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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 11/10/99
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2. State identification Number: N/A
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<S> <C> <C> <C> <C> <C>
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):
1111 Polaris Parkway, Columbus, OH 43240
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Report of Independent Accountants
To the Trustees of One Group Investment Trust
We have examined management's assertion, included in the accompanying Management
Statement Regarding Compliance with Certain Provisions of the Investment Company
Act of 1940, about the Balanced Portfolio, the Mid Cap Growth Portfolio, the
Large Cap Growth Portfolio, the Equity Index Portfolio, the Diversified Equity
Portfolio, the Diversified Mid Cap Portfolio, the Government Bond Portfolio, the
Mid Cap Value Portfolio and the Bond Portfolio (separate portfolios constituting
One Group Investment Trust, hereafter referred as the "Funds") compliance with
the requirements of subsections (b) and (c) of Rule 17f-2 under the Investment
Company Act of 1940 ("the Act") as of November 10, 1999 as it relates to the
collateral held in exchange for securities lent on behalf of the Funds.
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 conducted in accordance with attestation 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 November 10, 1999, with respect to
collateral held in exchange for securities lent on behalf of the Funds:
. Confirmation, or other procedures as we considered necessary, of all
securities held as collateral in book entry form by the Depository Trust
Company and broker/banks;
. Confirmation, or other procedures as we considered necessary, of all
repurchase agreements and underlying collateral with brokers/banks;
. Confirmation, or other procedures as we considered necessary, of all
letters of credit entered into with brokers/banks as collateral;
. Reconciliation of all such securities held as collateral to the books and
records of the Funds and Bank One Trust Company N.A. and;
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 November 10, 1999, is fairly stated, in all material
respects.
This report is intended solely for the information and use of the Board of
Trustees, management, and the Securities and Exchange Commission and is not
intended to be and should not be used by anyone other than these specified
parties.
PricewaterhouseCoopers LLP
Columbus, Ohio
February 10, 2000
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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 Balanced Portfolio, the Mid Cap Growth
Portfolio, the Large Cap Growth Portfolio, the Equity Index Portfolio, the
Diversified Equity Portfolio, the Diversified Mid Cap Portfolio, the
Government Bond Portfolio, the Mid Cap Value Portfolio and the Bond Portfolio
(separate portfolios constituting One Group Investment Trust, hereafter referred
as 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 effective internal controls
over compliance with those requirements. We have performed an evaluation of the
Funds' compliance with the requirements of subsections (b) and (c) of Rule 17f-2
as of November 10, 1999, as it relates to the collateral held in exchange for
securities lent on behalf of the Funds.
Based on this evaluation, we assert 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 November 10, 1999, with respect to collateral held in exchange
for securities lent on behalf of the Funds.
One Group Investment Trust
