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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
811-7874 12/10/98
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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:
One Group Investment Trust
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4. Address of principal executive office (number, street, city, state, zip code):
Three Nationwide Plaza, Columbus, OH 43215
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REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of The One Group Investment Trust
We have examined management's assertion about The One Group Investment Trust
(the Trust) 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
Trust, 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 Trust's compliance with those requirements.
Our responsibility is to express an opinion on management's assertion about the
Trust'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 Trust'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 October 13, 1998, with respect to collateral held in exchange
for securities lent on behalf of the Trust:
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 Trust 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 Trust's compliance
with specified requirements.
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In our opinion, management's assertion that the Trust was 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 Trust and the Securities and Exchange Commission and should
not be used for any other purpose.
PricewaterhouseCoopers LLP
Columbus, Ohio
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 Investment Trust (the Trust) 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 Trust was 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 Trust.
The One Group Investment Trust
