<PAGE> 1
As filed with the Securities and Exchange Commission on August 16, 1996
Registration Nos. 2-95973 and 811-4236
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-lA
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 /X/
POST-EFFECTIVE AMENDMENT NO. 39 /X/
and
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT /X/
OF 1940
AMENDMENT NO. 40 /X/
THE ONE GROUP(R)
(Exact Name of Registrant as Specified in Charter)
774 PARK MEADOW DRIVE
WESTERVILLE, OHIO 43081
(Address of Principal Executive Offices)
(800) 480-4111
(Registrant's Telephone Number)
GEORGE MARTINEZ
3435 STELZER ROAD
COLUMBUS, OHIO 43219
(Name and Address of Agent for Service)
Copies To:
Alan G. Priest, Esquire Michael V. Wible, Esquire
Ropes & Gray Banc One Corporation
One Franklin Square 100 East Broad Street, 18th Fl.
1301 K Street, N.W., Suite 800E Columbus, Ohio 43271
Washington, D.C. 20005
It is proposed that this filing will become effective (check appropriate box)
Immediately upon filing pursuant to paragraph (b)
---
on August 27, 1996 pursuant to paragraph (b)
---
60 days after filing pursuant to paragraph (a)(1)
---
on (date) pursuant to paragraph (a)(1)
---
X 75 days after filing pursuant to paragraph (a)(2)
---
on (DATE) pursuant to paragraph (a)(2) of Rule 485.
---
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 251
<NAME> PARAGON LOUISIANA TAX-FREE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAR-25-1996
<INVESTMENTS-AT-COST> 190748
<INVESTMENTS-AT-VALUE> 194827
<RECEIVABLES> 2818
<ASSETS-OTHER> 2572
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 200217
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33
<TOTAL-LIABILITIES> 33
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196163
<SHARES-COMMON-STOCK> 18479<F1>
<SHARES-COMMON-PRIOR> 19148<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (328)
<ACCUM-APPREC-OR-DEPREC> 4349
<NET-ASSETS> 200184
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3554
<OTHER-INCOME> 0
<EXPENSES-NET> 421
<NET-INVESTMENT-INCOME> 3133
<REALIZED-GAINS-CURRENT> 122
<APPREC-INCREASE-CURRENT> (1975)
<NET-CHANGE-FROM-OPS> 1280
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3133
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (8050)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 450
<GROSS-ADVISORY-FEES> 262
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 421
<AVERAGE-NET-ASSETS> 200184<F1>
<PER-SHARE-NAV-BEGIN> 10.760<F1>
<PER-SHARE-NII> .160<F1>
<PER-SHARE-GAIN-APPREC> (.090)<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .160<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 10.670<F1>
<EXPENSE-RATIO> .630<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS A SHARES
</FN>
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 252
<NAME> PARAGON LOUISIANA TAX-FREE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAR-25-1996
<INVESTMENTS-AT-COST> 190748
<INVESTMENTS-AT-VALUE> 194827
<RECEIVABLES> 2818
<ASSETS-OTHER> 2572
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 200217
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 33
<TOTAL-LIABILITIES> 33
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 196163
<SHARES-COMMON-STOCK> 278<F1>
<SHARES-COMMON-PRIOR> 196<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (328)
<ACCUM-APPREC-OR-DEPREC> 4349
<NET-ASSETS> 200184
<DIVIDEND-INCOME> 0
<INTEREST-INCOME> 3554
<OTHER-INCOME> 0
<EXPENSES-NET> 421
<NET-INVESTMENT-INCOME> 3133
<REALIZED-GAINS-CURRENT> 122
<APPREC-INCREASE-CURRENT> (1975)
<NET-CHANGE-FROM-OPS> 1280
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3133
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> (8050)
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 450
<GROSS-ADVISORY-FEES> 262
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 421
<AVERAGE-NET-ASSETS> 200184<F1>
<PER-SHARE-NAV-BEGIN> 10.790<F1>
<PER-SHARE-NII> .140<F1>
<PER-SHARE-GAIN-APPREC> (.090)<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .140<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 10.700<F1>
<EXPENSE-RATIO> 1.380<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS B SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 261
<NAME> PARAGON VALUE GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAR-25-1996
<INVESTMENTS-AT-COST> 177423
<INVESTMENTS-AT-VALUE> 221007
<RECEIVABLES> 334
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 226620
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45
<TOTAL-LIABILITIES> 45
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177728
<SHARES-COMMON-STOCK> 14586<F1>
<SHARES-COMMON-PRIOR> 12814<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 11
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48858
<NET-ASSETS> 226575
<DIVIDEND-INCOME> 1029
<INTEREST-INCOME> 249
<OTHER-INCOME> 0
<EXPENSES-NET> 680
<NET-INVESTMENT-INCOME> 598
<REALIZED-GAINS-CURRENT> 17703
<APPREC-INCREASE-CURRENT> (5128)
<NET-CHANGE-FROM-OPS> 13173
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 607
<DISTRIBUTIONS-OF-GAINS> 35262
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5674
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17560
<OVERDISTRIB-NII-PRIOR> 2
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 461
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 680
<AVERAGE-NET-ASSETS> 226575<F1>
<PER-SHARE-NAV-BEGIN> 17.010<F1>
<PER-SHARE-NII> .040<F1>
<PER-SHARE-GAIN-APPREC> .900<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> 2.690<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 15.260<F1>
<EXPENSE-RATIO> .950<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS A SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 262
<NAME> PARAGON VALUE GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAR-25-1996
<INVESTMENTS-AT-COST> 177423
<INVESTMENTS-AT-VALUE> 221007
<RECEIVABLES> 334
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 226620
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 45
<TOTAL-LIABILITIES> 45
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 177728
<SHARES-COMMON-STOCK> 263<F1>
<SHARES-COMMON-PRIOR> 172<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 11
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 48858
<NET-ASSETS> 226575
<DIVIDEND-INCOME> 1029
<INTEREST-INCOME> 249
<OTHER-INCOME> 0
<EXPENSES-NET> 680
<NET-INVESTMENT-INCOME> 598
<REALIZED-GAINS-CURRENT> 17703
<APPREC-INCREASE-CURRENT> (5128)
<NET-CHANGE-FROM-OPS> 13173
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 607
<DISTRIBUTIONS-OF-GAINS> 35262
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5674
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17560
<OVERDISTRIB-NII-PRIOR> 2
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 461
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 680
<AVERAGE-NET-ASSETS> 226575<F1>
<PER-SHARE-NAV-BEGIN> 16.980<F1>
<PER-SHARE-NII> .020<F1>
<PER-SHARE-GAIN-APPREC> .870<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> 2.660<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 15.210<F1>
<EXPENSE-RATIO> 1.700<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS B SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 271
<NAME> PARAGON GULF SOUTH GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAR-25-1996
<INVESTMENTS-AT-COST> 80429
<INVESTMENTS-AT-VALUE> 92467
<RECEIVABLES> 63
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100175
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31
<TOTAL-LIABILITIES> 31
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80519
<SHARES-COMMON-STOCK> 6236<F1>
<SHARES-COMMON-PRIOR> 5286<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 100
<ACCUMULATED-NET-GAINS> 47
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19678
<NET-ASSETS> 100144
<DIVIDEND-INCOME> 100
<INTEREST-INCOME> 120
<OTHER-INCOME> 0
<EXPENSES-NET> 320
<NET-INVESTMENT-INCOME> (100)
<REALIZED-GAINS-CURRENT> 15546
<APPREC-INCREASE-CURRENT> (10488)
<NET-CHANGE-FROM-OPS> 4958
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 17836
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2863
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2337
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 199
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 320
<AVERAGE-NET-ASSETS> 100144<F1>
<PER-SHARE-NAV-BEGIN> 18.060<F1>
<PER-SHARE-NII> (.010)<F1>
<PER-SHARE-GAIN-APPREC> .950<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> 3.300<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 15.700<F1>
<EXPENSE-RATIO> 1.300<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS A SHARES
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 272
<NAME> PARAGON GULF SOUTH GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> MAR-25-1996
<INVESTMENTS-AT-COST> 80429
<INVESTMENTS-AT-VALUE> 92467
<RECEIVABLES> 63
<ASSETS-OTHER> 5
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 100175
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 31
<TOTAL-LIABILITIES> 31
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 80519
<SHARES-COMMON-STOCK> 143<F1>
<SHARES-COMMON-PRIOR> 101<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 100
<ACCUMULATED-NET-GAINS> 47
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 19678
<NET-ASSETS> 100144
<DIVIDEND-INCOME> 100
<INTEREST-INCOME> 120
<OTHER-INCOME> 0
<EXPENSES-NET> 320
<NET-INVESTMENT-INCOME> (100)
<REALIZED-GAINS-CURRENT> 15546
<APPREC-INCREASE-CURRENT> (10488)
<NET-CHANGE-FROM-OPS> 4958
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 17836
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 0
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2863
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 2337
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 199
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 320
<AVERAGE-NET-ASSETS> 100144<F1>
<PER-SHARE-NAV-BEGIN> 17.890<F1>
<PER-SHARE-NII> (.010)<F1>
<PER-SHARE-GAIN-APPREC> .900<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> 3.300<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 15.480<F1>
<EXPENSE-RATIO> 1.780<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>CLASS B SHARES
</FN>
</TABLE>
