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UNITED STATES
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: June 30, 1997
Investments in the Custody of Estimated average burden
Management Investment Companies hours per response 0.05
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Pursuant to Rule 17f-2 [17 CFR 270.17f-2]
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1. Investment Company Act File Number: Date examination completed:
811-8738 October 6, 1999
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2. State identification Number:
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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 registration statement:
IBJ Funds Trust
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4. Address of principal executive office (number, street, state, zip code):
4400 Computer Drive, Westboro, MA 01581
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INSTRUCTIONS
This Form must be completed by investment companies that have custody of
securities or similar investments.
Investment Company
1. All items must be completed by the investment company.
2. Give this Form to the independent public accountant who, in compliance with
Rule 17f-2 under the Act and applicable state law, examines securities and
similar investments in the custody of the investment company.
Accountant
3. Submit this Form to the Securities and Exchange Commission and appropriate
state securities administrators when filing the certificate of accounting
required by Rule 17f-2 under the Act and applicable state law. File the
original and one copy with the Securities and Exchange Commission's
principal office in Washington, D.C., one copy with the regional office for
the region in which the investment company's principal business operations
are conducted, and one copy with the appropriate state administrator(s), if
applicable.
THIS FORM MUST BE GIVEN TO YOUR INDEPENDENT PUBLIC ACCOUNTANT
SEC 2198 (8-95)
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[ERNST & YOUNG LLP LETTERHEAD]
Independent Accountant's Report
To the Board of Trustees
IBJ Funds Trust
We have examined management's assertion about IBJ Funds Trust's (comprising,
respectively, the IBJ Reserve Money Market Fund, the IBJ Core Fixed Income Fund,
the IBJ Core Equity Fund and the IBJ Blended Total Return Fund) (the "Company")
compliance with the requirements of subsections (b) and (c) of Rule 17f-2 of the
Investment Company Act of 1940 (the "Act") as of August 31, 1999, with respect
to securities and similar investments reflected in the investment account of the
Company, included in the accompanying Management Statement Regarding Compliance
with Certain Provisions of the Investment Company Act of 1940. Management is
responsible for the Company's compliance with those requirements. Our
responsibility is to express an opinion on management's assertion about the
Company'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 Company'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 August 31, 1999, and with respect to agreement of security and
similar investments purchases and sales, for the period from April 30, 1999 (the
date of last examination) through August 31, 1999:
o Count and inspection of all securities and similar investments located in
the vault of IBJ Whitehall Bank & Trust Company in New York, without prior
notice to management;
o Confirmation of all securities and similar investments held by institutions
in book entry form (i.e., the Depository Trust Company and the Bank of New
York);
o Reconciliation of confirmation results as to all such securities and
investments to the books and records of the Company and of IBJ Whitehall
Bank & Trust Company;
o Confirmation of all repurchase agreements, if any, with brokers/banks and
agreement of underlying collateral with of IBJ Whitehall Bank & Trust
Company's records;
o Agreement of five security and/or investment purchases and five security
and/or investment sales or maturities since our last examination from the
books and records of the Company to broker confirmations.
We believe that our examination provides a reasonable basis for our opinion. Our
examination does not provide a legal determination on the Company's compliance
with specified requirements.
In our opinion, management's assertion that IBJ Funds 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 August 31, 1999, with respect to securities and
similar investments reflected in the investment account of the Company is fairly
stated, in all material respects.
This report is intended solely for the information and use of management of IBJ
Funds Trust and the Securities and Exchange Commission and should not be used
for any other purpose.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
October 6, 1999
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Management Statement Regarding Compliance with
Certain Provisions
of the Investment Company Act of 1940
We, as members of management of IBJ Whitehall Bank & Trust Company, custodian
and investment advisor for IBJ Funds Trust (the "Company"), 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 controls over compliance with those requirements. We have
performed an evaluation of the Company's compliance with the requirements of
subsections (b) and (c) of Rule 17f-2 as of August 31, 1999.
Based on this evaluation, we assert that the Company was in compliance with the
requirements of subsections (b) and (c) of Rule 17f-2 of the Investment Company
Act of 1940 as of August 31, 1999 with respect to securities and similar
investments reflected in the investment account of the Company.
By:
/s/ Thomas A. Pepe
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Thomas A. Pepe
Senior Vice President
IBJ Whitehall Bank & Trust Company
/s/ John Newman
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John Newman
General Auditor
IBJ Whitehall Bank & Trust Company
