ONE GROUP
40-17F2, 1999-02-08
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<S>                                                                                                     <C>
                              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
                                 Investments 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                                                                     October 13, 1998
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2. State identification Number:  N/A
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     AL                  AK                  AZ                  AR                  CA                  CO                 
   ----------------------------------------------------------------------------------------------------------------------------
     CT                  DE                  DC                  FL                  GA                  HI                 
   ----------------------------------------------------------------------------------------------------------------------------
     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                 
   ----------------------------------------------------------------------------------------------------------------------------
     OK                  OR                  PA                  RI                  SC                  SD                 
   ----------------------------------------------------------------------------------------------------------------------------
     TN                  TX                  UT                  VT                  VA                  WA                 
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     WV                  WI                  WY                  PUERTO RICO                                                
   ----------------------------------------------------------------------------------------------------------------------------
     Other (specify):
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3. Exact name of investment company as specified in registration 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

PRICEWATERHOUSE COOPERS                           PricewaterhouseCoopers LLP
                                                  100 East Broad Street
                                                  Suite 2100
                                                  Columbus, OH 43215-3671
                                                  Telephone (614) 225-8700
                                                  Facsimile (614) 224-1044

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 October 13, 1998 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 October 13, 1998, 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 brokers/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 October 13, 1998, 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/ PRICEWATERHOUSE COOPERS LLP
                                                -------------------------------
                                                Pricewaterhouse Coopers LLP


December 10, 1998
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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 October
13, 1998, 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
    -----------------------------------------------
    Mark Redman, President
    The One Group


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