue, New York, New York 10178
- ------------------------------------------------------------------------------------------------------------------------------------
</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)
