<PAGE>
THE ONE GROUP-REGISTERED TRADEMARK-
FAMILY OF MUTUAL FUNDS
---------------------------------------------------------
EQUITY FUNDS ANNUAL REPORT
FOR THE YEAR ENDED JUNE 30, 1996
ASSET ALLOCATION FUND
INCOME EQUITY FUND
EQUITY INDEX FUND
VALUE GROWTH FUND
LARGE COMPANY VALUE FUND
DISCIPLINED VALUE FUND
LARGE COMPANY GROWTH FUND
GROWTH OPPORTUNITIES FUND
GULF SOUTH GROWTH FUND
INTERNATIONAL EQUITY INDEX FUND
<PAGE>
<TABLE>
<S> <C> <C>
IMPORTANT CUSTOMER INFORMATION. INVESTMENT PRODUCTS:
- ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY
BANC ONE CORPORATION OR ANY OF ITS AFFILIATES
- ARE NOT INSURED BY THE FDIC
- ARE SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE
LOSS OF THE PRINCIPAL AMOUNT INVESTED
</TABLE>
<PAGE>
- --------------------------------------------------------------------------------
Table of Contents
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
<TABLE>
<S> <C>
Report From Your Investment Advisor................................................. 2
Portfolio Performance Review........................................................ 6
Schedules of Portfolio Investments.................................................. 26
Statements of Assets and Liabilities................................................ 79
Statements of Operations............................................................ 81
Statements of Changes in Net Assets................................................. 84
Notes to Financial Statements....................................................... 87
Financial Highlights................................................................ 102
Report of Independent Accountants................................................... 138
</TABLE>
1 ----
<PAGE>
- --------------------------------------------------------------------------------
Report From Your Investment Advisor
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
WE ARE PLEASED TO PRESENT THIS ANNUAL REPORT FOR THE ONE GROUP FAMILY OF MUTUAL
FUNDS. ON THE FOLLOWING PAGES, YOU WILL FIND AN OVERVIEW OF THE FINANCIAL
MARKETS AND YOUR FUND'S PERFORMANCE FOR THE PERIOD FROM JUNE 30, 1995, TO JUNE
30, 1996.
DEAR VALUED SHAREHOLDERS:
I would like to extend to you my personal thanks for investing in The One Group
Family of Mutual Funds. The past year was one of exceptional growth and progress
at The One Group, thanks, in large part, to you--the shareholders.
By continuing to show your confidence, you helped The One Group funds achieve
significant growth during the past 12 months. Assets under management soared
from $9.7 billion on June 30, 1995, to $13.6 billion on June 30, 1996, placing
The One Group among the largest bank-advised mutual fund companies.
In addition, The One Group shareholder base nearly tripled during this period,
as the number of shareholder accounts grew from 33,000 on June 30, 1995, to
95,000 on June 30, 1996. Fourteen thousand of these new accounts (and $1.4
billion in assets) resulted from The One Group merger with the Paragon Funds, a
family of mutual funds formerly advised by Premier Bank in Louisiana. I want to
extend a warm welcome to the former Paragon investors as well as ALL the new
shareholders.
We believe that such strong growth is a reflection of The One Group's commitment
to meeting your investment needs through quality products, good investment
performance and top-notch service.
The diversity within The One Group mutual fund family is designed to help you
meet all of your portfolio needs. It also is a reflection of our investment
philosophy, which stresses:
- - ASSET ALLOCATION. When your assets are allocated to different security types
and investment styles according to your goals, time frame and risk tolerance,
you have an effective, well-rounded portfolio.
- - DIVERSIFICATION. By diversifying your investments within each asset class,
you can help reduce the overall risk level in your portfolio.
- - MAINTAINING A LONG-TERM PERSPECTIVE. Short-term market volatility is
unavoidable but usually smooths out over the long term. It's time, not timing,
that allows investments to realize their full potential. It's important to
stay focused on your long-term goals, whether they include planning for
retirement, saving for college expenses or trying to reduce your tax burden.
These are proven investment strategies that we encourage all shareholders to
embrace--whether it's by assembling a portfolio of assorted individual funds
from The One Group or by investing in a new "fund of funds" alternative, The One
Group Investor Funds.
The One Group Investor Funds*, which will be introduced in early 1997, provide
you with a heightened level of diversification. The One Group Investor Funds are
mutual funds targeted toward specific investment objectives, such as growth,
income or a combination of the two. To achieve their objectives, The One Group
Investor Funds invest in various funds from The One Group family. The One Group
Investor Funds offer a simple and convenient way to enjoy diversification and
asset allocation from ONE investment.
Of course, we believe that there is more to meeting your investment needs than
providing you with a broad selection of mutual funds. In order to make informed
investment decisions, you need information about your investments as well as
access to your accounts. As such, The One Group introduced several new features
this year that make accessing your fund and account information simple and
convenient. Some of the highlights include:
- - THE ONE GROUP WEB SITE. From The One Group home page (www.onegroup.com) you
can access a variety of fund-related information, including prices,
performance updates, fund manager biographies and assorted literature. In
addition, you will find an interactive asset allocation tool that can help you
determine your investor profile and select an appropriate model portfolio.
Future plans call for on-line prospectuses, annual reports and account
transactions as well as an interactive retirement calculator.
- ----2
<PAGE>
- --------------------------------------------------------------------------------
Report From Your Investment Advisor, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
- - THE ONE GROUP PHONE LINK. The new 24-hour automated telephone service
(1-800-480-4111) lets you obtain fund and account information and place
transactions when it is most convenient for you.
- - IN-HOUSE SHAREHOLDER SERVICING. In order to provide the utmost in service, we
have moved the shareholder services unit to an in-house facility. This affords
us better insight and a heightened ability to respond to your needs.
You can be assured that the commitment to high-quality service is ongoing. The
One Group will continue to look for ways to improve and enhance shareholder
services so that you always have the ability to access and obtain information in
a timely and accurate manner.
Again, thank you for placing your trust with The One Group and for helping The
One Group achieve stellar growth over the past year. All of us at Banc One
Investment Advisors and The One Group appreciate your support as we work toward
our most important investment objective--helping you achieve your financial
goals.
Sincerely,
[SIG]
David J. Kundert
PRESIDENT & CEO,
BANC ONE INVESTMENT ADVISORS CORPORATION, INVESTMENT ADVISOR TO THE ONE GROUP
[DAVID J. KUNDERT PHOTO]
- ---------
* A REGISTRATION STATEMENT RELATING TO THESE SECURITIES HAS BEEN FILED WITH THE
SECURITIES AND EXCHANGE COMMISSION BUT HAS NOT YET BECOME EFFECTIVE. THESE
SECURITIES MAY NOT BE SOLD NOR MAY OFFER TO BUY BE ACCEPTED PRIOR TO THE TIME
THE REGISTRATION STATEMENT BECOMES EFFECTIVE. THIS LETTER SHALL NOT CONSTITUTE
AN OFFER TO SELL OR SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY
SALE OF THESE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR
SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE
SECURITIES LAW OF ANY SUCH STATE.
3 ----
<PAGE>
- --------------------------------------------------------------------------------
Report From Your Investment Advisor, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
ECONOMIC REVIEW
The economy grew at an average rate of 2.1% from the third quarter of 1995
through the first quarter of 1996. While the actual numbers weren't available at
the time of this writing, it is expected that the pace of economic activity
gained additional momentum during the second quarter of 1996. (Preliminary
readings on the actual growth pace of economic activity during the second
quarter is not released until August.)
Given this fundamental backdrop, short-term interest rates controlled by the
Federal Reserve (the federal funds rate) declined from 5.6% during the second
quarter of 1995 to approximately 5.25% at the end of the second quarter of 1996.
On the inflation front, the change in overall prices remained quite stable as
consumer prices rose by 3.0% (on a year-over-year basis) through the end of June
1995 compared to a similar figure of approximately 2.9% at the end of May 1996.
Over the last 12 months, financial market sentiment fluctuated from expecting an
immediate recession at the beginning of 1996 to the belief that the economy was
caught in the midst of an overheated expansion requiring much higher short-term
rates in order to slow it down to non-inflationary growth levels. This swing in
market sentiment clearly was observed in the bond market as heightened
inflationary concerns caused the yield on the 30-year Treasury bond to rise from
a level of 5.95% at the beginning of the year to 6.87% on June 30, 1996. (In the
bond market, as yields increase, prices decline.) In contrast, equity markets
performed quite favorably as measured by the Dow Jones Industrial Average, which
rose by 24.11% during the 12 months ended June 1996, and the Standard & Poor's
500 Index, which rose by 26.05%.
One popular daily inflationary indicator monitored closely by financial market
participants is the Commodity Research Bureau's (CRB) Future Price Index, which
rose from 244.25 at the beginning of this fiscal year to a peak of 261.81 on
April 25, 1996. This was the highest level recorded for the CRB since it stood
at 263.26 on July 7, 1988. While financial market participants tend to closely
monitor the daily fluctuations in the CRB, our own analysis suggests that the
movements in the CRB are a poor leading indicator of actual inflationary trends.
Nonetheless, in light of the recent declines in this overall index, some
speculate that the prospects for much lower bond yields could be forthcoming
over the next 12 months.
However, at the close of the second quarter of 1996, financial markets began to
expect that the U.S. central bank would soon begin raising short-term rates to
quell the growing inflationary pressures that had begun to surface in the labor
market. Although the Fed kept short-term rates steady, the growing speculation
focused on when--rather than if--short-term rates would be increased. Given this
scenario, investing in both equity and credit markets became a bit more
challenging as the prospects of higher short-term rates cast a dark cloud upon
the financial markets. In fact, the robust pace of growth during the second
quarter of 1996, along with the rising pace of labor market costs, lead us to
conclude that short-term rates have no where else to go but up during the next
six months.
Although we expect some investment challenges to unfold over the next year, we
believe that pursuing a long-term investment approach is likely to continue
producing favorable results. As demonstrated by movements in both the stock and
bond markets over the last several years, investing with only a short-term focus
has not always been prudent. Therefore, we encourage our investors to maintain
longer-term horizons. This type of time frame provides much better insulation
against the short-term fluctuations that are endemic within our financial
markets.
[SIG]
Anthony Chan, Ph.D.
CHIEF ECONOMIST, BANC ONE INVESTMENT ADVISORS CORPORATION
- ----4
<PAGE>
(This page has been left blank intentionally.)
5 ----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Asset Allocation Fund
Portfolio Performance Review
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
THE ONE GROUP ASSET ALLOCATION FUND
For the year ended June 30, 1996, The One Group Asset Allocation Fund Fiduciary
share class showed a total return of 14.87%. (For information on other share
classes and performance comparisons to indexes, please see page 7.) The Fund
maintained an average mix of 60% stocks and 40% bonds during the period.
Rising interest rates and solid earnings growth were the primary forces at work
in the bond and stock markets during the fiscal year. While rising interest
rates caused problems for the bond market, strong corporate earnings growth
continued to bolster the stock market and the Fund's equity component. The
Fund's bond component, on the other hand, suffered price declines due to the
rising rate environment. This offset a small portion of the income earned over
the period.
The strong performance in the stock portfolio was due to our bottom-up stock
selection process, whereby we research, evaluate and select stocks on an
individual basis to build a diversified portfolio. Furthermore, the Fund owned
stocks in four key equity styles--large growth, large value, mid growth and mid
value--during the year. We remained fully invested, gradually or swiftly moving
to stocks with an appealing combination of good price and improving
fundamentals.
While our stock selection process resulted in many changes to the portfolio
during the year, the Fund's top 10 holdings remained unchanged from June 30,
1995. They included AT&T, at 1.2% of assets; General Electric, 1.2%; Philip
Morris, 1.1%; Merck, 0.9%; Exxon, 0.8%; Royal Dutch, 0.8%; Coca Cola, 0.8%;
Microsoft, 0.7%; Wal-Mart, 0.7%; and Intel, 0.6%.*
For the most part, the Fund remained sector-neutral during the year. The Fund
was overweighted in technology, however, which experienced a significant
downturn beginning in August 1995 and lasting until March 1996. Consequently,
exposure to this sector hurt the Fund's performance. Poor performance in the
electric utility sector also affected the Fund.
On the bright side, the Fund was rewarded handsomely for its exposure to the
retail sector, which emerged from a three-year slump to post impressive gains.
Furthermore, the Fund benefited from outstanding returns from two top
performers--TJX, which offered a 160% gain, and Nike, which posted a 146%
return.
Our strategy within the fixed-income component included increasing the Fund's
weighting of mortgage-backed securities, as this sector of the market was
relatively more attractive than others.
We kept the bond portfolio's duration slightly longer than that of the bond
market as a whole. This was due to our outlook for economic growth, which is
lower than what is reflected in the general market.
We invested the Fund's cash inflows in corporate bond holdings to maintain the
percentage allocation to these securities. In order to stay in line with the
market averages, some of the corporate bond purchases were rated at the lower
end of "investment grade." Nevertheless, the average credit quality of the
fixed-income holdings remained AA+ throughout the year.
As we look toward next year, a moderating economy should lead to somewhat lower
interest rates and, consequently, higher bond prices. Given this scenario, we
will maintain a slightly longer duration, and we will continue to overweight
mortgage-backed securities. Of course, there always is the possibility that the
economy will not slow down, which would cause the Federal Reserve to raise
interest rates, leading to a bearish bond market. On the equity side, we believe
that corporate earnings probably have seen their peak and should advance between
6% and 8% over the next year. Most of the Fund's return is likely to come from
earnings growth rather than P/E (price/earnings ratio) expansion. In addition,
large-capitalization multinational companies could have a difficult time meeting
their earnings expectations and comparisons if the U.S. dollar continues to
increase in value versus foreign currencies.
[/S/ ROGER CRAIG]
Roger Craig
FUND MANAGER
[/S/ GARY J. MADICH]
Gary J. Madich, CFA
SENIOR MANAGING DIRECTOR OF FIXED-INCOME SECURITIES
[/S/ MICHAEL D. WEINER]
Michael D. Weiner
FUND MANAGER
[/S/ RICHARD R. JANDRAIN]
Richard R. Jandrain III
SENIOR MANAGING DIRECTOR OF EQUITY SECURITIES
- ------------
* THE FUND'S COMPOSITION IS SUBJECT TO CHANGE.
- ----6
<PAGE>
- --------------------------------------------------------------------------------
The One Group Asset Allocation Fund
Portfolio Performance Review, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C>
Fiduciary S & P 500
4/93 $10,000 $10,000
6/93 $10,129 $10,281
6/94 $10,027 $10,428
6/95 $11,636 $13,141
6/96 $13,367 $16,555
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(4/5/93)
Fiduciary 14.87% 9.38%
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Class A No Load Class A* Load S & P 500
4/93 $10,000 $9,550 $10,000
6/93 $10,124 $9,666 $10,281
6/94 $10,003 $9,553 $10,428
6/95 $11,580 $11,059 $13,141
6/96 $13,257 $12,650 $16,555
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(4/2/93)
Class A 14.48% 9.07%
Class A* 9.20% 7.51%
*Reflects 4.50% sales charge
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Class B No Load Class B** Load S & P 500
1/94 $10,000 $9,600 $10,000
6/94 $9,402 $9,029 $9,658
6/95 $10,803 $10,403 $12,171
6/96 $12,292 $11,992 $15,333
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(1/14/94)
Class B 13.79% 8.75%
Class B** 9.79% 7.66%
**Reflects applicable contingent deferred sales charge
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. Investment Return and NAV will fluctuate so that an
investor's shares may be worth more or less than the original cost.
The performance of the Asset Allocation Fund is measured against the S&P 500
Index, an unmanaged index generally representative of the performance of large
companies in the US stock market. Investors are unable to purchase the index
directly, although they can invest in the underlying securities. The performance
of the index does not reflect the deduction of expenses associated with a mutual
fund, such as investment management. By contrast, the performance of the fund
reflects the deduction of these value-added services as well as the deduction of
sales charges on Class A Shares and applicable contingent deferred sales charges
on Class B Shares.
7 ----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Income Equity Fund
Portfolio Performance Review
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
THE ONE GROUP INCOME EQUITY FUND
The One Group Income Equity Fund Fiduciary share class posted a total return of
24.53% for the one-year period ended June 30, 1996. (For information on other
share classes and performance comparisons to indexes, please see page 9.) On
average, the Fund held 84% of its assets in common stocks, 12% in convertible
securities and 4% in cash during the period.
For the second fiscal year in a row, the Fund provided a total return that
exceeded 20%--an unusual accomplishment, particularly for an income-oriented
equity fund. Throughout the year we maintained a balance between income-oriented
securities and issues held for their expected higher earnings growth rates. Most
of the companies represented in the Fund had outstanding earnings results over
the last year.
Due to increased cash flows into the Fund, the merger with the Paragon Value
Equity Income Fund and capital appreciation, the Fund's assets more than doubled
during the year. Thirty-five new securities were added as a result of the
merger, and six of the top 10 holdings on June 30, 1995, remained among the top
10 on June 30, 1996. At the end of the period, the top 10 holdings were Mobil
Corp., at 2.53% of assets; Philip Morris, 2.5%; Baxter International, 2.3%;
Xerox Corp., 2.3%; Dow Chemical Co., 2.2%; Bristol Myers Squibb, 2.2%; AT&T,
2.0%; Electronic Data Systems, 2.0%; Conagra Inc., 2.0%; and Exxon Corp., 1.9%.*
We made no major shifts among market sectors during the fiscal year. In fact, we
maintained a sector-neutral diversification except for an underweighting in
technology, which was due to low yields in that sector, and modest overweights
in energy and processing, where yields and value are attractive. Many individual
issues showed outstanding performance during the year. In particular, of the 50
issues held more than six months, 10 were up 35% or more, including: Sears
Roebuck, up 73%; Coca-Cola, up 53%; Bank America, up 46%; Halliburton, up 41%
and Transamerica, up 41%. Each of these companies accelerated their earnings
results and delivered above market expectations.
Only a few stocks offered disappointing results during the year. Three of the 50
issues held for more than six months declined in value--Browning-Ferris,
International Flavors and Nalco Chemical. Each suffered from temporary earnings
shortfalls, which led to share price declines.
With half of the Fund's assets invested in interest-sensitive stocks
(convertible securities and utility and financial stocks), interest rate
volatility had an important effect on the Fund. During the first half of the
fiscal year, when interest rates were falling, these stocks benefited the Fund.
However, when interest rates reversed their course during the second half of the
fiscal year, most of the gains in these stocks were lost.
While we continue to look for attractive investment opportunities, we recognize
that the stock market is fairly valued, and a greater degree of caution and
selectivity is warranted. The stock market has been doing exceptionally well for
almost five years, and it would not be unusual to see stock prices maintain a
sideways trading range. We believe the Fund is well-positioned in a combination
of yield and growth securities to deliver competitive returns. In addition, most
of the Fund's investments are in companies that should be able to produce
consistent earnings growth, even if economic activity moderates during the next
12-month period. We continue to focus on companies that can produce strong cash
flow and dividend increases. We currently are seeing a number of dividend
increases, supporting our view that income returns over the next year should
rise accordingly.
[/S/ R. LYNN YTURRI]
R. Lynn Yturri,
FUND MANAGER
[/S/ RICHARD R. JANDRAIN]
Richard R. Jandrain III,
SENIOR MANAGING DIRECTOR OF EQUITY SECURITIES
- ----------
* THE FUND'S COMPOSITION IS SUBJECT TO CHANGE.
- ----8
<PAGE>
- --------------------------------------------------------------------------------
The One Group Income Equity Fund
Portfolio Performance Review, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Fiduciary S & P 500
7/87 $10,000 $10,000
6/88 $9,331 $8,858
6/89 $11,065 $10,674
6/90 $12,480 $12,430
6/91 $13,414 $13,344
6/92 $15,072 $15,136
6/93 $16,815 $17,195
6/94 $17,365 $17,440
6/95 $21,019 $21,978
6/96 $26,176 $27,688
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(7/2/87)
Fiduciary 24.53% 14.31% 11.28%
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Class A No Load Class A* Load S & P 500
2/92 $10,000 $9,550 $10,000
6/92 $10,393 $9,925 $9,993
6/93 $11,226 $10,721 $11,353
6/94 $11,557 $11,037 $11,515
6/95 $13,961 $13,332 $14,511
6/96 $17,343 $16,531 $18,281
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(2/18/92)
Class A 24.23% NA 13.44%
Class A* 18.43% NA 12.20%
*Reflects 4.50% sales charge
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Class B Class B** S & P 500
1/94 $10,000 $9,600 $10,000
6/94 $9,663 $9,280 $9,658
6/95 $11,587 $11,187 $12,171
6/96 $14,300 $14,000 $15,333
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(1/14/94)
Class B 23.41% 15.65%
Class B** 19.41% 14.66%
**Reflects applicable contingent deferred sales charge
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. Investment Return and NAV will fluctuate so that an
investor's shares may be worth more or less than the original cost.
The performance of the Income Equity Fund is measured against the S&P 500 Index,
an unmanaged Index generally representative of the performance of large
companies in the US stock market. Investors are unable to purchase the Index
directly, although they can invest in the underlying securities. The performance
of the Index does not reflect the deduction of expenses associated with a mutual
fund, such as investment management. By contrast, the performance of the Fund
reflects the deduction of these value-added services as well as the deduction of
sales charges on Class A Shares and applicable contingent deferred sales charges
on Class B Shares.
9 ----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Equity Index Fund
Portfolio Performance Review
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
THE ONE GROUP EQUITY INDEX FUND
The One Group Equity Index Fund Fiduciary share class posted a total return of
25.47% for the one-year period ended June 30, 1996. (For information on other
share classes and a performance comparison to the index, please see page 11.)
This nearly matched the 26.05% return for the S&P 500 Index, the group of stocks
the Fund seeks to track as closely as possible with little or no excess risk.
The slight difference in returns between the Fund and the Index is attributable
to fees charged to the Fund.
During the year, corporate earnings among S&P 500 companies, for the most part,
were robust and exceeded market expectations. This lead to attractive market
returns. By aggressively investing the Fund's cash flows and monitoring changes
in the S&P 500 Index, we were able to achieve the Fund's attractive one-year
total return. In addition, our rebalancing efforts, whereby we trimmed our
holdings of some market laggards and added to our holdings of some winning
issues, helped boost the Fund's performance.
Outstanding performance from certain holdings also contributed to the Fund's
attractive return. For example, TJX returned 160% and Nike was up 146%. There
also were some disappointing performances during the year, including Advanced
Micro Devices, which dropped 63%, and Apple Computer, which was down 54%.
Two notable changes occurred in the Index and, subsequently, in the Fund:
Johnson & Johnson and Proctor and Gamble were replaced by IBM and Wal-Mart.
General Electric remains the largest holding.
Among the major market sectors, technology suffered from a significant slide
that began in August 1995 and lasted until March 1996. since then, issues in
this sector have bounced up and down, as investors look through the cyclicality
of the personal computer to the internet and beyond. The electric utilities
sector remained in the doldrums all year, while the retail sector emerged from a
three-year slump to post impressive gains.
As we look toward next year, rising interest rates should make bonds a tough
competitor for stocks and could hamper returns. In addition,
large-capitalization multinational companies could have a difficult time meeting
their earnings expectations and comparisons if the U.S. dollar continues to
increase in value versus foreign currencies. We also believe that corporate
earnings probably have seen their peak and should advance between 6% and 8% over
the next year. Most of the Fund's return is likely to come from earnings growth
rather than P/E (price/earnings ratio) expansion.
[/S/ MICHAEL D. WEINER]
Michael D. Weiner
FUND MANAGER
[/S/ RICHARD R. JANDRAIN]
Richard R. Jandrain III
SENIOR MANAGING DIRECTOR OF EQUITY SECURITIES
- ----10
<PAGE>
- --------------------------------------------------------------------------------
The One Group Equity Index Fund
Portfolio Performance Review, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C>
Fiduciary S & P 500
7/91 $10,000 $10,000
6/92 $11,211 $10,825
6/93 $12,673 $12,297
6/94 $12,753 $12,473
6/95 $16,043 $15,718
6/96 $20,129 $19,121
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(7/2/91)
Fiduciary 25.47% 15.02%
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Class A No Load Class A* Load S & P 500
2/92 $10,000 $9,550 $10,000
6/92 $10,047 $9,595 $9,993
6/93 $11,328 $10,818 $11,353
6/94 $11,391 $10,879 $11,515
6/95 $14,289 $13,646 $14,511
6/96 $17,883 $17,053 $18,281
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(2/18/92)
Class A 25.16% 14.24%
Class A* 19.35% 13.00%
*Reflects 4.50% sales charge
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Class B Class B** S & P 500
1/94 $10,000 $9,600 $10,000
6/94 $9,443 $9,069 $9,658
6/95 $11,765 $11,365 $12,171
6/96 $14,594 $14,294 $15,333
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(1/14/94)
Class B 24.05% 16.61%
Class B** 20.05% 15.63%
**Reflects applicable contingent deferred sales charge
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. Investment Return and NAV will fluctuate so that an
investor's shares may be worth more or less than the original cost.
The performance of the Equity Index Fund is measured against the S&P 500 Index,
an unmanaged Index generally representative of the performance of large
companies in the US stock market. Investors are unable to purchase the Index
directly, although they can invest in the underlying securities. The performance
of the Index does not reflect the deduction of expenses associated with a mutual
fund, such as investment management. By contrast, the performance of the Fund
reflects the deduction of these value-added services as well as the deduction of
sales charges on Class A Shares and applicable contingent deferred sales charges
on Class B Shares.
11----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Value Growth Fund
Portfolio Performance Review
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
THE ONE GROUP VALUE GROWTH FUND
NOTE: THE FUND, FORMERLY KNOWN AS THE PARAGON VALUE GROWTH FUND, JOINED THE ONE
GROUP FAMILY OF FUNDS ON MARCH 26, 1996. PRIOR TO THIS, THE FUND WAS MANAGED BY
PREMIER INVESTMENT ADVISORS, AN INVESTMENT SUBSIDIARY OF PREMIER BANCORP. AS A
MEMBER OF THE PARAGON FAMILY, THE FUND ENDED ITS FISCAL YEAR ON NOVEMBER 30.
THIS REPORT, THEREFORE, COVERS THE PERIOD FROM DECEMBER 1, 1995, TO JUNE 30,
1996.
For the seven-month period ended June 30, 1996, The One Group Value Growth Fund
Fiduciary share class posted a total return of 10.48%. (For information on other
share classes and performance comparisons to indexes, please see page 13.)
As a multiple-style Fund, The One Group Value Growth Fund owned stocks in four
major equity styles: large-capitalization growth stocks, large-capitalization
value stocks, medium-capitalization growth stocks and medium-capitalization
value stocks. This represents a change from the Paragon approach, which focused
primarily on two approaches: value and growth. The portfolio remained fully
invested during the period, investing in stocks with an appealing combination of
good price and improving fundamentals. Our stock-by-stock selection process
afforded the Fund exposure to many different industries.
Earnings growth was the dominant force in the stock market during the period, as
companies continued to post strong earnings. Economic events were insignificant
in comparison. Nevertheless, rising interest rates during the past several
months have hurt financial stocks, and a rising U.S. dollar could hurt the
results of multinational companies.
The Fund's overweighting in technology and electric utilities hurt performance
at the end of 1995. On the bright side, the retail sector emerged from a
three-year slump, and the Fund was handsomely rewarded by its holdings in this
sector.
As we made the transition from a fund of two styles to a fund of four styles, we
made some corresponding changes to the top 10 holdings. Worldcom, Foundation
Health, Cisco, United Healthcare and Amoco have been de-emphasized and are no
longer among the top 10 holdings. In their place are AT&T, at 3.2% of Fund
assets; Philip Morris, 2.7%; General Electric, 2.6%; Fannie Mae, 2.6%; and
Johnson Controls, 2.0%. The remaining top 10 holdings include: Intel at 3.0% of
assets; Schering Plough, 2.4%; Schlumberger Ltd., 2.3%; Dow Chemical, 2.1%; and
Electronic Data Systems, 1.9%.*
Portfolio performance was enhanced during the year from several individual
issues that provided excellent returns, including Philip Morris, Maybelline and
TJX. On the other hand, the portfolio's performance was hurt by holdings of
Silicon Graphics and ValueJet. Additionally, our emphasis on AT&T occurred too
early in the period.
Looking ahead, rising interest rates should make bonds a tough competitor for
stocks and could hamper returns. If the value of the U.S. dollar continues to
rise, large-capitalization, multinational companies may have a difficult time
meeting earnings expectations and comparisons. We see little room for P/E
(price/earnings ratio) expansion during this fiscal year, and expect most of the
Fund's return to come from what we expect to be 6% to 8% earnings advances.
[/S/ MICHAEL D. WEINER]
Michael D. Weiner
FUND MANAGER
[/S/ RICHARD R. JANDRAIN]
Richard R. Jandrain III
SENIOR MANAGING DIRECTOR OF EQUITY SECURITIES
- ----------
* THE FUND'S COMPOSITION IS SUBJECT TO CHANGE.
- ----12
<PAGE>
- --------------------------------------------------------------------------------
The One Group Value Growth Fund
Portfolio Performance Review, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Fiduciary S & P 500 S & P 1500
12/89 $10,000 $10,000 $10,000
6/90 $10,657 $10,308 $10,308
6/91 $11,631 $11,070 $11,070
6/92 $13,847 $12,560 $12,560
6/93 $16,554 $14,267 $14,267
6/94 $16,496 $14,458 $14,458
6/95 $19,198 $18,221 $18,221
6/96 $23,242 $22,967 $22,838
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(12/29/89)
Fiduciary 21.06% 14.85% 13.84%
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C> <C>
Class A Class A* S & P 500 S & P 1500
12/89 $10,000 $9,550 $10,000 $10,000
6/90 $10,657 $10,178 $10,307 $10,307
6/91 $11,631 $11,107 $11,052 $11,052
6/92 $13,847 $13,224 $12,539 $12,539
6/93 $16,554 $15,809 $14,248 $14,248
6/94 $16,496 $15,754 $14,447 $14,447
6/95 $19,198 $18,334 $18,232 $18,232
6/96 $23,242 $22,102 $22,838 $22,967
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(12/29/89)
Class A 20.97% 14.83% 13.83%
Class A* 15.15% 13.77% 12.96%
*Reflects 4.50% sales charge
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C> <C>
Class B Class B** S & P 500 S & P 1500
9/94 $10,000 $9,500 $10,000 $10,000
6/95 $10,806 $10,406 $12,021 $12,021
6/96 $12,981 $12,581 $15,140 $15,058
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(9/30/94)
Class B 20.13% NA 15.52%
Class B** 16.13% NA 13.54%
**Reflects applicable contingent deferred sales charge
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. Investment Return and NAV will fluctuate so that an
investor's shares may be worth more or less than the original cost.
The performance of the Value Growth Fund is measured against the S&P 500 Index,
an unmanaged index generally representative of the performance of large
companies in the US stock market. The S&P 1500 Index, an unmanaged index, is a
broad index of stocks including large and small companies which better
represents the investment policies of the Fund for comparison purposes. The S&P
1500 Index for all classes consists of the average monthly returns of the S&P
500 Index from December 1989 through June 1995. Thereafter, the data are from
the S&P 1500 which corresponds with the initiation of the Index on June 30,
1995.
13----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Large Company Value Fund
Portfolio Performance Review
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
THE ONE GROUP LARGE COMPANY VALUE FUND
For the year ended June 30, 1996, the Fiduciary share class of The One Group
Large Company Value Fund had a total return of 12.71%. (For information on other
share classes and performance comparisons to indexes, please see page 15.)
The Fund remained broadly diversified across all market sectors. Our strategy is
geared toward selecting high-quality stocks that represent good value--those
with low debt/equity ratios, price/ earnings and price/book ratios less than the
S&P 500 and upside potential that exceeds downside risk-- rather than making
market sector bets. For the most part, the natural course of buying and selling
individual names creates group overweightings and underweightings as byproducts.
Throughout the one-year period, the Fund's focus shifted from favoring basic
industry and economically sensitive stocks, such as those in the financial,
energy, metals and commodity cyclical (paper and chemicals) sectors, to more
defensive issues, such as utilities and telephone companies.
During the first half of the year, the Fund's performance slipped, compared to
the market averages, due to large cash flows into the Fund. With the market in a
strong upswing throughout this period, it was difficult to find
attractively-priced securities in which to invest these significant inflows.
During the second half of the period, the Fund's performance was more in line
with the market averages.
The Fund's return benefited from strong performance among several stocks,
including Marion Labs, ENSEARCH and Upjohn. Takeovers also helped the
performance of several stocks, while earnings disappointments during the period
resulted in poor performance from Cyprus, AMAX Minerals, K Mart and Apple
Computer.
As a result of constantly shifting the Fund's stock weightings to reflect the
most attractive relative value opportunities, the portfolio's top 10 holdings
changed throughout the year. On June 30, 1996, the Fund's top 10 holdings
included Atlantic Richfield Co. at 3.2% of assets; Exxon Corp., 2.9%; Tenneco
Inc., 2.6%; IBM, 2.5%; Rockwell International, 2.4%; Chase Manhattan, 2.4%;
General Motors, 2.2%; Hanson, 1.9%; RJR Preferred, 1.9%; and Cyprus Amax
Minerals, 1.9%.* We believe these companies represent good value, solid
fundamentals and attractive long-term potential.
As the new year unfolds, we plan to maintain a defensive posture, particularly
since interest rates have been rising and corporate profits probably have
peaked. In addition, stocks have been up 45% over the last 18 months, and
expecting the market to maintain that pace may be optimistic. Disciplined
stock-picking and a dedication to value principals will continue to be the
Fund's major themes.
[/S/ RICHARD R. JANDRAIN]
Richard R. Jandrain III
SENIOR MANAGING DIRECTOR OF EQUITY SECURITIES
- ---------
* THE FUND'S COMPOSITION IS SUBJECT TO CHANGE.
- ----14
<PAGE>
- --------------------------------------------------------------------------------
The One Group Large Company Value Fund
Portfolio Performance Review, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
S & P/BARRA
Fiduciary S & P 500 500 Value
3/91 $10,000 $10,000 $10,000
6/91 $10,148 $9,977 $10,126
6/92 $11,721 $11,316 $10,509
6/93 $12,511 $12,856 $13,637
6/94 $12,709 $13,039 $14,059
6/95 $15,685 $16,432 $17,054
6/96 $17,678 $20,701 $21,282
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(3/1/91)
Fiduciary 12.71% 11.74% 11.27%
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF
$10,000 INVESTMENT
<S> <C> <C> <C> <C>
S & P/BARRA
Class A No Load Class A* Load S & P 500 500 Value
2/92 $10,000 $9,550 $10,000 $10,000
6/92 $9,988 $9,539 $9,993 $10,476
6/93 $10,652 $10,173 $11,353 $12,412
6/94 $10,862 $10,370 $11,515 $12,796
6/95 $13,321 $12,717 $14,511 $15,523
6/96 $14,973 $14,234 $18,281 $19,371
Average Annual
Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(2/18/92)
Class A 12.40% NA 9.68%
Class A* 6.87% NA 8.42%
*Reflects 4.50% sales charge
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF
$10,000 INVESTMENT
<S> <C> <C> <C> <C>
S & P/BARRA
Class B No Load Class B Load S & P 500 500 Value
1/94 $10,000 $9,600 $10,000 $10,000
6/94 $9,652 $9,268 $9,658 $9,762
6/95 $11,802 $11,402 $12,171 $11,842
6/96 $13,213 $12,913 $15,333 $14,778
Average Annual
Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(1/14/94)
Class B 11.95% NA 11.99%
Class B** 7.95% NA 10.95%
**Reflects applicable
contingent deferred
sales charge
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. Investment Return and NAV will fluctuate so that an
investor's shares may be worth more or less than the original cost.
The S&P 500, an unmanaged index, is generally representative of the performance
of large companies in the US stock market. The S&P/BARRA 500 Value Index, an
unmanaged index, represents the lowest price to book securities in the S&P 500.
The benchmark index for the Large Company Value Fund is changing from the S&P
500 to the S&P/BARRA 500 Value Index in order to better represent the investment
policies of the Fund for comparison purposes.
15----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Disciplined Value Fund
Portfolio Performance Review
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
THE ONE GROUP DISCIPLINED VALUE FUND
For the one-year period ended June 30, 1996, The One Group Disciplined Value
Fiduciary share class posted a total return of 20.10%. (For information on other
share classes and performance comparisons to indexes, please see page 17.) The
Fund remained invested in all market sectors during the period, with an emphasis
on electric and telephone utilities and financial companies.
We were able to achieve the Fund's attractive one-year return by focusing
primarily on medium-capitalization, value-oriented stocks, or those with low
price/ earnings (P/E) ratios and low price/book (P/B) ratios. In addition, we
avoided making any sector bets, focusing instead on individual stocks with
stable to improving fundamentals.
The Fund's one-year return was enhanced by the particularly strong performance
of several issues, including Ross Stores, Helene Curtis, Liz Claiborne, TJX and
Olin Corp. All of these companies exhibited improving fundamentals. The Fund
suffered from disappointing performance by Apple Computer, Hechinger, Caliber
Systems, Ball Corp. and Community Psychiatric Centers, all of which experienced
a deterioration in their fundamentals. Futhermore, the Fund's interest-sensitive
stocks (utilities and financial companies) suffered during the rising interest
rate environment of 1996.
Most of the Fund's top 10 holdings changed throughout the year. Only Repsol SA,
at 1.3% of assets, and Wisconsin Energy at 1.3% of assets, were among the top 10
on both June 30, 1995, and June 30, 1996. The remaining top 10 stocks were
Washington Post Co., 1.7%; Circus Circus Enterprises, 1.5%; Allegheny Power
Systems, 1.4%; Bear Stearns, 1.3%; Seagate Technology, 1.3%; General Public
Utilities, 1.3%; Southtrust Corp. 1.3%; and Transatlantic Holdings, 1.3%.*
Looking ahead, we believe the Fund is well positioned, regardless of the
economic forecast. Our philosophy does not rely on market or sector timing.
Rather, it relies on disciplined, well-researched value stock selection.
Therefore, the Fund will remain broadly diversified across all sectors, with an
emphasis on the most attractive value stocks in each sector.
[/S/ RICHARD R. JANDRAIN]
Richard R. Jandrain III
FUND MANAGER
SENIOR MANAGING DIRECTOR OF EQUITY SECURITIES
- ---------
* THE FUND'S COMPOSITION IS SUBJECT TO CHANGE.
- ----16
<PAGE>
- --------------------------------------------------------------------------------
The One Group Disciplined Value Fund
Portfolio Performance Review, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
S & P/BARRA
Fiduciary S & P 500 Midcap 400 Value
3/89 $10,000 $10,000 $10,000
6/89 $10,989 $10,883 $10,883
6/90 $11,372 $12,673 $12,673
6/91 $11,572 $13,605 $13,605
6/92 $13,451 $15,432 $16,377
6/93 $15,278 $17,531 $20,194
6/94 $15,895 $17,782 $20,297
6/95 $18,443 $22,404 $24,413
6/96 $22,150 $28,231 $30,003
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(3/2/89)
Fiduciary 20.10% 13.87% 11.45%
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF
$10,000 INVESTMENT
<S> <C> <C> <C> <C>
S & P/BARRA
Class A No Load Class A* Load S & P 500 Midcap 400 Value
2/92 $10,000 $9,550 $10,000 $10,000
6/92 $10,121 $9,666 $9,993 $9,732
6/93 $11,464 $10,948 $11,353 $11,999
6/94 $11,956 $11,418 $11,515 $12,061
6/95 $13,801 $13,180 $14,511 $14,507
6/96 $16,534 $15,750 $18,281 $17,828
Average Annual
Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(2/18/92)
Class A 19.80% NA 12.20%
Class A* 14.14% NA 10.96%
*Reflects 4.50% sales charge
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF
$10,000 INVESTMENT
<S> <C> <C> <C> <C>
S & P/BARRA
Class B No Load Class B Load S & P 500 Midcap 400 Value
1/94 $10,000 $9,600 $10,000 $10,000
6/94 $9,500 $9,123 $9,658 $9,467
6/95 $10,918 $10,518 $12,171 $11,387
6/96 $12,985 $12,685 $15,333 $13,994
Average Annual
Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(1/14/94)
Class B 18.93% NA 11.20%
Class B** 14.93% NA 10.15%
**Reflects applicable
contingent deferred
sales charge
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. Investment return and NAV will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than the original
cost.
The S&P 500, an unmanaged index, is generally representative of the performance
of large companies in the US stock market. The S&P/BARRA Midcap 400 Value Index,
an unmanaged index, represents the lowest price to book securities in the S&P
Midcap 400 Index. The S&P/BARRA Midcap 400 Value Index better represents the
investment policies of the Fund for comparison purposes.
The S&P/BARRA Midcap 400 Value Index for the Fiduciary Class shares consists of
the average monthly returns of the S&P 500 from February 1989 through June 1991.
Thereafter, the data are from the S&P/BARRA Midcap 400 Value Index which
corresponds with the initiation of the Index on June 30, 1991.
17----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Large Company Growth Fund
Portfolio Performance Review
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
THE ONE GROUP LARGE COMPANY GROWTH FUND
For the year ended June 30, 1996, The One Group Large Company Growth Fund
Fiduciary share class posted a total return of 17.36%. (For information on other
share classes and performance comparisons to indexes, please see page 19.) For
the second consecutive 12-month period, the Fund participated in the favorable
market environment and increased accordingly.
The U.S. economy continued to grow during the period, which had a favorable
impact on corporate earnings. As the year progressed, interest rates increased,
which negatively affected financial and utility stocks, and signs of market
speculation became evident. In addition, the U.S. dollar strengthened, causing
short-term currency swings that hurt the earnings of many multinational
companies. These events worked against the Fund, since it is concentrated in
large companies.
Other factors also worked against the Fund's performance during the year. First,
the Fund continued to experience rapid asset growth during a period when stock
prices were rising rapidly. In addition, the Fund has maintained a lower risk
profile than the overall market. This strategy has worked well in the past, but
given the unusually strong stock market during the past year, it worked against
the Fund. As the financial markets return to normalcy and speculative excesses
are corrected, we expect this philosophy to reassert its positive influence on
portfolio results.
Given the scenario of economic and market events and increased pressure on
earnings, our primary investment strategy was to reduce the portfolio's
industrial and cyclical exposure to concentrate more on consistent growth
sectors. As a result, we increased group holdings in health care, non-durables
and telecommunications.
Eight of the Fund's top 10 holdings on June 30, 1995, were replaced by June 30,
1996. This primarily was due to changes we made as we positioned the Fund to its
new benchmark. We also made several portfolio changes as a result of our efforts
to build consistent growth exposure. On June 30, 1996, the Fund's top 10
holdings were: General Electric at 2.5% of Fund assets; AT&T, 2.3%; Merck & Co.,
2.3%; Proctor & Gamble, 2.1%; Johnson & Johnson, 2.0%; Pepsico, 1.9%; Coca Cola,
1.9%; Abbott Labs, 1.9%; Emerson Electric, 1.8%; and Colgate Palmolive, 1.7%.*
The Fund benefited from its exposure to many high-quality growth companies,
which rose more than 30% in price and reported better-than-expected earnings.
Such companies include Merck, Hershey Foods, Johnson & Johnson, Walgreen's, Elan
PLC, Hewlett-Packard, Pepsico and Halliburton.
With wide price swings, rapid changes in sectors and investor intolerance for
shortcomings that were characteristic of the fiscal year, several industrial and
technological stocks suffered despite their excellent long-term prospects.
Industry leaders such as Motorola, Texas Instruments, AMP Inc., Wal-Mart and
Browning Ferris fell in value during the year, primarily due to disappointing
earnings.
Our outlook for the market in general and large company stocks in particular is
mixed. Over the last two years stock prices have been in an uninterrupted
advance, fueled by earnings gains and investor cash flows into equity mutual
funds. Now, earnings momentum is slowing and bond yields have risen to levels
that are competitive with equities. This combination should result in a sideways
trading range as the market positives and negatives are worked out over time.
Investing in leading companies with superior growth prospects should help the
Fund in such a scenario. Most of its securities are in businesses that should be
able to support consistent earnings growth even if economic activity moderates.
[/S/ R. LYNN YTURRI]
R. Lynn Yturri,
FUND MANAGER
[/S/ RICHARD R. JANDRAIN]
Richard R. Jandrain III
SENIOR MANAGING DIRECTOR OF EQUITY SECURITIES
- ----------
* THE FUND'S COMPOSITION IS SUBJECT TO CHANGE.
- ----18
<PAGE>
- --------------------------------------------------------------------------------
The One Group Large Company Growth Fund
Portfolio Performance Review, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
S & P/BARRA
Fiduciary S & P 500 500 Growth
2/92 $10,000 $10,000 $10,000
6/92 $9,920 $9,993 $9,743
6/93 $11,301 $11,353 $10,550
6/94 $12,210 $11,515 $10,522
6/95 $14,877 $14,511 $13,755
6/96 $17,461 $18,281 $17,504
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(2/28/92)
Fiduciary 17.36% 13.71%
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C> <C>
S & P/BARRA
Class A No Load Class A* Load S & P 500 500 Growth
2/94 $10,000 $9,550 $10,000 $10,000
6/94 $9,898 $9,452 $9,604 $9,529
6/95 $12,028 $11,486 $12,104 $12,458
6/96 $14,054 $13,414 $15,257 $15,853
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(2/22/94)
Class A 16.85% 15.56%
Class A* 11.54% 13.29%
*Reflects 4.50% sales charge
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C> <C>
S & P/BARRA
Class B No Load Class B Load S & P 500 500 Growth
1/94 $10,000 $9,600 $10,000 $10,000
6/94 $9,934 $9,560 $9,658 $9,559
6/95 $11,985 $11,612 $12,171 $12,497
6/96 $13,952 $13,652 $15,333 $15,902
Average Annual
Total Return
as of 6/30/96
1 Year Since Inception
(1/14/94)
Class B 16.41% 14.50%
Class B** 12.41% 13.49%
**Reflects applicable
contingent deferred
sales charge
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. Investment Return and NAV will fluctuate so that an
investor's shares may be worth more or less than the original cost.
The S&P 500, an unmanaged index, is generally representative of the performance
of large companies in the US stock market. The S&P/BARRA 500 Growth Index, an
unmanaged index, represents the highest price to book securities in the S&P 500.
The benchmark index for the Large Company Growth Fund will be changing from the
S&P 500 to the S&P/BARRA 500 Growth Index in order to better represent the
investment policies of the Fund for comparison purposes.
19----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Growth Opportunities Fund
Portfolio Performance Review
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
THE ONE GROUP GROWTH OPPORTUNITIES FUND
For the year ended June 30, 1996, The One Group Growth Opportunities Fund
(formally the Small Company Growth Fund) Fiduciary share class posted a total
return of 24.63%. (For information on other share classes and performance
comparisons to indexes, please see page 21.)
The stock market in general, and the Fund in particular, benefited from an
overall favorable economic climate during the period. In addition, the Fund's
good performance can be attributed to superior stock selection--particularly
within the technology, health care and financial sectors, where more than 50% of
the Fund's assets were invested. Despite a significant decline in the technology
sector from late 1995 through early 1996, the Fund's holdings persevered and
continued to contribute to the Fund's solid one-year return.
In particular, the Fund enjoyed significant gains from U.S. Robotics, which
exhibited solid fundamentals; Cardinal Health, whose strong management and great
business-plan execution affords it a distinct competitive advantage; and
Hospitality Franchise Systems, which also benefits from effective management, a
good business model and solid execution.
Furthermore, our strategy of allocating money toward the highest-quality issues
during market sell-offs and selling some shares as certain stocks appreciated to
what we considered to be their fair market value also contributed to the Fund's
attractive total return. We also closely monitored trends in the marketplace and
stayed proactive in terms of removing companies that we expected would suffer
from earnings disappointments.
As a result of this strategy, the Fund's top 10 holdings changed throughout the
period. As of June 30, 1996, the top 10 stocks in the portfolio were HSF Inc.,
at 2.8% of Fund assets; U.S. Robotics, 2.3%; Thermo Electron, 1.8%; Parametric
Technology, 1.7%; Frontier Corp., 1.6%; Dell Computer Corp., 1.4%; Franklin
Resources, 1.4%; Paychex, 1.4%; Cadence Design Systems, 1.4%; and Charles Schwab
Co., 1.3%.*
Looking ahead, we expect to maintain our current investment strategies and
emphasis on the technology, financial and health care sectors. However, we may
trim back the Fund's exposure to the technology sector, as business does not
seem to be as robust as it has been in the past. Of course, we will continue to
monitor the financial markets and the economy and the potential impact that
changes in these arenas will have on small- to medium-capitalization stocks.
[/S/ ASHI PARIKH]
Ashi Parikh
FUND MANAGER
[/S/ RICHARD R. JANDRAIN]
Richard R. Jandrain III
SENIOR MANAGING DIRECTOR OF EQUITY SECURITIES
- ---------
* THE FUND'S COMPOSITION IS SUBJECT TO CHANGE.
- ----20
<PAGE>
- --------------------------------------------------------------------------------
The One Group Growth Opportunities Fund
Portfolio Performance Review, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
S & P/BARRA
Fiduciary Russell 2000 Midcap 400 Growth
3/89 $10,000 $10,000 $10,000
6/89 $10,822 $10,840 $10,967
6/90 $13,077 $10,971 $11,301
6/91 $14,364 $11,099 $11,440
6/92 $16,543 $12,742 $13,221
6/93 $20,076 $18,059 $16,032
6/94 $20,044 $16,763 $15,728
6/95 $24,002 $20,128 $19,560
6/96 $29,915 $24,945 $23,348
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(3/2/89)
Fiduciary 24.63% 15.80% 16.11%
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
S & P/BARRA
<S> <C> <C> <C> <C>
Class A No Load Class A* Load Russell 2000 Midcap 400 Growth
2/92 $10,000 $9,551 $10,000 $10,000
6/92 $8,847 $8,449 $9,679 $8,904
6/93 $10,766 $10,283 $12,198 $10,798
6/94 $10,710 $10,229 $12,733 $10,592
6/95 $12,799 $12,225 $15,289 $13,174
6/96 $15,912 $15,078 $18,948 $15,724
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(2/18/92)
Class A 24.32% NA 11.22%
Class A* 17.77% NA 9.86%
*Reflects 4.50% sales charge
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF
$10,000 INVESTMENT
<S> <C> <C> <C> <C>
S & P/BARRA
Class B No Load Class B** Load Russell 2000 Midcap 400 Growth
1/94 $10,000 $9,600 $10,000 $10,000
6/94 $9,093 $8,929 $9,360 $8,611
6/95 $10,772 $10,372 $11,239 $10,709
6/96 $13,307 $13,007 $13,928 $12,783
Average Annual
Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(1/14/94)
Class B 23.53% NA 12.31%
Class B** 19.53% NA 11.28%
**Reflects applicable
contingent deferred
sales charge
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. Investment Return and NAV will fluctuate so that an
investor's shares may be worth more or less than the original cost.
The Russell 2000, an unmanaged index, is generally representative of small to
mid-sized companies. The S&P/BARRA Midcap 400 Growth Index, an unmanaged index,
represents the highest price to book securities in the S&P Midcap 400 Index. The
S&P/BARRA Midcap 400 Growth better represents the investment policies of the
Fund for comparison purposes.
The S&P/BARRA Midcap 400 Growth Index for the Fiduciary Class Shares consists of
the average monthly returns of the Russell 2000 Index from February 1989 through
June 1991. Thereafter, the data are from the S&P/BARRA Midcap 400 Growth Index
which corresponds with the initiation of the Index on June 30, 1991.
21----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Gulf South Growth Fund
Portfolio Performance Review
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
THE ONE GROUP GULF SOUTH GROWTH FUND
NOTE: THE FUND, FORMERLY KNOWN AS THE PARAGON GULF SOUTH GROWTH FUND, JOINED THE
ONE GROUP FAMILY OF FUNDS ON MARCH 26, 1996. PRIOR TO THIS, THE FUND WAS MANAGED
BY PREMIER INVESTMENT ADVISORS, AN INVESTMENT SUBSIDIARY OF PREMIER BANCORP. AS
A MEMBER OF THE PARAGON FAMILY, THE FUND ENDED ITS FISCAL YEAR ON NOVEMBER 30.
THIS REPORT, THEREFORE, COVERS THE PERIOD FROM DECEMBER 1, 1995, TO JUNE 30,
1996.
For the seven-month period ended June 30, 1996, The One Group Gulf South Growth
Fund Fiduciary share class posted a total return of 13.39%. (For information on
other share classes and performance comparisons to indexes, please see page 23.)
The primary investment strategy for the Fund during the period was to reduce
portfolio volatility by expanding the number of holdings and increasing the
portfolio's diversification. Additionally, within each market sector we tried to
select companies that are expected to outperform their peers.
The Fund was able to take advantage of the favorable performance among
small-capitalization stocks during the last four months of the period as well as
the strong economic climate in the Southeast region of the United States. In
addition to the gains in the general small-capitalization market, another factor
affecting the Fund's performance was its slight overweighting in the commercial
services sector of the market. One particular holding--Accustaff, a temporary
staffing company specializing in information technology-- performed very well,
increasing almost 200% during the period. The Fund's holdings in the technology
sector, which was market weighted, also contributed to the portfolio's good
performance.
Other than Accustaff, top performers during the period included Worldcom and
Input/Output, which both appreciated more than 50%, and Garden Ridge, which was
up 35%. We witnessed disappointing performance from two utility
companies--Equalnet and Pronet--whose earnings came up woefully short and whose
near-term prospects were clouded. Both of these stocks subsequently were sold.
Additional earnings disappointments came from Micros Systems.
The Fund had broad exposure to the different market sectors during the previous
seven months. The larger sector weightings were as follows: technology, 19%'
finance, 16%; health care, 10%; producer manufacturing, 8% and commercial
services 8%.
The portfolio's top 10 holdings remained fairly constant during the seven-month
period. Worldcom, Medaphis, United Companies Financial, Input/Output, Accustaff,
SCI Systems and Atlantic Southeast Air all held on to their top 10 spots
throughout the period. Two holdings--Garden Ridge and Stewart Enterprises--moved
into the top 10 as a result of price appreciation. The final member of the top
10 was Wolverine Tube.*
Looking ahead, we do not plan on making any major changes to sector allocations
or cash levels. Of course, economic activity will continue to dictate the
performance of the Fund. Corporate earnings and stock prices tend to move in the
same direction as the overall economy.
[/S/ DONALD E. ALLRED]
Donald E. Allred
FUND MANAGER
[/S/ RICHARD R. JANDRAIN]
Richard R. Jandrain III
SENIOR MANAGING DIRECTOR OF EQUITY SECURITIES
- ---------
* THE FUND'S COMPOSITION IS SUBJECT TO CHANGE.
- ----22
<PAGE>
- --------------------------------------------------------------------------------
The One Group Gulf South Growth Fund
Portfolio Performance Review, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Fiduciary S & P 500 S & P 600
6/91 $10,000 $10,000 $10,000
6/92 $12,122 $10,827 $11,205
6/93 $15,309 $12,304 $14,397
6/94 $15,874 $12,475 $14,665
6/95 $17,772 $15,744 $17,643
6/96 $21,448 $19,834 $22,244
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(6/1/91)
Fiduciary 21.27% 16.59% 16.59%
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C> <C>
Class A No Load Class A* Load S & P 500 S & P 600
6/91 $10,000 $9,550 $10,000 $10,000
6/92 $12,122 $11,577 $10,827 $11,205
6/93 $15,309 $14,620 $12,304 $14,397
6/94 $15,874 $15,159 $12,475 $14,665
6/95 $17,772 $16,972 $15,744 $17,643
6/96 $21,551 $20,341 $19,834 $22,244
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(6/1/91)
Class A 20.69% 16.48% 16.48%
Class A* 14.46% 15.25% 15.25%
*Reflects 4.50% sales charge
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C> <C>
Class B No Load Class B Load S & P 500 S & P 600
12/94 $10,000 $9,600 $10,000 $10,000
6/95 $10,594 $10,194 $12,038 $11,465
6/96 $12,702 $12,302 $15,165 $14,455
Average Annual Total Return
as of 6/30/96
1 Year 5 Year Since Inception
(12/31/94)
Class B 19.90% NA 14.21%
Class B** 15.94% NA 12.20%
**Reflects applicable contingent deferred sales charge
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. Investment Return and NAV will fluctuate so that an
investor's shares may be worth more or less than the original cost.
The S&P 500 Index, an unmanaged index, is generally representative of the
performance of large companies in the US stock market. The S&P 600 Index is an
unmanaged index of 600 small companies. The benchmark for the Gulf South Growth
Fund is changing from the S&P 500 to the S&P 600 Index in order to better
represent the investment policies of the Fund for comparison purposes.
23----
<PAGE>
- --------------------------------------------------------------------------------
The One Group International Equity Index Fund
Portfolio Performance Review
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
THE ONE GROUP INTERNATIONAL EQUITY INDEX FUND
For the one-year period ended June 30, 1996, The One Group International Equity
Index Fund Fiduciary share class provided a total return of 11.22%. (For
information on other share classes and a performance comparison to the index,
please see page 25.) As it is designed to do, the Fund's performance closely
matched that of the Morgan Stanley Capital International Europe, Australia, Far
East/Gross Domestic Product (EAFE/GDP) Index. For the one-year period, the Index
provided a return of 12.57%. (The slight difference in returns was due to the
expenses charged to the Fund.)
The Fund, just as the Index, was invested in 31 international equity markets
during the past year. Ninety percent of those markets were in the developed
equity markets such as Japan, France, Germany and the U.K. The remaining 10% of
the Fund was invested in emerging markets, including Mexico, Brazil, Turkey and
Thailand. Within each country, the Fund owned a diversified list of stocks that
closely resembled the specific characteristics of the particular market. During
the period, the Fund owned about 589 stocks in the developed international
markets and about 205 stocks in the emerging markets.
During the year, most international economies remained weak. However, the
sluggish corporate earnings fostered by the weak economies were offset by lower
interest rates and the reduced cost of capital. When converted to U.S. dollars,
the Fund's one-year return was reduced. The dollar appreciated against most
international currencies during the period, which lessened the value of returns
in most foreign equity markets.
At year end, the country with the largest weighting in the Fund was Japan at 32%
of assets, followed by Germany at 14%, France at 9%, Italy at 7% and the United
Kingdom at 7%. These countries returned 11%, 8%, 12%, 16% and 12%, respectively.
The emerging markets, lead by Argentina, Brazil and Mexico, returned 4% for the
period.
Several developed countries showed outstanding returns during the period. For
example, Sweden was up 32 % in U.S. dollars, Ireland increased 25%, and Spain
was up 29%.
Other countries weren't as fortunate. For example, weak local markets caused
Finland to fall by 17% and Austria to decline 8%.
Over the next year, we believe that foreign markets, in general, should offer
good relative value versus the U.S. market, which, due to strong performance,
has become more expensive. Our indexed strategy should position the Fund to take
advantage of market strengths throughout the international arena and
particularly in Japan and Europe, where increased growth should help their
equity markets.
[/S/ NORMAN MELTZ]
Norman Meltz
BOSTON INTERNATIONAL ADVISORS INC.
FUND SUB-ADVISOR
[/S/ RICHARD R. JANDRAIN]
Richard R. Jandrain III
FUND MANAGER
SENIOR MANAGING DIRECTOR OF EQUITY SECURITIES
- ----24
<PAGE>
- --------------------------------------------------------------------------------
The One Group International Equity Index Fund
Portfolio Performance Review, continued
- --------------------------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C>
Morgan Stanley
Fiduciary EAFE/GDP
10/92 $10,000 $10,000
6/93 $11,812 $12,249
6/94 $13,636 $14,429
6/95 $14,209 $14,982
6/96 $15,803 $16,865
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(10/28/92)
Fiduciary 11.22% 13.30%
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Morgan Stanley
Class A No Load Class A* Load EAFE/GDP
4/93 $10,000 $9,550 $10,000
6/93 $9,958 $9,510 $10,900
6/94 $11,469 $10,953 $12,840
6/95 $11,913 $11,376 $13,332
6/96 $13,248 $12,638 $15,008
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(4/23/93)
Class A 11.20% 9.24%
Class A* 6.07% 7.62%
*Reflects 4.50% sales charge
</TABLE>
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
<TABLE>
<CAPTION>
VALUE OF $10,000 INVESTMENT
<S> <C> <C> <C>
Morgan Stanley
Class B No Load Class B Load EFAE/GDP
1/94 $10,000 $9,600 $10,000
6/94 $10,323 $9,923 $10,753
6/95 $10,650 $10,250 $12,912
6/96 $11,712 $11,412 $14,535
Average Annual Total Return
as of 6/30/96
1 Year Since Inception
(1/14/94)
Class B 9.97% 6.63%
Class B** 5.97% 5.53%
**Reflects applicable contingent deferred sales charge
</TABLE>
The performance data quoted represents past performance and is not an indication
of future results. Investment Return and NAV will fluctuate so that an
investor's shares may be worth more or less than the original cost.
The performance of the International Equity Index Fund is measured against the
Morgan Stanley EAFE/GDP Index, an unmanaged index generally representative of
international stocks. Investors are unable to purchase the index directly,
although they can invest in the underlying securities. The performance of the
index does not reflect the deduction of expenses associated with a mutual fund,
such as investment management. By contrast, the performance of the Fund reflects
the deduction of these value-added services as well as the deduction of sales
charges on Class A Shares and applicable contingent deferred sales charges on
Class B Shares.
International investing is subject to certain factors such as currency exchange
rate volatility, possible political, social or economic instability, foreign
taxation and/or differences in auditing and other financial standards.
25----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------- ---------
<C> <S> <C>
ASSET BACKED SECURITIES (1.6%):
$ 800,000 Advanta Mortgage Loan Trust, 7.60%
7/25/10................................... $ 801
262,273 Honda Auto Receivables Grantor Trust, 4.80%,
8/15/99................................... 260
340,339 The Money Store Home Equity Trust, 6.80%,
2/15/13................................... 336
---------
Total Asset Backed Securities 1,397
---------
COMMON STOCKS (48.7%):
Aerospace & Military Technology (0.5%):
3,580 Lockheed Martin Corp. ...................... 300
2,900 Thiokol Corp. .............................. 115
---------
415
---------
Airlines (0.5%):
5,100 Boeing Co. ................................. 444
---------
Automotive (1.1%):
12,900 Ford Motor Co. ............................. 418
6,580 General Motors Corp. ....................... 344
14,200 Yellow Corp. ............................... 188
---------
950
---------
Banking (2.0%):
5,300 Bancorp Hawaii, Inc. ....................... 191
6,720 BankAmerica Corp. .......................... 509
6,200 Charter One Financial, Inc. ................ 216
5,600 KeyCorp..................................... 217
3,600 J.P. Morgan & Co., Inc. .................... 304
3,290 NationsBank Corp. .......................... 272
---------
1,709
---------
Banking & Financial Services (0.2%):
7,300 Southtrust Corp. ........................... 205
---------
Beverages (0.8%):
13,500 The Coca Cola Co. .......................... 660
---------
Building Products (0.2%):
5,300 Masco Corp. ................................ 160
---------
Business Services (0.1%):
3,100 Automatic Data Processing................... 120
---------
Capital Goods (0.3%):
4,700 Tenneco, Inc. .............................. 240
---------
Chemicals (1.7%):
1,800 DuPont (EI) de Nemours & Co. ............... 142
1,900 Eastman Chemical Co. ....................... 116
6,400 Ferro Corp. ................................ 170
6,500 Nalco Chemical Co. ......................... 205
6,700 Praxair, Inc. .............................. 283
8,500 Schulman, Inc. ............................. 208
4,000 Sigma-Aldrich Corp. ........................ 214
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
Chemicals, continued:
<TABLE>
<C> <S> <C>
3,200 Union Carbide Corp. ........................ $ 127
---------
1,465
---------
Commercial Services (0.2%):
3,900 Manpower, Inc. ............................. 153
---------
Computer Hardware (1.5%):
2,800 Bay Networks, Inc. (c)...................... 72
4,700 Cisco Systems, Inc. (c)..................... 266
1,900 Digital Equipment Corp. (c)................. 86
3,600 EMC Corp. (c)............................... 67
7,600 Intel Corp. ................................ 558
1,400 Seagate Technology, Inc. (b)(c)............. 63
5,700 Silicon Graphics, Inc. (c).................. 136
2,000 3Com Corp. (b)(c)........................... 92
---------
1,340
---------
Computer Software (1.6%):
2,300 Computer Associates International, Inc. .... 163
5,250 Microsoft (c)............................... 631
5,300 Novell, Inc. (c)............................ 74
5,800 Oracle Corp. (c)............................ 229
1,900 Parametric Technology Corp. (c)............. 82
3,400 Sun Microsystems, Inc. (b) (c).............. 200
---------
1,379
---------
Consumer Goods & Services (1.8%):
9,000 Ball Corp. ................................. 259
9,300 Callaway Golf Co. (b)....................... 309
4,000 Colgate Palmolive Co. ...................... 339
4,600 Nine West Group, Inc. (b)(c)................ 235
4,400 Proctor & Gamble Co. ....................... 399
---------
1,541
---------
Defense (0.3%):
4,100 Rockwell International Corp. ............... 235
---------
Diversified (0.8%):
13,800 BW/IP Holdings, Inc. ....................... 262
5,600 Crane Co. .................................. 230
3,800 ITT Hartford................................ 202
---------
694
---------
Electric Utility (1.8%):
6,700 Allegheny Power Systems, Inc. .............. 207
8,760 Central & South West Corp. ................. 254
8,500 Cinergy Corp. .............................. 272
16,700 Edison International........................ 294
6,500 General Public Utility Corp. ............... 229
6,700 Texas Utilities............................. 287
---------
1,543
---------
</TABLE>
CONTINUED
- ----26
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Electrical & Electronic (1.7%):
2,500 AMP, Inc. .................................. $ 100
2,800 Compaq Computer Corp. (c)................... 138
6,400 E G & G, Inc. .............................. 137
11,680 General Electric Co. ....................... 1,010
3,000 Micron Technology, Inc. (b)................. 78
---------
1,463
---------
Electronic Components/Instruments (0.4%):
6,200 Motorola, Inc. ............................. 390
---------
Engineering (0.2%):
7,300 Jacobs Engineering Group, Inc. (c).......... 193
---------
Entertainment (0.9%):
9,000 Carnival Cruise Lines....................... 260
7,030 Walt Disney Co. ............................ 442
7,300 Station Casinos, Inc. ...................... 105
---------
807
---------
Environmental Services (0.2%):
6,710 Browning-Ferris Industries, Inc. ........... 195
---------
Financial Services (2.2%):
6,300 Chase Manhattan Corp. ...................... 445
2,800 Dean Witter Discover & Co. ................. 160
15,280 Federal National Mortgage Assoc. ........... 512
800 First Chicago Corp. ........................ 31
2,900 SunAmerica, Inc. ........................... 164
8,450 Travelers Group, Inc. ...................... 386
6,800 Washington Mutual, Inc. (b)................. 203
---------
1,901
---------
Food Products & Services (1.5%):
8,200 IBP, Inc. .................................. 227
4,100 Kellogg Co. ................................ 300
8,800 McDonald's Corp. ........................... 411
11,300 PepsiCo, Inc. .............................. 400
---------
1,338
---------
Forest Products (0.2%)
3,300 Mead Corp. ................................. 171
---------
Gas & Electric Utility (0.3%):
9,900 New York State Electric & Gas............... 241
---------
Health Care (2.6%):
10,000 Abbott Labs (b)............................. 435
6,860 Baxter International, Inc. ................. 324
7,700 Columbia/HCA Healthcare Corp. .............. 411
4,900 Foundation Health Corp. (b)(c).............. 176
7,900 Humana, Inc. (c)............................ 141
12,050 Merck & Co., Inc. .......................... 779
---------
2,266
---------
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
<TABLE>
<C> <S> <C>
Home Furnishings (0.1%):
4,100 Newell Cos., Inc. .......................... $ 126
---------
Household Products (0.3%):
6,100 Tupperware Corp. (c)........................ 258
---------
Industrial Goods & Services (0.7%):
7,500 Tyco Labs................................... 306
2,300 United Technologies Corp. .................. 264
---------
570
---------
Insurance (1.5%):
5,700 Allstate Corp. ............................. 260
3,500 Loews Corp. (b)............................. 276
5,380 Providian Corp. ............................ 231
5,100 SAFECO Corp. (b)............................ 180
3,600 Torchmark Corp. ............................ 157
2,000 TransAmerica Corp. ......................... 164
---------
1,268
---------
Leisure (0.2%):
5,000 Harley-Davidson, Inc. ...................... 206
---------
Machinery & Equipment (0.5%):
2,500 Applied Materials, Inc. (c)................. 76
4,600 Harnischfeger Industries, Inc. ............. 153
9,700 Keystone International, Inc. ............... 201
---------
430
---------
Manufacturing--Capital Goods (0.5%):
10,035 Mark IV Industries, Inc. ................... 227
4,400 York International Corp. ................... 228
---------
455
---------
Manufacturing--Consumer Goods (0.4%):
2,900 Johnson Controls, Inc. ..................... 202
6,100 Premark International....................... 112
---------
314
---------
Materials (0.2%):
4,200 American Brands, Inc. ...................... 191
---------
Medical Equipment & Supplies (0.9%):
5,500 Amgen, Inc. (c)............................. 297
5,820 Medtronic, Inc. ............................ 326
3,900 Nellcor Puritan Bennett, Inc. (c)........... 189
---------
812
---------
Medical--Hospital Management & Service (0.4%):
2,300 Pacificare Health Systems, Class A (c)...... 152
8,800 Tenet Healthcare Corp. (c).................. 188
---------
340
---------
Metals (0.4%):
6,300 Alumax, Inc. (b)(c)......................... 191
</TABLE>
CONTINUED
27----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Metals, continued:
<C> <S> <C>
6,700 Cyprus Amax Minerals........................ $ 152
---------
343
---------
Office Equipment & Services (0.8%):
4,000 Hewlett Packard............................. 399
2,000 Pitney Bowes, Inc. ......................... 95
3,000 Xerox Corp. ................................ 161
---------
655
---------
Oil & Gas Exploration Products & Services (4.5%):
5,200 Amoco Corp. ................................ 376
2,110 Atlantic Richfield Co. ..................... 250
4,200 BJ Services Co. (c)......................... 148
6,400 Baker Hughes................................ 210
4,600 Devon Energy Corp. ......................... 113
2,810 Enron Corp. ................................ 115
8,390 Exxon Corp. ................................ 729
4,190 Halliburton Co. ............................ 233
1,900 Mapco, Inc. ................................ 107
3,900 Mobil Corp. ................................ 437
10,800 Rowan Cos., Inc. (c)........................ 159
4,300 Royal Dutch Petroleum Co. (b)............... 661
2,310 Texaco, Inc. ............................... 194
2,200 Tosco Corp. ................................ 111
4,500 Union Pacific Resources Group............... 120
---------
3,963
---------
Oil & Gas Transmission (0.2%):
3,200 Tidewater, Inc. ............................ 140
---------
Pharmaceuticals (1.0%):
7,800 Pharmacia & Upjohn, Inc. ................... 346
5,400 Schering Plough (b)......................... 339
4,400 Watson Pharmaceutical, Inc. (c)............. 167
---------
852
---------
Printing & Publishing (0.7%):
5,960 American Greetings Corp., Class A........... 163
4,600 Belo (A.H.) Corp., Class A.................. 171
6,800 Time Warner, Inc. .......................... 267
---------
601
---------
Restaurants (0.2%):
8,300 Wendy's International, Inc. ................ 155
---------
Retail Stores/Catalog (2.5%):
7,700 Carson Pirie Scott & Co. (c)................ 206
6,300 Dillard Department Stores, Class A.......... 230
8,200 Gap, Inc. .................................. 263
6,300 Kohl's Corp. (c)............................ 231
6,800 Lowe's Cos. ................................ 246
4,860 Smith's Food & Drug......................... 116
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
Retail Stores/Catalog, continued:
<TABLE>
<C> <S> <C>
8,700 Supervalu, Inc. (b)......................... $ 274
24,440 Wal-Mart.................................... 620
---------
2,186
---------
Services (0.2%):
5,550 Olsten Corp. (b)............................ 163
---------
Technology (0.4%):
2,750 IBM Corp. .................................. 272
2,200 Texas Instruments........................... 110
---------
382
---------
Telecom Equipment (0.1%):
1,100 U.S. Robotics Corp. (c)..................... 94
---------
Telecommunications (3.7%):
17,390 AT&T Corp. (b).............................. 1,078
10,900 Bell South.................................. 462
12,210 GTE Corp. .................................. 546
8,100 MCI Communications.......................... 208
9,290 SBC Communications, Inc. ................... 458
10,720 Sprint Corp. ............................... 450
---------
3,202
---------
Telecommunications--Services & Equipment (0.2%):
2,600 Northern Telecom, Ltd. ..................... 141
---------
Textile Products(0.2%):
10,800 Donnkenny, Inc. (c)......................... 211
---------
Tobacco (1.6%):
9,400 Phillip Morris Cos., Inc. .................. 978
4,550 RJR Nabisco Holdings Corp. ................. 141
6,900 UST, Inc. .................................. 236
---------
1,355
---------
Transportation (0.2%):
7,400 APL Ltd. ................................... 193
---------
Trucking & Leasing (0.2%):
9,800 USFreightways Corp. ........................ 191
---------
Wholesale Distribution (0.3%):
3,100 Cardinal Health, Inc. ...................... 224
---------
Total Common Stocks 42,239
---------
CORPORATE BONDS (8.6%):
Automotive Finance (0.6%):
$ 500,000 Chrysler Financial Corp., 5.88%, 2/7/01..... 478
---------
Banking (0.8%):
750,000 First Hawaiian Inc., 6.25%, 8/15/00......... 730
---------
Banking & Financial Services (0.5%):
500,000 Midland Bank, PLC, 6.95%, 3/15/11 (b)....... 471
---------
</TABLE>
CONTINUED
- ----28
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------- ---------
CORPORATE BONDS, CONTINUED:
<C> <S> <C>
Consumer Goods & Services (2.3%):
$ 500,000 Campbell Soup Co., 5.63%, 9/15/03........... $ 462
500,000 Dayton Hudson Co., 7.25%, 9/1/04............ 486
500,000 Occidental Pete, 9.25%, 8/1/19, Putable
8/1/04, @100.............................. 580
500,000 J C Penney & Co., 5.38%, 11/15/98........... 488
---------
2,016
---------
Electric Utility(0.6%):
500,000 Virginia Electric & Power, 6.63%, 4/1/03.... 488
---------
Financial Services (2.1%):
500,000 John Deere Capital, 4.63%, 9/2/96........... 499
500,000 Ford Motor Credit, 8.38%, 1/15/00........... 525
500,000 Lehman Brothers, 9.88%, 10/15/00............ 550
250,000 Lehman Brothers Holdings, 6.38%, 6/01/98.... 249
---------
1,823
---------
Railroads (0.6%):
500,000 Union Pacific Co., 7.60%, 5/1/05............ 512
---------
Telecommunications (1.1%):
500,000 AT&T Corp., 6.00%, 8/1/00................... 479
500,000 AT&T Corp., 6.75%, 4/1/04................... 492
---------
971
---------
Total Corporate Bonds 7,489
---------
U.S. TREASURY BILLS (0.5%):
80,000 7/25/96 (d)................................. 80
45,000 8/1/96 (d).................................. 45
25,000 8/22/96 (d)................................. 25
40,000 8/29/96 (d)................................. 39
220,000 9/12/96 (d)................................. 218
---------
Total U.S. Treasury Bills 407
U.S. TREASURY NOTES (8.8%):
1,500,000 5.38%, 11/30/97 (b)......................... 1,488
2,000,000 7.25%, 2/15/98.............................. 2,036
2,250,000 7.00%, 4/15/99 (b).......................... 2,291
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------- ---------
</TABLE>
U.S. TREASURY NOTES, CONTINUED:
<TABLE>
<C> <S> <C>
$ 750,000 6.38%, 1/15/00.............................. $ 750
750,000 11.25%, 2/15/15 (b)......................... 1,082
---------
Total U.S. Treasury Notes 7,647
---------
U.S. TREASURY BONDS (1.6%):
1,200,000 8.13%, 8/15/19 (b).......................... 1,347
---------
Total U.S. Treasury Bonds 1,347
---------
U.S. GOVERNMENT AGENCIES (18.8%):
Federal Home Loan Mortgage Corp.
1,000,000 8.50%, 7/1/26............................... 1,027
270,654 10.00%, 9/1/03.............................. 283
334,117 8.00%, 3/1/08............................... 340
336,011 10.50%, 10/1/20............................. 367
938,078 8.00%, 5/1/25, Pool #D60455................. 946
498,452 7.00%, 3/1/26, Pool #D69430................. 480
999,055 7.50%, 5/1/26............................... 987
Federal National Conventional Loan
462,675 8.00%, 6/1/24............................... 466
745,022 8.00%, 6/1/24............................... 750
Federal National Mortgage Assoc.
1,000,000 5.55%, 9/8/98............................... 982
1,000,000 5.53%, 2/10/99.............................. 978
1,000,000 7.50%, 5/1/11............................... 967
997,256 6.50%, 2/1/26, Pool #337115................. 933
986,744 7.50%, 5/1/26............................... 974
999,069 7.00%, 5/1/26............................... 961
Government National Mortgage Assoc.
747,971 7.00%, 8/15/25, Pool #413007................ 718
999,060 7.00%, 5/15/26.............................. 958
999,223 7.50%, 5/15/26.............................. 985
Government National Sinking Fund
1,290,938 8.00%, 8/15/24.............................. 1,302
Federal Home Loan Mortgage Corp.
1,015,745 6.50%, 2/1/26, Pool #D68124................. 952
---------
Total U.S. Government Agencies 16,356
---------
Total Investments, at value 76,882
---------
</TABLE>
CONTINUED
29----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
ASSET ALLOCATION FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------------------- ---------
REPURCHASE AGREEMENTS (12.1%):
<C> <S> <C>
$ 6,016,860 Aubrey G. Lanston & Co., 5.45%, 7/1/96
(collateralized by $5,923,000 U.S.
Treasury Notes, 6.38%, 6/30/97, market
value--$6,141)............................ $ 6,017
4,455,000 Lehman Brothers, 5.51%, 7/1/96
(collateralized by $4,570,000 Federal Home
Loan Bank Bond, 8.00%, 8/23/10, market
value--$4,549)............................ 4,455
---------
Total Repurchase Agreements 10,472
---------
Total (Cost--$83,029)(a) $ 87,354
---------
---------
</TABLE>
- ------------
Percentages indicated are based on net assets of $86,747.
<TABLE>
<C> <S>
(a) Represents cost for financial reporting purposes and differs from cost basis for federal income tax purposes by the
amount of losses recognized for financial reporting in excess of federal income tax reporting of approximately $146.
Cost for federal income tax purposes differed from value by net unrealized appreciation of securities as follows:
</TABLE>
<TABLE>
<S> <C>
Unrealized appreciation.................................................... $ 5,367
Unrealized depreciation.................................................... (1,188)
---------
Net unrealized appreciation................................................ $ 4,179
---------
---------
</TABLE>
<TABLE>
<C> <S>
(b) A portion of this security was loaned as of June 30, 1996.
</TABLE>
<TABLE>
<C> <S>
(c) Non-income producing securities.
</TABLE>
<TABLE>
<C> <S>
(d) Serves as collateral for futures contracts.
</TABLE>
At June 30, 1996, the Portfolio's open futures contracts were as follows:
<TABLE>
<CAPTION>
OPENING CURRENT
# OF POSITIONS MARKET
CONTRACTS CONTRACT TYPE (000) VALUE (000)
- ---------- ----------------------------------------------------------- ----------- -----------
<C> <S> <C> <C>
LONG CONTRACTS
18 S & P 500 September, 1996.................................. $ 6,034 $ 6,091
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----30
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INCOME EQUITY FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
<C> <S> <C>
COMMON STOCKS (85.5%):
Aerospace & Military Technology (1.5%)
68,600 Lockheed Martin Corp. .................. $ 5,762
---------
Airlines (1.3%):
60,000 Boeing Co. ............................. 5,228
---------
Automotive (1.7%):
45,000 Chrysler Corp. ......................... 2,790
116,248 Ford Motor Co. ......................... 3,764
---------
6,554
---------
Banking (3.0%):
76,754 BankAmerica Corp. ...................... 5,814
70,000 J.P. Morgan & Co., Inc. ................ 5,924
---------
11,738
---------
Banking & Financial Services (2.4%):
71,232 Citicorp (b)............................ 5,886
120,000 First Tennessee National Corp. ......... 3,675
---------
9,561
---------
Beverages & Tobacco (1.5%):
120,000 Coca Cola Co. .......................... 5,865
---------
Chemicals (5.9%):
80,000 ARCO Chemical........................... 4,160
115,000 Dow Chemical Co. ....................... 8,740
70,000 DuPont (EI) de Nemours & Co. ........... 5,539
150,000 Nalco Chemical Co. ..................... 4,725
---------
23,164
---------
Computer Hardware (0.7%):
40,000 Intel Corp. ............................ 2,938
---------
Computer Software (2.0%):
148,522 Electronic Data Systems Corp. .......... 7,983
---------
Consumer Goods & Services (3.0%):
100,000 International Flavors & Fragrance....... 4,763
150,000 Sears Roebuck........................... 7,293
---------
12,056
---------
Diversified (1.8%):
100,000 Briggs & Stratton Corp. (b)............. 4,113
80,000 Corning, Inc. .......................... 3,070
---------
7,183
---------
Electric Utility (3.0%):
160,000 Central & South West Corp. ............. 4,640
80,000 Duke Power Co. ......................... 4,100
110,000 Entergy Corp. .......................... 3,121
---------
11,861
---------
Electrical & Electronic (1.8%):
66,500 Avnet, Inc. ............................ 2,802
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
Electrical & Electronic, continued:
<TABLE>
<C> <S> <C>
115,000 National Service Industries, Inc. (b)... $ 4,499
---------
7,301
---------
Electrical Equipment (1.4%):
135,000 Cooper Industries, Inc. (b)............. 5,603
---------
Electronic Components/ Instruments (0.9%):
67,200 Raytheon Co. ........................... 3,469
---------
Environmental Services (1.1%):
150,000 Browning-Ferris Industries, Inc. ....... 4,350
---------
Financial Services (2.3%):
125,000 American Express Co. ................... 5,578
105,000 Federal National Mortgage Assoc. ....... 3,518
---------
9,096
---------
Food Products & Services (5.4%):
110,000 Campbell Soup Co. ...................... 7,755
175,000 ConAgra, Inc. .......................... 7,941
200,000 IBP Inc. ............................... 5,525
---------
21,221
---------
Health Care (7.2%):
110,000 American Home Products.................. 6,614
195,000 Baxter International, Inc. ............. 9,214
95,000 Bristol Myers Squibb Co. ............... 8,550
75,000 Columbia/HCA Healthcare Corp. .......... 4,003
---------
28,381
---------
Household Products (1.1%):
100,000 Tupperware Corp. (c).................... 4,225
---------
Insurance (4.7%):
101,973 Allstate Corp. ......................... 4,653
115,000 Lincoln National Corp. ................. 5,319
90,000 Reliastar Financial Corp. .............. 3,881
60,000 TransAmerica Corp. ..................... 4,905
---------
18,758
---------
Machinery & Equipment (0.7%):
70,000 Deere & Co. ............................ 2,800
---------
Manufacturing--Consumer Goods (1.4%):
30,000 Johnson Controls, Inc. ................. 2,085
55,000 V.F. Corp. ............................. 3,279
---------
5,364
---------
Office Equipment & Services (2.3%):
170,000 Xerox Corp. ............................ 9,095
---------
Oil & Gas Exploration, Production & Services (10.2%):
70,000 Amoco Corp. ............................ 5,066
25,000 Atlantic Richfield Co. ................. 2,963
90,000 Exxon Corp. ............................ 7,819
</TABLE>
CONTINUED
31----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INCOME EQUITY FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Oil & Gas Exploration, Production & Services, continued:
<C> <S> <C>
85,000 Halliburton Co. ........................ $ 4,718
89,000 Mobil Corp. ............................ 9,978
60,000 Phillips Petroleum Co. ................. 2,513
50,000 Royal Dutch Petroleum Co. .............. 7,687
---------
40,744
---------
Paper Products (0.8%):
90,000 International Paper Co. ................ 3,319
---------
Pharmaceuticals (2.7%):
80,000 Schering Plough (b)..................... 5,020
100,000 Warner Lambert Co. ..................... 5,500
---------
10,520
---------
Photography (1.6%):
80,000 Eastman Kodak Co. ...................... 6,220
---------
Printing & Publishing (3.3%):
70,000 Dun & Bradstreet Corp. ................. 4,374
135,000 Jostens, Inc. .......................... 2,666
130,000 McGraw Hill, Inc. ...................... 5,948
---------
12,988
---------
Telecommunications (6.3%):
130,000 AT&T Corp. ............................. 8,059
110,000 Bell South.............................. 4,661
110,000 GTE Corp. .............................. 4,923
110,000 SBC Communications, Inc. (b)............ 5,418
42,000 Sprint Corp. ........................... 1,764
---------
24,825
---------
Tobacco (2.5%):
95,000 Phillip Morris Cos., Inc. .............. 9,880
---------
Total Common Stocks 338,049
---------
PREFERRED STOCKS (5.5%):
Electric Utility (0.8%):
100,000 WPS Resources........................... 3,163
---------
Financial Services (0.7%):
25,000 Salomon, Inc. .......................... 2,600
---------
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
</TABLE>
PREFERRED STOCKS, CONTINUED:
<TABLE>
<C> <S> <C>
Industrial Goods & Services (4.0%):
80,000 Corning Delaware........................ $ 4,570
50,000 Cyprus Amax Minerals Co. ............... 2,725
100,000 Sonoco Products......................... 6,025
150,000 Westinghouse Electric................... 2,606
---------
15,926
---------
Total Preferred Stocks 21,689
---------
CONVERTIBLE BONDS (5.1%):
$ 2,500,000 Alza Corp., 5.00%, 5/1/06............... 2,433
1,000,000 Healthsouth Rehabilitation Corp., 5.0%,
4/1/01................................ 1,945
3,500,000 Masco Corp., 5.25%, 2/15/12 (b)......... 3,277
3,000,000 Medical Care International, 6.75%,
10/1/06 (b)........................... 3,071
2,250,000 Pennzoil Co., 6.5%, 1/15/03............. 3,178
3,000,000 Pep Boys-Manny, Moe, & Jack, 4.00%,
9/1/99................................ 3,079
3,000,000 Price Company, 5.5%, 2/28/12 (b)........ 3,188
---------
Total Convertible Bonds 20,171
---------
INVESTMENT COMPANIES (0.7%):
2,573,604 Aquila Churchill Cash Reserves Money
Market Fund........................... 2,574
---------
Total Investment Companies 2,574
---------
Total Investments at value 382,483
---------
REPURCHASE AGREEMENTS (3.1%):
12,335,000 Lehman Brothers, 5.51%, 7/1/96,
(Collateralized by $13,185 Federal
Home Loan Bank notes, 5.40% - 8.00%,
9/5/00 - 8/23/10, market
value--$12,583)....................... 12,335
---------
Total Repurchase Agreements 12,335
---------
Total (Cost--$278,208)(a) $ 394,818
---------
---------
</TABLE>
- ------------
Percentage indicated are based on net assets of $395,280.
<TABLE>
<C> <S>
(a) Represents cost for federal income tax purposes and differs from value by net unrealized appreciation of securities as
follows (amounts in thousands):
</TABLE>
<TABLE>
<S> <C>
Unrealized appreciation................................................... $ 118,003
Unrealized depreciation................................................... (1,393)
---------
Net unrealized appreciation............................................... $ 116,610
---------
---------
</TABLE>
<TABLE>
<C> <S>
(b) A portion of this security was loaned as of June 30, 1996.
</TABLE>
<TABLE>
<C> <S>
(c) Non-income producing security.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----32
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
<C> <S> <C>
COMMON STOCKS (96.8%):
Aerospace & Military Technology (0.7%):
4,586 General Dynamics Corp. .................... $ 284
14,998 Lockheed Martin Corp. ..................... 1,260
16,658 McDonnell Douglas Corp. ................... 808
4,178 Northrop Grumman Corp. .................... 285
---------
2,637
---------
Agriculture (0.3%):
11,100 CPC International.......................... 799
6,700 Pioneer Hi Bred............................ 354
---------
1,153
---------
Airlines (0.8%):
6,800 AMR Corp. (c).............................. 619
25,749 Boeing Co. ................................ 2,244
11,000 Southwest Airlines Co. .................... 320
3,943 US Air Group (c)........................... 71
---------
3,254
---------
Automotive (2.4%):
28,059 Chrysler Corp. ............................ 1,739
7,386 Dana Corp. ................................ 229
7,086 Dial Corp. ................................ 203
4,428 Echlin, Inc. (b)........................... 168
87,662 Ford Motor Co. ............................ 2,838
56,070 General Motors Corp. ...................... 2,937
9,164 Genuine Parts Co. ......................... 419
5,841 Navistar International Corp. (c)........... 58
2,945 Paccar, Inc. .............................. 144
4,714 TRW, Inc. ................................. 424
3,224 Varity Corp. .............................. 155
2,243 Yellow Corp. (c)........................... 30
---------
9,344
---------
Auto Parts (0.1%):
5,814 Eaton Corp. ............................... 341
---------
Banking (4.3%):
34,073 Banc One Corp. ............................ 1,158
15,000 Bank of New York Co., Inc. (b)............. 769
27,724 BankAmerica Corp. ......................... 2,100
6,186 Bankers Trust New York Corp. .............. 457
7,314 Barnett Banks, Inc. ....................... 446
11,886 Boatmens Bancshares Inc. .................. 477
8,500 Comerica, Inc. ............................ 379
3,072 Cummins Engine, Inc. ...................... 124
7,400 Fifth Third Bancorp........................ 400
11,000 First Bank System, Inc. ................... 638
21,320 First Union Corp. (b)...................... 1,298
14,343 J.P. Morgan & Co., Inc. ................... 1,214
17,100 KeyCorp.................................... 663
22,277 Nations Bank............................... 1,840
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
Banking, continued:
<TABLE>
<C> <S> <C>
27,456 Norwest Corp. ............................. $ 958
25,642 PNC Bank Corp. ............................ 763
11,721 U.S. Bancorp............................... 423
12,700 Wachovia Corp. (b)......................... 555
7,350 Wells Fargo & Co. ......................... 1,756
---------
16,418
---------
Banking & Financial Services (1.6%):
7,971 Bank of Boston Corp. ...................... 395
36,242 Citicorp................................... 2,994
19,285 Fleet Financial Group, Inc. ............... 839
10,092 Mellon Bank Corp. ......................... 575
16,500 National City Corp. ....................... 580
4,000 Republic N Y Corp. ........................ 249
17,256 SunTrust Banks, Inc. ...................... 638
---------
6,270
---------
Beverages & Tobacco (2.6%):
5,192 Brown-Forman Corp., Class B................ 208
187,080 The Coca Cola Co. ......................... 9,144
27,984 Seagram Co., Ltd. (b)...................... 941
---------
10,293
---------
Brewery (0.4%):
19,414 Anheuser Busch Co., Inc. .................. 1,456
2,943 Coors Adolph Co., Class B.................. 52
---------
1,508
---------
Broadcasting/Cable (0.6%):
18,050 Comcast Corp., Special..................... 334
48,914 Tele-Communications, Class A (c)........... 886
27,107 Viacom, Inc., Class B (b)(c)............... 1,054
---------
2,274
---------
Building Products (0.2%):
2,757 Armstrong World Industries, Inc. .......... 159
11,900 Masco Corp. ............................... 360
6,686 Sherwin-Williams Co. ...................... 311
---------
830
---------
Business Services (0.3%):
22,228 Automatic Data Processing.................. 859
4,757 Ceridan Corp. (c).......................... 240
---------
1,099
---------
Capital Goods (0.4%):
6,386 Fluor Corp. ............................... 417
13,428 Tenneco, Inc. ............................. 687
31,271 Westinghouse Electric Corp. ............... 586
---------
1,690
---------
</TABLE>
CONTINUED
33----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Chemicals (2.9%):
8,456 Air Products & Chemical, Inc. ............. $ 488
18,771 Dow Chemical Co. .......................... 1,427
41,970 DuPont (EI) de Nemours & Co. .............. 3,321
6,249 Eastman Chemical Co. ...................... 380
10,957 Engelhard Corp. ........................... 252
2,657 FMC Corp. (c).............................. 173
3,742 B. F. Goodrich Co. ........................ 140
4,800 Great Lakes Chemical Corp. ................ 299
8,084 Hercules, Inc. ............................ 447
5,813 Mallinckrodt Group, Inc. .................. 226
43,840 Monsanto Co. .............................. 1,425
11,184 Morton International, Inc. ................ 417
5,200 Nalco Chemical Co. ........................ 164
14,614 PPG Industries, Inc. ...................... 712
11,228 Praxair, Inc. ............................. 474
5,196 Rohm & Haas Co. ........................... 326
3,800 Sigma-Aldrich Corp. ....................... 203
10,428 Union Carbide Corp. ....................... 415
---------
11,289
---------
Commercial Services (0.1%):
4,642 Ecolab, Inc. .............................. 153
3,643 Ogden Corp. ............................... 66
---------
219
---------
Computer Hardware (2.4%):
13,800 Bay Networks, Inc. (c)..................... 355
5,400 Cabletron Systems (c)...................... 370
42,600 Cisco Systems, Inc. (b)(c)................. 2,412
11,177 Digital Equipment Corp. (c)................ 503
16,700 EMC Corp. (c).............................. 311
61,384 Intel Corp. ............................... 4,508
12,200 Silicon Graphics, Inc. (c)................. 293
12,100 3Com Corp. (b)(c).......................... 554
---------
9,306
---------
Computer Software (2.9%):
18,285 Computer Associates International, Inc. ... 1,303
16,400 First Data Corp. (b)....................... 1,306
44,300 Microsoft Corp. (c)........................ 5,321
27,600 Novell, Inc. (c)........................... 383
49,138 Oracle Corp. (c)........................... 1,938
1,443 Shared Medical Systems Corp. .............. 93
13,900 Sun Microsystems, Inc. (b)(c).............. 818
---------
11,162
---------
Construction (0.1%):
2,414 Centex Corp. .............................. 75
5 Emcor Group, Inc., Series Z (c)............ 0
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
Construction, continued:
<TABLE>
<C> <S> <C>
3,643 Owens-Corning Fiberglass Corp. ............ $ 157
---------
232
---------
Consumer Goods & Services (3.4%):
10,500 Avon Products, Inc. ....................... 474
2,243 Ball Corp. ................................ 64
3,928 Clorox Co. ................................ 348
11,014 Colgate Palmolive Co. ..................... 933
33,000 Gillette Co. .............................. 2,058
8,329 International Flavors & Fragrance.......... 397
5,900 Interpublic Group Cos., Inc. .............. 277
5,886 Liz Claiborne.............................. 204
20,548 Mattel, Inc. .............................. 588
7,757 Maytag Corp. .............................. 162
10,900 Nike, Inc. ................................ 1,120
51,340 Proctor & Gamble Co. ...................... 4,653
29,028 Sears Roebuck.............................. 1,411
5,700 Whirlpool Corp. (b)........................ 283
---------
12,972
---------
Containers & Packaging (0.2%):
4,314 Avery Dennison Corp. ...................... 237
9,171 Crown Cork & Seal Co., Inc. ............... 413
4,371 Temple Inland, Inc. ....................... 204
---------
854
---------
Cosmetics/Personal Care (0.0%):
2,071 Alberto Culver Co., Class B................ 96
---------
Defense (0.2%):
16,371 Rockwell International Corp. .............. 937
---------
Diversified (1.3%):
9,586 Alco Standard Corp. ....................... 434
20,828 Allied Signal, Inc. ....................... 1,190
2,172 Briggs & Stratton Corp. (b)................ 89
17,142 Corning, Inc. ............................. 658
2,379 Crane Co. ................................. 97
8,428 Dover Corp. ............................... 389
8,543 ITT Corp New (c)........................... 566
8,543 ITT Hartford............................... 455
8,543 ITT Industry, Inc. ........................ 215
4,371 Safety Kleen............................... 76
6,686 Textron, Inc. ............................. 534
7,757 Whittman Corp. ............................ 187
---------
4,890
---------
Electric Utility (2.7%):
13,943 American Electric Power, Inc. ............. 594
11,129 Baltimore Gas & Electric Co. .............. 316
12,072 Carolina Power & Light Co. ................ 459
15,742 Central & South West Corp. ................ 457
</TABLE>
CONTINUED
- ----34
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Electric Utility, continued:
<C> <S> <C>
11,478 Cinergy Corp. ............................. $ 367
17,585 Consolidated Edison Co. of New York,
Inc. .................................... 514
12,785 Dominion Resources Inc. of Virginia........ 511
15,314 Duke Power Co. ............................ 785
33,500 Edison International....................... 591
17,143 Entergy Corp. ............................. 487
13,985 Florida Power & Light, Inc. ............... 643
8,400 General Public Utility Corp. .............. 296
5,114 Northern States Power Co. ................. 253
11,585 Ohio Edison Co. ........................... 253
16,500 PECO Energy Corp. ......................... 429
11,900 PP&L Resources, Inc. ...................... 281
21,257 Pacificorp................................. 473
49,814 Southern Co. .............................. 1,227
16,614 Texas Utilities............................ 710
15,900 Unicom Corp. .............................. 443
7,500 Union Electric............................. 302
---------
10,391
---------
Electrical & Electronic (4.2%):
8,543 Amdahl Corp. (c)........................... 92
15,818 AMP, Inc. ................................. 635
19,858 Compaq Computer Corp. (c).................. 978
4,242 E G & G, Inc. ............................. 91
16,685 Emerson Electric Co. ...................... 1,508
124,568 General Electric Co. ...................... 10,775
3,742 General Signal Corp. (b)................... 142
19,456 Houston Industries......................... 479
15,400 Micron Technology, Inc. (b)................ 398
3,828 National Service Industries, Inc. ......... 150
3,257 Perkin-Elmer Corp. ........................ 157
3,257 Raychem Corp. ............................. 234
8,557 Tandem Computers (c)....................... 106
2,528 Tektronix, Inc. ........................... 113
2,542 Thomas & Betts Corp. (b)................... 95
4,128 W. W. Grainger, Inc. ...................... 320
---------
16,273
---------
Electrical Equipment (0.1%):
8,243 Cooper Industries, Inc. (b)................ 342
---------
Electronic Components/Instruments (1.1%):
8,278 Advanced Micro Devices, Inc. (c)........... 113
8,943 Apple Computer, Inc. ...................... 188
43,956 Motorola, Inc. (b)......................... 2,764
9,371 National Semiconductor Corp. (c)........... 145
3,595 Polaroid Corp. ............................ 164
18,556 Raytheon Co. .............................. 958
---------
4,332
---------
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
<TABLE>
<C> <S> <C>
Energy (0.0%):
7,286 Oryx Energy Co. (c)........................ $ 118
---------
Engineering (0.0%):
2,757 Foster Wheeler Corp. ...................... 124
---------
Entertainment (0.9%):
3,785 Bally Entertainment Corp. (c).............. 104
50,246 Walt Disney Co. ........................... 3,159
7,492 Harrah's Entertainment, Inc. (c)........... 212
2,857 King World Productions, Inc. .............. 104
---------
3,579
---------
Environmental Services (0.5%):
15,885 Browning-Ferris Industries, Inc. .......... 460
22,100 Laidlaw Inc., Class B-Non Voting (b)....... 224
36,328 WMX Technologies, Inc. .................... 1,190
---------
1,874
---------
Financial Services (4.2%):
36,406 American Express Co. ...................... 1,625
4,114 Beneficial Corp. .......................... 231
7,656 H & R Block................................ 250
32,565 Chase Manhattan Corp. ..................... 2,300
16,556 CoreStates Financial Corp. ................ 637
12,796 Dean Witter Discover & Co. ................ 733
13,300 Federal Home Loan Mortgage Corp. .......... 1,137
81,856 Federal National Mortgage Assoc. .......... 2,742
23,796 First Chicago Corp. (b).................... 931
4,714 Golden West Financial Corp. ............... 264
10,128 Great Western Financial Corp. ............. 242
10,400 Green Tree Financial Corp. ................ 325
8,743 H. F. Ahmanson & Co. ...................... 236
7,186 Household International, Inc. ............. 546
16,675 MBNA Corp. ................................ 475
13,114 Merrill Lynch.............................. 854
11,700 Morgan Stanley Group, Inc. ................ 575
7,943 Salomon, Inc. ............................. 349
36,019 Travelers Group, Inc. ..................... 1,643
---------
16,095
---------
Food Products & Services (4.4%):
40,252 Archer-Daniels Midland Co. ................ 770
19,056 Campbell Soup Co. ......................... 1,343
18,035 ConAgra, Inc. ............................. 818
2,857 Fleming Co., Inc. ......................... 41
12,171 General Mills, Inc. ....................... 663
27,413 H.J. Heinz Co. ............................ 833
5,771 Hershey Foods Corp. ....................... 424
16,356 Kellogg Co. ............................... 1,198
52,212 McDonald's Corp. .......................... 2,441
117,894 PepsiCo, Inc. ............................. 4,171
10,000 Quaker Oats Co. ........................... 341
</TABLE>
CONTINUED
35----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Food Products & Services, continued:
<C> <S> <C>
7,943 Ralston Purina Group....................... $ 509
35,970 Sara Lee, Corp. ........................... 1,165
13,642 Sysco Corp. ............................... 467
11,971 Unilever N. V. ............................ 1,737
8,629 Wrigley (Wm) Jr. Co. ...................... 436
---------
17,357
---------
Food & Household Products (0.0%):
5,400 Supervalu, Inc. ........................... 170
---------
Funeral Services (0.1%):
8,464 Service Corp. International (b)............ 487
---------
Forest Products (0.3%):
3,785 Boise Cascade Corp. (c).................... 139
7,071 Champion International Co. ................ 295
6,386 James River Corp. of Virginia.............. 168
7,986 Louisiana Pacific Corp. ................... 177
4,414 Mead Corp. ................................ 229
2,257 Potlatch Corp. ............................ 88
7,535 Westvaco Corp. ............................ 225
---------
1,321
---------
Gas & Electric Utility (0.4%):
11,100 Detroit Edison Co. ........................ 343
4,314 NICOR, Inc. ............................... 123
32,313 Pacific Gas & Electric Co. ................ 751
18,500 Public Service Entertainment............... 506
---------
1,723
---------
Gas Utility (0.1%):
4,128 Columbia Gas System, Inc. ................. 215
6,483 Pacific Enterprises........................ 192
2,657 Peoples Energy Corp. ...................... 89
2,457 Peoples Energy Rights (c).................. 0
---------
496
---------
Health Care (6.3%):
59,480 Abbott Laboratories........................ 2,587
47,342 American Home Products..................... 2,846
20,599 Baxter International, Inc. ................ 973
38,005 Bristol Myers Squibb Co. .................. 3,421
33,037 Columbia/HCA Healthcare Corp. ............. 1,763
3,228 Community Psychiatric (c).................. 31
12,100 Humana, Inc. (c)........................... 216
99,868 Johnson & Johnson.......................... 4,944
4,592 Manor Care................................. 181
92,068 Merck & Co., Inc. ......................... 5,950
11,500 U.S. Healthcare, Inc. ..................... 633
13,386 United Healthcare Corp. ................... 676
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
Health Care, continued:
<TABLE>
<C> <S> <C>
4,300 U.S. Surgical.............................. $ 133
---------
24,354
---------
Homebuilders (0.0%):
2,966 Kaufman & Broad Home Corp. ................ 43
2,086 Pulte Corp. ............................... 56
---------
99
---------
Home Furnishings (0.2%):
12,128 Newell Cos, Inc. .......................... 371
12,072 Rubbermaid, Inc. .......................... 329
---------
700
---------
Household Products (0.1%):
4,614 Tupperware Corp. (c)....................... 195
---------
Hotels & Lodging (0.2%):
3,728 Hilton Hotels.............................. 419
9,350 Marriott Corp. International (b)........... 503
---------
922
---------
Industrial Goods & Services (0.4%):
11,556 Tyco Laboratories.......................... 471
9,128 United Technologies Corp. ................. 1,050
---------
1,521
---------
Insurance (3.4%):
8,443 Aetna Life & Casualty Co. (b).............. 604
3,228 Alexander & Alexander Services, Inc. ...... 64
33,520 Allstate Corp. ............................ 1,529
15,556 American General Corp. (b)................. 566
35,448 American International Group............... 3,496
7,900 Aon Corp. ................................. 401
5,700 CIGNA Corp. ............................... 672
13,172 Chubb Corp. ............................... 657
6,286 General Re Corp. .......................... 957
5,575 Jefferson Pilot Corp. ..................... 288
7,786 Lincoln National Corp. .................... 360
8,700 Loews Corp. ............................... 686
5,700 Marsh & McLennan Co., Inc. ................ 550
7,486 Providian Corp. ........................... 321
9,128 SAFECO Corp. .............................. 323
6,520 St Paul Cos. .............................. 349
5,542 Torchmark Corp. ........................... 242
5,400 TransAmerica Corp. ........................ 441
5,800 UNUM Corp. ................................ 361
8,228 USF & G Corp. ............................. 135
2,602 US Life Corp. ............................. 86
---------
13,088
---------
</TABLE>
CONTINUED
- ----36
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Investment Company (0.0%):
971 Eastern Enterprises........................ $ 32
---------
Leasing (0.0%):
2,814 Consolidated Freightways, Inc. ............ 59
---------
Leisure (0.1%):
7,286 Brunswick Corp. ........................... 146
3,542 Fleetwood Enterprises, Inc. ............... 110
1,057 Outboard Marine Corp. ..................... 19
---------
275
---------
Machinery & Equipment (1.1%):
13,100 Applied Materials, Inc. (c)................ 400
6,414 Black & Decker Corp. ...................... 248
5,200 Case Corp. (b)............................. 250
14,514 Caterpillar, Inc. (b)...................... 983
2,857 Cincinnati Milacron, Inc. ................. 69
19,300 Deere & Co. ............................... 772
2,584 Gidding & Lewis, Inc. ..................... 42
3,528 Harnischfeger Industries, Inc. ............ 117
8,856 Illinois Tool Works........................ 599
7,642 Ingersoll Rand Co. ........................ 334
4,243 McDermott International, Inc. ............. 89
8,608 Pall Corp. ................................ 207
3,143 Snap-On, Inc. ............................. 149
6,572 Stanley Works.............................. 195
---------
4,454
---------
Manufacturing--Consumer Goods (0.4%):
2,371 Data General (c)........................... 31
5,800 Fruit of the Loom (c)...................... 148
3,043 Johnson Controls, Inc. .................... 212
3,600 Millipore Corp. ........................... 151
386 Nacco Industries, Inc. .................... 21
5,529 Parker-Hannifin Corp. ..................... 234
6,071 Reebok International Ltd. ................. 204
4,307 Teledyne, Inc. ............................ 156
2,257 Trinova Corp. ............................. 75
4,714 V.F. Corp. (c)............................. 281
---------
1,513
---------
Materials (0.2%):
13,445 American Brands, Inc. ..................... 610
---------
Medical Equipment & Supplies (1.1%):
20,100 Amgen, Inc. (c)............................ 1,085
4,128 C.R. Bard, Inc. ........................... 140
4,414 Bausch & Lomb, Inc. ....................... 188
4,986 Becton Dickinson & Co. .................... 400
8,656 Biomet, Inc. (c)........................... 124
12,900 Boston Scientific Corp. ................... 581
17,356 Medtronic, Inc. ........................... 972
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
Medical Equipment & Supplies, continued:
<TABLE>
<C> <S> <C>
6,192 Saint Jude Medical Center.................. $ 208
7,086 W.R. Grace & Co. .......................... 502
---------
4,200
---------
Medical--Hospital Management & Services (0.1%):
6,443 Beverly Enterprises, Inc. (c).............. 77
15,100 Tenet Healthcare Corp. (c)................. 323
---------
400
---------
Metals & Mining (0.5%):
26,500 Barrick Gold Corp. ........................ 719
8,786 Echo Bay Mines Ltd. ....................... 95
10,457 Homestake Mining Co. ...................... 179
7,466 Newmont Mining Corp. ...................... 369
17,816 Placer Dome, Inc. ......................... 425
9,499 Santa Fe Pacific Gold Corp. (c)............ 134
---------
1,921
---------
Metals (0.8%):
16,642 Alcan Aluminum Ltd. ....................... 508
13,172 Aluminum Co. of America.................... 756
3,143 ASARCO, Inc. .............................. 87
7,707 Cyprus Amax Minerals (b)................... 174
15,500 Freeport-McMoran Copper & Gold, Class B.... 494
8,657 Inco Ltd. (b).............................. 279
5,314 Phelps Dodge Corp. ........................ 331
4,514 Reynolds Metals Co. ....................... 235
2,471 Timken Co. ................................ 96
6,838 Worthington Industries, Inc. .............. 143
---------
3,103
---------
Natural Resources (0.1%):
7,086 Amerada Hess Corp. ........................ 380
---------
Office Equipment & Services (1.7%):
7,471 Canadian Moore Corp. Ltd. ................. 141
2,957 Harris Corp. .............................. 181
38,114 Hewlett Packard............................ 3,797
9,400 Honeywell, Inc. ........................... 512
11,372 Pitney Bowes, Inc. ........................ 543
23,613 Xerox Corp. ............................... 1,263
---------
6,437
---------
Oil & Gas Exploration, Production & Services (8.9%):
37,099 Amoco Corp. ............................... 2,685
4,514 Ashland, Inc. (b).......................... 179
12,071 Atlantic Richfield Co. .................... 1,430
10,748 Bakers Hughes, Inc. ....................... 353
9,500 Burlington Northern........................ 409
48,728 Chevron Corp. (b).......................... 2,875
6,986 Consolidated Natural Gas Co. .............. 365
</TABLE>
CONTINUED
37----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Oil & Gas Exploration, Production & Services, continued:
<C> <S> <C>
13,214 Dresser Industries, Inc. .................. $ 390
19,012 Enron Corp. ............................... 777
5,114 Enserch Corp. ............................. 111
92,869 Exxon Corp. ............................... 8,068
8,557 Halliburton Co. ........................... 475
1,671 Helmerich & Payne, Inc. ................... 61
4,128 Kerr McGee Corp. .......................... 251
2,571 Louisiana Land & Exploration Co. .......... 148
29,442 Mobil Corp. ............................... 3,301
23,885 Occidental Petroleums Corp. ............... 591
2,114 Oneok, Inc. ............................... 53
3,543 Pennzoil Co. .............................. 164
19,642 Phillips Petroleum Co. .................... 823
6,414 Rowan Cos., Inc. (c)....................... 95
40,056 Royal Dutch Petroleum Co. ................. 6,159
6,744 Santa Fe Energy Resources, Inc. ........... 80
18,271 Schlumberger Ltd. ......................... 1,539
6,586 Sonat, Inc. ............................... 296
5,449 Sun Inc. .................................. 166
19,642 Texaco, Inc. .............................. 1,647
21,714 USX-Marathon Group......................... 437
4,400 Western Atlas (c).......................... 256
7,886 Williams Co., Inc. (b)..................... 391
---------
34,575
---------
Oil & Gas Transmission (0.1%):
9,243 Noram Energy Corp. (b)..................... 101
10,986 Panenergy Corp. (b)........................ 361
---------
462
---------
Oil & Gas Utility (0.1%):
7,557 Coastal Corp. ............................. 316
10,814 Niagara Mohawk Power Corp. ................ 83
---------
399
---------
Paper Products (1.0%):
6,886 Georgia Pacific Corp. ..................... 489
22,286 International Paper........................ 822
20,824 Kimberly Clark Corp. ...................... 1,609
5,257 Union Camp Corp. .......................... 256
15,328 Weyerhaeuser Co. .......................... 651
4,300 Williamette Industries, Inc. .............. 256
---------
4,083
---------
Packaging (0.1%):
4,114 Bemis Co. ................................. 144
6,800 Stone Container Corp. ..................... 93
---------
237
---------
Pharmaceuticals (2.8%):
4,700 Allergan, Inc. ............................ 185
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
Pharmaceuticals, continued:
<TABLE>
<C> <S> <C>
6,314 Alza Corp. (c)............................. $ 173
41,370 Eli Lilly & Co. ........................... 2,689
47,584 Pfizer, Inc. .............................. 3,396
37,777 Pharmacia & Upjohn, Inc. .................. 1,676
27,270 Schering-Plough (b)........................ 1,711
20,228 Warner Lambert Co. ........................ 1,113
---------
10,943
---------
Photography (0.5%):
25,699 Eastman Kodak Co. ......................... 1,998
---------
Printing & Publishing (1.4%):
5,714 American Greetings Corp., Class A.......... 156
6,386 Deluxe Corp. .............................. 227
7,414 Dow Jones & Co., Inc. ..................... 310
12,791 Dun & Bradstreet Corp. .................... 799
10,671 Gannett, Inc. ............................. 755
2,428 John H. Harland Co. ....................... 60
3,243 Jostens, Inc. ............................. 64
3,828 Knight-Ridder, Inc. ....................... 278
7,756 McGraw Hill, Inc. (b)...................... 355
2,214 Meredith Corp. ............................ 92
7,600 New York Times Co., Class A (b)............ 248
11,972 R.R. Donnelley Co. (b)..................... 418
29,356 Time Warner, Inc. ......................... 1,152
8,128 Times Mirror Co., Class A (b).............. 353
4,914 Tribune Co. ............................... 357
---------
5,624
---------
Railroads (1.0%):
11,400 Burlington Northern Santa Fe Corp. ........ 922
15,414 CSX Corp. ................................. 744
6,086 Conrail, Inc. ............................. 404
9,685 Norfolk Southern Corp. .................... 821
15,414 Union Pacific Corp. ....................... 1,077
---------
3,968
---------
Restaurants (0.1%):
12,171 Darden Restaurants, Inc. .................. 131
1,593 Luby's Cafeteria, Inc. .................... 38
4,243 Ryan Family Steak Houses, Inc. (c)......... 39
3,136 Shoney's, Inc. (c)......................... 34
9,343 Wendy's International, Inc. ............... 174
---------
416
---------
Retail Stores/Catalog (4.3%):
19,228 Albertsons, Inc............................ 796
10,928 American Stores Co. ....................... 451
871 Brown Group, Inc. ......................... 15
14,250 CUC International, Inc. (c)................ 506
7,500 Charming Shoppes (c)....................... 53
</TABLE>
CONTINUED
- ----38
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Retail Stores/Catalog, continued:
<C> <S> <C>
5,400 Dayton Hudson Corp. ....................... $ 557
8,329 Dillard Department Stores.................. 304
15,200 Federated Department Stores, Inc. (b)(c)... 519
22,000 Gap, Inc. ................................. 707
4,414 Giant Food, Inc., Class A.................. 158
5,835 Harcourt General, Inc. .................... 292
35,753 Home Depot, Inc. (b)....................... 1,931
33,942 K Mart, Inc. (b)(c)........................ 420
20,282 Limited, Inc. ............................. 436
11,872 Lowe's Cos. (b)............................ 429
18,960 May Department Stores...................... 830
7,657 Melville Corp. ............................ 310
2,743 Mercantile Stores Co., Inc. ............... 161
16,886 J.C. Penney, Inc. ......................... 887
4,514 Pep Boys-Manny, Moe & Jack................. 153
4,042 Stride Rite Corp. ......................... 33
21,057 Toys R Us (c).............................. 600
18,571 Unocal Corp. (b)........................... 626
171,852 Wal-Mart Stores, Inc. ..................... 4,360
18,856 Walgreen Co. (b)........................... 631
---------
16,165
---------
Retail--General Merchandise (0.7%):
7,286 Circuit City Stores, Inc. ................. 263
2,943 Great Atlantic & Pacific Tea, Inc. ........ 97
6,692 Hasbro, Inc. .............................. 239
9,086 Kroger Co. (c)............................. 359
1,171 Longs Drug Stores, Inc. ................... 52
6,386 Nordstrom, Inc. ........................... 284
14,513 Price/Costco Co. (b)(c).................... 314
6,586 Rite Aid Corp. ............................ 196
5,600 TJX Cos., Inc. (b)......................... 189
4,786 Tandy Corp. ............................... 227
11,372 Winn Dixie Stores, Inc. ................... 402
9,814 Woolworth Corp. (b)(c)..................... 221
---------
2,843
---------
Steel (0.2%):
7,571 Armco, Inc. (c)............................ 38
8,000 Bethlehem Steel Corp. (c).................. 95
3,457 Inland Steel Industries, Inc. ............. 68
6,656 Nucor Corp. ............................... 337
6,111 USX- U. S. Steel Group, Inc. .............. 173
---------
711
---------
Technology (1.9%):
8,800 General Instrument Corp. (c)............... 254
3,528 Intergraph (c)............................. 43
40,656 I.B.M. .................................... 4,024
9,400 LSI Logic Corp. (c)........................ 244
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Technology, continued:
<C> <S> <C>
31,500 Minnesota Mining & Manufacturing Co.
(3M)..................................... $ 2,174
14,088 Texas Instruments.......................... 703
12,614 Unisys, Corp. (c).......................... 90
---------
7,532
---------
Technology--Software (0.1%):
3,742 Autodesk, Inc. ............................ 112
4,100 Computer Science Corp. (c)................. 306
---------
418
---------
Telecommunications (7.1%):
120,227 AT&T Corp. ................................ 7,454
36,942 Airtouch Communications Inc. (c)........... 1,044
14,400 Alltel Corp. .............................. 443
41,756 Ameritech Corp. ........................... 2,479
32,856 Bell Atlantic Corp. (b).................... 2,095
74,156 BellSouth Corp. ........................... 3,142
72,398 GTE Corp. ................................. 3,240
51,784 MCI Communications......................... 1,327
32,056 Nynex Corp. ............................... 1,523
45,770 SBC Communications Inc. ................... 2,254
5,770 Scientific-Atlanta, Inc. .................. 89
32,400 Sprint Corp. .............................. 1,361
34,956 U.S. West Media Group (b)(c)............... 638
14,000 WorldCom, Inc. (c)......................... 775
---------
27,864
---------
Telecommunications--Services & Equipment (1.1%):
4,121 Andrew Corp. (c)........................... 222
8,328 DSC Communications Corp. (c)............... 251
19,157 Northern Telecom, Ltd. .................... 1,042
31,942 Pacific Telesis Group...................... 1,077
6,700 Tellabs, Inc. (c).......................... 448
34,956 U.S. West, Inc. ........................... 1,114
---------
4,154
---------
Textile Products (0.0%):
3,057 Russell Corp. ............................. 85
957 Springs Industries, Inc., Class A.......... 48
---------
133
---------
Tire & Rubber (0.2%)
6,486 Cooper Tire & Rubber Co. .................. 145
11,428 Goodyear Tire & Rubber Co. ................ 551
---------
696
---------
Tobacco (1.8%):
62,513 Phillip Morris Cos., Inc. ................. 6,501
</TABLE>
CONTINUED
39----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Tobacco, continued:
<C> <S> <C>
15,114 UST, Inc. ................................. $ 518
---------
7,019
---------
Transportation & Shipping (0.0%):
3,043 Caliber Systems, Inc. ..................... 103
---------
Transportation (0.2%):
4,528 Delta Air Lines, Inc. (b).................. 375
4,328 Federal Express Corp. (c).................. 355
6,000 Ryder Systems, Inc. ....................... 169
---------
899
---------
Total Common Stocks 379,255
---------
U.S. TREASURY BILLS (0.2%):
$ 85,000 7/11/96 (d)................................ 85
205,000 7/18/96 (d)................................ 204
345,000 7/25/96 (d)................................ 344
135,000 8/8/96 (d)................................. 134
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
U.S. TREASURY BILLS, CONTINUED:
<C> <S> <C>
$ 120,000 9/12/96 (d)................................ $ 119
---------
Total U.S. Treasury Bills 886
---------
Total Investments, at value 380,141
---------
REPURCHASE AGREEMENTS (2.9%):
9,359,560 Aubrey G. Lanston & Co., 5.45%, 7/1/96,
(Collateralized by $9,406,000 U.S.
Treasury Notes, 6.88%, 10/31/96, market
value--$9,553)........................... 9,360
1,923,000 Lehman Brothers, 5.51%, 7/1/96,
(Collateralized by $1,965,000 FNMA Note,
5.47%, 6/20/97, market value-- $1,965)... 1,923
---------
Total Repurchase Agreements 11,283
---------
Total (Cost--$305,312)(a) $ 391,424
---------
---------
</TABLE>
- ------------
Percentage indicated are based on net assets of $391,782.
<TABLE>
<C> <S>
(a) Represents cost for financial reporting purposes and differs from cost for federal income tax purposes by the amount of
losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately $413.
Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as follows
(amounts in thousands):
</TABLE>
<TABLE>
<S> <C>
Unrealized appreciation.................................................... $ 92,038
Unrealized depreciation.................................................... (6,339)
---------
Net unrealized appreciation................................................ $ 85,699
---------
---------
</TABLE>
<TABLE>
<C> <S>
(b) A portion of this security was loaned as of June 30, 1996
</TABLE>
<TABLE>
<C> <S>
(c) Represents non-income producing security.
</TABLE>
<TABLE>
<C> <S>
(d) Serves as collateral for futures contracts.
</TABLE>
At June 30, 1996, the Portfolio's open futures contracts were as follows:
<TABLE>
<CAPTION>
OPEN CURRENT
# OF POSITIONS MARKET
CONTRACTS CONTRACT TYPE (000) VALUE (000)
- ---------- ----------------------------------------------------------- ----------- -----------
<C> <S> <C> <C>
LONG CONTRACTS
28 S & P 500 September, 1996.................................. $ 9,382 $ 9,475
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----40
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
VALUE GROWTH FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
<C> <S> <C>
COMMON STOCKS (94.5%):
Aerospace & Military Technology (0.4%):
10,200 Lockheed Martin Corp. ..................... $ 857
---------
Airlines (0.5%):
37,700 Atlantic Southeast Airlines, Inc. ......... 1,065
---------
Automotive (0.2%):
27,800 Yellow Corp. (c)........................... 368
---------
Auto Parts (0.9%):
35,000 Eaton Corp. ............................... 2,052
---------
Banking (3.5%):
29,300 Bancorp Hawaii, Inc. ...................... 1,055
36,700 BankAmerica Corp. ......................... 2,780
28,400 Charter One Financial, Inc. ............... 990
34,500 Keycorp.................................... 1,337
24,100 J.P. Morgan & Co., Inc. ................... 2,040
---------
8,202
---------
Banking & Financial Services (0.9%):
32,300 First Tennessee National Corp. ............ 989
39,400 Southtrust Corp. .......................... 1,108
---------
2,097
---------
Chemicals (3.2%):
63,000 Dow Chemical Co. .......................... 4,788
9,800 DuPont (EI) de Nemours & Co. .............. 776
20,400 Eastman Chemical Co. ...................... 1,242
21,900 Ferro Corp. ............................... 580
---------
7,386
---------
Commercial Services (1.0%):
43,900 Equifax, Inc. (b).......................... 1,152
28,400 Manpower, Inc. ............................ 1,115
---------
2,267
---------
Computer Hardware (4.4%):
47,500 Cisco Systems, Inc. (c).................... 2,690
15,900 Gateway 2000, Inc. (c)..................... 540
93,900 Intel Corp. ............................... 6,896
---------
10,126
---------
Computer Software (3.6%):
80,700 Electronic Data Systems Corp. ............. 4,337
16,500 First Data Corp. .......................... 1,314
45,500 Sun Microsystems, Inc. (b)(c).............. 2,679
---------
8,330
---------
Consumer Goods & Services (2.6%):
37,000 Ball Corp. ................................ 1,064
37,700 Callaway Golf Co. (b)...................... 1,254
22,600 Nine West Group, Inc. (b)(c)............... 1,155
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
Consumer Goods & Services, continued:
<TABLE>
<C> <S> <C>
29,000 Proctor & Gamble Co. ...................... $ 2,628
---------
6,101
---------
Defense (0.2%):
8,700 Rockwell International Corp. .............. 498
---------
Diversified (0.4%):
17,000 ITT Hartford............................... 905
---------
Electric Utility (4.7%):
95,000 Central & South West Corp. ................ 2,755
81,000 Consolidated Edison Co. of New York,
Inc. .................................... 2,369
76,200 Edison International....................... 1,343
25,800 General Public Utility Corp. .............. 910
67,000 Texas Utilities Co. ....................... 2,864
23,600 Unicom Corp. .............................. 658
---------
10,899
---------
Electrical & Electronic (3.8%):
26,700 Compaq Computer Corp. (c).................. 1,315
74,700 EG&G, Inc. ................................ 1,597
69,000 General Electric Co. ...................... 5,968
---------
8,880
---------
Electronic Components/Instruments (0.9%):
39,300 Analog Devices, Inc. ...................... 1,002
72,500 National Semiconductor Corp. (c)........... 1,124
---------
2,126
---------
Engineering (0.4%):
37,700 Jacobs Engineering Group, Inc. (c)......... 994
---------
Entertainment (2.1%):
84,000 Carnival Cruise Lines...................... 2,426
28,000 Walt Disney Co. ........................... 1,761
18,200 King World Productions, Inc. (c)........... 662
---------
4,849
---------
Financial Services (5.4%):
25,400 Dean Witter, Discover & Co. ............... 1,454
182,300 Federal National Mortgage Assoc. .......... 6,107
45,500 First Chicago Corp. (b).................... 1,780
20,200 SunAmerica, Inc. (b)....................... 1,141
33,300 Travelers Group, Inc. ..................... 1,520
15,600 Washington Mutual, Inc. (b)................ 466
---------
12,468
---------
Food Products & Services (3.0%):
40,700 IBP, Inc. ................................. 1,124
55,100 McDonald's Corp. .......................... 2,576
</TABLE>
CONTINUED
41----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
VALUE GROWTH FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Food Products & Services, continued:
<C> <S> <C>
93,600 PepsiCo, Inc. ............................. $ 3,311
---------
7,011
---------
Food & Household Products (1.1%):
79,000 Supervalu, Inc. ........................... 2,489
---------
Gas & Electric Utility (0.4%):
41,900 New York State Electric & Gas.............. 1,021
---------
Health Care (2.5%):
58,200 Columbia/HCA Healthcare Corp. ............. 3,106
29,500 Foundation Health Corp. (b)(c)............. 1,058
38,700 Humana, Inc. (c)........................... 692
19,800 United Healthcare Corp. ................... 1,000
---------
5,856
---------
Home Furnishings (0.9%):
68,200 Newell Companies, Inc. .................... 2,089
---------
Household Products (0.6%):
35,000 Tupperware Corp. (c)....................... 1,479
---------
Insurance (3.9%):
38,500 AFLAC, Inc. ............................... 1,150
45,000 Allstate Corp. ............................ 2,053
14,900 Loews Corp. ............................... 1,175
30,000 Mid Ocean Ltd. ............................ 1,230
31,000 Providian Corp. ........................... 1,329
19,500 Safeco Corp. .............................. 690
17,300 TransAmerica Corp. ........................ 1,415
---------
9,042
---------
Leisure (0.4%):
23,900 Harley-Davidson, Inc. ..................... 983
---------
Machinery & Equipment (1.3%):
59,000 Harnischfeger Industries, Inc. ............ 1,962
47,400 Keystone International, Inc. .............. 983
---------
2,945
---------
Manufacturing--Capital Goods (1.0%):
49,000 Mark IV Industries, Inc. .................. 1,108
21,000 York International Corp. .................. 1,087
---------
2,195
---------
Manufacturing--Consumer Goods (2.8%):
65,300 Johnson Controls, Inc. .................... 4,538
48,700 Premark International, Inc. ............... 901
15,900 V.F. Corp. ................................ 948
---------
6,387
---------
Materials (1.0%):
52,300 American Brands Inc. ...................... 2,373
---------
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
<TABLE>
<C> <S> <C>
Medical Equipment & Supplies (1.6%):
70,000 Amgen, Inc. (c)............................ $ 3,780
---------
Medical--Hospital Management & Service (1.5%):
22,500 Pacificare Health Systems, Class A (c)..... 1,485
91,400 Tenet Healthcare Corp. (c)................. 1,954
---------
3,439
---------
Metals (1.2%):
31,200 Alumax, Inc. (b)(c)........................ 948
78,300 Cyprus Amax Minerals (b)................... 1,771
---------
2,719
---------
Oil & Gas Exploration Product & Services (7.5%):
25,000 Amoco Corp. (c)............................ 1,809
6,200 Atlantic Richfield Co. (b)................. 735
43,200 Devon Energy Corp. ........................ 1,058
34,400 Enron Corp. ............................... 1,406
18,400 Mapco, Inc. ............................... 1,037
15,800 Mobil Corp. ............................... 1,772
82,400 Rowan Companies, Inc. (c).................. 1,215
63,500 Schlumberger Ltd. ......................... 5,350
10,500 Texaco, Inc. .............................. 881
21,800 Tosco Corp. ............................... 1,096
18,300 Western Atlas (c).......................... 1,066
---------
17,425
---------
Oil & Gas Transmission (0.5%):
27,300 Tidewater, Inc. ........................... 1,198
---------
Oil & Gas Utility (0.6%):
51,700 MCN Corp. ................................. 1,260
---------
Pharmaceuticals (3.0%):
19,300 Pfizer, Inc. .............................. 1,378
90,000 Schering Plough (b)........................ 5,647
---------
7,025
---------
Printing & Publishing (1.7%):
65,300 American Greetings Corp., Class A.......... 1,788
56,600 Time Warner, Inc. ......................... 2,221
---------
4,009
---------
Restaurants (0.7%):
91,000 Wendy's International, Inc. ............... 1,695
---------
Retail Stores/Catalog (5.2%):
89,000 American Stores Co. ....................... 3,671
35,300 Carson Pirie Scott & Co. (c)............... 944
51,000 Dillard Department Stores, Inc., Class A... 1,862
23,200 Home Depot, Inc. (b)....................... 1,253
23,000 Lowe's Cos., Inc. (b)...................... 831
140,000 Wal-Mart Stores, Inc. ..................... 3,553
---------
12,114
---------
</TABLE>
CONTINUED
- ----42
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
VALUE GROWTH FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Retail--General Merchandise (0.6%):
41,000 General Nutrition Companies (c)............ $ 717
20,500 Hasbro, Inc. (b)........................... 733
---------
1,450
---------
Technology (0.9%):
40,700 Texas Instruments, Inc. ................... 2,030
---------
Telecommunications (7.2%):
120,000 AT&T Corp. ................................ 7,440
67,000 GTE Corp. ................................. 2,998
11,900 NYNEX Corp. ............................... 565
60,300 SBC Communications, Inc. .................. 2,970
18,500 Sprint Corp. .............................. 777
34,200 Worldcom, Inc. (b)(c)...................... 1,894
---------
16,644
---------
Textile Products (0.4%):
49,800 Donnkenny, Inc. (c)........................ 971
---------
Tobacco (3.5%):
60,000 Phillip Morris Companies, Inc. ............ 6,240
42,300 U.S.T., Inc. .............................. 1,449
17,100 Universal Corp. ........................... 453
---------
8,142
---------
Wholesale Distribution (0.4%):
19,600 McKesson Corp. ............................ 933
---------
Total Common Stocks 219,174
---------
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
<C> <S> <C>
U.S. TREASURY BILLS (0.1%):
$ 345,000 7/18/96 (d)................................ $ 344
---------
Total Investments, at value 219,518
---------
REPURCHASE AGREEMENTS (5.3%):
7,019,670 Aubrey G. Lanston & Co., 5.45%, 7/1/96
collateralized by $6,977,000 U.S.
Treasury Note, 6.38%, 7/15/99, market
value--$7,184)........................... 7,020
5,325,000 Lehman Brothers, 5.51%, 7/1/96
collateralized by $5,435,000 Federal
National Mortgage Assoc., 5.47%, 6/20/97,
market value--$5,434).................... 5,325
---------
Total Repurchase Agreements 12,345
---------
Total (Cost--$206,479)(a) $ 231,863
---------
---------
</TABLE>
- ------------
Percentages indicated are based on net assets of $231,869.
<TABLE>
<C> <S>
(a) Represents cost for federal income tax purposes and differs from value by net unrealized appreciation of securities as
follows:
</TABLE>
<TABLE>
<S> <C>
Unrealized appreciation.................................................... $ 29,367
Unrealized depreciation.................................................... (3,983)
---------
Net unrealized appreciation................................................ $ 25,384
---------
---------
</TABLE>
<TABLE>
<C> <S>
(b) A portion of this security was loaned as of June 30, 1996.
</TABLE>
<TABLE>
<C> <S>
(c) Non-income producing securities.
</TABLE>
<TABLE>
<C> <S>
(d) Serves as collateral for futures contracts.
</TABLE>
At June 30, 1996, the Portfolio's open futures contracts were as follows:
<TABLE>
<CAPTION>
OPEN CURRENT
# OF POSITIONS MARKET
CONTRACTS CONTRACT TYPE (000) VALUE (000)
- ---------- ----------------------------------------------------------- ----------- -----------
<C> <S> <C> <C>
LONG CONTRACTS
21 S & P 500 September, 1996.................................. $ 7,054 $ 7,106
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
43----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
LARGE COMPANY VALUE FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
<C> <S> <C>
COMMON STOCKS (90.0%):
Aerospace (1.8%):
250,000 Litton Industries, Inc. (b)(c)............ $ 10,875
---------
Airlines (0.6%):
40,000 Boeing Co. (e)............................ 3,485
---------
Automotive (2.2%):
250,000 General Motors Corp. ..................... 13,094
---------
Banking & Financial Services (1.7%):
125,000 Citicorp (e).............................. 10,328
---------
Broadcasting/Cable (1.1%):
175,000 Viacom, Inc., Class A (c)................. 6,672
---------
Capital Goods (4.1%):
300,000 Tenneco Inc. ............................. 15,338
500,000 Westinghouse Electric Corp. (b)........... 9,375
---------
24,713
---------
Chemicals (4.0%):
100,000 Dow Chemical Co. ......................... 7,600
60,000 DuPont (EI) de Nemours & Co. (e).......... 4,747
125,000 Lubrizol Corp. ........................... 3,797
258,400 Nalco Chemical Co. ....................... 8,140
---------
24,284
---------
Computer Software (0.4%):
175,000 Novell Inc. (c)........................... 2,428
---------
Consumer Goods & Services (1.2%):
250,000 Ball Corp. ............................... 7,188
---------
Defense (2.3%):
250,000 Rockwell International Corp. ............. 14,313
---------
Diversified (1.8%):
800,000 Hanson Trust PLC, ADR (b)................. 11,400
---------
Electric Utility (8.6%):
200,000 American Electric Power, Inc. ............ 8,525
150,000 Carolina Power & Light Co. (b)............ 5,700
200,000 Central & South West Corp. ............... 5,800
200,000 Consolidated Edison Co. of New York,
Inc. ................................... 5,850
160,000 Dominion Resources Inc. of Virginia....... 6,400
250,000 Edison International...................... 4,406
400,000 Southern Co. ............................. 9,850
175,000 Unicom Corp. ............................. 4,878
---------
51,409
---------
Electrical & Electronic (0.8%):
125,000 General Signal Corp. (b).................. 4,734
---------
Electronic Components/Instruments (2.4%):
400,000 Advanced Micro Devices, Inc. (c).......... 5,450
200,000 Apple Computer Inc. (b)................... 4,200
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
</TABLE>
COMMON STOCKS, CONTINUED:
Electronic Components/Instruments, continued:
<TABLE>
<C> <S> <C>
300,000 National Semiconductor Corp. (c).......... $ 4,650
---------
14,300
---------
Environmental Services (1.5%):
300,000 Browning-Ferris Industries, Inc. ......... 8,700
---------
Financial Services (10.2%):
200,000 Chase Manhattan Corp. (e)................. 14,125
308,100 Federal National Mortgage Assoc. (e)...... 10,321
150,000 Great Western Financial Corp. ............ 3,581
350,000 H. F. Ahmanson & Co. ..................... 9,450
600,000 Horsham Corp. (b)......................... 8,325
92,500 Salomon, Inc. ............................ 4,070
241,900 Travelers Group, Inc. .................... 11,037
---------
60,909
---------
Food Products & Services (1.5%):
250,000 IBP, Inc. ................................ 6,906
95,000 McCormick & Co. .......................... 2,102
---------
9,008
---------
Food & Household Products (2.5%):
250,000 Sunbeam Corp. ............................ 3,688
350,000 Supervalu, Inc. .......................... 11,025
---------
14,713
---------
Gas & Electric Utility (1.0%):
250,000 Pacific Gas & Electric Co. ............... 5,813
---------
Health Care (1.7%):
100,000 Baxter International, Inc. ............... 4,725
300,000 Healthsources (b)(c)...................... 5,250
---------
9,975
---------
Insurance (5.1%):
200,000 Allstate Corp. (c)(e)..................... 9,125
60,000 CIGNA Corp. (e)........................... 7,072
30,000 General Re Corp. ......................... 4,568
150,000 ITT Hartford.............................. 7,988
250,000 Reliance Group Holdings, Inc. ............ 1,875
---------
30,628
---------
Leisure (0.7%):
200,000 Brunswick Corp. .......................... 4,000
---------
Manufacturing--Consumer Goods (0.8%):
250,000 Singer Co., N.V. ......................... 5,062
---------
Metals (2.9%):
200,000 Alumax, Inc. (b).......................... 6,075
500,000 Cyprus AMAX Minerals (b)(e)............... 11,313
---------
17,388
---------
Oil & Gas Exploration, Production & Services (10.7%):
160,000 Atlantic Richfield Co. ................... 18,960
</TABLE>
CONTINUED
- ----44
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
LARGE COMPANY VALUE FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
Oil & Gas Exploration, Production & Services, continued:
<C> <S> <C>
100,000 Burlington................................ $ 4,300
89,000 Enserch Exploration, Inc. (b)(c).......... 957
200,000 Exxon Corp. (e)........................... 17,375
176,000 Pennzoil Co. ............................. 8,145
250,000 Sun Inc. ................................. 7,593
350,000 USX-Marathon Group........................ 7,043
---------
64,373
---------
Paper Products (1.8%):
300,000 International Paper....................... 11,062
---------
Pharmaceuticals (0.9%):
125,000 Pharmacia & Upjohn, Inc. ................. 5,547
---------
Printing & Publishing (1.4%):
300,000 American Greetings Corp., Class A......... 8,213
---------
Railroads (1.4%):
125,000 Conrail, Inc. ............................ 8,296
---------
Retail Stores/Catalog (1.1%):
150,000 May Department Stores..................... 6,562
---------
Retail--General Merchandise (1.2%):
250,000 Rite Aid Corp. ........................... 7,437
---------
Steel (0.9%):
200,600 USX-U S Steel Group Inc. ................. 5,692
---------
Technology (2.6%):
150,000 I.B.M. (e)................................ 14,850
100,000 Unisys (c)................................ 713
---------
15,563
---------
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
</TABLE>
COMMON STOCKS, CONTINUED:
<TABLE>
<C> <S> <C>
Tire & Rubber (1.2%):
325,000 Cooper Tire............................... $ 7,231
---------
Tobacco (0.5%):
100,000 RJR Nabisco Holdings Corp. (e)............ 3,100
---------
Telecommunications (5.3%):
160,000 AT&T Corp. (e)............................ 9,920
200,000 Bell South................................ 8,475
100,000 GTE Corp. ................................ 4,475
180,000 SBC Communications Inc. .................. 8,865
---------
31,735
---------
Total Common Stocks 540,230
---------
PREFERRED STOCKS (1.9%):
Food Products & Services (1.9%):
1,750,000 RJR, Series C............................. 11,375
---------
Total Preferred Stocks 11,375
---------
U.S. Treasury Bills (0.2%):
$ 990,000 7/11/96 (d)............................... 988
---------
Total U.S. Treasury Bills 988
---------
Investment Companies (0.4%):
2,573,605 Aquila Churchill Cash Reserves Money
Market Funds............................ 2,574
---------
Total Investment Companies 2,574
---------
Total Investments, at value 555,167
---------
</TABLE>
CONTINUED
45----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
LARGE COMPANY VALUE FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
REPURCHASE AGREEMENTS (7.5%):
<C> <S> <C>
$ 8,356,750 Aubrey G. Lanston & Co., 5.45%, 7/1/96,
(Collateralized by $6,930,000 U.S.
Treasury Notes, 10.75%, 5/15/03, market
value--$8,583).......................... $ 8,357
36,425,000 Lehman Brothers, 5.51%, 7/1/96,
(Collateralized by $38,270,000 Federal
Home Loan Bank notes, 0.00% - 7.13%,
6/20/97 - 2/1/11, market value--
$37,158)................................ 36,425
---------
Total Repurchase Agreements 44,782
---------
Total (Cost--$604,175)(a) $ 599,949
---------
---------
</TABLE>
- ------------
Percentage indicated are based on net assets of $598,042.
<TABLE>
<C> <S>
(a) Represents cost for financial reporting purposes and differs from cost basis for federal income tax purposes by the
amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately
$1,367. Cost for federal income tax purposes differs from value by net unrealized depreciation of securities as
follows:
</TABLE>
<TABLE>
<S> <C>
Unrealized appreciation................................................... $ 18,918
Unrealized depreciation................................................... (24,511)
---------
Net unrealized depreciation............................................... $ (5,593)
---------
---------
</TABLE>
<TABLE>
<C> <S>
(b) A portion of this security was loaned as of June 30, 1996
</TABLE>
<TABLE>
<C> <S>
(c) Non-income producing securities.
</TABLE>
<TABLE>
<C> <S>
(d) Serves as collateral for futures contracts.
</TABLE>
<TABLE>
<S> <C> <S>
(e) A portion of the security was held in escrow by the custodian in connection with options written by the Fund.
ADR American Depository Receipt
</TABLE>
At June 30, 1996, the Fund's open futures contracts were as follows:
<TABLE>
<CAPTION>
OPEN CURRENT
# OF POSITIONS MARKET
CONTRACTS CONTRACT TYPE (000) VALUE (000)
- ---------- ----------------------------------------------------------- ----------- -----------
<C> <S> <C> <C>
LONG CONTRACTS
25 S & P 500 September, 1996.................................. $ 8,375 $ 8,460
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----46
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
DISCIPLINED VALUE FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
<C> <S> <C>
COMMON STOCKS (97.2%):
Aerospace (0.3%):
92,000 Orbital Sciences Corp. (c)................ $ 1,495
---------
Aerospace & Military Technology (0.1%):
18,000 Rohr Industries, Inc. (c)................. 376
---------
Auto Parts (0.6%):
46,300 Arvin Industries, Inc. ................... 1,030
51,300 Kaydon Corp. ............................. 2,206
---------
3,236
---------
Banking (5.3%):
121,000 Bancorp Hawaii, Inc. ..................... 4,356
100,000 Charter One Financial, Inc. .............. 3,488
100,000 First American Bank Corp. ................ 4,475
150,000 First Security Corp. ..................... 3,600
100,000 First Union Corp. (b)..................... 6,087
180,000 Onbancorp, Inc. .......................... 5,894
58,200 Susquehanna Bancshares, Inc. ............. 1,557
---------
29,457
---------
Banking & Financial Services (3.1%):
96,900 Central Fidelity Banks, Inc. ............. 2,204
200,000 Illinova Corp. ........................... 5,750
97,000 Mercantile Bankshares Corp. .............. 2,474
250,000 Southtrust Corp. ......................... 7,031
---------
17,459
---------
Beverages (1.7%):
160,000 Coca Cola Enterprises..................... 5,540
235,000 Coors Adolph Co., Class B................. 4,201
---------
9,741
---------
Capital Goods (0.2%):
73,000 Watts Industries.......................... 1,360
---------
Chemicals (4.0%):
53,600 Arco Chemical............................. 2,787
145,000 Calgon Carbon Corp. ...................... 1,957
41,900 Eastman Chemical Co. ..................... 2,551
42,300 Ferro Corp. .............................. 1,121
90,000 Hanna (M.A.) Co. ......................... 1,879
141,000 IMC Global, Inc. ......................... 5,304
112,200 Lubrizol Corp. ........................... 3,408
38,500 Olin Corp. ............................... 3,436
---------
22,443
---------
Coal (1.0%):
220,000 Valero Energy Corp. (b)................... 5,500
---------
Commercial Services (1.0%):
35,000 Flight Safety International............... 1,899
96,500 Kelly Services, Class A................... 2,822
---------
4,721
---------
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
</TABLE>
COMMON STOCKS, CONTINUED:
<TABLE>
<C> <S> <C>
Computer Hardware (1.3%):
157,500 Seagate Technology, Inc. (b)(c)........... $ 7,088
---------
Computer Software (0.2%):
74,000 Exabyte Corp. (c)......................... 967
---------
Consumer Goods & Services (1.5%):
110,000 First Brands Corp. ....................... 2,970
156,000 Liz Claiborne............................. 5,402
---------
8,372
---------
Diversified (0.1%):
10 Berkshire Hathaway (c).................... 307
---------
Electric Utility (17.9%):
249,700 Allegheny Power Systems Inc. ............. 7,707
220,000 Central & South West Corp. ............... 6,380
200,000 Central Louisiana Electric (b)............ 5,325
99,700 Consolidated Edison Co. of New York,
Inc. ................................... 2,916
112,200 Delmarva Power & Light.................... 2,356
270,000 Edison International...................... 4,759
200,000 Florida Progress Corp. ................... 6,950
200,000 General Public Utility Corp. ............. 7,050
70,000 Hawaiian Electric Industries, Inc. ....... 2,485
80,000 Idaho Power Co. .......................... 2,490
110,000 Kansas City Power & Light................. 3,025
242,000 L G & E Energy Corp. ..................... 5,536
198,000 Midamerican Energy Co. ................... 3,416
50,000 Montana Power Co. ........................ 1,113
155,000 New England Electric System (b)........... 5,638
101,000 Oklahoma Gas & Electric Co. .............. 4,002
220,000 Pinnacle West Capital..................... 6,683
155,000 Public Service New Mexico................. 3,178
101,000 Southwestern Public Service Co. .......... 3,295
170,000 Union Electric............................ 6,843
55,900 WPL Holdings, Inc. ....................... 1,838
250,000 Wisconsin Energy Corp. ................... 7,217
---------
100,202
---------
Electrical & Electronic (1.5%):
110,000 Avnet, Inc. .............................. 4,634
125,000 Molex, Inc. (b)........................... 3,969
---------
8,603
---------
Electrical Equipment (0.7%):
56,400 Hubbell, Inc. Class B..................... 3,737
---------
Electronic Components/Instruments (0.5%):
33,000 Marshall Industries (c)................... 924
36,000 Raytheon Co. ............................. 1,859
---------
2,783
---------
</TABLE>
CONTINUED
47----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
DISCIPLINED VALUE FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Energy (0.3%):
100,000 Albemarle Corp. .......................... $ 1,825
---------
Engineering (0.3%):
75,200 Granite................................... 1,730
---------
Entertainment (1.6%):
155,000 Grand Casinos (c)......................... 3,991
130,000 King World Productions, Inc. (c).......... 4,729
---------
8,720
---------
Environmental Services (0.2%):
55,000 Wellman, Inc. ............................ 1,286
---------
Financial Services (5.8%):
310,380 Bear Stearns Companies, Inc. ............. 7,332
180,000 Comdisco, Inc. ........................... 4,793
122,000 A.G. Edwards, Inc. ....................... 3,309
140,000 First Chicago Corp. (b)................... 5,478
132,000 Regions Financial Corp. (b)............... 6,170
100,000 Washington Mutual, Inc. (b)............... 2,988
71,000 Wilmington Trust Corp. ................... 2,303
---------
32,373
---------
Food Products & Services (1.3%):
100,000 Michael Foods............................. 1,162
30,000 Smuckers.................................. 589
200,000 Tyson Foods Inc., Class A................. 5,475
---------
7,226
---------
Forest Products (1.3%):
85,000 Consolidated Papers, Inc. ................ 4,420
133,000 Mercer International, Inc. (c)............ 1,796
35,000 Rayonier, Inc. ........................... 1,330
---------
7,546
---------
Gaming (1.5%):
210,000 Circus Circus Entertainment (c)........... 8,610
---------
Gas & Electric Utility (1.5%):
270,000 New York State Electric & Gas............. 6,581
140,000 Northeast Utilities....................... 1,873
---------
8,454
---------
Gas Utility (0.9%):
160,000 AGL Resources............................. 3,020
80,000 Indiana Energy, Inc. ..................... 2,290
---------
5,310
---------
Health Care (1.8%):
215,000 Bergen Brunswig Corp. .................... 5,966
65,000 Datascope (c)............................. 1,154
40,000 Pacificare Health (c)..................... 2,710
---------
9,830
---------
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
</TABLE>
COMMON STOCKS, CONTINUED:
<TABLE>
<C> <S> <C>
Home Furnishings (0.1%):
21,000 National Presto Industries, Inc. ......... $ 798
---------
Insurance (6.0%):
140,000 Mid Ocean Ltd. ........................... 5,740
190,000 Partnerre Ltd. (b)........................ 5,676
190,000 American Financial Group.................. 5,724
66,500 Arbatax International, Inc. (c)........... 324
49,000 Loews Corporation......................... 3,865
110,000 Progressive Corp-Ohio..................... 5,088
100,000 Transatlantic Holding (b)................. 7,011
---------
33,428
---------
Leisure (0.5%):
88,500 Fleetwood Enterprises, Inc. .............. 2,744
---------
Machinery & Equipment (0.5%):
25,000 Case Corp. (b)............................ 1,200
80,000 Keystone International, Inc. ............. 1,660
---------
2,860
---------
Machine--Diversified (0.8%):
56,000 Albany International Corp., Class A....... 1,267
47,200 Goulds Pumps, Inc. ....................... 1,210
40,000 Tecumseh Products Co. .................... 2,150
---------
4,627
---------
Manufacturing--Capital Goods (0.7%):
42,500 Butler Manufacturing Co. ................. 1,434
105,600 Mark IV Industries, Inc. ................. 2,389
---------
3,823
---------
Manufacturing--Consumer Goods (1.2%):
40,400 Johnson Controls, Inc. ................... 2,808
126,000 Pentair, Inc. ............................ 3,780
---------
6,588
---------
Materials (1.1%):
135,000 American Brands, Inc. .................... 6,126
---------
Miscellaneous Materials & Commodities (0.3%):
55,000 Calenergy, Inc. (c)....................... 1,403
---------
Medical Equipment & Supplies (0.4%):
19,000 Becton Dickinson & Co. (b)................ 1,525
50,000 Biomet (c)................................ 719
---------
2,244
---------
Medical--Biotechnology (0.4%):
66,000 Advanced Technology Labs, Inc. (c)........ 2,409
---------
Metals & Mining (1.1%):
50,000 Black Hills Corp. ........................ 1,244
60,000 Cleveland Cliffs, Inc. ................... 2,347
</TABLE>
CONTINUED
- ----48
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
DISCIPLINED VALUE FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
Metals & Mining, continued:
<C> <S> <C>
40,000 Harsco Corp. ............................. $ 2,690
---------
6,281
---------
Metals (1.5%):
121,000 Alumax, Inc. (b)(c)....................... 3,675
61,000 Brush Wellman, Inc. ...................... 1,159
35,000 Phelps Dodge Corp. ....................... 2,183
60,000 Quanex Corp. ............................. 1,418
---------
8,435
---------
Office Equipment & Services (1.2%):
72,000 Harris Corp. ............................. 4,392
39,000 Wallace Computers......................... 2,330
---------
6,722
---------
Office/Business Equipment (0.2%):
100,000 Kentek Information Systems (c)............ 1,063
---------
Oil & Gas Exploration Production & Services (6.6%):
62,100 El Paso Natural Gas....................... 2,391
60,000 Mapco Inc. ............................... 3,383
120,000 Murphy Oil Corp. ......................... 5,445
146,000 Nabors Industries, Inc. (c)............... 2,373
60,000 Parker and Parsley Petro Co. ............. 1,665
120,000 Pride Petroleum Services, Inc. (b)(c)..... 1,710
74,500 Quaker State Corp. ....................... 1,118
207,000 Repsol, S.A., ADR (b)..................... 7,192
110,000 Tosco Corp. .............................. 5,528
280,000 YPF Sociedad Anonima, ADR................. 6,298
---------
37,103
---------
Paper Products (0.3%):
60,000 Chesapeake Corp. ......................... 1,575
---------
Photography (1.0%):
180,000 Brooklyn Union Gas........................ 4,905
55,000 CPI Corp. ................................ 908
---------
5,813
---------
Printing & Publishing (2.5%):
90,000 Banta Corp. .............................. 2,273
70,000 New York Times Co, Class A (b)............ 2,284
29,000 Washington Post Co. ...................... 9,395
---------
13,952
---------
Railroads (1.2%):
63,100 Conrail, Inc. ............................ 4,188
70,000 Trinity Industries........................ 2,380
---------
6,568
---------
Restaurants (1.2%):
300,000 Buffets Inc. (b)(c)....................... 3,675
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
Restaurants, continued:
<C> <S> <C>
50,000 International Dairy Queen (c)............. $ 1,100
74,000 Sbarro, Inc. ............................. 1,859
---------
6,634
---------
Retail Stores/Catalog (2.3%):
60,400 Fred Meyer, Inc. (c)...................... 1,774
80,000 Pier One Imports (b)...................... 1,190
97,600 Ross Stores, Inc. ........................ 3,392
124,652 Smith's Food & Drug....................... 2,976
159,000 Waban, Inc. (c)........................... 3,796
---------
13,128
---------
Retail--General Merchandise (1.2%):
70,000 Duty Free International, Inc. ............ 1,068
155,000 Family Dollar Stores...................... 2,693
90,000 Hannaford Brothers Co. ................... 2,936
---------
6,697
---------
Retail--Special Line (0.3%):
143,000 Ruddick Corp. ............................ 1,877
---------
Steel (0.3%):
45,000 Carpenter Technology...................... 1,440
---------
Technology (0.5%):
66,000 Stratus Computer (c)...................... 1,914
24,000 Teleflex, Inc. ........................... 1,146
---------
3,060
---------
Textile Products (0.5%):
50,000 Springs Industries, Inc. Class A.......... 2,525
---------
Transportation & Shipping (0.1%):
50,000 Airnet Systems, Inc. (b)(c)............... 800
---------
Transportation (1.1%):
160,000 APL Ltd. (b).............................. 4,180
64,000 Alaska Airgroup, Inc. (b)(c).............. 1,752
---------
5,932
---------
Telecommunications (2.9%):
340,000 Nextel Communications, Inc. Class A....... 6,481
106,000 Southern New England Telecommunications,
Inc. ................................... 4,452
60,000 Telephone And Data Systems, Inc. ......... 2,700
50,000 Worldcom, Inc. (c)........................ 2,769
---------
16,402
---------
Water Utility (0.4%):
52,000 American Water Works, Inc. ............... 2,093
---------
Wholesale Distribution (1.4%):
66,000 Arrow Electronics, Inc. (c)............... 2,846
</TABLE>
CONTINUED
49----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
DISCIPLINED VALUE FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
Wholesale Distribution, continued:
<C> <S> <C>
107,000 McKesson Corp. ........................... $ 5,096
---------
7,942
---------
Total Common Stocks 543,849
---------
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
<C> <S> <C>
REPURCHASE AGREEMENTS (2.9%):
$ 16,332,000 Lehman Brothers, 5.51%, 7/1/96,
(Collateralized by $35,160,000 Federal
Home Loan Bank notes, 0.00% - 5.71%,
4/1/97 - 1/25/01, market value--
$16,661)................................ $ 16,332
---------
Total Repurchase Agreements 16,332
---------
Total (Cost--$506,190) (a) $ 560,181
---------
---------
</TABLE>
- ------------
Percentages indicated are based on net assets of $559,617.
<TABLE>
<C> <S>
(a) Represents cost for financial reporting purposes and differs from cost basis for federal income tax purposes by the
amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately
$242. Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as follows:
</TABLE>
<TABLE>
<S> <C>
Unrealized appreciation.................................................... $ 63,429
Unrealized depreciation.................................................... (9,680)
---------
Net unrealized appreciation................................................ $ 53,749
---------
---------
</TABLE>
<TABLE>
<C> <S>
(b) A portion of this security was loaned as of June 30, 1996
</TABLE>
<TABLE>
<C> <S>
(c) Non-income producing securities.
</TABLE>
<TABLE>
<S> <C>
ADR American Depository Receipt
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----50
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
LARGE COMPANY GROWTH FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------------------ ---------
<C> <S> <C>
COMMON STOCKS (98.8%):
Agriculture (0.8%):
140,000 Pioneer Hi Bred........................... $ 7,402
---------
Automotive (0.9%):
200,000 Echlin, Inc. (b).......................... 7,575
---------
Banking (2.3%):
140,000 J.P. Morgan & Co., Inc. .................. 11,847
225,000 US Bancorp................................ 8,128
---------
19,975
---------
Beverages (1.9%):
340,000 The Coca Cola Co. ........................ 16,617
---------
Brewery (1.4%):
160,000 Anheuser Busch Co., Inc. ................. 12,000
---------
Building Products (0.9%):
250,000 Masco Corp. .............................. 7,562
---------
Business Services (1.5%):
350,000 Automatic Data Processing................. 13,519
---------
Capital Goods (1.0%):
140,000 Fluor..................................... 9,153
---------
Chemicals (3.0%):
200,000 Air Products & Chemical................... 11,550
100,000 Dow Chemical Co. ......................... 7,600
225,000 Nalco Chemical Co. (b).................... 7,087
---------
26,237
---------
Computer Hardware (1.5%):
120,000 Intel Corp. .............................. 8,813
175,000 Silicon Graphics, Inc. (c)................ 4,200
---------
13,013
---------
Computer Software (2.2%):
210,000 Electronic Data Systems Corp. ............ 11,288
200,000 Oracle Corp. (c).......................... 7,887
---------
19,175
---------
Consumer Goods & Services (6.1%):
180,000 Colgate Palmolive Co. (b)................. 15,255
225,000 International Flavors & Fragrance......... 10,716
200,000 Interpublic Group Cos., Inc. ............. 9,375
200,000 Proctor & Gamble Co. ..................... 18,125
---------
53,471
---------
Electrical & Electronic (6.4%):
320,000 AMP, Inc. ................................ 12,840
175,000 Emerson Electric Co. ..................... 15,815
250,000 General Electric Co. ..................... 21,625
185,000 Molex, Inc. (b)........................... 5,874
---------
56,154
---------
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Electronic Components/Instruments (1.7%):
235,000 Motorola, Inc. ........................... $ 14,776
---------
Entertainment (1.3%):
175,000 Walt Disney Co. .......................... 11,003
---------
Environmental Services (1.2%):
325,000 WMX Technologies, Inc. ................... 10,644
---------
Food Products & Services (9.9%):
165,000 CPC International......................... 11,880
300,000 H.J. Heinz Co. ........................... 9,112
170,000 Hershey Foods Corp. ...................... 12,474
150,000 Kellogg Co. .............................. 10,988
280,000 Mc Donald's Corp. ........................ 13,090
470,000 Pepsico, Inc. ............................ 16,626
90,000 Unilever N V Ny Shares (b)................ 13,061
---------
87,231
---------
Forest Products (0.8%):
140,000 Consolidated Papers, Inc. ................ 7,280
---------
Health Care (8.3%):
380,000 Abbott Labs............................... 16,530
250,000 Columbia/HCA Healthcare Corp. ............ 13,344
275,000 Humana, Inc. (c).......................... 4,915
360,000 Johnson & Johnson......................... 17,820
310,000 Merck & Company, Inc. .................... 20,034
---------
72,643
---------
Insurance (3.9%):
150,000 American International Group.............. 14,794
120,000 Marsh & McLennan Co. Inc. ................ 11,580
150,000 St Paul Companies (b)..................... 8,025
---------
34,399
---------
Machinery & Equipment (2.7%):
110,000 Illinois Tool Works (b)................... 7,439
160,000 Ingersoll Rand Co. ....................... 7,000
400,000 Pall Corp. ............................... 9,650
---------
24,089
---------
Medical Equipment & Supplies (2.7%):
225,000 Bard C.R., Inc. .......................... 7,650
175,000 Biomet (c)................................ 2,516
235,000 Medtronic, Inc. .......................... 13,160
---------
23,326
---------
Metals (0.6%):
250,000 Cyprus Amax Minerals (b).................. 5,656
---------
Office Equipment & Services (0.9%):
80,000 Hewlett Packard........................... 7,970
---------
Oil & Gas Exploration Products & Services (3.7%):
110,000 Consolidated Natural Gas Co. ............. 5,748
</TABLE>
CONTINUED
51----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
LARGE COMPANY GROWTH FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
Oil & Gas Exploration Products & Services, continued:
<C> <S> <C>
140,000 Halliburton Co. (b)....................... $ 7,770
90,000 Mobil Corp. .............................. 10,091
100,000 Schlumberger Ltd. ........................ 8,425
---------
32,034
---------
Paper Products (1.6%):
180,000 Kimberly Clark Corp. ..................... 13,905
---------
Pharmaceuticals (5.0%):
320,000 Alza (b)(c)............................... 8,760
165,000 Elan Corporation Public
Limited Co. (b)(c)...................... 9,426
200,000 Pfizer.................................... 14,275
260,000 Pharmacia & Upjohn, Inc. ................. 11,537
---------
43,998
---------
Photography (1.6%):
180,000 Eastman Kodak Co. ........................ 13,995
---------
Printing & Publishing (4.9%):
125,000 Dun & Bradstreet Corp. ................... 7,813
210,000 Gannett, Inc. ............................ 14,857
250,000 McGraw Hill, Inc. (b)..................... 11,438
225,000 Time Warner, Inc. ........................ 8,831
---------
42,939
---------
Railroads (1.4%):
175,000 Union Pacific Corp. (b)................... 12,228
---------
Retail Stores/Catalog (5.7%):
275,000 Home Depot, Inc. (b)...................... 14,850
150,000 Intimate Brands, Inc. (b)................. 3,431
225,000 Unocal.................................... 7,594
400,000 Walgreen Co. ............................. 13,400
425,000 Walmart................................... 10,784
---------
50,059
---------
<CAPTION>
SHARES
OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Technology (3.8%):
90,000 I.B.M. ................................... $ 8,910
210,000 Minnesota Mining And
Manufacturing Co. (3M).................. 14,490
200,000 Texas Instruments......................... 9,975
---------
33,375
---------
Transportation (1.1%):
350,000 Ryder Systems, Inc. ...................... 9,844
---------
Telecommunications (4.6%):
330,000 AT&T Corp. ............................... 20,460
280,000 Alltel.................................... 8,610
250,000 GTE Corp. ................................ 11,188
---------
40,258
---------
Wholesale Distribution (1.5%):
185,000 Cardinal Health, Inc. (b)................. 13,343
---------
Total Common Stocks 866,848
---------
Investment Companies (0.3%):
2,573,605 Aquila Churchill Cash Reserves Money
Market.................................. 2,574
---------
Total Investment Companies 2,574
---------
Total Investments, at value 869,422
---------
Repurchase Agreements (0.9%):
$7,546,000 Lehman Brothers, 5.51%, 7/1/96,
(Collateralized by $7,700,000 FNMA Note,
5.47%, 6/20/97, market value--
$7,698)................................. 7,546
---------
Total Repurchase Agreements 7,546
---------
Total (Cost--$717,380) (a) $ 876,968
---------
---------
</TABLE>
- ------------
Percentages indicated are based on net assets of $877,361.
<TABLE>
<C> <S>
(a) Represents cost for financial reporting purposes and differs from cost basis for federal income tax purposes by the
amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately
$229. Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as follows:
</TABLE>
<TABLE>
<S> <C>
Unrealized appreciation................................................... $ 170,315
Unrealized depreciation................................................... (10,956)
---------
Net unrealized appreciation............................................... $ 159,359
---------
---------
</TABLE>
<TABLE>
<C> <S>
(b) A portion of this security was loaned as of June 30, 1996.
</TABLE>
<TABLE>
<C> <S>
(c) Non-income producing securities.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----52
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
GROWTH OPPORTUNITIES FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
<C> <S> <C>
COMMON STOCKS (93.0%):
Advertising (1.3%):
160,000 Omnicom Group........................... $ 7,440
5,000 Outdoor Systems, Inc. (c)............... 176
---------
7,616
Aerospace (0.1%):
13,000 Stanford Telecommunications (c)......... 731
---------
Airlines (0.7%):
115,000 Atlantic Southeast Airlines............. 3,249
15,000 Precision Castparts..................... 645
---------
3,894
---------
Banking (0.6%):
114,775 Dollar General.......................... 3,357
---------
Broadcasting/Cable (0.7%):
51,600 American Radio Systems Corp., (b)(c).... 2,219
50,000 Home Shopping Network (c)............... 600
40,000 TCA Cable TV, Inc. ..................... 1,210
---------
4,029
---------
Building Products (0.5%):
46,400 Vulcan Materials Co. ................... 2,755
---------
Chemicals (0.9%):
70,800 Cabot Corp. ............................ 1,735
30,000 Georgia Gulf Corp. ..................... 878
50,000 Loctite Corp. .......................... 2,324
---------
4,937
---------
Closed End Funds (0.2%):
60,000 RPM, Inc. Ohio (b)...................... 938
---------
Commercial Services (3.9%):
55,000 Corestaff, Inc. (c)..................... 2,461
268,000 Equifax, Inc. .......................... 7,034
30,000 Flight Safety International............. 1,628
70,000 Health Management Systems, Inc. (c)..... 2,223
90,000 Manpower, Inc. ......................... 3,533
65,000 May & Speh, Inc. (c).................... 1,024
100,700 Medaphis Corp. (c)...................... 4,002
5,000 Nova Corp / Georgia (c)................. 169
15,000 Whittman-Hart, Inc. (c)................. 540
---------
22,614
---------
Computer Hardware (2.9%):
40,000 Amati Communications Corp. (b)(c)....... 795
80,000 Cirrus Logic, Inc. (c).................. 1,400
90,000 Cisco Systems, Inc. (c)................. 5,095
160,700 Dell Computer Corp. (c)................. 8,176
30,000 3Com Corp. (c).......................... 1,373
2,000 Zebra Technologies, Class A (c)......... 36
---------
16,875
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Computer Software (10.7%):
68,500 Adobe Systems, Inc. .................... $ 2,457
125,500 American Online (b)(c).................. 5,491
2,000 Aspect Development, Inc. (c)............ 51
95,000 BMC Software (c)........................ 5,676
235,000 Cadence Design Systems, Inc. (c)........ 7,931
62,000 Compuware Corp. (c)..................... 2,449
80,000 Electronic Arts (c)..................... 2,140
30,000 Factset Research Systems (c)............ 510
70,000 Fiserv, Inc. (c)........................ 2,100
10,000 Forefront Group, Inc. (c)............... 140
100,000 Gandalf Technologies, Inc. (c).......... 800
29,500 HNC Software (c)........................ 1,364
225,600 Informix Corp. (b)(c)................... 5,076
2,000 I2 Technologies, Inc. (c)............... 86
85,000 JDA Software Group, Inc. (c)............ 1,753
8,700 Open Market, Inc. (c)................... 212
60,000 Pairgain Technologies, Inc. (c)......... 3,720
225,000 Parametric Technology Corp. (c)......... 9,759
2,500 Remedy Corp. (c)........................ 183
80,400 Reynolds & Reynolds..................... 4,281
5,000 Segue Software, Inc. (c)................ 149
20,500 Sterling Commerce, Inc. (b)(c).......... 761
20,000 Sterling Software (c)................... 1,540
50,000 Structural Dynamics (c)................. 1,100
50,000 Symantec Corp. (c)...................... 625
5,000 Transition Systems, Inc. (c)............ 143
35,000 Vanstar Corp. (c)....................... 586
1,000 Xylan Corp. (c)......................... 47
---------
61,130
---------
Consumer Goods & Services (1.0%)
80,000 Callaway Golf Co. (b)................... 2,660
65,000 Nine West Group, Inc. (b)(c)............ 3,323
---------
5,983
---------
Electric Utility (0.5%):
100,000 AES Corp. (c)........................... 2,825
---------
Electrical & Electronic (3.4%):
50,000 Altera Corp. (c)........................ 1,900
29,500 BMC Industries, Inc. ................... 848
50,000 California Amplifier, Inc. (c).......... 1,150
85,150 Diebold, Inc. .......................... 4,108
100 Identix, Inc. (c)....................... 1
95,000 Solectron Corp. (b)..................... 3,598
120,000 Stratacom (c)........................... 6,750
75,300 Teradyne, Inc. (c)...................... 1,299
---------
19,654
---------
Electrical Equipment (0.3%):
70,000 Integrated Device Technology, Inc. (c).. 744
</TABLE>
CONTINUED
53----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
GROWTH OPPORTUNITIES FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Electrical Equipment, continued:
<C> <S> <C>
30,000 Microchip Technology, Inc. (c).......... $ 742
---------
1,486
---------
Electronics (0.5%):
65,000 Symbol Technologies, Inc. (c)........... 2,893
---------
Electronic Components/Instruments (3.1%):
216,200 Analog Devices, Inc. (c)................ 5,513
195,000 Atmel Corp. (c)......................... 5,874
25,100 Cree Reseach, Inc. (b)(c)............... 377
105,500 Maxim Integrated Products, Inc. (c)..... 2,881
80,000 Mentor Graphics Corp. (c)............... 1,300
30,000 Varian Associates, Inc. ................ 1,553
16,170 Vishay International (c)................ 382
---------
17,880
---------
Energy (2.0%):
50,000 California Energy Company, Inc. (c)..... 1,250
247,500 Thermo Electron Corp. (b)(c)............ 10,302
---------
11,552
---------
Engineering (0.2%):
45,000 Jacobs Engineering Group, Inc. (c)...... 1,187
---------
Entertainment (0.6%):
40,000 MGM Grand, Inc. (c)..................... 1,595
30,000 Mirage Resorts (c)...................... 1,620
17,000 Premier Parks, Inc. (c)................. 366
---------
3,581
---------
Environmental Services (0.6%):
110,000 U.S.A. Waste Services, Inc. (c)......... 3,259
---------
Financial--Banking (1.3%):
145,000 State Street Boston Corp. .............. 7,395
---------
Financial Services (4.8%):
33,900 First USA Paymentech, Inc. (c).......... 1,356
133,000 Franklin Resources, Inc. ............... 8,112
110,000 Price (T. Rowe) Associates.............. 3,383
309,000 Schwab (Charles) Corp. (b).............. 7,571
13,700 Security First Network Bank (c)......... 452
160,000 Southern Pacific Funding Corp. (c)...... 2,800
70,000 SunAmerica, Inc. ....................... 3,955
---------
27,629
---------
Food Products & Services (1.3%):
140,000 IBP, Inc. .............................. 3,868
110,000 Richfood Holdings....................... 3,575
---------
7,443
---------
Funeral Services (0.3%):
30,000 Service Corp. International............. 1,725
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Health Care (3.6%):
100,000 Apria Healthcare Group, Inc. (c)........ $ 3,138
104,000 Foundation Health Corp. (b)(c).......... 3,731
190,000 Healthsouth Corp. (b)(c)................ 6,840
121,800 Healthsources (b)(c).................... 2,132
83,500 Health Care & Retirement Corp. (c)...... 1,983
75,000 Oxford Health (c)....................... 3,084
---------
20,908
---------
Home Furnishings (0.5%):
110,000 Leggett & Platt, Inc. .................. 3,053
---------
Hotels & Lodging (3.1%):
231,000 Hospitality Franchise Systems (b)(c).... 16,170
55,000 Promus Hotel Corp. (c).................. 1,629
---------
17,799
---------
Industrial Goods & Services (0.4%):
47,500 Fastenal................................ 2,066
---------
Insurance (2.0%):
228,900 AFLAC, Inc. ............................ 6,838
48,000 Riscorp, Inc., Class A (c).............. 876
83,500 Travelers/Aetna Property Casualty, Class
A (c)................................. 2,369
60,000 Value Health, Inc. (c).................. 1,418
---------
11,501
---------
Investment Company (0.5%):
289,000 Sunstone Hotel Investors, Inc. ......... 3,143
---------
Leisure (1.0%):
134,900 Harley-Davidson, Inc. .................. 5,548
---------
Machinery & Equipment (0.7%):
16,000 Nordson................................. 904
90,000 Sundstrand Corp. ....................... 3,296
---------
4,200
---------
Manufacturing--Capital Goods (1.4%):
95,000 Danaher Corp. .......................... 4,133
75,000 York International Corp. ............... 3,881
---------
8,014
---------
Manufactured Housing (0.5%):
137,875 Clayton Homes, Inc. .................... 2,758
---------
Medical Equipment & Supplies (1.5%):
30,000 Dentsply International.................. 1,275
7,000 Eclipse Surgical Tech (c)............... 96
77,500 Forest Laboratories, Class A (c)........ 2,993
44,500 Nellcor Puritan Bennett, Inc. (c)....... 2,158
80,000 Stryker Corp. .......................... 1,820
600 Ventritex, Inc. (c)..................... 10
---------
8,352
---------
</TABLE>
CONTINUED
- ----54
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
GROWTH OPPORTUNITIES FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Medical--Hospital Services (0.6%):
750 Multicare Companies, Inc. (c)........... $ 14
120,000 Vencor, Inc. (b)(c)..................... 3,660
---------
3,674
---------
Medical--Biotechnology (0.3%):
11,000 Arterial Vascular Engineer (c).......... 399
50,000 Lifecore Biomedical, Inc. (c)........... 1,062
---------
1,461
---------
Medical Supplies (0.2%):
25,000 Beckman Instruments, Inc. .............. 950
10,000 Heartport, Inc. (c)..................... 303
---------
1,253
---------
Medical--Hospital Management & Services (0.6%):
70,000 Healthcare Compare Corp. (c)............ 3,413
12,500 Inphynet Medical Management, Inc. (c)... 234
---------
3,647
---------
Office Equipment & Services (2.0%):
20,000 Hon Industries.......................... 570
167,000 Paychex................................. 8,037
45,000 Wallace Computers....................... 2,689
---------
11,296
---------
Oil & Gas Exploration Production & Services (4.1%):
84,000 Anadarko Petroleum Corp. ............... 4,872
35,000 BJ Services Co. (b)(c).................. 1,229
30,000 Bakers Hughes........................... 986
10,000 Carbo Ceramics, Inc. (c)................ 220
30,000 Dresser Industries, Inc. ............... 885
290,000 Global Marine, Inc. (c)................. 4,024
110,900 Lyondell Petrochemical (b).............. 2,675
99,800 Noble Affiliates, Inc. (b).............. 3,767
35,000 Rutherford-Moran Oil Corp. (c).......... 853
30,000 Smith International, Inc. (c)........... 904
100,000 Weatherford Enterra, Inc. (c)........... 3,000
---------
23,415
---------
Packaging (1.1%):
65,600 Sealed Air Corp. (c).................... 2,206
143,200 Sonoco Products Co. (b)................. 4,063
---------
6,269
---------
Pharmaceuticals (1.9%):
70,300 Biogen (c).............................. 3,858
227,600 Ivax Corp. (b).......................... 3,613
19,900 Mylan Laboratories...................... 343
80,000 Watson Pharmaceutical, Inc. (c)......... 3,030
---------
10,844
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Printing & Publishing (0.4%):
23,700 Belo (A.H.) Corp., Series A............. $ 883
25,000 Scholastic Corp. (c).................... 1,550
---------
2,433
---------
Real Estate (1.1%):
217,000 Imperial Credit Industries, Inc. (c).... 6,564
---------
Research & Development (2.4%):
105,000 Centocor (c)............................ 3,137
64,300 Chiron Corp. (b)(c)..................... 6,301
81,100 Genzyme Corp., General Division
(b)(c)................................ 4,075
---------
13,513
---------
Restaurants (0.8%):
65,000 Lone Star Steakhouse & Saloon (c)....... 2,454
70,000 Outback Steakhouse (c).................. 2,414
---------
4,868
---------
Retail Stores/Catalog (4.5%):
135,000 Bed Bath & Beyond, Inc. (c)............. 3,611
30,000 Claire's Stores, Inc. .................. 803
110,000 Kohl's Corp. (c)........................ 4,029
30,000 Land's End.............................. 743
80,000 Micro Warehouse, Inc. (c)............... 1,600
272,100 Office Depot, Inc. (b)(c)............... 5,543
256,400 Staples (b)(c).......................... 5,000
140,000 Viking Office Products (c).............. 4,393
---------
25,722
---------
Retail--Special Line (0.5%):
120,000 Compucom Systems, Inc. (c).............. 1,305
20,000 Tiffany & Company....................... 1,460
---------
2,765
---------
Services (0.5%):
25,000 Accustaff, Inc. (c)..................... 681
70,000 Olsten Corp. ........................... 2,057
---------
2,738
---------
Technology (1.9%):
220,200 International Game Technologies......... 3,715
102,300 Linear Technology Corp. ................ 3,069
40,000 Verifone (c)............................ 1,690
70,000 Xilinx, Inc. (b)(c)..................... 2,223
---------
10,697
---------
Telecom Equipment (2.3%):
10,000 Boston Communications Group (c)......... 165
155,000 U.S. Robotics Corp. (b)(c).............. 13,253
---------
13,418
---------
</TABLE>
CONTINUED
55----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
GROWTH OPPORTUNITIES FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
Textile Products (1.5%):
95,000 Cintas Corp. ........................... $ 5,083
5,000 Designer Holdings Ltd. (c).............. 133
65,000 Jones Apparel Group, Inc. (c)........... 3,193
---------
8,409
---------
Transportation (1.3%):
20,000 Atlas Air, Inc. (c)..................... 1,150
112,500 Illinois Central Corp. ................. 3,192
78,000 Kansas City Southern Industries......... 3,344
---------
7,686
---------
Telecommunications (3.5%):
306,500 American Portable Telecom (c)........... 3,295
300,000 Frontier Corp. ......................... 9,187
25,000 Lucent Technologies, Inc. .............. 947
50,000 Panamsat Corp. (c)...................... 1,450
135,000 360 Communications Co. (c).............. 3,240
80,000 Vanguard Cellular Systems, Class A (c).. 1,740
---------
19,859
---------
Telecommunications--Services & Equipment (2.9%):
145,000 ADC Telecommunications, Inc. (c)........ 6,525
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ---------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Telecommunications--Services & Equipment, continued:
<C> <S> <C>
95,000 Century Telephone Enterprises........... $ 3,028
80,000 Federal Signal Corp. ................... 1,880
80,000 Octel Communications Corp. (c).......... 1,580
55,000 Tellabs, Inc. (c)....................... 3,678
---------
16,691
---------
Wholesale Distribution (1.0%):
75,700 Cardinal Health, Inc. .................. 5,460
---------
Total Common Stocks 533,392
---------
REPURCHASE AGREEMENTS (11.7%):
$66,907,000 Lehman Brothers, 5.51%, 7/1/96,
(Collateralized by $69,645,000 Federal
Home Loan Bank notes, 0.00% - 7.23%,
12/28/98 - 2/23/06, market
value--$68,250)....................... 66,907
---------
Total Repurchase Agreements 66,907
---------
Total Cost--$592,135 (a) $ 600,299
---------
---------
</TABLE>
- ------------
Percentages indicated are based on net assets of $573,487.
<TABLE>
<C> <S>
(a) Represents cost for financial reporting purposes and differs from cost basis for federal income tax purposes by the
amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately
$5,991. Cost for federal income tax purposes differs from value by net unrealized appreciation of securities as
follows:
</TABLE>
<TABLE>
<S> <C>
Unrealized appreciation................................................... $ 29,598
Unrealized depreciation................................................... (27,425)
---------
Net unrealized appreciation............................................... $ 2,173
---------
---------
</TABLE>
<TABLE>
<C> <S>
(b) A portion of this security was loaned as of June 30, 1996
</TABLE>
<TABLE>
<C> <S>
(c) Non-income producing securities.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----56
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
GULF SOUTH GROWTH FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
<C> <S> <C>
COMMON STOCKS (98.3%):
Airlines (1.9%):
70,000 Atlantic Southeast Airlines, Inc. ......... $ 1,978
---------
Auto Parts (0.7%):
30,000 Discount Auto Parts, Inc. (c).............. 761
---------
Banking (0.6%):
50,000 Alabama National Bankcorp.................. 637
---------
Banking & Financial Services (3.1%):
20,000 CCB Financial Corp. ....................... 1,025
25,000 Centura Banks, Inc. ....................... 919
30,000 First American Corp. ...................... 1,264
---------
3,208
---------
Beverages & Tobacco (0.5%):
15,000 Coca-Cola Bottling Co. .................... 529
---------
Building Products (1.5%):
25,000 NCI Building Systems, Inc. (c)............. 844
10,000 Texas Industries, Inc. .................... 686
---------
1,530
---------
Chemicals (1.0%):
6,000 Cytec Industries, Inc. (c)................. 513
25,000 First Mississippi Corp. ................... 556
---------
1,069
---------
Commercial Services (6.1%):
15,000 Central Parking Corp. ..................... 444
30,000 Corestaff, Inc. (c)........................ 1,343
80,000 Medaphis Corp. (c)......................... 3,180
25,000 Phymatrix, Inc. (b)(c)..................... 581
30,000 Vincam Group, Inc. (c)..................... 780
---------
6,328
---------
Computer Hardware (3.4%):
40,000 Boca Research, Inc. (b)(c)................. 730
35,000 CHS Electronics, Inc. (c).................. 472
25,000 Dell Computer Corp. (c).................... 1,272
60,000 Zebra Technologies, Class A (c)............ 1,065
---------
3,539
---------
Computer Software (4.1%):
35,000 Acxicom Corp. (c).......................... 1,195
20,000 Continuum, Inc. (c)........................ 1,160
15,000 Datastream Systems, Inc. (c)............... 529
12,000 Micros Systems, Inc. (c)................... 334
50,000 Network General Corp. (c).................. 1,075
---------
4,293
---------
Data Processing & Reproduction (0.7%):
32,600 Total System Services, Inc. ............... 746
---------
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
<TABLE>
<C> <S> <C>
Electrical & Electronic (2.3%):
35,000 Allen Group, Inc. ......................... $ 761
24,900 Benchmark Electronics, Inc. (c)............ 722
30,000 Tech-Sym Corp. (c)......................... 893
---------
2,376
---------
Electrical Equipment (3.8%):
30,000 Kemet Corp. (c)............................ 600
22,000 Kent Electronics Corp. (c)................. 687
50,000 Kuhlman Corp. ............................. 869
45,000 SCI Systems, Inc. (b)(c)................... 1,828
---------
3,984
---------
Electronic Components/Instruments (0.5%):
30,000 Dallas Semi-Conductors..................... 544
---------
Entertainment (1.7%):
40,000 Movie Gallery (b)(c)....................... 840
20,000 Regal Cinemas, Inc. (c).................... 915
---------
1,755
---------
Environmental Services (0.5%):
30,000 Imco Recycling, Inc. ...................... 540
---------
Financial--Banking (3.2%):
50,000 Eagle Bancshares, Inc. .................... 794
40,000 First Financial Holdings, Inc. ............ 720
30,000 Synovus Financial Corp. ................... 649
40,000 Union Planters Corp. (b)................... 1,215
---------
3,378
---------
Financial Services (9.5%):
80,000 Amresco, Inc. ............................. 1,370
40,000 Concord EFS, Inc. (c)...................... 1,420
20,000 First Commerce Corp. (b)................... 707
50,000 Olympic Financial Ltd. (b)(c).............. 1,150
100,000 Regional Acceptance Corp. (c).............. 1,163
25,000 Regions Financial Corp. (b)................ 1,169
85,000 United Cos. Financial Corp. (b)............ 2,890
---------
9,869
---------
Food Products & Services (1.6%):
17,000 Dekalb Genetics Corp. ..................... 442
30,000 Foodbrands America, Inc. (c)............... 386
35,000 Longhorn Steaks, Inc. (c).................. 875
---------
1,703
---------
Funeral Services (2.2%):
75,000 Stewart Enterprises, Inc., Class A......... 2,344
---------
Forest Products (0.5%):
20,000 Caraustar Industries, Inc. ................ 530
---------
Health Care (1.4%):
30,000 Healthsouth Corp. (c)...................... 1,080
</TABLE>
CONTINUED
57----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
GULF SOUTH GROWTH FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Health Care, continued:
<C> <S> <C>
15,000 Invacare Corp. ............................ $ 352
---------
1,432
---------
Homebuilders (1.2%):
55,000 Cavalier Homes, Inc. ...................... 1,272
---------
Insurance (2.4%):
25,000 Protective Life Corp. ..................... 878
20,000 Provident Cos., Inc. ...................... 740
25,000 Triad Guaranty, Inc. (c)................... 919
---------
2,537
---------
Jewelry (0.6%):
25,000 Friedman's, Inc., Class A (c).............. 637
---------
Leisure (0.4%):
30,000 Action Performance Co., Inc. (b)(c)........ 439
---------
Machine--Diversified (3.9%):
33,000 Agco Corp. (c)............................. 916
20,000 Blount International, Inc. ................ 630
40,000 Computational Systems, Inc. (c)............ 865
50,000 Input/Output, Inc. (c)..................... 1,619
---------
4,030
---------
Manufacturing--Capital Goods (2.2%):
75,000 Maverick Tube Corp. (c).................... 881
40,000 Wolverine Tube, Inc. (c)................... 1,400
---------
2,281
---------
Manufacturing--Consumer Goods (0.5%):
10,000 Ionics, Inc. (c)........................... 470
---------
Manufactured Housing (1.2%):
20,000 American Homestar Corp. (c)................ 520
34,000 Oakwood Homes Corp. ....................... 701
---------
1,221
---------
Medical--Biotechnology (0.9%):
25,000 Cryolife, Inc. (c)......................... 925
---------
Medical Equipment & Supplies (0.6%):
15,000 IDEXX Laboratories, Inc. (c)............... 589
---------
Medical Supplies (1.5%):
50,000 Immucor, Inc. (c).......................... 600
35,000 Nabi, Inc. (c)............................. 332
42,000 Sano Corp. (c)............................. 651
---------
1,583
---------
Medical--Hospital Management & Service (1.1%):
60,000 Inphynet Medical Management, Inc. (c)...... 1,125
---------
Metals (0.8%):
35,000 Quanex Corp. .............................. 827
---------
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
</TABLE>
COMMON STOCKS, CONTINUED:
<TABLE>
<C> <S> <C>
Oil & Gas Exploration Products & Services (8.3%):
75,000 Benton Oil & Gas Co. (c)................... $ 1,650
25,000 Geoscience Corp. (c)....................... 350
25,000 Newpark Resources, Inc. (c)................ 919
20,000 Nuevo Energy Co. (c)....................... 645
60,000 Patterson Energy, Inc. (c)................. 930
75,000 Pride Petroleum Services, Inc. (b)(c)...... 1,069
12,000 Seacor Holdings, Inc. (c).................. 537
32,000 Stone Energy Corp. (c)..................... 640
27,000 Swift Energy Co. (b)(c).................... 486
60,000 Tuboscope Vetco International Corp. (c).... 667
20,000 United Meridian Corp. (c).................. 720
---------
8,613
---------
Pharmaceuticals (0.7%):
26,500 Intercardia, Inc. (c)...................... 755
---------
Printing & Publishing (0.8%):
30,000 Scientific Games Holdings Corp. (c)........ 870
---------
Restaurants (0.9%):
35,000 Apple South, Inc. ......................... 936
---------
Retail Stores/Catalog (0.8%):
25,000 Gadzooks', Inc. (c)........................ 806
---------
Retail--Special Line (1.9%):
40,000 Garden Ridge Corp. (b)(c).................. 2,020
---------
Services (3.7%):
120,000 Accustaff, Inc. (c)........................ 3,270
20,000 Envoy Corp. (c)............................ 585
---------
3,855
---------
Telecom Equipment (1.5%):
30,000 Coherent Communication System Corp. (c).... 637
25,000 Tessco Technologies, Inc. (c).............. 913
---------
1,550
---------
Telecommunications (4.1%):
30,000 LCI International, Inc. (b)(c)............. 941
60,000 Worldcom, Inc. (c)......................... 3,323
---------
4,264
---------
Telecommunications--Services & Equipment (2.2%):
25,000 Aspect Telecommunications, Inc. (c)........ 1,238
35,000 DSC Communications Corp. (c)............... 1,054
---------
2,292
---------
Textile Products (2.3%):
40,000 Conso Products Co. (c)..................... 650
35,000 Mohawk Industries Co. (c).................. 621
15,000 Nautica Enterprises, Inc. (c).............. 431
</TABLE>
CONTINUED
- ----58
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
GULF SOUTH GROWTH FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
COMMON STOCKS, CONTINUED:
Textile Products, continued:
<C> <S> <C>
30,000 Westpoint Stevens, Inc. (c)................ $ 717
---------
2,419
---------
Tobacco (0.5%):
30,000 Dimon, Inc. ............................... 555
---------
Transportation (1.0%):
45,000 Trico Marine Services, Inc. (c)............ 1,001
---------
Wholesale Distribution (1.5%):
15,000 Nuco2, Inc. (c)............................ 461
50,000 Tech Data Corp. (c)........................ 1,088
---------
1,549
---------
Total Common Stocks 102,494
---------
Total Investments, at value 102,494
---------
<CAPTION>
SHARES
OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- ----------- ------------------------------------------- ---------
<C> <S> <C>
REPURCHASE AGREEMENTS (1.5%)
$ 1,538,000 Lehman Brothers, 5.51%, 7/1/96,
(Collateralized by $1,570,000 FNMA Note,
5.47%, 6/20/97, market value-- $1,570)... $ 1,538
---------
Total Repurchase Agreements 1,538
---------
Total (Cost--$81,892)(a) $ 104,032
---------
---------
</TABLE>
- ------------
Percentages indicated are based on net assets of $104,272.
<TABLE>
<C> <S>
(a) Represents cost for federal income tax purposes and differs from value by net unrealized appreciation of securities as
follows (amounts in thousands):
</TABLE>
<TABLE>
<S> <C>
Unrealized appreciation.................................................... $ 25,368
Unrealized depreciation.................................................... (3,228)
---------
Net unrealized appreciation................................................ $ 22,140
---------
---------
</TABLE>
<TABLE>
<C> <S>
(b) A portion of this security was loaned as of June 30, 1996.
</TABLE>
<TABLE>
<C> <S>
(c) Non-income producing securities.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
59----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
<C> <S> <C>
COMMON STOCKS (96.8%):
ARGENTINA (0.7%):
Automotive (0.0%):
13,605 Ciadea SA................................. $ 97
---------
Beverages & Tobacco (0.0%):
53 Buenos Airos Embottelladora............... 35
---------
Oil & Gas Exploration, Production & Services (0.4%):
101,106 Cia Naviera Perez......................... 671
29,801 YPF Sociedad Anonima...................... 682
---------
1,353
---------
Telecommunications (0.3%):
89,920 Telecom Argentina, Class B................ 424
258,880 Telefonica de Argentina, Class B.......... 773
---------
1,197
---------
Total Argentina 2,682
---------
AUSTRALIA (2.1%):
Banking (0.5%):
119,800 National Australia Bank Ltd. ............. 1,109
170,900 Westpac Banking Corp. .................... 757
---------
1,866
---------
Broadcasting & Publishing (0.3%):
156,600 News Corp. Ltd. .......................... 889
---------
Building Products (0.3%):
220,700 Boral Ltd. ............................... 573
126,700 Pioneer International Ltd. ............... 369
---------
942
---------
Diversified (0.0%):
40,400 Southcorp Holdings Ltd. .................. 100
---------
Energy (0.4%):
104,520 Broken Hill Proprietary Ltd. ............. 1,445
---------
Industrial Goods & Services (0.1%):
102,800 CSR Ltd. ................................. 363
---------
Manufacturing--Consumer Goods (0.1%):
158,400 Email Ltd. ............................... 411
---------
Metals & Mining (0.2%):
34,600 Newcrest Mining Ltd. ..................... 139
79,400 WMC Holding Ltd. ......................... 569
---------
708
---------
Metals (0.1%):
229,000 M.I.M. Holdings Ltd. ..................... 296
27,600 Renison Goldfields Consolidated Ltd. ..... 134
---------
430
---------
Real Estate (0.1%):
138,000 General Property Trust.................... 237
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
</TABLE>
COMMON STOCKS, CONTINUED:
AUSTRALIA, CONTINUED:
Real Estate, continued:
<TABLE>
<C> <S> <C>
81,100 Westfield Trust........................... $ 146
---------
383
---------
Retail Stores/Catalog (0.0%):
25,730 Coles Myer Ltd. .......................... 94
---------
Transportation (0.0%):
54,600 TNT Ltd. ................................. 61
---------
Total Australia 7,692
---------
AUSTRIA (1.2%):
Airlines (0.0%):
950 Austrian Airlines/Oesterreichische
Luftverskehrs AG........................ 146
---------
Banking & Financial Services (0.4%):
13,650 Bank of Austria........................... 1,097
1,950 Bank of Austria AG, Participating
Certificates............................ 66
6,050 Creditanstalt Bankverein.................. 400
---------
1,563
---------
Beverages & Tobacco (0.1%):
3,000 Osterreichische Brau Beteiligungs AG...... 171
---------
Building Products (0.2%):
2,830 Constantia Industries..................... 119
8,905 Radex-Heraklith Indutriebeteiligungs AG... 278
1,575 Wienerberger Baustoffindustrie AG......... 318
---------
715
---------
Chemicals (0.0%):
1,400 Lenzing AG................................ 88
---------
Containers & Packaging (0.1%):
3,140 Constantia Verpackungen................... 176
---------
Environmental Services (0.0%):
900 BWT AG.................................... 115
---------
Insurance (0.1%):
1,100 EA Generali AG............................ 326
---------
Manufacturing-Consumer Goods (0.0%):
6,500 Steyr-Daimler-Puch AG (b)................. 100
---------
Oil & Gas Exploration, Production & Services (0.2%):
7,050 OEMV AG................................... 714
---------
Utilities--Electric & Gas (0.1%):
5,350 Osterreichische Elekrizitaitswirts AG,
Class A................................. 408
---------
Total Austria 4,522
---------
</TABLE>
CONTINUED
- ----60
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
BELGIUM (1.7%):
Airlines (0.1%):
2,990 ACEC-Union Miniere SA..................... $ 229
---------
Banking (0.2%):
935 Kredietbank............................... 280
1,302 Kredietbank VVPR.......................... 388
---------
668
---------
Chemicals (0.2%):
1,353 Solvay et Cie SA.......................... 830
---------
Commitments (0.1%):
1,472 Generale de Banque SA..................... 511
---------
Energy (0.2%):
2,236 Petrofina SA.............................. 700
---------
Industrial Holding Company (0.0%):
1,116 Groupe Bruxelles Lambert-PS............... 140
---------
Insurance (0.1%):
1,592 Fortis AG................................. 209
699 Royale Belge SA........................... 137
---------
346
---------
Merchandising (0.3%):
18,051 Delhaize-Le Lion PS....................... 902
---------
Utilities--Electric & Gas (0.5%):
9,224 Electrabel NPV............................ 1,970
---------
Total Belgium 6,296
---------
BRAZIL (0.7%):
Beverages & Tobacco (0.0%):
91,000 Cia Cervejaria Brahma..................... 54
41,000 Cia Cervejaria Brahma..................... 26
---------
80
---------
Building Products (0.0%):
5,000 Cia Vidraria Santa Maria.................. 20
---------
Chemicals (0.0%):
242,000 Copesul-Companhia Pertoquimica do Sol..... 16
36,151,000 White Martins SA.......................... 50
---------
66
---------
Energy (0.0%):
3,516,000 Cia Paranaense de Energia................. 40
---------
Food Products (0.0%):
141,000 Sadia Concordia SA........................ 100
---------
Oil & Gas Exploration, Production & Services (0.1%):
978,000 Petroleo Brasiliero SA.................... 122
---------
Steel (0.2%):
1,955,100 Cia de Acos Especias Itabira-Acesita...... 6
9,064 Companhia Vale do Rio Doce................ 225
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
</TABLE>
COMMON STOCKS, CONTINUED:
BRAZIL, CONTINUED:
Steel, continued:
<TABLE>
<C> <S> <C>
11,664 Companhia Vale do Rio Doce................ $ 234
3,589,000 Sioerurgica Nacional CSN.................. 93
---------
558
---------
Telecommunications (0.2%):
5,392,819 Telecomunicacoes Brasileiras SA (b)....... 321
5,268,000 Telecomunicacoes Brasileiras SA (b)....... 377
828,000 Telesp Tel Sao Paulo (b).................. 146
---------
844
---------
Tobacco (0.0%):
13,000 Souza Cruz................................ 114
---------
Utilities--Electric & Gas (0.2%):
1,211,000 Centrais Electricas....................... 332
378,000 Centrais Electricas Brasilieras........... 107
1,426,000 Cia Energetica de Minas Gerais (b)........ 38
355,000 Light Servicos de Electricidade (b)....... 98
---------
575
---------
Total Brazil 2,519
---------
DENMARK (1.5%):
Agriculture (0.0%):
2,500 Korn-Og Foderstof Kompagniet A/S.......... 113
---------
Banking & Financial Services (0.2%):
6,700 Danske Bank............................... 449
5,600 Unidanmark A/S, Class A................... 260
---------
709
---------
Beverages & Tobacco (0.2%):
3,550 Carlsberg AG.............................. 209
7,300 Carlsberg A/S............................. 429
---------
638
---------
Commercial Services (0.0%):
2,850 International Service System A/S, Class
B....................................... 64
---------
Electrical & Electronic (0.0%):
150 NKT Holdings A/S.......................... 7
---------
Engineering (0.0%):
2,250 FLS Industries A/S, Class B............... 226
---------
Food & Household Products (0.1%):
3,072 Royal Copenhagen A/S, Class A............. 259
---------
Food Products & Services (0.1%):
2,750 Superfos A/S.............................. 256
---------
Pharmaceuticals (0.5%):
13,000 Novo Nordisk A/S, Class B................. 1,840
---------
</TABLE>
CONTINUED
61----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
DENMARK, CONTINUED:
<C> <S> <C>
Telecommunications (0.2%):
12,650 Tele Danmark A/S, Class B................. $ 633
---------
Transportation & Shipping (0.2%):
13 D/S 1912, Class B......................... 295
9 D/S Svendborg, Class B.................... 294
300 J. Lauritzen Holdings A/S, Class B (b).... 34
---------
623
---------
Total Denmark 5,368
---------
FINLAND (0.5%):
Banking & Financial Services (0.1%):
85,506 Merita Ltd. (b)........................... 179
---------
Forest Products (0.2%):
34,360 UPM-Kymmene OY (b)........................ 711
---------
Insurance (0.1%):
3,100 Sampo Insurance Co., Class A.............. 179
---------
Telecommunications (0.1%):
10,900 Nokia AB, Class A......................... 401
6,500 Nokia AB, Class K......................... 237
---------
638
---------
Total Finland 1,707
---------
FRANCE (8.9%):
Automotive (0.2%):
5,600 PSA Peugeot Citroen....................... 749
---------
Banking (0.8%):
19,400 Banque National de Paris.................. 681
19,950 Compagnie de Suez......................... 730
10,750 Compagnie Financiere de Paribas SA........ 635
8,273 Societe Generale de Paris................. 909
---------
2,955
---------
Banking & Financial Services (0.0%):
5,900 Credit Foncier de France (b).............. 38
---------
Beverages & Tobacco (0.7%):
8,140 LVMH Moet Hennessy Louis Vuitton.......... 1,931
8,120 Pernod Ricard............................. 521
---------
2,452
---------
Broadcast/Cable (0.2%):
2,450 Canal Plus................................ 599
---------
Building Products (0.3%):
2,850 Imetal.................................... 404
11,958 Lafarge Coppee............................ 724
---------
1,128
---------
Business Services (0.5%):
13,250 Compagnie Generale des Eaux............... 1,480
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
FRANCE, CONTINUED:
Business Services, continued:
<C> <S> <C>
3,250 Havas SA.................................. $ 266
---------
1,746
---------
Chemicals (0.5%):
5,455 L'Air Liquide............................. 963
26,850 Rhone Poulenc SA.......................... 706
---------
1,669
---------
Commercial Services (0.3%):
2,200 Ecco SA................................... 553
1,300 Sodexho SA................................ 577
---------
1,130
---------
Construction (0.1%):
3,700 Bouygues.................................. 413
---------
Defense (0.2%):
450 Societe d'Applications Generales
D'electricite et de Mecanique........... 270
15,350 Thomson CSF............................... 431
---------
701
---------
Diversified (0.1%):
1,440 Chargeurs International SA (b)............ 64
7,750 Lagardere Group (b)....................... 200
---------
264
---------
Electrical & Electronic (0.8%):
11,800 Alcatel Alsthom........................... 1,029
4,750 Legrand................................... 849
16,900 Schneider SA.............................. 886
---------
2,764
---------
Energy (1.0%):
31,750 Societe Elf Aquitane SA................... 2,335
17,850 Compagnie Francaise de Petroleum Total SA,
Class B................................. 1,324
---------
3,659
---------
Engineering (0.1%):
3,050 Societe Technip SA........................ 281
---------
Food & Household Products (0.2%):
4,450 Eridania Beghin Say....................... 697
---------
Food Products & Services (0.2%):
5,250 Danone Group.............................. 794
---------
Health & Personal Care (0.5%):
4,450 L'Oreal................................... 1,477
7,260 Sanofi SA................................. 544
---------
2,021
---------
</TABLE>
CONTINUED
- ----62
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
FRANCE, CONTINUED:
<C> <S> <C>
Industrial Goods & Services (0.2%):
17,650 Michelin Class B, Registered.............. $ 863
---------
Industrial Holding Companies (0.2%):
8,750 Lyonnaise des Eaux Dumez.................. 836
---------
Insurance (0.3%):
17,750 AZA SA.................................... 971
---------
Leisure (0.2%):
4,350 Accor SA.................................. 608
250 Salomon SA................................ 228
---------
836
---------
Manufacturing--Consumer Goods (0.2%):
6,000 BIC....................................... 852
---------
Media (0.1%):
1,440 Pathe SA (b).............................. 338
---------
Merchandising (0.7%):
2,483 Carrefour (b)............................. 1,391
5,150 Casino Guichard Perrachon et Cie.......... 213
2,150 Pinault-Printemps Redoute................. 752
1,200 Promodes.................................. 346
---------
2,702
---------
Miscellaneous Materials & Commodities (0.3%):
7,950 Compagnie de St. Gobain................... 1,064
---------
Oil & Gas Exploration, Production & Services (0.0%):
750 Compagnie Francaise de Petroleum Total
SA...................................... 41
---------
Textile Products (0.0%):
1,150 Dollfus-Mieg & Cie........................ 51
---------
Total France 32,614
---------
GERMANY (13.6%):
Airlines (0.2%):
5,510 Lufthansa AG.............................. 780
---------
Automotive (1.7%):
7,610 Daimler Benz AG (b)....................... 4,072
2,560 Man AG.................................... 642
3,670 Volkswagen AG............................. 1,366
---------
6,080
---------
Banking (2.0%):
74,100 Bayer AG.................................. 2,607
17,300 Bayerische Vereinsbank AG................. 484
58,760 Deutsche Bank AG.......................... 2,783
50,850 Dresdner Bank AG.......................... 1,276
---------
7,150
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
GERMANY, CONTINUED:
<C> <S> <C>
Banking & Financial Services (0.1%):
19,100 Bayerische Hypotheken--und Wechsel--Bank
AG...................................... $ 464
---------
Building Materials (0.1%)
539 Heidelberger Zement AG.................... 370
---------
Business Services (0.4%):
8,830 SAP AG.................................... 1,301
---------
Chemicals (1.1%):
12,020 BASF AG................................... 3,423
1,540 Degussa................................... 523
---------
3,946
---------
Conglomerates (1.6%):
2,780 Preussag AG............................... 700
79,330 VEBA AG................................... 4,216
2,490 Viag AG................................... 991
---------
5,907
---------
Construction (0.1%):
900 Hochtief AG............................... 402
---------
Diversified (0.0%):
490 Linotype-Hell AG (b)...................... 24
---------
Electrical & Electronic (1.0%):
68,100 Siemens AG................................ 3,650
---------
Engineering (0.5%)
220 Bilfinger & Berger Bau AG................. 93
6,000 Fuer Industrie und Verkehrswesen AG....... 113
4,540 Mannesmann AG............................. 1,563
---------
1,769
---------
Health Care (0.3%):
16,760 Schering AG............................... 1,215
---------
Insurance (2.5%):
3,464 Allianz AG Holdings....................... 6,022
440 Aachener und Muenchener-Beteiligungs AG
(b)..................................... 318
110 Aachener und Muenchener-Beteiligungs AG
(b)..................................... 64
247 Colonia Konzern AG (b).................... 197
70 Muenshener Rueckver 1-Sicherungs
Gesellschaft............................ 117
1,215 Muenshener Rueckver-Sicherungs
Gesellschaft Vink....................... 2,482
---------
9,200
---------
Machinery & Equipment (0.1%):
11,350 Kloeckner, Humbolt-Deutz AG (b)........... 41
</TABLE>
CONTINUED
63----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
GERMANY, CONTINUED:
Machinery & Equipment, continued:
<C> <S> <C>
490 Linde AG.................................. $ 318
---------
359
---------
Manufacturing--Consumer Goods (0.0%):
220 Salamander AG............................. 28
---------
Metals & Mining (0.3%):
3,040 Fag Kugelfischer George Schaefer
Kommanditgesellschaft Auf Aktien (b).... 455
3,265 Thyssen AG................................ 598
---------
1,053
---------
Personal Care Products (0.6%):
2,050 Beiersdorf AG............................. 2,017
---------
Retail--General Merchandise (0.0%):
3,100 Douglas Holdings AG....................... 123
---------
Retail Stores (0.3%):
580 Asko Deutsche Kaufhaus AG................. 428
500 Karstadt AG............................... 199
1,170 Kaufhof Holdings AG....................... 442
---------
1,069
---------
Textile Products (0.0%):
390 Escada AG................................. 70
---------
Utilities--Electric & Gas (0.7%):
65,470 Rheinisch-Westfaelisches
Elektrizitaetswerk AG................... 2,546
---------
Total Germany 49,523
---------
GREECE (0.8%):
Agriculture (0.0%):
8,650 Hellenic Sugar Industry................... 81
---------
Banking & Financial Services (0.5%):
12,850 Alpha Credit Bank......................... 678
9,931 Commercial Bank of Greece................. 324
9,330 Ergo Bank................................. 513
6,940 National Bank of Greece................... 341
---------
1,856
---------
Beverages & Tobacco (0.1%):
11,050 Hellenic Bottling Co. SA.................. 367
---------
Building Products (0.2%):
41,820 Heracles General Cement Co. .............. 502
---------
Telecommunications (0.0%):
3,090 Intracom SA (b)........................... 55
---------
Total Greece 2,861
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
HONG KONG (0.9%):
Airlines (0.0%):
95,000 Cathay Pacific Airways Ltd. .............. $ 174
---------
Banking (0.1%):
69,240 Bank of East Asia......................... 253
---------
Banking & Financial (0.1%):
31,728 Wing Lung Bank............................ 184
---------
Broadcasting & Publishing (0.1%):
95,000 Television Broadcasts..................... 357
---------
Conglomerates (0.2%):
68,000 Swire Pacific Ltd. Class A................ 582
---------
Electrical Equipment (0.0%):
300,000 Elec & Eltek (Bermuda) International
Holdings (b)............................ 59
---------
Electronic Components/Instruments (0.0%):
252,000 Applied International Holdings Ltd. (b)... 22
---------
Industrial Holding Company (0.2%):
145,000 Hutchison Whampoa......................... 912
---------
Printing & Publishing (0.0%):
263,000 Oriental Press Group Ltd. ................ 141
---------
Real Estate (0.1%):
40,000 Sun Hung Kai Properties Ltd. (b).......... 404
---------
Telecommunications (0.1%):
202,800 Hong Kong Telecommunications.............. 364
---------
Total Hong Kong 3,452
---------
INDONESIA (1.0%):
Agriculture (0.0%):
53,000 Sinar Mas Agro Resources.................. 38
86,000 Sinar Mas Agro Resources.................. 61
---------
99
---------
Auto Parts (0.1%):
167,000 Astra International PT-Foreign Registry... 242
---------
Banking & Financial Services (0.2%):
60,500 Bank International Indonesia PT........... 299
136,000 Bank International Indonesia PT-Foreign
Registry................................ 304
---------
603
---------
Building Products (0.1%):
83,000 Indocement Tunggal Prakarsa PT-Foreign
Registry................................ 321
---------
Forest Products (0.1%):
203,000 Barito Pacific Timber..................... 133
33,000 Init Indorayon Utama...................... 32
</TABLE>
CONTINUED
- ----64
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
INDONESIA, CONTINUED:
Forest Products, continued:
<C> <S> <C>
66,500 Init Indorayon Utama--Foreign Registry.... $ 171
---------
336
---------
Telecommunications (0.1%):
107,500 Indosat PT................................ 361
---------
Textile Products (0.1%):
1,246,000 Polysindo Eka Perkasa PT-Foreign
Registry................................ 589
---------
Tobacco (0.3%):
166,000 Gudang Garam.............................. 711
45,500 Hanjaya Mandala Sampoerna................. 518
---------
1,229
---------
Total Indonesia 3,780
---------
IRELAND (0.2%):
Banking & Financial Services (0.2%):
132,300 Allied Irish Banks........................ 687
---------
Beverages & Tobacco (0.0%):
58,400 James Crean PLC........................... 233
---------
Total Ireland 920
---------
ITALY (7.0%):
Agriculture (0.1%):
305,900 Parmalat Finanziaria SPA.................. 411
---------
Airlines (0.0%):
206,000 Alitalia Italian SPA...................... 92
---------
Automotive (0.8%):
616,100 Fiat SPA.................................. 2,064
330,500 Fiat SPA Privileged....................... 580
106,100 Fiat SPA di Risp.......................... 181
---------
2,825
---------
Banking (0.7%):
378,000 Banca Commerciale Italiana................ 760
160,700 Banca Nazionale Dell'agricoltura SPA...... 95
82,800 Banco Ambrosiano Veneto SPA............... 222
344,000 Credito Italiano.......................... 403
112,600 Istituto Bancario san Paolo di Torina..... 727
31,680 Ras Savings............................... 165
---------
2,372
---------
Building Products (0.1%):
28,000 Italcementi SPA........................... 225
---------
Chemicals (0.1%):
832,100 Montedison SPA............................ 484
---------
Computer Hardware (0.1%):
371,000 Olivetti Ing & Co. SPA (b)................ 200
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
ITALY, CONTINUED:
<C> <S> <C>
Engineering (0.0%):
145,000 Impregilo SPA (b)......................... $ 154
---------
Financial Services (0.1%):
68,720 Mediobanca Banca Di Credito Fina.......... 436
---------
Insurance (1.7%):
218,680 Assicurazioni Generali SPA................ 5,043
22,600 La Previdenta Assicurazoni SPA............ 127
56,430 Riuniune Adriatici de Sicurta SPA......... 583
62,800 Societa Assicuratrice Industriale SPA..... 600
---------
6,353
---------
Oil & Gas Exploration, Production & Services (0.6%):
467,400 Ente Nazionale Idrocarburi SPA............ 2,331
---------
Paper Products (0.0%):
25,500 Burgo (Cartiere) SPA...................... 139
---------
Restaurants (0.0%):
44,204 Autogrill SPA (b)......................... 51
---------
Retail Stores (0.1%):
35,600 La Rinascente SPA (b)..................... 255
---------
Steel (0.2%):
155,000 Acciaerie e Ferriere, Lombarde, Falck
SPA..................................... 580
---------
Telecommunications (1.9%):
1,265,760 Telecom Italia SPA........................ 2,721
329,300 Telecom Italia di Risp SPA................ 449
1,198,060 Telecom Italia Mobile SPA................. 2,677
333,400 Telecom Italia Mobile di Risp SPA......... 575
55,700 Sirti Italian SPA......................... 358
---------
6,780
---------
Textile Products (0.1%):
33,400 Benetton Group SPA........................ 431
---------
Tire & Rubber (0.1%):
240,900 Pirelli SPA............................... 403
---------
Utilities--Electric & Gas (0.3%):
92,400 Edison SPA................................ 558
106,900 Italgas................................... 399
---------
957
---------
Total Italy 25,479
---------
JAPAN (31.7%):
Agriculture (0.0%):
25,000 Beet Sugar Manufacturing.................. 137
---------
Airlines (0.3%):
115,000 Japan Air Lines (b)....................... 930
---------
</TABLE>
CONTINUED
65----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
<C> <S> <C>
Aluminum (0.0%):
10,000 Nippon Light Metal Co. ................... $ 57
---------
Appliances & Household Products (1.4%):
130,000 Matsushita Electric Industrial Co. ....... 2,418
11,000 Pioneer Electronics Corp. ................ 262
56,000 Sanyo Electric Co. ....................... 342
52,000 Sharp Corp. .............................. 910
15,000 Sony Corp. ............................... 986
---------
4,918
---------
Automotive (1.8%):
39,000 Honda Motor Co. .......................... 1,010
134,000 Nissan Motors Co. ........................ 1,189
14,000 Toyoda Auto Loom Works.................... 280
161,000 Toyota Motor Co. ......................... 4,022
---------
6,501
---------
Banking (6.2%):
125,000 Asahi Bank Ltd. .......................... 1,447
196,600 Bank of Tokyo-Mitsubishi.................. 4,571
78,000 Bank of Yokohama Ltd. .................... 708
75,000 Chiba Bank................................ 661
162,000 Fuji Bank................................. 3,486
44,000 Joyo Bank................................. 333
57,000 Mitsui Trust & Banking Co. ............... 665
178,000 Sakura Bank............................... 1,980
50,000 Shizuoka Bank............................. 643
180,000 Sumitomo Bank Ltd. ....................... 3,479
132,000 The Industrial Bank of Japan.............. 3,273
109,000 Tokai Bank................................ 1,411
---------
22,657
---------
Banking & Financial Services (0.1%):
27,000 Gunma Bank................................ 300
---------
Basic Industry (0.1%):
42,000 Sekisui Chemical.......................... 513
---------
Beverages & Tobacco (0.3%):
3,000 Asahi Breweries Ltd. ..................... 35
49,000 Kirin Brewery Co., Ltd. .................. 599
36,000 Takara Shuzo Co., Ltd. ................... 368
---------
1,002
---------
Building Products (0.1%):
20,000 Onoda Cement Co. ......................... 115
8,000 Tostem Corp. ............................. 236
---------
351
---------
Chemicals (1.3%):
72,000 Asahi Chemical Industry................... 513
97,000 Denki Kagaku Kogyo K.K. .................. 350
32,000 Kaneka Corp. ............................. 215
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Chemicals, continued:
<C> <S> <C>
53,000 Konica Corp. ............................. $ 399
26,000 Kureha Chemical Industry.................. 146
36,000 Mitsubishi Chemical....................... 166
51,000 Mitsui Taotsu Chemical.................... 201
12,000 Nippon Shokubai K.K. Co. ................. 116
14,000 NOF Corp. ................................ 87
8,400 Shin-Etsu Chemical........................ 161
59,000 Showa Denko K.K. (b)...................... 182
100,000 Sumitomo Chemical Co., Ltd. .............. 477
27,000 Takeda Chemical Industries................ 478
75,000 Toray Industries Inc. .................... 517
72,000 Tosoh Corp. (b)........................... 320
74,000 UBE Industries Co. ....................... 281
---------
4,609
---------
Construction (0.8%):
32,000 Aoki Corp. ............................... 119
17,000 Daiwa House Industry Co., Ltd. ........... 263
22,000 Haseko Corp. (b).......................... 95
56,000 Kumagai Gumi Co., Ltd. ................... 225
12,000 Misawa Homes Co., Ltd. ................... 117
18,000 Okumura Corp. ............................ 150
20,000 Penta-Ocean Construction Co., Ltd. ....... 135
61,000 Sekisui House Ltd. ....................... 695
59,000 Shimizu Corp. ............................ 651
43,000 Taisei Corp. ............................. 305
---------
2,755
---------
Consumer Goods & Services (0.2%):
31,000 Nippon Sheet Glass........................ 152
45,000 Toto...................................... 677
---------
829
---------
Data Processing & Reproduction (0.3%):
117,000 Fujitsu Ltd. ............................. 1,067
---------
Distribution (0.4%):
72,000 Itochu Corp. ............................. 503
226,000 Tomen Corp. .............................. 867
---------
1,370
---------
Diversified (0.1%):
9,000 Amano Corp. .............................. 134
4,000 Sanrio Co., Ltd. (b)...................... 46
18,000 Yamaha Corp. ............................. 297
---------
477
---------
Electrical & Electronic (0.6%):
10,000 Kyocera Corp. ............................ 707
116,000 Mitsubishi Electric Corp. ................ 808
17,000 Omron Corp. .............................. 361
</TABLE>
CONTINUED
- ----66
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Electrical & Electronic, continued:
<C> <S> <C>
7,000 Rohm...................................... $ 462
---------
2,338
---------
Electrical Equipment (0.1%):
7,100 SMC Corporation........................... 549
---------
Electronic Components/Instruments (0.9%):
11,000 Fanuc Co. Ltd. ........................... 437
3,100 Hirose Electric........................... 191
167,000 Hitachi Ltd. ............................. 1,553
68,000 NEC Corp. ................................ 738
23,000 Yokogawa Electric Corp. .................. 231
---------
3,150
---------
Energy (0.8%):
51,000 Cosmo Oil Co., Ltd. ...................... 315
211,000 Japan Energy Corp. (Nikko Kyodo Co.,
Ltd.)................................... 783
264,000 Nippon Oil Co., Ltd. ..................... 1,788
---------
2,886
---------
Engineering (0.5%):
9,000 Daito Trust Construction Co. ............. 135
36,000 Fujita Corp. ............................. 167
33,000 Hazama Gumi............................... 144
33,000 Kajima Corp. ............................. 340
9,900 Kinden Corp. ............................. 157
19,000 Nishimatsu Construction................... 208
53,000 Obayashi Gumi............................. 479
6,000 TOA Corp. ................................ 41
---------
1,671
---------
Entertainment (0.0%):
8,000 Tokyo Dome Corp. ......................... 161
---------
Financial Services (1.6%):
11,000 Acom Co., Ltd. (b)........................ 430
125,000 Daiwa Securities Co. Ltd. ................ 1,607
59,000 Mitsubishi Trust & Banking Co. ........... 995
18,000 Nikko Securities Co. ..................... 202
11,000 Nippon Shinpan Co. ....................... 78
83,000 Nomura Securities Co. .................... 1,619
6,000 Orix Corp. ............................... 222
76,000 Yamaichi Securities, Ltd. ................ 521
43,000 Yasuda Trust & Banking.................... 272
---------
5,946
---------
Food & Household Products (0.5%):
13,000 Ajinomoto Co., Inc. ...................... 155
39,000 Kao Corp. ................................ 526
62,000 Nippon Meat Packers, Inc. ................ 882
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Food & Household Products, continued:
<C> <S> <C>
4,000 Nissin Food Products...................... $ 102
---------
1,665
---------
Food Products & Services (0.2%):
24,000 Daiei Inc. ............................... 289
29,000 House Foods Industry...................... 550
---------
839
---------
Forest Products (0.3%):
22,000 Honshu Paper Co., Ltd. ................... 156
71,000 New Oji Paper Co., Ltd. .................. 612
44,000 Nippon Paper Industries Co. .............. 275
---------
1,043
---------
Health & Personal Care (0.6%):
9,000 Chugai Pharmaceutical Ltd. ............... 88
20,000 Kyowa Hakko Kogyo Co., Ltd. .............. 191
21,000 Lion Corp. ............................... 126
27,000 Sankyo Co. ............................... 699
57,000 Yamanouchi Pharmaceutical Co., Ltd. ...... 1,237
---------
2,341
---------
Hotels & Lodging (0.0%):
5,000 Fujita Kanko, Inc. ....................... 100
---------
Industrial Goods & Services (0.7%):
57,000 Bridgestone Corp. ........................ 1,086
33,000 Mitsui Engineering & Shipbuilding Co.
(b)..................................... 100
14,000 NGK Insulators Ltd. ...................... 157
50,000 Nippon Denso Ltd. ........................ 1,085
15,000 Sumitomo Electric Industries.............. 215
---------
2,643
---------
Insurance (0.3%):
39,000 Mitsui Marine & Fire Insurance Co. ....... 310
13,650 Nichido Fire & Marine Insurance Co.,
Ltd. ................................... 105
11,000 Nippon Fire & Marine Insurance Co. ....... 72
22,000 Sumitomo Marine & Fire Insurance Co. ..... 192
43,000 Tokio Marine & Fire Insurance Co. ........ 572
---------
1,251
---------
Jewelry (0.1%):
40,000 Citizen Watch............................. 333
---------
Leasing (0.1%):
45,000 Yamato Transport.......................... 529
---------
Machinery & Equipment (1.5%):
20,000 Chiyoda Chemical Engineering.............. 237
9,000 Daifuku................................... 138
15,000 Daikin Industries......................... 164
</TABLE>
CONTINUED
67----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Machinery & Equipment, continued:
<C> <S> <C>
7,000 Ebara..................................... $ 112
58,000 Iseki & Co. (b)........................... 268
49,000 Komatsu................................... 482
40,000 Koyo Seiko Co., Ltd. ..................... 390
26,000 Kubota Corp. ............................. 171
32,000 Minebea Co., Ltd. ........................ 269
229,000 Mitsubishi Heavy Industries............... 1,990
4,000 Mori Seiki................................ 80
58,000 Niigata Engineering....................... 221
25,000 NSK Ltd. ................................. 189
37,000 NTN Corp. ................................ 261
11,000 Tokyo Electron Ltd. ...................... 320
---------
5,292
---------
Manufacturing--Capital Goods (0.6%):
42,000 Fujikura.................................. 348
16,000 Kokuyo Co., Ltd. ......................... 442
21,000 Makita Corp. ............................. 341
15,000 Murata Manufacturing...................... 567
22,000 Noritake Co., Ltd. ....................... 229
22,000 Topy Industries Co. ...................... 107
---------
2,034
---------
Manufacturing--Consumer Goods (0.7%):
69,000 Canon Inc. ............................... 1,434
33,000 Fuji Photo Film Ltd. ..................... 1,041
5,000 Sega Enterprise Ltd. ..................... 233
---------
2,708
---------
Materials (0.0%):
15,000 Sumitomo Cement........................... 73
---------
Merchandising (0.7%):
28,000 Ito Yokado Ltd. .......................... 1,687
14,000 Jusco Ltd. ............................... 458
10,000 Marui Ltd. ............................... 222
900 Seven-Eleven Japan Ltd. .................. 57
---------
2,424
---------
Metals & Mining (0.4%):
32,000 Furukawa Electric......................... 191
66,000 Japan Steel Works......................... 217
67,000 Mitsubishi Materials Corp. ............... 364
30,000 Mitsui Mining Co., Ltd. (b)............... 168
30,000 Mitsui Mining & Smelting.................. 123
22,000 Sumitomo Metal & Mining................... 190
44,000 Toho Zinc................................. 282
---------
1,535
---------
Miscellaneous Materials & Commodities (0.1%):
20,000 Asahi Glass Co., Ltd. (b)................. 239
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
<C> <S> <C>
Office Equipment & Services (0.3%):
57,000 Dai Nippon Printing Co., Ltd. ............ $ 1,102
---------
Oil & Gas Exploration, Production & Service (0.3%):
9,000 Arabian Oil Co. .......................... 421
9,000 Showa Shell Sekiyu KK..................... 94
66,000 Teikoko Oil............................... 452
---------
967
---------
Oil & Gas Transmission (0.1%):
10,000 Iwatani International Corp. .............. 58
17,000 Mitsubishi Oil Co. ....................... 145
---------
203
---------
Packaging (0.1%):
7,000 Toyo Seikan Kaisha........................ 244
---------
Pharmaceuticals (0.2%):
12,000 Meiji Seika............................... 74
13,000 Shionogi& Co. ............................ 112
29,000 Taisho Pharmacuetical..................... 627
---------
813
---------
Real Estate (0.7%):
98,000 Mitsubishi Estate Co. .................... 1,349
75,000 Mitsui Fudosan............................ 1,012
---------
2,361
---------
Restaurants (0.0%):
8,000 Skylark................................... 168
---------
Retail Stores/Catalog (0.4%):
10,000 Hankyu Department Stores.................. 131
12,000 Isetan.................................... 182
52,000 Nichii Co., Ltd. ......................... 863
26,000 Takashimaya Co. .......................... 403
---------
1,579
---------
Services (0.4%):
12,000 Secom..................................... 792
35,000 Toppan Printing........................... 511
---------
1,303
---------
Steel (0.9%):
53,000 Daido Steel Co. .......................... 262
27,000 Japan Metals & Chemicals (b).............. 143
164,000 Kawasaki Steel Corp. ..................... 591
199,000 Nippon Kokan (b).......................... 602
57,000 Nippon Metal Industry..................... 282
280,000 Nippon Steel Corp. ....................... 960
125,000 Sumitomo Metal Industries................. 383
---------
3,223
---------
</TABLE>
CONTINUED
- ----68
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
<C> <S> <C>
Storage (0.1%):
34,000 Mitsui-Soko............................... $ 307
---------
Textile Products (0.4%):
244,000 Kanebo Ltd. (b)........................... 727
15,000 Kurabo Industries......................... 60
31,000 Kuraray Co., Ltd. ........................ 348
13,000 Nisshinbo Industries...................... 128
12,000 Teijin.................................... 65
27,000 Toyobo.................................... 101
48,000 Unitika, Ltd. (b)......................... 145
---------
1,574
---------
Transportation--Road & Railroad (1.0%):
73,000 Hankyu Corp. ............................. 427
29,870 Keihin Electric Express Railway........... 177
250,290 Kinki Nippon Railway...................... 1,800
47,000 Nippon Express Co. ....................... 459
35,020 Odakyu Railway............................ 236
18,000 Tobu Railway.............................. 118
46,000 Tokyo Corp. .............................. 350
---------
3,567
---------
Transportation & Shipping (0.2%):
8,000 Kamigumi Co., Ltd. ....................... 73
18,000 Mitsui O.S.K. Lines, Ltd. (b)............. 62
27,000 Nippon Yusen.............................. 156
9,000 Seino Transportation...................... 142
123,000 Showa Line, Ltd. (b)...................... 258
---------
691
---------
Utilities--Electric & Gas (1.3%):
69,300 Kansai Electric Power..................... 1,586
82,000 Osaka Gas Co., Ltd. ...................... 300
22,200 Tohoku Electric Power..................... 496
80,500 Tokyo Electric Power...................... 2,040
92,000 Tokyo Gas Ltd. ........................... 336
---------
4,758
---------
Wholesale & International Trade (0.7%):
123,000 Marubeni Corp. ........................... 673
59,000 Mitsubishi Corp. ......................... 775
59,000 Mitsui & Co. ............................. 534
40,000 Sumitomo Corp. ........................... 355
---------
2,337
---------
Total Japan 115,420
---------
MALAYSIA (0.5%):
Agriculture (0.1%):
94,000 Highlands & Lowlands Berhad............... 167
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
MALAYSIA, CONTINUED:
Agriculture, continued:
<C> <S> <C>
146,000 Industrial Oxygen, Inc. Berhad............ $ 202
---------
369
---------
Building Products (0.0%):
80,000 Pan Malaysia Cement Works................. 88
---------
Engineering (0.1%):
86,000 Promet Berhad (b)......................... 85
18,585 United Engineers Berhad................... 129
---------
214
---------
Financial Services (0.1%):
99,000 Idris Hydraulic Berhad (b)................ 129
94,000 Rashid Hussain............................ 345
---------
474
---------
Food Products & Services (0.1%):
70,000 Nestle Berhad............................. 564
---------
Forest Products (0.0%):
20,500 Land & General Holdings Berhad............ 51
---------
Hotels & Lodging (0.0%):
29,500 Faber Group (b)........................... 31
---------
Utilities--Electric & Gas (0.1%):
51,000 Tenaga Nasional Berhad.................... 214
---------
Total Malaysia 2,005
---------
MEXICO (0.8%):
Beverages & Tobacco (0.0%):
5,000 Grupo Continental SA, Series CP........... 19
12,000 Grupo Embotelladoras de Mexico SA de CV
(b)..................................... 21
---------
40
---------
Brewery (0.0%):
13,000 Fomento Economico......................... 37
---------
Building Products (0.1%):
8,000 Apasco SA de CV........................... 44
31,330 Cementos de Mexico SA de CV, Class A...... 113
16,200 Cementos de Mexico SA de CV, Class B...... 64
7,000 Cemex, SA de CV........................... 25
17,960 Tolmex SA, Class B2 (b)................... 78
---------
324
---------
Diversified (0.1%):
22,286 Alfa SA de CV............................. 100
4,000 Desc SA de CV, Class A.................... 21
4,000 Desc SA de CV, Class B.................... 22
166 Desc SA de CV, Class C (b)................ 1
</TABLE>
CONTINUED
69----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
MEXICO, CONTINUED:
Diversified, continued:
<C> <S> <C>
36,500 Grupo Carso SA, Class A1 (b).............. $ 259
---------
403
---------
Engineering (0.0%):
4,000 Empresas ICA Sociedad Controladora SA..... 56
14,000 Grupo Tribasa SA de CV (b)................ 40
---------
96
---------
Financial Services (0.0%):
32,000 Grupo Financiero Banamex, Class B (b)..... 67
75,000 Grupo Financiero Bancomer, Class B (b).... 33
---------
100
---------
Food & Household Products (0.2%):
29,000 Kimberly-Clark de Mexico, Class A......... 528
---------
Industrial Goods & Service (0.0%):
7,000 Grupo Industrial, Class A................. 32
---------
Merchandising (0.1%):
38,000 Cifra SA de CV, Class B (b)............... 55
51,000 Cifra SA de CV, Class C (b)............... 73
---------
128
---------
Metals & Mining (0.1%):
18,000 Grupo Mexico SA (b)....................... 55
13,000 Industria Penoles......................... 60
---------
115
---------
Retail--General Merchandise (0.0%):
39,000 Controladora Comercial Mexicana (b)....... 36
---------
Retail Stores/Catalog (0.0%):
37,000 Cifra SA de CV............................ 54
42,000 El Puerto de Liverpool SA de CV........... 35
4,000 Sears Roebuck De Mexico SA de CV (b)...... 10
---------
99
---------
Steel (0.0%):
6,000 Altos Hornos de Mexico SA (b)............. 49
6,000 Hylsamex SA de CV......................... 26
---------
75
---------
Telecommunications (0.2%):
9,000 Grupo Televisa SA......................... 141
269,000 Telefonos de Mexico SA.................... 457
---------
598
---------
Tobacco (0.0%):
17,000 Empresas La Modern........................ 76
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
MEXICO, CONTINUED:
<C> <S> <C>
Transportation--Shipping (0.0%):
29,880 Vitro SA.................................. $ 69
---------
Wholesale Distribution (0.0%):
37,500 Grupo Casa Autrey SA de CV................ 82
---------
Total Mexico 2,838
---------
NETHERLANDS (2.6%):
Appliances & Household Products (0.1%):
11,100 Philips Electronics NV.................... 361
---------
Banking (0.3%):
20,150 ABN Amro Holdings NV...................... 1,081
---------
Beverages & Tobacco (0.1%):
1,625 Heineken NV............................... 363
---------
Broadcasting & Publishing (0.2%):
42,700 Elsevier NV............................... 648
---------
Chemicals (0.2%):
5,500 Akzo Nobel NV............................. 659
1,550 DSM NV.................................... 154
---------
813
---------
Energy (0.9%):
19,850 Royal Dutch Petroleum Co. NV.............. 3,066
---------
Financial Services (0.4%):
51,650 Internationale Nederlanden Group NV....... 1,540
---------
Food Products & Services (0.2%):
5,700 Unilever NV............................... 825
---------
Services (0.2%):
17,050 Koninklijke PTT Nederland NV.............. 645
---------
Total Netherlands 9,342
---------
NEW ZEALAND (0.4%):
Appliances & Household Products (0.0%):
52,200 Fisher & Paykel Industries................ 167
---------
Beverages & Tobacco (0.1%):
78,200 Lion Nathan, Ltd. ........................ 204
---------
Broadcasting & Publishing (0.1%):
34,837 Wilson & Horton, Ltd. .................... 232
---------
Telecommunications (0.2%):
205,400 Telecom Corp. of New Zealand, Ltd. ....... 861
---------
Total New Zealand 1,464
---------
NORWAY (0.6%):
Engineering (0.1%):
6,090 Kvaerner A/S, Class A..................... 257
---------
Entertainment (0.0%):
42,880 NCL Holdings A/S (b)...................... 98
---------
</TABLE>
CONTINUED
- ----70
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
NORWAY, CONTINUED:
<C> <S> <C>
Forest Products (0.1%):
6,640 Norske Skogsindustrier A/S, Class B....... $ 185
---------
Medical Equipment & Supplies (0.0%):
12,800 Hafslund A/S Class A...................... 81
---------
Oil & Gas Exploration, Production & Services (0.4%):
8,400 Aker A/S, Class A......................... 161
5,880 Aker A/S, Class B......................... 105
26,160 Norsk Hydro A/S........................... 1,281
---------
1,547
---------
Pharmaceuticals (0.0%):
12,800 Nycomed ASA, Class B (b).................. 177
---------
Total Norway 2,345
---------
PHILLIPINES (1.0%):
Agriculture (0.0%):
310,700 Vitarich Corp. ........................... 37
---------
Banking & Financial Services (0.2%):
4,500 Far East Bank & Trust..................... 158
10,230 Metropolitan Bank & Trust................. 287
10,800 Phillippine Commercial International Bank
(b)..................................... 135
15,390 Philippine National Bank.................. 257
---------
837
---------
Beverages & Tobacco (0.1%):
54,637 San Miguel Corp., Class B................. 189
---------
Building Products (0.0%):
353,000 Southeast Asia Cement Holding, Inc. (b)... 46
---------
Diversified (0.1%):
162,960 Ayala Corp., Class B...................... 308
38,000 Metro Pacific Corp. ...................... 11
---------
319
---------
Homebuilders (0.0%):
63,000 C&P Homes................................. 55
---------
Oil & Gas Exploration, Production & Services (0.1%)
832,125 Petron Corp. ............................. 381
---------
Real Estate (0.3%):
508,750 Ayala Land, Inc., Class B................. 912
78,000 Filinvest Land, Inc. (b).................. 32
246,000 Prime Holdings, Inc. ..................... 64
---------
1,008
---------
Telecommunications (0.1%):
18,800 Filipino Telephone (b).................... 29
7,400 Philippine Long Distance Telephone Co..... 441
---------
470
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
PHILLIPINES, CONTINUED:
<C> <S> <C>
Utilities--Electric & Gas (0.1%):
21,450 Manila Electric Co., Class B.............. $ 225
---------
Total Philippines 3,567
---------
PORTUGAL (0.7%):
Banking (0.3%):
25,070 Banco Commercial Portuguese............... 296
23,751 Banco Espirito Santo e Commerical de
Lisboa.................................. 381
13,900 Banco Internacional do Funchal............ 132
16,927 Banco Portuguese de Investimento-Soc
Gestora De Participacces Sociais SA..... 214
1,000 Banco Totta & Acores...................... 20
---------
1,043
---------
Beverages & Tobacco (0.1%):
15,740 Unicer-Unioa Cervejiera................... 280
---------
Building Products (0.0%):
1,300 Cimpor Cimentos de Portugal SA............ 27
---------
Food & Household Products (0.1%):
3,800 Jeronimo Martins & Filho.................. 342
---------
Forest Products (0.0%):
5,450 Soporcel (b).............................. 120
---------
Industrial Holding Company (0.1%):
13,800 Sonae Industria e Investimentos........... 358
---------
Insurance (0.0%):
6,100 Companhia de Seguros Tranquilidade........ 113
---------
Retail--General Merchandise (0.1%):
9,000 Modelo Continente Sociedade Gestora de
Participacoes Sociais SA................ 262
---------
Telecommunications (0.0%):
5,000 Portugal Telecom SA....................... 131
---------
Total Portugal 2,676
---------
SINGAPORE (0.4%):
Engineering (0.0%):
12,000 Promet Berhad............................. 12
---------
Lodging (0.1%):
243,000 Hotel & Properties Ltd.................... 431
---------
Telecommunications (0.1%):
148,000 Singapore Telecommunications Ltd. ........ 394
---------
Transportation & Shipping (0.2%):
468,000 Chuan Hup Holdings........................ 358
229,000 Neptune Orient Lines...................... 240
---------
598
---------
Total Singapore 1,435
---------
</TABLE>
CONTINUED
71----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
<C> <S> <C>
SOUTH AFRICA (0.7%):
Banking & Financial Services (0.1%):
4,700 Nedcor Ltd. .............................. $ 71
2,600 Standard Bank Investment (b).............. 102
---------
173
---------
Brewery (0.1%):
6,600 South African Breweries Ltd. ............. 194
---------
Diversified (0.1%):
4,600 Anglovaal Industries Ltd. (b)............. 23
3,200 Barlow Ltd. .............................. 34
7,500 C.G. Smith Ltd. .......................... 39
30,700 Gencor Ltd. .............................. 113
7,500 Malbak Ltd. .............................. 37
11,600 Rembrandt Group Ltd. ..................... 109
---------
355
---------
Engineering (0.0%):
8,100 Murray & Roberts Holdings Ltd. ........... 32
---------
Entertainment (0.0%):
17,100 Sun International Ltd. ................... 18
---------
Financial Services (0.0%):
6,900 First National Bank Holdings Ltd. ........ 50
9,200 Amalgamated Banks of South Africa......... 51
---------
101
---------
Food & Household Products (0.0%):
3,400 Tiger Oats Ltd. .......................... 48
---------
Forest Products (0.0%):
11,100 Nampak Ltd. .............................. 46
9,500 Sappi Ltd. ............................... 105
---------
151
---------
Industrial Goods & Services (0.0%):
1,100 Anglo American Industrial Corp. Ltd. ..... 44
---------
Insurance (0.1%):
5,300 Liberty Life Association of Africa
Ltd. ................................... 170
4,100 Southern Life Assoc. Ltd. ................ 47
---------
217
---------
Metals & Mining (0.3%):
5,200 Anglo American Corp of South Africa
Ltd. ................................... 330
500 Anglo American Gold Investment............ 44
8,400 DeBeers Consolidated Mines Ltd. .......... 289
3,200 Driefontein Consolidated Ltd. ............ 43
1,500 Gold Fields of South Africa Ltd. ......... 45
3,400 Johnnies Industrial Corp. Ltd. ........... 42
3,800 Kloof Gold Mining Company Ltd. ........... 36
8,200 Randfontein Estates Gold Mining Co. (b)... 50
4,700 Rustenburg Platinum Holdings Ltd. ........ 73
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
SOUTH AFRICA, CONTINUED:
Metals & Mining, continued:
<C> <S> <C>
4,100 Samancor Ltd. ............................ $ 53
---------
1,005
---------
Oil & Gas Exploration Products & Services (0.0%):
13,100 Sasol Ltd. ............................... 142
---------
Total South Africa 2,480
---------
SPAIN (3.4%):
Automotive (0.0%):
3,200 FAS-Renault Fabricacio.................... 70
---------
Banking (0.8%):
27,300 Banco Bilbao Vizcaya, Registered.......... 1,105
11,300 Banco Central SA Spanish, Registered...... 230
17,900 Banco de Santander SA, Registered......... 835
14,200 Corporacion Bancaria de Espana SA......... 619
---------
2,789
---------
Beverages & Tobacco (0.1%):
7,400 El Aguila SA (b).......................... 46
6,000 Tabacalera Spanish SA, Registered......... 302
---------
348
---------
Building Products (0.0%):
13,900 Uralita SA................................ 130
---------
Chemicals (0.0%):
26,900 Ercros SA (b)............................. 16
---------
Energy (0.3%):
30,200 Repsol SA................................. 1,050
---------
Food & Household Products (0.1%):
16,900 Ebro Agricolas, Compania de Alimentacion
SA...................................... 195
---------
Forest Products (0.0%):
4,600 Empresa Nacional de Celulosas............. 65
16,800 Sarrio SA................................. 55
---------
120
---------
Industrial Holding Companies (0.1%):
5,600 Alba...................................... 466
---------
Insurance (0.0%):
2,300 Corporacion Mafre cia International SA.... 117
---------
Miscellaneous Materials & Commodities (0.0%):
6,400 Viscofan Industria Navarra de Envolturas
Celulosicas............................. 101
---------
Real Estate (0.1%):
8,200 Inmobiliaria Metropolitana Vasco Central
SA...................................... 280
</TABLE>
CONTINUED
- ----72
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
SPAIN, CONTINUED:
Real Estate, continued:
<C> <S> <C>
8,300 Vallehermoso SA........................... $ 164
---------
444
---------
Steel (0.1%):
3,180 Acerinox SA, Registered................... 331
---------
Telecommunications (0.6%):
110,000 Telefonica de Espana...................... 2,025
---------
Utilities--Electric & Gas (1.2%):
27,200 Empresa Nacional de Electricidad SA....... 1,695
2,800 Fomento de Construcciones y Contrates
SA...................................... 232
5,100 Gas Natural SDG SA........................ 1,070
100,700 Iberdrola SA.............................. 1,033
48,310 Union Electric Fenosa SA.................. 310
---------
4,340
---------
Total Spain 12,542
---------
SWEDEN (1.6%):
Automotive (0.1%):
14,500 Volvo AB, Class B......................... 330
---------
Banking & Financial Services (0.1%):
20,200 Skandiaviska Enskilda Banken, Class A..... 161
800 Svenska Handlesbanken, Class A............ 16
11,150 Svenska Handlesbanken, Class A............ 233
---------
410
---------
Engineering (0.1%):
2,350 ABB AB, Class A........................... 249
800 ABB AB, Class B........................... 84
4,150 Skanska AB, Class B....................... 147
---------
480
---------
Forest Products (0.2%):
14,000 Stora Kopparberg.......................... 185
5,750 Stora Kopparberg, Class B................. 76
15,500 Svenska Cellulosa, Class B................ 319
---------
580
---------
Insurance (0.0%):
4,200 Skandia Forsakrings AB.................... 111
---------
Machinery & Equipment (0.1%):
13,300 Atlas Copco AB, Class A................... 247
1,000 Atlas Copco AB, Class B................... 19
---------
266
---------
Manufacturing--Consumer Goods (0.1%):
4,450 Electrolux AB, Class B.................... 224
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
SWEDEN, CONTINUED:
<C> <S> <C>
Metals & Mining (0.0%):
1,750 S.K.F. AB, Class B........................ $ 42
7,150 Trelleborg AB, Class B.................... 89
---------
131
---------
Office Equipment & Services (0.0%):
4,600 Esselte AB, Class B....................... 94
---------
Pharmaceuticals (0.5%):
29,850 Astra AB, Class A......................... 1,318
9,850 Astra AB, Class B......................... 429
---------
1,747
---------
Retail--Special Line (0.2%):
6,400 Hennes & Mauritz AB, Class B.............. 593
---------
Telecommunications (0.2%):
29,800 Telelfonaktiebolaget LM Ericsson.......... 642
---------
Tobacco (0.0%):
14,500 Swedish Match AB (b)...................... 45
---------
Total Sweden 5,653
---------
SWITZERLAND (1.8%):
Banking (0.1%):
1,080 Swiss Bank Corp. ......................... 213
---------
Consumer Goods (0.1%):
1,150 Societe Suisse pour la Microelectronique
et l'Horlogerie......................... 180
---------
Diversified (0.1%)
260 ABB AG.................................... 321
150 Alusuisse-Lonza Holding AG................ 124
---------
445
---------
Financial Services (0.3%):
4,510 CS Holdings............................... 429
624 Union Bank of Switzerland................. 610
---------
1,039
---------
Food Products & Services (0.2%):
570 Nestle SA, Registered..................... 651
---------
Insurance (0.1%):
390 Swiss Reinsurance Co. .................... 400
---------
Pharmaceuticals (0.9%):
600 Ciba Geigy AG............................. 731
130 Roche Holdings............................ 992
40 Roche Holdings AG Genusscheine............ 497
1,000 Sandoz AG, Registered..................... 1,143
---------
3,363
---------
</TABLE>
CONTINUED
73----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
SWITZERLAND, CONTINUED:
<C> <S> <C>
Transportation & Shipping (0.0%):
100 Danzas Holding AG, Registered............. $ 109
---------
Total Switzerland 6,400
---------
THAILAND (0.8%):
Airlines (0.1%):
95,200 Thai Airways International Public Co.
Ltd. ................................... 202
41,000 Thai Airways International Public Co. Ltd.
Foreign Registered Shares............... 91
---------
293
---------
Banking (0.4%):
211,190 Krung Thai Bank Ltd. ..................... 965
41,800 The Bangkok Bank.......................... 566
---------
1,531
---------
Metals & Mining (0.1%):
235,500 Padaeng Industries (b).................... 120
---------
Telecommunications (0.2%):
30,000 Advanced Information Services PLC......... 470
7,700 Shinawatra Computers & Communication...... 166
76,700 Telecomasia Corp. ........................ 163
---------
799
---------
Total Thailand 2,743
---------
TURKEY (1.1%):
Appliances & Household Products (0.0%):
1,243,103 Arcelik AS................................ 115
---------
Automotive (0.1%):
236,000 Otosan Otomobil Sanayii AS................ 80
1,790,400 Tofas Turk Otomobil Fabrikas.............. 86
---------
166
---------
Banking & Financial Services (0.2%):
2,333,400 Akbank.................................... 281
4,806,400 Turkiye Garanti Bankasi AS................ 328
---------
609
---------
Beverages & Tobacco (0.1%):
143,640 Ericiyas Biracilik ve Malt Sanayii........ 81
301,540 Ege Biracilik ve Malt Sanayi.............. 138
---------
219
---------
Building Products (0.1%):
424,000 Akcimento Ticaret AS...................... 38
167,316 Cimentas AS............................... 37
63,000 Cimsa Cimento Sanayi ve Ticaret AS........ 36
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
TURKEY, CONTINUED:
Building Products, continued:
<C> <S> <C>
1,090,565 Turk Sise ve Cam Fabrikalari (b).......... $ 86
---------
197
---------
Chemicals (0.1%):
538,000 Petkim Petrokimya Holdings AS............. 255
---------
Diversified (0.1%):
657,000 Dogan Sirketler Grubu Holding AS.......... 28
1,082,900 Koc Holdings AS........................... 264
---------
292
---------
Electrical & Electronical (0.0%):
251,000 Raks Electronik (b)....................... 70
---------
Financial Services (0.1%):
469,000 Eczacibasi Yatirim Holdings Ortakligi
(b)..................................... 63
1,759,000 Turkiye Is Bankasi AS, Class C............ 163
5,862,600 Yapi ve Kredi Bankasi AS.................. 166
---------
392
---------
Food Products & Services (0.0%):
178,687 Tat Konserve Sanayii AS................... 42
---------
Forest Products (0.0%):
291,000 Kartonsan Karton Sanayi ve Ticaret AS..... 25
---------
Industrial Goods & Services (0.0%):
84,000 Kordsa Kord Bezi Sanayi ve Ticaret AS..... 27
---------
Manufacturing--Capital Goods (0.0%):
342,000 Turk Demir Dokum Fabrikalari AS (b)....... 21
---------
Metals & Mining (0.1%):
1,463,450 Eregli Demir ve Celik Fabrik.............. 162
4,190,516 Izmir Demir Celik Sanayi AS (b)........... 46
---------
208
---------
Oil & Gas Exploration, Production & Services (0.1%):
280,555 Aygaz AS.................................. 50
429,600 Petrol Ofisi AS........................... 118
834,865 Tupras Turkiye Petrol Rafinerileri AS
(b)..................................... 157
---------
325
---------
Telecommunications (0.0%):
232,200 Netas Telekomunik......................... 55
---------
Textile Products (0.0%):
787,057 Aksa Akrilik Kimya Sanayii (b)............ 165
---------
Tire & Rubber (0.0%):
179,000 Brisa Bridgestone Sabanci Lastik SAN, ve
Ticaret................................. 72
96,000 Goodyear Lastikleri TAS................... 39
---------
111
---------
</TABLE>
CONTINUED
- ----74
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
TURKEY, CONTINUED:
<C> <S> <C>
Transportation (0.1%):
1,806,454 Turk Hava Tollari AS (b).................. $ 495
---------
Utility--Electric & Gas (0.0%):
96,000 Cukurova Elektrik AS...................... 77
---------
Wholesale Distribution (0.0%):
110,000 Migros Turk TAS........................... 96
---------
Total Turkey 3,962
---------
UNITED KINGDOM (7.0%):
Aerospace & Military Technology (0.2%):
21,900 British Aerospace PLC..................... 332
33,200 Rolls-Royce PLC........................... 116
34,700 Smiths Industries PLC..................... 380
---------
828
---------
Airlines (0.1%):
28,200 British Airways PLC....................... 243
---------
Appliances & Household Products (0.1%):
13,600 Thorn EMI PLC............................. 379
---------
Banking (0.9%):
160,400 Abbey National PLC........................ 1,348
74,500 Barclays Bank PLC......................... 895
21,000 HSBC Holdings PLC......................... 329
42,800 HSBC Holdings PLC......................... 656
23,500 The Royal Bank of Scotland PLC............ 180
---------
3,408
---------
Banking & Financial Services (0.1%):
37,500 Allied Irish Banks PLC.................... 196
---------
Beverages & Tobacco (0.2%):
49,400 Guinness PLC.............................. 359
50,200 Scottish & Newcastle PLC.................. 514
---------
873
---------
Broadcasting/Cable (0.1%):
43,500 British Sky Broadcasting Group PLC........ 297
---------
Building Products (0.1%):
67,300 Camas..................................... 93
158,800 Tarmac PLC................................ 274
---------
367
---------
Chemicals (0.1%):
15,700 Imperial Chemical PLC..................... 192
---------
Conglomerates (0.2%):
70,400 B.A.T. Industries PLC..................... 548
53,500 Lonrho PLC................................ 154
---------
702
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
UNITED KINGDOM, CONTINUED:
<C> <S> <C>
Construction (0.0%):
73,500 Taylor Woodrow PLC........................ $ 178
---------
Electrical & Electronic (0.2%):
28,300 Bowthorpe PLC............................. 198
49,800 Electrocomponents......................... 296
47,300 General Electric Co. PLC.................. 255
22,300 Oxford Instruments PLC.................... 171
---------
920
---------
Energy (0.3%):
135,700 British Petroleum Co. PLC................. 1,190
---------
Engineering (0.0%):
24,700 Barratt Developments PLC.................. 97
56,460 Costain Group PLC (b)..................... 34
---------
131
---------
Financial Services (0.2%):
143,582 Lloyds TSB Group PLC...................... 703
36,700 St. James's Place Capital PLC............. 69
---------
772
---------
Food & Household Products (0.2%):
42,285 Cadbury Schweppes PLC..................... 334
18,700 Unilever PLC.............................. 372
---------
706
---------
Health & Personal Care (0.7%):
143,600 Glaxo Holdings PLC........................ 1,933
26,500 Zeneca Group PLC.......................... 586
---------
2,519
---------
Industrial Holding Companies (0.5%):
21,900 Bicc PLC.................................. 106
100,700 BTR PLC................................... 397
94,200 Grand Metropolitan........................ 625
200,900 Hanson PLC................................ 563
---------
1,691
---------
Insurance (0.2%):
56,300 Commercial Union PLC...................... 507
18,600 Prudential Corp. PLC...................... 117
31,800 Royal Insurance Holdings PLC.............. 197
---------
821
---------
Leisure (0.1%):
21,600 Granada Group PLC......................... 289
---------
Machinery & Equipment (0.1%):
20,000 GKN PLC................................... 307
---------
Merchandising (0.1%):
42,900 Safeway PLC............................... 231
---------
</TABLE>
CONTINUED
75----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
COMMON STOCKS, CONTINUED:
UNITED KINGDOM, CONTINUED:
<C> <S> <C>
Metals & Mining (0.1%):
48,900 English China Clays PLC................... $ 197
---------
Metals (Non-ferrous) (0.2%):
42,500 RTZ Corp. ................................ 629
---------
Metals (Steel) (0.0%):
67,600 British Steel PLC......................... 173
---------
Miscellaneous Materials & Commodities (0.1%):
61,200 Harrison & Crossfield PLC................. 130
50,900 Pilkington PLC............................ 143
---------
273
---------
Oil & Gas Exploration Products & Services (0.0%):
3,300 Shell Transport & Trading Co. ............ 48
---------
Paper Products (0.1%):
40,900 Rexam PLC................................. 216
---------
Pharmaceuticals (0.2%):
72,372 Smithkline Beecham PLC.................... 774
---------
Printing & Publishing (0.1%):
42,600 Reuters Holdings PLC...................... 516
---------
Real Estate (0.2%):
18,720 British Land Co. PLC...................... 123
48,600 Land Securities PLC....................... 471
---------
594
---------
Retail Stores/Catalog (0.7%):
22,800 Great Universal Stores PLC................ 232
89,900 Marks & Spencer PLC....................... 657
22,700 Next PLC.................................. 199
54,900 Sainsbury PLC............................. 323
117,000 Tesco PLC................................. 535
45,500 The Boots Co. PLC......................... 409
---------
2,355
---------
Road & Railroad (0.0%):
18,600 Peninsular & Oriental Steam Navigation
Co. .................................... 140
---------
Telecommunications (0.5%):
148,900 British Telecom PLC....................... 801
65,100 Cable & Wireless PLC...................... 431
123,700 Vodaphone................................. 460
---------
1,692
---------
Utilities--Electric & Gas (0.1%):
77,300 British Gas PLC........................... 216
33,800 National Power PLC........................ 273
---------
489
---------
Total United Kingdom 25,336
---------
<CAPTION>
SHARES OR
PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
<C> <S> <C>
UNITED STATES (0.9%):
Banking & Financial Services (0.0%):
5,883 Banco O'Higgins ADR....................... $ 142
---------
Beverages & Tobacco (0.1%):
6,712 Compania Cervezas Unidas SA Produce ADR... 158
4,066 Embotelladora Andina SA ADR............... 149
2,500 Vina Concho Y Toro SA ADR................. 46
---------
353
---------
Chemicals (0.1%):
6,409 Quimica Y Minera Chile SA ADR............. 348
---------
Diversified (0.0%):
1,615 U.S. Industries, Inc. (b)................. 39
---------
Forest Products (0.1%):
11,887 Maderas Y Sinteticos ADR.................. 211
---------
Metals & Mining (0.1%):
7,615 Madeco SA ADR............................. 214
---------
Packaging (0.1%):
8,500 Cristalerias de Chile ADR................. 200
---------
Pharmaceuticals (0.0%):
4,711 Laboratorio Chile SA ADR.................. 64
---------
Telecommunications (0.1%):
3,796 Compania Telecomunicacion Chile ADR....... 372
---------
Utilities--Electric (0.3%):
4,662 Chilectra Metro SA ADR.................... 257
11,891 Chilenger SA ADR.......................... 285
19,962 Empresa Nacional de Electric ADR.......... 429
10,028 Enersis SA ADR............................ 311
---------
1,282
---------
Total United States 3,225
---------
Total Common Stocks 352,848
---------
INVESTMENT COMPANIES (0.1%):
AUSTRALIA (0.1%):
104,800 Stockland Trust Group..................... 239
---------
TURKEY (0.0%):
189,600 Koc Yatirim ve Sanayi Mamulleri Pazarlama
SA...................................... 31
---------
Total Investment Companies 270
---------
PREFERRED STOCKS (1.2%):
AUSTRALIA (0.3%):
223,350 News Corp. Ltd. .......................... 1,090
---------
BRAZIL (0.1%):
Banking (0.1%):
11,667,000 Banco Bradesco SA......................... 94
</TABLE>
CONTINUED
- ----76
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
<TABLE>
<CAPTION>
SHARES
OR PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
PREFERRED STOCKS, CONTINUED:
BRAZIL, CONTINUED:
Banking, continued:
<C> <S> <C>
131,000 Banco Itau SA............................. $ 53
---------
147
---------
Electric Utility (0.0%):
864,000 Cia Energetica de Sao Paolo............... 32
---------
Forest Products (0.0%):
2,000 Cia Suzano Papel e Celelose............... 8
---------
Telecommunications (0.0%):
550,000 Telecomunicacore de Sao Paolo SA.......... 118
---------
Total Brazil 305
---------
GERMANY (0.8%):
Automotive (0.3%):
3,660 Volkswagen AG............................. 1,003
---------
Business Services (0.2%):
5,300 SAP AG.................................... 787
---------
Engineering (0.3%):
28,100 Rheinisch-Westfaelisches
Elektrizitaetswerk AG................... 863
---------
Textiles (0.0%):
440 Escada AG................................. 77
---------
Total Germany 2,730
---------
GREECE (0.0%):
Telecommunications (0.0%):
6,900 Intracom SA............................... 73
---------
Total Preferred Stocks 4,198
---------
<CAPTION>
SHARES
OR PRINCIPAL SECURITY MARKET
AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------------------ ---------
<C> <S> <C>
RIGHTS (0.2%):
FRANCE (0.2%):
2,483 Carrefour Rights.......................... $ 686
---------
Total Rights 686
---------
WARRANTS (0.0%):
FRANCE (0.0%):
7,750 Lagadere Group Warrants................... 5
---------
HONG KONG (0.0%):
16,400 Applied International Warrants............ 1
---------
ITALY (0.0%):
1,780 Rinascente Warrants....................... 1
---------
Total Warrants 7
---------
U.S. TREASURY BILLS (0.0%):
$ 150,000 9/12/96(c)................................ 148
---------
Total U.S. Treasury Bills 148
---------
Total Investments, at value 358,157
---------
REPURCHASE AGREEMENTS (1.4%):
4,945,000 State Street Bank, 4.75%, 7/1/96
(Collateralized by $5,095,000 U.S.
Treasury Bills, 9/5/96, market value
$5,045)................................. 4,945
---------
Total Repurchase Agreements 4,945
---------
Total (Cost--$323,827)(a) $363,102
---------
---------
</TABLE>
- ------------
Percentages indicated are based on net assets of $364,435.
<TABLE>
<C> <S>
(a) Represents cost for financial reporting purposes and differs from cost basis for federal income tax purposes by the
amount of losses recognized for financial reporting purposes in excess of federal income tax reporting of approximately
$46 and other cost basis adjustments of approximately $809. Cost for federal income tax purposes differs from value by
net unrealized appreciation of securities as follows:
</TABLE>
<TABLE>
<S> <C>
Unrealized appreciation................................................... $ 50,900
Unrealized depreciation................................................... (12,480)
---------
Net unrealized appreciation............................................... $ 38,420
---------
---------
</TABLE>
<TABLE>
<C> <S>
(b) Represents non-income producing income.
</TABLE>
<TABLE>
<C> <S>
(c) Serves as collateral for futures contacts.
</TABLE>
<TABLE>
<S> <C>
ADR American Depository Receipt
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
77----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
INTERNATIONAL EQUITY INDEX FUND
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED JUNE 30, 1996
(Amounts in Thousands, except Shares or Principal Amount)
At June 30, 1996, the Fund's open forward currency contracts were as follows:
<TABLE>
<CAPTION>
DELIVERY CONTRACT CONTRACT CONTRACT MARKET
CURRENCY DATE PRICE AMOUNT VALUE VALUE
- ------------------------------------------------------------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C>
Short Contracts:
European Currency Unit..................................... 9/19/96 $ 0.8042 $ 656 $ 816 $ 818
Japanese Yen............................................... 9/12/96 108.3600 48,000 443 442
----------- -----------
Total Short Contracts $ 1,259 $ 1,260
----------- -----------
----------- -----------
Long Contracts:
European Currency Unit..................................... 9/19/96 $ 0.8052 $ 450 $ 559 $ 561
European Currency Unit..................................... 9/19/96 0.8043 700 870 872
European Currency Unit..................................... 9/19/96 0.8065 450 558 561
European Currency Unit..................................... 9/19/96 0.8092 635 785 792
European Currency Unit..................................... 9/19/96 0.8062 400 496 499
Japanese Yen............................................... 9/12/96 106.4000 22,700 213 209
Japanese Yen............................................... 9/12/96 106.7000 70,000 656 644
Japanese Yen............................................... 9/12/96 107.6300 191,600 1,780 1765
Phillipine Peso............................................ 7/1/96 26.1600 3,106 119 119
Turkish Lire............................................... 7/1/96 81,706 4,167,019 51 51
----------- -----------
Total Long Contracts $ 6,087 $ 6,073
----------- -----------
----------- -----------
<CAPTION>
UNREALIZED
APPRECIATION/
CURRENCY (DEPRECIATION)
- ------------------------------------------------------------- -------------------
<S> <C>
Short Contracts:
European Currency Unit..................................... $ (2)
Japanese Yen............................................... 1
---
Total Short Contracts $ (1)
---
---
Long Contracts:
European Currency Unit..................................... $ 2
European Currency Unit..................................... 2
European Currency Unit..................................... 3
European Currency Unit..................................... 7
European Currency Unit..................................... 3
Japanese Yen............................................... (4)
Japanese Yen............................................... (12)
Japanese Yen............................................... (15)
Phillipine Peso............................................ 0
Turkish Lire............................................... 0
---
Total Long Contracts $ (14)
---
---
</TABLE>
At June 30, 1996, the Fund's open futures contracts were as follows:
<TABLE>
<CAPTION>
# OF CONTRACTS CONTRACT TYPE
- --------------------- ---------------------------------------------------------------------------------------------------
<S> <C>
LONG CONTRACTS
17 Eurotop 100 Index, September 1996................................................................
19 Nikkei 225 Index, September 1996.................................................................
<CAPTION>
CURRENT
OPEN MARKET
POSITIONS VALUE
# OF CONTRACTS (000) (000)
- --------------------- ----------- -----------
<S> <C> <C>
17 $ 2,459 $ 2,455
19 2,085 2,157
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----78
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1996
<TABLE>
<CAPTION>
(Amounts in Thousands, except per share amounts)
<S> <C> <C> <C> <C> <C>
ASSET INCOME EQUITY VALUE LARGE
ALLOCATION EQUITY INDEX GROWTH COMPANY
FUND FUND FUND FUND VALUE FUND
----------- --------- --------- --------- -----------
ASSETS:
Investments, at value.................................................. $ 76,882 $ 382,483 $ 380,141 $ 219,518 $ 555,167
Repurchase agreements, at cost......................................... 10,472 12,335 11,283 12,345 44,782
----------- --------- --------- --------- -----------
Total (cost $83,029; $278,208; $305,312; $206,479, $604,175,
respectively)........................................................ 87,354 394,818 391,424 231,863 599,949
Interest and dividends receivable...................................... 533 1,164 562 378 965
Receivable from brokers for investments sold........................... -- -- -- 304 4,167
Receivable for capital shares issued................................... 230 546 615 86 317
Receivable from Adviser................................................ 17 -- 72 14 --
Net receivable for variation margin on futures contracts............... 34 -- -- 39 --
Organization costs..................................................... 2 -- -- -- --
Prepaid expenses and other assets...................................... -- 15 -- -- --
----------- --------- --------- --------- -----------
TOTAL ASSETS........................................................... 88,170 396,543 392,673 232,684 605,398
----------- --------- --------- --------- -----------
LIABILITIES:
Cash overdraft......................................................... 10 102 10 371 281
Dividends payable...................................................... 210 829 564 225 704
Payable to brokers for investments purchased........................... 1,022 -- -- -- 4,613
Payable for capital shares redeemed.................................... 54 6 19 15 --
Net payable for variation margin on futures contracts.................. -- -- 32 -- --
Options written, at value (premiums received $1,173)................... -- -- -- -- 1,238
Accrued expenses and other payables:
Investment advisory fees............................................. 45 240 95 141 363
Administration fees.................................................. 12 54 52 32 81
12b-1 fees (Class A)................................................. 4 9 6 7 2
12b-1 fees (Class B)................................................. 15 23 30 4 3
Other................................................................ 51 -- 83 20 71
----------- --------- --------- --------- -----------
TOTAL LIABILITIES...................................................... 1,423 1,263 891 815 7,356
----------- --------- --------- --------- -----------
NET ASSETS:
Capital................................................................ 79,288 272,217 303,532 174,138 555,124
Undistributed (distributions in excess of) net investment income....... 19 13 (405) (12) (114)
Accumulated undistributed net realized gains from investment and
futures transactions................................................. 3,058 6,440 2,450 32,307 47,238
Net unrealized appreciation (depreciation) from investments and
futures.............................................................. 4,382 116,610 86,205 25,436 (4,206)
----------- --------- --------- --------- -----------
NET ASSETS............................................................. $ 86,747 $ 395,280 $ 391,782 $ 231,869 $ 598,042
----------- --------- --------- --------- -----------
----------- --------- --------- --------- -----------
Net Assets
Fiduciary.......................................................... 50,323 321,827 321,058 $ 191,212 584,527
Class A............................................................ 17,849 44,284 32,186 35,984 9,380
Class B............................................................ 18,575 29,169 38,538 4,673 4,135
----------- --------- --------- --------- -----------
Total.......................................................... $ 86,747 $ 395,280 $ 391,782 $ 231,869 $ 598,042
----------- --------- --------- --------- -----------
----------- --------- --------- --------- -----------
Outstanding shares of beneficial interest
Fiduciary.......................................................... 4,299 18,230 19,269 18,398 45,543
Class A............................................................ 1,523 2,510 1,931 3,462 729
Class B............................................................ 1,580 1,650 2,310 450 318
----------- --------- --------- --------- -----------
Total.......................................................... 7,402 22,390 23,510 22,310 46,590
----------- --------- --------- --------- -----------
----------- --------- --------- --------- -----------
Net Assets
Fiduciary--offering and redemption price per share................. $ 11.71 $ 17.65 $ 16.66 $ 10.39 $ 12.83
----------- --------- --------- --------- -----------
----------- --------- --------- --------- -----------
Class A--redemption price per share................................ $ 11.72 $ 17.64 $ 16.67 $ 10.39 $ 12.87
----------- --------- --------- --------- -----------
----------- --------- --------- --------- -----------
Class A--maximum sales charge...................................... 4.50% 4.50% 4.50% 4.50% 4.50%
----------- --------- --------- --------- -----------
----------- --------- --------- --------- -----------
Class A--maximum offering price (100%/(100%--maximum sales charge)
of net asset value adjusted to nearest cent) per share........... $ 12.27 $ 18.47 $ 17.46 $ 10.88 $ 13.48
----------- --------- --------- --------- -----------
----------- --------- --------- --------- -----------
Class B--offering price per share (a).............................. $ 11.76 $ 17.68 $ 16.68 $ 10.39 $ 12.98
----------- --------- --------- --------- -----------
----------- --------- --------- --------- -----------
</TABLE>
- -------------
<TABLE>
<C> <S>
(a) Redemption price per Class B share varies based on length of time shares are held.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
79----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
STATEMENT OF ASSETS AND LIABILITIES JUNE 30, 1996
<TABLE>
<CAPTION>
(Amounts in Thousands, except per share amounts)
<S> <C> <C> <C> <C> <C>
GULF INTERNATIONAL
LARGE GROWTH SOUTH EQUITY
DISCIPLINED COMPANY OPPORTUNITIES GROWTH INDEX
VALUE FUND GROWTH FUND FUND FUND FUND
----------- ----------- ------------- --------- -------------
ASSETS:
Investments, at value........................................ $ 543,849 $ 869,422 $ 533,392 $ 102,494 $ 358,157
Repurchase agreements, at cost............................... 16,332 7,546 66,907 1,538 4,945
----------- ----------- ------------- --------- -------------
Total (cost $506,190; $717,380; $592,135; $81,892, $323,827,
respectively).............................................. 560,181 876,968 600,299 104,032 363,102
Cash......................................................... -- -- 303 183 --
Interest and dividends receivable............................ 753 1,630 190 61 1,035
Foreign currency, at value (Cost $1,813)..................... -- -- -- -- 1,814
Receivable for forward foreign currency contracts............ -- -- -- -- 4,813
Receivable from brokers for investments sold................. -- -- 7,265 -- 1,259
Receivable for capital shares issued......................... 154 910 506 61 506
Receivable from Adviser...................................... -- -- -- 8 --
Net receivable for variation margin on futures contracts..... -- -- -- -- 13
Tax reclaim receivable....................................... -- -- -- -- 523
Organization costs........................................... -- 1 -- -- 5
Prepaid expenses and other assets............................ -- -- 3,713 15 --
----------- ----------- ------------- --------- -------------
TOTAL ASSETS................................................. 561,088 879,509 612,276 104,360 373,070
----------- ----------- ------------- --------- -------------
LIABILITIES:
Cash overdraft............................................... 119 433 -- -- 441
Dividends payable............................................ 810 923 4,209 -- 7
Payable to brokers for investments purchased................. -- -- 34,062 -- 7,608
Payable for capital shares redeemed.......................... 34 61 27 1 1
Net payable for variation margin on futures contracts........ -- -- 12 -- --
Accrued expenses and other payables:
Investment advisory fees................................... 341 532 353 66 162
Administration fees........................................ 76 119 79 15 49
12b-1 fees (Class A)....................................... 4 15 6 4 2
12b-1 fees (Class B)....................................... 14 45 10 2 5
Other...................................................... 73 20 31 360
----------- ----------- ------------- --------- -------------
TOTAL LIABILITIES............................................ 1,471 2,148 38,789 88 8,635
----------- ----------- ------------- --------- -------------
NET ASSETS:
Capital...................................................... 464,636 693,730 484,693 77,424 321,819
Undistributed (distributions in excess of) net investment
income..................................................... (45) (85) (47) -- 1,395
Accumulated undistributed net realized gains from investment,
futures and foreign currency transactions.................. 41,035 24,128 80,677 4,708 1,893
Net unrealized appreciation from investments, futures and
from
translation of assets and liabilities in foreign
currencies................................................. 53,991 159,588 8,164 22,140 39,328
----------- ----------- ------------- --------- -------------
Net Assets................................................... $ 559,617 $ 877,361 $ 573,487 $ 104,272 $ 364,435
----------- ----------- ------------- --------- -------------
----------- ----------- ------------- --------- -------------
Net Assets
Fiduciary................................................ 522,474 $ 745,986 532,525 83,371 347,790
Class A.................................................. 20,838 75,114 28,052 18,356 10,789
Class B.................................................. 16,305 56,261 12,910 2,545 5,856
----------- ----------- ------------- --------- -------------
Total................................................ $ 559,617 $ 877,361 $ 573,487 $ 104,272 $ 364,435
----------- ----------- ------------- --------- -------------
----------- ----------- ------------- --------- -------------
Outstanding shares of beneficial interest
Fiduciary................................................ 35,564 48,320 28,310 7,757 22,921
Class A.................................................. 1,416 4,745 1,495 1,710 712
Class B.................................................. 1,110 3,600 701 237 396
----------- ----------- ------------- --------- -------------
Total.................................................. 38,090 56,665 30,506 9,704 24,029
----------- ----------- ------------- --------- -------------
----------- ----------- ------------- --------- -------------
Net asset value
Fiduciary--offering and redemption price per share....... $ 14.69 $ 15.44 $ 18.81 $ 10.75 $ 15.17
----------- ----------- ------------- --------- -------------
----------- ----------- ------------- --------- -------------
Class A--redemption price per share...................... $ 14.72 $ 15.83 $ 18.76 $ 10.73 $ 15.16
----------- ----------- ------------- --------- -------------
----------- ----------- ------------- --------- -------------
Class A--maximum sales charge............................ 4.50% 4.50% 4.50% 4.50% 4.50%
----------- ----------- ------------- --------- -------------
----------- ----------- ------------- --------- -------------
Class A--maximum offering price (100%/(100%--maximum
sales charge) of net asset value adjusted to nearest
cent) per share........................................ $ 15.41 $ 16.58 $ 19.64 $ 11.24 $ 15.87
----------- ----------- ------------- --------- -------------
----------- ----------- ------------- --------- -------------
Class B--offering price per share (a).................... $ 14.69 $ 15.63 $ 18.43 $ 10.72 $ 14.79
----------- ----------- ------------- --------- -------------
----------- ----------- ------------- --------- -------------
</TABLE>
- -------------
<TABLE>
<C> <S>
(a) Redemption price per Class B share varies based on length of time shares are held.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----80
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
(Amounts in Thousands)
<S> <C> <C> <C> <C>
ASSET INCOME EQUITY
ALLOCATION EQUITY INDEX VALUE GROWTH
FUND FUND FUND FUND
----------- ----------- ----------- ------------
<CAPTION>
SEVEN MONTHS
YEAR ENDED YEAR ENDED YEAR ENDED ENDED JUNE
JUNE 30, JUNE 30, JUNE 30, 30,
1996 1996 1996 1996
----------- ----------- ----------- ------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income............................................. $ 2,166 $ 1,061 $ 888 $ 379
Dividend income............................................. 587 7,617 6,339 2,167
Securities lending income................................... 16 18 28 7
----------- ----------- ----------- ------------
TOTAL INCOME................................................ 2,769 8,696 7,255 2,553
----------- ----------- ----------- ------------
EXPENSES:
Investment advisory fees.................................... 398 1,880 876 965
Administration fees......................................... 102 423 487 208
12b-1 fees (Class A)........................................ 36 87 49 33
12b-1 fees (Class B)........................................ 85 122 129 19
Custodian and accounting fees............................... 53 33 137 36
Legal and audit fees........................................ 10 39 34 35
Organization costs.......................................... 3 1 8
---
Trustees' fees and expenses................................. 1 5 6 2
Transfer agent fees......................................... 92 145 122 79
Registration and filing fees................................ 35 30 46 6
Printing costs.............................................. 24 33 24 18
Other....................................................... 2 5 6 12
----------- ----------- ----------- ------------
Total expenses before waivers/reimbursements................ 841 2,803 1,924 1,413
Less waivers/reimbursements................................. (162) (136) (868) (114)
----------- ----------- ----------- ------------
NET EXPENSES................................................ 679 2,667 1,056 1,299
----------- ----------- ----------- ------------
Net Investment Income....................................... 2,090 6,029 6,199 1,254
----------- ----------- ----------- ------------
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS AND
FUTURES:
Net realized gains from investment and futures
transactions.............................................. 4,144 8,723 10,186 50,010
Change in unrealized appreciation (depreciation) from
investments and futures................................... 1,631 35,127 47,556 (28,550)
----------- ----------- ----------- ------------
Net realized/unrealized gains from investments and futures.. 5,775 43,850 57,742 21,460
----------- ----------- ----------- ------------
Change in net assets resulting from operations.............. $ 7,865 $ 49,879 $ 63,941 $ 22,714
----------- ----------- ----------- ------------
----------- ----------- ----------- ------------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
81----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
(Amounts in Thousands)
<S> <C> <C> <C>
LARGE LARGE
COMPANY DISCIPLINED COMPANY
VALUE VALUE GROWTH
FUND FUND FUND
----------- ----------- -----------
<CAPTION>
YEAR ENDED YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30, JUNE 30,
1996 1996 1996
----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income........................................................... $ 3,900 $ 1,236 $ 1,068
Dividend income........................................................... 13,341 15,128 14,838
Securities lending income................................................. 58 -- 74
----------- ----------- -----------
TOTAL INCOME.............................................................. 17,299 16,364 15,980
----------- ----------- -----------
EXPENSES:
Investment advisory fees.................................................. 3,764 3,995 5,481
Administration fees....................................................... 849 901 1,236
12b-1 fees (Class A)...................................................... 24 60 180
12b-1 fees (Class B)...................................................... 23 136 270
Custodian and accounting fees............................................. 75 84 68
Legal and audit fees...................................................... 56 79 76
Organization costs........................................................ 10 1
Trustees' fees and expenses............................................... 9 12 12
Transfer agent fees....................................................... 73 214 263
Registration and filing fees.............................................. 83 38 129
Printing costs............................................................ 49 67 82
Other..................................................................... 11 15 12
----------- ----------- -----------
Total expenses before waivers/reimbursements.............................. 5,026 5,601 7,810
Less waivers/reimbursements............................................... (40) (78) (296)
----------- ----------- -----------
NET EXPENSES.............................................................. 4,986 5,523 7,514
----------- ----------- -----------
Net Investment Income..................................................... 12,313 10,841 8,466
----------- ----------- -----------
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS AND FUTURES:
Net realized gains from investment and futures transactions............... 66,494 60,286 29,317
Change in unrealized appreciation (depreciation) from investments and
futures................................................................. (17,058) 25,630 85,542
----------- ----------- -----------
Net realized/unrealized gains from investments and futures................ 49,436 85,916 114,859
----------- ----------- -----------
Change in net assets resulting from operations............................ $ 61,749 $ 96,757 $ 123,325
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----82
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
STATEMENTS OF OPERATIONS
<TABLE>
<CAPTION>
(Amounts in Thousands)
GROWTH INTERNATIONAL
OPPORTUNITIES GULF SOUTH EQUITY
FUND GROWTH FUND INDEX FUND
----------- ----------- -----------
SEVEN
YEAR ENDED MONTHS YEAR ENDED
JUNE 30, ENDED JUNE JUNE 30,
1996 30, 1996 1996
----------- ----------- -----------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest income................................................ $ 2,051 $ 191 $ 248
Dividend income................................................ 8,638 237 6,421
Securities lending income...................................... 177 21 --
Foreign tax withholding........................................ -- -- (877)
----------- ----------- -----------
TOTAL INCOME................................................... 10,866 449 5,792
----------- ----------- -----------
EXPENSES:
Investment advisory fees....................................... 3,743 414 1,584
Administration fees............................................ 844 93 480
12b-1 fees (Class A)........................................... 64 17 25
12b-1 fees (Class B)........................................... 65 12 44
Custodian and accounting fees.................................. 117 20 513
Legal and audit fees........................................... 52 16 48
Organization costs............................................. -- -- 3
Trustees' fees and expenses.................................... 14 -- 8
Transfer agent fees............................................ 137 60 124
Registration and filing fees................................... 36 -- 64
Printing costs................................................. 49 1 49
Other.......................................................... 14 11 9
----------- ----------- -----------
Total expenses before waivers/reimbursements................... 5,135 644 2,951
Less waivers/reimbursements.................................... (72) (33) (99)
----------- ----------- -----------
NET EXPENSES................................................... 5,063 611 2,852
----------- ----------- -----------
Net Investment Income (loss)................................... 5,803 (162) 2,940
----------- ----------- -----------
REALIZED/UNREALIZED GAINS (LOSSES) FROM INVESTMENTS, FUTURES
AND FOREIGN CURRENCIES:
Net realized gains from investment, futures and foreign
currency transactions........................................ 150,392 20,607 1,467
Change in unrealized appreciation (depreciation) from
investments, futures and translation of assets and
liabilities in foreign currency transactions................. (49,094) (8,026) 26,748
----------- ----------- -----------
Net realized/unrealized gains from investments and futures..... 101,298 12,581 28,215
----------- ----------- -----------
Change in net assets resulting from operations................. $ 107,101 $ 12,419 $ 31,155
----------- ----------- -----------
----------- ----------- -----------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
83----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
(Amounts in Thousands)
ASSET ALLOCATION FUND INCOME EQUITY FUND EQUITY
INDEX FUND
------------------------ ----------------------- ----------
YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1996 1995 1996 1995 1996
----------- ----------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income................................... $ 2,090 $ 1,589 $ 6,029 $ 5,632 $ 6,199
Net realized gains (losses) from investment
transactions.......................................... 4,144 (178) 8,723 11,040 10,186
Net change in unrealized appreciation (depreciation)
from investments...................................... 1,631 4,764 35,127 20,447 47,556
----------- ----------- ---------- ----------- ----------
Change in net assets resulting from operations.............. 7,865 6,175 49,879 37,119 63,941
DISTRIBUTIONS TO FIDUCIARY SHAREHOLDERS (B):
From net investment income.............................. (1,520) (1,408) (5,321) (5,247) (5,782)
In excess of net investment income...................... -- -- (25) -- (161)
From net realized gains from investment transactions.... (640) (7,457) (4,994) (8,186)
In excess of net realized gains from investment
transactions.......................................... -- (175) -- -- --
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income.............................. (343) (97) (528) (261) (269)
In excess of net investment income...................... -- (2) (2) (67) (7)
From net realized gains from investment transactions.... (143) (12) (850) (329) (359)
DISTRIBUTIONS TO CLASS B SHAREHOLDERS:
From net investment income.............................. (216) (69) (180) (43) (149)
In excess of net investment income...................... -- (2) (1) (3) (4)
From net realized gains from investment transactions.... (99) (356) (61) (256)
In excess of net realized gains from investment
transactions.......................................... -- (12) -- -- --
DISTRIBUTIONS TO SERVICE SHAREHOLDERS:
From net investment income.............................. -- (2) -- -- --
From net realized gains from investment transactions.... -- -- -- -- --
----------- ----------- ---------- ----------- ----------
Change in net assets from shareholder distributions......... (2,961) (1,779) (14,720) (11,005) (15,173)
----------- ----------- ---------- ----------- ----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................. 50,091 19,304 267,682 39,566 199,001
Proceeds from shares issued in connection with
acquisition........................................... 136,786
Dividends reinvested.................................... 2,534 1,579 6,734 5,343 11,149
Cost of shares redeemed................................. (16,204) (26,161) (239,261) (95,398) (106,442)
----------- ----------- ---------- ----------- ----------
Change in net assets from share transactions................ 36,421 (5,278) 171,941 (50,489) 103,708
----------- ----------- ---------- ----------- ----------
Change in net assets........................................ 41,325 (882) 207,100 (24,375) 152,476
NET ASSETS:
Beginning of period..................................... 45,422 46,304 188,180 212,555 239,306
----------- ----------- ---------- ----------- ----------
End of period........................................... $ 86,747 $ 45,422 $ 395,280 $ 188,180 $ 391,782
----------- ----------- ---------- ----------- ----------
----------- ----------- ---------- ----------- ----------
SHARE TRANSACTIONS:
Issued.................................................. 4,377 1,931 13,308 2,823 12,652
Issued in connection with acquisition................... -- -- 7,895 -- --
Issued in restatement of net asset value (c)............ -- -- -- -- --
Reinvested.............................................. 221 158 414 398 721
Redeemed................................................ (1,428) (2,658) (11,666) (6,867) (6,924)
----------- ----------- ---------- ----------- ----------
Change in shares............................................ 3,170 (569) 9,951 (3,646) 6,449
----------- ----------- ---------- ----------- ----------
----------- ----------- ---------- ----------- ----------
Undistributed (distributions in excess of) net investment
income included in net assets:
End of period........................................... $ 19 $ 8 $ 13 $ 41 $ (405)
----------- ----------- ---------- ----------- ----------
----------- ----------- ---------- ----------- ----------
<CAPTION>
VALUE GROWTH
FUND (A)
---------------------------------------------
YEAR ENDED PERIOD YEAR ENDED YEAR ENDED
JUNE 30, ENDED JUNE NOVEMBER 30, NOVEMBER 30,
1995 30, 1996 1995 1994
----------- ----------- --------------- ---------------
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income................................... $ 4,825 $ 1,254 $ 2,459 $ 2,380
Net realized gains (losses) from investment
transactions.......................................... 2,042 50,010 17,559 5,534
Net change in unrealized appreciation (depreciation)
from investments...................................... 37,018 (28,550) 30,874 (15,998)
----------- ----------- --------------- ---------------
Change in net assets resulting from operations.............. 43,885 22,714 50,892 (8,084)
DISTRIBUTIONS TO FIDUCIARY SHAREHOLDERS (B):
From net investment income.............................. (4,390) (569) -- (2,546)
In excess of net investment income...................... (231) (5) -- (3)
From net realized gains from investment transactions.... (2,449) -- -- (8,390)
In excess of net realized gains from investment
transactions.......................................... -- -- -- --
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income.............................. (43) (680) (2,449) (1)
In excess of net investment income...................... -- (5) -- --
From net realized gains from investment transactions.... (25) (34,705) (5,515) --
DISTRIBUTIONS TO CLASS B SHAREHOLDERS:
From net investment income.............................. (1) (5) (6) --
In excess of net investment income...................... (8) -- (3) --
From net realized gains from investment transactions.... (6) (557) (19) --
In excess of net realized gains from investment
transactions.......................................... -- -- -- --
DISTRIBUTIONS TO SERVICE SHAREHOLDERS:
From net investment income.............................. (1) -- -- --
From net realized gains from investment transactions.... (1) -- -- --
----------- ----------- --------------- ---------------
Change in net assets from shareholder distributions......... (7,155) (36,526) (7,992) (10,940)
----------- ----------- --------------- ---------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................. 81,505 68,807 24,259 36,323
Proceeds from shares issued in connection with
acquisition...........................................
Dividends reinvested.................................... 5,467 27,533 1,480 1,878
Cost of shares redeemed................................. (51,442) (71,560) (21,348) (16,707)
----------- ----------- --------------- ---------------
Change in net assets from share transactions................ 35,530 24,780 4,391 21,494
----------- ----------- --------------- ---------------
Change in net assets........................................ 72,260 10,968 47,291 2,470
NET ASSETS:
Beginning of period..................................... 167,046 220,901 173,610 171,140
----------- ----------- --------------- ---------------
End of period........................................... $ 239,306 $ 231,869 $ 220,901 $ 173,610
----------- ----------- --------------- ---------------
----------- ----------- --------------- ---------------
SHARE TRANSACTIONS:
Issued.................................................. 6,330 $ 1,402 1,628 2,469
Issued in connection with acquisition................... -- -- -- --
Issued in restatement of net asset value (c)............ -- 7,808 -- --
Reinvested.............................................. 445 1,782 106 129
Redeemed................................................ (4,129) (1,668) (1,398) (1,143)
----------- ----------- --------------- ---------------
Change in shares............................................ 2,646 9,324 336 1,455
----------- ----------- --------------- ---------------
----------- ----------- --------------- ---------------
Undistributed (distributions in excess of) net investment
income included in net assets:
End of period........................................... $ (232) $ (12) $ (2) $ (3)
----------- ----------- --------------- ---------------
----------- ----------- --------------- ---------------
</TABLE>
- ----------------
<TABLE>
<C> <S>
(a) Upon reorganizing as a fund of The One Group, the Paragon Value Growth Fund became the Value Growth Fund. Changes in net
assets for the periods prior to March 26, 1996 represent the Paragon Value Growth Fund.
</TABLE>
<TABLE>
<C> <S>
(b) Fiduciary Shares of the Value Growth Fund commenced operations March 26, 1996 upon the conversion of certain Class A
Shares to Fiduciary Shares.
</TABLE>
<TABLE>
<C> <S>
(c) Pursuant to its reorganization as a fund of The One Group, the Value Growth Fund issued additional shares at the close of
business March 25, 1996 as a result of restatement of the net asset values of Class A Shares from $15.26 to $10.00 and
Class B Shares from $15.21 to $10.00.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----84
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
(Amounts in Thousands)
<S> <C> <C> <C> <C> <C> <C>
LARGE COMPANY VALUE FUND DISCIPLINED VALUE LARGE COMPANY GROWTH
FUND FUND
------------------------ -------------------- ----------------------
<CAPTION>
YEAR YEAR YEAR
YEAR ENDED YEAR ENDED ENDED ENDED ENDED YEAR ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1996 1995 1996 1995 1996 1995
----------- ----------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income............................. $ 12,313 $ 6,408 $ 10,841 $ 9,767 $ 8,466 $ 5,791
Net realized gains from investment transactions... 66,494 28,406 60,286 9,989 29,317 4,792
Change in unrealized appreciation (depreciation)
from investments and translation of assets and
liabilities of foreign currency................. (17,058) 20,089 25,630 46,373 85,542 70,757
----------- ----------- --------- --------- --------- -----------
Change in net assets resulting from operations........ 61,749 54,903 96,757 66,129 123,325 81,340
----------- ----------- --------- --------- --------- -----------
DISTRIBUTIONS TO FIDUCIARY SHAREHOLDERS:
From net investment income........................ (12,140) (6,372) (10,409) (9,376) (7,921) (5,634)
In excess of net investment income................ (119) -- (84) -- (70) (3)
From net realized gains from investment
transactions.................................... (46,275) (10,281) (27,544) (9,434) (7,625) (1,852)
In excess of net realized gains from investment
transactions.................................... -- -- -- -- -- (9)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income........................ (142) (39) (302) (225) (478) (135)
In excess of net investment income................ (1) (2) (2) (3) (4) (4)
From net realized gains from investment
transactions.................................... (631) (85) (920) (246) (558) (16)
In excess of net realized gains from investment
transactions.................................... -- -- -- (18) -- --
DISTRIBUTIONS TO CLASS B SHAREHOLDERS:
From net investment income........................ (32) (7) (131) (107) (67) (17)
In excess of net investment income................ -- -- (1) (11) (1) (1)
From net realized gains from investment
transactions.................................... (183) (20) (708) (194) (253) (13)
DISTRIBUTIONS TO SERVICE SHAREHOLDERS:
From net investment income........................ -- -- -- (3) -- (2)
From net realized gains from investment
transactions.................................... -- -- -- (3) -- (2)
----------- ----------- --------- --------- --------- -----------
Change in net assets from shareholder distributions... (59,523) (16,806) (40,101) (19,620) (16,977) (7,688)
----------- ----------- --------- --------- --------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued....................... 285,428 212,431 146,331 129,890 303,743 286,721
Proceeds from shares issued in connection with
acquisition..................................... -- -- -- -- 36,982 131,599
Dividends reinvested.............................. 32,290 10,331 21,701 11,866 9,536 4,561
Cost of shares redeemed........................... (91,619) (61,136) (138,383) (149,012) (145,189) (81,352)
----------- ----------- --------- --------- --------- -----------
Change in net assets from share transactions.......... 226,099 161,626 29,649 (7,256) 205,072 341,529
----------- ----------- --------- --------- --------- -----------
Change in net assets.................................. 228,325 199,723 86,305 39,253 311,420 415,181
NET ASSETS:
Beginning of period............................... 369,717 169,994 473,312 434,059 565,941 150,760
----------- ----------- --------- --------- --------- -----------
End of period..................................... $ 598,042 $ 369,717 $ 559,617 $ 473,312 $ 877,361 $ 565,941
----------- ----------- --------- --------- --------- -----------
----------- ----------- --------- --------- --------- -----------
SHARE TRANSACTIONS:
Issued............................................ 22,448 17,984 10,399 10,433 21,224 23,461
Issued in connection with acquisition............. -- -- -- -- 2,673 11,070
Reinvested........................................ 2,670 924 1,573 980 684 371
Redeemed.......................................... (7,260) (5,160) (9,741) (12,030) (9,886) (6,247)
----------- ----------- --------- --------- --------- -----------
Change in shares...................................... 17,858 13,748 2,231 (617) 14,695 28,655
----------- ----------- --------- --------- --------- -----------
----------- ----------- --------- --------- --------- -----------
Undistributed (distributions in excess of) net
investment income included in net assets:
End of period..................................... $ (114) $ 7 $ (45) $ 43 $ (85) $ (10)
----------- ----------- --------- --------- --------- -----------
----------- ----------- --------- --------- --------- -----------
<CAPTION>
<S> <C> <C>
GROWTH OPPORTUNITIES
FUND
--------------------
YEAR YEAR
ENDED ENDED
JUNE 30, JUNE 30,
1996 1995
--------- ---------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income............................. $ 5,803 $ 1,508
Net realized gains from investment transactions... 150,392 18,881
Change in unrealized appreciation (depreciation)
from investments and translation of assets and
liabilities of foreign currency................. (49,094) 53,633
--------- ---------
Change in net assets resulting from operations........ 107,101 74,022
--------- ---------
DISTRIBUTIONS TO FIDUCIARY SHAREHOLDERS:
From net investment income........................ (5,538) (1,520)
In excess of net investment income................ (34) --
From net realized gains from investment
transactions.................................... (78,544) (12,826)
In excess of net realized gains from investment
transactions.................................... -- --
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income........................ (215) (8)
In excess of net investment income................ (1) (9)
From net realized gains from investment
transactions.................................... (2,747) (287)
In excess of net realized gains from investment
transactions.................................... -- --
DISTRIBUTIONS TO CLASS B SHAREHOLDERS:
From net investment income........................ (51) --
In excess of net investment income................ -- --
From net realized gains from investment
transactions.................................... (896) (59)
DISTRIBUTIONS TO SERVICE SHAREHOLDERS:
From net investment income........................ -- --
From net realized gains from investment
transactions.................................... -- (8)
--------- ---------
Change in net assets from shareholder distributions... (88,026) (14,717)
--------- ---------
CAPITAL TRANSACTIONS:
Proceeds from shares issued....................... 285,336 138,252
Proceeds from shares issued in connection with
acquisition..................................... -- --
Dividends reinvested.............................. 46,859 9,304
Cost of shares redeemed........................... (205,266) (178,208)
--------- ---------
Change in net assets from share transactions.......... 126,929 (30,652)
--------- ---------
Change in net assets.................................. 146,004 28,653
NET ASSETS:
Beginning of period............................... 427,483 398,830
--------- ---------
End of period..................................... $ 573,487 $ 427,483
--------- ---------
--------- ---------
SHARE TRANSACTIONS:
Issued............................................ 15,225 8,268
Issued in connection with acquisition............. -- --
Reinvested........................................ 2,828 595
Redeemed.......................................... (10,779) (10,620)
--------- ---------
Change in shares...................................... 7,274 (1,757)
--------- ---------
--------- ---------
Undistributed (distributions in excess of) net
investment income included in net assets:
End of period..................................... $ (47) $ (11)
--------- ---------
--------- ---------
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
85----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
(Amounts in Thousands)
GULF SOUTH GROWTH FUND (A)
--------------------------------------------------
YEAR ENDED YEAR ENDED
SEVEN MONTHS NOVEMBER 30, NOVEMBER 30,
JUNE 30, 1996 1995 1994
---------------- --------------- ---------------
<S> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)......................................... $ (162) $ (329) $ (304)
Net realized gains from investment and foreign currency
transactions....................................................... 20,607 2,336 1,418
Net change in unrealized appreciation (depreciation) from investments
and translation of assets and liabilities in foreign currencies.... (8,026) 17,774 (6,752)
---------------- --------------- ---------------
Change in net assets resulting from operations........................... 12,419 19,781 (5,638)
---------------- --------------- ---------------
DISTRIBUTIONS TO FIDUCIARY SHAREHOLDERS (B):
From net investment income........................................... -- -- --
In excess of net investment income................................... -- -- --
From net realized gains from investment transactions................. (237) -- --
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income........................................... -- -- --
In excess of net investment income................................... -- -- --
From net realized gains from investment transactions................. (17,443) (1,410) (649)
DISTRIBUTIONS TO CLASS B SHAREHOLDERS:
From net investment income........................................... -- -- --
In excess of net investment income................................... -- -- --
From net realized gains from investment transactions................. (393) (8)
DISTRIBUTIONS TO SERVICE SHAREHOLDERS:
From net investment income........................................... -- -- --
From net realized gains from investment transactions................. -- -- --
---------------- --------------- ---------------
Change in net assets from shareholder distributions...................... (18,073) (1,418) (649)
---------------- --------------- ---------------
CAPITAL TRANSACTIONS:
Proceeds from shares issued.......................................... 29,495 13,775 18,519
Dividends reinvested................................................. 14,226 328 120
Cost of shares redeemed.............................................. (31,076) (12,956) (9,563)
---------------- --------------- ---------------
Change in net assets from share transactions............................. 12,645 1,147 9,076
---------------- --------------- ---------------
Change in net assets..................................................... 6,991 19,510 2,789
NET ASSETS:
Beginning of period.................................................. 97,281 77,771 74,982
---------------- --------------- ---------------
End of period........................................................ $ 104,272 $ 97,281 $ 77,771
---------------- --------------- ---------------
---------------- --------------- ---------------
SHARE TRANSACTIONS:
Issued............................................................... 620 842 1,162
Issued in restatement of net asset value (c)......................... 3,633 -- --
Reinvested........................................................... 902 22 7
Redeemed............................................................. (838) (768) (601)
---------------- --------------- ---------------
Change in shares......................................................... 4,317 96 568
---------------- --------------- ---------------
---------------- --------------- ---------------
Undistributed (distributions in excess of) net investment income included
in net assets:
End of period........................................................ $ -- $ -- $ --
---------------- --------------- ---------------
---------------- --------------- ---------------
<CAPTION>
INTERNATIONAL EQUITY
INDEX FUND
------------------------
YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30,
1996 1995
----------- -----------
<S> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)......................................... $ 2,940 $ 2,326
Net realized gains from investment and foreign currency
transactions....................................................... 1,467 3,373
Net change in unrealized appreciation (depreciation) from investments
and translation of assets and liabilities in foreign currencies.... 26,748 2,455
----------- -----------
Change in net assets resulting from operations........................... 31,155 8,154
----------- -----------
DISTRIBUTIONS TO FIDUCIARY SHAREHOLDERS (B):
From net investment income........................................... (2,825) (1,053)
In excess of net investment income................................... (429) --
From net realized gains from investment transactions................. (2,147) (537)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income........................................... (72) (18)
In excess of net investment income................................... (11) --
From net realized gains from investment transactions................. (55) (10)
DISTRIBUTIONS TO CLASS B SHAREHOLDERS:
From net investment income........................................... (43) (17)
In excess of net investment income................................... (7) --
From net realized gains from investment transactions................. (33) (10)
DISTRIBUTIONS TO SERVICE SHAREHOLDERS:
From net investment income........................................... -- (1)
From net realized gains from investment transactions................. -- (1)
----------- -----------
Change in net assets from shareholder distributions...................... (5,622) (1,647)
----------- -----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued.......................................... 163,944 111,465
Dividends reinvested................................................. 2,501 845
Cost of shares redeemed.............................................. (54,557) (41,784)
----------- -----------
Change in net assets from share transactions............................. 111,888 70,526
----------- -----------
Change in net assets..................................................... 137,421 77,033
NET ASSETS:
Beginning of period.................................................. 227,014 149,981
----------- -----------
End of period........................................................ $ 364,435 $ 227,014
----------- -----------
----------- -----------
SHARE TRANSACTIONS:
Issued............................................................... 11,286 8,193
Issued in restatement of net asset value (c)......................... -- --
Reinvested........................................................... 175 63
Redeemed............................................................. (3,742) (3,090)
----------- -----------
Change in shares......................................................... 7,722 5,166
----------- -----------
----------- -----------
Undistributed (distributions in excess of) net investment income included
in net assets:
End of period........................................................ $ 1,395 $ 2,643
----------- -----------
----------- -----------
</TABLE>
- -------------
<TABLE>
<C> <S>
(a) Upon reorganizing as a fund of The One Group, the Paragon Gulf South Growth Fund became the Gulf South Growth Fund.
Changes in net assets for the periods prior to March 26, 1996 represent the Paragon Gulf South Growth Fund.
</TABLE>
<TABLE>
<C> <S>
(b) Fiduciary Shares of the Gulf South Growth Fund commenced operations March 26, 1996 upon the conversion of certain Class A
Shares to Fiduciary Shares.
</TABLE>
<TABLE>
<C> <S>
(c) Pursuant to its reorganization as a fund of The One Group, the Gulf South Growth Fund issued additional shares at the
close of business March 25, 1996 as a result of restatement of the net asset values of Class A Shares from $15.70 to
$10.00 and Class B Shares from $15.48 to $10.00.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----86
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS JUNE 30, 1996
1. ORGANIZATION:
The One Group (the "Trust") is registered under the Investment Company Act
of 1940, as amended (the "1940 Act"), as an open-end investment company
established as a Massachusetts business trust. The Trust is registered to
offer four classes of shares: Fiduciary, Class A, Class B and Service. The
Trust currently consists of twenty-six active funds. The accompanying
financial statements and financial highlights are those of the Asset
Allocation Fund, the Income Equity Fund, the Equity Index Fund, the Value
Growth Fund, the Large Company Value Fund, the Disciplined Value Fund, the
Large Company Growth Fund, the Growth Opportunities Fund, the Gulf South
Growth Fund and the International Equity Index Fund (individually a "Fund",
collectively the "Funds") only. The Funds are each offered in Fiduciary
Class, Class A and Class B Shares. Class A Shares are subject to initial
sales charges, imposed at the time of purchase, in accordance with the
Funds' prospectuses. Certain redemptions of Class B Shares are subject to
contingent deferred sales charges in accordance with the Funds'
prospectuses. Each Fund is a diversified mutual fund. On September 1, 1995,
The One Group Blue Chip Equity Fund ceased operations, and all of its assets
and liabilities transferred to the Large Company Growth Fund. Effective
February 7, 1996, the Small Company Growth Fund was renamed the Growth
Opportunities Fund.
The Trust entered into an Agreement and Plan of Reorganization (the
"Agreement") with the Paragon Portfolio ("Paragon"), a Massachusetts
business trust. Pursuant to the Agreement all of the assets and liabilities
of each Paragon Fund transferred to a fund of The One Group in exchange for
shares of the corresponding fund of The One Group. Subsequent to the
reorganization, the fiscal year end changed from November 30 to June 30 for
the Value Growth Fund and the Gulf South Growth Fund. Therefore, the current
period statements of operations and changes in net assets for those Funds
present the results of operations and changes in net assets for the seven
months ended June 30, 1996.
The Funds' investment objectives are as follows:
<TABLE>
<CAPTION>
FUND OBJECTIVE
- ---------------------------------- -------------------------------------------------------------------
<S> <C>
Asset Allocation Fund To provide total return while preserving capital.
Income Equity Fund Current income through regular payments of dividends.
Equity Index Fund Investment results that correspond to the aggregate price and
dividend performance of the securities in the Standard & Poor's 500
Composite Stock Price Index.
Value Growth Fund Long-term capital growth and growth of income while, as a secondary
objective, providing a moderate level of current income.
Large Company Value Fund Capital appreciation with the incidental goal of achieving current
income by investing primarily in equity securities.
Disciplined Value Fund Capital appreciation with the secondary goal of achieving current
income by investing primarily in equity securities.
Large Company Growth Fund Long-term capital appreciation and growth of income by investing
primarily in equity securities.
Growth Opportunities Fund Growth of capital and, secondarily, current income, by investing
primarily in equity securities.
</TABLE>
CONTINUED
87----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
<TABLE>
<CAPTION>
FUND OBJECTIVE
- ---------------------------------- -------------------------------------------------------------------
Gulf South Growth Fund Long-term capital growth by investment in a portfolio of equity
securities of small capitalization, emerging growth and medium
capitalization companies which are either headquartered in or whose
primary market is in the southeastern region of the United States.
<S> <C>
International Equity Index Fund To provide investment results that correspond to the aggregate
price and dividend performance of the securities in the Gross
Domestic Product Weighted Morgan Stanley Capital International
Europe, Australia and Far East Index.
</TABLE>
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies followed by
the Trust in the preparation of its financial statements. The policies are
in conformity with generally accepted accounting principles. The preparation
of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at
the date of the financial statements and the reported amounts of income and
expenses for the period. Actual results could differ from those estimates.
SECURITY VALUATION
Listed securities are valued at the last sales price on the principal
exchange where such securities are traded. Unlisted securities or listed
securities for which last sales prices are not available are valued at the
mean of the latest bid and asked prices in the principal market where such
securities are traded. Short-term investments maturing in 60 days or less
are valued at amortized cost, which approximates market value. Futures
contracts are valued at the settlement price established each day by the
board of trade or exchange on which they are traded. Options traded on an
exchange are valued using the last sale price or, in the absence of a sale,
the last offering price. Options traded over-the-counter are valued using
dealer-supplied valuations. Investments for which there are no such
quotations or valuations are carried at fair value as determined in good
faith by or at the direction of the Board of Trustees.
FOREIGN CURRENCY TRANSLATION
Investment valuations, other assets and liabilities initially expressed in
foreign currencies are converted each business day into U.S. dollars based
upon current exchange rates. Purchases and sales of foreign investments and
income and expenses are converted into U.S. dollars based upon exchange
rates prevailing on the respective dates of such transactions. That portion
of realized gains or losses and unrealized appreciation or depreciation
from investments due to fluctuations in foreign currency exchange rates is
not separately disclosed.
FORWARD FOREIGN CURRENCY CONTRACTS
Forward foreign currency contracts are valued at the daily exchange rate of
the underlying currency. Purchases and sales of forward foreign currency
contracts having the same settlement date and broker are presented net on
the Statement of Assets and Liabilities. Gains or losses on the purchase or
sale of forward foreign currency contracts having the same settlement date
and broker are recognized on the date of offset; otherwise gains or losses
are recognized on settlement date.
CONTINUED
- ----88
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
REPURCHASE AGREEMENTS
The Funds may invest in repurchase agreements with institutions that the
Fund's investment adviser has determined are creditworthy. Each repurchase
agreement is recorded at cost. The Fund requires that the securities
purchased in a repurchase agreement transaction be transferred to the
custodian in a manner sufficient to enable the Fund to obtain those
securities in the event of a counterparty default. The seller, under the
repurchase agreement, is required to maintain the value of the securities
held at not less than the repurchase price, including accrued interest.
WRITTEN OPTIONS
The Funds may write covered call or put options for which premiums received
are recorded as liabilities and are subsequently adjusted to the current
value of the options written. Premiums received from writing options which
expire are treated as realized gains. Premiums received from writing
options, which are either exercised or closed, are offset against the
proceeds received or amount paid on the transaction to determine realized
gains or losses.
FUTURES CONTRACTS
The Funds may enter into futures contracts for the delayed delivery of
securities at a fixed price at some future date or for the change in the
value of a specified financial index over a predetermined time period. Cash
or securities are deposited with brokers in order to maintain a position.
Subsequent payments made or received by the fund based on the daily change
in the market value of the position are recorded as unrealized appreciation
or depreciation until the contract is closed out, at which time the
appreciation or depreciation is realized.
INDEXED SECURITIES
The Funds may invest in indexed securities whose value is linked either
directly or inversely to changes in foreign currencies, interest rates,
commodities, indices or other reference instruments. Indexed securities may
be more volatile than the referenced instrument itself, but any loss is
limited to the amount of the original investment.
SECURITIES LENDING
To generate additional income, the Funds may lend up to 33% of securities
in which they are invested pursuant to agreements requiring that the loan
be continuously secured by cash, U.S. Government or U.S. Government Agency
securities, shares of an investment trust or mutual fund, or any
combination of cash and such securities as collateral equal at all times to
at least 100% of the market value plus accrued interest on the securities
lent. The Funds continue to earn dividends and interest on securities lent
while simultaneously seeking to earn interest on the investment of
collateral. Collateral is marked to market daily to provide a level
collateral at least equal to the market value of securities lent. There may
be risks of delay in recovery of the securities or even loss of rights in
the collateral should the borrower of the securities fail financially.
However, loans will be made only to borrowers deemed by the Adviser to be
of good standing and credit worthy under guidelines established by the
Board of Trustees and when, in the judgement of the Adviser, the
consideration
CONTINUED
89----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
which can be earned currently from such securities loans justifies the
attendant risk. Loans are subject to termination by the Funds or the
borrower at any time, and are, therefore, not considered to be illiquid
investments. As of June 30, 1996, the following Funds had securities with
the following market values on loan:
<TABLE>
<CAPTION>
MARKET VALUE
OF LOANED
SECURITIES
-------------
<S> <C>
Asset Allocation Fund.................................................................................. $ 9,352,826
Income Equity Fund..................................................................................... 17,942,122
Equity Index Fund...................................................................................... 28,024,724
Value Growth Fund...................................................................................... 17,924,553
Large Company Value Fund............................................................................... 46,676,798
Disciplined Value Fund................................................................................. 38,357,202
Large Company Growth Fund.............................................................................. 56,341,844
Growth Opportunities Fund.............................................................................. 56,827,625
Gulf South Growth Fund................................................................................. 15,011,488
</TABLE>
The loaned securities were fully collateralized by cash and U.S. Government
securities as of June 30, 1996.
SECURITY TRANSACTIONS AND RELATED INCOME
Security transactions are accounted for on a trade date basis. Net realized
gains or losses on sales of securities are determined on the specific
identification cost method. Interest income and expenses are recognized on
the accrual basis. Dividends are recorded on the ex-dividend date. Interest
income, including any discount or premium, is accrued as earned using the
effective interest method.
EXPENSES
Expenses directly attributable to a Fund are charged directly to that Fund,
while the expenses which are attributable to more than one fund of the
Trust are allocated among the respective Funds. Each class of shares bears
its pro-rata portion of expenses attributable to its series, except that
each class separately bears expenses related specifically to that class,
such as distribution fees.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS
Dividends from net investment income are declared and paid monthly for all
Funds, except the International Equity Index Fund, which declares and
distributes net investment income annually. Net realized capital gains, if
any, are distributed at least annually. Dividends are declared separately
for each class. No class has preferential dividend rights; differences in
per share dividend rates are generally due to differences in separate class
expenses.
Distributions from net investment income and from net capital gains are
determined in accordance with income tax regulations which may differ from
generally accepted accounting principles. These differences are primarily
due to differing treatments for expiring capital loss carryforwards,
foreign currency transactions, and deferrals of certain losses. Permanent
book and tax basis differences, which affect shareholder distributions,
have been reclassified to additional paid-in capital.
ORGANIZATION COSTS
Costs incurred by the Trust in connection with its organization, including
the fees and expenses of registering and qualifying its shares for
distribution have been deferred and are being amortized using the
straight-line method over a period of five years beginning with the
commencement of each Fund's operations. All such costs, which are
attributable to more than one fund, have been allocated among the funds of
the Trust pro-
CONTINUED
- ----90
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
rata, based on the relative net assets of each fund. In the event that any
of the initial shares are redeemed during such period by any holder
thereof, the related fund will be reimbursed by such holder for any
unamortized organization costs in the proportion as the number of initial
shares being redeemed bears to the number of initial shares outstanding at
the time of redemption.
FEDERAL INCOME TAXES
Each Fund intends to continue to qualify as a regulated investment company
by complying with the provisions available to certain investment companies
as defined in applicable sections of the Internal Revenue Code, and to make
distributions from net investment income and from net realized capital
gains sufficient to relieve it from all, or substantially all, federal
income taxes. Withholding taxes on foreign dividends have been paid or
provided for in accordance with the applicable country's tax rules and
rates.
3. SHARES OF BENEFICIAL INTEREST:
The Trust has an unlimited number of shares of beneficial interest, with no
par value which may, without shareholder approval, be divided into an
unlimited number of series of such shares and any series may be classified
or reclassified into one or more classes. Currently, shares of the Trust are
registered to be offered through thirty-two series and four classes:
Fiduciary, Class A, Class B and Service. During the year ended June 30,
1995, Service Shares transferred to Class A Shares. As of June 30, 1996
there were no shareholders in the Service Class. Shareholders are entitled
to one vote for each full share held and will vote in the aggregate and not
by class or series, except as otherwise expressly required by law or when
the Board of Trustees has determined that the matter to be voted on affects
only the interest of shareholders of a particular class or series. The
following is a summary of transactions in Fund shares for the years ended
June 30, 1996 and June 30, 1995:
CONTINUED
91----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
<TABLE>
<CAPTION>
(Amounts in Thousands)
<S> <C> <C> <C> <C> <C>
INCOME EQUITY EQUITY
ASSET ALLOCATION FUND FUND INDEX
---------------------- FUND
------------------------ YEAR -----------
YEAR ENDED YEAR ENDED ENDED YEAR ENDED YEAR ENDED
JUNE 30, JUNE 30, JUNE 30, JUNE 30, JUNE 30,
1996 1995 1996 1995 1996
----------- ----------- --------- ----------- -----------
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES:
Proceeds from shares issued............................ $ 20,364 $ 14,294 $ 74,805 $ 32,862 $ 110,800
Proceeds from shares issued in connection with
acquisition.......................................... -- -- 128,593 -- --
Dividends reinvested................................... 1,810 1,386 5,003 4,624 10,203
Shares redeemed........................................ (13,065) (24,526) (94,484) (89,484) (79,496)
----------- ----------- --------- ----------- -----------
Change in net assets from Fiduciary share
transactions......................................... $ 9,109 $ 8,846 $ 113,917 $ (51,998) $ 41,507
----------- ----------- --------- ----------- -----------
----------- ----------- --------- ----------- -----------
CLASS A SHARES:
Proceeds from shares issued............................ $ 14,197 $ 3,680 $ 168,343 $ 5,144 $ 52,581
Proceeds from shares issued in connection with
acquisition.......................................... -- -- 6,780 -- --
Dividends reinvested................................... 453 111 1,244 614 565
Shares redeemed........................................ (2,268) (1,101) (143,907) (5,677) (26,205)
----------- ----------- --------- ----------- -----------
Change in net assets from Class A share transactions... $ 12,382 $ 2,690 $ 32,460 $ 81 $ 26,941
----------- ----------- --------- ----------- -----------
----------- ----------- --------- ----------- -----------
CLASS B SHARES:
Proceeds from shares issued............................ $ 15,530 $ 1,238 $ 24,534 $ 1,560 $ 35,620
Proceeds from shares issued in connection with
acquisition.......................................... -- -- 1,413 -- --
Dividends reinvested................................... 271 80 487 105 381
Shares redeemed........................................ (871) (432) (870) (237) (741)
----------- ----------- --------- ----------- -----------
Change in net assets from Class B share transactions... $ 14,930 $ 886 $ 25,564 $ 1,428 $ 35,260
----------- ----------- --------- ----------- -----------
----------- ----------- --------- ----------- -----------
SERVICE SHARES:
Proceeds from shares issued............................ $ 92
Dividends reinvested................................... 2
Shares redeemed........................................ (102)
-----------
Change in net assets from Service Share transactions... $ (8)
-----------
-----------
SHARE TRANSACTIONS:
FIDUCIARY SHARES:
Issued................................................. 1,787 1,433 2,462 2,362 7,069
Issued in connection with acquisition.................. -- -- 7,422 -- --
Reinvested............................................. 159 139 316 343 660
Redeemed............................................... (1,156) (2,496) (3,267) (6,450) (5,207)
----------- ----------- --------- ----------- -----------
Change in Fiduciary Shares............................. 790 (924) 6,933 (3,745) 2,522
----------- ----------- --------- ----------- -----------
----------- ----------- --------- ----------- -----------
CLASS A SHARES:
Issued................................................. 1,241 364 9,480 353 3,351
Issued in connection with acquisition.................. -- -- 392 -- --
Reinvested............................................. 38 11 72 47 36
Redeemed............................................... (198) (108) (8,347) (400) (1,670)
----------- ----------- --------- ----------- -----------
Change in Class A Shares............................... 1,081 267 1,597 0 1,717
----------- ----------- --------- ----------- -----------
----------- ----------- --------- ----------- -----------
CLASS B SHARES:
Issued................................................. 1,349 124 1,366 108 2,232
Issued in connection with acquisition.................. -- -- 81 -- --
Reinvested............................................. 24 8 26 8 25
Redeemed............................................... (74) (44) (52) (17) (47)
----------- ----------- --------- ----------- -----------
Change in Class B Shares............................... 1,299 88 1,421 99 2,210
----------- ----------- --------- ----------- -----------
----------- ----------- --------- ----------- -----------
SERVICE SHARES:
Issued................................................. 10
Reinvested............................................. --
Redeemed............................................... (10)
-----------
Change in Service Shares............................... 0
-----------
-----------
<CAPTION>
<S> <C>
YEAR ENDED
JUNE 30,
1995
-----------
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES:
Proceeds from shares issued............................ $ 71,441
Proceeds from shares issued in connection with
acquisition.......................................... --
Dividends reinvested................................... 5,401
Shares redeemed........................................ (43,482)
-----------
Change in net assets from Fiduciary share
transactions......................................... $ 33,360
-----------
-----------
CLASS A SHARES:
Proceeds from shares issued............................ $ 8,926
Proceeds from shares issued in connection with
acquisition.......................................... --
Dividends reinvested................................... 49
Shares redeemed........................................ (7,817)
-----------
Change in net assets from Class A share transactions... $ 1,158
-----------
-----------
CLASS B SHARES:
Proceeds from shares issued............................ $ 1,047
Proceeds from shares issued in connection with
acquisition.......................................... --
Dividends reinvested................................... 15
Shares redeemed........................................ (27)
-----------
Change in net assets from Class B share transactions... $ 1,035
-----------
-----------
SERVICE SHARES:
Proceeds from shares issued............................ $ 91
Dividends reinvested................................... 2
Shares redeemed........................................ (116)
-----------
Change in net assets from Service Share transactions... $ (23)
-----------
-----------
SHARE TRANSACTIONS:
FIDUCIARY SHARES:
Issued................................................. 5,555
Issued in connection with acquisition.................. --
Reinvested............................................. 440
Redeemed............................................... (3,519)
-----------
Change in Fiduciary Shares............................. 2,476
-----------
-----------
CLASS A SHARES:
Issued................................................. 688
Issued in connection with acquisition.................. --
Reinvested............................................. 4
Redeemed............................................... (600)
-----------
Change in Class A Shares............................... 92
-----------
-----------
CLASS B SHARES:
Issued................................................. 80
Issued in connection with acquisition.................. --
Reinvested............................................. 1
Redeemed............................................... (2)
-----------
Change in Class B Shares............................... 79
-----------
-----------
SERVICE SHARES:
Issued................................................. 7
Reinvested............................................. --
Redeemed............................................... (8)
-----------
Change in Service Shares............................... (1)
-----------
-----------
</TABLE>
CONTINUED
- ----92
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
<TABLE>
<CAPTION>
(Amounts in Thousands)
<S> <C> <C> <C> <C> <C>
LARGE COMPANY VALUE DISCIPLINED
VALUE
VALUE GROWTH FUND (A) FUND FUND
---------------------------- ---------------------- ---------
SEVEN MONTHS YEAR YEAR YEAR
ENDED JUNE ENDED YEAR ENDED ENDED ENDED
30, NOVEMBER 30, JUNE 30, JUNE 30, JUNE 30,
1996 1995 1996 1995 1996
------------- ------------- ----------- --------- ---------
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES (B):
Proceeds from shares issued.............................. $ 51,451 $ 271,886 $ 201,943 $ 131,316
Proceeds from shares issued in conversion from class A
shares................................................. 186,991(b) -- -- --
Dividends reinvested..................................... 12 31,312 10,183 19,700
Shares redeemed.......................................... (54,571) (86,151) (53,653) (130,536)
------------- ----------- --------- ---------
Change in net assets from Fiduciary share transactions... $ 183,883 $ 217,047 $ 158,473 $ 20,480
------------- ----------- --------- ---------
------------- ----------- --------- ---------
CLASS A SHARES:
Proceeds from shares issued.............................. $ 15,771 $ 21,981 $ 10,239 $ 9,809 $ 10,777
Dividends reinvested..................................... 26,959 1,452 760 121 1,180
Shares redeemed.......................................... (16,784) (21,210) (5,175) (7,394) (6,449)
Cost of shares redeemed in conversion to Fiduciary
shares................................................. (186,991)(b) -- -- -- --
------------- ------------- ----------- --------- ---------
Change in net assets from Class A share transactions..... $(161,045) $ 2,223 $ 5,824 $ 2,536 $ 5,508
------------- ------------- ----------- --------- ---------
------------- ------------- ----------- --------- ---------
CLASS B SHARES:
Proceeds from shares issued.............................. $ 1,585 $ 2,278 $ 3,303 $ 679 $ 4,238
Dividends reinvested..................................... 562 28 218 27 821
Shares redeemed.......................................... (205) (138) (293) (89) (1,398)
------------- ------------- ----------- --------- ---------
Change in net assets from Class B share transactions..... $ 1,942 $ 2,168 $ 3,228 $ 617 $ 3,661
------------- ------------- ----------- --------- ---------
------------- ------------- ----------- --------- ---------
SERVICE SHARES:
Proceeds from shares issued..............................
Dividends reinvested.....................................
Shares redeemed..........................................
Change in net assets from Service Share transactions.....
SHARE TRANSACTIONS:
FIDUCIARY SHARES (B):
Issued................................................... 254 21,371 17,128 9,341
Issued in conversion from Class A Shares................. 18,699(b) -- -- --
Reinvested............................................... 1 2,593 911 1,427
Redeemed................................................. (556) (6,817) (4,551) (9,186)
------------- ----------- --------- ---------
Change in Fiduciary Shares............................... 18,398 17,147 13,488 1,582
------------- ----------- --------- ---------
------------- ----------- --------- ---------
CLASS A SHARES:
Issued................................................... 1,026 1,479 815 800 760
Issued in restatement of net asset value(c).............. 7,672 -- -- -- --
Reinvested............................................... 1,745 104 61 11 86
Redeemed................................................. (1,096) (1,389) (417) (601) (456)
Redeemed in conversion to Fiduciary Shares............... (18,699)(b) -- -- -- --
------------- ------------- ----------- --------- ---------
Change in Class A Shares................................. (9,352) 194 459 210 390
------------- ------------- ----------- --------- ---------
------------- ------------- ----------- --------- ---------
CLASS B SHARES:
Issued................................................... 122 149 262 56 298
Issued in restatement of net asset value(c).............. 136 -- -- -- --
Reinvested............................................... 36 2 16 2 60
Redeemed................................................. (16) (9) (26) (8) (99)
------------- ------------- ----------- --------- ---------
Change in Class B Shares................................. 278 142 252 50 259
------------- ------------- ----------- --------- ---------
------------- ------------- ----------- --------- ---------
SERVICE SHARES:
Issued...................................................
Reinvested...............................................
Redeemed.................................................
Change in Service Shares.................................
<CAPTION>
<S> <C>
YEAR
ENDED
JUNE 30,
1995
---------
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES (B):
Proceeds from shares issued.............................. $ 117,175
Proceeds from shares issued in conversion from class A
shares................................................. --
Dividends reinvested..................................... 11,069
Shares redeemed.......................................... (142,398)
---------
Change in net assets from Fiduciary share transactions... $ (14,154)
---------
---------
CLASS A SHARES:
Proceeds from shares issued.............................. $ 6,626
Dividends reinvested..................................... 482
Shares redeemed.......................................... (5,134)
Cost of shares redeemed in conversion to Fiduciary
shares................................................. --
---------
Change in net assets from Class A share transactions..... $ 1,974
---------
---------
CLASS B SHARES:
Proceeds from shares issued.............................. $ 5,594
Dividends reinvested..................................... 309
Shares redeemed.......................................... (903)
---------
Change in net assets from Class B share transactions..... $ 5,000
---------
---------
SERVICE SHARES:
Proceeds from shares issued.............................. $ 495
Dividends reinvested..................................... 6
Shares redeemed.......................................... (577)
---------
Change in net assets from Service Share transactions..... $ (76)
---------
---------
SHARE TRANSACTIONS:
FIDUCIARY SHARES (B):
Issued................................................... 9,425
Issued in conversion from Class A Shares................. --
Reinvested............................................... 913
Redeemed................................................. (11,504)
---------
Change in Fiduciary Shares............................... (1,166)
---------
---------
CLASS A SHARES:
Issued................................................... 521
Issued in restatement of net asset value(c).............. --
Reinvested............................................... 40
Redeemed................................................. (409)
Redeemed in conversion to Fiduciary Shares............... --
---------
Change in Class A Shares................................. 152
---------
---------
CLASS B SHARES:
Issued................................................... 447
Issued in restatement of net asset value(c).............. --
Reinvested............................................... 26
Redeemed................................................. (72)
---------
Change in Class B Shares................................. 401
---------
---------
SERVICE SHARES:
Issued................................................... 40
Reinvested............................................... 1
Redeemed................................................. (45)
---------
Change in Service Shares................................. (4)
---------
---------
</TABLE>
- -------------
<TABLE>
<S> <S>
(a) Upon reorganizing as a fund of The One Group, The Paragon Value Growth Fund became the Value Growth Fund. Capital and
share transactions for the periods prior to March 25, 1996 represent the Paragon Value Growth Fund.
(b) Fiduciary Shares of the Value Growth Fund commenced operations March 26, 1996 upon conversion of certain Class A Shares
to Fiduciary Shares.
(c) Pursuant to its reorganization as a fund of The One Group, the Fund issued additional shares at the close of business
March 25, 1996 as a result of a restatement of the net asset values of Class A Shares from $15.26 to $10.00 and Class B
Shares from $15.21 to $10.00.
</TABLE>
CONTINUED
93----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
<TABLE>
<CAPTION>
(Amounts in Thousands)
GULF SOUTH
LARGE COMPANY GROWTH GROWTH OPPORTUNITIES GROWTH
FUND FUND FUND (A)
---------------------- -------------------- -----------
YEAR YEAR YEAR
ENDED YEAR ENDED ENDED ENDED PERIOD
JUNE 30, JUNE 30, JUNE 30, JUNE 30, ENDED JUNE
1996 1995 1996 1995 30, 1996
--------- ----------- --------- --------- -----------
<S> <S>
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES (B):
Proceeds from shares issued..................................... $ 209,649 $ 264,563 $ 167,309 $ 120,166 $ 20,747
Proceeds from shares issued in connection with acquisition...... 33,161 119,883 -- -- --
Proceeds from shares issued in conversion from class A shares... -- -- -- -- 80,504(b)
Dividends reinvested............................................ 8,256 4,370 43,247 8,942 12
Shares redeemed................................................. (132,702) (77,903) (109,584) (162,832) (23,690)
--------- ----------- --------- --------- -----------
Change in net assets from Fiduciary share transactions.......... $ 118,364 $ 310,913 $ 100,972 $ (33,724) $ 77,573
--------- ----------- --------- --------- -----------
--------- ----------- --------- --------- -----------
CLASS A SHARES:
Proceeds from shares issued..................................... $ 46,490 $ 15,491 $ 108,378 $ 16,237 $ 8,112
Proceeds from shares issued in connection with acquisition...... 3,423 11,716 -- -- --
Dividends reinvested............................................ 904 154 2,718 296 13,830
Shares redeemed................................................. (10,113) (2,767) (95,119) (14,784) (7,224)
Cost of shares redeemed in conversion to Fiduciary shares....... -- -- -- -- (80,504)(b)
--------- ----------- --------- --------- -----------
Change in net assets from Class A share transactions............ $ 40,704 $ 24,594 $ 15,977 $ 1,749 $ (65,786)
--------- ----------- --------- --------- -----------
--------- ----------- --------- --------- -----------
CLASS B SHARES:
Proceeds from shares issued..................................... $ 47,604 $ 6,304 $ 9,649 $ 1,368 $ 636
Proceeds from shares issued in connection with acquisition...... 398 -- -- -- --
Dividends reinvested............................................ 376 32 894 58 384
Shares redeemed................................................. (2,374) (247) (563) (45) (162)
--------- ----------- --------- --------- -----------
Change in net assets from Class B share transactions............ $ 46,004 $ 6,089 $ 9,980 $ 1,381 $ 858
--------- ----------- --------- --------- -----------
--------- ----------- --------- --------- -----------
SERVICE SHARES:
Proceeds from shares issued..................................... $ 363 $ 481
Dividends reinvested............................................ 5 8
Shares redeemed................................................. (435) (547)
----------- ---------
Change in net assets from Service Share transactions............ $ (67) $ (58)
----------- ---------
----------- ---------
SHARE TRANSACTIONS:
FIDUCIARY SHARES (B):
Issued.......................................................... 14,892 21,755 8,947 7,209 66
Issued in connection with acquisition........................... 2,403 10,108 -- -- --
Issued in conversion from Class A Shares........................ -- -- -- -- 8,050(b)
Reinvested...................................................... 594 357 2,608 571 1
Redeemed........................................................ (9,049) (5,992) (5,714) (9,719) (360)
--------- ----------- --------- --------- -----------
Change in Fiduciary Shares...................................... 8,840 26,228 5,841 (1,939) 7,757
--------- ----------- --------- --------- -----------
--------- ----------- --------- --------- -----------
CLASS A SHARES:
Issued.......................................................... 3,131 1,182 5,756 949 509
Issued in connection with acquisition........................... 242 962 -- -- --
Issued in restatement of net asset value(c)..................... -- -- -- -- 3,555
Reinvested...................................................... 63 12 165 19 876
Redeemed........................................................ (674) (205) (5,035) (867) (466)
Redeemed in conversion to Fiduciary Shares...................... -- -- -- -- (8,050)(b)
--------- ----------- --------- --------- -----------
Change in Class A Shares........................................ 2,762 1,951 886 101 (3,576)
--------- ----------- --------- --------- -----------
--------- ----------- --------- --------- -----------
CLASS B SHARES:
Issued.......................................................... 3,201 494 522 82 45
Issued in connection with acquisition........................... 28 -- -- -- --
Issued in restatement of net asset value(c)..................... 78
Reinvested...................................................... 27 2 55 4 25
Redeemed........................................................ (163) (18) (30) (3) (12)
--------- ----------- --------- --------- -----------
Change in Class B Shares........................................ 3,093 478 547 83 136
--------- ----------- --------- --------- -----------
--------- ----------- --------- --------- -----------
SERVICE SHARES:
Issued.......................................................... 30 28
Reinvested...................................................... -- 1
Redeemed........................................................ (32) (31)
----------- ---------
Change in Service Shares........................................ (2) (2)
----------- ---------
----------- ---------
<CAPTION>
YEAR
ENDED
NOVEMBER 30,
1995
-------------
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES (B):
Proceeds from shares issued.....................................
Proceeds from shares issued in connection with acquisition......
Proceeds from shares issued in conversion from class A shares...
Dividends reinvested............................................
Shares redeemed.................................................
Change in net assets from Fiduciary share transactions..........
CLASS A SHARES:
Proceeds from shares issued..................................... $ 12,266
Proceeds from shares issued in connection with acquisition...... --
Dividends reinvested............................................ 321
Shares redeemed................................................. (12,837)
Cost of shares redeemed in conversion to Fiduciary shares.......
-------------
Change in net assets from Class A share transactions............ $ (250)
-------------
-------------
CLASS B SHARES:
Proceeds from shares issued..................................... $ 1,509
Proceeds from shares issued in connection with acquisition...... --
Dividends reinvested............................................ 8
Shares redeemed................................................. (119)
-------------
Change in net assets from Class B share transactions............ $ 1,398
-------------
-------------
SERVICE SHARES:
Proceeds from shares issued.....................................
Dividends reinvested............................................
Shares redeemed.................................................
Change in net assets from Service Share transactions............
SHARE TRANSACTIONS:
FIDUCIARY SHARES (B):
Issued..........................................................
Issued in connection with acquisition...........................
Issued in conversion from Class A Shares........................
Reinvested......................................................
Redeemed........................................................
Change in Fiduciary Shares......................................
CLASS A SHARES:
Issued.......................................................... 750
Issued in connection with acquisition........................... --
Issued in restatement of net asset value(c)..................... --
Reinvested...................................................... 22
Redeemed........................................................ (761)
Redeemed in conversion to Fiduciary Shares...................... --
-------------
Change in Class A Shares........................................ 11
-------------
-------------
CLASS B SHARES:
Issued.......................................................... 92
Issued in connection with acquisition........................... --
Issued in restatement of net asset value(c).....................
Reinvested...................................................... 1
Redeemed........................................................ (7)
-------------
Change in Class B Shares........................................ 86
-------------
-------------
SERVICE SHARES:
Issued..........................................................
Reinvested......................................................
Redeemed........................................................
Change in Service Shares........................................
</TABLE>
- -------------
<TABLE>
<S> <S>
(a) Upon reorganizing as a fund of The One Group, The Paragon Gulf South Growth Fund became the Gulf South Growth Fund.
Capital and share transactions for the periods prior to March 25, 1996 represent the Paragon Gulf South Growth Fund.
(b) Fiduciary Shares of the Value Growth Fund commenced operations March 26, 1996 upon conversion of certain Class A Shares
to Fiduciary Shares.
(c) Pursuant to its reorganization as a fund of The One Group, the Fund issued additional shares at the close of business
March 25, 1996 as a result of a restatement of the net asset values of Class A Shares from $15.70 to $10.00 and Class B
Shares from $15.48 to $10.00.
</TABLE>
CONTINUED
- ----94
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
<TABLE>
<CAPTION>
(Amounts in Thousands)
INTERNATIONAL EQUITY
INDEX FUND
----------------------
YEAR
ENDED YEAR ENDED
JUNE 30, JUNE 30,
1996 1995
--------- -----------
<S> <S>
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES:
Proceeds from shares issued..................................................................... $ 154,310 $ 104,876
Dividends reinvested............................................................................ 2,284 788
Shares redeemed................................................................................. (51,662) (39,348)
--------- -----------
Change in net assets from Fiduciary share transactions.......................................... $ 104,932 $ 66,316
--------- -----------
--------- -----------
CLASS A SHARES:
Proceeds from shares issued..................................................................... $ 7,069 $ 3,817
Dividends reinvested............................................................................ 135 28
Shares redeemed................................................................................. (2,083) (1,301)
--------- -----------
Change in net assets from Class A share transactions............................................ $ 5,121 $ 2,544
--------- -----------
--------- -----------
CLASS B SHARES:
Proceeds from shares issued..................................................................... $ 2,565 $ 2,243
Dividends reinvested............................................................................ 82 27
Shares redeemed................................................................................. (812) (506)
--------- -----------
Change in net assets from Class B share transactions............................................ $ 1,835 $ 1,764
--------- -----------
--------- -----------
SERVICE SHARES:
Proceeds from shares issued..................................................................... $ 529
Dividends reinvested............................................................................ 2
Shares redeemed................................................................................. (629)
-----------
Change in net assets from Service Share transactions............................................ $ (98)
-----------
-----------
SHARE TRANSACTIONS:
FIDUCIARY SHARES:
Issued.......................................................................................... 10,623 7,711
Reinvested...................................................................................... 160 59
Redeemed........................................................................................ (3,542) (2,910)
--------- -----------
Change in Fiduciary Shares...................................................................... 7,241 4,860
--------- -----------
--------- -----------
CLASS A SHARES:
Issued.......................................................................................... 484 277
Reinvested...................................................................................... 10 2
Redeemed........................................................................................ (143) (96)
--------- -----------
Change in Class A Shares........................................................................ 351 183
--------- -----------
--------- -----------
CLASS B SHARES:
Issued.......................................................................................... 179 165
Reinvested...................................................................................... 5 2
Redeemed........................................................................................ (57) (38)
--------- -----------
Change in Class B Shares........................................................................ 127 129
--------- -----------
--------- -----------
SERVICE SHARES:
Issued.......................................................................................... 40
Reinvested...................................................................................... --
Redeemed........................................................................................ (46)
-----------
Change in Service Shares........................................................................ (6)
-----------
-----------
</TABLE>
CONTINUED
95----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
4. INVESTMENT ADVISORY, ADMINISTRATIVE, AND DISTRIBUTION AGREEMENTS:
The Trust and Banc One Investment Advisors Corporation (the "Adviser") are
parties to an investment advisory agreement under which the Adviser is
entitled to a fee, computed daily and paid monthly, at the annual rate of
0.74% of the average net assets of the Income Equity Fund, the Value Growth
Fund, the Large Company Value Fund, the Disciplined Value Fund, the Large
Company Growth Fund, the Growth Opportunities Fund, and the Gulf South
Growth Fund; 0.65% of the average daily net assets of the Asset Allocation
Fund, and; 0.55% of the average daily net assets of the International Equity
Index Fund; and 0.30% of the average daily net assets of the Equity Index
Fund.
The Trust and The One Group Services Company (the "Administrator"), a
wholly-owned subsidiary of The BISYS Group, Inc., are parties to an
administrative agreement under which the Administrator provides services for
a fee that is computed daily and payable monthly, at an annual rate of 0.20%
on the first $1.5 billion of Trust net assets (excluding the Treasury Only
Money Market Fund and the Government Money Market Fund--the "Institutional
Money Market Funds"); 0.18% on the next $0.5 billion of Trust net assets
(excluding the Institutional Money Market Funds); and 0.16% of Trust net
assets (excluding the Institutional Money Market Funds) over $2 billion. The
Adviser also serves as Sub-Administrator to each fund of the Trust, pursuant
to an agreement between the Administrator and the Adviser. Pursuant to this
agreement, the Adviser performs many of the Administrator's duties, for
which the Adviser receives a fee paid by the Administrator. Prior to
November 30, 1995, The Shareholder Services Group d/b/a 440 Financial served
as administrator of each Fund under essentially the same terms as the
current administration agreement. Prior to March 25, 1996, Goldman Sachs
Asset Management served as administrator of Paragon. The terms of the
current administration agreement are substantially the same as the former
administration agreement.
The Trust and The One Group Services Company (the "Distributor") are parties
to a distribution agreement under which shares of the Funds are sold on a
continuous basis. Class A and Class B Shares are subject to a distribution
and shareholder services plan (the "Plans") pursuant to Rule 12b-1 under the
1940 Act. As provided in the Plans, the Trust will pay the Distributor a fee
of 0.35% of the average daily net assets of Class A Shares of each of the
Funds and 1.00% of the average daily net assets of the Class B Shares of
each of the Funds. Currently, the Distributor has voluntarily agreed to
limit payments under the Plans to 0.25% of average daily net assets of the
Class A Shares of each Fund. Up to 0.25% of the fees payable under the Plans
may be used as compensation for shareholder services by the Distributor
and/or financial institutions and intermediaries. Fees paid under the Plans
may be applied by the Distributor toward (i) compensation for its services
in connection with distribution assistance or provision of shareholder
services; or (ii) payments to financial institutions and intermediaries such
as banks, (including affiliates of the Adviser), brokers, dealers and other
institutions, including the Distributor's affiliates and subsidiaries as
compensation for services or reimbursement of expenses incurred in
connection with distribution assistance or provision of shareholder
services. Fiduciary Class Shares of each Fund are offered without
distribution fees. For the year ended June 30, 1996, the Distributor
received $5,679,889 from commissions earned on sales of Class A Shares and
redemptions of Class B Shares, of which, the Distributor re-allowed
$5,409,347 to affiliated broker-dealers of the Fund.
Prior to January 2, 1996, Premier Investment Advisors, L.L.C. ("Premier")
served as investment adviser and Goldman Sachs & Company served as
distributor to Paragon. Pursuant to the approval of the Board of Trustees of
Paragon on October 31, 1995 and its shareholders on December 20, 1995,
Paragon entered into an investment advisory agreement with the Adviser and a
distribution agreement with the Distributor effective January 2, 1996. The
terms of the investment advisory agreement with Premier and with the Adviser
and the distribution agreements with Goldman Sachs & Company and the
Distributor are substantially the same.
Certain officers of the Trust are affiliated with the Administrator. Such
officers receive no compensation from the Funds for serving in their
respective roles.
CONTINUED
- ----96
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
The Adviser, the Administrator and the Distributor voluntarily agreed to
waive a portion of their fees and to reimburse the Funds for certain
expenses. For the period ended June 30, 1996, fees in the following amounts
were waived or reimbursed to the Funds (amounts in thousands):
<TABLE>
<CAPTION>
INVESTMENT 12B-1 FEES
ADVISORY FEES ADMINISTRATION WAIVED
WAIVED/ FEES WAIVED/ ---------------
REIMBURSED REIMBURSED CLASS A
----------------- ----------------- ---------------
<S> <C> <C> <C>
Asset Allocation Fund.................................................. $ 92 $ 60 $ 10
Income Equity Fund..................................................... 71 40 25
Equity Index Fund...................................................... 639 215 14
Value Growth Fund...................................................... 104 -- 10
Large Company Value Fund............................................... -- 33 7
Disciplined Value Fund................................................. 61 -- 17
Large Company Growth Fund.............................................. 245 -- 51
Growth Opportunities Fund.............................................. 54 -- 18
Gulf South Growth Fund................................................. 26 -- 7
International Equity Index Fund........................................ 92 -- 7
</TABLE>
5. SECURITIES TRANSACTIONS:
The cost of security purchases and the proceeds from the sale of securities
(excluding short-term securities and purchased options) during the periods
ended June 30, 1996 were as follows (amounts in thousands):
<TABLE>
<CAPTION>
U.S. GOVERNMENT
SECURITIES OTHER SECURITIES
---------------------- --------------------------
PURCHASES SALES PURCHASES SALES
----------- --------- ------------ ------------
<S> <C> <C> <C> <C>
Asset Allocation Fund............................................. $ 24,119 $ 13,547 $ 49,078 $ 25,280
Income Equity Fund................................................ -- -- 57,497 38,320
Equity Index Fund................................................. -- -- 121,801 25,322
Value Growth Fund................................................. -- -- 152,119 142,716
Large Company Value Fund.......................................... -- -- 1,029,179 832,855
Disciplined Value Fund............................................ -- -- 498,796 470,102
Large Company Growth Fund......................................... -- -- 471,918 253,878
Growth Opportunities Fund......................................... -- -- 2,092,922 2,064,829
Gulf South Growth Fund............................................ -- -- 73,865 59,227
International Equity Index Fund................................... -- -- 131,493 17,814
</TABLE>
6. FINANCIAL INSTRUMENTS:
Investing in financial instruments such as written options, futures and
sales of forward foreign currency contracts involves risk in excess of the
amounts reflected in the Statement of Assets and Liabilities. The face or
contract amounts reflect the extent of the involvement the Funds have in the
particular class of instrument. Risks associated with these instruments
include an imperfect correlation between the movements in the price of the
instruments and the price of the underlying securities and interest rates,
an illiquid secondary market for the instruments or inability of
counterparties to perform under the terms of the contract, and changes in
the value of currency relative to the U.S. dollar. The Funds enter into
these contracts primarily as a means to hedge against adverse fluctuations
in the value of securities.
CONTINUED
97----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
The following is a summary of written option activity for the year ended
June 30, 1996 by the Large Company Value Fund:
<TABLE>
<CAPTION>
SHARES SUBJECT
TO CONTRACT PREMIUMS
------------------- -----------
<S> <C> <C>
Balance at beginning of year.......................................................... 105 $ 242
Options written....................................................................... 7,547 14,136
Options closed........................................................................ (6,315) (11,696)
Options exercised..................................................................... (837) (1,509)
------ -----------
Options outstanding at end of period.................................................. 500 $ 1,173
<CAPTION>
SHARES SUBJECT
COVERED CALL OPTIONS TO CONTRACT VALUE
- -------------------------------------------------------------------------------------- ------------------- -----------
<S> <C> <C>
Options outstanding at end of period consist of:
Allstate Corp., $45, 7/22/96........................................................ 55 $ 69
AT&T Corp., $65, 7/22/96............................................................ 30 8
Boeing Co., $85,7/22/96............................................................. 40 155
Chase Manhattan Corp., $70, 7/22/96................................................. 25 48
Cigna Corp., $110, 7/22/96.......................................................... 40 350
Citicorp, $80, 7/22/96.............................................................. 75 234
Citicorp, $85, 7/22/96.............................................................. 25 22
Cyprus Amax Minerals, $25, 7/22/96.................................................. 50 9
Exxon, $85, 7/22/96................................................................. 92 265
Federal National Mortgage Assoc., $30, 7/22/96...................................... 8 29
Federal National Mortgage Assoc., $32.5, 7/22/96.................................... 50 94
IBM, $105, 7/22/96.................................................................. 30 32
RJR Nabisco Holding Corp., $35, 7/22/96............................................. 70 9
------ -----------
590 $ 1,324
------ -----------
------ -----------
</TABLE>
As of June 30, 1996, portfolio securities valued at $38,804,000 were held in
escrow by the custodian in connection with covered call options written by
the Fund.
<TABLE>
<CAPTION>
SHARES SUBJECT
PUT OPTIONS TO CONTRACT VALUE
- -------------------------------------------------------------------------------------- ------------------- -----------
<S> <C> <C>
DuPont (EI) de NeMours & Co., $75, 7/22/96........................................... 40 $ 20
IBM, $95, 7/22/96................................................................... 50 66
------ -----------
90 $ 86
------ -----------
------ -----------
</TABLE>
7. CONCENTRATION OF CREDIT RISK:
The Gulf South Growth Fund has a relatively large concentration of
securities invested in companies domiciled in the Southeastern region of the
United States. The Fund may be more susceptible to political, social and
economic events adversely affecting the Southeastern region of the United
States than funds not so concentrated.
The International Equity Index has a relatively large concentration of
securities invested in companies domiciled in Japan. The Fund may be more
susceptible to the political, social and economic events adversely affecting
the Japanese companies than funds not so concentrated.
CONTINUED
- ----98
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
8. FEDERAL TAX INFORMATION (UNAUDITED):
The accompanying table below details distributions from long-term capital
gains for the following funds for the period ended June 30, 1996 (amounts in
thousands):
<TABLE>
<S> <C>
Asset Allocation Fund..................................................... $ 1,731
Income Equity Fund........................................................ 8,347
Equity Index Fund......................................................... 9,003
Value Growth Fund......................................................... 23,395
Large Company Value Fund.................................................. 5,234
Disciplined Value Fund.................................................... 22,726
Large Company Growth Fund................................................. 28,750
Growth Opportunities Fund................................................. 25,117
Gulf South Growth Fund.................................................... 3,445
International Equity Index Fund........................................... 1,973
</TABLE>
Under current tax law, foreign currency losses realized after October 31 may
be deferred and treated as occurring on the first day of the fiscal year
ended June 30, 1997. Losses deferred for the International Equity Index Fund
amounted to $1,203,000 at June 30, 1996. The International Equity Index Fund
elects to pass on the benefits of the foreign tax credit to its shareholders
for the year ended June 30, 1996.
ELIGIBLE DISTRIBUTIONS (UNAUDITED):
The Trust designates the following eligible distributions for the dividends
received deductions for corporations:
<TABLE>
<CAPTION>
ASSET INCOME EQUITY
ALLOCATION EQUITY INDEX
FUND FUND FUND
----------- -------------- -----------
<S> <C> <C> <C>
Dividend Income (000)............................................ $ 587 $ 7,617 $ 6,339
Dividend Income Per Share--Fiduciary............................. 0.086 0.352 0.300
Dividend Income Per Share--Class A............................... 0.078 0.303 0.247
Dividend Income Per Share--Class B............................... 0.060 0.205 0.147
<CAPTION>
LARGE
VALUE COMPANY DISCIPLINED
GROWTH VALUE VALUE
FUND FUND FUND
----------- -------------- -----------
<S> <C> <C> <C>
Dividend Income (000)............................................ $ 2,167 $ 13,341 $ 8,356
Dividend Income Per Share--Fiduciary............................. 0.260 0.238 0.149
Dividend Income Per Share--Class A............................... 0.842 0.207 0.127
Dividend Income Per Share--Class B............................... 0.793 0.138 0.071
<CAPTION>
LARGE GULF
COMPANY GROWTH SOUTH
GROWTH OPPORTUNITIES GROWTH
FUND FUND FUND
----------- -------------- -----------
<S> <C> <C> <C>
Dividend Income (000)............................................ $ 14,838 $ 8,638 $ 237
Dividend Income Per Share--Fiduciary............................. 0.163 0.153 0.162
Dividend Income Per Share--Class A............................... 0.130 0.112 0.146
Dividend Income Per Share--Class B............................... 0.049 0.056 0.148
</TABLE>
CONTINUED
99----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
9. REORGANIZATIONS:
The Trust entered an Agreement and Plan of Reorganization with Paragon
pursuant to which all of the assets and liabilities of each Paragon Fund
transferred to a fund of The One Group in exchange for shares of the
corresponding fund of The One Group. The Paragon Value Equity Income Fund
transferred its assets and liabilities to the Income Equity Fund. The
Paragon Value Growth Fund and the Paragon Gulf South Growth Fund transferred
its assets and liabilities to the Value Growth Fund and Gulf South Growth
Fund, respectively. The reorganization, which qualified as a tax-free
exchange for federal income tax purposes, was completed on March 25, 1996
following approval by shareholders of Paragon at a special shareholder
meeting. The following is a summary of shares outstanding, net assets, net
asset value per share and unrealized appreciation immediately before and
after the reorganization:
<TABLE>
<CAPTION>
BEFORE REORGANIZATION AFTER
------------------------------ REORGANIZATION
PARAGON VALUE ---------------
EQUITY INCOME INCOME EQUITY INCOME EQUITY
FUND FUND FUND
-------------- -------------- ---------------
<S> <C> <C> <C>
Shares (000)........................................................ 8,993 13,779 21,674
Net Assets (000).................................................... $ 136,786 $ 238,679 $ 375,465
Net asset value:
Fiduciary......................................................... $ 17.33 $ 17.33
Class A........................................................... 15.21 17.30 17.30
Class B........................................................... 15.20 17.33 17.33
Unrealized appreciation............................................. $ 41,324 $ 71,670 $ 112,994
</TABLE>
<TABLE>
<CAPTION>
AFTER
BEFORE REORGANIZATION REORGANIZATION
----------------------------- ---------------
PARAGON VALUE VALUE GROWTH VALUE GROWTH
GROWTH FUND FUND FUND
-------------- ------------- ---------------
<S> <C> <C> <C>
Shares (000)......................................................... 14,849 -- 22,657
Net Assets (000)..................................................... $ 226,575 $ -- $ 226,567
Net asset value:
Fiduciary.......................................................... $ 10.00
Class A............................................................ 15.26 10.00
Class B............................................................ 15.21 10.00
Unrealized appreciation.............................................. $ 48,859 $ -- $ 48,859
</TABLE>
<TABLE>
<CAPTION>
BEFORE REORGANIZATION AFTER
---------------------------- REORGANIZATION
PARAGON GULF ---------------
SOUTH GROWTH GULF SOUTH GULF SOUTH
FUND GROWTH FUND GROWTH FUND
------------- ------------- ---------------
<S> <C> <C> <C>
Shares (000)........................................................ 6,379 -- 10,012
Net Assets (000).................................................... $ 100,116 $ -- $ 100,116
Net asset value:
Fiduciary......................................................... $ 10.00
Class A........................................................... 15.70 10.00
Class B........................................................... 15.48 10.00
Unrealized appreciation............................................. $ 19,678 $ -- $ 19,678
</TABLE>
CONTINUED
- ----
100
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED JUNE 30, 1996
On May 22, 1995, the Board of Trustees approved a Plan of Reorganization
pursuant to which the Blue Chip Equity Fund would be merged with and into the
Large Company Growth Fund. On September 1, 1995, the Blue Chip Equity Fund
transferred all of its assets and liabilities to the Large Company Growth
Fund in exchange for shares of the Large Company Growth Fund. The
reorganization, which qualified as a tax-free exchange for federal income tax
purposes, was approved by the shareholders of the Blue Chip Equity Fund, at a
shareholders' meeting on August 28, 1995. The following is a summary of
shares outstanding, net assets, net asset value per share and unrealized
appreciation immediately before and after the reorganization:
<TABLE>
<CAPTION>
AFTER
BEFORE REORGANIZATION REORGANIZATION
----------------------------- ----------------
BLUE CHIP LARGE COMPANY LARGE COMPANY
EQUITY FUND GROWTH FUND GROWTH FUND
----------- ---------------- ----------------
<S> <C> <C> <C>
Shares (000).......................................................... 2,777 44,457 47,130
Net Assets (000)...................................................... $ 36,983 $ 614,499 $ 651,482
Net asset value:
Fiduciary........................................................... $ 13.32 $ 13.80 $ 13.80
Class A............................................................. 13.30 14.17 14.17
Class B............................................................. 13.37 13.96 13.96
Unrealized appreciation............................................... $ 7,227 $ 86,413 $ 93,640
</TABLE>
On October 7, 1994, the Board of Trustees approved an agreement and plan of
reorganization for the acquisition of the Trademark Funds by the Trust. Under
the agreement and plan of reorganization, all assets and liabilities of the
Trademark Equity Fund (the "Acquired Fund") were acquired by the Large
Company Growth Fund in exchange for shares of the Large Company Growth Fund.
The reorganization, which qualified as a tax-free exchange for federal income
tax purposes, was completed following approval by the shareholders of the
Trademark Equity Fund. The following is a summary of shares outstanding, net
assets, unrealized appreciation and net asset value per share immediately
before and after the reorganization (amounts in thousands except net asset
value):
<TABLE>
<CAPTION>
AFTER
BEFORE REORGANIZATION REORGANIZATION
-------------------------------- ---------------
TRADEMARK EQUITY LARGE COMPANY LARGE COMPANY
FUND GROWTH FUND GROWTH FUND
----------------- ------------- ---------------
<S> <C> <C> <C>
Shares............................................................ *12,666 23,627 34,697
Net Assets........................................................ *$ 131,599 $ 280,424 $ 412,023
Net Asset Value:
Fiduciary....................................................... *$ 10.39 $ 11.87 $ 11.87
Class A......................................................... 12.18 12.18
Unrealized Appreciation........................................... $ 3,072 $ 11,501 $ 14,573
</TABLE>
------------
* Before the reorganization, the Acquired Fund offered only one class of
shares.
CONTINUED
101----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND
------------------------------------------
FIDUCIARY
------------------------------------------
YEARS ENDED JUNE 30,
------------------------------------------
1996 1995 1994 1993 (A)
--------- --------- --------- ---------
<S> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.................................................. $ 10.73 $ 9.64 $ 10.06 $ 10.00
--------- --------- --------- ---------
Investment Activities
Net investment income............................................... 0.41 0.38 0.29 0.07
Net realized and unrealized gains (losses) from investments......... 1.16 1.12 (0.38) 0.06
--------- --------- --------- ---------
Total from Investment Activities.................................. 1.57 1.50 (0.09) 0.13
--------- --------- --------- ---------
Distributions
Net investment income............................................... (0.41) (0.37) (0.29) (0.07)
Net realized gains.................................................. (0.18) (0.04) (0.04) --
--------- --------- --------- ---------
Total Distributions............................................... (0.59) (0.41) (0.33) (0.07)
--------- --------- --------- ---------
NET ASSET VALUE,
END OF PERIOD........................................................ $ 11.71 $ 10.73 $ 9.64 $ 10.06
--------- --------- --------- ---------
--------- --------- --------- ---------
Total Return.......................................................... 14.87% 16.06% (1.01)% 5.45%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)................................... $ 50,323 $ 37,658 $ 42,751 $ 30,441
Ratio of expenses to average net assets............................. 0.94% 1.06% 1.06% 0.90%(b)
Ratio of net investment income to average net assets................ 3.58% 3.72% 2.91% 3.03%(b)
Ratio of expenses to average net assets*............................ 1.19% 1.31% 1.33% 1.34%(b)
Ratio of net investment income to average net assets*............... 3.33% 3.47% 2.64% 2.59%(b)
Portfolio turnover (c).............................................. 73.38% 115.36% 56.55% 4.05%
Average commission rate paid (d).................................... $ 0.0616
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period certain, fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Fiduciary Shares commenced offering on April 5, 1993.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
102
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND
--------------------------------------------
CLASS A
--------------------------------------------
YEARS ENDED JUNE 30,
--------------------------------------------
1996 1995 1994 1993 (A)
--------- --------- --------- -----------
<S> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............................................ $ 10.74 $ 9.65 $ 10.06 $ 10.00
--------- --------- --------- -----------
Investment Activities
Net investment income.......................................... 0.37 0.35 0.27 0.05
Net realized and unrealized gains (losses) from investments.... 1.16 1.13 (0.38) 0.07
--------- --------- --------- -----------
Total from Investment Activities............................. 1.53 1.48 (0.11) 0.12
--------- --------- --------- -----------
Distributions
Net investment income.......................................... (0.37) (0.34) (0.26) (0.06)
In excess of net investment income............................. -- (0.01) -- --
Net realized gains............................................. (0.18) (0.04) (0.04) --
--------- --------- --------- -----------
Total Distributions.......................................... (0.55) (0.39) (0.30) (0.06)
--------- --------- --------- -----------
NET ASSET VALUE,
END OF PERIOD.................................................. $ 11.72 $ 10.74 $ 9.65 $ 10.06
--------- --------- --------- -----------
--------- --------- --------- -----------
Total Return (Excludes Sales Charge)............................. 14.48% 15.76% (1.19)% 5.23 %(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).............................. $ 17,849 $ 4,745 $ 1,691 $ 571
Ratio of expenses to average net assets........................ 1.19% 1.31% 1.33% 1.15 %(b)
Ratio of net investment income to average net assets........... 3.33% 3.57% 2.68% 2.84 %(b)
Ratio of expenses to average net assets*....................... 1.54% 1.66% 1.67% 1.62 %(b)
Ratio of net investment income to average net assets*.......... 2.98% 32.30% 2.34% 2.37 %(b)
Portfolio turnover (c)......................................... 73.38% 115.36% 56.55% 4.05 %
Average commission rate paid (d)............................... $ 0.0616
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Fund commenced operations on April 2, 1993.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
103----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND
---------------------------------
CLASS B
---------------------------------
YEARS ENDED JUNE 30,
---------------------------------
1996 1995 1994 (A)
--------- --------- -----------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.................................................... $ 10.76 $ 9.67 $ 10.37
--------- --------- -----------
Investment Activities
Net investment income.................................................. 0.28 0.27 0.08
Net realized and unrealized gains (losses) from investments............ 1.18 1.14 (0.70)
--------- --------- -----------
Total from Investment Activities..................................... 1.46 1.41 (0.62)
--------- --------- -----------
Distributions
Net investment income.................................................. (0.28) (0.27) (0.08)
In excess of net investment income..................................... -- (0.01) --
Net realized gains..................................................... (0.18) (0.04) --
--------- --------- -----------
Total Distributions.................................................. (0.46) (0.32) (0.08)
--------- --------- -----------
NET ASSET VALUE,
END OF PERIOD.......................................................... $ 11.76 $ 10.76 $ 9.67
--------- --------- -----------
--------- --------- -----------
Total Return (Excludes Sales Charge)..................................... 13.79% 14.90% (5.98)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)...................................... $ 18,575 $ 3,019 $ 1,862
Ratio of expenses to average net assets................................ 1.94% 2.07% 2.40 %(b)
Ratio of net investment income to average net assets................... 2.58% 2.77% 1.99 %(b)
Ratio of expenses to average net assets*............................... 2.19% 2.31% 2.40 %(b)
Ratio of net investment income to average net assets*.................. 2.33% 2.52% 1.99 %(b)
Portfolio turnover (d)................................................. 73.38% 115.36% 56.55 %
Average commission rate paid (e)....................................... $ 0.0616
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Fund commenced operations on January 14, 1994.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
104
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
ASSET
ALLOCATION FUND
---------------
SERVICE (A)
---------------
YEAR ENDED JUNE
30,
1995
---------------
<S> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.............................................................. $ 9.62
------
Investment Activities
Net investment income............................................................ 0.22
Net realized and unrealized gains (losses) from investments...................... 1.05
------
Total from Investment Activities............................................... 1.27
Distributions
Net investment income............................................................ (0.22)
In excess of net investment income............................................... (0.02)
In excess of net realized gains.................................................. (0.04)
------
Total Distributions............................................................ (0.28)
------
NET ASSET VALUE,
END OF PERIOD.................................................................... $ 10.61
------
------
Total Return....................................................................... (a)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)................................................ $ --
Ratio of expenses to average net assets.......................................... 1.72 %(b)
Ratio of net investment income to average net assets............................. 3.06 %(b)
Ratio of expenses to average net assets*......................................... 1.98 %(b)
Ratio of net investment income to average net assets*............................ 2.79 %(b)
Portfolio turnover (c)........................................................... 115.36 %
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Service Shares commenced offering on July 15, 1994 when they were designated as Retirement
Shares. On April 4, 1995, the name of the Retirement Shares was changed to Service Shares. As
of June 1, 1995, Service Shares transferred to Class A Shares, and as of June 30, 1995, there
were no shareholders in the Service Class. The total return for the period from July 15, 1994
to June 1, 1995 for the Service Shares was 13.25%.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
105----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INCOME EQUITY FUND
-----------------------------------------------------
FIDUCIARY
-----------------------------------------------------
YEARS ENDED JUNE 30,
-----------------------------------------------------
1996 1995 1994 1993 1992
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............................ $ 15.13 $ 13.22 $ 13.21 $ 12.24 $ 11.35
--------- --------- --------- --------- ---------
Investment Activities
Net investment income.......................... 0.40 0.40 0.39 0.43 0.49
Net realized and unrealized gains (losses) from
investments.................................. 3.22 2.28 0.01 0.97 0.90
--------- --------- --------- --------- ---------
Total from Investment Activities............. 3.62 2.68 0.40 1.40 1.39
--------- --------- --------- --------- ---------
Distributions
Net investment income.......................... (0.40) (0.40) (0.39) (0.43) (0.50)
Net realized gains............................. (0.70) (0.37) -- -- --
--------- --------- --------- --------- ---------
Total Distributions.......................... (1.10) (0.77) (0.39) (0.43) (0.50)
--------- --------- --------- --------- ---------
NET ASSET VALUE,
END OF PERIOD.................................. $ 17.65 $ 15.13 $ 13.22 $ 13.21 $ 12.24
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total Return..................................... 24.53% 21.04% 3.27% 11.56% 12.36%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).............. $ 321,827 $ 170,919 $ 198,787 $ 153,144 $ 125,050
Ratio of expenses to average net assets........ 0.98% 1.01% 0.98% 0.90% 0.70%
Ratio of net investment income to average net
assets....................................... 2.44% 2.85% 3.18% 3.37% 4.12%
Ratio of expenses to average net assets*....... 1.01% 1.01% 1.05% 1.07% 1.23%
Ratio of net investment income to average net
assets*...................................... 2.41% 2.85% 3.11% 3.20% 3.59%
Portfolio turnover (a)......................... 14.92% 4.03% 22.69% 7.53% 5.99%
Average commission rate paid (b)............... $ 0.0673
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(b) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
106
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INCOME EQUITY FUND
-------------------------------------------------------
CLASS A
-------------------------------------------------------
YEARS ENDED JUNE 30,
-------------------------------------------------------
1996 1995 1994 1993 1992 (A)
--------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.................................. $ 15.11 $ 13.20 $ 13.20 $ 12.23 $ 12.34
--------- --------- --------- --------- -----------
Investment Activities
Net investment income................................ 0.38 0.03 0.36 0.40 0.20
Net realized and unrealized gains (losses) from
investments........................................ 3.20 2.29 -- 0.98 (0.10)
--------- --------- --------- --------- -----------
Total from Investment Activities................... 3.58 2.32 0.36 1.38 0.10
Distributions
Net investment income................................ (0.35) (0.03) (0.34) (0.41) (0.21)
In excess of net investment income................... -- (0.01) (0.02) -- --
Net realized gains................................... (0.70) (0.37) -- -- --
--------- --------- --------- --------- -----------
Total Distributions................................ (1.05) (0.41) (0.36) (0.41) (0.21)
--------- --------- --------- --------- -----------
NET ASSET VALUE,
END OF PERIOD........................................ $ 17.64 $ 15.11 $ 13.20 $ 13.20 $ 12.23
--------- --------- --------- --------- -----------
--------- --------- --------- --------- -----------
Total Return (Excludes Sales Charge)................... 24.23% 20.79% 2.95% 11.38% 2.16%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).................... $ 44,284 $ 13,793 $ 12,054 $ 9,513 $ 118
Ratio of expenses to average net assets.............. 1.23% 1.26% 1.23% 1.11% 1.29 %(b)
Ratio of net investment income to average net
assets............................................. 2.19% 2.61% 3.01% 3.32% 3.97 %(b)
Ratio of expenses to average net assets*............. 1.36% 1.36% 1.40% 1.43% 1.49 %(b)
Ratio of net investment income to average net
assets*............................................ 2.06% 2.51% 2.84% 3.00% 3.77 %(b)
Portfolio turnover (c)............................... 14.92% 4.03% 22.69% 7.53% 5.99 %
Average commission rate paid (d)..................... $ 0.0673
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class A Shares commenced offering on February 18, 1992.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
107----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INCOME EQUITY FUND
---------------------------------
CLASS B
---------------------------------
YEARS ENDED JUNE 30,
---------------------------------
1996 1995 1994 (A)
--------- --------- -----------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.................................................... $ 15.14 $ 13.23 $ 13.83
--------- --------- -----------
Investment Activities
Net investment income.................................................. 0.24 0.26 0.11
Net realized and unrealized gains (losses) from investments............ 3.23 2.29 (0.60)
--------- --------- -----------
Total from Investment Activities..................................... 3.47 2.55 (0.49)
--------- --------- -----------
Distributions
Net investment income.................................................. (0.23) (0.25) (0.11)
In excess of net investment income..................................... -- (0.02) --
Net realized gains..................................................... (0.70) (0.37) --
--------- --------- -----------
Total Distributions.................................................. (0.93) (0.64) (0.11)
--------- --------- -----------
NET ASSET VALUE,
END OF PERIOD.......................................................... $ 17.68 $ 15.14 $ 13.23
--------- --------- -----------
--------- --------- -----------
Total Return (Excludes Sales Charge)..................................... 23.41% 19.91% (3.37)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)...................................... $ 29,169 $ 3,468 $ 1,714
Ratio of expenses to average net assets................................ 1.98% 2.01% 1.95 %(b)
Ratio of net investment income to average net assets................... 1.44% 1.88% 2.70 %(b)
Ratio of expenses to average net assets*............................... 2.01% 2.02% 1.95 %(b)
Ratio of net investment income to average net assets*.................. 1.41% 1.87% 2.70 %(b)
Portfolio turnover (d)................................................. 14.92% 4.03% 22.69 %
Average commission rate paid (e)....................................... $ 0.0673
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class B Shares commenced offering on January 14, 1994.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
108
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY INDEX FUND
---------------------------------------------------------
FIDUCIARY
---------------------------------------------------------
YEARS ENDED JUNE 30,
---------------------------------------------------------
1996 1995 1994 1993 1992 (A)
---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.......................................... $ 14.03 $ 11.59 $ 11.92 $ 10.92 $ 10.00
---------- ---------- ---------- ---------- ---------
Investment Activities
Net investment income........................................ 0.33 0.32 0.29 0.30 0.26
Net realized and unrealized gains (losses) from
investments................................................ 3.16 2.59 (0.20) 1.13 0.95
---------- ---------- ---------- ---------- ---------
Total from Investment Activities........................... 3.49 2.91 0.09 1.43 1.21
---------- ---------- ---------- ---------- ---------
Distributions
Net investment income........................................ (0.33) (0.29) (0.29) (0.30) (0.26)
In excess of net investment income........................... (0.01) (0.02) (0.04) -- --
Net realized gains........................................... (0.52) (0.16) (0.09) (0.13) (0.03)
---------- ---------- ---------- ---------- ---------
Total Distributions........................................ (0.86) (0.47) (0.42) (0.43) (0.29)
---------- ---------- ---------- ---------- ---------
NET ASSET VALUE,
END OF PERIOD................................................ $ 16.66 $ 14.03 $ 11.59 $ 11.92 $ 10.92
---------- ---------- ---------- ---------- ---------
---------- ---------- ---------- ---------- ---------
Total Return................................................... 25.47% 25.79% 0.63% 13.04% 12.14%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)............................ $ 321,058 $ 234,895 $ 165,370 $ 96,446 $ 62,150
Ratio of expenses to average net assets...................... 0.30% 0.33% 0.46% 0.50% 0.73%(b)
Ratio of net investment income to average net assets......... 2.18% 2.57% 2.44% 2.46% 2.43%(b)
Ratio of expenses to average net assets*..................... 0.59% 0.66% 0.59% 0.87% 1.16%(b)
Ratio of net investment income to average net assets*........ 1.89% 2.24% 2.31% 2.09% 2.00%(b)
Portfolio turnover (c)....................................... 9.08% 2.71% 11.81% 2.71% 21.90%
Average commission rate paid (d)............................. $ 0.0490
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Fund commenced operations on July 2, 1991.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
109----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY INDEX FUND
----------------------------------------------------------
CLASS A
----------------------------------------------------------
YEARS ENDED JUNE 30,
----------------------------------------------------------
1996 1995 1994 1993 1992 (A)
--------- ---------- ---------- ---------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............................................ $ 14.02 $ 11.59 $ 11.91 $ 10.92 $ 10.94
--------- ---------- ---------- ---------- -----------
Investment Activities
Net investment income.......................................... 0.27 0.29 0.28 0.30 0.08
Net realized and unrealized gains (losses) from investments.... 3.18 2.58 (0.20) 1.10 --
--------- ---------- ---------- ---------- -----------
Total from Investment Activities............................. 3.45 2.87 0.08 1.40 0.08
--------- ---------- ---------- ---------- -----------
Distributions
Net investment income.......................................... (0.27) (0.28) (0.27) (0.28) (0.10)
In excess of net investment income............................. (0.01) -- (0.04) -- --
Net realized gains............................................. (0.52) (0.16) (0.09) (0.13) --
--------- ---------- ---------- ---------- -----------
Total Distributions.......................................... (0.80) (0.44) (0.40) (0.41) (0.10)
--------- ---------- ---------- ---------- -----------
NET ASSET VALUE,
END OF PERIOD.................................................. $ 16.67 $ 14.02 $ 11.59 $ 11.91 $ 10.92
--------- ---------- ---------- ---------- -----------
--------- ---------- ---------- ---------- -----------
Total Return (Excludes Sales Charge)............................. 25.16% 25.43% 0.56% 12.75% 1.32%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).............................. $ 32,186 $ 3,003 $ 1,416 $ 512 $ 5
Ratio of expenses to average net assets........................ 0.55% 0.56% 0.62% 0.52% 1.09 %(b)
Ratio of net investment income to average net assets........... 1.93% 2.38% 2.37% 2.51% 1.97 %(b)
Ratio of expenses to average net assets*....................... 0.94% 1.01% 0.94% 0.99% 1.27 %(b)
Ratio of net investment income to average net assets*.......... 1.54% 1.94% 2.05% 2.04% 1.79 %(b)
Portfolio turnover (c)......................................... 9.08% 2.71% 11.81% 2.71% 21.90 %
Average commission rate paid (d)............................... $ 0.0490
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class A Shares commenced offering on February 18, 1992.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
110
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY INDEX FUND
---------------------------------
CLASS B
---------------------------------
YEARS ENDED JUNE 30,
---------------------------------
1996 1995 1994 (A)
--------- --------- -----------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD....................................................................... $ 14.05 $ 11.61 $ 12.39
--------- --------- -----------
Investment Activities
Net investment income..................................................................... 0.16 0.18 0.09
Net realized and unrealized gains (losses) from investments............................... 3.16 2.61 (0.78)
--------- --------- -----------
Total from Investment Activities........................................................ 3.32 2.79 (0.69)
--------- --------- -----------
Distributions
Net investment income..................................................................... (0.16) (0.19) (0.09)
In excess of net investment income........................................................ (0.01) -- --
Net realized gains........................................................................ (0.52) (0.16) --
--------- --------- -----------
Total Distributions..................................................................... (0.69) (0.35) (0.09)
--------- --------- -----------
NET ASSET VALUE,
END OF PERIOD............................................................................. $ 16.68 $ 14.05 $ 11.61
--------- --------- -----------
--------- --------- -----------
Total Return (Excludes Sales Charge)........................................................ 24.05% 24.58% (5.57)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......................................................... $ 38,538 $ 1,408 $ 248
Ratio of expenses to average net assets................................................... 1.30% 1.34% 1.10 %(b)
Ratio of net investment income to average net assets...................................... 1.18% 1.60% 2.08 %(b)
Ratio of expenses to average net assets*.................................................. 1.59% 1.67% 1.15 %(b)
Ratio of net investment income to average net assets*..................................... 0.89% 1.27% 2.03 %(b)
Portfolio turnover (d).................................................................... 9.08% 2.71% 11.81 %
Average commission rate paid (e).......................................................... $ 0.0490
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class B Shares commenced offering on January 14, 1994.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not Annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
111----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY INDEX FUND
------------------------
SERVICE/RETIREMENT (A)
------------------------
YEARS ENDED JUNE 30,
------------------------
1995 1994
----------- -----------
<S> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............................................................................ $ 11.51 $ 12.36
----------- -----------
Investment Activities
Net investment income.......................................................................... 0.13 0.05
Net realized and unrealized gains (losses) from investments.................................... 2.36 (0.85)
----------- -----------
Total from Investment Activities............................................................. 2.49 (0.80)
----------- -----------
Distributions
Net investment income.......................................................................... (0.19) (0.05)
In excess of net investment income............................................................. (0.01) --
Net realized gains............................................................................. (0.10) --
In excess of net realized gains................................................................ (0.06) --
----------- -----------
Total Distributions.......................................................................... (0.36) (0.05)
----------- -----------
NET ASSET VALUE,
END OF PERIOD.................................................................................. $ 13.64 $ 11.51
----------- -----------
----------- -----------
Total Return..................................................................................... (a) (6.52)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).............................................................. $ -- $ 11
Ratio of expenses to average net assets........................................................ 1.01 (b) 1.42 %(b)
Ratio of net investment income to average net assets........................................... 2.18 (b) 1.83 %(b)
Ratio of expenses to average net assets*....................................................... 1.37 (b) 1.69 %(b)
Ratio of net investment income to average net assets*.......................................... 1.82 (b) 1.56 %(b)
Portfolio turnover (d)......................................................................... 2.71 % 11.81 %
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced.If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Service Shares commenced offering on January 17, 1994 when they were designated as
"Retirement Shares". On April 4, 1995, the name of the Retirement Shares was changed to
"Service" Shares. As of June 1, 1995, Service shares transferred to Class A Shares, and as of
June 30, 1995, there were no shareholders in the Service Class. The total return for the period
from July 1, 1994 to June 1, 1995 for the Service Shares was 22.83%.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
112
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
VALUE GROWTH FUND
-----------------
FIDUCIARY
-----------------
MARCH 26, 1996
TO
JUNE 30, 1996 (A)
-----------------
<S> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................................................................................... $ 10.00
--------
Investment Activities
Net investment income................................................................................. 0.03
Net realized and unrealized gains (losses) from investments........................................... 0.39
--------
Total from Investment Activities.................................................................... 0.42
--------
Distributions
Net investment income................................................................................. (0.03)
--------
Total Distributions................................................................................. (0.03)
--------
NET ASSET VALUE,
END OF PERIOD......................................................................................... $ 10.39
--------
--------
Total Return............................................................................................ 10.48%(b)(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..................................................................... $ 191,212
Ratio of expenses to average net assets............................................................... 0.95 %(d)
Ratio of net investment income to average net assets.................................................. 1.13 %(d)
Ratio of expenses to average net assets*.............................................................. 1.04 %(d)
Ratio of net investment income to average net assets*................................................. 1.04 %(d)
Portfolio turnover (e)................................................................................ 65.21 %
Average commission rate paid (f)...................................................................... $ 0.0373
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Period from date reorganized as a fund of The One Group.
</TABLE>
<TABLE>
<C> <S>
(b) Represents total return for Class A Shares from December 1, 1995 through March 25, 1996 plus
total return for Fiduciary Shares for the period from March 26, 1996 through June 30, 1996.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Annualized.
</TABLE>
<TABLE>
<C> <S>
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(f) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the period from March 26, 1996 through June 30, 1996, divided by total number
of portfolio shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
113----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
VALUE GROWTH FUND
----------------------------------------------------------------------------
CLASS A
----------------------------------------------------------------------------
SEVEN MONTHS YEARS ENDED NOVEMBER 30,
ENDED JUNE 30, ---------------------------------------------------------
1996 (A) 1995 1994 1993 1992 1991
----------------- ---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD...................... $ 11.15 $ 9.00 $ 10.02 $ 9.42 $ 7.80 $ 6.39
------- ---------- ---------- ---------- ---------- ---------
Investment Activities
Net investment income.................... 0.94 0.12 0.13 0.11 0.11 0.12
Net realized and unrealized gains
(losses) from investments.............. 0.08 2.44 (0.56) 0.82 1.76 1.44
------- ---------- ---------- ---------- ---------- ---------
Total from Investment Activities....... 1.02 2.56 (0.43) 0.93 1.87 1.56
------- ---------- ---------- ---------- ---------- ---------
Distributions
Net investment income.................... (0.94) (0.12) (0.14) (0.12) (0.10) (0.14)
In excess of net investment income....... (0.01) -- -- -- -- --
Net realized gains....................... (0.83) (0.29) (0.45) (0.22) (0.14) (0.01)
------- ---------- ---------- ---------- ---------- ---------
Total Distributions.................... (1.78) (0.41) (0.59) (0.33) (0.24) (0.15)
------- ---------- ---------- ---------- ---------- ---------
NET ASSET VALUE,
END OF PERIOD............................ $ 10.39 $ 11.15 $ 9.00 $ 10.02 $ 9.42 $ 7.80
------- ---------- ---------- ---------- ---------- ---------
------- ---------- ---------- ---------- ---------- ---------
Total Return (Excludes Sales Charge)....... 10.40%(b) 29.57% (4.32)% 10.13% 24.27% 24.97%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)........ $ 35,984 $ 217,978 $ 173,198 $ 171,141 $ 133,614 $ 93,400
Ratio of expenses to average net
assets................................. 0.97 (c) 0.95% 0.96% 0.96% 0.97% 0.95%
Ratio of net investment income to average
net assets............................. 0.85 (c) 1.25% 1.34% 1.21% 1.25% 1.73%
Ratio of expenses to average net
assets*................................ 1.05 (c) 0.95% 0.96% 0.96% 0.97% 1.02%
Ratio of net investment income to average
net assets*............................ 0.77 (c) 1.25% 1.34% 1.21% 1.25% 1.66%
Portfolio turnover (d)................... 65.21 % 77.00% 53.00% 66.00% 43.00% 54.00%
Average commission rate paid (e)......... $ 0.0373
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Upon reorganizing as a fund of The One Group, the Paragon Value Growth Fund became the Value
Growth Fund. Financial highlights for the periods prior to March 26, 1996 represent the Paragon
Value Growth Fund. The per share data for the periods prior to March 26, 1996 have been
restated to reflect the impact of restatement of net asset value from $15.26 to $10.00
effective March 26, 1996.
</TABLE>
<TABLE>
<C> <S>
(b) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the period from March 26, 1996 through June 30, 1996, divided by total number
of portfolio shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
114
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
VALUE GROWTH FUND
-----------------------------------------------------------
CLASS B
-----------------------------------------------------------
SEVEN SEPTEMBER 9, 1994
MONTHS YEAR TO
ENDED ENDED NOVEMBER 30, NOVEMBER 30,
JUNE 30, 1996 (A) 1995 1994 (B)
----------------- ------------------- -------------------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD......................................... $ 11.16 $ 9.01 $ 9.85
------- ------ ------
Investment Activities
Net investment income....................................... 0.91 0.05 0.02
Net realized and unrealized gains (losses) from
investments............................................... 0.07 2.46 (0.84)
------- ------ ------
Total from Investment Activities.......................... 0.98 2.51 (0.82)
------- ------ ------
Distributions
Net investment income....................................... (0.91) (0.07) (0.02)
In excess of net investment income.......................... (0.01) -- --
Net realized gains.......................................... (0.83) (0.29) --
------- ------ ------
Total Distributions....................................... (1.75) (0.35) (0.02)
------- ------ ------
NET ASSET VALUE,
END OF PERIOD............................................... $ 10.39 $ 11.16 $ 9.01
------- ------ ------
------- ------ ------
Total Return (Excludes Sales Charge).......................... 9.96%(c) 28.74 % (8.31 )%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)........................... $ 4,673 $ 2,923 $ 412
Ratio of expenses to average net assets..................... 1.86 (d) 1.70 % 1.71 %(d)
Ratio of net investment income to average net assets........ 0.13 (d) 0.38 % 0.76 %(d)
Ratio of expenses to average net assets*.................... 1.94 (d) 1.70 % 1.71 %(d)
Ratio of net investment income to average net assets*....... 0.05 (d) 0.38 % 0.76 %(d)
Portfolio turnover (e)...................................... 65.21 % 77.00 % 53.00 %
Average commission rate paid (f)............................ $ 0.0373
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced.If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Upon reorganizing as a fund of The One Group, the Paragon Value Growth Fund became the Value
Growth Fund. Financial highlights for the periods prior to March 26, 1996 represent the Paragon
Value Growth Fund. The per share data for the periods prior to March 26, 1996 have been
restated to reflect the impact of restatement of net asset value from $15.21 to $10.00
effective March 26, 1996.
</TABLE>
<TABLE>
<C> <S>
(b) Class B Shares commenced offering September 9, 1994.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Annualized.
</TABLE>
<TABLE>
<C> <S>
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(f) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the period from March 26, 1996 through June 30, 1996, divided by total number
of portfolio shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
115----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY VALUE FUND
---------------------------------------------------------
FIDUCIARY
---------------------------------------------------------
YEARS ENDED JUNE 30,
---------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ---------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD........................................... $ 12.87 $ 11.34 $ 11.64 $ 11.34 $ 10.07
---------- ---------- ---------- ---------- ---------
Investment Activities
Net investment income......................................... 0.31 0.31 0.20 0.18 0.21
Net realized and unrealized gains (losses) from investments... 1.20 2.18 (0.01) 0.58 1.34
---------- ---------- ---------- ---------- ---------
Total from Investment Activities............................ 1.51 2.49 0.19 0.76 1.55
---------- ---------- ---------- ---------- ---------
Distributions
Net investment income......................................... (0.31) (0.32) (0.19) (0.18) (0.21)
Net realized gains............................................ (1.24) (0.64) (0.30) (0.28) (0.07)
---------- ---------- ---------- ---------- ---------
Total Distributions......................................... (1.55) (0.96) (0.49) (0.46) (0.28)
---------- ---------- ---------- ---------- ---------
NET ASSET VALUE,
END OF PERIOD................................................. $ 12.83 $ 12.87 $ 11.34 $ 11.64 $ 11.34
---------- ---------- ---------- ---------- ---------
---------- ---------- ---------- ---------- ---------
Total Return.................................................... 12.71% 23.42% (1.59)% 6.73% 15.53%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)............................. $ 584,527 $ 365,376 $ 169,127 $ 132,833 $ 62,075
Ratio of expenses to average net assets....................... 0.97% 1.00% 0.95% 0.86% 0.82%
Ratio of net investment income to average net assets.......... 2.43% 2.74% 1.72% 1.62% 1.91%
Ratio of expenses to average net assets*...................... 0.98% 1.01% 1.02% 1.12% 1.34%
Ratio of net investment income to average net assets*......... 2.42% 2.73% 1.65% 1.36% 1.39%
Portfolio turnover (a)........................................ 186.84% 203.13% 111.72% 51.75% 55.90%
Average commission rate paid (b).............................. $ 0.0415
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(b) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
116
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY VALUE FUND
-------------------------------------------------------
CLASS A
-------------------------------------------------------
YEARS ENDED JUNE 30,
-------------------------------------------------------
1996 1995 1994 1993 1992 (A)
--------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................................................. $ 12.89 $ 11.34 $ 11.64 $ 11.33 $ 11.42
--------- --------- --------- --------- -----------
Investment Activities
Net investment income............................................... 0.27 0.28 0.17 0.16 0.07
Net realized and unrealized gains (losses) from investments......... 1.22 2.20 (0.01) 0.59 (0.08)
--------- --------- --------- --------- -----------
Total from Investment Activities.................................. 1.49 2.48 0.16 0.75 (0.01)
--------- --------- --------- --------- -----------
Distributions
Net investment income............................................... (0.27) (0.27) (0.16) (0.16) (0.08)
In excess of net investment income.................................. -- (0.02) -- -- --
Net realized gains.................................................. (1.24) (0.64) (0.30) (0.28) --
--------- --------- --------- --------- -----------
Total Distributions............................................... (1.51) (0.93) (0.46) (0.44) (0.08)
--------- --------- --------- --------- -----------
NET ASSET VALUE,
END OF PERIOD....................................................... $ 12.87 $ 12.89 $ 11.34 $ 11.64 $ 11.33
--------- --------- --------- --------- -----------
--------- --------- --------- --------- -----------
Total Return (Excludes Sales Charge).................................. 12.40% 22.64% 1.35% 6.64% (0.33 )%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)................................... $ 9,380 $ 3,481 $ 698 $ 451 $ 12
Ratio of expenses to average net assets............................. 1.22% 1.25% 1.20% 1.10% 1.02 %(b)
Ratio of net investment income to average net assets................ 2.18% 2.52% 1.57% 1.41% 2.12 %(b)
Ratio of expenses to average net assets*............................ 1.33% 1.37% 1.37% 1.50% 1.22 %(b)
Ratio of net investment income to average net assets*............... 2.07% 2.41% 1.40% 1.01% 1.92 %(b)
Portfolio turnover (c).............................................. 186.84% 203.13% 111.72% 51.75% 55.90 %
Average commission rate paid (d).................................... $ 0.0415
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced.If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class A Shares commenced offering on February 18, 1992.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
117----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY VALUE FUND
-------------------------------
CLASS B
-------------------------------
YEARS ENDED JUNE 30,
-------------------------------
1996 1995 1994 (A)
--------- --------- ---------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD...................................................................... $ 12.96 $ 11.41 $ 11.87
--------- --------- ---------
Investment Activities
Net investment income.................................................................... 0.18 0.17 0.05
Net realized and unrealized gains (losses) from investments.............................. 1.26 2.19 (0.46)
--------- --------- ---------
Total from Investment Activities....................................................... 1.44 2.36 (0.41)
--------- --------- ---------
Distributions
Net investment income.................................................................... (0.18) (0.17) (0.05)
Net realized gains....................................................................... (1.24) (0.64) --
--------- --------- ---------
Total Distributions.................................................................... (1.42) (0.81) (0.05)
--------- --------- ---------
NET ASSET VALUE,
END OF PERIOD............................................................................ $ 12.98 $ 12.96 $ 11.41
--------- --------- ---------
--------- --------- ---------
Total Return (Excludes Sales Charge)....................................................... 11.95% 22.28% 3.48%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)........................................................ $ 4,135 $ 861 $ 182
Ratio of expenses to average net assets.................................................. 1.97% 2.00% 2.00%(b)
Ratio of net investment income to average net assets..................................... 1.43% 1.74% 1.06%(b)
Ratio of expenses to average net assets*................................................. 1.98% 2.01% 2.00%(b)
Ratio of net investment income to average net assets*.................................... 1.42% 1.72% 1.06%(b)
Portfolio turnover (d)................................................................... 186.84% 203.13% 111.72%
Average commission rate paid (e)......................................................... $ 0.0415
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced.If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class B Shares commenced offering on January 14, 1994.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not Annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
118
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
DISCIPLINED VALUE FUND
----------------------------------------------------------
FIDUCIARY
----------------------------------------------------------
YEARS ENDED JUNE 30,
----------------------------------------------------------
1996 1995 1994 1993 1992
---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD......................................... $ 13.20 $ 11.90 $ 12.76 $ 11.49 $ 10.20
---------- ---------- ---------- ---------- ----------
Investment Activities
Net investment income....................................... 0.29 0.28 0.26 0.28 0.34
Net realized and unrealized gains (losses) from
investments............................................... 2.27 1.57 0.29 1.27 1.29
---------- ---------- ---------- ---------- ----------
Total from Investment Activities.......................... 2.56 1.85 0.55 1.55 1.63
---------- ---------- ---------- ---------- ----------
Distributions
Net investment income....................................... (0.29) (0.27) (0.26) (0.28) (0.34)
Net realized gains.......................................... (0.78) (0.28) (1.15) -- --
---------- ---------- ---------- ---------- ----------
Total Distributions....................................... (1.07) (0.55) (1.41) (0.28) (0.34)
---------- ---------- ---------- ---------- ----------
NET ASSET VALUE,
END OF PERIOD............................................... $ 14.69 $ 13.20 $ 11.90 $ 12.76 $ 11.49
---------- ---------- ---------- ---------- ----------
---------- ---------- ---------- ---------- ----------
Total Return.................................................. 20.10% 16.03% 4.04% 13.58% 16.24%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)........................... $ 522,474 $ 448,530 $ 418,238 $ 211,785 $ 115,234
Ratio of expenses to average net assets..................... 0.99% 1.00% 0.93% 0.89% 0.69%
Ratio of net investment income to average net assets........ 2.04% 2.21% 2.14% 2.30% 3.17%
Ratio of expenses to average net assets*.................... 1.00% 1.10% 0.98% 1.08% 1.23%
Ratio of net investment income to average net assets*....... 2.03% 2.11% 2.09% 2.11% 2.63%
Portfolio turnover (a)...................................... 90.55% 176.66% 56.33% 108.79% 25.32%
Average commission rate paid (b)............................ $ 0.0576
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(b) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
119----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
DISCIPLINED VALUE FUND
-------------------------------------------------------
CLASS A
-------------------------------------------------------
YEARS ENDED JUNE 30,
-------------------------------------------------------
1996 1995 1994 1993 1992 (A)
--------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................................................ $ 13.22 $ 11.91 $ 12.75 $ 11.49 $ 11.45
--------- --------- --------- --------- -----------
Investment Activities
Net investment income.............................................. 0.25 0.24 0.24 0.25 0.12
Net realized and unrealized gains (losses) from investments........ 2.28 1.59 0.30 1.26 0.06
--------- --------- --------- --------- -----------
Total from Investment Activities................................. 2.53 1.83 0.54 1.51 0.18
--------- --------- --------- --------- -----------
Distributions
Net investment income.............................................. (0.25) (0.24) (0.23) (0.25) (0.14)
Net realized gains................................................. (0.78) (0.26) (1.10) -- --
In excess of net realized gains.................................... -- (0.02) (0.05) -- --
--------- --------- --------- --------- -----------
Total Distributions.............................................. (1.03) (0.52) (1.38) (0.25) (0.14)
--------- --------- --------- --------- -----------
NET ASSET VALUE,
END OF PERIOD...................................................... $ 14.72 $ 13.22 $ 11.91 $ 12.75 $ 11.49
--------- --------- --------- --------- -----------
--------- --------- --------- --------- -----------
Total Return (Excludes Sales Charge)................................. 19.80% 15.43% 3.95% 13.27% 1.56%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).................................. $ 20,838 $ 13,560 $ 10,448 $ 3,435 $ 35
Ratio of expenses to average net assets............................ 1.24% 1.26% 1.18% 1.12% 1.29 %(b)
Ratio of net investment income to average net assets............... 1.79% 1.99% 2.00% 2.06% 2.43 %(b)
Ratio of expenses to average net assets*........................... 1.35% 1.36% 1.33% 1.46% 1.49 %(b)
Ratio of net investment income to average net assets*.............. 1.68% 1.89% 1.85% 1.72% 2.23 %(b)
Portfolio turnover (c)............................................. 90.55% 176.66% 56.33% 108.79% 25.32 %
Average commission rate paid (d)................................... $ 0.0576
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class A Shares commenced offering on February 18, 1992.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
120
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
DISCIPLINED VALUE FUND
---------------------------------
CLASS B
---------------------------------
YEARS ENDED JUNE 30,
---------------------------------
1996 1995 1994 (A)
--------- --------- -----------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD...................................................................... $ 13.19 $ 11.90 $ 12.60
--------- --------- -----------
Investment Activities
Net investment income.................................................................... 0.15 0.15 0.07
Net realized and unrealized gains (losses) from investments.............................. 2.27 1.58 (0.70)
--------- --------- -----------
Total from Investment Activities....................................................... 2.42 1.73 (0.63)
--------- --------- -----------
Distributions
Net investment income.................................................................... (0.14) (0.15) (0.06)
In excess of net investment income....................................................... -- (0.01) (0.01)
Net realized gains....................................................................... (0.78) (0.28) --
--------- --------- -----------
Total Distributions.................................................................... (0.92) (0.44) (0.07)
--------- --------- -----------
NET ASSET VALUE,
END OF PERIOD............................................................................ $ 14.69 $ 13.19 $ 11.90
--------- --------- -----------
--------- --------- -----------
Total Return (Excludes Sales Charge)....................................................... 18.93% 14.92% (5.00)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)........................................................ $ 16,305 $ 11,222 $ 5,356
Ratio of expenses to average net assets.................................................. 1.99% 2.00% 1.96 %(b)
Ratio of net investment income to average net assets..................................... 1.04% 1.26% 1.80 %(b)
Ratio of expenses to average net assets*................................................. 2.00% 2.01% 1.96 %(b)
Ratio of net investment income to average net assets*.................................... 1.03% 1.25% 1.80 %(b)
Portfolio turnover (d)................................................................... 90.55% 176.66% 56.33 %
Average commission rate paid (e)......................................................... $ 0.0576
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced.If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class B Shares commenced offering on January 14, 1994.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
121----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
DISCIPLINED VALUE
FUND
--------------------
SERVICE/
RETIREMENT (A)
--------------------
YEARS ENDED JUNE 30,
--------------------
1995 1994
--------- ---------
NET ASSET VALUE,
BEGINNING OF PERIOD........................................................... $ 11.90 $ 12.59
<S> <C> <C>
--------- ---------
Investment Activities
Net investment income......................................................... 0.17 0.06
Net realized and unrealized gains (losses) from investments................... 1.37 (0.69)
--------- ---------
Total from Investment Activities............................................ 1.54 (0.63)
--------- ---------
Distributions
Net investment income......................................................... (0.16) (0.06)
In excess of net investment income............................................ (0.01) --
Net realized gains............................................................ (0.28) --
--------- ---------
Total Distributions......................................................... (0.45) (0.06)
--------- ---------
NET ASSET VALUE,
END OF PERIOD................................................................. $ 12.99 $ 11.90
--------- ---------
--------- ---------
Total Return.................................................................... (a) (5.03)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)............................................. $ -- $ 47
Ratio of expenses to average net assets....................................... 1.90 (b) 1.84%(b)
Ratio of net investment income to average net assets.......................... 1.89 (b) 1.83%(b)
Ratio of expenses to average net assets*...................................... 1.90 (b) 1.84%(b)
Ratio of net investment income to average net assets*......................... 1.89 (b) 1.83%(b)
Portfolio turnover (d)........................................................ 176.66% 56.33%
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Service Shares commenced offering on January 17, 1994 when they were designated as
"Retirement Shares". On April 4, 1995, the name of the Retirement Shares was changed to
"Service" Shares. As of June 1, 1995, Service Shares transferred to Class A Shares, and as of
June 30, 1995, there were no shareholders in the Service Class. The total return for the period
from July 1, 1994 to June 1, 1995 for the Service Shares was 13.14%.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
122
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH FUND
--------------------------------------------------------
FIDUCIARY
--------------------------------------------------------
YEARS ENDED JUNE 30,
--------------------------------------------------------
1996 1995 1994 1993 1992 (A)
---------- ---------- ---------- --------- ---------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD........................................ $ 13.47 $ 11.32 $ 10.92 $ 9.85 $ 10.00
---------- ---------- ---------- --------- ---------
Investment Activities
Net investment income...................................... 0.18 0.20 0.20 0.23 0.08
Net realized and unrealized gains (losses) from
investments.............................................. 2.14 3.04 0.67 1.12 (0.16)
---------- ---------- ---------- --------- ---------
Total from Investment Activities......................... 2.32 3.24 0.87 1.35 (0.08)
---------- ---------- ---------- --------- ---------
Distributions
Net investment income...................................... (0.18) (0.20) (0.20) (0.23) (0.07)
Net realized gains......................................... (0.17) (0.89) (0.27) (0.05) --
---------- ---------- ---------- --------- ---------
Total Distributions...................................... (0.35) (1.09) (0.47) (0.28) (0.07)
---------- ---------- ---------- --------- ---------
NET ASSET VALUE,
END OF PERIOD.............................................. $ 15.44 $ 13.47 $ 11.32 $ 10.92 $ 9.85
---------- ---------- ---------- --------- ---------
---------- ---------- ---------- --------- ---------
Total Return................................................. 17.36% 21.85% 8.04% 13.92% (0.80)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).......................... $ 745,986 $ 531,595 $ 150,035 $ 41,317 $ 25,019
Ratio of expenses to average net assets.................... 0.96% 1.00% 0.78% 0.39% 0.30%(b)
Ratio of net investment income to average net assets....... 1.20% 1.72% 1.78% 0.37% 2.37%(b)
Ratio of expenses to average net assets*................... 0.99% 1.00% 1.13% 1.43% 1.49%(b)
Ratio of net investment income to average net assets*...... 1.17% 1.72% 1.52% 1.21% 1.12%(b)
Portfolio turnover (c)..................................... 35.51% 14.22% 9.04% 10.61% 3.09%
Average commission rate paid (d)........................... $ 0.0647
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Fund commenced operations on February 28, 1992.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
123----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH FUND
---------------------------------
CLASS A
---------------------------------
YEARS ENDED JUNE 30,
---------------------------------
1996 1995 1994 (A)
--------- --------- -----------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD...................................................................... $ 13.83 $ 11.62 $ 11.78
--------- --------- -----------
Investment Activities
Net investment income.................................................................... 0.14 0.17 0.04
Net realized and unrealized gains (losses) from investments.............................. 2.17 3.10 (0.16)
--------- --------- -----------
Total from Investment Activities....................................................... 2.31 3.27 (0.12)
--------- --------- -----------
Distributions
Net investment income.................................................................... (0.14) (0.16) (0.04)
In excess of net investment income....................................................... -- (0.01) --
Net realized gains....................................................................... (0.17) (0.89) --
--------- --------- -----------
Total Distributions.................................................................... (0.31) (1.06) (0.04)
--------- --------- -----------
NET ASSET VALUE,
END OF PERIOD............................................................................ $ 15.83 $ 13.83 $ 11.62
--------- --------- -----------
--------- --------- -----------
Total Return (Excludes Sales Charge)....................................................... 16.85% 21.52% (1.02)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)........................................................ $ 75,114 $ 27,428 $ 368
Ratio of expenses to average net assets.................................................. 1.21% 1.26% 1.25 %(b)
Ratio of net investment income to average net assets..................................... 0.95% 1.49% 0.96 %(b)
Ratio of expenses to average net assets*................................................. 1.34% 1.36% 1.35 %(b)
Ratio of net investment income to average net assets*.................................... 0.82% 1.39% 1.68 %(b)
Portfolio turnover (d)..................................................................... 35.51% 14.22% 9.04 %
Average commission rate paid (e)........................................................... $ 0.0647
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class A Shares commenced offering on January 1, 1994.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
124
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH FUND
---------------------------------
CLASS B
---------------------------------
YEARS ENDED JUNE 30,
---------------------------------
1996 1995 1994 (A)
--------- --------- -----------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD....................................................................... $ 13.63 $ 11.47 $ 11.57
--------- --------- -----------
Investment Activities
Net investment income..................................................................... 0.05 0.09 0.03
Net realized and unrealized gains (losses) from investments............................... 2.17 3.06 (0.10)
--------- --------- -----------
Total from Investment Activities........................................................ 2.22 3.15 (0.07)
--------- --------- -----------
Distributions
Net investment income..................................................................... (0.05) (0.09) (0.03)
In excess of net investment income........................................................ -- (0.01) --
Net realized gains........................................................................ (0.17) (0.89) --
--------- --------- -----------
Total Distributions..................................................................... (0.22) (0.99) (0.03)
--------- --------- -----------
NET ASSET VALUE,
END OF PERIOD............................................................................. $ 15.63 $ 13.63 $ 11.47
--------- --------- -----------
--------- --------- -----------
Total Return (Excludes Sales Charge)........................................................ 16.41% 20.65% (0.66)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......................................................... $ 56,261 $ 6,918 $ 334
Ratio of expenses to average net assets................................................... 1.96% 2.01% 1.99 %(b)
Ratio of net investment income to average net assets...................................... 0.20% 0.74% 0.96 %(b)
Ratio of expenses to average net assets*.................................................. 1.99% 2.01% 1.99 %(b)
Ratio of net investment income to average net assets*..................................... 0.17% 0.74% 0.96 %(b)
Portfolio turnover (d).................................................................... 35.51% 14.22% 9.04 %
Average commission rate paid (e).......................................................... $ 0.0647
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class B Shares commenced offering on January 14, 1994.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
125----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH
FUND
--------------------
SERVICE/
RETIREMENT (A)
--------------------
YEARS ENDED JUNE 30,
--------------------
1995 1994
--------- ---------
NET ASSET VALUE,
BEGINNING OF PERIOD............................................................ $ 11.42 $ 11.58
<S> <C> <C>
--------- ---------
Investment Activities
Net investment income.......................................................... 0.11 0.03
Net realized and unrealized gains (losses) from investments.................... 2.85 (0.16)
--------- ---------
Total from Investment Activities............................................. 2.96 (0.13)
Distributions
Net investment income.......................................................... (0.11) (0.03)
Net realized gains............................................................. (0.89) --
--------- ---------
Total Distributions.......................................................... (1.00) (0.03)
--------- ---------
NET ASSET VALUE,
END OF PERIOD.................................................................. $ 13.38 $ 11.42
--------- ---------
--------- ---------
Total Return..................................................................... (a) (1.13)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).............................................. $ -- $ 24
Ratio of expenses to average net assets........................................ 1.90 (b) 1.75%(b)
Ratio of net investment income to average net assets........................... 1.05 (b) 1.02%(b)
Ratio of expenses to average net assets*....................................... 1.90 (b) 1.75%(b)
Ratio of net investment income to average net assets*.......................... 1.05 (b) 1.02%(b)
Portfolio turnover (d)......................................................... 14.22% 9.04%
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Service Shares commenced offering on January 17, 1994 when they were designated as
"Retirement Shares". On April 4, 1995, the name of the Retirement Shares was changed to
"Service Shares". As of June 1, 1995, Service Shares transferred to Class A Shares, and as of
June 30, 1995, there were no shareholders in the Service Class. The total return for the period
from July 1, 1994 to June 1, 1995 for the Service Shares was 19.19%.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
126
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH OPPORTUNITIES FUND
-----------------------------------------------------
FIDUCIARY
-----------------------------------------------------
YEARS ENDED JUNE 30,
-----------------------------------------------------
1996 1995 1994 1993 1992
--------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................................ $ 18.40 $ 15.96 $ 16.96 $ 14.54 $ 12.92
--------- --------- --------- --------- ---------
Investment Activities
Net investment income............................. 0.20 0.06 0.07 0.06 0.09
Net realized and unrealized gains (losses) from
investments..................................... 3.83 2.98 (0.05) 2.99 1.87
--------- --------- --------- --------- ---------
Total from Investment Activities................ 4.03 3.04 0.02 3.05 1.96
--------- --------- --------- --------- ---------
Distributions
Net investment income............................. (0.20) (0.06) (0.07) (0.06) (0.08)
Net realized gains................................ (3.42) (0.54) (0.95) (0.57) (0.26)
--------- --------- --------- --------- ---------
Total Distributions............................. (3.62) (0.60) (1.02) (0.63) (0.34)
--------- --------- --------- --------- ---------
NET ASSET VALUE,
END OF PERIOD...................................... $ 18.81 $ 18.40 $ 15.96 $ 16.96 $ 14.54
--------- --------- --------- --------- ---------
--------- --------- --------- --------- ---------
Total Return........................................ 24.63% 19.75% (0.16)% 21.36% 15.15%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)................. $ 532,525 $ 413,518 $ 389,567 $ 232,898 $ 131,533
Ratio of expenses to average net assets........... 1.00% 0.98% 0.98% 0.89% 0.75%
Ratio of net investment income to average net
assets.......................................... 1.15% 0.38% 0.42% 0.41% 0.51%
Ratio of expenses to average net assets*.......... 1.01% 0.98% 1.03% 1.11% 1.23%
Ratio of net investment income to average net
assets*......................................... 1.14% 0.38% 0.37% 0.19% 0.03%
Portfolio turnover (a)............................ 435.30% 132.63% 70.67% 64.64% 42.77%
Average commission rate paid (b).................. $ 0.0451
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(b) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
127----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH OPPORTUNITIES FUND
-------------------------------------------------------
CLASS A
-------------------------------------------------------
YEARS ENDED JUNE 30,
-------------------------------------------------------
1996 1995 1994 1993 1992 (A)
--------- --------- --------- --------- -----------
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................................... $ 18.36 $ 15.93 $ 16.96 $ 14.54 $ 16.53
--------- --------- --------- --------- -----------
Investment Activities
Net investment income................................. 0.17 0.02 0.04 0.03 0.01
Net realized and unrealized gains (losses) from
investments......................................... 3.80 2.98 (0.08) 3.00 (1.99)
--------- --------- --------- --------- -----------
Total from Investment Activities.................... 3.97 3.00 (0.04) 3.03 (1.98)
--------- --------- --------- --------- -----------
Distributions
Net investment income................................. (0.15) (0.01) (0.03) (0.04) (0.01)
In excess of net investment income.................... -- (0.02) (0.01) -- --
Net realized gains.................................... (3.42) (0.54) (0.95) (0.57) --
--------- --------- --------- --------- -----------
Total Distributions................................. (3.57) (0.57) (0.99) (0.61) (0.01)
--------- --------- --------- --------- -----------
NET ASSET VALUE,
END OF PERIOD......................................... $ 18.76 $ 18.36 $ 15.93 $ 16.96 $ 14.54
--------- --------- --------- --------- -----------
--------- --------- --------- --------- -----------
Total Return (Excludes Sales Charge).................... 24.32% 19.50% (0.52)% 21.70% (34.00 )%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..................... $ 28,052 $ 11,178 $ 8,097 $ 5,757 $ 84
Ratio of expenses to average net assets............... 1.25% 1.23% 1.22% 1.11% 1.31 %(b)
Ratio of net investment income to average net
assets.............................................. 0.90% 0.12% 0.27% 0.25% 0.12 %(b)
Ratio of expenses to average net assets*.............. 1.36% 1.33% 1.38% 1.48% 1.50 %(b)
Ratio of net investment income (loss) to average
net assets*......................................... 0.79% 0.02% 0.11% (0.12%) (0.07 %)(b)
Portfolio turnover (c)................................ 435.30% 132.63% 70.67% 64.64% 42.77 %
Average commission rate paid (d)...................... $ 0.0451
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class A Shares commenced offering on February 18, 1992.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
128
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH OPPORTUNITIES FUND
-----------------------------------
CLASS B
-----------------------------------
YEARS ENDED JUNE 30,
-----------------------------------
1996 1995 1994(A)
--------- --------- -------------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................................................ $ 18.14 $ 15.85 $ 17.44
--------- --------- -------------
Investment Activities
Net investment income (loss)....................................... 0.09 (0.07) (0.02)
Net realized and unrealized gains (losses) from investments........ 3.69 2.90 (1.56)
--------- --------- -------------
Total from Investment Activities................................. 3.78 2.83 (1.58)
--------- --------- -------------
Distributions
Net investment income.............................................. (0.07) -- (0.01)
Net realized gains................................................. (3.42) (0.54) --
--------- --------- -------------
Total Distributions.............................................. (3.49) (0.54) (0.01)
--------- --------- -------------
NET ASSET VALUE,
END OF PERIOD...................................................... $ 18.43 $ 18.14 $ 15.85
--------- --------- -------------
--------- --------- -------------
Total Return (Excludes Sales Charge)................................. 23.53% 18.47% (9.07)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).................................. $ 12,910 $ 2,787 $ 1,131
Ratio of expenses to average net assets............................ 2.00% 1.98% 2.12%(b)
Ratio of net investment income (loss) to average net assets........ 0.15% (0.63)% (0.55 )%(b)
Ratio of expenses to average net assets*........................... 2.01% 1.98% 2.12 %(b)
Ratio of net investment income (loss) to average net assets*....... 0.14% (0.63)% (0.55 )%(b)
Portfolio turnover (d)............................................. 435.30% 132.63% 70.67 %
Average commission rate paid (e)................................... $ 0.0451
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class B Shares commenced offering on January 14, 1994.
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
129----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH OPPORTUNITIES FUND
-----------------------------------
SERVICE/RETIREMENT (A)
-----------------------------------
YEARS ENDED JUNE 30,
-----------------------------------
1995 1994
---------------------- ----------
<S> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD....................... $15.95 $17.47
------ ----------
Investment Activities
Net investment loss....................... (0.03) (0.01)
Net realized and unrealized gains (losses)
from investments........................ 2.14 (1.50)
------ ----------
Total from Investment Activities........ 2.11 (1.51)
------ ----------
Distributions
Net investment income..................... -- (0.01)
Net realized gains........................ (0.54) --
------ ----------
Total Distributions..................... (0.54) (0.01)
------ ----------
NET ASSET VALUE,
END OF PERIOD............................. $17.52 $15.95
------ ----------
------ ----------
Total Return................................ (a) (8.64)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......... $ -- $ 35
Ratio of expenses to average net assets... 1.87%(b) 1.91%(b)
Ratio of net investment loss to average
net assets.............................. (0.39)%(b) (0.36)%(b)
Ratio of expenses to average net
assets*................................. 1.87%(b) 1.91%(b)
Ratio of net investment loss to average
net assets*............................. (0.39)%(b) (0.36)%(b)
Portfolio turnover (d).................... 132.63% 70.67%
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Service Shares commenced offering on January 17, 1994 when they were designated as
"Retirement Shares." On April 4, 1995, the name of the Retirement Shares was changed to
"Service Shares." As of June 1, 1995, Service Shares transferred to Class A Shares, and as of
June 30, 1995, there were no shareholders in the Service Class. The total return for the period
from July 1, 1994 to June 1, 1995 for the Service Shares was 13.12%.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
130
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GULF SOUTH
GROWTH FUND
---------------
FIDUCIARY
---------------
MARCH 26, 1996
TO
JUNE 30,
1996 (A)
---------------
<S> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.............................................................. $ 10.00
-------
Investment Activities
Net realized and unrealized gains from investments............................... 0.78
-------
Total from Investment Activities............................................... 0.78
-------
Distributions
Net realized gains............................................................... (0.03)
-------
Total Distributions............................................................ (0.03)
-------
NET ASSET VALUE,
END OF PERIOD.................................................................... $ 10.75
-------
-------
Total Return....................................................................... 13.39%(b)(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)................................................ $ 83,371
Ratio of expenses to average net assets.......................................... 0.96 %(d)
Ratio of net investment loss to average net assets............................... (0.16 )%(d)
Ratio of expenses to average net assets*......................................... 1.05 (d)
Ratio of net investment loss to average net assets*.............................. (0.25 )%(d)
Portfolio turnover (e)........................................................... 59.57 %
Average commission rate paid (f)................................................. $ 0.0685
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Period from date reorganized as a fund of the One Group.
</TABLE>
<TABLE>
<C> <S>
(b) Represents total return for Class A Shares from December 1, 1995 through March 25, 1996 plus
total return for Fiduciary Shares for the period from March 26, 1996 through June 30, 1996.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Annualized.
</TABLE>
<TABLE>
<C> <S>
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(f) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the period from March 26, 1996 through June 30, 1996, divided by total number
of portfolio shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
131----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GULF SOUTH GROWTH FUND
------------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------------
FIVE MONTHS
SEVEN MONTHS YEARS ENDED NOVEMBER 30, ENDED
ENDED JUNE 30, ---------------------------------------- NOVEMBER 30,
1996 (A) 1995 1994 1993 1992 1991 (F)
----------------- ------- ------- ------- ------- ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................... $ 11.50 $ 9.36 $ 10.11 $ 9.48 $ 7.38 $ 6.37
------- ------- ------- ------- ------- ------------
Investment Activities
Net investment income (loss).......... (0.07) (0.04) (0.04) (0.02) 0.01 0.01
Net realized and unrealized gains
(losses) from investments........... 1.40 2.35 (0.63) 0.88 2.09 1.01
------- ------- ------- ------- ------- ------------
Total from Investment Activities.... 1.33 2.31 (0.67) 0.86 2.11 1.02
------- ------- ------- ------- ------- ------------
Distributions
Net investment income................. -- -- -- (0.01) (0.01) (0.01)
Net realized gains.................... (2.10) (0.17) (0.08) (0.22) -- --
------- ------- ------- ------- ------- ------------
Total Distributions................. (2.10) (0.17) (0.08) (0.23) (0.01) (0.01)
------- ------- ------- ------- ------- ------------
NET ASSET VALUE,
END OF PERIOD......................... $ 10.73 $ 11.50 $ 9.36 $ 10.11 $ 9.48 $ 7.38
------- ------- ------- ------- ------- ------------
------- ------- ------- ------- ------- ------------
Total Return (Excludes Sales Charge).... 12.85%(b) 25.07% (6.66)% 9.10% 28.59% 16.12%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $18,356 $95,467 $77,540 $74,982 $55,719 $34,546
Ratio of expenses to average net
assets.............................. 1.05%(c) 1.03% 1.00% 1.01% 1.00% 1.05%(c)
Ratio of net investment income (loss)
to average net assets............... (0.33)%(c) (0.36)% (0.38)% (0.21)% 0.15% 0.31%(c)
Ratio of expenses to average net
assets*............................. 1.07%(c) 1.03% 1.00% 1.01% 1.00% 1.05%(c)
Ratio of net investment income (loss)
to average net assets*.............. (0.35)%(c) (0.36)% (0.38)% (0.21)% 0.15% 0.31%(c)
Portfolio turnover (d)................ 59.57% 65.00% 51.00% 59.00% 42.00% 12.00%
Average commission rate paid (e)...... $0.0685
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Upon reorganizing as a fund of The One Group, the Paragon Gulf South Growth Fund became the
Gulf South Growth Fund. Financial highlights for the periods prior to March 26, 1996 represent
the Paragon Gulf South Growth Fund. The per share data for the periods prior to March 26, 1996
have been restated to reflect the impact of restatement of net asset value from $15.70 to
$10.00 effective March 26, 1996.
</TABLE>
<TABLE>
<C> <S>
(b) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the period from March 26, 1996 through June 30, 1996, divided by total number
of portfolio shares purchased and sold for which commissions were charged.
</TABLE>
<TABLE>
<C> <S>
(f) Period from commencement of operations.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
132
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GULF SOUTH GROWTH FUND
-----------------------------------------------------
CLASS B
-----------------------------------------------------
SEPTEMBER 12, 1994
SEVEN MONTHS YEAR ENDED TO
ENDED JUNE 30, NOVEMBER 30, NOVEMBER 30, 1994
1996 (A) 1995 (B)
----------------- ------------ ------------------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD........................ $ 11.56 $ 9.47 $10.40
------- ------ ------
Investment Activities
Net investment loss........................ (0.06) (0.07) (0.01)
Net realized and unrealized gains (losses)
from investments......................... 1.35 2.33 (0.92)
------- ------ ------
Total from Investment Activities......... 1.29 2.26 (0.93)
------- ------ ------
Distributions
Net realized gains......................... (2.13) (0.17) --
------- ------ ------
Total Distributions...................... (2.13) (0.17) --
------- ------ ------
NET ASSET VALUE,
END OF PERIOD.............................. $ 10.72 $11.56 $ 9.47
------- ------ ------
------- ------ ------
Total Return (Excludes Sales Charge)......... 12.47%(c) 24.21% (9.08)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).......... $ 2,545 $1,814 $ 231
Ratio of expenses to average net assets.... 1.87%(d) 1.78% 1.75%(d)
Ratio of net investment loss to average
net assets............................... (1.10)%(d) (1.16)% (0.90)%(d)
Ratio of expenses to average net assets*... 1.92(d) 1.78% 1.75%(d)
Ratio of net investment loss to average net
assets*.................................. (1.15)%(d) (1.16)% (0.90)%(d)
Portfolio turnover (e)..................... 59.57% 65.00% 51.00%
Average commission rate paid (f)............. $0.0685
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Upon reorganizing as a fund of The One Group, the Paragon Gulf South Growth Fund became the
Gulf South Growth Fund. Financial highlights for the periods prior to March 26, 1996 represent
the Paragon Value Growth Fund. The per share data for the period prior to March 26, 1996 have
been restated to reflect the impact of restatement of net asset value from $15.48 to $10.00
effective March 26, 1996.
</TABLE>
<TABLE>
<C> <S>
(b) Period from commencement of operations.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Annualized.
</TABLE>
<TABLE>
<C> <S>
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(f) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the period from March 26, 1996 through June 30, 1996, divided by total number
of portfolio shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
133----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY INDEX FUND
---------------------------------------------
FIDUCIARY
---------------------------------------------
YEARS ENDED JUNE 30,
---------------------------------------------
1996 1995 1994 1993 (A)
--------- --------- --------- ------------
<S> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................................... $ 13.93 $ 13.46 $ 11.80 $ 10.00
--------- --------- --------- ------------
Investment Activities
Net investment income................................. 0.11 0.13 0.11 0.06
Net realized and unrealized gains from investments.... 1.43 0.46 1.68 1.75
--------- --------- --------- ------------
Total from Investment Activities.................... 1.54 0.59 1.79 1.81
--------- --------- --------- ------------
Distributions
Net investment income................................. (0.16) (0.08) (0.11) (0.01)
In excess of net investment income.................... (0.02) -- -- --
Net realized gains.................................... (0.12) (0.04) (0.01) --
In excess of net realized gains....................... -- -- (0.01) --
--------- --------- --------- ------------
Total Distributions................................. (0.30) (0.12) (0.13) (0.01)
--------- --------- --------- ------------
NET ASSET VALUE,
END OF PERIOD......................................... $ 15.17 $ 13.93 $ 13.46 $ 11.80
--------- --------- --------- ------------
--------- --------- --------- ------------
Total Return............................................ 11.22% 4.20% 15.44% 26.96%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..................... $ 347,790 $ 218,299 $ 145,640 $ 35,384
Ratio of expenses to average net assets............... 0.97% 1.04% 1.02% 1.22%(b)
Ratio of net investment income to average net
assets.............................................. 1.04% 1.25% 1.27% 1.37%(b)
Ratio of expenses to average net assets*.............. 1.00% 1.04% 1.02% 2.34%(b)
Ratio of net investment income to average net
assets*............................................. 1.01% 1.25% 1.27% 0.25%(b)
Portfolio turnover (c)................................ 6.28% 4.67% 7.74% 3.10%
Average commission rate paid (d)...................... $ 0.0022
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Fund commenced operations on October 28, 1992.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
134
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY INDEX FUND
----------------------------------------------
CLASS A
----------------------------------------------
YEARS ENDED JUNE 30,
----------------------------------------------
1996 1995 1994 1993 (A)
--------- --------- --------- -------------
<S> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD........................................ $ 13.92 $ 13.49 $ 11.80 $ 11.74
--------- --------- --------- ------
Investment Activities
Net investment income...................................... 0.14 0.12 0.09 0.02
Net realized and unrealized gains from investments......... 1.40 0.43 1.67 0.04
--------- --------- --------- ------
Total from Investment Activities......................... 1.54 0.55 1.76 0.06
--------- --------- --------- ------
Distributions
Net investment income...................................... (0.16) (0.08) (0.05) --
In excess of net investment income......................... (0.02) -- -- --
Net realized gains......................................... (0.12) (0.04) (0.02) --
--------- --------- --------- ------
Total Distributions...................................... (0.30) (0.12) (0.07) --
--------- --------- --------- ------
NET ASSET VALUE,
END OF PERIOD.............................................. $ 15.16 $ 13.92 $ 13.49 $ 11.80
--------- --------- --------- ------
--------- --------- --------- ------
Total Return (Excludes Sales Charge)......................... 11.20% 3.87% 15.18% 2.87%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).......................... $ 10,789 $ 5,028 $ 2,395 $ 153
Ratio of expenses to average net assets.................... 1.22% 1.28% 1.26% 1.47%(b)
Ratio of net investment income to average net assets....... 0.79% 1.09% 1.15% 2.10%(b)
Ratio of expenses to average net assets*................... 1.35% 1.38% 1.36% 2.35%(b)
Ratio of net investment income to average net assets*...... 0.66% 0.99% 1.05% 1.22%(b)
Portfolio turnover (c)..................................... 6.28% 4.67% 7.74% 3.10%
Average commission rate paid (d)........................... $ 0.0022
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class A Shares commenced offering on April 23, 1993.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(d) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
135----
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY INDEX FUND
---------------------------------
CLASS B
---------------------------------
YEARS ENDED JUNE 30,
---------------------------------
1996 1995 1994 (A)
--------- --------- -----------
<S> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.................................................... $ 13.73 $ 13.40 $ 13.00
--------- --------- -----------
Investment Activities
Net investment income.................................................. 0.03 0.03 0.06
Net realized and unrealized gains from investments..................... 1.32 0.41 0.34
--------- --------- -----------
Total from Investment Activities..................................... 1.35 0.44 0.40
--------- --------- -----------
Distributions
Net investment income.................................................. (0.15) (0.07) --
In excess of net investment income..................................... (0.02) -- --
Net realized gains..................................................... (0.12) (0.04) --
--------- --------- -----------
Total Distributions.................................................. (0.29) (0.11) --
--------- --------- -----------
NET ASSET VALUE,
END OF PERIOD.......................................................... $ 14.79 $ 13.73 $ 13.40
--------- --------- -----------
--------- --------- -----------
Total Return (Excludes Sales Charge)..................................... 9.97% 3.17% 3.23%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)...................................... $ 5,856 $ 3,687 $ 1,872
Ratio of expenses to average net assets................................ 1.97% 2.04% 2.00 %(b)
Ratio of net investment income to average net assets................... 0.04% 0.25% 1.37 %(b)
Ratio of expenses to average net assets*............................... 2.00% 2.04% 2.00 %(b)
Ratio of net investment income to average net assets*.................. 0.01% 0.25% 1.37 %(b)
Portfolio turnover (d)................................................. 6.28% 4.67% 7.74 %
Average commission rate paid (e)....................................... $ 0.0022
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) Class B Shares commenced offering on January 14, 1994.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
<TABLE>
<C> <S>
(e) The average commission represents the total dollar amount of commissions paid on portfolio
transactions, for the seven months ended June 30, 1996, divided by total number of portfolio
shares purchased and sold for which commissions were charged.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
- ----
136
<PAGE>
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- -------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY
INDEX FUND
--------------------
SERVICE/
RETIREMENT (A)
--------------------
YEARS ENDED JUNE 30,
--------------------
1995 1994
--------- ---------
<S> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............................................................ $ 13.44 $ 12.98
--------- ---------
Investment Activities
Net investment income.......................................................... 0.11 (0.25)
Net realized and unrealized gains (losses) from investments.................... 0.50 0.71
--------- ---------
Total from Investment Activities............................................. 0.61 0.46
--------- ---------
Distributions
Net investment income.......................................................... (0.07) --
Net realized gains............................................................. (0.04) --
--------- ---------
Total Distributions.......................................................... (0.11) --
--------- ---------
NET ASSET VALUE,
END OF PERIOD.................................................................. $ 13.94 $ 13.44
--------- ---------
--------- ---------
Total Return..................................................................... (a) 3.78%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).............................................. $ -- $ 74
Ratio of expenses to average net assets........................................ 1.90 (b) 10.85%(b)
Ratio of net investment income to average net assets........................... 0.92 (b) 1.97%(b)
Ratio of expenses to average net assets*....................................... 1.90 (b) 1.85%(b)
Ratio of net investment income to average net assets*.......................... 0.92 (b) 1.97%(b)
Portfolio turnover (d)......................................................... 4.67% 7.74%
</TABLE>
- ---------
<TABLE>
<C> <S>
* During the period, certain fees were voluntarily reduced. If such voluntary fee reductions had
not occurred, the ratios would have been as indicated.
</TABLE>
<TABLE>
<C> <S>
(a) The Service Shares commenced offering on January 17, 1994 when they were designated as
"Retirement Shares". On April 4, 1995, the name of the Retirement Shares was changed to
"Service" Shares. As of June 1, 1995, Service Shares transferred to Class A Shares, and as of
June 30, 1995, there were no shareholders in the Service Class. The total return for the period
from July 1, 1994 to June 1, 1995 for the Service Shares was 4.22%.
</TABLE>
<TABLE>
<C> <S>
(b) Annualized.
</TABLE>
<TABLE>
<C> <S>
(c) Not annualized.
</TABLE>
<TABLE>
<C> <S>
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing
among the classes of shares issued.
</TABLE>
SEE NOTES TO FINANCIAL STATEMENTS.
137----
<PAGE>
- --------------------------------------------------------------------------------
Report of Independent Accountants
- -------------------------------------------------------------
THE ONE GROUP FAMILY OF MUTUAL FUNDS JUNE 30, 1996
To the Shareholders and Board of Trustees of
The One Group Family of Mutual Funds:
We have audited the accompanying statements of assets and liabilities of the
Asset Allocation Fund, the Income Equity Fund, the Equity Index Fund, the Value
Growth Fund, the Large Company Value Fund, the Disciplined Value Fund, the Large
Company Growth Fund, the Growth Opportunities Fund (formally the Small Company
Growth Fund), the Gulf South Growth Fund and the International Equity Index Fund
(ten series of The One Group Family of Mutual Funds), including the schedules of
portfolio investments, as of June 30, 1996, and the related statements of
operations, statements of changes in net assets and the financial highlights for
each period presented except as noted in the next paragraph. These financial
statements and financial highlights are the responsibility of The One Group
Family of Mutual Funds' management. Our responsibility is to express an opinion
on these financial statements and the financial highlights based on our audits.
The Large Company Growth Fund's financial highlights for the year ended June 30,
1993 and for the period from February 28, 1992 (commencement of operations) to
June 30, 1992 were audited by other auditors, whose report dated August 25, 1993
expressed an unqualified opinion on the financial highlights. The Value Growth
Fund's statement of changes in net assets for each of the two years in the
period ended November 30, 1995 and the financial highlights for each of the five
years in the period ended November 30, 1995 were audited by other auditors,
whose report dated January 19, 1996 expressed an unqualified opinion on those
financial statements and financial highlights. The Gulf South Growth Fund's
statement of changes in net assets for each of the two years in the period ended
November 30, 1995 and the financial highlights for each of the five years in the
period ended November 30, 1995 were audited by other auditors, whose report
dated January 19, 1996 expressed an unqualified opinion on those financial
statements and financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of June
30, 1996 by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above, except as noted in the second paragraph present fairly, in all material
respects, the financial position of the Asset Allocation Fund, the Income Equity
Fund, the Equity Index Fund, the Value Growth Fund, the Large Company Value
Fund, the Disciplined Value Fund, the Large Company Growth Fund, the Growth
Opportunities Fund, the Gulf South Growth Fund and the International Equity
Index Fund as of June 30, 1996, the results of their operations, the changes in
their net assets and the financial highlights for the periods presented, in
conformity with generally accepted accounting principles.
Columbus, Ohio Coopers & Lybrand L.L.P.
August 27, 1996
- ----
138
<PAGE>
(This page has been left blank intentionally)
<PAGE>
(This page has been left blank intentionally)
<PAGE>
IMPORTANT CUSTOMER INFORMATION. PLEASE READ:
SHARES OF THE ONE GROUP:
- - ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY BANC ONE CORPORATION OR
ANY OF ITS AFFILIATES,
- - ARE NOT INSURED OR GUARANTEED BY THE FDIC OR BY ANY OTHER GOVERNMENTAL AGENCY
OR GOVERNMENT SPONSORED AGENCY OF THE FEDERAL GOVERNMENT OR ANY STATE,
- - ARE SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL
AMOUNT INVESTED.
BANC ONE INVESTMENT ADVISORS CORPORATION, A REGISTERED INVESTMENT ADVISOR AND AN
INDIRECT SUBSIDIARY OF BANC ONE CORPORATION, SERVES AS AN INVESTMENT ADVISOR TO
THE ONE GROUP, FOR WHICH IT RECEIVES ADVISORY FEES. THE ONE GROUP IS DISTRIBUTED
BY THE ONE GROUP SERVICES COMPANY, 3435 STELZER ROAD, COLUMBUS, OHIO 43219,
WHICH IS NOT AFFILIATED WITH BANC ONE CORPORATION AND IS NOT A BANK.
FOR MORE COMPLETE INFORMATION ON ANY OF THE ONE GROUP FUNDS, INCLUDING
MANAGEMENT FEES AND EXPENSES, YOU MAY OBTAIN A PROSPECTUS FROM THE ONE GROUP
SERVICES COMPANY BY CALLING 1-800-480-4111. READ THE PROSPECTUS CAREFULLY BEFORE
INVESTING.
THE COMPOSITION OF EACH FUND'S HOLDINGS IS SUBJECT TO CHANGE.
THIS MATERIAL MUST BE ACCOMPANIED OR PRECEDED BY A PROSPECTUS.
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE AND IS NOT AN INDICATION
OF FUTURE RESULTS. INVESTMENT RETURN AND NAV WILL FLUCTUATE SO THAT AN
INVESTOR'S SHARES, WHEN REDEEMED, MAY BE WORTH MORE OR LESS THAN THE ORIGINAL
COST.
FOR MORE DETAILS ON THE ONE GROUP, VISIT OUR WEB SITE AT
HTTP://WWW.ONEGROUP.COM.
TOG-F-038-AN (8-96) [LOGO]
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 171
<NAME> ASSET ALLOCATION FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 83029
<INVESTMENTS-AT-VALUE> 87354
<RECEIVABLES> 780
<ASSETS-OTHER> 36
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88170
<PAYABLE-FOR-SECURITIES> 1022
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 401
<TOTAL-LIABILITIES> 1423
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79288
<SHARES-COMMON-STOCK> 4299<F2>
<SHARES-COMMON-PRIOR> 3509<F2>
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3058
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4382
<NET-ASSETS> 86747
<DIVIDEND-INCOME> 587
<INTEREST-INCOME> 2166
<OTHER-INCOME> 16
<EXPENSES-NET> 679
<NET-INVESTMENT-INCOME> 2090
<REALIZED-GAINS-CURRENT> 4144
<APPREC-INCREASE-CURRENT> 1631
<NET-CHANGE-FROM-OPS> 7865
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 1520<F2>
<DISTRIBUTIONS-OF-GAINS> 640<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 20364<F2>
<NUMBER-OF-SHARES-REDEEMED> 13065<F2>
<SHARES-REINVESTED> 1810<F2>
<NET-CHANGE-IN-ASSETS> 41325
<ACCUMULATED-NII-PRIOR> 8
<ACCUMULATED-GAINS-PRIOR> (204)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 398
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 841
<AVERAGE-NET-ASSETS> 42300<F2>
<PER-SHARE-NAV-BEGIN> 10.73<F2>
<PER-SHARE-NII> .41<F2>
<PER-SHARE-GAIN-APPREC> 1.16<F2>
<PER-SHARE-DIVIDEND> .41<F2>
<PER-SHARE-DISTRIBUTIONS> .18<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 11.71<F2>
<EXPENSE-RATIO> .94<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F2>Fiduciary Share Class
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 172
<NAME> ASSET ALLOCATION FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 83029
<INVESTMENTS-AT-VALUE> 87354
<RECEIVABLES> 780
<ASSETS-OTHER> 36
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88170
<PAYABLE-FOR-SECURITIES> 1022
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 401
<TOTAL-LIABILITIES> 1423
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79288
<SHARES-COMMON-STOCK> 1523<F2>
<SHARES-COMMON-PRIOR> 442<F2>
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3058
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4382
<NET-ASSETS> 86747
<DIVIDEND-INCOME> 587
<INTEREST-INCOME> 2166
<OTHER-INCOME> 16
<EXPENSES-NET> 679
<NET-INVESTMENT-INCOME> 2090
<REALIZED-GAINS-CURRENT> 4144
<APPREC-INCREASE-CURRENT> 1631
<NET-CHANGE-FROM-OPS> 7865
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 343<F2>
<DISTRIBUTIONS-OF-GAINS> 143<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1241<F2>
<NUMBER-OF-SHARES-REDEEMED> 198<F2>
<SHARES-REINVESTED> 38<F2>
<NET-CHANGE-IN-ASSETS> 41325
<ACCUMULATED-NII-PRIOR> 8
<ACCUMULATED-GAINS-PRIOR> (204)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 398
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 841
<AVERAGE-NET-ASSETS> 10413<F2>
<PER-SHARE-NAV-BEGIN> 10.74<F2>
<PER-SHARE-NII> .37<F2>
<PER-SHARE-GAIN-APPREC> 1.16<F2>
<PER-SHARE-DIVIDEND> .37<F2>
<PER-SHARE-DISTRIBUTIONS> .18<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 11.72<F2>
<EXPENSE-RATIO> 1.19<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F2>Class A Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 173
<NAME> ASSET ALLOCATION FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 83029
<INVESTMENTS-AT-VALUE> 87354
<RECEIVABLES> 780
<ASSETS-OTHER> 36
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 88170
<PAYABLE-FOR-SECURITIES> 1022
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 401
<TOTAL-LIABILITIES> 1423
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 79288
<SHARES-COMMON-STOCK> 1580<F2>
<SHARES-COMMON-PRIOR> 281<F2>
<ACCUMULATED-NII-CURRENT> 19
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 3058
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 4382
<NET-ASSETS> 86747
<DIVIDEND-INCOME> 587
<INTEREST-INCOME> 2166
<OTHER-INCOME> 16
<EXPENSES-NET> 679
<NET-INVESTMENT-INCOME> 2090
<REALIZED-GAINS-CURRENT> 4144
<APPREC-INCREASE-CURRENT> 1631
<NET-CHANGE-FROM-OPS> 7865
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 216<F2>
<DISTRIBUTIONS-OF-GAINS> 99<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1349<F2>
<NUMBER-OF-SHARES-REDEEMED> 74<F2>
<SHARES-REINVESTED> 24<F2>
<NET-CHANGE-IN-ASSETS> 41325
<ACCUMULATED-NII-PRIOR> 8
<ACCUMULATED-GAINS-PRIOR> (204)
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 398
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 841
<AVERAGE-NET-ASSETS> 8521<F2>
<PER-SHARE-NAV-BEGIN> 10.76<F2>
<PER-SHARE-NII> .28<F2>
<PER-SHARE-GAIN-APPREC> 1.18<F2>
<PER-SHARE-DIVIDEND> .28<F2>
<PER-SHARE-DISTRIBUTIONS> .18<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 11.76<F2>
<EXPENSE-RATIO> 1.94<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F2>Class B Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 041
<NAME> INCOME EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 278208
<INVESTMENTS-AT-VALUE> 394818
<RECEIVABLES> 1710
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 396543
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<TOTAL-LIABILITIES> 1263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 272217
<SHARES-COMMON-STOCK> 18230<F2>
<SHARES-COMMON-PRIOR> 11297<F2>
<ACCUMULATED-NII-CURRENT> 13
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6440
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 116610
<NET-ASSETS> 395280
<DIVIDEND-INCOME> 7617
<INTEREST-INCOME> 1061
<OTHER-INCOME> 18
<EXPENSES-NET> 2667
<NET-INVESTMENT-INCOME> 6029
<REALIZED-GAINS-CURRENT> 8723
<APPREC-INCREASE-CURRENT> 35127
<NET-CHANGE-FROM-OPS> 49879
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5346<F2>
<DISTRIBUTIONS-OF-GAINS> 7457<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 404468<F2>
<NUMBER-OF-SHARES-REDEEMED> 239261<F2>
<SHARES-REINVESTED> 6734<F2>
<NET-CHANGE-IN-ASSETS> 207100
<ACCUMULATED-NII-PRIOR> 41
<ACCUMULATED-GAINS-PRIOR> 6380
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1880
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2803
<AVERAGE-NET-ASSETS> 216886<F2>
<PER-SHARE-NAV-BEGIN> 15.13<F2>
<PER-SHARE-NII> .40<F2>
<PER-SHARE-GAIN-APPREC> 3.22<F2>
<PER-SHARE-DIVIDEND> .40<F2>
<PER-SHARE-DISTRIBUTIONS> .70<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.65<F2>
<EXPENSE-RATIO> .98<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F2>Fiduciary Class
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 042
<NAME> INCOME EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 278208
<INVESTMENTS-AT-VALUE> 394818
<RECEIVABLES> 1710
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 396543
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<TOTAL-LIABILITIES> 1263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 272217
<SHARES-COMMON-STOCK> 2510<F2>
<SHARES-COMMON-PRIOR> 913<F2>
<ACCUMULATED-NII-CURRENT> 13
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6440
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 116610
<NET-ASSETS> 395280
<DIVIDEND-INCOME> 7617
<INTEREST-INCOME> 1061
<OTHER-INCOME> 18
<EXPENSES-NET> 2667
<NET-INVESTMENT-INCOME> 6029
<REALIZED-GAINS-CURRENT> 8723
<APPREC-INCREASE-CURRENT> 35127
<NET-CHANGE-FROM-OPS> 49879
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 530<F2>
<DISTRIBUTIONS-OF-GAINS> 850<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 9884<F2>
<NUMBER-OF-SHARES-REDEEMED> 3267<F2>
<SHARES-REINVESTED> 316<F2>
<NET-CHANGE-IN-ASSETS> 207100
<ACCUMULATED-NII-PRIOR> 41
<ACCUMULATED-GAINS-PRIOR> 6380
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1880
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2803
<AVERAGE-NET-ASSETS> 24834<F2>
<PER-SHARE-NAV-BEGIN> 15.11<F2>
<PER-SHARE-NII> .38<F2>
<PER-SHARE-GAIN-APPREC> 3.20<F2>
<PER-SHARE-DIVIDEND> .35<F2>
<PER-SHARE-DISTRIBUTIONS> .70<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.64<F2>
<EXPENSE-RATIO> 1.23<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F2>Class A Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 043
<NAME> INCOME EQUITY FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 278208
<INVESTMENTS-AT-VALUE> 394818
<RECEIVABLES> 1710
<ASSETS-OTHER> 15
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 396543
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<TOTAL-LIABILITIES> 1263
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 272217
<SHARES-COMMON-STOCK> 1650<F2>
<SHARES-COMMON-PRIOR> 229<F2>
<ACCUMULATED-NII-CURRENT> 13
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 6440
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 116610
<NET-ASSETS> 395280
<DIVIDEND-INCOME> 7617
<INTEREST-INCOME> 1061
<OTHER-INCOME> 18
<EXPENSES-NET> 2667
<NET-INVESTMENT-INCOME> 6029
<REALIZED-GAINS-CURRENT> 8723
<APPREC-INCREASE-CURRENT> 35127
<NET-CHANGE-FROM-OPS> 49879
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 181<F2>
<DISTRIBUTIONS-OF-GAINS> 356<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 1447<F2>
<NUMBER-OF-SHARES-REDEEMED> 52<F2>
<SHARES-REINVESTED> 26<F2>
<NET-CHANGE-IN-ASSETS> 207100
<ACCUMULATED-NII-PRIOR> 41
<ACCUMULATED-GAINS-PRIOR> 6380
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1880
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2803
<AVERAGE-NET-ASSETS> 12222<F2>
<PER-SHARE-NAV-BEGIN> 15.14<F2>
<PER-SHARE-NII> .24<F2>
<PER-SHARE-GAIN-APPREC> 3.23<F2>
<PER-SHARE-DIVIDEND> .23<F2>
<PER-SHARE-DISTRIBUTIONS> .70<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 17.68<F2>
<EXPENSE-RATIO> 1.98<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F2>Class B Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 111
<NAME> EQUITY INDEX FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 305312
<INVESTMENTS-AT-VALUE> 391424
<RECEIVABLES> 1249
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 392673
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 891
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 303532
<SHARES-COMMON-STOCK> 19269<F2>
<SHARES-COMMON-PRIOR> 16747<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 405
<ACCUMULATED-NET-GAINS> 2450
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86205
<NET-ASSETS> 391782
<DIVIDEND-INCOME> 6339
<INTEREST-INCOME> 888
<OTHER-INCOME> 28
<EXPENSES-NET> 1056
<NET-INVESTMENT-INCOME> 6199
<REALIZED-GAINS-CURRENT> 10186
<APPREC-INCREASE-CURRENT> 47556
<NET-CHANGE-FROM-OPS> 63941
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5943<F2>
<DISTRIBUTIONS-OF-GAINS> 8186<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 7069<F2>
<NUMBER-OF-SHARES-REDEEMED> 5207<F2>
<SHARES-REINVESTED> 660<F2>
<NET-CHANGE-IN-ASSETS> 152476
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1065
<OVERDISTRIB-NII-PRIOR> 232
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 876
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1924
<AVERAGE-NET-ASSETS> 265033<F2>
<PER-SHARE-NAV-BEGIN> 14.03<F2>
<PER-SHARE-NII> .33<F2>
<PER-SHARE-GAIN-APPREC> 3.16<F2>
<PER-SHARE-DIVIDEND> .34<F2>
<PER-SHARE-DISTRIBUTIONS> .52<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.66<F2>
<EXPENSE-RATIO> .30<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F2>Fiduciary Share Class
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 112
<NAME> EQUITY INDEX FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 305312
<INVESTMENTS-AT-VALUE> 391424
<RECEIVABLES> 1249
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 392673
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 891
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 303532
<SHARES-COMMON-STOCK> 1931<F2>
<SHARES-COMMON-PRIOR> 214<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 405
<ACCUMULATED-NET-GAINS> 2450
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86205
<NET-ASSETS> 391782
<DIVIDEND-INCOME> 6339
<INTEREST-INCOME> 888
<OTHER-INCOME> 28
<EXPENSES-NET> 1056
<NET-INVESTMENT-INCOME> 6199
<REALIZED-GAINS-CURRENT> 10186
<APPREC-INCREASE-CURRENT> 47556
<NET-CHANGE-FROM-OPS> 63941
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5943<F2>
<DISTRIBUTIONS-OF-GAINS> 8186<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 7069<F2>
<NUMBER-OF-SHARES-REDEEMED> 5207<F2>
<SHARES-REINVESTED> 660<F2>
<NET-CHANGE-IN-ASSETS> 152476
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1065
<OVERDISTRIB-NII-PRIOR> 232
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 876
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1924
<AVERAGE-NET-ASSETS> 14094<F2>
<PER-SHARE-NAV-BEGIN> 14.02<F2>
<PER-SHARE-NII> .27<F2>
<PER-SHARE-GAIN-APPREC> 3.18<F2>
<PER-SHARE-DIVIDEND> .28<F2>
<PER-SHARE-DISTRIBUTIONS> .52<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.67<F2>
<EXPENSE-RATIO> .55<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F2>Class A Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 113
<NAME> EQUITY INDEX FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 305312
<INVESTMENTS-AT-VALUE> 391424
<RECEIVABLES> 1249
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 392673
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 0
<TOTAL-LIABILITIES> 891
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 303532
<SHARES-COMMON-STOCK> 2310<F2>
<SHARES-COMMON-PRIOR> 100<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 405
<ACCUMULATED-NET-GAINS> 2450
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 86205
<NET-ASSETS> 391782
<DIVIDEND-INCOME> 6339
<INTEREST-INCOME> 888
<OTHER-INCOME> 28
<EXPENSES-NET> 1056
<NET-INVESTMENT-INCOME> 6199
<REALIZED-GAINS-CURRENT> 10186
<APPREC-INCREASE-CURRENT> 47556
<NET-CHANGE-FROM-OPS> 63941
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 153<F2>
<DISTRIBUTIONS-OF-GAINS> 256<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 2232<F2>
<NUMBER-OF-SHARES-REDEEMED> 47<F2>
<SHARES-REINVESTED> 25<F2>
<NET-CHANGE-IN-ASSETS> 152476
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 1065
<OVERDISTRIB-NII-PRIOR> 232
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 876
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1924
<AVERAGE-NET-ASSETS> 12890<F2>
<PER-SHARE-NAV-BEGIN> 14.05<F2>
<PER-SHARE-NII> .16<F2>
<PER-SHARE-GAIN-APPREC> 3.16<F2>
<PER-SHARE-DIVIDEND> .17<F2>
<PER-SHARE-DISTRIBUTIONS> .52<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 16.68<F2>
<EXPENSE-RATIO> 1.30<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<F2>Class B Shares
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 271
<NAME> VALUE GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 206479
<INVESTMENTS-AT-VALUE> 231863
<RECEIVABLES> 821
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 232684
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 815
<TOTAL-LIABILITIES> 815
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174138
<SHARES-COMMON-STOCK> 18398<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 12
<ACCUMULATED-NET-GAINS> 32307
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25436
<NET-ASSETS> 231869
<DIVIDEND-INCOME> 2167
<INTEREST-INCOME> 379
<OTHER-INCOME> 78
<EXPENSES-NET> 1299
<NET-INVESTMENT-INCOME> 1254
<REALIZED-GAINS-CURRENT> 50010
<APPREC-INCREASE-CURRENT> (28550)
<NET-CHANGE-FROM-OPS> 22714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 574<F2>
<DISTRIBUTIONS-OF-GAINS> 0<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 18953<F2>
<NUMBER-OF-SHARES-REDEEMED> 556<F2>
<SHARES-REINVESTED> 1<F2>
<NET-CHANGE-IN-ASSETS> 47291
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17560
<OVERDISTRIB-NII-PRIOR> 2382
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1413
<AVERAGE-NET-ASSETS> 0<F2>
<PER-SHARE-NAV-BEGIN> 10.00<F2>
<PER-SHARE-NII> .03<F2>
<PER-SHARE-GAIN-APPREC> .39<F2>
<PER-SHARE-DIVIDEND> .03<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 10.39<F2>
<EXPENSE-RATIO> .95<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Fiduciary Share Class
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 272
<NAME> VALUE GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 206479
<INVESTMENTS-AT-VALUE> 231863
<RECEIVABLES> 821
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 232684
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 815
<TOTAL-LIABILITIES> 815
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174138
<SHARES-COMMON-STOCK> 3462<F2>
<SHARES-COMMON-PRIOR> 12814<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 12
<ACCUMULATED-NET-GAINS> 32307
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25436
<NET-ASSETS> 231869
<DIVIDEND-INCOME> 2167
<INTEREST-INCOME> 379
<OTHER-INCOME> 78
<EXPENSES-NET> 1299
<NET-INVESTMENT-INCOME> 1254
<REALIZED-GAINS-CURRENT> 50010
<APPREC-INCREASE-CURRENT> (28550)
<NET-CHANGE-FROM-OPS> 22714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 685<F2>
<DISTRIBUTIONS-OF-GAINS> 34705<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 8698<F2>
<NUMBER-OF-SHARES-REDEEMED> 19795<F2>
<SHARES-REINVESTED> 1745<F2>
<NET-CHANGE-IN-ASSETS> 47291
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17560
<OVERDISTRIB-NII-PRIOR> 2382
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1413
<AVERAGE-NET-ASSETS> 136400<F2>
<PER-SHARE-NAV-BEGIN> 11.15<F2>
<PER-SHARE-NII> .94<F2>
<PER-SHARE-GAIN-APPREC> .08<F2>
<PER-SHARE-DIVIDEND> .95<F2>
<PER-SHARE-DISTRIBUTIONS> .83<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 10.39<F2>
<EXPENSE-RATIO> .97<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Class A Shares
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 273
<NAME> VALUE GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7-MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 206479
<INVESTMENTS-AT-VALUE> 231863
<RECEIVABLES> 821
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 232684
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 815
<TOTAL-LIABILITIES> 815
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 174138
<SHARES-COMMON-STOCK> 450<F2>
<SHARES-COMMON-PRIOR> 172<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 12
<ACCUMULATED-NET-GAINS> 32307
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 25436
<NET-ASSETS> 231869
<DIVIDEND-INCOME> 2167
<INTEREST-INCOME> 379
<OTHER-INCOME> 78
<EXPENSES-NET> 1299
<NET-INVESTMENT-INCOME> 1254
<REALIZED-GAINS-CURRENT> 50010
<APPREC-INCREASE-CURRENT> (28550)
<NET-CHANGE-FROM-OPS> 22714
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5<F2>
<DISTRIBUTIONS-OF-GAINS> 557<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 258<F2>
<NUMBER-OF-SHARES-REDEEMED> 16<F2>
<SHARES-REINVESTED> 36<F2>
<NET-CHANGE-IN-ASSETS> 47291
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 17560
<OVERDISTRIB-NII-PRIOR> 2382
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 965
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 1413
<AVERAGE-NET-ASSETS> 3776<F2>
<PER-SHARE-NAV-BEGIN> 11.16<F2>
<PER-SHARE-NII> .91<F2>
<PER-SHARE-GAIN-APPREC> .07<F2>
<PER-SHARE-DIVIDEND> .92<F2>
<PER-SHARE-DISTRIBUTIONS> .83<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 10.39<F2>
<EXPENSE-RATIO> 1.86<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 121
<NAME> LARGE COMPANY VALUE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 604175
<INVESTMENTS-AT-VALUE> 599949
<RECEIVABLES> 5449
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 605398
<PAYABLE-FOR-SECURITIES> 4613
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2743
<TOTAL-LIABILITIES> 7356
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 555124
<SHARES-COMMON-STOCK> 45543<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 114
<ACCUMULATED-NET-GAINS> 47238
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4206)
<NET-ASSETS> 598042
<DIVIDEND-INCOME> 13341
<INTEREST-INCOME> 3900
<OTHER-INCOME> 58
<EXPENSES-NET> 4986
<NET-INVESTMENT-INCOME> 12313
<REALIZED-GAINS-CURRENT> 66494
<APPREC-INCREASE-CURRENT> (17058)
<NET-CHANGE-FROM-OPS> 61749
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 12259<F2>
<DISTRIBUTIONS-OF-GAINS> 46275<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 17295<F2>
<NUMBER-OF-SHARES-REDEEMED> 9049<F2>
<SHARES-REINVESTED> 594<F2>
<NET-CHANGE-IN-ASSETS> 226099
<ACCUMULATED-NII-PRIOR> 7
<ACCUMULATED-GAINS-PRIOR> 12852
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5026
<AVERAGE-NET-ASSETS> 499344<F2>
<PER-SHARE-NAV-BEGIN> 12.87<F2>
<PER-SHARE-NII> .31<F2>
<PER-SHARE-GAIN-APPREC> 1.20<F2>
<PER-SHARE-DIVIDEND> .31<F2>
<PER-SHARE-DISTRIBUTIONS> 1.24<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.83<F2>
<EXPENSE-RATIO> .97<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Fiduciary Share Class
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 122
<NAME> LARGE COMPANY VALUE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 604175
<INVESTMENTS-AT-VALUE> 599949
<RECEIVABLES> 5449
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 605398
<PAYABLE-FOR-SECURITIES> 4613
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2743
<TOTAL-LIABILITIES> 7356
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 555124
<SHARES-COMMON-STOCK> 729<F2>
<SHARES-COMMON-PRIOR> 270<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 114
<ACCUMULATED-NET-GAINS> 47238
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4206)
<NET-ASSETS> 598042
<DIVIDEND-INCOME> 13341
<INTEREST-INCOME> 3900
<OTHER-INCOME> 58
<EXPENSES-NET> 4986
<NET-INVESTMENT-INCOME> 12313
<REALIZED-GAINS-CURRENT> 66494
<APPREC-INCREASE-CURRENT> (17058)
<NET-CHANGE-FROM-OPS> 61749
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 143<F2>
<DISTRIBUTIONS-OF-GAINS> 631<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 815<F2>
<NUMBER-OF-SHARES-REDEEMED> 417<F2>
<SHARES-REINVESTED> 61<F2>
<NET-CHANGE-IN-ASSETS> 226099
<ACCUMULATED-NII-PRIOR> 7
<ACCUMULATED-GAINS-PRIOR> 12852
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5026
<AVERAGE-NET-ASSETS> 6772<F2>
<PER-SHARE-NAV-BEGIN> 12.89<F2>
<PER-SHARE-NII> .27<F2>
<PER-SHARE-GAIN-APPREC> 1.22<F2>
<PER-SHARE-DIVIDEND> .27<F2>
<PER-SHARE-DISTRIBUTIONS> 1.24<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.87<F2>
<EXPENSE-RATIO> 1.22<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 123
<NAME> LARGE COMPANY VALUE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 604175
<INVESTMENTS-AT-VALUE> 599949
<RECEIVABLES> 5449
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 605398
<PAYABLE-FOR-SECURITIES> 4613
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2743
<TOTAL-LIABILITIES> 7356
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 555124
<SHARES-COMMON-STOCK> 318<F2>
<SHARES-COMMON-PRIOR> 66<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 114
<ACCUMULATED-NET-GAINS> 47238
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> (4206)
<NET-ASSETS> 598042
<DIVIDEND-INCOME> 13341
<INTEREST-INCOME> 3900
<OTHER-INCOME> 58
<EXPENSES-NET> 4986
<NET-INVESTMENT-INCOME> 12313
<REALIZED-GAINS-CURRENT> 66494
<APPREC-INCREASE-CURRENT> (17058)
<NET-CHANGE-FROM-OPS> 61749
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 32<F2>
<DISTRIBUTIONS-OF-GAINS> 183<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 262<F2>
<NUMBER-OF-SHARES-REDEEMED> 26<F2>
<SHARES-REINVESTED> 16<F2>
<NET-CHANGE-IN-ASSETS> 226099
<ACCUMULATED-NII-PRIOR> 7
<ACCUMULATED-GAINS-PRIOR> 12852
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3764
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5026
<AVERAGE-NET-ASSETS> 2258<F2>
<PER-SHARE-NAV-BEGIN> 12.96<F2>
<PER-SHARE-NII> .18<F2>
<PER-SHARE-GAIN-APPREC> 1.26<F2>
<PER-SHARE-DIVIDEND> .18<F2>
<PER-SHARE-DISTRIBUTIONS> 1.24<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 12.98<F2>
<EXPENSE-RATIO> 1.97<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 071
<NAME> DISCIPLINE VALUE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 506190
<INVESTMENTS-AT-VALUE> 560181
<RECEIVABLES> 907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 561088
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1471
<TOTAL-LIABILITIES> 1471
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 464636
<SHARES-COMMON-STOCK> 35564<F2>
<SHARES-COMMON-PRIOR> 33982<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 45
<ACCUMULATED-NET-GAINS> 41035
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53991
<NET-ASSETS> 559617
<DIVIDEND-INCOME> 15128
<INTEREST-INCOME> 1236
<OTHER-INCOME> 0
<EXPENSES-NET> 5523
<NET-INVESTMENT-INCOME> 10841
<REALIZED-GAINS-CURRENT> 60286
<APPREC-INCREASE-CURRENT> 25630
<NET-CHANGE-FROM-OPS> 96757
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 10493<F2>
<DISTRIBUTIONS-OF-GAINS> 27544<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 9341<F2>
<NUMBER-OF-SHARES-REDEEMED> 9186<F2>
<SHARES-REINVESTED> 1427<F2>
<NET-CHANGE-IN-ASSETS> 86305
<ACCUMULATED-NII-PRIOR> 43
<ACCUMULATED-GAINS-PRIOR> 9921
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3995
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5601
<AVERAGE-NET-ASSETS> 508906<F2>
<PER-SHARE-NAV-BEGIN> 13.20<F2>
<PER-SHARE-NII> .29<F2>
<PER-SHARE-GAIN-APPREC> 2.27<F2>
<PER-SHARE-DIVIDEND> .29<F2>
<PER-SHARE-DISTRIBUTIONS> .78<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 14.69<F2>
<EXPENSE-RATIO> .99<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Fiduciary Share Class
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 072
<NAME> DISCIPLINE VALUE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 506190
<INVESTMENTS-AT-VALUE> 560181
<RECEIVABLES> 907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 561088
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1471
<TOTAL-LIABILITIES> 1471
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 464636
<SHARES-COMMON-STOCK> 1416<F2>
<SHARES-COMMON-PRIOR> 1026<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 45
<ACCUMULATED-NET-GAINS> 41035
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53991
<NET-ASSETS> 559617
<DIVIDEND-INCOME> 15128
<INTEREST-INCOME> 1236
<OTHER-INCOME> 0
<EXPENSES-NET> 5523
<NET-INVESTMENT-INCOME> 10841
<REALIZED-GAINS-CURRENT> 60286
<APPREC-INCREASE-CURRENT> 25630
<NET-CHANGE-FROM-OPS> 96757
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 304<F2>
<DISTRIBUTIONS-OF-GAINS> 920<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 760<F2>
<NUMBER-OF-SHARES-REDEEMED> 456<F2>
<SHARES-REINVESTED> 86<F2>
<NET-CHANGE-IN-ASSETS> 86305
<ACCUMULATED-NII-PRIOR> 43
<ACCUMULATED-GAINS-PRIOR> 9921
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3995
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5601
<AVERAGE-NET-ASSETS> 17212<F2>
<PER-SHARE-NAV-BEGIN> 13.22<F2>
<PER-SHARE-NII> .25<F2>
<PER-SHARE-GAIN-APPREC> 2.28<F2>
<PER-SHARE-DIVIDEND> .25<F2>
<PER-SHARE-DISTRIBUTIONS> .78<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 14.72<F2>
<EXPENSE-RATIO> 1.24<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 073
<NAME> DISCIPLINE VALUE FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 506190
<INVESTMENTS-AT-VALUE> 560181
<RECEIVABLES> 907
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 561088
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1471
<TOTAL-LIABILITIES> 1471
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 464636
<SHARES-COMMON-STOCK> 1110<F2>
<SHARES-COMMON-PRIOR> 851<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 45
<ACCUMULATED-NET-GAINS> 41035
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53991
<NET-ASSETS> 559617
<DIVIDEND-INCOME> 15128
<INTEREST-INCOME> 1236
<OTHER-INCOME> 0
<EXPENSES-NET> 5523
<NET-INVESTMENT-INCOME> 10841
<REALIZED-GAINS-CURRENT> 60286
<APPREC-INCREASE-CURRENT> 25630
<NET-CHANGE-FROM-OPS> 96757
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 132<F2>
<DISTRIBUTIONS-OF-GAINS> 708<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 298<F2>
<NUMBER-OF-SHARES-REDEEMED> 99<F2>
<SHARES-REINVESTED> 60<F2>
<NET-CHANGE-IN-ASSETS> 86305
<ACCUMULATED-NII-PRIOR> 43
<ACCUMULATED-GAINS-PRIOR> 9921
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3995
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5601
<AVERAGE-NET-ASSETS> 13569<F2>
<PER-SHARE-NAV-BEGIN> 13.19<F2>
<PER-SHARE-NII> .15<F2>
<PER-SHARE-GAIN-APPREC> 2.27<F2>
<PER-SHARE-DIVIDEND> .14<F2>
<PER-SHARE-DISTRIBUTIONS> .78<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 14.69<F2>
<EXPENSE-RATIO> 1.99<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 231
<NAME> THE ONE GROUP LARGE COMPANY GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 717380
<INVESTMENTS-AT-VALUE> 876968
<RECEIVABLES> 2540
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 879509
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2148
<TOTAL-LIABILITIES> 2148
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 693730
<SHARES-COMMON-STOCK> 48320<F1>
<SHARES-COMMON-PRIOR> 39480<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 45
<ACCUMULATED-NET-GAINS> 41035
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53991
<NET-ASSETS> 559617
<DIVIDEND-INCOME> 14838
<INTEREST-INCOME> 1068
<OTHER-INCOME> 74
<EXPENSES-NET> 7514
<NET-INVESTMENT-INCOME> 8466
<REALIZED-GAINS-CURRENT> 29317
<APPREC-INCREASE-CURRENT> 85542
<NET-CHANGE-FROM-OPS> 123325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 7991<F1>
<DISTRIBUTIONS-OF-GAINS> 7625<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 17295<F1>
<NUMBER-OF-SHARES-REDEEMED> 9049<F1>
<SHARES-REINVESTED> 594<F1>
<NET-CHANGE-IN-ASSETS> 311420
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3247
<OVERDISTRIB-NII-PRIOR> 10
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5481
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7810
<AVERAGE-NET-ASSETS> 662145<F1>
<PER-SHARE-NAV-BEGIN> 13.470<F1>
<PER-SHARE-NII> .180<F1>
<PER-SHARE-GAIN-APPREC> 2.140<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .350<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 15.440<F1>
<EXPENSE-RATIO> .960<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Fiduciary Class
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 232
<NAME> THE ONE GROUP LARGE COMPANY GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 717380
<INVESTMENTS-AT-VALUE> 876968
<RECEIVABLES> 2540
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 879509
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2148
<TOTAL-LIABILITIES> 2148
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 693730
<SHARES-COMMON-STOCK> 4745<F1>
<SHARES-COMMON-PRIOR> 1983<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 45
<ACCUMULATED-NET-GAINS> 41035
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53991
<NET-ASSETS> 559617
<DIVIDEND-INCOME> 14838
<INTEREST-INCOME> 1068
<OTHER-INCOME> 74
<EXPENSES-NET> 7514
<NET-INVESTMENT-INCOME> 8466
<REALIZED-GAINS-CURRENT> 29317
<APPREC-INCREASE-CURRENT> 85542
<NET-CHANGE-FROM-OPS> 123325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 482<F1>
<DISTRIBUTIONS-OF-GAINS> 558<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3373<F1>
<NUMBER-OF-SHARES-REDEEMED> 674<F1>
<SHARES-REINVESTED> 63<F1>
<NET-CHANGE-IN-ASSETS> 311420
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3247
<OVERDISTRIB-NII-PRIOR> 10
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5481
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7810
<AVERAGE-NET-ASSETS> 51294<F1>
<PER-SHARE-NAV-BEGIN> 13.830<F1>
<PER-SHARE-NII> .140<F1>
<PER-SHARE-GAIN-APPREC> 2.170<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .310<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 15.830<F1>
<EXPENSE-RATIO> 1.210<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Class
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 233
<NAME> THE ONE GROUP LARGE COMPANY GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 717380
<INVESTMENTS-AT-VALUE> 876968
<RECEIVABLES> 2540
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 879509
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 2148
<TOTAL-LIABILITIES> 2148
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 693730
<SHARES-COMMON-STOCK> 3600<F1>
<SHARES-COMMON-PRIOR> 507<F1>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 45
<ACCUMULATED-NET-GAINS> 41035
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 53991
<NET-ASSETS> 559617
<DIVIDEND-INCOME> 14838
<INTEREST-INCOME> 1068
<OTHER-INCOME> 74
<EXPENSES-NET> 7514
<NET-INVESTMENT-INCOME> 8466
<REALIZED-GAINS-CURRENT> 29317
<APPREC-INCREASE-CURRENT> 85542
<NET-CHANGE-FROM-OPS> 123325
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 68<F1>
<DISTRIBUTIONS-OF-GAINS> 253<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 3229<F1>
<NUMBER-OF-SHARES-REDEEMED> 163<F1>
<SHARES-REINVESTED> 27<F1>
<NET-CHANGE-IN-ASSETS> 311420
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 3247
<OVERDISTRIB-NII-PRIOR> 10
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 5481
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 7810
<AVERAGE-NET-ASSETS> 27569<F1>
<PER-SHARE-NAV-BEGIN> 13.630<F1>
<PER-SHARE-NII> .050<F1>
<PER-SHARE-GAIN-APPREC> 2.170<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .220<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 15.630<F1>
<EXPENSE-RATIO> 1.960<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class B Class
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 081
<NAME> GROWTH OPPORTUNITIES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 592135
<INVESTMENTS-AT-VALUE> 600299
<RECEIVABLES> 8074
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 604202
<TOTAL-ASSETS> 612276
<PAYABLE-FOR-SECURITIES> 34062
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4727
<TOTAL-LIABILITIES> 38789
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 28310<F2>
<SHARES-COMMON-PRIOR> 22469<F2>
<ACCUMULATED-NII-CURRENT> 07
<OVERDISTRIBUTION-NII> 47
<ACCUMULATED-NET-GAINS> 80677
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8164
<NET-ASSETS> 573487
<DIVIDEND-INCOME> 8638
<INTEREST-INCOME> 2051
<OTHER-INCOME> 177
<EXPENSES-NET> 5063
<NET-INVESTMENT-INCOME> 5803
<REALIZED-GAINS-CURRENT> 150392
<APPREC-INCREASE-CURRENT> 49094
<NET-CHANGE-FROM-OPS> 107101
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 5572<F2>
<DISTRIBUTIONS-OF-GAINS> 78544<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 8947<F2>
<NUMBER-OF-SHARES-REDEEMED> 5714<F2>
<SHARES-REINVESTED> 2608<F2>
<NET-CHANGE-IN-ASSETS> 126929
<ACCUMULATED-NII-PRIOR> 357764
<ACCUMULATED-GAINS-PRIOR> 12472
<OVERDISTRIB-NII-PRIOR> 11
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3743
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5135
<AVERAGE-NET-ASSETS> 480493<F2>
<PER-SHARE-NAV-BEGIN> 18.40<F2>
<PER-SHARE-NII> .20<F2>
<PER-SHARE-GAIN-APPREC> 3.83<F2>
<PER-SHARE-DIVIDEND> .20<F2>
<PER-SHARE-DISTRIBUTIONS> 3.42<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.81<F2>
<EXPENSE-RATIO> 1.00<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Fiduciary Share Class
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 082
<NAME> GROWTH OPPORTUNITIES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 592135
<INVESTMENTS-AT-VALUE> 600299
<RECEIVABLES> 8074
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 604202
<TOTAL-ASSETS> 612276
<PAYABLE-FOR-SECURITIES> 34062
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4727
<TOTAL-LIABILITIES> 38789
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 1495<F2>
<SHARES-COMMON-PRIOR> 609<F2>
<ACCUMULATED-NII-CURRENT> 07
<OVERDISTRIBUTION-NII> 47
<ACCUMULATED-NET-GAINS> 80677
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8164
<NET-ASSETS> 573487
<DIVIDEND-INCOME> 8638
<INTEREST-INCOME> 2051
<OTHER-INCOME> 177
<EXPENSES-NET> 5063
<NET-INVESTMENT-INCOME> 5803
<REALIZED-GAINS-CURRENT> 150392
<APPREC-INCREASE-CURRENT> 49094
<NET-CHANGE-FROM-OPS> 107101
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 216<F2>
<DISTRIBUTIONS-OF-GAINS> 2747<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 108378<F2>
<NUMBER-OF-SHARES-REDEEMED> 95119<F2>
<SHARES-REINVESTED> 2718<F2>
<NET-CHANGE-IN-ASSETS> 126929
<ACCUMULATED-NII-PRIOR> 357764
<ACCUMULATED-GAINS-PRIOR> 12472
<OVERDISTRIB-NII-PRIOR> 11
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3743
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5135
<AVERAGE-NET-ASSETS> 18468<F2>
<PER-SHARE-NAV-BEGIN> 18.36<F2>
<PER-SHARE-NII> .17<F2>
<PER-SHARE-GAIN-APPREC> 3.80<F2>
<PER-SHARE-DIVIDEND> .15<F2>
<PER-SHARE-DISTRIBUTIONS> 3.42<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.76<F2>
<EXPENSE-RATIO> 1.25<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 083
<NAME> GROWTH OPPORTUNITIES FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 592135
<INVESTMENTS-AT-VALUE> 600299
<RECEIVABLES> 8074
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 604202
<TOTAL-ASSETS> 612276
<PAYABLE-FOR-SECURITIES> 34062
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4727
<TOTAL-LIABILITIES> 38789
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 0
<SHARES-COMMON-STOCK> 700<F2>
<SHARES-COMMON-PRIOR> 154<F2>
<ACCUMULATED-NII-CURRENT> 07
<OVERDISTRIBUTION-NII> 47
<ACCUMULATED-NET-GAINS> 80677
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 8164
<NET-ASSETS> 573487
<DIVIDEND-INCOME> 8638
<INTEREST-INCOME> 2051
<OTHER-INCOME> 177
<EXPENSES-NET> 5063
<NET-INVESTMENT-INCOME> 5803
<REALIZED-GAINS-CURRENT> 150392
<APPREC-INCREASE-CURRENT> 49094
<NET-CHANGE-FROM-OPS> 107101
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 51<F2>
<DISTRIBUTIONS-OF-GAINS> 896<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 522<F2>
<NUMBER-OF-SHARES-REDEEMED> 30<F2>
<SHARES-REINVESTED> 55<F2>
<NET-CHANGE-IN-ASSETS> 126929
<ACCUMULATED-NII-PRIOR> 357764
<ACCUMULATED-GAINS-PRIOR> 12472
<OVERDISTRIB-NII-PRIOR> 11
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 3743
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 5135
<AVERAGE-NET-ASSETS> 6541<F2>
<PER-SHARE-NAV-BEGIN> 18.14<F2>
<PER-SHARE-NII> .09<F2>
<PER-SHARE-GAIN-APPREC> 3.69<F2>
<PER-SHARE-DIVIDEND> .07<F2>
<PER-SHARE-DISTRIBUTIONS> 3.42<F2>
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 18.43<F2>
<EXPENSE-RATIO> 2.00<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Class B Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 141
<NAME> THE ONE GROUP INTERNATIONAL EQUITY INDEX FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 323827
<INVESTMENTS-AT-VALUE> 363102
<RECEIVABLES> 8149
<ASSETS-OTHER> 1819
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 373070
<PAYABLE-FOR-SECURITIES> 7608
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1027
<TOTAL-LIABILITIES> 8635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 321819
<SHARES-COMMON-STOCK> 22921<F1>
<SHARES-COMMON-PRIOR> 15680<F1>
<ACCUMULATED-NII-CURRENT> 1395
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1893
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39328
<NET-ASSETS> 364435
<DIVIDEND-INCOME> 6421
<INTEREST-INCOME> 248
<OTHER-INCOME> (877)
<EXPENSES-NET> 2852
<NET-INVESTMENT-INCOME> 2940
<REALIZED-GAINS-CURRENT> 1467
<APPREC-INCREASE-CURRENT> 26748
<NET-CHANGE-FROM-OPS> 31155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 3254<F1>
<DISTRIBUTIONS-OF-GAINS> 2147<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 10623<F1>
<NUMBER-OF-SHARES-REDEEMED> 3542<F1>
<SHARES-REINVESTED> 160<F1>
<NET-CHANGE-IN-ASSETS> 137421
<ACCUMULATED-NII-PRIOR> 2643
<ACCUMULATED-GAINS-PRIOR> 2003
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1584
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2951
<AVERAGE-NET-ASSETS> 276248<F1>
<PER-SHARE-NAV-BEGIN> 13.930<F1>
<PER-SHARE-NII> .110<F1>
<PER-SHARE-GAIN-APPREC> 1.430<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .300<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 15.170<F1>
<EXPENSE-RATIO> .970<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Fiduciary Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 142
<NAME> THE ONE GROUP INTERNATIONAL EQUITY INDEX FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 323827
<INVESTMENTS-AT-VALUE> 363102
<RECEIVABLES> 8149
<ASSETS-OTHER> 1819
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 373070
<PAYABLE-FOR-SECURITIES> 7608
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1027
<TOTAL-LIABILITIES> 8635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 321819
<SHARES-COMMON-STOCK> 712<F1>
<SHARES-COMMON-PRIOR> 361<F1>
<ACCUMULATED-NII-CURRENT> 1395
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1893
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39328
<NET-ASSETS> 364435
<DIVIDEND-INCOME> 6421
<INTEREST-INCOME> 248
<OTHER-INCOME> (877)
<EXPENSES-NET> 2852
<NET-INVESTMENT-INCOME> 2940
<REALIZED-GAINS-CURRENT> 1467
<APPREC-INCREASE-CURRENT> 26748
<NET-CHANGE-FROM-OPS> 31155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 83<F1>
<DISTRIBUTIONS-OF-GAINS> 55<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 484<F1>
<NUMBER-OF-SHARES-REDEEMED> 143<F1>
<SHARES-REINVESTED> 10<F1>
<NET-CHANGE-IN-ASSETS> 137421
<ACCUMULATED-NII-PRIOR> 2643
<ACCUMULATED-GAINS-PRIOR> 2003
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1584
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2951
<AVERAGE-NET-ASSETS> 7201<F1>
<PER-SHARE-NAV-BEGIN> 13.920<F1>
<PER-SHARE-NII> .140<F1>
<PER-SHARE-GAIN-APPREC> 1.400<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .300<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 15.160<F1>
<EXPENSE-RATIO> 1.220<F1>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F1>Class A Shares
</FN>
</TABLE>
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 143
<NAME> THE ONE GROUP INTERNATIONAL EQUITY INDEX FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> YEAR
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> JUL-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 323827
<INVESTMENTS-AT-VALUE> 363102
<RECEIVABLES> 8149
<ASSETS-OTHER> 1819
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 373070
<PAYABLE-FOR-SECURITIES> 7608
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 1027
<TOTAL-LIABILITIES> 8635
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 321819
<SHARES-COMMON-STOCK> 396<F1>
<SHARES-COMMON-PRIOR> 269<F1>
<ACCUMULATED-NII-CURRENT> 1395
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 1893
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 39328
<NET-ASSETS> 364435
<DIVIDEND-INCOME> 6421
<INTEREST-INCOME> 248
<OTHER-INCOME> (877)
<EXPENSES-NET> 2852
<NET-INVESTMENT-INCOME> 2940
<REALIZED-GAINS-CURRENT> 1467
<APPREC-INCREASE-CURRENT> 26748
<NET-CHANGE-FROM-OPS> 31155
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 50<F1>
<DISTRIBUTIONS-OF-GAINS> 33<F1>
<DISTRIBUTIONS-OTHER> 0<F1>
<NUMBER-OF-SHARES-SOLD> 179<F1>
<NUMBER-OF-SHARES-REDEEMED> 57<F1>
<SHARES-REINVESTED> 5<F1>
<NET-CHANGE-IN-ASSETS> 137421
<ACCUMULATED-NII-PRIOR> 2643
<ACCUMULATED-GAINS-PRIOR> 2003
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 1584
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 2951
<AVERAGE-NET-ASSETS> 4402<F1>
<PER-SHARE-NAV-BEGIN> 13.730<F1>
<PER-SHARE-NII> .030<F1>
<PER-SHARE-GAIN-APPREC> 1.320<F1>
<PER-SHARE-DIVIDEND> .000<F1>
<PER-SHARE-DISTRIBUTIONS> .290<F1>
<RETURNS-OF-CAPITAL> .000<F1>
<PER-SHARE-NAV-END> 14.790<F1>
<EXPENSE-RATIO> 1.970<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>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 261
<NAME> GULF SOUTH GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7 MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 81892
<INVESTMENTS-AT-VALUE> 104032
<RECEIVABLES> 130
<ASSETS-OTHER> 198
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104360
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 88
<TOTAL-LIABILITIES> 88
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77424
<SHARES-COMMON-STOCK> 7757<F2>
<SHARES-COMMON-PRIOR> 0<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4708
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22140
<NET-ASSETS> 104272
<DIVIDEND-INCOME> 237
<INTEREST-INCOME> 191
<OTHER-INCOME> 21
<EXPENSES-NET> 611
<NET-INVESTMENT-INCOME> (162)
<REALIZED-GAINS-CURRENT> 20607
<APPREC-INCREASE-CURRENT> (8026)
<NET-CHANGE-FROM-OPS> 12419
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 237<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 8116<F2>
<NUMBER-OF-SHARES-REDEEMED> 360<F2>
<SHARES-REINVESTED> 1<F2>
<NET-CHANGE-IN-ASSETS> 6991
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 414
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 644
<AVERAGE-NET-ASSETS> 88184<F2>
<PER-SHARE-NAV-BEGIN> 10.00<F2>
<PER-SHARE-NII> .78<F2>
<PER-SHARE-GAIN-APPREC> 0<F2>
<PER-SHARE-DIVIDEND> 0.03<F2>
<PER-SHARE-DISTRIBUTIONS> 0<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 10.75<F2>
<EXPENSE-RATIO> .96<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Fiduciary Share Class
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 262
<NAME> GULF SOUTH GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7 MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 81892
<INVESTMENTS-AT-VALUE> 104032
<RECEIVABLES> 130
<ASSETS-OTHER> 198
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104360
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 88
<TOTAL-LIABILITIES> 88
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77424
<SHARES-COMMON-STOCK> 1710<F2>
<SHARES-COMMON-PRIOR> 5286<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4708
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22140
<NET-ASSETS> 104272
<DIVIDEND-INCOME> 237
<INTEREST-INCOME> 191
<OTHER-INCOME> 21
<EXPENSES-NET> 611
<NET-INVESTMENT-INCOME> (162)
<REALIZED-GAINS-CURRENT> 20607
<APPREC-INCREASE-CURRENT> (8026)
<NET-CHANGE-FROM-OPS> 12419
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 17443<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 4064<F2>
<NUMBER-OF-SHARES-REDEEMED> 8516<F2>
<SHARES-REINVESTED> 876<F2>
<NET-CHANGE-IN-ASSETS> 6991
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 414
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 644
<AVERAGE-NET-ASSETS> 59886<F2>
<PER-SHARE-NAV-BEGIN> 11.50<F2>
<PER-SHARE-NII> (.07)<F2>
<PER-SHARE-GAIN-APPREC> 1.40<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 2.10<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 10.73<F2>
<EXPENSE-RATIO> 1.05<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Class A Shares
</FN>
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<PAGE>
<ARTICLE> 6
<CIK> 0000763852
<NAME> THE ONE GROUP FAMILY OF MUTUAL FUNDS
<SERIES>
<NUMBER> 263
<NAME> GULF SOUTH GROWTH FUND
<MULTIPLIER> 1,000
<S> <C>
<PERIOD-TYPE> 7 MOS
<FISCAL-YEAR-END> JUN-30-1996
<PERIOD-START> DEC-01-1995
<PERIOD-END> JUN-30-1996
<INVESTMENTS-AT-COST> 81892
<INVESTMENTS-AT-VALUE> 104032
<RECEIVABLES> 130
<ASSETS-OTHER> 198
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 104360
<PAYABLE-FOR-SECURITIES> 0
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 88
<TOTAL-LIABILITIES> 88
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 77424
<SHARES-COMMON-STOCK> 237<F2>
<SHARES-COMMON-PRIOR> 101<F2>
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 4708
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 22140
<NET-ASSETS> 104272
<DIVIDEND-INCOME> 237
<INTEREST-INCOME> 191
<OTHER-INCOME> 21
<EXPENSES-NET> 611
<NET-INVESTMENT-INCOME> (162)
<REALIZED-GAINS-CURRENT> 20607
<APPREC-INCREASE-CURRENT> (8026)
<NET-CHANGE-FROM-OPS> 12419
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0<F2>
<DISTRIBUTIONS-OF-GAINS> 393<F2>
<DISTRIBUTIONS-OTHER> 0<F2>
<NUMBER-OF-SHARES-SOLD> 123<F2>
<NUMBER-OF-SHARES-REDEEMED> 12<F2>
<SHARES-REINVESTED> 25<F2>
<NET-CHANGE-IN-ASSETS> 6991
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 414
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 644
<AVERAGE-NET-ASSETS> 2167<F2>
<PER-SHARE-NAV-BEGIN> 11.56<F2>
<PER-SHARE-NII> (.06)<F2>
<PER-SHARE-GAIN-APPREC> 1.35<F2>
<PER-SHARE-DIVIDEND> 0<F2>
<PER-SHARE-DISTRIBUTIONS> 2.13<F2>
<RETURNS-OF-CAPITAL> 0<F2>
<PER-SHARE-NAV-END> 10.72<F2>
<EXPENSE-RATIO> 1.87<F2>
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
<FN>
<F2>Class B Shares
</FN>
</TABLE>
