<PAGE> 1
Growth
Funds
Semi-Annual Report
For the six months ended December 31, 1997
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
Small Capitalization Fund
International Equity Index Fund
[THE ONE GROUP FAMILY OF MUTUAL FUNDS LOGO]
<PAGE> 2
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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, and
----
* are subject to investment risks, including possible FDIC
loss of the principal amount invested. LOGO
----
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<PAGE> 3
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Table of Contents
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THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997
Report From Your Investment Advisor........................................ 2
Portfolio Performance Review............................................... 4
Schedules of Portfolio Investments......................................... 7
Statements of Assets and Liabilities....................................... 56
Statements of Operations................................................... 60
Statements of Changes in Net Assets........................................ 62
Notes to Financial Statements.............................................. 66
Financial Highlights....................................................... 79
1
<PAGE> 4
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Report From Your Investment Advisor
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THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997
We are pleased to present this semiannual report for The One Group(R) 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 July 1, 1997, through
December 31, 1997.
DEAR VALUED SHAREHOLDER:
Thank you for continuing to support The One Group Family of Mutual Funds during
an interesting, challenging and ultimately rewarding year for investors.
Despite strong volatility throughout 1997 and turmoil in Asia, the Dow Jones
Industrial Average was up 24.94% for 1997. Never before had the index returned
more than 20% for three consecutive years. The S&P 500 Index soared even higher,
closing the year up 33.36%.
At the same time, and largely the result of low inflation, a strong U.S. dollar
and the flight to quality spurred by the Asian crisis, U.S. bond yields ended
the year on an impressive note. The 30-year Treasury, for example, ended the
year yielding 5.92%, close to its 20-year low. (As bond yields fall, bond prices
go up.)
ONCE AGAIN, A PHILOSOPHY REINFORCED
While the calendar-year returns for both the stock and bond markets are
impressive, events in the final six months of 1997 may be the most memorable. On
August 6, the Dow closed at 8,259, a record high and its peak for the calendar
year. Shortly thereafter, though, volatility rocked the market, as the effects
of the Asian financial crisis worked their way west. These forces culminated on
Monday, October 27, when the Dow plummeted more than 554 points, its
largest-ever point decline.
This drop may be the defining moment for 1997's financial markets, and it
presented a significant challenge for investors. But, rather than panicking,
shareholders of The One Group demonstrated a clear understanding of market
dynamics and the importance of maintaining a long-term investment philosophy.
I am pleased to report that there were no significant redemptions of One Group
shares after "Black Monday." To us, this implies that our investors understand
the potential dangers of selling their investments based on short-term
volatility. In fact, The One Group experienced a record purchase day on Tuesday,
October 28, indicating that investors realize the benefits of staying focused on
the stock market's long-term potential.
TAX BILL CHANGES FACE OF INVESTING
The second half of 1997 may be remembered as much for the jubilance it brought
investors as for the turmoil. The Taxpayer Relief Act of 1997 became law,
ushering in lower capital gains taxes for investors and new investment
opportunities poised to change the face of investing for years to come.
The cut in the capital gains tax rate may make investing in stocks even more
attractive for many investors. As you are planning for your future financial
needs and taking into consideration your appropriate asset allocation, please do
not overlook the impact of the new tax treatment of capital gains.
And, while you're planning for your financial future, take note that the 1997
tax law makes investing in IRAs even more attractive, particularly with the
introduction of the Roth IRA, a new type of account that offers tax-exempt
distributions in retirement. In addition, the Traditional IRA has been enhanced
with many new features.
The One Group can help you incorporate any of these retirement accounts into
your investment plan. Speak to your investment representative or call
1-800-480-4111 for more information on IRAs.
SEEK ADVICE FOR A YEAR'S WORTH OF EVENTS
With 1997's record volatility and the new investment opportunities introduced by
the tax law, now may be an ideal time to meet with your investment professional
and make sure your investment plan remains on track to meet your financial
needs.
As you probably know, your asset allocation--or the way your investment dollars
are strategically distributed among stock, bond and cash investments according
to your goals, risk tolerance and investing time frame--may be the
single-greatest determinant of your long-term investment success. After a year
full of market ups and downs, your asset allocation probably shifted. For
example, stock market appreciation may have caused your allocation to equities
to swing higher than called for in your plan. Your investment professional can
help you evaluate your plan and, if necessary, get it back on track.
2
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Report From Your Investment Advisor, continued
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THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997
Furthermore, your investment representative can help you make the most of the
Taxpayer Relief Act of 1997. Many of the provisions take effect with the 1998
tax year, so make sure you start off the year with the strategy that's most
appropriate for you.
Thank you for investing with The One Group Family of Mutual Funds and for your
ongoing support of the firm's time-tested investment philosophies. We look
forward to helping you achieve your financial goals in 1998 and beyond.
Sincerely,
LOGO
David J. Kundert
President and CEO,
Banc One Investment Advisors Corporation,
Investment Advisor to The One Group
David J. Kundert photo
For a prospectus with more complete information on The One Group Investor Funds,
including management fees and expenses, please contact The One Group at
1-800-480-4111. Please read the prospectus carefully before investing.
(2/98)
3
<PAGE> 6
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Portfolio Performance Review
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THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997
ECONOMIC GROWTH REMAINS STRONG
Despite showing a slight slowdown from the first half of the year, U.S. economic
growth during the second half of 1997 remained robust at a growth rate of 3.7%.
For the entire 12-month period, the U.S. economy grew by a 3.8% growth rate.
Firm employment gains and strong consumer confidence fueled the growth rate. The
unemployment rate headed steadily downward, ending the year at 4.7%. The economy
witnessed an average of 301,500 new non-farm jobs being created per month, when
all that is needed to absorb the growth in the labor force and keep the
unemployment rate steady is 150,000.
LONG-TERM INTEREST RATES DECLINE
Slightly higher inflation in 1996 kept long-term interest rates relatively high
throughout much of 1997. With prices climbing 3.3% on a year-over-year basis in
1996, investors feared that inflation would keep that pace or even climb higher
in 1997.
But, as the year unfolded it became apparent that inflation was, indeed, under
control. For the final six months of the year the inflation rate was 2.0%, and
for the entire year prices were up only 1.7%, the best performance in 11 years.
Low prices helped pave the way for a significant decline in long-term interest
rates by the end of the year. Also significant was the impact of the Asian
financial crisis, which caused currency values to plunge and sent financial
markets into turmoil. As worldwide events unfolded during the second half of the
year, it became clear that the Asian economies would weaken. This caused
investors throughout the world to turn to the safety of U.S. Treasury
securities, which helped drive up prices.
As a result of these events, long-term interest rates showed a significant
decline during the second half of 1997--a decline that was much greater than the
economic fundamentals supported. At the end of the year, the yield on the
30-year U.S. Treasury bond was 5.92%, after starting the year at 6.64% and
climbing to a high of 7.17% in early April.
FED REMAINS IDLE
The Federal Reserve remained on the sidelines during the second half of the
year, after raising interest rates just once in all of 1997--a 0.25% increase of
the federal funds rate in March. This lack of monetary policy action kept
short-term interest rates relatively steady for the remainder of the year.
The impact of the Asian currency crisis and market meltdowns may have
contributed to the Fed's decision to keep rates unchanged in the second half of
1997. While strong economic growth certainly created a valid reason for another
rate hike, the Fed resisted the temptation, figuring that the Asian situation
would contribute to slower growth ahead.
LOOKING AHEAD
In terms of U.S. economic growth, the Asian crisis remains a factor that can't
be ignored. Thirty percent of U.S. exports go to Asia, and with many Asian
countries facing currency devaluations of 35% to 80%, consumers in that region
have significantly less purchasing power. Furthermore, there's the possibility
that this currency crisis could spread to Latin America, where another 20% of
U.S. exports are at risk if there are some currency devaluations.
The United States accounts for 28% of the non-Asian global economy, and,
therefore, should be heavily influenced by the change in trade flows from Asia.
Asian stock markets have dropped nearly 70% over the last several months, which
undoubtedly will be reflected in lower overall consumption, particularly for
foreign imports. And, as prices on goods produced in Asia continue to fall, U.S.
imports from that region should go up.
As a result, cheaper goods coming from Asia, and possibly Latin America, should
force domestic competitors to lower their prices (or face sharply lower sales
prospects). This could push the U.S. inflation rate to as low as 1.5% in 1998,
compared to 1.7% in 1997 and 3.3% in 1996. At the same time, fewer U.S. exports
and greater imports should cause economic growth to slow to a 2% year-over-year
average for 1998.
4
<PAGE> 7
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Portfolio Performance Review, continued
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THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997
Given all the instability overseas and the impending effects of a slowdown in
the U.S. economy, we believe that the Federal Reserve will lower interest rates
in 1998, probably sometime in the second half of the year. Long-term interest
rates should continue their downward trend, due to lower inflation and lower
economic growth. By the end of the year, we may see the yield on the 30-year
Treasury bond somewhere between 5.5% and 5.75%.
/s/ Anthony Chan
Anthony Chan, Ph.D.
Managing Director and Chief Economist
Banc One Investment Advisors
5
<PAGE> 8
Portfolio Performance Review
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THE ONE GROUP FAMILY OF MUTUAL FUNDS DECEMBER 31, 1997
OBSTACLES EMERGE, BUT MARKET PERSEVERES
Despite facing its most formidable challenge in years--the Asian financial
crisis, which led to turmoil in equity markets worldwide--the U.S. stock market
continued to climb during the second half of 1997. For the final six months of
the year, the market, as measured by the S&P 500 Index, returned 10.58%,
bringing its total return for the 1997 calendar year to an impressive 33.36%.
The Dow Jones Industrial Average suffered its worst single-day point decline on
October 27, but bounced back to gain 4.01% in the second half of the year. For
the 12-month period ended December 31, 1997, the Dow was up 24.94%, marking the
first time that the index posted returns greater than 20% for three years in a
row.
Once again, the "Goldilocks Economy" helped fuel the market's growth. Everything
was "just right." Inflation remained lower than expected, interest rates
declined and unemployment hit record lows. This led to stronger-than-expected
economic growth and helped push corporate earnings growth to levels that were
better than anticipated.
We are pleased to report that The One Group domestic stock funds provided
attractive results for the six-month and one-year periods ended December 31,
1997. Returns for the U.S. Funds were particularly strong for the 12-month
period.
DIFFERENT STYLES SHARE THE LIMELIGHT
Overall, large-company growth stocks retained their leadership position during
1997, but their outperformance versus other equity styles was not as great as it
had been in recent years. In fact, there was significant style rotation during
the second half of the year, underscoring the importance of investing in
multiple equity styles to capture performance advantages.
During the summer months, for example, investors favored the stocks of small and
mid-size growth companies. In the fourth quarter, investors focused on defensive
equity strategies, and mid-size value stocks became the best relative
performers.
In terms of economic sectors, three offered notable performance. The technology
sector suffered severe volatility during the six-month period, due mostly to the
events in Asia. The utilities sector lagged most of the year but staged a
comeback in the fourth quarter, as investors turned to stocks that typically
provide a defensive hedge. The financial sector remained strong throughout the
entire year.
INTERNATIONAL MARKET HARD-HIT BY ASIAN CRISIS
The Asian currency crisis and resulting market meltdown had the greatest impact
in the international equity arena, where returns, as measured by the Europe,
Australia and Far East Gross Domestic Product (EAFE GDP) Index, fell 5.46% in
the second half of 1997. For the 12-month period, the EAFE GDP Index was up only
5.95%.
Much of this poor performance was due to the Japanese market, which comprises
25% of the Index, and the rest of the Far East contingent. At the same time, the
dollar's strength versus other currencies magnified the downturn in U.S.
dollars. On the bright side, though, several European countries rebounded from
recession to post strong relative performance--stronger than the S&P 500, in
some cases.
STOCKS SHOULD COOL FROM RECORD-BREAKING PACE
While domestic stocks should enjoy another positive year in 1998, it's unlikely
that the record-breaking pace of the last three years will continue.
We believe that conditions remain favorable for another year of positive
returns, but we think that the market environment will be much more volatile due
to worldwide deflationary fears and high valuation levels. It's important to
remember, though, that in 1995, 1996 and early 1997 we saw extremely low levels
of volatility. What we should see in 1998 is a return to more "normal" levels of
volatility.
While the economy should remain favorable for stocks, economic growth should
slow in 1998, which could cause earnings to moderate. In fact, for the first
time in several years, earnings growth will likely move from double digits to
single digits. But what may be even more important than earnings growth is
earnings reliability. Slower economic growth and the fallout from the Asian
situation will make it extremely important for companies to meet their earnings
expectations.
On the international front, we believe that European stocks are well positioned
for another strong year. On the other hand, economic problems in Japan and the
rest of Asia should lead to dramatically slower growth for Asia.
All of these factors underscore the importance of maintaining a disciplined
approach to equity investing. We encourage our investors to remain diversified
among a variety of stock types and to stay focused on long-term returns.
LOGO
Richard R. Jandrain III
Senior Managing Director of Equity Securities
Banc One Investment Advisors Corporation
Please refer to the prospectus and the accompanying financial statements for
further information about your Fund.
6
<PAGE> 9
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The One Group Family of Mutual Funds
Asset Allocation Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
ASSET BACKED SECURITIES (2.6%):
20 Advanta Credit Card Master Trust,
5.95%, 8/31/99.................... $ 20
298 Advanta Mortgage Loan Trust, Series
1994-3, Class A2, 7.60%,
7/25/10........................... 302
600 Case Equipment Loan Trust, Series
1996-B, Class A3, 6.65%,
9/15/03........................... 609
480 Green Tree Financial Corp., Series
1996-3, Class A3, 6.70%,
5/15/27........................... 486
800 Greentree Financial Corp., Series
1996-7, Class A4, 6.80%,
10/15/27.......................... 822
67 KeyCorp Auto Grantor Trust, Series
1995-A A, 5.80%, 7/15/00.......... 67
500 Nationsbank Auto Owner Trust 1996-A
A3, 6.38%, 7/15/00................ 502
525 Olympic Automobile Receivables
Trust, 6.05%, 8/15/02............. 524
1,025 Olympic Automobile Receivables
Trust, Series 1996-B, Class A4,
6.70%, 3/15/02.................... 1,034
630 The Money Store Home Equity Trust,
Series 1993-C, 5.18%, 7/15/06..... 624
181 The Money Store Home Equity Trust,
Series 1994-B, Class A2, 6.80%,
2/15/13........................... 184
67 Union Federal Savings Bank Trust,
Series 1994 A A, 5.08%, 5/15/00... 67
--------
Total Asset Backed Securities 5,241
--------
COMMERCIAL PAPER (3.8%):
Financial Services (3.8%):
7,905 Merrill Lynch, 5.81%, 3/19/98....... 7,810
--------
Total Commercial Paper 7,810
--------
COMMON STOCKS (51.4%):
Business Equipment & Service (0.4%):
7 Jacobs Engineering Group, Inc....... 178
20 Service Corp. International......... 720
--------
898
--------
Capital Goods (3.6%):
11 Cooper Industries, Inc.............. 544
14 Emerson Electric Co................. 790
38 General Electric Co................. 2,803
10 Harsco Corp......................... 431
6 Hubbell, Inc., Class B.............. 306
12 Mark IV Industries, Inc............. 271
6 Precision Castparts................. 338
19 Teleflex, Inc....................... 725
26 Tyco International.................. 1,167
--------
7,375
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Consumer Durable (0.9%):
19 Autozone, Inc. (c).................. $ 554
25 Chrysler Corp....................... 862
11 Lear Corp. (b)...................... 508
--------
1,924
--------
Consumer Non-Durable (5.2%):
31 Archer-Daniels-Midland Co........... 670
21 Coca Cola Co........................ 1,419
19 ConAgra, Inc........................ 637
6 Estee Lauder Companies, Class A..... 314
19 Intimate Brands, Inc. (c)........... 457
14 McCormick & Co., Inc................ 398
18 Newell Companies, Inc............... 774
35 PepsiCo, Inc........................ 1,279
47 Philip Morris Co., Inc.............. 2,114
8 Proctor & Gamble Co................. 615
13 Quaker Oats Co...................... 686
11 Revlon, Inc. (b).................... 396
22 RJR Nabisco Holdings Corp........... 821
--------
10,580
--------
Consumer Services (2.9%):
10 Belo (A.H.) Corp., Series A......... 561
21 Cendant Corp. (c)................... 729
18 Hasbro, Inc......................... 575
23 Hilton Hotels Corp.................. 687
10 MGM Grand, Inc. (b)(c).............. 375
17 Tele-Communications, Inc............ 479
9 Telecom-TCI Ventures Group, Series
A................................. 265
15 Time Warner, Inc.................... 923
3 Tricon Global Restaurants........... 97
16 Viacom, Inc......................... 651
7 Walt Disney Co...................... 644
--------
5,986
--------
Energy (4.3%):
9 Ashland, Inc........................ 489
11 Atlantic Richfield Co............... 857
8 Devon Energy Corp................... 312
8 Dresser Industries, Inc............. 319
38 Exxon Corp.......................... 2,324
16 Mobil Corp.......................... 1,155
25 Royal Dutch Petroleum, NY Shares.... 1,349
20 Tosco Corp. (c)..................... 764
20 USX-Marathon Group.................. 682
10 Weatherford Enterra, Inc............ 455
--------
8,706
--------
Financial Services (9.1%):
5 Allstate Corp....................... 473
6 American Express Co................. 500
9 American International Group,
Inc............................... 941
9 Charter One Financial, Inc.......... 587
</TABLE>
Continued
7
<PAGE> 10
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The One Group Family of Mutual Funds
Asset Allocation Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Financial Services, continued:
9 Chase Manhattan Corp................ $ 1,007
4 Cigna Corp.......................... 675
11 Equitable Co., Inc.................. 537
22 Federal National Mortgage Assoc..... 1,267
7 First American Bank Corp............ 509
23 First Union Corp. (c)............... 1,189
15 Fleet Financial Group, Inc.......... 1,147
8 Hartford Financial Services Group... 777
16 Morgan Stanley Dean Witter
Discover.......................... 952
21 Nationsbank......................... 1,265
16 PNC Bank Corp....................... 902
10 Provident Co., Inc.................. 390
13 Regions Financial Corp.............. 527
14 Southtrust Corp..................... 856
10 State Street Corp................... 570
7 TransAmerica Corp................... 692
24 Travelers Group, Inc................ 1,293
8 Washington Mutual, Inc.............. 491
3 Wells Fargo & Co.................... 916
--------
18,463
--------
Health Care (5.7%):
17 Abbott Labs......................... 1,141
13 American Home Products Corp......... 979
9 Amgen, Inc. (b)..................... 498
12 Baxter International, Inc........... 625
18 Bristol Myers Squibb Co............. 1,723
6 Cardinal Health, Inc. (c)........... 436
23 Eli Lilly & Co...................... 1,580
10 Guidant Corp........................ 647
15 Healthsouth Corp.................... 427
7 Johnson & Johnson................... 435
13 Medpartners, Inc.................... 291
9 Merck & Co., Inc.................... 967
6 Pfizer, Inc......................... 447
14 Tenet Healthcare Corp............... 474
7 Warner-Lambert Co................... 856
--------
11,526
--------
Raw Materials (2.2%):
9 Betzdearborn, Inc................... 556
14 Crompton & Knowles Corp............. 371
14 Du Pont (EI) de Nemours & Co........ 841
17 Ferro Corp.......................... 417
20 Morton International, Inc........... 674
13 Nalco Chemical Co................... 506
12 Olin Corp........................... 572
14 Praxair, Inc........................ 630
--------
4,567
--------
Retail (3.1%):
26 CompUSA, Inc........................ 800
14 Dayton Hudson Corp.................. 911
16 Gymboree............................ 441
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Retail, continued:
28 Just For Feet, Inc. (b)............. $ 364
23 Kroger Co. (b)...................... 850
35 Officemax, Inc. (b)................. 504
9 Outback Steakhouse, Inc. (c)........ 270
18 Toys R Us, Inc. (b)................. 556
40 Wal-Mart Stores, Inc................ 1,558
--------
6,254
--------
Shelter (1.3%):
25 Kaufman & Broad Home Corp........... 570
16 Kimberly Clark Corp................. 765
11 Leggett & Platt, Inc................ 456
9 Masco Corp.......................... 468
12 Pentair, Inc........................ 435
--------
2,694
--------
Technology (7.7%):
6 Altera Corp. (b).................... 186
18 Analog Devices, Inc. (b)(c)......... 485
10 BMC Software, Inc. (b).............. 623
12 Boeing Co........................... 573
22 Cadence Design Systems, Inc. (c).... 534
23 Cisco Systems, Inc. (b)............. 1,257
20 Compaq Computer Corp. (b)........... 1,134
14 Dell Computer Corp. (b)............. 1,168
5 General Motors, Class H............. 166
12 Hewlett Packard Co.................. 750
28 Intel Corp.......................... 1,946
17 International Business Machines..... 1,809
6 Lockheed Martin Corp................ 591
8 Lucent Technologies, Inc............ 623
20 Microsoft Corp. (b)................. 2,597
16 Orbital Sciences Corp. (b).......... 467
3 Raytheon Co., Class A............... 125
17 Teradyne, Inc. (b).................. 547
--------
15,581
--------
Utilities (5.0%):
14 AES Corp. (b)....................... 653
10 Century Telephone Enterprises....... 498
11 Florida Power & Light, Inc.......... 657
19 General Public Utilities Corp....... 779
23 GTE Corp............................ 1,212
26 LCI International, Inc. (c)......... 803
10 MCN Corp............................ 392
6 National Fuel Gas Co................ 278
26 New York State Electric & Gas....... 919
20 SBC Communications, Inc............. 1,428
</TABLE>
Continued
8
<PAGE> 11
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Asset Allocation Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities, continued:
19 Sprint Corp......................... $ 1,102
16 Texas Utilities..................... 677
26 Worldcom, Inc. (c).................. 793
--------
10,191
--------
Total Common Stocks 104,745
--------
CORPORATE BONDS (11.4%):
Banking, Finance & Insurance (7.1%):
$1,000 Association Corp., 8.27%, 11/8/01... 1,069
1,000 Bankamerica Corp., 8.13%, 2/1/02.... 1,063
500 Chrysler Financial Corp., 5.88%,
2/7/01............................ 497
1,070 Circuit City Credit Card Master
Trust, 6.38%, 8/15/05............. 1,077
1,000 First Hawaiian, Inc., 6.25%,
8/15/00........................... 998
610 Ford Credit Auto Loan Master Trust,
5.50%, 2/15/03.................... 603
500 Ford Motor Credit Corp., 8.38%,
1/15/00........................... 522
250 General Motors Acceptance Corp.,
7.00%, 3/1/00..................... 254
1,250 General Motors Acceptance Corp.,
8.25%, 2/24/04.................... 1,361
1,000 Goldman Sachs Group, 7.20%, 3/1/07,
144 A............................. 1,053
750 Huntington National Bank, 6.75%,
6/15/03........................... 764
250 Lehman Brothers Holdings, Inc.,
6.38%, 6/1/98..................... 250
300 Lehman Brothers Holdings, Inc.,
8.88%, 11/1/98.................... 307
500 Lehman Brothers, Inc., 9.88%,
10/15/00.......................... 544
550 MBNA Master Credit Card, 5.40%,
3/15/99........................... 546
800 McDonnell Douglas Corp., 9.30%,
9/11/02........................... 834
307 McDonnell Douglas Corp., 6.45%,
12/5/02........................... 309
750 Midland Bank PLC, 6.95%, 3/15/11.... 770
250 Nationsbank Texas, 6.75%, 8/15/00... 254
1,000 Society National Bank, 6.75%,
6/15/03........................... 1,019
500 Suntrust Banks, 7.38%, 7/1/02....... 519
--------
14,613
--------
Industrials (2.5%):
250 Anheuser Busch Co., 8.75%,
12/1/99........................... 262
500 Campbell Soup Co., 5.63%, 9/15/03... 487
250 Coca-Cola Co., 7.88%, 9/15/98....... 253
500 Dayton Hudson Corp., 7.25%,
9/1/04............................ 520
200 Du Pont (EI) de Nemours & Co.,
8.70%, 2/7/01..................... 215
250 Ford Motor Co., 9.00%, 9/15/01...... 271
200 Illinois Tool Works, 7.50%,
12/1/98........................... 202
500 J C Penney & Co., 5.38%, 11/15/98... 496
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
CORPORATE BONDS, CONTINUED:
Industrials, continued:
$ 250 Johnson & Johnson, 7.38%, 6/29/02... $ 262
1,000 Occidental Petroleum, 9.25%,
8/1/19............................ 1,249
750 Sears Roebuck Acceptance, 7.13%,
5/2/03............................ 776
--------
4,993
--------
Transportation (0.3%):
500 Union Pacific Co., 7.60%, 5/1/05.... 533
--------
Utilities (1.5%):
500 AT&T Corp., 6.00%, 8/1/00 (c)....... 497
750 AT&T Corp., 7.50%, 6/1/06........... 806
250 Duke Power Co., 7.00%, 7/1/00....... 255
250 Southern California Edison, 7.50%,
4/15/99........................... 254
675 Virginia Electric & Power, 9.15%,
6/10/99........................... 705
500 Virginia Electric & Power, 6.63%,
4/1/03............................ 509
--------
3,026
--------
Total Corporate Bonds 23,165
--------
FEDERAL AGENCY DEBENTURES (1.0%):
Federal National Mortgage Assoc. (1.0%):
1,000 5.55%, 9/8/98....................... 997
1,000 5.53%, 2/10/99...................... 996
--------
Total Federal Agency Debentures 1,993
--------
U.S. GOVERNMENT AGENCY MORTGAGES (12.8%):
Federal Home Loan Mortgage Corp. (4.8%):
135 10.00%, 9/1/03, Pool #E30407........ 143
295 8.00%, 3/1/08, Pool #E45796......... 305
943 7.00%, 1/1/12, Pool #E66116......... 957
313 10.50%, 10/1/20, Pool #D24679....... 347
765 8.00%, 4/1/25, Pool #C00401......... 795
837 8.00%, 5/1/25, Pool #D60455......... 870
457 7.00%, 2/1/26, Pool #D69343......... 463
947 6.50%, 2/1/26, Pool #D68124......... 938
680 6.50%, 2/1/26, Pool #D68616......... 673
487 7.00%, 3/1/26, Pool #D69430......... 492
913 7.50%, 5/1/26, Pool #C00460......... 937
806 8.50%, 7/1/26, Pool #C00472......... 842
957 7.00%, 10/1/26, Pool #D75494........ 967
1,000 7.50%, 12/1/27...................... 1,023
--------
9,752
--------
Federal National Conventional Loan (0.5%):
380 8.00%, 6/1/24, Pool #250085......... 395
650 8.00%, 6/1/24, Pool #270402......... 675
--------
1,070
--------
Federal National Mortgage Assoc. (2.9%):
275 6.40%, 3/25/03...................... 275
250 6.40%, 1/13/04...................... 250
864 6.50%, 5/1/11, Pool #337195......... 865
</TABLE>
Continued
9
<PAGE> 12
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Asset Allocation Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
U.S. GOVERNMENT AGENCY MORTGAGES, CONTINUED:
Federal National Mortgage Assoc., continued:
$ 892 7.00%, 7/1/25, Pool #317252......... $ 901
854 6.50%, 2/1/26, Pool #337115......... 846
844 7.50%, 5/1/26, Pool #344916......... 865
917 7.00%, 5/1/26, Pool #346269......... 926
866 7.50%, 11/1/26, Pool #363626........ 886
--------
5,814
--------
Government National Mortgage Assoc. (4.6%):
709 5.50%, 4/20/11, Pool #2222.......... 677
113 8.00%, 4/15/17, Pool #192100........ 119
72 8.00%, 5/15/22, Pool #329176........ 75
88 6.50%, 1/15/24, Pool #376656........ 88
229 8.00%, 4/15/24, Pool #376038........ 239
1,114 8.00%, 8/15/24, Pool #394024........ 1,161
1,333 7.00%, 8/15/25, Pool #413007........ 1,348
977 6.50%, 4/15/26, Pool #416192........ 967
962 6.50%, 4/15/26, Pool #424185........ 952
842 7.50%, 5/15/26, Pool #375345........ 864
985 7.00%, 5/15/26, Pool #375344........ 995
858 8.50%, 1/15/27, Pool #432266........ 901
1,000 7.50%, 12/15/27, Pool #455358....... 1,025
--------
9,411
--------
Total U.S. Government Agency Mortgages 26,047
--------
U.S. TREASURY OBLIGATIONS (14.2%):
U.S. Treasury Bills (0.2%):
55 1/22/98 (d)......................... 55
95 2/5/98 (d).......................... 95
40 2/19/98 (d)......................... 40
115 2/26/98 (d)......................... 114
55 3/12/98 (d)......................... 54
--------
358
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS, CONTINUED:
U.S. Treasury Bonds (5.2%):
$ 750 11.25%, 2/15/15 (c)................. $ 1,176
1,900 7.50%, 11/15/16..................... 2,218
4,700 8.13%, 8/15/19 (c).................. 5,877
1,000 7.88%, 2/15/21 (c).................. 1,228
--------
10,499
--------
U.S. Treasury Notes (8.8%):
500 7.25%, 2/15/98 (c).................. 501
600 9.00%, 5/15/98...................... 608
200 8.88%, 2/15/99...................... 207
300 5.88%, 3/31/99...................... 301
3,250 7.00%, 4/15/99 (c).................. 3,304
300 6.00%, 10/15/99..................... 302
250 7.75%, 11/30/99 (c)................. 259
1,000 7.75%, 1/31/00 (c).................. 1,040
1,000 6.50%, 5/31/01 (c).................. 1,023
6,500 6.50%, 8/31/01 (c).................. 6,661
2,000 6.63%, 3/31/02 (c).................. 2,064
150 6.25%, 2/15/03 (c).................. 153
1,500 6.50%, 5/15/05 (c).................. 1,563
--------
17,986
--------
Total U.S. Treasury Obligations 28,843
--------
REPURCHASE AGREEMENTS (2.4%):
4,876 Prudential Securities, 6.80%, 1/2/98
(Collateralized by $5,105 U.S.
Treasury Bills, 6/25/98, market
value $4,974)..................... 4,876
--------
Total Repurchase Agreements 4,876
--------
Total (Cost $179,677) (a)....................... $202,720
========
</TABLE>
- ------------
Percentages indicated are based on net assets of $203,458.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows (amounts in thousands):
<TABLE>
<S> <C>
Unrealized appreciation..................................... $24,268
Unrealized depreciation..................................... (1,173)
-------
Net unrealized appreciation................................. $23,095
=======
</TABLE>
(b) Non-income producing securities.
(c) A portion of this security was loaned as of December 31, 1997.
(d) Serves as collateral for futures contracts.
At December 31, 1997, the Portfolio's open futures contracts were as follows:
<TABLE>
<CAPTION>
CURRENT
NUMBER OPENING MARKET
OF POSITIONS VALUE
CONTRACTS CONTRACT TYPE (000) (000)
- --------- ------------- --------- -------
<C> <S> <C> <C>
34 Long S&P 500 March 1998 Futures $8,270 $8,322
</TABLE>
See notes to financial statements.
10
<PAGE> 13
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Income Equity Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------- --------
<C> <S> <C>
COMMON STOCKS (90.9%):
Business Equipment & Services (2.0%):
63 Automatic Data Processing, Inc....... $ 3,867
200 Browning-Ferris Industries, Inc.
(b)................................ 7,400
225 Dun & Bradstreet Corp................ 6,961
--------
18,228
--------
Capital Goods (5.2%):
215 Cooper Industries, Inc............... 10,535
97 Deere & Co........................... 5,656
358 General Electric Co.................. 26,269
100 Johnson Controls, Inc................ 4,775
--------
47,235
--------
Consumer Durable (2.2%):
57 Briggs & Stratton Corp............... 2,778
60 Chrysler Corp........................ 2,111
300 Ford Motor Co........................ 14,606
--------
19,495
--------
Consumer Non-Durable (15.1%):
120 American Greetings Corp., Class A.... 4,695
254 Campbell Soup Co..................... 14,741
120 Clorox Co............................ 9,488
242 Coca Cola Co......................... 16,123
464 ConAgra, Inc......................... 15,225
120 Eastman Kodak Co. (b)................ 7,298
171 H.J. Heinz Co........................ 8,689
135 International Flavors & Fragrances,
Inc. (c)........................... 6,953
150 McCormick & Co., Inc................. 4,200
40 Newell Co., Inc...................... 1,703
140 PepsiCo, Inc......................... 5,101
411 Philip Morris Co., Inc............... 18,617
180 Procter & Gamble Co. (b)............. 14,366
104 Quaker Oats Co....................... 5,486
110 RJR Nabisco Holdings Corp............ 4,125
--------
136,810
--------
Consumer Services (1.1%):
140 McGraw-Hill Co., Inc. (b)............ 10,360
--------
Energy (10.0%):
160 Amoco Corp........................... 13,620
100 Atlantic Richfield Co................ 8,013
150 Dresser Industries, Inc. (b)......... 6,291
321 Exxon Corp........................... 19,666
130 Halliburton Co....................... 6,752
220 Mobil Corp........................... 15,881
350 Royal Dutch Petroleum Co............. 18,966
50 USX-Marathon Group................... 1,688
--------
90,877
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------- --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Financial Services (17.9%):
130 Allstate Corp........................ $ 11,814
231 American Express Co.................. 20,613
19 Bank of New York Co., Inc............ 1,087
257 BankAmerica Corp..................... 18,761
73 Chase Manhattan Corp................. 7,997
50 Citicorp............................. 6,322
13 Comerica, Inc........................ 1,143
216 Federal National Mortgage Assoc...... 12,326
120 First Tennessee National Corp. (b)... 8,010
50 First Union Corp..................... 2,563
120 J.P. Morgan & Co., Inc............... 13,545
181 Lincoln National Corp................ 14,141
10 Marsh & Mclennan Co.................. 753
116 National City Corp................... 7,627
65 Norwest Corp......................... 2,511
42 Regions Financial Corp............... 1,772
200 Reliastar Financial Corp............. 8,238
41 Southtrust Corp...................... 2,601
6 SunAmerica, Inc...................... 774
95 TransAmerica Corp.................... 10,118
80 U.S. Bancorp......................... 8,955
--------
161,671
--------
Health Care (12.0%):
45 Abbott Labs.......................... 2,950
205 American Home Products Co............ 15,683
276 Baxter International, Inc............ 13,921
241 Bristol Myers Squibb Co.............. 22,765
118 Merck & Co., Inc..................... 12,484
135 Pfizer, Inc.......................... 10,066
244 Schering Plough Corp................. 15,159
125 Warner Lambert Co.................... 15,500
--------
108,528
--------
Multi-Industry (0.7%):
80 Minnesota Mining & Manufacturing
Co................................. 6,565
Raw Materials (4.5%):
169 Dow Chemical Co...................... 17,129
140 Du Pont (EI) de Nemours & Co......... 8,409
160 Nalco Chemical Co.................... 6,330
83 Olin Corp. (b)....................... 3,891
220 Pall Corp. (b)....................... 4,551
--------
40,310
--------
Retail (3.0%):
178 Albertsons, Inc. (b)................. 8,433
173 May Department Stores Co............. 9,117
185 Wal-Mart Stores, Inc................. 7,296
80 Walgreen Co.......................... 2,510
--------
27,356
--------
</TABLE>
Continued
11
<PAGE> 14
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Income Equity Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------- --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Shelter (2.0%):
85 Kimberly Clark Corp.................. $ 4,192
275 Sonoco Products Co................... 9,539
85 Weyerhaeuser Co...................... 4,170
--------
17,901
--------
Technology (5.6%):
113 AMP, Inc. (b)........................ 4,746
100 Boeing Co............................ 4,894
127 Hewlett Packard Co................... 7,938
96 International Business Machines...... 10,038
60 Lockheed Martin Corp. (b)............ 5,910
60 United Technologies Corp............. 4,369
175 Xerox Corp. (b)...................... 12,916
--------
50,811
--------
Transportation (0.6%):
50 Norfolk Southern Corp................ 1,541
60 Union Pacific Corp................... 3,746
--------
5,287
--------
Utilities (9.0%):
181 AT&T Corp............................ 11,078
190 BellSouth Corp....................... 10,699
147 Central & South West Corp. (b)....... 3,978
20 El Paso Natural Gas Co............... 1,330
160 Entergy Corp......................... 4,790
240 GTE Corp............................. 12,540
120 Ku Energy Corp....................... 4,710
33 New Century Energies, Inc............ 1,596
50 Northern States Power Co............. 2,931
130 Questar Corp......................... 5,801
230 SBC Communications, Inc.............. 16,849
90 Sprint Corp.......................... 5,276
--------
81,578
--------
Total Common Stocks 823,012
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------- --------
<C> <S> <C>
CONVERTIBLE BONDS (4.1%):
$7,725 Alza Corp., 5.00%, 5/1/06............ $ 8,053
2,500 Athena Neurosciences, 4.75%,
11/15/04, Callable 11/15/00 @
102.7.............................. 2,547
6,500 Hilton Hotels Corp., 5.00%,
5/15/06............................ 7,150
725 Home Depot, Inc., 3.25%, 10/1/01,
Callable 10/1/99 @ 100.81.......... 982
6,000 Masco Corp., 5.25%, 2/15/12.......... 7,215
5,500 Medical Care International, 6.75%,
10/1/06............................ 5,321
6,000 Pep Boys-Manny, Moe & Jack, 4.00%,
9/1/99............................. 5,903
--------
Total Convertible Bonds 37,171
--------
PREFERRED STOCKS (2.6%):
140 Corning Delaware..................... 8,627
110 Crown Cork & Seal Co................. 5,170
110 Cyprus Amax Minerals Co.............. 5,253
55 Microsoft Corp....................... 4,943
--------
Total Preferred Stocks 23,993
--------
REPURCHASE AGREEMENTS (2.5%):
22,722 Prudential Securities, 6.80%, 1/2/98
(Collateralized by $19,334 U.S.
Treasury Bonds, 7.50%, 11/15/24,
market value $23,177).............. 22,722
--------
Total Repurchase Agreements 22,722
--------
Total (Cost $499,296) (a) $906,898
========
</TABLE>
- ------------
Percentages indicated are based on net assets of $905,702.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows (amounts in thousands):
<TABLE>
<S> <C>
Unrealized appreciation..................................... $410,325
Unrealized depreciation..................................... (2,723)
--------
Net unrealized appreciation................................. $407,602
========
</TABLE>
(b) A portion of this security was loaned as of December 31, 1997.
See notes to financial statements.
12
<PAGE> 15
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMERCIAL PAPER (1.7%):
Financial Services (1.7%):
$3,000 CXC, Inc., 5.82%, 3/19/98........... $ 2,964
3,000 Ford Motor Co., 5.78%, 3/19/98...... 2,964
2,275 General Electric, 5.78%, 3/19/98.... 2,248
8,095 Merrill Lynch, 5.67%, 3/19/98....... 7,996
--------
Total Commercial Paper 16,172
--------
COMMON STOCKS (97.9%):
Business Equipment & Services (1.9%):
37 Automatic Data Processing, Inc...... 2,254
26 Browning-Ferris Industries, Inc..... 973
11 Canadian Moore Corp., Ltd........... 166
10 Ceridian Corp. (b).................. 438
21 Cognizant Corp...................... 935
9 Computer Sciences Corp. (b)......... 777
11 Deluxe Corp......................... 365
21 Dun & Bradstreet Corp............... 656
8 Ecolab, Inc......................... 451
19 Equifax, Inc........................ 663
56 First Data Corp..................... 1,632
13 H & R Block......................... 567
16 Ikon Office Solutions (c)........... 450
15 Interpublic Group Co., Inc.......... 762
3 John H. Harland Co.................. 70
38 Laidlaw, Inc........................ 515
6 National Service Industries, Inc.... 309
19 Omnicom Group, Inc.................. 814
19 Pitney Bowes, Inc................... 1,670
19 R.R. Donnelley & Sons Co. (c)....... 710
10 Ryder Systems, Inc.................. 328
7 Safety-Kleen Corp................... 202
31 Service Corp. International......... 1,153
57 WMX Technologies, Inc............... 1,554
--------
18,414
--------
Capital Goods (5.7%):
3 Aeroquip-Vickers, Inc............... 150
11 Black & Decker Corp................. 422
9 Case Corp........................... 538
48 Caterpillar, Inc.................... 2,318
5 Cincinnati Milacron, Inc............ 126
15 Cooper Industries, Inc.............. 732
5 Crane Co............................ 237
5 Cummins Engine, Inc. (c)............ 300
32 Deere & Co.......................... 1,843
28 Dover Corp.......................... 1,006
56 Emerson Electric Co................. 3,136
11 Fluor Corp.......................... 396
5 Foster Wheeler Corp................. 131
407 General Electric Co................. 29,896
6 General Signal Corp................. 272
7 Grainger W.W., Inc.................. 664
6 Harnischfeger Industries, Inc....... 220
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Capital Goods, continued:
16 Honeywell, Inc...................... $ 1,082
30 Illinois Tool Works................. 1,792
20 Ingersoll Rand Co................... 794
10 Johnson Controls, Inc............... 491
1 Nacco Industries, Inc............... 84
10 Navistar International Corp. (b).... 239
6 Owens-Corning Fiberglass Corp....... 220
9 Paccar, Inc......................... 493
14 Parker-Hannifin Corp................ 644
23 PPG Industries, Inc................. 1,298
22 Sherwin-Williams Co................. 604
8 Snap-On, Inc........................ 352
11 Stanley Works....................... 518
19 Thermo Electron Corp. (b)(c)........ 823
7 Timken Co........................... 239
66 Tyco International, Ltd............. 2,966
--------
55,026
--------
Consumer Durable (2.3%):
19 Autozone, Inc. (b)(c)............... 548
2 Briggs & Stratton Corp.............. 115
84 Chrysler Corp....................... 2,960
10 Cooper Tire & Rubber Co............. 256
12 Dana Corp........................... 588
10 Eaton Corp.......................... 876
8 Echlin, Inc......................... 287
148 Ford Motor Co....................... 7,189
91 General Motors Corp................. 5,509
23 Genuine Parts Co.................... 770
19 Goodyear Tire & Rubber Co........... 1,211
14 ITT Industries, Inc................. 453
13 Maytag Corp......................... 472
0 Meritore Automotive, Inc. (d)....... 0
10 Whirlpool Corp...................... 523
--------
21,757
--------
Consumer Non-Durable (11.9%):
6 Alberto Culver Co., Class B......... 207
10 American Greetings Corp., Class A... 372
62 Anheuser Busch Co., Inc............. 2,707
72 Archer-Daniels-Midland Co........... 1,567
17 Avon Products, Inc.................. 1,037
3 Ball Corp........................... 111
7 Bemis Co............................ 305
9 Brown-Forman Corp., Class B......... 486
58 Campbell Soup Co.................... 3,384
13 Clorox Co........................... 1,048
309 Coca Cola Co........................ 20,559
36 Colgate Palmolive Co................ 2,677
60 ConAgra, Inc........................ 1,958
5 Coors Adolph Co., Class B........... 154
</TABLE>
Continued
13
<PAGE> 16
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Consumer Non-Durable, continued:
18 CPC International................... $ 1,950
16 Crown Cork & Seal Co. (c)........... 780
42 Eastman Kodak Co.................... 2,542
5 Fleming Co., Inc.................... 63
23 Fort James Corp..................... 898
22 Fortune Brands Inc.................. 806
10 Fruit of The Loom, Inc., Class A
(b)............................... 249
20 General Mills, Inc.................. 1,423
69 Gillette Co. (c).................... 6,960
46 H.J. Heinz Co....................... 2,328
19 Hershey Foods Corp.................. 1,186
14 International Flavors & Fragrances,
Inc............................... 702
5 Jostens, Inc........................ 116
52 Kellogg Co. (c)..................... 2,566
10 Liz Claiborne, Inc.................. 401
20 Newell Co........................... 851
36 Nike, Inc., Class B (c)............. 1,409
192 PepsiCo, Inc........................ 7,007
303 Philip Morris Co., Inc.............. 13,709
8 Pioneer Hi-Bred International,
Inc............................... 879
6 Polaroid Corp....................... 292
168 Proctor & Gamble Co................. 13,447
17 Quaker Oats Co...................... 876
13 Ralston Purina Group................ 1,212
7 Reebok International Ltd. (b)....... 209
19 Rubbermaid, Inc..................... 482
5 Russell Corp........................ 129
60 Sara Lee, Corp...................... 3,383
46 Seagram Co., Ltd. (c)............... 1,502
2 Springs Industries, Inc., Class A... 91
9 Supervalu, Inc...................... 369
22 Sysco Corp.......................... 1,023
8 Tupperware Corp..................... 223
79 Unilever N V........................ 4,944
24 UST, Inc............................ 902
17 V.F. Corp........................... 759
14 Wrigley (Wm.) Junior Co............. 1,148
--------
114,388
--------
Consumer Services (4.2%):
12 Brunswick Corp...................... 366
88 CBS Corp............................ 2,584
96 Cendant Corp. (b)(c)................ 3,312
12 Clear Channel Communications (b).... 961
41 Comcast Corp., Class A.............. 1,305
12 Dow Jones & Co., Inc................ 645
35 Gannett, Inc........................ 2,166
12 Harrah's Entertainment, Inc. (b).... 236
16 Hasbro, Inc......................... 508
31 Hilton Hotels Corp.................. 922
14 ITT Corp. (b)....................... 1,189
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Consumer Services, continued:
5 King World Productions, Inc. (b).... $ 263
12 Knight-Ridder, Inc.................. 632
16 Marriott International, Inc......... 1,091
34 Mattel, Inc......................... 1,283
13 McGraw-Hill Co., Inc................ 937
6 Meredith Corp....................... 226
22 Mirage Resorts, Inc. (b)............ 496
12 New York Times Co., Class A......... 807
63 Tele-Communications, Inc., Class A
(b)............................... 1,749
71 Time Warner, Inc.................... 4,381
13 Times Mirror Co., Class A (c)....... 795
16 Tribune Co.......................... 1,016
59 U.S. West, Inc. (b)................. 2,651
45 Viacom, Inc., Class B (b)........... 1,848
84 Walt Disney Co...................... 8,346
--------
40,715
--------
Energy (8.3%):
11 Amerada Hess Corp. (c).............. 625
61 Amoco Corp.......................... 5,227
7 Anadarko Petroleum Corp............. 443
11 Apache Corp......................... 393
8 Ashland, Inc........................ 441
40 Atlantic Richfield Co............... 3,224
20 Baker Hughes, Inc................... 892
22 Burlington Northern................. 970
81 Chevron Corp. (c)................... 6,216
22 Dresser Industries, Inc............. 919
308 Exxon Corp.......................... 18,866
31 Halliburton Co...................... 1,621
2 Helmerich & Payne, Inc.............. 161
7 Kerr McGee Corp..................... 426
7 McDermott International, Inc........ 265
98 Mobil Corp.......................... 7,066
40 Occidental Petroleums Corp. (c)..... 1,172
12 Oryx Energy Co. (b)................. 316
6 Pennzoil Co......................... 404
33 Phillips Petroleum Co............... 1,587
11 Rowan Cos., Inc. (b)................ 327
266 Royal Dutch Petroleum Co............ 14,415
62 Schlumberger Ltd. (c)............... 4,954
9 Sun, Inc............................ 389
22 Tenneco, Inc........................ 862
65 Texaco, Inc......................... 3,550
31 Union Pacific Resources Group,
Inc............................... 750
31 Unocal Corp......................... 1,187
36 USX-Marathon Group.................. 1,212
7 Western Atlas, Inc. (b)............. 533
--------
79,413
--------
</TABLE>
Continued
14
<PAGE> 17
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Financial Services (16.7%):
54 Allstate Corp....................... $ 4,918
59 American Express Co................. 5,257
30 American General Corp. (c).......... 1,623
88 American International Group, Inc.
(c)............................... 9,569
20 Aon Corp............................ 1,161
72 Banc One Corp. (c).................. 3,887
47 Bank of New York Co., Inc........... 2,729
88 BankAmerica Corp.................... 6,428
18 Bankboston Corp..................... 1,726
12 Bankers Trust New York Corp......... 1,359
26 Barnett Banks, Inc.................. 1,842
17 BB&T Corp........................... 1,076
7 Beneficial Corp..................... 575
33 Charles Schwab Corp................. 1,373
53 Chase Manhattan Corp................ 5,767
22 Chubb Corp.......................... 1,639
10 Cigna Corp.......................... 1,644
6 Cincinnati Financial Corp........... 816
57 Citicorp............................ 7,212
14 Comerica, Inc....................... 1,236
22 Conseco, Inc........................ 1,018
26 Corestates Financial Corp........... 2,062
13 Country Wide Credit................. 549
88 Federal Home Loan Mortgage Corp..... 3,695
132 Federal National Mortgage Assoc..... 7,535
20 Fifth Third Bancorp................. 1,615
37 First Chicago NBD Corp.............. 3,064
70 First Union Corp.................... 3,584
32 Fleet Financial Group, Inc.......... 2,397
10 General Re Corp..................... 2,138
8 Golden West Financial Corp.......... 755
17 Green Tree Financial Corp. (c)...... 445
12 H.F. Ahmanson & Co.................. 813
14 Hartford Financial Services Group... 1,342
13 Household International, Inc. (c)... 1,695
24 Huntington Bancshares (c)........... 857
23 J.P. Morgan & Co., Inc. (c)......... 2,578
9 Jefferson Pilot Corp................ 715
27 KeyCorp............................. 1,912
13 Lincoln National Corp............... 999
20 Marsh & McLennan Co................. 1,521
11 MBIA, Inc........................... 702
62 MBNA Corp........................... 1,701
31 Mellon Bank Corp.................... 1,891
41 Merrill Lynch & Co.................. 3,007
15 MGIC Investment Corp................ 991
73 Morgan Stanley Dean Witter
Discover.......................... 4,322
28 National City Corp.................. 1,808
88 NationsBank Corp.................... 5,378
92 Norwest Corp........................ 3,546
38 PNC Bank Corp....................... 2,176
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Financial Services, continued:
9 Progressive Corp., Ohio............. $ 1,031
12 Providian Financial................. 533
7 Republic N Y Corp................... 788
15 SAFECO Corp......................... 752
11 St. Paul Co., Inc................... 880
20 State Street Corp................... 1,164
23 Sunamerica, Inc. (c)................ 973
27 SunTrust Banks, Inc................. 1,903
21 Synovus Financial Corp. (c)......... 671
18 Torchmark Corp...................... 765
8 TransAmerica Corp................... 873
141 Travelers Group, Inc................ 7,615
31 U.S. Bancorp........................ 3,471
19 UNUM Corp........................... 1,028
14 USF & G Corp. (c)................... 312
21 Wachovia Corp....................... 1,704
31 Washington Mutual, Inc.............. 1,980
11 Wells Fargo & Co. (c)............... 3,820
--------
158,911
--------
Health Care (11.2%):
97 Abbott Labs......................... 6,345
18 Aetna (c)........................... 1,299
8 Allergan, Inc....................... 275
11 Alza Corp. (b)...................... 338
80 American Home Products Co........... 6,139
33 Amgen, Inc. (b)..................... 1,786
7 Bard C.R., Inc...................... 223
7 Bausch & Lomb, Inc.................. 294
34 Baxter International, Inc........... 1,725
16 Becton Dickinson & Co. (c).......... 809
14 Biomet, Inc......................... 368
24 Boston Scientific Corp. (b)(c)...... 1,106
124 Bristol Myers Squibb Co............. 11,753
14 Cardinal Health, Inc. (c)........... 1,014
83 Columbia/HCA Healthcare Corp. (c)... 2,449
138 Eli Lilly & Co...................... 9,632
18 Guidant Corp........................ 1,121
25 HBO & Co............................ 1,176
43 Healthsouth Corp. (b)(c)............ 1,196
20 Humana, Inc. (b).................... 419
165 Johnson & Johnson................... 10,894
10 Mallinckrodt Group, Inc............. 365
8 Manor Care, Inc..................... 283
60 Medtronic, Inc...................... 3,113
150 Merck & Co., Inc.................... 15,933
6 Millipore Corp...................... 200
160 Pfizer, Inc......................... 11,928
63 Pharmacia & Upjohn, Inc............. 2,307
91 Schering Plough Corp................ 5,662
2 Shared Medical Systems Corp. (c).... 148
</TABLE>
Continued
15
<PAGE> 18
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Health Care, continued:
11 St. Jude Medical Center, Inc.
(b)(c)............................ $ 326
36 Tenet Healthcare Corp. (b).......... 1,186
8 U.S. Surgical, Corp................. 232
23 United Healthcare Corp.............. 1,132
34 Warner Lambert Co................... 4,182
--------
107,358
--------
Multi-Industry (1.3%):
70 Allied Signal, Inc.................. 2,724
29 Corning, Inc. (c)................... 1,063
4 FMC Corp. (b)....................... 293
9 Harcourt General, Inc............... 517
15 Loews Corp.......................... 1,549
52 Minnesota Mining & Manufacturing
Co................................ 4,276
20 Textron, Inc........................ 1,280
16 TRW, Inc............................ 850
13 Whittman Corp....................... 332
--------
12,884
--------
Raw Materials (3.3%):
14 Air Products & Chemical, Inc........ 1,148
28 Alcan Aluminum Ltd.................. 769
22 Allegheny Teledyne, Inc............. 561
22 Aluminum Co. of America (c)......... 1,525
13 Armco, Inc. (b)..................... 63
5 ASARCO, Inc......................... 122
14 Avery Dennison Corp................. 623
7 B. F. Goodrich Co. (c).............. 275
45 Barrick Gold Corp................... 831
28 Battle Mountain Gold Co............. 165
14 Bethlehem Steel Corp. (b)........... 116
12 Cyprus Amax Minerals Co............. 185
29 Dow Chemical Co..................... 2,941
140 Du Pont (EI) de Nemours & Co........ 8,436
10 Eastman Chemical Co................. 610
16 Echo Bay Mines Ltd. (b)(c).......... 38
18 Engelhard Corp...................... 312
25 Freeport-McMoran Copper & Gold,
Class B........................... 394
8 Great Lakes Chemical Corp........... 363
13 Hercules, Inc....................... 660
18 Homestake Mining Co. (c)............ 156
21 Inco Ltd............................ 351
6 Inland Steel Industries, Inc........ 105
73 Monsanto Co......................... 3,063
18 Morton International, Inc........... 622
9 Nalco Chemical Co................... 344
19 Newmont Mining Corp................. 565
11 Nucor Corp. (c)..................... 529
15 Pall Corp........................... 302
8 Phelps Dodge Corp................... 499
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Raw Materials, continued:
30 Placer Dome, Inc.................... $ 376
19 Praxair, Inc........................ 852
8 Reynolds Metals Co.................. 493
8 Rohm & Haas Co...................... 766
13 Sigma-Aldrich Corp.................. 505
17 Union Carbide Corp.................. 718
11 USX-U.S. Steel Group, Inc........... 328
9 W.R. Grace & Co..................... 723
11 Worthington Industries, Inc......... 187
--------
31,621
--------
Retail (5.1%):
31 Albertsons, Inc..................... 1,479
36 American Stores Co.................. 735
13 Charming Shoppes (b)................ 59
12 Circuit City Stores, Inc. (c)....... 426
25 Costco Companies, Inc. (b)(c)....... 1,107
21 CVS Corp............................ 1,323
20 Darden Restaurants, Inc............. 250
27 Dayton Hudson Corp.................. 1,816
14 Dillard Department Stores, Inc.,
Class A........................... 491
26 Federated Department Stores, Inc.
(b)(c)............................ 1,098
51 Gap, Inc............................ 1,790
8 Giant Food Inc., Class A............ 253
5 Great Atlantic & Pacific Tea,
Inc............................... 141
91 Home Depot, Inc..................... 5,345
31 J.C. Penney, Inc.................... 1,893
58 K Mart, Inc. (b)(c)................. 670
31 Kroger Co. (b)...................... 1,129
34 Limited, Inc........................ 861
4 Longs Drug Stores, Inc.............. 117
21 Lowe's Co........................... 1,010
29 May Department Stores Co............ 1,536
87 McDonald's Corp..................... 4,136
4 Mercantile Stores Co., Inc.......... 264
10 Nordstrom, Inc...................... 633
8 Pep Boys-Manny, Moe & Jack.......... 189
15 Rite Aid Corp....................... 856
49 Sears Roebuck & Co.................. 2,196
16 Tandy Corp.......................... 600
19 TJX Co., Inc. (c)................... 660
35 Toys R Us, Inc. (b)................. 1,099
19 Tricon Global Restaurants (b)....... 559
281 Wal-Mart Stores, Inc. (c)........... 11,102
62 Walgreen Co......................... 1,936
16 Wendy's International, Inc. (c)..... 381
19 Winn Dixie Stores, Inc. (c)......... 816
16 Woolworth Corp. (b)................. 334
--------
49,290
--------
</TABLE>
Continued
16
<PAGE> 19
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Shelter (1.4%):
5 Armstrong World Industries, Inc..... $ 348
6 Boise Cascade Corp.................. 196
3 Centex Corp. (c).................... 202
12 Champion International Co........... 524
4 Fleetwood Enterprises, Inc.......... 176
11 Georgia Pacific Corp................ 686
11 Georgia Pacific Timber Corp. (b).... 261
37 International Paper Co.............. 1,608
5 Kaufman & Broad Home Corp........... 107
70 Kimberly Clark Corp................. 3,436
13 Louisiana Pacific Corp. (c)......... 252
20 Masco Corp.......................... 1,012
14 Mead Corp........................... 401
16 Owens-Illinois, Inc. (b)............ 599
3 Potlatch Corp....................... 131
3 Pulte Corp.......................... 112
12 Stone Container Corp. (b)........... 122
7 Temple Inland, Inc.................. 386
9 Union Camp Corp..................... 476
13 Westvaco Corp....................... 394
25 Weyerhaeuser Co..................... 1,223
15 Williamette Industries, Inc......... 473
--------
13,125
--------
Technology (13.4%):
42 3Com Corp. (b)...................... 1,450
9 Adobe Systems, Inc.................. 363
17 Advanced Micro Devices, Inc. (b).... 303
27 AMP, Inc............................ 1,118
11 Andrew Corp. (b).................... 270
15 Apple Computer, Inc. (b)(c)......... 199
44 Applied Materials, Inc. (b)......... 1,322
6 Auto Desk, Inc...................... 231
24 Bay Networks, Inc. (b).............. 606
125 Boeing Co........................... 6,095
19 Cabletron Systems, Inc. (b)......... 284
125 Cisco Systems, Inc. (b)............. 6,960
94 Compaq Computer Corp. (b)........... 5,314
68 Computer Associates International,
Inc............................... 3,602
4 Data General Corp. (b)(c)........... 76
42 Dell Computer Corp. (b)............. 3,494
19 Digital Equipment Corp. (b)......... 695
14 DSC Communications Corp. (b)........ 339
7 EG&G, Inc........................... 140
61 EMC Corp. (b)....................... 1,679
8 General Dynamics Corp............... 699
10 Harris Corp......................... 436
129 Hewlett Packard Co.................. 8,077
204 Intel Corp.......................... 14,301
122 International Business Machines
(c)............................... 12,779
10 KLA-Tencor Corp. (b)................ 394
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Technology, continued:
24 Lockheed Martin Corp. (c)........... $ 2,364
16 LSI Logic Corp. (b)................. 318
80 Lucent Technologies, Inc............ 6,378
26 Micron Technology, Inc. (b)(c)...... 668
149 Microsoft Corp. (b)................. 19,258
73 Motorola, Inc....................... 4,180
16 National Semiconductor Corp.
(b)(c)............................ 422
16 Nextlevel Systems, Inc. (b)......... 277
33 Northern Telecom, Ltd............... 2,906
8 Northrop Grumman Corp............... 940
45 Novell, Inc. (b).................... 336
122 Oracle Corp. (b).................... 2,722
16 Parametric Technology Corp. (b)..... 749
6 Perkin-Elmer Corp................... 395
11 Raychem Corp........................ 474
6 Raytheon Co., Class A............... 292
30 Raytheon Co., Class B............... 1,528
27 Rockwell International Corp......... 1,414
10 Scientific-Atlanta, Inc............. 164
31 Seagate Technology, Inc. (b)........ 597
21 Silicon Graphics, Inc. (b).......... 260
46 Sun Microsystems, Inc. (b).......... 1,846
6 Tektronix, Inc...................... 234
22 Tellabs, Inc. (b)................... 1,163
47 Texas Instruments, Inc.............. 2,114
6 Thomas & Betts Corp................. 304
21 Unisys, Corp. (b)................... 293
30 United Technologies Corp............ 2,188
40 Xerox Corp.......................... 2,976
--------
128,986
--------
Transportation (1.2%):
11 AMR Corp. (b)....................... 1,439
19 Burlington Northern Santa Fe
Corp.............................. 1,766
5 Caliber Systems, Inc................ 236
26 CSX Corp............................ 1,410
9 Delta Air Lines, Inc................ 1,074
15 Federal Express Corp. (b)(c)........ 895
48 Norfolk Southern Corp............... 1,471
27 Southwest Airlines Co............... 666
30 Union Pacific Corp.................. 1,900
10 US Air Group (b).................... 615
--------
11,472
--------
Utilities (10.0%):
62 Airtouch Communications, Inc. (b)... 2,574
24 Alltel Corp......................... 977
23 American Electric Power, Inc........ 1,210
69 Ameritech Corp...................... 5,543
201 AT&T Corp. (c)...................... 12,302
18 Baltimore Gas & Electric Co......... 621
97 Bell Atlantic Corp.................. 8,819
</TABLE>
Continued
17
<PAGE> 20
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities, continued:
123 BellSouth Corp...................... $ 6,935
19 Carolina Power & Light Co........... 822
26 Central & South West Corp........... 710
19 Cinergy Corp........................ 739
13 Coastal Corp........................ 784
7 Columbia Gas System, Inc............ 560
29 Consolidated Edison Co. of New York,
Inc............................... 1,201
11 Consolidated Natural Gas Co......... 695
18 Detroit Edison Co................... 628
22 Dominion Resources, Inc. of
Virginia.......................... 923
44 Duke Power Co., Inc................. 2,452
2 Eastern Enterprises................. 80
51 Edison International................ 1,381
38 Enron Corp.......................... 1,580
29 Entergy Corp........................ 860
19 First Energy Corp. (b).............. 562
23 Florida Power & Light Group, Inc.... 1,366
20 Frontier Corp....................... 486
15 General Public Utilities Corp....... 611
120 GTE Corp............................ 6,254
35 Houston Industries.................. 922
86 MCI Communications Corp............. 3,673
18 Niagara Mohawk Power Corp. (b)...... 187
7 NICOR, Inc.......................... 287
9 Northern States Power Co............ 508
3 Oneok, Inc.......................... 118
11 Pacific Enterprises................. 402
36 Pacificorp.......................... 982
28 Peco Energy Corp.................... 672
4 Peoples Energy Corp................. 156
53 PG & E Corp......................... 1,607
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities, continued:
20 PP&L Resources, Inc................. $ 476
30 Public Service Enterprise Group..... 957
114 SBC Communications, Inc............. 8,386
11 Sonat, Inc.......................... 498
83 Southern Co......................... 2,156
54 Sprint Corp......................... 3,148
30 Texas Utilities..................... 1,236
77 U.S. West Media Group (c)........... 2,228
27 Unicom Corp......................... 818
13 Union Electric Co................... 541
39 Williams Cos., Inc. (c)............. 1,117
111 WorldCom, Inc. (b)(c)............... 3,361
--------
96,111
--------
Total Common Stocks 939,471
--------
U.S. TREASURY OBLIGATIONS (0.2%):
U.S. Treasury Bills (0.2%):
$ 255 01/2/98 (d)......................... 255
1,035 1/22/98 (d)......................... 1,032
275 2/5/98 (d).......................... 274
--------
Total U.S. Treasury Obligations 1,561
--------
REPURCHASE AGREEMENTS (1.7%):
16,318 Prudential Securities, 6.80%, 1/2/98
(Collateralized by $15,058 various
U.S. Treasury Securities,
0.00%-7.88%, 8/15/00 - 11/15/04,
market value $16,644)............. 16,318
--------
Total Repurchase Agreements 16,318
--------
Total (Cost $687,752) (a) $973,522
========
</TABLE>
- ------------
Percentages indicated are based on net assets of $959,246.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows (amounts in thousands):
<TABLE>
<S> <C>
Unrealized appreciation..................................... $303,402
Unrealized depreciation..................................... (17,344)
--------
Net unrealized appreciation................................. $286,058
========
</TABLE>
(b) Non-income producing securities.
(c) A portion of this security was loaned as of December 31, 1997.
(d) Serves as collateral for futures contracts.
At December 31, 1997, the Portfolio's open futures contracts were as follows:
<TABLE>
<CAPTION>
CURRENT
NUMBER OPENING MARKET
OF POSITIONS VALUE
CONTRACTS CONTRACT TYPE (000) (000)
- --------- ------------- --------- -------
<C> <S> <C> <C>
73 Long S&P 500 March 1998 Futures $17,581 $17,869
</TABLE>
See notes to financial statements.
18
<PAGE> 21
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Value Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMERCIAL PAPER (3.2%):
Financial Services (3.2%):
$18,590 Merrill Lynch, 5.81%, 3/19/98....... $ 18,366
--------
Total Commercial Paper 18,366
--------
COMMON STOCKS (95.0%):
Business Equipment & Services (0.8%):
38 Jacobs Engineering Group, Inc.
(b)............................... 957
103 Service Corp. International......... 3,793
--------
4,750
--------
Capital Goods (6.7%):
59 Cooper Industries, Inc.............. 2,896
74 Emerson Electric Co................. 4,199
204 General Electric Co................. 14,940
53 Harsco Corp......................... 2,268
33 Hubbell, Inc., Class B.............. 1,622
66 Mark IV Industries, Inc............. 1,439
30 Precision Castparts................. 1,785
101 Teleflex, Inc....................... 3,794
136 Tyco International.................. 6,147
--------
39,090
--------
Consumer Durable (1.8%):
102 Autozone, Inc. (b)(c)............... 2,949
131 Chrysler Corp....................... 4,603
57 Lear Corp. (b)...................... 2,722
--------
10,274
--------
Consumer Non-Durable (9.7%):
161 Archer-Daniels-Midland Co........... 3,487
113 Coca Cola Co........................ 7,495
103 Conagra, Inc........................ 3,376
32 Estee Lauder Cos., Class A.......... 1,656
100 Intimate Brands, Inc. (c)........... 2,416
76 McCormick & Co., Inc................ 2,117
96 Newell Cos., Inc.................... 4,067
187 PepsiCo, Inc........................ 6,803
247 Philip Morris Co., Inc.............. 11,197
40 Proctor & Gamble Co. (c)............ 3,224
70 Quaker Oats Co...................... 3,666
60 Revlon, Inc. (b).................... 2,112
117 RJR Nabisco Holdings Corp........... 4,388
--------
56,004
--------
Consumer Services (5.1%):
52 Belo (A.H.) Corp., Series A......... 2,896
112 Cendant Corp. (b)(c)................ 3,847
96 Hasbro, Inc......................... 3,027
120 Hilton Hotels Corp.................. 3,573
53 MGM Grand, Inc. (b)(c).............. 1,926
92 Tele-Communications, Inc. (b)....... 2,561
79 Time Warner, Inc. (c)............... 4,904
82 Viacom, Inc. (b).................... 3,414
34 Walt Disney Co...................... 3,398
--------
29,546
--------
Energy (8.0%):
48 Ashland, Inc........................ 2,598
58 Atlantic Richfield Co............... 4,623
43 Devon Energy Corp................... 1,663
40 Dresser Industries, Inc............. 1,694
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Energy, continued:
201 Exxon Corp.......................... $ 12,288
85 Mobil Corp.......................... 6,143
131 Royal Dutch Petroleum Co............ 7,120
106 Tosco Corp. (c)..................... 4,012
107 USX-Marathon Group.................. 3,618
56 Weatherford Enterra, Inc. (b)....... 2,428
--------
46,187
--------
Financial Services (16.8%):
28 Allstate Corp....................... 2,499
30 American Express Co................. 2,642
46 American International Group,
Inc............................... 5,046
49 Charter One Financial, Inc.......... 3,081
49 Chase Manhattan Corp................ 5,333
21 Cigna Corp.......................... 3,600
57 Equitable Co., Inc.................. 2,831
117 Federal National Mortgage Assoc..... 6,671
35 First American Bank Corp............ 2,707
123 First Union Corp. (c)............... 6,288
81 Fleet Financial Group, Inc.......... 6,040
45 Hartford Financial Services Group... 4,164
85 Morgan Stanley Dean Witter
Discover.......................... 5,032
110 NationsBank Corp. (c)............... 6,689
83 PNC Bank Corp....................... 4,736
53 Provident Co., Inc.................. 2,051
65 Regions Financial Corp.............. 2,755
71 Southtrust Corp..................... 4,510
51 State Street Corp................... 2,973
35 TransAmerica Corp................... 3,706
128 Travelers Group, Inc. (c)........... 6,873
40 Washington Mutual, Inc.............. 2,572
15 Wells Fargo & Co.................... 4,956
--------
97,755
--------
Health Care (10.5%):
92 Abbott Labs......................... 6,058
68 American Home Products Corp......... 5,194
49 Amgen, Inc. (b)..................... 2,630
66 Baxter International, Inc........... 3,334
96 Bristol Myers Squibb Co............. 9,085
30 Cardinal Health, Inc. (c)........... 2,284
121 Eli Lilly & Co...................... 8,432
55 Guidant Corp........................ 3,411
81 Healthsouth Corp. (b)............... 2,253
35 Johnson & Johnson................... 2,332
69 Medpartners, Inc. (b)(c)............ 1,551
48 Merck & Co., Inc.................... 5,068
32 Pfizer, Inc......................... 2,393
76 Tenet Healthcare Corp. (b).......... 2,501
37 Warner-Lambert Co................... 4,526
--------
61,052
--------
Raw Materials (4.2%):
48 Betzdearborn, Inc................... 2,943
75 Crompton & Knowles Corp............. 1,982
74 Du Pont (EI) de Nemours & Co........ 4,469
89 Ferro Corp.......................... 2,167
103 Morton International, Inc........... 3,527
67 Nalco Chemical Co................... 2,667
</TABLE>
Continued
19
<PAGE> 22
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Value Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Raw Materials, continued:
64 Olin Corp........................... $ 3,009
73 Praxair, Inc........................ 3,303
--------
24,067
--------
Retail (5.8%):
136 CompUSA, Inc. (b)................... 4,204
71 Dayton Hudson Corp.................. 4,799
85 Gymboree Corp. (b).................. 2,330
147 Just For Feet, Inc. (b)............. 1,924
123 Kroger Co. (b)...................... 4,536
188 Officemax, Inc. (b)................. 2,680
50 Outback Steakhouse, Inc. (b)(c)..... 1,443
94 Toys R Us, Inc. (b)................. 2,961
18 Tricon Global Restaurants........... 516
210 Wal-Mart Stores, Inc................ 8,290
--------
33,683
--------
Shelter (2.4%):
132 Kaufman & Broad Home Corp........... 2,960
81 Kimberly Clark Corp................. 4,014
58 Leggett & Platt, Inc................ 2,412
48 Masco Corp. (c)..................... 2,442
64 Pentair, Inc........................ 2,314
--------
14,142
--------
Technology (14.0%):
29 Altera Corp. (b)(c)................. 944
90 Analog Devices, Inc. (b)(c)......... 2,489
49 BMC Software, Inc. (b).............. 3,189
62 Boeing Co........................... 3,049
112 Cadence Design Systems, Inc.
(b)(c)............................ 2,742
121 Cisco Systems, Inc. (b)............. 6,749
107 Compaq Computer Corp. (b)(c)........ 6,028
71 Dell Computer Corp. (b)............. 5,939
24 General Motors Corp., Class H....... 875
64 Hewlett Packard Co.................. 3,988
142 Intel Corp.......................... 9,947
89 International Business Machines..... 9,285
32 Lockheed Martin Corp................ 3,113
42 Lucent Technologies, Inc............ 3,331
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Technology, continued:
103 Microsoft Corp. (b)................. $ 13,298
81 Orbital Sciences Corp. (b)(c)....... 2,410
13 Raytheon Co., Class A............... 657
91 Teradyne, Inc. (b).................. 2,896
--------
80,929
--------
Utilities (9.2%):
74 AES Corp. (b)....................... 3,450
52 Century Telephone Enterprises....... 2,585
59 Florida Power & Light, Inc.......... 3,516
99 General Public Utilities Corp....... 4,162
123 GTE Corp............................ 6,416
139 LCI International, Inc. (b)(c)...... 4,271
51 MCN Corp............................ 2,055
30 National Fuel Gas Co................ 1,451
113 New York State Electric & Gas....... 4,008
104 SBC Communications, Inc............. 7,605
100 Sprint Corp......................... 5,874
85 Texas Utilities..................... 3,516
138 Worldcom, Inc. (b)(c)............... 4,171
--------
53,080
--------
Total Common Stocks 550,559
--------
U.S. TREASURY OBLIGATIONS:
U.S. Treasury Bills (0.1%):
$ 110 1/22/98 (d)......................... 110
685 2/19/98 (d)......................... 680
55 3/12/98 (d)......................... 54
--------
Total U.S. Treasury Obligations: 844
--------
REPURCHASE AGREEMENTS (1.7%):
10,034 Prudential Securities, 6.80%, 1/2/98
(Collateralized by $10,250 U.S.
Treasury Notes, 5.63%, 12/31/99,
market value $10,235)............. 10,034
--------
Total Repurchase Agreements 10,034
--------
Total (Cost $480,627) (a) $579,803
========
</TABLE>
- ------------
Percentages indicated are based on net assets of $579,555.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows (amounts in thousands):
<TABLE>
<S> <C>
Unrealized appreciation..................................... $105,908
Unrealized depreciation..................................... (6,609)
--------
Net unrealized appreciation................................. $ 99,299
========
</TABLE>
(b) Non-income producing securities.
(c) A portion of this security was loaned as of December 31, 1997.
(d) Serves as collateral for futures contracts.
At December 31, 1997, the Portfolio's open futures contracts were as follows:
<TABLE>
<CAPTION>
CURRENT
NUMBER OPENING MARKET
OF POSITIONS VALUE
CONTRACTS CONTRACT TYPE (000) (000)
- --------- ------------- --------- -------
<C> <S> <C> <C>
80 Long S&P 500 March 1998 Futures $19,459 $19,582
</TABLE>
See notes to financial statements.
20
<PAGE> 23
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Large Company Value Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS (93.0%):
Business Equipment & Services (0.6%):
111 Browning-Ferris Industries, Inc.
(c)............................... $ 4,110
--------
Capital Goods (3.8%):
75 Case Corp........................... 4,533
90 Cooper Industries, Inc.............. 4,410
60 Emerson Electric Co................. 3,386
100 Harsco Corp......................... 4,313
113 Ingersoll Rand Co................... 4,555
100 Sherwin-Williams Co................. 2,775
100 Trinity Industries, Inc............. 4,463
--------
28,435
--------
Consumer Durable (2.7%):
150 Autozone, Inc. (b)(c)............... 4,350
250 Chrysler Corp....................... 8,796
100 General Motors Corp................. 6,063
30 Meritor Automotive, Inc. (b)........ 632
--------
19,841
--------
Consumer Non-Durable (4.8%):
200 American Greetings Corp., Class A... 7,825
205 Archer-Daniels-Midland Co........... 4,446
397 RJR Nabisco Holdings Corp........... 14,902
200 Supervalu, Inc...................... 8,375
--------
35,548
--------
Consumer Services (2.7%):
200 CBS Corp............................ 5,888
100 Hasbro, Inc......................... 3,150
100 Hilton Hotels Corp.................. 2,975
195 Viacom, Inc., Class A (b)........... 7,970
--------
19,983
--------
Energy (17.0%):
100 Amoco Corp.......................... 8,513
100 Ashland, Inc........................ 5,369
150 Atlantic Richfield Co............... 12,019
50 Chevron Corp. (c)................... 3,850
100 Dresser Industries, Inc............. 4,194
500 Exxon Corp.......................... 30,593
86 Mobil Corp.......................... 6,237
456 Royal Dutch Petroleum Co. (c)....... 24,710
100 Tenneco, Inc........................ 3,950
150 Texaco, Inc......................... 8,156
100 Unocal Corp......................... 3,881
440 USX-Marathon Group.................. 14,850
--------
126,322
--------
Financial Services (24.8%):
170 Allstate Corp....................... 15,449
90 Chase Manhattan Corp................ 9,855
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Financial Services, continued:
63 Cigna Corp.......................... $ 10,816
150 Federal National Mortgage Assoc.
(c)............................... 8,559
230 First Union Corp. (c)............... 11,788
130 Fleet Financial Group, Inc.......... 9,742
130 Hartford Financial Services Group... 12,163
104 KeyCorp............................. 7,343
110 Lincoln National Corp............... 8,594
100 Mellon Bank Corp.................... 6,063
166 Morgan Stanley Dean Witter
Discover.......................... 9,785
300 NationsBank Corp. (c)............... 18,244
150 PNC Bank Corp....................... 8,559
100 Southtrust Corp..................... 6,344
100 State Street Corp................... 5,819
50 SunTrust Banks, Inc................. 3,569
40 TransAmerica Corp................... 4,260
375 Travelers Group, Inc. (c)........... 20,202
20 Wells Fargo & Co.................... 6,789
--------
183,943
--------
Health Care (2.2%):
65 Aetna (c)........................... 4,587
100 Baxter International, Inc........... 5,043
100 Biomet, Inc......................... 2,563
100 St. Jude Medical Center, Inc.
(b)(c)............................ 3,050
25 United Healthcare Corp.............. 1,242
--------
16,485
--------
Multi-Industry (1.1%):
120 Allied Signal, Inc.................. 4,672
30 Loews Corp.......................... 3,184
--------
7,856
--------
Raw Materials (3.2%):
81 Alumax, Inc. (b).................... 2,754
40 Aluminum Co. of America (c)......... 2,815
50 B. F. Goodrich Co. (c).............. 2,072
51 Dow Chemical Co..................... 5,177
150 Nalco Chemical Co. (c).............. 5,934
50 Olin Corp. (c)...................... 2,344
50 Praxair, Inc........................ 2,250
--------
23,346
--------
Retail (2.9%):
100 American Stores Co.................. 2,056
100 Dillard Department Stores, Inc.,
Class A........................... 3,525
145 McDonald's Corp..................... 6,924
100 Sears Roebuck & Co.................. 4,525
150 Toys R Us, Inc. (b)................. 4,716
--------
21,746
--------
</TABLE>
Continued
21
<PAGE> 24
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Large Company Value Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Shelter (2.5%):
100 International Paper Co.............. $ 4,313
150 Masco Corp.......................... 7,631
127 Weyerhaeuser Co..................... 6,231
--------
18,175
--------
Technology (12.1%):
40 Applied Materials, Inc. (b)......... 1,205
184 Boeing Co........................... 9,000
335 International Business Machines..... 35,007
200 Litton Industries, Inc. (b)......... 11,500
70 Lockheed Martin Corp. (c)........... 6,895
140 Motorola, Inc....................... 7,989
100 National Semiconductor Corp.
(b)(c)............................ 2,594
6 Raytheon Co., Class A............... 314
40 Rockwell International Corp......... 2,090
200 Texas Instruments, Inc.............. 9,000
50 United Technologies Corp............ 3,641
--------
89,235
--------
Transportation (0.4%):
30 Burlington Northern Santa Fe
Corp.............................. 2,788
--------
Utilities (12.2%):
185 Baltimore Gas & Electric Co......... 6,312
200 BellSouth Corp...................... 11,260
150 Cinergy Corp........................ 5,747
140 Edison International................ 3,806
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities, continued:
31 El Paso Natural Gas................. $ 2,041
89 Enron Corp.......................... 3,699
50 Entergy Corp........................ 1,497
100 Florida Power & Light Group, Inc.
(c)............................... 5,919
100 General Public Utilities Corp....... 4,213
82 GTE Corp............................ 4,285
200 MCI Communications Corp............. 8,563
150 Public Service Enterprises, Inc..... 4,753
112 SBC Communications, Inc............. 8,204
87 Southern Co......................... 2,251
150 Sprint Corp......................... 8,794
100 Texas Utilities Corp................ 4,156
150 Worldcom, Inc. (b)(c)............... 4,538
--------
90,038
--------
Total Common Stocks 687,851
--------
REPURCHASE AGREEMENTS (8.3%):
$61,507 Prudential Securities, 6.80%, 1/2/98
(Collateralized by $78,102 various
U.S. Government Securities,
0.00%-6.50%, 11/15/00-2/1/35,
market value $63,231)............. 61,507
--------
Total Repurchase Agreements 61,507
--------
Total (Cost $600,783) (a) $749,358
========
</TABLE>
- ------------
Percentages indicated are based on net assets of $739,597.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows (amounts in thousands):
<TABLE>
<S> <C>
Unrealized appreciation..................................... $152,336
Unrealized depreciation..................................... (3,773)
--------
Net unrealized appreciation................................. $148,563
========
</TABLE>
(b) Non-income producing securities.
(c) A portion of this security was loaned as of December 31, 1997.
See notes to financial statements.
22
<PAGE> 25
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Disciplined Value Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS (97.5%):
Banking (22.1%):
105 Charter One Financial, Inc.......... $ 6,631
139 Crestar Financial Corp.............. 7,923
77 First American Bank Corp............ 5,950
180 First Security Corp................. 7,538
111 First Tennessee National Corp.
(c)............................... 7,376
79 First Virginia Banks, Inc........... 4,078
205 Firstar Corp........................ 8,700
180 Hibernia Corp., Class A............. 3,386
12 ING Groep N.V.--ADR (c)............. 520
169 Marshall & Ilsley Corp.............. 10,499
45 MBNA Corp........................... 1,229
195 Mercantile Bancorporation........... 11,993
138 Mercantile Bankshares Corp.......... 5,380
196 Old Kent Financial Corp............. 7,767
34 PNC Bank Corp....................... 1,940
278 Provident Co., Inc.................. 10,738
168 Regions Financial Corp.............. 7,088
183 Southtrust Corp..................... 11,603
34 State Street Corp................... 1,978
269 Summit Bancorp...................... 14,299
59 Union Planters Corp. (c)............ 4,008
25 Washington Mutual, Inc.............. 1,595
--------
142,219
--------
Business Equipment & Services (1.6%):
60 Jacobs Engineering Group, Inc.
(b)............................... 1,523
126 Office Depot, Inc. (b).............. 3,016
192 Olsten Corp......................... 2,880
63 Stewart Enterprises Corp............ 2,937
--------
10,356
--------
Capital Goods (5.2%):
55 Flowserve Corp...................... 1,527
128 Harsco Corp......................... 5,511
35 Hubbell, Inc., Series B............. 1,726
153 Mark IV Industries, Inc............. 3,336
143 Molex, Inc.......................... 4,588
87 Southdown, Inc...................... 5,133
84 Teleflex, Inc....................... 3,179
116 Trinity Industries.................. 5,177
111 United State Filter Corp. (b)(c).... 3,323
--------
33,500
--------
Consumer Durable (0.8%):
67 Arvin Industries, Inc............... 2,242
55 Lear Corp. (b)...................... 2,612
--------
4,854
--------
Consumer Non-Durable (5.1%):
52 Dean Foods Co....................... 3,094
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Consumer Non-Durable, continued:
125 First Brands Corp................... $ 3,367
82 Hormel Foods Corp................... 2,686
102 IBP, Inc............................ 2,136
95 Intimate Brands, Inc. (c)........... 2,286
98 McCormick & Co., Inc................ 2,744
73 Newell Co........................... 3,103
67 Payless Shoesource, Inc. (b)........ 4,497
345 Tyson Foods, Inc., Class A (c)...... 7,071
46 Universal Corp...................... 1,892
--------
32,876
--------
Consumer Services (4.5%):
130 Belo (A.H.) Corp., Series A......... 7,300
100 Cendant Corp. (b)(c)................ 3,438
70 Circus Circus Entertainment
(b)(c)............................ 1,435
65 Hasbro, Inc......................... 2,048
107 International Game Technologies..... 2,702
143 MGM Grand, Inc. (b)(c).............. 5,157
15 Washington Post Co.................. 7,298
--------
29,378
--------
Energy (4.8%):
36 Ashland, Inc........................ 1,933
29 BJ Services Co. (b)(c).............. 2,086
113 Mapco, Inc.......................... 5,236
43 Murphy Oil Corp..................... 2,330
42 Pioneer Natural Resources Co........ 1,214
53 Tosco Corp.......................... 2,004
84 Transocean Offshore, Inc. (c)....... 4,048
172 Ultramar Diamond Shamrock Corp...... 5,482
73 Valero Energy Corp.................. 2,305
98 Weatherford Enterra, Inc. (b)....... 4,288
--------
30,926
--------
Financial Services (6.6%):
177 A.G. Edwards, Inc................... 7,036
155 Bear Stearns Co., Inc. (c).......... 7,363
60 Gatx Corp........................... 4,354
227 Paine Webber Group, Inc............. 7,828
117 PMI Group, Inc. (c)................. 8,459
84 Reliance Group Holdings, Inc........ 1,187
33 Reliastar Financial Corp............ 1,359
65 The Money Store, Inc. (c)........... 1,365
50 Transatlantic Holdings, Inc......... 3,604
--------
42,555
--------
Health Care (5.2%):
87 Allegiance Corp..................... 3,065
82 Apria Healthcare Group, Inc. (b).... 1,102
21 ATLI Ultrasound, Inc. (b)........... 966
47 Bergen Brunswig Corp................ 1,980
</TABLE>
Continued
23
<PAGE> 26
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Disciplined Value Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Health Care, continued:
22 Cardinal Health, Inc. (c)........... $ 1,653
5 Genzyme Corp. (b)................... 33
160 Genzyme Corp. (b)(c)................ 4,440
40 HBO & Co............................ 1,920
79 McKesson Corp....................... 8,550
80 Medpartners, Inc. (b)(c)............ 1,790
233 Mylan Laboratories (c).............. 4,872
66 St. Jude Medical, Inc. (b).......... 2,013
46 Watson Pharmaceuticals, Inc. (b).... 1,492
--------
33,876
--------
Raw Materials (5.5%):
91 Alumax, Inc. (b).................... 3,094
43 B. F. Goodrich Co. (c).............. 1,782
109 Cabot Corp.......................... 3,011
96 Crompton & Knowles Corp. (c)........ 2,544
174 Ferro Corp.......................... 4,219
23 Fuller (H. B.) Co................... 1,114
98 Hanna (M.A.) Co..................... 2,481
76 Ispat International NV (c).......... 1,644
102 Olin Corp. (c)...................... 4,779
75 Schulman, Inc....................... 1,872
54 Sigma-Aldrich Corp.................. 2,147
19 Vulcan Materials Co................. 1,981
99 Wellman, Inc........................ 1,931
72 Witco Corp.......................... 2,939
--------
35,538
--------
Retail (4.5%):
62 Best Buy, Inc. (b).................. 2,286
60 CompUSA, Inc. (b)................... 1,860
132 Cracker Barrel...................... 4,406
73 Fingerhut Companies, Inc............ 1,560
81 Fred Meyer, Inc. (b)(c)............. 2,961
66 Hannaford Brothers Co............... 2,863
70 Just For Feet, Inc. (b)............. 919
320 Officemax, Inc. (b)................. 4,560
96 Outback Steakhouse, Inc. (b)(c)..... 2,760
33 Sbarro, Inc......................... 863
50 Toys R Us, Inc. (b)................. 1,572
138 U S Office Products Co. (b)(c)...... 2,708
--------
29,318
--------
Shelter (2.6%):
59 Bowater, Inc........................ 2,622
207 Clayton Homes, Inc.................. 3,726
85 Kaufman & Broad Home Corp........... 1,907
45 Leggett & Platt, Inc................ 1,884
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Shelter, continued:
105 Pentair, Inc........................ $ 3,774
69 Rayonier, Inc....................... 2,928
--------
16,841
--------
Technology (5.6%):
68 American Power Conversion (b)....... 1,607
163 Arrow Electronics, Inc. (b)......... 5,294
87 ATMEL Corp. (b)..................... 1,615
36 Avnet, Inc.......................... 2,343
310 Cypress Semiconductor Corp. (b)..... 2,635
19 Dell Computer Corp. (b)............. 1,596
60 EMC Corp. (b)....................... 1,646
71 NCR Corp. (b)(c).................... 1,975
100 Orbital Sciences Corp. (b).......... 2,989
117 Storage Technology Corp. (b)(c)..... 7,245
17 Stratus Computer, Inc. (b).......... 624
67 Teradyne, Inc. (b).................. 2,144
54 Thiokol Corp........................ 4,388
--------
36,101
--------
Transportation (1.9%):
17 ASA Holdings, Inc................... 483
24 Burlington Northern Santa Fe
Corp.............................. 2,231
137 CNF Transportation, Inc............. 5,257
93 Kansas City Southern Industries..... 2,953
57 Yellow Corp. (b)(c)................. 1,432
--------
12,356
--------
Utilities (21.5%):
102 AES Corp. (b)....................... 4,756
73 AGL Resources....................... 1,500
307 Allegheny Energy, Inc............... 9,978
70 American Water Works, Inc. (c)...... 1,912
170 Century Telephone Enterprises....... 8,468
102 Cinergy Corp........................ 3,908
253 CMS Energy Corp..................... 11,148
60 Edison International................ 1,642
113 El Paso Natural Gas Co.............. 7,515
23 Florida Power & Light Group, Inc.... 1,361
53 Florida Progress Corp............... 2,080
85 General Public Utilities Corp....... 3,581
207 L G & E Energy Corp. (c)............ 5,118
148 LCI International, Inc. (b)(c)...... 4,551
139 MCN Energy Group, Inc. (c).......... 5,612
200 Montana Power Co.................... 6,356
101 National Fuel Gas Co................ 4,917
236 New Century Energies, Inc........... 11,290
55 New England Electric Systems........ 2,351
201 New York State Electric & Gas
Corp.............................. 7,136
</TABLE>
Continued
24
<PAGE> 27
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Disciplined Value Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities, continued:
176 Nextel Communications, Inc.,
Class A (b)....................... $ 4,563
103 Nipsco Industries, Inc.............. 5,092
199 Pinnacle West Capital Corp.......... 8,416
66 Potomiac Electric Power Co.......... 1,704
74 Questar Corp........................ 3,302
84 Scana Corp.......................... 2,515
296 Teco Energy, Inc.................... 8,325
--------
139,097
--------
Total Common Stocks 629,791
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
REPURCHASE AGREEMENTS (2.4%):
$15,355 Prudential Securities, 6.80%, 1/2/98
(collateralized by $15,028 U.S.
Treasury Notes, 6.25%, 1/31/02,
market value $15,663)............. $ 15,355
--------
Total Repurchase Agreements 15,355
--------
Total (Cost $495,970) (a) $645,146
========
</TABLE>
- ------------
Percentages indicated are based on net assets of $645,995.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows (amounts in thousands):
<TABLE>
<S> <C>
Unrealized appreciation..................................... $156,070
Unrealized depreciation..................................... (6,894)
--------
Net unrealized appreciation................................. $149,176
========
</TABLE>
(b) Non-income producing securities.
(c) A portion of this security was loaned as of December 31, 1997.
See notes to financial statements.
25
<PAGE> 28
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Large Company Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ---------------------------------- ----------
<C> <S> <C>
COMMON STOCKS (100.6%):
Business Equipment & Services (0.3%):
50 Automatic Data Processing, Inc.... $ 3,068
40 Interpublic Group Co., Inc........ 1,993
----------
5,061
----------
Capital Goods (6.6%):
25 Emerson Electric Co............... 1,424
1,152 General Electric Co............... 84,564
20 Honeywell, Inc.................... 1,370
38 Molex, Inc........................ 1,078
350 Tyco International, Ltd........... 15,772
----------
104,208
----------
Consumer Non-Durable (19.3%):
220 Anheuser Busch Co., Inc........... 9,680
40 Avon Products, Inc................ 2,455
175 Campbell Soup Co.................. 10,172
807 Coca Cola Co...................... 53,777
120 Colgate Palmolive Co.............. 8,820
381 Conagra, Inc...................... 12,502
45 CPC International................. 4,849
222 Gillette Co. (c).................. 22,297
80 H.J. Heinz Co..................... 4,065
50 Hershey Foods Corp................ 3,097
120 Kellogg Co. (c)................... 5,955
130 Newell Co......................... 5,525
75 Nike, Inc., Class B (c)........... 2,944
671 PepsiCo, Inc...................... 24,449
1,340 Philip Morris Co., Inc............ 60,717
20 Pioneer Hi-Bred International,
Inc............................. 2,145
588 Proctor & Gamble Co............... 46,905
75 Quaker Oats Co.................... 3,956
190 Sara Lee, Corp.................... 10,699
200 Unilever N V (c).................. 12,488
----------
307,497
----------
Consumer Services (4.0%):
270 Cendant Corp. (b)(c).............. 9,281
70 Comcast Corp., Class A............ 2,209
200 Gannett, Inc...................... 12,363
280 Hilton Hotels Corp................ 8,330
175 Mattel, Inc. (c).................. 6,519
450 Tele-Communications, Inc. (b)..... 12,572
165 Time Warner, Inc. (c)............. 10,230
14 Walt Disney Co.................... 1,396
----------
62,900
----------
Energy (2.2%):
24 Exxon Corp........................ 1,497
100 Halliburton Co.................... 5,194
23 Mobil Corp........................ 1,644
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ---------------------------------- ----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Energy, continued:
46 Noble Drilling Corp. (b)(c)....... $ 1,413
27 Royal Dutch Petroleum............. 1,478
215 Schlumberger Ltd. (c)............. 17,307
100 Union Pacific Resources Group,
Inc............................. 2,425
105 Unocal Corp....................... 4,075
----------
35,033
----------
Financial Services (11.4%):
210 American Express Co. (c).......... 18,743
313 American International Group,
Inc............................. 34,088
27 BankAmerica Corp.................. 1,940
90 Charles Schwab Corp............... 3,774
210 Chase Manhattan Corp.............. 22,995
10 Chubb Corp........................ 783
464 Federal National Mortgage
Assoc........................... 26,490
253 First Union Corp.................. 12,941
17 J.P. Morgan & Co., Inc............ 1,952
50 Marsh & McLennan Co............... 3,728
28 MBIA, Inc......................... 1,885
180 MBNA Corp. (c).................... 4,916
10 MGIC Investment Group............. 665
222 Morgan Stanley Dean Witter
Discover........................ 13,096
14 Nationsbank Corp.................. 837
9 Northern Trust Corp............... 636
22 Price T Rowe and Assoc............ 1,384
69 State Street Corp................. 4,009
90 SunAmerica, Inc................... 3,848
54 Travelers Group, Inc.............. 2,888
118 U.S. Bancorp...................... 13,203
100 Washington Mutual, Inc............ 6,381
----------
181,182
----------
Health Care (20.9%):
220 Abbott Labs....................... 14,424
305 American Home Products Co......... 23,294
120 Amgen, Inc. (b)................... 6,495
150 Baxter International, Inc......... 7,566
75 Bergen Brunswig Corp.............. 3,159
140 Boston Scientific Corp. (b)(c).... 6,423
470 Bristol Myers Squibb Co........... 44,474
30 Cardinal Health, Inc. (c)......... 2,254
64 Elan Corp., PLC (b)(c)............ 3,270
550 Eli Lilly & Co.................... 38,294
70 Guidant Corp...................... 4,358
340 Healthsouth Corp. (b)(c).......... 9,435
499 Johnson & Johnson................. 32,897
270 Medtronic, Inc.................... 14,124
420 Merck & Co., Inc. (c)............. 44,651
560 Pfizer, Inc....................... 41,790
</TABLE>
Continued
26
<PAGE> 29
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Large Company Growth Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ---------------------------------- ----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Health Care, continued:
238 Schering Plough Corp.............. $ 14,764
175 Warner Lambert Co................. 21,700
----------
333,372
----------
Multi-Industry (0.5%):
99 Minnesota Mining & Manufacturing
Co.............................. 8,124
Raw Materials (2.8%):
28 Air Products & Chemical, Inc...... 2,303
438 Du Pont (EI) de Nemours & Co...... 26,306
245 Monsanto Co....................... 10,274
119 Praxair, Inc...................... 5,341
----------
44,224
----------
Retail (7.1%):
135 Dayton Hudson Corp................ 9,113
165 Gap, Inc. (c)..................... 5,847
362 Home Depot, Inc................... 21,297
616 Just For Feet, Inc. (b)........... 8,085
175 Kroger Co. (b).................... 6,464
145 McDonald's Corp................... 6,924
181 TJX Cos., Inc. (c)................ 6,215
5 Tricon Global Restaurants (b)..... 148
1,085 Wal-Mart Stores, Inc.............. 42,789
180 Walgreen Co....................... 5,648
----------
112,530
----------
Shelter (1.1%):
334 Kimberly Clark Corp. (c).......... 16,464
28 Sealed Air Corp. (b)(c)........... 1,717
----------
18,181
----------
Technology (18.4%):
42 3Com Corp. (b).................... 1,470
140 Applied Materials, Inc. (b)....... 4,218
44 Boeing Co......................... 2,174
527 Cisco Systems, Inc. (b)(c)........ 29,398
195 Compaq Computer Corp. (b)......... 11,005
259 Computer Associates International,
Inc............................. 13,668
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ---------------------------------- ----------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Technology, continued:
528 Dell Computer Corp. (b)........... $ 44,344
300 EMC Corp. (b)..................... 8,231
25 Hewlett Packard Co................ 1,577
693 Intel Corp........................ 48,684
14 KLA-Tencor Corp. (b).............. 541
15 Linear Technology Corp............ 871
250 Lucent Technologies, Inc. (c)..... 19,969
19 Micron Technology, Inc. (b)(c).... 493
540 Microsoft Corp. (b)............... 69,795
119 Northern Telecom, Ltd............. 10,591
100 Oracle Corp. (b).................. 2,231
110 Tellabs, Inc. (b)................. 5,816
190 Texas Instruments, Inc............ 8,550
50 United Technologies Corp.......... 3,641
80 Xerox Corp........................ 5,905
----------
293,172
----------
Utilities (6.0%):
28 AES Corp. (b)..................... 1,326
100 Airtouch Communications, Inc.
(b)............................. 4,156
250 Ameritech Corp.................... 20,125
246 Bell Atlantic Corp................ 22,422
370 GTE Corp.......................... 19,333
390 SBC Communications, Inc........... 28,568
----------
95,930
----------
Total Common Stocks 1,601,414
----------
REPURCHASE AGREEMENTS (1.1%):
$16,845 Prudential Securities, 6.80%,
1/2/98 (Collateralized by
$19,947 U.S. Treasury STRIPS,
0.00%, 8/15/00, market value
$17,182)........................ 16,845
----------
Total Repurchase Agreements 16,845
----------
Total (Cost $1,124,533) (a) $1,618,259
==========
</TABLE>
- ------------
Percentages indicated are based on net assets of $1,590,769.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows (amounts in thousands):
<TABLE>
<S> <C>
Unrealized appreciation..................................... $509,368
Unrealized depreciation..................................... (15,642)
--------
Net unrealized appreciation................................. $493,726
========
</TABLE>
(b) Non-income producing securities.
(c) A portion of this security was loaned as of December 31, 1997.
See notes to financial statements.
27
<PAGE> 30
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Growth Opportunities Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS (94.9%):
Business Equipment & Services (13.6%):
166 America Online, Inc. (b)(c)......... $ 14,796
170 Cintas Corp......................... 6,646
62 Corrections Corporation of America
(b)(c)............................ 2,298
101 Fiserv, Inc. (b)(c)................. 4,971
96 Herman Miller, Inc.................. 5,211
143 Manpower, Inc....................... 5,055
283 Omnicom Group, Inc.................. 11,984
255 Paychex, Inc. (c)................... 12,918
67 Pittston Co......................... 2,681
214 Reynolds & Reynolds Co.............. 3,940
392 Staples, Inc. (b)(c)................ 10,875
147 Sterling Commerce, Inc. (b)......... 5,667
19 Stewart Enterprises, Inc............ 891
255 Sungard Data Systems, Inc. (b)(c)... 7,896
402 U.S.A. Waste Services, Inc.
(b)(c)............................ 15,789
76 Viad Corp........................... 1,475
19 Viking Office Products (b).......... 412
81 Wallace Computer Services........... 3,153
--------
116,658
--------
Capital Goods (3.3%):
70 Catellus Development Corp. (b)...... 1,400
108 Diebold, Inc........................ 5,446
6 Dover Corp.......................... 223
95 Fastenal Co. (c).................... 3,618
76 Federal Signal Corp................. 1,648
97 Hubbell, Inc., Class B.............. 4,803
57 Precision Castparts Co.............. 3,450
129 Sundstrand Corp..................... 6,478
41 United States Filter Corp. (b)(c)... 1,230
--------
28,296
--------
Consumer Durable (2.1%):
111 Danaher Corp. (c)................... 6,998
58 Federal Mogul Corp. (c)............. 2,341
283 Harley-Davidson, Inc. (c)........... 7,758
22 OEA, Inc............................ 624
--------
17,721
--------
Consumer Non-Durable (8.4%):
52 Beringer Wine Estates, Series B
(b)(c)............................ 1,957
690 Coca-Cola Enterprises (c)........... 24,523
143 Dial Corp........................... 2,966
94 Dole Food, Inc. (c)................. 4,310
194 Flowers Industries, Inc............. 3,993
129 General Nutrition Cos. (b).......... 4,389
449 Interstate Bakeries Co. (c)......... 16,763
133 Jones Apparel Group, Inc. (b)....... 5,708
41 Lancaster Colony Corp............... 2,328
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Consumer Non-Durable, continued:
28 Nautica Enterprises, Inc. (b)....... $ 651
14 Tommy Hilfiger Corp. (b)............ 492
95 Unifi, Inc.......................... 3,878
--------
71,958
--------
Consumer Services (1.7%):
165 Callaway Golf Co. (c)............... 4,711
255 International Game Technologies..... 6,446
45 Promus Hotel Corp. (b).............. 1,873
38 TCA Cable TV, Inc................... 1,748
--------
14,778
--------
Energy (7.2%):
252 Ensco International, Inc. (c)....... 8,435
317 Global Marine, Inc. (b)............. 7,774
1 Houston Exploration Co. (b)......... 11
385 Intelect Communications, Inc.
(b)(c)............................ 1,971
292 Nabors Industries, Inc. (b)(c)...... 9,188
232 Noble Drilling Corp. (b)(c)......... 7,102
8 Phillips Petroleum Co............... 389
121 Smith International, Inc. (b)(c).... 7,445
104 Tidewater, Inc...................... 5,739
278 Tosco Corp. (c)..................... 10,527
116 Varco International, Inc. (b)....... 2,491
15 Weatherford Enterra, Inc. (b)....... 670
--------
61,742
--------
Financial Services (13.5%):
274 AFLAC, Inc.......................... 13,990
20 Associated Bancorp.................. 1,103
152 Capital One Financial Corp.......... 8,247
86 Charter One Financial, Inc.......... 5,415
82 City National Corp.................. 3,029
73 ESG Re Ltd.......................... 1,704
39 First America Bank Corp............. 2,985
97 First Security Corp................. 4,058
10 First Tennessee National Corp....... 668
24 Firstar Corp........................ 1,023
258 Franklin Resources, Inc............. 22,443
16 Green Tree Financial Corp. (c)...... 406
20 Marshall & Ilsley Corp.............. 1,243
38 Mercantile Bancorporation........... 2,306
27 MGIC Investment Corp................ 1,765
262 Northern Trust Corp................. 18,254
47 Old Republic International Corp..... 1,759
120 Price (T. Rowe) Associates.......... 7,529
119 Robert Half International, Inc.
(b)............................... 4,768
5 Summit Bancorp...................... 266
42 SunAmerica, Inc..................... 1,779
176 TCF Financial Corp.................. 5,987
</TABLE>
Continued
28
<PAGE> 31
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Growth Opportunities Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Financial Services, continued:
29 Union Planters Corp................. $ 1,957
52 Wilmington Trust Corp............... 3,244
--------
115,928
--------
Health Care (8.8%):
154 Biogen, Inc. (b).................... 5,594
18 Biomet, Inc......................... 461
151 Centocor, Inc. (b).................. 5,027
311 Chiron Corp. (b)(c)................. 5,287
116 Dentsply International, Inc......... 3,544
143 Foundation Health Systems, Series A
(b)(c)............................ 3,188
88 Health Care & Retirement Corp.
(b)............................... 3,538
293 Health Management Associates, Inc.
(b)............................... 7,406
80 Healthcare Compare Corp. (b)........ 4,112
26 Healthsouth Corp. (b)(c)............ 717
105 Hillenbrand Industries, Inc......... 5,349
14 Integrated Health Services.......... 430
17 Medtronic, Inc...................... 868
175 Omnicare, Inc. (c).................. 5,422
97 Oxford Health Plans, Inc. (b)....... 1,515
95 Quorum Health Group, Inc. (b)....... 2,482
40 R. P. Scherer Corp. (b)............. 2,440
183 Stryker Corp. (c)................... 6,832
98 Sybron International Corp.-
Wisconsin (b)(c).................. 4,576
12 United Healthcare Corp.............. 593
50 Vencor, Inc. (b).................... 1,222
141 Watson Pharmaceutical, Inc. (b)..... 4,580
--------
75,183
--------
Multi-Industry (0.6%):
40 Trammell Crow Co.................... 1,030
226 United Rentals, Inc. (b)(c)......... 4,365
--------
5,395
--------
Raw Materials (2.5%):
52 Betzdearborn, Inc................... 3,187
76 Crompton & Knowles Corp............. 2,025
57 Cytec Industries, Inc. (b).......... 2,694
85 IMC Global, Inc. (c)................ 2,784
103 Ispat International N.V.-New York
(c)............................... 2,232
126 Lyondell Petrochemical.............. 3,347
95 Solutia, Inc........................ 2,535
58 Witco Corp.......................... 2,359
--------
21,163
--------
Retail (10.8%):
58 Barnes & Noble, Inc. (b)............ 1,929
94 Bed Bath & Beyond, Inc. (b)(c)...... 3,634
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Retail, continued:
180 Claire's Stores, Inc................ $ 3,507
234 CompUSA, Inc. (b)................... 7,246
164 Consolidated Stores Co. (b)......... 7,194
295 Dollar General Corp................. 10,697
278 Family Dollar Stores, Inc........... 8,159
16 Hollywood Entertainment Corp.
(b)(c)............................ 170
17 Home Depot, Inc..................... 971
1,447 Just For Feet, Inc. (b)(c).......... 18,992
154 Kohl's Corp. (b)(c)................. 10,478
60 Lands End, Inc. (b)................. 2,104
87 Mac Frugal's Bargains (b)........... 3,574
57 Outback Steakhouse, Inc. (b)........ 1,647
301 Starbucks Corp. (b)................. 11,543
25 Tiffany & Co. (c)................... 902
--------
92,747
--------
Shelter (2.1%):
55 Hon Industries, Inc................. 3,216
170 Leggett & Platt, Inc................ 7,136
81 Sealed Air Corp. (b)(c)............. 4,977
168 Sunstone Hotel Investors, Inc....... 2,901
--------
18,230
--------
Technology (16.1%):
7 3Com Corp. (b)...................... 252
18 Adaptec, Inc. (b)................... 668
235 ADC Telecommunications, Inc. (b).... 9,824
151 Altera Corp. (b)(c)................. 5,005
220 American Power Conversion (b)....... 5,205
301 Analog Devices, Inc. (b)(c)......... 8,329
11 Ascend Communications, Inc. (b)..... 270
34 ATMEL Corp. (b)..................... 633
219 BMC Software, Inc. (b).............. 14,386
379 Cadence Design Systems, Inc. (b).... 9,278
8 Cisco Systems, Inc. (b)............. 418
381 Compuware Corp. (b)................. 12,192
154 Dell Computer Corp. (b)............. 12,902
1 Electronic Arts, Inc. (b)(c)........ 53
5 Intel Corp.......................... 323
91 Lexmark International Group, Inc.
(b)............................... 3,458
122 Linear Technology Corp. (c)......... 7,024
265 Maxim Integrated Products, Inc.
(b)(c)............................ 9,143
6 Microsoft Corp. (b)................. 724
95 Network Associates, Inc............. 5,023
18 Newbridge Networks Corp............. 633
22 Oracle Corp. (b).................... 485
13 Parametric Technology Corp. (b)..... 616
88 Quantum Corp. (b)(c)................ 1,772
85 SCI Systems, Inc. (b)(c)............ 3,707
</TABLE>
Continued
29
<PAGE> 32
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Growth Opportunities Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Technology, continued:
158 Solectron Corp. (b)................. $ 6,575
63 Structural Dynamics (b)............. 1,413
10 Sun Microsystems, Inc. (b).......... 383
95 Synopsys, Inc. (b).................. 3,396
13 Tellabs, Inc. (b)................... 703
190 Teradyne, Inc. (b)(c)............... 6,086
18 Thermo Instrument Systems, Inc.
(b)............................... 635
43 Varian Associates, Inc.............. 2,179
136 Xilinx, Inc. (b).................... 4,783
--------
138,476
--------
Transportation (0.5%):
117 Illinois Central Corp............... 3,975
--------
Utilities (3.7%):
191 360 Communications Co. (b).......... 3,846
329 AES Corp. (b)....................... 15,330
192 LCI International, Inc. (b)......... 5,904
115 Seagull Energy Corp. (b)............ 2,374
93 Southern New England
Telecommunications, Inc. (c)...... 4,679
--------
32,133
--------
Total Common Stocks 814,383
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
REPURCHASE AGREEMENTS (4.1%):
$35,429 Prudential Securities, 6.80%, 1/2/98
(Collateralized by $43,741 U.S.
Government Agency Securities,
7.03%, 11/1/32, market value
$36,492).......................... 35,429
--------
Total Repurchase Agreements 35,429
--------
Total (Cost $701,114) (a) $849,812
========
</TABLE>
- ------------
Percentages indicated are based on net assets of $858,525.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows (amounts in thousands):
<TABLE>
<S> <C>
Unrealized appreciation..................................... $181,676
Unrealized depreciation..................................... (32,978)
--------
Net unrealized appreciation................................. $148,698
========
</TABLE>
(b) Non-income producing securities.
(c) A portion of this security was loaned as of December 31, 1997.
See notes to financial statements.
30
<PAGE> 33
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Small Capitalization Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMERCIAL PAPER (5.0%):
Financial Services (5.0%):
5,575 CXC, Inc., 5.82%, 3/19/98........... $ 5,507
--------
Total Commercial Paper 5,507
--------
COMMON STOCKS (88.2%):
Business Equipment & Services (9.2%):
20 A Consulting Team, Inc. (b)......... 223
45 Acxiom Corp. (b).................... 866
25 Billing Information Concepts (b).... 1,197
20 Carriage Services, Inc. (b)......... 380
8 Catalina Marketing Corp. (b)........ 370
15 Central Parking Corp................ 680
10 Choicepoint, Inc. (b)............... 478
25 Concord EFS, Inc. (b)............... 622
15 Equity Corporation International
(b)............................... 347
14 Hyperion Software, Inc. (b)......... 483
15 Imnet Systems, Inc. (b)(c).......... 244
11 Inacom Corp. (c).................... 309
30 Inspire Insurance Solutions (b)..... 626
12 Interim Services, Inc. (b).......... 311
20 Norrell Corp........................ 398
30 Nova Corp. (b)...................... 750
20 Paxar Corp. (b)..................... 296
10 Pierce Leahy Corp. (b).............. 205
8 Stone & Webster, Inc................ 375
10 Tetra Technologies (b).............. 211
15 World Access, Inc. (b).............. 358
15 Zebra Technologies, Class A (b)..... 446
--------
10,175
--------
Capital Goods (2.6%):
26 Blount International, Inc........... 694
13 Imco Recycling, Inc................. 209
8 Ionics, Inc. (b).................... 313
8 Kent Electronics Corp. (b).......... 201
25 Kuhlman Corp........................ 977
15 Wabash National Corp................ 427
--------
2,821
--------
Consumer Durable (0.7%):
10 Breed Technologies, Inc. (c)........ 183
50 Miller Industries, Inc. (b)......... 537
--------
720
--------
Consumer Non-Durable (6.2%):
10 Canandaigua Wine Co., Class A (b)... 554
15 Coca-Cola Bottling Co............... 1,034
20 Dekalb Genetics Corp................ 785
20 Earthgrains Co...................... 940
15 Nautica Enterprises, Inc. (b)....... 349
17 NBTY, Inc. (b)...................... 567
15 Richfood Holdings (c)............... 424
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Consumer Non-Durable, continued:
24 Smithfield Foods, Inc. (b).......... $ 792
15 Westpoint Stevens, Inc. (b)(c)...... 709
30 Wolverine World Wide, Inc........... 679
--------
6,833
--------
Consumer Services (2.9%):
30 Action Performance Co., Inc.
(b)(c)............................ 1,136
22 Grand Casinos (b)................... 300
25 International Speedway Corp. (c).... 589
15 Regal Cinemas, Inc. (b)(c).......... 418
20 Sturm, Ruger & Co................... 369
25 Suburban Lodges of America (b)...... 333
--------
3,145
--------
Energy (7.4%):
8 CAMCO International, Inc............ 510
10 Devon Energy Corp................... 385
10 EVI, Inc. (b)....................... 518
12 Forcenergy, Inc. (b)(c)............. 314
20 Global Industries Ltd. (b).......... 340
14 Input/Output, Inc. (b).............. 416
15 Marine Drilling Co., Inc. (b)....... 311
30 Maverick Tube Corp. (b)............. 759
30 Newpark Resources, Inc. (b)......... 525
25 Patterson Energy, Inc. (b).......... 966
10 Pool Energy Services Co. (b)........ 223
25 Pride Petroleum Services, Inc.
(b)............................... 631
7 Saint Mary Land & Exploration....... 245
10 Snyder Oil Corp..................... 183
17 Stone Energy Corp. (b).............. 559
15 Trico Marine Services, Inc. (b)..... 441
18 Tuboscope, Inc. (b)................. 433
15 UTI Energy Corp. (b)................ 388
--------
8,147
--------
Financial Services (18.4%):
35 Alabama National Bankcorp........... 923
25 Amresco, Inc. (b)................... 756
4 BankAtlantic Bancorp, Inc.,
Series A (c)...................... 61
15 BankAtlantic Bancorp, Inc., Series
B................................. 251
25 Bankunited Financial Corp. (b)...... 385
7 Capital Bancorp..................... 405
20 Carolina First Corp................. 430
7 Cenit Bancorp, Inc.................. 557
20 Colonial BancGroup, Inc............. 689
52 Cooperative Bankshares, Inc. (b).... 1,274
23 Cullen/Frost Bankers, Inc........... 1,396
20 Eagle Bancshares, Inc............... 440
11 First Commercial Corp............... 616
25 First Financial Holdings, Inc....... 1,328
</TABLE>
Continued
31
<PAGE> 34
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Small Capitalization Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Financial Services, continued:
20 First Liberty Financial Corp........ $ 640
14 First Palm Beach Bancorp............ 582
12 Keystone Financial, Inc............. 483
25 Protective Life Corp................ 1,493
10 Provident Financial Group, Inc...... 485
15 Raymond James Financial............. 595
14 Republic Bancshares, Inc. (b)....... 371
21 Resource Bancshares Mortgage
Group............................. 343
15 Seacoast Banking Corp............... 578
25 Sirrom Capital Corp................. 1,303
25 Sovereign Bancorp, Inc.............. 519
10 Trans Financial, Inc................ 389
42 Triad Guaranty, Inc. (b)............ 1,218
25 United Cos. Financial Corp. (c)..... 388
12 Whitney Holding Corp................ 684
17 Zions Bancorporation................ 771
--------
20,353
--------
Health Care (9.2%):
20 Alpharma, Inc. (c).................. 435
9 Ballard Medical Products............ 218
26 Centennial Healthcare Corp. (b)..... 592
15 Cryolife, Inc. (b).................. 204
30 Cyberonics, Inc. (b)................ 458
30 Genesis Health (b)(c)............... 791
10 Gulf South Medical Supply (b)....... 373
12 ICN Pharmaceuticals, Inc............ 596
15 Invacare Corp....................... 326
11 LCA Vision, Inc..................... 13
16 Lincare Holding, Inc. (b)........... 910
8 MedImmune, Inc. (b)................. 343
7 Mentor Corp......................... 266
10 North American Vaccine, Inc.
(b)(c)............................ 249
20 Orthalliance, Inc., Class A (b)..... 183
45 Orthodontic Centers of America
(b)(c)............................ 748
20 Phycor, Inc. (b)(c)................. 540
9 Protein Design Labs, Inc. (b)....... 360
24 Roberts Pharmaceutical Corp. (b).... 230
9 Safeskin Corp. (b).................. 511
11 Steris Corp. (b).................... 507
40 Summit Technology, Inc. (b)......... 181
16 Sunrise Assisted Living (b)......... 690
8 Vertex Pharmaceuticals, Inc. (b).... 264
30 Vision Twenty-One, Inc. (b)......... 278
--------
10,266
--------
Multi-Industry (0.5%):
40 Denali, Inc. (b).................... 530
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Raw Materials (1.8%):
14 Birmingham Steel Corp............... $ 221
25 Chemfirst, Inc...................... 705
10 NS Group, Inc. (b).................. 171
20 Quanex Corp......................... 563
10 Scotts Company (b).................. 303
--------
1,963
--------
Retail (7.1%):
30 Arbor Drugs, Inc.................... 555
35 Cato Corp........................... 311
17 Compucom Systems, Inc. (b).......... 140
12 Footstar, Inc. (b).................. 323
25 Gymboree Corp. (b).................. 684
30 Hibbet Sporting Goods, Inc. (b)..... 660
20 Just For Feet, Inc. (b)............. 263
20 Landry's Seafood Restaurants, Inc.
(b)............................... 480
12 Men's Wearhouse, Inc. (b)........... 417
30 Michaels Stores, Inc. (b)(c)........ 876
14 O'Reilly Automotive, Inc. (b)....... 368
30 Pier 1 Imports, Inc................. 679
24 Proffitts, Inc. (b)................. 683
16 Ross Stores, Inc.................... 582
15 Ruby Tuesday, Inc. (b).............. 386
15 Stein Mart, Inc. (b)................ 401
--------
7,808
--------
Shelter (2.8%):
24 Caraustar Industries, Inc........... 822
30 Ethan Allen Interiors, Inc.......... 1,156
3 Kimberly Clark Corp................. 166
20 Oakwood Homes Corp.................. 664
35 Southern Energy Homes, Inc. (b)..... 280
--------
3,088
--------
Technology (12.2%):
7 Alliant Techsystems, Inc. (b)....... 390
30 Aspect Telecommunications, Inc.
(b)............................... 626
5 ATMI, Inc. (b)...................... 121
28 Benchmark Electronics, Inc. (b)..... 620
25 Comverse Technology, Inc. (b)....... 955
35 Corsair Communications, Inc.
(b)(c)............................ 569
25 Datastream Systems, Inc. (b)........ 775
54 Digital Microwave Corp. (b)......... 783
25 Faro Technologies, Inc. (b)......... 291
26 Harbinger Corp. (b)................. 731
10 Keane, Inc. (b)..................... 406
10 Kemet Corp. (b)..................... 194
5 Lattice Semiconductor Corp. (b)..... 237
19 Microchip Technology, Inc. (b)...... 570
11 Novellus Systems, Inc. (b).......... 355
13 Oak Industries (b).................. 386
</TABLE>
Continued
32
<PAGE> 35
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
Small Capitalization Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Technology, continued:
19 Platinum Technology, Inc. (b)(c).... $ 537
40 Powertel, Inc. (b).................. 670
10 Read-Rite Corp. (b)................. 158
12 Sanmina Corp. (b)(c)................ 813
20 Sawtek, Inc. (b).................... 528
6 SCI Systems, Inc. (b)(c)............ 266
13 Sterling Software (b)............... 533
23 Tech Data Corp. (b)................. 894
40 Telco Systems, Inc. (b)............. 388
16 Vantive Corp. (b)................... 404
16 VLSI Technology, Inc. (b)........... 378
--------
13,578
--------
Transportation (3.9%):
14 Atlantic Coast Airlines, Inc.
(b)(c)............................ 445
23 Comair Holdings, Inc. (b)........... 543
38 Halter Marine Group, Inc. (b)(c).... 1,082
25 Heartland Express, Inc. (b)(c)...... 672
25 MS Carriers, Inc. (b)............... 622
10 Railtex, Inc. (b)................... 143
14 Skywest, Inc........................ 415
10 USFreightways Corp.................. 325
--------
4,247
--------
Utilities (3.3%):
6 Energen Corp........................ 239
13 K N Energy, Inc..................... 702
50 LCI International, Inc. (b)(c)...... 1,537
25 Rural Cellular Corp. Class A (b).... 327
15 Southwestern Energy Co.............. 193
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
Utilities, continued:
22 Tel-Save Holdings, Inc. (b)(c)...... $ 437
7 TNP Enterprises, Inc................ 233
--------
3,668
--------
Total Common Stocks 97,342
--------
PREFERRED STOCKS (2.0%):
Financial Services (1.8%):
15 CCB Financial Corp.................. 1,612
17 Southwest Securities Group, Inc..... 438
--------
2,050
--------
Technology (0.2%):
7 Gray Communications Systems, Inc.,
Class B........................... 175
--------
Total Preferred Stocks 2,225
--------
U.S. TREASURY OBLIGATIONS (0.2%):
U.S. Treasury Bills (0.2%):
$ 105 2/19/98 (d)......................... 104
55 2/26/98 (d)......................... 55
15 3/12/98............................. 15
--------
Total U.S. Treasury Obligations 174
--------
REPURCHASE AGREEMENTS (4.2%):
4,619 Prudential Securities, 6.80%, 1/2/98
(Collateralized by $4,836 U.S.
Treasury Bills, 0.00%, 6/25/98,
market value $4,712).............. 4,619
--------
Total Repurchase Agreements 4,619
--------
Total (Cost $85,403) (a) $109,867
========
</TABLE>
- ------------
Percentages indicated are based on net assets of $110,282.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows (amounts in thousands):
<TABLE>
<S> <C>
Unrealized appreciation..................................... $27,909
Unrealized depreciation..................................... (3,340)
-------
Net unrealized appreciation................................. $24,569
=======
</TABLE>
(b) Non-income producing securities.
(c) A portion of this security was loaned as of December 31, 1997.
(d) Serves as collateral for futures.
At December 31, 1997, the Portfolios open futures contracts were as follows:
<TABLE>
<CAPTION>
CURRENT
NUMBER OPENING MARKET
OF POSITIONS VALUE
CONTRACTS CONTRACT TYPE (000) (000)
- --------- ------------- --------- -------
<C> <S> <C> <C>
25 Long Russell March 1998 Futures $5,413 $5,518
</TABLE>
See notes to financial statements.
33
<PAGE> 36
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS (96.1%):
ARGENTINA (0.8%):
Automotive (0.0%):
34 Renault Argentina (b)............... $ 44
--------
Beverages & Tobacco (0.0%):
Buenos Aires Embottelladora SA,
Class B (b)(d).................... 27
--------
Oil & Gas Exploration, Production & Services (0.5%):
130 Perez Companc SA.................... 929
39 YPF Sociedad Anonima................ 1,307
--------
2,236
--------
Telecommunications (0.3%):
89 Telecom Argentina SA, Class B....... 637
215 Telefonica de Argentina SA, Class
B................................. 806
--------
1,443
--------
Total Argentina..................... 3,750
--------
AUSTRALIA (2.2%):
Banking (0.7%):
120 National Australia Bank Ltd. (b).... 1,674
171 Westpac Banking Corp., Ltd.......... 1,093
--------
2,767
--------
Beverages & Tobacco (0.1%):
57 Coca-Cola Amatil Ltd. (b)........... 427
--------
Brewery (0.0%):
113 Foster's Brewing Group Ltd.......... 215
--------
Broadcasting & Publishing (0.2%):
157 News Corp., Ltd. (b)................ 864
--------
Building Products (0.3%):
221 Boral Ltd........................... 558
135 CSR Ltd. (b)........................ 458
131 Pioneer International Ltd. (b)...... 358
--------
1,374
--------
Diversified (0.1%):
82 Southcorp Holdings Ltd.............. 271
--------
Engineering (0.0%):
31 Leighton Holdings Ltd............... 108
--------
Metals (0.0%):
229 M.I.M. Holdings Ltd. (b)............ 140
36 RGC Ltd............................. 55
--------
195
--------
Metals & Mining (0.4%):
68 Aberfoyle Ltd....................... 111
125 Australian National Industries
Ltd............................... 114
123 Broken Hill Proprietary Co. Ltd.
(b)............................... 1,144
30 Delta Gold.......................... 32
28 Great Central Mines Ltd (b)......... 30
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
AUSTRALIA, CONTINUED:
Metals & Mining, continued:
35 Newcrest Mining Ltd. (b)............ $ 38
122 Normandy Mining Ltd. (b)............ 119
36 Plutonic Resources Ltd. (b)......... 101
31 Resolute Limited.................... 23
87 WMC Ltd. (b)........................ 303
--------
2,015
--------
Real Estate (0.2%):
186 General Property Trust.............. 330
177 Stockland Trust Group............... 410
186 Westfield Trust..................... 355
--------
1,095
--------
Retail-Stores/Catalog (0.1%):
102 Coles Myer Ltd. (b)................. 490
--------
Services (0.1%):
14 Brambles Industries Ltd............. 280
--------
Total Australia..................... 10,101
--------
AUSTRIA (1.6%):
Airlines (0.1%):
22 Austrian Airlines (b)............... 457
--------
Automotive (0.0%):
7 Steyr-Daimler-Puch AG............... 174
--------
Banking & Finance (0.4%):
7 Bank Austria AG..................... 181
18 Bank Austria AG, Participating
Certificates (b).................. 909
11 Bank Austria VAR (b)................ 540
--------
1,630
--------
Beverages & Tobacco (0.0%):
4 Osterreichische Brau-Beteiligungs AG
(b)............................... 197
--------
Building Products (0.1%):
2 Wienerberger Baustoffindustrie AG... 455
--------
Chemicals (0.1%):
4 Lenzing AG (b)...................... 240
--------
Engineering (0.1%):
4 VA Technologie AG (b)............... 652
--------
Environmental Services (0.1%):
2 BWT AG.............................. 279
--------
Insurance (0.2%):
3 EA-Generali AG...................... 748
--------
Miscellaneous Materials & Commodities (0.1%):
9 Radex-Heraklith
Industriebeteiligungs AG.......... 308
--------
</TABLE>
Continued
34
<PAGE> 37
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
AUSTRIA, CONTINUED:
Oil & Gas Exploration, Production & Services (0.2%):
8 OMV AG.............................. $ 1,155
--------
Telecommunications--Services and Equipment (0.2%):
11 Osterreichische
Elekrizitaitswirtschafts-AG, Class
A................................. 1,128
--------
Total Austria....................... 7,423
--------
BELGIUM (1.9%):
Banking (0.4%):
2 Generale de Banque SA............... 727
1 Kredietbank NV...................... 577
1 Kredietbank VVPR (b)................ 546
--------
1,850
--------
Chemicals (0.2%):
14 Solvay SA........................... 851
--------
Industrial Holding Company (0.1%):
4 Groupe Bruxelles Lambert SA......... 596
--------
Insurance (0.3%):
4 Fortis AG........................... 891
2 Royale Belge........................ 537
--------
1,428
--------
Merchandising (0.2%):
14 Delhaize-Le Lion SA................. 715
--------
Metals & Mining (0.0%):
3 Union Miniere Group (b)............. 207
--------
Oil & Gas Exploration, Production & Services (0.2%):
2 PetroFina SA........................ 890
--------
Telecommunications--Services and Equipment (0.5%):
9 Electrabel SA....................... 2,134
--------
Total Belgium....................... 8,671
--------
BRAZIL (0.3%):
Banking & Finance (0.0%):
18,213 Banco Bradesco (d).................. 0
--------
Beverages & Tobacco (0.0%):
41 Companhia Cervejaria Brahma (b)..... 26
--------
Chemicals (0.0%):
242 Copesul--Companhia Pertoquimica do
Sul (b)........................... 9
19 White Martins SA (b)................ 27
--------
36
--------
Gaming (0.0%):
5 Companhia Vidraria Santa Maria...... 9
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
BRAZIL, CONTINUED:
Gas & Electric Utility (0.2%):
7,050 Centrais Electricas Brasilieras SA
(b)............................... $ 350
3,370 Centrais Electricas Brasilieras SA,
Class B........................... 172
4,116 Companhia Paranaense de Energia-
Copel (b)......................... 46
405 Light--Servicos de Eletricidade SA
(b)............................... 169
--------
737
--------
Steel (0.0%):
3,589 Companhia Siderurgica Nacional...... 100
4 Companhia Vale do Rio Doce (b)...... 77
--------
177
--------
Telecommunications (0.1%):
2,677 Telecomunicacoes Brasileiras SA..... 272
193 Telecomunicacoes de Sao Paulo SA
(b)............................... 44
--------
316
--------
Tobacco (0.0%):
10 Souza Cruz SA....................... 81
--------
Total Brazil........................ 1,382
--------
CHILE (0.2%):
Banking & Finance (0.0%):
6 Banco de Santiago ADR (b)........... 131
--------
Beverages & Tobacco (0.0%):
7 Embotelladora Andina SA, Series A
ADR............................... 143
--------
Telecommunications (0.2%):
18 Telecomunicaciones de Chile SA
ADR............................... 545
--------
Total Chile......................... 819
--------
DENMARK (1.5%):
Agriculture (0.0%):
3 Korn-OG Foderstof Kompagniet A/S.... 82
--------
Banking & Finance (0.3%):
7 Danske Bank......................... 894
6 Unidanmark A/S, Class A............. 411
--------
1,305
--------
Beverages & Tobacco (0.1%):
4 Carlsberg A/S, Class A.............. 192
7 Carlsberg A/S, Class B (b).......... 392
--------
584
--------
Commercial Services (0.0%):
3 ISS International Service System
A/S, Class B (b).................. 105
--------
Diversified (0.1%):
14 Superfos A/S........................ 348
--------
</TABLE>
Continued
35
<PAGE> 38
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
DENMARK, CONTINUED:
Engineering (0.0%):
7 FLS Industries A/S, Class B......... $ 175
--------
Pharmaceuticals (0.5%):
13 Novo Nordisk A/S, Class B........... 1,854
--------
Telecommunications (0.2%):
14 Tele Danmark A/S, Class B........... 853
--------
Transportation & Shipping (0.3%):
0 D/S 1912, Class B (d)............... 785
0 D/S Svendborg A/S, Class B (d)...... 788
0 Lauritzen (J.) Holding A/S (b)(d)... 25
1,598
--------
Total Denmark....................... 6,904
--------
FINLAND (0.8%):
Banking & Finance (0.1%):
96 Merita Ltd., Class A................ 524
--------
Forest Products (0.1%):
27 UPM-Kymmene Corp.................... 544
--------
Insurance (0.1%):
5 Pohjola Insurance Group, Class B.... 178
8 Sampo Insurance Co.................. 260
--------
438
--------
Metals (0.1%):
26 Outokumpo OY, Class A............... 313
--------
Telecommunications (0.4%):
19 Nokia AB, Class A................... 1,343
11 Nokia AB, Class K................... 752
--------
2,095
--------
Total Finland....................... 3,914
--------
FRANCE (10.6%):
Automotive (0.2%):
6 PSA Peugeot......................... 795
--------
Banking (0.9%):
24 Banque Nationale de Paris........... 1,274
16 Compagnie Financiere de Paribas..... 1,374
10 Societe Generale (b)................ 1,427
--------
4,075
--------
Beverages & Tobacco (0.4%):
10 LVMH (Moet Hennessy Louis
Vuitton).......................... 1,584
8 Pernod Ricard (b)................... 478
--------
2,062
--------
Broadcasting/Cable (0.1%):
4 Canal Plus (b)...................... 670
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
FRANCE, CONTINUED:
Building Products (0.3%):
3 Imetal SA........................... $ 354
15 Lafarge SA (b)...................... 1,002
--------
1,356
--------
Business Service (0.6%):
17 Compagnie Generale des Eaux......... 2,338
9 Havas SA............................ 658
--------
2,996
--------
Chemicals (0.7%):
10 L'Air Liquide (b)................... 1,515
38 Rhone-Poulenc SA (b)................ 1,710
--------
3,225
--------
Commercial Services (0.2%):
1 Addeco SA........................... 170
1 Sodexho SA.......................... 697
--------
867
--------
Construction (0.1%):
5 Bouygues............................ 521
--------
Defense (0.2%):
1 Sagem SA............................ 290
19 Thomson CSF (b)..................... 585
--------
875
--------
Diversified (0.1%):
15 Lagardere SCA (b)................... 493
--------
Electrical & Electronic (0.9%):
18 Alcatel Alsthom (b)................. 2,264
5 Legrand SA (b)...................... 947
16 Schneider SA........................ 891
--------
4,102
--------
Energy (1.4%):
31 Elf Aquitane SA..................... 3,565
28 Total SA, Class B................... 3,070
--------
6,635
--------
Engineering (0.1%):
4 Compagnie Francaise d'Etudes et de
Construction Technip (b).......... 396
--------
Food & Household Products (0.1%):
4 Eridania Beghin-Say SA.............. 696
--------
Food Products & Services (0.3%):
8 Groupe Danone....................... 1,421
--------
</TABLE>
Continued
36
<PAGE> 39
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
FRANCE, CONTINUED:
Health & Personal Care (0.9%):
7 L'OREAL............................. $ 2,856
12 Sanofi SA........................... 1,282
--------
4,138
--------
Industrial Goods & Services (0.2%):
17 Michelin Class B, Registered........ 874
--------
Industrial Holding Company (0.5%):
21 Lyonnaise des Eaux SA............... 2,334
--------
Insurance (0.6%):
35 AXA SA (b).......................... 2,706
--------
Leisure (0.2%):
4 Accor SA (b)........................ 809
3 Salomon SA.......................... 215
--------
1,024
--------
Media (0.1%):
1 Pathe SA............................ 280
--------
Merchandising (1.0%):
4 Carrefour SA (b).................... 2,205
7 Etablissements Economiques du Casino
Guichard-Perrachon................ 409
3 Pinault-Printemps-Redoute SA........ 1,334
2 Promodes............................ 911
--------
4,859
--------
Office Equipment & Services (0.2%):
11 BIC................................. 774
--------
Oil & Gas (0.3%):
10 Compagnie de Saint Gobain........... 1,414
--------
Textile Products (0.0%):
2 Dollfus-Mieg & Cie (b).............. 43
--------
Total France........................ 49,631
--------
GERMANY (15.9%):
Airlines (0.2%):
54 Lufthansa AG........................ 1,014
--------
Automotive (1.6%):
68 Daimler-Benz AG..................... 4,809
1 Man AG.............................. 416
4 Volkswagen AG....................... 2,074
--------
7,299
--------
Banking (3.0%):
98 Bayer AG (b)........................ 3,644
39 Bayerische Vereinsbank AG........... 2,493
67 Deutsche Bank AG (b)................ 4,707
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
GERMANY, CONTINUED:
Banking, continued:
3 Dresdner Bank (b)................... $ 107
62 Dresdner Bank AG.................... 2,834
--------
13,785
--------
Banking & Finance (0.3%):
33 Bayerische Hypotheken-und Weschel-
Bank AG........................... 1,620
--------
Building Products (0.1%):
8 Heidelberger Zement AG.............. 542
--------
Business Service (0.5%):
8 SAP AG.............................. 2,467
--------
Chemicals (0.8%):
83 BASF AG............................. 2,981
15 Degussa AG.......................... 762
--------
3,743
--------
Conglomerates (1.9%):
30 Metro AG (b)........................ 1,080
3 Preussag AG (b)..................... 855
70 VEBA AG............................. 4,793
4 Viag AG............................. 2,082
--------
8,810
--------
Construction (0.1%):
9 Hochtief AG......................... 382
--------
Consumer Goods & Services (0.2%):
6 Adidas AG........................... 827
--------
Electrical & Electronic (0.9%):
74 Siemens AG.......................... 4,449
--------
Engineering (0.7%):
10 AGIV AG (b)......................... 202
6 Bilfinger & Berger Bau AG........... 186
5 Mannesmann AG (b)................... 2,677
--------
3,065
--------
Health Care (0.2%):
11 Schering AG......................... 1,026
--------
Insurance (2.8%):
30 Allianz AG.......................... 7,681
5 AMB Aachener und Muenchener
Beteiligungs...................... 595
2 AMB Aachener und Muenchener
Beteiligungs AG................... 210
4 CKAG Colonia Konzern AG............. 361
</TABLE>
Continued
37
<PAGE> 40
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
GERMANY, CONTINUED:
Insurance, continued:
1 Muenchener Rueckversicherungs
Gesellschaft AG, Bearer Shares
(b)............................... $ 162
11 Muenchener Rueckversicherungs
Gesellschaft AG, Registered Shares
(b)............................... 4,048
--------
13,057
--------
Investment Company (0.2%):
17 Beiersdorf AG....................... 711
--------
Machinery & Equipment (0.2%):
9 Kloeckner-Humbolt-Deutz AG (b)...... 67
1 Linde AG (b)........................ 692
--------
759
--------
Metals & Mining (0.2%):
9 Fag Kugelfischer Georg Schaefer
AG................................ 121
4 Thyssen AG.......................... 956
--------
1,077
--------
Pharmaceuticals (0.2%):
24 Merck KGaA.......................... 804
--------
Retail (0.1%):
1 Karstadt AG (b)..................... 398
--------
Retail-General Merchandise (0.0%):
5 Douglas Holding AG.................. 159
--------
Telecommunications (1.2%):
306 Deutsche Telekom AG................. 5,670
--------
Telecommunications--Services and Equipment (0.5%):
48 RWE AG.............................. 2,573
--------
Total Germany....................... 74,237
--------
GREECE (0.9%):
Agriculture (0.0%):
8 Hellenic Sugar Industry SA.......... 49
--------
Banking & Finance (0.6%):
18 Alpha Credit Bank................... 1,066
8 Commercial Bank of Greece SA........ 294
13 Ergo Bank SA........................ 662
5 National Bank of Greece SA (b)...... 479
--------
2,501
--------
Beverages & Tobacco (0.1%):
24 Hellenic Bottling Co. SA............ 553
--------
Building Products (0.2%):
27 Heracles General Cement Co. SA...... 556
--------
Insurance (0.0%):
5 Aspis Pronia (b).................... 53
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
GREECE, CONTINUED:
Telecommunications (0.0%):
3 Intracom SA......................... $ 137
--------
Tobacco (0.0%):
4 Papastratos Cigarette............... 77
--------
Transportation & Shipping (0.0%):
7 Attica Enterprises.................. 76
--------
Total Greece........................ 4,002
--------
HONG KONG (0.8%):
Airlines (0.0%):
194 Cathay Pacific Airways (b).......... 158
--------
Banking (0.1%):
83 Bank of East Asia Ltd. (b).......... 195
12 HSBC Holdings PLC................... 286
--------
481
--------
Banking & Finance (0.0%):
38 Wing Lung Bank...................... 182
--------
Broadcasting & Publishing (0.1%):
95 Television Broadcasts Ltd........... 271
--------
Conglomerates (0.1%):
68 Swire Pacific Ltd., Class A......... 373
--------
Electrical Equipment (0.0%):
645 Elec & Eltek International
Holdings Ltd...................... 160
--------
Industrial Holding Company (0.2%):
145 Hutchison Whampoa Ltd. (b).......... 909
--------
Printing & Publishing (0.0%):
263 Oriental Press Group Ltd. (b)....... 80
--------
Real Estate (0.1%):
56 Sun Hung Kai Properties Ltd. (b).... 390
--------
Telecommunications (0.2%):
391 Hong Kong Telecommunications
Ltd. (b).......................... 804
--------
Total Hong Kong..................... 3,808
--------
INDONESIA (0.2%):
Agriculture (0.0%):
369 PT SMART Corp....................... 32
--------
Auto Parts (0.0%):
61 PT Astra International IDR.......... 16
--------
Banking & Finance (0.0%):
298 PT Bank International Indonesia--
Foreign Registry.................. 18
--------
Building Products (0.0%):
222 Indocement Tunggal Prakarsa......... 73
--------
</TABLE>
Continued
38
<PAGE> 41
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
INDONESIA, CONTINUED:
Chemicals (0.0%):
1,246 Polysindo EKA IDR................... $ 206
--------
Forest Products (0.0%):
203 PT Barito Pacific Timber............ 58
100 PT Inti Indorayon Utama--
Foreign Registry.................. 10
--------
68
--------
Telecommunications (0.1%):
108 PT Indosat.......................... 198
285 PT Telekomunikasi Indonesia......... 152
--------
350
--------
Tobacco (0.1%):
155 PT Gudang Garam..................... 236
51 PT Hanjaya Mandala Sampoerna........ 38
--------
274
--------
Total Indonesia..................... 1,037
--------
IRELAND (0.5%):
Banking (0.1%):
38 Allied Irish Banks PLC.............. 363
--------
Banking & Finance (0.3%):
132 Allied Irish Banks PLC.............. 1,282
--------
Beverages & Tobacco (0.0%):
77 James Crean PLC..................... 158
--------
Industrial Goods & Services (0.1%):
133 Smufit (Jefferson) Group............ 375
--------
Total Ireland....................... 2,178
--------
ITALY (10.0%):
Agriculture (0.1%):
306 Parmalat Finanziaria SpA (b)........ 438
--------
Auto Parts (0.0%):
90 Magneti Marelli SpA................. 154
--------
Automotive (0.5%):
719 Fiat SpA............................ 2,091
165 Fiat SpA di Risp
(Non-convertible)................. 273
--------
2,364
--------
Banking (1.0%):
378 Banca Commerciale Italiana (b)...... 1,315
39 Banca Popolare di Milano............ 247
99 Banco Ambrosiano Veneto SpA......... 379
425 Credito Italiano SpA (b)............ 1,313
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
ITALY, CONTINUED:
Banking, continued:
148 Istituto Bancario San Paolo
di Torino (b)..................... $ 1,412
32 Riunione Adriatica di Sicurta SpA
di Risp........................... 215
--------
4,881
--------
Banking & Finance (0.1%):
81 Mediobanca SpA (b).................. 633
--------
Broadcasting & Publishing (0.2%):
232 Mediaset SpA........................ 1,141
--------
Building Products (0.1%):
32 Italcementi SpA (b)................. 224
15 Italcementi SpA RNC................. 45
--------
269
--------
Chemicals (0.2%):
958 Montedison SpA...................... 860
102 Montedison SpA di Risp.............. 67
130 Snia MPD SpA........................ 134
--------
1,061
--------
Engineering (0.0%):
145 Impregilo SpA....................... 111
--------
Financial Services (0.3%):
109 Istituto Mobiliare Italiano (b)..... 1,297
--------
Gas & Electric Utility (0.3%):
127 Edison SpA (b)...................... 767
144 Italgas SpA......................... 595
--------
1,362
--------
Insurance (1.8%):
237 Assicurazioni Generali.............. 5,828
486 Istituto Nazionale delle
Assicurazioni..................... 985
23 La Previdente....................... 177
56 Riuniune Adriatici de Sicurta SpA
(b)............................... 554
63 Societa Assicuratrice Industriale
(SAI) SpA (b)..................... 700
--------
8,244
--------
Office Equipment & Services (0.0%):
380 Olivetti SpA (b).................... 230
--------
Oil & Gas (1.9%):
1,554 Ente Nazionale Idrocarburi SpA
(ENI)............................. 8,813
--------
Paper Products (0.1%):
34 Burgo (Cartiere) SpA................ 202
17 Reno de Medici SpA (b).............. 46
--------
248
--------
</TABLE>
Continued
39
<PAGE> 42
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
ITALY, CONTINUED:
Printing & Publishing (0.0%):
26 Mandadori (b)....................... $ 208
--------
Retail (0.1%):
36 La Rinascente SpA (b)............... 266
--------
Steel (0.0%):
29 Falck Acciaierie & Ferriere Lombarde
SpA............................... 132
--------
Telecommunications (3.0%):
56 Sirti SpA (b)....................... 337
1,362 Telecom Italia Mobile SpA di Risp
(Non-convertible)................. 6,290
357 Telecom Italia SpA.................. 1,014
773 Telecom Italia SpA.................. 4,939
213 Telecom Italia SpA-RNC (b).......... 939
--------
13,519
--------
Textile Products (0.1%):
35 Benetton Group SpA (b).............. 569
7 Marzotto (Gaetano) & Figli SpA...... 85
--------
654
--------
Tire & Rubber (0.2%):
300 Pirelli SpA (b)..................... 803
--------
Total Italy......................... 46,828
--------
JAPAN (20.8%):
Agriculture (0.0%):
25 Nippon Beet Sugar Manufacturing..... 34
--------
Airlines (0.1%):
115 Japan Airlines (b).................. 314
--------
Aluminum (0.0%):
63 Nippon Light Metal Co............... 92
--------
Appliances & Household Products (1.2%):
130 Matsushita Electric Industrial Co.,
Ltd............................... 1,910
12 Pioneer Electronic Corp............. 186
95 Sanyo Electric Co................... 248
81 Sharp Corp.......................... 559
26 Sony Corp........................... 2,320
--------
5,223
--------
Automotive (2.3%):
2 Autobacs Seven Co................... 58
62 Honda Motor Co., Ltd................ 2,284
159 Nissan Motor Co., Ltd............... 660
9 Sanden.............................. 39
23 Toyoda Automatic Loom Works......... 425
246 Toyota Motor Corp................... 7,076
--------
10,542
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Banking (2.3%):
131 Asahi Bank Ltd...................... $ 534
304 Bank of Tokyo--Mitsubishi........... 4,202
215 Fuji Bank Ltd....................... 873
175 Industrial Bank of Japan............ 1,252
220 Mitsui Trust & Banking Co........... 428
240 Sakura Bank Ltd..................... 689
209 Sumitomo Bank....................... 2,395
13 Yamaguchi Bank...................... 160
--------
10,533
--------
Basic Industry (0.0%):
42 Sekisui Chemical Co., Ltd........... 214
--------
Beverages & Tobacco (0.2%):
20 Asahi Breweries Ltd................. 292
49 Kirin Brewery Co., Ltd.............. 359
36 Takara Shuzo........................ 134
--------
785
--------
Brewery (0.0%):
18 Sapporo Breweries................... 57
--------
Broadcasting & Publishing (0.0%):
18 Tokyo Broadcasting System........... 228
--------
Building Products (0.1%):
35 Chichibu Onoda Cement Co............ 65
5 Dianippon Screen Manufacturing Co.,
Ltd............................... 23
21 Nihon Cement Co., Ltd............... 43
32 Sanwa Shutter Corp.................. 161
16 Tostem Corp......................... 173
--------
465
--------
Chemicals (0.8%):
72 Asahi Chemical Industry Co., Ltd.... 245
6 Daicel Chemical Industries Ltd...... 8
23 Dainippon Ink & Chemicals, Inc...... 58
97 Denki Kagaku Kogyo K.K.............. 147
26 Ishihara Sangyo Kaisha (b).......... 29
32 Kaneka Corp......................... 145
24 Konica Corp......................... 111
13 Kureha Chemical Industry............ 27
107 Mitsubishi Chemical Corp............ 154
16 Mitsubishi Gas Chemical Co.......... 42
14 Nippon Shokubai K.K. Co............. 57
14 NOF Corp............................ 24
19 Shin-Etsu Chemical Co............... 372
59 Showa Denko K.K..................... 52
100 Sumitomo Chemical Co................ 231
49 Takeda Chemical Industries.......... 1,401
80 Toray Industries, Inc............... 360
</TABLE>
Continued
40
<PAGE> 43
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Chemicals, continued:
72 Tosoh Corp. (b)..................... $ 121
74 Ube Industries Ltd.................. 94
--------
3,678
--------
Commercial Services (0.0%):
3 Oyo Corp............................ 46
--------
Computer Software (0.0%):
4 CSK Corp............................ 103
3 Konami Co., Ltd..................... 74
177
--------
Construction (0.2%):
26 Aoki Corp. (b)...................... 8
21 Daiko Inc. (b)...................... 16
29 Daiwa House Industry Co., Ltd....... 154
22 Haseko (b).......................... 11
56 Kumagai Gumi Co., Ltd............... 31
12 Misawa Homes........................ 33
18 Okumura Corp........................ 43
28 Penta-Ocean Construction Co.,
Ltd............................... 39
61 Sekisui House Ltd................... 394
59 Shimizu Corp........................ 137
46 Taisei Corp......................... 76
--------
942
--------
Consumer Goods & Services (0.1%):
35 Nippon Sheet Glass Co., Ltd......... 49
18 Renown, Inc. (b).................... 8
9 Shimano, Inc........................ 166
2 Tokyo Style Co., Ltd................ 18
50 Toto Ltd............................ 317
--------
558
--------
Cosmetics/Personal Care (0.0%):
17 Shisiedo Co., Ltd................... 233
--------
Data Processing & Reproduction (0.3%):
117 Fujitsu Ltd......................... 1,260
2 Trans Cosmos, Inc................... 35
--------
1,295
--------
Distribution (0.1%):
187 Itochu Corp......................... 295
--------
Diversified (0.1%):
9 Amano Corp.......................... 69
7 Sanrio Co., Ltd. (b)................ 37
18 Yamaha Corp......................... 205
--------
311
--------
Electrical & Electronic (0.4%):
13 Casio Computer Co., Ltd............. 94
10 Kyocera Corp........................ 455
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Electrical & Electronic, continued:
125 Mitsubishi Electric Corp............ $ 321
22 Nikon Corp.......................... 218
17 Omron Corp.......................... 267
7 Rohm Co............................. 716
--------
2,071
--------
Electrical Equipment (0.2%):
9 Alps Electric Co., Ltd.............. 85
7 SMC Corp............................ 628
4 Taiyo Yuden Co., Ltd................ 28
--------
741
--------
Electronic Components/Instruments (0.8%):
5 Adventest Corp...................... 285
13 Fanuc Co., Ltd...................... 494
3 Hirose Electric..................... 159
203 Hitachi Ltd......................... 1,451
106 NEC Corp............................ 1,133
23 Yokogawa Electric Corp.............. 143
--------
3,665
--------
Electronics (0.0%):
5 Nitto Denko Corp.................... 87
--------
Energy (0.1%):
169 Japan Energy Corp................... 160
155 Nippon Oil Co....................... 402
--------
562
--------
Engineering (0.2%):
13 Daito Trust Construction Co.,
Ltd............................... 80
36 Fujita Corp......................... 13
33 Hazama Corp......................... 16
49 Kajima Corp......................... 124
10 Kandenko Co., Ltd................... 51
70 Kawasaki Heavy Industries........... 109
14 Kinden Corp......................... 149
19 Nishimatsu Construction............. 60
53 Obayashi Corp....................... 180
17 Sato Kogyo.......................... 11
17 Toa Corp............................ 22
--------
815
--------
Entertainment (0.1%):
13 Toei................................ 47
1 Toho Co............................. 118
22 Tokyo Dome Corp..................... 147
--------
312
--------
Financial Services (0.5%):
18 Acom Co., Ltd....................... 997
104 Mitsubishi Trust & Banking Co....... 1,047
</TABLE>
Continued
41
<PAGE> 44
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Financial Services, continued:
6 Orix Corp........................... $ 420
3 Uni-Charm........................... 107
--------
2,571
--------
Food & Household Products (0.2%):
37 Ajinomoto Co., Inc.................. 361
39 Kao Corp............................ 565
10 Nissin Food Products................ 182
--------
1,108
--------
Food Products & Services (0.1%):
59 Daiei, Inc.......................... 245
10 Kikkoman Corp....................... 51
21 Meiji Milk Products Co., Ltd........ 55
28 Nichirei Corp....................... 60
26 Nippon Suisan Kaisha Ltd. (b)....... 33
17 Yamazaki Banking Co., Ltd........... 166
--------
610
--------
Forest Products (0.2%):
38 Mitsubishi Paper Mills.............. 53
115 New Oji Paper Co.................... 461
70 Nippon Paper Industries Co.......... 276
17 Sumitomo Forestry Co., Ltd.......... 83
--------
873
--------
Gas & Electric Utility (1.0%):
81 Kansai Electric Power Co., Inc...... 1,377
170 Osaka Gas Co........................ 390
48 Tohoku Electric Power............... 734
92 Tokyo Electric Power................ 1,675
204 Tokyo Gas Co., Ltd.................. 464
--------
4,640
--------
Health & Personal Care (0.4%):
9 Chugai Pharmaceutical Co., Ltd...... 46
20 Kyowa Hakko Kogyo Co., Ltd.......... 87
21 Lion Corp........................... 62
27 Sankyo Co., Ltd..................... 613
55 Yamanouchi Pharmaceutical Co.,
Ltd............................... 1,185
--------
1,993
--------
Hotels & Lodging (0.0%):
11 Fujita Kanko, Inc................... 118
--------
Industrial Goods & Services (0.7%):
57 Bridgestone Corp.................... 1,241
57 Denso Corp.......................... 1,030
75 Mitsui Engineering & Shipbuilding
Co., Ltd. (b)..................... 48
36 NGK Insulators Ltd.................. 321
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Industrial Goods & Services, continued:
18 NGK Spark Plug Co................... $ 102
52 Sumitomo Electric Industries........ 712
--------
3,454
--------
Insurance (0.4%):
39 Mitsui Marine & Fire Insurance Co.,
Ltd............................... 200
14 Nichido Fire & Marine Insurance Co.,
Ltd............................... 71
29 Nippon Fire & Marine Insurance...... 109
32 Sumitomo Marine & Fire Insurance.... 170
97 Tokio Marine & Fire Insurance Co.... 1,104
--------
1,654
--------
Jewelry (0.1%):
40 Citizen Watch Co., Ltd.............. 269
6 Hoya Corp........................... 189
--------
458
--------
Leasing (0.1%):
45 Yamato Transport Co., Ltd........... 606
--------
Leisure (0.0%):
3 Namco............................... 90
--------
Machinery & Equipment (0.8%):
15 Amada Co., Ltd...................... 56
25 Brother Industries Ltd.............. 57
45 Chiyoda Corp. (b)................... 48
9 Daifuku Co., Ltd.................... 44
18 Daikin Industries Ltd............... 68
14 Ebara Corp.......................... 149
49 Komatsu Ltd......................... 247
3 Komori Corp......................... 45
40 Koyo Seiko Co., Ltd................. 161
94 Kubota Corp......................... 249
9 Kurita Water........................ 92
6 Makino Milling Machine.............. 38
32 Minebea Co., Ltd.................... 345
229 Mitsubishi Heavy Industries, Ltd.... 957
5 Mori Seiki.......................... 52
58 Nigata Engineering Co., Ltd. (b).... 25
77 NSK Ltd............................. 192
49 NTN Corp............................ 114
38 Okuma Corp.......................... 136
34 Sumitomo Heavey Industries Ltd...... 104
5 Takuma Co., Ltd..................... 35
10 Tokyo Electron Ltd.................. 312
8 Tsubakimoto Chain................... 29
--------
3,555
--------
</TABLE>
Continued
42
<PAGE> 45
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Manufacturing--Capital Goods (0.3%):
41 Fujikura Ltd........................ $ 272
16 Kokuyo Co., Ltd..................... 277
21 Makita Corp......................... 202
15 Murata Manufacturing Co., Ltd....... 379
10 Nippon Sharyo Ltd................... 28
22 Noritake Co., Ltd................... 105
--------
1,263
--------
Manufacturing--Consumer Goods (0.6%):
69 Canon, Inc.......................... 1,613
33 Fuji Photo Film Co., Ltd............ 1,269
6 Sega Enterprises.................... 109
--------
2,991
--------
Materials (0.0%):
9 Okamoto Industries, Inc............. 16
26 Sumitomo Osaka Cement Co., Ltd...... 33
--------
49
--------
Medical Supplies (0.0%):
3 Olympus Optical..................... 21
--------
Merchandising (0.4%):
28 ITO-Yokado Co., Ltd................. 1,432
18 JUSCO Co............................ 255
21 Marui Co., Ltd...................... 328
--------
2,015
--------
Metals & Mining (0.2%):
73 Furukawa Electric Co................ 315
64 Hitachi Zosen Corp.................. 103
66 Japan Steel Works (b)............... 50
67 Mitsubishi Materials Corp........... 108
30 Mitsui Mining & Smelting............ 121
59 Mitsui Mining Co., Ltd. (b)......... 46
57 Seika Corp.......................... 86
30 Sumitomo Metal Mining Co............ 99
--------
928
--------
Office Equipment & Services (0.2%):
57 Dai Nippon Printing Co., Ltd........ 1,074
--------
Oil & Gas Exploration, Production & Services (0.1%):
9 Arabian Oil Co...................... 137
66 Asahi Glass Co., Ltd................ 314
66 Teikoku Oil Co...................... 173
--------
624
--------
Oil & Gas Transmission (0.1%):
75 Iwatani International Corp.......... 133
83 Mitsubishi Oil Co., Ltd............. 123
--------
256
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Packaging (0.0%):
14 Toyo Seikan Kaisha.................. $ 199
--------
Pharmaceuticals (0.2%):
12 Eisai Co., Ltd...................... 184
22 Meiji Seika......................... 73
13 Shionogi & Co....................... 60
29 Taisho Pharmacuetical Co............ 743
--------
1,060
--------
Real Estate (0.4%):
94 Mitsubishi Estate Co................ 1,027
65 Mitsui Fudosan...................... 630
10 Tokyo Tatemono Co., Ltd. (b)........ 13
--------
1,670
--------
Restaurants (0.0%):
8 Skylark Co., Ltd.................... 77
--------
Retail (0.3%):
4 Aoyama Trading Co., Ltd............. 75
15 Credit Saison Co., Ltd.............. 359
14 Daimura, Inc........................ 33
10 Hankyu Department Stores............ 56
13 Isetan Co........................... 54
24 Mitsukoshi Ltd...................... 64
52 Mycal Corp.......................... 437
3 Shimachu Co......................... 47
26 Takashimaya Co...................... 158
11 Uny Co., Ltd........................ 151
--------
1,434
--------
Services (0.3%):
12 Secom............................... 770
43 Toppan Printing Co., Ltd............ 562
--------
1,332
--------
Steel (0.3%):
67 Daido Steel Co., Ltd................ 85
53 Japan Metals & Chemicals (b)........ 44
218 Kawasaki Steel Corp................. 298
425 Nippon Steel Co..................... 631
215 NKK Corp............................ 172
260 Sumitomo Metal Industries (b)....... 334
11 Tokyo Steel......................... 37
--------
1,601
--------
Storage (0.0%):
14 Mitsubishi Logistics Corp........... 146
34 Mitsui-Soko Co., Ltd................ 86
--------
232
--------
</TABLE>
Continued
43
<PAGE> 46
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
JAPAN, CONTINUED:
Telecommunications (1.7%):
16 Nippon Comsys Corp.................. $ 198
1 Nippon Telegraph & Telephone
Corp.............................. 7,279
--------
7,477
--------
Textile Products (0.2%):
191 Kanebo Ltd. (b)..................... 140
26 Kurabo Industries................... 28
31 Kuraray Co., Ltd.................... 257
27 Mitsubishi Rayon Co., Ltd........... 66
13 Nisshinbo Industries................ 55
5 Onward Kashiyama Co., Ltd........... 58
31 Teijin Ltd.......................... 65
27 Toyobo Ltd.......................... 33
48 Unitika Ltd. (b).................... 26
--------
728
--------
Transportation & Shipping (0.4%):
0 East Japan Railway Co. (d).......... 1,082
30 Kamigumi Co., Ltd................... 89
93 Kawasaki Kisen Kaisha Ltd. (b)...... 113
81 Mitsui OSK Lines, Ltd. (b).......... 113
78 Nippon Yusen Kabushiki Kaisha....... 215
12 Seino Transportation................ 60
--------
1,672
--------
Transportation--Road & Railroad (0.6%):
91 Hankyu Corp......................... 428
30 Keihin Electric Express Railway..... 105
232 Kinki Nippon Railway................ 1,244
53 Nippon Express Co., Ltd............. 265
40 Odakyu Electric Railway............. 174
36 Tobu Railway Co., Ltd............... 113
78 Tokyu Corp.......................... 302
--------
2,631
--------
Wholesale & International Trade (0.4%):
130 Marubeni Corp....................... 229
112 Mitsubishi Corp..................... 888
106 Mitsui & Co......................... 629
--------
1,746
--------
Wholesale Distribution (0.0%):
14 Nagase & Co......................... 41
--------
Wire & Cable Products (0.0%):
19 Tokyo Rope MFG...................... 22
--------
Total Japan......................... 97,148
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
KOREA (0.0%):
Chemicals (0.0%):
1 Han Wha Corp........................ $ 1
2 Hanwha Chemical Corp. (b)........... 2
--------
3
--------
Retail-Stores/Catalog (0.0%):
8 Keum Kang Development Industries
Co................................ 23
--------
Total Korea......................... 26
--------
LUXEMBOURG (0.0%):
Aluminum (0.0%):
9 Hindalco Industries Ltd. GDR (b).... 185
--------
MALAYSIA (0.2%):
Agriculture (0.0%):
118 Highlands & Lowlands Berhad......... 121
19 IOI Corp. Berahd.................... 6
37 Kemayan Corp. Berhad (b)............ 5
--------
132
--------
Automotive (0.0%):
281 Tan Chong Motors.................... 123
--------
Building Products (0.0%):
10 Golden Plus Holdings................ 2
9 Jaya Tiasa Holdings Berhad.......... 17
80 Pan-Malaysia Cement Works Berhad.... 31
--------
50
--------
Construction (0.0%):
28 YTL Corp. Berhad.................... 37
--------
Diversified (0.0%):
24 Berjaya Group Berhad................ 5
231 Malaysian Mosaics Berhad............ 83
28 Mulph International................. 3
20 Multi-Purpose Holdings Berhad....... 5
--------
96
--------
Engineering (0.0%):
15 Pilecon Engineering Berhad.......... 4
25 United Engineers (Malaysia) Ltd..... 20
--------
24
--------
Financial Services (0.0%):
26 Malayan Banking Berhad.............. 75
40 MBF Capital Berhad.................. 9
69 Rashid Hussain Berhad............... 54
--------
138
--------
Food Products & Services (0.2%):
54 Nestle (Malaysia) Berhad............ 249
--------
</TABLE>
Continued
44
<PAGE> 47
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
MALAYSIA, CONTINUED:
Forest Products (0.0%):
376 Land & General Berhad............... $ 69
--------
Hotels & Lodging (0.0%):
19 Landmarks Berhad.................... 3
--------
Leisure (0.0%):
26 Berjaya Land Berhad................. 16
--------
Miscellaneous (0.0%):
21 Johan Holdings Berhad............... 6
--------
Real Estate (0.0%):
13 Malaysian Resources................. 3
--------
Steel (0.0%):
54 Malayawata Steel Berhad............. 13
--------
Telecommunications (0.0%):
41 Technology Resources Industries
Berhad............................ 24
88 Tenaga Nasional Berhad.............. 188
--------
212
--------
Total Malaysia...................... 1,171
--------
MEXICO (1.0%):
Banking (0.0%):
105 Grupo Financiero Banamex Accival SA
de CV (b)......................... 68
--------
Beverages & Tobacco (0.0%):
17 Grupo Continental SA................ 59
27 Grupo Embotelladoras de Mexico SA de
CV................................ 63
--------
122
--------
Brewery (0.0%):
13 Fomento Economico Mexicano SA de CV,
Class B........................... 104
--------
Building Products (0.2%):
10 Apasco SA de CV..................... 69
32 Cemex SA de CV, Series A (b)........ 147
20 Cemex SA de CV, Series B (b)........ 108
15 Cemex SA de CV, Series CPO (b)...... 69
11 Tolmex SA de CV, Series B2 (b)...... 63
--------
456
--------
Diversified (0.3%):
32 ALFA SA de CV, Class A.............. 219
47 Carso Global Telecom, Series A-1.... 188
6 Desc SA de CV, Series A............. 52
5 Desc SA de CV, Series B............. 47
3 Desc SA de CV, Series C............. 31
41 Grupo Carso SA de CV, Series A-1.... 270
--------
807
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
MEXICO, CONTINUED:
Engineering (0.0%):
50 Empresas ICA Sociedad Controladora
SA de CV.......................... $ 137
16 Grupo Tribasa SA de CV (b).......... 48
--------
185
--------
Financial Services (0.0%):
29 Grupo Financiero Banamex Accival SA
de CV (b)......................... 88
0 Grupo Financiero Inbursa SA de CV,
Class B (b)(d).................... 0
--------
88
--------
Food & Household Products (0.1%):
85 Kimberly-Clark de Mexico SA de CV,
Class A........................... 403
--------
Industrial Goods & Services (0.0%):
19 Grupo Industrial Bimbo SA de CV,
Series A.......................... 180
--------
Merchandising (0.1%):
51 Cifra SA de CV, Series C............ 114
118 Cifra SA de CV, Series V............ 291
--------
405
--------
Metals & Mining (0.0%):
33 Grupo Mexico SA, Series B........... 121
25 Industrias Penoles SA, Series CP.... 111
--------
232
--------
Retail-General Merchandise (0.0%):
39 Controladora Comercial Mexicana SA
de CV............................. 50
--------
Retail-Stores/Catalog (0.0%):
70 El Puerto de Liverpool SA de CV,
Series 1.......................... 115
--------
Steel (0.0%):
26 Altos Hornos de Mexico SA (b)....... 59
10 Hylsamex SA......................... 60
--------
119
--------
Telecommunications (0.3%):
10 Grupo Televisa SA, Series CPO (b)... 195
300 Telefonos de Mexico SA, Series L.... 846
--------
1,041
--------
Tobacco (0.0%):
22 Empresas La Moderna SA de CV (b).... 120
--------
</TABLE>
Continued
45
<PAGE> 48
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
MEXICO, CONTINUED:
Transportation--Shipping (0.0%):
30 Vitro SA............................ $ 131
--------
Wholesale Distribution (0.0%):
15 Grupo Casa Autrey SA de CV.......... 30
--------
Total Mexico........................ 4,656
--------
NETHERLANDS (2.7%):
Appliances & Household Products (0.2%):
14 Philips Electronics NV.............. 810
--------
Banking (0.3%):
67 ABN Amro Holding NV................. 1,302
--------
Beverages & Tobacco (0.1%):
2 Heineken NV......................... 405
--------
Broadcasting & Publishing (0.1%):
43 Elsevier NV......................... 691
--------
Chemicals (0.2%):
4 Akzo Nobel.......................... 767
--------
Energy (1.0%):
82 Nlg Royal Dutch Petroleum........... 4,490
--------
Financial Services (0.3%):
38 ING Groep NV........................ 1,605
--------
Food Products & Services (0.3%):
24 Unilever NV CVA..................... 1,505
--------
Services (0.2%):
23 Koninklijke Royal PTT Nederland
NV................................ 939
--------
Total Netherlands................... 12,514
--------
NEW ZEALAND (0.3%):
Beverages & Tobacco (0.1%):
125 Lion Nathan Ltd..................... 281
--------
Forest Products (0.0%):
88 Carter Holt Harvey (b).............. 135
21 Fletcher Challenge Forestry (b)..... 18
22 Fletcher Challenge Paper............ 29
--------
182
--------
Telecommunications (0.2%):
235 Telecom Corp. of New Zealand
Ltd. (b).......................... 1,138
--------
Total New Zealand................... 1,601
--------
NORWAY (1.1%):
Engineering (0.1%):
8 Kvaerner ASA........................ 386
--------
Entertainment (0.0%):
36 NCL Holdings ASA (b)................ 129
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
NORWAY, CONTINUED:
Forest Products (0.0%):
6 Norske Skogsindustrier ASA.......... $ 167
--------
Insurance (0.1%):
54 Storebrand ASA (b).................. 380
--------
Medical Equipment & Supplies (0.0%):
43 Hafslund ASA, Class A............... 208
--------
Metals & Mining (0.0%):
15 Elkem ASA........................... 194
--------
Oil & Gas Exploration, Production & Services (0.7%):
9 Aker ASA, Class A................... 152
16 Aker ASA, Class B................... 284
41 Norsk Hydro ASA..................... 1,994
6 Petroleum Geo-Services ASA (b)...... 356
--------
2,786
--------
Pharmaceuticals (0.1%):
8 Nycomed Amersham (b)................ 303
--------
Transportation & Shipping (0.1%):
15 Bona Shipholding (b)................ 155
17 Leif Hoegh & Co. ASA................ 355
--------
510
--------
Total Norway........................ 5,063
--------
PHILIPPINES (0.2%):
Banking & Finance (0.0%):
0 Metropolitan Bank & Trust Co. (d)... 0
--------
Beverages & Tobacco (0.0%):
60 San Miguel Corp., Class B........... 75
--------
Building Products (0.0%):
374 Southeast Asia Cement Holdings, Inc.
(b)............................... 5
--------
Diversified (0.0%):
306 Ayala Corp., Series B............... 121
--------
Oil & Gas Exploration, Production & Services (0.0%):
999 Petron Corp......................... 84
--------
Telecommunications (0.2%):
41 Manila Electric Co., Class B........ 138
50 Philippine Long Distance Telephone
Co. (b)........................... 6
15 Pilipino Telephone Corp............. 325
--------
469
--------
Total Phillippines.................. 754
--------
</TABLE>
Continued
46
<PAGE> 49
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
PORTUGAL (1.0%):
Banking (0.4%):
25 Banco Comercial Portugues SA........ $ 512
17 Banco Espirito Santo e Commerical de
Lisboa SA, Registered............. 496
23 Banco Internacional do Funchal SA... 176
1 Banco Totta & Acores SA............. 20
17 BPI-SGPS SA, Registered............. 412
--------
1,616
--------
Beverages & Tobacco (0.0%):
11 UNICER-Uniao Cervejeira SA.......... 162
--------
Building Products (0.0%):
3 Cimpor-Cimentos de Portugal,
SGPS SA........................... 81
--------
Food & Household Products (0.2%):
23 Estabelecimentos Jeronimo Martins &
Filho SA.......................... 731
--------
Forest Products (0.0%):
8 Soporcel-Sociedade Portuguesa de
Celulose SA (b)................... 228
--------
Industrial Holding Company (0.1%):
10 Sonae Investimentos SA.............. 417
--------
Insurance (0.1%):
11 Companhia de Seguros Tranquilidade,
Registered........................ 267
--------
Retail-General Merchandise (0.0%):
5 Modelo Continente-Sociedade Gestora
de Participacoes Sociais SA....... 234
--------
Telecommunications (0.2%):
16 Portugal Telecom SA................. 757
--------
Total Portugal...................... 4,493
--------
SINGAPORE (0.3%):
Automotive (0.0%):
15 Cycle & Carriage.................... 62
--------
Electrical Equipment (0.0%):
3 Creative Technology Ltd............. 61
--------
Health Care (0.0%):
13 Parkway Holdings.................... 29
--------
Lodging (0.0%):
310 Hotel Properties Ltd................ 202
--------
Machinery & Equipment (0.0%):
19 Van Der Horst Ltd................... 7
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
SINGAPORE, CONTINUED:
Real Estate (0.1%):
30 City Developments Ltd............... $ 138
39 DBS Land Ltd........................ 60
78 United Industrial Corp., Ltd........ 31
53 United Overseas Land Ltd. (b)....... 45
--------
274
--------
Steel (0.0%):
36 NatSteel Ltd........................ 49
--------
Telecommunications (0.1%):
334 Singapore Telecommunications
Ltd. (b).......................... 622
--------
Transportation & Shipping (0.1%):
468 Chuan Hup Holdings Ltd.............. 142
347 Neptune Orient Lines Ltd............ 137
--------
279
--------
Total Singapore..................... 1,585
--------
SOUTH AFRICA (0.5%):
Banking & Finance (0.1%):
8 Nedcor Ltd.......................... 186
3 Standard Bank Investment Corp.,
Ltd............................... 150
--------
336
--------
Brewery (0.0%):
7 South African Breweries Ltd......... 163
--------
Diversified (0.1%):
9 Anglovaal Industries Ltd............ 17
11 Barlow Ltd.......................... 90
18 Malbak Ltd.......................... 17
14 Rembrandt Group Ltd................. 103
22 Smith (C.G.) Ltd.................... 92
--------
319
--------
Engineering (0.0%):
31 Murray & Roberts Holdings Ltd....... 46
--------
Entertainment (0.0%):
55 Sun International (South Africa)
Ltd............................... 23
--------
Financial Services (0.0%):
19 Amalgamated Banks of
South Africa (b).................. 108
10 First National Bank Holdings Ltd.... 85
--------
193
--------
Food & Household Products (0.0%):
5 Tiger Oats Ltd...................... 65
--------
Food Products & Services (0.0%):
2 Foodcorp Ltd........................ 10
--------
</TABLE>
Continued
47
<PAGE> 50
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
SOUTH AFRICA, CONTINUED:
Forest Products (0.0%):
11 Nampak Ltd. (b)..................... $ 34
13 Sappi Ltd........................... 63
--------
97
--------
Industrial Goods & Services (0.0%):
1 Anglo American Industrial Corp.,
Ltd............................... 27
--------
Insurance (0.1%):
8 Liberty Life Association of Africa
Ltd............................... 193
6 Southern Life Association Ltd....... 52
--------
245
--------
Metals & Mining (0.2%):
6 Anglo American Corp. of South Africa
Ltd............................... 238
1 Anglo American Gold Investment Co.,
Ltd............................... 19
41 Billiton PLC (b).................... 105
9 DeBeers Centenary AG................ 189
5 Driefontein Consolidated Ltd........ 35
8 Gencor Ltd. (b)..................... 13
2 Gold Fields of South Africa Ltd..... 23
8 Johnnies Industrial Corp., Ltd...... 86
6 Kloof Gold Mining Company Ltd....... 18
8 Randfontein Estates Gold Mining
Co................................ 12
5 Rustenburg Platinum Holdings
Ltd. (b).......................... 63
4 Samancor Ltd........................ 19
--------
820
--------
Oil & Gas Exploration, Production & Services (0.0%):
18 Sasol Ltd........................... 189
--------
Pharmaceuticals (0.0%):
3 South African Druggists Ltd......... 16
--------
Retail-General Merchandise (0.0%):
2 Ellerine Holdings Ltd............... 16
7 New Clicks Holdings Ltd............. 8
--------
24
--------
Total South Africa.................. 2,573
--------
SPAIN (4.2%):
Banking (0.8%):
45 Banco Central Hispanoamericano SA... 1,100
14 Corporacion Bancaria de Espana SA... 839
60 Esp Banco Santander Sa.............. 1,998
--------
3,937
--------
Banking & Finance (0.6%):
83 Banco Bilbao Vizcaya SA............. 2,698
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
SPAIN, CONTINUED:
Beverages & Tobacco (0.1%):
12 El Aguila SA (b).................... $ 47
5 Tabacalera SA, Class A.............. 422
--------
469
Building Products (0.0%):
7 Uralita SA (b)...................... 82
--------
Chemicals (0.0%):
38 Ercros SA (b)....................... 37
--------
Construction (0.1%):
7 Dragados Y Construcciones SA........ 149
7 Fomento de Constucciones y Contratas
SA................................ 274
--------
423
--------
Energy (0.3%):
33 Repsol SA........................... 1,420
--------
Food & Household Products (0.0%):
10 Ebro Agricolas, Compania de
Alimentacion SA (b)............... 167
--------
Forest Products (0.0%):
5 Empresa Nacional de Celulosas SA.... 67
24 Sarrio SA........................... 88
--------
155
--------
Gas & Electric Utility (1.1%):
21 Empresa Nacional de Electricidad
SA................................ 365
132 Endesa SA........................... 2,335
113 Iberdrola SA........................ 1,484
40 Union Electric Fenosa SA (b)........ 382
--------
4,566
--------
Industrial Holding Company (0.1%):
3 Corporacion Financiara Alba......... 358
--------
Insurance (0.0%):
7 Corporacion Mapfre.................. 191
--------
Oil & Gas Exploration, Production & Services (0.2%):
18 Gas Natural SDG..................... 954
5 Viscofan Industria Navarra de
Envolturas Celulosicas SA......... 118
--------
1,072
--------
Real Estate (0.1%):
6 Inmobiliaria Metropolitana Vasco
Central SA........................ 284
4 Vallehermoso SA..................... 123
--------
407
--------
Steel (0.1%):
2 Acerinox SA (b)..................... 323
--------
</TABLE>
Continued
48
<PAGE> 51
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
SPAIN, CONTINUED:
Telecommunications (0.7%):
120 Telefonica de Espana................ $ 3,425
--------
Total Spain......................... 19,730
--------
SWEDEN (1.7%):
Automotive (0.1%):
14 Volvo AB, Series B.................. 370
--------
Banking & Finance (0.2%):
27 Skandiaviska Enskilda Banken,
Class A........................... 347
11 Svenska Handlesbanken, Class A...... 386
--------
733
--------
Engineering (0.1%):
32 ABB AB, A Shares.................... 374
8 ABB AB, B Shares.................... 94
4 Skanska AB, Series B................ 174
--------
642
--------
Forest Products (0.1%):
15 Stora Kopparbergs Bergslags
Aktiebolag, Series A.............. 190
6 Stora Kopparbergs Bergslags
Aktiebolag, Series B.............. 71
16 Svenska Cellulosa AB, Series B...... 349
--------
610
--------
Insurance (0.0%):
4 Skandia Forsakrings AB.............. 198
--------
Machinery & Equipment (0.1%):
13 Atlas Copco AB, Series A............ 397
--------
Manufacturing-Consumer Goods (0.1%):
6 Electrolux AB, Series B............. 384
--------
Metals & Mining (0.0%):
4 SKF AB, Series B.................... 91
7 Trelleborg AB, Series B............. 90
--------
181
--------
Office Equipment & Services (0.0%):
5 Esselte AB, Series B................ 93
--------
Pharmaceuticals (0.4%):
80 Astra AB, A Shares.................. 1,379
26 Astra AB, B Shares.................. 442
--------
1,821
--------
Retail-General Merchandise (0.2%):
19 Hennes & Mauritz AB, B Shares....... 832
--------
Telecommunications (0.4%):
48 Telefonaktiebolaget LM Ericsson,
Series B.......................... 1,789
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
SWEDEN, CONTINUED:
Tobacco (0.0%):
20 Swedish Match AB.................... $ 67
--------
Total Sweden........................ 8,117
--------
SWITZERLAND (2.0%):
Banking (0.1%):
2 Swiss Bank Corp. (b)................ 479
--------
Chemicals (0.1%):
4 Ciba Specialty Chemicals AG (b)..... 422
--------
Diversified (0.1%):
0 Alusuisse-Lonza Holding AG,
Registered (d).................... 144
0 SFR ABB AG (d)...................... 327
--------
471
--------
Fertilizers (0.0%):
1 Societe Suisse pour la
Microelectronique et l'Horlogerie
AG................................ 155
--------
Financial Services (0.4%):
5 CS Holding AG, Registered........... 769
1 Union Bank of Switzerland........... 903
--------
1,672
--------
Food Products & Services (0.2%):
1 Nestle SA, Registered............... 1,021
--------
Insurance (0.2%):
0 Swiss Reinsurance Co., Registered
(d)............................... 731
--------
Pharmaceuticals (0.9%):
2 Novartis AG, Bearer................. 2,590
0 Roche Holding AG (d)................ 617
0 Roche Holding AG, Bearer (d)........ 1,293
--------
4,500
--------
Transportation (0.0%):
1 Sfr Danzas Holding Ag Reg........... 98
--------
Total Switzerland................... 9,549
--------
THAILAND (0.1%):
Airlines (0.0%):
136 Thai Airways International Public
Co., Ltd., Foreign Registered
Shares (b)........................ 151
--------
Computer Hardware (0.1%):
70 Shinamatra Computer Public Co.
Ltd............................... 234
--------
Metals & Mining (0.0%):
655 Padaeng Industries Public Co., Ltd.
(b)............................... 107
--------
</TABLE>
Continued
49
<PAGE> 52
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
THAILAND, CONTINUED:
Telecommunications (0.0%):
30 Advanced Information Services PLC,
Foreign Registered Shares......... $ 144
102 TelecomAsia Corp. Public Co., Ltd.
(b)............................... 19
--------
163
--------
Total Thailand...................... 655
--------
TURKEY (1.4%):
Appliances & Household Products (0.0%):
1,601 Arcelik AS.......................... 151
--------
Automotive (0.0%):
150 Otosan Otomobil Sanayii AS.......... 124
1,702 Tofas Turk Otomobil Fabrikas AS..... 97
--------
221
--------
Banking & Finance (0.4%):
9,644 Akbank TAS.......................... 850
8,166 Turkiye Garanti Bankasi AS.......... 404
--------
1,254
--------
Beverages & Tobacco (0.0%):
776 Ege Biracilik ve Malt Sanayi AS..... 70
554 Ericiyas Biracilik ve Malt
Sanayii........................... 78
--------
148
--------
Building Products (0.1%):
847 Akcansa Cimento AS.................. 119
393 Cimentas AS......................... 43
999 Cimsa Cimento Sanayi ve Ticaret
AS................................ 54
709 Turk Sise ve Cam Fabrikalari AS
(b)............................... 52
--------
268
--------
Chemicals (0.0%):
161 Petkim Petrokimya Holding AS........ 87
--------
Diversified (0.2%):
2,571 Dogan Sirketler Grubu Holding AS
(b)............................... 102
3,371 Koc Holding AS...................... 789
--------
891
--------
Electrical & Electronic (0.0%):
94 Raks Electronik Ev Aletleri......... 24
--------
Financial Services (0.5%):
8,925 Turkiye Is Bankasi AS, Class C...... 1,617
11,705 Yapi ve Kredi Bankasi AS............ 446
--------
2,063
--------
Food Products & Services (0.0%):
981 Tat Konserve Sanayii AS............. 46
--------
Forest Products (0.0%):
569 Kartonsan Karton Sanayi ve
Ticaret AS........................ 35
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
TURKEY, CONTINUED:
Industrial Goods & Services (0.0%):
455 Kordsa Kord Bezi Sanayi ve Ticaret
AS................................ $ 40
--------
Manufacturing-Capital Goods (0.0%):
708 Turk Demir Dokum Fabrikalari AS..... 39
--------
Metals & Mining (0.0%):
959 Eregli Demir ve Celik Fabrikalari
TAS............................... 148
2,209 Izmir Demir Celik Sanayi AS (b)..... 26
--------
174
--------
Oil & Gas Exploration, Production & Services (0.1%):
395 Aygaz AS............................ 73
548 Petrol Ofisi AS..................... 131
1,739 Tupras Turkiye Petrol Rafinerileri
AS (b)............................ 198
--------
402
--------
Telecommunications (0.1%):
109 Cukurova Elektrik AS................ 300
293 Netas-Northern Elektrik
Telekomunikasyon AS (b)........... 106
--------
406
--------
Textile Products (0.0%):
206 Aksa Akrilik Kimya Sanayii AS....... 15
--------
Tire & Rubber (0.0%):
931 Brisa Bridgestone Sabanci Lastik
SAN, ve Tic AS.................... 65
145 Goodyear Lastikleri TAS............. 65
--------
130
--------
Transportation (0.0%):
560 Turk Hava Yollari AO (b)............ 99
--------
Wholesale Distribution (0.0%):
247 Migros Turk TAS..................... 223
--------
Total Turkey........................ 6,716
--------
UNITED KINGDOM (9.4%):
Aerospace & Military Technology (0.3%):
20 British Aerospace PLC............... 582
43 Rolls-Royce PLC (b)................. 163
35 Smiths Industries PLC............... 494
--------
1,239
--------
Airlines (0.1%):
57 British Airways PLC................. 555
--------
Appliances & Household Products (0.0%):
24 EMI Group PLC....................... 211
--------
Auto Parts (0.0%):
56 LucasVarity PLC..................... 200
--------
</TABLE>
Continued
50
<PAGE> 53
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
UNITED KINGDOM, CONTINUED:
Banking (1.3%):
73 Abbey Natioanl PLC.................. $ 1,253
75 Barclays PLC........................ 1,980
29 HSBC Holdings PLC................... 744
49 HSBC Holdings PLC (Hong Kong
Dollars).......................... 1,209
26 Royal Bank of Scotland Group PLC.... 333
--------
5,519
--------
Beverages & Tobacco (0.4%):
156 Guinness PLC........................ 1,432
50 Scottish & Newcastle PLC............ 608
--------
2,040
--------
Brewery (0.1%):
35 Bass PLC............................ 534
--------
Broadcasting/Cable (0.1%):
62 British Sky Broadcasting Group
PLC............................... 460
--------
Building Products (0.1%):
30 Marley PLC.......................... 47
10 Meyer International PLC............. 64
50 Rugby Group PLC..................... 112
96 Tarmac PLC.......................... 180
--------
403
--------
Chemicals (0.1%):
33 Imperial Chemical Industries PLC.... 510
--------
Conglomerates (0.2%):
107 B.A.T. Industries PLC............... 973
--------
Construction (0.0%):
44 Taylor Woodrow PLC.................. 129
26 Wilson Connolly Holdings PLC........ 66
--------
195
--------
Diversified (0.0%):
54 Lonrho PLC.......................... 82
--------
Electrical & Electronic (0.3%):
50 Bowthorpe PLC....................... 312
57 Electrocomponents PLC............... 427
100 General Electric Co., PLC........... 657
--------
1,396
--------
Energy (0.7%):
237 British Petroleum Co., PLC (b)...... 3,120
--------
Engineering (0.0%):
25 Barratt Developments PLC............ 94
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
UNITED KINGDOM, CONTINUED:
Financial Services (0.5%):
176 Lloyds TSB Group PLC................ $ 2,272
55 St. James's Place Capital PLC....... 153
--------
2,425
--------
Food & Household Products (0.3%):
42 Cadbury Schweppes PLC............... 421
112 Unilever PLC........................ 957
--------
1,378
--------
Food Products & Services (0.1%):
66 J Sainsbury PLC (b)................. 554
--------
Health & Personal Care (0.8%):
115 Glaxo Wellcome PLC.................. 2,714
27 Zeneca PLC (b)...................... 933
--------
3,647
--------
Industrial Holding Company (0.2%):
28 BICC Group PLC...................... 80
143 BTR PLC............................. 440
56 Hanson PLC.......................... 251
--------
771
--------
Insurance (0.5%):
56 Commercial Union PLC................ 832
65 Prudential Corp. PLC................ 751
53 Royal & Sun Alliance Insurance Group
PLC............................... 528
--------
2,111
--------
Leisure (0.2%):
58 Granada Group PLC................... 891
31 Rank Group PLC...................... 170
--------
1,061
--------
Machinery & Equipment (0.1%):
20 GKN PLC............................. 410
--------
Merchandising (0.1%):
43 Safeway PLC......................... 244
--------
Metals & Mining (0.2%):
89 British Steel PLC (b)............... 192
72 English China Clays PLC............. 317
43 RTZ Corp., PLC, Registered.......... 494
--------
1,003
--------
Oil & Gas Exploration, Production & Services (0.3%):
160 BG PLC.............................. 720
61 Harrison & Crossfield PLC........... 141
50 LASMO PLC........................... 222
51 Pilkington PLC...................... 107
--------
1,190
--------
</TABLE>
Continued
51
<PAGE> 54
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
UNITED KINGDOM, CONTINUED:
Paper Products (0.0%):
41 Rexam PLC........................... $ 201
--------
Pharmaceuticals (0.4%):
174 SmithKline Beecham PLC.............. 1,791
--------
Printing & Publishing (0.1%):
56 Reuters Holdings PLC................ 617
--------
Real Estate (0.2%):
19 British Land Co., PLC............... 205
49 Land Securities PLC................. 784
--------
989
--------
Real Estate Investment Trust (0.1%):
23 Peninsular & Oriental Steam
Navigation Co..................... 262
--------
Retail-Stores/Catalog (0.7%):
46 Boots Co., PLC...................... 661
41 Great Universal Stores PLC.......... 506
90 Marks & Spencer PLC................. 886
23 Next PLC............................ 258
117 Tesco PLC........................... 944
21 Thorn PLC........................... 55
--------
3,310
--------
Telecommunications (0.9%):
249 British Telecommunications PLC...... 1,964
94 Cable & Wireless PLC (b)............ 830
154 Centrica PLC (b).................... 223
50 National Power PLC.................. 496
127 Vodaphone Group PLC................. 923
--------
4,436
--------
Textile Products (0.0%):
24 Courtaulds Textiles PLC............. 143
--------
Total United Kingdom................ 44,074
--------
UNITED STATES (1.0%):
Aluminum (0.0%):
16 Indian Aluminum Company Ltd. GDR
(b)............................... 31
--------
Automotive (0.1%):
14 Mahindra & Mahindra Ltd. GDR........ 145
16 Tata Engineering & Locomotive Co.,
Ltd. GDR.......................... 137
--------
282
--------
Beverages & Tobacco (0.1%):
7 Compania Cervezas Unidas SA ADR..... 197
7 Embotelladora Andina SA ADR......... 133
3 Vina Concho y Toro SA ADR........... 76
--------
406
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
UNITED STATES, CONTINUED:
Building Products (0.0%):
19 Gujarat Ambuja Cements
Ltd. GDR.......................... $ 132
--------
Chemicals (0.1%):
10 Indian Petrochemicals Corp., Ltd.
GDR............................... 48
41 Indo Gulf Fertilizers and Chemicals
Corp., Ltd. GDR................... 37
6 Quimica Y Minera Chile SA ADR....... 281
7 United Phosphorus Ltd. GDR.......... 21
--------
387
--------
Diversified (0.1%):
13 Grasim Industries Ltd. GDR.......... 140
19 ITC Ltd. GDR (b).................... 296
2 U.S. Industries, Inc................ 73
--------
509
--------
Forest Products (0.0%):
12 Maderas Y Sinteticos Anonima SA
ADR............................... 113
--------
Gas & Electric Utility (0.3%):
12 Chilectra SA ADR.................... 298
12 Chilgener SA ADR.................... 291
13 Enersis SA ADR...................... 380
--------
969
--------
Hotels & Lodging (0.0%):
6 East India Hotels Ltd. GDR.......... 72
8 Indian Hotels Co., Ltd. GDR (b)..... 147
--------
219
--------
Manufacturing-Capital Goods (0.0%):
5 Ashok Leyland Ltd. GDR.............. 13
27 India Cements Ltd. GDR.............. 51
14 Larsen & Toubro Ltd. GDR............ 145
--------
209
--------
Metals & Mining (0.0%):
8 Madeco SA ADR....................... 116
20 Steel Authority of India Ltd. GDR... 64
--------
180
--------
Packaging (0.0%):
9 Cristalerias de Chile ADR........... 123
--------
Pharmaceuticals (0.1%):
5 Laboratorio Chile ADR............... 105
9 Ranbaxy Laboratories Ltd. GDR....... 230
--------
335
--------
</TABLE>
Continued
52
<PAGE> 55
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
COMMON STOCKS, CONTINUED:
UNITED STATES, CONTINUED:
Textile Products (0.2%):
22 Arvind Mills Ltd. GDR............... $ 43
7 Bombay Dye & Manufacturing Co. GDR.. 18
1 Century Textile & Industries Ltd.
GDR............................... 34
21 Indian Rayon & Industries Ltd. GDR
(b)............................... 88
8 Raymond Ltd. GDR.................... 21
59 Reliance Industries Ltd. GDR (b).... 495
--------
699
--------
Transportation (0.0%):
11 Bajaj Auto Ltd. GDR................. 207
--------
Transportation--Shipping (0.0%):
21 Great Eastern Shipping Co. GDR
(b)............................... 110
--------
Total United States................. 4,911
--------
Total Common Stocks........................... 450,206
--------
PREFERRED STOCKS (1.7%):
AUSTRALIA (0.2%):
Media (0.2%):
223 News Corp. Ltd...................... 1,105
--------
BRAZIL (0.5%):
Banking (0.1%):
18,213 Banco Bradesco SA................... 180
201 Banco Itau SA (b)................... 108
--------
288
--------
Beverages & Tobacco (0.0%):
151 Companhia Cervejaria Brahma (b)..... 101
--------
Electric Utility (0.1%):
1,704 Cia Energetica de Sao Paolo (b)..... 102
3,073 Companhia Energetica de Minas
Gerais............................ 134
--------
236
--------
Forest Products (0.0%):
90 Sadia-Concordia SA.................. 59
--------
Oil & Gas Exploration, Production & Services (0.1%):
2,019 Petroleo Brasileiro SA.............. 472
--------
Steel (0.0%):
7 Companhia Vale do Rio Doce (b)...... 134
--------
</TABLE>
<TABLE>
<CAPTION>
SHARES OR
PRINCIPAL MARKET
AMOUNT SECURITY DESCRIPTION VALUE
- --------- ------------------------------------ --------
<C> <S> <C>
PREFERRED STOCKS, CONTINUED:
BRAZIL, CONTINUED:
Telecommunications (0.2%):
8,769 Telecomunicacoes Brasileiras SA..... $ 1,001
441 Telecomunicacoes de Sao Paolo SA.... 117
--------
1,118
--------
Total Brazil........................ 2,408
--------
GERMANY (0.8%):
Automotive (0.1%):
1 Volkswagen AG....................... 562
--------
Business Service (0.4%):
6 SAP AG.............................. 1,839
--------
Gas & Electric Utility (0.3%):
35 RWE AG.............................. 1,492
--------
Total Germany....................... 3,893
--------
GREECE (0.1%):
Telecommunications (0.1%):
6 Intracom SA......................... 267
--------
ITALY (0.1%):
Automotive (0.1%):
218 Fiat SpA (b)........................ 333
--------
Total Preferred Stocks 8,006
--------
U.S. TREASURY OBLIGATIONS (0.1%):
U.S. Treasury Bills (0.1%):
$ 390 1/2/98 (e).......................... 390
--------
Total U.S. Treasury Obligations 390
--------
REPURCHASE AGREEMENTS (3.1%):
United States (3.1%):
14,423 State Street Bank, 5.00%, 1/2/98
(Collateralized by $14,545 U.S.
Treasury Securities, 6.13%,
12/31/01, market value $14,713)... 14,423
--------
Total Repurchase Agreements 14,423
--------
Total (Cost $417,674) (a) $473,025
========
</TABLE>
- ------------
Percentages indicated are based on net assets of $468,630.
(a) Represents cost for financial reporting purposes and differs from value by
net unrealized appreciation of securities as follows
(amounts in thousands):
<TABLE>
<S> <C>
Unrealized appreciation..................................... $115,820
Unrealized depreciation..................................... (60,623)
--------
Net unrealized appreciation................................. $ 55,197
========
</TABLE>
(b) Non-income producing securities.
Continued
53
<PAGE> 56
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
International Equity Index Fund
- --------------------------------------------------------------------------------
SCHEDULE OF PORTFOLIO INVESTMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
(c) A portion of this security was loaned as of December 31, 1997.
(d) Amounts are less than 1,000.
(e) Serves as collateral for futures contracts.
At December 31, 1997, the Portfolio's open futures contracts were as follows:
<TABLE>
<CAPTION>
CURRENT
NUMBER OPENING MARKET
OF POSITIONS VALUE
CONTRACTS CONTRACT TYPE (000) (000)
- ---------- --------------------------------------------- --------- -------
<C> <S> <C> <C>
18 Long Nikkei 225 March 1998 Future $1,452 $1,365
16 Long Eurotop 100 March 1998 Future 3,681 3,726
------ ------
5,133 5,091
====== ======
ADR American Depository Receipt
GDR Global Depository Receipt
</TABLE>
At December 31, 1997, the Fund's open forward currency contracts were as
follows:
<TABLE>
<CAPTION>
UNREALIZED
DELIVERY CONTRACT CONTRACT CONTRACT MARKET APPRECIATION/
CURRENCY DATE PRICE AMOUNT VALUE VALUE (DEPRECIATION)
- ------------------------ -------- ----------- --------- -------- ------ --------------
<S> <C> <C> <C> <C> <C> <C>
Long Contracts:
Belgian Franc 1/15/98 36.8800 4,357 $ 118 $ 117 $ (1)
German Mark 1/5/98 1.7885 809 452 450 (2)
European Currency Unit 3/20/98 0.8931 3,300 3,695 3,639 (56)
French Franc 1/30/98 5.9746 1,895 317 315 (2)
Italian Lire 1/8/98 1,757.8900 891,449 507 504 (3)
Japanese Yen 1/7/98 25.6100 183,000 1,457 1,414 (43)
Japanese Yen 3/12/98 125.6100 387,005 2,977 2,976 (1)
Netherlands Guilder 1/6/98 2.0164 141 70 70 --
Spanish Peseta 1/7/98 151.3600 76,882 508 504 (4)
------- ------ -----
Total Long Contracts $10,101 $9,989 $(112)
======= ====== =====
Short Contracts:
Indonesian Rupiah 1/2/98 5,699.9992 (143,515) $ (25) $ (26) $ (1)
------- ------ -----
Total Short Contracts $ (25) $ (26) $ (1)
======= ====== =====
</TABLE>
See notes to financial statements.
54
<PAGE> 57
(This page intentionally left blank)
55
<PAGE> 58
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 1997
(Amounts in Thousands, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
ASSET ALLOCATION INCOME EQUITY
FUND FUND
---------------- -------------
<S> <C> <C>
ASSETS:
Investments, at value....................................... $197,844 $884,176
Repurchase agreements, at cost.............................. 4,876 22,722
-------- --------
Total (cost $179,677; $499,296; $687,752; $480,627;
$600,783; respectively)................................... 202,720 906,898
Cash........................................................ 1 --
Interest and dividends receivable........................... 1,329 2,151
Receivable for capital shares issued........................ 220 259
Receivable from brokers for investments sold................ -- 2,697
Prepaid expenses and other assets........................... 2 174
-------- --------
TOTAL ASSETS................................................ 204,272 912,179
-------- --------
LIABILITIES:
Cash overdraft.............................................. -- 11
Dividends payable........................................... 523 935
Payable for capital shares redeemed......................... 30 216
Payable to brokers for investments purchased................ -- 4,363
Payable for variation margin on futures contracts........... 2 --
Accrued expenses and other payables:
Investment advisory fees................................ 93 532
Administration fees..................................... 13 123
12b-1 fees.............................................. 65 118
Other................................................... 88 179
-------- --------
TOTAL LIABILITIES........................................... 814 6,477
-------- --------
NET ASSETS:
Capital..................................................... 178,352 483,768
Undistributed (distributions in excess) of net investment
income.................................................... (15) 23
Accumulated undistributed net realized gains (losses) from
investment, options and futures transactions.............. 2,026 14,309
Net unrealized appreciation (depreciation) from investments
and futures............................................... 23,095 407,602
-------- --------
NET ASSETS.................................................. $203,458 $905,702
======== ========
NET ASSETS:
Fiduciary............................................... $ 94,794 $689,912
Class A................................................. 38,874 96,787
Class B................................................. 69,790 118,646
Class C................................................. -- 357
-------- --------
Total....................................................... $203,458 $905,702
======== ========
OUTSTANDING UNITS OF BENEFICIAL INTEREST (SHARES):
Fiduciary............................................... 7,531 32,103
Class A................................................. 3,085 4,509
Class B................................................. 5,517 5,517
Class C................................................. -- 17
======== ========
Total....................................................... 16,133 42,146
======== ========
Net Asset Value:
Fiduciary Offering and redemption price per share....... $ 12.59 $ 21.49
======== ========
Class A Redemption price per share...................... $ 12.60 $ 21.47
======== ========
Maximum sales charge................................ 4.50% 4.50%
======== ========
Maximum offering price per share (100%/(100%-maximum
sales charge) of net asset value adjusted to nearest
cent)............................................... $ 13.19 $ 22.48
======== ========
Class B Offering price per share (b).................... $ 12.65 $ 21.50
======== ========
Class C Offering price per share (b).................... $ -- $ 21.51
======== ========
</TABLE>
- ------------
(a) Amount is less than 1,000.
(b) Redemption price per Class B and Class C shares varies based on length of
time shares are held.
See notes to financial statements.
56
<PAGE> 59
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 1997
(Amounts in Thousands, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
VALUE
EQUITY INDEX GROWTH LARGE COMPANY
FUND FUND VALUE FUND
------------ ------------ -------------
<S> <C> <C> <C>
$957,204 $569,769 $687,851
16,318 10,034 61,507
-------- -------- --------
973,522 579,803 749,358
26 1 1
1,332 760 995
1,182 62 31
-- -- 15,151
16 6 10
-------- -------- --------
976,078 580,632 765,546
-------- -------- --------
-- -- --
954 391 813
15,071 111 171
-- -- 23,939
4 4 --
81 356 456
97 82 106
229 24 15
396 109 449
-------- -------- --------
16,832 1,077 25,949
-------- -------- --------
660,888 470,302 574,172
-- 1 (79)
12,300 9,953 16,941
286,058 99,299 148,563
-------- -------- --------
$959,246 $579,555 $739,597
======== ======== ========
$567,634 $505,228 $709,375
150,595 59,719 17,408
240,865 14,607 12,814
152 1 --
-------- -------- --------
$959,246 $579,555 $739,597
======== ======== ========
24,402 43,732 46,693
6,475 5,174 1,141
10,361 1,271 835
7 --(a) --
======== ======== ========
41,245 50,177 48,669
======== ======== ========
$ 23.26 $ 11.55 $ 15.19
======== ======== ========
$ 23.26 $ 11.54 $ 15.25
======== ======== ========
4.50% 4.50% 4.50%
======== ======== ========
$ 24.36 $ 12.08 $ 15.97
======== ======== ========
$ 23.25 $ 11.49 $ 15.34
======== ======== ========
$ 23.26 $ 11.54 $ --
======== ======== ========
</TABLE>
57
<PAGE> 60
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 1997
(Amounts in Thousands, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
DISCIPLINED VALUE LARGE COMPANY
FUND GROWTH FUND
----------------- -------------
<S> <C> <C>
ASSETS:
Investments, at value....................................... $629,791 $1,601,414
Repurchase agreements, at cost.............................. 15,355 16,845
-------- ----------
Total (cost $495,970; $1,124,533; $701,114; $85,403;
$417,674, respectively)................................... 645,146 1,618,259
Foreign currency, at value (cost $1,490).................... -- --
Interest and dividends receivable........................... 680 2,313
Receivable for capital shares issued........................ 22 15,428
Receivable from brokers for investments sold................ 1,296 15,237
Deferred organization costs................................. -- --
Net receivable for variation margin on futures contracts.... -- --
Tax reclaim receivable...................................... -- --
Prepaid expenses and other assets........................... 8 17
-------- ----------
TOTAL ASSETS................................................ 647,152 1,651,254
-------- ----------
LIABILITIES:
Cash overdraft.............................................. 3 14
Dividends payable........................................... 484 584
Payable for capital shares redeemed......................... 10 298
Payable to brokers for investments purchased................ -- 57,835
Net payable for variation margin on futures contracts....... -- --
Payable for forward foreign currency contracts.............. -- --
Accrued expenses and other payables:
Investment advisory fees................................ 392 941
Administration fees..................................... 91 217
12b-1 fees.............................................. 27 184
Other................................................... 150 412
-------- ----------
TOTAL LIABILITIES........................................... 1,157 60,485
-------- ----------
NET ASSETS:
Capital..................................................... 485,221 1,085,700
Undistributed (distributions in excess) of net investment
income.................................................... (37) 46
Accumulated undistributed net realized gains (losses) from
investment, options and futures transactions.............. 11,635 11,297
Net unrealized appreciation (depreciation) from investments,
futures and translation of assets and liabilities in
foreign currencies........................................ 149,176 493,726
-------- ----------
NET ASSETS.................................................. $645,995 $1,590,769
======== ==========
NET ASSETS:
Fiduciary............................................... $591,390 $1,253,716
Class A................................................. 29,367 152,579
Class B................................................. 25,238 184,424
Class C................................................. -- 50
-------- ----------
Total....................................................... $645,995 $1,590,769
======== ==========
OUTSTANDING UNITS OF BENEFICIAL INTEREST (SHARES):
Fiduciary............................................... 36,772 68,733
Class A................................................. 1,822 8,139
Class B................................................. 1,571 10,051
Class C................................................. -- 3
======== ==========
Total....................................................... 40,165 86,926
======== ==========
Net Asset Value :
Fiduciary Offering and redemption price per share....... $ 16.08 $ 18.24
======== ==========
Class A Redemption price per share...................... $ 16.12 $ 18.75
======== ==========
Maximum sales charge................................ 4.50% 4.50%
======== ==========
Maximum offering price per share (100%/(100%-maximum
sales charge) of net asset value adjusted to nearest
cent)............................................... 16.88 $ 19.63
======== ==========
Class B Offering price per share (b).................... $ 16.06 $ 18.35
======== ==========
Class C Offering price per share (b).................... -- $ 18.21
======== ==========
</TABLE>
- ------------
(a) Amount is less than 1,000.
(b) Redemption price per Class B and Class C shares varies based on length of
time shares are held.
See notes to financials.
58
<PAGE> 61
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
STATEMENTS OF ASSETS AND LIABILITIES DECEMBER 31, 1997
(Amounts in Thousands, except per share amounts)
(Unaudited)
<TABLE>
<CAPTION>
GROWTH SMALL INTERNATIONAL
OPPORTUNITIES CAPITALIZATION EQUITY INDEX
FUND FUND FUND
------------- -------------- -------------
<S> <C> <C> <C>
$814,383 $105,248 $458,602
35,429 4,619 14,423
-------- -------- --------
849,812 109,867 473,025
-- -- 1,490
454 73 286
449 10 94
23,944 749 2,009
-- -- 2
-- 33 --
-- -- 471
10 -- 6
-------- -------- --------
874,669 110,732 477,383
-------- -------- --------
7 -- 4
15,098 -- 621
176 2 9
-- 305 7,400
-- -- 1
-- -- 113
498 68 215
115 14 68
63 8 12
187 53 310
-------- -------- --------
16,144 450 8,753
-------- -------- --------
722,544 77,724 425,231
(2,006) (366) (2,574)
(10,711) 8,355 (9,224)
148,698 24,569 55,197
-------- -------- --------
$858,525 $110,282 $468,630
======== ======== ========
$733,898 $ 86,817 $441,609
62,939 18,477 16,236
61,686 4,987 10,784
2 1 1
-------- -------- --------
$858,525 $110,282 $486,630
======== ======== ========
37,762 7,653 28,996
3,262 1,630 1,065
3,317 447 730
--(a) --(a) --(a)
======== ======== ========
44,341 9,730 30,791
======== ======== ========
$ 19.44 $ 11.34 $ 15.23
======== ======== ========
$ 19.30 $ 11.33 $ 15.25
======== ======== ========
4.50% 4.50% 4.50%
======== ======== ========
$ 20.21 $ 11.86 $ 15.97
======== ======== ========
$ 18.60 $ 11.16 $ 14.76
======== ======== ========
$ 19.41 $ 11.33 $ 15.23
======== ======== ========
</TABLE>
59
<PAGE> 62
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
ASSET ALLOCATION INCOME EQUITY EQUITY INDEX VALUE GROWTH LARGE COMPANY
FUND FUND FUND FUND VALUE FUND
---------------- ------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income.......................... $ 2,952 $ 1,177 $ 836 $ 799 $ 1,055
Dividend income.......................... 730 9,338 7,295 3,879 7,508
Income from securities lending........... 26 55 108 70 83
------- ------- ------- ------- -------
Total Income............................. 3,708 10,570 8,239 4,748 8,646
------- ------- ------- ------- -------
EXPENSES:
Investment advisory fees................. 605 3,075 1,335 2,018 2,712
Administration fees...................... 153 683 731 448 602
12b-1 fees (Class A)..................... 61 159 223 94 29
12b-1 fees (Class B)..................... 285 505 1,050 64 56
12b-1 fees (Class C)..................... -- 1 -- -- --
Custodian and accounting fees............ 35 42 102 39 35
Legal and audit fees..................... 3 28 17 12 12
Trustees' fees and expenses.............. 1 7 8 5 6
Transfer agent fees...................... 108 211 457 73 56
Registration and filing fees............. 25 81 85 53 28
Printing costs........................... 13 74 85 48 44
Other.................................... 16 20 13 6 17
------- ------- ------- ------- -------
Total expenses before waivers............ 1,305 4,886 4,106 2,860 3,597
Less waivers............................. (195) (45) (1,339) (27) (8)
------- ------- ------- ------- -------
Net Expenses............................. 1,110 4,841 2,767 2,833 3,589
------- ------- ------- ------- -------
Net Investment Income.................... 2,598 5,729 5,472 1,915 5,057
------- ------- ------- ------- -------
REALIZED / UNREALIZED GAINS (LOSSES) FROM
INVESTMENTS, OPTIONS AND FUTURES:
Net realized gains (losses) from
investments, options and futures
transactions........................... 8,100 40,769 17,428 39,963 44,331
Net change in unrealized appreciation
(depreciation) from investments,
options and futures.................... 5,887 27,462 59,085 22,345 19,320
------- ------- ------- ------- -------
Net realized/unrealized gains (losses)
from investments, options and
futures................................ 13,987 68,231 76,513 62,308 63,651
------- ------- ------- ------- -------
Change in net assets resulting from
operations............................. $16,585 $73,960 $81,985 $64,223 $68,708
======= ======= ======= ======= =======
</TABLE>
See notes to financial statements.
60
<PAGE> 63
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
STATEMENTS OF OPERATIONS FOR THE SIX MONTHS ENDED DECEMBER 31, 1997
(Amounts in Thousands)
(Unaudited)
<TABLE>
<CAPTION>
GROWTH SMALL INTERNATIONAL
DISCIPLINED LARGE COMPANY OPPORTUNITIES CAPITALIZATION EQUITY INDEX
VALUE FUND GROWTH FUND FUND FUND FUND
----------- ------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income.......................... $ 294 $ 370 $ 407 $ 141 $ --
Dividend income.......................... 5,420 9,409 1,627 264 3,207
Income from securities lending........... 113 126 284 47 --
Foreign tax withholding.................. -- -- -- -- (327)
-------- -------- ------- ------- --------
Total Income............................. 5,827 9,905 2,318 452 2,880
-------- -------- ------- ------- --------
EXPENSES:
Investment advisory fees................. 2,298 5,427 2,924 410 1,300
Administration fees...................... 510 1,205 649 91 389
12b-1 fees (Class A)..................... 47 249 100 33 27
12b-1 fees (Class B)..................... 115 809 259 22 54
Custodian and accounting fees............ 41 74 76 23 316
Legal and audit fees..................... 7 33 12 5 2
Organization costs....................... -- -- -- -- 2
Trustees' fees and expenses.............. 4 13 6 1 4
Transfer agent fees...................... 76 413 214 49 69
Registration and filing fees............. 17 88 41 12 31
Printing costs........................... 38 117 52 25 26
Other.................................... 16 32 20 8 7
-------- -------- ------- ------- --------
Total expenses before waivers............ 3,169 8,460 4,353 679 2,227
Less waivers............................. (13) (71) (29) (37) (8)
-------- -------- ------- ------- --------
Net Expenses............................. 3,156 8,389 4,324 642 2,219
-------- -------- ------- ------- --------
Net Investment Income (Loss)............. 2,671 1,516 (2,006) (190) 661
-------- -------- ------- ------- --------
REALIZED / UNREALIZED GAINS (LOSSES) FROM
INVESTMENTS, OPTIONS, FUTURES AND
FOREIGN CURRENCIES:
Net realized gains (losses) from
investments, options, futures, and
foreign currency transactions.......... 68,149 113,398 59,810 15,383 (19)
Net change in unrealized appreciation
(depreciation) from investments,
options, futures and translation of
assets and liabilities in foreign
currencies............................. 50,897 12,442 38,036 444 (35,526)
-------- -------- ------- ------- --------
Net realized/unrealized gains (losses)
from investments, futures, options, and
foreign currency....................... 119,046 125,840 97,846 15,827 (35,545)
-------- -------- ------- ------- --------
Change in net assets resulting from
operations............................. $121,717 $127,356 $95,840 $15,637 $(34,884)
======== ======== ======= ======= ========
</TABLE>
See notes to financial statements.
61
<PAGE> 64
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in Thousands)
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND INCOME EQUITY FUND
-------------------------- --------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1997 1997 1997 1997
------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)............................ $ 2,598 $ 4,173 $ 5,729 $ 9,950
Net realized gains (losses) from investments, options
and futures transactions.............................. 8,100 15,867 40,769 63,053
Net change in unrealized appreciation (depreciation)
from investments, options and futures................. 5,887 4,463 27,462 89,271
-------- -------- -------- --------
Change in net assets resulting from operations.............. 16,585 24,503 73,960 162,274
-------- -------- -------- --------
DISTRIBUTIONS TO FIDUCIARY SHAREHOLDERS:
From net investment income.............................. (1,466) (2,678) (4,833) (8,549)
In excess of net investment income...................... -- (11) -- (14)
From net realized gains from investment transactions.... (10,063) (2,959) (62,899) (10,510)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income.............................. (515) (764) (580) (948)
In excess of net investment income...................... -- (3) -- (2)
From net realized gains from investment transactions.... (3,738) (974) (9,117) (1,743)
DISTRIBUTIONS TO CLASS B SHAREHOLDERS:
From net investment income.............................. (637) (731) (287) (453)
In excess of net investment income...................... -- (3) -- (1)
From net realized gains from investment transactions.... (6,134) (1,129) (10,250) (1,424)
DISTRIBUTIONS TO CLASS C SHAREHOLDERS:
From net investment income.............................. -- -- (1) --
From net realized gains from investment transactions.... -- -- (11) --
-------- -------- -------- --------
Change in net assets from shareholder distributions......... (22,553) (9,252) (87,978) (23,644)
-------- -------- -------- --------
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................. 50,451 74,038 96,955 113,454
Proceeds from shares issued in conversion............... -- 37,254 70,389 283,942
Dividends reinvested.................................... 14,633 6,840 35,241 11,938
Cost of shares redeemed................................. (25,908) (49,880) (90,366) (135,743)
-------- -------- -------- --------
Change in net assets from share transactions................ 39,176 68,252 112,219 273,591
-------- -------- -------- --------
Change in net assets........................................ 33,208 83,503 98,201 412,221
NET ASSETS:
Beginning of period..................................... 170,250 86,747 807,501 395,280
-------- -------- -------- --------
End of period........................................... $203,458 $170,250 $905,702 $807,501
======== ======== ======== ========
SHARE TRANSACTIONS:
Issued.................................................. 3,877 6,114 4,436 6,001
Issued in conversion.................................... -- 3,076 3,342 14,913
Reinvested.............................................. 1,151 573 1,645 656
Redeemed................................................ (1,988) (4,071) (4,096) (7,141)
-------- -------- -------- --------
Change in shares............................................ 3,040 5,692 5,327 14,429
======== ======== ======== ========
Undistributed (distributions in excess of) net investment
income included in net assets:
End of period........................................... $ (15) $ 5 $ 23 $ (5)
======== ======== ======== ========
</TABLE>
See notes to financial statements.
62
<PAGE> 65
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQUITY INDEX FUND VALUE GROWTH FUND LARGE COMPANY VALUE FUND
-------------------------- -------------------------- --------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1997 1997 1997 1997 1997 1997
------------ ----------- ------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
$ 5,472 $ 9,130 $ 1,915 $ 3,251 $ 5,057 $ 12,627
17,428 20,871 39,963 42,586 44,331 17,493
59,085 140,765 22,345 51,518 19,320 126,134
-------- -------- -------- -------- -------- --------
81,985 170,766 64,223 97,355 68,708 156,254
-------- -------- -------- -------- -------- --------
(4,056) (7,178) (1,789) (2,906) (5,005) (12,228)
-- -- -- -- -- --
(14,824) (3,288) (54,060) (36,353) (41,719) (47,388)
(782) (899) (136) (316) (95) (209)
-- -- -- -- -- --
(3,454) (420) (6,125) (5,893) (1,000) (904)
(634) (780) (1) (16) (37) (69)
-- -- -- -- -- --
(5,722) (629) (1,479) (992) (700) (410)
-- -- -- -- -- --
(1) -- -- -- -- --
-------- -------- -------- -------- -------- --------
(29,473) (13,194) (63,590) (46,476) (48,556) (61,208)
-------- -------- -------- -------- -------- --------
235,619 372,043 118,809 236,686 66,908 165,729
-- -- -- -- -- 63,222
14,720 6,593 30,433 39,472 23,837 26,644
(91,461) (180,134) (58,980) (70,246) (81,576) (238,407)
-------- -------- -------- -------- -------- --------
158,878 198,502 90,262 205,912 9,169 17,188
-------- -------- -------- -------- -------- --------
211,390 356,074 90,895 256,791 29,321 112,234
747,856 391,782 488,660 231,869 710,276 598,042
-------- -------- -------- -------- -------- --------
$959,246 $747,856 $579,555 $488,660 $739,597 $710,276
======== ======== ======== ======== ======== ========
10,341 20,262 9,997 22,826 4,347 12,629
-- -- -- -- -- 4,655
645 360 2,627 4,071 1,572 2,051
(4,043) (9,830) (4,916) (6,738) (5,252) (17,923)
-------- -------- -------- -------- -------- --------
6,943 10,792 7,708 20,159 667 1,412
======== ======== ======== ======== ======== ========
$ -- $ -- $ 1 $ 12 $ (79) $ 1
======== ======== ======== ======== ======== ========
</TABLE>
63
<PAGE> 66
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in Thousands)
<TABLE>
<CAPTION>
DISCIPLINED VALUE FUND LARGE COMPANY GROWTH
-------------------------- --------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1997 1997 1997 1997
------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
FROM INVESTMENT ACTIVITIES:
OPERATIONS:
Net investment income (loss)............................ $ 2,671 $ 8,249 $ 1,516 $ 6,257
Net realized gains (losses) from investments, options
and futures transactions.............................. 68,149 59,778 113,398 130,961
Net change in unrealized appreciation (depreciation)
from investments, options and futures and translation
of assets and liabilities in foreign currencies....... 50,897 36,525 12,442 186,164
---------- ---------- ---------- ----------
Change in net assets resulting from operations.............. 121,717 104,552 127,356 323,382
---------- ---------- ---------- ----------
DISTRIBUTIONS TO FIDUCIARY SHAREHOLDERS:
From net investment income.............................. (2,626) (7,822) (1,456) (5,746)
In excess of net investment income...................... -- -- -- --
From net realized gains from investment transactions.... (91,826) (53,221) (167,063) (37,414)
DISTRIBUTIONS TO CLASS A SHAREHOLDERS:
From net investment income.............................. (92) (274) (59) (403)
In excess of net investment income...................... -- -- -- --
From net realized gains from investment transactions.... (4,398) (2,285) (20,430) (4,265)
DISTRIBUTIONS TO CLASS B SHAREHOLDERS:
From net investment income.............................. (7) (89) -- (23)
In excess of net investment income...................... -- -- -- --
From net realized gains from investment transactions.... (3,742) (1,855) (24,184) (3,785)
In excess of net realized gains from investment
transactions.......................................... -- -- -- --
DISTRIBUTIONS TO CLASS C SHAREHOLDERS:
From net investment income.............................. -- -- -- --
From net realized gains from investment transactions.... -- -- (4) --
---------- ---------- ---------- ----------
Change in net assets from shareholder distributions......... (102,691) (65,546) (213,196) (51,636)
---------- ---------- ---------- ----------
CAPITAL TRANSACTIONS:
Proceeds from shares issued............................. 68,541 107,311 189,988 230,983
Proceeds from shares issued in conversion............... -- 48,296 81,659 289,603
Dividends reinvested.................................... 53,965 32,360 119,759 31,237
Cost of shares redeemed................................. (102,247) (179,880) (115,839) (299,888)
---------- ---------- ---------- ----------
Change in net assets from share transactions................ 20,259 8,087 275,567 251,935
---------- ---------- ---------- ----------
Change in net assets........................................ 39,285 47,093 189,727 523,681
NET ASSETS:
Beginning of Period..................................... 606,710 559,617 1,401,042 877,361
---------- ---------- ---------- ----------
End of period........................................... $ 645,995 $ 606,710 $1,590,769 $1,401,042
========== ========== ========== ==========
SHARE TRANSACTIONS:
Issued.................................................. 4,153 7,390 9,902 14,003
Issued in conversion.................................... -- 3,333 4,595 17,279
Reinvested.............................................. 3,429 2,299 6,447 1,936
Redeemed................................................ (6,174) (12,355) (5,886) (18,015)
---------- ---------- ---------- ----------
Change in shares............................................ 1,408 667 15,058 15,203
---------- ---------- ---------- ----------
Undistributed net investment income (loss) including in net
assets:
End of period........................................... $ (37) $ 17 $ 46 $ 45
========== ========== ========== ==========
</TABLE>
See notes to financial statements.
64
<PAGE> 67
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
STATEMENTS OF CHANGES IN NET ASSETS
(Amounts in Thousands)
<TABLE>
<CAPTION>
GROWTH OPPORTUNITIES FUND SMALL CAPITALIZATION FUND INTERNATIONAL EQUITY INDEX FUND
-------------------------- -------------------------- -------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1997 1997 1997 1997 1997 1997
------------ ----------- ------------ ----------- --------------- -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
$ (2,006) $ 7,629 $ (190) $ (231) $ 661 $ 4,485
59,810 35,797 15,383 10,486 (19) 5,054
38,036 87,369 444 1,985 (35,526) 51,395
-------- -------- -------- -------- -------- --------
95,840 130,795 15,637 12,240 (34,884) 60,934
-------- -------- -------- -------- -------- --------
-- (7,053) -- -- (623) (4,346)
-- (669) -- -- -- (3,417)
(80,645) (83,581) (9,265) (8,358) (12,040) (3,811)
-- (361) -- -- (4) (92)
-- (34) -- -- -- (73)
(7,223) (4,572) (1,939) (1,835) (435) (111)
-- (215) -- -- -- (47)
-- (20) -- -- -- --
(7,103) (3,102) (521) (302) (301) (72)
-- -- -- -- -- (37)
== == == == == ==
-------- -------- -------- -------- -------- --------
(94,971) (99,607) (11,725) (10,495) (13,403) (12,006)
-------- -------- -------- -------- -------- --------
132,564 291,882 16,618 14,236 79,152 191,629
57,769 -- -- -- -- --
63,277 56,517 10,294 9,973 8,139 2,834
(100,644) (248,384) (19,994) (30,774) (42,918) (135,282)
-------- -------- -------- -------- -------- --------
152,966 100,015 6,918 (6,565) 44,373 59,181
-------- -------- -------- -------- -------- --------
153,835 131,203 10,830 (4,820) (3,914) 108,109
704,690 573,487 99,452 104,272 472,544 364,435
-------- -------- -------- -------- -------- --------
$858,525 $704,690 $110,282 $ 99,452 $468,630 $472,544
======== ======== ======== ======== ======== ========
6,319 16,132 1,335 1,433 4,890 12,777
3,113 -- -- -- -- --
3,314 3,283 945 1,042 538 189
(4,693) (13,633) (1,644) (3,085) (2,624) (9,008)
-------- -------- -------- -------- -------- --------
8,053 5,782 636 (610) 2,804 3,958
-------- -------- -------- -------- -------- --------
$ (2,006) $ -- $ (366) $ (176) $ (2,574) $ (2,608)
======== ======== ======== ======== ======== ========
</TABLE>
65
<PAGE> 68
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS DECEMBER 31, 1997
(Unaudited)
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 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 Small Capitalization Fund
(previously named the Gulf South Growth Fund) and the International Equity
Index Fund (individually a "Fund", collectively the "Funds") only. In 1997
the investment objective of the Gulf South Growth Fund was changed to permit
investments in companies headquartered or doing business outside of the
Southeastern region of the United States, and to focus the Fund's investments
to a greater extent on investments in the equity securities of small
capitalization and emerging growth companies. As a result, the name of the
Fund was changed to The One Group Small Capitalization Fund. Each Fund is a
diversified mutual fund.
The Funds' investment objectives are as follows:
<TABLE>
<CAPTION>
FUND OBJECTIVE
---- ---------
<S> <C>
Asset Allocation To provide total return while preserving capital.
Income Equity Current income through regular payment of dividends with
the secondary goal of achieving capital appreciation by
investing primarily in equity securities.
Equity Index 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 with a
secondary objective of 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.
Small Capitalization Fund Long-term capital growth, primarily by investing in a
portfolio of equity securities of small-capitalization
and emerging growth companies.
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>
Continued
66
<PAGE> 69
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Unaudited)
2. SIGNIFICANT ACCOUNTING POLICIES:
The following is a summary of significant accounting policies followed by the
Trust in 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 latest available sales price on the
principal exchange where such securities are traded. Unlisted securities or
listed securities for which latest sales prices are not available are valued
at the mean of the latest bid and asked price in the principal market where
such securities are normally traded. Corporate debt securities and debt
securities of U.S. issuers (other than short-term investments maturing in 60
days or less), including municipal securities, are valued on the basis of
valuations provided by dealers or by an independent pricing service approved
by the Board of Trustees. 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 by the Fair
Value Committee which is comprised of members from Banc One Investment
Advisors Corporation (the "Advisor") and The One Group Services Company (the
"Administrator") under 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. Such fluctuations are included with the net realized
and unrealized gain or loss from investments.
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. The forward foreign currency exchange
contracts are adjusted by the daily exchange rate of the underlying currency
and any gains or losses are recorded for financial statement purposes as
unrealized appreciation or depreciation until the contract settlement date.
Gains or losses from the purchase or sale of forward foreign currency
contracts having the same settlement date and broker are recorded as realized
on the date of offset; otherwise gains or losses are recorded as realized on
settlement date.
REPURCHASE AGREEMENTS
The Funds may invest in repurchase agreements with institutions that are
deemed by the Advisor to be of good standing and creditworthy under
guidelines established by the Board of Trustees. Each repurchase
Continued
67
<PAGE> 70
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Unaudited)
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.
Repurchase agreements are considered to be loans under the 1940 Act.
WRITTEN OPTIONS
The Funds may write covered call or secured 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 of 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 Advisor to be of good standing and
creditworthy under guidelines established by the Board of Trustees and when,
in the judgment of the Advisor, the consideration which can be earned
currently from such securities loans justifies the attendant risks. Loans are
subject to termination by the Funds or the borrower at any time, and are,
therefore, not
Continued
68
<PAGE> 71
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Unaudited)
considered to be illiquid investments. As of December 31, 1997, the following
Funds had securities with the following market values on loan (amounts in
thousands):
<TABLE>
<CAPTION>
MARKET VALUE
OF LOANED
SECURITIES
-------------
<S> <C>
Asset Allocation Fund....................................... $ 21,880
Income Equity Fund.......................................... 32,163
Equity Index Fund........................................... 73,806
Value Growth Fund........................................... 41,087
Large Company Value Fund.................................... 60,516
Disciplined Value Fund...................................... 84,361
Large Company Growth Fund................................... 77,687
Growth Opportunities Fund................................... 154,143
Small Capitalization........................................ 11,520
</TABLE>
The loaned securities were fully collateralized by cash and U.S.
Government securities as of December 31, 1997.
SECURITY TRANSACTIONS AND RELATED INCOME
Security transactions are accounted for on a trade date basis. Net
realized gains or losses from 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
the Funds except for the International Equity Index Fund which declares
and pays dividends, if any, at least 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 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 have been reclassified
among the components of net assets.
Continued
69
<PAGE> 72
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Unaudited)
FEDERAL INCOME TAXES
The Trust treats each Fund as a separate entity for Federal income tax
purposes. 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. The Trust is registered to offer forty series
and five classes of shares: Fiduciary Class, Class A, Class B, Class C and
Service Class. Currently, the Trust consists of thirty-three active funds.
The Funds are each authorized to issue Fiduciary Class, Class A, Class B and
Class C Shares. Class A Shares are subject to initial sales charges, imposed
at the time of purchase, in accordance with the Funds' prospectus. Certain
redemptions of Class B and Class C Shares are subject to contingent deferred
sales charges in accordance with the Fund's prospectus. As of December 31,
1997, there were no shareholders in Class C of the Asset Allocation Fund,
Large Company Value Fund or the Disciplined Value Fund. 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 periods
ended December 31, 1997 and June 30, 1997:
Continued
70
<PAGE> 73
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND INCOME EQUITY FUND
-------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1997 1997 1997 1997
------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES:
Proceeds from shares issued............................... $ 16,685 $ 36,157 $ 40,811 $ 39,671
Proceeds from shares issued in conversion................. -- 37,254 70,389 283,942
Dividends reinvested...................................... 3,819 3,380 15,579 7,467
Cost of shares redeemed................................... (17,915) (41,096) (76,108) (115,841)
-------- -------- -------- ---------
Change in net assets from Fiduciary Share transactions.... $ 2,589 $ 35,695 $ 50,671 $ 215,239
======== ======== ======== =========
CLASS A SHARES:
Proceeds from shares issued............................... $ 9,306 $ 14,748 $ 19,607 $ 33,483
Dividends reinvested...................................... 4,160 1,663 9,320 2,597
Cost of shares redeemed................................... (4,806) (5,587) (9,177) (15,299)
-------- -------- -------- ---------
Change in net assets from Class A Share transactions...... $ 8,660 $ 10,824 $ 19,750 $ 20,781
======== ======== ======== =========
CLASS B SHARES:
Proceeds from shares issued............................... $ 24,460 $ 23,133 $ 36,193 $ 40,300
Dividends reinvested...................................... 6,654 1,797 10,330 1,874
Cost of shares redeemed................................... (3,187) (3,197) (5,081) (4,603)
-------- -------- -------- ---------
Change in net assets from Class B Share transactions...... $ 27,927 $ 21,733 $ 41,442 $ 37,571
======== ======== ======== =========
CLASS C SHARES:
Proceeds from shares issued............................... $ -- $ -- $ 344 $ --
Dividends reinvested...................................... -- -- 12 --
Cost of shares redeemed................................... -- -- -- --
-------- -------- -------- ---------
Change in net assets from Class C Share transactions...... $ -- $ -- $ 356 $ --
======== ======== ======== =========
SHARE TRANSACTIONS:
FIDUCIARY SHARES:
Issued.................................................... 1,290 3,003 1,887 2,121
Issued in conversion...................................... -- 3,076 3,342 14,913
Reinvested................................................ 302 284 725 412
Redeemed.................................................. (1,375) (3,348) (3,442) (6,085)
-------- -------- -------- ---------
Change in Fiduciary Shares................................ 217 3,015 2,512 11,361
======== ======== ======== =========
CLASS A SHARES:
Issued.................................................... 713 1,212 889 1,768
Reinvested................................................ 327 139 436 142
Redeemed.................................................. (369) (460) (422) (814)
-------- -------- -------- ---------
Change in Class A Shares.................................. 671 891 903 1,096
======== ======== ======== =========
CLASS B SHARES:
Issued.................................................... 1,874 1,899 1,644 2,112
Reinvested................................................ 522 150 483 102
Redeemed.................................................. (244) (263) (232) (242)
-------- -------- -------- ---------
Change in Class B Shares.................................. 2,152 1,786 1,895 1,972
======== ======== ======== =========
CLASS C SHARES:
Issued.................................................... -- -- 16 --
Reinvested................................................ -- -- 1 --
Redeemed.................................................. -- -- -- --
-------- -------- -------- ---------
Change in Class C Shares.................................. -- -- 17 --
======== ======== ======== =========
</TABLE>
Continued
71
<PAGE> 74
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
<TABLE>
<CAPTION>
EQUITY INDEX FUND VALUE GROWTH FUND
-------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1997 1997 1997 1997
------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES:
Proceeds from shares issued............................... $123,298 $ 193,036 $104,451 $222,240
Dividends reinvested...................................... 4,437 3,889 22,879 32,485
Cost of shares redeemed................................... (73,564) (148,567) (53,690) (59,895)
-------- --------- -------- --------
Change in net assets from Fiduciary Share transactions.... $ 54,171 $ 48,358 $ 73,640 $194,830
======== ========= ======== ========
CLASS A SHARES:
Proceeds from shares issued............................... $ 50,323 $ 72,287 $ 11,016 $ 9,761
Dividends reinvested...................................... 4,051 1,279 6,076 5,980
Cost of shares redeemed................................... (9,581) (25,085) (4,642) (9,421)
-------- --------- -------- --------
Change in net assets from Class A Share transactions...... $ 44,793 $ 48,481 $ 12,450 $ 6,320
======== ========= ======== ========
CLASS B SHARES:
Proceeds from shares issued............................... $ 61,850 $ 106,720 $ 3,341 $ 4,685
Dividends reinvested...................................... 6,231 1,425 1,478 1,007
Cost of shares redeemed................................... (8,316) (6,482) (648) (930)
-------- --------- -------- --------
Change in net assets from Class B Share transactions...... $ 59,765 $ 101,663 $ 4,171 $ 4,762
======== ========= ======== ========
CLASS C SHARES:
Proceeds from shares issued............................... $ 148 $ -- $ 1 $ --
Dividends reinvested...................................... 1 -- --(a) --
Cost of shares redeemed................................... -- -- -- --
-------- --------- -------- --------
Change in net assets from Class C Share transactions...... $ 149 $ -- $ 1 $ --
======== ========= ======== ========
SHARE TRANSACTIONS:
FIDUCIARY SHARES:
Issued.................................................... 5,413 10,607 8,788 21,444
Reinvested................................................ 193 215 1,980 3,352
Redeemed.................................................. (3,259) (8,036) (4,474) (5,755)
-------- --------- -------- --------
Change in Fiduciary Shares................................ 2,347 2,786 6,294 19,041
======== ========= ======== ========
CLASS A SHARES:
Issued.................................................... 2,206 3,962 928 929
Reinvested................................................ 178 69 520 615
Redeemed.................................................. (419) (1,452) (388) (893)
-------- --------- -------- --------
Change in Class A Shares.................................. 1,965 2,579 1,060 651
======== ========= ======== ========
CLASS B SHARES:
Issued.................................................... 2,715 5,693 281 453
Reinvested................................................ 274 76 127 104
Redeemed.................................................. (365) (342) (54) (90)
-------- --------- -------- --------
Change in Class B Shares.................................. 2,624 5,427 354 467
======== ========= ======== ========
CLASS C SHARES:
Issued.................................................... 7 -- --(a) --
Reinvested................................................ --(a) -- --(a) --
Redeemed.................................................. -- -- -- --
-------- --------- -------- --------
Change in Class C Shares.................................. 7 -- --(a) --
======== ========= ======== ========
</TABLE>
- ------------
(a) Amount is less than 1,000.
Continued
72
<PAGE> 75
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
<TABLE>
<CAPTION>
LARGE COMPANY VALUE FUND DISCIPLINED VALUE FUND
-------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1997 1997 1997 1997
------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES:
Proceeds from shares issued............................... $ 59,665 $ 150,998 $ 63,300 $ 95,887
Proceeds from shares issued in conversion................. -- 63,222 -- 48,296
Dividends reinvested...................................... 22,040 25,070 45,876 27,911
Cost of shares redeemed................................... (78,042) (229,727) (97,915) (168,332)
-------- --------- -------- ---------
Change in net assets from Fiduciary Share transactions.... $ 3,663 $ 9,563 11,261 $ 3,762
======== ========= ======== =========
CLASS A SHARES:
Proceeds from shares issued............................... $ 4,136 $ 10,438 $ 3,169 $ 8,230
Dividends reinvested...................................... 1,067 1,100 4,368 2,515
Cost of shares redeemed................................... (3,024) (8,010) (2,715) (9,255)
-------- --------- -------- ---------
Change in net assets from Class A Share transactions...... $ 2,179 $ 3,528 $ 4,822 $ 1,490
======== ========= ======== =========
CLASS B SHARES:
Proceeds from shares issued............................... $ 3,107 $ 4,293 $ 2,072 $ 3,194
Dividends reinvested...................................... 730 474 3,721 1,934
Cost of shares redeemed................................... (510) (670) (1,617) (2,293)
-------- --------- -------- ---------
Change in net assets from Class B Share transactions...... $ 3,327 $ 4,097 $ 4,176 2,835
======== ========= ======== =========
SHARE TRANSACTIONS:
FIDUCIARY SHARES:
Issued.................................................... 3,880 11,519 3,838 6,612
Issued in conversion...................................... -- 4,655 -- 3,333
Reinvested................................................ 1,456 1,931 2,924 1,984
Redeemed.................................................. (5,025) (17,266) (5,912) (11,571)
-------- --------- -------- ---------
Change in Fiduciary Shares................................ 311 839 850 358
======== ========= ======== =========
CLASS A SHARES:
Issued.................................................... 268 793 190 559
Reinvested................................................ 69 84 272 178
Redeemed.................................................. (195) (607) (165) (628)
-------- --------- -------- ---------
Change in Class A Shares.................................. 142 270 297 109
======== ========= ======== =========
CLASS B SHARES:
Issued.................................................... 199 317 125 219
Reinvested................................................ 47 36 233 137
Redeemed.................................................. (32) (50) (97) (156)
-------- --------- -------- ---------
Change in Class B Shares.................................. 214 303 261 200
======== ========= ======== =========
</TABLE>
- ------------
Continued
73
<PAGE> 76
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH GROWTH OPPORTUNITIES FUND
-------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1997 1997 1997 1997
------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES:
Proceeds from shares issued............................... $117,841 $ 134,662 $ 88,515 $ 216,371
Proceeds from shares issued in conversion................. 81,659 289,603 57,769 --
Dividends reinvested...................................... 75,450 22,758 49,054 48,075
Cost of shares redeemed................................... (98,895) (274,724) (90,415) (199,916)
-------- --------- -------- ---------
Change in net assets from Fiduciary Share transactions.... $176,055 $ 172,299 $104,923 $ 64,530
======== ========= ======== =========
CLASS A SHARES:
Proceeds from shares issued............................... $ 26,070 $ 39,340 $ 22,473 $ 54,262
Dividends reinvested...................................... 20,257 4,698 7,155 5,065
Cost of shares redeemed................................... (10,835) (17,325) (8,358) (46,273)
-------- --------- -------- ---------
Change in net assets from Class A Share transactions...... $ 35,492 $ 26,713 $ 21,270 $ 13,054
======== ========= ======== =========
CLASS B SHARES:
Proceeds from shares issued............................... $ 46,028 $ 56,981 $ 21,574 $ 21,249
Dividends reinvested...................................... 24,048 3,781 7,068 3,377
Cost of shares redeemed................................... (6,109) (7,839) (1,871) (2,195)
-------- --------- -------- ---------
Change in net assets from Class B Share transactions...... $ 63,967 $ 52,923 $ 26,771 $ 22,431
======== ========= ======== =========
CLASS C SHARES:
Proceeds from shares issued............................... $ 49 $ -- $ 2 $ --
Dividends reinvested...................................... 4 -- --(a) --
Cost of shares redeemed................................... -- -- -- --
-------- --------- -------- ---------
Change in net assets from Class C Share transactions...... $ 53 $ -- $ 2 $ --
======== ========= ======== =========
SHARE TRANSACTIONS:
FIDUCIARY SHARES:
Issued.................................................... 6,263 8,322 4,218 11,966
Issued in conversion...................................... 4,595 17,279 3,113 --
Reinvested................................................ 4,105 1,418 2,574 2,790
Redeemed.................................................. (5,032) (16,537) (4,204) (11,005)
-------- --------- -------- ---------
Change in Fiduciary Shares................................ 9,931 10,482 5,701 3,751
======== ========= ======== =========
CLASS A SHARES:
Issued.................................................... 1,300 2,308 1,056 2,954
Reinvested................................................ 1,059 285 365 293
Redeemed.................................................. (542) (1,016) (398) (2,503)
-------- --------- -------- ---------
Change in Class A Shares.................................. 1,817 1,577 1,023 744
======== ========= ======== =========
CLASS B SHARES:
Issued.................................................... 2,336 3,373 1,045 1,212
Reinvested................................................ 1,283 233 375 200
Redeemed.................................................. (312) (462) (91) (125)
-------- --------- -------- ---------
Change in Class B Shares 3,307 3,144 1,329 1,287
======== ========= ======== =========
CLASS C SHARES:
Issued.................................................... 3 -- --(a) --
Reinvested................................................ -- -- --(a) --
Redeemed.................................................. -- -- -- --
-------- --------- -------- ---------
Change in Class C Shares.................................. 3 -- --(a) --
======== ========= ======== =========
</TABLE>
- ------------
(a) Amount is less than 1,000.
Continued
74
<PAGE> 77
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Amounts in Thousands)
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY
SMALL CAPITALIZATION FUND INDEX FUND
-------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30,
1997 1997 1997 1997
------------ ----------- ------------ -----------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
CAPITAL TRANSACTIONS:
FIDUCIARY SHARES:
Proceeds from shares issued............................... $ 14,681 $ 9,250 $ 70,214 $ 182,120
Dividends reinvested...................................... 7,886 7,857 7,249 2,570
Cost of shares redeemed................................... (17,122) (23,477) (40,211) (129,185)
-------- -------- -------- ---------
Change in net assets from Fiduciary Share transactions.... $ 5,445 $ (6,370) $ 37,252 $ 55,505
======== ======== ======== =========
CLASS A SHARES:
Proceeds from shares issued............................... $ 1,047 $ 3,550 $ 6,498 $ 5,122
Dividends reinvested...................................... 1,887 1,821 532 167
Cost of shares redeemed................................... (2,537) (6,707) (1,813) (4,769)
-------- -------- -------- ---------
Change in net assets from Class A Share transactions...... $ 397 $ (1,336) $ 5,217 $ 520
======== ======== ======== =========
CLASS B SHARES:
Proceeds from shares issued............................... $ 889 $ 1,436 $ 2,439 $ 4,387
Dividends reinvested...................................... 521 295 358 97
Cost of shares redeemed................................... (335) (590) (894) (1,328)
-------- -------- -------- ---------
Change in net assets from Class B Share transactions...... $ 1,075 $ 1,141 $ 1,903 $ 3,156
======== ======== ======== =========
CLASS C SHARES:
Proceeds from shares issued............................... $ 1 $ -- $ 1 $ --
Dividends reinvested...................................... --(a) -- --(a) --
Cost of shares redeemed................................... -- -- -- --
-------- -------- -------- ---------
Change in net assets from Class C Share transactions...... $ 1 $ -- $ 1 $ --
======== ======== ======== =========
SHARE TRANSACTIONS:
FIDUCIARY SHARES:
Issued.................................................... 1,178 933 4,338 12,143
Reinvested................................................ 724 821 480 171
Redeemed.................................................. (1,408) (2,352) (2,456) (8,601)
-------- -------- -------- ---------
Change in Fiduciary Shares................................ 494 (598) 2,362 3,713
======== ======== ======== =========
CLASS A SHARES:
Issued.................................................... 84 354 399 337
Reinvested................................................ 173 190 34 11
Redeemed.................................................. (208) (673) (111) (317)
-------- -------- -------- ---------
Change in Class A Shares.................................. 49 (129) 322 31
======== ======== ======== =========
CLASS B SHARES:
Issued.................................................... 73 146 153 297
Reinvested................................................ 48 31 24 7
Redeemed.................................................. (28) (60) (57) (90)
-------- -------- -------- ---------
Change in Class B Shares.................................. 93 117 120 214
======== ======== ======== =========
CLASS C SHARES:
Issued.................................................... --(a) -- --(a) --
Reinvested................................................ --(a) -- --(a) --
Redeemed.................................................. -- -- -- --
-------- -------- -------- ---------
Change in Class C Shares.................................. --(a) -- --(a) --
======== ======== ======== =========
</TABLE>
- ------------
(a) Amount is less than 1,000.
Continued
75
<PAGE> 78
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Unaudited)
4. INVESTMENT ADVISORY, ADMINISTRATIVE, AND DISTRIBUTION AGREEMENTS:
The Trust and the Advisor are parties to an investment advisory agreement
under which the Advisor 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 Small Capitalization Fund; 0.65% of the average
daily net assets of the Asset Allocation Fund; 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.
Independence International Associates ("IIA"), an indirect subsidiary of John
Hancock Mutual Life Insurance Company, manages the investment portfolios of
the International Equity Index Fund subject to the supervision of the Advisor
pursuant to a Sub-Advisory Agreement with the Advisor. For its services, IIA
is paid a fee by the Advisor, computed daily and paid monthly, at the annual
rate of 0.275% of average daily net assets up to $10 million, 0.225% of
average daily net assets over $10 million up to $25 million, 0.195% of net
assets over $25 million up to $50 million, 0.125% of the average daily net
assets over $50 million up to $100 million and 0.060% of the average daily
net assets over $100 million.
The Trust and 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 paid
monthly, at an annual rate of 0.20% on the first $1.5 billion of Trust net
assets (excluding the Investor Growth Fund, the Investor Growth & Income
Fund, the Investor Conservative Fund, and the Investor Balanced Fund (the
"Investor Funds") and 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 Investor Funds and the
Institutional Money Market Funds); and 0.16% of Trust net assets (excluding
the Investor Funds and the Institutional Money Market Funds) over $2 billion.
The Advisor also serves as Sub-Administrator to each Fund of the Trust,
pursuant to an agreement between the Administrator and the Advisor. Pursuant
to this agreement, the Advisor performs many of the Administrator's duties,
for which the Advisor receives a fee paid by the Administrator.
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, Class B, and Class C Shares are subject to
distribution and shareholder services plans (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 and Class C 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 Advisor),
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 six months ended December 31, 1997, the
Distributor received $10,266,499 from commissions earned on sales of Class A
Shares and redemptions of Class B Shares and Class C Shares, of which, the
Distributor re-allowed $10,245,443 to affiliated broker-dealers of the Funds.
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
76
<PAGE> 79
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Unaudited)
The Advisor, the Administrator and the Distributor voluntarily agreed to
waive a portion of their fees. For the six months ended December 31, 1997,
fees in the following amounts were waived (amounts in thousands):
<TABLE>
<CAPTION>
INVESTMENT 12B-1 FEES
ADVISORY FEES ADMINISTRATION WAIVED
WAIVED FEES WAIVED CLASS A
------------- --------------- ----------
<S> <C> <C> <C>
Asset Allocation Fund.................................. $ 93 $ 84 $18
Income Equity Fund..................................... -- -- 45
Equity Index Fund...................................... 890 385 64
Value Growth Fund...................................... -- -- 27
Large Company Value Fund............................... -- -- 8
Disciplined Value...................................... -- -- 13
Large Company Growth Fund.............................. -- -- 71
Growth Opportunities................................... -- -- 29
Small Capitalization Fund.............................. -- 28 9
International Equity Index Fund........................ -- -- 8
</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 six months
ended December 31, 1997 were as follows (amounts in thousands):
<TABLE>
<CAPTION>
PURCHASES SALES
--------- -------
<S> <C> <C>
Asset Allocation Fund....................................... $51,766 $43,731
Income Equity Fund.......................................... 40,852 88,441
Equity Index Fund........................................... 180,380 27,969
Value Growth Fund........................................... 185,169 176,507
Large Company Value Fund.................................... 148,915 188,801
Disciplined Value Fund...................................... 235,213 302,398
Large Company Growth Fund................................... 524,166 501,605
Growth Opportunities Fund................................... 631,975 637,031
Small Capitalization Fund................................... 38,381 51,925
International Equity Index Fund............................. 64,120 34,817
</TABLE>
6. FINANCIAL INSTRUMENTS:
Investing in financial instruments such as options, futures, indexed
securities and sales of forward foreign currency contracts involves risks in
excess of the amounts reflected in the Statements 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
77
<PAGE> 80
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
NOTES TO FINANCIAL STATEMENTS, CONTINUED DECEMBER 31, 1997
(Unaudited)
The following is a summary of option activity for the six months ended
December 31, 1997 by the Large Company Value Fund (amounts in thousands):
<TABLE>
<CAPTION>
LARGE COMPANY VALUE
FUND
----------------------
SHARES
SUBJECT
TO CONTRACT PREMIUMS
----------- --------
<S> <C> <C>
COVERED CALL OPTIONS
Balance at beginning of period............................ 0 $ 0
Options written........................................... 200 256
Options closed............................................ 0 0
Options expired........................................... 0 0
Options exercised......................................... 0 0
----- -------
Options outstanding at end of period...................... 200 $ 256
===== =======
</TABLE>
7. CONCENTRATION OF CREDIT RISK:
The International Equity Index Fund 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.
8. CONVERSION OF COMMON TRUST FUNDS:
On December 19, 1997, the net assets of certain common trust funds managed by
the Advisor were exchanged in a tax-free conversion for shares of the
corresponding One Group Funds. The transaction was accounted for by a method
followed for tax purposes in a tax-free business combination. The following
is a summary of shares issued, net assets converted, net assets value per
share issued and unrealized appreciation of assets acquired as of the
conversion date (amounts in thousands except per share amounts):
<TABLE>
<CAPTION>
SHARES NET ASSETS NET ASSET VALUE UNREALIZED
ISSUED CONVERTED PER SHARE ISSUED APPRECIATION
------ ---------- ---------------- ------------
<S> <C> <C> <C> <C>
Income Equity Fund................ 3,342 $ 70,389 $21.06 $ 23,821
Large Company Growth Fund......... 4,595 81,659 17.77 33,084
Growth Opportunities Fund......... 3,113 57,769 18.56 15,137
</TABLE>
On January 20, 1997, the net assets of certain common trust funds managed by
the Advisor were exchanged in a tax-free conversion for shares of the
corresponding One Group Funds. The transaction was accounted for by a method
followed for tax purposes in a tax-free business combination. The following is
a summary of shares issued, net assets converted, net assets value per share
issued and unrealized appreciation of assets acquired as of the conversion
date (amounts in thousands except per share amounts):
<TABLE>
<CAPTION>
SHARES NET ASSETS NET ASSET VALUE UNREALIZED
ISSUED CONVERTED PER SHARE ISSUED APPRECIATION
------ ---------- ---------------- ------------
<S> <C> <C> <C> <C>
Asset Allocation Fund............. 3,076 $ 37,254 $12.11 $ 8,361
Income Equity Fund................ 14,913 283,942 19.04 150,438
Large Company Value Fund.......... 4,655 63,222 13.58 7,315
Disciplined Value Fund............ 3,333 48,296 14.49 7,763
Large Company Growth Fund......... 17,279 289,603 16.76 102,448
</TABLE>
Continued
78
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND
------------------------------------------------------------------------------
FIDUCIARY
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, -----------------------------------------------------------
1997 1997 1996 1995 1994 1993(A)
------------- ------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................... $ 12.98 $ 11.71 $ 10.73 $ 9.64 $ 10.06 $ 10.00
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income................. 0.20 0.43 0.41 0.38 0.29 0.07
Net realized and unrealized gains
(losses) from investments........... 1.04 1.81 1.16 1.12 (0.38) 0.06
------- ------- ------- ------- ------- -------
Total from Investment Activities.... 1.24 2.24 1.57 1.50 (0.09) 0.13
------- ------- ------- ------- ------- -------
Distributions:
Net investment income................. (0.20) (0.43) (0.41) (0.37) (0.29) (0.07)
Net realized gains.................... (1.43) (0.54) (0.18) (0.04) (0.04) --
------- ------- ------- ------- ------- -------
Total Distributions................. (1.63) (0.97) (0.59) (0.41) (0.33) (0.07)
------- ------- ------- ------- ------- -------
NET ASSET VALUE,
END OF PERIOD......................... $ 12.59 $ 12.98 $ 11.71 $ 10.73 $ 9.64 $ 10.06
======= ======= ======= ======= ======= =======
Total Return............................ 9.86%(b) 20.16% 14.87% 16.06% (1.01)% 5.45%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $94,794 $94,971 $50,323 $37,658 $42,751 $30,441
Ratio of expenses to average net
assets.............................. 0.84%(c) 0.80% 0.94% 1.06% 1.06% 0.90%(c)
Ratio of net investment income to
average net assets.................. 3.14%(c) 3.55% 3.58% 3.72% 2.91% 3.03%(c)
Ratio of expenses to average net
assets *............................ 1.03%(c) 1.00% 1.19% 1.31% 1.33% 1.34%(c)
Ratio of net investment income to
average net assets *................ 2.95%(c) 3.35% 3.33% 3.47% 2.64% 2.59%(c)
Portfolio turnover (d)................ 24.80% 80.96% 73.38% 115.36% 56.55% 4.05%
Average commission rate paid (e)...... $0.0553 $0.0497 $0.0616
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions has not occurred, the ratios would have been as indicated.
(a) Fiduciary Shares commenced offering on April 5, 1993.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
79
<PAGE> 82
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND
------------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, -----------------------------------------------------------
1997 1997 1996 1995 1994 1993(A)
------------- ------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................... $ 13.00 $ 11.72 $ 10.74 $ 9.65 $ 10.06 $ 10.00
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income................. 0.19 0.39 0.37 0.35 0.27 0.05
Net realized and unrealized gains
(losses) from investments........... 1.03 1.83 1.16 1.13 (0.38) 0.07
------- ------- ------- ------- ------- -------
Total from Investment Activities.... 1.22 2.22 1.53 1.48 (0.11) 0.12
------- ------- ------- ------- ------- -------
Distributions:
Net investment income................. (0.19) (0.40) (0.37) (0.34) (0.26) (0.06)
In excess of net investment income.... -- -- -- (0.01) -- --
Net realized gains.................... (1.43) (0.54) (0.18) (0.04) (0.04) --
------- ------- ------- ------- ------- -------
Total Distributions................. (1.62) (0.94) (0.55) (0.39) (0.30) (0.06)
------- ------- ------- ------- ------- -------
NET ASSET VALUE,
END OF PERIOD......................... $ 12.60 $ 13.00 $ 11.72 $ 10.74 $ 9.65 $ 10.06
======= ======= ======= ======= ======= =======
Total Return (Excludes Sales Charge).... 9.63%(b) 19.85% 14.48% 15.76% (1.19)% 5.23%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $38,874 $31,379 $17,849 $ 4,745 $ 1,691 $ 571
Ratio of expenses to average net
assets.............................. 1.09%(c) 1.05% 1.19% 1.31% 1.33% 1.15%(c)
Ratio of net investment income to
average net assets.................. 2.89%(c) 3.30% 3.33% 3.57% 2.68% 2.84%(c)
Ratio of expenses to average net
assets *............................ 1.38%(c) 1.34% 1.54% 1.66% 1.67% 1.62%(c)
Ratio of net investment income to
average net assets *................ 2.60%(c) 3.01% 2.98% 3.22% 2.34% 2.37%(c)
Portfolio turnover (d)................ 24.80% 80.96% 73.38% 115.36% 56.55% 4.05%
Average commission rate paid (e)...... $0.0553 $0.0497 $0.0616
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions has not occurred, the ratios would have been as indicated.
(a) The Fund commenced operations on April 2, 1993.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
80
<PAGE> 83
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
ASSET ALLOCATION FUND
-----------------------------------------------------------------
CLASS B
-----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------
1997 1997 1996 1995 1994(A)
------------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD................... $ 13.04 $ 11.76 $ 10.76 $ 9.67 $ 10.37
------- ------- ------- ------- -------
Investment Activities:
Net investment income................................ 0.14 0.30 0.28 0.27 0.08
Net realized and unrealized gains
(losses) from investments.......................... 1.04 1.83 1.18 1.14 (0.70)
------- ------- ------- ------- -------
Total from Investment Activities................... 1.18 2.13 1.46 1.41 (0.62)
------- ------- ------- ------- -------
Distributions:
Net investment income................................ (0.14) (0.31) (0.28) (0.27) (0.08)
In excess of net investment income................... -- -- -- (0.01) --
Net realized gains................................... (1.43) (0.54) (0.18) (0.04) --
------- ------- ------- ------- -------
Total Distributions................................ (1.57) (0.85) (0.46) (0.32) (0.08)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD......................... $ 12.65 $ 13.04 $ 11.76 $ 10.76 $ 9.67
======= ======= ======= ======= =======
Total Return (Excludes Sales Charge)................... 9.29%(b) 18.90% 13.79% 14.90% (5.98)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).................... $69,790 $43,900 $18,575 $ 3,019 $ 1,862
Ratio of expenses to average net assets.............. 1.84%(c) 1.81% 1.94% 2.07% 2.40%(c)
Ratio of net investment income to average net
assets............................................. 2.14%(c) 2.54% 2.58% 2.77% 1.99%(c)
Ratio of expenses to average net assets *............ 2.03%(c) 2.01% 2.19% 2.31% 2.40%(c)
Ratio of net investment income to average net assets
*.................................................. 1.95%(c) 2.34% 2.33% 2.52% 1.99%(c)
Portfolio turnover (d)............................... 24.80% 80.96% 73.38% 115.36% 56.55%
Average commission rate paid (e)..................... $0.0553 $0.0497 $0.0616
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions has not occurred, the ratios would have been as indicated.
(a) Class B Shares commenced operations on January 14, 1994.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
81
<PAGE> 84
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INCOME EQUITY FUND
-----------------------------------------------------------------------------------
FIDUCIARY
-----------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- -------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.............. $ 21.93 $ 17.65 $ 15.13 $ 13.22 $ 13.21 $ 12.24
-------- -------- -------- -------- -------- --------
Investment Activities:
Net investment income............ 0.17 0.36 0.40 0.40 0.39 0.43
Net realized and unrealized gains
(losses) from investments...... 1.79 4.89 3.22 2.28 0.01 0.97
-------- -------- -------- -------- -------- --------
Total from Investment
Activities.................. 1.96 5.25 3.62 2.68 0.40 1.40
-------- -------- -------- -------- -------- --------
Distributions:
Net investment income............ (0.17) (0.36) (0.40) (0.40) (0.39) (0.43)
Net realized gains............... (2.23) (0.61) (0.70) (0.37) -- --
-------- -------- -------- -------- -------- --------
Total Distributions............ (2.40) (0.97) (1.10) (0.77) (0.39) (0.43)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE,
END OF PERIOD.................... $ 21.49 $ 21.93 $ 17.65 $ 15.13 $ 13.22 $ 13.21
======== ======== ======== ======== ======== ========
Total Return....................... 9.30%(a) 30.90% 24.53% 21.04% 3.27% 11.56%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000).......................... $689,912 $649,007 $321,827 $170,919 $198,787 $153,144
Ratio of expenses to average net
assets......................... 1.02%(b) 1.00% 0.98% 1.01% 0.98% 0.90%
Ratio of net investment income to
average net assets............. 1.53%(b) 1.91% 2.44% 2.85% 3.18% 3.37%
Ratio of expenses to average net
assets *....................... 1.02%(b) 1.00% 1.01% 1.01% 1.05% 1.07%
Ratio of net investment income to
average net assets *........... 1.53%(b) 1.91% 2.41% 2.85% 3.11% 3.20%
Portfolio turnover (c)........... 5.01% 28.18% 14.92% 4.03% 22.69% 7.53%
Average commission rate paid
(d)............................ $ 0.0693 $ 0.0681 $ 0.0673
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
82
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INCOME EQUITY FUND
------------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, -----------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- ------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................... $ 21.90 $ 17.64 $ 15.11 $ 13.20 $ 13.20 $ 12.23
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income................. 0.14 0.31 0.38 0.03 0.36 0.40
Net realized and unrealized gains
(losses) from investments........... 1.80 4.87 3.20 2.29 0.00 0.98
------- ------- ------- ------- ------- -------
Total from Investment Activities 1.94 5.18 3.58 2.32 0.36 1.38
------- ------- ------- ------- ------- -------
Distributions:
Net investment income................. (0.14) (0.31) (0.35) (0.03) (0.34) (0.41)
In excess of net investment income.... -- -- -- (0.01) (0.02) --
Net realized gains.................... (2.23) (0.61) (0.70) (0.37) -- --
------- ------- ------- ------- ------- -------
Total Distributions................. (2.37) (0.92) (1.05) (0.41) (0.36) (0.41)
------- ------- ------- ------- ------- -------
NET ASSET VALUE,
END OF PERIOD......................... $ 21.47 $ 21.90 $ 17.64 $ 15.11 $ 13.20 $ 13.20
======= ======= ======= ======= ======= =======
Total Return (Excludes Sales Charge).... 9.23%(a) 30.39% 24.23% 20.79% 2.95% 11.38%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $96,787 $78,976 $44,284 $13,793 $12,054 $ 9,513
Ratio of expenses to average net
assets.............................. 1.27%(b) 1.25% 1.23% 1.26% 1.23% 1.11%
Ratio of net investment income to
average net assets.................. 1.28%(b) 1.65% 2.19% 2.61% 3.01% 3.32%
Ratio of expenses to average net
assets *............................ 1.37%(b) 1.34% 1.36% 1.36% 1.40% 1.43%
Ratio of net investment income to
average net assets *................ 1.18%(b) 1.56% 2.06% 2.51% 2.84% 3.00%
Portfolio turnover (c)................ 5.01% 28.18% 14.92% 4.03% 22.69% 7.53%
Average commission rate paid (d)...... $0.0693 $0.0681 $0.0673
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
83
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INCOME EQUITY FUND
-----------------------------------------------------------------
CLASS B
-----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------
1997 1997 1996 1995 1994(A)
------------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............................. $ 21.95 $ 17.68 $ 15.14 $ 13.23 $ 13.83
-------- ------- ------- ------- -------
Investment Activities:
Net investment income........................... 0.06 0.17 0.24 0.26 0.11
Net realized and unrealized gains
(losses) from investments..................... 1.78 4.89 3.23 2.29 (0.60)
-------- ------- ------- ------- -------
Total from Investment Activities.............. 1.84 5.06 3.47 2.55 (0.49)
-------- ------- ------- ------- -------
Distributions:
Net investment income........................... (0.06) (0.18) (0.23) (0.25) (0.11)
In excess of net investment income.............. -- -- -- (0.02) --
Net realized gains.............................. (2.23) (0.61) (0.70) (0.37) --
-------- ------- ------- ------- -------
Total Distributions........................... (2.29) (0.79) (0.93) (0.64) (0.11)
-------- ------- ------- ------- -------
NET ASSET VALUE,
END OF PERIOD................................... $ 21.50 $ 21.95 $ 17.68 $ 15.14 $ 13.23
======== ======= ======= ======= =======
Total Return (Excludes Sales Charge).............. 8.73%(b) 29.48% 23.41% 19.91% (3.37)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)............... $118,646 $79,518 $29,169 $ 3,468 $ 1,714
Ratio of expenses to average net assets......... 2.01%(c) 2.00% 1.98% 2.01% 1.95%(c)
Ratio of net investment income to average net
assets........................................ 0.54%(c) 0.89% 1.44% 1.88% 2.70%(c)
Ratio of expenses to average net assets *....... 2.01%(c) 2.00% 2.01% 2.02% 1.95%(c)
Ratio of net investment income to average net
assets *...................................... 0.54%(c) 0.89% 1.41% 1.87% 2.70%(c)
Portfolio turnover (d).......................... 5.01% 28.18% 14.92% 4.03% 22.69%
Average commission rate paid (e)................ $ 0.0693 $0.0681 $0.0673
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Class B Shares commenced offering on January 14, 1994.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
84
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- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INCOME EQUITY FUND
-------------------
CLASS C
-------------------
NOVEMBER 4,
1997 TO
DECEMBER 31,
1997(A)
-------------------
(UNAUDITED)
<S> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD....................................... $ 21.40
-------------------
Investment Activities:
Net investment income..................................... 0.02
Net realized and unrealized gains (losses) from
investments............................................ 0.82
-------------------
Total from Investment Activities....................... 0.84
-------------------
Distributions:
Net investment income..................................... (0.03)
Net realized gains........................................ (0.70)
-------------------
Total Distributions.................................... (0.73)
-------------------
NET ASSET VALUE,
END OF PERIOD............................................. $ 21.51
===================
Total Return (Excludes Sales Charge)........................ 3.95%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......................... $ 357
Ratio of expenses to average net assets................... 2.01%(c)
Ratio of net investment income to average net assets...... 0.54%(c)
Portfolio turnover (d).................................... 5.01%
Average commission rate paid (e).......................... $ 0.0693
</TABLE>
- ------------
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged.
See notes to financial statements.
85
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY INDEX FUND
----------------------------------------------------------------------------------
FIDUCIARY
----------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ---------------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- -------- -------- -------- -------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............... $ 21.80 $ 16.66 $ 14.03 $ 11.59 $ 11.92 $ 10.92
-------- -------- -------- -------- -------- -------
Investment Activities:
Net investment income............. 0.17 0.35 0.33 0.32 0.29 0.30
Net realized and unrealized gains
(losses) from investments....... 2.09 5.27 3.16 2.59 (0.20) 1.13
-------- -------- -------- -------- -------- -------
Total from Investment
Activities................... 2.26 5.62 3.49 2.91 0.09 1.43
-------- -------- -------- -------- -------- -------
Distributions:
Net investment income............. (0.17) (0.33) (0.33) (0.29) (0.29) (0.30)
In excess of net investment
income.......................... -- -- (0.01) (0.02) (0.04) --
Net realized gains................ (0.63) (0.15) (0.52) (0.16) (0.09) (0.13)
-------- -------- -------- -------- -------- -------
Total Distributions............. (0.80) (0.48) (0.86) (0.47) (0.42) (0.43)
-------- -------- -------- -------- -------- -------
NET ASSET VALUE,
END OF PERIOD..................... $ 23.26 $ 21.80 $ 16.66 $ 14.03 $ 11.59 $ 11.92
======== ======== ======== ======== ======== =======
Total Return........................ 10.47%(a) 34.30% 25.47% 25.79% 0.63% 13.04%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)........................... $567,634 $480,819 $321,058 $234,895 $165,370 $96,446
Ratio of expenses to average net
assets.......................... 0.35%(b) 0.30% 0.30% 0.33% 0.46% 0.50%
Ratio of net investment income to
average net assets.............. 1.50%(b) 1.87% 2.18% 2.57% 2.44% 2.46%
Ratio of expenses to average net
assets *........................ 0.64%(b) 0.61% 0.59% 0.66% 0.59% 0.87%
Ratio of net investment income to
average net assets *............ 1.21%(b) 1.56% 1.89% 2.24% 2.31% 2.09%
Portfolio turnover (c)............ 3.34% 5.81% 9.08% 2.71% 11.81% 2.71%
Average commission rate paid
(d)............................. $ 0.0609 $ 0.0449 $ 0.0490
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
86
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- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY INDEX FUND
---------------------------------------------------------------------------
CLASS A
---------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, --------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- ------- ------- ------ ------ ------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD...................... $ 21.81 $ 16.67 $ 14.02 $11.59 $11.91 $10.92
-------- ------- ------- ------ ------ ------
Investment Activities:
Net investment income.................... 0.14 0.29 0.27 0.29 0.28 0.30
Net realized and unrealized gains
from investments....................... 2.08 5.28 3.18 2.58 (0.20) 1.10
-------- ------- ------- ------ ------ ------
Total from Investment Activities....... 2.22 5.57 3.45 2.87 0.08 1.40
-------- ------- ------- ------ ------ ------
Distributions:
Net investment income.................... (0.14) (0.28) (0.27) (0.28) (0.27) (0.28)
In excess of net investment income....... -- -- (0.01) -- (0.04) --
Net realized gains....................... (0.63) (0.15) (0.52) (0.16) (0.09) (0.13)
-------- ------- ------- ------ ------ ------
Total Distributions.................... (0.77) (0.43) (0.80) (0.44) (0.40) (0.41)
-------- ------- ------- ------ ------ ------
NET ASSET VALUE,
END OF PERIOD............................ $ 23.26 $ 21.81 $ 16.67 $14.02 $11.59 $11.91
======== ======= ======= ====== ====== ======
Total Return (Excludes Sales Charge)....... 10.28%(a) 33.94% 25.16% 25.43% 0.56% 12.75%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)........ $150,595 $98,338 $32,186 $3,003 $1,416 $ 512
Ratio of expenses to average net
assets................................. 0.60%(b) 0.55% 0.55% 0.56% 0.62% 0.52%
Ratio of net investment income to average
net assets............................. 1.26%(b) 1.59% 1.93% 2.38% 2.37% 2.51%
Ratio of expenses to average net assets
*...................................... 0.99%(b) 0.95% 0.94% 1.01% 0.94% 0.99%
Ratio of net investment income to average
net assets *........................... 0.87%(b) 1.19% 1.54% 1.94% 2.05% 2.04%
Portfolio turnover (c)................... 3.34% 5.81% 9.08% 2.71% 11.81% 2.71%
Average commission rate paid (d)......... $ 0.0609 $0.0449 $0.0490
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
87
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- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY INDEX FUND
----------------------------------------------------------------
CLASS B
----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------
1997 1997 1996 1995 1994(A)
------------ -------- ------- ------ -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..................... $ 21.80 $ 16.68 $ 14.05 $11.61 $12.39
-------- -------- ------- ------ ------
Investment Activities:
Net investment income.................................. 0.06 0.16 0.16 0.18 0.09
Net realized and unrealized gains (losses)
from investments..................................... 2.09 5.27 3.16 2.61 (0.78)
-------- -------- ------- ------ ------
Total from Investment Activities..................... 2.15 5.43 3.32 2.79 (0.69)
-------- -------- ------- ------ ------
Distributions:
Net investment income.................................. (0.07) (0.16) (0.16) (0.19) (0.09)
In excess of net investment income..................... -- -- (0.01) -- --
Net realized gains..................................... (0.63) (0.15) (0.52) (0.16) --
-------- -------- ------- ------ ------
Total Distributions.................................. (0.70) (0.31) (0.69) (0.35) (0.09)
-------- -------- ------- ------ ------
NET ASSET VALUE, END OF PERIOD........................... $ 23.25 $ 21.80 $ 16.68 $14.05 $11.61
======== ======== ======= ====== ======
Total Return (Excludes Sales Charge)..................... 9.95%(b) 32.93% 24.05% 24.58% (5.57)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)...................... $240,865 $168,699 $38,538 $1,408 $ 248
Ratio of expenses to average net assets................ 1.35%(c) 1.30% 1.30% 1.34% 1.10%(c)
Ratio of net investment income to average net assets... 0.50%(c) 0.83% 1.18% 1.60% 2.08%(c)
Ratio of expenses to average net assets *.............. 1.64%(c) 1.61% 1.59% 1.67% 1.15%(c)
Ratio of net investment income to average net assets
*.................................................... 0.21%(c) 0.52% 0.89% 1.27% 2.03%(c)
Portfolio turnover (d)................................. 3.34% 5.81% 9.08% 2.71% 11.81%
Average commission rate paid (e)....................... $ 0.0609 $ 0.0449 $0.0490
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Class B Shares commenced offering on January 14, 1994.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
88
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
EQUITY INDEX FUND
CLASS C
NOVEMBER 4,
1997 TO
DECEMBER 31,
1997 (A)
(UNAUDITED)
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 22.60
-------
Investment Activities:
Net investment income..................................... 0.02
Net realized and unrealized gains (losses) from
investments............................................. 0.78
-------
Total from Investment Activities........................ 0.80
-------
Distributions:
Net investment income..................................... (0.02)
Net realized gains........................................ (0.12)
-------
Total Distributions..................................... (0.14)
-------
NET ASSET VALUE, END OF PERIOD.............................. $ 23.26
=======
Total Return (Excludes Sales Charge)........................ 3.54%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......................... $ 152
Ratio of expenses to average net assets................... 1.35%(c)
Ratio of net investment income to average net assets...... 0.50%(c)
Ratio of expenses to average net assets *................. 1.64%(c)
Ratio of net investment income to average net assets *.... 0.21%(c)
Portfolio turnover (d).................................... 3.34%
Average commission rate paid (e).......................... $0.0609
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged.
See notes to financial statements.
89
<PAGE> 92
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
VALUE GROWTH FUND
----------------------------------------
FIDUCIARY
----------------------------------------
SIX MONTHS YEAR MARCH 26,
ENDED ENDED 1996 TO
DECEMBER 31, JUNE 30, JUNE 30,
1997 1997 1996 (A)
------------ -------- ------------
(UNAUDITED)
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 11.51 $ 10.39 $ 10.00
-------- -------- --------
Investment Activities:
Net investment income..................................... 0.04 0.11 0.03
Net realized and unrealized gains (losses) from
investments............................................. 1.40 2.85 0.39
-------- -------- --------
Total from Investment Activities........................ 1.44 2.96 0.42
-------- -------- --------
Distributions:
Net investment income..................................... (0.04) (0.11) (0.03)
Net realized gains........................................ (1.36) (1.73) --
-------- -------- --------
Total Distributions..................................... (1.40) (1.84) (0.03)
-------- -------- --------
NET ASSET VALUE, END OF PERIOD.............................. $ 11.55 $ 11.51 $ 10.39
======== ======== ========
Total Return................................................ 12.77%(c) 31.97% 10.49%(b)(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......................... $505,228 $430,837 $191,212
Ratio of expenses to average net assets................... 0.99%(d) 0.98% 0.95%(d)
Ratio of net investment income to average net assets...... 0.75%(d) 1.06% 1.13%(d)
Ratio of expenses to average net assets *................. 0.99%(d) 1.00% 1.04%(d)
Ratio of net investment income to average net assets *.... 0.75%(d) 1.04% 1.04%(d)
Portfolio turnover (e).................................... 34.44% 113.17% 65.21%
Average commission rate paid (f).......................... $ 0.0561 $ 0.0532 $ 0.0373
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from date reorganized as a fund of The One Group.
(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.
(c) Not annualized.
(d) Annualized.
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(f) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for
only the last seven months of the years.
See notes to financial statements.
90
<PAGE> 93
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
VALUE GROWTH FUND
------------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------------
SIX MONTHS SEVEN MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED NOVEMBER 30,
DECEMBER 31, JUNE 30, JUNE 30, --------------------------------
1997 1997 1996(A) 1995 1994 1993
------------ ---------- ------------ -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 11.50 $ 10.39 $ 11.15 $ 9.00 $ 10.02 $ 9.42
-------- ------- ------- -------- -------- --------
Investment Activities:
Net investment income................. 0.03 0.09 0.94 0.12 0.13 0.11
Net realized and unrealized gains
(losses) from investments........... 1.40 2.83 0.08 2.44 (0.56) 0.83
-------- ------- ------- -------- -------- --------
Total from Investment Activities.... 1.43 2.92 1.02 2.56 (0.43) 0.94
-------- ------- ------- -------- -------- --------
Distributions:
Net investment income................. (0.03) (0.08) (0.94) (0.12) (0.14) (0.12)
In excess of net investment income.... -- -- (0.01) -- -- --
Net realized gains.................... (1.36) (1.73) (0.83) (0.29) (0.45) (0.22)
-------- ------- ------- -------- -------- --------
Total Distributions................. (1.39) (1.81) (1.78) (0.41) (0.59) (0.34)
-------- ------- ------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD.......... $ 11.54 $ 11.50 $ 10.39 $ 11.15 $ 9.00 $ 10.02
======== ======= ======= ======== ======== ========
Total Return (Excludes Sales Charge).... 12.63%(b) 31.53% 10.40%(b) 29.57% (4.32)% 10.13%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $ 59,719 $47,306 $35,984 $217,978 $173,198 $171,141
Ratio of expenses to average net
assets.............................. 1.24%(c) 1.23% 0.97%(c) 0.95% 0.96% 0.96%
Ratio of net investment income to
average net assets.................. 0.50%(c) 0.83% 0.85%(c) 1.25% 1.34% 1.21%
Ratio of expenses to average net
assets *............................ 1.34%(c) 1.34% 1.05%(c) 0.95% 0.96% 0.96%
Ratio of net investment income to
average net assets *................ 0.40%(c) 0.72% 0.77%(c) 1.25% 1.34% 1.21%
Portfolio turnover (d)................ 34.44% 113.17% 65.21% 77.00% 53.00% 66.00%
Average commission rate paid (e)...... $ 0.0561 $0.0532 $0.0373
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(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.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
91
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- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
VALUE GROWTH FUND
--------------------------------------------------------------------------
CLASS B
--------------------------------------------------------------------------
SIX MONTHS SEVEN MONTHS SEPTEMBER 9,
ENDED YEAR ENDED ENDED YEAR ENDED 1994 TO
DECEMBER 31, JUNE 30, JUNE 30, NOVEMBER 30, NOVEMBER 30,
1997 1997 1996(A) 1995 1994(B)
------------ ---------- ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................... $ 11.47 $ 10.39 $ 11.16 $ 9.01 $ 9.85
------- ------- ------- ------- -------
Investment Activities:
Net investment income................. (0.01) 0.01 0.91 0.05 0.02
Net realized and unrealized gains
(losses) from investments........... 1.39 2.82 0.07 2.46 (0.84)
------- ------- ------- ------- -------
Total from Investment Activities.... 1.38 2.83 0.98 2.51 (0.82)
------- ------- ------- ------- -------
Distributions:
Net investment income................. -- (0.02) (0.91) (0.07) (0.02)
In excess of net investment income.... -- -- (0.01) -- --
Net realized gains.................... (1.36) (1.73) (0.83) (0.29) --
------- ------- ------- ------- -------
Total Distributions................. (1.36) (1.75) (1.75) (0.36) (0.02)
------- ------- ------- ------- -------
NET ASSET VALUE,
END OF PERIOD......................... $ 11.49 $ 11.47 $ 10.39 $ 11.16 $ 9.01
======= ======= ======= ======= =======
Total Return (Excludes Sales Charge).... 12.22% (c) 30.52% 9.96%(c) 28.74% (8.31)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $14,607 $10,517 $ 4,673 $ 2,923 $ 412
Ratio of expenses to average net
assets.............................. 1.99% (d) 1.98% 1.86%(d) 1.70% 1.71% (d)
Ratio of net investment income to
average net assets.................. (0.25)%(d) 0.07% 0.13%(d) 0.38% 0.76% (d)
Ratio of expenses to average net
assets *............................ 1.99% (d) 2.00% 1.94%(d) 1.70% 1.71% (d)
Ratio of net investment income to
average net assets *................ (0.25)%(d) 0.05% 0.05%(d) 0.38% 0.76% (d)
Portfolio turnover (e)................ 34.44% 113.17% 65.21% 77.00% 53.00%
Average commission rate paid (f)...... $0.0561 $0.0532 $0.0373
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(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.
(b) Class B Shares commenced offering September 9, 1994.
(c) Not annualized.
(d) Annualized.
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(f) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for
only the last seven months of the year.
See notes to financial statements.
92
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- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
VALUE GROWTH
FUND
------------
CLASS C
------------
NOVEMBER 4,
1997 TO
DECEMBER 31,
1997(A)
------------
(UNAUDITED)
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 11.76
-------
Investment Activities:
Net realized and unrealized gains from investments
(losses)............................................... 0.41
-------
Total from Investment Activities.......................... 0.41
-------
Distributions:
Net realized gains........................................ (0.63)
-------
Total Distributions.................................... (0.63)
-------
NET ASSET VALUE, END OF PERIOD.............................. $ 11.54
=======
Total Return (Excludes Sales Charge)........................ (3.48)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......................... $ 1
Ratio of expenses to average net assets................... 1.99% (c)
Ratio of net investment income to average net assets...... (0.25)%(c)
Portfolio turnover (d).................................... 34.44%
Average commission rate paid (e).......................... $0.0561
</TABLE>
- ------------
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged.
See notes to financial statements.
93
<PAGE> 96
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY VALUE FUND
-----------------------------------------------------------------------------------
FIDUCIARY
-----------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- -------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.............. $ 14.79 $ 12.83 $ 12.87 $ 11.34 $ 11.64 $ 11.34
-------- -------- -------- -------- -------- --------
Investment Activities:
Net investment income............ 0.11 0.27 0.31 0.31 0.20 0.18
Net realized and unrealized gains
(losses) from investments...... 1.33 3.01 1.20 2.18 (0.01) 0.58
-------- -------- -------- -------- -------- --------
Total from Investment
Activities.................. 1.44 3.28 1.51 2.49 0.19 0.76
-------- -------- -------- -------- -------- --------
Distributions:
Net investment income............ (0.11) (0.26) (0.31) (0.32) (0.19) (0.18)
Net realized gains............... (0.93) (1.06) (1.24) (0.64) (0.30) (0.28)
-------- -------- -------- -------- -------- --------
Total Distributions............ (1.04) (1.32) (1.55) (0.96) (0.49) (0.46)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE,
END OF PERIOD.................... $ 15.19 $ 14.79 $ 12.83 $ 12.87 $ 11.34 $ 11.64
======== ======== ======== ======== ======== ========
Total Return....................... 9.82%(a) 27.10% 12.71% 23.42% (1.59)% 6.73%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000).......................... $709,375 $686,156 $584,527 $365,376 $169,127 $132,833
Ratio of expenses to average net
assets......................... 0.96%(b) 0.97% 0.97% 1.00% 0.95% 0.86%
Ratio of net investment income to
average net assets............. 1.40%(b) 1.99% 2.43% 2.74% 1.72% 1.62%
Ratio of expenses to average net
assets *....................... 0.96%(b) 0.97% 0.98% 1.01% 1.02% 1.12%
Ratio of net investment income to
average net assets *........... 1.40%(b) 1.99% 2.42% 2.73% 1.65% 1.36%
Portfolio turnover (c)........... 21.89% 77.05% 186.84% 203.13% 111.72% 51.75%
Average commission rate paid
(d)............................ $ 0.0595 $ 0.0575 $ 0.0415
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
94
<PAGE> 97
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- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY VALUE FUND
---------------------------------------------------------------------------
CLASS A
---------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, --------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- ------- ------- ------ ------ ------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD...................... $ 14.85 $ 12.87 $ 12.89 $11.34 $11.64 $11.33
------- ------- ------- ------ ------ ------
Investment Activities:
Net investment income.................... 0.09 0.23 0.27 0.28 0.17 0.16
Net realized and unrealized gains
(losses) from investments.............. 1.33 3.04 1.22 2.20 (0.01) 0.59
------- ------- ------- ------ ------ ------
Total from Investment Activities....... 1.42 3.27 1.49 2.48 0.16 0.75
------- ------- ------- ------ ------ ------
Distributions:
Net investment income.................... (0.09) (0.23) (0.27) (0.27) (0.16) (0.16)
In excess of net investment income....... -- -- -- (0.02) -- --
Net realized gains....................... (0.93) (1.06) (1.24) (0.64) (0.30) (0.28)
------- ------- ------- ------ ------ ------
Total Distributions.................... (1.02) (1.29) (1.51) (0.93) (0.46) (0.44)
------- ------- ------- ------ ------ ------
NET ASSET VALUE,
END OF PERIOD............................ $ 15.25 $ 14.85 $ 12.87 $12.89 $11.34 $11.64
======= ======= ======= ====== ====== ======
Total Return (Excludes Sales Charge)....... 9.65%(a) 26.90% 12.40% 22.64% 1.35% 6.64%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)........ $17,408 $14,832 $ 9,380 $3,481 $ 698 $ 451
Ratio of expenses to average net
assets................................. 1.21%(b) 1.22% 1.22% 1.25% 1.20% 1.10%
Ratio of net investment income to average
net assets............................. 1.15%(b) 1.72% 2.18% 2.52% 1.57% 1.41%
Ratio of expenses to average net assets
*...................................... 1.31%(b) 1.31% 1.33% 1.37% 1.37% 1.50%
Ratio of net investment income to average
net assets *........................... 1.05%(b) 1.63% 2.07% 2.41% 1.40% 1.01%
Portfolio turnover (c)................... 21.89% 77.05% 186.84% 203.13% 111.72% 51.75%
Average commission rate paid (d)......... $0.0595 $0.0575 $0.0415
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
95
<PAGE> 98
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY VALUE FUND
-----------------------------------------------------------------
CLASS B
-----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ---------------------------------------------
1997 1997 1996 1995 1994(A)
------------- ------- ------- ------ -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD........................... $ 14.95 $ 12.98 $ 12.96 $11.41 $11.87
------- ------- ------- ------ ------
Investment Activities:
Net investment income......................... 0.04 0.14 0.18 0.17 0.05
Net realized and unrealized gains (losses)
from investments............................ 1.33 3.04 1.26 2.19 (0.46)
------- ------- ------- ------ ------
Total from Investment Activities............ 1.37 3.18 1.44 2.36 (0.41)
------- ------- ------- ------ ------
Distributions:
Net investment income......................... (0.05) (0.15) (0.18) (0.17) (0.05)
Net realized gains............................ (0.93) (1.06) (1.24) (0.64) --
------- ------- ------- ------ ------
Total Distributions......................... (0.98) (1.21) (1.42) (0.81) (0.05)
------- ------- ------- ------ ------
NET ASSET VALUE,
END OF PERIOD................................. $ 15.34 $ 14.95 $ 12.98 $12.96 $11.41
======= ======= ======= ====== ======
Total Return (Excludes Sales Charge)............ 9.25%(b) 25.86% 11.95% 22.28% 3.48%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)............. $12,814 $ 9,288 $ 4,135 $ 861 $ 182
Ratio of expenses to average net assets....... 1.96%(c) 1.97% 1.97% 2.00% 2.00%(c)
Ratio of net investment income to average
net assets.................................. 0.39%(c) 0.96% 1.43% 1.74% 1.06%(c)
Ratio of expenses to average net assets *..... 1.96%(c) 1.97% 1.98% 2.01% 2.00%(c)
Ratio of net investment income to average
net assets *................................ 0.39%(c) 0.96% 1.42% 1.72% 1.06%(c)
Portfolio turnover (d)........................ 21.89% 77.05% 186.84% 203.13% 111.72%
Average commission rate paid (e).............. $0.0595 $0.0575 $0.0415
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Class B Shares commenced offering on January 14, 1994.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
96
<PAGE> 99
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
DISCIPLINED VALUE FUND
-----------------------------------------------------------------------------------
FIDUCIARY
-----------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- -------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.............. $ 15.65 $ 14.69 $ 13.20 $ 11.90 $ 12.76 $ 11.49
-------- -------- -------- -------- -------- --------
Investment Activities:
Net investment income............ 0.08 0.22 0.29 0.28 0.26 0.28
Net realized and unrealized gains
from investments............... 3.17 2.57 2.27 1.57 0.29 1.27
-------- -------- -------- -------- -------- --------
Total from Investment
Activities.................. 3.25 2.79 2.56 1.85 0.55 1.55
-------- -------- -------- -------- -------- --------
Distributions:
Net investment income............ (0.08) (0.22) (0.29) (0.27) (0.26) (0.28)
Net realized gains............... (2.74) (1.61) (0.78) (0.28) (1.15) --
-------- -------- -------- -------- -------- --------
Total Distributions............ (2.82) (1.83) (1.07) (0.55) (1.41) (0.28)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE,
END OF PERIOD.................... $ 16.08 $ 15.65 $ 14.69 $ 13.20 $ 11.90 $ 12.76
======== ======== ======== ======== ======== ========
Total Return....................... 21.58%(a) 20.56% 20.10% 16.03% 4.04% 13.58%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000).......................... $591,390 $562,302 $522,474 $448,530 $418,238 $211,785
Ratio of expenses to average net
assets......................... 0.97%(b) 0.98% 0.99% 1.00% 0.93% 0.89%
Ratio of net investment income to
average net assets............. 0.91%(b) 1.52% 2.04% 2.21% 2.14% 2.30%
Ratio of expenses to average net
assets *....................... 0.97%(b) 0.98% 1.00% 1.10% 0.98% 1.08%
Ratio of net investment income to
average net assets *........... 0.91%(b) 1.52% 2.03% 2.11% 2.09% 2.11%
Portfolio turnover (c)........... 39.06% 92.66% 90.55% 176.66% 56.33% 108.79%
Average commission rate paid
(d)............................ $ 0.0595 $ 0.0601 $ 0.0576
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
97
<PAGE> 100
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
DISCIPLINED VALUE FUND
------------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, -----------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- ------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................... $ 15.68 $ 14.72 $ 13.22 $ 11.91 $ 12.75 $ 11.49
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income................. 0.06 0.19 0.25 0.24 0.24 0.25
Net realized and unrealized gains from
investments......................... 3.18 2.57 2.28 1.59 0.30 1.26
------- ------- ------- ------- ------- -------
Total from Investment Activities.... 3.24 2.76 2.53 1.83 0.54 1.51
------- ------- ------- ------- ------- -------
Distributions:
Net investment income................. (0.06) (0.19) (0.25) (0.24) (0.23) (0.25)
Net realized gains.................... (2.74) (1.61) (0.78) (0.26) (1.10) --
In excess of net realized gains....... -- -- -- (0.02) (0.05) --
------- ------- ------- ------- ------- -------
Total Distributions................. (2.80) (1.80) (1.03) (0.52) (1.38) (0.25)
------- ------- ------- ------- ------- -------
NET ASSET VALUE,
END OF PERIOD......................... $ 16.12 $ 15.68 $ 14.72 $ 13.22 $ 11.91 $ 12.75
======= ======= ======= ======= ======= =======
Total Return (Excludes Sales Charge).... 21.47%(a) 20.21% 19.80% 15.43% 3.95% 13.27%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $29,367 $23,909 $20,838 $13,560 $10,448 $ 3,435
Ratio of expenses to average net
assets.............................. 1.22%(b) 1.23% 1.24% 1.26% 1.18% 1.12%
Ratio of net investment income to
average net assets.................. 0.66%(b) 1.26% 1.79% 1.99% 2.00% 2.06%
Ratio of expenses to average net
assets *............................ 1.32%(b) 1.31% 1.35% 1.36% 1.33% 1.46%
Ratio of net investment income to
average net assets *................ 0.56%(b) 1.18% 1.68% 1.89% 1.85% 1.72%
Portfolio turnover (c)................ 39.06% 92.66% 90.55% 176.66% 56.33% 108.79%
Average commission rate paid (d)...... $0.0595 $0.0601 $0.0576
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
98
<PAGE> 101
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
DISCIPLINED VALUE FUND
-----------------------------------------------------------------
CLASS B
-----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------
1997 1997 1996 1995 1994(A)
------------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............................. $ 15.64 $ 14.69 $ 13.19 $ 11.90 $12.60
------- ------- ------- ------- ------
Investment Activities:
Net investment income........................... -- 0.08 0.15 0.15 0.07
Net realized and unrealized gains from
investments................................... 3.17 2.55 2.27 1.58 (0.70)
------- ------- ------- ------- ------
Total from Investment Activities.............. 3.17 2.63 2.42 1.73 (0.63)
------- ------- ------- ------- ------
Distributions:
Net investment income........................... (0.01) (0.07) (0.14) (0.15) (0.06)
In excess of net investment income.............. -- -- -- (0.01) (0.01)
Net realized gains.............................. (2.74) (1.61) (0.78) (0.28) --
------- ------- ------- ------- ------
Total Distributions........................... (2.75) (1.68) (0.92) (0.44) (0.07)
------- ------- ------- ------- ------
NET ASSET VALUE,
END OF PERIOD................................... $ 16.06 $ 15.64 $ 14.69 $ 13.19 $11.90
======= ======= ======= ======= ======
Total Return (Excludes Sales Charge).............. 21.02% (b) 19.19% 18.93% 14.92% (5.00)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)............... $25,238 $20,499 $16,305 $11,222 $5,356
Ratio of expenses to average net assets......... 1.97% (c) 1.98% 1.99% 2.00% 1.96%(c)
Ratio of net investment income to average net
assets........................................ (0.10)%(c) 0.51% 1.04% 1.26% 1.80%(c)
Ratio of expenses to average net assets *....... 1.97% (c) 1.98% 2.00% 2.01% 1.96%(c)
Ratio of net investment income to average
net assets *.................................. (0.10)%(c) 0.51% 1.03% 1.25% 1.80%(c)
Portfolio turnover (d).......................... 39.06% 92.66% 90.55% 176.66% 56.33%
Average commission rate paid (e)................ $0.0595 $0.0601 $0.0576
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Class B Shares commenced offering on January 14, 1994.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
99
<PAGE> 102
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH FUND
------------------------------------------------------------------------------------
FIDUCIARY
------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, -----------------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- ---------- -------- -------- -------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............. $ 19.44 $ 15.44 $ 13.47 $ 11.32 $ 10.92 $ 9.85
---------- ---------- -------- -------- -------- -------
Investment Activities:
Net investment income........... 0.03 0.12 0.18 0.20 0.20 0.23
Net realized and unrealized
gains from investments........ 1.67 4.79 2.14 3.04 0.67 1.12
---------- ---------- -------- -------- -------- -------
Total from Investment
Activities................. 1.70 4.91 2.32 3.24 0.87 1.35
---------- ---------- -------- -------- -------- -------
Distributions:
Net investment income........... (0.02) (0.11) (0.18) (0.20) (0.20) (0.23)
Net realized gains.............. (2.88) (0.80) (0.17) (0.89) (0.27) (0.05)
---------- ---------- -------- -------- -------- -------
Total Distributions........... (2.90) (0.91) (0.35) (1.09) (0.47) (0.28)
---------- ---------- -------- -------- -------- -------
NET ASSET VALUE,
END OF PERIOD................... $ 18.24 $ 19.44 $ 15.44 $ 13.47 $ 11.32 $ 10.92
========== ========== ======== ======== ======== =======
Total Return...................... 9.03%(a) 33.11% 17.36% 21.85% 8.04% 13.92%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)......................... $1,253,716 $1,142,864 $745,986 $531,595 $150,035 $41,317
Ratio of expenses to average net
assets........................ 1.01%(b) 0.99% 0.96% 1.00% 0.78% 0.39%
Ratio of net investment income
to average net assets......... 0.34%(b) 0.69% 1.20% 1.72% 1.87% 2.24%
Ratio of expenses to average net
assets *...................... 1.01%(b) 0.99% 0.99% 1.00% 1.13% 1.43%
Ratio of net investment income
to average net assets *....... 0.34%(b) 0.69% 1.17% 1.72% 1.52% 1.21%
Portfolio turnover (c).......... 34.66% 57.17% 35.51% 14.22% 9.04% 10.61%
Average commission rate paid
(d)........................... $ 0.0564 $ 0.0681 $ 0.0647
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
100
<PAGE> 103
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH FUND
-------------------------------------------------------------------
CLASS A
-------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, -----------------------------------------------
1997 1997 1996 1995 1994(A)
------------- -------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD........................... $ 19.92 $ 15.83 $ 13.83 $ 11.62 $11.78
-------- -------- ------- ------- ------
Investment Activities:
Net investment income......................... 0.01 0.08 0.14 0.17 0.04
Net realized and unrealized gains (losses)
from investments............................ 1.71 4.88 2.17 3.10 (0.16)
-------- -------- ------- ------- ------
Total from Investment Activities............ 1.72 4.96 2.31 3.27 (0.12)
-------- -------- ------- ------- ------
Distributions:
Net investment income......................... (0.01) (0.07) (0.14) (0.16) (0.04)
In excess of net investment income............ -- -- -- (0.01) --
Net realized gains............................ (2.88) (0.80) (0.17) (0.89) --
-------- -------- ------- ------- ------
Total Distributions......................... (2.89) (0.87) (0.31) (1.06) (0.04)
-------- -------- ------- ------- ------
NET ASSET VALUE,
END OF PERIOD................................. $ 18.75 $ 19.92 $ 15.83 $ 13.83 $11.62
======== ======== ======= ======= ======
Total Return (Excludes Sales Charge)............ 8.87% (b) 32.57% 16.85% 21.52% (1.02)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)............. $152,579 $125,910 $75,114 $27,428 $ 368
Ratio of expenses to average net assets....... 1.26% (c) 1.24% 1.21% 1.26% 1.25%(c)
Ratio of net investment income to average
net assets.................................. 0.09% (c) 0.44% 0.95% 1.49% 1.78%(c)
Ratio of expenses to average net assets *..... 1.36% (c) 1.32% 1.34% 1.36% 1.35%(c)
Ratio of net investment income to average net
assets *.................................... (0.01)%(c) 0.36% 0.82% 1.39% 1.68%(c)
Portfolio turnover (d)........................ 34.66% 57.17% 35.51% 14.22% 9.04%
Average commission rate paid (e).............. $ 0.0564 $ 0.0681 $0.0647
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Class A Shares commenced offering on January 1, 1994.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
101
<PAGE> 104
----------------------------------------------------------------------------
The One Group Family of Mutual Funds
----------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE COMPANY GROWTH FUND
------------------------------------------------------------------
CLASS B
------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------
1997 1997 1996 1995 1994(A)
------------- -------- ------- ------ -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD........................... $ 19.61 $ 15.63 $ 13.63 $11.47 $11.57
-------- -------- ------- ------ ------
Investment Activities:
Net investment income (loss).................. (0.04) (0.04) 0.05 0.09 0.03
Net realized and unrealized gains (losses)
from
investments................................. 1.66 4.82 2.17 3.06 (0.10)
-------- -------- ------- ------ ------
Total from Investment Activities............ 1.62 4.78 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............................ (2.88) (0.80) (0.17) (0.89) --
-------- -------- ------- ------ ------
Total Distributions......................... (2.88) (0.80) (0.22) (0.99) (0.03)
-------- -------- ------- ------ ------
NET ASSET VALUE,
END OF PERIOD................................. $ 18.35 $ 19.61 $ 15.63 $13.36 $11.47
======== ======== ======= ====== ======
Total Return (Excludes Sales Charge)............ 8.49% (b) 31.74% 16.41% 20.65% (0.66)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)............. $184,424 $132,268 $56,261 $6,918 $ 334
Ratio of expenses to average net assets....... 2.01% (c) 2.00% 1.96% 2.01% 1.99%(c)
Ratio of net investment income to average net
assets...................................... (0.65)%(c) (0.33)% 0.20% 0.74% 0.96%(c)
Ratio of expenses to average net assets *..... 2.01% (c) 2.00% 1.99% 2.01% 1.99%(c)
Ratio of net investment income to average
net assets *................................ (0.65)%(c) (0.33)% 0.17% 0.74% 0.96%(c)
Portfolio turnover (d)........................ 34.66% 57.17% 35.51% 14.22% 9.04%
Average commission rate paid (e).............. $ 0.0564 $ 0.0681 $0.0647
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Class B Shares commenced offering on January 14, 1994.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
102
<PAGE> 105
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
LARGE
COMPANY
GROWTH FUND
------------
CLASS C
------------
NOVEMBER 4,
1997 TO
DECEMBER 31,
1997(A)
------------
(UNAUDITED)
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 18.98
-------
Investment Activities:
Net investment income (loss).............................. (0.01)
Net realized and unrealized gains from investments........ 0.58
-------
Total from Investment Activities....................... 0.57
-------
Distributions:
Net realized gains........................................ (1.34)
-------
Total Distributions.................................... (1.34)
-------
NET ASSET VALUE, END OF PERIOD.............................. $ 18.21
=======
Total Return (Excludes Sales Charge)........................ 2.98% (b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......................... $ 50
Ratio of expenses to average net assets................... 2.01% (c)
Ratio of net investment income to average net assets...... (0.65)%(c)
Portfolio turnover (d).................................... 34.66%
Average commission rate paid (e).......................... $0.0564
</TABLE>
- ------------
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged.
See notes to financial statements.
103
<PAGE> 106
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH OPPORTUNITIES FUND
------------------------------------------------------------------------------------
FIDUCIARY
------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- -------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD............................ $ 19.46 $ 18.81 $ 18.40 $ 15.96 $ 16.96 $ 14.54
-------- -------- -------- -------- -------- --------
Investment Activities:
Net investment income (loss)...... (0.04) 0.25 0.20 0.06 0.07 0.06
Net realized and unrealized gains
from investments................ 2.60 3.59 3.83 2.98 (0.05) 2.99
-------- -------- -------- -------- -------- --------
Total from Investment
Activities................... 2.56 3.84 4.03 3.04 0.02 3.05
-------- -------- -------- -------- -------- --------
Distributions:
Net investment income............. -- (0.27) (0.20) (0.06) (0.07) (0.06)
Net realized gains................ (2.58) (2.92) (3.42) (0.54) (0.95) (0.57)
-------- -------- -------- -------- -------- --------
Total Distributions............. (2.58) (3.19) (3.62) (0.60) (1.02) (0.63)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD...... $ 19.44 $ 19.46 $ 18.81 $ 18.40 $ 15.96 $ 16.96
======== ======== ======== ======== ======== ========
Total Return........................ 13.23% (a) 22.75% 24.63% 19.75% (0.16)% 21.36%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)........................... $733,898 $623,911 $532,525 $413,518 $389,567 $232,898
Ratio of expenses to average net
assets.......................... 1.01% (b) 0.99% 1.00% 0.98% 0.98% 0.89%
Ratio of net investment income to
average net assets.............. (0.43)%(b) 1.32% 1.15% 0.38% 0.42% 0.41%
Ratio of expenses to average net
assets *........................ 1.01% (b) 0.99% 1.01% 0.98% 1.03% 1.11%
Ratio of net investment income to
average net assets *............ (0.43)%(b) 1.32% 1.14% 0.38% 0.37% 0.19%
Portfolio turnover (c)............ 82.27% 301.35% 435.30% 132.63% 70.67% 64.64%
Average commission rate paid
(d)............................. $ 0.0594 $ 0.0386 $ 0.0451
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
104
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- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH OPPORTUNITIES FUND
------------------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------------------------
1997 1997 1996 1995 1994 1993
------------- -------- -------- -------- -------- --------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF
PERIOD............................ $ 19.37 $ 18.76 $ 18.36 $ 15.93 $ 16.96 $ 14.54
-------- -------- -------- -------- -------- --------
Investment Activities:
Net investment income (loss)...... (0.04) 0.21 0.17 0.02 0.04 0.03
Net realized and unrealized gains
(losses) from investments....... 2.55 3.58 3.80 2.98 (0.08) 3.00
-------- -------- -------- -------- -------- --------
Total from Investment
Activities................... 2.51 3.79 3.97 3.00 (0.04) 3.03
-------- -------- -------- -------- -------- --------
Distributions:
Net investment income............. -- (0.26) (0.15) (0.01) (0.03) (0.04)
In excess of net investment
income.......................... -- -- -- (0.02) (0.01) --
Net realized gains................ (2.58) (2.92) (3.42) (0.54) (0.95) (0.57)
-------- -------- -------- -------- -------- --------
Total Distributions (2.58) (3.18) (3.57) (0.57) (0.99) (0.61)
-------- -------- -------- -------- -------- --------
NET ASSET VALUE, END OF PERIOD...... $ 19.30 $ 19.37 $ 18.76 $ 18.36 $ 15.93 $ 16.96
======== ======== ======== ======== ======== ========
Total Return (Excludes Sales
Charge)........................... 13.03% (a) 22.52% 24.32% 19.50% (0.52)% 21.70%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)........................... $ 62,939 $ 43,370 $ 28,052 $ 11,178 $ 8,097 $ 5,757
Ratio of expenses to average net
assets.......................... 1.26% (b) 1.25% 1.25% 1.23% 1.22% 1.11%(b)
Ratio of net investment income to
average net assets.............. (0.66)%(b) 0.92% 0.90% 0.12% 0.27% 0.25%(b)
Ratio of expenses to average net
assets *........................ 1.36% (b) 1.34% 1.36% 1.33% 1.38% 1.48%(b)
Ratio of net investment income to
average net assets *............ (0.76)%(b) 0.83% 0.79% 0.02% 0.11% (0.12)%(b)
Portfolio turnover (c)............ 82.27% 301.35% 435.30% 132.63% 70.67% 64.64%
Average commission rate paid (d) $ 0.0594 $ 0.0386 $ 0.0451
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Not annualized.
(b) Annualized.
(c) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(d) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
105
<PAGE> 108
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH OPPORTUNITIES FUND
-------------------------------------------------------------------
CLASS B
-------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ----------------------------------------------
1997 1997 1996 1995 1994(A)
-------------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD............. $ 18.82 $ 18.43 $ 18.14 $ 15.85 $ 17.44
------- ------- ------- ------- -------
Investment Activities:
Net investment income (loss)................... (0.07) 0.11 0.09 (0.07) (0.02)
Net realized and unrealized gains from
investments.................................. 2.43 3.44 3.69 2.90 (1.56)
------- ------- ------- ------- -------
Total from Investment Activities............. 2.36 3.55 3.78 2.83 (1.58)
------- ------- ------- ------- -------
Distributions:
Net investment income.......................... -- (0.22) (0.07) -- (0.01)
In excess of net investment income............. -- (0.02) -- -- --
Net realized gains............................. (2.58) (2.92) (3.42) (0.54) --
------- ------- ------- ------- -------
Total Distributions.......................... (2.58) (3.16) (3.49) (0.54) (0.01)
------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD................... $ 18.60 $ 18.82 $ 18.43 $ 18.14 $ 15.85
======= ======= ======= ======= =======
Total Return (Excludes Sales Charge)............. 12.60% (b) 21.73% 23.53% 18.47% (9.07)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000).............. $61,686 $37,409 $12,910 $ 2,787 $ 1,131
Ratio of expenses to average net assets........ 2.01% (c) 2.00% 2.00% 1.98% 2.12%(c)
Ratio of net investment income to average
net assets................................... (1.41)%(c) 0.01% 0.15% (0.63)% (0.55)%(c)
Ratio of expenses to average net assets *...... 2.01% (c) 2.00% 2.01% 1.98% 2.12%(c)
Ratio of net investment income to average net
assets *..................................... (1.41)%(c) 0.01% 0.14% (0.63)% (0.55)%(c)
Portfolio turnover (d)......................... 82.27% 301.35% 435.30% 132.63% 70.67%
Average commission rate paid (e)............... $0.0594 $0.0386 $0.0451
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Class B Shares commenced offering on January 14, 1994.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
106
<PAGE> 109
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The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
GROWTH
OPPORTUNITIES
FUND
-------------
CLASS C
-------------
NOVEMBER 4,
1997 TO
DECEMBER 31,
1997(A)
-------------
(UNAUDITED)
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 21.47
-------
Investment Activities:
Net investment income (loss).............................. (0.03)
Net realized and unrealized gains from investments........ (0.25)
-------
Total from Investment Activities....................... (0.28)
-------
Distributions:
Net realized gains........................................ (1.78)
-------
Total Distributions.................................... (1.78)
-------
NET ASSET VALUE, END OF PERIOD.............................. $ 19.41
=======
Total Return (Excludes Sales Charge)........................ (1.07)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......................... $ 2
Ratio of expenses to average net assets................... 2.01% (c)
Ratio of net investment income to average net assets...... (1.41)%(c)
Portfolio turnover (d).................................... 82.27%
Average commission rate paid (e).......................... $0.0594
</TABLE>
- ------------
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged.
See notes to financial statements.
107
<PAGE> 110
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SMALL CAPITALIZATION FUND
-----------------------------------------
FIDUCIARY
-----------------------------------------
SIX MONTHS YEAR MARCH 26,
ENDED ENDED 1996 TO
DECEMBER 31, JUNE 30, JUNE 30,
1997 1997 1996 (A)
------------ -------- ---------
(UNAUDITED)
<S> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD.................. $ 10.94 $ 10.75 $ 10.00
------- ------- -------
Investment Activities:
Net investment income (loss)........................ (0.01) (0.02) --
Net realized and unrealized gains (losses) from
investments...................................... 1.74 1.31 0.78
------- ------- -------
Total from Investment Activities................. 1.73 1.29 0.78
------- ------- -------
Distributions:
Net realized gains.................................. (1.33) (1.10) (0.03)
------- ------- -------
Total Distributions.............................. (1.33) (1.10) (0.03)
------- ------- -------
NET ASSET VALUE, END OF PERIOD........................ $ 11.34 $ 10.94 $ 10.75
======= ======= =======
Total Return.......................................... 16.30% (b) 13.44% 13.39%(b)(c)
======= ======= =======
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)................... $86,817 $78,318 $83,371
Ratio of expenses to average net assets............. 1.08% (d) 1.02% 0.96%(d)
Ratio of net investment income to average net
assets........................................... (0.26)%(d) (0.16)% (0.16)%(d)
Ratio of expenses to average net assets *........... 1.13% (d) 1.12% 1.05%(d)
Ratio of net investment income to average net assets
*................................................ (0.31)%(d) (0.26)% (0.25)%(d)
Portfolio turnover (e).............................. 36.86% 92.01% 59.57%
Average commission rate paid (f).................... $0.0667 $0.0676 $0.0685
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from date reorganized as a fund of The One Group.
(b) Not annualized.
(c) 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.
(d) Annualized.
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(f) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for
only the last seven months of the year.
See notes to financial statements.
108
<PAGE> 111
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SMALL CAPITALIZATION FUND
----------------------------------------------------------------------
CLASS A
----------------------------------------------------------------------
SIX MONTHS YEAR SEVEN MONTHS
ENDED ENDED ENDED YEAR ENDED JUNE 30,
DECEMBER 31, JUNE 30, JUNE 30, ---------------------------
1997 1997 1996 (A) 1995 1994 1993
------------ -------- ------------ ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD.... $ 10.94 $ 10.73 $ 11.50 $ 9.36 $ 10.11 $ 9.48
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income (loss).......... (0.03) (0.04) (0.07) (0.04) (0.04) (0.02)
Net realized and unrealized gains
(losses)
from investments.................... 1.75 1.35 1.40 2.35 (0.63) 0.88
------- ------- ------- ------- ------- -------
Total from Investment Activities.... 1.72 1.31 1.33 2.31 (0.67) 0.86
------- ------- ------- ------- ------- -------
Distributions:
Net investment income................. -- -- -- -- -- (0.01)
Net realized gains.................... (1.33) (1.10) (2.10) (0.17) (0.08) (0.22)
------- ------- ------- ------- ------- -------
Total Distributions................. (1.33) (1.10) (2.10) (0.17) (0.08) (0.23)
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD.......... $ 11.33 $ 10.94 $ 10.73 $ 11.50 $ 9.36 $ 10.11
======= ======= ======= ======= ======= =======
Total Return (Excludes Sales Charge).... 16.21% (b) 13.52% 12.85% (b) 25.07% (6.66)% 9.10%
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)..... $18,477 $17,299 $18,356 $95,467 $77,540 $74,982
Ratio of expenses to average net
assets.............................. 1.32% (c) 1.27% 1.05% (c) 1.03% 1.00% 1.01%
Ratio of net investment income to
average net assets.................. (0.52)%(c) (0.41)% (0.33)%(c) (0.36)% (0.38)% (0.21)%
Ratio of expenses to average net
assets *............................ 1.47% (c) 1.45% 1.07% (c) 1.03% 1.00% 1.01%
Ratio of net investment income to
average net assets *................ (0.67)%(c) (0.59)% (0.35)%(c) (0.36)% (0.38)% (0.21)%
Portfolio turnover (d)................ 36.86% 92.01% 59.57% 65.00% 51.00% 59.00%
Average commission rate paid (e)...... $0.0667 $0.0676 $0.0685
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(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 represents 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.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
109
<PAGE> 112
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SMALL CAPITALIZATION FUND
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
CLASS B
---------------------------------------------------------------------------------
<CAPTION>
SIX MONTHS YEAR SEVEN MONTHS YEAR SEPTEMBER
12,
ENDED ENDED ENDED ENDED 1994 TO
DECEMBER 31, JUNE 30, JUNE 30, NOVEMBER 30, NOVEMBER 30,
1997 1997 1996 (A) 1995 1994 (B)
------- ------- ------- ------ ------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD................ $ 10.84 $ 10.72 $ 11.56 $ 9.47 $10.40
------- ------- ------- ------ ------
Investment Activities:
Net investment income (loss)....... (0.04) (0.10) (0.06) (0.07) (0.01)
Net realized and unrealized gains
(losses) from investments........ 1.69 1.32 1.35 2.33 (0.92)
------- ------- ------- ------ ------
Total from Investment
Activities..................... 1.65 1.22 1.29 2.26 (0.93)
------- ------- ------- ------ ------
Distributions:
Net realized gains................. (1.33) (1.10) (2.13) (0.17) --
------- ------- ------- ------ ------
Total Distributions.............. (1.33) (1.10) (2.13) (0.17) --
------- ------- ------- ------ ------
NET ASSET VALUE, END OF PERIOD....... $ 11.16 $ 10.84 $ 10.72 $11.56 $ 9.47
======= ======= ======= ====== ======
Total Return (Excludes Sales
Charge)............................ 15.71% (c) 12.74% 12.47% (c) 24.21% (9.08)%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)............................ $ 4,987 $ 3,835 $ 2,545 $1,814 $ 231
Ratio of expenses to average net
assets........................... 2.09% (d) 2.02% 1.87% (d) 1.78% 1.75% (d)
Ratio of net investment income to
average net assets............... (1.24)%(d) (1.16)% (1.10)%(d) (1.16)% (0.90)%(d)
Ratio of expenses to average net
assets *......................... 2.14% (d) 2.12% 1.92% (d) 1.78% 1.75% (d)
Ratio of net investment income to
average net assets *............. (1.29)%(d) (1.26)% (1.15)%(d) (1.16)% (0.90)%(d)
Portfolio turnover (e)............. 36.86% 92.01% 59.57% 65.00% 51.00%
Average commission rate paid (f)... $0.0667 $0.0676 $0.0685
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(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 represents 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 $15.48 to $10.00
effective March 26, 1996.
(b) Class B Shares commenced offering September 12, 1994.
(c) Not annualized.
(d) Annualized.
(e) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(f) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for
only the last seven months of the year.
See notes to financial statements.
110
<PAGE> 113
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
SMALL CAPITALIZATION FUND
--------------------------
CLASS C
--------------------------
NOVEMBER 4,
1997 TO
DECEMBER 31,
1997 (A)
--------------------------
(UNAUDITED)
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 13.03
-------
Investment Activities:
Net investment income (loss).............................. (0.01)
Net realized and unrealized gains (losses) from
investments............................................. (0.36)
-------
Total from Investment Activities........................ (0.37)
-------
Distributions:
Net realized gains (1.33)
-------
Total Distributions..................................... (1.33)
-------
NET ASSET VALUE, END OF PERIOD.............................. $ 11.33
=======
Total Return (Excludes Sales Charge)........................ (2.43)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......................... $ 1
Ratio of expenses to average net assets................... 2.09% (c)
Ratio of net investment income to average net assets...... (1.24)%(c)
Ratio of expenses to average net assets *................. 2.14% (c)
Ratio of net investment income to average net assets *.... (1.29)%(c)
Portfolio turnover (d).................................... 36.86%
Average commission rate paid (e).......................... $0.0667
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged.
See notes to financial statements.
111
<PAGE> 114
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY INDEX FUND
----------------------------------------------------------------------------------
FIDUCIARY
----------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ---------------------------------------------------------------
1997 1997 1996 1995 1994 1993(A)
------------- -------- -------- -------- -------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD............... $ 16.89 $ 15.17 $ 13.93 $ 13.46 $ 11.80 $ 10.00
-------- -------- -------- -------- -------- -------
Investment Activities:
Net investment income............. 0.03 0.15 0.11 0.13 0.11 0.06
Net realized and unrealized gains
(losses) from investments....... (1.24) 2.02 1.43 0.46 1.68 1.75
-------- -------- -------- -------- -------- -------
Total from Investment
Activities................... (1.21) 2.17 1.54 0.59 1.79 1.81
-------- -------- -------- -------- -------- -------
Distributions:
Net investment income............. (0.02) (0.30) (0.16) (0.08) (0.11) (0.01)
In excess of net investment
income.......................... -- -- (0.02) -- -- --
Net realized gains................ (0.43) (0.15) (0.12) (0.04) (0.01) --
In excess of net realized gains... -- -- -- -- (0.01) --
-------- -------- -------- -------- -------- -------
Total Distributions............. (0.45) (0.45) (0.30) (0.12) (0.13) (0.01)
-------- -------- -------- -------- -------- -------
NET ASSET VALUE,
END OF PERIOD..................... $ 15.23 $ 16.89 $ 15.17 $ 13.93 $ 13.46 $ 11.80
======== ======== ======== ======== ======== =======
Total Return........................ (7.16)%(b) 14.64% 11.22% 4.20% 15.44% 26.96%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period
(000)........................... $441,609 $449,949 $347,790 $218,299 $145,640 $35,384
Ratio of expenses to average net
assets.......................... 0.91% (c) 0.86% 0.97% 1.04% 1.02% 1.22%(c)
Ratio of net investment income to
average net assets.............. 0.31% (c) 1.00% 1.04% 1.25% 1.27% 1.37%(c)
Ratio of expenses to average net
assets *........................ 0.91% (c) 0.86% 1.00% 1.04% 1.02% 2.34%(c)
Ratio of net investment income to
average net assets *............ 0.31% (c) 1.00% 1.01% 1.25% 1.27% 0.25%(c)
Portfolio turnover (d)............ 7.57% 9.61% 6.28% 4.67% 7.74% 3.10%
Average commission rate paid
(e)............................. $ 0.0047 $ 0.0034 $ 0.0022
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Fiduciary Shares commenced offering on April 5, 1993.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
112
<PAGE> 115
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY INDEX FUND
------------------------------------------------------------------------------
CLASS A
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, -----------------------------------------------------------
1997 1997 1996 1995 1994 1993(A)
------------- ------- ------- ------- ------- -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
NET ASSET VALUE, BEGINNING OF PERIOD..... $ 16.92 $ 15.16 $ 13.92 $ 13.49 $ 11.80 $ 11.74
------- ------- ------- ------- ------- -------
Investment Activities:
Net investment income.................. 0.04 0.11 0.14 0.12 0.09 0.02
Net realized and unrealized gains
(losses) from investments............ (1.28) 2.03 1.40 0.43 1.67 0.04
------- ------- ------- ------- ------- -------
Total from Investment Activities..... (1.24) 2.14 1.54 0.55 1.76 0.06
------- ------- ------- ------- ------- -------
Distributions:
Net investment income.................. -- (0.23) (0.16) (0.08) (0.05) --
In excess of net investment income..... -- -- (0.02) -- -- --
Net realized gains..................... (0.43) (0.15) (0.12) (0.04) (0.02) --
------- ------- ------- ------- ------- -------
Total Distributions.................. (0.43) (0.38) (0.30) (0.12) (0.07) --
------- ------- ------- ------- ------- -------
NET ASSET VALUE, END OF PERIOD........... $ 15.25 $ 16.92 $ 15.16 $ 13.92 $ 13.49 $ 11.80
======= ======= ======= ======= ======= =======
Total Return (Excludes Sales Charge)..... (7.31)%(b) 14.31% 11.20% 3.87% 15.18% 2.87%(c)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)...... $16,236 $12,562 $10,789 $ 5,028 $ 2,395 $ 153
Ratio of expenses to average net
assets............................... 1.16% (c) 1.11% 1.22% 1.28% 1.26% 1.47%(c)
Ratio of net investment income to
average net assets................... 0.03% (c) 0.73% 0.79% 1.09% 1.15% 2.10%(c)
Ratio of expenses to average net assets
*.................................... 1.27% (c) 1.19% 1.35% 1.38% 1.36% 2.35%(c)
Ratio of net investment income to
average net assets *................. (0.08)%(c) 0.65% 0.66% 0.99% 1.05% 1.22%(c)
Portfolio turnover (d)................. 7.57% 9.61% 6.28% 4.67% 7.74% 3.10%
Average commission rate paid (e)....... $0.0047 0.0034 0.0022
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) The Fund commenced operations on April 2, 1993.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for
only the last seven months of the year.
See notes to financial statements.
113
<PAGE> 116
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERNATIONAL EQUITY INDEX FUND
----------------------------------------------------------------
CLASS B
----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED JUNE 30,
DECEMBER 31, ---------------------------------------------
1997 1997 1996 1995 1994(A)
------------- ------- ------- ------ -------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
NET ASSET VALUE,
BEGINNING OF PERIOD.............................. $ 16.44 $ 14.79 $ 13.73 $13.40 $13.00
------- ------- ------- ------ ------
Investment Activities:
Net investment income (loss)..................... (0.01) 0.09 0.03 0.03 0.06
Net realized and unrealized gains (losses) from
investments.................................... (1.24) 1.86 1.32 0.41 0.34
------- ------- ------- ------ ------
Total from Investment Activities............... (1.25) 1.95 1.35 0.44 0.40
------- ------- ------- ------ ------
Distributions:
Net investment income............................ -- (0.15) (0.15) (0.07) --
In excess of net investment income............... -- -- (0.02) -- --
Net realized gains............................... (0.43) (0.15) (0.12) (0.04) --
------- ------- ------- ------ ------
Total Distributions............................ (0.43) (0.30) (0.29) (0.11) --
------- ------- ------- ------ ------
NET ASSET VALUE,
END OF PERIOD.................................... $ 14.76 $ 16.44 $ 14.79 $13.73 $13.40
======= ======= ======= ====== ======
Total Return (Excludes Sales Charge)............... (7.61)%(b) 13.37% 9.97% 3.17% 3.23%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)................ $10,784 $10,033 $ 5,856 $3,687 $1,872
Ratio of expenses to average net assets.......... 1.91% (c) 1.86% 1.97% 2.04% 2.00%(c)
Ratio of net investment income to average net
assets......................................... (0.69)%(c) 0.08% 0.04% 0.25% 1.37%(c)
Ratio of expenses to average net assets *........ 1.91% (c) 1.86% 2.00% 2.04% 2.00%(c)
Ratio of net investment income to average net
assets *....................................... (0.69)%(c) 0.08% 0.01% 0.25% 1.37%(c)
Portfolio turnover (d)........................... 7.57% 9.61% 6.28% 4.67% 7.74%
Average commission rate paid (e)................. $0.0047 $0.0034 $0.0022
</TABLE>
- ------------
* During the period certain fees were voluntarily reduced. If such voluntary
fee reductions had not occurred, the ratios would have been as indicated.
(a) Class B Shares commenced offering on January 14, 1994.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged. For
the year ended June 30, 1996, the average commission was calculated for only
the last seven months of the year.
See notes to financial statements.
114
<PAGE> 117
- --------------------------------------------------------------------------------
The One Group Family of Mutual Funds
- --------------------------------------------------------------------------------
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
INTERNATIONAL
EQUITY
INDEX FUND
-------------
CLASS C
-------------
NOVEMBER 4,
1997 TO
DECEMBER 31,
1997(A)
-------------
(UNAUDITED)
<S> <C>
NET ASSET VALUE, BEGINNING OF PERIOD........................ $ 15.70
-------
Investment Activities:
Net investment income (loss).............................. (0.03)
Net realized and unrealized gains (losses) from
investments............................................ (0.14)
-------
Total from Investment Activities....................... (0.17)
-------
Distributions:
Net realized gains........................................ (0.30)
-------
Total Distributions.................................... (0.30)
-------
NET ASSET VALUE, END OF PERIOD.............................. $ 15.23
=======
Total Return (Excludes Sales Charge)........................ (1.07)%(b)
RATIOS/SUPPLEMENTARY DATA:
Net Assets at end of period (000)......................... $ 1
Ratio of expenses to average net assets................... 1.91% (c)
Ratio of net investment income to average net assets...... (0.69)%(c)
Portfolio turnover (d).................................... 0.0757
Average commission rate paid (e).......................... $0.0047
</TABLE>
- ------------
(a) Period from commencement of operations.
(b) Not annualized.
(c) Annualized.
(d) Portfolio turnover is calculated on the basis of the Fund as a whole without
distinguishing among the classes of shares issued.
(e) The average commission represents the total dollar amount of commissions
paid on portfolio security transactions divided by the total number of
portfolio shares purchased and sold for which commissions were charged.
See notes to financial statements.
115
<PAGE> 118
(This page has been left blank intentionally.)
<PAGE> 119
Important Customer Information.
Please Read:
Shares of The One Group:
* are not deposits or obligations
of, or guaranteed by, BANC ONE
CORPORATION or 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. Contact us at our web
site address: www.onegroup.com or
e-mail us at [email protected].
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.
Read the prospectus carefully
before investing.
BANC ONE
INVESTMENT [LOGO]
ADVISORS
CORPORATION
TOG-F-033-AN(6/97)
