N-Q 1 a07-9689_1nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-8644

 

 

The Coventry Funds Trust

(Exact name of registrant as specified in charter)

 

3435 Stelzer Road, Columbus, Ohio

 

43219

(Address of principal executive offices)

 

(Zip code)

 

BISYS Fund Services Ohio, Inc., 3435 Stelzer Road, Columbus, OH 43219

(Name and address of agent for service)

 

Registrant's telephone number, including area code:

614-470-8000

 

 

Date of fiscal year end:

December 31

 

 

 

 

Date of reporting period:

March 31, 2007

 

 


 

Item 1. Schedule of Investments.

 


 

Fifth Third Quality Growth VIP Fund

Schedule of Portfolio of Investments

March 31, 2007 (Unaudited)

 

Shares

 

Security
Description

 

Value

 

 

 

 

 

 

 

COMMON STOCKS — (96.3%)

 

 

 

7,000

 

Abbott Laboratories

 

$

390,600

 

9,500

 

Accenture Ltd., Class A

 

366,130

 

8,800

 

Alberto-Culver Co.

 

201,344

 

3,000

 

Apple Computer, Inc.*

 

278,730

 

8,100

 

AT&T, Inc.

 

319,383

 

7,900

 

Baxter International, Inc.

 

416,093

 

4,800

 

Biogen Idec, Inc.*

 

213,024

 

3,050

 

Boeing Co.

 

271,176

 

4,149

 

Burger King Holdings, Inc.

 

89,618

 

6,325

 

Campbell Soup Co.

 

246,359

 

3,625

 

Caterpillar, Inc.

 

242,984

 

4,200

 

Chevron Corp.

 

310,632

 

21,000

 

Cisco Systems, Inc.*

 

536,130

 

6,400

 

Coach, Inc.*

 

320,320

 

5,050

 

Colgate-Palmolive Co.

 

337,289

 

4,075

 

Danaher Corp.

 

291,159

 

8,800

 

Dell, Inc.*

 

204,248

 

3,425

 

Devon Energy Corp.

 

237,079

 

6,025

 

Ebay, Inc.*

 

199,729

 

6,375

 

Emerson Electric Co.

 

274,699

 

5,300

 

Federated Investors, Inc., Class B

 

194,616

 

4,950

 

Fiserv, Inc.*

 

262,647

 

2,550

 

Franklin Resources, Inc.

 

308,116

 

4,750

 

Gilead Sciences, Inc.*

 

363,375

 

700

 

Google Inc., Class A*

 

320,712

 

5,500

 

Hewlett-Packard Co.

 

220,770

 

6,025

 

Honeywell International, Inc.

 

277,511

 

5,800

 

Illinois Tool Works, Inc.

 

299,280

 

13,625

 

Intel Corp.

 

260,646

 

3,600

 

International Business Machines Corp.

 

339,336

 

5,500

 

ITT Corp.

 

331,760

 

8,425

 

J.P. Morgan Chase & Co.

 

407,601

 

4,525

 

Johnson & Johnson

 

272,676

 

5,100

 

Kellogg Co.

 

262,293

 

2,800

 

Kohl’s Corp.*

 

214,508

 

9,550

 

Kroger Co.

 

269,788

 

4,600

 

Lincoln National Corp.

 

311,834

 

3,300

 

Manpower, Inc.

 

243,441

 

4,675

 

Marriott International, Inc., Class A

 

228,888

 

8,200

 

McDonald’s Corp.

 

369,410

 

5,350

 

Merck & Co., Inc.

 

236,310

 

15,800

 

Microsoft Corp.

 

440,346

 

5,500

 

Monsanto Co.

 

302,280

 

3,925

 

Morgan Stanley

 

309,133

 

4,400

 

National-Oilwell Varco, Inc.*

 

342,276

 

15,700

 

News Corp., Class B

 

384,179

 

11,700

 

Oracle Corp.*

 

212,121

 

5,225

 

PepsiCo, Inc.

 

332,101

 

3,425

 

Phillips-Van Heusen

 

201,390

 

4,775

 

Praxair, Inc.

 

300,634

 

6,500

 

Procter & Gamble Co.

 

410,540

 

7,400

 

QUALCOMM, Inc.

 

315,684

 

4,000

 

Roper Industries, Inc.

 

219,520

 

4,175

 

Schlumberger Ltd.

 

288,492

 

3,800

 

Stericycle, Inc.*

 

309,700

 

5,000

 

T. Rowe Price Group, Inc.

 

235,950

 

1,500

 

Teleflex, Inc.

 

102,105

 

9,400

 

The Walt Disney Co.

 

323,642

 

6,800

 

Thermo Electron Corp.*

 

317,900

 

4,700

 

United Technologies Corp.

 

305,500

 

5,800

 

Varian Semiconductor Equipment Associates, Inc.*

 

309,604

 

3,675

 

Waters Corp.*

 

213,150

 

4,400

 

Zimmer Holdings, Inc.*

 

 

375,804

 

 

 

 

 

 

 

Total Common Stocks

 

18,294,295

 

 

 

 

 

 

 

MONEY MARKET FUNDS — (3.9%)

 

 

 

371,389

 

Dreyfus Cash Management Money Market Fund

 

371,389

 

371,403

 

Federated Prime Value Obligations Money Market Fund

 

371,403

 

 

 

 

 

 

 

Total Money Market Funds

 

742,792

 

 

 

 

 

Total Investments (Cost $ 17,124,119)(a) — 100.2%

 

19,037,087

 

 

 

 

 

Liabilities in excess of other assets — (0.2)%

 

(40,708

)

 

 

 

 

NET ASSETS — 100.0%

 

$

18,996,379

 

 

See notes to schedules of portfolio investments.

 


 

Fifth Third Balanced VIP Fund

Schedule of Portfolio of Investments

March 31, 2007 (Unaudited)

 

Shares or
Principal

 

Security

 

 

 

Amount

 

Description

 

Value

 

 

 

 

 

 

 

COMMON STOCKS — (68.1%)

 

 

 

487

 

3M Co.

 

$

37,222

 

458

 

Abbott Laboratories

 

25,556

 

520

 

Air Products and Chemicals, Inc.

 

38,423

 

596

 

Amdocs Ltd.*

 

21,742

 

492

 

American International Group, Inc.

 

33,072

 

601

 

Analog Devices, Inc.

 

20,729

 

1,372

 

AT&T, Inc.

 

54,098

 

953

 

Automatic Data Processing, Inc.

 

46,125

 

844

 

Bank of New York Co., Inc.

 

34,224

 

257

 

Becton, Dickinson & Co.

 

19,761

 

871

 

Cisco Systems, Inc.*

 

22,237

 

525

 

Citigroup, Inc.

 

26,954

 

731

 

Coca-Cola Co.

 

35,088

 

192

 

ConocoPhillips

 

13,123

 

509

 

Duke Energy Corp.

 

10,328

 

637

 

E. I. du Pont de Nemours & Co.

 

31,487

 

580

 

Emerson Electric Co.

 

24,992

 

165

 

EOG Resources, Inc.

 

11,771

 

814

 

Exxon Mobil Corp.

 

61,416

 

204

 

FPL Group, Inc.

 

12,479

 

1,373

 

General Electric Co.

 

48,549

 

270

 

Genworth Financial, Inc., Class A

 

9,434

 

1,091

 

Home Depot, Inc.

 

40,083

 

272

 

Honeywell International, Inc.

 

12,528

 

1,269

 

J.P. Morgan Chase & Co.

 

61,394

 

226

 

Jacobs Engineering Group, Inc.*

 

10,543

 

577

 

Johnson & Johnson

 

34,770

 

170

 

Johnson Controls, Inc.

 

16,085

 

267

 

Kellogg Co.

 

13,732

 

189

 

Lehman Brothers Holdings, Inc.

 

13,243

 

371

 

McDonald’s Corp.

 

16,714

 

371

 

Microchip Technology, Inc.

 

13,182

 

946

 

Microsoft Corp.

 

26,365

 

429

 

Novartis AG ADR

 

23,436

 

96

 

Omnicom Group, Inc.

 

9,829

 

1,232

 

Oracle Corp.*

 

22,336

 

297

 

PepsiCo, Inc.

 

18,877

 

265

 

Praxair, Inc.

 

16,684

 

586

 

Procter & Gamble Co.

 

37,012

 

450

 

Prudential Financial, Inc.

 

40,617

 

144

 

Questar Corp.

 

12,846

 

487

 

Schlumberger Ltd.

 

33,652

 

254

 

Spectra Energy Corp.

 

6,673

 

897

 

Synovus Financial Corp.

 

29,009

 

683

 

Target Corp.

 

40,475

 

434

 

Texas Instruments, Inc.

 

13,063

 

946

 

TJX Companies, Inc.

 

25,504

 

339

 

United Technologies Corp.

 

22,035

 

260

 

Weatherford International Ltd.*

 

11,726

 

653

 

Wells Fargo & Co.

 

22,483

 

646

 

Wyeth

 

32,319

 

344

 

Zimmer Holdings, Inc.*

 

29,381

 

Total Common Stocks

 

1,345,406

 

 

 

 

 

 

 

U.S. GOVERNMENT AGENCY — (31.0%)

 

 

 

Fannie Mae – 14.6%

 

 

 

$

30,000

 

5.75%, 2/15/08

 

30,160

 

75,000

 

6.63%, 9/15/09 - 11/15/10

 

78,977

 

25,000

 

5.50%, 3/15/11

 

25,571

 

50,000

 

5.13%, 1/2/14

 

50,065

 

50,000

 

4.13%, 4/15/14

 

47,627

 

30,000

 

5.00%, 2/13/17

 

29,940

 

 

20,000

 

7.25%, 5/15/30

 

 

25,224

 

 

 

 

 

287,654

 

Federal Home Loan Bank — 4.3%

 

 

 

25,000

 

4.63%, 2/15/12

 

24,759

 

25,000

 

3.88%, 6/14/13

 

23,647

 

30,000

 

7.13%, 2/15/30

 

37,343

 

 

 

 

 

85,749

 

Freddie Mac — 12.1%

 

 

 

50,000

 

2.88%, 5/15/07

 

49,856

 

35,000

 

2.75%, 3/15/08

 

34,257

 

50,000

 

3.63%, 9/15/08

 

49,109

 

50,000

 

3.38%, 4/15/09

 

48,560

 

30,000

 

6.00%, 6/15/11

 

31,304

 

25,000

 

5.13%, 7/15/12

 

25,336

 

 

 

 

 

238,722

 

Total U.S. Government Agency

 

611,735

 

 

 

 

 

 

 

U.S. TREASURY OBLIGATIONS — (1.0%)

 

 

 

U.S. Treasury Note

 

 

 

15,000

 

4.50%, 2/15/16

 

14,847

 

5,000

 

6.13%, 11/15/27

 

5,773

 

Total U.S. Treasury Obligations

 

20,620

 

 

 

 

 

 

 

MONEY MARKET FUNDS — (0.4%)

 

 

 

5,280

 

Dreyfus Cash Management Money Market Fund

 

5,280

 

2,272

 

Federated Prime Value Obligations Money Market Fund

 

2,272

 

 

 

 

 

 

 

Total Money Market Funds

 

7,552

 

 

 

 

 

 

 

Total Investments (Cost $ 1,767,557)(a) — 100.5%

 

1,985,313

 

 

 

 

 

Liabilities in excess of other assets — (0.5)%

 

(9,360

)

 

 

 

 

NET ASSETS — 100.0%

 

$

1,975,953

 

 

See notes to schedules of portfolio investments.

 


 

Fifth Third Mid Cap VIP Fund

Schedule of Portfolio of Investments

March 31, 2007 (Unaudited)

 

 

 

Security

 

 

 

Shares

 

Description

 

Value

 

 

 

 

 

 

 

COMMON STOCKS — (98.7%)

 

 

 

4,525

 

Abercrombie & Fitch Co., Class A

 

$

342,452

 

3,700

 

Allegheny Technologies, Inc.

 

394,753

 

1,755

 

Allergan, Inc.

 

194,489

 

3,100

 

Alliance Data Systems Corp.*

 

191,022

 

8,300

 

Amdocs Ltd.*

 

302,784

 

4,100

 

Autodesk, Inc.*

 

154,160

 

5,600

 

C.H. Robinson Worldwide, Inc.

 

267,400

 

2,200

 

C.R. Bard, Inc.

 

174,922

 

15,600

 

Cadence Design Systems, Inc.*

 

328,536

 

11,500

 

CapitalSource, Inc.

 

288,995

 

10,400

 

Carters, Inc.*

 

263,536

 

3,500

 

Children’s Place Retail Stores, Inc.*

 

195,160

 

4,280

 

Coach, Inc.*

 

214,214

 

2,000

 

Cognizant Technology Solutions Corp.*

 

176,540

 

12,750

 

Coldwater Creek, Inc.*

 

258,570

 

5,000

 

Community Health Systems, Inc.*

 

176,250

 

5,708

 

Complete Production Services, Inc.*

 

113,646

 

2,650

 

Corporate Executive Board Co.

 

201,294

 

4,300

 

Covance, Inc.*

 

255,162

 

4,000

 

Coventry Health Care, Inc.*

 

224,200

 

10,700

 

Cytyc Corp.*

 

366,047

 

6,600

 

DaVita, Inc.*

 

351,912

 

7,200

 

E*TRADE Financial Corp.*

 

152,784

 

5,800

 

Electronic Arts, Inc.*

 

292,088

 

4,575

 

Express Scripts, Inc.*

 

369,294

 

5,000

 

FormFactor, Inc.*

 

223,750

 

6,700

 

Gardner Denver, Inc.*

 

233,495

 

4,200

 

GEN-Probe, Inc.*

 

197,736

 

3,331

 

GlobalSantaFe Corp.

 

205,456

 

9,140

 

Guess?, Inc.

 

370,079

 

6,700

 

Herbalife Ltd.*

 

262,573

 

4,000

 

IDEX Corp.

 

203,520

 

6,700

 

International Game Technology

 

270,546

 

5,700

 

Intuit, Inc.*

 

155,952

 

4,200

 

ITT Industries, Inc.

 

253,344

 

3,300

 

J.C. Penney Co., Inc.

 

271,128

 

2,700

 

Jones Lang LaSalle, Inc.

 

281,556

 

6,575

 

Joy Global, Inc.

 

282,067

 

4,000

 

Laureate Education, Inc.*

 

235,880

 

4,600

 

Manpower, Inc.

 

339,342

 

6,800

 

Marriott International, Inc., Class A

 

332,928

 

2,600

 

Martin Marietta Materials, Inc.

 

351,520

 

4,500

 

MEMC Electronic Materials, Inc.*

 

272,610

 

3,460

 

MICROS Systems, Inc.*

 

186,805

 

11,900

 

National Semiconductor Corp.

 

287,266

 

5,400

 

National-Oilwell Varco, Inc.*

 

420,066

 

4,600

 

Network Appliance, Inc.*

 

167,992

 

6,100

 

NII Holdings, Inc.*

 

452,498

 

2,500

 

NVIDIA Corp.*

 

71,950

 

7,250

 

Pharmaceutical Product Development, Inc.

 

244,253

 

3,200

 

Polo Ralph Lauren Corp.

 

282,080

 

4,200

 

Precision Castparts Corp.

 

437,010

 

5,200

 

ProAssurance Corp.*

 

265,980

 

7,000

 

Psychiatric Solutions, Inc.*

 

282,170

 

7,150

 

Respironics, Inc.*

 

300,228

 

8,700

 

Scientific Games Corp., Class A*

 

285,621

 

6,800

 

Spirit Aerosystems Holding Inc., Class A*

 

216,580

 

3,550

 

Starwood Hotels & Resorts Worldwide, Inc.

 

230,218

 

3,904

 

Stericycle, Inc.*

 

318,176

 

8,000

 

T. Rowe Price Group, Inc.

 

377,520

 

8,400

 

Thermo Electron Corp.*

 

 

392,700

 

10,675

 

Time Warner Telecom, Inc., Class A*

 

221,720

 

4,400

 

Tractor Supply Co.*

 

226,600

 

4,450

 

Ultra Petroleum Corp.*

 

236,429

 

7,200

 

Urban Outfitters, Inc.*

 

190,872

 

7,500

 

VCA Antech, Inc.*

 

272,325

 

5,300

 

WESCO International, Inc.*

 

332,734

 

9,000

 

Western Digital Corp.*

 

151,290

 

5,200

 

XTO Energy, Inc.

 

285,012

 

1,100

 

Zions Bancorp

 

92,972

 

Total Common Stocks

 

18,222,759

 

 

 

 

 

 

 

MONEY MARKET FUNDS — (4.4%)

 

 

 

421,975

 

Dreyfus Cash Management Money Market Fund

 

421,975

 

397,552

 

Federated Prime Value Obligations Money Market Fund

 

397,552

 

 

 

 

 

 

 

Total Money Market Funds

 

819,527

 

 

 

 

 

Total Investments (Cost $ 14,591,150)(a) — 103.1%

 

19,042,286

 

 

 

 

 

Liabilities in excess of other assets — (3.1)%

 

(582,521

)

 

 

 

 

NET ASSETS — 100.0%

 

$

18,459,765

 

 

See notes to schedules of portfolio investments.

 


 

Fifth Third Disciplined Value VIP Fund

Schedule of Portfolio of Investments

March 31, 2007 (Unaudited)

 

Shares

 

Security
Description

 

Value

 

 

 

 

 

 

 

COMMON STOCKS — (97.0%)

 

 

 

4,500

 

3M Co.

 

$

343,935

 

7,424

 

Abbott Laboratories

 

414,259

 

12,133

 

Alcoa, Inc.

 

411,309

 

7,932

 

Allstate Corp.

 

476,396

 

6,199

 

Altria Group, Inc.

 

544,334

 

9,299

 

American International Group, Inc.

 

625,079

 

18,200

 

Applied Materials, Inc.

 

333,424

 

28,047

 

AT&T, Inc.

 

1,105,893

 

20,104

 

Bank of America Corp.

 

1,025,706

 

16,500

 

Bank of New York Co., Inc.

 

669,075

 

6,200

 

Carnival Corp., Class A

 

290,532

 

3,154

 

Caterpillar, Inc.

 

211,413

 

12,469

 

Chevron Corp.

 

922,207

 

2,506

 

CIT Group, Inc.

 

132,618

 

8,792

 

Citigroup, Inc.

 

451,381

 

3,420

 

Computer Sciences Corp.*

 

178,285

 

7,516

 

ConAgra, Inc.

 

187,224

 

13,112

 

ConocoPhillips

 

896,205

 

4,208

 

CVS Corp.

 

143,661

 

12,875

 

Dow Chemical Co.

 

590,447

 

6,993

 

Duke Energy Corp.

 

141,888

 

2,840

 

E. I. du Pont de Nemours & Co.

 

140,381

 

5,501

 

Edison International

 

270,264

 

2,560

 

Eli Lilly & Co.

 

137,498

 

9,552

 

Exxon Mobil Corp.

 

720,698

 

6,731

 

Fiserv, Inc.*

 

357,147

 

3,362

 

Fortune Brands, Inc.

 

264,993

 

3,441

 

FPL Group, Inc.

 

210,486

 

7,655

 

Gannett Co., Inc.

 

430,900

 

20,790

 

General Electric Co.

 

735,134

 

7,567

 

Halliburton Co.

 

240,177

 

5,918

 

Hartford Financial Services Group, Inc.

 

565,642

 

6,050

 

Honeywell International, Inc.

 

278,663

 

2,525

 

IBM Corp.

 

238,007

 

25,100

 

Intel Corp.

 

480,163

 

22,125

 

J.P. Morgan Chase & Co.

 

1,070,407

 

12,997

 

Johnson & Johnson

 

783,199

 

13,703

 

Kraft Foods, Inc., Class A

 

433,837

 

5,072

 

Marathon Oil Corp.

 

501,266

 

7,452

 

McDonald’s Corp.

 

335,713

 

5,538

 

Medco Health Solutions, Inc.*

 

401,671

 

3,478

 

Merrill Lynch & Co., Inc.

 

284,048

 

15,500

 

MetLife, Inc.

 

978,825

 

2,813

 

Molson Coors Brewing Co., Class B

 

266,166

 

2,926

 

Morgan Stanley

 

230,452

 

12,339

 

National City Corp.

 

459,628

 

1,744

 

Northrop Grumman Corp.

 

129,440

 

2,608

 

Parker Hannifin Corp.

 

225,096

 

27,017

 

Pfizer, Inc.

 

682,449

 

2,875

 

Pinnacle West Capital Corp.

 

138,719

 

8,366

 

Pitney Bowes, Inc.

 

379,733

 

10,466

 

R.R. Donnelley & Sons Co.

 

382,951

 

5,927

 

Spectra Energy Corp.

 

155,702

 

8,800

 

Sprint Nextel Corp.

 

166,848

 

3,438

 

Sunoco, Inc.

 

242,173

 

9,275

 

SunTrust Banks, Inc.

 

770,196

 

1,900

 

The Black & Decker Corp.

 

155,078

 

12,064

 

TJX Companies, Inc.

 

325,245

 

5,009

 

United Technologies Corp.

 

325,585

 

2,879

 

Unitedhealth Group, Inc.

 

152,501

 

8,492

 

UST, Inc.

 

492,366

 

13,729

 

Verizon Communications, Inc.

 

520,604

 

5,130

 

Wal-Mart Stores, Inc.

 

240,853

 

8,401

 

Windstream Corp.

 

 

123,411

 

Total Common Stocks

 

26,519,586

 

 

 

 

 

MONEY MARKET FUNDS — (3.0%)

 

 

 

433,503

 

Dreyfus Cash Management Money Market Fund

 

433,503

 

392,130

 

Federated Prime Value Obligations Money Market Fund

 

392,130

 

 

 

 

 

 

 

Total Money Market Funds

 

825,633

 

 

 

 

 

Total Investments (Cost $ 23,253,442)(a) — 100.0%

 

27,345,219

 

 

 

 

 

Liabilities in excess of other assets — (0.0)%

 

(15,070

)

 

 

 

 

NET ASSETS — 100.0%

 

$

27,330,149

 

 

See notes to schedules of portfolio investments.

 


 

Notes to Schedules of Portfolio Investments

March 31, 2007

 

*               Non-income producing security.

(a)             Represents cost for financial reporting purposes.

 

ADR –     American Depositary Receipt

 

The cost basis of investments for federal income tax purposes at March 31, 2007 was as follows:

 

 

 

Cost of
Investments

 

Net Unrealized
Appreciation/
(Depreciation)

 

Gross Unrealized
Appreciation

 

Gross Unrealized
Depreciation

 

Quality Growth VIP Fund

 

$

17,127,275

 

$

1,909,812

 

$

2,136,732

 

$

(226,920

)

Balanced VIP Fund

 

1,773,660

 

211,653

 

225,084

 

(13,431

)

Mid Cap VIP Fund

 

14,591,150

 

4,451,136

 

4,734,169

 

(283,033

)

Disciplined Value VIP Fund

 

23,259,871

 

4,085,348

 

4,299,119

 

(213,771

)

 

The investment concentrations for the Funds as a percentage of net assets, by industry, as of March 31, 2007, were as follows:

 

 

 

Quality Growth VIP
Fund

 

Balanced VIP
Fund

 

Mid Cap VIP
Fund

 

Disciplined Value VIP
Fund

 

Advertising

 

—

 

0.50

%

—

 

—

 

Aerospace/Defense

 

3.04

%

1.12

%

1.17

%

1.66

%

Agriculture

 

—

 

—

 

—

 

1.80

%

Apparel

 

2.75

%

—

 

6.10

%

—

 

Auto Parts & Equipment

 

—

 

0.81

%

—

 

—

 

Banks

 

—

 

4.34

%

2.07

%

10.70

%

Beverages

 

1.75

%

2.73

%

—

 

0.97

%

Biotechnology

 

1.12

%

—

 

—

 

—

 

Building Materials

 

—

 

2.03

%

—

 

—

 

Cash Equivalents

 

3.91

%

0.38

%

4.44

%

3.02

%

Chemicals

 

3.17

%

4.38

%

—

 

2.67

%

Commercial Services

 

3.21

%

—

 

6.55

%

1.40

%

Computers

 

6.87

%

—

 

3.56

%

2.83

%

Cosmetics/Personal Care

 

5.00

%

1.87

%

—

 

—

 

Distribution/Wholesale

 

1.12

%

—

 

1.80

%

—

 

Diversified Financial Services

 

5.02

%

5.14

%

2.87

%

7.94

%

Electric

 

—

 

1.15

%

—

 

2.79

%

Electrical Components & Equipment

 

1.45

%

1.26

%

—

 

—

 

Electronics

 

1.67

%

—

 

3.60

%

0.82

%

Engineering & Construction

 

—

 

0.53

%

—

 

—

 

Entertainment

 

—

 

—

 

3.01

%

—

 

Environmental Control

 

1.63

%

—

 

1.72

%

—

 

Food

 

4.10

%

0.69

%

—

 

2.27

%

Food Service

 

0.47

%

—

 

—

 

—

 

Hand/Machine Tools

 

—

 

—

 

—

 

0.57

%

Healthcare-Products

 

3.41

%

4.25

%

7.50

%

2.87

%

Healthcare-Services

 

—

 

—

 

5.08

%

—

 

Household Products/Wares

 

—

 

—

 

—

 

0.97

%

Insurance

 

1.64

%

4.21

%

1.44

%

10.20

%

Internet

 

2.74

%

—

 

—

 

—

 

Investment Companies

 

2.65

%

—

 

—

 

—

 

Iron/Steel

 

—

 

—

 

2.14

%

—

 

Leisure Time

 

—

 

—

 

—

 

1.06

%

Lodging

 

1.20

%

—

 

3.05

%

—

 

Machinery-Construction & Mining

 

1.28

%

—

 

2.63

%

0.77

%

Machinery-Diversified

 

—

 

—

 

1.26

%

—

 

Media

 

3.73

%

—

 

—

 

1.58

%

Metal Fabricate/Hardware

 

—

 

—

 

2.37

%

—

 

Mining

 

—

 

—

 

—

 

1.50

%

Miscellaneous Manufacturing

 

10.19

%

4.97

%

3.28

%

6.96

%

Office/Business Equipment

 

—

 

—

 

—

 

1.39

%

Oil & Gas

 

2.88

%

4.37

%

4.55

%

12.00

%

Oil & Gas Services

 

3.32

%

2.30

%

2.28

%

0.88

%

Pharmaceuticals

 

5.21

%

4.12

%

5.95

%

5.99

%

Pipelines

 

—

 

0.99

%

—

 

0.57

%

Real Estate

 

—

 

—

 

1.53

%

—

 

Retail

 

3.07

%

4.18

%

8.10

%

3.83

%

Semiconductors

 

3.00

%

2.38

%

3.16

%

2.98

%

Software

 

3.43

%

4.80

%

4.26

%

—

 

Sovereign

 

—

 

32.04

%

—

 

—

 

Storage/Warehousing

 

—

 

—

 

0.91

%

—

 

Telecommunications

 

6.17

%

4.96

%

5.27

%

7.01

%

Transportation

 

—

 

—

 

1.45

%

—

 

 


 

Notes to Schedules of Portfolio Investments, continued

March 31, 2007 (Unaudited)

 

Significant Accounting Policies:

The following is a summary of significant accounting policies followed by the Coventry Funds Trust (the “Trust”), specifically, the Fifth Third Quality Growth VIP Fund (“Quality Growth VIP Fund”), the Fifth Third Balanced VIP Fund (“Balanced VIP Fund”), the Fifth Third Mid Cap VIP Fund (“Mid Cap VIP Fund”) and the Fifth Third Disciplined Value VIP Fund (“Disciplined Value VIP Fund”) (individually a “Fund” and collectively the “Fifth Third Variable Insurance Funds” or “Funds”), in the preparation of their financial statements.  The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

 

Securities Valuation—Portfolio securities listed or traded on domestic securities exchanges or the NASDAQ/NMS, including American Depositary Receipts (“ADR’s), are valued at the closing price on the exchange or system where the security is principally traded.  If there have been no sales for that day on any exchange or system, a security is valued at the mean between the closing bid and asked quotes on the exchange or system where the security is principally traded, or at the Nasdaq Official Closing Price (“NOCP”), if applicable. Investments for which there are no such quotations, or quotations which are not deemed to be reliable, are valued at fair value as determined in good faith by Fund management pursuant to guidelines established by the Board of Trustees.  Corporate debt securities and debt securities of U.S. issuers (other than short-term investments maturing in 60 days or less), including municipal securities, are valued on the basis of valuations provided by dealers or by an independent pricing service approved by the Board of Trustees of the Trust.  Portfolio securities with a remaining maturity of 60 days or less are valued either at amortized cost or original cost plus accrued interest, which approximates value.  Investments in investment companies are valued at their respective net asset values as reported by such companies.

 

Securities Transactions—During the period, security transactions are accounted for no later than one business day following the trade date.  For financial reporting purposes, however, security transactions are accounted for on trade date on the last business day of the reporting period.

 

New Accounting Pronouncements:

In September 2006, FASB issued Statement on Financial Accounting Standards (SFAS) No. 157, “Fair Value Measurements.” This standard establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires additional disclosures about fair value measurements. SFAS No. 157 applies to fair value measurements already required or permitted by existing standards. The changes to current generally accepted accounting principles from the application of this statement relate to the definition of fair value, the methods used to measure fair value, and the expanded disclosures about fair value measurements. SFAS No. 157 is effective for financial statements issued for fiscal years beginning after November 15, 2007 and interim periods within those fiscal years. As of December 31, 2006, the Funds do not believe the adoption of SFAS No. 157 will impact the financial statement amounts, however, additional disclosures may be required about the

 


 

inputs used to develop the measurements and the effect of certain of the measurements on changes in net assets for the period.

 


 

Item 2. Controls and Procedures.

 

(a)   The registrant’s principal executive officer and principal financial officer have concluded, based on their evaluation of the registrant’s disclosure controls and procedures as conducted within 90 days of the filing date of this report, that these disclosure controls and procedures are adequately designed and are operating effectively to ensure that information required to be disclosed by the registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

 

(b)   There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the registrant’s most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) are attached hereto.

 


SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

 

(Registrant)

The Coventry Funds Trust

 

By (Signature and Title)

/s/ Linda A. Durkin

Linda A. Durkin, Treasurer

 

Date

May 24, 2007

 

 

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)

/s/ R. Jeffrey Young

R. Jeffrey Young, President

 

 

 

 

 

Date

May 24, 2007

 

 

 

 

 

 

 

 

By (Signature and Title)

/s/ Linda A. Durkin

Linda A. Durkin, Treasurer

 

 

 

 

 

 

Date

May 24, 2007