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SECURITIES AND EXCHANGE COMMISSION --------------------------
WASHINGTON, D.C. 20549 OMB Approval
FORM N-17f-2 --------------------------
OMB Number: 3235-0360
Certificate of Accounting of Securities and Similar Expires: July 31, 1994
Investment in the Custody of Estimated average burden
Management Investment Companies hours per response... 0.05
Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number: Date examination completed
811-4236
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2. State identification Number: N/A
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AL AK AZ AR CA CO
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CT DE DC FL GA HI
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ID IL IN IA KS KY
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LA ME MD MA MI MN
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MS MO MT NE NV NH
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NJ NM NY NC ND OH
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OK OR PA RI SC SD
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TN TX UT VT VA WA
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WV WI WY PUERTO RICO
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Other (specify):
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3. Exact name of investment company as specified in representation statement:
The One Group
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4. Address of principal executive office (number, street, city, state, zip code):
3435 Stelzer Road, Columbus, Ohio 43219
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EXHIBIT 23
COOPERS COPPERS & LYBRAND L.L.P.
& LYBRAND a professional services firm
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of The One Group Family of Mutual Funds
We have examined management's assertion about The One Group Family of Mutual
Funds' (the Funds) compliance with the requirements of subsections (b) and (c)
of Rule 17f-2 under the Investment Company Act of 1940 as of May 15, 1997 as it
relates to the collateral held in exchange for securities lent on behalf of the
Funds, which is included in the accompanying Management Statement Regarding
Compliance With Certain Provisions of the Investment Company Act of 1940.
Management is responsible for the Funds' compliance with those requirements.
Our responsibility is to express an opinion on management's assertion about the
Funds' 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 Funds' compliance with those
requirements and performing such other procedures as we considered necessary in
the circumstances. Included among our procedures were the following tests
performed as of May 15, 1997, with respect to collateral held in exchange for
securities lent on behalf of the Funds:
o Confirmation, or other procedures as we considered necessary, of all
securities held as collateral in book entry form by The Depository Trust
Company, the Federal Reserve Bank and broker/banks;
o Confirmation, or other procedures as we considered necessary, of all
repurchase agreements and underlying collateral with brokers/banks;
o Confirmation, or other procedures as we considered necessary, of all
Master Note Agreements entered into with brokers/banks as collateral and;
o Reconciliation of all such securities held as collateral to the books and
records of the Funds and Banc One Trust Company N.A.
We believe that our examination provides a reasonable basis for our opinion.
Our examination does not provide a legal determination on the Funds' compliance
with specified requirements.
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In our opinion, management's assertion that the Funds were in compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 of the Investment
Company Act of 1940 as of May 15, 1997, is fairly stated, in all material
respects.
This report is intended solely for the information and use of the trustees and
management of the Funds and the Securities and Exchange Commission and should
not be used for any other purpose.
/s/ COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Columbus, Ohio
July 22, 1997
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MANAGEMENT STATEMENT REGARDING COMPLIANCE WITH CERTAIN PROVISIONS OF
THE INVESTMENT COMPANY ACT OF 1940
We, as members of management of The One Group Family of Mutual Funds (the
Funds) are responsible for complying with the requirements of subsections (b)
and (c) of Rule 17f-2, "Custody of Investments by Registered Management
Investment Companies," of the Investment Company Act of 1940. We are also
responsible for establishing and maintaining an effective internal control
structure over compliance with Rule 17f-2 requirements.
We assert that the Funds were in compliance with the provisions of subsections
(b) and (c) of Rule 17f-2 of the Investment Company Act of 1940 as of May 15,
1997, with respect to collateral held in exchange for securities lent on behalf
of the Funds.
The One Group Family of Mutual Funds.
By: /s/ Mark Redman
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Mark Redman
Vice President, The One Group Family of Mutual Funds
